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Sarah Lin
Markets Reporter

Covers US equities, earnings season, and analyst moves. Previously reported on Asian markets for the South China Morning Post. Based in New York.

Latest

Camtek reported record Q2 2026 revenue of $133.2 million, up 8 percent year over year, though GAAP profit fell on higher costs and a one-time tax charge.

Camtek posts record $133.2 million Q2 revenue as costs climb

**Key Takeaways:** - Camtek posted record Q2 revenue of $133.2 million, up 8 percent year over year. - GAAP diluted EPS fell 33 percent to $0.46 on higher costs and a one-time tax charge. - Management guides Q3 revenue of $158 million to $160 million and over 30 percent H2 growth.

J.P. Morgan raised its year-end S&P 500 target to 8,000 from 7,800, citing strong corporate earnings and growing confidence in AI investments.

J.P. Morgan lifts S&P 500 target to 8,000 on AI earnings optimism

**Key Takeaways:** - J.P. Morgan raised its year-end S&P 500 target to 8,000 from 7,800, implying about 3.1 percent upside. - The brokerage lifted its 2026 EPS forecast to $365 and 2027 to $420, citing AI-driven revenue growth. - At least seven brokerages now expect the benchmark to reach 8,000 by 2026-end.

US stock futures ticked higher Monday as oil prices climbed on fading hopes for a Strait of Hormuz reopening, with investors awaiting this week's inflation data.

Nasdaq futures gain 0.25% as oil climbs on Hormuz risk

**Key Takeaways:** - Nasdaq 100 futures gained 0.25% while Dow futures slipped 50 points Monday - Oil climbed as Iran denied direct US talks on reopening the Strait of Hormuz - US CPI and PPI due Wednesday and Thursday will shape Fed rate expectations

Morgan Stanley strategists led by Michael Wilson turned bullish on quality stocks and AI application companies, citing Russell 3000 median EPS growth of 15 percent.

Morgan Stanley favors quality stocks as Russell 3000 EPS jumps 15%

**Key Takeaways:** - Morgan Stanley strategists turned bullish on quality stocks and AI application companies. - Russell 3000 median EPS growth hit 15 percent, the highest since 2021. - Team keeps overweight on large-cap financials, prefers hyperscale cloud over chip stocks.

Tesla and Ford posted contrasting Q2 earnings, leaving investors to split $1,000 between Tesla's growth bets and Ford's cash generation.

Tesla and Ford Split $1,000 as Earnings Diverge Sharply

**Key Takeaways:** - Tesla's Q2 operating margin fell to 1.4 percent with negative free cash flow of $1.09 billion. - Ford's contrasting quarter offers a cash-generation alternative to Tesla's growth bets. - Tesla trades at roughly 357 times trailing earnings with a market value near $1.3 trillion.

Asian stocks rallied Monday after a weak US jobs report eased expectations for a September Federal Reserve rate increase, with Japan's Nikkei 225 rising about 2%.

Nikkei jumps 2% as weak US jobs report cools Fed hike bets

**Asian equities climbed Monday as a surprisingly weak US jobs report eased bets on a September Federal Reserve rate increase.**

LAOPU GOLD shares jumped 8.92 percent to HKD383.4 despite Morgan Stanley cutting its target price to HKD505 from HKD590 on weaker second-quarter results.

LAOPU GOLD jumps 9% despite Morgan Stanley cutting target to HKD505

LAOPU GOLD shares jumped 8.92 percent to HKD383.4 despite Morgan Stanley cutting its target price to HKD505 from HKD590. The broker lowered revenue and EPS forecasts for this year by 14 percent while maintaining an Overweight rating, citing stabilizing gold prices and improving store traffic.

UBS upgraded SMIC (00981.HK) to Buy from Neutral, raising its target price to HKD96.2 from HKD76 on China's AI semiconductor localization demand.

UBS upgrades SMIC to Buy, target HKD96.2 on AI demand

UBS upgraded SMIC (00981.HK) to Buy from Neutral, raising its target price to HKD96.2 from HKD76 on China's AI semiconductor localization demand. The broker expects advanced logic capacity to reach 98,000 wafers per month by end-2028 and advanced logic revenue to grow at a 55% CAGR to $6 billion.

Morgan Stanley raised Z.AI's price target 72% to HK$1,700 and cut MINIMAX-W's to HK$900, citing China's accelerating LLM commercialization.

Morgan Stanley lifts Z.AI target 72% to HK$1,700, cuts MINIMAX-W

**Key Takeaways:** - Morgan Stanley raised Z.AI's target 72% to HK$1,700 on GLM5.2 momentum. - The broker cut MINIMAX-W's target to HK$900, citing a back-end-loaded trajectory. - Both firms' 2027 R&D forecasts were raised above US$1 billion for model training.

A US federal court granted WuXi AppTec a preliminary injunction blocking the Pentagon's 1260H military-linked designation, a ruling CLSA called a short-term positive for the stock.

