Research
Loop Capital Downgrades Roku to Hold From Buy Following Announced Sale to Fox, Adjusts PT to $155 From $145
Roku (ROKU) has an average rating of overweight and mean price target of $152.39, according to analysts polled by FactSet.
$FOX$ROKU
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Asia Markets
Update: US Equity Indexes Soar, Crude Oil Sinks as Iran Agreement Poised to Reopen Hormuz
(Updates with index/price moves, macroeconomic data, and political/company news from the first paragraph.)US equity indexes surged after Washington and Tehran reached an interim agreement that sets the stage for a reopening of the Strait of Hormuz, the chokepoint for about a fifth of global crude oil flows.The Nasdaq Composite surged 3.1% to 26,683.94, with the S&P 500 up 1.7% to 7,554.29, and the Dow Jones Industrial Average higher by 0.9% to 51,671.0 on Monday.Technology, communication services, and consumer discretionary led the gainers, while energy was the standout decliner.President Donald Trump and Vice President JD Vance both virtually signed the agreement to end a US blockade of Iranian ports, reopen the Strait of Hormuz, and start 60 days of nuclear negotiations, CNN reported, citing a senior US official.No text of the memorandum of understanding between Washington and Tehran has been released yet, with Trump saying it will likely be publicly released after the signing ceremony, the news report said. Both sides have offered differing accounts on key issues, including Hormuz. Iran intends to collect certain "fees" in the critical waterway, while Trump said it would fully reopen on Friday without tolls, according to the news report.The ceasefire in Lebanon - one of Iran's preconditions for a negotiated settlement - has been observed in the memorandum of understanding, Al Jazeera reported, citing Iran's Foreign Ministry spokesman, Esmail Baghaei. Tel Aviv won't withdraw from land seized in Lebanon, where it is fighting the Iranian-backed Hezbollah militant group, the Associated Press cited Israel's defense minister as saying on Monday.Crude oil futures extended declines. Front-month global benchmark North Sea Brent fell 3.6% to $83.75 per barrel, and US West Texas Intermediate slid 3.4% to $81.48 per barrel.Most US Treasury yields fell, with the 10-year slipping a basis point to 4.48% and the two-year down by 1.5 basis points to 4.07%.In precious metals, gold futures jumped 2.4% to $4,341.52, while silver futures climbed 3.3% to $70.21.In economic news, US industrial production rose by 0.1% in May, compared with expectations for a larger 0.3% increase in a Bloomberg-compiled survey, and following an upwardly revised 0.9% increase in April.The National Association of Home Builders' monthly housing market index fell to 35 in June from a revised 37 in May, compared with expectations for a 37 print in a Bloomberg-compiled poll. The index was still above 32, as reported a year earlier.In company news, Fox (FOX, FOXA) agreed to acquire Roku (ROKU) in a cash-and-stock deal that values the TV streaming platform at about $22 billion, creating a media and technology entity with one of the largest streaming businesses in the US. Shares of Fox slumped 17%, the worst performer on the S&P 500 and the Nasdaq.Western Digital (WDC) shares jumped 16%, the top gainer on the S&P 500 and Nasdaq, after Morgan Stanley raised the company's price target to $650 from $488 while keeping its overweight rating, citing rising demand for Hard Disk Drives.
