FirstSun Surges 10% and Coca-Cola Jumps 4% on Earnings, Chip Rout Deepens as AI Spending Deals Top $28 Billion 

Mumbai, July 28: US equities witnessed a session of sharp divergence, as strong earnings from industrial and financial giants collided with a relentless selloff in semiconductor stocks. While blue-chip indices found support from falling oil prices and robust corporate results, the technology-heavy Nasdaq remained under pressure amid growing scepticism over artificial intelligence infrastructure spending. Investors navigated a complex landscape of earnings beats, major acquisition announcements, a high-profile direct listing, and a flurry of analyst actions that reshaped market capitalisation across multiple sectors. 

Chipmakers Extend Rout as AI Investment Justification Comes Under Fire 

Semiconductor stocks tumbled for a second consecutive session on Tuesday, with the selloff accelerating amid mounting concerns over rising competition and the sustainability of circular financing models in the AI supply chain. The chip stock correction snowballed overnight, coming ahead of critical earnings reports from major technology companies.  

The decline persisted despite oil prices slumping below $90 per barrel amid a tense pause in the Iran conflict, underscoring the depth of investor anxiety over the AI sector. The pressure is building for the biggest spenders on artificial intelligence to justify their substantial investments.  

This broad-based chip rout contributed to the Nasdaq Composite dropping as much as 1.4% during the session. The weakness in chipmakers was exacerbated by growing fears of competition from Chinese companies, adding a geopolitical dimension to the already volatile sector. 

Nucor Surges 5% on Earnings Beat, Steel Demand Remains Robust 

Nucor Corporation (NYSE: NUE) reported stronger-than-expected second-quarter results, driven by higher steel prices, robust shipment volumes, and improved operational performance across its steel mills segment. The company posted adjusted earnings of $4.84 per share, beating analysts’ estimate of $4.38, while revenue increased to $10.4 billion, ahead of the consensus forecast of $10.14 billion, according to LSEG. During the quarter, Nucor generated EBITDA of $2.0 billion and reported net earnings of $1.2 billion, or $1.1 billion on an adjusted basis, excluding a non-cash benefit related to its Helion investment.  

Operationally, external steel shipments rose 2% sequentially to 7.6 million tons, while steel mills shipped a record 7.1 million tons, marking the second consecutive quarterly record. Mill backlogs expanded 18% quarter over quarter to 5.6 million tons, providing greater visibility into upcoming quarters, and mill utilization improved by 500 basis points to 91%. The steel mills segment remained the key growth driver, with adjusted pre-tax earnings climbing 38% sequentially to $1.6 billion, while earnings per ton increased 37% to $219, supported by stronger pricing and higher shipment volumes across major product categories 

Franklin Electric Gains 8.7% as Earnings Surpass Expectations 

Franklin Electric Co. (NASDAQ: FELE) reported better-than-expected second-quarter 2026 results, sending its shares up 8.7% in premarket trading to $114.64, close to its 52-week high. The company posted adjusted earnings of $1.55 per share, beating analyst estimates of $1.44–$1.45, while revenue increased 6% year over year to $622.9 million, surpassing consensus expectations of $605.87 million. Organic sales grew 3.5%, supported by 3% from acquisitions and a 1% foreign exchange benefit.  

Gross margin expanded 90 basis points to 37.0%, while adjusted operating income rose 12% to $98.5 million from $88.2 million a year earlier. Adjusted operating margin improved to 15.8% from 15.0%. GAAP diluted EPS increased to $1.46 from $1.31, while adjusted EPS excluded a $0.08 legal settlement loss and $0.01 in restructuring costs. Following the strong quarter, the company raised its full-year guidance, reflecting continued confidence in demand, pricing, and operational execution. 