WuXi AppTec wins US court injunction as CLSA flags 25% backlog

**Key Takeaways:** - US court granted WuXi AppTec a preliminary injunction blocking its 1260H military designation - CLSA calls the ruling a short-term positive but not a final legal victory - Backlog rose 25 percent in 2Q26 to a record 66.43 billion yuan

Treasury Wine Estates expects a A$558.4 million post-tax charge in 2026 to write down U.S. assets and brands, raising its EBITS guidance above range.

Treasury Wine takes $394 million charge to revamp US business

**Key Takeaways:** - A$558.4 million post-tax charge covers US asset write-downs and brand impairments - EBITS guidance raised to A$492.3 million, above the A$480-490 million range - Shares climbed as investors welcomed the shift toward premium brands

Morgan Stanley raised Zhipu AI's target price nearly 72% to HK$1,700, citing stronger compute access and fresh financing.

Morgan Stanley lifts Zhipu target 72% to HK$1,700 on compute access

**Key Takeaways:** - Morgan Stanley raised Zhipu's target price nearly 72% to HK$1,700 from about HK$990. - Zhipu shares rose over 4% intraday, extending five-day gains past 37%. - The bank sees China's AI sector shifting from price wars to intelligence-driven monetization.

J.P. Morgan survey of 533 GLP-1 users across China, India and South Korea shows weight-loss drugs are reshaping Asian consumer spending, with impulse purchases down 84%.

GLP-1 reshapes Asian consumer stocks as impulse spending drops 84%

**Weight-loss drugs are dismantling the impulse-driven consumption model that underpins much of Asia's consumer sector, J.P. Morgan's survey of 533 users shows.**

Micron Technology shares rebounded about 10 percent off their July 29 low as Bank of America reiterated a buy rating and $1,550 price target on the memory chip maker.

Micron bounces 10% off lows as BofA keeps $1,550 target

**Key Takeaways:** - Micron shares rebounded about 10 percent off their July 29 low of $737.88. - BofA's Vivek Arya reiterated a buy rating and $1,550 price target on the stock. - Memory supply tightness is expected to persist through 2027, supporting earnings.

JPMorgan cut its Kioxia price target 16% to ¥130,000 while raising operating profit forecasts, saying valuation depends on long-term agreements proving they stabilize pricing.

JPMorgan cuts Kioxia target 16% to ¥130,000 as LTA credibility questioned

**Key Takeaways:** - JPMorgan cut Kioxia's price target 16% to ¥130,000 while keeping an Overweight rating - The bank raised FY2027-29 operating profit forecasts on stronger NAND and eSSD pricing - Valuation re-rating hinges on multi-year LTA contracts proving they stabilize pricing

Japan's Nikkei 225 rose 1.2% in early trade, led by electronics and metals stocks, after weak US jobs data cooled expectations for Federal Reserve rate increases.

Nikkei climbs 1.2% as weak US jobs data cools Fed bets

**Key Takeaways:** - Japan's Nikkei 225 rose 1.2% in early trade, led by electronics and metals stocks. - US nonfarm payrolls fell by 23,000 in July against the 80,000 expected. - Traders cut the odds of a September Fed hike to 44 percent from 67 percent.

US stock futures were little changed as investors awaited inflation data and new Iranian demands raised doubts about the Strait of Hormuz reopening.

US futures flat as 10-year yield near 4.1% on Iran risk

US stock futures held steady as new Iranian demands clouded the Strait of Hormuz outlook and investors awaited inflation data shaping the Fed's rate path.

AppLovin shares plunged about 20 percent after Q2 revenue of $1.92 billion missed consensus, as slower Axon AI model improvements and soft Q3 guidance triggered a sector-wide ad-tech selloff.

AppLovin plunges 20% as Axon AI gains slow, guidance misses

**Key Takeaways:** - Q2 revenue of $1.92 billion missed consensus, triggering a 20% single-day plunge - Q3 guidance of $2.055-$2.085 billion came in below analyst expectations - Wells Fargo and Piper Sandler cut ratings as Axon improvement pace slowed

Exzeo Group reported Q2 2026 earnings of $0.26 a share, beating consensus, as managed premium rose to $1.4 billion and the company added GEICO as its eighth carrier partner.

Exzeo Group beats Q2 EPS forecast as GEICO partnership lifts platform

**Key Takeaways:** - Exzeo beat Q2 EPS by $0.01, reporting $0.26 against a $0.25 consensus. - Managed premium rose 16.7% sequentially to $1.4 billion, with ARR at $211 million. - The company added GEICO as its eighth carrier and launched AI unit Exzeo Ventures.

Micron shares have climbed 207% in 2026, but slowing DRAM and NAND price increases threaten to stall the rally and trigger a steep pullback.

Micron surges 207% in 2026 but faces steep pullback risk

**Micron's 207% rally in 2026 rests on memory prices that are now rising at a sharply slower pace.**

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