Dow JonesNasdaq CompositeS&P 500$FOX$FOXA$WDC
US Markets
Update: Dow Climbs to Record, Oil Tumbles Following US-Iran Framework
(Updates with market moves at the end of the day.)The Dow Jones Industrial Average notched a new all-time high on Monday as a framework between the US and Iran to reopen the crucial Strait of Hormuz sent oil prices tumbling.The Dow rose 0.9% to settle at 51,671, topping its previous closing high recorded on June 4. The Nasdaq Composite jumped 3.1% to 26,683.9, while the S&P 500 climbed 1.7% to 7,554.3 -- both indexes advancing for a third consecutive session.Most sectors were in the green, led by technology's 3.4% gain, while energy saw the steepest drop.US markets will be closed Friday for the Juneteenth National Independence Day holiday.The US and Iran have reached an agreement to end their war and reopen the Strait of Hormuz after more than three months of conflict that disrupted regional stability and global shipping routes.The strait -- the world's most important chokepoint for crude flows -- has remained effectively closed since the US-Israel war with Iran began at the end of February.West Texas Intermediate crude oil was down 4.1% at $81.39 a barrel in Monday late-afternoon trade, while Brent fell 4.1% to $83.73.In the US, gasoline prices averaged $4.065 per gallon on Monday, compared with $4.164 a week earlier and $4.528 a month ago, according to AAA, a travel organization that tracks fuel prices in the country.While the US-Iran agreement lifts sentiment, analysts flagged potential implementation risks.US Treasury yields were lower, with the two-year rate last down 1.4 basis points at 4.08% and the 10-year rate falling 1.1 basis points to 4.48%.The Federal Reserve is scheduled to kick-off its two-day monetary policy meeting Tuesday, with Chair Kevin Warsh at the helm for the first time. Policymakers are widely expected to leave their benchmark lending rate unchanged Wednesday, which would mark their fourth consecutive pause, according to the CME FedWatch tool."We expect the Warsh Fed to move slowly on interest rates, especially with expectations for an end to the war," D.A. Davidson said. "The Fed, however, could remove its easing bias (a view that rates will be lower over the medium term)."The central bank's so-called "dot plot" may signal no interest rate cuts until 2028, said UBS Securities, which flagged the possibility of a tighter monetary policy amid the energy price shock stemming from the Middle East conflict.In economic news, US industrial production increased less than estimated in May as nondurable manufacturing fell, while mining output increased, Fed data showed.US homebuilder confidence declined this month as rising material costs and high mortgage rates stoked affordability concerns, the National Association of Home Builders and Wells Fargo said.SpaceX (SPCX) surged 20%, after the Elon Musk-led company finished its trading debut on Friday up 19%.Nvidia (NVDA) rose 3.5%, the second-biggest gainer on the Dow. Nvidia is looking to raise at least $20 billion from its first corporate bond sale since 2021, Bloomberg reported, citing people with direct knowledge of the matter.Micron Technology (MU) shares deserve a higher valuation amid a stronger memory cycle driven by artificial intelligence demand and tight industry supply, RBC Capital Markets said. The brokerage raised its price target for Micron to $1,200 from $525 and maintained an outperform rating.Micron's stock rallied 11%.In company news, Fox (FOX, FOXA) agreed to acquire Roku (ROKU) in a cash-and-stock deal that values the TV streaming platform at about $22 billion, creating a media and technology entity with one of the largest streaming businesses in the US.Fox's class A and B shares slid about 17% and 15%, respectively, the worst performers on the S&P 500, while Roku fell 1.9%.Payoneer (PAYO) agreed to be acquired by Canada's Nuvei in an all-cash transaction valued at about $2.75 billion, creating a global platform for local and cross-border commerce. Payoneer climbed 4.2%.Accenture (ACN), Jabil (JBL) and Kroger (KR) are scheduled to report their latest quarterly financial results later this week.Gold was last up 2.5% at $4,342.80 per troy ounce, while silver rose 3.4% to $70.29 per ounce.
Dow JonesNasdaq CompositeS&P 500$ACN$FOX$FOXA$JBL$KR$MU$NVDA$PAYO$ROKU$SPCX
Equities
US Equity Markets End Higher After US, Iran Confirm Peace Framework Agreement; Crude Oil Prices Fall
US equity indexes were higher on Monday after the US and Iran agreed on a peace framework and crude oil prices fell.* Iran's Supreme National Security Council confirmed on Sunday that a memorandum of understanding had been reached, with military operations on all fronts set to cease immediately. The peace deal will end the US blockade of Iranian ports and reopen the Strait of Hormuz, according to multiple media reports.* Industrial production rose by 0.1% in May, compared with expectations for a larger 0.3% increase in a Bloomberg-compiled survey, and following an upwardly revised 0.9% increase in April.* The New York Federal Reserve's Empire State manufacturing index fell to 5.7 in June from 19.6 in May, compared with a smaller expected decrease to 13.5 in a survey compiled by Bloomberg.* July West Texas Intermediate crude oil fell $3.45 to settle at $81.43 per barrel, while August Brent crude, the global benchmark, was last seen down $3.62 at $83.71.* Western Digital (WDC) shares were up nearly 16%, the top gainer on the S&P 500 and Nasdaq, after Morgan Stanley raised the company's price target to $650 from $488 while keeping its overweight rating, citing rising demand for Hard Disk Drives.* Fox (FOX, FOXA) shares fell roughly 16%, the worst performer on the S&P 500, after the company agreed to acquire Roku (ROKU) in a cash-and-stock deal that values the TV streaming platform at about $22 billion, creating a media and technology entity with one of the largest streaming businesses in the US.
