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AbbVie Raises 2026 Outlook Following First-Quarter Beat on Immunology Growth

AbbVie (ABBV) raised its full-year outlook on Wednesday as the biopharmaceutical company recorded better-than-expected first-quarter results, driven by robust revenue growth from its Skyrizi and Rinvoq immunology drugs.Per-share adjusted earnings are expected at $14.08 to $14.28 for 2026, up from prior guidance of $13.96 to $14.16. The guidance includes $0.41 in expenses related to acquired in-process research and development and milestone expenses in the first quarter. The current consensus on FactSet is for non-GAAP EPS of $14.12.AbbVie now expects revenue of about $67.3 billion for the current year, an increase of $300 million, Chief Financial Officer Scott Reents said during an earnings call, according to a FactSet transcript. The Street is looking for $67.07 billion.The company's shares rose 0.9% in Wednesday trading. The stock has dropped 13% this year.For the March quarter, the company reported adjusted EPS of $2.65, up from $2.46 a year earlier and ahead of the Wall Street estimate of $2.59. Revenue climbed 12% to $15 billion, surpassing the estimate on FactSet for $14.72 billion."We are off to an excellent start in 2026, with first-quarter results exceeding our expectations," CEO Robert Michael said in a statement. "AbbVie's key growth drivers continue to deliver strong performance and support our enhanced full-year outlook."Global sales from the immunology portfolio rose 16% to $7.29 billion. Gains of 31% for Skyrizi and 23% for Rinvoq helped counter a 39% drop for Humira. In the neuroscience segment, revenue jumped 26% to $2.89 billion, while oncology portfolio sales eased 0.2% to $1.63 billion.Revenue in the aesthetics portfolio increased 7.6% to $1.19 billion.AbbVie projects adjusted EPS of $3.74 to $3.78 in the current quarter on revenue of $16.7 billion, including a foreign-exchange gain of 0.6%, Reents said on the call. Analysts project non-GAAP EPS of $3.75 on sales of $16.8 billion.Price: $199.39, Change: $+1.70, Percent Change: +0.86%

$ABBV

US Markets10d ago

Yum Brands First-Quarter Results Top Street Views

Yum Brands (YUM) reported first-quarter results above Wall Street's estimates on Wednesday, buoyed by comparable sales growth at KFC and Taco Bell.The fast-food restaurant operator's adjusted earnings rose to $1.50 a share for the March quarter from $1.30 the year before, ahead of the FactSet-polled consensus of $1.38. Overall revenue climbed 15% to $2.06 billion, surpassing the Street's view for $2.04 billion.The stock was up 1.6% in the most recent premarket activity.Worldwide same-store sales grew 3%, exceeding the average analyst estimate for growth of 2.6%. Same-store sales inclined 2% and 8% at KFC and Taco Bell, respectively, while Pizza Hut was even. Habit Burger & Grill comparable sales increased 5%."Taco Bell delivered an outstanding 8% same-store sales growth, meaningfully ahead of the QSR industry, building off a very strong (first-quarter) same-store sales growth rate in 2025," Chief Executive Chris Turner said in a statement. "KFC delivered impressive unit growth and resilient same-store growth, with many KFC markets growing system sales double-digits."US same-store sales declined 4% at Pizza Hut, while Taco Bell gained 8%.The company opened 1,030 gross new units, representing a 5% annual increase, including 648 KFC locations and 346 Pizza Hut branches.Domino's Pizza (DPZ) reported weaker-than-expected first-quarter results earlier in the week, with CEO Russell Weiner saying consumer uncertainty and inflation weighed on demand late in the period.

$YUM

US Markets10d ago

Visa Raises Fiscal 2026 Growth Outlook Following Second-Quarter Beat

Visa (V) shares rose early Wednesday after the payments giant lifted its full-year growth outlook and reported better-than-expected fiscal second-quarter results.The company now anticipates per-share adjusted earnings to increase by low-teens and adjusted revenue to rise by low-double-digit to low-teens, each on constant-dollar bases, for fiscal 2026, it said in a late Tuesday earnings presentation. It previously estimated both metrics to grow by low-double-digits, respectively.The current consensus on FactSet is for non-GAAP EPS of $12.98 and sales of $45.05 billion for the fiscal year. The stock advanced 4.5% in the most recent premarket activity.The increased revenue growth guidance reflects the company's "strong year-to-date performance" and current assumptions on "drivers, incentives, volatility and expected higher value-added services revenue growth, which incorporates the increased enthusiasm from our clients for the upcoming FIFA World Cup," Chief Financial Officer Christopher Suh said during an earnings call, according to a FactSet transcript.Visa continues to expect broader consumer spend stability from a macro perspective, although the conflict in the Middle East has introduced uncertainty in the short term, especially related to cross-border travel spend in the Central and Eastern Europe, Middle East and Africa region, according to Suh.The company forecasts improvements in inbound travel in the US and Latin America due to the 2026 FIFA World Cup, Suh told analysts.For the three-month period ended March, adjusted EPS increased to $3.31 from $2.76 a year earlier, ahead of the Street's view for $3.10. Revenue rose 17% to $11.23 billion, topping the average analyst estimate of $10.75 billion. On a constant-dollar basis, revenue advanced 16% on a yearly basis."Consumer spending remained resilient, and our strategy and innovations fueled strong performance in consumer payments, commercial and money movement solutions and value-added services," Chief Executive Ryan McInerney said in a statement.Visa's cross-border volume, excluding transactions within Europe, rose 11% on a constant-dollar basis. Payments volume grew 9% year over year in constant dollars, with the US logging a gain of 8%, according to Suh. Payments volume moved 10% higher in international markets, Suh said on the call.Service revenue increased 13% to $4.98 billion while data processing revenue jumped 18% to $5.54 billion. International transaction revenue inclined 10% to $3.63 billion. Other revenue soared 41%, primarily driven by growth in advisory and other value-added services, especially marketing services revenue, as well as pricing, Suh told analysts.For the ongoing three-month period, Visa expects adjusted EPS and net revenue to grow by mid-to-high single digits and by low double digits, respectively, in constant dollar terms. The Street is looking for non-GAAP EPS of $3.20 and sales of $11.24 billion.

