Daily Brief United States: Honeywell International, Intel Corp, NVIDIA Corp, Flex, Occidental Petroleum, Figma, Verisign Inc, Transunion, Perfect , Shoulder Innovations and more

• In the second quarter of 2025, Honeywell International Inc. delivered robust financial results, maintaining or exceeding expectations across various metrics, despite economic fluctuations.
• The company reported a 5% increase in organic sales growth, driven by strong performances in the Defense and Space and UOP segments, as well as overall increases in orders and backlog reaching a record of $36.6 billion.
• Earnings per share rose by 4% to $2.45, with an adjusted earnings per share up by 10% to $2.75.

• TSMC has been operating as a monopoly, raising prices without consequence and controlling pricing in the industry.
• Intel’s CEO’s recent comments about not investing in the next process without an external customer have raised concerns about the future of Intel’s Foundry business.
• The lack of commitment to future processes has led to suggestions that Intel should shut down fabs and secure capacity at TSMC, potentially impacting CPU competitiveness.

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• Nvidia’s smooth return to China hits turbulence as regulators question the H20 chip’s security.
• AMD stays below the radar; less political baggage, and could be better positioned if Nvidia is slowed.
• AMD also gets a lift from its Threadripper 9000 launch and a bullish analyst price upgrade.

• Flex completed a notable first quarter in fiscal 2026, recording revenues of $6.6 billion, a 4% increase from the previous year.
• The company’s global footprint and strategic positioning appear to play key roles in driving this growth, particularly within the data center sector, which contributed significantly to the revenue.
• Flex reported a robust adjusted operating margin of 6% and an adjusted EPS of $0.72, the highest for a first quarter in the company’s history.

• Occidental’s Q2 2025 revenue is expected to drop 9.1% QoQ and 9.4% YoY. Its EPS is projected to fall by 66.7% QoQ and 71.8% YoY.
• Occidental expects Q2 performance to be weighed down by lower production and weaker commodity realizations, particularly in the Gulf of Mexico.
• Options activity and analyst outlooks suggest a potential rebound if earnings meet or beat subdued expectations.

• Figma priced a full-size offering of 36.9 million shares at $33.00 and opened at $85.00 for a gain of 157.6% at first trade.
• Exemplifying the strength of the IPO, the underwriters stated that the roadshow had a 100-percent hit rate or conversion rate. Half of the order book was allocated zero shares.
• The Figma story is one that is highly unique and one that we believe “could” ignite the IPO market.

• VeriSign Inc. delivered robust financial results in the second quarter of 2025, marked by a significant increase in domain registrations and positive financial performance.
• The company reported revenues of $410 million, reflecting a 5.9% increase compared to the same quarter in the previous year.
• The domain base for .com and .net expanded by 660,000 from the prior quarter, reaching 170.5 million.

• TransUnion’s second-quarter 2025 earnings reflected notable strength in performance, with the company exceeding its financial guidance across key metrics.
• The revenue demonstrated significant resilience, increasing by 9% on an organic constant currency basis.
• The U.S. Markets segment was particularly strong, achieving 10% growth, buoyed by an impressive 17% increase in Financial Services revenue.

• Perfect Corp. provides an AI and machine learning based B2B SaaS platform for virtual try on and marketing of beauty and fashion products as well as seven mobile apps sold B2C for makeup suggestions, try-on, tutorials, photo and video editing, Gen AI creation and editing and AI Chat.
• It is expanding its offering to new verticals and has strong IP as well as the largest database for AI training in the industry.
• This year it bought the leading fashion try-on provider to expand to that vertical.

• The stock priced a full-size deal of five million shares at $15.00 ($4 below the prevailing $19-$21 range) and opened at $15.60. 
• According to our sources, the deal was reportedly multiple-times oversubscribed with several anchor orders from mutual fund and sector-dedicated funds.
• We think this deal was placed and priced well. Furthermore, the small deal size assisted in getting this company a small premium at first trade.