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Wire

Top Midday Stories: Cisco Shares Soar as Guidance Tops Consensus; Alibaba, JD Reportedly Cleared to Buy Nvidia H200 AI Chips

All three major US stock indexes were up in late-morning trading Thursday, as investors monitor news emanating from President Donald Trump's meeting with Chinese President Xi Jinping in Beijing.In company news, Cisco Systems (CSCO) reported fiscal Q3 adjusted earnings late Wednesday of $1.06 per diluted share, up from $0.96 a year earlier and above the FactSet consensus analyst estimate of $1.03. Fiscal Q3 revenue was $15.8 billion, up from $14.1 billion a year ago and above the FactSet consensus of $15.6 billion. For fiscal Q4, Cisco said it expects Q4 adjusted EPS of $1.16 to $1.18 on revenue of $16.7 billion to $16.9 billion. Analysts polled by FactSet expect $1.08 and $15.8 billion, respectively. Cisco shares were up 15.0% around midday.Alibaba (BABA) and JD.com (JD) are among the roughly 10 Chinese companies that have secured US clearance to buy Nvidia's (NVDA) H200 artificial intelligence chips, though no deliveries have been made yet, Reuters reported Thursday, citing three people familiar with the matter. Alibaba and JD shares were down 1.9% and 2.1%, respectively. Nvidia shares were up 4.6%.Chinese President Xi Jinping told the chief executives of Apple (AAPL), Tesla (TSLA), Nvidia and other large companies that China will "open wider" to doing business, CNBC reported Thursday, citing a report from state-backed newspaper Xinhua. Apple shares were up 0.1%, while Tesla shares were up 0.8%.Biogen (BIIB) said Thursday that a phase 2 study evaluating diranersen in patients with early Alzheimer's disease did not meet its primary endpoint evaluating dose response for change from baseline on the Clinical Dementia Rating-Sum of Boxes at Week 76. Biogen shares were down 5.0%.Price: $117.40, Change: $+15.53, Percent Change: +15.24%

$AAPL$BABA$BIIB$CSCO$JD$NVDA$TSLA
Wire

Morgan Stanley Adjusts Price Target on Alibaba to $190 From $180, Maintains Overweight Rating

Alibaba Group (BABA) has an average rating of buy and mean price target of $191.17, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)Price: $142.94, Change: $-2.87, Percent Change: -1.97%

$BABA
Asia Markets

US Equity Futures Rise Pre-Bell After S&P 500, Nasdaq Set New Highs Amid US-China Meeting

US equity futures were rising pre-bell Thursday as technology stocks drove new record highs for the S&P 500 and the Nasdaq Composite while traders kept a close eye on the high-stakes meeting between US President Donald Trump and Chinese leader Xi Jinping.Dow Jones Industrial Average futures were 0.8% higher, S&P 500 futures were up 0.4%, and Nasdaq futures were 0.3% higher.On Wednesday, the S&P 500 advanced nearly 0.6% to close at 7,444.25, while the Nasdaq Composite rose 1.2% to end at 26,402.34, with both setting new closing records. Cisco Systems (CSCO) shares were up 15% after the company posted higher fiscal Q3 results and announced restructuring plans that included lay-offs of nearly 4,000 employees.At the start of a two-day summit, Xi told Trump that US-China trade talks were progressing positively, but warned that disagreement over Taiwan could lead to a dangerous situation and even cause conflict.Traders also mulled the latest round of earnings, with Brookfield (BN) reporting higher Q1 distributable earnings and revenue.Oil prices were lower, with front-month global benchmark North Sea Brent crude down 0.7% at $104.90 per barrel and US West Texas Intermediate crude 0.7% lower at $100.33 per barrel.US retail sales rose by 0.5% in April, as expected in a survey compiled by Bloomberg as of 7:35 am ET and following the previous month's 1.6% gain.US import prices rose by 1.9% in April, above the 1% increase expected in a survey compiled by Bloomberg as of 7:35 am ET and faster than a 0.9% gain in March.US initial jobless claims rose to a level of 211,000 in the week ended May 9 from a downwardly revised 199,000 level in the previous week, compared with expectations for a smaller increase to 205,000 in survey of analysts compiled by Bloomberg.Federal Reserve Kansas City President Jeffrey Schmid, Cleveland President Beth Hammack, New York President John Williams, and Governor Michael Barr are slated to speak on Thursday.In other world markets, Japan's Nikkei closed 1% lower, Hong Kong's Hang Seng ended flat, and China's Shanghai Composite finished 1.5% lower. Meanwhile, the UK's FTSE 100 was up 0.4%, and Germany's DAX index was 1.3% higher in Europe's early afternoon session.In equities, Nvidia (NDA), Applied Materials (AMAT), and Marvell Technology (MRVL) joined Cisco in an upswing of technology stocks that lifted the market. Nvidia stock was up 2.1%, Applied Materials shares rose 1.9%, and Marvell stock was up 2.8%.On the losing side, Alibaba (BABA) and JD.com (JD) shares were down 3.1% and 1.7%, respectively, after a Reuters report said that they were among the roughly 10 Chinese companies that have secured US clearance to purchase Nvidia's H200 artificial intelligence chip, without a single delivery being made so far.

