At a glance: 3 S&P 500 names report today — Palo Alto Networks and Dell headline after the close, with Medtronic ahead of the open.

The tape ahead

Palo Alto Networks closes out its fiscal year after the bell, with consensus at $0.98 in EPS (up 15.0% vs prev.Q.) on $3.35B of revenue (up 11.7% vs prev.Q.) — growth that now includes a first full quarter carrying CyberArk, which closed in February. Management has said the identity-security integration is running ahead of schedule on profitability, and RPO has kept climbing toward the low-$20s-billion range, a base of already-booked, multi-year revenue that has held guidance risk down through the platformization push. The debate into the print centers less on whether this quarter beats — PANW hasn't missed on EPS in eight straight prints, most recently by 6.6% — and more on whether ARR growth and the path toward a 40% free-cash-flow-margin target justify a valuation that has re-rated hard this year, with CyberArk integration risk still live. Options are pricing a 9.3% move by Friday's expiry, well above the 1.2% average realized move over the last eight prints — a gap a full-year guide and the CyberArk complexity partly explain, but one that still leaves room to disappoint on an in-line quarter. Trailing 1-year EPS growth is deeply negative (-56.1%) even as revenue re-accelerates, a reminder that GAAP EPS here has been noisy; the multi-year CAGR figures aren't available this cycle.

Dell's fiscal second quarter also lands after the close, with consensus at $4.92 in EPS (up 1.2% vs prev.Q.) on $44.51B of revenue (up 1.5% vs prev.Q.) — a notably conservative sequential setup after last quarter's 64.0% surprise, and a sign the sell-side is being cautious about how fast the roughly $51B AI-server backlog converts to reported revenue given persistent DRAM, NAND and CPU supply constraints. The wide $4.72–$5.45 EPS range across 23 estimates reflects genuine disagreement on margin: Dell has been taking AI-server share, but some desks have flagged that current system-level margins may not hold as rack-scale competition and component costs rise, even as rival Super Micro's own margin guidance has swung sharply quarter to quarter. Read-across matters here — Wednesday's Broadcom, HPE and NetApp prints will either corroborate or complicate whatever Dell signals about AI-server demand and pricing. Options imply a 10.4% move by Friday's expiry against a much smaller 2.3% average realized move over the last eight prints (7 of 8 beats) — the market is bracing for a bigger swing than this name has typically delivered. Trailing EPS growth has been strong across horizons (+36.1% 1-year, +38.8% 3-year, +15.4% 5-year), underscoring how much of the AI buildout has already flowed through the P&L.

Medtronic reports before the bell, with consensus at $1.39 in EPS (down 10.5% vs prev.Q.) on $9.54B of revenue (down 2.7% vs prev.Q.) — a sequential step-down that lines up with normal seasonality coming off a seasonally strong fiscal fourth quarter, rather than any read on underlying demand. The narrow $1.37–$1.40 range across 24 estimates signals high visibility into the quarter. The debate centers on the two growth pillars management has repeatedly pointed to for fiscal 2027: the Diabetes franchise, which had been accelerating behind the Simplera Sync sensor and the 780G automated-insulin-delivery system, and the early rollout of the Hugo robotic-surgery platform, which the company has framed as a multi-year share-gain story in soft-tissue robotics. Options imply a 5.4% move by Friday's expiry, close to the 4.2% average realized move over the last eight prints (all beats) — a straddle that looks fairly priced rather than rich or cheap, consistent with a name whose last surprise was a thin 0.6% beat. Trailing EPS growth is modest and steady across horizons (+3.1% 1-year, +9.7% 3-year, +6.9% 5-year, +4.2% 10-year), in keeping with mature medtech's single-digit growth profile.

Scorecard — reported since we last wrote

Monday brought no reporters, so the ledger carries over clean into today's prints.

No results to score from the prior edition.

Rest of the week

Wednesday is the heaviest session left this week: Broadcom anchors an AI-infrastructure cluster alongside HPE and NetApp, with Brown–Forman also ahead of the open, before Ciena and Lululemon close out Thursday. Implied moves on the slate run from Broadcom's comparatively modest 6.1% up to Ciena's 11.9%.

Informational only — not investment advice. Figures are consensus/estimates and option-implied values from public sources and may be revised.