Technical Analysis: 4 August 2026

Marriott International Inc (MAR) 

• 2Q26 Revenue: $7.07B, +4.9% YoY, miss estimates by $120M 

• 2Q26 Non-GAAP EPS:  $3.19, beat estimates by $0.11 

• 3Q26 Guidance: Expect adjusted earnings per share to be in the range of $2.74 to $2.82, below analysts’ estimates of $2.87 

• FY26 Guidance: Expect 2026 RevPAR to grow between 3-3.5%, compared with its prior forecast of a 2-3% increase. 

• Comment: Marriott International delivered a mixed second quarter, with adjusted EPS of US$3.19 beating expectations, although revenue of US$7.07bn came in slightly below consensus. Performance was supported by resilient U.S. travel demand, with U.S. RevPAR increasing 5% on the back of the FIFA World Cup and peak summer travel, while luxury brands such as Ritz-Carlton and Sheraton recorded 9.1% RevPAR growth as affluent travellers continued to spend despite economic uncertainty. However, these gains were partially offset by a 43% decline in RevPAR in the Middle East amid geopolitical tensions, resulting in a more than 5% decline across the broader EMEA region. Reflecting stronger demand outside the Middle East, Marriott raised its full-year 2026 RevPAR growth outlook to 3.0-3.5% from 2.0-3.0%, although it issued third-quarter EPS guidance below market expectations due to continued weakness in the region. Marriott remains well-positioned to benefit from resilient global travel demand, supported by strong U.S. leisure activity, major events, premium travel demand and continued strength across its luxury portfolio. While management expects RevPAR growth to improve in 2026, near-term earnings are likely to remain affected by geopolitical disruptions in the Middle East and broader macroeconomic uncertainty. Looking ahead, sustained international travel recovery, continued growth in high-end hospitality, expansion of its global hotel portfolio and normalisation of Middle East travel demand will be key drivers of future performance. 3Q26 recommended trading range: $330 to $380. Neutral Outlook. 

 

万豪国际集团（MAR) 

• 26财年第二季度营收：70.7亿美元，同比增长4.9%，低于预期1.2亿美元 

• 26财年第二季度非公认会计准则每股收益：3.19美元，优于预期0.11美元 

• 26财年第三季度指引：预计调整后每股收益在2.74至2.82美元之间，低于分析师预期的2.87美元 

• 26财年全年指引：预计2026年每间可售房收入（RevPAR）将增长3%至3.5%，高于此前2%至3%的增长预期。 

• 短评：万豪国际第二季度业绩喜忧参半，3.19美元的非公认会计准则调整后每股收益超出预期，但70.7亿美元的营收略低于市场共识。业绩受到美国韧性旅游需求的支撑，受国际足联世界杯和夏季旅游高峰的推动，美国RevPAR增长5%；同时，尽管存在经济不确定性，富裕旅客消费依然坚挺，推动丽思卡尔顿和喜来登等奢侈品牌RevPAR增长9.1%。然而，这些增长部分被中东地区因地缘政治紧张局势导致的RevPAR下降43%所抵消，致使更广泛的欧洲、中东和非洲（EMEA）地区整体下降超过5%。反映出中东以外地区更强劲的需求，万豪将2026年全年RevPAR增长预期从2.0%-3.0%上调至3.0%-3.5%，但由于该地区持续疲软，其发布的第三季度每股收益指引低于市场预期。万豪仍处于有利地位，有望受益于全球韧性旅游需求，这得益于美国强劲的休闲活动、重大赛事、高端旅游需求以及其奢侈品牌组合的持续强劲表现。尽管管理层预计2026年RevPAR增长将改善，但近期盈利可能仍会受到中东地缘政治干扰和更广泛的宏观经济不确定性的影响。展望未来，国际旅游的持续复苏、高端酒店业的持续增长、全球酒店组合的扩张以及中东旅游需求的正常化，将是未来业绩的关键驱动因素。26财年第三季度建议交易区间：330美元至380美元。中性前景。 

 

Palantir Technologies Inc (PLTR) 

• 2Q26 Revenue: $1.94B, +94.0% YoY, beat estimates by $130M 

• 2Q26 Non-GAAP EPS: $0.41, beat estimates by $0.06 

• FY26 Guidance: Raised guidance to $4.89-4.91B in adjusted income from operations this year, up from $4.45B at the top end of the range previously. 

• Comment: Palantir delivered another exceptional quarter, significantly outperforming expectations and raising its full-year outlook, with management describing commercial demand as “otherworldly.” The company increased its full-year revenue guidance to as much as US$8.16bn and raised adjusted income from operations guidance to US$4.89-4.91bn. Growth was led by its U.S. business, where revenue surged 115% YoY to US$1.57bn, including a remarkable 149% increase in U.S. commercial revenue to US$764mn as enterprises accelerated AI adoption. While international revenue grew a more modest 33% amid increasing technology sovereignty initiatives in Europe, management reiterated that Palantir’s software platform differentiates itself by allowing customers to deploy and switch between multiple AI models rather than relying on a single large language model provider. Although adjusted gross margin eased slightly due to higher cloud hosting costs, the company continues to benefit from strong demand across both commercial and government customers. Palantir remains well-positioned to benefit from accelerating enterprise and government AI adoption, with strong momentum in its U.S. commercial business expected to remain the primary growth driver. Management believes increasing demand for secure, model-agnostic AI platforms will continue to support rapid revenue expansion, while investments in product development, hiring and go-to-market initiatives should strengthen its competitive position over the long term. However, international growth may remain constrained by geopolitical factors and technology sovereignty policies. 3Q26 recommended trading range: $130 to $150. Positive Outlook. 

