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Netflix Set to Beat 2026 Guidance Amid Early US Price Increases, UBS Says

Netflix (NFLX) may outperform its own guidance for the full year as the impact of earlier-than-expected price increases takes hold, UBS Securities said in a note emailed Thursday.Last month, the company increased prices across its US plans, including raising its ad-supported standard tier to $8.99 per month from $7.99. The price of its standard plan without ads rose by $2 to $19.99 a month, while the premium tier now costs $26.99, compared with $24.99 previously.These price increases offer upside potential for 2026 estimates, UBS analysts including John Hodulik wrote.UBS projects currency neutral revenue growth of 14% with a 32.6% margin rate for 2026, compared with guidance that called for a 11% to 13% revenue increase and a 31.5% margin.BofA Securities previously said that Netflix's most recent round of price increases highlighted the streaming giant's pricing power.The company is likely to roll out more hikes in other major markets that are expected to boost average revenue per member, according to the UBS note.The widening price gap between plans with and without ads, along with new demand-side platform relations with companies including Amazon (AMZN), will likely double Netflix's ad-supported revenue in 2026, Hodulik said."While Netflix continues to slowly grow share of total TV viewing in the US, its share of streaming viewership remains under pressure given growth in (free ad-supported television)," Hodulik added.In February, Netflix dropped its plans to acquire Warner Bros. Discovery (WBD), which will now be acquired by Paramount Skydance (PSKY)."With the Warner Bros bid behind it, we believe Netflix is still positioned to benefit from its solid slate of content this year including the return of four of its top 20 series, new films such as War Machine and The Rip, a growing list of live events and the ramp in video games," Hodulik said.Shares of Netflix were up 2.5% in recent trading on Thursday.Price: $101.64, Change: $+2.25, Percent Change: +2.26%

$AMZN$NFLX$PSKY

US Markets164d ago

Equities Rise Intraday as US-Iran Ceasefire Holds Amid Hormuz Uncertainty

US benchmark equity indexes were higher intraday as a recent two-week ceasefire between Washington and Iran appeared to be holding, though oil prices rebounded as access to the Strait of Hormuz remained restricted.The Dow Jones Industrial Average and the Nasdaq Composite were up 0.8% each at 48,279.5 and 22,811.7, respectively, after midday Thursday. The S&P 500 added 0.7% to 6,829. Barring energy, all sectors were in the green, led by consumer discretionary.West Texas Intermediate crude was up 2.3% at $96.54 a barrel intraday. The benchmark hit up to $102.70 a barrel earlier in the session. Brent crude edged up 0.6% to $94.96 per barrel.The rebound in oil prices follows the sharpest one-day pullback since 2020 in the previous session as the US and Iran agreed to temporarily halt hostilities that had gripped the Middle East since the end of February."The Strait of Hormuz is not open," Abu Dhabi National Oil Chief Executive Sultan Al Jaber said in a LinkedIn post Thursday. "Access is being restricted, conditioned and controlled."Iranian state media previously reported that transit through the strait was halted following Israeli attacks on Lebanon. Israeli Prime Minister Benjamin Netanyahu said the country would negotiate with Lebanon on disarming Hezbollah, CNN reported Thursday."We continue to contend that actual transit levels through the waterway will remain significantly depressed given that Iran is insisting vessels must coordinate with its military or face destruction," RBC Capital Markets said in a note.Officials from Washington and Tehran are expected to meet this weekend in Pakistan, which helped broker the truce.US Treasury yields were lower intraday, with the 10-year rate down two basis points at 4.27% and the two-year rate dropping 3.4 basis points to 3.76%.In economic news, US inflation accelerated sequentially in February as real consumer spending edged higher, with analysts expecting price pressures to intensify due to the spillover effects of the Middle East conflict.The Federal Reserve's preferred inflation metric -- which excludes food and energy -- rose 0.4% month over month, unchanged from January's reading. Annual growth slowed to 3% from 3.1%. All inflation prints met estimates in Bloomberg-compiled surveys."With headline inflation likely to test 4% soon, there is little chance the Fed will ease policy in the near term," BMO Capital Markets said in a note.Weekly applications for unemployment insurance in the US rose more than expected, while continuing claims reached the lowest level since May 2024, government data showed."The latest jobless claims data offer no evidence that the (US-Israel) war with Iran has had a notable impact on the labor market," Oxford Economics said in a note. "We don't think an upside surprise in one week is sending a signal that labor market conditions are softening."In company news, CoreWeave (CRWV) agreed to supply artificial intelligence cloud capacity to Meta Platforms (META) in a $21 billion deal as the companies expanded their partnership amid robust demand for infrastructure supporting AI workloads. CoreWeave shares were up 6.1% intraday, while Meta rose 3%.Ares Management (ARES) agreed to acquire and take private Whitestone REIT (WSR) in an all-cash deal worth about $1.7 billion. Whitestone shares jumped 11%, while Ares advanced 0.5%.Chevron (CVX) said it expected higher commodity prices driven by the Middle East conflict to boost first-quarter earnings in its upstream segment by up to $2.2 billion, though timing impacts could weigh on the oil giant's bottom line. The company's shares were down 1.4% intraday, among the worst performers on the Dow.Gold was up 0.9% at $4,819 per troy ounce, while silver advanced 1.5% to $76.49 per ounce.

