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United Parcel Service Affirms Guidance Amid Iran War-Linked Demand Risks

United Parcel Service (UPS) maintained its 2026 revenue outlook as the package delivery giant flagged a potential demand impact from the Middle East conflict.The company continues to anticipate revenue of about $89.7 billion this year, while the consensus on FactSet is for $89.62 billion. UPS pegged the adjusted operating margin at about 9.6%."As we look to the balance of the year, there are a few external factors that we are watching that could impact demand, especially higher fuel costs stemming from the conflict in the Middle East and US consumer confidence, which is at historic lows," Chief Executive Carol Tome said during an earnings call, according to a FactSet transcript.The company's stock was falling 4.3% in Tuesday trade.The US-Israel war with Iran has disrupted shipments through the Strait of Hormuz. That conflict has boosted fuel costs, Chief Financial Officer Brian Dykes told analysts.The hostilities paused following a ceasefire between the US and Iran and later between Israel and Lebanon, but there's no framework yet on reaching a long-lasting peace deal."Our fuel surcharges are linked to published fuel benchmarks and adjust with fuel prices on a weekly basis, and we expect these surcharges to provide coverage as fuel prices continue to fluctuate," Dykes said.In the March quarter, UPS' revenue fell 1.6% year-on-year to $21.20 billion, compared with the Street's $20.98 billion forecast. Adjusted EPS declined to $1.07 from $1.49 a year ago, beating the average analyst estimate of $1.01.US domestic package revenue fell to $14.13 billion from $14.46 billion in the prior-year period amid lower volume. International revenue rose 3.8% to $4.54 billion.The company's expects revenue to grow by a low single digit in the second quarter, Dykes said on the call.In January, UPS said it planned to slash its workforce by up to 30,000 positions related to a planned reduction in Amazon's (AMZN) deliveries in its network.Price: $103.03, Change: $-5.21, Percent Change: -4.81%

$UPS

US Markets11d ago

Spotify Tops First-Quarter Profit Estimates; Premium Subscriber Growth, Outlook Disappoint

Spotify Technology (SPOT) reported stronger-than-expected first-quarter profit, while the audio-streaming platform's premium subscriber growth and outlook disappointed investors, sending the stock lower in Tuesday trading.For the March quarter, per-share earnings rose to 3.45 euros ($4.04) per diluted share from 1.07 euros a year earlier, topping the FactSet consensus of 2.95 euros. Revenue climbed 8% to 4.53 billion euros, in line with estimates.Monthly active users increased 12% to 761 million, while Wall Street expected 759.1 million. Premium subscribers increased 9% to 293 million, though analysts projected growth to 293.2 million."We added 3 million net subscribers during the quarter, finishing at 293 million, in line with our guidance," Chief Financial Officer Christian Luiga said on an earnings call with analysts, according to a FactSet transcript. "We saw no surprises with respect to price increase-related churn following our January US price increase."Spotify's New York Stock Exchange-listed shares fell 14% intraday. The stock has dropped 26% this year.In the current quarter, Spotify expects revenue of 4.8 billion euros, while analysts are looking for 4.77 billion euros. The company projects monthly active users to increase by 17 million to 778 million, above the consensus of 774.8 million. Premium subscribers are anticipated to increase by 6 million to 299 million, versus Wall Street's forecast 300.4 million.Guidance for premium subscriber growth is "modestly below the significant outperformance we saw in the prior-year quarter, which benefitted from items such as favorable adjustment to our iOS app in the US," Luiga said.Premium revenue in the March quarter jumped 10% to 4.15 billion euros, while ad-supported revenue declined 5% to 385 million euros."Brands have always valued Spotify for its high user engagement, its beloved brand and its high-quality content, but the market shifted," CEO Alex Norstrom said on the call. Advertisers' pivot to biddable buying prompted a rebuild of the company's ad stack to tap into that market, he said.Price: $428.60, Change: $-67.22, Percent Change: -13.56%

$SPOT

US Markets11d ago

Coca-Cola Raises Full-Year Earnings Outlook Following First-Quarter Beat

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 company now anticipates adjusted earnings to rise by 8% to 9% in 2026, compared with its previous projection for an increase of 7% to 8%. The current consensus on FactSet is for non-GAAP earnings of $3.22 per share, which would imply 7.3% growth from $3 reported for 2025.The group continues to expect organic revenue to grow by 4% to 5% this year."Notwithstanding volatility in certain commodities like tea and coffee, we believe the overall impact on our cost basket is manageable at this time," Chief Financial Officer John Murphy said during an earnings call, according to a FactSet transcript. "However, uncertainty stemming from geopolitical tensions may cause this outlook to change."Shares of the Fanta and Sprite maker were up 5.9% in Tuesday trade, taking year-to-date gains to 14%.Earlier in April, rival PepsiCo (PEP) reiterated its full-year outlook and reported higher-than-expected fiscal first-quarter results.Coca-Cola's adjusted EPS advanced to $0.86 for the quarter ended April 3 from $0.73 the year before, topping the Street's view for $0.81. Adjusted revenue climbed to $12.47 billion from $11.22 billion, ahead of the average analyst estimate on FactSet of $12.24 billion.Pricing gains buoyed the top line and volume rose 3%, led by China, the US and India, the company said.Concentrate sales, which reflect the quantity of concentrates, syrups, beverage bases, source waters and powders and minerals sold by the company, moved 8% higher on a yearly basis."The external environment differed greatly across our market," Chief Executive Henrique Braun said on the call. "While many consumers remain resilient, others are under pressure due to persistent inflation, greater macroeconomic uncertainty and volatility driven by the conflict in the Middle East."Price: $79.54, Change: $+4.08, Percent Change: +5.41%

