A- Clearly positive report. Results were better than expected, though the forward reset is not the strongest.

Guidance: Cboe raised its forecast for DataVantage revenue to low double digit growth and expects total organic growth of low double digit to mid-teens range for the full year. The company also lowered operating expense guidance to $838 million to $853 million from $864 million to $879 million, reflecting $20 million to $25 million in savings from the strategic realignment in 2026.

Call summary: Cboe had an exceptional first quarter with record net revenue of $729 million, up 29 percent year over year, and adjusted earnings per share of $3.70, up 48 percent. SPX options hit 4.9 million contracts in average daily volume with 34 percent growth, while all major segments including derivatives, cash markets, and foreign exchange delivered strong double digit growth. Management announced a major strategic realignment cutting the workforce by 20 percent and exiting lower-return businesses to focus resources on core derivatives, event contracts, and clearing expansion.

+ EPS beat estimates by 10.3%; Revenue beat estimates by 79.6%

A- Clearly positive report. Results were better than expected, though the forward reset is not the strongest.

Guidance: The company expects about $2.2 billion in free cash flow for the full year and plans to keep capital spending at $2.1 billion. They raised their U.S. oil production goal to 122,000 barrels per day but lowered Egypt adjusted volumes because higher oil prices reduce the volumes they can count under their contract terms. They still expect about $1.1 billion from their gas trading business.

Call summary: APA delivered a strong first quarter with $2.3 billion in revenue and $1.38 in earnings per share, beating consensus expectations. The Permian is running more efficiently with fewer rigs and lower costs while still producing more oil. Egypt benefited from gas development and improved operations, generating nearly $500 million in free cash flow. The company is focused on paying down debt toward a $3 billion target and returning cash to shareholders while advancing the Suriname project toward first oil in 2028.

+ EPS beat estimates by 21.9%; Revenue beat estimates by 8.0%

A- Clearly positive report. Results were better than expected, though the forward reset is not the strongest.

Guidance: Management did not provide numerical guidance for full year or next quarter. They noted nitrogen markets will remain tight through 2026 into 2027 due to Middle East disruptions, and they expect higher prices and mid-cycle economics to persist. They plan about $1.3 billion in capital spending for 2026, with $400 million toward the Blue Point ammonia plant starting construction this year.

Call summary: The quarter beat expectations with revenue of $1.99 billion versus $1.88 billion consensus, and earnings of $2.89 per share versus $2.43 expected. The company ran plants at nearly 100 percent capacity and benefited from tight global nitrogen supply caused by conflict in Iran closing the Strait of Hormuz, which knocked 31 ammonia plants offline in the Middle East. Management emphasized that North America now represents premium, low-risk nitrogen assets compared to fragile overseas capacity exposed to geopolitical risk. Free cash flow was $1.65 billion trailing twelve months.

+ EPS beat estimates by 8.2%; Revenue beat estimates by 5.6%

A- Clearly positive report. Results were better than expected, though the forward reset is not the strongest.

Guidance: Management did not provide explicit financial guidance for full year 2026 or next quarter. They discussed strategic plans to manage pricing, expenses and distribution across 39 states with a balanced approach of rate increases in 16 states and decreases in 23 states, resulting in net neutral rate impact. They emphasized their Rubik's cube operating model to balance growth and profitability through multiple levers beyond pricing.

Call summary: Allstate delivered a strong first quarter with total revenue of $16.9 billion, up 3 percent, and adjusted earnings of $10.65 per share, beating consensus of $7.43. The property liability combined ratio improved to 82 percent, driven by strong underwriting performance and favorable reserve releases from 2023 and 2024. Management highlighted gaining auto insurance market share in 29 states representing 57 percent of premiums and homeowners market share reaching 8.3 percent nationally. They emphasized their multi-lever strategy for growth including pricing sophistication, product innovation, improved customer experience and effective claims management, rather than competing solely on price. Investment income grew nearly 10 percent to $938 million. The company returned $881 million to shareholders through repurchases and dividends, completing a $1.5 billion repurchase program and launching a new $4 billion authorization.

+ EPS beat estimates by 44.7%; Revenue beat estimates by 11.1%

A- Clearly positive report. Results were better than expected, though the forward reset is not the strongest.

Guidance: Franklin expects operating margins to reach the high 20s percent by the end of fiscal 2026 at flat markets, up from current levels. The company guided second quarter expenses of roughly 1.3 billion dollars, with bigger cost savings in quarters three and four. The company also expects alternative asset fundraising between 25 to 30 percent for the full year.