Dow JonesNasdaq CompositeS&P 500$ARES$CRWV$CVX$META$WSR

US Markets164d ago

Oil Prices Rebound as Optimism Around US-Iran Truce Wanes

Oil prices increased Thursday, with US crude crossing $100 a barrel as shipment activity through the Strait of Hormuz remained restricted despite a two-week ceasefire between Washington and Iran.West Texas Intermediate crude traded as much as $102.70 a barrel on Thursday, and was last up 3.4% at $97.57. Brent crude climbed 0.9% to $95.61, having hit $99.50 earlier in the session.The rebound in oil prices follows the sharpest one-day pullback since 2020 in the previous session as the US and Iran agreed to temporarily halt hostilities that had gripped the Middle East.As part of the ceasefire, Washington demanded the immediate opening of the Strait of Hormuz, while Tehran said it would allow "safe passage" through the crucial waterway, subject to coordination with Iranian authorities.But access to the strait remained restricted, Abu Dhabi National Oil Co. Chief Executive Sultan Al Jaber said in a LinkedIn post Thursday."The Strait of Hormuz is not open. Access is being restricted, conditioned and controlled," said Al Jaber, who also serves as the United Arab Emirates minister of industry and advanced technology.Iranian state media previously reported that transit through the strait was halted following Israeli attacks on Lebanon. Israeli Prime Minister Benjamin Netanyahu said the country would negotiate with Lebanon on disarming Hezbollah, CNN reported on Thursday.Meanwhile, Gulf countries, including the UAE, continued to face attacks despite the ceasefire, RBC Capital Markets said in a report e-mailed toon Thursday."We continue to contend that actual transit levels through the waterway will remain significantly depressed given that Iran is insisting vessels must coordinate with its military or face destruction," Helima Croft, head of global commodity strategy at RBC, said.Officials from Washington and Tehran are expected to meet this weekend in Pakistan, which helped broker the truce.Overnight, President Donald Trump said in a post on Truth Social that US ships, aircraft and military personnel will remain in and around Iran until the "real agreement reached is fully complied with.""With a full reopening of the strait unlikely in the near term, oil prices are expected to remain supported, as disruptions linked to reduced output and refinery shutdowns will take time to unwind," ING Bank said in a note.

US Markets164d ago

Weekly Jobless Claims Rise, Continuing Applications Reach Lowest Since May 2024

Weekly applications for unemployment insurance in the US rose more than expected, while continuing claims reached the lowest level since May 2024, government data showed Thursday.For the week through April 4, the seasonally adjusted number of initial claims increased by 16,000 to 219,000 from the previous week's average that was adjusted upwards by 1,000, the Department of Labor said. The consensus was for a 210,000 reading in a Bloomberg poll.The four-week moving average totaled 209,500, up by 1,500 from the prior week's average that was revised higher by 250. Unadjusted claims rose by 16,637 to 202,895, the DOL said."The latest jobless claims data offer no evidence that the (US-Israel) war with Iran has had a notable impact on the labor market," Oxford Economics Lead US Economist Nancy Vanden Houten said in remarks e-mailed to. "We don't think an upside surprise in one week is sending a signal that labor market conditions are softening."Seasonally adjusted continuing claims for the week ended March 28 reached 1.79 million, the lowest level since May 11, 2024, and lagging Wall Street's expectations of 1.83 million. Continuing claims dropped by 38,000 from the previous week's level, which was revised down by 9,000, according to the DOL. The four-week moving average fell by 13,250 to about 1.82 million."Continued claims are trending lower, reflecting the general drift lower of initial claims since last fall," Vanden Houten said.Earlier this month, official data showed that the US economy added more jobs than expected in March, while the unemployment rate edged down to 4.3% from 4.4% sequentially.On Wednesday, minutes from the Federal Reserve's March meeting showed that monetary policymakers emphasized the need to remain "nimble" in adjusting interest rates in light of heightened risks to inflation and employment driven by the Iran war, which started at the end of February.On Tuesday, the US and Iran agreed to a two-week ceasefire, though the truce appears fragile.

US Markets164d ago

Chevron Flags Tailwind to Quarterly Upstream Earnings From Higher Commodity Prices

