Palantir is the story of the morning. The stock is up 16% in premarket trading after blowout Q2 earnings. CEO Alex Karp used the results to attack rival AI labs, calling them too focused on open-source idealism over enterprise value. The print confirms AI government and commercial demand is accelerating. Analysts had already flagged the name ahead of tonight's report — it clearly beat.
ON Semiconductor is up 7% premarket. Its CEO confirmed AI demand took priority over automotive customers last quarter. Wall Street approved. Analysts upgraded the chipmaker today, though the average target sits at $112.29. Short interest is low at 8% of free float — shorts here are offside.
Today's calendar is packed. Marriott, Vertex Pharmaceuticals, and Palantir headline Monday's slate. Caterpillar and report tomorrow. Cat's numbers are a key read on global industrial health. Europe is also active, with among today's reporters.
Lucid faces a tough setup heading into earnings. US sales fell in July. The stock is down 30% year to date. Short interest sits at 33% of free float with a 63% cost to borrow. Bears are paying dearly to hold the position.
Stellantis drew fresh attention with a recall of 1.27 million Ram 1500 vehicles over faulty seatbelt buckles. That adds to an already difficult year for the automaker.
Cigna took a downgrade today. Analysts trimmed the target to $341. Medicare Advantage policy uncertainty continues to weigh. eBay was also cut, with the target edging down to $110.29.
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