The latest Market Talks covering Equities. Published exclusively on Dow Jones Newswires throughout the day.

Now is not the time to turn bullish on homebuilder Mirvac, suggests Jefferies. "With no signs emerging of an inflection point in the residential housing market, we believe sentiment pressures will continue to weigh on the stock in the near term," analyst Andrew Dodds says. Jefferies has a hold call and A$1.80/share price target on Mirvac, which ended Monday at that level. Jefferies says the outlook for Mirvac's settlement volumes seems OK, largely due to an expanding active project base. The business is also supported by default rates near decade-lows and gross margins on non-impaired lots tracking back above its 18-22% target. Mirvac is due to report its FY26 result on Aug. 19. (david.winning@wsj.com; @dwinningWSJ)

1843 ET [Dow Jones]--Arena REIT loses a bull in Jefferies after one of its tenants, childcare operator Edge Early Learning, failed to pay rent in August. Analyst Andrew Dodds says it raises questions around tenant health and visibility over the remainder of Arena REIT's portfolio. "Cost of living and regulatory pressures are seeing childcare occupancy rates and operator profitability ratios fall," Jefferies says. Arena REIT's share price fell by 22% on Monday after disclosing Edge Early Learning's difficulties. It means the stock is now trading at a 30% discount to net tangible assets. Despite this, Jefferies thinks "concerns around contagion risk across the sector will likely weigh on the share price in the near term." It downgrades Arena REIT to hold, from buy, and cuts its price target by 24% to A$2.74/share. (david.winning@wsj.com; @dwinningWSJ)

1820 ET - Life360's failure to raise its annual earnings outlook probably sparked the after-hours plunge in the location-app developer's U.S. stock, Jefferies analyst Roger Samuel says. Samuel, who has a "buy" rating on the stock, tells clients that Life360 reported a good set of numbers across users, subscriptions and revenue. However, he points out that the dual-listed company's shares had been on a hot streak heading into the result and thinks that investors could have been anticipating an upgrade to the full-year earnings outlook. Life360's improved revenue guidance now sits above prior consensus, he adds. Samuel has a target price of 30.00 Australian dollars on Life360's ASX-listed stock, which is at A$29.48 ahead of the local open. (stuart.condie@wsj.com)

1757 ET [Dow Jones]--President Trump's media business recently unveiled a controversial service, called Truth API, that lets customers pay for instant access to the president's Truth Social posts. So far, the service has more than 10 customer agreements signed, interim CEO Kevin McGurn says. "Our new Truth API product is already generating revenue," McGurn says on the company's 2Q earnings release, in which it reported deepening losses. The Wall Street Journal previously reported that Trump Media plans to charge the API customers $100,000 a month, or $60,000 a month if traders commit for years. (dean.seal@wsj.com)

1752 ET - Hims & Hers CEO Andrew Dudum says the demand for low-testosterone treatments has the category scaling faster than any other specialty outside of weight loss. Many men are experiencing low testosterone without knowing it, chalking their symptoms up to fatigue or aging, the CEO says in a call with analysts. The company has designed an experience, involving at-home blood collection and treatment that adapts over time, that is resonating with customers, Dudum says. The products' success just three quarters after launch gives management confidence in its ability to expand into injectable and oral TRT before the end of the year, according to Dudum. (dean.seal@wsj.com)

1727 ET [Dow Jones]--Hims & Hers is seeing its big revenue jumps undercut by even bigger surges in its costs. The telehealth platform says 2Q revenue rose 38% to $753 million, topping targets, but the cost of revenue more than doubled to $272 million. Total operating costs meanwhile were up 48%, swinging it to a 2Q loss of $86.3 million from a profit of $42.5 million. Changes in product mix, fulfillment scaling, international integration and a strategic shift in its weight-loss business are all hurting margins. The company also recorded $47.5 million in non-recurring legal contingency costs that didn't exist a year earlier. Acquisition and transaction-related costs grew fourfold in 2Q due to its international expansion. Shares slide 4.7% to $30.28. (dean.seal@wsj.com)