Chevron (CVX) expects higher commodity prices driven by the Middle East conflict to boost first-quarter earnings in its upstream segment by up to $2.2 billion, though timing impacts could weigh on the oil giant's bottom line.Elevated oil prices are projected to benefit upstream segment earnings by $1.6 billion to $2.2 billion in the March quarter, compared with the previous three-month period, the company said in a regulatory filing Thursday.Crude prices resumed their upward trend Thursday amid uncertainty over the two-week ceasefire deal between the US and Iran announced Tuesday. The war started at the end of February, sending energy prices soaring amid the closure of the crucial Strait of Hormuz.West Texas Intermediate crude oil was 4.5% higher intraday at $98.67 a barrel, while Brent increased 1.7% to $96.37, well above pre-war levels.Chevron said that timing effects linked to hedging and accounting in a rising commodity price environment are "generally negative," potentially impacting first-quarter earnings and cash flow from operations, excluding working capital, by roughly $2.7 billion to $3.7 billion."The majority of these effects are in the downstream segment and are expected to unwind in future periods," the company said in the filing.Chevron shares were down 1.2% intraday, reducing its year-to-date gain to about 26%.The company expects downstream earnings to include a charge of about $350 million to $400 million tied to a litigation reserve related to ceased operations, according to the filing.First-quarter upstream oil-equivalent production is forecast to be in a range of 3.8 million barrels per day to 3.9 million barrels, mainly reflecting downtime at Kazakhstan's Tengizchevroil project and reduced production in the Middle East, Chevron said.The company expects to report first-quarter results by May 1.On Wednesday, larger rival Exxon Mobil (XOM) flagged that production disruptions caused by the Middle East conflict could lower its global oil-equivalent output by roughly 6% on a sequential basis in the first quarter. The company also said it expected the surge in energy prices to boost upstream earnings.Price: $191.94, Change: $-0.95, Percent Change: -0.49%

$CVX$XOM

US Markets164d ago

Inflation Accelerates in February, Real Consumer Spending Edges Higher

US inflation accelerated sequentially in February as real consumer spending edged higher, with analysts expecting price pressures to intensify due to the spillover effects of the Middle East conflict.The personal consumption expenditure price index rose 0.4% month over month in February following a 0.3% gain in the prior month, the Bureau of Economic Analysis reported Thursday. On a yearly basis, the PCE price index held steady at 2.8% growth.The Federal Reserve's preferred inflation metric, which excludes food and energy, climbed 0.4% month over month, unchanged from January. Annual growth slowed to 3% from 3.1%. All inflation prints met estimates in Bloomberg-compiled surveys."Core prices are actually gaining momentum, up 4.4% annualized the past three months, compared with 3.4% in the past six months," Sal Guatieri, senior economist at BMO Capital Markets, said in a report. "And this is before spillover pressures from the Iran war."The US and Iran have agreed to a two-week ceasefire, apparently pausing hostilities that spread across the Middle East and boosted energy prices. Officials from Washington and Tehran are set to meet in Pakistan this weekend amid reports of ceasefire violations."Headline inflation is expected to jump on higher (gasoline) prices in March, however, it's likely too soon for the second order price effects to show up in core inflation," Ksenia Bushmeneva, economist at TD Economics, said in a report.Inflation-adjusted real consumer spending rose 0.1% in February, slower than the Street's estimate of a 0.2% gain and following a flat reading in January."With headline inflation likely to test 4% soon, there is little chance the Fed will ease policy in the near term," Guatieri said.Markets widely expect the central bank to keep its benchmark lending rate unchanged later this month, the CME FedWatch tool showed.The US central bank should be "nimble" in adjusting monetary policy in light of heightened risks to inflation and employment driven by the Middle East conflict, minutes from the central bank's March 17-18 meeting showed Wednesday.

US Markets164d ago

CoreWeave Strikes Expanded $21 Billion AI Infrastructure Deal With Meta Platforms

CoreWeave (CRWV) agreed to supply artificial intelligence cloud capacity to Meta Platforms (META) in a $21 billion deal as the companies expanded their partnership amid robust demand for infrastructure supporting AI workloads.As part of the agreement, which runs through 2032, CoreWeave will deploy capacity at numerous locations, partly powered by the Nvidia (NVDA) Vera Rubin platform."This is another example that leading companies are choosing CoreWeave's AI cloud to run their most demanding workloads," CoreWeave Chief Executive Michael Intrator said in a statement.Shares of AI cloud computing firm CoreWeave were down 4.3% in Thursday trade, while those of Meta increased 1.9%.Meta didn't respond to' request for comment.Nvidia has invested $2 billion in CoreWeave as the two expanded their partnership earlier this year to meet rising demand for AI infrastructure.CoreWeave announced an up to $14.2 billion computing infrastructure transaction with the Facebook and WhatsApp parent in September. The same month, CoreWeave expanded its collaboration with OpenAI, securing a new contract worth up to $6.5 billion to help the AI lab boost its computing power.Last month, Dutch AI cloud company Nebius (NBIS) agreed to supply AI infrastructure to Meta in an up to $27 billion deal.In January, Meta Chief Financial Officer Susan Li said the tech giant expected capital spending of $115 billion to $135 billion this year, driven by investment to support Meta Superintelligence Labs efforts and core business.Price: $87.58, Change: $-1.32, Percent Change: -1.48%

