Market Analysis: July 23, 2025

STA Research
July 23rd, 2025
summarize in alphabetical order: "AT&T Inc: The telecom giant beat quarterly profit estimates and added more wireless subscribers than expected as customers flocked to its discounted bundles combining 5G mobile and high-speed fiber plans. The company added 401,000 net monthly bill-paying wireless phone subscribers in the second quarter, it said, flying past FactSet estimates of 295,700. AT&T also disclosed plans to invest about $3.5 billion from savings unlocked by the Trump administration's new tax law to accelerate its fiber network build-out, a critical growth area as the wireless market saturates and internet usage surges. AT&T expects to save $6.5 billion to $8 billion in cash taxes through 2027 under the new tax reforms, and now projects free cash flow to be about $1 billion higher than previously forecast for both 2026 and 2027. • America Movil SAB de CV: The telecom company reported on Tuesday a swing to profit in the second quarter of 2025, surpassing analysts' forecasts and fueled by foreign exchange gains from currencies across Latin America. America Movil pointed in a report to 11 billion pesos in FX gains - equivalent to half its net profit - which it said had allowed it to "significantly" cut down its financing costs. Net profit for the group hit 22.28 billion pesos in the three months through June, rebounding from a loss of 1.09 billion pesos in the corresponding quarter a year earlier. Revenues for the firm rose 14% to 233.79 billion pesos, or $12.46 billion, also above analysts' forecast of $12 billion. Earnings before interest, taxes, depreciation and amortization rose 11% to 92.41 billion pesos. • Baker Hughes Co: The oilfield services provider surpassed Wall Street expectations for second-quarter profit on Tuesday, helped by robust demand for its natural gas services even as it warned of a drop in spending by oil producers. Orders in Baker Hughes' gas technology services business jumped 28% during the quarter, lifting revenue in the IET segment to $3.29 billion. However, total revenue fell 3% to $6.91 billion from last year as a slowdown in drilling activity across key markets weighed on demand for its oilfield equipment and technology. The company posted an adjusted per-share profit of 63 cents for the three months ended June 30, compared with analysts' estimates of 56 cents apiece. • Capital One Financial Corp: The consumer lender reported a rise in second-quarter adjusted profit on Tuesday, as the company was helped by a boost in interest income on its credit card debt and higher fee income. The company's net interest income — the difference between what it makes on loans and pays out on deposits — rose 32.5% to $10 billion in the quarter. Capital One's quarterly non-interest income rose nearly 27% to $2.50 billion. The company's loan loss provisions stood at $11.43 billion in the second quarter, compared to $3.91 billion a year earlier. Net charge-offs jumped 16% to $3.06 billion in the period, the company said. Capital One's adjusted net income available to common stockholders was $2.77 billion, or $5.48 per share, in the three months ended June 30, from $1.21 billion, or $3.14 per share, a year earlier. • Chubb Ltd: The insurer reported a rise in second-quarter profit on Tuesday, helped by improved underwriting performance and investment returns. The insurance company's net investment income surged 6.8% to a record $1.57 billion during the reported quarter. Chubb's global P&C (property and casualty) net premiums written, excluding agriculture, increased 5.8% to $11.66 billion for the three months ended June 30. "We produced a record $2.5 billion in core operating income, up nearly 13% from a year ago, with operating EPS up 14%, driven by record underwriting and strong investment income, and double-digit growth in life income," Chubb CEO Evan Greenberg said. Chubb reported a property and casualty combined ratio of 85.6%, compared to 86.8% a year earlier. The company's core operating income, net of tax, rose to $2.48 billion, or $6.14 per share, in the quarter, compared with $2.20 billion, or $5.38 per share, a year earlier. • CoStar Group Inc: The real estate information provider raised its annual revenue forecast on Tuesday, aided by increased net new bookings and consumer traffic on its Homes.com website. CoStar now expects annual revenue between $3.14 billion and $3.16 billion, compared to its prior projection range of $3.12 billion to $3.16 billion. It expects third-quarter revenue between $800 million and $805 million, the midpoint of which is below analysts' expectations of $803.1 million. The company's net new bookings for the quarter were up 65% from