$KO

US Markets11d ago

General Motors Lifts 2026 Earnings Outlook Amid Reduced Tariff Costs

General Motors (GM) raised its full-year earnings outlook and trimmed its tariff hit forecast on Tuesday, as the automaker reported an unexpected year-over-year increase in its first-quarter bottom line.The company now anticipates adjusted earnings to be in a range of $11.50 to $13.50 per share for 2026, up from its previous guidance of $11 to $13. The current consensus on FactSet is for non-GAAP EPS of $12.20.GM now sees gross tariff costs of between $2.5 billion and $3.5 billion for the current year, compared with its prior expectations of $3 billion to $4 billion, citing a favorable adjustment of $500 million related to the US Supreme Court's decision in February to invalidate President Donald Trump's reciprocal tariffs imposed under the International Emergency Economic Powers Act.The company opted to maintain its full-year adjusted automotive free cash flow forecast range of $9 billion to $11 billion, as the cash refund timing of the IEEPA adjustment is uncertain, it said in an earnings presentation.Chief Executive Mary Barra and company "continue to navigate this very difficult tariff and (electric vehicle) environment while tapping into alternative revenue streams with high margins to stabilize its margins," Wedbush Securities said in a client note. The brokerage maintained its outperform rating on the automaker's stock.GM posted adjusted EPS of $3.70 for the March quarter, up from $2.78 the year before, defying the Street's view for a decline to $2.60. Revenue slipped 0.9% to $43.62 billion, but came in ahead of the average analyst estimate of $43.51 billion."In the first quarter of 2026, General Motors once again delivered strong financial performance," Barra said in a letter to shareholders. "We have solid momentum in our core operations."Revenue in North America decreased to $36.4 billion from $37.39 billion in the 2025 quarter, while international sales advanced to $2.86 billion from $2.43 billion. Consolidated vehicle sales dropped to 1.29 million units from 1.45 million last year, with sales in the US market falling to 626,000 vehicles from 693,000."We are clearly operating in a very dynamic environment, which isn't unusual for this industry," according to Barra. "That's why we have had a multi-year focus to ensure we have the right products, the right team, and a strong balance sheet supported by healthy cash flows to achieve our long-term goals."

$GM

US Markets11d ago

Stocks Mostly Down Pre-Bell as Traders Monitor Developments on US-Iran Negotiations; Fed Policy Meeting on Deck

US equity futures were mostly pointing lower on Tuesday as traders monitor developments on negotiations between the US and Iran and await the Federal Reserve's latest decision on interest rates, along with a fresh round of corporate earnings.The S&P 500 decreased 0.2% and the Nasdaq declined 0.6%, while the Dow Jones Industrial Average inclined 0.3% in premarket activity. The Nasdaq and S&P 500 finished Monday trading with new closing highs for a second consecutive session, while the Dow ended in the red.White House Press Secretary Karoline Leavitt reportedly said Monday that President Donald Trump reviewed a new proposal from Iran to reopen the crucial Strait of Hormuz with national security officials, according to Bloomberg News. Trump has made his "red lines" extremely clear with respect to Iran and will address the matter "very soon," Leavitt said.Tehran recently submitted a proposal to reopen the Strait of Hormuz and delay talks on uranium enrichment, Axios reported, citing a US official and two other sources.West Texas Intermediate crude oil rose 3.5% to $99.73 a barrel before the opening bell, while Brent gained 2.8% to $111.28.The Fed's monetary policy committee is set to kick off its meeting on interest rates today, with a decision due tomorrow. Markets widely expect the central bank to keep its benchmark lending rate unchanged for a third consecutive meeting, according to the CME FedWatch tool.With the Federal Open Market Committee's decision unlikely to surprise, the market is expected to focus on the policy statement and post-meeting remarks of Chair Jerome Powell, said David Doyle, head of economics at Macquarie Group."Given that elevated oil prices have persisted for nearly two months now, future guidance may shift somewhat," he said in a Monday report e-mailed to. "This would be in contrast to March where there were limited changes made. Our view remains that the next policy move is likely to be a hike with the most likely timing in (the first half of 2027)."Treasury yields were trending upwards in premarket action, with the two-year rate advancing 1.9 basis points to 3.82% and the 10-year rate adding 1.8 basis points to 4.35%.Coca-Cola (KO), S&P Global (SPGI), Spotify Technology (SPOT), United Parcel Service (UPS), Sherwin-Williams (SHW), Hilton Worldwide (HLT) and General Motors (GM) are scheduled to release their latest financial results before the bell, among others. Visa (V), T-Mobile US (TMUS) and Starbucks (SBUX) post earnings after the markets close.Shares of Snap (SNAP) nudged down 0.2% pre-bell after the social media company finished the previous session with a 7.3% jump. Cadence Design Systems (CDNS) moved 0.4% lower as the computational software company announced its latest quarterly results. Oracle (ORCL) fell 5.5%.Tuesday's economic calendar has the Case-Shiller Home Price Index and the Federal Housing Finance Agency House Price Index, both for February, at 9 am ET. The consumer confidence report for April is out at 10 am, along with the Richmond Fed manufacturing index for the same month.Gold dropped 1.4% to $4,626 per troy ounce, while bitcoin ticked down 0.2% to $76,604.

