Day roundup: the verdict on last night's reports, and every company reporting Friday July 31.
This was above all a day of judgment. Five companies reported after yesterday's close, and today the market graded them - and the grades were extreme, and opposed to one another.
The Verdict on Last Night's Reports
| Company | Move today | What it reported last night |
|---|---|---|
| Amazon | +15.35% | AWS +36.6% to $42.2 billion |
| MicroStrategy | -4.10% | A $8.22 billion loss, entirely revaluation |
| Apple | -8.07% | The strongest June quarter in its history |
| Coinbase | -8.64% | Subscriptions overtook trading for the first time |
| -20.70% | Revenue +61%, profit more than doubled |
Note the third and fifth rows. Both of those companies reported good numbers - and both were cut.
Apple: The Strongest Quarter in Its History, and Minus 8%
The full report. Apple reported revenue of $109.4 billion (+16%), iPhone +21.7%, China +22.4%, and all five regions in double-digit growth. And it was the strongest June quarter in the company's history.
And the stock fell 8.07%.
The explanation sits in the asterisk the report itself provides: $0.11 of earnings per share and two percentage points of gross margin came from tariff refunds - a one-off recovery, not operations. Excluding them, the beat against consensus shrinks from fourteen cents to about three.
In other words: the market did not price the headline, it priced the quality of the earnings.
Reddit: Plus 61% in Revenue, and Minus 21% in the Stock
The full report. Reddit reported revenue of $805 million (+61%), net income of $253 million that more than doubled, a 91.3% gross margin and an adjusted EBITDA margin of 42.6%. On paper, a near-perfect quarter.
And the stock lost a fifth of its value.
And here too the breakdown explains it: advertising grew 64% to $762 million, while "other revenue" - the line where AI data licensing sits - grew just 24%, to $43 million. That is about 5% of revenue.
And the thesis the stock trades on is precisely that line. Reddit was priced as the company sitting on the largest corpus of human text in the world. The quarter showed that corpus is not yet generating money at the pace of the rest of the company - and this is the second consecutive quarter in which that gap has held.
And what the two have in common
Apple and Reddit both reported good headline numbers, and both fell hard - for the same structural reason.
In both, the breakdown contradicted the headline. At Apple, part of the profit did not come from operations. At Reddit, the growth did not come from the part that justifies the multiple.
This is a day that shows the market this season reads the breakdown, not the top line.
And Amazon is the other side of that same coin: its headline was misleading too - earnings of $5.75 per share including $53.4 billion of revaluation on the Anthropic stake. But there the breakdown strengthened the case: AWS grew 36.6% and added more dollars than Google Cloud. The market rewarded the operating part and looked past the revaluation.
The Oil Majors: Same Quarter, Opposite Results
The full article. Chevron and Exxon reported the same quarter, with Brent averaging $104 a barrel against $68 a year ago - and one beat by roughly 4% while the other missed by roughly 4%.
Chevron: earnings of $12.1 billion, $6.11 per share, worldwide production +20% and record U.S. output. The stock rose 2.68%.
Exxon: earnings of $14.5 billion - more in absolute dollars - but $3.48 per share, below consensus. The company states explicitly that its production is a two-decade high "excluding the Middle East disruptions." The stock fell 0.60%.
Meaning: the same geopolitical event that lifted the barrel price is the one that hit Exxon's volumes.
And inside an oil company's release appeared a line that is not oil: Chevron signed a 20-year agreement to supply about 2.67 gigawatts of dedicated power to a Microsoft data center in West Texas.
Eaton: The Strongest Reporter of the Day
Eaton reported a record quarter: sales +21%, organic growth of 14% - above the high end of guidance - and raised its full-year organic growth guidance.
And the meaningful figure is orders: the twelve-month rolling average of orders rose 41% in Electrical Americas and 33% in Electrical Global. Management writes that data centers "remain a key growth driver."
The stock closed +7.68%.
Dominion: 53.8 Gigawatts Contracted
And Dominion added a figure worth noting: as of July, its contracted data center capacity in Virginia stands at roughly 53.8 gigawatts - up 5.3 gigawatts since December alone.
Virginia segment earnings rose 22% to $670 million; operating earnings were $0.79 per share (GAAP $0.37), and full-year guidance was reaffirmed at $3.45-3.69. The stock was essentially unchanged, +0.06%.
And that joins what we saw yesterday in the power sector reports: AEP with 69 gigawatts of contracted demand, and Alliant forecasting 60% load growth. Three companies, three numbers - and the same direction.
Sony, Cameco, and the Losers
Sony reported operating income up 40.2%, with the image sensor segment more than doubling its profit and supplying about half the group's profit growth. The stock rose 2.15% - even though the company noted in a footnote that its full-year guidance does not include the impact of the Kumamoto earthquake, where its central plant is suspended.
Cameco missed: earnings of $0.18 per share against a $0.38 estimate, and revenue of $824 million below expectations. Uranium deliveries in the quarter were 7.1 million pounds. The stock fell 2.07% - even though the company holds contracts for average annual deliveries of more than 28 million pounds over the next five years.
And the day's three biggest losers: Lear -11.08%, T. Rowe Price -5.94% and Linde -5.42% - the last of those a company worth more than $220 billion.
The Day in One Line
This day answered the question left open last night.
Yesterday five companies reported after the close and there was no way to know how the market would read them. Today we knew: it read the breakdown, not the headline.
Amazon showed an inflated headline and a strong breakdown - and jumped 15%. Apple showed a strong headline and a breakdown that included a one-off tariff refund - and fell 8%. And Reddit showed 61% growth that did not come from the part justifying the multiple - and fell 21%.
And in the background, three entirely different power and energy companies - Dominion, Eaton and Chevron - told exactly the same story today: data center electricity demand moved from the forecast stage to the signed-contract stage a long time ago.
Sources: the official results releases of the reporting companies, as filed with the U.S. Securities and Exchange Commission on July 31, 2026; Cameco and Dominion figures from their results releases of the same day as reported in the financial press. Stock moves are closing changes for the July 31, 2026 trading session. Data accurate as of the time of writing. Nothing herein constitutes a forecast, recommendation or advice - see the full disclaimer at the bottom of the page.