Dow JonesNasdaq CompositeS&P 500$AMAT$BABA$BN$CSCO$JD$MRVL$NVDA
Wire

Top Midday Gainers

B. Riley adjusted its price target on Vishay Precision Group (VPG) to $109 from $63 while maintaining the stock's buy rating.Shares advanced 18%, with intraday trading volume at over 846,000 from a daily average of about 248,000.Bank of America raised its price target on Coherent (COHR) to $400 from $365, while keeping its neutral rating.Shares advanced 10% as intraday trading volume stood at 4.67 million, compared with a daily average of about 7.58 million.Alibaba (BABA) shares rose 8% amid heavy trading after the company reported a year-over-year jump in fiscal Q4 revenue on Wednesday.More than 30.0 million shares traded intraday compared with a daily average of about 10.5 million.Price: $101.06, Change: $+15.49, Percent Change: +18.10%

$BABA$COHR$VPG
Wire

Top Midday Stories: Overall, Core PPI in April Hit Highest Levels Since December 2022; Alibaba Misses Fiscal Q4 Earnings, Revenue Estimates

The Dow Jones Industrial Average was down, while the Nasdaq Composite and the S&P 500 Index were up in late-morning trading Wednesday after another hotter-than-expected inflation report and as President Donald Trump prepares for his summit with Chinese President Xi Jinping.The US Producer Price Index rose by 1.4% in April, well above the 0.5% gain expected in a survey compiled by Bloomberg as of 7:35 a.m. ET and up from a 0.7% gain in March. Excluding food and energy prices, core PPI rose by 1.0%, well above the 0.3% gain expected and up from the 0.2% gain in March. Year over year, the PPI rose 6.0% in April, while core PPI rose by 5.2%, both well above their respective March rates and the strongest readings since December 2022.Alibaba Group (BABA) reported fiscal Q4 adjusted earnings Wednesday of 0.62 Chinese renminbi ($0.09) per diluted American depositary share, down from 12.52 renminbi a year earlier and below the FactSet consensus estimate of 6.14 renminbi. Fiscal Q4 revenue was 243.38 billion renminbi, up from 236.45 billion renminbi a year earlier but below the FactSet consensus of 246.97 billion renminbi. Alibaba shares were up 7.9% around midday.Nvidia (NVDA) Chief Executive Jensen Huang joined President Trump on his visit to Beijing, a last-minute addition that has raised expectations of progress in stalled talks over Nvidia's H200 AI chip sales to China, Reuters reported Wednesday. Nvidia shares were up 2.5%.Nebius Group (NBIS) reported Q1 earnings Wednesday of $2.11 per diluted share, swinging from a loss of $0.48 a year earlier and above the FactSet consensus for a loss of $0.83. First-quarter revenue was $399 million, up from $50.9 million a year ago and above the FactSet consensus of $375.1 million. Nebius shares were up more than 15%.Wix.com (WIX) reported Q1 adjusted earnings Wednesday of $0.68 per diluted share, down from $1.55 a year earlier and below the FactSet consensus of $1.24. First-quarter revenue was $541.2 million, up from $473.7 million a year ago but below the FactSet consensus of $544 million. For Q2 and full-year 2026, the company said it expects revenue to grow at a mid-teen percentage. Wix shares were down 30.2%.JPMorgan Chase (JPM) has appointed global head of investment banking coverage Dorothee Blessing, global head of capital markets Kevin Foley and financial institutions group co-head Jared Kaye as co-heads of global investment banking, according to media reports. JPMorgan shares were down 1.2%.Walmart (WMT) will fire or relocate about 1,000 corporate workers, The Wall street Journal reported late Tuesday, citing people familiar with the matter and a memo sent to staff it viewed. Walmart shares were flat.Price: $145.45, Change: $+10.67, Percent Change: +7.92%

