Market Performance - Developed markets outperformed last week, with MSCI global index up by 1.3%, MSCI developed markets up by 1.4%, and MSCI emerging markets up by 0.7% [3] - Among developed markets, Nikkei 225 had the strongest performance (+4.1%), while S&P/ASX 200 was the weakest (-1.0%) [3] - In emerging markets, ChiNext Index was the best performer (+2.8%), while India’s Sensex 30 was the worst (-0.4%) [3] Trading Sentiment - Trading volume increased in Hong Kong and European markets, while it decreased in the US market [10][11] - Hong Kong's Hang Seng Index saw a trading volume of 186 billion shares and a turnover of 705.5 billion USD, reflecting a week-on-week increase [11] - The short-selling ratio in Hong Kong decreased to 11.5%, indicating high investor sentiment [11] Valuation - Developed markets' overall valuation improved, with the latest PE and PB ratios at 23.8x and 3.8x, respectively, placing them in the 93% and 100% percentile levels since 2010 [13] - Nasdaq and Dow Jones Industrial Average had the highest PE ratios at 43.1x and 32.0x, respectively [13] - Emerging markets also saw a valuation increase, with PE and PB ratios at 16.5x and 2.0x, respectively, in the 86% and 92% percentile levels since 2010 [14] Fund Flows - Global macro liquidity expectations tightened, with significant capital inflows into France, Germany, and India, while outflows were noted from the US [19][21] - In Hong Kong, a total of 21.3 billion HKD flowed into the market, with stable foreign capital inflows of 13.4 billion HKD [21] Earnings Expectations - Hong Kong's consumer sector saw an upward revision in earnings expectations, with the Hang Seng Index's 2025 EPS forecast adjusted from 2215 to 2210 [22] - The US S&P 500's earnings expectations remained stable at 265, while the Eurozone's STOXX50 index saw a slight downward adjustment from 338 to 337 [22][23]

Core Viewpoint - Tilray Brands, Inc. reported quarterly earnings of $0.02 per share, surpassing the Zacks Consensus Estimate of a loss of $0.03 per share, marking an earnings surprise of +166.67% [1] - The company posted revenues of $224.54 million for the quarter ended May 2025, which was 6.46% below the Zacks Consensus Estimate and a decrease from $229.88 million year-over-year [2] Financial Performance - The earnings report indicates a significant improvement from a loss of $0.04 per share a year ago [1] - Over the last four quarters, Tilray Brands has exceeded consensus EPS estimates twice, but has not beaten revenue estimates during the same period [2] Stock Performance - Tilray Brands shares have declined approximately 48.2% since the beginning of the year, contrasting with the S&P 500's gain of 8.6% [3] - The current Zacks Rank for Tilray Brands is 3 (Hold), suggesting that the stock is expected to perform in line with the market in the near future [6] Future Outlook - The consensus EPS estimate for the upcoming quarter is -$0.06 on revenues of $209.71 million, and for the current fiscal year, it is -$0.17 on revenues of $885.29 million [7] - The outlook for the Medical - Products industry, to which Tilray Brands belongs, is currently in the bottom 30% of Zacks industries, which may negatively impact stock performance [8]

Core Insights - GeneDx Holdings Corp. has consistently surpassed earnings estimates, averaging a 202.27% beat over the last two quarters [1][2] - The company reported earnings of $0.28 per share against a consensus estimate of $0.11, resulting in a surprise of 154.55% for the last quarter [2] - For the previous quarter, earnings were $0.7 per share compared to an expected $0.2, delivering a surprise of 250.00% [2] Earnings Estimates and Predictions - Estimates for GeneDx Holdings have been trending higher due to its history of earnings surprises [5] - The stock has a positive Zacks Earnings ESP of +5.26%, indicating bullish sentiment among analysts regarding future earnings [8] - The combination of a positive Earnings ESP and a Zacks Rank of 2 (Buy) suggests a strong likelihood of another earnings beat in the upcoming report [8] Earnings ESP and Market Behavior - Stocks with a positive Earnings ESP and a Zacks Rank of 3 (Hold) or better have a nearly 70% chance of producing a positive surprise [6] - The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate, reflecting the latest analyst revisions [7] - A negative Earnings ESP can reduce predictive power but does not necessarily indicate an earnings miss [9]