US Markets10d ago

Equity Futures Rise Ahead of Mega-Cap Tech Earnings, Fed Decision

US equity futures were pointing higher Wednesday as traders awaited the latest quarterly results of four mega-cap technology companies and the Federal Reserve's monetary policy decision.The Nasdaq was up 0.4% before the bell, while the S&P 500 and the Dow Jones Industrial Average rose 0.1% each. The indexes closed the previous trading session in the red.Tech giants Alphabet (GOOG, GOOGL), Microsoft (MSFT), Amazon (AMZN), and Meta Platforms (META) are scheduled to release quarterly results after the markets close, while AbbVie (ABBV) and General Dynamics (GD) will post before the bell, among others.The Fed's monetary policy committee will announce its latest decision on interest rates later in the day. Markets widely expect the central bank to keep its benchmark lending rate unchanged for a third consecutive meeting. Fed Chair Jerome Powell will hold a press conference at 2:30 pm ET."Investors will be listening closely for an updated assessment of economic conditions, particularly inflation, in the wake of the ongoing conflict overseas," Stifel said in a note. "A rising level of concern could signal a willingness to hold rates steady for a prolonged period of time or even open up the possibility of a rate hike, while any mention of a temporary or expected 'transitory' impact will likely bolster expectations for a potential return to rate cuts."The Senate Banking Committee is set to vote Wednesday on Trump's nominee for the next Fed chair, Kevin Warsh, Reuters reported.Treasury yields were trending upwards in premarket action, with the two-year rate advancing 1.7 basis points to 3.86% and the 10-year rate adding one basis point to 4.36%.Wednesday's economic calendar also has the weekly mortgage applications bulletin at 7 am ET. Data on durable goods orders for March and housing starts and permits reports for February and March are out at 8:30 am. The weekly EIA domestic petroleum inventories report posts at 10:30 am.West Texas Intermediate crude oil rose 3.4% to $103.32 a barrel before the opening bell, while Brent gained 2.9% to $114.35.US President Donald Trump has told aides to prepare for an extended blockade of Iran to pressure Tehran over its nuclear program, The Wall Street Journal reported, citing US officials. Trump believes resuming strikes on Iran or ending the conflict would carry higher risks than maintaining the US blockade of Iranian ports, which began recently, the report said.Mediators in Pakistan expect to get a revised proposal from Iran to end the war in the next few days, CNN reported, citing sources.The United Arab Emirates on Tuesday said it has decided to leave the Organization of the Petroleum Exporting Countries. The move would make the cartel "structurally weaker" as the UAE is one of the few OPEC members that have spare capacity, Rystad Energy said in a note.Shares of NXP Semiconductors (NXPI) and Seagate (STX) rose 18% each before the bell following their latest quarterly results. Starbucks (SBUX) was up 4.1% as the coffee giant raised its full-year outlook late Tuesday.Robinhood Markets (HOOD) plunged 11% after its quarterly results fell short of Wall Street's estimates overnight.Gold slipped 0.6% to $4,580 per troy ounce, while bitcoin gained 1.7% to $77,547.

$^DJI$^IXIC$^SPX$ABBV$AMZN$GD$GOOG$GOOGL$HOOD$META$MSFT$NXPI$SBUX$STX

US Markets10d ago

Finland's Kone Strikes EUR29.4 Billion Deal to Acquire Germany's TK Elevator

Kone (KNEBV.HE) will merge with German peer TK Elevator in a 29.4-billion-euro cash-and-stock deal to create one of the biggest elevator and escalator companies globally, the companies said Wednesday.The Finnish elevator and escalator maker will purchase the entire issued share capital of Vertical Topco II, which holds all of TK Elevator's assets, from a consortium led by private equity firms Advent and Cinven. Under the planned combination, Kone will pay Advent and Cinven's jointly owned holding company, Vertical Topco I, 5 billion euros in cash and a maximum share consideration of 270 million newly issued Kone class B shares worth 15.2 billion euros.The combined group will be led by Kone President and Chief Executive Officer Philippe Delorme. Kone Chief Financial Officer Ilkka Hara and Chairman Antti Herlin will also continue in their roles at the merged entity.Kone said the combined group, which will be headquartered in Finland and have over 100,000 employees across 100 countries, would have generated annual sales of 20.5 billion euros in the last financial year.The deal is expected to complete in the second quarter of 2027, at the earliest, subject to regulatory and shareholder approvals."Our first impression is that the deal value looks somewhat above previous media suggestions (~EUR25bn). It is interesting to us that TKE is being valued ahead of Kone (which has an EV of EUR28.5bn, trades at 18.5x 2026 EV/EBITA), a company with a long track record of solid growth and operational execution," analysts at RBC Capital Markets said in a quick take note, with a negative sentiment on the transaction. "Deal economics look OK if giving full benefit for synergies, but there is obvious execution and potentially antitrust risk here. In a nutshell, we worry that the Kone equity case - industry-leading growth, strong sales execution and healthy margin expansion - will now, for the next two years or more, be subsumed by the TKE deal."Kone shares were down over 3% in Helsinki on Wednesday midday trade.