Dow JonesNasdaq CompositeS&P 500$FOX$FOX.A$ROKU$WDC
Sectors
Sector Update: Consumer Stocks Mixed Late Afternoon
Consumer stocks were mixed late Monday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) decreasing 0.3% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) rising 1.7%.In corporate news, Fox (FOXA, FOX) agreed to acquire Roku (ROKU) in a cash-and-stock deal that values the TV streaming platform at about $22 billion. Roku shares declined 1.5%, and Fox Class A and Class B shares fell 16% and 15% respectively.The request by Amazon's (AMZN) Whole Foods for a review of the January 2025 vote by workers at a Philadelphia store location to unionize was denied Monday by the US National Labor Relations Board. Amazon shares were up 3.1%.Anheuser-Busch InBev (BUD) plans to invest over $20 million in its St. Louis and Arnold, Missouri, operations. Anheuser-Busch shares were down 1.5%.China's market regulator has ordered Walmart-owned (WMT) Sam's Club to strengthen food safety controls across its supply chain following the discovery of food safety issues, Reuters reported. The report said the State Administration for Market Regulation held talks with a Sam's Club executive and instructed the retailer to eliminate risks and safeguard consumer food safety. Walmart shares were decreasing 0.3%.
$AMZN$BUD$FOX$FOXA$ROKU$WMT
US Markets
Update: Equity Markets Rally Intraday, Oil Tumbles Following US-Iran Deal
(Updates with latest market prices and developments.)US benchmark equity indexes were higher intraday, while oil prices sank as markets cheered an agreement between Washington and Iran to end their war and reopen the crucial Strait of Hormuz.The Nasdaq Composite was up 3.1% at 26,677.8 after midday Monday, while the S&P 500 rose 1.9% to 7,569.3. The Dow Jones Industrial Average gained 1.3% to 51,878.1. Most sectors were in the green, led by technology's 3.3% advance, while energy saw the steepest drop.On Sunday, US President Donald Trump said that a deal with Iran was "complete" and that he authorized the immediate removal of the US naval blockade of Iranian ports. In a separate social media post, Trump said the Strait of Hormuz will reopen for mine removal upon the signing of the peace agreement, scheduled for Friday in Switzerland.The strait has been effectively shut since the end of February, when the US and Israel launched joint strikes on Iran.West Texas Intermediate crude oil was down 5.3% at $80.41 a barrel intraday Monday, while Brent fell 4.9% to $83.02."The market driver is an alleged peace framework between the US and Iran that does have the advantage of getting oil flowing through the Strait of Hormuz, at least for now," Scotiabank said in a note.Separately, Rystad Energy said the US-Iran peace framework has lifted sentiment, but it will take time for oil supply to improve meaningfully.US Treasury yields were lower intraday, with the two-year rate down 2.5 basis points at 4.06% and the 10-year rate falling 1.5 basis points to 4.47%.The Federal Reserve is scheduled to kick-off its two-day monetary policy meeting Tuesday. Policymakers are widely expected to leave their benchmark lending rate unchanged Wednesday, which would mark their fourth consecutive pause, according to the CME FedWatch tool.The central bank's so-called "dot plot" may signal no interest rate cuts until 2028, said UBS Securities, which flagged the possibility of a tighter monetary policy amid the energy price shock stemming from the Middle East conflict."We have been saying since early March the energy price increase and potential supply disruptions (amid the Iran war) widened the potential outcomes for the future path of the funds rate, including rate hikes," UBS said in a note.In economic news, US industrial production increased less than estimated in May as nondurable manufacturing fell, while mining output increased, Fed data showed.US homebuilder confidence declined this month as rising material costs and high mortgage rates stoked affordability concerns, the