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Wire

Top Midday Stories: Oil Rises After Iran Reportedly Says It's Halting Messages With US; Nvidia Launches New AI Chip for Laptops

The Dow Jones Industrial Average was down, while the S&P 500 Index and Nasdaq Composite were roughly flat in late-morning trading Monday, as oil prices rose after Iranian state media disclosed that Iran would halt messages with the US over Israel's military operations in Lebanon.In company news, Nvidia (NVDA) said Monday it has launched RTX Spark, a new AI chip that will feature in Microsoft (MSFT) Windows laptops and desktop personal computers. The chip features an Nvidia Blackwell RTX graphics processing unit, 1 petaflop of AI compute and 128gb of unified memory, Nvidia said. RTX Spark will power its Windows laptops, including Microsoft Surface, and those of its PC partners ASUS, Dell (DELL), HP (HPQ), Lenovo and MSI, Microsoft said in a blogpost. Nvidia shares were up 3.9%, while those of Microsoft, Dell and HP were up 2.0%, 8.5% and 7.2%, respectively.People Inc. said Monday it has submitted a non-binding proposal to acquire all outstanding MGM Resorts International (MGM) shares it doesn't already own for $48.30 per share in cash. The proposal represents a 24.1% premium to the volume-weighted average price of MGM common stock for the 30 trading days ending on May 29, People said. MGM shares were up 16.5%.Taylor Morrison Home (TMHC) has agreed to be acquired by Berkshire Hathaway (BRK.A, BRK.B) for $6.8 billion in cash and a total enterprise value of about $8.5 billion, the companies said Sunday. Berkshire will pay $72.50 per share, a 24% premium to Taylor Morrison's latest closing price of $58.50 on May 29, the companies said. The deal is expected to close in H2, at which point Taylor Morrison will continue to be managed by its existing management team, the companies said. Taylor Morrison shares were up 22.6%, while Berkshire's Class A and Class B shares were down 0.7% and 0.8%, respectively.Constellation Energy (CEG) has priced an underwritten secondary offering of 11 million shares at $281 apiece, the company said Monday. Underwriters have a 30-day option to buy an extra 1.35 million shares, and Constellation said it will repurchase 2 million shares from the underwriters at the offering price under its existing buyback program. Constellation shares were down 5.8%.Salesforce (CRM) said Monday it will invest $2 billion in France through 2030, including the launch of an AI Innovation Hub in Paris for developing, testing and deploying AI applications. Salesforce shares were up 10.2%.Price: $219.23, Change: $+8.09, Percent Change: +3.83%

$BRK.A$BRK.B$CEG$CRM$DELL$HPQ$MGM$MSFT$NVDA$TMHC
Wire

Susquehanna Adjusts Price Target on MGM Resorts International to $50 From $45, Maintains Positive Rating

MGM Resorts International (MGM) has an average rating of overweight and mean price target of $45.26, according to analysts polled by FactSet.Price: $48.57, Change: $+4.90, Percent Change: +11.22%

$MGM
Sectors

Sector Update: Consumer Stocks Lower Pre-Bell Monday

Consumer stocks were lower pre-bell Monday, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) slipping 0.1% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) down 0.8%.Taylor Morrison Home (TMHC) has agreed to be acquired by Berkshire Hathaway (BRK.A, BRK.B) for $72.50 per share in cash and a total enterprise value of about $8.5 billion, the companies said. Taylor Morrison Home shares were up more than 22% premarket.People Inc. said Monday it has submitted a non-binding proposal to acquire all outstanding MGM Resorts International (MGM) shares it doesn't already own for $48.30 per share in cash. MGM Resorts International stock was advancing past 11% pre-bell.iHuman (IH) agreed to acquire the businesses and assets of two AI-powered apps, All Knowledge and Perfect Lingo, for 94.0 million Chinese renminbi ($13.9 million), the company said. iHuman shares were up more than 2% premarket.

$BRK.A$BRK.B$IH$MGM$TMHC$XLP$XLY
Japan

US Equity Markets Higher After Drop in Crude Oil Prices

US equity indexes were higher on Wednesday after a decline in crude oil prices and government bond yields amid ongoing negotiations to end the US-Iran war.* A memorandum of understanding being negotiated between Tehran and Washington calls for US forces to withdraw from Iran's vicinity and lift the blockade of Iranian ports in return for reopening the Strait of Hormuz to pre-war levels, CNN reported, citing Iranian state television.* The Richmond Fed's monthly manufacturing index rose to 13 in May from 3 in April, more than the 4 estimate in a Bloomberg-compiled survey.* July West Texas Intermediate crude oil fell $4.34 to settle at $89.55 per barrel, while July Brent crude, the global benchmark, was last seen down $4.41 at $95.17.* MGM Resorts International (MGM) shares were up about 9%, the second biggest gainer on the S&P 500, after JPMorgan and Truist upgraded the stock and lifted their price targets.* Boston Scientific (BSX) shares were down nearly 12%, the worst performer on the S&P 500, after Chief Executive Mike Mahoney said at an industry conference that this year has been "a bit more of a challenge" than anticipated. Stifel and Goldman Sachs also lowered their price targets for the stock.