$BABA$JPM$NBIS$NVDA$WIX$WMT
Wire

Update: Alibaba Shares Up After Fiscal Q4 Revenue Rises

(Updates with stock movement in the headline and the first paragraph.)Alibaba Group Holding (BABA) shares were up 6.5% in Wednesday trading after the company reported revenue that was higher than a year earlier.The company reported fiscal Q4 adjusted earnings of 0.62 Chinese renminbi ($0.09) per diluted American depositary share, down from 12.52 renminbi a year earlier.Analysts surveyed by FactSet expected 6.14 renminbi.Revenue for the quarter ended March 31 was 243.38 billion renminbi, up from 236.45 billion renminbi a year earlier.Analysts polled by FactSet expected 246.97 billion renminbi.Price: $143.64, Change: $+8.86, Percent Change: +6.57%

$BABA
Sectors

Sector Update: Consumer Stocks Decline Premarket Wednesday

Consumer stocks were declining premarket Wednesday, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) down 0.5% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) 0.1% lower.Alibaba (BABA) shares were down more than 2% after the company reported fiscal Q4 adjusted earnings and revenue that missed analysts' expectations, with adjusted earnings declining year on year.Birkenstock (BIRK) stock was down more than 6% after the company reported fiscal Q2 adjusted earnings and revenue that missed analysts' estimates.Global-e Online (GLBE) shares were up 4.7% after the company posted higher Q1 non-GAAP earnings and revenue, and raised its 2026 revenue outlook.

$BABA$BIRK$GLBE$XLP$XLY
Sectors

Sector Update: Consumer

Consumer stocks were declining premarket Wednesday, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) down 0.2% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) 0.1% lower.Alibaba Group Holding (BABA) shares were down more than 2% after the company reported fiscal Q4 adjusted earnings and revenue that missed analysts' expectations, with adjusted earnings declining year on year.

$BABA
Asia Markets

US Equity Futures Mixed Pre-Bell as Nvidia Stock Rises Ahead of Crucial US-China Meeting