$KNEBV.HE

US Markets10d ago

LONGi Extends Losses in Q1 Despite Higher Module Prices

LONGi Green Energy Technology (SHA:601012) logged a wider attributable loss in the first quarter, extending losses from 2025, despite higher module prices failing to offset the effects of exchange rate fluctuations.The solar wafer manufacturer's attributable loss widened by 34% to 1.92 billion yuan from 1.43 billion yuan in the year-ago period, according to a Wednesday filing with the Shanghai bourse.LONGi recorded a loss per share of 0.25 yuan, wider than the 0.19 yuan recorded in the prior-year period.Operating revenue declined 18% year-over-year to 11.2 billion yuan from 13.7 billion yuan.The company incurred exchange rate losses of 247.6 million yuan during the period compared with gains of 271.9 million yuan in the prior-year period due to rate fluctuations.The decline came despite a 15% to 20% rise in solar module prices in line with price increases of silver, Bloomberg reported separately the same day, citing its data.Exports of solar cells from China increased 38% year over year in the first quarter, even soaring 80% following the war in Iran.LONGi was among the Chinese solar wafer manufacturers that raised prices in Japan to cover higher material costs and government support cuts.Silicon wafer shipments reached 20.5 gigawatts, with 7.64 gigawatts sold externally.Module shipments reached 12.6 gigawatts.Total operating costs shrank to 13.4 billion yuan from 15.6 billion yuan a year prior.Attributable loss in 2025 narrowed to 6.42 billion yuan in 2025 from 8.59 billion yuan, after adjustments.

$SHA:601012

US Markets10d ago

China Pacific Insurance's Attributable Profit Rises Despite Lower Revenue Growth

China Pacific Insurance's (HKG:2601, SHA:601601) net attributable profit increased in the first quarter despite revenue pressures.The Shanghai-headquartered insurance giant reported a 4% increase in net profit in the first quarter to 10 billion yuan from 9.6 billion yuan, according to a late Tuesday disclosure to the Hong Kong Stock Exchange.Earnings per share fell to 0.94 yuan from 1 yuan.Revenue fell 1.2% to 92.5 billion yuan from 93.7 billion yuan.Insurance revenue jumped 1% to 70.2 billion yuan from 69.6 billion yuan in the year-ago period.The CPIC Life business saw insurance revenue rise 2.6% year over year to 21.6 billion yuan. Written premiums fell 2.8% to 116.3 billion yuan from 119.6 billion yuan. New regular premiums jumped 41% year over year to 18.9 billion yuan.New business value at CPIC's life unit increased 9.6% to 6.37 billion yuan.Agency channel premiums jumped 3.2% to 85.5 billion yuan from 82.9 billion yuan, while its bancassurance business premiums slid 22% to 20.9 billion yuan from 26.8 billion yuan.Group channel premiums inched down 1.3% to 9.29 billion yuan from 9.42 billion yuan.The property and casualty business' primary premium income slid 0.3% to 63 billion yuan, with revenue falling 0.2% to 47.8 billion yuan.Shares closed 5% in Hong Kong and 4% higher in Shanghai during afternoon trading on Wednesday.

$HKG:2601$SHA:601601

US Markets10d ago

Deutsche Bank's First-quarter Results Bolster EUR33 Billion Revenue Goal for 2026

Deutsche Bank (DBK.F) said Wednesday its robust first-quarter results provided the momentum required to achieve its full-year 2026 revenue target of 33 billion euros.For the three months ended March 31, profit attributable to shareholders rose 8% year over year to 2.12 billion euros, with EPS increasing 7% to 1.06 euros. Before tax, profit climbed 7% to 3.04 billion euros, while post-tax profit hit an all-time quarterly high of 2.17 billion euros, up 8% on an annual basis.Deutsche Bank's net revenue edged up to 8.67 billion euros from 8.52 billion euros a year ago on the back of strong performance across its strategic focus areas. The bank reported a 146 billion-euro year-on-year increase in assets under management to 1.8 trillion euros, aided by 22 billion euros in quarterly net inflows within its private bank and asset management businesses.The private bank and asset management segments also recorded net revenue growth of 5% and 10%, respectively, to 2.57 billion euros and 802 million euros. Meanwhile, the corporate bank unit saw a 7 billion-euro annual increase in loans, notably within trade finance, and the investment bank division achieved a 7% rise in fixed income and currencies financing revenues to 967 million euros, near the record prior year quarter."We delivered strong performance in the quarter, with [return on tangible equity] of 12.7% and cost/income ratio below 59%, through a high-quality earnings mix and durable growth... Our Investment Bank served as a valued advisor to clients in a challenging [macroeconomic] environment and our Corporate Bank's lending activity accelerated. This gives us a firm step-off point towards our financial targets and strategic objectives. We're building growth momentum in [high-value] businesses through targeted investments and deliberate capital allocation, and further cost flexibility through [artificial intelligence] and process reengineering across the bank," Deutsche Bank Chief Financial Officer Raja Akram said.The German bank added that it remains on track to "deliver strong operating performance" for the year, supported by sustained cost discipline and an expected year-on-year improvement in credit loss provisions amid a normalizing macroeconomic backdrop.