Dow JonesNasdaq CompositeS&P 500$BSX$MGM
Wire

MGM Resorts Shares Rise After JPMorgan, Truist Upgrades

MGM Resorts International (MGM) shares were up over 9% in afternoon trading on Wednesday after JPMorgan upgraded the stock to overweight from neutral and raised its price target to $46 from $41.Separately, Truist also upgraded MGM to buy from hold and lifted its price target to $55 from $42.Trading volume stood at more than 6.0 million shares, against a daily average of around 4.6 million.Price: $41.98, Change: $+3.53, Percent Change: +9.18%

$MGM
Research

Truist Upgrades MGM Resorts International to Buy From Hold, Raises Price Target to $55 From $42

MGM Resorts International (MGM) has an average rating of overweight and mean price target of $44.58, according to analysts polled by FactSet.

$MGM
Research

JPMorgan Upgrades MGM Resorts International to Overweight From Neutral, Adjusts PT to $46 From $41

MGM Resorts International (MGM) has an average rating of overweight and mean price target of $44.58, according to analysts polled by FactSet.

$MGM
Wire

Macquarie Adjusts MGM Resorts International PT to $46 From $48, Maintains Outperform Rating

MGM Resorts International (MGM) has an average rating of overweight and mean price target of $44.42, according to analysts polled by FactSet.Price: $36.60, Change: $-0.50, Percent Change: -1.33%

$MGM
Wire

Barclays Adjusts MGM Resorts International PT to $39 From $37

MGM Resorts International (MGM) has an average rating of overweight and mean price target of $43.94, according to analysts polled by FactSet.Price: $39.19, Change: $-0.09, Percent Change: -0.22%

$MGM
Wire

Wells Fargo Adjusts MGM Resorts International Price Target to $33 From $30

MGM Resorts International (MGM) has an average rating of overweight and mean price target of $43.94, according to analysts polled by FactSet.Price: $39.19, Change: $-0.09, Percent Change: -0.22%

$MGM
Wire

Macquarie Adjusts MGM Resorts International PT to $48 From $46

MGM Resorts International (MGM) has an average rating of overweight and mean price target of $43.94, according to analysts polled by FactSet.Price: $39.19, Change: $-0.09, Percent Change: -0.22%

$MGM
Wire

Truist Raises Price Target on MGM Resorts International to $42 From $39, Keeps Hold Rating

MGM Resorts International (MGM) has an average rating of overweight and mean price target of $43.94 according to analysts polled by FactSet.Price: $38.42, Change: $-0.85, Percent Change: -2.16%

$MGM
Research

Research Alert: Mgm Q1 2026: Company Posts Strong Top-line Growth But Profitability Falls

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:MGM posted mixed Q1 results. Revenues were $4.5B (+4% Y/Y), but adjusted EPS declined 29% to $0.49, $0.04 below consensus, and consolidated adjusted EBITDA fell 9% to $580M. The Las Vegas Strip posted its first Y/Y growth in over a year at 0.2% to $2.2B, though adjusted EBITDAR declined 8% to $749M. Meanwhile, MGM China revenues increased 9% to $1.1B, but its EBITDAR fell 4% to $273M due to higher intercompany fees. BetMGM achieved a milestone, reporting $7.4M in operating income versus a $15.2M loss in the prior year. Management noted that monthly revenues strengthened into March and highlighted solid convention bookings and the new all-inclusive promotion as positive drivers for Q2. MGM completed the Northfield Park sale for $546M in April. The company also repurchased $90M of shares in Q1, with $1.5B remaining under authorization. We are not surprised by the muted market reaction as the profitability miss was offset by the company's low valuation at 8.5x NTM consensus EBITDA estimates.

$MGM
Wire

Capital One Securities Adjusts MGM Resorts International PT to $51 From $46, Maintains Overweight Rating

MGM Resorts International (MGM) has an average rating of overweight and mean price target of $43.28, according to analysts polled by FactSet.Price: $39.66, Change: $+1.17, Percent Change: +3.04%

$MGM
Sectors

Sector Update: Consumer Stocks Mixed Pre-Bell Tuesday

Consumer stocks were mixed pre-bell Tuesday, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) down 0.3% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) 0.8% higher.CarMax (KMX) shares were down more than 4% after the company posted lower fiscal Q4 adjusted earnings and net sales.Albertsons (ACI) reported higher fiscal Q4 adjusted net income and net sales, and agreed to a settlement framework to resolve opioid-related claims for about $774 million. Albertsons stock was down nearly 3% pre-bell.BetMGM, a joint venture between MGM Resorts International (MGM) and Entain, updated its full-year 2026 net revenue outlook to between $2.9 billion and $3.1 billion, from $3.1 billion to $3.2 billion previously. MGM Resorts International shares were down more than 1% premarket.

$ACI$KMX$MGM$XLP$XLY

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