Jack of All Trades

UnitedHealth beat managed care's most critical metric — the medical benefit ratio — by 270 basis points, delivering a 30% EPS beat. GE Aerospace raised guidance across every metric but order momentum decelerated sharply from Q1. Netflix's soft Q3 guide sent shares down nearly 10% after hours.

PPI second consecutive disinflation surprise. Morgan Stanley, Johnson & Johnson, and BlackRock all beat — record equities trading, $10T client assets milestone, $15.3T AUM record, and a $100B revenue threshold no company in JNJ's 140-year history has ever crossed.

June CPI biggest monthly drop since Apr 2020. Banks delivered blowout quarters — record trading, record fees, NII raised. IBM warned: customers buying AI hardware, not software. Enterprise SW sold off. The AI hardware displacement thesis got its most explicit CEO-level confirmation yet.

Iran port blockade reinstated; WTI +3% to $73.83. Nasdaq −1.55%; SKHYV −9% Day 2; KOSPI halted again; MU −4%, SanDisk −12%. FAST: EPS $0.34 beat +3%, rev $2.36B +13.5% — US industrial demand confirmed robust despite war. Tomorrow: CPI + Warsh testimony + 5 banks. SKORE: FAST 7.0 Hold→Buy

DAL: adj. EPS $1.56 beat, rev +19% record, FY $6.50–7.50 reinstated, dividend +15% — fuel $3.93/gal highest ever → −2.2%. SKHYV: $149→$168.01 (+12.8%), $26.5B raised (largest foreign US IPO ever), mkt cap $1.03T — chairman: 'All customers said not enough.' S&P near record. SKORE: DAL 7.0 · SKHY 7.8

PEP: core EPS $2.20 missed $2.21 by $0.01; rev $24.18B beat; North America softer; FY affirmed not raised → −1.8%. SK Hynix 7× oversubscribed ahead of Friday debut. Micron $250B US plant commitment. SKORE: PEP 5.7 Hold.

LEVI: EPS $0.28 beat +16.3%, rev +8%, 2/3 unit growth, FY raised, dividend up — stock dropped on macro. SKORE: LEVI 7.0 Buy-on-Weakness.

GIS: rev $4.61B beat, at-home cooking; STZ: EPS $3.43 beat $3.22, beer holds. SKORE: GIS 5.7 · STZ 6.2

Q2 2026 closes — best quarter for S&P + Nasdaq in 6 years. NKE: EPS $0.20 adj. beat, rev $10.97B beat, but $986M tariff refund inflates headlines; DTC −7%, China −12%, Jordan/Sportswear negative through FY27 → −7% AH. MKC: EPS $0.80 beat $0.69, at-home cooking. SKORE: NKE 5.2 · MKC 5.8.

The grand finale': Micron crushes it — rev $41.46B +346% YoY (vs $35.69B est.), EPS $25.11 vs $20.49, GAAP GM 84.6% (was 37.7%). Q4 guide: $50B rev, 86% GM, $31 EPS. 'Multi-decade' demand cycle cited (agentic AI, humanoid robots). Stock +15% AH. Brent lowest since war began. SKORE: MU 9.2.