$^DJI$^IXIC$^SPX$CDNS$GM$HLT$KO$ORCL$SBUX$SHW$SNAP$SPGI$SPOT$TMUS$UPS$V

US Markets11d ago

Barclays Affirms 2026 Outlook Amid Higher Profit; New GBP500 Million Buyback Unveiled

Barclays (BARC.L) reiterated its financial targets for 2026 as it delivered a "solid" first-quarter performance despite logging higher impairment charges over the period.The British banking group's profit attributable to shareholders for the three months ended March 31 rose year over year to 1.93 billion pounds sterling from 1.86 billion pounds, according to a Tuesday earnings release. Before tax, profit reached 2.81 billion pounds, up from 2.72 billion pounds.Credit impairment charges widened to 823 million pounds from 643 million pounds, largely driven by a single name charge of 228 million pounds at the company's investment banking division. Bloomberg News reported Tuesday that the charge was linked to Market Financial Solutions, a UK-based specialized lender that collapsed in February."PBT was in line with consensus driven by better than expected revenues in the IB partially offset by a top-up for motor finance commissions (GBP105m), an impairment provision for MFS (GBP228m) and a cost miss in [Barclays UK]. On an underlying pre-provision profit basis, there was a 2% beat," analysts at RBC Capital Markets said in a quicktake note.Barclays also announced plans to launch a new 500 million-pound buyback once its current 1 billion-pound share repurchase program is completed.For full-year 2026, the group reaffirmed its goal to achieve a total income of 31 billion pounds and a return on tangible equity of more than 12%. Looking further ahead, Barclays also confirmed its 2028 targets, including a greater than 14% RoTE and plans to return more than 15 billion pounds of capital to shareholders over the 2026 to 2028 period through dividends and buybacks.As of Tuesday midday, the stock was trading nearly 1% lower in London.

$BARC.L

US Markets11d ago

Cadence Raises 2026 Revenue Outlook Following First-Quarter Beat

Cadence Design Systems (CDNS) lifted its full-year revenue outlook as the computational software company reported better-than-expected first-quarter results.The firm now anticipates revenue to come in between $6.13 billion and $6.23 billion for 2026, it said late Monday, up from its prior forecast of $5.9 billion to $6 billion. The current consensus on FactSet is for $6.17 billion. The stock edged up 0.5% in Tuesday's most recent premarket activity."With robust design activity and solid execution, we are raising our 2026 revenue outlook to 17% year-over-year growth," Chief Financial Officer John Wall said in a statement.Adjusted earnings are pegged to be in a range of $7.85 to $7.95 per share for the current year, down from the company's previous projections of $8.05 to $8.15. The Street is looking for non-GAAP EPS of $7.92.The revised earnings guidance includes the "acquired cost base, the financing impact, the acquisition-related integration costs and kind of near-term dilution," associated with the company's acquisition of Hexagon's design and engineering business, Wall told analysts during an earnings call, according to a FactSet transcript. The deal was completed in February.The company "paid 30% of the acquisition price in shares and 70% in cash," according to Wall. The lost interest income on cash causes a "lot of the dilution impact in the short-term," but the firm anticipates the transaction to be accretive in 2027, the CFO added.For the quarter ended March, the company's adjusted EPS climbed to $1.96 from $1.57 the year before, topping the average analyst estimate of $1.89. Revenue advanced to $1.47 billion from $1.24 billion, ahead of the Street's view for $1.45 billion.Product and maintenance revenue grew to $1.35 billion from about $1.11 billion in the prior-year quarter, while services declined to $125.3 million from $131.5 million."Cadence had a strong start to 2026, delivering a solid (first quarter) with accelerating (artificial intelligence) demand and record backlog, reflecting strong customer commitment to our AI-driven portfolio," Chief Executive Anirudh Devgan said. The company's backlog stood at $8 billion, while remaining performance obligations were $4 billion.For the ongoing three-month period, Cadence expects adjusted EPS of $2.02 to $2.08 on revenue of $1.56 billion to $1.6 billion. The Street is looking for non-GAAP EPS of $1.98 and sales of $1.55 billion for the second quarter.