$DBK.F

US Markets10d ago

AVIC Shenyang Aircraft's Q1 Profit Drops 62% On Weak Revenue

AVIC Shenyang Aircraft's (SHA:600760) profit fell in the first quarter as revenue slowed down due to some project delays.The company's net profit attributable to shareholders in the first quarter dropped 62% to almost 165 million yuan from 430.6 million yuan a year earlier, according to a Shanghai bourse filing on Wednesday.Earnings per share fell 63% year on year to 0.06 yuan from 0.16 yuan.Profit declined due to the operating revenue dipping 55% to 2.61 billion yuan from almost 5.83 billion yuan in the previous year. The drop was attributed to adjustments in product mixes and delivery schedule impacts.In November 2025, AVIC Shenyang announced in a Shanghai Stock Exchange filing that the dates of certain projects were moved due to technical delays.The projects are a titanium alloy production line, which was moved to December instead of January this year, and the usable date of the aircraft maintenance service enhancement project, which was moved to December 2027 from November this year. The first project's rescheduling was caused by delivery delays, while the second one lagged due to the need to upgrade core equipment.The Chinese aircraft manufacturer, which is under state-owned AVIC, continues to produce fighter jets earlier this year. AVIC announced in Weibo that it hosted the maiden flights of its J-35 carrier-based stealth fighter jet for the year, along with other types of aircraft, according to a Jan. 7 report from the Global Times. The J-35, which was developed to be used for aircraft carrier operations, is the naval variant of the Air Force's J-35A.Chinese aircraft companies are expected to benefit from the Chinese military's plan to boost its fleet. Recently, the Chinese People's Liberation Army Navy made a teaser, hinting the release of a nuclear-powered aircraft carrier that could help boost its territorial claims amid maritime disputes, according to an April 23 report from Reuters.The company's shares fell less than 2% during the afternoon trade.

$SHA:600760

US Markets10d ago

UAE's OPEC Exit to Have Limited Near-term Impact, Watchers Say

The United Arab Emirates' impending exit from the Organization of the Petroleum Exporting Countries on Friday deals a heavy blow to the oil-producing cartel but is unlikely to lead to a breakup of the group or have a significant near-term impact on crude prices, industry watchers say.The timing of the UAE's departure from OPEC and OPEC+ was planned well, ING analysts said Wednesday, noting that announcing the move amid a period of significant oil supply disruptions cushions its market impact. "Had this been announced any other time, we would likely have seen more downward pressure on oil prices."The UAE has long pushed for greater crude production but was trumped by OPEC production quotas in recent years. The departure will give the country freedom to boost output, with current production capacity of nearly 4.9 million barrels per day and plans to reach 5 mb/d by 2027."However, before this can be tapped, there must be a resolution in the Persian Gulf that allows for uninhibited energy flows through the Strait of Hormuz once again," ING added. "Therefore, in the short term, this development has little impact on the market. But in the medium to longer term, it means more supply for the market."As OPEC's 11 other members have not shown signs of following in the UAE's footsteps, analysts agree that the cartel will remain, albeit with reduced power in the oil market."While much remains in the air regarding how the war ends, we do not think that [Tuesday's] announcement portends a broader breakup in the producer group, especially as there is no near-term need for any OPEC production cuts and many members will be focused on building back capacity post-conflict," RBC Capital Markets said Tuesday.The exit is also likely a harbinger of joint investments between the UAE and Israel, signaling a "broader strategic realignment in the region," RBC said."Given there will be increased focus on energy security post-war, we anticipate a closer partnership between Israel and Abu Dhabi in this arena going forward. We will be looking for joint investment announcements around critical de-risking infrastructure projects as well as additional defense cooperation agreements, including core priority areas such as the Red Sea."

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US Markets10d ago

Sinopec's Q1 Profit Jumps 28% as Crude Rally Offsets Lower Fuel Sales

China Petroleum & Chemical or Sinopec (HKG:0386, SHA:600028) reported higher first-quarter earnings as it benefited from rising oil prices, offsetting the drop in sales during the period.The Beijing-headquartered oil and gas company's attributable profit jumped 28% to 17 billion yuan from 13.3 billion yuan a year earlier, according to a Wednesday filing with the Shanghai Stock Exchange.Earnings per share climbed to 0.141 yuan from 0.109 yuan.Pre-tax profit surged 33% to 24.2 billion yuan from 18.3 billion yuan, which Sinopec attributed to inventory gains from higher crude oil prices and improved margins of refining by-products.Higher crude prices helped Sinopec offset the 3.9% drop in revenue to 706.7 billion yuan from 735.4 billion yuan. Refined oil sales slipped to 55.5 million tonnes in the three-month period from 55.6 million tonnes in the prior-year period.Meanwhile, total operating costs slid to 674.9 billion yuan from 722.4 billion yuan.Sinopec's oil and gas production edged up to 131.5 million barrels of oil equivalent in the first quarter from about 131 million barrels a year earlier.During the period, the oil and gas company said it adjusted production and operations to hedge for the impact of the Middle East conflict."Oil prices have potential for further upside and are expected to remain elevated throughout 2026," the South China Morning Post reported the same day, citing Shenwan Hongyuan (SHE:000166, HKG:6806) analyst Shao Jingyu.Sinopec also warned of the impact of rising alternative energy consumption to the company. In Q1, Sinopec said China's demand for natural gas grew 3.1% year over year, but refined oil product consumption slipped 2.3% year over year.Sinopec's results reflect normalcy despite tensions in the Middle East, according to a report by CLSA.However, the real test for Sinopec could be seen in the second quarter, as supply disruptions during the war may have affected the oil and gas giant's imports, the financial services company said.Sinopec earlier denied plans of purchasing oil from Iran but could tap state reserves, according to media reports.For the two upcoming months, the company will reportedly adjust refinery output and increase refining yields in order to secure an adequate domestic supply.S&P Global Ratings analysts believe Sinopec could be vulnerable to operational shocks due to its dependence on Middle East imports, Dow Jones reported separately.