$CRWV$META$NVDA

US Markets164d ago

Ares Management to Acquire Whitestone REIT in $1.7 Billion Take-Private Deal

Ares Management (ARES) on Thursday agreed to acquire and take private real estate investment trust Whitestone REIT (WSR) in an all-cash deal worth around $1.7 billion.Certain Ares Real Estate funds will purchase all Whitestone shares and operating partnership units for $19 apiece, representing a premium of 12% to the firm's closing price as of Wednesday, the companies said in a joint statement. Whitestone's stock climbed 11% in the most recent premarket activity, while Ares fell 1.3%.In March, Reuters reported that several private equity firms, including Blackstone (BX), expressed interest in a potential acquisition of Whitestone."Whitestone's portfolio provides an attractive opportunity to further diversify Ares Real Estate's footprint with necessity-based retail centers in high-demand, supply-constrained metro regions across Arizona and Texas," David Roth, global head of real estate strategy and growth at Ares Real Estate, said in a statement. "Looking ahead, we are confident in Ares' ability to support and expand on the Whitestone portfolio and create value for both communities and investors."As of March 31, Whitestone's portfolio comprised 56 retail properties in Phoenix, Austin, Dallas-Fort Worth, Houston and San Antonio.The transaction, which requires approval from Whitestone's shareholders, is expected to complete in the third quarter. Following completion, Whitestone's shares will no longer trade on the New York stock exchange."We are excited to reach this agreement, which delivers significant, immediate and certain value to our shareholders while positioning Whitestone's assets for continued success," Whitestone Chair Amy Feng said.In February, Whitestone said it expected core funds from operations to be in a range of $1.10 to $1.14 per share and operating partnership unit for 2026.

$ARES$WSR

US Markets164d ago

Stocks Decline Pre-Bell Amid Uncertainty Over US-Iran Truce; Key Inflation Report on Deck

US equity markets were trending lower before the opening bell Thursday as investors assess uncertainty over the recent two-week ceasefire deal between the US and Iran, and await a key inflation report.The S&P 500 and the Dow Jones Industrial Average declined 0.3% each in premarket activity, while the Nasdaq was off 0.2%. The indexes finished Wednesday's trading in the green, recording their highest close in at least four weeks.In a Wednesday post on X, Iran's parliamentary speaker, Mohammad Bagher Ghalibaf, said the US violated three clauses of Tehran's 10-point ceasefire proposal. The violations include Israel's attacks on Lebanon, the entry of a drone into Iranian airspace and the denial of Tehran's right to enrich uranium, according to Ghalibaf."The deep historical distrust we hold toward the (US) stems from its repeated violations of all forms of commitments - a pattern that has regrettably been repeated once again," Ghalibaf said. "In such situation, a bilateral ceasefire or negotiations is unreasonable."In a late Wednesday post on Truth Social, President Donald Trump said US ships, aircraft and military personnel will "remain in and around Iran" until the "real agreement reached is fully complied with.""It was agreed, a long time ago, and despite all of the fake rhetoric to the contrary - no nuclear weapons and, the Strait of Hormuz will be open and safe," according to Trump.On Tuesday, Trump announced that he agreed to suspend attacks on Iran for a period of two weeks, subject to Tehran agreeing to the complete and safe opening of the strait, the world's most important chokepoint for crude flows. Iranian Foreign Minister Seyed Abbas Araghchi had said in a statement that the country will allow "safe passage" through the strait during the two-week ceasefire through coordination with its armed forces and "with due consideration of technical limitations."Delegations from both countries are scheduled to meet in Islamabad, Pakistan on Friday to negotiate a "conclusive agreement to settle all disputes," Pakistani Prime Minister Shehbaz Sharif said Tuesday.West Texas Intermediate crude oil rose 3.5% to $97.70 a barrel before the open, while Brent increased 3.3% to $97.87."The headlines may calm down first, but the real reset depends on what happens in the days ahead," Charu Chanana, chief investment strategist at Saxo Bank, said in a report Wednesday.The delayed personal income and outlays report for February is scheduled to be released at 8:30 am ET. The report includes the personal consumption expenditure core price index, the Federal Reserve's preferred inflation metric.Minutes from the Federal Reserve's March meeting showed Wednesday that participants emphasized the need for the central bank to be "nimble" in adjusting monetary policy amid heightened macro risks. Most policymakers were concerned that a prolonged war could soften labor market conditions, possibly warranting policy easing, according to the minutes. However, persistent inflation amid higher oil prices could call for rate increases.Markets widely expect the Fed to keep its benchmark lending rate steady at its next policy meeting later in April, according to the CME FedWatch tool.Treasury yields were down in premarket action, with the two-year rate retreating 0.5 basis points to 3.79% and the 10-year rate off 0.4 basis points to 4.29%.Thursday's economic calendar also has the delayed final estimate report for the fourth-quarter gross domestic product at 8:30 am, as well as the weekly jobless claims report.Shares of Constellation Brands (STZ) declined 0.9% pre-bell after the beer and wine company issued a full-year earnings outlook below Wall Street's estimates.Neogen (NEOG), BlackBerry (BB) and Simply Good Foods (SMPL) report their latest financial results before the bell, among others. WD-40 (WDFC) posts its earnings after the markets close.Gold sipped 0.5% to $4,752 per troy ounce, while bitcoin nudged up 0.2% to $71,399.