 

帕兰提尔（PLTR)  

• 26财年第二季度营收：19.4亿美元，同比增长94.0%，超出预期1.3亿美元 

• 26财年第二季度非公认会计准则每股收益：0.41美元，优于预期0.06美元 

• 26财年全年指引：将今年调整后营业利润指引上调至48.9亿至49.1亿美元，高于此前区间上限的44.5亿美元。 

• 短评：Palantir再次交出了一份出色的季度业绩，大幅超出预期并上调了全年展望，管理层将商业需求描述为“超乎寻常”。公司将全年营收指引上调至最高81.6亿美元，并将调整后营业利润指引上调至48.9亿至49.1亿美元。增长主要由其美国业务引领，该业务收入同比激增115%至15.7亿美元，其中美国商业收入大幅增长149%至7.64亿美元，反映出企业加速采用AI。尽管在欧洲技术主权倡议增加的背景下，国际收入增长了较为温和的33%，但管理层重申，Palantir的软件平台通过允许客户部署和切换多个AI模型，而不是依赖单一大语言模型提供商，从而实现了差异化。尽管由于云托管成本上升，调整后毛利率略有下降，但公司继续受益于商业和政府客户的强劲需求。Palantir仍处于有利地位，有望受益于企业和政府AI采用的加速，其美国商业业务的强劲势头预计将继续成为主要增长驱动力。管理层认为，对安全、模型无关的AI平台的需求不断增加，将继续支持营收的快速扩张，而在产品开发、招聘和推向市场计划方面的投资，应从长远来看增强其竞争地位。然而，国际增长可能仍会受到地缘政治因素和技术主权政策的制约。26财年第三季度建议交易区间：130美元至150美元。积极前景。 

 

Clorox Co. (CLX) 

• 4Q26 Revenue: $1.95B, -2.5% YoY, beat estimates by $40M 

• 4Q26 Non-GAAP EPS: $1.66, beat estimates by $0.01 

• FY27 Guidance: Expects net sales to rise between 13% and 14%, above analysts’ estimate of a 12.8% rise and adjusted earnings between $5.70 ‌and $6 ⁠per share, compared with analysts’ expectations of $5.97.  

• Dividends/Share Buybacks: Declared a quarterly dividend of $1.25/share quarterly dividend, increase from prior dividend of $1.24, payable 28 Aug. 

• Comment: Clorox delivered a resilient fourth quarter, with revenue of US$1.95bn and adjusted EPS of US$1.66 both slightly exceeding expectations despite revenue declining 2% YoY due to difficult comparisons following prior-year ERP-related inventory shipments. The company benefited from the acquisition of GOJO Industries, which contributed approximately 10 percentage points to sales growth and strengthened its health and hygiene portfolio, while organic sales were impacted by inventory normalization. Although gross margin contracted to 41.3% due to lower volumes, acquisition-related inventory adjustments and higher commodity and logistics costs, management issued stronger-than-expected fiscal 2027 guidance, forecasting net sales growth of 13-14% and adjusted EPS of US$5.70-6.00, supported by GOJO, improving organic demand and continued operational execution. Clorox remains well-positioned to benefit from sustained demand for health, hygiene and household essentials, supported by the integration of GOJO Industries, ERP-related operational improvements and continued investment in digital capabilities. Management expects both reported and organic sales growth to accelerate in fiscal 2027, although profitability is likely to remain influenced by commodity inflation, logistics costs and value-conscious consumer spending. Looking ahead, successful integration of GOJO, recovery in gross margins, execution of productivity initiatives and resilient demand across its health and wellness portfolio will be key drivers of long-term earnings growth. 1Q27 recommended trading range: $90 to $120. Positive Outlook. 

