July 1 marks a busy day for both earnings and IPOs, a rare combination that puts quarterly results and new listings in the spotlight simultaneously.
U.S. equity markets are trading higher in Wednesday afternoon trade, with the Nasdaq leading at +1.5%. Sentiment is constructive as Q2 2026 earnings season gets underway. FactSet projects 22% year-over-year EPS growth for the S&P 500, the second straight quarter above 20%.
Earnings Highlights
General Mills (GIS) delivered one of the morning's biggest surprises. The packaged-food giant reported adjusted EPS of $0.95, well above the $0.81 consensus (a 19% beat), on revenue of $4.6 billion. The stock surged roughly 8% in intraday trade. The company also announced a $3 billion cost-savings plan that resonated well with investors, though reported GAAP results showed a net loss after one-time impairment charges tied to its market cap decline.
FactSet Research Systems (FDS) reported EPS of $4.53 versus the $4.45 estimate, with revenue of $622.9 million (organic growth of 7%, accelerating from prior quarters). Management highlighted continued AI adoption across the platform. The stock moved modestly higher.
MSC Industrial Direct (MSM) posted one of the stronger industrial reports: adjusted EPS of $1.43 (vs. $1.27 consensus) on revenue of approximately $1.05 billion (up 7.8% year-over-year). Operating margins expanded to 10.6%, and the stock rose about 4%, hitting a fresh 52-week high.
UniFirst (UNF) beat revenue estimates at $634.4 million but reported GAAP EPS of just $1.09, well below the $1.93 consensus, dragged down by $20.7 million in merger-related costs from its pending acquisition by Cintas. The company held no earnings call and offered no guidance.
Three IPOs Begin Trading
Alongside the earnings reports, three notable IPOs hit the tape:
Bending Spoons (BSP), The Italian software company (maker of Splice and Evernote) began trading on Nasdaq at $29 per share, raising approximately $1.68 billion. Goldman Sachs, J.P. Morgan, and Allen & Company led the underwriting.
Lime (LIME), The shared micromobility company (e-bikes and scooters) started trading at $25 per share, raising $174 million. Goldman Sachs, J.P. Morgan and Jefferies managed the offering.
ITG, Inc. (ITG), Debuted at $16 per share, raising approximately $312 million, with Morgan Stanley, Citigroup and UBS leading.
CopperTech Metals (CUX) postponed its planned $400 million IPO.
SpaceX in the Post-IPO Phase
SpaceX (SPCX) is trading in the $158–171 range today, settling after its record-breaking June 12 IPO at $135 per share. The stock rallied 19% on its first day and touched highs near $225 in the weeks following, before a sharp pullback to around $150 in mid-June. Current market capitalization sits at roughly $2 trillion, still well above the IPO valuation.
The Bottom Line
July opens with a strong start to earnings season, with beats across consumer staples, financial data, and industrial sectors. The IPO pipeline remains active with three new listings on the same day, while major names like OpenAI and Anthropic are expected to test the public market later this year as part of what is shaping up to be a banner year for new issuance.