Dow JonesNasdaq CompositeS&P 500$BB$NEOG$SMPL$STZ$WDFC

US Markets164d ago

Germany's Manufacturing Production Contracts in February on Lower Pharmaceuticals, Electronics Output

Production in Germany's manufacturing sector unexpectedly declined month over month in February, even before the war in the Middle East began, as output from the pharmaceuticals and electronics industries weakened, provisional data from the Federal Statistical Office showed Thursday.Real, price-adjusted manufacturing output dropped 0.3% in February, after seasonal and calendar changes, compared with the upwardly revised stagnation in January. The consensus estimate for February was a 0.9% rise.On a monthly basis, production of pharmaceuticals and computer, electronic, and optical products contracted 4.4% and 3.9%, respectively. Amid the cold winter weather, construction output slipped 1.2%, while automotive production improved 1.7%. Destatis data paints a picture of a "very reluctant, hesitant consumer," while the manufacturing sector struggles to gain positive momentum, said Carsten Brzeski, the global head of macro at ING.Annually, German manufacturing output after calendar adjustment was stable, against the revised 0.9% decrease in January. Excluding energy and construction, industrial production in February slipped 0.1% on the month and 0.6% on the year.In energy-intensive industries, which account for 17% of industrial gross value, production expanded 1.9% month over month and 0.1% on a yearly basis. Consumer goods production fell 1.5% sequentially, while the output of intermediate goods and capital goods rose by 0.4% and 0.1%, respectively. Germany, one of Europe's largest net importers of energy, clocked a 0.3% monthly gain in energy production in February."All in all, February's macro data shows that even without the war in the Middle East, the German economy was unfortunately on track for yet another quarter of contraction. To make things worse, the war in the Middle East, no matter how sustainable yesterday's announced ceasefire will prove to be, will leave clear marks on the German economy over the next few months. As much as we were hoping to finally comment on some good economic news from Germany, it is a bit like waiting for a German train these days: definitely delayed and uncertain whether it will ever arrive," Brzeski concluded.

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US Markets164d ago

Middle East War Dents Japan Consumer Confidence

Undercut by Middle East war and rising fuel prices, Japan's seasonally adjusted Consumer Confidence Index declined to 33.3 in March, down from 39.7 in February, reported the Cabinet Office on Thursday.Consumer confidence index readings above 50 indicate optimism and improved mood, while results below 50 reflect pessimism.In the subcategories, the March index for "overall livelihood" logged 29.7 in March, down from 39.5 in February.For "income growth," the consumer index struck 39.8 in March, off from 42.3 in February, said the Cabinet Office.The "employment" index posted at 37.6 in March, off from 43.3 in the previous month.And the "willingness to buy durable goods" index declined to 26.0 in March, off from 33.7 in February, said the Cabinet Office.With fuel bills in mind, 93.1% of survey respondents in March expected overall prices to rise in the next 12 months, noted the Cabinet Office.The consumer confidence index survey was conducted on March 15, and polled 8,400 households, with a 76.3% response rate, added the Cabinet Office.The declining consumer confidence report followed on the heels of a soft Economy Watchers bulletin, issued on Wednesday.Japan's Economy Watchers Survey index fell to 42.2 in March from 48.9 in February, striking the lowest level since February 2022.The monthly Japan Economy Watchers Survey measures the economic sentiment of workers in consumer-facing industries, such as taxi drivers, hotel staff, and restaurant employees.

Nikkei 225

US Markets165d ago

Japan Machine Tool Orders Jump 28% in March

Japanese machinery orders rose 28% year over year to 193.51 billion yen in March, the Japan Machine Tool Builders Association (JMTBA) reported Thursday.The figures reflect a rebound in global industrial capital expenditure, as well as increased industrial demand, according to an analysis by trading platform AInvest on the same day.The figure surpassed a 24% increase in the previous month, AInvest said.External demand jumped 40% year over year to 143 billion yen during the month, while domestic demand edged up 2.5% year over year to 50.5 billion yen, the JMTBA said in its March report.For the first quarter, total orders increased 26% year over year to 485.8 billion yen.External orders surged 35% year on year to 365.5 billion yen, while domestic orders inched up 4.6% to 120.3 billion yen.

Nikkei 225

US Markets165d ago

Convatec Launches New Strategy to Hit Upgraded Revenue Targets

Convatec Group (CTEC.L) on Thursday detailed its new strategic plan to help achieve its aims of fast-tracking "sustainable and profitable" growth and reaching recently upgraded midterm revenue goals.In a same-day release, the medical products and technologies company said its Accelerate strategy marks the next stage of its growth ambitions and builds on its FISBE framework, which stands for focus, innovation, simplify, build, and execute.The new strategy is structured around four pillars, including customer-focused growth, the use of its innovation pipeline and artificial intelligence technology to address patient needs, as well as culture, purpose and performance. The fourth strategic cornerstone, execution excellence, is focused on rapid, "right first time, on-time on-budget" delivery and shortened innovation cycle timelines to streamline operations, improve productivity and meet its goals."Convatec delivers innovative medical solutions to improve the lives of millions of people living with chronic conditions. The opportunity for future growth is substantial. Our Accelerate strategy is how we will deliver the next chapter of Convatec's exciting story," Chief Executive Officer Jonny Mason said.The group's medium-term outlook now targets an annual organic revenue growth of between 6% and 8%, up from the prior 5% to 7% range. Convatec projects its infusion care unit to grow by double digits, as it expects mid-to-high single-digit growth for its advanced wound care, ostomy care, and continence care divisions.Additionally, the group guided to an adjusted operating margin of between 24% and 26% by 2027, compared with 22.3% in 2025. It also expects "sustainable" double-digit adjusted annual EPS growth and a double-digit free cash flow to equity compound annual growth rate.The London-listed stock was nearly 3% in the red by Thursday midday trade.

