Primoris Services (PRIM) plunged roughly 28–33% in after-hours trading after the infrastructure contractor issued a second FY26 guidance cut, citing additional cost overruns and delays on solar/renewables projects, and announced the departure of its COO. The news compounds an already brutal year for the stock, which had previously fallen ~47% in early May on its Q1 miss. Separately, Best Buy (BBY) slid ~3% after hours after announcing CFO Matt Bilunas will step down at the end of July — adding leadership instability atop a concurrent CEO transition already underway.
→ Carnival Corp (CCL) and FedEx (FDX) earnings Tuesday after close — FDX is widely watched given its first results post-Freight spinoff and will set tone for industrials/logistics.
→ Micron Technology (MU) reports Wednesday evening — consensus expects explosive HBM/AI memory growth; the stock rose 6.8% today ahead of results and is up nearly fourfold over the past year.
→ Fed bank stress test results due Wednesday (June 24), which could unlock buyback and dividend announcements from major banks Thursday morning.
→ May PCE inflation data (Friday, June 27) will be the next key data point for the Fed rate-hike debate after last week's hawkish dot-plot surprise.
→ PRIM analyst downgrades expected Tuesday morning following tonight's second guidance cut; watch for any class-action filings given the ongoing shareholder rights investigation.