US equity futures were mixed pre-bell Wednesday as Nvidia (NVDA) stock rose ahead of a globally significant meeting between the US and China to discuss key economic and geopolitical issues.Dow Jones Industrial Average futures were 0.4% lower, S&P 500 futures were up 0.2%, and Nasdaq futures were 0.7% higher.Nvidia shares were up nearly 2% after President Donald Trump confirmed in a post on Truth Social that Nvidia Chief Executive Jensen Huang is accompanying him on his visit to Beijing, raising expectations of progress in stalled talks over Nvidia's H200 AI chip sales to China. Also mentioned in the post were Tesla (TSLA) CEO Elon Musk and Tim Cook of Apple (AAPL), among others.Traders took note of the latest round of earnings. Alibaba Group (BABA) reported lower fiscal Q4 adjusted earnings and higher revenue, while Nebius Group (NBIS) posted a swing to Q1 earnings and higher revenue.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 0.2% at $107.95 per barrel and US West Texas Intermediate crude 0.2% higher at $102.42 per barrel.The US Producer Price Index rose by 1.4% in April following a 0.7% gain in March, well above the 0.5% gain expected in a survey compiled by Bloomberg as of 7:35 am ET.Federal Reserve Boston President Susan Collins, Minneapolis President Neel Kashkari, and Dallas President Lorie Logan are slated to speak on Wednesday.In other world markets, Japan's Nikkei closed 0.8% higher, Hong Kong's Hang Seng ended 0.2% higher, and China's Shanghai Composite finished 0.7% higher. Meanwhile, the UK's FTSE 100 was up 0.1%, and Germany's DAX index was 0.8% higher in Europe's early afternoon session.In equities, chipmakers Micron Technology (MU), AMD (AMD), and Intel (INTC) shares were up 5%, 1.2%, and 2.4%, respectively, on traders' optimism regarding the meeting between Trump and Chinese President Xi Jinping. Nebius stock was up 15% after the company posted its Q1 financial results.On the losing side, American Electric Power (AEP) stock was down 3.6% after the company priced a public offering of roughly 20.5 million common shares at $127 each. Alibaba shares were down 2.4% after the company reported its fiscal Q4 financial results.

Dow JonesNasdaq CompositeS&P 500$AAPL$AEP$AMD$BABA$INTC$MU$NBIS$NVDA$TSLA
Alibaba Fiscal Fourth-Quarter Results Miss Street Views Despite Cloud Strength
US Markets

Alibaba Fiscal Fourth-Quarter Results Miss Street Views Despite Cloud Strength

Alibaba (BABA) reported lower-than-expected fiscal fourth-quarter earnings on Wednesday, while the Chinese e-commerce giant's revenue trailed market estimates despite double-digit growth in its cloud business.The company's adjusted earnings fell to 0.62 renminbi ($0.09) per American depositary share for the March quarter from 12.52 renminbi a year earlier. The consensus on FactSet was for 6.14 renminbi. Revenue rose 3% to 243.38 billion renminbi, but missed the Street's view for 246.97 billion renminbi.Alibaba's New York Stock Exchange-listed shares declined 2.3% in the most recent premarket activity.Revenue in the cloud intelligence business jumped 38% to 41.63 billion renminbi, with artificial intelligence-related product revenue delivering triple-digit growth for the eleventh consecutive quarter, Chief Financial Officer Toby Xu said in a statement. External revenue growth accelerated to 40%, with AI-related products accounting for 30% of the amount, according to Chief Executive Eddie Wu.Sales in the China e-commerce segment grew 6% to 122.22 billion renminbi. Within this division, e-commerce fell 1% to 96.29 billion renminbi. China commerce wholesale sales increased 3% to 5.94 billion renminbi."China e-commerce customer management revenue grew 8% on a like-for-like basis," Xu said. "The unit economics and average order value of quick commerce steadily improved."The international digital commerce business advanced 6% to about 35.43 billion renminbi, buoyed by gains in retail and wholesale. The all others segment, which includes Cainiao, Amap and Hujing digital media and entertainment, fell 21% to 65.46 billion renminbi, due to the disposal of the Sun Art and Intime businesses, the company said."We are confident in our business outlook and will continue to invest in AI (plus) cloud to strengthen our competitive advantages," according to Xu.On Tuesday, Chinese e-commerce group JD.com (JD) recorded better-than-expected first-quarter results. In April, technology giant Amazon.com (AMZN) reported first-quarter results above Wall Street's estimates and issued a robust revenue outlook for the ongoing three-month period.

