-- スコシアバンクによると、中東戦争を巡る和平交渉は、前日は中断していたものの、火曜日の早朝には再び活発化している。 同行は、ブレント原油とWTI原油は月曜日の上昇分をほぼ維持しているものの、1バレルあたり数ドル下落していると指摘した。 また、英国の祝日明けで、エネルギー市場と債券市場の月曜日の動向に追いつこうとしている英国国債は、最も低迷していると述べた。 スコシアバンクは、ティフ・マックレム総裁の月曜日の証言が「当たり障りのない」内容だったことを受け、カナダ銀行の利上げ圧力は依然として60ベーシスポイント近辺にとどまっていると付け加えた。株式市場は、月曜日の祝日明けでロンドン市場を除いて概ね上昇している。
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Research Alert: Huntington Ingalls Posts Q1: Sales Growth Offset By Margin Pressure
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:HII reported Q1 revenues of $3.1B, up 13.4% Y/Y and 2.7% above consensus, though operating margin compressed 89 bps to 5.0% despite revenue growth. Q1 EPS of $3.79 matched the prior year and exceeded consensus by $0.08. The results underscore a tension we've been monitoring: while top-line growth validates the favorable demand environment, the path to achieving 9%-10% shipbuilding margin targets is proving more gradual than expected. Management reaffirmed FY26 guidance with shipbuilding revenues of $9.7B-$9.9B, operating margins of 5.5%-6.5% and FCF of $500M-$600M. Newport News drove growth with revenues up 19.3% to $1.7B, though segment margin declined 80 bps to 5.3% due to the absence of favorable Virginia-class contract adjustments. Free cash flow remained negative at $461M. We believe the pending Virginia Block VI and Columbia Build II contract awards remain critical catalysts, as these should incorporate current cost structures and enable better margin capture on future work.
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Research Alert: Mpc: Strong Refining Margins In Q1
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:MPC generated a robust Q1 earnings beat with adjusted EPS of $1.65 vs. a loss of $0.24 in the prior-year quarter, beating consensus by $0.90. The strong performance was fueled by substantial refining margin expansion to $17.74/b from $13.38/b, a 33% improvement, resulting in R&M segment adjusted EBITDA surging to $1.4B from $489M. MPC is advancing value-enhancing projects including the Garyville jet flexibility project that came online in Q1, with the El Paso FCC upgrade and Robinson jet project targeting 2026 completion. Management guided Q2 refining opex to $5.65/b, implying a sequential reduction of almost 10% from Q1's elevated $6.23/b level. We view the company's $1.5B capital spending outlook positively, with 65% allocated toward value-enhancing projects. MPLX is investing $2.4B in organic growth capital, 90% toward natural gas and NGL infrastructure, supporting expected 12.5% annual distribution growth in both 2026 and 2027.
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Research Alert: Henry Schein: U.s. Dental Sales Growth Supports Q1 Eps Beat
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Henry Schein reported Q1 adjusted EPS of $1.32, up 14.8% Y/Y and $0.10 above consensus, while total net sales increased 6.3% Y/Y to $3.368B. Adjusted operating margin expanded 28 bps to 7.53%, supported by improvement in Global Distribution and Technology segments. We view the dental distribution strength as encouraging, with Global Dental sales rising 9.0% Y/Y to $1.766B and equipment sales up 8.6% despite the challenging higher interest rate environment pressuring equipment purchases. We believe the dental equipment growth of 8.6% Y/Y represents a positive indicator given financing constraints on buyers, while the Global Technology segment's 7.0% Y/Y growth reflects increased adoption of practice management solutions. Management reaffirmed 2026 guidance for sales, margins, and EPS. HSIC maintained its aggressive capital return strategy, repurchasing $125M of shares during Q1 with $655M remaining under authorization.
$HSIC