last quarter, led by Apartments.com's highest net new bookings quarter in two years. For the second quarter, the company reported revenue of $781 million, beating analysts' estimates of $772.2 million. • Enphase Energy Inc: The solar inverter maker forecast third-quarter revenue below Wall Street estimates on Tuesday and said President Donald Trump's import tariffs had impacted its gross margin. Enphase Energy now expects third-quarter revenue of between $330 million and $370 million, with the midpoint coming in below analysts' expectations of $369.7 million. The company also forecast third-quarter gross margin of between 41% and 44%, lower than the 46.9% reported in the second quarter. However, it beat second-quarter profit estimates as the company benefited from strong structural demand in the broader solar industry. • Equinor ASA: The energy group's second-quarter profit fell as expected by 13% from a year earlier, its earnings report showed, as declining oil prices outweighed a rise in the price of gas. The group's adjusted earnings before tax for April-June fell to $6.54 billion from $7.48 billion a year earlier, in line with the $6.53 billion predicted in a poll of 21 analysts compiled by the company. Equinor maintained a projection that its oil and gas output will grow by 4% this year compared to 2024 and kept its forecast for capital expenditure in 2025 of $13 billion. "We are on track to deliver production growth in 2025 in line with our guidance," CEO Anders Opedal said in a statement. • EQT Corp: The energy company beat Wall Street estimates for second-quarter adjusted profit on Tuesday as EQT benefited from stronger natural gas prices and sales volumes. The company also raised its full-year production forecast to reflect the $1.8 billion acquisition of Olympus Energy. "We are seeing tremendous momentum for in-basin natural gas power and data center demand and EQT is uniquely positioned to capitalize on this set-up," said CEO Toby Rice. The company now expects annual production of between 2,300 and 2,400 billion cubic feet equivalent (Bcfe), from 2,200 to 2,300 Bcfe previously. Total sales volume in the second quarter was 568,227 million cubic feet equivalent (MMcfe), compared with 507,512 MMcfe a year earlier. • Hilton Worldwide Holdings Inc: The hotel operator lifted its forecast for 2025 profit, as travel demand in the U.S. recovers from a downturn in March and April. The company now expects full-year adjusted profit to be in the range of $7.83 and $8 per share, compared with its earlier forecast of $7.76 to $7.94. The Waldorf Astoria-parent posted an adjusted profit of $2.20 per share in the second quarter, compared with $1.91 a year ago. • Infosys Ltd: The software services company narrowed its full-year forecast on Wednesday after reporting stronger-than-expected revenue for the first quarter, driven by growth in its financial services segment. The company narrowed its annual revenue growth forecast to 1%–3% from a prior range of flat to 3%- in line with analyst expectations for a lift in the lower end. Consolidated sales rose 7.5% year-on-year to 422.79 billion rupees ($4.89 billion) in the June quarter, while analysts, on average, expected revenue of 418.06 billion rupees. Net profit rose 8.7% in three-month period to 69.21 billion rupees. Analyst had expected 67.55 billion rupees. • Intuitive Surgical Inc: The medical device maker beat Wall Street estimates for second-quarter profit and revenue on Tuesday, driven by growing demand for its surgical robots used in minimally invasive procedures. The compnay slightly raised its adjusted gross profit margin forecast for 2025 to between 66% and 67% of revenue, up from earlier estimates of 65% to 66.5%. The updated range includes an estimated impact from tariffs of 1% of revenue, plus or minus 20 basis points, Intuitive said, compared to previously estimated impact of 1.7% of revenue, plus or minus 30 basis points. The company expects global da Vinci-assisted procedures to increase by about 15.5% to 17% in 2025, up from its prior forecast of 15% to 17%. On an adjusted basis, the medical device maker earned $2.19 per share for the quarter ended June 30, beating analysts' estimates of $1.92 per share. • SAP SE: Shares in SAP fell after the German software maker reported higher quarterly sales and earnings but held off on increasing full-year targets, which some investors had expected. "As we move into the second half, we remain cautiously optimistic, keeping a close eye on geopolitical developments and public sector trends," finance chief Dominik Asam said in the quarterly report. SAP still forecasts full-year operating profit in the range of 10.3 billion to 10.6 billion