National Association of Home Builders and Wells Fargo said."Costly and inefficient regulatory policy is clearly impeding the ability of builders to increase the housing supply," NAHB Chief Economist Robert Dietz said. "Easing permitting bottlenecks, density limits and inefficient zoning rules would help reduce costs and support the housing growth the nation needs."SpaceX (SPCX) was up 14% intraday, after the Elon Musk-led company finished its trading debut on Friday up 19%.Certain other big tech names were also higher intraday Monday, with Nvidia (NVDA) up 3.5%, among the best performers on the Dow. Microsoft (MSFT) rose 2.3%.In company news, Fox (FOX, FOXA) agreed to acquire Roku (ROKU) in a cash-and-stock deal that values the TV streaming platform at about $22 billion, creating a media and technology entity with one of the largest streaming businesses in the US.Fox's class A and B shares were down 16% and 15%, respectively, the worst performers on the S&P 500, while Roku fell 1.8%.Payoneer (PAYO) agreed to be acquired by Canada's Nuvei in an all-cash transaction valued at about $2.75 billion, creating a global platform for local and cross-border commerce. Payoneer shares were up 4.1%.Accenture (ACN), Jabil (JBL) and Kroger (KR) are scheduled to report their latest quarterly financial results later this week, along with others.US markets will be closed Friday for the Juneteenth National Independence Day holiday.Gold was up 2.9% at $4,360.80 per troy ounce, while silver climbed 3.6% to $70.42 per ounce.
Dow JonesNasdaq CompositeS&P 500$ACN$FOX$FOXA$JBL$KR$MSFT$NVDA$PAYO$ROKU$SPCX
Wire
Top Midday Decliners
Elicio Therapeutics (ELTX) said Monday its Phase 2 clinical study evaluating the experimental pancreatic cancer therapy ELI-002 7p failed to meet the pre-specified primary endpoint of disease-free survival.Shares sank 72% after a surge in intraday trading volume to over 7.10 million from a daily average of about 131,000.Comtech Telecommunications (CMTL) agreed to sell most of its Satellite and Space Communications segment to Gilat Satellite Networks (GILT) for $157.5 million, the companies said in separate statements Monday.Shares of Comtech Telecommunications plummeted 43% as intraday trading volume climbed to more than 3.72 million, versus a daily average of about 297,000.Fox (FOX, FOXA) agreed to acquire Roku (ROKU) in a cash-and-stock deal that values the TV streaming platform at about $22 billion, creating a media and technology entity with one of the largest streaming businesses in the US.Fox shares dropped 16%, with intraday trading volume rising to more than 4.48 million from the stock's daily average of about 1.33 million.Price: $4.09, Change: $-10.77, Percent Change: -72.49%
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Asia Markets
Update: US Equity Indexes Soar, Crude Oil Sinks as Interim Deal Agreed to End Iran War
(Updates with index/price moves, macroeconomic data, and political/company news from the first paragraph.)US equity indexes jumped while crude oil and government bond yields slumped after the US and Iran reached a framework agreement to end the war in the Middle East.The Nasdaq Composite surged 3% to 26,669.5, with the S&P 500 up 1.9% to 7,571.2, and the Dow Jones Industrial Average higher by 1.4% to 51,920.8 after midday Monday. Technology, communication services, and consumer discretionary led the gainers, while energy was the standout decliner.Iran's Supreme National Security Council confirmed on Sunday that a memorandum of understanding had been reached, with military operations on all fronts set to cease immediately. No text of the MoU has been released, and the duo has offered conflicting accounts of what will follow a signing ceremony in Switzerland on Friday, CNN reported.The peace deal will end the US blockade of Iranian ports and reopen the Strait of Hormuz, according to multiple media reports. Iran's Foreign Ministry spokesman, Esmail Baghaei, said the ceasefire in Lebanon - one of Iran's