The stock market is on track for a modestly higher open as the major averages look to capture nice gains for the week.

The July Retail Sales Report was a good report that was made even better by the upward revisions to the prior month's data. Total retail sales increased 0.5% month-over-month, as expected, following an upwardly revised 0.9% (from 0.6%) in June. Excluding autos, retail sales increased 0.3% month-over-month, as expected, following an upwardly revised 0.8% increase (from 0.5%) in June.

The key takeaway from the report, which isn't adjusted for inflation, is that it reflects a decent pace of consumer spending that isn't owed entirely to price increases; however, it does reveal a few points of spending caution, evidenced by the 0.6% decline in electronics and appliance stores, the 1.0% decline in building material and garden equipment and supplies dealers, and the 0.4% decline in food services and drinking places.

Industrial production decreased 0.1% month-over-month in July (Briefing.com consensus -0.1%) following an upwardly revised reading of 0.4% (from 0.3%) in June.

The capacity utilization rate was 77.5% (Briefing.com consensus 77.5%), versus an upwardly revised 77.7% (from 77.6%) in June.

• Co's joint venture announced that it has been appointed by PUB, Singapore's National Water Agency, to deliver the professional engineering services for the Phase 3 expansion of Changi Water Reclamation Plant in the eastern region of Singapore. The plant is one of the largest used water treatment facilities in the world, with the third expansion phase further increasing its treatment capacity by up to 96 million gallons per day.
• Changi WRP is also a cornerstone of the Deep Tunnel Sewerage System and plays a critical role in PUB's used water management system.

• Simultaneous with the Company's repurchase, The Donerail Group, an investment management firm, has acquired 693,962 shares of Turtle Beach common stock from Diversis at the same price per share.
  
• Following the completion of the transaction, Diversis will own approximately 10% of Turtle Beach's common stock. The remaining shares beneficially owned by Diversis will be subject to a new 90-day lock-up agreement.

• First-in-human study evaluating safety, tolerability, pharmacokinetics, and pharmacodynamics of BGE-102, an orally available small molecule with potential best-in-class profile.
• Initial development planned in obesity; BGE-102 demonstrated robust weight loss in preclinical models, both as monotherapy and in combination with GLP-1 receptor agonists.
• Initial Phase 1 SAD data anticipated by end of 2025, with top-line readout of obesity study by end of 2026.

• Carrie Wheeler, Opendoor's current Chief Executive Officer and Chair of the Board, has made the decision to step down from her roles with the company, also effective immediately. Ms. Wheeler will act as an advisor to the Board through the end of the year.
• The Board has elected Eric Feder, President of LenX, Lennar Homes' strategic investing arm, as Lead Independent Director.
• In conjunction with the company's strategic evolution, Ms. Wheeler approached the Board of Directors and they began a CEO succession planning process in mid-2025, retaining Spencer Stuart to assist with the process. The CEO search is well underway.

• Accordingly, stakeholders are advised that Sibanye-Stillwater expects to report headline earnings per share (HEPS) for H1 2025 of between 180 SA cents (9.8 US cents) and 200 SA cents (10.9 US cents), representing an increase of more than 100% (or 19 times higher) compared with HEPS for the six months ended 30 June 2024 (H1 2024) of 10 SA cents (0.5 US cents). The Group expects basic loss per share (EPS loss) for H1 2025 of between 120 SA cents (6.5 US cents) and 133 SA cents (7.2 US cents), a 55% to 60% improvement, compared to an EPS loss of 259 SA cents (14 US cents) for H1 2024.
• The difference between positive HEPS for H1 2025 and the basic loss per share is primarily due to the recognition of impairment losses relating to the US PGM operations and the Keliber lithium project.
• The impairment of non-financial assets at the US PGM operations is a consequence of the One Big Beautiful Bill Act (OBBBA) signed into US law on 4 July 2025. The OBBBA amended the treatment of Section 45X (S45X) credits for critical minerals, which was previously assumed to be evergreen under the Inflation Reduction Act (IRA) issued in October 2024. Under the amended terms, the credits will be phased out in equal annual increments from 2031 to 2034, after which these credits will be terminated. The scheduled phase-out and termination of the S45X credits reduced the forecast value of previously assumed annual S45X credits from 2031 onwards, resulting in the recognition of an impairment.
• Production from all Group operations other than the SA gold operations was consistent year-on-year for H1 2025 and within annual guidance ranges for 2025.
• The SA PGM operations delivered steady operating results, with production consistent with H1 2024 and costs well managed. These operations produced 804,252 4Eoz (including attributable production from Mimosa but excluding third-party purchase of concentrate(PoC)), with 840,046 4E oz (including Mimosa and third-party PoC) for H1 2025 is within the annual guidance ranges. Underground PGM production of 750,150 4Eoz for H1 2025 was consistent with H1 2024, but surface production was 30% lower, due to heavy rainfall during Q1 2025 which disrupted PGM production throughout the SA PGM industry. PGM prices have rallied sharply since May 2025 with the average basket price for Q3 2025 to date 19% higher than for H1 2025. Should these higher prices continue during H2 2025, the SA PGM operations are likely to experience significantly higher earnings.
  
  

• Fermi America is a private U.S. developer of the planned HyperGrid campus near Amarillo, Texas, which is leased from Texas Tech University and is expected to be the world's largest hybrid energy and data infrastructure campus providing 11GW of power.
• Fermi America was co-founded by Rick Perry, the former U.S. Energy Secretary and former Texas Governor. MOU contemplates the formation of a joint venture between Quantum Leap Energy and Fermi America for the development of a HALEU enrichment research and commercial production facility.
• In addition, the MOU also contemplates a lease at the planned HyperGrid campus for ASP Isotopes to construct a commercial production facility for stable isotopes and advanced materials (excluding advanced nuclear fuels), such as radiopharmaceuticals, electronic gases, and other critical materials that will enable global megatrends of the future, such as quantum computing and nuclear medicine.
• Fermi America is expected to be responsible for obtaining all licenses, permits, governmental and regulatory approvals, and other required consents for the JV HALEU Project.

The S&P 500 futures currently trade nine points above fair value. 

Equity indices in the Asia-Pacific region ended the week on a mostly higher note while markets in South Korea and India were closed for holidays. China's growth data for July disappointed across the board with the unemployment rate increasing to 5.2% from 5.0% (expected 5.1%). Meanwhile, Japan's flash Q2 GDP (0.3% qtr/qtr; expected 0.1%) beat expectations by a solid margin. China's government reportedly warned foreign firms against stockpiling rare earth elements. Japanese advertiser Dentsu reported mixed results an announced job cuts. Standard & Poor's raised India's rating to BBB from BBB-.