Pentair Rises 4.5% on Taco Acquisition and Narrow EPS Beat 

Pentair plc (NYSE: PNR) shares rose 4.54% to $66.05 after the company announced a definitive agreement to acquire Taco Group Holdings Inc. for $1.4 billion. Pentair plc  reported second-quarter 2026 adjusted earnings that narrowly beat Wall Street expectations, despite weaker-than-expected revenue as continued softness in its Pool business weighed on sales. The company posted adjusted EPS of $1.14, exceeding analysts’ estimate of $1.12, while revenue came in at $930 million, below the consensus forecast of $956 million.  

Shares rose 4.54% to $66.05 in premarket trading as investors welcomed the earnings beat, reaffirmed full-year guidance, and the announced $1.4 billion acquisition of Taco. Adjusted operating income totaled $237 million, with an operating margin of 25.4%.  

Core sales declined 17% year over year, primarily due to a $170 million channel destocking event in the Pool segment, where sales plunged 42% to $247 million. Meanwhile, Flow sales increased 5% to $264 million, while Water Solutions sales declined 5% to $422 million. Pentair benefited from approximately $35 million in tariff refunds, repurchased $150 million of shares, and raised its dividend by 8%, marking its 50th consecutive year of dividend increases.  

The company reaffirmed its full-year adjusted EPS guidance of $4.60–$4.80, expects annual sales to decline 4%–7%, and projects third-quarter adjusted EPS of $1.50–$1.80. Management also expects the Taco acquisition to add $0.10–$0.15 to adjusted EPS in fiscal 2027. 

Also Read: How to Invest in S&P 500 Stocks Through Index Funds

S&P Global Shares Fall 5% as Q2 Earnings Miss Overshadows Revenue Beat  

S&P Global Inc. (NYSE: SPGI) shares advanced after the New York-based financial information company reported its second-quarter profit and announced two strategic acquisitions.  

S&P Global Inc. reported mixed second-quarter 2026 results, with revenue topping Wall Street expectations but earnings missing estimates, sending shares down 5.2% to $416.94 in premarket trading. Revenue increased 11% year over year to $4.15 billion, exceeding analysts’ forecast of $4.09 billion, supported by strong performance in its Ratings, Indices, and Platts energy businesses.  

However, adjusted EPS of $4.08 fell well below the consensus estimate of $4.75, a miss of nearly 14.1%, overshadowing the revenue beat. On an organic constant-currency basis, revenue also grew 11%, while benchmark products advanced 15% and recurring revenue increased 8%. Adjusted operating profit rose 15% from a year earlier, and adjusted operating margin expanded 200 basis points to 54.3%.  

During the quarter, S&P Global completed the July 1 spin-off of Mobility Global, sharpening its focus on four core divisions—Ratings, Indices, Energy, and Market Intelligence. Despite the earnings miss, the company raised its 2026 share repurchase target to more than $7 billion, reflecting confidence in its cash generation and long-term outlook. 

Coca-Cola Shares Rise 4% After Q2 Earnings Beat and Higher 2026 Guidance 

Coca-Cola Co. (NYSE: KO) reported stronger-than-expected second-quarter 2026 results, sending its shares 4.16% higher in premarket trading after the beverage giant raised its full-year outlook. Net revenue increased 7% year over year to $13.4 billion, while comparable EPS rose 11% to $0.97, beating analysts’ estimate of $0.93. Global unit case volume grew 5%, with all operating segments recording volume gains.  

Coca-Cola Zero Sugar volumes climbed 16% and Powerade advanced 8%, supported by a FIFA World Cup campaign across more than 180 markets. In Asia Pacific, volume increased 8%, although price/mix declined 9% due to affordability initiatives. Operating margin improved to 34.9% from 34.1% a year earlier, while year-to-date free cash flow reached $6.9 billion.  

Reflecting the strong quarter, Coca-Cola raised its full-year outlook, now forecasting comparable EPS growth of 9%–10%, up from 8%–9%, organic revenue growth of about 5%, and free cash flow of approximately $12.4 billion, compared with its previous guidance of $12. 

