The Flip Side — One verdict flipped this week — and the SEC figure that did it

The desk was balanced this week — 0 upgrades to 1 downgrade, most-changed in Health Care.

The flip of the week

Conviction moves

• ABBV (HOLD) — conviction 3 → 4. Revenue $61.2B (FY2025).
• INCY (HOLD) — conviction 3 → 4. Revenue $5.14B (FY2025).
• SATS (HOLD) — conviction 2 → 3. Net income -$14.5B (FY2025).
• SPGI (BUY) — conviction 3 → 4. Diluted EPS $14.66 (FY2025).

Where the changes clustered

• Health Care: 0 up · 1 down

Held the line

• KNSL held BUY (conviction 5/5). Diluted EPS $21.65 (FY2025).
• A held HOLD (conviction 4/5). Revenue $6.95B (FY2025).
• AAL held SELL (conviction 4/5). Stockholders' equity -$3.73B (FY2025).

Capitol flow

195 trades disclosed across 28 members — net buyers by disclosed value, with a median 23-day reporting lag.

• INTC — Congress net bought vs our SELL (against our call); 3 trades, 3 members.
• MSFT — Congress net sold vs our BUY (against our call); 4 trades, 4 members.
• UBER — Congress net bought vs our BUY; 1 trade, 1 member.
• LLY — Congress net bought vs our BUY; 1 trade, 1 member.
• HUBB — Congress net bought vs our HOLD; 6 trades, 1 member.

Filings that move verdicts

• SATS — Officer / director change: an officer / director change at a name we rate HOLD — on watch toward caution into next print.
• SPGI — Officer / director change: an officer / director change at a name we rate BUY — on watch toward caution into next print.
• EXR — Material agreement: a material agreement at a name we rate HOLD — structural; we're weighing what it changes.
• TRGP — Material agreement: a material agreement at a name we rate HOLD — structural; we're weighing what it changes.

The week ahead

• OMC reports 2026-07-13 (after close) — we rate it HOLD.
• FAST reports 2026-07-13 — we rate it HOLD.
• BLK reports 2026-07-13 — we rate it HOLD.
• JBHT reports 2026-07-13 (after close) — we rate it HOLD.
• HWC reports 2026-07-13 — we rate it BUY.
• WFC reports 2026-07-14 (before open) — we rate it BUY.