• In economic data:
  • China's July Industrial Production 5.7% yr/yr (expected 6.0%; last 6.8%), July Retail Sales 3.7% yr/yr (expected 4.6%; last 4.8%), July Fixed Asset Investment 1.6% yr/yr (expected 2.7%; last 2.8%), and July House Prices -2.8% yr/yr (last -3.2%). July Unemployment Rate 5.2% (expected 5.1%; last 5.0%)
  • Japan's Q2 GDP 0.3% qtr/qtr (expected 0.1%: last 0.1%); 1.0% yr/yr (expected 0.4%; last 0.6%). Q2 GDP Capital Expenditure 1.3% qtr/qtr (expected 0.5%; last 1.0%), Q2 GDP External Demand 0.3% qtr/qtr (expected 0.2%: last -0.8%), Q2 GDP Private Consumption 0.2% qtr/qtr (expected 0.1%; last 0.2%), and Q2 GDP Price Index 3.0% yr/yr (expected 3.1%; last 3.3%). June Industrial Production 2.1% m/m (expected 1.7%; last -0.1%) and Capacity Utilization -1.0% m/m (last 2.0%)
  • Hong Kong's Q2 GDP 0.4% qtr/qtr, as expected (last 1.9%); 3.1% yr/yr, as expected (last 3.0%)
  • New Zealand's July Business PMI 52.8 (last 48.8), July FPI 0.7% m/m (last 1.2%), and July Visitor Arrivals -2.5% m/m (last -0.5%)

---Equity Markets---

• Japan's Nikkei: +1.7% (+3.7% for the week)
• Hong Kong's Hang Seng: -1.0% (+1.7% for the week)
• China's Shanghai Composite: +0.8% (+1.7% for the week)
• India's Sensex: HOLIDAY (+0.9% for the week)
• South Korea's Kospi: HOLIDAY (+0.5% for the week)
• Australia's ASX All Ordinaries: +0.7% (+1.5% for the week)

Major European indices are seeking a higher finish to the week while Italy's MIB is closed for Assumption Day. There is some hope that President Trump's scheduled meeting with Russia's President Putin at 15:30 ET will eventually lead to peace in Ukraine. Conglomerate ThyssenKrupp may sell a stake in its warship until to the German government. Supplier of electric cables, NKT, reported strong results and raised its outlook.

• In economic data:
  • Swiss Q2 GDP 0.1% qtr/qtr (last 0.5%)

---Equity Markets---

• STOXX Europe 600: +0.1% (+1.4% week-to-date)
• Germany's DAX: +0.1% (+1.0% week-to-date)
• U.K.'s FTSE 100: -0.2% (+0.7% week-to-date)
• France's CAC 40: +0.5% (+2.2% week-to-date)
• Italy's FTSE MIB: HOLIDAY (+2.5% week-to-date)
• Spain's IBEX 35: +0.6% (+3.0% week-to-date)

The S&P 500 futures trade eight above fair value. 

Total retail sales increased 0.5% month-over-month in July (Briefing.com consensus: 0.5%) following an upwardly revised 0.9% increase (from 0.6%) in June.

Excluding autos, retail sales rose 0.3% month-over-month (Briefing.com consensus: 0.3%) following a 0.8% increase (from 0.5%) in June.

The Empire State Manufacturing survey hit 11.9 in August (Briefing.com consensus 0.0), up from 5.5 in July.

July import prices increased 0.4%, the prior level was revised to -0.1% from 0.1%.

July import prices excluding oil increased 0.3%, with the prior level revised to -0.3 from 0.1%.

July export prices increased 0.1% from a 0.5% increase in June.

July export prices excluding agriculture increased 0.1% from a 0.5% increase in June.

• This FDA-approved assay is used as a companion diagnostic to identify cancer patients who may benefit from targeted therapies. It includes one pan-cancer and five tumor-specific indications for numerous FDA-approved therapies.
• MI Cancer Seek is the first and only test to combine whole exome sequencing and whole transcriptome sequencing with FDA-approved CDx indications for solid tumor profiling in both adult and pediatric patients, marking a significant advancement in precision oncology.

• The increase follows the Company's acquisition of 110,000 SOL at an average price of $201.68, representing a total value of approximately $22 million.
  
• As a result, the Company's key performance metric, SOL per share ("SPS"), rose 9% to 0.0675 as of August 14, 2025.
  
• Below is a summary of DeFi Dev Corp.'s current SOL position and key per-share metrics as of August 14, 2025:
  
  • Total SOL & SOL Equivalents Held: 1,420,173, representing a 9% increase vs. our previous balance of 1,301,653
    
  • Total SOL & SOL Equivalents Held (USD): approximately $273 million
    
  • Total Shares Outstanding: 21,045,049
    
  • SOL per Share ("SPS"): 0.0675, representing an approximate 9% increase from the previous reading of 0.0619
    
  • SPS (USD): $13.02

• The hospital, currently under construction, will be located at 7950 Wallace Boulevard. BSA intends to relocate its existing 24-bed inpatient rehabilitation unit to the new hospital upon completion.
• The space currently housing the inpatient rehabilitation unit will be used for the expansion of the BSA Hospital acute care capacity.

• July Import Prices 0.4% --- prior revised to -0.1% from 0.1%
• July Import Prices Ex-Oil 0.3% --- prior revised to -0.3% from 0.1%
• July Export Prices 0.1% --- prior 0.5%
• July Export Prices Ex-Ag 0.1% --- prior 0.5%

• FLUMIST is the first and only seasonal influenza vaccine approved to be self-administered by adults 18 to 49 years of age or administered by a parent or caregiver to individuals 2-17 years of age.
• Initially approved by the Food and Drug Administration in 2003, this recent approval extends a safe and effective vaccination option for individuals and their families to help protect themselves during flu season with no needles or waiting rooms. Now, for the first time, eligible individuals and their families can help protect themselves during the 2025-26 flu season from the convenience of their own home.

• Joby's first eVTOL operations with other aircraft in FAA-controlled airspace.
• Builds on years of eVTOL testing and 40,000+ miles flown across its fleet.
• Flight continues to show Joby's commercial market readiness.

Equity futures are mostly higher this morning following yesterday's session that saw stocks finish mostly lower after a disappointing July PPI report. Several mega-cap names performed well despite the broader market retreating, which helped the S&P 500 capture a slight gain for the day and with it a fresh all-time closing high. 

Yesterday's session was largely focused on the hotter-than-expected July PPI report and the effect that it had on rate cut probabilities. While a 25 basis point rate cut at the September FOMC meeting is still highly likely, arguments for a larger cut were damaged by yesterday's data.

The market anticipates a batch of economic data this morning that includes the Retail Sales report for July at 8:30 ET, the Industrial Production and Capacity Utilization report for July at 9:15 ET, and the preliminary August University of Michigan Consumer Sentiment Index at 10:00 ET. 

On the geopolitical front, The Wall Street Journal reports that President Trump will urge Russian President Putin to accept a ceasefire at the summit today, and if he does, Mr. Trump will bring Ukrainian President Volodymyr Zelensky into the discussion, though the summit has done little to move the market so far. 

