Presented by Powerlaw Corp: Venture-stage value creation has mostly happened out of reach of public investors. PWRL is built to change where that line sits. Get exposure to 15 private tech leaders →

Earnings season hit its densest stretch overnight, and the tape is drawing a hard line this morning. The names getting paid all did the same thing: they raised the bar instead of just clearing it, and the size of those moves suggests investors had quietly written off the possibility.

The punishment side is stricter. Beating estimates counts for nothing if the growth rate decelerates or the outlook merely matches what was already in the price, and a few names are finding that out before the bell.

As high-growth technology companies stay private longer, much of venture’s value creation has been out of reach for public investors. Powerlaw Corp. aims to narrow that gap.  Through a single Nasdaq-listed stock (PWRL), the Powerlaw 15* seeks to offer exposure to 15 iconic private technology leaders—including OpenAI, SpaceX, Anthropic, Anduril, xAI, Databricks, Canva, Kraken, Kalshi, Groq, Perplexity, Deel, Colossal, Mercor, and one confidential company—bringing private-market opportunity into a transparent, publicly traded structure.

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*The Powerlaw 15 refers to a high-conviction portfolio typically composed of approximately 15 investments; holdings may change over time, as described in the Fund’s registration statement.

Manhattan Associates (MANH): +25%

The supply chain software provider topped estimates on both lines and raised its full-year profit and revenue forecasts. The raise is the tell. It says enterprise demand held through a quarter when software budgets were supposed to be tightening.

Rocky Brands (RCKY): +11%

Small-cap footwear almost never leads the premarket tape, and Rocky Brands is doing it anyway after adjusted profit more than tripled from a year ago. Management pointed to double-digit growth across several brands plus help from tariff refunds. When a company this size delivers a quarter this clean, the reaction tends to be violent in whichever direction it goes.

Teradyne (TER): +11%

The semiconductor test equipment maker beat on the quarter and guided the next one above Street estimates. Test equipment sits downstream of every chip cycle, so a clean forward guide here reads as a vote of confidence in the broader buildout.

GE HealthCare Technologies (GEHC): +10%

The imaging and diagnostics maker beat on adjusted earnings and reaffirmed its full-year guidance. Healthcare equipment has been a quiet corner of the market, and a confident reaffirmation is doing most of the work in this move. Investors are treating steadiness as the point rather than a lack of ambition.

Ford Motor (F): +5%

Ford posted an adjusted earnings beat and hiked its 2026 outlook, which is the part the market cared about. Automotive revenue landed slightly light, but a guidance raise from a legacy automaker carries more weight right now than a soft top line.

Vertiv (VRT): -11%

Vertiv beat on both earnings and revenue and is getting hit anyway. Organic revenue growth of 17.8% landed well short what the Street expected, and for an AI infrastructure name priced for acceleration, the growth rate is the only figure that counts.

CoStar Group (CSGP): -7%

The real estate marketplace missed on quarterly revenue and then guided the current quarter below consensus. Two misses stacked into one release leaves investors nothing to hold onto.

Skyworks Solutions (SWKS): -7%

An adjusted margin miss of one tenth of a percentage point is knocking 9% off this stock, which tells you how little cushion is built into the price. Next quarter's earnings outlook also sits a penny under consensus. Investors are reading small shortfalls as a direction rather than noise.

KLA Corp (KLAC): -2%

KLA guided to a quarter that roughly matches what analysts already expected, and matching is not enough for a stock that has run with the AI capex trade. In this group, in line gets read as a slowdown.

As high-growth technology companies stay private longer, much of venture’s value creation has been out of reach for public investors. Powerlaw Corp. aims to narrow that gap.  Through a single Nasdaq-listed stock (PWRL), the Powerlaw 15* seeks to offer exposure to 15 iconic private technology leaders—including OpenAI, SpaceX, Anthropic, Anduril, xAI, Databricks, Canva, Kraken, Kalshi, Groq, Perplexity, Deel, Colossal, Mercor, and one confidential company—bringing private-market opportunity into a transparent, publicly traded structure.

Trade on Nasdaq

*The Powerlaw 15 refers to a high-conviction portfolio typically composed of approximately 15 investments; holdings may change over time, as described in the Fund’s registration statement.

Robinhood Markets (HOOD)

Robinhood reports after today's close, and retail traders have been circling it all week on Stocktwits, where the ticker showed up on the trending list before the open. The debate is whether prediction markets have gotten big enough to offset weak crypto volumes, with Bernstein arguing event contracts could overtake crypto revenue as early as this quarter and analysts at Needham and KeyBanc both hiking targets in the past week.

The stock is down roughly 20% year to date and sits about 40% below its all-time high, and ARK trimmed a combined 97,325 shares across two funds on July 22. Options are pricing a move north of 12%, so tonight's print could either validate the prediction-markets thesis or confirm the derating.

✌️That’s it for today.