Chip stocks had one of their best days in weeks as the sector tried to shake off two weeks of selling. Intersnack agreed to buy Utz Brands for $2.9 billion in cash, one of today’s cleanest acquisition stories.

Today’s edition covers the recovery, the deal, and everything else before Alphabet and Tesla report tomorrow.

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Chip names bounced hard with the PHLX Semiconductor Index up 5.21% — JPMorgan had called the selloff a "wobble" and today handed that argument its best day yet.

Oil is giving renewed cause for concern as tensions re-escalate, with Goldman Sachs warning crude could exceed this spring's highs if Hormuz stays contested. 

Trump announced 50% tariffs on Canada overnight, hitting lumber, plywood, and engineered wood products while exemptingbrent softwood — the kind of targeted shot that moves supply chains fast.

Coinbase jumped after the White House and senators cleared the Clarity Act's ethics provision standoff, the biggest crypto regulatory breakthrough in years. Alphabet, Tesla, and IBM all report tomorrow.

Arthur J. Gallagher & Co. acquired W.N. Tuscano Agency, a Pennsylvania managing general agency and wholesale insurance broker serving independent agents, through its Risk Placement Services division, thereby expanding the company’s distribution reach across western Pennsylvania.

The acquired team will remain in Greensburg and operate under RPS leadership, adding local relationships and specialty placement capabilities to Gallagher’s broader insurance brokerage network, while the company continues to use targeted acquisitions to deepen regional coverage.

Bank of America upgraded its EricaAssist service tool with generative AI capabilities that deliver contextual guidance in under three seconds, providing more than 18,000 customer service representatives with real-time support as they speak with clients.

The rollout is designed to shorten resolution times and improve consistency across customer interactions, moving the bank’s internal digital-assistant strategy deeper into daily operations while keeping employees directly involved in handling account questions and service requests across its nationwide consumer banking operation.

Northrop Grumman reported a record $105 billion backlog and raised its full-year outlook after securing $20 billion in quarterly awards, with demand remaining strong across the B-21 bomber, Sentinel missile, tactical weapons, and national-security space programs.

The defense contractor increased its sales and adjusted earnings guidance after second-quarter revenue reached $10.9 billion, giving the company greater visibility as major programs move deeper into production and governments expand spending on missiles, strategic deterrence, and military space systems.

Lockheed Martin signed a development agreement with Venus Aerospace to evaluate rotating-detonation rocket engines for long-range precision weapons, combining Venus’s flight-tested propulsion system with Lockheed’s experience developing and fielding military platforms.

The companies will work to move the technology from demonstration to practical defense applications, targeting weapons that travel farther and faster while using a propulsion design intended to improve efficiency and reduce the complexity of conventional rocket engines.

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Novo Nordisk has sued Eli Lilly in U.S. federal court, arguing that claims used in Lilly’s obesity-drug advertising unfairly portray Zepbound and Mounjaro as stronger options than competing treatments in the fast-growing weight-loss market.

The case adds another layer to an already aggressive commercial battle, putting fresh pressure on how Lilly promotes its blockbuster medicines as drugmakers compete for patients, doctors, and insurance coverage.

Danaher beat Wall Street expectations for the second quarter and raised its full-year earnings outlook, but weaker near-term growth expectations in bioprocessing pushed investors to focus on slower project timing and softer third-quarter momentum.

The company’s life-sciences businesses improved, but the sharp reaction shows how closely the market is watching demand from drugmakers and research customers after a long period of uneven spending.

China Pharma Holdings [CPHI] $8.10 (+790.11%)

China Pharma Holdings is a Chinese veterinary and human pharmaceutical company that received a Nasdaq bid-price compliance notice for falling below the $1 minimum threshold.

The stock ran from under $1 to above $8 today on 6.13x relative volume as traders piled into the compliance recovery — the same speculative bid-price mechanics that drove ZYBT’s surge yesterday. No new fundamental announcement; $44.57 million market cap.

Utz Brands [UTZ] $14.09 (+89.13%)

Intersnack Group, one of Europe’s largest snack companies, agreed to buy all outstanding Utz Class A shares for $14.25 in cash — a 91% premium to Monday’s close — in a $2.9 billion deal that takes Utz private.

Intersnack and the founding Rice/Lissette family will each own 50% post-close. Expected Q4 2026 closing. The stock had fallen 47% over the prior year before today’s repricing. Buy rated.

T3 Defense [DFNS] $6.57 (+54.23%)

T3 Defense is a defense commercial services company at a $5.31 million market cap running at 42x average daily volume. Strong Buy rated. The company provides defense-adjacent solutions and is catching a bid from the sustained elevated defense spending environment as Iran war tensions keep military contract pipelines active.

Today’s 54% move on significant relative volume suggests active positioning rather than thin-float mechanics.

QumulusAI [QMLS] $6.81 (-28.24%)

QumulusAI is in its fourth consecutive losing session, having now shed more than 60% of its value since Thursday. The AI infrastructure name continues unwinding from its IPO-era premium as sector sentiment remains pressured by Moonshot AI model competition and IBM’s earlier profit warning.

At $453 million in market cap after the selloff, the market is still debating what an AI infrastructure company with this profile is actually worth.

Cheche Group [CCG] $11.71 (-18.85%)

Cheche Group is a Chinese digital insurance distribution platform with a $38.92 million market cap. The stock had been building momentum in recent sessions and is today giving back a significant portion of those gains.

Strong Buy rated, the company has real revenue from digital insurance distribution partnerships, but Chinese fintech names face amplified volatility in sessions dominated by macro risk.

Advanced Biomed [ADVB] $7.08 (-20.45%)

Advanced Biomed surged 83% yesterday on the termination of its Helena Global purchase agreement and is today giving back 21% as the initial reaction fades.

One-session announcements in small-cap biotech names frequently see partial retracements as position holders take profits. The underlying catalyst — the deal exit — is unchanged; the pricing of that catalyst is settling.

A major July 31 announcement could reshuffle the AI market’s biggest winners and losers.

Marc Chaikin believes one little-known company, recently partnered with Nvidia, could emerge as a serious threat to Tesla in the autonomous vehicle race.

He has revealed the name and ticker, plus a free Hotlist and Hitlist of stocks to consider buying or selling before the market shifts.

Reveal the Stock Before July 31

That's it for today! Please, write us back, and let us know what you think of the Closing Bell Roundup. We're always eager to hear feedback!

Thanks for reading. I'll see you at the next open! 

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— Adam G.
Elite Trade Club

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