euros, compared to 8.15 billion a year ago. For the second quarter, SAP reported an 83% year-on-year jump in its free cash flow, used to determine dividends to investors, to 2.36 billion euros, exceeding market expectations by about a billion. • Texas Instruments Inc: The analog chipmaker's quarterly profit forecast failed to impress investors as it pointed to weaker-than-expected demand for its analog chips from some customers and underscored tariff-related uncertainty. "Tariffs and geopolitics are disrupting and reshaping global supply chains," CEO Haviv Ilan said on a post-earnings call. TI expects third-quarter earnings between $1.36 per share and $1.60 per share, the midpoint of which was below analysts' estimates of $1.49 per share. It expects revenue between $4.45 billion and $4.80 billion, compared with market expectations of $4.59 billion. The chipmaker reported sales of $4.45 billion for the second quarter, beating estimates. • TE Connectivity PLC: TE Connectivity issued an upbeat forecast for the fourth quarter, following better-than-expected third-quarter profit and revenue results driven by strong demand for its industrial products. CEO Terrence Curtin told Reuters in an interview that the impact of tariffs on overall sales during the third quarter was reduced by half due to price increases and supply chain adjustments. "When we gave our guidance last quarter, we told our investors that we thought it would be about a 3% impact of sales. It was only 1.5%, so it was about half," Curtin said. TE Connectivity expects a 1.5% sales impact from tariffs in the fourth quarter, with its industrial segment expected to bear a greater share of the burden compared to its transportation segment. The company expects fourth-quarter revenue of about $4.55 billion, exceeding analysts' average estimate of $4.41 billion. Deals Of The Day • Amazon.com Inc: The company has reached a deal to buy San Francisco-based Bee, a startup making an artificial intelligence-enabled bracelet to listen in on and transcribe conversations. Bee's $50 wristband can analyze and distill what it records to make summaries, to-do lists or other tasks. Amazon confirmed the deal on Tuesday following a post on LinkedIn by Bee CEO and co-founder Maria de Lourdes Zollo. "We imagined a world where AI is truly personal, where your life is understood and enhanced by technology that learns with you,” said Zollo in her post. • Corpay Inc: The business payments firm said it would buy British financial services provider Alpha Group in a $2.2 billion deal. The deal will accelerate Corpay's entry into the investment funds customer segment. Oppenheimer Europe and Jones Day advised Corpay on the deal, which is expected to close in the fourth quarter of 2025. IPO • NIQ Global: The consumer insights company, backed by investment firms Advent International and KKR, said on Tuesday it had raised $1.05 billion in its initial public offering in the United States. About 50 million shares were priced at $21 each in the IPO, valuing NIQ at $6.35 billion. Proceeds from the IPO will be used to repay some debt and for general corporate purposes, NIQ said. JPMorgan, BofA Securities and UBS Investment Bank are among the underwriters for the IPO. In Other News • Alibaba Group Holding Ltd: The company announced the launch of Qwen3-Coder, an open-source artificial intelligence model for software development that the Chinese e-commerce giant described as its most advanced coding tool to date. Qwen3-Coder is designed for software development tasks such as code generation and managing complex coding workflows, Alibaba said in a statement. The company positioned the model as particularly strong in "agentic AI coding tasks" - automated processes where AI systems can work independently on programming challenges. • Amazon.com Inc: The company is shutting down its Shanghai artificial intelligence lab, the Financial Times reported. Amazon's decision to shut the lab comes amidst rising tensions between Washington and Beijing, with the U.S. increasing its scrutiny of American companies operating in China. Wang Minjie, a scientist in the Shanghai lab, said his team was "being dissolved due to strategic adjustments amid US-China tensions," the newspaper said, citing a post on WeChat. • Boeing Co: The company sent a contract offer on Tuesday to union members who assemble its fighter jets in the St. Louis area. It's proposal includes a 20% general wage increase over four years and a $5,000 ratification bonus, as well as more vacation time and sick leave. Local union leaders are recommending that the more than 3,200 members of the International Association of Machinists and Aerospace Workers District 837 approve the contract