$CDNS

US Markets11d ago

Denso's Fiscal 2026 Profit, Revenue Rise Amid Geopolitical Risks

Denso (TYO:6902) reported higher profit and revenue for the fiscal year of 2026 despite various external factors, but predicted lower earnings in the following year due to the impact of the ongoing Middle East conflict on Japanese carmakers.The profit attributable to owners rose 5.9% year on year to 443.8 billion yen, while revenue climbed 5.3% from a year earlier to 7.540 trillion yen, due to higher vehicle sales and cost recovery from changes to certain product programs, according to the company's Tuesday press release.Operating profit jumped 6.5% year on year to 552.5 billion yen, beating the company's forecast of 500 billion yen."Although our profitability was affected by various factors - including tariff-related costs, higher parts and material prices, and increased investment in our workforce - our team's ongoing business improvements and higher production volumes enabled us to achieve a higher operating profit than last year," Denso's executive vice president and chief financial officer, Yasushi Matsui, said.The automobile maker decided to pay out an annual dividend of 67 yen for the period.The company has been profitable for the period despite withdrawing its proposal to acquire shares in ROHM (TYO:6963) after failing to secure support from ROHM's board and a special committee.The decision was made after a review of the proposal's corporate value, which concluded that "continuing the proposal at this time would not necessarily contribute to the enhancement of its corporate value".The deal could have been worth up to $8.3 billion, according to a Reuters report.However, external factors, including the Middle East war, could have implications for Japan's automobile sector, especially when it comes to aluminum supply.Denso, being the key supplier of Toyota (TYO:7203), is among the affected, as 70% of Japanese carmakers' aluminum imports come from the Middle East, according to a Bloomberg News report on April 20.Denso forecasted that the attributable profit for the fiscal year of 2027 will drop to 382 billion yen, while revenue will rise to 7.670 trillion yen. Operating profit is also expected to fall to 500 billion yen."Our operating profit forecast decreased from the 2026 fiscal year, reflecting strengthened investments aimed at future growth and potential risks associated with a highly uncertain business environment," Matsui said.

$TYO:6902$TYO:6963$TYO:7203

US Markets11d ago

Japan Unemployment Rate Edges Higher in March

Japan's national unemployment rate rose to 2.7% in March, edging up from 2.6% in February, and perhaps indicating the first negative ripples of higher oil prices and lagging global trade in the wake of the Persian Gulf war.The number of unemployed in Japan increased by a seasonally adjusted 10,000 in March from February, to 1.86 million.The number of employed declined by 120,000 in March from February, to an 11-month low of 68.15 million, while the labor force shrank by 100,000 to a seven-month low of 70.02 million.In recent years, due to an aging population, Japan's potential labor force has been decreasing, as more former workers pass into retirement age but are not replaced by younger labor-force entrants.In general, many businesses describe Japan as experiencing "labor shortages."The nation's labor force participation rate, that is, the percent of working-age adults either employed or seeking employment, edged up to 63.6% in March from 63.5% in February and was slightly higher than the 63.3% registered a year earlier.Separately, in March, there were a seasonally adjusted 118 jobs open for every 100 job hunters, down modestly from 119 in February, reported the Ministry of Health, Labor and Welfare.

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US Markets11d ago

Novartis Reports First-quarter Sales Dip Amid Growing US Generic Competition

Novartis (NOVN.SW) on Tuesday reported a decline in first-quarter sales as an expected rise in generic penetration in the US outweighed the momentum of priority brands.Shares in the Swiss drugmaker was down 4% by midday trading.For the three months ended March 31, net sales were down 5% at constant currency to $13.11 billion. Volume added 13 percentage points to growth, but this was more than offset by a hit of 14 percentage points due to generic competition.Key therapies that continued to perform include leukemia treatment Scemblix, which surged 79% at constant currency to $433 million, and breast cancer drug Kisqali, which rose 55% to $1.52 billion. Conversely, revenue from heart failure drug Entresto dropped 46% to $1.31 billion.Against this backdrop, Novartis reiterated its 2026 financial targets, projecting low single-digit growth for net sales alongside a low single-digit decline in core operating income. Should late April exchange rates hold steady through year-end, currency tailwinds are projected to add 2 percentage points to net sales and 1 percentage point to core operating income, the company noted."With the momentum we are seeing across the business, we remain on track to deliver our [full-year] guidance and look forward to multiple readouts in the second half that could raise our mid- to long-term growth outlook," Novartis Chief Executive Officer Vas Narasimhan said.Novartis' net income reached $3.16 billion in the first quarter, down from $3.61 billion in the same period a year ago. EPS dropped to $1.65 from $1.83

