Research
JPMorgan Upgrades Iren to Overweight From Underweight, Adjusts PT to $65 From $46
IREN (IREN) has an average rating of buy and mean price target of $81.43, according to analysts polled by FactSet.
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Sectors
Sector Update: Financial Stocks Advance Friday Afternoon
Financial stocks advanced in Friday afternoon trading, with the NYSE Financial Index rising 0.5% and the State Street Financial Select Sector SPDR ETF (XLF) ahead 0.4%.The Philadelphia Housing Index was decreasing 0.3%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was down 0.6%.Bitcoin (BTC-USD) was falling 3.1% to $77,812, and the yield for 10-year US Treasuries was rising 5.6 basis points to 4.728%.In economic news, Federal Reserve Chair Kevin Warsh said Friday that the central bank's primary focus should be on prices, given that the US is doing well on the employment front. Delivering his debut Jackson Hole speech as Fed chief, Warsh said inflation numbers were concerning. "The comparable measures from the consumer price index are also elevated, as are the core measures of both PCE and CPI inflation," Warsh said. "None of these measures are perfect, but they all tell a similar story: Inflation is running above our 2% target. So the Fed's predominant focus right now should be on prices."Separately, US consumer sentiment dropped in August amid concerns that inflation will continue to be high for the "foreseeable future," final results of a University of Michigan survey showed Friday. The main sentiment index fell 6.3% sequentially to 51.7 this month. The gauge for current economic conditions decreased to 51.9 from 54.8, while the index of consumer expectations slid 7% to 51.5, according to the survey.In corporate news, PayPal (PYPL) shares fell past 12% after Bloomberg reported Friday that Advent and Stripe have abandoned their $50 billion bid to buy the company.Affirm (AFRM) shares gained 4.7% after it reported late Thursday a surge in fiscal Q4 earnings and sales, and issued an upbeat fiscal Q1 sales outlook.UBS (UBS) raised 2 billion yuan ($297.5 million) via its debut panda bond in China's onshore market, highlighting growing demand among international issuers for lower borrowing costs, Bloomberg reported. UBS shares rose 0.9%.Iren (IREN) shares fell nearly 14% after the company reported late Thursday Q4 revenue of $137.2 million, down from $187 million a year ago.
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Wire
Blue Owl Leads $2.4 Billion Iren Debt Deal to Finance GPUs
Blue Owl Capital (OBDC) funds led a $2.4 billion debt deal for Iren's IE Mackenzie Compute unit consisting of about $1.2 billion of senior notes and a $1.2 billion master financing and security agreement, Iren said in a regulatory filing Friday.The deals finance GPU servers and ancillary equipment Iren owns at the Mackenzie data center facilities in British Columbia, Canada, which the Sydney-based cloud computing provider expects to take delivery of in stages through to Dec. 31, Iren said in the filing.Borrowings under the financing and security agreement and the notes bear interest at a fixed rate of 9.0% per annum, the filing said.Pacific Investment Management also participated in the financing, the filing said.
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Wire
Top Midday Decliners
Key Tronic (KTCC) reported late Thursday a year-over-year decline in fiscal Q4 revenue, taking the shine out of its narrower adjusted net loss per share.Shares slumped past 27% as intraday trading volume jumped to over 125,000 from a daily average of about 23,000.Iren (IREN) reported late Thursday Q4 revenue of $137.2 million, down from $187 million a year ago. Analysts surveyed by FactSet expected $132.3 million.Shares declined 13%, with intraday trading volume at over 60 million, versus a daily average of about 44.8 million.Pasqal (PSQL) slumped nearly 14% on its debut on the Nasdaq Stock Market on Friday, after the company completed its business combination with Bleichroeder Acquisition Corp. II.More than 2.85 million shares traded intraday.Price: $14.36, Change: $-2.59, Percent Change: -15.28%
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Sectors
Sector Update: Financial Stocks Mixed Pre-Bell Friday
Financial stocks were mixed pre-bell Friday, with the State Street Financial Select Sector SPDR ETF (XLF) up 0.1%.The Direxion Daily Financial Bull 3X Shares (FAS) rose by 0.3%, and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 0.1% lower.PayPal (PYPL) fell as much as 14% after Bloomberg News reported that buyout firm Advent and payment-processor Stripe have abandoned their bid to buy the company.Affirm (AFRM) shares were up more than 11% after the company reported late Thursday a surge in fiscal Q4 earnings and sales, and issued an upbeat fiscal Q1 sales outlook.Iren (IREN) shares dropped 6% after the company reported late Thursday Q4 revenue of $137.2 million, down from $187 million a year ago.