when they vote on Sunday, the day it expires. • Comcast Corp, Charter Communications Inc & T-Mobile US Inc: Comcast and Charter Communications said on Tuesday they would establish a mobile virtual network operator (MVNO) that will use T-Mobile's 5G network to serve wireless business customers, with plans to launch next year. Financial terms of the agreement were not disclosed. The initiative will focus exclusively on providing wholesale mobile connectivity to Charter's and Comcast's business customers. • ConocoPhillips: The oil and gas producer is in advanced talks to sell assets in Oklahoma to privately owned Stone Ridge Energy for around $1.3 billion, three people familiar with the matter told Reuters on Tuesday. Flywheel Energy, a private oil and gas company backed by Stone Ridge Energy, will operate the assets on its backer's behalf, one of the sources said. The sources cautioned that no deal is guaranteed and talks could still end without an agreement. • Delta Air Lines Inc: Three Democratic senators have pressed the airline CEO Ed Bastian to answer questions about the airline's planned use of artificial intelligence to set ticket prices, raising concerns about the impact on travelers. "Delta's current and planned individualized pricing practices not only present data privacy concerns, but will also likely mean fare price increases up to each individual consumer's personal 'pain point' at a time when American families are already struggling with rising costs," Senators Ruben Gallego, Mark Warner and Richard Blumenthal wrote in a letter dated Monday and made public on Tuesday. The airline said in a statement: "There is no fare product Delta has ever used, is testing or plans to use that targets customers with individualized offers based on personal information or otherwise." • EnerSys: The energy services provider said on Tuesday it would lay off about 575 employees, or 11% of its non-production global workforce, focused primarily on corporate and management positions. As of March 31, the company had 10,858 employees globally. EnerSys forecast one-time charges of $15 million to $20 million related to the restructuring in the second and third quarters of fiscal 2026. The company expects the layoffs to be substantially complete by the end of the second quarter and anticipates the changes to result in $80 million in annualized savings beginning in fiscal 2026. • General Motors Co, Ford Motor Co & Stellantis NV: A group representing General Motors, Fordand Chrysler-parent Stellantis on Tuesday raised concerns about a trade deal that could cut tariffs on auto imports from Japan to 15% while leaving tariffs on imports from Canada and Mexico at 25%. Matt Blunt, who heads the American Automotive Policy Council that represents the Detroit Three automakers, said they were still reviewing the agreement but "any deal that charges a lower tariff for Japanese imports with virtually no U.S. content than the tariff imposed on North American built vehicles with high U.S. content is a bad deal for U.S. industry and U.S. auto workers." White House spokesman Kush Desai defended the deal, calling it "a historic win for American automakers by putting an end to Japan’s unfair auto trade barriers for American-made cars." • Microsoft Corp: A security patch Microsoft released this month failed to fully fix a critical flaw in the U.S. tech giant's SharePoint server software, opening the door to a sweeping global cyber espionage effort, a timeline reviewed by Reuters shows. On Tuesday, a Microsoft spokesperson confirmed that its initial solution to the flaw, identified at a hacker competition in May, did not work, but added that it released further patches that resolved the issue. In a blog post Microsoft said two allegedly Chinese hacking groups, dubbed "Linen Typhoon" and "Violet Typhoon," were exploiting the weaknesses, along with a third, also based in China. • Morgan Stanley: The U.S. Financial Industry Regulatory Authority (FINRA) is investigating Morgan Stanley over how the firm screened clients for money-laundering risks, the Wall Street Journal reported on Tuesday, citing people familiar with the matter. FINRA is seeking information on U.S. and international clients across Morgan Stanley's wealth unit, including E*Trade, and its institutional securities division, according to the Journal. The regulator has also requested organisational charts, reporting lines and details on the firm's client risk-scoring tool, the report added. • PayPal Holdings Inc: The payments firm has partnered with the operator of India’s popular unified payments interface and others to launch a global platform through which consumers can make cross-border payments to businesses. The