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UFPI-News
UFPI-Events
Major Averages Decline as Oil Prices Surge
The major averages closed broadly lower as oil prices jumped and investors increasingly demand evidence that massive capital investments for AI will translate into sustainable profits. Next week's results from Microsoft, Alphabet and Amazon are likely to provide important signals in that ongoing debate, which is key to the market's direction.Meanwhile, oil prices are surging once again, surpassing the $100 per barrel threshold as uncertainty over efforts to resume U.S.-Iran negotiations raises concerns about further supply disruptions.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:SpaceXis seeking to secure at least 80,000 cell sites across the U.S. and is in talks with Crown Castleto achieve that goal as the company aims to establish a nationwide wireless carrier, Bloomberg reportsAmerican Expressreported upbeat Q3 earnings, provided guidance for FY26, and announced it will cut 5% of its workforce as part of a restructuring effortApple'snew foldable iPhone Duo is arriving in stores FridayWestern Digitalreported better-than-expected Q1 results and provided an upbeat outlook for Q2Bristol Myersdisclosed that one patient with highly active relapsing multiple sclerosis experienced a fatal event of septic pneumonia in an early stage trial2. WALL STREET CALLS:Phillip Securities upgraded SpaceXto Buy from SellNorwegian Cruise Linedowngraded to Underweight at JPMorgan ahead of Q3 reportJPMorgan upgraded Skydanceto Neutral from UnderweightDeckers Outdoordowngraded to Underweight at Piper SandlerMSC Industrialupgraded to Buy at Jeffries3. AROUND THE WEB:The Trump administration will remove 50% tariffs on certain Canadian products on certain agricultural and forestry products, WSJ reportsAn Australian federal judge has ruled that Applemust let Australian iPhone users install apps from third-party app stores starting March 1, 2027, 9to5Mac saysA Micronlabor union staged Taiwan's first-ever strike in the semiconductor industry on Thursday, Nikkei Asia reportsCitihas received Chinese regulatory approval to establish a wholly owned securities business in Shanghai, Reuters reportsInstacartis working with bankers to explore a sale, The Information reports4. MOVERS:RingCentralgains after reporting Q3 results, providing guidance for Q4, and raising its outlook for FY26Rithm Capitalincreases after reporting Q3 results, with EPS and revenue beating consensusBloom Energyfalls after reporting Q3 results and raising its outlook for FY26Phathom Pharmaceuticalslower after giving an update on its litigation filed by BDR PharmaceuticalsTango Therapeuticsdeclines after announcing results from its ongoing study of vopimetostat5. EARNINGS/GUIDANCE:Booz Allenreported Q2 results and raised its guidance for FY27Flagstar Bankreported Q3 results and lowered its outlook for FY26 and FY27First National Corp.reported Q3 results, with CEO Scott Harvard noting he was "extremely pleased with our record financial performance"LKQreported preliminary Q3 results and withdrew its guidance for FY26Autolivreported Q3 results and reaffirmed its guidance for FY26INDEXES:The Dow fell 652.82, or 1.23%, to 52,215.16, the Nasdaq lost 53.52, or 0.21%, to 25,955.34, and the S&P 500 declined 39.75, or 0.52%, to 7,623.68.
UFP Industries Reports Q2 Revenue of $1.88B
Reports Q2 revenue $1.88B, consensus $1.8B. Will Schwartz, President and CEO of UFP Industries, commented, "As we've discussed in prior quarters, we are seeing stabilization across the majority of our portfolio, and we believe our second quarter results reflect the progress we have made to strengthen our business and structurally improve our operations. The business environment remains challenging with geopolitical tensions, a weak housing market, rising input costs, and most recently, elevated transportation costs. We are actively managing these short-term disruptions while investing in initiatives that will improve our margin profile and drive above-market growth over the long term. We remain focused on the factors under our control and we are on track to deliver the remaining $25 million or more from our initial $60 million cost out program by year end. We also continue to strengthen our core businesses through organic investments and strategic M&A, positioning the company for long-term growth and returns as markets recover."
Company Maintains 2026 Outlook, Expects Weak Demand
"Our full year 2026 outlook remains unchanged. We continue to expect overall demand for the balance of the year to be toward the lower end of our prior guidance of flat to slightly down unit expectations in each of our segments based on our sales mix. Input costs, primarily energy and transportation, are expected to remain elevated, and while we have mechanisms to offset these costs, we expect recovery to be gradual through the remainder of the year. Demand tied to new residential construction is expected to remain challenging, while stabilization across most other end markets should partially offset that pressure. Despite these conditions, we believe we are positioned to perform better than our markets through share gains across our portfolio and continued execution of our cost-out program. In addition, initial stocking orders, upgraded manufacturing capacity, and expanded distribution are expected to support continued momentum in our Deckorators' Surestone business. The company's long-term goals remain unchanged and include: 1) achieving 7-10 percent unit sales growth annually (including bolt-on acquisitions) with at least 10 percent of all sales coming from new products; 2) achieving 12.5 percent adjusted EBITDA margins; 3) earning an incremental return on new investments over our hurdle rate; and 4) maintaining a conservative capital structure."
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