Citi‘s Most Read - North America

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Citi‘s Most Read - North America

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US Machinery - 2Q26 Earnings Preview: Let the Good Times Roll?

We have caught up with our Machinery coverage and updated models ahead of

2Q26 earnings. Machinery stocks, on average, have continued to outperform the

broader market year-to-date, which we think has set a higher bar into 2Q results.

That said, we think the majority of companies under our coverage can beat & raise

guidance or maintain guidance at minimum, as we think improving demand trends

across machinery end-markets (construction & truck in particular) have shown

enough to counterbalance the macro/policy uncertainty narrative. We updated our

rental co estimates last week (here), reflective of what we view as an increasingly

robust medium-term outlook. Our most significant estimate revisions lie in our

2027 CV estimates, as we think recent policy clarity is supportive of higher

industry volumes. While there is still not much to be excited about in ag, recent

section 232 changes should support some margin lift in 2H26.

Kyle Menges

Netflix, Inc (NFLX.O) - Engagement Up, But Guide Unchanged Disappointing

(the Few) Bulls

Netflix reported 2Q26 results relatively in line with Street expectations. However,

its 3Q26 guidance came in slightly below consensus. In addition, Netflix narrowed

its full-year revenue outlook (with the midpoint holding steady at $51.2 billion).

Beyond the results and outlook, Netflix reported 1H26 view hours were up 2% y/y

(a slight y/y acceleration). We expect investors to be pleased by the LSD growth in

engagement and by the quarterly buyback (the largest to date). However, we

expect shares to trade lower tomorrow given: 1) lower UCAN revenue in 2Q26; 2)

slightly disappointing 3Q26 outlook; 3) the company did not raise full-year