platform, PayPal World, will enable interoperability between local payment platforms and PayPal, the firm said in a statement. Its partners for the platform include National Payments Corporation of India - India's payments authority that operates UPI, Brazil's Mercado Pago, Tencent Holdings' Tenpay Global and Venmo. • Prudential PLC: The insurer has kicked off the search for a successor to chair Shriti Vadera, the Financial Times reported, citing people familiar with the matter. The FT report said Vadera is not expected to leave Prudential imminently but did not include a time for her departure. Vadera, a former Labour business minister and ex chair of Santander UK, became chair of Prudential in 2021, during a period of strategic transformation that included the company's pivot toward its Asia and Africa businesses. • TotalEnergies SE: TotalEnergies and shipping group CMA CGM have launched a joint venture to operate a liquefied natural gas bunker supply solution at the Dutch port of Rotterdam, the oil major said. The 50/50 venture between the two France-based groups will develop a 20,000 cubic metre LNG bunker vessel with operations expected to start in 2028, TotalEnergies said. Under the agreement, it expects to supply CMA CGM with up to 360,000 tons of LNG per year until 2040. "LNG is today the most mature and immediately available solution to reduce the environmental footprint of maritime transport," TotalEnergies' Chairman and CEO Patrick Pouyanné said in a statement. • Vale SA: The miner produced 83.6 million metric tons of iron ore in the second quarter, up 3.7% from a year earlier, the company reported on Tuesday. In its output and sales report, Vale said the increase was mainly driven by a new second-quarter record at the S11D mining project in northern Brazil, its top iron ore producer, and "strong performance" at its southeastern Brucutu mine. "In iron ore, the combination of new assets ramping up and greater operational reliability is supporting stronger adherence to the 2025 production plan," Vale said. It reported iron ore sales at 77.3 million tons in the quarter, down 3.1%, with the company's average realized price of iron ore fines landing at $85.1 per ton, a 13.3% fall. • Woodside Energy Group Ltd: The gas producer reported a stronger-than-expected 8% rise in second-quarter revenue due to robust output from Senegal's Sangomar project, but took hefty writedowns on a failed hydrogen venture and aging offshore facilities. The revenue beat underscores the strong performance of the Sangomar project, which has contributed $510 million in revenue for the quarter. The company's overall production jumped 13% to 50.1 million barrels of oil equivalent (boe) during the quarter, up from 44.4 million boe in the same period last year. It posted revenue of $3.28 billion for the three months ended June 30, surging 8% from $3.04 billion a year earlier and exceeding the Visible Alpha consensus estimate of $3.09 billion. Woodside also reduced annual unit production costs to $8-$8.50 per boe from $8.50-$9 per boe" Coca-Cola Co: Jefferies raises its target price to $84 from $83, driven by easing forex headwind expectations, which provide the company with ample room to reinvest in the second half. • Galaxy Digital Holdings Ltd: Jefferies initiates coverage with buy rating and a price target of $35 as the company can take advantage from favorable regulatory backdrop for crypto, and demand for AI data centers. • Intuitive Surgical Inc: Jefferies raises target price to $550 from $530 as the company beats the quarterly estimates and expects lower tariff impact on its future growth. • Lockheed Martin Corp: Jefferies cuts target price to $460 from $500 after the U.S. defense group recorded a pretax loss of $1.6 billion, mainly linked to a classified program within its Aeronautics segment. • Texas Instruments Inc: Jefferies raises target price to $185 from $155 after company gave a soft guidance as management is more cautious heading into Q3. Italy's UniCredit withdrew its takeover bid for smaller rival Banco BPM on Tuesday, blaming government intervention for scuppering the 15 billion-euro deal. French warplane maker Dassault Aviation raised questions over the future of a Franco-German-Spanish fighter jet project on Tuesday in a growing feud with Europe's Airbus over control of the futuristic program that combines traditional warplanes with automated drones. France's EDF is cutting its headcount overseas and scrapping bids on some nuclear projects abroad as it focuses on a major construction programme at home under new CEO Bernard Fontana, said two sources familiar with the matter.
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Global Markets

