Bank earnings came in at record highs, and Goldman led the celebration. IBM dropped to its worst single-day loss ever on a profit warning linked to the AI hardware shift.
Today’s edition covers the inflation print that changed the rate picture and every name that moved.

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$7.5 Million Sold Into A 318% Rally — While One Director Keeps Buying
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Markets
Wall Street just posted its best quarter in years. Goldman, JPMorgan, BofA, Citi, and Wells Fargo hauled in a combined $49 billion — up 39% year-over-year. Goldman stole the show, profit up 78% on SpaceX IPO fees and the AI boom.
Citi's numbers were solid too, but shares dropped 5.27% anyway after execs said they'd rather reinvest than reward shareholders. Investors weren't thrilled.
Meanwhile, IBM had its worst day ever, cratering 25% on a warning that clients are ditching software for AI hardware — a shift that also cost employees $400 million in retirement savings tied to company stock.
On the macro side, cooler-than-expected CPI (3.5% annual) sent rate-hike odds tumbling from 42% to 16%, even as Warsh warned against declaring victory. Oil dipped slightly after Trump backed off the Hormuz cargo levy, though Brent held near $84.
DJIA [+0.02%]
S&P 500 [+0.38%]
Nasdaq [+0.90%]
Russell 2000 [+0.39%]

Corporate & Guidance
HCA Cuts Outlook as Uninsured Volumes Rise
HCA Healthcare lowered its 2026 earnings forecast to between $28.70 and $30.50 a share after an increase in uninsured patients created an about $400 million pretax hit during the second quarter. The company projected quarterly revenue of roughly $20.23 billion and adjusted EBITDA of about $4.03 billion.
HCA narrowed its full-year revenue range to $77 billion to $79.5 billion. Shares fell 9.4% in premarket trading following the preliminary update.
IBM Releases Early Results With an Earnings Miss
IBM unexpectedly released preliminary second-quarter results a week early, reporting adjusted earnings of $2.93 a share, below FactSet’s $3.01 estimate. Revenue rose 1% to $17.2 billion but missed the $17.86 billion consensus, while software growth also fell short.
Shares dropped 24.2% in morning trading, putting IBM on track for its worst one-day decline. The company blamed weak mainframe performance, delayed deals, and customer spending shifts toward memory, storage, and servers.

Semiconductors & AI Supply
Micron Gets $1,750 Target as Memory Stays Tight
Micron received a higher $1,750 price target from KeyBanc, up from $1,600, after analyst John Vinh completed supply-chain checks in Asia. The new target implied 87% upside from Monday’s closing price of $937.
KeyBanc said memory shortages could remain through 2027. It projected DRAM prices would rise 15% to 20% in the third quarter, while NAND prices could increase 30% to 40% as AI demand kept supplies tight.
Nvidia Begins Limited H200 Shipments to China
A senior U.S. Commerce Department official told Congress that shipments of Nvidia’s H200 chips had begun to China and Hong Kong, although only “very few” chips had been delivered.
The Commerce Department approved about 10 Chinese companies to purchase the H200 in May, but deliveries had not yet begun. The limited shipments marked progress for Nvidia in a market constrained by U.S. export controls and Chinese import scrutiny.

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Airlines & Aerospace
Frontier Partners With Starlink for In-Flight Wi-Fi
Frontier Airlines partnered with SpaceX to introduce Starlink Wi-Fi across its aircraft beginning in early 2027. The rollout will give the discount carrier’s passengers internet access for the first time.
Starlink will also connect Frontier’s pilots, flight attendants, maintenance crews, and ground teams. The airline has not said whether passengers will pay for the service, but the partnership supports its broader push to add more premium features.
Boeing Posts Strongest First Half Since 2018
Boeing delivered 64 commercial aircraft in June, up from 60 in both May and the same month last year. The U.S. planemaker completed 314 deliveries during the first six months of 2026.
The first-half total increased 12% from a year earlier and marked Boeing’s strongest opening half since 2018. Airbus remained ahead, delivering 351 aircraft over the same period.

Restaurants & Food Delivery
Portillo’s Expands Again in the San Antonio Market
Portillo’s planned a second San Antonio-area restaurant in New Braunfels, with construction on the $2.5 million drive-thru expected to begin in November and be completed by May 2027. The 4,987-square-foot site will sit near Interstate 35 and Buc-ee’s.
The expansion follows the June opening of Portillo’s first South Texas location in Schertz. The Chicago-based chain now operates 111 restaurants across 11 states as it continues building its Texas footprint.
Uber Enters Advanced Delivery Hero Takeover Talks
Uber entered advanced talks to acquire Delivery Hero, with an agreement possible as soon as this week. A deal would value the German food-delivery company above its recent trading price of about €36 a share.
Uber had increased its Delivery Hero stake to nearly 37% from 25% after acquiring shares from Aspex Management. Delivery Hero also disclosed that it received a €33-per-share offer from Uber in May.

