Cameco is trading 4% down today at CA$118.60 as investors lock in gains following a sharp run-up. - The recent rally was fueled by its Q2 2026 earnings report, which highlighted strong realized uranium prices and a positive market outlook. - Today, the company's jointly-owned Westinghouse Electric Company also confidentially filed for a proposed initial public offering, a significant catalyst contributing to recent market sentiment. - Broader pressure across the materials sector may be adding to the downward momentum.