Call summary: Franklin reported record long-term inflows of 118.6 billion dollars, up 22 percent from the prior year. The company ended the quarter with 1.68 trillion dollars in assets under management. Management emphasized that clients now want integrated solutions across public and private markets rather than standalone products, positioning Franklin well given its broad platform spanning 150 countries and all asset classes.

+ EPS beat estimates by 27.7%; Revenue beat estimates by 32.9%

A- Clearly positive report. Results were better than expected, though the forward reset is not the strongest.

Guidance: Centene raised full year adjusted earnings per share guidance to greater than $3.40, up from greater than $3.00. The company added $1 billion to premium revenue guidance, largely from Texas Medicaid. Management expects Medicaid membership down about 6 percent year to date, with composite rate yield around 4.5 percent and full year health benefit ratio range of 90.9 percent to 91.7 percent unchanged.

Call summary: Centene delivered strong first quarter results with adjusted earnings per share of $3.37, beating expectations by $1.52. Medicaid outperformed with a 93.1 percent health benefit ratio, up 50 basis points from prior year, driven by trend management initiatives and favorable flu season. Medicare Advantage and Part D both exceeded expectations. Marketplace membership is about 3.6 million with higher acuity Silver tier members expected to receive meaningful risk adjustment offsets later in the year.

+ EPS beat estimates by 56.4%; Revenue beat estimates by 4.0%

A- Clearly positive report. Results were better than expected, though the forward reset is not the strongest.

Guidance: Dell raised full year revenue guidance to one hundred seven billion dollars, up twelve percent. They now expect AI server shipments of twenty billion dollars for the year, up five billion from prior guidance. Third quarter revenue should reach twenty seven billion dollars, up eleven percent. They expect full year earnings per share of nine dollars and fifty five cents, up seventeen percent.

Call summary: Dell had a strong quarter with record revenue of twenty nine point eight billion dollars, up nineteen percent, driven by exceptional AI server demand. They shipped eight point two billion dollars in AI servers and have an eleven point seven billion dollar backlog. Management expects margins to improve in the second half as the AI business scales and traditional server and storage mix improves, while operating expenses continue declining.

+ EPS beat estimates by 62.1%; Revenue beat estimates by 21.3%

A- Clearly positive report. Results were better than expected, though the forward reset is not the strongest.

Guidance: EOG raised full-year oil production guidance by 2,000 barrels per day and natural gas liquids by 6,000 barrels per day while keeping capital spending flat at $6.5 billion. Management expects to generate about $8.5 billion in free cash flow for 2026 and plans to return at least 70 percent to shareholders through dividends and buybacks.

Call summary: EOG delivered a strong first quarter with adjusted earnings of $3.41 per share, beating consensus by 34 cents. The company generated $1.8 billion in adjusted net income and $1.5 billion in free cash flow while beating on production volumes and operating costs. Management is reallocating capital from natural gas to oil production to capitalize on stronger oil prices driven by the Iran conflict, while maintaining capital discipline and a pristine balance sheet with $3.8 billion in cash.

+ EPS beat estimates by 5.8%; Revenue beat estimates by 11.8%

A- Clearly positive report. Results were better than expected, though the forward reset is not the strongest.

Guidance: Applied expects about $8.95 billion in revenue next quarter, up nearly 23 percent from last year. The company expects earnings per share of $3.36, up nearly 36 percent. Management raised its full-year equipment growth outlook to more than 30 percent as artificial intelligence demand accelerates and customers add production capacity.

Call summary: Applied Materials delivered record revenue of $7.91 billion this quarter driven by strong artificial intelligence infrastructure demand. The company sees its highest gross margin in over 25 years at 50 percent. Management highlighted that artificial intelligence is diversifying beyond training into new areas like agentic applications, which increases demand for memory and processors, and they expect continued strong growth into 2027 and beyond as customers build new factories.

+ EPS beat estimates by 5.9%; Revenue beat estimates by 12.9%

A- Clearly positive report. Results were better than expected, though the forward reset is not the strongest.

Guidance: Caterpillar raised its 2026 sales outlook to low double digit growth from expectations set in January. The company expects continued growth across all three segments driven by strong backlog and resilient end markets, especially in power generation for data centers. Management plans to expand large reciprocating engine capacity to nearly 3 times 2024 levels by 2030.

Call summary: Caterpillar had a strong first quarter with revenue of 17.4 billion dollars, up 22 percent from last year, and adjusted earnings per share of 5.54 dollars, beating consensus of 4.55 dollars. Backlog hit a record 63 billion dollars, with particularly strong demand for power generation equipment serving data centers. Management is investing aggressively in capacity expansion because customers are committing to long term orders for backup power, prime power, and gas compression applications across multiple industries.

+ EPS beat estimates by 18.8%; Revenue beat estimates by 3.8%