$NOVN.SW

US Markets11d ago

Bank of Japan Holds Rates, Cuts Growth Outlook, Raises Inflation View

Citing heightened inflation risks but also a slowing economy, in a mixed decision the Bank of Japan kept its key interest rate unchanged, the central bank disclosed Tuesday.The Bank of Japan held its short-term policy rate at 0.75% by a 6-3 vote, leaving the rate unchanged since last December.Bank of Japan Governor Kazuo Ueda said policymakers need more time to assess how the Persian Gulf war and the closure of the Strait of Hormuz will affect prices and the economy.Demonstrating the impact of higher oil prices, the central bank forecast that the nation's consumer price index-core (CPI-core), that strips out fresh food prices, will rise 2.8% in fiscal 2026 (started April 1), up from the 1.9% estimate in January.In addition, the Bank of Japan lowered its forecast for gross domestic product (GDP) growth to 0.5% for the fiscal year, down from 1% in its the previous outlook.Until recent years, the Bank of Japan has struggled not with inflation but near-deflation, and also extended sluggish economic growth, resulting in what some critics termed "lost decades."In recent seasons, central bank officials have reiterated they want to keep demand for labor strong enough that real wages rise, thus allowing more consumption and overall economic expansion.Until today's forecast, the Bank of Japan also issued sanguine inflation forward estimate, that the CPI-core would recede to within the bank's 2% target in fiscal 2026.In fact, in March, Japan logged a modest 1.8% increase in the CPI-core on year, reported the Statistics Bureau.But going forward, with higher oil prices, and the weakest yen vs. the US dollar in 35 years, the Bank of Japan is now forecasting that inflation will rise above the central bank's target.Japan's central bank next meets on April 27-28."We continue to believe there's a chance that the BoJ may hike on 28 April," said ING Think, an rm of the Dutch investment house. "Board members' concerns about higher inflation expectations are likely to increase as real interest rates remain deeply negative."

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US Markets11d ago

BP Cheers 'Strong' First-quarter Earnings as Iran War Leads to 'Exceptional' Oil Trading

BP (BP.L) clocked upbeat results for the first quarter on Tuesday, thanks to "significantly" higher realized margins and an "exceptional" contribution from oil trading as the ongoing Iran war keeps prices elevated.Profit attributable to shareholders for the three months ended March 31 surged year over year to $3.84 billion from $687 million. Adjusted for certain items, the underlying replacement cost profit reached $3.2 billion, up from $1.38 billion a year ago.Total revenue and other income increased annually to $53.37 billion from $47.88 billion, with the oil and gas giant touting a sequential improvement in upstream plant reliability to 95.7% from 95.4% in the previous quarter. Reported upstream production remained broadly stable as higher production in the Gulf of America and strong performance in bpx Energy offset the impact of disruptions in the Middle East.On the downstream side, BP's refining availability moved up to 96.3% in the first quarter of 2026 from 96% in the previous three months, exceeding the company's target of 96% availability."BP reported strong numbers this morning, with a 20% beat vs. market expectations at the net income level (7% ahead of RBCe)," RBC Capital Markets said. "Looking divisionally, the star of the show was the downstream, with BP reporting higher refining & trading numbers, well in excess of consensus and ~$200m ahead of our estimates for the quarter, supported by exceptional oil trading results."Against this backdrop, the board declared a higher interim dividend per ordinary share of $0.0832, compared with $0.08 in the prior-year period, payable June 26 to shareholders on record May 15. BP anticipates raising its dividend annually by at least 4% per ordinary share.Moving ahead, reported upstream production for the three months ending June 30 was guided lower on a quarterly basis owing to the ongoing conflict in the Middle East and seasonal maintenance, mainly in the Gulf of America. For full year 2026, reported upstream production is also expected to decline from the previous year.The company's stock rose over 2% in early morning trade.

$BP.L

US Markets11d ago

Haier Smart Home's Q1 Profit Slides 15% on Lower US, China Demand

Haier Smart Home's (SHA:600690, HKG:6690) attributable profit dropped 15% in the first quarter amid demand pressures in the U.S. and mainland China, as well as a slide in revenue.The bottom line at the Qingdao, China-based home appliance manufacturer slid to 4.65 billion yuan in the first quarter from 5.49 billion yuan a year prior.Earnings per share fell 15% to 0.50 yuan from 0.59 yuan, according to a Tuesday filing with the Shanghai Stock Exchange.Profitability came under pressure during the first three months of 2026, especially in North America, where operating profit fell 10% due to extreme weather conditions such as blizzards, as well as the impact of tariffs by U.S. President Donald Trump, according to a Monday disclosure to the Hong Kong bourse.The home appliance maker boosted the integration of its large heating, ventilation, and air conditioning (HVAC) operations, it said in its filing.Revenue fell 6.9% year over year to 73.7 billion yuan from 79.1 billion yuan, slightly below market expectations of an 8% to 10% slide, according to a research note by Jefferies released Monday.Back home, the decline is attributable to a 6.2% slide in home appliance retail sales, in line with expectations from Jefferies.Overall overseas revenue slid 3.2% due to pressures in North America.European refrigeration sales inched up 1.3%, while the top line across South and Southeast Asia jumped 17% and 12%, respectively.Operating costs declined to 68.4 billion yuan from 72.5 billion yuan.The company also launched a plan to become a "user-centric platform-based technology ecosystem enterprise," as well as expanding its HVAC business, boosting its domestic model, and building its overseas brand.Jefferies reiterated its hold rating on Haier's Hong Kong and Shanghai shares.For 2026, the investment bank estimates earnings per share to slide 14% year over year with demand in China weakening in March through the second quarter before recovering in the second half.U.S. demand will also continue to face pressure through 2026, the bank said in a separate note in March.

