• AAPL stock is up. See the chart and price action here.

Management guided for June-quarter revenue growth of 14% to 17%, well ahead of Street expectations for roughly 9% growth.

Apple also forecast gross margin of 47.5% to 48.5%, compared with consensus expectations of 47.6%, signaling continued pricing power and cost discipline.

AAPL Q2 Details

The upbeat outlook follows Apple's fiscal second-quarter double beat.

The company reported revenue of $111.18 billion, up 17% year over year and above analyst estimates of $109.66 billion, while earnings came in at $2.01 per share versus estimates of $1.94, according to Benzinga.

CEO Tim Cook called it Apple's "best March quarter ever," highlighting double-digit growth across every geographic segment and an all-time high in the active installed base across major product categories and regions.

iPhone revenue rose to $56.99 billion from $46.84 billion a year earlier, while Services revenue climbed to $30.98 billion from $26.65 billion, according to Benzinga.

Apple also announced a 4% dividend increase and authorized up to $100 billion in additional share repurchases, according to Benzinga.

Another key update from the call: Apple is no longer targeting a net cash-neutral position, marking a shift from its long-running balance sheet strategy.

The combination of a strong guide, resilient margins and ongoing buybacks helped send AAPL stock higher after hours.

AAPL Price Action: Apple stock up 3.59% in after-hours trading on Thursday, last trading at $281.09. The stock is approaching its 52-week high of $288.61, according to Benzinga Pro data.

Photo: Shutterstock

• Zeta Global Holdings stock is charging ahead with explosive momentum. Why are ZETA shares rallying?

Zeta Global Q1 Highlights

Zeta reported first-quarter revenue of $396.30 million, beating analyst estimates of $370.40 million, according to Benzinga Pro.

The AI marketing cloud company said total revenue was up 50% on a year-over-year basis. Zeta grew its super-scaled customer count to 189 in the quarter, up 19% year-over-year. Average revenue per user was $1.70 million for Super-scaled customers.

“Accelerating revenue growth to 50% and achieving the Rule of 67 in the first quarter is further evidence we are winning in this environment, powered by the system we have built: proprietary data that improves with every interaction, intelligence that compounds with every decision, and a platform with AI at its core that allows customers to consolidate vendors into a single, unified operating model. This results in an average 600% return on marketing spend for our customers,” said David Steinberg, co-founder, chairman, and CEO of Zeta.

Zeta expects second-quarter revenue to be in the range of $419 million to $422 million versus estimates of $415.51 million. The company also raised its full-year revenue guidance from a range of $1.75 billion to $1.76 billion to a new range of $1.78 billion to $1.79 billion versus estimates of $1.76 billion.

ZETA Shares Rise After The Close

ZETA Price Action: Zeta Global shares were up 5.27% in Thursday's after-hours session, trading at $19.39 at the time of publication, according to Benzinga Pro.

Image: Shutterstock.com

Here's the highlights and update.

• Clorox shares are approaching critical lows. Why are CLX shares at support?

Clorox Q3 Financials

Clorox reported third-quarter revenue of $1.67 billion, flat versus the same period year-over-year. Organic sales were down 1% year-over-year in the quarter.

The company's revenue total beat a Street consensus estimate of $1.667 billion, according to data from Benzinga Pro.

Clorox reported third-quarter earnings per share of $1.64, beating a Street consensus estimate of $1.55.

"Our third-quarter results were mixed, with continued momentum in some parts of our portfolio and slower-than-anticipated market share recovery in others," Clorox CEO Linda Rendle said.

By business segment, here are the third-quarter results:

• Health and Wellness (Cleaning, Professional Products): net sales flat
• Household (Bags and Wraps, Cat Litter, Grilling): net sales up 3% year-over-year
• Lifestyle (Food, Water Filtration, Natural Personal Care): net sales down 9% year-over-year
• International: net sales up 8% year-over-year

What's Next for Clorox

Updated guidance for Clorox calls for net sales to be down 6% year-over-year in fiscal 2026.

The company lowered its adjusted earnings per share guidance for the full fiscal year from a previous range of $5.95 to $6.30 to a new range of $5.45 to $5.65. The current Street consensus estimate is $5.89, according to data from Benzinga Pro.

Clorox cites three drivers of the new outlook, which are shipping inventory ahead of consumption in the fourth quarter of 2025, the GOJO acquisition and a negative impact on net sales from the divestiture of the VMS vitamins business.

"We recognize there is more work to do in what continues to be a challenging consumer and cost environment," Rendle said. "We're focused on improving execution to accelerate market share progress in challenging areas while continuing to invest behind areas of strength."

Clorox Stock Price Action

Clorox stock is down 6.4% to $90.30 in after-hours trading Thursday versus a 52-week trading range of $95.11 to $143.96. If the share losses hold, the stock would open at a new 52-week low on Friday.

Photo by Tamer A Soliman via Shutterstock

• Riot Platforms stock is trading in a tight range. Where is RIOT stock headed?

