Wall Street Breakfast
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Second-quarter earnings season shifts into high gear this week, with major banks kicking off results alongside key inflation reports and major reads on AI spending
JPMorgan Chase (JPM), Goldman Sachs (GS), Bank of America (BAC), Citigroup (C), and Wells Fargo (WFC) headline Tuesday’s earnings calendar, giving investors an early read on loan growth, investment banking activity, and the outlook for interest rates. Morgan Stanley (MS) and Bank of New York Mellon (BNY) follow on Wednesday, while Regions Financial (RF) and Fifth Third Bancorp (FITB) round out the week on Friday
Technology investors will be watching Taiwan Semiconductor (TSM) and Netflix (NFLX), both reporting Thursday. TSM’s results will be scrutinized for signs that AI-related chip demand remains robust, while Netflix will provide an update on subscriber growth and advertising momentum. ASML (ASML), another key AI supply chain company, reports Wednesday
The economic calendar is equally busy. Tuesday’s Consumer Price Index report and Wednesday’s Producer Price Index data will shape expectations for the Federal Reserve’s next move, while Fed Chairman Kevin Warsh delivers his semiannual monetary policy testimony before Congress on Tuesday and Wednesday. Investors will also digest the Fed’s Beige Book on Wednesday for fresh insight into economic conditions across the country
Outside of earnings, the Alzheimer’s Association International Conference continues through Wednesday and could move biotech stocks, while OPEC releases its monthly oil market report on Monday amid continued focus on global supply following recent Middle East tensions
Earnings spotlight: Tuesday, July 14: JPMorgan (JPM), Bank of America (BAC), Goldman Sachs (GS), Wells Fargo (WFC), and Citigroup (C). See the full earnings calendar
Earnings spotlight: Wednesday, July 15: ASML (ASML), Johnson & Johnson (JNJ), Morgan Stanley (MS), BlackRock (BLK), Bank of New York Mellon (BNY), and United Airlines (UAL). See the full earnings calendar
Earnings spotlight: Thursday, July 16: Taiwan Semiconductor Manufacturing Company (TSM) and Netflix (NFLX). See the full earnings calendar.Earnings spotlight: Friday, July 17: Regions Financial (RF) and Fifth Third Bancorp (FITB). See the full earnings calendar
Michael Burry says ‘the end is nigh’ for AI trade, channels The JokerWall Street’s biggest bulls (and handful of bears) for the rest of ’26Tech insiders are buying like never before20 dividend stocks outperforming the S&P 500Citi’s picks and pans for H2 ’26: REITs, tech, consumer, healthCiti’s picks and pans for H2 ’26: fintech, industrials, climate tech
What SA Analysts Are Watching
Inflation Is Persistent And The Fed Should Be WorriedCiti: Traders Are Getting Too Excited About Capital Markets GrowthGoldman Sachs: It’s That Time Of Year AgainJPMorgan Chase: Buy Ahead Of Q2 ReportNetflix: Time To Pound The TableJohnson & Johnson: Stronger Fundamentals, But Too Much Optimism
As excitement around SpaceX continues to grow, investors are increasingly debating whether the company’s premium valuation is justified by its long-term potential. In the following article, Dhierin Bechai, who leads the Investing Group, The Aerospace Forum, examines what SpaceX’s recent bond issuance, capital spending plans, and financial outlook reveal about its valuation, risk profile, and whether today’s price offers an attractive long-term entry point.Full Article (no paywall) Dhierin believes that SpaceX’s valuation remains a subject of debate as investors weigh its exceptional long-term growth potential against significant near-term execution risks. He examines whether the company’s recent bond issuance, investment-grade credit rating, and current valuation justify investing at today’s prices while assessing the impact of heavy AI and Starlink-related capital spending.Dhierin notes that although SpaceX holds an investment-grade credit rating, its longer-dated bonds trade at yields typically associated with junk-rated debt. He attributes this disconnect to the bond market’s concerns over sustained capital expenditures, negative free cash flow, and execution risks tied to AI infrastructure and Starship development, rather than doubts about the company’s underlying business. Despite these risks, analyst forecasts project rapid revenue and EBITDA growth through 2028, driven by Starlink and AI. Based on these projections, the current valuation appears broadly fair with modest upside, though a lower share price would present a more compelling buying opportunity. He believes SpaceX is best viewed as a cautious long-term investment rather than a near-term trading opportunity, given expected share unlocks, increasing public float, and continued uncertainty surrounding future cash flows.For investors looking to capitalize on opportunities in aerospace, defense, and aviation, The Aerospace Forum combines expert analysis with a proven track record of outperforming the market. The service offers proprietary stock screeners, interactive research tools, portfolio tracking, and timely insights to help you navigate one of the market’s most dynamic industries. Try The Aerospace Forum for just $9.99 in your first month as an introductory offer. Learn more >>
Insider Watch
Check out the week’s top insider trades, highlighting significant purchases and sales by investors, directors, and executives. Notable transactions took place at Palo Alto Networks (PANW), Sony (SONY), and Taiwan Semiconductor Manufacturing (TSM)
Wall Street Breakfast
Wall Street Breakfast, Seeking Alpha’s flagship daily business newsletter, is a one-page summary that gives you a rapid overview of the day’s key financial news. It is designed for easy readability on the site or by email (including mobile devices) and is published before 7:30 AM ET every market day. Wall Street Breakfast’s readership of more than 1 million subscribers includes many from the investment banking and fund management industries. Sign up here to receive the Wall Street Breakfast in your inbox every business day.
