The Point for North America

This Citi Research daily update covers key corporate initiations, M&A developments in pharmaceuticals, and thematic market performance for North American equities.

Key Takeaways

• 1.Initiating coverage on Space Exploration Technologies (SPCX) with a Buy rating and $200 target, citing long-term potential for $900+ driven by Starship reusability.
• 2.Vertex Pharmaceuticals to acquire Crinetics, adding an endocrine pillar for a ~100% premium, which Citi views as a strategic fit.
• 3.AppLovin saw a 1% decline in eCommerce clients in Week 27, primarily driven by store losses in Hong Kong.

Table of Contents

• Morning Call Highlights
• Must Read
• Performance Indices
• US Diversified Banks – Weighing the Cross-Currents: Fixed-Rate Asset Repricing vs Deposit Creep
• Company
• Applovin (APP.O) – AppLovin Ads Week 27 Update: Store Count Declines Driven by Hong Kong Losses
• Vertex Pharmaceuticals Inc (VRTX.O) – Crinetics acquisition brings a new endocrine pillar that fits the playbook
• PayPal Holdings Inc (PYPL.O) - Can Significant Investment Reverse Slide?
• Domino's Pizza Inc. (DPZ.N) - 2Q26 Preview + Pricing Tracker: In A Promotional Pizza Pickle
• US Aerospace & Defense - Chart of the Day: Boeing Delivery Upside to 2Q26 Consensus but 3Q26 Already a Watch Item
• US Retailing - Broadlines and Hardlines - Two Charts - for - Tuesday: Halftime Assessment of Stock Performance and Monthly Seasonality
• Economics & Strategy
• World Radar Screen - July Update: Net Positive Gains Amidst Divergent Regional Performance
• US Economics - Inflation Weekly - Slowing wage growth
• US Economics - ISM services employment improves but within the range of recent years
• Fixed Income & FX
• US Rates Strategy - 2026 Rates Outlook
• Global FX Flows Weekly - Flat USD flows while real money exits EM
• Key Rating and Target Price Changes

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