 

高乐氏公司（CLX) 

• 26财年第四季度营收：19.5亿美元，同比下降2.5%，超出预期4000万美元 

• 26财年第四季度非公认会计准则每股收益：1.66美元，优于预期0.01美元 

• 27财年全年指引：预计净销售额将增长13%至14%，高于分析师预期的12.8%；调整后每股收益预计在5.70至6.00美元之间，而分析师预期为5.97美元。 

• 股息与股票回购：宣布季度股息为每股1.25美元，较此前的1.24美元有所上调，将于8月28日支付。 

• 短评：高乐氏第四季度业绩表现稳健，营收19.5亿美元，调整后每股收益1.66美元，均略超预期，尽管由于前一年与ERP（企业资源规划）相关的库存发货导致基数较高，营收同比下降了2%。公司得益于对GOJO Industries的收购，该收购为销售增长贡献了约10个百分点，并加强了其健康和卫生产品组合，而有机销售则受到库存正常化的影响。尽管由于销量下降、与收购相关的库存调整以及大宗商品和物流成本上升，毛利率收缩至41.3%，但管理层发布了强于预期的27财年指引，预计净销售额增长13%-14%，调整后每股收益为5.70-6.00美元，这得益于GOJO的并入、有机需求的改善以及持续的运营执行。高乐氏仍处于有利地位，有望受益于对健康、卫生和家庭必需品持续的需求，这得益于GOJO Industries的整合、与ERP相关的运营改善以及对数字能力的持续投资。管理层预计27财年报告销售额和有机销售额增长都将加速，尽管盈利能力可能仍会受到大宗商品通胀、物流成本和注重价值的消费者支出的影响。展望未来，成功整合GOJO、毛利率的恢复、生产力计划的执行以及其健康和保健产品组合的韧性需求，将是长期盈利增长的关键驱动因素。27财年第一季度建议交易区间：90美元至120美元。积极前景。 

 

ON Semiconductor Corp. (ON) 

• 2Q26 Revenue: $1.6B, +8.8% YoY, beat estimates by $10M 

• 2Q26 Non-GAAP EPS: $0.74, beat estimates by $0.02 

• 3Q26 Guidance: Expect revenue in the range of $1.65B to $1.75B, the midpoint of which is above analysts’ average estimate of $1.67B and adjusted EPS in the range of $0.81 to $0.93, the midpoint of which is above estimates of $0.83. 

• Comment: ON Semiconductor (onsemi) delivered a solid second quarter, with revenue of US$1.60bn broadly in line with expectations and adjusted EPS of US$0.74 exceeding consensus. The company issued third-quarter guidance ahead of market expectations, forecasting revenue of US$1.65bn-1.75bn and adjusted EPS of US$0.81-0.93, reflecting continued strength in its AI infrastructure business. Management highlighted AI data centers as its fastest-growing end market, expecting revenue from the segment to more than double in 2026 as demand for intelligent power management solutions continues to accelerate. In parallel, onsemi continues to streamline its manufacturing footprint through its “Fab Right” strategy, including the sale of two manufacturing facilities, while its proposed US$7bn acquisition of Synaptics is expected to expand its exposure to AI devices and robotics. ON Semiconductor remains well-positioned to benefit from the expanding AI infrastructure market, with growing adoption of its power management solutions expected to drive continued growth in AI data centers and support a doubling of AI-related revenue in 2026. The company is also strengthening its long-term competitive position through the proposed Synaptics acquisition and ongoing manufacturing optimisation under its “Fab Right” strategy, which should improve operational efficiency and profitability. Looking ahead, successful execution of the acquisition, sustained AI infrastructure investment, increasing demand across intelligent power applications and continued cost discipline will be key drivers of future growth, while broader semiconductor demand and integration risks remain important factors to monitor. 3Q26 recommended trading range: $80 to $100. Neutral Outlook. 

 

安森美（ON)  

• 26财年第二季度营收：16亿美元，同比增长8.8%，超出预期1000万美元 

• 26财年第二季度非公认会计准则每股收益：0.74美元，优于预期0.02美元 

• 26财年第三季度指引：预计营收在16.5亿至17.5亿美元之间，中值高于分析师平均预期的16.7亿美元；调整后每股收益在0.81至0.93美元之间，中值高于预期的0.83美元。 

• 短评：安森美（onsemi）第二季度业绩稳健，营收16.0亿美元基本符合预期，0.74美元的非公认会计准则调整后每股收益超出市场共识。公司发布的第三季度指引领先于市场预期，预计营收为16.5亿至17.5亿美元，调整后每股收益为0.81至0.93美元，反映出其AI基础设施业务的持续强劲。管理层强调，AI数据中心是其增长最快的终端市场，预计随着对智能电源管理解决方案需求的持续加速，该部门收入在2026年将翻一番以上。与此同时，安森美继续通过其“Fab Right”（优化晶圆厂）战略精简其制造布局，包括出售两家制造工厂，而其提出的70亿美元收购Synaptics（新思）的交易，预计将扩大其在AI设备和机器人领域的业务敞口。安森美仍处于有利地位，有望受益于不断扩张的AI基础设施市场，其电源管理解决方案的日益普及预计将推动AI数据中心的持续增长，并支持2026年AI相关收入翻番。公司还通过拟议的Synaptics收购以及在“Fab Right”战略下持续进行的制造优化，巩固其长期竞争地位，这应能提高运营效率和盈利能力。展望未来，收购的成功执行、持续的AI基础设施投资、智能电源应用需求的增加以及持续的成本纪律，将是未来增长的关键驱动因素，而更广泛的半导体需求和整合风险仍是需要关注的重要因素。26财年第三季度建议交易区间：80美元至100美元。中性前景。