In corporate news:

• Applied Materials (AMAT 163.74, -24.50, -13.0%) beat EPS expectations by $0.12, beat revenue expectations, and guided Q4 EPS and revenues below consensus. 
• Cisco (CSCO 69.10, -0.20, -0.3%) was downgraded to Hold from Buy at HSBC with a target of $69.
• Ford (F 11.43, -0.01, -0.1%) executives are in discussions to compete with Chinese electric cars, according to The Wall Street Journal.
• SanDisk (SNDK 42.35, -4.33, -9.3%) beat EPS expectations by $0.24, beat revenue expectations, and guided SepQ EPS in-line with revenues above consensus. 
• Target (TGT 102.83, -1.42, -1.4%) was downgraded to Underperform from Neutral at Bank of America Securities with a target of $76.

Reviewing overnight developments:

Equity indices in the Asia-Pacific region ended the week on a mostly higher note while markets in South Korea and India were closed for holidays. Japan's Nikkei: +1.7%, Hong Kong's Hang Seng: -1.0%, China's Shanghai Composite: +0.8%, India's Sensex: HOLIDAY, South Korea's Kospi: HOLIDAY, Australia's ASX All Ordinaries: +0.7%.

In news:

• China's growth data for July disappointed across the board with the unemployment rate increasing to 5.2% from 5.0% (expected 5.1%).
• Meanwhile, Japan's flash Q2 GDP (0.3% qtr/qtr; expected 0.1%) beat expectations by a solid margin.
• China's government reportedly warned foreign firms against stockpiling rare earth elements. Japanese advertiser Dentsu reported mixed results an announced job cuts.
• Standard & Poor's raised India's rating to BBB from BBB-.

In economic data:

• China's July Industrial Production 5.7% yr/yr (expected 6.0%; last 6.8%), July Retail Sales 3.7% yr/yr (expected 4.6%; last 4.8%), July Fixed Asset Investment 1.6% yr/yr (expected 2.7%; last 2.8%), and July House Prices -2.8% yr/yr (last -3.2%). July Unemployment Rate 5.2% (expected 5.1%; last 5.0%)
• Japan's Q2 GDP 0.3% qtr/qtr (expected 0.1%: last 0.1%); 1.0% yr/yr (expected 0.4%; last 0.6%). Q2 GDP Capital Expenditure 1.3% qtr/qtr (expected 0.5%; last 1.0%), Q2 GDP External Demand 0.3% qtr/qtr (expected 0.2%: last -0.8%), Q2 GDP Private Consumption 0.2% qtr/qtr (expected 0.1%; last 0.2%), and Q2 GDP Price Index 3.0% yr/yr (expected 3.1%; last 3.3%). June Industrial Production 2.1% m/m (expected 1.7%; last -0.1%) and Capacity Utilization -1.0% m/m (last 2.0%)
• Hong Kong's Q2 GDP 0.4% qtr/qtr, as expected (last 1.9%); 3.1% yr/yr, as expected (last 3.0%)
• New Zealand's July Business PMI 52.8 (last 48.8), July FPI 0.7% m/m (last 1.2%), and July Visitor Arrivals -2.5% m/m (last -0.5%)

Major European indices are seeking a higher finish to the week while Italy's MIB is closed for Assumption Day. STOXX Europe 600: +0.2%, Germany's DAX: +0.1%, U.K.'s FTSE 100: +0.1%, France's CAC 40: +0.7%, Italy's FTSE MIB: HOLIDAY, Spain's IBEX 35: +0.6%.

In news:

• There is some hope that President Trump's scheduled meeting with Russia's President Putin at 15:30 ET will eventually lead to peace in Ukraine. Conglomerate ThyssenKrupp may sell a stake in its warship until to the German government. Supplier of electric cables, NKT, reported strong results and raised its outlook.

In economic data:

• Swiss Q2 GDP 0.1% qtr/qtr (last 0.5%)

Quiet Start Ahead

• U.S. Treasuries are on track for a subdued start with the long bond expected to show slight relative weakness in the early going while the 2-yr note is seeking a modestly higher start. Treasury futures spent the early part of the overnight session in a slow upward climb that was largely reversed after the focus shifted to action in Europe. The overall trading volume has been reduced by holiday closures in South Korea, India, and parts of Europe, though the market received a sizable batch of economic reports from markets that were open. China's growth data for July disappointed across the board with the unemployment rate increasing to 5.2% from 5.0% (expected 5.1%) while Japan's flash Q2 GDP (0.3% qtr/qtr; expected 0.1%) beat expectations by a solid margin. The U.S. session will also see a full slate of data to end the week with July Retail Sales (Briefing.com consensus 0.5%; prior 0.6%) set to be reported at 8:30 ET, followed by July Industrial Production (Briefing.com consensus -0.1%; prior 0.3%) at 9:15 ET. President Trump is scheduled to meet with Russia's President Putin in Alaska today, but the meeting is not expected to start until 15:30 ET. Crude oil is falling toward $63.50/bbl while the U.S. Dollar Index is down 0.4% at 97.88.
• Yield Check:
  • 2-yr: -1 bp to 3.73%
  • 3-yr: UNCH at 3.70%
  • 5-yr: UNCH at 3.82%
  • 10-yr: UNCH at 4.29%
  • 30-yr: +1 bp to 4.89%

• News:
  • China's government reportedly warned foreign firms against stockpiling rare earth elements.
  • Japanese advertiser Dentsu reported mixed results an announced job cuts. Standard & Poor's raised India's rating to BBB from BBB-.
  • China's July Industrial Production rose 5.7% yr/yr (expected 6.0%; last 6.8%), July Retail Sales increased 3.7% yr/yr (expected 4.6%; last 4.8%), July Fixed Asset Investment grew 1.6% yr/yr (expected 2.7%; last 2.8%), and July House Prices were down 2.8% yr/yr (last -3.2%). July Unemployment Rate rose to 5.2% from 5.0% (expected 5.1%).
  • Japan's Q2 GDP expanded 0.3% qtr/qtr (expected 0.1%: last 0.1%), growing 1.0% yr/yr (expected 0.4%; last 0.6%). Q2 GDP Capital Expenditure was up 1.3% qtr/qtr (expected 0.5%; last 1.0%), Q2 GDP External Demand was up 0.3% qtr/qtr (expected 0.2%: last -0.8%), Q2 GDP Private Consumption was up 0.2% qtr/qtr (expected 0.1%; last 0.2%), and Q2 GDP Price Index was up 3.0% yr/yr (expected 3.1%; last 3.3%). June Industrial Production rose 2.1% m/m (expected 1.7%; last -0.1%) while Capacity Utilization fell 1.0% m/m (last 2.0%).
  • Hong Kong's Q2 GDP expanded 0.4% qtr/qtr, as expected (last 1.9%), growing 3.1% yr/yr, as expected (last 3.0%).
  • New Zealand's July Business PMI hit 52.8 (last 48.8), July FPI was up 0.7% m/m (last 1.2%), and July Visitor Arrivals were down 2.5% m/m (last -0.5%).
  • Swiss Q2 GDP expanded 0.1% qtr/qtr (last 0.5%).
• Commodities:
  • WTI Crude: -0.7% to $63.53/bbl
  • Gold: +0.2% to $3389.60/ozt
  • Copper: -0.2% to $4.47/lb
• Currencies:
  • EUR/USD: +0.3% to 1.1684
  • GBP/USD: +0.2% to 1.3557
  • USD/CNH: +0.1% to 7.1851
  • USD/JPY: -0.5% to 147.03
• Data out Today:
  • 8:30 ET: July Retail Sales (Briefing.com consensus 0.5%; prior 0.6%), Retail Sales ex-auto (Briefing.com consensus 0.3%; prior 0.5%), August Empire State Manufacturing (Briefing.com consensus 0.0; prior 5.5), July Import Prices (prior 0.1%), Import Prices ex-oil (prior 0.1%), Export Prices (prior 0.5%), and Export Prices ex-agriculture (prior 0.5%)
  • 9:15 ET: July Industrial Production (Briefing.com consensus -0.1%; prior 0.3%) and Capacity Utilization (Briefing.com consensus 77.5%; prior 77.6%)
  • 10:00 ET: June Business Inventories (Briefing.com consensus 0.1%; prior 0.0%) and preliminary August University of Michigan Consumer Sentiment (Briefing.com consensus 61.3; prior 61.7)
  • 16:00 ET: June Net Long-Term TIC Flows (prior $259.4 bln)