$CTEC.L

US Markets165d ago

Constellation Issues Weak Full-Year Earnings Outlook as Fiscal Fourth-Quarter Results Decline

Constellation Brands (STZ) shares inched lower early Thursday after the beer and wine company provided a full-year earnings outlook below Wall Street's estimates and recorded year-over-year declines in its fiscal fourth-quarter results.The maker of Modelo and Corona anticipates comparable earnings to come in between $11.20 and $11.90 per share for fiscal 2027, it said late Wednesday, while the current consensus on FactSet is for $12.38. In the previous fiscal year, comparable EPS dropped 14% to $11.82 on an annual basis.In April 2025, the company projected EPS to grow by mid-single-digits to low-double-digits for fiscal 2027. Constellation also withdrew its previously issued fiscal 2028 outlook to reflect the current environment, it said.Enterprise organic sales, beer sales and organic sales in the wine and spirits division are all expected to range from a 1% decline to a 1% rise for the ongoing fiscal year, according to Constellation. Company-wide organic sales slid 10% in fiscal 2026."Looking ahead to fiscal 2027, while we are encouraged by the momentum displayed during the fourth quarter across our beer and wine and spirits businesses, we expect the operating environment to remain dynamic given the evolving socioeconomic backdrop and limited near-term visibility," the company said.The stock declined 0.8% in the most recent premarket activity.The company posted adjusted EPS of $1.90 for the three-month period ended Feb. 28, down from $2.63 the year before, but ahead of the Street's view of $1.71. Net sales fell 11% to $1.92 billion, beating the average analyst estimate of $1.88 billion."Despite the dynamic operating environment in fiscal 2026, we remained focused on the factors within our control and executed with discipline," Chief Executive Bill Newlands said in the earnings release. "We expect consumers will continue to navigate a shifting macroeconomic environment, but we remain encouraged by the momentum we saw in the fourth quarter."Beer revenue ticked up 1% to $1.73 billion, buoyed by shipment growth of 1.1% and favorable pricing. The division's depletion rate, or the pace at which units are sold to end consumers, edged up 0.6%, as gains in the Pacifico, Victoria and the Modelo Chelada brands more than offset declines in Modelo Especial and Corona Extra.Sales of wine and spirits tumbled 58% to $194.2 million, amid a 73% plunge in shipment volume. This reflected the impacts of the divestiture of certain wine and spirits brands, strategic pricing actions on certain brands and changes in distributor contract obligations, the company said. The division's depletion rate inclined 8.3%.

$STZ

US Markets165d ago

Malaysian Industrial Production Mixed in March

Malaysian industrial production in February rose on year, but declined from January, the latter decline due to easing exports.Malaysia's industrial production index rose 3.1% on year in February, but tumbled 9.2% from January, reported Malaysia's Department of Statistics (DOS).The nation's manufacturing output rose 4.2% on year in February, while electricity production rose by 4.6% on year, and that of mining production fell by 2%, according to the DOS.But output manufactured goods intended for export slid in February, from January."On a month-on-month basis, output of export-oriented industries in February decreased by 8.1%" from January, explained the DOS.On year in February, Malaysian output of apparel fell 1.8% on year, while that of petroleum and related products fell 2.1% and that of transportation products declined 3.5%, reported DOS.In contrast, output of electronic goods rose 12.9% on year in February, driven in part of production of semiconductors and other tech gadgets.The official Malaysia February industrial production report was roughly in with recent manufacturing-sector purchasing manager index (PMI) reports from S&P Global.Malaysia's manufacturing PMI for March rose to a seasonally adjusted 50.7, up from 49.3 in February, and striking above the 50-mark that separates growth from contraction, reported S&P Global.