Biotech & Drug Development
Avere Takes Nasdaq Route Through NextCure Merger
Avere Therapeutics agreed to go public through a reverse merger with Nasdaq-listed NextCure, creating a combined company that will trade under the ticker AVRX. The transaction gives the oral-therapies biotech a public-market route without a traditional IPO.
The merged business will retain the Avere Therapeutics name. NextCure currently trades under NXTC, while the renamed company will begin trading as AVRX after the transaction closes.
Biogen Moves Alzheimer’s Drug Toward Phase 3
Biogen and Ionis said diranersen slowed cognitive decline by 26% over 18 months, and Biogen now plans to move the drug into Phase 3 testing. The experimental Alzheimer’s treatment targets tau, a protein associated with brain tangles.
Investors reacted cautiously because the lowest dose produced the strongest benefit, while higher doses reduced tau to a greater extent. Biogen shares fell more than 7%, but the results still marked progress for a tau-directed Alzheimer’s therapy.

Top Winners and Losers
NextCure [NXTC] $6.58 (+201.83%)
NextCure announced an all-stock merger with privately held Avere Therapeutics and a concurrent $320 million private financing led by Fairmount and Hansoh Pharmaceutical.
Current NXTC shareholders get 1.21% of the combined company (to trade as AVRX) plus CVR rights to 90% of proceeds from NextCure’s legacy pipeline for two years post-close. Avere’s lead drug AVR-001 is an oral once-weekly IL-23 blocker in development for psoriasis and ulcerative colitis.
Twin Vee PowerCats [VEEE] $38.51 (+54.91%)
Yesterday’s merger deal with USFM Corporation is still running today. The transaction, which privatizes Twin Vee’s marine business into a CVR Trust while the public company combines with USFM and moves to NYSE American, is doing exactly what transformative corporate restructurings do in their first 48 hours. Momentum traders are still repricing what the new company is worth.
Phoenix Asia Holdings [PHOE] $25.95 (+25.36%)
Phoenix Asia Holdings runs industrial services and energy infrastructure operations across Southeast Asia and is catching the bid from oil prices staying elevated near $80 even after Trump walked back Monday’s cargo levy.
ith crude still well above prewar levels and Middle East risk firmly back on the table, industrial energy infrastructure plays in Asia are attracting flows. At $599 million in market cap and 10x relative volume, the positioning is active.

Leslie’s [LESL] $3.30 (-41.07%)
Leslie’s, the pool and spa supply chain we featured in June as a turnaround winner on comp sales up 6.6%, reversed course sharply today as the stock was halted twice for volatility during the session.
The company has been walking a financial tightrope through its transformation plan, and today’s move — back to levels near its all-time lows — suggests the summer selling season results are not delivering the second-half acceleration management had guided for.
IBM Common Stock [IBM] $217.07 (-25.21%)
IBM issued a profit warning saying enterprise customers are redirecting technology budgets from software and consulting toward AI hardware and memory chips — exactly the businesses IBM doesn’t own. The stock had its worst single-session in company history.
The company also disclosed that IBM employees lost roughly $400 million in retirement plan value tied to company stock. This is what happens when the AI trade leaves your business on the wrong side of a spending shift.
Beyond Air [XAIR] $5.77 (-22.96%)
Beyond Air makes inhaled nitric oxide systems for neonatal and adult respiratory conditions. The stock is down 22% today as speculative healthcare names get caught in a rotation toward banks and value names on the back of the earnings-driven rally in financials.
Buy rated at a $4.22 million market cap. The move is the sector trade, not a company-specific development.

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Everything Else
🚀 Early small-cap momentum is starting to build, as select names across AI, energy, and emerging tech begin showing the kind of setup that can lead to a much bigger move.
📊 Stocks traded mixed as investors balanced fresh U.S. inflation data, rising tensions with Iran, and a new wave of corporate earnings.
🎬 Paramount still expects to complete its merger with Warner Bros. Discovery by the end of September despite the ongoing lawsuit.
🛡️ AeroVironment is drawing fresh attention after a $4 billion Wall Street price target highlighted growing optimism around the defense technology company.
🏗️ New York became the first U.S. state to impose a moratorium on new data centers, marking a major shift in how governments are approaching AI infrastructure growth.
🥤 PepsiCo’s turnaround is losing momentum as more Americans cut back on snacks, adding fresh pressure to the company’s growth strategy.

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— Adam G.
Elite Trade Club
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