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Earnings season is delivering a clear verdict this morning: the companies that beat and raise are getting rewarded, and the ones that miss or pull guidance are getting punished, with very little mercy in between.

The day's biggest move belongs to a health care giant that came in well above expectations and raised its full-year outlook. On the other side, the session's sharpest loser is a consumer-facing retailer that missed on both lines and has no cover from a cautious spending environment.

Meanwhile, one of the most closely watched deals in AI infrastructure deepened overnight, with a commitment that reframes how two major players are thinking about cloud and compute for the next decade.

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UnitedHealth Group (UNH): +7%

The health insurance giant posted a clean beat on both earnings and revenue, and lifted its full-year outlook to boot. For a name that's been under pressure heading into this print, this is exactly the kind of quarter that puts the skeptics back on their heels.

👀 We may or may not have covered this thesis in Street Sheet Research last October

Quest Diagnostics (DGX): +3%

The lab testing company beat on both earnings and revenue, a steady print from a steady business. Quest doesn't tend to surprise in dramatic fashion, but in an uncertain tape, consistent execution gets rewarded.

D.R. Horton (DHI): +3%

The homebuilder posted solid second-quarter results, topping earnings estimates even as revenue came in slightly light. Given how much pressure the housing market has faced from elevated rates, investors appear willing to overlook the revenue miss in favor of the profit beat.

Amazon (AMZN): +3%

Amazon just deepened its bet on AI in a meaningful way, committing up to $25 billion more to Anthropic as part of an expanded deal. Anthropic, in turn, has pledged over $100 billion in spending on Amazon Web Services over the next decade. That is not a pilot program. That is a structural alignment between two of the most important players in AI infrastructure.

Tractor Supply (TSCO): -5%

The rural lifestyle retailer missed on both earnings and revenue, and the stock is paying for it. For a name that caters to a consumer already stretched thin, missing estimates on both lines is a difficult story to spin heading into the rest of the year.

Alaska Air Group (ALK): -2%

Alaska Air pulled its 2026 forecast entirely, pointing to uncertainty around fuel costs. The airline also missed estimates on both revenue and its per-share loss in the first quarter. Yanking guidance is never a good look, and in an already jittery environment for airlines, it's sending shares lower.

Apple (AAPL): -0.5%

Tim Cook is stepping down as CEO on September 1. He'll move to executive chairman while John Ternus, the company's longtime head of hardware engineering, takes the top job. The market's reaction is mild but negative. Cook stepping back is a transition investors will be parsing carefully in the months ahead.

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SELLAS Life Sciences Group (SLS) + 3% (Pre-Market)

Today is the day Sellas put on the calendar months ago: the company is presenting preclinical data on its experimental leukemia drug SLS009 in a poster session at the American Association for Cancer Research annual meeting in San Diego. Retail chatter on Stocktwits has been building into the event, with message volume rising in recent sessions and sentiment improving from bearish to neutral as investors positioned ahead of the print.

The bigger watch may be what comes next. Sellas is also approaching a major readout in its flagship cancer therapy trial, and investors know it. The stock has nearly tripled over the past 12 months, which means a lot of optimism is already priced in. Today's data could either add fuel to that narrative or start to complicate it.

✌️That’s it for today.