Riot Platforms Reports Mixed Q1

Riot reported first-quarter revenue of $167.20 million, beating analyst estimates of $130.79 million. The company reported a first-quarter loss of $1.44 per share, missing estimates for a loss of 44 cents per share, according to Benzinga Pro.

Riot said it mined 1,473 Bitcoin (CRYPTO: BTC) in the quarter, down from 1,530 year-over-year. The average cost to mine Bitcoin in the first quarter was $44,629.

Riot also generated data center revenue for the first time, reporting $33.2 million for the segment as the company continues to shift its focus from Bitcoin mining to AI infrastructure.

“The first quarter of 2026 marks a definitive inflection point for Riot, as we officially transitioned into an active, revenue-generating data center operator,” said Jason Les, CEO of Riot.

“Our ongoing delivery of initial capacity to AMD, and their decision to already double their footprint with a 25 megawatt expansion, validates our ability to execute at institutional scale with the most demanding tenants.”

Riot ended the quarter with $282.5 million in cash on hand and 15,679 Bitcoin in reserve.

RIOT Shares Creep Higher After The Close

RIOT Price Action: Riot shares were up 0.70% in Thursday's after-hours session, trading at $17.35 at the time of publication, according to Benzinga Pro.

Image: Shutterstock.com

Here's a look at the details inside the report. 

• TEAM stock is moving. Watch the price action here.

Atlassian Q3 Details       

Atlassian reported quarterly earnings of $1.75 per share, which blew past the analyst consensus of $1.32 by 32.58%, according to Benzinga Pro data. 

Quarterly revenue clocked in at $1.79 billion, which beat the consensus estimate of $1.69 billion and was up from $1.36 billion in the same period last year.

Operating income was $607.2 million for the third quarter of fiscal year 2026, compared with operating income of $348.3 million for the third quarter of FY 2025.

Operating margin was 34% for the third quarter of fiscal year 2026, compared with 26% for the same quarter last year.

Cash flow from operations was $567.5 million and free cash flow was $561.3 million for the third quarter.

“Our strong Q3 results show the power of our strategy in action, with total revenue growing 32% year-over-year to $1.8 billion, as customers sign bigger, longer-term commitments, and connect their teams and workflows on our AI-powered platform,” said Mike Cannon-Brookes, Atlassian CEO.

“Service Collection eclipsed $1 billion in ARR, and is growing over 30% year-over-year, as it continues to take share and reinforce our conviction in the long-term growth opportunity of the Atlassian System of Work,” Cannon-Brookes added.

Looking Ahead

Atlassian expects fourth-quarter revenue in a range of $1.65 billion to $1.66 billion, versus the $1.66 billion analyst estimate.

TEAM Stock Price: According to data from Benzinga Pro, Atlassian stock was up 17.08% to $80.31 in Thursday's extended trading.  

Photo: Shutterstock

Here are the key highlights.

 • Roku stock is approaching key resistance levels. Why is ROKU stock breaking out?

Roku Q1 Financials

Roku reported first-quarter revenue of $1.248 billion, up 22% year-over-year. The revenue total beat a Street consensus estimate of $1.204 billion, according to data from Benzinga Pro.

Platform revenue was $1.13 billion in the quarter, up 28% year-over-year. This total consisted of advertising revenue of $612.7 million and subscription revenue of $518.5 million, which were up 27% and 30%, respectively, on a year-over-year basis.

Devices revenue was $117.6 million in the quarter, down 16% year-over-year.

Roku said it had 38.7 billion streaming hours in the quarter, up 8% year-over-year. The company-owned The Roku Channel was the number two app on the platform by U.S. engagement in the quarter.

The company highlighted strength in its advertising efforts, including AI-powered recommendations. Roku's video advertising growth outpaced the U.S. OTT and digital ad markets in the quarter.

Roku said it had its highest quarter ever for Premium Subscription sign-ups in the first quarter. The company also launched Apple TV and Peacock with Premium Subscriptions in March and April.

In April, Roku hit a milestone with more than 100 million streaming households globally now using a device powered by the Roku TV operating system.

What's Next For Roku

Roku is guiding for second quarter revenue of $1.295 billion. The current Street consensus estimate is $1.285 billion, according to data from Benzinga Pro.

The company expects Platform revenue to be up around 20% year-over-year in the second quarter and devices revenue to be down high-single digits year-over-year in the quarter. The revenue guidance would represent year-over-year growth of 17%.

Roku raised its full-year revenue outlook to $5.535 billion, up from a previous range of $5.50 billion. The new total consists of Platform revenue of $5.0 billion and Devices revenue of $535 million.

Roku Stock Price Action

Roku stock is up 4.33% to $121.61 in after-hours trading Thursday versus a 52-week trading range of $58.55 to $119.96.

Image via Shutterstock

• Apple shares are advancing steadily. What’s driving AAPL shares up?

Apple Q2 Highlights

Apple reported fiscal second-quarter revenue of $111.18 billion, beating analyst estimates of $109.66 billion. The Cupertino-based company reported earnings of $2.01 per share for the quarter, beating analyst estimates of $1.94 per share, according to Benzinga Pro.