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Wire
Top Midday Gainers
AMC Entertainment (AMC) reported Monday over 4.3 million moviegoers in AMC Theatres in the US and Odeon Cinemas globally from Thursday through Sunday, led by the opening of Christopher Nolan's film "The Odyssey."Shares climbed past 22% as intraday trading volume soared to over 141 million from a daily average of about 38.9 million.Iren (IREN) has raised its year-end 2026 artificial intelligence cloud annualized run-rate revenue target to more than $4 billion from $3.7 billion, the company said on Monday.Shares rose 20% amid an increase in intraday trading volume to over 57 million from a daily average of roughly 46.8 million.Global Payments' (GPN) improved buyback capacity, constructive channel checks on the Genius platform and the Worldpay business, low bar for execution, and rising investor interest create a meaningful rerating potential, Morgan Stanley said in a Monday research note.Shares jumped 6%, with intraday trading volume at more than 2.3 million versus the stock's daily average of about 3.7 million.Price: $2.38, Change: $+0.44, Percent Change: +22.68%
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Wire
Iren Raises Year-End 2026 AI Cloud ARR Target to Over $4 Billion; Shares Rise Pre-Bell
Iren (IREN) has raised its year-end 2026 artificial intelligence cloud annualized run-rate revenue target to more than $4 billion from $3.7 billion, the company said on Monday.Of this updated target, about 85% is now under contract following new multi-year cloud services contracts with AI developers, representing $2.8 billion in total contract value, the company said.Iren added that contracted pricing continues to strengthen, with customer prepayments representing about 45% of the associated GPU capital expenditure.Across its portfolio, Iren's customer contracts have a weighted average term of about four years, according to the company.Shares of Iren were up 8.6% in Monday premarket trading.
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Wire
Iren Shares Rise After Jefferies Initiates Coverage at Buy
Iren (IREN) shares were up 3.2% in Thursday afternoon trading after Jefferies initiated its coverage on the company's stock with a buy rating and a $79 price target.Trading volume stood at about 25.3 million shares, compared with a daily average of over 44.2 million.Price: $59.95, Change: $+1.84, Percent Change: +3.17%
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Research
Jefferies Initiates IREN at Buy With $79 Price Target
IREN (IREN) has an average rating of overweight and mean price target of $83.79, according to analysts polled by FactSet.
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Sectors
Sector Update: Tech Stocks Rise Premarket Wednesday
Technology stocks were rising premarket Wednesday, with the State Street Technology Select Sector SPDR Fund (XLK) up 1% and the State Street SPDR S&P Semiconductor ETF (XSD) advancing by 3%.Micron Technology (MU) shares were up more than 7%, extending gains after the company's market capitalization eclipsed $1 trillion for the first time on Tuesday.Iren (IREN) has entered a $1.6 billion purchase agreement with Dell (DELL) for air-cooled Blackwell systems, the company said. Iren shares were up more than 3% pre-bell.Zscaler (ZS) stock was down more than 23% after the company issued a fiscal Q4 revenue outlook that narrowly missed analysts' expectations.
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Sectors
Sector Update: Tech Stocks Rise Premarket Friday
Technology stocks were rising premarket Friday, with the State Street Technology Select Sector SPDR Fund (XLK) 1.2% higher and the State Street SPDR S&P Semiconductor ETF (XSD) up 2.1%.Sony Group (SONY) stock was up more than 2% after the company posted higher fiscal Q4 sales.Cloudflare (NET) shares were down more than 15% after the company said it expects to reduce its workforce by about 1,100 people as part of a planned restructuring.Iren (IREN) secured a five-year AI infrastructure cloud services contract with Nvidia (NVDA) worth $3.4 billion, the company said. Iren shares were up more than 15% premarket.