• The Board unanimously approved the adoption of the Rights Plan. In addition, the Rights Plan satisfies the covenant to preserve the NOLs pursuant to the Company's Note Purchase Agreement with Rubric Capital Management dated August 8, 2025. The Rights Plan is effective August 14, 2025.
  
• As of December 31, 2024, Heron had approximately $1.37 billion of U.S. federal NOLs, which may be available to offset future taxable income, and enhance cash flow as the Company executes its growth strategy. However, the Company's ability to use these NOLs would be substantially limited if it experienced an "ownership change" under Section 382 of the Internal Revenue Code. The Rights Plan is intended to reduce the likelihood of such an event by deterring any single investor or group from acquiring beneficial ownership of 4.99% or more of Heron's outstanding common stock. The Rights Plan will expire one year from the effective date, unless earlier terminated or extended by the Board.

• Co reports end of period credit card and other loans of $17.594 bln, down 0.3% yr/yr while avg credit card and other loans were flat yr/yr at $17.585 bln.
• Delinquency rate declined to 5.8% from 6.2% a year ago.

• Empire Petroleum has issued a unanimous and favorable ruling regarding the Company's rights to the Residual Oil Zone in the Eunice Monument South Unit Unitized Interval in Lea County, New Mexico. After four years of expenditures, Empire received the Commission's unanimous decision at a public hearing on August 14, 2025, affirming the existence of a ROZ in the Grayburg and San Andres formations within the EMSU and confirming Empire's exclusive rights to produce the ROZ under the 1984 Commission Order. The Commission is allowing Empire the opportunity to implement a CO2 enhanced oil recovery pilot project over the next three years.
• Following this outcome, Empire intends to proceed with Motions to Revoke existing permits granted to the remaining third-party saltwater disposal operators disposing wastewater into the EMSU and Unitized Interval of the Arrowhead Grayburg Unit, while concurrently advancing litigation for trespass and damages.
  

• Co announced that it is seeking authorization to initiate a new $20 million Ordinary Share repurchase program, which would commence following the completion of its current program. The new repurchase program is intended to capitalize on what the Company believes is a compelling opportunity to acquire its Ordinary Shares at a discounted valuation, reflecting confidence in its long-term prospects.
• Nexxen's strong cash position, supported by its profitable and cash-generative model, enables flexibility for the Company to execute a balanced capital allocation strategy that prioritizes both long-term growth and shareholder value creation.
• As previously announced, and in parallel with its intention to launch a new repurchase program, Nexxen will invest an additional $35 million in VIDAA, increasing its equity stake to approximately 6%. The investment will support VIDAA's North American CTV expansion and is expected to enhance the long-term value of Nexxen's exclusive data, advertising monetization rights, and overall investment.

Major European indices are seeking a higher finish to the week while Italy's MIB is closed for Assumption Day. There is some hope that President Trump's scheduled meeting with Russia's President Putin at 15:30 ET will eventually lead to peace in Ukraine. Conglomerate ThyssenKrupp may sell a stake in its warship until to the German government. Supplier of electric cables, NKT, reported strong results and raised its outlook.

• In economic data:
  • Swiss Q2 GDP 0.1% qtr/qtr (last 0.5%)

---Equity Markets---

• STOXX Europe 600: +0.2% (+1.5% week-to-date)
• Germany's DAX: +0.1% (+1.0% week-to-date)
• U.K.'s FTSE 100: +0.1% (+1.0% week-to-date)
• France's CAC 40: +0.7% (+2.3% week-to-date)
• Italy's FTSE MIB: HOLIDAY (+2.5% week-to-date)
• Spain's IBEX 35: +0.6% (+3.0% week-to-date)

---FX---

• EUR/USD: +0.3% to 1.1690
• GBP/USD: +0.3% to 1.3563
• USD/CHF: -0.2% to 0.8057

Gapping up
In reaction to earnings/guidance:

• KULR +21.3%, VIOT +12.1%, NU +10.2%, BZAI +9%, HSAI +6.6%, HIVE +3.1%, STRT +1%

Other news:

• PGEN +33.5% (receives full FDA approval of PAPZIMEOS)
• UNH +11% (Berkshire Hathaway takes new position)
• NUE +6% (Berkshire Hathaway takes new position)
• KURA +5.5% (CEO disclosed after the close the purchase of 50,000 shares worth more than $300K)
• LEN +4.5% (Berkshire Hathaway takes new position)
• AIOT +4.3% (CEO purchase of 23,157 shares worth more than $100K)
• ENOV +3.9% (EVP, Strategy & Business Development disclosed after the close the purchase of 10,000 shares at $28.90 worth about $289K)
• DHI +3.6% (Berkshire Hathaway takes new position)
• TWLO +3.6% (to join S&P MidCap 400)
• BSGM +3.3% (files to delay its 10-Q; expects to file the Form 10-Q no later than the fifth calendar day following the prescribed due date)
• AAOI +3.1% (several insider buys)
• TDOC +2.5% (acquires Telecare)
• WRD +2.3% (WeRide secures strategic equity investment from Grab)
• ALTS +2.2% (names new CFO)
• GSAT +2.1% (secures early govt wins expected to yield $60 mln)
• XPEV +2.1% (XPeng and Volkswagen enter agreement to expand E/E Architecture Technical Collaboration)
• ALLE +1.8% (Berkshire Hathaway takes new position)
• LAMR +1.5% (Berkshire Hathaway takes new position)
• BBU +1.5% (announces renewal of normal course issuer bids for units and exchangeable shares)
• LIMN +1.2% (files to delay 10-Q; financial statements could not be completed in sufficient time to solicit and obtain the necessary review)
• WGO +1.1% (increases dividend)  

Gapping down
In reaction to earnings/guidance:

• GAMB -15.9% (also to acquire Spotlight.Vegas; expands share buyback authorization; also files for $200 mln shelf offering; also files for offering by selling shareholders), AMAT -13.6%, GLOB -11.6%, SNDK -10.5%, SY -7.6%, STRZ -6.2%, QFIN -4.5%, TMC -3.3%, FLO -1%