$HKG:6690$SHA:600690

US Markets11d ago

AMEC's Q1 Profit Surges 197% on Gains from Stake Sale

Advanced Micro-Fabrication Equipment China or AMEC (SHA:688012) saw a nearly threefold increase in profit in the first quarter of 2026, boosted by asset sales and rising demand for advanced etching tools.Attributable profit surged 197% to 930.5 million yuan in the first quarter from 313.1 million yuan in the year-ago period, according to a Shanghai bourse filing on Tuesday.The Chinese chip gear maker's earnings per share nearly tripled to 1.47 yuan from 0.50 yuan in the prior-year period.Revenue jumped 34% year over year to 2.91 billion yuan from 2.17 billion yuan, close to the average annual revenue growth of more than 35% for the past 14 years, AMEC said.Research and development expenses grew 32% or by 221 million yuan, year over year, equivalent to 31% of revenue for the quarter, the chip gear manufacturer said.AMEC also attributed its strong performance to net after-tax gains of 397 million yuan from the sale of part of its stake in TopJade Technology.Shipments of chipmaking equipment for etching of advanced logic and memory devices also grew during the period, AMEC said.The company was able to develop more than 300 etching machines for ultra-high aspect ratio etching processes, while it has also delivered its ultra-high aspect ratio cryogenic etching gear to clients for verification, according to the filing.The surge comes as China's semiconductor trade deficit rose 17% in the first quarter, helping strengthen the desire for more aggressive foundry capacity in the next five years, investment bank Jefferies said in a note April 23.Jefferies maintained a buy rating on AMEC, considering the company its top pick for Chinese wafer fab equipment manufacturers, as it is highly leveraged toward Chinese memory capital expenditure, the investment bank said.

$SHA:688012

US Markets11d ago

Nasdaq, S&P 500 Reach New Peaks; Oil Rises

The Nasdaq Composite and the S&P 500 notched fresh record closing highs on Monday even as oil prices moved higher amid stalled peace talks between the US and Iran.The Nasdaq edged up 0.2% to 24,887.1, while the S&P 500 gained 0.1% to 7,173.9, recording their highest finish ever for a second consecutive session. The Dow Jones Industrial Average fell 0.1% to 49,167.8. Most sectors were in the red, led by consumer staples, while communication services paced the gainers.Brent crude was last up 2.5% at $107.95 per barrel, while West Texas Intermediate crude rose 1.8% to $96.08.Iran's Foreign Minister Seyed Abbas Araghchi visited Pakistan twice over the weekend, while President Donald Trump called off US officials' previously announced trip to Islamabad.Iran has submitted a new proposal to reopen the Strait of Hormuz that includes delaying nuclear negotiations, Axios reported, citing a US official and two other sources."The lack of progress (in peace talks) means the market is tightening every day, requiring oil prices to reprice at higher levels," ING Bank said in a note on Monday.Trump was scheduled to meet with top national security officials on Monday to discuss the new Iranian proposal, CNN reported."US stocks enter April's final week with cautiously optimistic momentum, driven by (artificial intelligence) earnings beats and resilient macro prints," Ivan Feinseth, chief market strategist of Tigress Financial Intelligence, said in a report e-mailed to. "However, heightened volatility looms ahead of the conclusion of the (Federal Open Market Committee) meeting on Wednesday, with expectations that the Fed will keep rates unchanged at (3.50% to 3.75%)."With the FOMC decision unlikely to surprise, the market is expected to focus on the policy statement and post-meeting remarks of Chair Jerome Powell, said David Doyle, head of economics at Macquarie Group."Given that elevated oil prices have persisted for nearly two months now, future guidance may shift somewhat," he said in a report e-mailed to. "This would be in contrast to March where there were limited changes made. Our view remains that the next policy move is likely to be a hike with the most likely timing in (the first half of 2027)."US Treasury yields were higher, with the 10-year rate up 3.1 basis points at 4.34% and the two-year rate rising 1.5 basis points to 3.81%.S&P 500 companies' quarterly earnings growth decelerated compared with figures from a week ago, but remained well ahead of expectations, Oppenheimer Asset Management's data showed Monday."The quarter appears to be off to a strong start," Oppenheimer Asset Management Chief Investment Strategist John Stoltzfus said, noting that earnings growth reported by 79% of the firms that have released their quarterly results exceeded analyst estimates.Technology giants Alphabet (GOOG, GOOGL), Apple (AAPL), Microsoft (MSFT), Amazon (AMZN) and Meta Platforms (META) are slated to release their latest financial results later this week.In company-specific news, Verizon Communications (VZ) lifted its full-year earnings outlook on Monday and reported a first-quarter bottom line above market estimates, while the telecommunications giant unexpectedly added postpaid phone subscribers in the three-month period. The company's shares rose 1.6%, the second-biggest gain on the Dow.Shares of Domino's Pizza (DPZ) tumbled 8.8%, the steepest decline on the S&P 500. The company reported weaker-than-expected first-quarter results on Monday, with the company's chief executive saying consumer uncertainty and inflation weighed on demand late in the quarter.Organon (OGN) shares surged nearly 17% after the healthcare company agreed to be acquired by Indian pharmaceutical firm Sun Pharmaceutical Industries in an all-cash deal with an enterprise value of about $11.75 billion.Gold was last down 1% at $4,694.80 per troy ounce, while silver shed 1.2% to $75.47 per ounce.

