The latest Market Talks covering Equities. Published exclusively on Dow Jones Newswires throughout the day.
0941 ET - CN Rail delivered a 2Q beat, raising its 2026 outlook, helped by stronger volumes, better yields in key segments and cost controls, according to Citi in a report. The analysts note that adjusted EPS rose 11% to C$2.08, ahead of estimates, and CN Rail lifted its 2026 EPS growth target to mid- to high-single digits on low-single-digit revenue ton-mile growth. Revenue and operating ratio came in better than expected, helped by lower fuel and casualty costs. He says CN Rail "has been benefiting from higher-than-expected volumes driven by Grain, NGLs [natural gas liquids] and refined petroleum products within PetroChems, and Autos." With shares up more than 30% in 2026, the results and outlook should support continued momentum, the analysts say. (adriano.marchese@wsj.com)
0932 ET - American Express's wealthy card members are spending more, executives tell analysts. The card company has invested in adding more premium perks to its credit cards, especially its Platinum card, which is now its fastest-growing product in the U.S. Spending on restaurants, Amex's biggest category, rose 10% in the second quarter, while travel bookings jumped 22%. U.S. consumer spending overall increased at the highest rate since the start of 2018, excluding periods impacted by Covid-19, executives say. (katherine.hamilton@wsj.com)
0921 ET - Intel raised its gross capital spending outlook for the year to $20 billion from about $15 billion, Morgan Stanley says, and the company projects next year's spend to be materially higher than that. The analysts are expecting CapEx of around $30 billion in fiscal 2027. "We would expect investor enthusiasm for this spending to be entirely dependent upon enthusiasm for the longer-term prospects from those investments," they say in a research note. Intel is up 3% premarket, and stands to benefit from burgeoning AI technology which relies on CPUs that are the company's specialty. "The server narrative does support some growth," the analysts say. "But earnings prospects from server alone are at least partially dependent on maintaining a shortage, as CPUs being fully in supply would likely result in some share loss and pricing degradation." (connor.hart@wsj.com)
0859 ET - WSP Global's $5-billion bid for Arcadis is an opportunistic move to acquire a solid company, according to Raymond James in a note. Analyst Frederic Bastien says it isn't surprising to see this kind of play by the engineering firm "opportunistically pursuing a high-quality asset after growth has stalled, and investor sentiment has soured." The analyst says Arcadis would be "highly complementary from a geographic standpoint," and offering a strong strategic fit in terms of capability. At EUR51.50 per share, valuing the 34,000-employee firm at about EUR4.4 billion, Bastien says the valuation "appears reasonable and accretive for WSP." (adriano.marchese@wsj.com)
0847 ET - Munich Re could raise 2026 guidance at its third-quarter results if large losses remain benign through the hurricane season, RBC Capital Markets' Ben Cohen and Sarah Chong say in a research note. In an unscheduled update, the German reinsurer said net profit for the second quarter would beat consensus estimates by 23%, driven by low large losses in property-and-casualty reinsurance and a strong investment result. This means Munich Re made 3.9 billion euros in first-half net profit and is tracking ahead of its target of 6.3 billion euros for the full year, RBC says. Shares trade 0.3% lower. (adria.calatayud@wsj.com)
0840 ET - The latest U.S. tariffs on German goods imports increase uncertainty and create additional bureaucracy, the DIHK German chamber of commerce's trade chief Volker Treier says. "Uncertainty is, of course, poison for business." The Trump administration on Friday imposed a new 10% tariff on European Union products it said was designed to combat forced labor. Neither the accusations of insufficient measures against forced labor nor claims of alleged overcapacity stand up to scrutiny, Treier says. "It's clear Washington is trying to enforce tariffs that were halted in court in February through other legal avenues". On the positive side, the new tariffs incorporate the existing most favored nation tariffs, which mean the tariff rate should be below 15% in future, he says. (edward.frankl@wsj.com)
0824 ET - European equities are exposed to a clutch of possible negative catalysts, Bank of America analysts write. The Europe-wide Stoxx 600 remains close to record highs, while expectations for European companies' margins are at all-time highs, the analysts say. "Much of the good news is already in the price. This leaves the market vulnerable to disappointment," they say. Potential downside risks include wobbles in the AI trade and continued escalation in the Middle East leading to higher energy prices. Moreover, the prospect of a higher interest-rate environment could prompt further European underperformance. The Stoxx 600 rises 0.5% Friday, and is up 8.5% for the year. (josephmichael.stonor@wsj.com)
0821 ET - CN Rail's operating data shows a network handling more freight and generating higher productivity in 2Q, but also facing rising costs. Gross and revenue ton-miles climbed, indicating stronger volumes, and train length, fuel efficiency and GTMs per average number of employee all rose. At the same time, car velocity fell. Cost pressures are also rising, with operating expenses per GTM rising 9% in the quarter. CN Rail says the quarter's volume strength and operational execution support its decision to lift its 2026 assumption to low single-digit revenue-ton-mile growth. (adriano.marchese@wsj.com)
0754 ET - WDP's merger with Argan ticks all the boxes financially, ING analyst Francesca Ferragina writes in a note. French warehouse specialist Argan and Belgian peer WDP agreed to create a 13 billion euros logistics real estate company through an all-share merger. The transaction doesn't represent any execution risk as all key shareholders unanimously supported the deal, Ferragina says. The merger also makes sense both strategically and financially, she adds. Through the deal, WDP is set to become the third-largest European logistics company behind rivals Prologis and CTP. This merger is another sign that scale is growing in importance in the European logistics sector, as seen in Prologis's pursuit to acquire Segro, the analyst says. Argan shares are up 15.3% and WDP shares are down 2.1%. (najat.kantouar@wsj.com)
0735 ET - WSP Global could significantly increase its EMEIA exposure if it succeeds in acquiring Dutch engineering consultancy Arcadis, TD Cowen analyst Michael Tupholme says in a research note. Arcadis received a second offer from Canadian peer WSP Global, valuing the group at around $5 billion. Tupholme says Arcadis derives 45% of its revenue from EMEIA, compared with WSP's 29%, making the deal strategically attractive. At the same time, the acquisition could also expand WSP's Americas revenues in absolute terms, he says, since it is currently 47% of Arcadis revenue, similar to WSP. While Arcadis' softer financial performance may concern investors, the analyst thinks that "WSP has shown an ability to improve results/margins at acquired businesses." (adriano.marchese@wsj.com)
0725 ET - American Express card members are using their cards more and putting more on their balances, the company says. Amex says card member spending increased by 9%, the highest rate in three years. Card balances also rose, driving up net interest income during the quarter. One of Amex's most expensive cards, the Platinum, is the company's fastest growing card in the U.S. The high spending among Amex's customers, who are generally wealthier, contrasts with lower-income cohorts, who Albertsons said earlier this week are feeling pressured and limiting spending on groceries. (katherine.hamilton@wsj.com)
0715 ET - European luxury stocks would benefit from efforts by Chinese authorities to stimulate domestic growth, Bank of America analysts write. Weak demand from Chinese consumers has weighed on luxury stocks so far this year. But policy easing could come as soon as late July, Bank of America economists say, in turn boosting luxuries given their high exposure to the region. "Our macro projections point to 15% further outperformance for luxury goods over the coming months," the analysts say. Bank of America raises its outlook for the luxury sector to overweight. A basket of European luxury stocks is down close to 17% so far this year, and has fallen over 6% in the last five trading days.(josephmichael.stonor@wsj.com)
(END) Dow Jones Newswires
July 24, 2026 09:41 ET (13:41 GMT)
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