preconditions for a negotiated settlement - has been observed in the memorandum of understanding, Al Jazeera reported.Israel's defense minister said Monday that the country wouldn't withdraw from land seized in Lebanon, where Israel is fighting the Iranian-backed Hezbollah militant group, according to a report from the Associated Press.If Iran abides by its commitments to reopen the Strait of Hormuz and not develop a nuclear weapon, then it will be "reinvited into the world economy," and US sanctions in the region will be loosened, a Stifel note cited US Vice President JD Vance as saying on CNBC on Monday.Crude oil futures slumped. Front-month global benchmark North Sea Brent slumped 4.3% to $80.61 per barrel, and US West Texas Intermediate slid 4.1% to $83.28 per barrel."Whether prices, currently around $13 above pre-war levels, can fall further will depend on several factors, including the pace at which commercial and strategic stockpiles are replenished, how quickly shut-in production can be brought back online, and the extent of any lasting demand destruction caused by a prolonged period of elevated energy prices," Saxo Bank said in a note.Most US Treasury yields fell, with the 10-year down 1.6 basis points to 4.47% and the two-year lower by 2.5 basis points to 4.06%.In precious metals, gold futures jumped 2.8% to $4,355.51, while silver futures climbed 3.3% to $70.22.In company news, Fox (FOX, FOXA) agreed to acquire Roku (ROKU) in a cash-and-stock deal that values the TV streaming platform at about $22 billion, creating a media and technology entity with one of the largest streaming businesses in the US. Shares of Fox slumped 16%, the worst performer on the S&P 500 and the Nasdaq.In economic news, industrial production rose by 0.1% in May, compared with expectations for a larger 0.3% increase in a Bloomberg-compiled survey, and following an upwardly revised 0.9% increase in April.The National Association of Home Builders' monthly housing market index fell to 35 in June from a revised 37 in May, compared with expectations for a 37 print in a Bloomberg-compiled poll. The index was still above 32, as reported a year earlier.The New York Federal Reserve's Empire State manufacturing index fell to 5.7 in June from 19.6 in May, compared with a smaller expected decrease to 13.5 in a survey compiled by Bloomberg. The Empire State index is the first manufacturing sector reading for June and suggests a slower pace of expansion.
Dow JonesNasdaq CompositeS&P 500$FOX$FOXA$ROKU
Sectors
Sector Update: Consumer Stocks Mixed Monday Afternoon
Consumer stocks were mixed Monday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) decreasing 0.2% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) rising 1.9%.In corporate news, Fox (FOXA, FOX) agreed to acquire Roku (ROKU) in a cash-and-stock deal that values the TV streaming platform at about $22 billion. Roku shares declined 0.9%, and Fox Class A and Class B shares fell 16% and 15% respectively.Anheuser-Busch InBev (BUD) plans to invest over $20 million in its St. Louis and Arnold, Missouri, operations. Anheuser-Busch shares were down 1%.China's market regulator has ordered Walmart-owned (WMT) Sam's Club to strengthen food safety controls across its supply chain following the discovery of food safety issues, Reuters reported. The report said the State Administration for Market Regulation held talks with a Sam's Club executive and instructed the retailer to eliminate risks and safeguard consumer food safety. Walmart shares were decreasing 0.2%.
$BUD$FOX$FOXA$ROKU$WMT
Sectors
Sector Update: Consumer
Consumer stocks were mixed Monday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) decreasing 0.3% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) rising 1.9%.In corporate news, Fox (FOXA, FOX) agreed to acquire Roku (ROKU) in a cash-and-stock deal that values the TV streaming platform at about $22 billion. Roku shares declined 0.7%, and Fox Class A and Class B shares fell 16% and 15% respectively.