$^DJI$^IXIC$^SPX$AAPL$AMZN$DPZ$GOOG$GOOGL$META$MSFT$OGN$VZ

US Markets12d ago

Update: Oil Prices Rise Amid US-Iran Stalemate

(Article updated to name ING's Warren Patterson in the last paragraph.)Crude oil prices rose Monday as US-Iran talks appeared to have stalled, even as Tehran reportedly offered a new proposal for reopening the Strait of Hormuz.West Texas Intermediate crude futures were last up 2.4% at $96.64 per barrel. Brent advanced 3.2% to $108.73.Iran's Foreign Minister Seyed Abbas Araghchi visited Pakistan twice over the weekend, while President Donald Trump called off US officials' previously announced trip to Islamabad.Iran has submitted a proposal to reopen the Strait of Hormuz and delay talks on uranium enrichment, Axios reported, citing a US official and two other sources.Uranium enrichment and Iran's control of the crucial waterway have been key sticking points during talks between between Washington and Tehran.A Pakistan-brokered ceasefire between the US and Iran paused American and Israeli strikes on Tehran, but there's no framework yet for a long-lasting peace deal."Oil is trading stronger this morning after attempts to get US-Iran peace talks back on track broke down, erasing hopes for a resumption of energy flows through the Strait of Hormuz anytime soon," ING Bank Head of Commodities Strategy Warren Patterson said in a note on Monday. "The lack of progress means the market is tightening every day, requiring oil prices to reprice at higher levels."

US Markets12d ago

Airline Capacity Deployment Slowdown Amid High Fuel Prices Could Hit Aircraft Lessors, Deutsche Bank Says

Aircraft lessors could be impacted by a projected slowdown in airline capacity deployment globally amid elevated jet fuel prices triggered by the Middle East conflict, Deutsche Bank said Monday.Energy prices have soared following the US-Israel war with Iran that has disrupted shipments through the Strait of Hormuz, the world's most important chokepoint for crude flows.The conflict, which paused following a ceasefire between the US and Iran and later between Israel and Lebanon, has pushed jet fuel prices past $4 a gallon, according to Deutsche Bank."While aircraft lessors are not directly impacted (by high fuel prices) like airlines with higher operating costs, they are indirectly affected by changes in supply and demand for aircraft," Deutsche Bank analyst Shannon Doherty said in a note to clients Monday. "We cannot ignore the fact that surging jet fuel prices will lead to a slowing of global airline capacity deployment, with groundings a possibility among the financially weakest operators."Last week, American Airlines (AAL) and United Airlines (UAL) lowered their full-year earnings projections. United Airlines said at the time it faced headwinds in the first quarter, including a $340 million increase in fuel expense, compared with a year earlier.Qatar Airways recently contacted lessors to potentially defer or reduce rental payments, Deutsche Bank said Monday. If other airlines request similar favors and aircraft lessors opt to provide that relief, new terms will likely be net present value-positive over the longer term for lessors, according to the note.A premium multiple to AerCap Holdings' (AER) book value is "justified" given its diversified asset fleet earning mid-double-digit return on equity, Doherty said. An undersupply of aircraft assets is "structural" and is expected to last through the end of the decade, the brokerage wrote."AerCap represents one of the best ways to play this theme given the high demand for aircraft, its large orderbook, durable earnings, and high visibility into future cash flows given the long duration nature of its lease contracts," Doherty said.Price: $137.95, Change: $-0.14, Percent Change: -0.10%

$AAL$AER$FTAI$UAL

US Markets12d ago

Equities Mixed Intraday, Oil Rises Amid Stalled US-Iran Talks

US benchmark equity indexes were mixed intraday, while oil prices rose as investors wavered after peace talks between Washington and Tehran apparently stalled.The Dow Jones Industrial Average was down 0.1% at 49,161.3 after midday Monday, while the Nasdaq Composite edged up 0.1% to 24,856.1. The S&P 500 gained 0.1% to 7,169.8. Among sectors, consumer staples saw the biggest drop, while communication services paced the gainers.Brent crude was up 3.2% at $108.73 per barrel, while West Texas Intermediate crude rose 2.4% to $96.63.Iran's Foreign Minister Seyed Abbas Araghchi visited Pakistan twice over the weekend, while President Donald Trump called off US officials' previously announced trip to Islamabad.Iran has submitted a new proposal to reopen the Strait of Hormuz that includes delaying nuclear negotiations, Axios reported, citing a US official and two other sources."Brent crude trades at a three-week high as efforts to revive peace talks have stalled, with an Iranian proposal reportedly calling for nuclear negotiations to be postponed to a later stage," Saxo Bank said in a report.The strait, the world's most important chokepoint for crude flows, remains at a near-complete halt, with Iran and the US imposing their respective blockades of maritime traffic, Bloomberg News reported Sunday.Trump was scheduled to meet with top national security officials on Monday to discuss the new Iranian proposal, CNN reported."Oil is trading stronger this morning after attempts to get US-Iran peace talks back on track broke down, erasing hopes for a resumption of energy flows through the Strait of Hormuz anytime soon," ING Bank said in a note on Monday. "The lack of progress means the market is tightening every day, requiring oil prices to reprice at higher levels."US Treasury yields were higher intraday, with the 10-year rate up 3.8 basis points at 4.35% and the two-year rate rising 2.7 basis points to 3.82%.In company news, Verizon Communications (VZ) lifted its full-year earnings outlook on Monday and reported a first-quarter bottom line above market estimates, while the telecommunications giant unexpectedly added postpaid phone subscribers in the three-month period. The company's shares were up 2.6% intraday, the biggest gain on the Dow.Shares of Domino's Pizza (DPZ) were down 9.5%, the steepest decline on the S&P 500. The company reported weaker-than-expected first-quarter results on Monday, with the company's chief executive saying consumer uncertainty and inflation weighed on demand late in the quarter.Organon (OGN) shares surged 17% after the healthcare company agreed to be acquired by Indian pharmaceutical firm Sun Pharmaceutical Industries in an all-cash deal with an enterprise value of about $11.75 billion.Technology giants Alphabet (GOOG, GOOGL), Apple (AAPL), Microsoft (MSFT), Amazon (AMZN) and Meta Platforms (META) are slated to release their latest financial results later this week.Gold was down 1.1% at $4,688.80 per troy ounce, while silver shed 1.6% to $75.20 per ounce.