$HKG:0386$HKG:6806$SHA:600028$SHE:000166

US Markets10d ago

China Merchants Bank's Q1 Profit Rises Marginally Amid Ongoing Real Estate Slump

China Merchants Bank (SHA:600036, HKG:3968) reported a modest increase in first-quarter profit even as the lender navigates ongoing risks tied to the country's prolonged real estate downturn.Net profit attributable to shareholders rose 1.5% to 37.9 billion yuan from 37.3 billion yuan a year earlier, with earnings per share rising to 1.49 yuan from 1.48 yuan, according to a Hong Kong Stock Exchange filing on Wednesday.Net operating income climbed 3.9% to 87 billion yuan from 83.7 billion yuan the previous year.The lackluster results come as the lender continues to navigate risks in China's real estate sector. By the end of the quarter, CMB said its total balance of real estate-related businesses subject to credit risks amounted to 348 billion yuan, down 1.7% from the previous year.The country's real estate sector is now in its fifth year of slump, with home values in major cities including Beijing and Shanghai falling more than a third from their peaks, according to Bloomberg News.CMB said to mitigate the risks, it will "increase support for 'whitelist' projects to facilitate the stable operation and high-quality development of the real estate market."Bloomberg Intelligence estimates that mortgages held by millions of Chinese homeowners are now in "negative equity", a situation in which borrowers owe more than the current value of their properties.CMB said its overall risk of residential mortgage loans was "controllable", with sufficient collateral. The portfolio carries a weighted average loan-to-value ratio of 40.7%, up 0.07 percentage points from the prior year.Meanwhile, the group's operating expenses ballooned 2.9% year on year to 27.4 billion yuan in Q1.Expected credit losses for the quarter jumped 16% from a year earlier to 14.8 billion yuan.By the end of the quarter, CMB's non-performing loans rose by 1.65 billion yuan year on year to 69.9 billion yuan. Its ratio of non-performing loans was unchanged at 0.94%.CMB said the number of its retail customers rose 1.3% to 227 million as of the end of Q1, with the balance of total assets under management jumping 4.5% year on year from the end of the previous year to 17.9 trillion yuan.The lender recently redeemed 275 million domestic preferred shares for 27.8 billion yuan to settle the nominal value and dividends accrued on the shares.

$HKG:3968$SHA:600036

US Markets10d ago

Nasdaq, S&P 500 Retreat From Record Highs as Tech Stocks Fall

The Nasdaq Composite and the S&P 500 retreated from record highs as technology stocks fell following a report flagging potential trouble at artificial intelligence leader OpenAI.The Nasdaq fell 0.9% to 24,663.8, while the S&P 500 shed 0.5% to 7,138.8. The Dow Jones Industrial Average edged down 0.1% to 49,141.9. Six of the 11 sectors were in the green, led by energy, while technology saw the steepest decline.Tech bellwether Nvidia (NVDA) lost 1.6%, the second-worst performer on the Dow. Broadcom (AVGO), Advanced Micro Devices (AMD), Oracle (ORCL), and Intel (INTC) also declined.OpenAI recently missed its own targets for new users and revenue, The Wall Street Journal reported. Chief Financial Officer Sarah Friar told other companies that OpenAI may not be able to pay for computing contracts if revenue growth doesn't accelerate, The Journal reported.Wedbush Securities dismissed such concerns."Overall, we believe OpenAI has been tracking very high demand on both the consumer and enterprise front and we strongly disagree with the notion that growth is weakening," Wedbush analyst Dan Ives wrote in a client note Tuesday. "We believe that recent concerns around OpenAI are overblown with the company having enough capital to fulfill its compute capacity needs over at least the next three years following the company's recent $122 billion funding round."In other company news, Coca-Cola (KO) lifted its full-year earnings growth outlook on Tuesday as the beverages giant posted fiscal first-quarter results above market expectations amid pricing and volume gains. The stock advanced 3.9%, the best performer on the Dow.Spotify Technology (SPOT) shares tumbled 12% after the audio-streaming platform's premium subscriber growth and outlook disappointed investors.West Texas Intermediate crude was up 3.7% at $99.89 per barrel in Tuesday late-afternoon trade, while Brent crude climbed 2.7% to $111.16.US President Donald Trump and national security officials are skeptical of Iran's new offer to open the Strait of Hormuz and delay talks on uranium enrichment, The Journal reported, citing American officials.Mediators in Pakistan expect a revised proposal from Iran in the next few days to end the war, CNN reported, citing sources close to the mediation process.Elsewhere in the world, the United Arab Emirates has decided to leave the Organization of the Petroleum Exporting Countries on Friday, in a move that Rystad Energy said makes the cartel "structurally weaker."The UAE is one of the few OPEC members, including Saudi Arabia, that have spare capacity, Rystad said in a note. OPEC uses a production quota system to stabilize global oil markets."Its departure therefore removes one of the core pillars underpinning OPEC's ability to manage the market," Rystad Head of Geopolitical Analysis Jorge Leon wrote.The Federal Reserve's monetary policy committee kicked off its two-day meeting on interest rates, with a decision due Wednesday. Markets widely expect the central bank to keep its benchmark lending rate unchanged for a third consecutive meeting. Fed Chairman Jerome Powell will hold a post-meeting press conference at 2:30 pm ET tomorrow."Investors will be listening closely for an updated assessment of economic conditions, particularly inflation, in the wake of the ongoing conflict overseas," Stifel Chief Economist Lindsey Piegza said in a report e-mailed to."A rising level of concern could signal a willingness to hold rates steady for a prolonged period of time or even open up the possibility of a rate hike, while any mention of a temporary or expected 'transitory' impact will likely bolster expectations for a potential return to rate cuts," Piegza said.In economic news, US consumer confidence rose in April amid an improvement in labor market perceptions, though there were concerns about elevated gasoline prices driven by the Middle East conflict, according to a survey by the Conference Board.US Treasury yields were higher, with the 10-year rate up 1.1 basis points at 4.36% and the two-year rate rising 4.5 basis points to 3.85%.Gold was down 1.8% at $4,609 per troy ounce, while silver lost 2.6% to $73.10 per ounce.