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US Markets
Stocks Rise Pre-Bell as Investors Assess Renewed Middle East Tensions, Await Jobs Report
The benchmark US stock measures were pointing higher before the open Friday as investors weigh renewed tensions in the Strait of Hormuz and await a key employment report for April.The S&P 500 rose 0.4%, the Dow Jones Industrial Average increased 0.2% and the Nasdaq added 0.6% in premarket activity. The indexes finished the previous trading session down, snapping a two-day winning streak.The US and Iran exchanged fire in the Strait of Hormuz on Thursday, with both sides accusing each other of initiating the attack, according to several media outlets.The US Central Command said its forces intercepted "unprovoked" Iranian attacks and carried out "self-defense" strikes, as US navy destroyers transited the crucial waterway to the Gulf of Oman. Iran reportedly accused the US of striking multiple targets in and around the strait.In a social media post on Thursday, President Donald Trump threatened to strike Tehran "a lot harder, and a lot more violently" in the future if it doesn't agree to a peace deal. Later, Trump told ABC News that the strikes against Iran were "just a love tap" and that the ceasefire between the two countries remains in effect."Markets continue to be cautiously optimistic toward the prospect of a US-Iran deal to end the war despite the appearances of the US administration pumping the deal vastly more than the other side," Scotiabank said in a note on Thursday.West Texas Intermediate crude oil nudged 0.4% higher to $95.18 a barrel before the opening bell, while Brent inclined 0.7% to $100.83.Treasury yields were trending lower in premarket action, with the two-year rate retreating 2.2 basis points to nearly 3.9% and the 10-year rate off 2.4 basis points to 4.37%.The nonfarm payrolls report for last month is scheduled to be released at 8:30 am ET. Government data is expected to show that the US economy added 65,000 jobs in April, compared with a 178,000 gain reported for the month prior, according to a Bloomberg poll.US job cuts increased in April to the third-highest total for the month since 2009 as technology companies continued to announce layoffs amid a shift toward artificial intelligence, Challenger Gray & Christmas said Thursday. On Wednesday, ADP (ADP) said employment in the US private sector grew at its fastest pace in more than a year.Friday's economic calendar also has the preliminary University of Michigan consumer sentiment report for May at 10 am, while the weekly Baker Hughes oil-and-gas rig count is out at 1 pm.On Thursday, a US trade court ruled that Trump's 10% global tariffs are not justified under a 1970s trade law, Reuters reported. In February, the Supreme Court invalidated Trump's reciprocal tariffs imposed in 2025 under the International Emergency Economic Powers Act. Following that decision, Trump announced a 10% global tariff, which he later said would rise to 15%.Shares of Airbnb (ABNB) moved 0.7% higher pre-bell after the vacation rental company reported higher-than-expected first-quarter revenue. Monster Beverage (MNST) climbed 6.5% as the energy drink firm's first-quarter results topped market estimates. CoreWeave (CRWV) fell 6.5% following its latest quarterly results.Iren (IREN) jumped 8.1% as the company said it secured a five-year artificial intelligence infrastructure cloud services contract with Nvidia (NVDA) worth $3.4 billion.Gold increased 0.4% to $4,730 per troy ounce, while bitcoin slipped 0.2% to $79,952.
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Wire
Iren to Acquire Mirantis for $625 Million in Stock
Iren (IREN) said Tuesday it has agreed to buy cloud infrastructure provider Mirantis for approximately $625 million in stock.Mirantis will operate as a standalone unit to support artificial intelligence cloud deployments while serving its current customer base, the company said.The acquisition remains subject to standard regulatory approvals and customary closing conditions, Iren said.Price: $50.19, Change: $+0.70, Percent Change: +1.42%
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