FirstSun Capital Shares Jump 10% Despite Q2 Earnings Miss on Buyback, Margin Improvement 

FirstSun Capital Bancorp (NASDAQ: FSUN) reported mixed second-quarter 2026 results, with adjusted EPS of $0.45 missing Wall Street’s estimate of $0.76, while revenue of $184.14 million slightly exceeded the consensus forecast of $183.46 million. Despite the earnings miss, the stock surged 10.37% in after-hours trading to $38.42, as investors focused on improving profitability, faster-than-expected merger synergies, and a new $150 million share repurchase program.  

The company reported a net loss of $23 million, or $0.49 per diluted share, primarily due to $44 million in after-tax merger-related expenses following its acquisition of First Foundation. Excluding these costs, adjusted pre-tax, pre-provision net income (PPNR) rose to $70 million from $37.3 million in the previous quarter, while adjusted PPNR per share increased 13.6% to $1.50.  

Service fee revenue climbed 50.7% sequentially, supported by the acquired wealth management business. Net interest margin averaged 3.58% during the quarter and improved to 3.76% in June. The bank also achieved 65% of its $68 million cost-saving target and ended the quarter with a CET1 ratio of 11.95%, above its 11% operating target. 

Apple Tops $5 Trillion Market Value as Shares Hit Record High 

Apple Inc. (NASDAQ: AAPL) briefly crossed a $5 trillion market capitalization, becoming only the second company after Nvidia to reach the milestone. Shares rose nearly 2% to a record $342.89 before trimming gains to about 1%. The rally has been driven by optimism over upcoming product launches, AI initiatives, and the leadership transition to incoming CEO John Ternus. Apple shares are up nearly 25% in 2026 ahead of its quarterly earnings report due on Thursday. 

DTE Energy Reports Mixed Q2 Results, Highlights Data Center Growth Pipeline 

DTE Energy Co. (NYSE: DTE) reported mixed second-quarter 2026 results, with operating EPS of $1.32 missing Wall Street’s estimate of $1.47, but shares rose 1.09% in premarket trading to $148.84 as investors focused on the utility’s expanding data center strategy and reaffirmed full-year outlook.  

The company maintained its 2026 operating EPS guidance of $7.59–$7.73, targeting the high end of the range, supported by expected timing reversals and strong renewable natural gas tax credits at its DTE Vantage unit. DTE Electric’s operating earnings declined $48 million year over year to $270 million, impacted by unfavorable weather, higher rate base costs, and tax timing, with cooling degree days down 11% and temperatures 15% below normal. DTE Gas posted an operating loss of $4 million, down $10 million from a year earlier, as warmer weather reduced heating demand by 6%.  

Offsetting these pressures, DTE Vantage increased operating earnings to $45 million, up $14 million, while Energy Trading contributed $41 million, up $17 million. The stock closed at $146.08, remaining near its 52-week high of $155.74, reflecting investor confidence in the company’s long-term growth strategy. 

Ionic Digital Debuts on Nasdaq at $2.25 Billion Valuation Despite Weak Market Debut 

Ionic Digital, a bitcoin mining and AI infrastructure company, debuted on the Nasdaq through a direct listing with a market valuation of approximately $2.25 billion, despite a subdued trading debut.  

The stock opened at $50 per share, down nearly 5.7% from its $53 reference price set by Nasdaq a day earlier. The muted debut reflects continued investor caution over elevated spending on artificial intelligence infrastructure amid volatile market conditions. Prior to listing, Ionic Digital had raised capital at a valuation of around $2.4 billion, making it one of the largest direct listings since 2021, according to Renaissance Capital. Unlike a traditional IPO, the company’s direct listing did not involve raising new capital or issuing additional shares, allowing existing shareholders to sell their holdings directly on the exchange.  

The listing comes as Ionic seeks to expand its presence in both bitcoin mining and AI infrastructure, sectors that continue to attract investor interest despite heightened scrutiny over capital-intensive growth strategies. 

Also Read: How to Invest in the US Stocks From India?