1738 ET [Dow Jones]--Hims & Hers said its international business had a 17-fold explosion in growth for 2Q. So-called "rest of the world" revenue came in at $131.4 million, compared with just $7.5 million in the same quarter a year ago. The overseas business now makes up a significant chunk of the company's overall revenue, stacking against $621.8 million in domestic revenue for 2Q. The company officially entered Canada in December and finalized the acquisition of Zava, a platform in Europe, last year. The company just closed its acquisition of Eucalyptus, a digital platform that will help it expand into Australia and Japan while growing its presence in the U.K., Germany and Canada. (dean.seal@wsj.com)

1428 ET - Dine Brands is using a "barbell pricing" strategy at both Applebee's and IHOP, according to Benchmark in a note. Barbell pricing is typically a strategy in which a company focuses on both the low- and high-ends of its pricing scale. Analyst Todd Brooks says Applebee's value items including its two-for-$25 deal and other limited time offers again represented 26% of 2Q sales, while IHOP's $6 Everyday Value menu accounted for 22% of sales. This strategy has been effective for addressing the income gap among consumers, he says. "We believe that DIN has worked its way into a steadier consumer perception of everyday value at both brands," Brooks says. (katherine.hamilton@wsj.com)

1413 ET - Concerns about the returns on steadily rising artificial-intelligence spending should wane going forward, as earnings reports increasingly show AI monetization, JPMorgan analysts write in a note. Though most hyperscalers are expected to have negative free cash flow in 2027, "demand and order coverage are improving relative to capex, as evidenced by rising backlog-to-capex and book-to-bill ratios," the analysts write. "This suggests that monetization may start ramping faster than spending, which should support stronger future revenue growth and further alleviate concerns about ROIC." Backlogs are high and converting into recognized revenue growth, while demand also remains high and rising, the analysts add. (elias.schisgall@wsj.com)

1346 ET - Berkshire Hathaway's new CEO, Greg Abel, isn't scared of opening up the company's wallet, UBS analysts say in a note. They highlight that the company's cash position was $360 billion at the end of 2Q, down from $391 billion at the end of 1Q and driven largely by $19.8 billion in net equity purchases. Berkshire also closed its acquisition of homebuilder Taylor Morrison for $6.8 billion in cash in July, they note. "It appears that Greg Abel is beginning to deploy Berkshire's excess cash," the analysts say. "With a substantial war chest of cash, BRK is currently under earning in our view, with cash deployment increasing the earning power of the company." Berkshire's Class B shares trade up 1.7% at $530.78.(elias.schisgall@wsj.com)

1319 ET - Businesses are likely to continue pulling forward their spending on servers and storage arrays for at least a couple of years, Morgan Stanley analysts write in a note upgrading HPE, formerly known as Hewlett Packard Enterprise, to overweight. While accelerated enterprise spending won't last forever, and investors should be cautious as estimate revisions hit their peaks, Morgan Stanley's checks, surveys and analysis indicate "an infrastructure cycle that is proving both stronger and more durable than we previously anticipated," the analysts write. "While execution remains the key risk, we believe HPE now offers the best combination of earnings upside, valuation support and re-rating potential within our enterprise infrastructure OEM group." Shares gain 3.7% to extend this year's gain to 130%. (elias.schisgall@wsj.com)

1207 ET - Celestica's $3.45 billion equity raise materially de-risks the electronics manufacturing services company's AI ramp-up with long-term permanent capital, says CIBC's Todd Coupland. The analyst notes that proforma cash rises to $3.9 billion, compared with $740 million of debt, bringing its liquidity to $5.7 billion including the recently upsized revolver. "This removes any funding constraints and supports faster scaling into hyperscaler and AI-native demand," he says. All the while, the analyst sees Celestica "in positive revision territory" as visibility, customer breadth and share gains improve. So far, the analyst estimates that its customers include Google, Meta and Amazon, and says that "at least two new customers/platforms, OpenAI and AMD Helios, [will] each contribute more than 10% of revenue."