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US Markets12d ago

United Airlines CEO Confirms Approach to American Regarding Potential Merger

United Airlines (UAL) Chief Executive Scott Kirby confirmed Monday that he approached fellow carrier American Airlines (AAL) about a possible merger, but the latter declined to engage and closed the door on a deal.A potential combination between the two companies could have expanded service to "smaller communities," increased the total number of economy seats in the marketplace, offered affordable prices to customers and built a more globally competitive US airline, Kirby said in a statement. The merger could have boosted the US economy and created "millions of jobs," among other benefits, Kirby added."I was hoping to pitch that story to American, but they declined to engage and instead responded by publicly closing the door," Kirby said. "Without a willing partner, something this big simply can't get done."American Airlines didn't immediately respond to' request for comment.American Airlines shares were down 2.7% in Monday afternoon trade, while United Airlines fell 1.4%.Earlier this month, American Airlines said it wasn't interested in any talks regarding a merger with United Airlines, adding that it would be "negative for competition and for consumers." Any deal would also have been "inconsistent" with the Trump administration's philosophy towards the industry and antitrust law, the company said at the time.During an earnings conference call with analysts last week, American Airlines CEO Robert Isom said a potential combination with United Airlines would have been "anticompetitive.""Everybody that has weighed in suggests the same thing," Isom told analysts, according to a FactSet transcript. "Bad for customers, bad for the industry, and then ultimately -- that'd be bad for American Airlines."American Airlines' public comments "make it clear that a merger like this is off the table for the foreseeable future," Kirby said Monday.US President Donald Trump reportedly voiced his opposition to the combination in a recent interview with CNBC, saying he didn't "like" having the two airlines merge.Last week, American Airlines reported that its first-quarter adjusted per-share loss narrowed year over year, while operating revenue increased. The carrier cut its 2026 earnings outlook at the time. Separately, United Airlines reported better-than-expected first-quarter results, but lowered its full-year earnings outlook amid rising fuel costs.Price: $91.69, Change: $-1.31, Percent Change: -1.41%

$AAL$UAL

US Markets12d ago

Microsoft, OpenAI Amend Partnership; Wedbush Says Move Net Positive for Tech Giant

Microsoft (MSFT) and OpenAI have amended their partnership under which the technology giant will no longer pay a revenue share to the ChatGPT maker, among other things, with Wedbush Securities calling the development a net positive for Microsoft.Under the amended partnership, revenue share payments from OpenAI to Microsoft will continue through 2030, independent of the artificial intelligence firm's "technology progress, at the same percentage, but subject to a total cap," the companies said Monday. Microsoft will continue to have a license to OpenAI intellectual property for models and products through 2032, while its license will now be nonexclusive, according to a joint statement."We view this as a net positive for Microsoft, as the company locks in a six-year IP control over OpenAI technology and maintains a significant share of OpenAI while ending the back-and-forth between Redmond and OpenAI and setting the stage for Microsoft to get all revenue generation on its core platform," Wedbush analysts, including Dan Ives, said in a note to clients.Microsoft will remain the primary cloud partner of OpenAI. The AI firm's products will ship first on Microsoft Azure, unless the tech giant "cannot and chooses not to support the necessary capabilities," the companies said. OpenAI will now be able to serve all its products to customers "across any cloud provider," they added."The greater predictability in the amended agreement strengthens our joint ability to build and operate AI platforms at scale while providing both companies the flexibility to pursue new opportunities," Microsoft and OpenAI said.The amended partnership puts OpenAI on "a strong path forward to going public" via an initial public offering given its "clearer opportunity in the cloud environment while reducing significant barriers" from its original Microsoft partnership, the Wedbush analysts said."In essence, the training wheels are off for (Microsoft) with OpenAI and now it's about a step-up in AI monetization on its core platform looking forward," the analysts wrote.Microsoft is scheduled to report its fiscal third-quarter financial results Wednesday.Price: $424.15, Change: $-0.45, Percent Change: -0.11%

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US Markets11d ago

Nasdaq, S&P 500 Reach New Peaks; Oil Rises

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