Catalyst Acquisition Prices $200 Million IPO, Begins Nasdaq Trading 

Catalyst Acquisition Corp. announced the pricing of its $200 million initial public offering (IPO), offering 20 million units at $10.00 per unit. The units began trading on the Nasdaq on July 28, 2026, under the ticker symbol CATLU. Each unit consists of one Class A ordinary share and one right that entitles the holder to receive one-seventh of one Class A ordinary share upon the completion of the company’s initial business combination.  

The Class A ordinary shares and rights are expected to begin separate trading no later than the 52nd day following the offering, under the ticker symbols CATL and CATLR, respectively. Santander is serving as the sole book-running manager for the offering.  

Catalyst has also granted the underwriter a 45-day option to purchase up to an additional 3 million units at the IPO price to cover potential over-allotments, which could increase the total offering size if fully exercised. 

TransDigm Announces $1.066 Billion Acquisition, Stock Rises 4% 

TransDigm Group Inc. (NYSE: TDG) announced a definitive agreement to acquire Prince & Izant from Industrial Growth Partners for approximately $1.066 billion in cash, including certain tax benefits. Following the announcement, TransDigm shares rose 4.1%. Cleveland, Ohio-based Prince & Izant designs and manufactures highly engineered brazing alloys and specialty metal components used primarily in the aerospace and defense sectors, with additional exposure to transportation, medical, and industrial markets.  

The company generates the majority of its revenue from the aftermarket and is expected to report approximately $360 million in revenue for calendar year 2026. Prince & Izant offers nearly 10,000 active SKUs, operates four manufacturing facilities across the U.S., and employs around 220 people. TransDigm said the acquisition aligns with its strategy of acquiring proprietary, high-value aerospace businesses that generate long-term shareholder value. 

Leonardo DRS Shares Rise 1.6% After Announcing $450 Million Raft Acquisition  

Leonardo DRS Inc. (NASDAQ: DRS) announced a definitive agreement to acquire Raft LLC in an all-cash transaction valued at $450 million, expanding its capabilities in artificial intelligence, multi-domain data fusion, and open-architecture mission software. Following the announcement, DRS shares closed 1.57% higher at $49.21, nearing their 52-week high of $50.59.  

McLean, Virginia-based Raft specializes in AI-powered software that enables real-time situational awareness and faster decision-making for national security customers. Leonardo DRS said the acquisition complements its sensing and network computing portfolio and strengthens its ability to deliver integrated mission solutions.  

The deal, expected to close in the fourth quarter of 2026, includes an estimated $50 million tax benefit over 15 years and is expected to be accretive to adjusted diluted EPS in the first full year of ownership. 

AI Infrastructure Spending Surges as AMD, Core Scientific, Meta, and BlackRock Unveil $28 Billion in Data Center Deals 

AI infrastructure investment accelerated as Advanced Micro Devices (NASDAQ: AMD), Core Scientific (NASDAQ: CORZ), Meta Platforms (NASDAQ: META), and BlackRock (NYSE: BLK) unveiled major data center projects worth over $28 billion. AMD signed a deal with Core Scientific for up to 2.5 GW of data center capacity, a partnership expected to generate more than $14 billion in contracted revenue for Core Scientific.  

Core Scientific shares initially jumped 6% in premarket trading but closed 3.5% lower at $20.015 after weak earnings, while AMD shares fell 4% alongside other chipmakers. Separately, Meta and BlackRock announced a $14 billion joint venture to build a 1 GW data center campus in El Paso, Texas, with BlackRock owning 80% and Meta retaining 20%. Meta shares traded marginally lower, reflecting continued investor scrutiny over the company’s AI spending plans. 

Wells Fargo Raises Quarterly Dividend 11% Following Fed Stress Test 

Wells Fargo & Co. (NYSE: WFC) raised its quarterly common stock dividend by 11% to $0.50 per share from $0.45, following its successful performance in the Federal Reserve’s annual stress test. The new dividend, equivalent to an annual payout of $2.00 per share, offers an annual dividend yield of approximately 2.3%, up from 2.08%, based on the stock’s midday trading price of $86.81.  