$^DJI$^IXIC$^SPX$AMD$AVGO$INTC$KO$NVDA$ORCL$SPOT

US Markets10d ago

Starbucks Tops Quarterly Views, Lifts Full-Year Outlook

Starbucks' (SBUX) fiscal second-quarter results exceeded Wall Street's views, while the coffee giant raised its full-year outlook on the back of momentum in its turnaround efforts.Non-GAAP earnings rose to $0.50 per share from $0.41 a year earlier, compared with the consensus on FactSet of $0.43. Revenue increased 8.8% to $9.53 billion, higher than the Street's estimate of $9.17 billion.Global comparable sales grew 6.2% in the quarter that ended March 29, driven by transaction and average ticket gains. The US same store sales climbed 7.1%.Starbucks' shares were up 5% in after-hours trading."Our second quarter marked the turn in our turnaround as our Back to Starbucks plan drove both top and bottom line growth," Chief Executive Brian Niccol said in a statement.For the current fiscal year, the company expects adjusted EPS of $2.25 to $2.45, compared with an earlier guidance of $2.15 to $2.40. Analysts are looking for $2.29.Starbucks increased its growth outlook for global and US comparable sales to at least 5% from 3% or greater previously expected."We've been clear that topline improvement would come first, with earnings growth to follow," Chief Financial Officer Cathy Smith said. "We have more work to do, but we're pleased to see the combination of our comp growth and cost discipline starting to show up in margins."The company launched its "Back to Starbucks" strategy in September 2024 to revive traffic growth and support long-term margin expansion. The company's first quarter marked the first positive comparable sales in eight quarters, Tigress Financial Partners said earlier this month.Starbucks' shares gained about 16% so far this year through Tuesday close.

$SBUX

US Markets10d ago

Concerns Fueled by OpenAI Report Overblown as Demand Remains Strong, Wedbush Says

OpenAI continues to see strong enterprise demand, Wedbush Securities said, dismissing growth concerns that surfaced after a report showed that the ChatGPT parent missed its sales targets.Shares of several chip makers came under pressure Tuesday, including Nvidia (NVDA), Broadcom (AVGO) and Advanced Micro Devices (AMD), as The Wall Street Journal reported that OpenAI recently fell short of its own targets for new users and revenue.Chief Financial Officer Sarah Friar told other companies that OpenAI may not be able to pay for computing contracts if revenue growth doesn't accelerate, The Journal reported. OpenAI is aiming for an initial public offering, according to media reports."Overall, we believe OpenAI has been tracking very high demand on both the consumer and enterprise front and we strongly disagree with the notion that growth is weakening," Wedbush analyst Dan Ives wrote in a client note Tuesday. "We believe that recent concerns around OpenAI are overblown with the company having enough capital to fulfill its compute capacity needs over at least the next three years following the company's recent $122 billion funding round."The brokerage allayed concerns particularly about Oracle (ORCL), which counts OpenAI among its largest cloud customers. OpenAI in September 2025 signed a deal to purchase $300 billion in computing power from Oracle over a five-year period, The Journal reported at the time.That deal, which reflects the bulk of Oracle's $553 billion backlog, is expected to drive $30 billion in revenue for the cloud computing company, according to Wedbush.Oracle shares declined 3.6% in late Tuesday afternoon trade, and have slumped about 14% so far this year."We believe the pullback in (Oracle) shares represent a solid buying opportunity with OpenAI set to go public by the end of this year providing the company with fresh access to capital from public markets," Ives said.Last month, Oracle reported fiscal third-quarter results that surpassed Wall Street's estimates, buoyed by strong demand for cloud computing amid an artificial intelligence boom. Earlier this year, the company said it was planning to raise up to $50 billion to expand its cloud infrastructure business and add capacity to meet demand from some of the largest tech companies.Price: $166.51, Change: $-6.46, Percent Change: -3.73%

