US Morning Call: July 29, 2026

First-page research excerpt

Equity Research

29 July 2026 | 8:23AM EDT

US Morning Call: July 29, 2026

Click “here” for the Market Intelligence: US Morning Update, and a written summary of the

US Morning Call.

Chris Hussey

On Goldman Sachs’ US morning call today, we check in on leisure, steel, and trucking.

Sarah Herr

See below for the full list of today’s topics and speakers; approximate start times are in

parentheses.

+1(212)902-7564 |

Goldman Sachs & Co. LLC

Featured Analysts:

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(0:08) Lizzie Dove – Buy HLT, RCL post-2Q earnings

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(2:11) Nick Cash – Reinstate STLD at Buy; Buy NUE post-2Q earnings

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(3:30) Jordan Alliger – Buy UPS post-2Q earnings

Notes on the Call:

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Hilton Worldwide Holdings (HLT, Buy), Dove: 2Q26 Review: Pullback provides

attractive entry point, with LT RevPAR outlook and algo encouraging; Maintain

Buy

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Royal Caribbean Group (RCL, Buy), Dove: 2Q26 Review: Favorable setup into

2027 with several catalysts ahead; Maintain Buy and Raise PT to $360

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Steel Dynamics Inc. (STLD, Buy), Cash: Reinstate at Buy Given Favorable

Commodity Price Tailwinds and Upside from Counter-Cyclical Aluminum Business

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Nucor Corp. (NUE, Buy), Cash: Strong 2Q26 Results; Demand and Margin

Momentum Increasing Profitability and Free Cash Flow; Reiterate Buy

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United Parcel Service Inc. (UPS, Buy), Alliger: 2Q26 EPS Beat; Domestic Margin

Looks to Improve in 2H; Buy on Improved Profit Runway

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Werner Enterprises Inc. (WERN, Buy), Alliger: 2Q26 Trucking EBIT Above

Consensus, Logistics EBIT Light; Buy for Ongoing Rate Recovery

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Landstar System Inc. (LSTR, Sell), Alliger: 2Q26 EPS Miss on Insurance Costs;

Higher Run Rate of Rev/Load Pushes 2027 Higher

Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors

should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.

Investors should consider this report as only a single factor in making their investment decision. For Reg AC