Mega-Cap Night, Chip Jitters, and a CVNA Stumble

The Big Picture

The market is braced for its most consequential earnings night of the year. MSFT, LRCX, and QCOM report after Tuesday's close. Tomorrow brings AAPL and AMZN. Markets have been volatile. Chip stocks took a hit after South Korea's SK Hynix missed estimates, briefly pushing the Nasdaq 100 into correction territory. The ripple hit NVDA hard. Put demand across tech names has been climbing sharply.

Earnings Highlights

CVNA delivered a Q2 earnings beat but the stock tumbled anyway. Guidance disappointed. FTNT moved the other way — shares soared on strong Q2 results and raised guidance. CP beat on both EPS and sales. BHE guided above expectations for Q3. ALGN guided Q3 sales slightly below consensus.

Short Sellers & Options

Short interest is extreme in several names. WOLF and HTZ both sit above 80% of free float. CHWY jumped 14 points week-on-week to 80.4%. HIMS faces fresh pressure after an FTC lawsuit alleging it shared user health data with META. HIMS short interest stands at 28.8% of free float with borrow availability at just 47%.

Analyst Moves

CSGP and VLTO were both downgraded today. CoStar's consensus target fell 16% to $37.20. PCAR saw the biggest target lift — up nearly 5% to $137.59. STX was upgraded to Buy.

Europe Watch

European stocks have been volatile. Defense names rallied after Ukraine ratified a $105 billion EU loan deal. Swedish bank SHB A saw insiders buy over $93M in shares this month — the largest cluster buy in the current dataset.