The latest Market Talks covering Technology, Media and Telecom. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.
1445 ET - If SpaceX shares hit $100--as many investors seem to expect--it would create an attractive buying opportunity, Morgan Stanley analysts say in a note. SpaceX, currently at $113 a share, has fallen some 30% from where it closed on the company's first day of trading. "At less than $120/share today, we believe investors are paying a reasonable multiple for the core Space + Connectivity business while receiving limited-to-no value for the company's AI opportunity," the analysts say. At a $100 a share, they say, "investors can receive a discounted Space and Connectivity business with a dominant market share growing nearly 50% this year with 40% EBITDA margins--and all AI optionality (orbital and terrestrial) is near free." (elias.schisgall@wsj.com)
1431 ET - Meta looks poised for another round of strong quarterly results, with advertising revenue likely nearing the high end of the company's guidance, Deutsche Bank analysts say in a note. "Our ad checks were overwhelmingly positive," the analysts say, noting stronger trends in conversion and advertiser return on investment, as well as sustained benefits from Meta's AI-driven ranking, retrieval and campaign automation investments. Additionally, the economic backdrop seems to have improved from the weakness the company embedded in its original forecast, they say. The analysts project Meta will report quarterly revenue of about $60.5 billion, which they say is modestly above consensus and close to current buy-side expectations, which are approaching the high-$61 billion range. (kelly.cloonan@wsj.com)
1429 ET - Comcast's Peacock unit turned a profit in the latest quarter, with $189 million in earnings before interest, taxes, depreciation, and amortization. But Benchmark analysts warn the bottom line momentum may not necessarily be here to stay every quarter. "The first profitable quarter is a milestone, not a guarantee of linear quarterly improvement," the analysts say. They say that while Peacock's annual profitability should rise, quarterly results will likely remain lumpy because sports schedules and content release timing can shift costs and monetization between periods. (kelly.cloonan@wsj.com)
1355 ET - Comcast is rejiggering its connectivity proposition around transparent pricing, converged broadband and wireless, and a more flexible customer experience, while also starting work required to separate its connectivity and platform business from NBCUniversal and Sky, according to Benchmark in a note. Those changes put some pressure on the company's 2Q results, analyst Matthew Harrigan says. Comcast's consolidated revenue rose, partly because Telemundo and Peacock carried the World Cup, although pro forma adjusted EBITDA declined, Harrigan says. The connectivity and platforms segment was also hurt by lower broadband average revenue per user, free-line dilution and customer-experience investment, he says. Still, Harrigan maintain his buy rating and $44 price target on the stock. (kelly.cloonan@wsj.com)
1341 ET - Melius Research analysts say they continue to see SLB as the best-positioned oil services company for an upcoming improvement in exploration and production spending. Analysts James West and Sanskriti Reddy point in a note to several of SLB's strengths, including its international breadth, technology, digital offerings and large share of the offshore market, especially in deepwater. Additionally, SLB's data center solutions contracted backlog already supports its target for 2027, which shifted from $2 billion by the end of the year to an annualized exit run rate of more than $2 billion, they say. That raised forecast "points to demand outrunning the prior plan," the analysts say. (kelly.cloonan@wsj.com)
1234 ET - Ethereum is off 1.3% to $1,861, after climbing to around $1,950 earlier this week. Much like bitcoin, ethereum has seen a return of capital coming from ETFs. "After a prolonged period of net outflows, these funds are now heading toward a third consecutive week of positive net inflows," says Linh Tran of XS.com in a note. Ethereum ETFs have posted five straight days of net inflows, according to data from CoinGlass --but the macroeconomic environment continues to pressure riskier assets. "In this environment, capital tends to favor cash, the U.S. dollar, and defensive assets rather than expanding aggressively into the cryptocurrency market," says Tran. (kirk.maltais@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)
0703 ET - Nokia shares are up around 65% year-to-date on artificial intelligence-driven optimism, and while AI demand should continue to support growth, much of the upside is priced in, UBS analyst Francois-Xavier Bouvignies writes. Second-quarter AI and cloud revenue more than doubled on year, while order intake reached 2.8 billion euros, which is equivalent to the prior three quarters combined. UBS expects the strong demand to persist, supporting optical network and IP network revenue growth of around 20% in 2027 versus high-teens growth in 2026. "However, margin expansion is likely to be constrained by the investments required to support scaling." UBS lowers its price target on the stock to 9.65 euros from 11 euros and reiterates its neutral rating. Shares fall 1.5% to 8.57 euros. (dominic.chopping@wsj.com)
0652 ET - Intel posts strong second-quarter earnings, highlighted by significant beats on both its top and bottom lines, Davidson analysts say in a research note. "Management noted on the call that demand continues to exceed supply in all areas of the business (besides PCs) with strong momentum in the company's CPU offerings expected to continue into next year," the analysts write. Looking forward, Intel raised its capital expenditure outlook for the year to be more than $20 billion, around $5 billion higher than was guided last quarter. "We view the aggressive Capex raise as a proof point that Intel is likely to see continued customer acquisition as the United States demands more domestic semiconductor manufacturing," the analysts say. Intel shares rise 4% premarket. (connor.hart@wsj.com)
0628 ET - Nokia's AI-related revenue could double in 2027, accounting for over 20% of total revenue mix, which would accelerate earnings growth and bring valuation closer to AI-focused networking peers, Bank of America Securities analysts write. Nokia earnings and third-quarter guidance were slightly soft, but AI order intake of 2.8 billion euros significantly beat expectations. Market concerns over a lack of full-year guidance upgrade are misplaced, as most of this quarter's order intake will be delivered in 2027 and partly in 2028, BofA adds. "Nokia's AI order run rate has now effectively doubled from about 1 billion euros/quarter to about 2 billion euros/quarter." BofA raises its price objective to 16 euros from 15.60 euros and reiterates its buy rating. Shares fall 2.2% to 8.51 euros. (dominic.chopping@wsj.com)
0546 ET - Intel's planned increase in spending suggests the company is increasingly confident in long-term demand, Jefferies' Blayne Curtis writes. The group raised its forecast for 2026 capital expenditure to $20 billion from $18 billion, and projected a significant uplift in that figure next year. The increased spend is a sign that Intel's efforts to work with external chip designers are gaining traction, Curtis says. Customers are moving from testing Intel's advanced 14A chip-making process toward committing to binding agreements, the analyst writes. Elsewhere, Intel reported higher-than-expected sales for the second quarter. "Overall, a solid report but not thesis-changing," Curtis writes. Intel shares rise 4.5% premarket. (josephmichael.stonor@wsj.com)
0517 ET - CIMB Securities turns more positive on Malaysia's mobile telecom operators, as competition improves and valuations become more attractive. Industry mobile revenue could grow 2%-3% annually in 2026-2027, the strongest pace since 2013, as pricing competition eases, analyst Choong Chen Foong says in a note. That should help offset the earnings impact from Malaysia's state-backed 5G infrastructure firm Digital Nasional's losses, which mobile operators are expected to recognize under equity accounting, he notes. CIMB maintains an overweight rating on Malaysian telco sector, pegging Telekom Malaysia as top pick, citing potential share buybacks and special dividends under its capital optimisation plan. (yingxian.wong@wsj.com)
(END) Dow Jones Newswires
July 24, 2026 16:50 ET (20:50 GMT)
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