FTSE Bursa Malaysia KLCI

US Markets165d ago

Equities Mark Best Finish in At Least 4 Weeks Following US-Iran Truce

Equities on Wall Street rallied Wednesday, driving key indexes to their highest close in at least four weeks, as oil prices slid following a two-week ceasefire between the US and Iran.The Dow Jones Industrial Average increased 2.9% to 47,909.9, the highest close since March 5, while the Nasdaq Composite jumped 2.8% to 22,635, its best finish since March 11.The S&P 500 advanced 2.5% to 6,782.8, marking the highest closing level since March 9.Barring energy's 3.7% decline, all sectors ended in the green, led by industrials' 3.8% advance.West Texas Intermediate crude oil was last down nearly 15% at $96.44 a barrel, while Brent futures tumbled about 12% to $96.40 -- though both benchmarks remained well above pre-conflict levels.US President Donald Trump, who had set an 8 pm ET, Tuesday, deadline for Tehran to fully reopen the Strait of Hormuz, agreed to suspend planned attacks on Iran for two weeks upon Pakistan's request. Tehran said it would allow "safe passage" through the key trading route, subject to coordination with Iranian authorities.However, reports about ceasefire violations signified the possible fragile nature of the pact.Iran's parliamentary speaker, Mohammad Bagher Ghalibaf, accused the US of violating the ceasefire agreement.The White House said Iran assured that ships are transiting the Strait of Hormuz, despite reports that Tehran had again closed the waterway because of Israel's attacks on Lebanon, CNN reported.Separately, Kuwait and the United Arab Emirates reportedly said they were targeted with Iranian drones and missiles."The headlines may calm down first, but the real reset depends on what happens in the days ahead," Charu Chanana, chief investment strategist at Saxo Bank, said in a report.US Treasury yields were down, with the 10-year rate falling 5 basis points at 4.3% and the two-year rate dropping 4.1 basis points at 3.79%.Minutes from the Federal Reserve's March meeting showed that participants emphasized the need for the central bank to be "nimble" in adjusting monetary policy amid heightened macro risks."The vast majority of participants judged that upside risks to inflation and downside risks to employment were elevated, and the majority of participants noted that these risks had increased with developments in the Middle East," the minutes showed.Most policymakers were concerned that a prolonged war could soften labor market conditions, possibly warranting policy easing, according to the minutes. However, persistent inflation amid higher oil prices could call for rate increases."The conflicting viewpoints point to a period of policy stability," Sal Guatieri, senior economist at BMO Capital Markets, said in a report. "The Fed is on hold until it has greater clarity on the direction of the Iran war and its effects on the economy and inflation."Airline and cruise operator stocks jumped, with Carnival (CCL) up 11%, among the top gainers on the S&P 500. United Airlines (UAL) surged 7.8%. Southwest Airlines (LUV) and American Airlines (AAL) were also up, along with Norwegian Cruise Line (NCLH) and Royal Caribbean Cruises (RCL).In company news, Meta Platforms (META) shares jumped 6.5% after the tech giant unveiled its Muse Spark artificial intelligence model.Delta Air Lines (DAL) logged better-than-expected first-quarter results amid robust corporate and leisure demand. The air carrier's shares rose 3.8%.Exxon Mobil (XOM) expects its global oil-equivalent output to take a hit in the first quarter due to production disruptions caused by the Middle East conflict. Shares of the US oil giant fell 4.7%, while smaller rival Chevron (CVX) slumped 4.3%, the steepest decline on the Dow.Gold was last up 1.4% at $4,750.70 per troy ounce, while silver gained 3.4% to $74.44 per ounce.

Dow JonesNasdaq CompositeS&P 500$AAL$CCL$CVX$DAL$LUV$META$NCLH$RCL$UAL$XOM

US Markets165d ago

Wealth Brokers, Investment Banks Faced Uneven First-Quarter Activity, UBS Says

Wealth brokers and investment banks faced uneven market activity in the first quarter due to geopolitical uncertainty, UBS Securities said in client note sent Wednesday.For the first quarter, UBS is projecting earnings per share to be down 7% quarter on quarter and up 22% annually for wealth brokers. For investment banks, the broker is looking at a 29% slump in EPS on a quarterly basis and an 11% jump year over year."For wealth brokers, growth was tempered by lower March market levels, though retail trading picked up on volatility," UBS analysts, including Michael Brown, wrote. "Organic growth was solid versus expectations, with the setup improving into (2026)."Meanwhile, momentum faded for investment banks during the quarter as pipelines shrank from the year end, "with some deals likely paused pending macro clarity, creating an activity air pocket," Brown said.Late Tuesday, the US and Iran agreed to a two-week ceasefire. The war, which began at the end of February, spread across the Middle East and curtailed shipments through the crucial Strait of Hormuz.UBS named Charles Schwab (SCHW) and Stifel Financial (SF) as its top picks heading into the first-quarter earnings season, saying Evercore (EVR) is "favorably positioned." Moelis (MC), Lazard (LAZ), and Raymond James Financial (RJF) are expected to "lag on a relative basis," according to the brokerage.UBS upgraded LPL Financial (LPLA) to buy, citing an attractive valuation.UBS lowered its price targets for wealth brokers and investment banks by 8% and 2% on average, respectively.The brokerage expects artificial intelligence to be a key topic at the upcoming earnings season for wealth brokers."In the wealth space, we expect AI to improve advisor productivity, though see risks to sweep cash economics and to market share of advised assets," Brown said. "Ultimately, we see these threats as slower moving than the bears think and see forward-looking firms as well positioned to adapt and thrive."

