This week, we'll hear from some of the market's most important bellwether stocks.
July 19, 2026
WHAT ARE YOUR THOUGHTS? Earnings season is officially back, and this week brings some of the most important reports of the quarter.
So here’s our question for you…
Are these market bellwethers about to confirm another leg higher for the bull market?
Or are expectations getting too hot as more stocks press toward new highs?
Write us at [email protected]. We value your input and may feature your responses in a future post.
We're officially back in a new earnings season.
And right now, the market is sending a very clear message: leadership is rotating, expectations are rising, and the next few weeks will separate the real winners from the stocks that were carried higher by the tide.
This week, the calendar gets even busier as we’ll hear from many of the market's most important stocks.
Today, we’ll start by reviewing what happened last week, then turn our attention to the three reports that are front and center for us next week.
Despite reporting a big double beat, Delta Air Lines $DAL fell 1.8%.
In the latest quarter, Delta generated record adjusted revenue of $17.7 billion, up 14% YoY, while premium revenue grew 17%, loyalty revenue grew 19%, cargo revenue grew 39%, and MRO revenue grew 32%. What's more, the management team also reaffirmed full-year guidance for $6.50 to $7.50 in adjusted earnings per share and $3 billion to $4 billion in free cash flow.
Since there were no S&P 500 earnings reactions to cover, we highlighted Extreme Networks $EXTR. Extreme helps businesses, schools, hospitals, stadiums, government agencies, and large organizations run faster, smarter, more secure networks.
And the market loves what they're doing... The stock is breaking out to new multi-decade highs on the heels of the best earnings reaction since 2000.
The new earnings season kicked off with many of the world's largest financial stocks. Goldman Sachs $GS was the biggest winner, rallying 9% to a new all-time high after a blowout quarter.
On the flip side, International Business Machines $IBM posted a massive double miss, and cratered 25.2% for its worst day ever. Price is now hanging on for dear life at the lower bound of a textbook distribution pattern.
The earnings reports from big financial stocks kept rolling in, and BlackRock $BLK stood out. In reaction to a top- and bottom-line beat, BLK rallied 6.6% for its best earnings reaction since 2009 and the fourth consecutive positive earnings reaction.
Despite a better-than-expected report, Progressive $PGR fell 9.4% for its worst earnings reaction since Q3 2023. Price is stuck below a key level of interest that previously served as support, and has since then flipped into resistance.
Medical devices have been a major laggard in the healthcare sector, but this trend could be changing right now. The world's largest medical devices stock, Abbott Labs $ABT, crushed the market's headline expectations and rallied 10.7% for its best earnings reaction of the 21st century.
Finally, GE Aerospace $GE failed to rally on good news again. Following a double beat, GE fell 4.1%, marking its third consecutive negative earnings reaction.
What's happening next week 👇
After an action-packed week of earnings, earnings season is about to hit another gear this week.
Next week, we’ll hear from a long list of market bellwethers, including Tesla $TSLA, Alphabet $GOOGL, Union Pacific $UNP, Texas Instruments $TXN, RTX $RTX, Thermo Fisher $TMO, Lockheed Martin $LMT, T-Mobile $TMUS, Comcast $CMCSA, Blackstone $BX, Intel $INTC, Verizon $VZ, American Express $AXP, SLB $SLB, Charter $CHTR, and many more.
In other words, the earnings tape is about to get loud again.
And three reports stand out to us most: Alphabet, Tesla, and Union Pacific.
Let’s start with Alphabet.
GOOGL reports Wednesday after the close. The market is looking for roughly $117 billion in revenue and $2.88 in earnings per share.
Uncle Warren recently took a stake in Alphabet, and when Warren Buffett shows up in a stock, it’s hard for us to be too bearish.
But we don’t buy stocks because someone famous owns them.
We buy stocks when the technicals, fundamentals, and earnings sentiment all line up.
And right now, Alphabet checks those boxes.
The stock has been in a very strong primary uptrend since last year.
And recently, GOOGL ripped to new all-time highs, pulled back, and is now testing a key level of former resistance near $335.
That level has now turned into support.
So long as Alphabet holds above $335, the path of least resistance remains higher, and we think a fresh leg higher is coming.
The earnings scorecard backs that up.
Last quarter, Alphabet delivered its strongest top- and bottom-line growth in years with 21.80% and 81.85% growth, respectively.
And the market loved it!
GOOGL rallied nearly 10% after the report, its best earnings reaction since April 2024.
What's more, the stock had some of its strongest pre- and post-earnings drift in years.
That's exactly the type of earnings sentiment we want to see, and it's why we're bullish GOOGL.
Next up is Tesla.
Tesla reports Wednesday after the close. The market is looking for roughly $26.07 billion in revenue and $0.52 in earnings per share.
Unlike Alphabet, Tesla hasn't been in a primary uptrend.
TSLA has made very little progress over the past year and a half, but that doesn't mean the stock is broken.
In fact, it looks constructive.
Tesla has been carving out a massive accumulation pattern, and $489 is the big level to watch.
Below $489, the path of least resistance is still sideways.
But if Tesla can finally break above that level, things could get explosive fast.
That's what makes this week’s report so important.
Last quarter, Tesla delivered its strongest revenue and earnings growth in years.
The stock was still punished for the report, which tells us earnings sentiment isn't yet fully supportive.
But there was one important change...
Tesla posted positive pre- and post-earnings drift for the first time since July 2024.
That matters because the next quarter after that July 2024 drift shift, Tesla posted its best earnings reaction ever.
We're not saying the same thing has to happen this time, but it does make the setup more compelling to us.
Now let’s move to the rails.
Union Pacific reports Thursday before the open. The market is looking for roughly $6.72 billion in revenue and $3.25 in earnings per share.
This is the largest publicly traded railroad in the world, with a market cap of nearly $180 billion. The next closest railroad, CSX, is worth roughly half that.
So when UNP reports, we pay close attention.
This isn't just a railroad story.
UNP provides a read on the economy's health.
And the stock is heading into the report from a position of strength.
UNP recently put the finishing touches on a massive accumulation pattern that dates back to 2022.
Now the stock is ripping to new all-time highs.
So long as UNP remains above $279, the path of least resistance is decisively higher.
The earnings scorecard makes the story even more compelling.
Union Pacific missed revenue expectations last quarter, marking eight consecutive quarters of missing top-line expectations.
But the stock still rallied 8.8%.
That was its best earnings reaction since the summer of 2023.
In other words, the market looked past the revenue miss and focused on the bigger picture.
Revenue and earnings still grew 3% and 8.5% YoY, respectively.
And the stock had its strongest pre-earnings drift in years heading into the report.
That's a major change in character, and it's why we expect the market to reward UNP for its earnings report this week.
At the Beat Report, we're not just looking for companies that beat estimates.
We're looking for stocks where the technicals, fundamentals, and earnings sentiment are all moving in the same direction.
GOOGL and UNP already have that alignment.
Meanwhile, TSLA isn't quite there yet, but conditions are trending in the right direction.
If a new trade comes out of this week's earnings reports, Beat Report members will be the first to know.
Cheers,
-The Beat Team
Editor's Note: Grant Hawkridge just walked through his entire Green Light system live: the one number he reads before bed, the three steps behind it, and how it sidestepped the 2022 bear and the COVID drawdown.
If you missed it, the full replay is up now. Watch it here.