Other news:

• KLAC -5.5% (in sympathy with weak AMAT earnings)
• NUTX -5.2% (to delay 10-Q filing)
• LRCX -5% (in sympathy with weak AMAT earnings)
• AKRO -4.6% (Announces Lancet Publication of the Phase 2b HARMONY Clinical Trial Demonstrating 96 Weeks Treatment with EFX Reduced Liver Fibrosis in Patients with Pre-cirrhotic MASH)
• UTL -4.4% (prices offering of 1,393,355 shares of common stock at $46.65 per share)
• CRWV -2.6% (IPO lock-up period expires)
• HIMS -2.5% (under investigation by FTC, according to Bloomberg)
• ASML -2.4% (in sympathy with weak AMAT earnings)
• CRCL -2.2% (prices offering of 10.0 mln shares of common stock at $130.00 per share)

• Reports Q2 (Jun) earnings of $0.30 per share, excluding non-recurring items, in-line with the FactSet Consensus of $0.30; revenues rose 1.5% year/year to $1.24 bln vs the $1.27 bln FactSet Consensus.
• Adjusted EBITDA decreased 4.0% to $137.7 million, representing 11.1% of net sales, a 60-basis point decrease.
• Co issues guidance for FY25, sees EPS of $1.00-$1.10, excluding non-recurring items, vs. $1.09 FactSet Consensus; sees FY25 revs of $5.239-$5.308 bln vs. $5.31 bln FactSet Consensus.

• Active work to align engineering, construction, and procurement preparation with project financing activities to reach FID and launch construction of the Phase-2 Matawinie Mine.
• Focus on advancing engineering of the Phase-2 Bcancour Battery Material Plant with the support of specialized Asian firms and partnering facilities for large-scale testing, in view of reaching FID.
• Continued engagement with customers, potential lenders, and targeted institutional equity investors to advance project financing requirements and reach FID on the Phase-2 Matawinie Mine and the Phase-2 Bcancour Battery Material Plant, subject to their respective technical, commercial and financing parameters.
• Preliminary results of the U.S. Department of Commerce's investigation of Chinese active anode material bring combined duties on graphite-based materials of up to 160%, thus improving the competitiveness of North American producers.
• EV adoption remains strong globally (+28%), while energy storage emerges as the next major growth driver, pushed by rising AI/data center power demand.
• Twelve-month rolling TRIFR rate of 2.82 at the Company's facilities (severity rate at 2.82) and 0 for contractors onsite; and no major environmental incidents.
  Period-end cash position of $73.5 million.

• Co announced the closing of a $1.4 billion project financing facility to support the continued development of its Helios datacenter campus in West Texas. The Debt Facility will fully fund the initial retrofit and expansion of Helios to deliver the first phase of power for AI and high-performance computing operations under a long-term agreement with CoreWeave (CRWV).
• Galaxy has provided the $350 million equity requirement, with the remaining construction costs to be covered by the Debt Facility. The $1.4 billion Debt Facility, which was secured at 80% loan to cost, has a 36-month term and is secured by all the assets associated with the first phase of Helios's buildout, with key terms disclosed in a concurrent SEC filing and consistent with those discussed during the Company's second quarter earnings call.
  

• Co announces the FDA has approved PAPZIMEOS (zopapogene imadenovec-drba) for the treatment of adults with recurrent respiratory papillomatosis (RRP). PAPZIMEOS is the first and only FDA-approved therapy for the treatment of adults with RRP. Precigen completed submission of the rolling Biologics License Application (BLA) in December 2024 under an accelerated approval pathway; however, the FDA has granted PAPZIMEOS full approval, which does not require a confirmatory clinical trial.
• PAPZIMEOS is a non-replicating adenoviral vector-based immunotherapy designed to express a fusion antigen comprising selected regions of human papillomavirus (HPV) types 6 and 11 proteins-the root cause of RRP. PAPZIMEOS is delivered via four subcutaneous injections over a 12-week interval.
• The approval is supported by data from the open-label, single-arm, pivotal study in adult patients with RRP.

Equity indices in the Asia-Pacific region ended the week on a mostly higher note while markets in South Korea and India were closed for holidays. China's growth data for July disappointed across the board with the unemployment rate increasing to 5.2% from 5.0% (expected 5.1%). Meanwhile, Japan's flash Q2 GDP (0.3% qtr/qtr; expected 0.1%) beat expectations by a solid margin. China's government reportedly warned foreign firms against stockpiling rare earth elements. Japanese advertiser Dentsu reported mixed results an announced job cuts. Standard & Poor's raised India's rating to BBB from BBB-.

• In economic data:
  • China's July Industrial Production 5.7% yr/yr (expected 6.0%; last 6.8%), July Retail Sales 3.7% yr/yr (expected 4.6%; last 4.8%), July Fixed Asset Investment 1.6% yr/yr (expected 2.7%; last 2.8%), and July House Prices -2.8% yr/yr (last -3.2%). July Unemployment Rate 5.2% (expected 5.1%; last 5.0%)
  • Japan's Q2 GDP 0.3% qtr/qtr (expected 0.1%: last 0.1%); 1.0% yr/yr (expected 0.4%; last 0.6%). Q2 GDP Capital Expenditure 1.3% qtr/qtr (expected 0.5%; last 1.0%), Q2 GDP External Demand 0.3% qtr/qtr (expected 0.2%: last -0.8%), Q2 GDP Private Consumption 0.2% qtr/qtr (expected 0.1%; last 0.2%), and Q2 GDP Price Index 3.0% yr/yr (expected 3.1%; last 3.3%). June Industrial Production 2.1% m/m (expected 1.7%; last -0.1%) and Capacity Utilization -1.0% m/m (last 2.0%)
  • Hong Kong's Q2 GDP 0.4% qtr/qtr, as expected (last 1.9%); 3.1% yr/yr, as expected (last 3.0%)
  • New Zealand's July Business PMI 52.8 (last 48.8), July FPI 0.7% m/m (last 1.2%), and July Visitor Arrivals -2.5% m/m (last -0.5%)

---Equity Markets---

• Japan's Nikkei: +1.7% (+3.7% for the week)
• Hong Kong's Hang Seng: -1.0% (+1.7% for the week)
• China's Shanghai Composite: +0.8% (+1.7% for the week)
• India's Sensex: HOLIDAY (+0.9% for the week)
• South Korea's Kospi: HOLIDAY (+0.5% for the week)
• Australia's ASX All Ordinaries: +0.7% (+1.5% for the week)

---FX---

• USD/JPY: -0.6% to 146.87
• USD/CNH: +0.1% to 7.1841
• USD/INR: -0.2% to 87.48

• Co announced that the Toronto Stock Exchange has accepted a notice filed by Brookfield Business Partners L.P. of its intention to renew its normal course issuer bid for its limited partnership units and a notice filed by Brookfield Business Corporation of its intention to renew its normal course issuer bid for its class A exchangeable subordinate voting shares ("Exchangeable Shares"). Brookfield Business Partners believes that the Units or the Exchangeable Shares may from time to time trade in a price range that does not fully reflect their value and that, in such circumstances, the acquisition of Units or Exchangeable Shares, as applicable, may represent an attractive use of available funds.
• At the close of business on August 8, 2025, there were 88,828,512 Units and 69,996,738 Exchangeable Shares issued and outstanding. Brookfield Business Partners is authorized to purchase up to 4,441,425 Units and 3,499,836 Exchangeable Shares, representing up to 5% of the issued and outstanding Units and Exchangeable Shares, respectively, at the close of business on August 8, 2025. Under Brookfield Business Partners' normal course issuer bids, it may purchase up to 10,076 Units and 11,100 Exchangeable Shares, respectively, on the TSX during any trading day, which represent 25% of the average daily trading volume of 40,306 Units and 44,400 Exchangeable Shares, respectively, on the TSX for the six months ended July 31, 2025.