$BABA
Japan

US Equity Futures Mixed as Nvidia Stock Rises Ahead of Crucial US-China Meeting

US equity futures were mixed pre-bell Wednesday as Nvidia (NVDA) stock rose ahead of a globally significant meeting between the US and China to discuss key economic and geopolitical issues.Dow Jones Industrial Average futures were 0.3% lower, S&P 500 futures were up 0.2%, and Nasdaq futures were 0.7% higher.Nvidia shares were up 2.3% after President Donald Trump confirmed in a post on Truth Social that Nvidia Chief Executive Jensen Huang is accompanying him on his visit to Beijing, raising expectations of progress in stalled talks over Nvidia's H200 AI chip sales to China. Also mentioned in the post were Tesla (TSLA) CEO Elon Musk and Tim Cook of Apple (AAPL), among others.Traders took note of the latest round of earnings. Alibaba Group (BABA) reported lower fiscal Q4 adjusted earnings and higher revenue, while Nebius Group (NBIS) posted a swing to Q1 earnings and revenue.Oil prices were lower, with front-month global benchmark North Sea Brent crude down 0.1% at $107.63 per barrel and US West Texas Intermediate crude 0.4% lower at $101.77 per barrel.The April Producer Price Index, scheduled for release at 8:30 am ET, is expected to show a 0.5% increase following a similar gain in the preceding month, according to estimates compiled by Bloomberg.Federal Reserve Boston President Susan Collins, Minneapolis President Neel Kashkari, and Dallas President Lorie Logan are slated to speak on Wednesday.

Dow JonesNasdaq CompositeS&P 500$AAPL$BABA$NBIS$NVDA$TSLA
Research

Research Alert: Baba: Another Mixed Quarter As Strategic Investments Dent Profits

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:BABA reported mixed Mar-Q results with revenue up 3% to CNY243.4B, below the CNY247.1B consensus, though up 11% on a like-for-like basis excluding disposed businesses. BABA posted its first operating loss since 2021 at -CNY0.8B, with adj-EBITA margins compressing to 2% vs. 14% in the prior year, mainly due to strategic investments in e-commerce (e.g., quick commerce) and AI initiatives. Cloud Intelligence Group revenue accelerated to 38% growth (+40% from external customers) vs. 36% growth in the Dec-Q, with AI products now representing 30% of external cloud revenue after 11 quarters of triple-digit growth. Management expressed confidence despite near-term margin pressure, emphasizing strategic investments position the company for competitive advantages. Quick commerce revenue surged 57% to CNY20.0B, though unit economics remain under development. We expect more significant improvement in quick commerce unit economics in FY 27 as strategic investments in AI and cloud infrastructure scale toward profitability.

$BABA
Stocks Mostly Up Pre-Bell Ahead of PPI Data; Trump's China Visit in Focus
US Markets

Stocks Mostly Up Pre-Bell Ahead of PPI Data; Trump's China Visit in Focus

The main US stock measures were mostly pointing higher in Wednesday's premarket activity as traders await the latest data on wholesale prices and focus on President Donald Trump's visit to China.The S&P 500 rose 0.3% and the Nasdaq added 0.8% before the opening bell, while the Dow Jones Industrial Average declined 0.2%. The S&P 500 and Nasdaq finished Tuesday trading in the red, while the Dow closed higher for the third consecutive session.Last month's producer price index, a measure of wholesale prices, is scheduled to be released at 8:30 am ET. The report follows Tuesday's data that showed annual consumer inflation accelerated in April to the fastest pace in almost three years, as energy prices surged amid the near-complete closure of the Strait of Hormuz."The unfavorable and larger-than-expected jump in core prices shows pressures are now spreading beyond energy, transportation, and food, into larger categories such as services and housing," Scott Anderson, chief US economist at BMO, said in a report. "If the energy price shock doesn't subside soon, we can expect more of the same in the months ahead."Treasury yields were moving down before the open, with the two-year rate retreating 1.3 basis points to 3.98% and the 10-year rate off 1 basis point to 4.46%.Trump is set to land in Beijing on Wednesday for a highly anticipated summit with Chinese President Xi Jinping. The US leader reportedly said he will have a "long talk" about the Iran war with his Chinese counterpart, though he downplayed the idea he would want China to play a role in ending the conflict.Trump is now more seriously considering restarting military operations against Iran than he has in recent weeks, CNN reported, citing his aides.West Texas Intermediate crude oil decreased 0.7% to $101.48 a barrel in premarket action, while Brent slipped 0.4% to $107.41.Wednesday's economic calendar also has the weekly mortgage applications bulletin at 7 am, followed by the EIA domestic petroleum inventories report at 10:30 am.Federal Reserve Bank of Boston President Susan Collins is slated to speak at 11:30 am, while Minneapolis Fed President Neel Kashkari speaks at 1:15 pm. Dallas Fed President Lorie Logan's remarks are due at 7 pm.Chicago Fed President Austan Goolsbee reportedly said Tuesday that inflation data on the services side was "unexpectedly disappointing."Chinese e-commerce giant Alibaba (BABA) is expected to release its latest financial results before the bell, among others. Cisco Systems (CSCO) posts earnings after the markets close.Gold inclined 0.5% to $4,711 per troy ounce, while bitcoin gained 0.4% to $81,098.