Revenue was up 17% year-over-year, and earnings per share climbed 22% year-over-year. Americas sales totaled $45.09 billion in the quarter, Europe sales came in at $28.06 billion, Greater China sales were approximately $20.50 billion, Japan sales totaled $8.40 billion and the rest of Asia Pacific sales were $9.14 billion.

Product revenue came in at $80.21 billion, up from $68.71 billion year-over-year. Services revenue totaled $30.98 billion, up from $26.65 billion year-over-year. Here’s a breakdown of product sales by category.

• iPhone: $56.99 billion, versus $46.84 billion last year
• Mac: $8.40 billion, versus $7.95 billion last year
• iPad: $6.91 billion, versus $6.40 billion last year
• Wearables, Home and Accessories: $7.90 billion, versus $7.52 billion last year

Apple said its active installed base of devices hit another all-time high across all major product categories and geographic segments.

“Today Apple is proud to report our best March quarter ever, with revenue of $111.2 billion and double-digit growth across every geographic segment,” said Tim Cook, CEO of Apple. “iPhone achieved a March quarter revenue record, fueled by such extraordinary demand for the iPhone 17 lineup.”

Apple exited the quarter with $45.57 billion in cash and cash equivalents. The company's board declared a quarterly cash dividend of 27 cents per share, up 4%. The increased dividend is payable on May 14 to shareholders of record as of May 11.

Apple’s board also authorized an additional share repurchase program of up to $100 billion of the company’s common stock.

Apple executives will discuss the quarter on an earnings call at 5 p.m. ET. Apple usually provides commentary on the call regarding how it expects different product lines to perform in the near term.

AAPL Stock Moves Lower After Earnings

AAPL Price Action: Apple shares were down 0.50% in after-hours, trading at $269.98 at the time of publication on Thursday, according to Benzinga Pro. Apple stock was approximately flat year-to-date heading into the print.

Image: Shutterstock.com

Asked by reporters whether he was prepared to take action against Powell remaining on the Board of Governors after his chair term ends May 15, Trump dismissed the idea.

According to Trump, he does not care if Powell stays, having predicted as much because “who’s going to hire him, frankly.”

Trump called Powell “a negative force” and said the renovation cost angered him more than rates ever did. Per Trump, he could have renovated the Fed building for $25 million; instead, the project may run close to $4 billion and remains unfinished.

The president then pivoted to his successor pick. Trump said Kevin Warsh — who cleared the Senate Banking Committee on Wednesday morning on a 13-11 vote — is “going to be fantastic” and joked that if Warsh has nowhere to work, he will give him an office at the White House.

Per Trump, he might “cut the Oval in half” to make room.

Powell’s Warning From 24 Hours Earlier

The comments sit in direct tension with what Powell said 24 hours earlier.

In his final press conference as chair, Powell said Fed independence is “at risk” and described the administration’s legal actions against the central bank as unprecedented in the institution’s 113-year history.

According to Powell, he had long planned to retire when his chair term ended, but developments over the past three months left him no choice but to remain on the Board.

Powell’s defense of Fed independence was crucial.

Every major advanced economy separates monetary policy from elected politicians because politicians, always running for the next election, will always want low rates — a path that leads to inflation over time.

The four-decade run of contained inflation that ended with the pandemic, he suggested, was the dividend of that arrangement.

Powell indicated that what matters is not the abstract principle of an independent institution but the concrete benefit: interest rates set to achieve maximum employment and price stability, with political considerations ignored completely.

Photo: Shutterstock

Here's a look at the details inside the report. 

• RBLX stock is moving. Watch the price action here.

Roblox Q1 Details       

Roblox reported quarterly losses of 35 cents per share, which beat the analyst estimate for losses of 39 cents, according to Benzinga Pro data. 

Quarterly revenue came in at $1.73 billion, which beat the Street of $1.72 billion.

Average daily active users (DAUs) grew by nearly 34 million from the first quarter of 2025 to the first quarter of 2026, up 35% to 132 million. Hours engaged increased 43% year-over-year to 31 billion.

Average monthly unique payers (MUPs) increased to 31 million, up 52% compared to a year ago.

Bookings grew 43% year-over-year to $1.7 billion.

“Q1 2026 was another strong quarter of growth. We are continuing to make great strides on the key growth levers that power our vision of a building a human co-experience platform,” said David Baszucki, CEO of Roblox.

RBLX Outlook

Roblox lowered its fiscal 2026 revenue outlook to a range of $7.33 billion to $7.6 billion, versus the $8.13 billion analyst estimate.

RBLX Stock Price: According to data from Benzinga Pro, Roblox stock was down 20.58% to $43.89 in Thursday's extended trading.  

Photo: Shutterstock

• Twilio stock is trending after earnings. What’s behind TWLO gains?