$AMD$AVGO$NVDA$ORCL

US Markets11d ago

Hershey's First-Quarter Results Likely to be Strong Amid 'Solid' Consumption Trends, RBC Says

Hershey (HSY) is expected to post strong first-quarter results amid "solid" consumption trends, while the chocolate maker will likely affirm its 2026 outlook, RBC Capital Markets said Tuesday.Scanner data indicate "solid" consumption at the total company level in the quarter, driven by strong gains in confection and salty snacks, the brokerage said in a note to clients. Hershey is scheduled to report first-quarter results Thursday."With an earlier Easter, confection data for the final week of March is up strong (over high-teen percentage)," Nik Modi, RBC's co-head of global consumer and retail research, said. "This level of growth would suggest that (Hershey) will be able to clear topline growth expectations."RBC expects first-quarter earnings of $2.08 a share on revenue of $3.03 billion. Wall Street is looking for $2.05 and $3.03 billion, respectively, according to the note. Although the three-month period was guided to be "the strongest quarter on the topline," margins are expected to be pressured by high cost of inventory, Modi said.The brokerage expects Hershey to reaffirm its full-year outlook given that the company is just one quarter through its fiscal year and maintained the outlook just recently. "That said, we see a more neutral risk to reward given the high bar that (Hershey) set for itself this year," Modi wrote.Late last month, company said it continued to expect full-year adjusted EPS to grow 30% to 35% and net sales to rise 4% to 5%.The management's tone was positive at its investor day, with its long-term outlook suggesting the company has EPS visibility through 2027, RBC said. "With that said, the proof is now in the pudding on whether (Hershey's) strategy can revert ongoing volume declines and market share losses."The brokerage has a sector perform rating on Hershey's stock with a $212 price target.Price: $187.29, Change: $+0.80, Percent Change: +0.43%

$HSY

US Markets11d ago

February Annual Home Price Growth Decelerates as Housing Slowdown Broadens, S&P Says

US home price growth decelerated annually in February, with more than half of major metropolitan markets logging decreases, S&P Global (SPGI) division S&P Dow Jones Indices said Tuesday.The national S&P Cotality Case-Shiller Index rose 0.7% year over year in February without seasonal adjustments, down from a 0.8% increase the month prior. The 10- and 20-city composites increased 1.5% and 0.9%, respectively, both slowing down from January's growth rates."More than half of major US metropolitan markets posted year-over-year price declines in February, signaling that the housing slowdown has broadened well beyond its Sun Belt origins," said Nicholas Godec, head of fixed income tradables and commodities at S&P Dow Jones Indices. "With consumer inflation at 2.4%, US home values have lost ground in real terms for nine consecutive months."Among the 20 cities, Chicago saw the highest annual gain in prices in February, up 5%, followed by New York and Cleveland. Denver logged the lowest return, down 2.2%, according to the report.Sequentially, pre-seasonally adjusted national home prices increased 0.3% in February, compared with the previous month's 0.2% decline. The 10-city composite index was up 0.6%, while the 20-city composite increased 0.4%, the data showed."Monthly data offered a modest seasonal lift without underlying momentum," Godec said. "Mortgage rates near 6% continue to weigh on affordability and transaction activity, holding nominal price growth below inflation."Separately, the Federal Housing Finance Agency said US home prices were unchanged sequentially in February after January's 0.1% gain was revised upward to 0.2%. Annually, prices increased 1.7% in February, according to the report.Price: $444.38, Change: $+7.16, Percent Change: +1.64%

$SPGI

US Markets11d ago

Consumer Confidence Logs Surprise Gain Despite High Gas Price Concerns, Conference Board Survey Shows

US consumer confidence unexpectedly rose in April amid an improvement in labor market perceptions, though there were concerns about elevated gasoline prices driven by the Middle East conflict, a survey by the Conference Board showed Tuesday.The consumer confidence index moved up to 92.8 this month from March's upwardly revised reading of 92.2. The consensus was for an 89 print in a Bloomberg survey. The Conference Board said its survey ran from April 1 through April 22, a period that included a temporary two-week ceasefire in the Middle East conflict starting April 8."Consumer confidence edged up in April, but was overall little changed, despite material concern about rising gasoline prices as the war in the Middle East prompted a surge in Brent crude oil prices," Conference Board Chief Economist Dana Peterson said.Consumer appraisals of current and expected business conditions fell this month, offset by "modest improvements" in perceptions of the labor market, both existing and projected, as well as income expectations, Peterson said.Energy prices have surged following the US-Israel war with Iran that started at the end of February, with the crucial Strait of Hormuz effectively closed. The narrow waterway is the world's most important chokepoint for crude flows. The conflict paused following a recent ceasefire between the US and Iran and later between Israel and Lebanon.US retail gasoline prices averaged $4.176 per gallon Tuesday, compared with $3.150 a year ago, according to data from AAA, a travel organization that tracks fuel prices in the country.The present situation measure dropped 0.3 points sequentially to 123.8 in April, while the expectations component increased 1.2 points to 72.2, the Conference Board said.Consumers' average and median one-year inflation expectations "ticked downward" this month, but remained elevated, according to the survey.On Friday, a survey by the University of Michigan showed that US consumer sentiment this month improved from an initial April estimate, but remained at a record low as near-term inflation expectations logged the biggest monthly increase in a year.