Dow JonesNasdaq CompositeS&P 500$BABA$CSCO
Asia Markets

US Equity Futures Slightly Lower Pre-Bell as Trump Rejects Iran's Response to Peace Proposal, Oil Prices Rise

US equity futures were marginally lower pre-bell Monday as President Donald Trump rejected Iran's response to the US peace proposal, sending oil prices higher amid concerns that the closure of the Strait of Hormuz would be prolonged.Dow Jones Industrial Average futures were flat, S&P 500 futures were down 0.2%, and Nasdaq futures were 0.1% lower.Trump said in a post on Truth Social that he found Iran's response "totally unacceptable." Iran's response had included a demand for war reparations, an end to sanctions, full sovereignty over the Strait of Hormuz, and the release of frozen Iranian assets, the country's state media had said.Energy firm Constellation Energy (CEG) was one of the first companies to kick off earnings this week, posting higher Q1 adjusted earnings and revenue. Among the companies reporting financial results this week are Petrobras (PBR), Cisco Systems (CSCO), Alibaba Group (BABA), Applied Materials (AMAT), and Brookfield (BN).Oil prices were higher, with front-month global benchmark North Sea Brent crude up 2.8% at $104.11 per barrel and US West Texas Intermediate crude 2.9% higher at $98.16 per barrel.Existing home sales report, scheduled for release at 10 am ET, is expected to show an increase of 2% for April after a decline of 3.6% in the prior month, according to estimates compiled by Bloomberg.In other world markets, Japan's Nikkei closed 0.5% lower, Hong Kong's Hang Seng ended 0.1% higher, and China's Shanghai Composite finished 1.1% higher. Meanwhile, the UK's FTSE 100 was up 0.1%, and Germany's DAX index was 0.5% lower in Europe's early afternoon session.In equities, Palantir Technologies (PLTR) stock was down 2.2% after the company's external staff and other consultants were provided unrestricted entry to identifiable medical records by the UK's National Health Service, according to a Financial Times report citing an internal briefing note.On the winning side, Intel (INTC) shares rose 5.2% after the company and Apple (AAPL) reached a preliminary agreement under which the chipmaker will make some of the chips powering Apple devices, according to a Wall Street Journal report on Friday. Barrick Mining (B) shares were up 3% after the company reported higher Q1 adjusted earnings and revenue. The mining firm also reduced its quarterly dividend and authorized a $3 billion share repurchase program. Constellation Energy (CEG) stock was up 1.3% after the company reported its Q1 financial results.

Dow JonesNasdaq CompositeS&P 500$AAPL$AMAT$B$BABA$BN$CEG$CSCO$INTC$PBR$PLTR
Japan

US Equity Futures Largely Flat Pre-Bell as Trump Rejects Iran's Response to Peace Proposal, Oil Prices Rise