Twilio Q1 Key Details

Twilio turned in first-quarter revenue of $1.41 billion, beating analyst estimates of $1.34 billion, according to Benzinga Pro. The company reported adjusted earnings of $1.50 per share for the quarter, beating estimates of $1.27 per share.

“Q1 was a milestone quarter for Twilio, marked by our highest revenue and gross profit growth rates in more than three years,” said Khozema Shipchandler, CEO of Twilio.

Total revenue was up 20% year-over-year. Twilio generated $153.2 million in operating cash flow and $132.3 million in free cash flow during the quarter. The company ended the period with approximately $541.98 million in cash and cash equivalents.

What’s Ahead For Twilio?

Twilio expects second-quarter revenue in the range of $1.42 billion to $1.43 billion versus estimates of $1.39 billion. The company anticipates second-quarter adjusted earnings of $2.50 to $2.60 per share versus estimates of $1.29 per share.

Twilio also raised its full-year 2026 revenue guidance from a range of $5.65 billion to $5.70 billion to a new range of $5.78 billion to $5.83 billion versus estimates of $5.69 billion. 

Twilio’s management team will further discuss the quarter on an earnings call with investors and analysts at 5 p.m. ET.

TWLO Stock Surges After Hours

TWLO Price Action: Twilio shares were up 16.84% in after-hours Thursday, trading at $173 at the time of publication, according to Benzinga Pro.

Image: Shutterstock.com

Here's a look at the details inside the report. 

• WDC stock is moving. Watch the price action here.

Western Digital Q3 Details       

Western Digital reported quarterly earnings of $2.72 per share, which beat the Street estimate of $2.39, according to Benzinga Pro data. 

Quarterly revenue came in at $3.34 billion, which beat the consensus estimate of $3.25 billion and was up from $2.29 billion in the same period last year.

Non-GAAP gross margin was 50.5% for the quarter.

“WD started calendar year 2026 with great execution, driving strong sequential and year-over-year revenue growth in all our end markets, while expanding gross and operating margins,” said Irving Tan, CEO of Western Digital.

“The demand drivers are clear: Virtually every AI workload, from training, inference, agentic AI to physical AI, creates data that is stored persistently and cost-efficiently on HDDs,” Tan added.

WDC Outlook

Western Digital expects fourth quarter adjusted EPS of $3.10 to $3.40, versus the $2.73 analyst estimate, and revenue in a range of $3.55 billion to $3.75 billion, versus the $3.46 billion estimate.

WDC Stock Price: According to data from Benzinga Pro, Western Digital stock was down 6.1% to $408 in Thursday's extended trading.  

Photo: Shutterstock

• Reddit stock is trading at key levels. Where are RDDT shares going?

Reddit Q1 Highlights

Reddit posted first-quarter revenue of $663.41 million, beating the consensus estimate of $610.88 million, according to Benzinga Pro. The company reported first-quarter earnings of $1.01 per share, beating analyst estimates of 58 cents per share.

Total revenue climbed 69% on a year-over-year basis as daily active unique (DAUq) users increased 17% year-over-year to 126.8 million.

Reddit generated operating cash flow of $312 million and free cash flow of $311 million in the quarter. The company ended the period with approximately $2.77 billion in cash, cash equivalents and marketable securities.

“Reddit is a one-of-one business powered by deeply engaged communities and authentic human conversation. That foundation is driving a rare combination of growth, profitability, and efficiency, and giving Reddit a unique advantage in the age of AI,” said Steve Huffman, co-founder and CEO of Reddit. 

What’s Next For Reddit?

Reddit expects second-quarter revenue to be in the range of $715 million to $725 million versus estimates of $711.63 million. The company anticipates adjusted EBITDA of $285 million to $295 million in the second quarter.

Reddit executives will further discuss the quarter on an earnings call scheduled for 4:30 p.m. ET.

Reddit Stock Pops After Earnings

RDDT Price Action: Reddit shares were up 2.56% in after-hours Thursday, trading at $151 at the time of publication, according to Benzinga Pro.

Image: Shutterstock.com

Here's a look at the details inside the report. 

• SNDK stock is moving. Watch the price action here.

SanDisk Q3 Details       

SanDisk reported quarterly earnings of $23.41 per share, which beat the analyst consensus estimate of $14.43 by 62.23%, according to Benzinga Pro data. 

Quarterly revenue came in at $5.95 billion, which beat the Street estimate of $4.68 billion by 27.03% and was up from $1.7 billion in the same period last year.

The company said that revenue outperformance was driven by both mix shift toward higher-value customers, with Datacenter up 233%, and higher pricing.

“This quarter marks a fundamental inflection point for Sandisk — where our technology leadership is enabling a deliberate shift in our mix toward the highest-value end markets, led by Datacenter,” said David Goeckeler, CEO of Sandisk.

Looking Ahead

SanDisk is looking for fourth quarter adjusted EPS of $30 to $33, versus the $22.01 analyst estimate, and revenue of $7.75 billion to $8.25 billion, versus the $6.35 billion analyst estimate.