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Wire
Barclays Adjusts Price Target on Fox to $60 From $67, Maintains Equalweight Rating
Fox (FOXA) has an average rating of overweight and mean price target of $71.87, according to analysts polled by FactSet.Price: $54.94, Change: $-10.91, Percent Change: -16.57%
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Wire
Top Midday Stories: Fox to Acquire Roku for $22 Billion; Truist Names Former Fiserv CEO Lyons as New CEO
All three major US stock indexes were up in late-morning trading Monday, after President Donald Trump said on Sunday that a deal has been signed to end the war between the US and Iran.In company news, Fox (FOX) said Monday it has agreed to acquire Roku (ROKU) in a cash-and-stock deal valued at $22 billion. Under the terms of the deal, Fox will pay $160 per share for Roku, comprised of $96 in cash and 0.9693 shares of Fox stock, the company said. The transaction is expected to close in H1 2027, subject to shareholder and regulatory approvals, but both boards have unanimously approved the deal, Fox said. Shares of Fox were down 15.5% around midday, while Roku shares were down 1.0%.Truist Financial (TFC) on Monday named Michael P. Lyons as its next president and chief executive officer, starting Sept. 1. Lyons, who most recently served as CEO of Fiserv (FISV), will succeed Bill Rogers at Truist. Rogers will become executive chair on Lyons' start date, Truist said. Truist shares were down 3.6%, while Fiserv shares were down 8.1%.SpaceX (SPCX) revenue could surpass $1 trillion by 2031, Chief Executive Elon Musk said Sunday on X, days after the company's noteworthy debut on the Nasdaq Composite. SpaceX shares were up 7.5%.Nvidia (NVDA) is looking to raise at least $20 billion from its first corporate bond sale since 2021, Bloomberg reported Monday, citing people with direct knowledge of the matter. The company is marketing bonds in seven tranches with maturities ranging from two to 30 years, the report said, citing a person with knowledge of the matter. price talk is for a spread of about 0.9 percentage points above Treasuries for the longest tenor, the report said, citing one of the people. Nvidia shares were up 2.8%.Amazon (AMZN) CEO Andy Jassy raised concerns to the Trump administration about security risks that Anthropic's most advanced models pose before the president imposed export restrictions on those models, The Information reported Saturday, citing two people familiar with the conversations. Separately, the request by Amazon's Whole Foods for a review of the January 2025 vote by workers at a Philadelphia store location to unionize was denied Monday by the US National Labor Relations Board. Amazon shares were up 3.2%.Payoneer Global (PAYO) and Nuvei said Monday they have entered into a definitive agreement under which Nuvei will acquire Payoneer for $7.40 per share in cash, representing a total deal equity value of about $2.75 billion. The transaction, which has been approved by the boards of both companies, is expected to close in mid-2027, the companies said. Payoneer shares were up 4.1%.Price: $50.25, Change: $-8.67, Percent Change: -14.71%
$AMZN$FOX$NVDA$PAYO$ROKU$SPCX$TFC
US Markets
Fox to Buy Roku in $22 Billion Cash-Stock Deal
Fox (FOX, FOXA) agreed to acquire Roku (ROKU) in a cash-and-stock deal that values the TV streaming platform at about $22 billion, creating a media and technology entity with one of the largest streaming businesses in the US.Fox will pay $160 per Roku's share, comprised of $96 in cash and 0.9693 of the media company's class A shares, the companies said in a joint statement on Monday.Roku's shares declined 2.2% intraday, while Fox's class A and B stock plunged 18% and 17%, respectively.Roku serves more than 100 million global streaming households through its streaming players, TVs and The Roku Channel. The combined company is expected to become the third largest entity in US television by share of viewing, the companies said. Fox owns the Tubi streaming service."This combination will transform the scope of our company into high-growth verticals and yield a step change in our overall growth profile," Fox Chief Executive Lachlan Murdoch said.The acquisition offers Fox "a wider entry" into the high-growth connected TV segment, especially advertising and streaming subscriptions, the company said. It boosts the media giant's long-term growth and accelerates its digital strategy.Fox anticipates the deal to generate run-rate cost synergies of $400 million, with revenue upside."The combination with Fox is an extraordinary opportunity to accelerate our vision, scale faster and innovate more aggressively for viewers, partners and advertisers," Roku CEO Anthony Wood said. "This transaction offers a significant premium to Roku shareholders while also providing them with the opportunity to participate in the compelling future upside of the combined company."The transaction, which requires approval from both companies' shareholders and clearance from US and non-US regulators, is expected to complete in the first half of next year. Wood and certain trusts and entities that collectively holding a majority of the voting power at Roku, have agreed to vote in favor of the deal.Following completion, Fox shareholders are expected to own about 73% of the combined company, with Roku's investors holding the remaining 27% stake. Wood is set to have an "ongoing role" at the combined company.At the end of April, Roku reported first-quarter net income of $0.57 a share, swinging from a loss of $0.19 the year before. Overall revenue improved 22% to $1.25 billion. At the time, the company said it expected revenue of $5.5 billion for 2026.Last month, Fox recorded a surprise increase in fiscal third-quarter earnings, while its revenue topped estimates amid distribution growth.
