Palantir delivered another blockbuster earnings report, but it wasn't enough.
May 6, 2026
Tuesday was another busy day in earnings season, and the market kept making new highs, absorbing new information, and separating real leadership from everything else.
We received 33 fresh earnings reactions, and the results were far from one-sided.
We saw massive moves higher in companies that had been left for dead last quarter, and brutal reactions from stocks that technically reported better-than-expected numbers.
It was a great example of why we always say the reports matter, but the reaction tells us what investors actually believe.
Starting with the Top Beats sheet, let's dive into what happened.
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Waters $WAT had the best reaction of the day, ripping more than 13% after a double beat. That was a major change in character after last quarter’s disaster, when the stock fell nearly 14% for its worst earnings reaction since 2022.
Expeditors $EXPD gave us a similar story, rallying almost 10% for one of its best reactions ever after suffering its worst earnings reaction since 2013 just a quarter ago.
Rockwell Automation $ROK also showed up in a big way, jumping nearly 9% after being punished for two of its last three reports.
And the name that stood out most to us? Archer Daniels Midland $ADM.
ADM is one of the cleanest equity-market expressions of the grain trade, and that matters because Sam and Jason over at the Supercycle Report have been pounding the table on a new bull market in grains.
If that thesis is right, ADM should be acting well. And it is!
Despite reporting mixed headline results, the stock rallied about 4% and closed at a new 52-week high.
What's more, shareholders have now been rewarded for four of the last five earnings reports.
ADM is what a stock looks like when earnings sentiment is serving as a tailwind.
ADM has spent the past few years repairing the damage from a brutal multi-year decline, and now it is climbing up the right-hand side of a massive base.
The stock is transitioning into a new primary uptrend, and the next logical level of interest is the old 2022 highs near $100. That leaves roughly 25% upside from here.
And the fundamentals support the technical trend.
The management team just raised its full-year adjusted EPS guidance to $4.15–$4.70 from the prior range of $3.60–$4.25.
Why?
The operating environment is getting better where it matters most. Soybean crush (the profit margin from buying soybeans and turning them into soybean meal and soybean oil) and ethanol margins strengthened meaningfully.
The ethanol business benefited from a more constructive policy backdrop, and the company saw higher North American export activity, including increased shipments of soybeans and sorghum to China.
The company is even cutting costs through automation and AI.
In other words, they are getting more efficient while the macro backdrop turns in their favor.
That is how you get a durable reversal, and that's why we expect ADM to continue trending higher for the foreseeable future.
Now, the Bottom Beats sheet told a very different story.
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Huntington Ingalls $HII had the worst reaction of the day, falling more than 10% despite beating expectations. That continues a terrible earnings sentiment trend, as the stock has now been punished for seven of its last nine earnings reports.
Leidos $LDOS also got hit hard after a better-than-expected report, snapping what had been a pretty strong run of earnings reactions.
PayPal $PYPL deserves a mention because this stock remains one of the hottest messes in credit services. Last quarter, it fell 20% after missing expectations.
And on Tuesday, PYPL beat headline expectations but still fell nearly 8%.
But the most important negative reaction of the day came from Palantir $PLTR.
This is one of the hottest growth stocks in the world. It is a $325 billion software behemoth, a pure-play AI bellwether, and arguably the best fundamental growth story we have ever seen in enterprise software.
And after yet another blockbuster earnings report, PLTR fell nearly 7%.
We wrote about Palantir in Sunday’s Weekly Beat because the setup was front and center for us.
Earlier this year, the stock looked like it had resolved a massive top. But instead of accelerating lower, it spent the past several weeks churning sideways just below the neckline.
If sellers were really in control, we should have seen downside follow-through by now. But we haven't...
Instead, PLTR has coiled beneath a key polarity level.
Heading into this report, the stock was setup for a potential scoop-n-score move if the company delivered what the market wanted to hear.
And while the company delivered an unbelievably good earnings report, it wasn't enough to spark a rally in the stock.
Palantir reported 85% YoY revenue growth, its highest growth rate ever as a public company.
The U.S. government revenue grew 104% YoY, and U.S. commercial revenue surged 133% over the same period.
The company also posted a surreal Rule of 40 score of 145%.
As if that wasn't enough, the management team then raised the full-year revenue guidance to $7.65–$7.66 billion.
These numbers are ridiculous, and they'd typically be enough to launch a stock significantly higher.
But Palantir is not like most stocks, and expectations here are not normal.
This is a company already priced like one of the great winners of the AI era, so the question is not whether the business is booming. It is how much of that boom is already in the stock.
That is where the technicals become so important...
So long as PLTR remains below $150, things are messy at best.
On Monday, we issued a new trade for Premium Beat Reportmembers in one of Asia's most exciting growth stories. This is a stock with the potential to multiply our money if the thesis plays out.
Editor's Note: Sam Gatlin & Jason Perz are trading stocks that have nothing to do with artificial intelligence, but they could hand you 3x, 5x, even 10x gains.
They're trading stocks like ADM, but with more juice.
If you want to get their next trade, join the Supercycle Reporttoday.