SNDK Stock Price: According to data from Benzinga Pro, SanDisk stock was down 7.53% to $1,015 in Thursday's extended trading.  

Photo: Shutterstock

The company recently broadened its story beyond EV batteries into new end-markets, such as AI power infrastructure and defense. Here’s what investors need to know.

• QuantumScape stock is showing exceptional strength. Why is QS stock surging?

QuantumScape Beats Q1 Estimates, Eagle Line Commences QSC5 Production

QuantumScape last week posted a quarterly loss of 16 cents per share, beating expectations for a loss of 18 cents, and said it has finished installing its Eagle Line facility and started operations to produce QSC5 cells.

The company also reiterated full-year adjusted EBITDA loss guidance of $250 million to $275 million and capital expenditures of $40 million to $60 million.

The company said production is expected to ramp in the second quarter to support customer programs, and it flagged potential applications beyond autos, including AI data centers shifting toward 800-volt DC architectures. It also reported its first customer billings from ecosystem partners and noted short interest rose to 88.98 million shares, about 18.2% of float.

QuantumScape's push into defense-adjacent power needs is also being watched through a policy lens as Washington signals tougher enforcement against AI IP theft and "distillation" of frontier models. That backdrop can shape how quickly hyperscalers and government-linked buyers greenlight new infrastructure suppliers, a key reason traders are tracking stronger enforcement measures tied to China-linked activity.

Critical Levels To Watch For QS Stock

QuantumScape is still rebuilding its longer-term trend after a deep drawdown from its 52-week high, and the chart is sending mixed signals across timeframes. The stock is trading 7.2% above its 20-day simple moving average (SMA) and 15.7% below its 100-day SMA, which points to improving short-term demand but a still-damaged intermediate trend.

The 20-day SMA remains below the 50-day SMA, and the death cross that formed in February (50-day falling below the 200-day) keeps the longer-term backdrop cautious even as price firms. That combination often means rallies can be tradable, but they may face overhead supply until the longer averages flatten and turn.

Momentum is leaning slightly constructive: the moving average convergence divergence (MACD), a trend/momentum measure, is above its signal line and the histogram is positive, which is consistent with buyers gaining some control in the near term. In everyday terms, MACD being above the signal line means the recent push higher is stronger than the prior downtrend pressure.

• Key Resistance: $7.50 — Level where recent rallies have tended to stall.
• Key Support: $6 — Area where buyers have previously stepped in.

QS Shares Climb Thursday Afternoon

QS Stock Price Activity: QuantumScape shares were up 7.02% at $7.32 at the time of publication on Thursday, according to Benzinga Pro data.

Image: Courtesy of QuantumScape

Strong First-Quarter Performance

Jones said Meta exceeded expectations across both revenue and earnings in the first quarter.

He noted that Family of Apps revenue reached $55.9 billion and advertising revenue came in at $55.0 billion, both above consensus estimates, while Reality Labs revenue of $402 million fell short of expectations.

He added that diluted EPS of $10.44 significantly beat consensus, supported by total expenses of $33.4 billion and capital expenditures of $19.8 billion, both below expectations.

Guidance And Higher CapEx Outlook

Jones said Meta issued second-quarter revenue guidance of $58 billion to $61 billion, broadly in line with consensus and implying about 25% year-over-year growth.

He noted that the outlook includes a modest foreign exchange tailwind, translating to roughly 23% growth at the midpoint on a constant-currency basis.

He added that Meta kept its full-year expense guidance unchanged at $162 billion to $169 billion but raised its 2026 capital expenditure outlook to $125 billion to $145 billion, up from prior guidance. This move contributed to a decline in the stock after hours.

Estimates And Long-Term View

Jones said he raised his 2026 forecasts following stronger-than-expected results and updated guidance, while making only slight revisions to 2027 estimates.

He emphasized that Meta still has significant room to improve monetization, which should support continued strong top-line growth and justify ongoing strategic investments.

He maintained an Outperform rating and a $955 price forecast, based on a 27x multiple applied to his 2027 estimated diluted EPS of $35.34.

Technical Analysis

Meta is sitting in the lower half of its 52-week range after failing to hold the higher levels set earlier in the year, which leans toward a more cautious intermediate trend. The stock is trading 5.2% below its 20-day simple moving average (SMA) and 5.4% below its 100-day SMA, a setup that points to sellers having the edge across both short- and mid-term timeframes.

The moving average convergence divergence (MACD), a trend/momentum measure, remains above its signal line, and the histogram is positive, suggesting downside momentum may be easing even as price pulls back. When MACD remains bullish during a drop, it often reflects dip-buying interest seeking to stabilize the trend.

The 50-day SMA remains below the 200-day SMA following the death cross in December 2025, which keeps a longer-term "repair" narrative in place. With the stock also trading 10.2% below its 200-day SMA, rallies may need to prove themselves before the longer-term trend looks clean again.

• Key Resistance: $673.00 — an area where prior rallies have tended to stall.
• Key Support: $520.50 — a level where buyers have previously stepped in near the lows.

