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Major Averages Decline After Technology Earnings
The major averages were mostly lower after another round of technology earnings sparked renewed selling in software and semiconductor stocks.Economic data remains a central focus ahead of Friday's July employment report. Markets remain divided over the Federal Reserve's next policy move, with incoming employment data expected to play an important role in shaping expectations for interest rates over the coming months.Investors are also monitoring reports of progress toward a potential agreement involving Iran and shipping through the Strait of Hormuz, which has helped keep oil prices relatively contained even as uncertainty persists.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:SanDiskreportedand revenue and provided an upbeat outlook for Q1Western Digitalreportedand provided upbeat Q1 earnings guidanceBlockreportedand provided guidance for Q3 and 2026Modernasaid the, a new vaccine against seasonal influenza, for use in all adults 50 years and olderWarner Bros. Discoveryreported2. WALL STREET CALLS:JPMorganCharles Riverto Overweight following "strong" Q2 reportGlobal Paymentsto Outperform at Wolfe ResearchZillow Groupat Bernstein and Evercore ISIAppLovinat Wells Fargo and Piper SandlerHubSpotby at least seven firms post the Q2 report3. AROUND THE WEB:China launched a formal security review of products sold in the country by Palo Alto Networks, Bloomberg saysGooglewill be facing a class action lawsuit in the U.K. over the alleged abuse of its dominant market position after an antitrust tribunal allowed the claim to go ahead, Bloomberg reportsEarlier this year, Netherlands approved of Tesla'sFull Self Driving, FSD, system and has encouraged its adoption across the EU, but the country's road regulator RDW won't tell the public why it concluded the system is safe or how it evaluated the technology, Reuters saysFederal prosecutors investigated claims that JPMorganexecutives ignored deficiencies in the company's antifraud program and improperly denied over $100M in reimbursements to customers whose funds were stolen, WSJ saysMeta'sMuse Spark 1.1 AI model accessed the internet during cybersecurity testing and breached the systems of another company, The Information reports4. MOVERS:Aspen Aerogelswas higher afterand providing guidance for Q3 and FY26Alkami Technology (ALKT) rose afterthe company has launched a formal sale process after receiving interestHonest Companyand Iovancegained afterThredUpfell afterand cutting its guidance for Q3 and FY26BillionToOneand UWM Holdingswere lower after5. EARNINGS/GUIDANCE:Ralph Lauren, with EPS and revenue beating consensusHertzShift4 Payments, provided guidance for Q3, and cut its outlook for FY26Fox Corp., with CEO Lachlan Murdoch calling fiscal 2026 "an exceptional year"Pelotonand provided guidance for both Q1 and FY27INDEXES:The Dow fell 464.02, or 0.85%, to 53,885.10, the Nasdaq lost 15.09, or 0.06%, to 26,348.35, and the S&P 500 declined 13.59, or 0.18%, to 7,709.96.
Major Averages Decline as Tech Earnings Weigh
The major averages were lower near noon after another round of technology earnings sparked renewed selling in software and semiconductor stocks.Economic data remains a central focus ahead of Friday's July employment report. Markets remain divided over the Federal Reserve's next policy move, with incoming employment data expected to play an important role in shaping expectations for interest rates over the coming months.Investors are also monitoring reports of progress toward a potential agreement involving Iran and shipping through the Strait of Hormuz, which has helped keep oil prices relatively contained even as uncertainty persists.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:SanDiskreportedand provided an upbeat outlook for Q1Western Digitalreportedand provided upbeat Q1 earnings guidanceBlockreportedand provided guidance for Q3 and 2026Modernasaid the, a new vaccine against seasonal influenza, for use in all adults 50 years and olderWarner Bros. Discoveryreported2. WALL STREET CALLS:JPMorganCharles Riverto Overweight following "strong" Q2 reportGlobal Paymentsto Outperform at Wolfe ResearchZillow Groupat Bernstein and Evercore ISIAppLovinat Wells Fargo and Piper SandlerHubSpotby at least seven firms post the Q2 report3. AROUND THE WEB:Googlewill be facing a class action lawsuit in the U.K. over the alleged abuse of its dominant market position after an antitrust tribunal allowed the claim to go ahead, Bloomberg reportsEarlier this year, Netherlands approved of Tesla'sFull Self Driving, FSD, system and has encouraged its adoption across the EU, but the country's road regulator RDW won't tell the public why it concluded the system is safe or how it evaluated the technology, Reuters saysMicrosoft'sHalo Studios appears to be laying off staff less than a week after the developer released "Halo: Campaign Evolved," Insider-Gaming reportsFederal prosecutors investigated claims that JPMorganexecutives ignored deficiencies in the company's antifraud program and improperly denied over $100M in reimbursements to customers whose funds were stolen, WSJ saysMeta'sMuse Spark 1.1 AI model accessed the internet during cybersecurity testing and breached the systems of another company, The Information reports4. MOVERS:Aspen Aerogelshigher afterand providing guidance for Q3 and FY26Aevaincreases after, with EPS and revenue beating consensusHonest Companyand Iovancegain afterThredUpfalls afterand cutting its guidance for Q3 and FY26BillionToOneand UWM Holdingslower after5. EARNINGS/GUIDANCE:Ralph Lauren, with EPS and revenue beating consensusHertzShift4 Payments, provided guidance for Q3, and cut its outlook for FY26Fox Corp., with CEO Lachlan Murdoch calling fiscal 2026 "an exceptional year"Pelotonand provided guidance for both Q1 and FY27INDEXES:Near midday, the Dow was down 335.26, or 0.62%, to 54,013.86, the Nasdaq was down 14.68, or 0.06%, to 26,348.76, and the S&P 500 was down 14.94, or 0.19%, to 7,708.61.
Company Raises FY26 Adjusted EBITDA Outlook to $23M
Consensus $309.93M. Sees FY26 organic revenue growth 5%-7%. Raises FY26 adjusted EBITDA view to $23M from $25M. "With confidence in our continued momentum, we are raising our full-year 2026 financial outlook," said CEO Carla Vernon
Company Reports Q2 Revenue of $83.3M, Beating Consensus
Reports Q2 revenue $83.3M, consensus $77.79M. Reports Q2 organic revenue increased 6.7% to $80.2M, driven by growth in wipes and personal care products, partially offset by a decline in diaper revenue. "For the second quarter we delivered accelerated Organic Revenue growth of 7% and record underlying margins," said CEO Carla Vernon.
Honest Reports Q1 Revenue of $78.1M, Beating Expectations
Reports Q1 revenue $78.1M, consensus $76.24M. "We are pleased with our first quarter results, demonstrating that Powering Honest Growth is successfully transforming Honest into an enterprise that is more strategically focused, growth-driven, and structurally profitable," said Chief Executive Officer, Carla Vernon. "By sharpening our focus on the areas where we believe we have the greatest right to win, particularly with our wipes and personal care platforms, we delivered accelerated organic revenue momentum and achieved record gross margins. This expanding profitability creates a virtuous cycle, enabling us to strategically reinvest in our brand and expand Honest across households with babies, big kids, and even no kids at all. Thanks to the incredible discipline of our Honest Butterflies, we are reaffirming our full-year guidance with confidence in our path to sustained, profitable growth."
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