Canadian Markets

Canadian markets edged higher on Wednesday, showing resilience even as both gold and oil prices remained under pressure.   Canadian prime minister, Mark Carney, stated that the country would not settle for a “bad deal” regarding U.S. tariffs. With the August 1st deadline for new U.S. tariffs looming, negotiations between the two nations appear stalled, casting doubt on whether a last-minute agreement can be reached.

American Markets

U.S. stocks climbed after news broke that the United States and Japan had reached a trade agreement. The deal, seen as favorable for Japanese automakers, lifted sentiment broadly across global markets. Google and Tesla  is set to report earnings after the closing bell.  For Tesla, it is an event highly anticipated by investors given the stock’s recent volatility and questions surrounding the company’s margins, growth strategy, and delivery performance.

European Markets

European stocks moved higher on optimism that a similar trade deal could be struck between the U.S. and European Union, especially one that benefits European carmakers. Automakers led the gains across major indices in Europe.

Shares of German software giant SAP dropped, despite the company reporting a strong quarterly performance. Investors were disappointed that SAP chose to maintain its full-year guidance instead of raising it, dampening enthusiasm.

In the UK, stocks reached yet another all-time high, driven in part by strong performances from mining and industrial sectors. A record number of UK-listed companies issued profit warnings in the second quarter, raising red flags about the upcoming earnings season and potentially signaling broader economic challenges.

Corporate News

Alibaba Group Holding Ltd: Launched Qwen3-Coder, its most advanced open-source AI coding model. Designed for complex programming tasks, it’s strong in autonomous coding workflows.

Amazon.com Inc:  Acquired Bee, a startup making AI-enabled wristbands that transcribe and summarize conversations.

America Movil SAB de CV: Swung to a Q2 profit of 22.28 billion pesos, driven by 11 billion pesos in FX gains and reduced financing costs. Revenue rose 14% to $12.46B.

AT&T Inc: Beat Q2 profit estimates and added 401K wireless subscribers. Plans to invest $3.5B in fiber network using tax savings and raised free cash flow forecast for 2026–27 by $1B.

Baker Hughes Co: Beat Q2 estimates with EPS of $0.63 vs. $0.56 expected. Gas tech orders up 28%, though overall revenue declined 3% YoY to $6.91B due to weaker drilling activity.

Boeing Co: Offered union workers a 20% wage increase over 4 years, a $5K bonus, and more leave in its latest contract proposal.

Capital One Financial Corp: Q2 profit rose to $2.77B ($5.48/share) from $1.21B. Interest income surged 32.5% to $10B; loan loss provisions jumped to $11.43B.

Charter Communications Inc: Partnering with Comcast to launch an MVNO using T-Mobile’s 5G network for business customers.

Chubb Ltd: Q2 core operating income rose 13% to $2.48B; record investment income ($1.57B) and underwriting performance. Combined ratio improved to 85.6%.