• Gapping up:
  • KULR +20.7%, VIOT +15.8%, UNH +12.6%, NU +10.1%, HSAI +6.3%, BZAI +6.3%, NUE +6.1%, STRT +5.4%, LEN +5.2%, DHI +4.5%, TWLO +4.1%, HIVE +3.6%, LAMR +3.1%, WRD +3%, SA +3%, TDOC +2.7%, NMAX +2.4%, XPEV +2.1%, TRI +1.3%, WGO +1.1%, SGML +1.1%, MLM +1%, QUIK +0.9%, CRDO +0.9%, ALLE +0.9%
• Gapping down:
  • GAMB -16.2%, AMAT -14.6%, GLOB -12.3%, SNDK -10.5%, SY -7.2%, STRZ -6.2%, KLAC -5.7%, LRCX -5%, TMC -5%, AKRO -4.6%, QFIN -4.2%, UTL -4.1%, NUTX -3.9%, HIMS -2.6%, ASML -2.4%, CRWV -2.3%, CRCL -1.7%

• T1 Energy (TE) and Corning Incorporated (GLW) announced a strategic commercial agreement that boosts the U.S. solar supply chain and advanced manufacturing of affordable, fast-to-deploy energy. T1 will source hyper-pure polysilicon and solar wafers produced by Corning at its Michigan campus. Starting in the second half of 2026, Corning wafers will be delivered to T1's G2_Austin solar cell facility, which is currently under development. These cells will then be used to manufacture solar modules at T1's operational G1_Dallas site.
• CLEAR (YOU) announced that travelers from the UK, Canada, Australia, and New Zealand can now enjoy the CLEAR+ experience in U.S. airports. This milestone opens the door for international travelers to experience faster, more predictable and frictionless airport security across CLEAR's nationwide network. Additional Visa Waiver countries are expected to be announced later this year.

• Co announced that the board of directors of the Company appointed, effective from August 15, 2025, Mr. Justin Martin Leverenz as a director of the Board;  Ms. Yi Zhang as an independent director of the Board and the chairwoman of the audit committee of the Company and (iii) Ms. Lei Cao, an existing independent director of the Company, as a member of the compensation committee of the Company.
• Effective from the same date, Ms. Tong Tong Zhao will step down as an independent director of the Board to serve as an observer of the Board and Mr. Jian Shang will step down as an independent director of the Board, the chairman of the Audit Committee, and a member of the Compensation Committee.

• Lucid Group, Inc. (LCID) revealed the Lucid Gravity X concept, an SUV that redefines what a trail-ready adventure vehicle could be. The concept vehicle was officially unveiled at a private event on the 18th fairway of the Pebble Beach Golf Links and will make its first public appearance on the Concept Lawn of the 74th Pebble Beach Concours d'Elegance on Sunday, August 17.
• Clarivate Plc (CLVT) has signed an agreement with the University of Melbourne, Australia's leading university, to provide a comprehensive suite of library solutions and services. The solutions include Alma, Primo, Leganto, Rapido and Library Open Workflows, encompassing library management systems, information resource discovery, sharing and subject reading lists. This collaboration will provide the University of Melbourne with a world-class library systems platform that is purpose-fit, efficient, and user-focused.

• LGI Homes, Inc. (LGIH) is excited to announce the addition of 17 new floor plans now available across four of its Minneapolis-area communities: Cambridge Cove, Meadows North, Parkside, and Triplett Farms. This wide-ranging lineup provides homebuyers with a wider selection of thoughtfully designed homes that combine modern features, spacious layouts and incredible value.
• Hampton Roads based TowneBank (TOWN) and Old Point Financial Corporation (OPOF), the parent company of The Old Point National Bank of Phoebus, announced that they had received regulatory approval from the Federal Deposit Insurance Corporation and the Bureau of Financial Institutions of the Virginia State Corporation Commission to complete the proposed merger of Old Point and Old Point National Bank with TowneBank. All regulatory approvals required for the transaction have now been received. The merger is expected to close on or about September 1, 2025, subject to the satisfaction of customary closing conditions.
• JLL's (JLL) Capital Markets group announced that it has arranged a $352.7 million financing package for Fundrise National Industrial Portfolio, a collection of 12 institutional-quality industrial buildings totaling approximately 3.18 million square feet across multiple high-growth markets throughout the U.S.
• Intercontinental Exchange (ICE) announced that KGI Securities Investment Trust Co., LTD has launched the KGI US Top Balanced ETF, Taiwan's first multi-asset exchange-traded fund, benchmarked to the NYSE TPEx 70-30 Equity Top 10 N-Listed & Treasury 3-10 Year Balanced Index.

• VEON Ltd. (VEON) ("VEON"), a global digital operator and parent company of Ukraine's leading digital operator JSC Kyivstar, and Cohen Circle Acquisition Corp. I (CCIR), a special purpose acquisition company, have today closed the previously announced business combination between Kyivstar Group Ltd. and Cohen Circle, which will make Kyivstar Group Ltd. a U.S.-listed company.
• The combined company will operate as Kyivstar Group Ltd. (the "Company"), the common shares and warrants of which are expected to start trading on the Nasdaq Stock Market on or about August 15, 2025 under the ticker symbols "KYIV" and "KYIVW," respectively, making the Company the first and only pure-play Ukrainian investment opportunity in U.S. stock markets. As of the closing of the Business Combination, VEON holds an 89.6% stake in Kyivstar Group Ltd.
• Cohen Circle's shareholders approved the Business Combination at its extraordinary general meeting held on August 12, 2025. Prior to Cohen Circle's extraordinary general meeting, holders of only 25.4% of Cohen Circle's Class A ordinary shares held by its public shareholders had exercised their redemption rights, resulting in $178 million of transaction proceeds, including under the previously announced non-redemption agreements with institutional investors such as Helikon and Clearline.
  

• Vornado Realty Trust announced that its 55% owned joint venture has completed the previously announced sale of 512 West 22nd Street, a 173,000 square foot Class A office building, for $205 million.
• After repayment of the $123 million mortgage loan encumbering the property and transaction expenses, Vornado's share of the net proceeds is approximately $38 million.
• Vornado expects to recognize an approximate $11 million financial statement gain from this transaction in the third quarter.
  