US equity futures were largely flat pre-bell Monday as President Donald Trump rejected Iran's response to the US peace proposal, sending oil prices higher amid concerns that the closure of the Strait of Hormuz would be prolonged.Dow Jones Industrial Average futures were 0.1% lower, S&P 500 futures were flat, and Nasdaq futures were 0.1% higher.Trump said in a post on Truth Social that he found Iran's response "totally unacceptable." Iran's response had included a demand for war reparations, an end to sanctions, full sovereignty over the Strait of Hormuz, and the release of frozen Iranian assets, the country's state media had said.Energy firm Constellation Energy (CEG) was one of the first companies to kick off earnings this week, posting higher Q1 adjusted earnings and revenue. Among the companies reporting financial results this week are Petrobras (PBR), Cisco Systems (CSCO), Alibaba Group (BABA), Applied Materials (AMAT), and Brookfield (BN).Oil prices were higher, with front-month global benchmark North Sea Brent crude up 2.5% at $103.82 per barrel and US West Texas Intermediate crude 2.5% higher at $97.77 per barrel.Existing home sales report, scheduled for release at 10 am ET, is expected to show an increase of 2% for April after a decline of 3.6% in the prior month, according to estimates compiled by Bloomberg.

Dow JonesNasdaq CompositeS&P 500$AMAT$BABA$BN$CEG$CSCO$PBR
Wire

Apple Likely to see Major Inflection Point in Growth, Wedbush Says

Apple (AAPL) is likely to see a major inflection point in growth as it prepares to unveil its artificial intelligence strategy at WWDC next month, Wedbush said in a Friday research report.The brokerage forecast that around 20% of the world's population will access AI through an Apple device over the coming years, Wedbush stated.Apple will be able to monetize AI and storage services over the coming years, expected to add $75 to $100 to the stock and generate an additional $15 billion of annual services revenue, while the company's collaboration with Alibaba (BABA) on AI will be key as it targets a growing installed base in China, analysts wrote.Monetization depends on Apple's installed base, but innovation in foldable phones, AI smartphone, and affordable Apple Glasses will be the hearts and lungs of the company's success, according to the note.The brokerage said it reiterated its outperform rating on the stock and boosted its price target to $400 per share from $350.Price: $292.90, Change: $+5.48, Percent Change: +1.91%

$AAPL$BABA
International

Top Midday Stories: Nvidia Chips Said at Center of Smuggling Probe; TCI Slashes Nearly All Its $8 Billion Microsoft Stake

All three major US stock indexes were up in late-morning trading Friday following a better-than-expected jobs report.Nonfarm payrolls rose by 115,000 in April, above the Bloomberg survey consensus estimate of 65,000, the Bureau of Labor Statistics said Friday. March payrolls were revised up to a 185,000-job gain, while February payrolls were revised down to a 156,000-job decrease, the BLS said. The unemployment rate remained at 4.3% in April, as expected, while the labor force participation rate fell to 61.8% from 61.9% in March, the agency said.In company news, Nvidia (NVDA) chips are at the center of a suspected $2.5 billion smuggling scheme involving Super Micro Computer (SMCI) servers diverted to China through Bangkok-based OBON, Bloomberg reported Friday, citing people familiar with the matter. Alibaba (BABA) is among the alleged end customers of the scheme, the report said. In a March indictment, US prosecutors outlined how Super Micro worked with a Southeast Asian company identified by sources as OBON to bypass trade restrictions, the report said. Nvidia shares were up 2.1% and Super Micro shares were up 4.5%, while Alibaba shares were marginally down.Hedge fund TCI cut its stake in Microsoft (MSFT) from 10% of its portfolio, or $8 billion, at the end of last year to 1% at the end of March, the Financial Times reported Friday, citing an investor letter it reviewed. Microsoft shares were down 1.1%.CoreWeave (CRWV) reported a Q1 net loss late Thursday of $1.40 per diluted share, narrowing from a loss of $1.49 a year earlier but below the FactSet consensus estimate of a loss of $1.18. First-quarter revenue was $2.08 billion, up from $982 million a year ago and above the FactSet consensus of $1.97 billion. CoreWeave shares were down 13%.Price: $216.03, Change: $+4.53, Percent Change: +2.14%

$BABA$CRWV$MSFT$NVDA$SMCI
Asia Markets

Asian Equities Traded in the US as American Depositary Receipts Soar in Wednesday Trading