Coca-Cola Co: Jefferies raised target price to $84 (from $83) due to easing forex headwinds.

Comcast Corp: Partnering with Charter on an MVNO service for business customers using T-Mobile’s network.

ConocoPhillips: In advanced talks to sell Oklahoma assets to Stone Ridge Energy for ~$1.3B.

Corpay Inc: To acquire UK-based Alpha Group for $2.2B, expanding into investment fund client segment.

CoStar Group Inc: Raised annual revenue forecast (now $3.14–$3.16B) due to strong Homes.com traffic and 65% quarterly jump in net new bookings.

Dassault Aviation: Raised concerns about the future of a trilateral fighter jet project due to disputes with Airbus over program control.

Delta Air Lines Inc: Facing scrutiny from U.S. senators over potential AI-driven ticket pricing. Denies using personal data for individualized fares.

Enphase Energy Inc: Forecast Q3 revenue of $330M–$370M, missing expectations. Q2 profit beat estimates despite gross margin pressure from Trump-era tariffs.

Equinor ASA: Q2 pre-tax profit dropped 13% YoY to $6.54B, in line with expectations. Maintains 2025 production and capex guidance.

EQT Corp: Q2 profit beat, raised production forecast to 2,300–2,400 Bcfe from 2,200–2,300. Benefits from higher gas prices and Olympus Energy acquisition.

Ford Motor Co: Industry group opposes Japan trade deal that lowers tariffs while maintaining higher ones on Canadian/Mexican autos.

Galaxy Digital Holdings Ltd: Jefferies initiates with a “Buy” rating, $35 target; sees upside from crypto regulation and AI data center demand.

General Motors Co: Concerned about trade deal that gives Japan a tariff advantage over North American automakers.

Hilton Worldwide Holdings Inc: Raised full-year adjusted profit forecast to $7.83–$8/share, from $7.76–$7.94. Q2 EPS rose to $2.20 from $1.91.

Infosys Ltd: Narrowed annual growth forecast to 1%–3%. Q1 sales rose 7.5% to $4.89B; net profit rose 8.7% to 69.21B rupees.

Intuitive Surgical Inc: Beat Q2 estimates with EPS of $2.19 (vs. $1.92 expected); lifted gross margin forecast and expects lower tariff impact. Jefferies raised target to $550 (from $530).

Lockheed Martin Corp: Jefferies cut target to $460 from $500 after a $1.6B pretax loss tied to a classified aeronautics program.

Microsoft Corp: Initial SharePoint patch failed to fix major vulnerability exploited by Chinese groups. Released additional patches afterward.

Morgan Stanley: Under FINRA investigation for weak AML client screening across its wealth and institutional units.

PayPal Holdings Inc: Launched PayPal World for cross-border payments, in partnership with India’s UPI, Mercado Pago, Tenpay Global, and Venmo.

SAP SE: Q2 sales and earnings rose, but stock fell as SAP kept FY guidance unchanged. Free cash flow jumped 83% to €2.36B, beating expectations.

TE Connectivity PLC: Beat Q3 estimates and issued upbeat Q4 guidance. Tariff impact was half of expected (1.5% vs. 3%). Forecast Q4 revenue ~$4.55B.

Texas Instruments Inc: Q3 guidance missed expectations. Cited tariff/geopolitical issues. Jefferies raised price target to $185 from $155.

UniCredit (Italy): Withdrew €15B bid for Banco BPM, blaming government interference.

Vale SA: Q2 iron ore output rose 3.7% to 83.6M tons. Sales fell 3.1% YoY, but strong performance from S11D and Brucutu mines supports 2025 goals.

Woodside Energy Group Ltd: Q2 revenue rose 8% to $3.28B, helped by Senegal’s Sangomar project. Took write-downs on hydrogen and old offshore assets. Lowered production costs to $8–$8.50/boe.

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