Top ETF Exposure

• Capital Group Growth ETF (NYSE:CGGR): 8.09% Weight
• First Trust Dow Jones Internet Index Fund (NYSE:FDN): 9.17% Weight
• Natixis Loomis Sayles Focused Growth ETF (NYSE:LSGR): 8.65% Weight

Significance: Because META carries such a heavy weight in these funds, any significant inflows or outflows will likely trigger automatic buying or selling of the stock.

META Price Action: Meta Platforms shares were down 7.99% at $615.67 at the time of publication on Thursday, according to Benzinga Pro data.

Photo via Shutterstock

Cigna Earnings

The health plan company reported first-quarter 2026 adjusted earnings of $7.79 per share, beating the consensus of $7.61 per share.

Sales rose 5% to $68.52 billion, beating the consensus of $66.37 billion, primarily driven by growth in Evernorth Health Services.

Outlook Raised On Growth Momentum

Additionally, the company raised its full-year outlook for consolidated adjusted income from operations to at least $30.35 per share, versus the consensus of $30.33 and prior guidance of $30.25.

The company, in an investor call, said the updated guidance reinforces the sustained growth, durability, and strength of the company.

Cigna Healthcare affirms the Medical Care Ratio to be between 83.7% and 84.7%.

Customer Metrics

Customer relationships decreased 2% quarter on quarter to 185.5 million.

Total pharmacy customers decreased 2% sequentially to 121.0 million, reflecting expected client transitions and lower membership from health plan clients.

Total medical customers increased 1% to 18.3 million, reflecting growth in Middle, Select, and International markets, partially offset by lower membership in National Accounts.

Quarterly sales for Evernorth Health Services increased 9% to $58.44 billion, with Pharmacy Benefit revenues of $33 billion, up 11% primarily due to drug mix.

Specialty and Care sales were $25.4 billion, increased 6%, reflecting strong specialty volume growth.

Strategic Moves

Cigna said it is planning to exit the individual exchange business at the end of this year and has decided to initiate a strategic review of alternatives for eviCore to focus on core growth platforms.

Conference Call Highlights

The company raised its full-year 2026 adjusted EPS outlook to at least $30.35 due to strong performance and market momentum.

Strategic portfolio updates include exiting the individual exchange business and exploring strategic alternatives for Evercore to focus on core growth platforms.

Management highlighted the launch of a new rebate-free pharmacy benefits model, Signature, aimed at providing the lowest out-of-pocket costs for consumers.

CEO David Cordani announced his transition to Executive Chair, with Brian Ivanko succeeding him as CEO in July 2026.

Cigna Technical Analysis: Momentum And Key Support Levels

The Cigna Group is currently trading near the upper end of its 52-week range, which suggests a strong position relative to its historical performance. The stock is trading 5.4% above its 20-day simple moving average (SMA), indicating short-term strength, while it is also 6.2% above its 50-day SMA, reflecting positive momentum in the intermediate term.

The relative strength index (RSI) is at 64.87, suggesting that the stock is in a neutral position, neither overbought nor oversold. This level indicates that there may be room for further upside, but traders should remain cautious of potential pullbacks.

• Key Resistance: $292.50 — A significant level where selling pressure may emerge.
• Key Support: $258.00 — A critical level that could provide buying interest if tested.

CI Price Action: Cigna Group shares were down 0.19% at $289.10 at the time of publication on Thursday, according to Benzinga Pro data.

Photo: Shutterstock

Strong Cloud And AI Momentum

Slowinski said Microsoft delivered a strong fiscal third-quarter performance that addressed key investor concerns, particularly around Azure growth and AI monetization.

He noted that Azure grew 39% in constant currency, exceeding guidance, while Microsoft 365 Commercial Cloud growth accelerated, supported by more than 20 million Copilot seats, up 5 million sequentially.

He added that this reflects increasing capacity allocation toward first-party workloads, translating into AI monetization at scale.

Microsoft Outlook And Evolving AI Monetization

Slowinski said management signaled modest acceleration in the second half of calendar 2026, with guidance implying Azure could exit the fiscal year above 40% growth.

He highlighted continued momentum in Copilot adoption, with expectations for further sequential increases in seat additions.

He also pointed to the introduction of consumption-based pricing models, including GitHub Copilot and elements of the upcoming E7 suite, as a positive shift that should help accelerate AI revenue generation beyond traditional seat-based pricing.

Capex, Investments And Financial Dynamics

Slowinski said Microsoft's capital expenditure outlook of $190 billion for calendar 2026 remains a key point of investor debate, with spending expected to ramp significantly in the second half.

He noted that this level of investment aligns with broader hyperscaler trends as companies compete for data center capacity amid persistent compute constraints.

He added that while free cash flow is under pressure, management continues to emphasize that long-term investments in data centers and chips are expected to generate strong returns and cash flows.

Microsoft Technical Analysis

Microsoft is sitting in the lower half of its 52-week range ($356.28 to $555.45), which lines up with a longer-term cooling phase after last year's highs. The stock is trading 0.6% above its 20-day simple moving average (SMA) but 5.4% below its 100-day SMA, a split that points to short-term support holding while the intermediate trend still needs repair.