Core Viewpoint - Illinois Tool Works Inc. (ITW) is expected to report second-quarter 2025 results on July 30, with earnings estimates showing a positive trend and a history of surpassing consensus estimates [1][14]. Revenue and Earnings Estimates - The consensus estimate for revenues is $4.01 billion, reflecting a 0.4% decrease from the previous year [2]. - Adjusted earnings are estimated at $2.56 per share, indicating a 0.8% increase year over year [2]. Segment Performance Expectations - The Food Equipment segment is anticipated to see a revenue increase of 0.3% year over year to $668.8 million, driven by growth in institutional markets and strong demand in Europe [3]. - The Welding segment's revenues are expected to decline by 0.1% to $465.3 million, impacted by softness in industrial markets despite recovery in Asia Pacific and the Middle East [4]. - The Specialty Products segment is projected to decrease by 0.2% to $448.2 million, affected by weakness in the filter medical business [6]. - The Polymers & Fluids segment is expected to decline by 1.7% to $446.3 million, influenced by softness in body and tire repair businesses [6]. - The Automotive OEM segment is forecasted to decrease by 2.3% to $795.8 million due to a lower North American auto build rate [7]. - The Test & Measurement and Electronics segment is expected to see a revenue drop of 1.1% to $670.4 million, impacted by declining demand in the semiconductor market [8]. - The Construction Products segment is projected to decrease by 0.3% to $502.4 million, affected by lower demand in commercial and residential markets [10]. Margin and Cost Management - ITW's gross margin is expected to increase by 70 basis points to 44.5% due to effective cost management and enterprise initiatives [7][9]. Earnings Prediction - ITW has an Earnings ESP of +1.19%, suggesting a potential earnings beat, with the most accurate estimate at $2.59 per share [12].

Core Viewpoint - BioCryst Pharmaceuticals (BCRX) is anticipated to report a year-over-year increase in earnings and revenues for the quarter ended June 2025, with the actual results having a significant impact on its near-term stock price [1][2]. Financial Expectations - The upcoming earnings report is expected to show quarterly earnings of $0.03 per share, reflecting a year-over-year increase of 150% [3]. - Revenues are projected to be $148.85 million, which is a 36.2% increase from the same quarter last year [3]. Estimate Revisions - The consensus EPS estimate has remained unchanged over the last 30 days, indicating that analysts have not significantly reassessed their initial estimates [4]. - For BioCryst, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, resulting in an Earnings ESP of -66.67%, suggesting a bearish outlook from analysts [11]. Earnings Surprise History - In the last reported quarter, BioCryst was expected to post a loss of $0.07 per share but instead delivered break-even earnings, resulting in a surprise of +100.00% [12]. - Over the past four quarters, the company has beaten consensus EPS estimates two times [13]. Industry Comparison - In the Zacks Medical - Drugs industry, Indivior PLC (INDV) is expected to report earnings of $0.26 per share for the same quarter, indicating a year-over-year decline of 40.9% [17]. - Indivior's revenue is projected to be $244.27 million, down 18.3% from the previous year, but it has an Earnings ESP of +11.54%, suggesting a likelihood of beating the consensus EPS estimate [18][19].

Core Viewpoint - Wall Street anticipates a year-over-year decline in earnings for Castle Biosciences, Inc. due to lower revenues, with a focus on how actual results compare to estimates impacting stock price [1][2]. Earnings Expectations - The upcoming earnings report is expected on August 4, with a consensus estimate of a quarterly loss of $0.51 per share, reflecting a year-over-year change of -264.5% [3]. - Revenues are projected to be $73.89 million, down 15.1% from the same quarter last year [3]. Estimate Revisions - The consensus EPS estimate has been revised 26% lower in the last 30 days, indicating a reassessment by analysts [4]. - The Most Accurate Estimate matches the Zacks Consensus Estimate, resulting in an Earnings ESP of 0% [12]. Earnings Surprise Prediction - The Zacks Earnings ESP model suggests that a positive or negative reading indicates the likely deviation of actual earnings from the consensus estimate, with a strong predictor for positive readings [9][10]. - Castle Biosciences currently holds a Zacks Rank of 4, making it challenging to predict an earnings beat [12][13]. Historical Performance - In the last reported quarter, Castle Biosciences was expected to post a loss of $0.08 per share but actually reported a loss of -$0.20, resulting in a surprise of -150.00% [14]. - Over the past four quarters, the company has beaten consensus EPS estimates three times [15]. Industry Comparison - Moderna, another player in the Zacks Medical - Biomedical and Genetics industry, is expected to report a loss of $2.99 per share, with revenues projected at $127.17 million, down 47.2% year-over-year [19][20]. - Moderna's consensus EPS estimate has been revised 1.4% lower, but it has a positive Earnings ESP of +7.22% and a Zacks Rank of 3, indicating a likelihood of beating the consensus estimate [20][21].

Core Viewpoint - The commencement of the "Yaxia" hydropower station construction, with a total investment of 1.2 trillion, is expected to boost infrastructure investment growth and enhance economic stability expectations [1]. Market Performance - The stock market continued to rebound, with the Shanghai Composite Index showing a five-week upward trend and reaching a recent high during the week [1]. - Daily trading volume in both markets exceeded 1.8 trillion, indicating a significant increase compared to the previous week [1]. - The Shenzhen Component Index accelerated its gains, achieving a new high for the year [1]. Sector Focus - Market hotspots were primarily concentrated in construction and building materials sectors related to infrastructure [1]. - Investment styles favored small-cap and technology sectors, which experienced larger gains [1]. Technical Analysis - The Shanghai Composite Index has accelerated its upward movement after breaking through a consolidation range from the previous year [1]. - The main technical resistance level is at the high point from early October of last year, which also represents the top of a weekly large box range [1].