US Markets11d ago

Equities Mostly Lower Intraday as OpenAI Report Sparks Tech Sell-Off

US benchmark equity indexes were mostly lower intraday, with technology stocks under pressure following a report that OpenAI missed its sales target, while oil prices rose.The Nasdaq Composite was down 1.3% at 24,575.3 after midday Tuesday, while the S&P 500 shed 0.7% to 7,127. The Dow Jones Industrial Average rose 0.2% to 49,268.9. Among sectors, technology saw the steepest decline, shedding 1.9%, while energy paced the gainers.Tech bellwether Nvidia (NVDA) was down 3% intraday, the worst performer on the Dow. Broadcom (AVGO), Advanced Micro Devices (AMD), Oracle (ORCL), and Intel (INTC) also declined. Microsoft (MSFT), however, was up 0.7%.OpenAI recently missed its own targets for new users and revenue, The Wall Street Journal reported, citing unnamed sources."The WSJ in part frames this story as a concern for datacenter spend, with OpenAI having over invested while sales are slowing," Wedbush Securities analyst Matt Bryson said in a note e-mailed to. "We believe infrastructure demand remains robust, driven in large part by (artificial intelligence) usage growth, creating a broad based demand driver for semiconductor and component vendors."In other company news, Coca-Cola (KO) lifted its full-year earnings growth outlook on Tuesday as the beverages giant posted fiscal first-quarter results above market expectations amid pricing and volume gains. The stock was up 6.3% intraday, the best performer on the Dow and the second-biggest gainer on the S&P 500.Spotify Technology (SPOT) shares were down 13% after the audio-streaming platform's premium subscriber growth and outlook disappointed investors.West Texas Intermediate crude was up 3.6% at $99.84 per barrel, while Brent crude climbed 2.8% to $111.34.US President Donald Trump and national security officials are skeptical of Iran's new offer to open the Strait of Hormuz and delay talks on uranium enrichment, The Journal reported, citing American officials.Elsewhere in the world, the United Arab Emirates has decided to leave the Organization of the Petroleum Exporting Countries on Friday, in a move that Rystad Energy said makes the cartel "structurally weaker."The UAE is one of the few OPEC members, including Saudi Arabia, that have spare capacity, Rystad said in a note. OPEC uses a production quota system to stabilize global oil markets."Its departure therefore removes one of the core pillars underpinning OPEC's ability to manage the market," Rystad Head of Geopolitical Analysis Jorge Leon wrote.The Fed's monetary policy committee kicked off its two-day meeting on interest rates, with a decision due Wednesday. Markets widely expect the central bank to keep its benchmark lending rate unchanged for a third consecutive meeting, according to the CME FedWatch tool.US Treasury yields were higher intraday, with the 10-year rate up 1.8 basis points at 4.36% and the two-year rate rising 4.1 basis points to 3.84%.Gold was down 2.1% at $4,593.10 per troy ounce, while silver lost 2.8% to $72.95 per ounce.

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US Markets11d ago

Kimberly-Clark First-Quarter Results Top Views; Full-Year Outlook Affirmed

Kimberly-Clark (KMB) reported better-than-expected first-quarter results and maintained its full-year outlook Tuesday, while the consumer goods maker flagged potential incremental input cost headwinds of up to $170 million in the second half due to elevated oil prices.The Kleenex tissues maker's adjusted earnings attributable to the company rose to $1.97 a share for the March quarter from $1.93 a year earlier, which was the consensus on FactSet. Net sales improved 2.7% to $4.16 billion, topping the Street's view for $4.09 billion.The company's shares were up 1.1% in Tuesday afternoon trade. So far this year, the stock has lost 1.6% in value.Kimberly-Clark said it continues to expect full-year adjusted EPS from continuing operations to grow at a double-digit rate, while adjusted EPS attributable to Kimberly-Clark are still seen flat, both on a constant-currency basis.The company also continues to expect 2026 organic sales to grow in line to ahead of the weighted average growth in the categories and countries it competes, which for the latest 12 months grew at roughly 2.5%, it said.Kimberly-Clark could face gross incremental input cost headwinds of between $150 million and $170 million in the second half of the year, if oil prices stay at the $100 a barrel level, Chief Financial Officer Nelson Urdaneta said in prepared remarks on the company's website.Energy prices have soared following the US-Israel war with Iran that started at the end of February, with the Strait of Hormuz -- the world's most important chokepoint for crude flows -- effectively closed. The conflict paused following a recent ceasefire between the US and Iran and later between Israel and Lebanon.Kimberly-Clark's first-quarter international personal care business revenue climbed 9.1% to $1.51 billion, buoyed by organic sales growth of 4% and favorable currency impacts. Sales in North America fell 0.6% to $2.65 billion, driven by a 2.7% headwind from the exit of the company's private label diaper business in the US, partially offset by organic sales growth of 1.8%."We continued to deliver solid volume-plus-mix performance while building share momentum despite continued geopolitical and macroeconomic uncertainty," Chief Executive Mike Hsu said in a statement. "We continue to generate meaningful cost savings that reinforce our strong financial foundation and enable us to invest in our exciting future."For the second quarter, Kimberly-Clark expects to incur a $50 million headwind related to a recent fire at its Ontario, California, distribution center, "as well as some incremental costs due to the conflict in the Middle East," Urdaneta said. "We expect to fully mitigate these costs in the second half of the year with the many levers available within our integrated margin management capabilities."Price: $99.40, Change: $+1.15, Percent Change: +1.17%

$KMB

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US Markets10d ago

Nasdaq, S&P 500 Retreat From Record Highs as Tech Stocks Fall

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