Wednesday, June 10 was packed with earnings reports and IPO debuts on Wall Street. Chewy reported its fiscal first-quarter results before the open, Oracle is set to report after the close, and two major IPOs — ERock and Parabilis Medicines — began trading.

Chewy: In-Line Earnings, Weaker Outlook

Chewy (CHWY) reported fiscal Q1 2026 results this morning. Revenue hit $3.36 billion, up 7.7% year-over-year. Adjusted EPS came in at $0.43 — in line with analyst expectations.

On the positive side, gross margin improved 50 basis points to 30.1%, and net income reached $94.8 million, with net margin up 80 bps.

However, Chewy cut its full-year revenue guidance to $13.40-$13.55 billion (6.3%-7.5% growth) — below market expectations — citing ongoing consumer spending pressures.

The stock fell 2%-4% in early trading, hovering around $19.50-$19.95. Shares have lost significant ground this year and trade near their 52-week low.

Core & Main: Flat Revenue, Steady Outlook

Core & Main (CNM), a distributor of water and sewer infrastructure products, reported revenue of $1.91 billion — roughly flat year-over-year. Gross profit rose 2% to $520 million. The company reaffirmed its full-year outlook: revenue of $7.8-$7.9 billion (2%-3% growth) and Adjusted EBITDA of $950-$980 million.

Oracle: Results Due After the Close

Oracle (ORCL) will report its fiscal Q4 2026 results after market close (conference call at 5:00 PM ET). The Street expects non-GAAP EPS of roughly $1.96 (up 15% YoY) on revenue of $19-$19.1 billion (roughly 20% growth). Investor focus will be on cloud revenue growth (company guidance of 46%-50%) and the remaining performance obligations (RPO) update, which stood at $553 billion last quarter.

IPO Market: ERock and Parabilis Medicines Debut

Two large IPOs began trading today:

ERock (NYSE: EROC) — A Houston-based provider of natural gas power generation solutions raised roughly $600 million at $21.50 per share (the midpoint of its $20-$23 range). The company specializes in modular power systems for data centers and industrial customers. Strong demand allowed it to price 27.9 million shares at the midpoint.

Parabilis Medicines (Nasdaq: PBLS) — A clinical-stage biotech developing engineered peptide therapies for cancer upsized its offering to 33.5 million shares at $20 per share — above the initial $17-$19 range. Total proceeds: roughly $670 million, making it the largest biotech IPO on record. The company also raised $75 million in a concurrent private placement from Regeneron.

Two SPACs also began trading: JAB Acquisition Corp I (JABU) raised $150 million, and RMG ML Sports Holdings (SHOTU) raised $200 million.

Coming Up: SpaceX Heads to Wall Street

The most anticipated IPO of the year — SpaceX (SPCX) — is expected to price on June 11 and begin trading on the Nasdaq on June 12 at a fixed $135 per share, implying a valuation of roughly $1.75 trillion. Reports indicate institutional pre-orders total $10 billion or more.

The Bottom Line

Two busy days lie ahead in the IPO and earnings calendar. Chewy signals caution amid a challenging macro backdrop, Oracle's results will set the tone for the cloud sector, and the strong debuts of ERock and Parabilis signal sustained appetite in the primary market ahead of the SpaceX listing.