-- 周三，Stifel Canada维持对First Quantum Minerals（FM.TO）股票的“买入”评级，目标价为52.00加元，此前该公司公布了第一季度业绩。 第一量子公司公布的2026年第一季度调整后每股收益为-0.18美元，低于我们预期的0.02美元（市场普遍预期为0.03美元）；息税折旧摊销前利润（EBITDA）为3.26亿美元，高于我们预期的3.16亿美元。第一季度每股收益受到利息支出增加（影响0.06美元）和所得税增加（影响0.20美元）的负面影响，而息税折旧摊销前利润包含1.44亿美元的对冲损失（剔除对冲损失后的息税折旧摊销前利润为4.7亿美元）。第一季度铜产量为9.65万吨，C1现金成本为每磅2.51美元，高于我们预期的8.42万吨，成本为每磅2.69美元。根据2026年4月7日通过的第27号决议，巴拿马铜矿（Cobre Panama）的库存矿石已被授权移除、加工和出口，预计将于2026年第二季度末实现首批铜产出，修订后的2026年产量指引中还包含了3万至4万吨的额外铜储量。正如预期，产量为40.5万至47.5万吨（此前为37.5万至43.5万吨）。分析师拉尔夫·普罗菲蒂写道：“2026财年净影响增量指引将使我们的隐含EBITDA减少1.25亿美元，降幅5%，其中包括由于供应链和汇率风险导致C1现金成本上升至每磅2.15至2.40美元（此前为每磅1.95至2.20美元），以及由于盖尔布莫格林金矿黄金转型时间安排导致黄金产量下降（下降13%至15万至17.5万盎司）。” （报道北美、亚洲和欧洲主要银行及研究机构的股票、大宗商品和经济研究。研究机构可通过以下链接联系我们：https://www..com/contact-us）
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Commodities
EU Steps Up Energy Enforcement, Targets Member States Over Power Rules
Europe has stepped up legal action against several member states over failures to implement key energy laws, including new electricity market reforms and renewable energy rules, the European Commission said on Wednesday.The Commission, in its latest monthly infringement package, issued reasoned opinions to Croatia, Poland, and Portugal for failing to fully transpose updated EU electricity market design rules into national law.The reforms are intended to make power prices more stable and less tied to volatile fossil fuel costs, while strengthening consumer protections and expanding contract choices.EU countries were required to implement the rules by Jan. 17, 2025, with some provisions extending to mid-2026.The bloc said Croatia, Poland, and Portugal have two months to respond or risk referral to the Court of Justice of the European Union, potentially facing financial penalties.The Commission also sent a reasoned opinion to Hungary over breaches of EU rules prohibiting intra-EU investor-state arbitration.The case relates to actions by Hungarian oil and gas company MOL Group, which sought to enforce an arbitral award and initiated new arbitration proceedings under the Energy Charter Treaty.The EU's executive body said such actions contravene the bloc's laws as clarified by the EU court's Komstroy ruling, which bars such disputes between member states. Hungary has two months to comply or face possible referral to the EU court.Meanwhile, the Commission referred Greece, Malta, and Portugal to the Court of Justice for failing to fully implement updated renewable energy rules.The legislation is designed to accelerate the rollout of renewable energy across sectors, including transport, industry and buildings, while supporting the bloc's climate goals and reducing reliance on imported fuels.The three countries had already received formal notices and reasoned opinions in 2025, but failed to adequately address the concerns, the Commission said. It is now seeking financial sanctions.
Sectors
Sector Update: Energy
Energy stocks were higher late Wednesday afternoon, with the NYSE Energy Sector Index adding 1.8% and the State Street Energy Select Sector SPDR ETF (XLE) rising 2.2%.The Philadelphia Oil Service Sector Index was increasing 0.6%, and the Dow Jones US Utilities Index was shedding 1.3%.Front-month West Texas Intermediate crude oil jumped 7.6% to $107.47 a barrel, and the global benchmark Brent crude contract climbed 7.2% to $119.22 a barrel. Henry Hub natural gas futures rose 0.4% to $2.56 per 1 million BTU.In corporate news, Entergy (ETR) shares rose 1.4% after it reported Q1 adjusted earnings Wednesday of $0.86 per share, up from $0.82 a year earlier. Analysts polled by FactSet expected $0.84.
$ETR
US Markets
Planet Fitness Could Miss Quarterly Street Views for Net Adds, Same-Store Sales Growth, RBC Says
Planet Fitness' (PLNT) first-quarter member net adds and same-store sales could fall short of Wall Street's estimates, while the company could "slightly" lower its full-year outlook amid high macro uncertainty, RBC Capital Markets said in a note e-mailed Wednesday.The brokerage lowered the fitness center operator's first-quarter net adds estimates to 680,000 from 990,000 and its same-store sales growth outlook to 3.1% from 4.4%. The Street expects net adds of 790,000 and a 3.5% increase in same-store sales, according to the RBC note to clients."Our RBC Elements app data tracker suggested (first-quarter) downloads were only up 0.3% (year over year), and the company called out elevated churn to start the year, given it was the first (first-quarter) with click-to-cancel," RBC analyst Logan Reich said. "While (Planet Fitness) may be a relative trade-down beneficiary in times of macro volatility, the elevated uncertainty in March could have been an incremental headwind to net member growth."The brokerage said the company could guide down its 2026 views "slightly" amid elevated macro pressures due to the Middle East conflict, worsening consumer sentiment, and the absence of a permanent chief financial officer.Last month, Planet Fitness said it appointed Tom Fitzgerald as interim CFO following the departure of Jay Stasz. Fitzgerald previously served as the company's finance chief. At the time, the fitness center operator reaffirmed its 2026 financial outlook.RBC reduced its price target on Planet Fitness' stock to $85 from $120 with an outperform rating. The brokerage cut its 2026 and 2027 top- and bottom-line projections for the company.Planet Fitness shares were down 1.1% in Wednesday late-afternoon trade. The stock has slumped 41% so far this year."We continue to believe all the medium- and long-term secular, demographic, and idiosyncratic drivers remain intact," Reich said. "However, we think the key factor to investors potentially getting more constructive following the print is what the company's commentary on the (long-term algorithm) is."Planet Fitness is scheduled to report its latest financial results May 7.Price: $63.98, Change: $-0.48, Percent Change: -0.74%
$PLNT