Companies that beat earnings and raise guidance are generally more attractive to investors than companies with weak earnings. That’s just common sense if you believe that earnings growth ultimately drives stock prices higher. Just don’t ever forget that post-earnings gains come with absolutely no guarantee of stock gains ahead.
The week ending July 24, 2026 had many earnings season winners in companies that beat earnings and/or raised guidance ahead. This was after the S&P 500 generated a -0.59% performance for the week. The S&P 500 is also still up 8.3% YTD and is down only 2.4% from its all-time high. This backdrop was against 243 members of the S&P 500 actually posting losses (-0.04% to -17.8%) for the week, which makes the winners stand out even more.
Oggonomics has issued the top 8 earnings season winners in the S&P 500 for the last week. An additional list was provided to make for the top 20 winners from the S&P 500 as well, but the latter list was given only a brief comment rather than a concise explanation for the top 8 winners.
A chart montage from Stockcharts.com has also been provided for the top 8 winners.
THE WEEK’S TOP 8 EARNINGS WINNERS
Super Micro Computer Inc. (SMCI) was the top winner of the week in the S&P 500. Despite the market not forgetting its pre-2026 woes, the shares rose 24.5% for the week to $30.10. SMCI’s earnings showed robust margins and a $60 billion backlog, despite current revenues not being the strongest. The AI-play also expects that its gross margins will nearly double. SMCI’s stock is still only up 2.5% YTD and is down over 42% from a year ago. Fresh price target hikes were seen from Citi (pre-earnings), Needham, Barclays and Rosenblatt. Mizuho was a standout call with a price target cut to $34 from $44 after the report. Super Micro also unveiled new H15 servers using AMD chips.
Westinghouse Air Brake Technologies Corp. (WAB) was the second biggest gainer in the S&P 500. The railroad equipment and infrastructure supplier’s 15.4% gain for the week to $302.50 also hitting a new 52-week high and an all-time high. Wabtec posted stronger-than-expected earnings. Investors focused on double-digit revenue growth, higher margins and strong demand in Freight and Transit. It also raised financial guidance for revenues and earnings. WAB’s consensus analyst price target is $324. Susquehanna, Wells Fargo, Morgan Stanley and JPMorgan all raised their price targets and earnings estimates.
Lockheed Martin (LMT) posted an impressive 14.5% gain for the week to $582.60 after a two-day post-earnings surge as it beat earnings and revenue expectations. It also raised guidance and showed a massive order backlog. And it is also aiming to expand missile production faster to help the U.S. restock its armaments. Lockheed Martin’s $582.60 close has the shares now up 20% YTD and it is now up 38% from a year ago. Meanwhile, its 52-week high is $100 higher than the current price and the consensus analyst price target is up at $622.
Digital Realty Trust Inc. (DLR) may be a laggard to AI data centers based on its shares reaching the same high two years ago. The 11% gain to $199.08 on Friday was actually a gain of 14.5% for the whole week. Strong data center demand was cited when it raised its earnings guidance for the year (FFO for dividend purposes). DLR is now up over 28% YTD but up only 10% for the year. TD Cowen raised its target to $222 from $192 and JPMorgan raised its target to $235 from $230 in their calls, and the consensus analyst price target is $220.
International Paper Co. (IP) may not sound like a great growth engine, but it rose 11% on Friday to $42.16 for a 12.5% gain for the week. Its surge was after Packaging Corp of America (PKG) beat earnings and raised guidance after citing a tight containerboard market and higher demand trends. International Paper reports earnings on July 30, but the surge was pre-earnings anticipation. The consensus analyst price target is currently $43 and the stock is down nearly 25% from its 52-week high of $56.13. International Paper’s stock is now up 7% YTD but still at -23% from a year ago.
Allegion PLC (ALLE) sells security products, services and solutions. It managed to post strong earnings and guidance despite what had been a weak 2026 stock performance. Its 11.75% gain for the week took the stock back to $153.36, but the stock is still down over 11% from its 52-week high. The stock’s performance is still -3.7% YTD and -6.3% versus a year ago. Allegion’s consensus analyst price target is $170.
SLB Ltd. (SLB) may still be considered “Schlumberger” to the rest of us. The oil and gas drilling giant beat earnings expectations despite warning that Middle East security risks may bite into revenue in the coming quarter. Strength in offshore drilling and data center demand were cited as drivers for the gains. SLB’s 11.5% gain for the week to $52.42 now has its shares up 36.5% YTD and up 48% from a year ago. Its consensus analyst price target is $61.57 and it is still down 10% from its 52-week high.
AT&T Inc. (T) has been a dismal stock in telecom and communications with risks of additional competition. Still, AT&T managed to beat expectations with 20% EPS growth, and it raised its stock buyback to $10 billion for the year. Share price weakness and strong earnings allow it to buy more shares. A gain of 5% to $24.13 on Friday turned out to be a gain of 10.6% for the week after Verizon also posted better earnings. AT&T is down over 3% YTD, down over 13% from a year ago and is down by 19% from its 52-week high. Does a dividend yield of 4.6% matter? AT&T’s consensus price target is also up over $28.
The stock chart montage from Stockcharts.com with 6-month performance is here, compared to the SPDR S&P 500 ETF Trust (SPY):
MORE BIG WINNERS
Below were the rest of the 20 top gains for the week, although some gains were not actually tied to their own or competitor earnings:
- $DELL +10.39% (more AI announcements and peer earnings)
- $RTX +9.96% (earnings beat, major backlog)
- $SW +9.62% (peer earnings with $IP, $PKG)
- $NRG +9.23%
- $URI +9.22% (earnings and higher guidance)
- $PKG +9.15% (earnings and guidance)
- $WDC +8.92% (despite -6.9% move Friday)
- $HAS +8.88% (earnings led by Magic: The Gathering and Marvel Super Heroes)
- $CEG +8.70% (tied to U.S.-Saudi nuclear deal and AI program)
- $GM +8.64% (earnings and raised guidance)
- $TER +8.55% (chip capex, ahead of July 28 earnings)
- $MU +8.48% (earnings month ago, despite 6.9% drop Friday)