• XPeng Inc. (XPEV) and the Volkswagen Group (VWAGY) announce that, following the execution of Master Agreement on E/E Architecture Technical Collaboration on July 22, 2024, XPENG and the Volkswagen Group have accelerated the joint development of the industry-leading E/E Architecture at "China Speed" and achieved key milestones. Based on the shared strategic objective to expand the application scope of the E/E Architecture within the Volkswagen Group and realize cross-platform and cross-powertrain platformization, both parties have entered into an Agreement on Expanding E/E Architecture Technical Collaboration. The signing of this agreement marks that the E/E Architecture will be not only integrated into Volkswagen's electric vehicle platforms, but also deployed across its ICE and PHEV (Plug-in Hybrid Electric Vehicle) platforms in China, thereby significantly expanding the strategic technical collaboration to broader markets.
• The Expanded Technical Collaboration will further accelerate the Volkswagen Group's software-defined vehicle strategy execution and enhance its global competitiveness. Such cross-platform and cross-powertrain platformization of the E/E Architecture will enable the Volkswagen Group to achieve faster software iteration and Over-the-Air updates, and significantly shorten vehicle development cycle.
  

• Accenture has agreed to acquire CyberCX, a privately-owned cybersecurity services provider serving both private and public sector organizations across Australia, New Zealand and internationally.
• The move represents Accenture's largest cybersecurity acquisition to date and will significantly bolster Accenture's cybersecurity services in Asia Pacific. It will further expand Accenture's leading position in the region, enhancing its ability to build business resilience, protect critical infrastructure and drive secure enterprise reinvention amidst an increasingly complex regulatory and threat landscape.
• Terms of the transaction were not disclosed.

• WeRide (WRD) announced today that Grab (GRAB) has committed to a strategic equity investment in WeRide. The investment is part of a strategic partnership between both companies to accelerate the deployment and commercialisation of Level 4 Robotaxis and shuttles in Southeast Asia, and reflects a shared vision to seamlessly integrate WeRide's autonomous vehicles into Grab's network to enhance service and safety levels.
• Grab's investment is expected to be completed by the first half of 2026, subject to customary closing conditions and WeRide's preferred timing. It supports WeRide's growth strategy to expand its commercial AV fleet in Southeast Asia and advance AI-driven mobility.
• This partnership will establish a framework for deploying autonomous solutions across Grab's network to enhance operational efficiency and scalability. As part of this strategic collaboration, WeRide will integrate its autonomous driving technology into Grab's fleet management, vehicle matching and routing ecosystem. In addition, WeRide and Grab will train, upskill and transition interested Grab driver-partners and local communities to high-value career pathways within the AV industry.
  

• Global equity markets are mixed heading into the week's close. The S&P futures are up about three points, trading near 6493. The low of 6486.75 was set early, and the market pushed as high as 6508.75 before finding resistance and coming back through the psychological 6500-level to the current price.
• Asian stocks closed mostly higher on Friday, supported by China's liquidity-boosting measures and strong Japanese GDP data. The Shanghai Composite rallied 0.83% to 3,696.77 after the People's Bank of China injected 500 billion yuan via reverse repos. Hong Kong's Hang Seng slipped 0.98% to 25,270.07 as China's economic data revealed slower factory output, retail sales, and real estate activity. Japan's Nikkei soared 1.71% to a record 43,378.31, lifted by a weaker yen and bank stocks, with Mitsubishi UFJ Financial rising 6%.
• European stocks hovered near five-month highs on Friday, buoyed by optimism that the Trump-Putin Alaska summit could ease tensions in Ukraine. Germany's Infineon Technologies rose 1.2% following its acquisition of Marvell Technology's Automotive Ethernet business, while Denmark's Pandora plunged 13% after flagging weaker sales in key European markets. NKT jumped 7.8% on record Q2 operational earnings and an upgraded 2025 outlook. In contrast, ASML dipped 1.2% after Applied Materials issued a below-expectation Q4 forecast. Offshore operator Sea1 Offshore fell 7% on disappointing Q2 results, reflecting broader mixed corporate earnings across the region.

Market Updates

• S&P Futures vs Fair Value: +4.0
• 10 yr Note: 4.292%
• USD/JPY:  146.83   -0.94
• EUR/USD: 1.1687  +0.0037
• Europe: FTSE: 0.0% DAX: +0.4% CAC: +0.8%
• Asia: Hang Seng: -1.0%  Shanghai: +0.8%  Nikkei: +1.7%
• Gold (3390.50 +7.30) Silver (37.955 -0.114) Crude (63.42 -0.54)

• KLA Corporation (KLAC -6.2%); Lam Research (LRCX -6.4%); ASML (ASML -3.2%)
• AMAT currently trading at $162.64 (-13.6%)

• Co announces a key agreement with Empresas Pblicas de Medelln (EPM) that advances its acquisition strategy in Colombia and unlocks a path toward the integration of Tigo-UNE and Colombia Telecomunicaciones (ColTel).
• Under the terms of the agreement:
  • Millicom has committed to present an offer in EPM's Law 226 sale process, subject to the terms published by EPM on July 1, 2025, in which EPM set a minimum price of COP$418,741 per share of Tigo-UNE, representing a total consideration of approximately USD $520 million.
  • The agreement includes customary legal protections and EPM secured an extension of its existing exit rights if the Law 226 sale process does not succeed due to external factors.
  • Should EPM remain a shareholder of Tigo-UNE due to an unsuccessful Law 226 sale process, EPM has agreed to provide consent for the proposed future merger between Tigo-UNE and ColTel, subject to certain closing conditions.
  • As part of the transaction, Millicom will re-include Tigo-UNE in Millicom's Restricted Group, reflecting the company's renewed strategic commitment to the market.

• Co announces the appointment of industry veteran Jonathan Hugh as CFO of the company.
• He previously served as CFO of leading digital asset firms GSR International Ltd, a global market maker, and Zodia Custody Ltd, a regulated institutional custodian

• Earnings/guidance gainers: KULR +15.9%, BZAI +7.4%, STRT +6.2%
• Earnings/guidance losers: AMAT -12%, GAMB -10.4%, SNDK -9.4%, GLOB -7.7%

The stock market opened to broad-based retreats following the July PPI report (up 0.9% month-over-month; Briefing.com consensus 0.2%), though the market's reaction was muted in comparison to Tuesday's advance that followed a friendlier CPI report for July (up 0.2%; Briefing.com consensus 0.2%), with the major averages ultimately finishing on their flatlines.

While the S&P 500 spent the majority of the session in negative territory, a slight gain of 0.03% saw the index capture a new record high of 6,468.54.

Tuesday's CPI report boosted the probability of a 25 basis-point September rate cut to 99.9%. Today's data lessened that probability to 92.6%, according to the CME FedWatch tool.

While a September rate cut is still highly likely, the July PPI report threw a serious wrench into recent arguments for a 50 basis-point cut. St. Louis Fed President Musalem (FOMC voter) and San Francisco Fed President Daly (non-voter) both stated today that the current data does not reflect the need for a 50 basis-point cut, with Musalem remarking that he will go into the September meeting with an open mind.

