The week's first session closed green, but not broadly. The S&P 500 rose 1.42% and the Nasdaq 100 rose 1.76% - and most of the work was done by a handful of large names, led by Amazon at +4.58%.
Beneath the surface, the dispersion between reports was unusually sharp.
Israel: Compugen, and the day's lesson
Compugen reported second quarter results before the US open: a net loss of $7.0 million ($0.07 per share), revenue of $2.6 million - which is accounting recognition of Gilead payments rather than sales - and $125.3 million of cash with no debt at all, with a runway "into 2029".
The inflection point we flagged: an interim analysis of COM701 in ovarian cancer, expected by the first quarter of 2027. Full breakdown here
And why this is a lesson
During the session Compugen traded down more than 6%. It closed up 1.28%, at $2.38. A swing of more than seven points within a single day.
This is exactly why we do not write "the stock's reaction" before the close. An intraday figure would have told a story here that was the opposite of what actually happened.
The morning's large caps
| Company | Close | Change |
|---|---|---|
| Marriott | $346.83 | -6.97% |
| Diamondback Energy | $198.75 | -2.07% |
| ONEOK | $88.24 | -2.83% |
| Canadian Natural | $46.36 | -2.77% |
| Williams | $70.43 | -1.55% |
| ON Semiconductor | $80.40 | -1.48% |
| Ecopetrol | $16.60 | -1.01% |
| Mitsubishi UFJ | $22.49 | +0.18% |
| Loews | $116.25 | +0.21% |
| TKO Group | $183.91 | +1.16% |
| EchoStar | $85.63 | +1.83% |
| Tyson Foods | $59.61 | +2.85% |
Marriott was the morning's negative story with a fall of nearly 7% - the sharpest reaction among today's reporters. At the other end, Tyson rose 2.85%, and ON Semiconductor, down 1.48% at the close, reversed to +3.36% after hours.
Also reporting this morning: Vertex, Itochu, Marubeni, WuXi AppTec, Toyota Industries, CK Hutchison, Cheniere Energy Partners and International Container Terminal - 22 companies above $20 billion in total, plus 63 more in the $3-20 billion range.
After the close: Palantir
And here was the quarter of the day.
- Revenue: $1.935 billion, growth of 93% and 19% sequentially
- US commercial: $764 million, up 149% - against US government of $809 million
- GAAP net income: $1.062 billion, a 55% margin
- Adjusted free cash flow: $1.220 billion, a 63% margin
- Rule of 40 score: 155%
- Full-year guidance raised to $8.15 billion - 82% growth
The stock closed at $125.65, up 2.10%, and rose more than 12% after hours to $140.89. Under the rule we work by, the real reaction is measured at tomorrow's close - after-hours trading is thin and volatile. Full breakdown here
Two items that were not earnings
Amazon crossed $3 trillion for the first time in its history. It closed at $284.02, up 4.58%. But today did not do the work - the 15.35% jump on 31 July did, after the report showed AWS growing 37%. The review here
Visa announced the acquisition of Israel's BioCatch for $2.4 billion in cash - nearly double the valuation at which control of the company sold two years ago. The stock closed almost unchanged, -0.13%. The review here
And Ondas jumped 11.75% to $8.37 following the appointment of former Mossad Director Dadi Barnea as Global President and Chairman of Ondas Defense. Against indices up less than 1.5%, that is clear outperformance. The review here
Tomorrow
Tuesday is the heavy day of the week's opening, led by a one-off event: SpaceX publishes its first-ever quarterly report as a public company. Alongside it, AMD, Arista, Astera Labs and Caterpillar report, as does Cipher, which has converted itself from bitcoin mining into AI compute.
And in Israel: Tower Semiconductor, AudioCodes, and the Tel Aviv Stock Exchange itself - which will report on the first full quarter in which Israel trades Monday to Friday, in the same week as Wall Street.