The dividend will be paid on September 1, 2026, to shareholders of record as of August 7, 2026. Wells Fargo, which manages approximately $2.3 trillion in assets, joins several major U.S. banks that have announced higher shareholder payouts and share buybacks after clearing the Fed’s stress tests. 

Also Read: US Stock market timings  

Corning Drops 16%, Barclays Falls 7%, Royal Caribbean Gains, Sandisk Extends Losses  

Market volatility intensified across optical, banking, and semiconductor-related stocks as investors reacted to earnings and shifting sentiment around AI spending. Corning Inc. (NYSE: GLW) plunged 16%, its steepest one-day decline since 2002, despite reporting adjusted EPS of $0.78 on revenue of $4.74 billion, both ahead of estimates. Investors were disappointed after the company projected third-quarter revenue of $4.9–$5.0 billion, slightly below Wall Street’s $5.0 billion expectation. 

 Barclays PLC (LSE: BARC) fell more than 7% despite reporting £8.3 billion in income and beating adjusted EPS estimates, as 7% higher operating expenses of £4.5 billion raised concerns over rising costs.  

In contrast, Royal Caribbean Group (NYSE: RCL) gained 4% after reporting adjusted EPS of $4.21 on $4.83 billion in revenue, beating estimates and raising its full-year EPS guidance to $17.73–$17.87. Meanwhile, Sandisk dropped more than 14%, extending its decline to over 50% from its June high as investors continued to rotate out of AI-linked memory stocks despite its strong year-to-date gains. 

PSKY, Uber, and Stem Hit 52-Week Lows Amid Merger, Competition, and Financial Concerns 

Shares of Paramount Skydance Corp. (NASDAQ: PSKY), Uber Technologies Inc. (NYSE: UBER), and Stem Inc. (NYSE: STEM) touched 52-week lows on Monday as company-specific challenges weighed on investor sentiment. PSKY fell to $7.86, its lowest level in nearly 17 years, after delaying the closing of its proposed $110 billion acquisition of Warner Bros. Discovery until June 1, 2027, amid an antitrust lawsuit, before closing more than 2% lower.  

Uber dropped to a 52-week low of $65.41 on concerns over slowing growth and increasing competition in autonomous ride-hailing following reports that Waymo plans to launch its own robotaxi app, although the stock later rebounded to close 3.4% higher. Stem slid to an annual low of $5.45 after Barclays cut its price target to $8 from $18, citing financial concerns despite the company’s new battery storage partners 

The July 28 trading session demonstrated that company-specific fundamentals remain the primary driver of stock performance, with earnings beats in steel, water systems, and financial information sectors delivering outsized gains. Semiconductor weakness highlights the risk of concentrated AI exposure, while data centre infrastructure continues to attract significant investor interest across utilities and industrial companies.  

Source 

• https://www.nasdaq.com/ 

• spglobal.com/spdji/en/indices/equity/sp-500/ 

• https://www.dowjones.com/ 

• https://www.spglobal.com/spdji/en/indices/equity/dow-jones-industrial-average/ 

• https://www.spglobal.com/spdji/en/indices/equity/sp-500/ 

• https://www.nasdaq.com/market-activity/index/comp 

• https://www.nasdaq.com/market-activity/quotes/nasdaq-ndx-index 

• https://www.spglobal.com/spdji/en/indices/equity/sp-100/ 

• https://www.lseg.com/en/ftse-russell/indices/russell-us 

• https://www.nyse.com/index 

• https://www.nyse.com/index 

• https://www.spglobal.com/spdji/en/indices/equity/dow-jones-transportation-average/ 

• https://www.spglobal.com/spdji/en/indices/equity/dow-jones-utility-average/ 

• https://www.spglobal.com/spdji/en/indices/equity/dow-jones-composite-average/ 

• https://www.nasdaq.com/market-activity/index/sox 
• https://www.cboe.com/tradable_products/vix