Losses were especially broad-based in the early going, with all eleven S&P 500 sectors opening in negative territory, though the market would finish much improved from session lows.

The communication services (+0.4%) sector benefitted from modest gains in its mega-cap constituents, Meta Platforms (META 782.13, +2.05, +0.26%) and Alphabet (GOOG 203.82, +0.79, +0.39%), while a strong performance in Amazon (AMZN 230.98, +6.42, +2.86%) propped up an otherwise weak consumer discretionary sector (+0.5%).

Investors continued to do some bargain hunting in the health care sector (+0.5%), and the financials sector (+0.6%) also notched a nice gain, rounding out the four S&P 500 sectors that advanced today. The information technology sector finished flat.

The other six sectors would see losses that ranged from 0.2% to 0.9%, as breadth figures denoted broad-based selling activity, with decliners outpacing advancers by a nearly 3-to-1 margin on the NYSE and a greater than 2-to-1 ratio on the Nasdaq.

Despite the broad-based retreat, a rotation back into several mega-cap names kept the losses modest. The Vanguard Mega Cap Growth ETF advanced 0.3% today, and the market-weighted S&P 500 (flat) noticeably outperformed the S&P 500 Equal Weighted Index (-0.6%).

Meanwhile, the Russell 2000 (-1.2%) and S&P Mid Cap 400 (-1.2%) gave back a good chunk of their advances from earlier in the week, with rising market rates and a re-think of the policy outlook tempering some of the rotational excitement that followed the CPI report

U.S. Treasuries retreated on Thursday, sending yields from their lowest levels of the week back toward highs from Tuesday. The 2-year note yield settled up five basis points at 3.74%, and the 10-year note yield settled up six basis points at 4.29%.

• Russell 2000: +3.6% WTD
• S&P Mid Cap 400: +2.1% WTD
• DJIA: +1.7% WTD
• S&P 500: +1.2% WTD
• Nasdaq Composite: +1.2% WTD

Reviewing today's data:

• The index for final demand jumped 0.9% month-over-month in July (Briefing.com consensus: 0.2%) following an unchanged reading in June. The index for final demand, excluding food and energy, also increased 0.9% month-over-month (Briefing.com consensus: 0.2%) following an unchanged reading in June. With these readings, the index for final demand is up 3.3% year-over-year, versus 2.4% in June, while the index for final demand, excluding food and energy, is up 3.7%, versus 2.6% in June.
  • The key takeaway from the report, other than that it completely flies in the face of the relatively friendly CPI report, is that wholesale prices rose appreciably across all stages of production and for both goods and services. The concern will be that this inflation will register in the PCE Price Index and keep the Fed from being as aggressive with its rate cut approach as had been envisioned following the CPI data.
• Initial jobless claims for the week ending August 9 decreased by 3,000 to 224,000 (Briefing.com consensus: 228,000), while continuing jobless claims for the week ending August 2 decreased by 15,000 to 1.953 million.
  • The key takeaway from the report is still the same. Layoffs are low, but finding a new job, if laid off, is taking longer. Weekly natural gas inventories increased by 56 bcf after increasing by 7 bcf a week ago.

• This strategic acquisition strengthens ARRAY's position as a global leader in renewable energy infrastructure and expands its product portfolio to better serve the evolving needs of the solar industry and our customers.
• The acquisition is expected to be accretive to ARRAY's earnings, with significant opportunities for commercial synergies, and will enhance the ability of ARRAY to serve a broader range of utility-scale and commercial solar projects across North America and beyond.

• Reports Q2 (Jun) adjusted earnings of $0.37 per share, may not be comparable to the FactSet Consensus of $0.16; revenues rose 29.6% year/year to $39.59 mln vs the $38.95 mln FactSet Consensus.
• Co issues in-line guidance for FY25, sees FY25 revs of $171-175 mln vs. $172.21 mln FactSet Consensus.
• Co announces that it will expand its offerings through a definitive agreement to acquire Spotlight.Vegas. The proposed transaction is expected to close at the beginning of September, subject to customary closing conditions. Co will pay $8 mln at closing for the acquisition and up to an additional $22 mln subject to certain performance targets being achieved through the end of 2027. Co expects to fund the purchase price from existing cash on hand and future cash flow. Co anticipates the acquisition will generate net revenue of at least $8 mln and incremental Adjusted EBITDA of at least $1.4 mln for the 2026 full-year period.
• Expands Share Buyback Authorization from $10 mln to $20 mln.

• Reports Q4 (Jun) earnings of $0.29 per share, excluding non-recurring items, $0.24 better than the FactSet Consensus of $0.05; revenues rose 8.0% year/year to $1.9 bln vs the $1.82 bln FactSet Consensus.
• Co issues guidance for Q1 (Sep), sees EPS of 0.70-0.90, excluding non-recurring items, vs. $0.86 FactSet Consensus; sees Q1 revs of 2.10-2.20 bln vs. $2.00 bln FactSet Consensus.

• Based on this agreement, the lawsuits will be promptly dismissed, bringing an end to all patent disputes between the two companies. In a statement, Don Barnetson, Senior Vice President of Product at Credo announced, "I am pleased to have reached an amicable resolution."
• The terms of the agreement remain confidential.

• Co announces that, by mutual consent, the company and Resulticks Global Companies Pte. Limited have agreed to extend the due diligence period, provided for in the Memorandum of Understanding, dated 5 June 2025, executed by the parties, from 31 July 2025 until 31 August 2025.
• With most material due diligence completed the extension will allow the parties sufficient time to complete the definitive agreement.

• Reports Q3 (Jul) earnings of $2.48 per share, excluding non-recurring items, $0.12 better than the FactSet Consensus of $2.36.
• Co issues downside guidance for Q4 (Oct), sees EPS of $1.91-2.31, excluding non-recurring items, vs. $2.39 FactSet Consensus; sees Q4 revs of $6.20-7.20 vs. $7.33 bln FactSet Consensus.
• "We are currently operating in a dynamic macroeconomic and policy environment, which is creating increased uncertainty and lower visibility in the near term, including for our China business. Despite this, we remain very confident in the longer-term growth opportunities for the semiconductor industry and Applied Materials. We are expecting a decline in revenue in the fourth quarter driven by both digestion of capacity in China and non-linear demand from leading-edge customers given market concentration and fab timing."

• Co announces the appointment of Brandon Poe as its Chief Financial Officer. Mr. Poe has served on BioStem's Board of Directors since 2022. Michael Fortunato, the Company's prior CFO, has assumed the role of Chief Accounting Officer.
• most recently served as Chief Financial Officer of Midi Health, Inc., a privately held digital women's healthcare company. Prior to that, he was Chief Financial Officer of Jumpcode Genomics, a privately held life sciences company.
• Earlier in his career, Mr. Poe spent eight years at Illumina, Inc. (ILMN), a publicly traded life sciences company, where he served in multiple senior finance roles, most recently as Vice President of Finance for Product Development, Research and Global Operations.