Financial Data and Key Metrics Changes - The company reported a second quarter net income of $242 million or $2.67 per share, an increase from $199 million or $2.20 per share in 2024 [3] - Excluding special items, net income was $224 million or $2.48 per share compared to $199 million or $2.20 per share in 2024, reflecting a year-over-year increase [3][4] - Second quarter net sales were $2.2 billion in 2025, up from $2.1 billion in 2024 [3] - Total company EBITDA for the second quarter, excluding special items, was $451 million in 2025 compared to $400 million in 2024 [3][4] Business Line Data and Key Metrics Changes - In the Packaging segment, EBITDA excluding special items was $453 million with sales of $2 billion, resulting in a margin of 22.6%, compared to last year's EBITDA of $400 million and sales of $1.9 billion or 21% [4] - The Paper segment reported EBITDA excluding special items of $30 million with sales of $146 million, yielding a margin of 20.8%, compared to $31 million and $150 million in sales in 2024 [11] Market Data and Key Metrics Changes - Domestic containerboard and corrugated products prices and mix were $0.95 per share above 2024, with export containerboard prices up $0.03 per share versus last year's second quarter [7] - Shipments per day in corrugated products plants were up 1.7% compared to last year's strong second quarter [7] Company Strategy and Development Direction - The company announced an agreement to acquire the Greif containerboard business, which is expected to provide a strong growth platform for both containerboard and corrugated products [6] - The acquisition is targeted for completion by the end of the third quarter, subject to regulatory approval [6] Management's Comments on Operating Environment and Future Outlook - Management noted that while corrugated customers remained cautious, there has been steady improvement in bookings and shipments as July progressed [14] - The company expects higher corrugated shipments and containerboard production in the third quarter, despite lower export containerboard sales due to the global trade environment [14][15] - Management anticipates third quarter earnings of $2.80 per share excluding special items, with operating costs near second quarter levels and slightly lower fiber costs [15] Other Important Information - Cash provided by operations was $300 million in the quarter, with free cash flow of $130 million [13] - The company has a quarter-end cash balance, including marketable securities, of $956 million, with liquidity of approximately $1.3 billion [13] Q&A Session Summary Question: Can you discuss bookings and billings to start the new quarter? - Bookings are trending at 2% over Q2 2024, with a good start compared to the previous year [21] Question: What was behind the better performance in operations? - The company operated at approximately 99% uptime performance, executing efficiently despite some smaller machines being down [22][23] Question: Can you clarify the revenue per ton and EBITDA per ton increases? - The increases were primarily due to price increases rather than mix, with export sales contributing to revenue and EBITDA [25][26] Question: What is the outlook for box shipments and containerboard production? - Box shipments are expected to be flat year-over-year, with containerboard production down by 25,000 to 30,000 tons compared to last year [92] Question: How will the Greif acquisition impact capital expenditures? - The acquisition will avoid significant capital expenditures, as the company can utilize existing facilities instead of building new ones [39] Question: What is the expected recycled mix before and after the Greif acquisition? - The recycled mix is expected to increase from around 20% to approximately 30% post-acquisition [82] Question: How has the company been impacted by recent industry closures? - The company has not seen significant changes in business due to closures, as the market for containerboard remains limited [86]

Core Insights - Iridium Communications reported quarterly earnings of $0.20 per share, missing the Zacks Consensus Estimate of $0.23 per share, and down from $0.27 per share a year ago, representing an earnings surprise of -13.04% [1] - The company posted revenues of $216.91 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 1.08% and up from $201.07 million year-over-year [2] - Iridium has outperformed the S&P 500 with an 11.8% gain since the beginning of the year compared to the S&P 500's 8.1% gain [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.29 on revenues of $224.34 million, and for the current fiscal year, it is $1.04 on revenues of $876.34 million [7] - The estimate revisions trend for Iridium was favorable ahead of the earnings release, resulting in a Zacks Rank 2 (Buy) for the stock, indicating expected outperformance in the near future [6] Industry Context - The Satellite and Communication industry is currently in the top 39% of Zacks industries, suggesting that stocks in the top 50% outperform those in the bottom 50% by a factor of more than 2 to 1 [8] - Another company in the same industry, Globalstar, is expected to report a quarterly loss of $0.09 per share, with revenues projected at $62.67 million, reflecting a year-over-year increase of 3.8% [9]

Group 1 - MaxLinear reported quarterly earnings of $0.02 per share, which is an improvement from a loss of $0.25 per share a year ago, and is in line with the Zacks Consensus Estimate [1] - The company posted revenues of $108.81 million for the quarter ended June 2025, exceeding the Zacks Consensus Estimate by 3.60%, and up from $91.99 million year-over-year [2] - MaxLinear has surpassed consensus revenue estimates four times over the last four quarters [2] Group 2 - The stock has underperformed, losing about 21.9% since the beginning of the year, while the S&P 500 has gained 7.3% [3] - The company's earnings outlook is crucial for understanding future stock performance, with current consensus EPS estimates at $0.10 for the coming quarter and $0.25 for the current fiscal year [4][7] - The Zacks Industry Rank for Semiconductor - Analog and Mixed is in the top 31% of over 250 Zacks industries, indicating a favorable industry outlook [8]