The moving average convergence divergence (MACD), a trend/momentum indicator, is above its signal line, with a positive histogram, suggesting upside momentum is improving despite Thursday's pullback. In everyday terms, MACD being above the signal line means recent price action is still stronger than the prior trend baseline.

The stock is up 2.31% over the past 12 months, which fits a "choppy but not broken" longer-term picture rather than a clean uptrend. The death cross that formed in January (50-day SMA below the 200-day SMA) still hangs over the chart, keeping longer-term trend followers cautious until the stock can reclaim more of its longer moving averages.

• Key Resistance: $413.00 — a level where rallies have recently stalled.
• Key Support: $356.50 — a floor near the 52-week low zone where buyers have shown up.

Earnings & Analyst Outlook

Looking further out, the next major catalyst for the stock arrives with the July 29, 2026 (estimated) earnings report.

• EPS Estimate: $4.23 (Up from $3.65 YoY)
• Revenue Estimate: $87.56 Billion (Up from $76.44 Billion YoY)
• Valuation: P/E of 26.6x (Indicates premium valuation relative to peers)

Analyst Consensus & Recent Actions: The stock carries a Buy Rating with an average price target of $551.89. Recent analyst moves include:

• Evercore ISI Group: Outperform (Lowers Target to $510.00) (April 30)
• Guggenheim: Buy (Maintains Target to $586.00) (April 30)
• Barclays: Overweight (Lowers Target to $545.00) (April 30)

Top ETF Exposure

• iShares S&P 500 Growth ETF (NYSE:IVW): 9.48% Weight
• State Street SPDR Portfolio S&P 500 Growth ETF (NYSE:SPYG): 9.60% Weight
• iShares Russell Top 200 Growth ETF (NYSE:IWY): 9.91% Weight

Significance: Because MSFT carries such a heavy weight in these funds, any significant inflows or outflows will likely trigger automatic buying or selling of the stock.

Microsoft Price Action

MSFT Stock Price Activity: Microsoft shares were down 5.24% at $402.23 at the time of publication on Thursday, according to Benzinga Pro data.

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Strong brand momentum and snack demand weren't enough to fully calm concerns around margins and pricing strain.

Quarterly Details

The company reported first-quarter adjusted earnings per share of $2.35, beating the analyst consensus estimate of $2.04.

Quarterly sales of $3.104 billion (an increase of 10.6% year over year) outpaced the Street view of $3.028 billion. Organic net sales, on a constant currency basis, increased 7.9%.

Hershey's North America Confectionery segment net sales were $2.489 billion in the first quarter of 2026, an increase of 8.3% versus the same period last year. 

Volume declined approximately 4 points, reflecting price elasticity and one fewer shipping day, partially offset by the timing of Q2 shipments and strong innovation performance.

North America Salty Snacks segment net sales were $350.1 million in the first quarter of 2026, an increase of 26.0%

"Hershey's and Reese's are key drivers, delivering first quarter non-seasonal retail sales lifts of 11% and 10%, respectively," said CEO Kirk Tanner.

The chocolate maker said volume in the quarter under review declined approximately 2 points, reflecting elasticity impacts in both the North America Confectionery and International segments.

Quarterly adjusted gross margin was 40.4%, a decrease of 80 basis points compared to the first quarter of 2025. This decrease reflects higher commodity and tariff-related costs during the first quarter of 2026.

Adjusted operating profit of $686.5 million increased 12.9% versus the first quarter of 2025. Adjusted operating profit margin of 22.1% increased 40 basis points.

Dividend

Hershey announced quarterly dividends of $1.452 on the Common Stock and $1.320 on the Class B Common Stock. The dividends were declared on April 29, 2026, and are payable on June 15.

Outlook

Hershey narrowed its FY2026 GAAP EPS guidance to $7.77–$8.19 from $7.77–$8.20, compared with the $8.08 estimate.

It reaffirmed its FY2026 adjusted EPS guidance of $8.20–$8.52 versus the $8.44 estimate and maintained its sales outlook of $12.159 billion–$12.277 billion compared with the $12.247 billion estimate.

HSY Price Action: Hershey shares were down 1.95% at $185.47 at the time of publication on Thursday, according to Benzinga Pro data.

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Sarat Sethi: Alphabet Firing Across Multiple Growth Engines

DCLA Managing Partner Sarat Sethi told CNBC on Wednesday that Alphabet is delivering strong performance across several business lines, reinforcing its role as a core long-term holding.

He said the company is firing on all cylinders, with multiple growth drivers working in tandem rather than relying on a single segment.

Sethi pointed to graphics processing units (GPUs) and YouTube as key pillars supporting growth and emphasized that Alphabet generates significant cash flow.

He added that the company's elevated capital spending remains justified as long as it continues to deliver solid returns on invested capital, supported by diversified growth levers.