Asian equities traded in the US as American depositary receipts were soaring Wednesday morning, rising 3.38% to 2,885.55 on the S&P Asia 50 ADR Index.From North Asia, the gainers were led by tech companies Baidu (BIDU) and Alibaba Group (BABA), which climbed 8.3% and 6.1% respectively. They were followed by fintech firm J and Friends (JF) and lender Mitsubishi UFJ Financial Group (MUFG), which advanced 4.4% and 3.6% respectively.The decliners from North Asia were led by diagnostic imaging centers company Concord Medical Services (CCM) and polysilicon manufacturer Daqo New Energy (DQ), which fell 5.6% and 5.1% respectively. They were followed by semiconductor company Silicon Motion Technology (SIMO) and brand platform 36Kr (KRKR), which were down 2.8% and 2.3% respectively.From South Asia, the gainers were led by tech conglomerate Sea (SE) and lender HDFC Bank (HDB), which rose 5% and 3.5% respectively. They were followed by lender ICICI Bank (IBN) and pharmaceutical company Dr. Reddy's Laboratories (RDY), which were up 3.3% and 2.3% respectively.The only decliners from South Asia were computer hardware maker Canaan (CAN) and fintech firm Trident Digital Tech (TDTH), which dropped 3.8% and 0.9% respectively.

$BABA$BIDU$CAN$CCM$DQ$HDB$IBN$JF$KRKR$MUFG$RDY$SE$SIMO$TDTH
Asia Markets

US Equity Futures Slip Pre-Bell as Middle East Conflict Enters Third Month, Oil Prices Rise

US equity futures were marginally lower pre-bell Monday as the standoff in the Strait of Hormuz continued, with the Iran-US conflict reaching its third month and traders noting the increase in oil prices.Dow Jones Industrial Average futures were 0.3% lower, S&P 500 futures were down 0.1%, and Nasdaq futures were 0.1% higher.President Donald Trump said Sunday that the US would help guide vessels stranded in the Persian Gulf due to the conflict, and Iran responded by warning US forces not to enter the Strait of Hormuz.A US warship was turned away from entering the waterway after being hit by two missiles fired by Iran's navy near the port of Jask, according to Iran's Fars news agency, but a senior US official denied the report, Axios said.Among the companies expected to report quarterly earnings this week are Palantir Technologies (PLTR), Advanced Micro Devices (AMD), HSBC (HSBC), Arm (ARM), Shell (SHEL), and McDonald's (MCD).Oil prices were higher, with front-month global benchmark North Sea Brent crude up 2% at $110.31 per barrel and US West Texas Intermediate crude 0.8% higher at $102.72 per barrel.March factory orders, due at 10 am ET, are expected to have gained 0.6%, compared with no change previously, according to estimates compiled by Bloomberg.New York Federal Reserve President John Williams is due to speak today.In other world markets, Japan's Nikkei, China's Shanghai Composite, and the UK's FTSE 100 were all closed due to public holidays. Hong Kong's Hang Seng ended 1.2% higher. Germany's DAX index was flat in Europe's early afternoon session.In equities, Alibaba (BABA) shares rose 2% after Chinese robotics startup Linkerbot, which is backed by Alibaba unit Ant Group, said it will seek a $6 billion valuation in its next funding round, according to a Reuters report. EBay (EBAY) stock was 7.5% higher after GameStop (GME) said it submitted a non-binding proposal to acquire all outstanding shares of eBay for $125 each. Tyson Foods (TSN) shares were up 1.6% after the company reported fiscal Q2 adjusted earnings and sales that surpassed analysts' consensus.On the losing side, Norwegian Cruise Line (NCLH) stock was down 5.9% after the company issued lower-than-expected Q2 adjusted earnings guidance and trimmed its 2026 adjusted EPS outlook.

Dow JonesNasdaq CompositeS&P 500$AMD$ARM$BABA$EBAY$GME$HSBC$MCD$NCLH$PLTR$SHEL$TSN
Research

BNP Paribas Initiates Alibaba Group at Outperform With $209 Price Target

Alibaba Group Holding (BABA) has an average rating of buy and mean price target of $188.65, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

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