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Wire
Seaport Global Securities Adjusts Fox Price Target to $72 From $71, Maintains Buy Rating
Seaport Global Securities Adjusts Fox Price Target to $72 From $71, Maintains Buy Rating
$FOX$FOXA
Wire
Seaport Global Lifts Price Target on Fox to $71 From $64, Maintains Buy Rating
Fox (FOX) has an average rating of overweight and mean price target of $70.80, according to analysts polled by FactSet.Price: $60.09, Change: $-1.09, Percent Change: -1.78%
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US Markets
S&P 500, Nasdaq Reach New Peaks as Traders Track US-Iran Conflict
The S&P 500 and the Nasdaq Composite hit fresh highs on Monday as traders continued to track developments in the Middle East that sent oil prices rising.The S&P 500 rose 0.2% to 7,412.8, while the Nasdaq added 0.1% to 26,274.1 -- both logging new closing highs. The Dow Jones Industrial Average climbed 0.2% to 49,704.5.Six of the 11 sectors ended in the green, led by energy, while communication services saw biggest drop.West Texas Intermediate crude was last up 3% to $98.25 a barrel, while Brent advanced 2.9% to $104.23.US President Donald Trump on Sunday rejected Iran's counteroffer to end the war, extending uncertainty around oil flows through the Strait of Hormuz.The US-Iran ceasefire is on "massive life support" and "unbelievably weak," news outlets reported Monday, citing Trump.Iran's proposal, delivered via mediator Pakistan, sought an immediate end to hostilities, the lifting of the US naval blockade of its ports and assurances against further aggression, BBC News reported, citing Iran's semi-official Tasnim news agency.Trump is scheduled to arrive in China Wednesday for a high-stakes state visit, with talks set to take place Thursday and Friday."The US will want China to use its influence with Tehran, especially because China is a major buyer of Iranian oil," Saxo Bank Chief Investment Strategist Charu Chanana said in a report Monday. "China, meanwhile, wants energy security and stable shipping lanes, but it is unlikely to appear as if it is acting under US instruction."US Treasury yields were higher, with the 10-year rate up 5.6 basis points at 4.42% and the two-year rate rising 6.7 basis points to 3.96%.Some 89% of S&P 500 companies have reported quarterly results in the latest cycle, with earnings up about 25% from a year earlier and revenue rising 10%, Oppenheimer Asset Management said in a note. Ahead of the earnings season, FactSet put expected earnings growth at 12.6% year over year."Notwithstanding the recent powerful rallies in stocks driven by earnings growth and better than expected US economic data over the past week, challenges remain to finding resolution to the conflict in the Middle East," Oppenheimer Asset Management Chief Investment Strategist John Stoltzfus said.Cisco Systems (CSCO) and Applied Materials (AMAT) are among the major names scheduled to report this week.Nvidia (NVDA) rose 2%, among the best performers on the Dow, while Qualcomm (QCOM) jumped 8.4%, among the biggest gainers on the S&P 500.Lumentum (LITE) shares surged nearly 17%, the top gainer on the S&P 500, after the company said it is set to join the Nasdaq-100 index, effective May 18.Trade Desk (TTD) shares slumped 6.8%, among the worst performers on the S&P 500, after HSBC downgraded the stock to reduce from hold while adjusting its price target to $20 from $31.Fox (FOX, FOXA) reported a surprise increase in quarterly earnings, while the media company's revenue topped estimates amid distribution growth. Fox's class A and B shares rose 7.6% and 8.1%, respectively.In economic news, US existing home sales increased less than projected in April, data from the National Association of Realtors showed."Despite mixed macroeconomic signals -- including a record-high stock market and historically low consumer confidence -- home sales were modestly boosted by the continued improvement in housing affordability," NAR Chief Economist Lawrence Yun said.Gold was last up 0.3% at $4,744.50 per troy ounce, while silver jumped 7.1% to $86.61 per ounce.