Gil Luria: Alphabet Outperforms On Cloud And AI Execution

D.A. Davidson's Gil Luria told CNBC on Thursday that Alphabet outperformed peers, noting that Google delivered stronger results than competitors and may have made others look weaker by comparison.

He highlighted a sharp acceleration in Google Cloud growth, which outpaced gains seen at Amazon.com Inc. (NASDAQ:AMZN), Amazon Web Services, and Microsoft Corp. (NASDAQ:MSFT) Azure.

Luria attributed this strength in part to rising enterprise adoption of Gemini, as companies increasingly use multiple AI providers rather than relying on a single platform.

He also pointed to Alphabet's move to sell tensor processing units (TPUs) as a meaningful contributor to backlog growth, adding to its AI monetization strategy.

While he acknowledged that peers also posted solid results, he said Alphabet clearly stood out.

Broader Market And Chip Implications

Luria said Alphabet's performance reflects strong underlying demand across the AI ecosystem, including data center expansion, digital advertising growth, and resilient consumer activity benefiting companies like Amazon. He added that the overall market takeaway remains positive despite near-term stock reactions.

He noted that concerns around companies like NVIDIA Corp. (NASDAQ:NVDA) stem partly from perceptions of rising competition as firms develop their own chips.

However, he does not see that as a fundamental negative. He said the outlook for Advanced Micro Devices, Inc. (NASDAQ:AMD) and Micron Technology, Inc. (NASDAQ:MU) appears more straightforwardly positive, as rising data center costs—driven in part by higher memory input costs—support demand for their products.

Luria also emphasized that investors are increasingly focused on return on investment from AI spending.

He estimated that AI-related economic activity across companies like Microsoft, Amazon, and Alphabet, as well as firms such as OpenAI and Anthropic, has already reached a run rate exceeding $100 billion, up from near zero two years ago.

He said this indicates that data center spending is translating into real economic output, supporting continued growth even as markets remain cautious about the scale of investment.

GOOGL Price Action: Alphabet shares were up 9.93% at $384.70 at the time of publication on Thursday. The stock is trading at a new 52-week high, according to Benzinga Pro data.

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Tenet Healthcare Q1 Results: Earnings Rise

The hospitals and healthcare facilities operator reported adjusted earnings of $4.82 per share, surpassing the consensus of $4.18. Sales reached $5.37 billion, missing the consensus of $5.39 billion.

Adjusted EBITDA was $1.162 billion compared to $1.163 billion a year ago, reflecting strong growth in same facility revenue and disciplined expense management offset by unfavorable payer mix due to lower exchange admissions.

Hospital Segment Growth Limited By Payer Mix Headwinds

Ambulatory Care Segment net operating revenues increased 10.6% to $1.32 billion, driven by strong growth in consolidated same-facility net patient service revenues, acquisitions of facilities, and increased service lines.

Surgical business same-facility system-wide net patient service revenues increased 5.3%, with cases down 0.3% and net revenue per case up 5.6%. Net revenue per case growth was driven by higher acuity and a favorable service mix.

Tenet's Hospital business segment sales reached $4.05 billion, up 0.5% due to an increase in adjusted admissions offset by unfavorable payer mix due to lower exchange admissions.

For the three months ending March 31, 2026, operating cash flow reached $1.641 billion, up from $815 million in the same period of 2025, while adjusted free cash flow increased to $978 million from $678 million.

FY26 Outlook Hiked

Tenet Healthcare raised its fiscal 2026 adjusted earnings guidance from $16.19-$18.47 to $16.38-$18.68 per share, compared to the consensus of $17.21.

The company reaffirmed 2026 sales guidance of $21.5 billion-$22.3 billion compared to the consensus of $22.02 billion.

Management Flags External Pressures On Operations

In an investor call on Thursday, the company said, "As anticipated towards the end of last year, the operating environment is dynamic. There are payer mix shifts, seasonal effects, and insurance enrollment uncertainty in the exchanges and Medicaid that impact demand."

The company also added, "Our operations in the first quarter were somewhat impacted by two major winter storms and uncertainty from vendor cyber attacks."

THC Technical Analysis: Trend, RSI And Key Support Levels

Tenet Healthcare is currently trading within its 52-week range, which has seen a high of $247.21 and a low of $126.75. The stock is trading 7.4% below its 20-day simple moving average (SMA) and 15.7% below its 50-day SMA, indicating a bearish short-term trend as it struggles to regain upward momentum.

The relative strength index (RSI) is at 37.34, suggesting that the stock is neither overbought nor oversold, but it does lean toward a bearish sentiment. The moving average convergence divergence (MACD) is below the signal line, indicating a bearish trend, which may be contributing to the current price action.

• Key Resistance: $206.50 — A level where the stock has previously struggled to maintain upward momentum.
• Key Support: $158.50 — A critical level that could provide a floor for the stock if tested.

THC Stock Price Activity: Tenet Healthcare shares were down 5.95% at $169.38 at the time of publication on Thursday, according to Benzinga Pro data.

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