Dow JonesNasdaq CompositeS&P 500$AMAT$CSCO$FOX$FOXA$LITE$NVDA$QCOM$TTD
Sectors
Sector Update: Consumer Stocks Decline Late Afternoon
Consumer stocks fell late Monday afternoon with the State Street Consumer Staples Select Sector SPDR ETF (XLP) declining 1.1% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) decreasing 0.6%.In corporate news, General Motors (GM) plans to cut hundreds of jobs in its information technology department in an effort to reduce costs, Bloomberg reported. The cuts will impact around 500 to 600 workers, the report said. GM shares were down 4.6%.Texas Attorney General Ken Paxton said Monday he has sued Netflix (NFLX) for allegedly spying on Texans by collecting users' data without their consent or knowledge. Netflix shares fell 2.6%.Walt Disney's (DIS) ABC network has been the victim of "sustained, coordinated" censorship by the Trump administration, Federal Communications Commissioner Anna Gomez said in a letter to Disney CEO Josh D'Amaro, The Wall Street Journal reported. Disney shares were down 3.2%.Fox (FOXA, FOX) reported a surprise increase in quarterly earnings on Monday, while the media company's revenue topped estimates amid distribution growth. Its Class A shares rose 7.7%, and the Class B shares climbed 8.3%.
$DIS$FOX$FOXA$GM$NFLX
Wire
Goldman Sachs Raises Fox Price Target to $81 From $75
Fox (FOX, FOXA) has an average rating of overweight and mean price target of $69.38, according to analysts polled by FactSet.Price: $60.10, Change: $+3.50, Percent Change: +6.18%
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Sectors
Sector Update: Consumer Stocks Decline Monday Afternoon
Consumer stocks fell Monday afternoon with the State Street Consumer Staples Select Sector SPDR ETF (XLP) declining 1.2% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) dropping 0.7%.In corporate news, Texas Attorney General Ken Paxton said Monday he has sued Netflix (NFLX) for allegedly spying on Texans by collecting users' data without their consent or knowledge. Netflix shares fell 2.4%.Walt Disney's (DIS) ABC network has been the victim of "sustained, coordinated" censorship by the Trump administration, Federal Communications Commissioner Anna Gomez said in a letter to Disney CEO Josh D'Amaro, The Wall Street Journal reported. Disney shares were down 3%.Fox (FOX, FOXA) reported a surprise increase in quarterly earnings on Monday, while the media company's revenue topped estimates amid distribution growth. Its Class A shares rose 4%, and the Class B shares climbed 4.4%.
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US Markets
Fox Posts Surprise Quarterly Earnings Growth Amid Distribution Revenue Strength
Fox (FOX, FOXA) reported a surprise increase in quarterly earnings on Monday, while the media company's revenue topped estimates amid distribution growth.Adjusted per-share earnings for the fiscal third quarter ended March 31 quarter rose to $1.32 from $1.10 a year earlier. Analysts in a FactSet survey expected a drop to $1. Revenue fell $3.99 billion from $4.37 billion, but exceeded the consensus estimate of $3.78 billion.Fox's class A and B shares were up 3.6% each in Monday trade.Distribution revenue grew 3% to $2.11 billion amid gains in the cable network programming segment.The results reflected "strong core top-line delivery from ongoing advertising trends and distribution revenue growth," Chief Executive Lachlan Murdoch said during an earnings call, according to a FactSet transcript.Advertising revenue fell to $1.56 billion from last year's $2.04 billion, which included the Super Bowl broadcast. However, an additional National Football League Wild Card game and growth in streaming platform Tubi helped buoy ad sales."Excluding the Super Bowl impact, advertising revenue would have grown double digits driven by strength across the company," Murdoch said. "And that momentum continues into our fiscal fourth quarter. The strength of these trends is most evident at Fox News, which achieved its highest third-quarter advertising revenue ever."By segment, cable network programming revenue increased to $1.74 billion from $1.64 billion. Television revenue fell to $2.2 billion from $2.7 billion."Television distribution revenue was down 1%, which continues to be in-line with our expectation for TV distribution revenue to be about flat for the full year before returning to growth in fiscal 2027," Chief Financial Officer Steve Tomsic said on the call.Price: $58.94, Change: $+2.34, Percent Change: +4.13%
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