$EVR$LAZ$LPLA$MC$RJF$SCHW$SF

US Markets165d ago

Fed Should be 'Nimble' Amid War-Driven Macro Risks, March Meeting Minutes Show

The Federal Reserve should be "nimble" in adjusting monetary policy in light of heightened risks to inflation and employment driven by the Middle East conflict, minutes from the central bank's March 17-18 meeting showed Wednesday.At the meeting, the Federal Open Market Committee decided to keep its policy rate unchanged between 3.50% and 3.75% for a second straight time amid uncertainty around the US-Israel war with Iran. The FOMC's Summary of Economic Projections at the time continued to indicate potential policy easing this year."In light of the heightened degree of economic uncertainty, participants emphasized the importance of being nimble in adjusting the stance of policy in response to incoming data, the evolving outlook, and the balance of risks," the meeting minutes showed Wednesday. "Many participants judged that, in time, it would likely become appropriate to lower the target range for the federal funds rate if inflation were to decline in line with their expectations."A couple of policymakers pushed their expected timing of potential policy easing "further into the future," according to the document."The vast majority of participants judged that upside risks to inflation and downside risks to employment were elevated, and the majority of participants noted that these risks had increased with developments in the Middle East," the minutes showed.On Tuesday, the US and Iran agreed to a two-week ceasefire. The war, which began at the end of February, spread across the Middle East and curtailed shipments through the crucial Strait of Hormuz, driving up energy prices.West Texas Intermediate crude oil sank nearly 15% to $96.34 a barrel intraday, while Brent futures tumbled 12% to $96.55. Despite the declines, oil prices remained well above pre-war levels."Our baseline view is that as the (energy price) shock gradually fades, so too will inflation pressures," TD Economics Senior Economist Andrew Hencic said in a note Wednesday. "This may open the door for the Fed to normalize rates in the latter half of the year."Most policymakers were concerned that a prolonged war could soften labor market conditions, possibly warranting additional policy easing, the meeting minutes showed Wednesday.Earlier this month, official data showed that the economy added more jobs than expected in March, while the unemployment rate edged down to 4.3% from 4.4% sequentially."Many participants pointed to the risk of inflation remaining elevated for longer than expected amid a persistent increase in oil prices, which could call for rate increases to help bring inflation down to the committee's 2% objective and keep longer-term inflation expectations firmly anchored," according to the latest meeting minutes. "Participants anticipated that, under appropriate monetary policy, inflation would gradually move down toward the committee's 2% objective after the effect of increased tariffs and higher oil prices had faded."Markets widely expect the FOMC to keep interest rates unchanged later this month, according to the CME FedWatch tool.

US Markets165d ago

CarMax Poised For Fourth-Quarter Beat Amid Better Industry Trends, RBC Says

CarMax's (KMX) fiscal fourth-quarter results are likely to come in better than expected amid improved industry trends, RBC Capital Markets said in a note sent to clients Wednesday.The used-vehicle retailer is scheduled to release its quarterly and full-year results next Tuesday.RBC continues to expect fourth-quarter adjusted earnings of $0.34 per share for the company, ahead of Wall Street's forecast that the brokerage put at $0.20. RBC now expects a 4.4% year-over-year drop in revenue, compared with its previous estimate of a 6.8% slump. The market view calls for a 5.6% decline."The raise is driven by several data sources pointing to better overall industry trends," RBC analyst Steven Shemesh wrote.Shares of CarMax were up 4.4% in Wednesday afternoon trade amid a broad rally on Wall Street following a two-week ceasefire between the US and Iran.On Tuesday, Cox Automotive said wholesale prices of used vehicles in the US last month hit the highest point since summer 2023 as demand remained robust despite the Middle East conflict."The broader category seems to have improved and it's difficult at this point to decipher how much of the improvement stemmed from recent company-specific actions," Shemesh said. "On the call, we'll be looking for specific evidence that these actions are driving results."RBC has a sector perform rating on CarMax's stock and a $37 price target."We skew slightly more cautious on the sustainability of recent momentum, especially as gas prices rise, offsetting the benefit of higher tax refunds (year over year) and weighing on consumer confidence," Shemesh said.Price: $45.50, Change: $+2.19, Percent Change: +5.06%

$KMX

US Markets165d ago

Equity Markets Jump Intraday, Oil Sinks Following US-Iran Ceasefire

US benchmark equity indexes rallied intraday, while oil prices slumped after Washington and Iran agreed to a two-week ceasefire.The Nasdaq Composite jumped 2.9% to 22,651.5 after midday Wednesday, while the Dow Jones Industrial Average increased 2.6% to 47,803.5. The S&P 500 advanced 2.4% to 6,778.6. Barring energy's 4.6% decline, all sectors were in the green, led by a 3.9% rise in communication services.West Texas Intermediate crude oil sank 15% to $95.85 a barrel intraday, while Brent futures tumbled 13% to $95.40.US President Donald Trump, who had set an 8 pm ET, Tuesday, deadline for Tehran to fully reopen the Strait of Hormuz, agreed to suspend planned attacks on Iran for two weeks upon Pakistan's request. Tehran said it would allow "safe passage" through the key trading route, subject to coordination with Iranian authorities.However, reports about ceasefire violations signified the possible fragile nature of the pact."While markets are hailing the agreement as cause for celebration, it remains to be seen if the ceasefire will hold, and if flows resume through the Strait of Hormuz," Stifel said in a note.Iran halted oil tanker traffic through the waterway after Israel attacked Lebanon, CNN reported Wednesday, citing semi-official news agency Fars. Separately, Kuwait and the United Arab Emirates reportedly said they were targeted with Iranian drones and missiles.Airline and cruise operator stocks jumped intraday, with Carnival (CCL) up 11%, the top gainer on the S&P 500. United Airlines (UAL) surged 9.9%, among the best performers on the index. Southwest Airlines (LUV) and American Airlines (AAL) were also up sharply, along with Norwegian Cruise Line (NCLH) and Royal Caribbean Cruises (RCL).US Treasury yields were lower intraday, with the 10-year rate down 6.4 basis points at 4.28% and the two-year rate dropping six basis points to 3.77%.In company news, Meta Platforms (META) shares soared 7.9%, among the best performers on the S&P 500, after the tech giant unveiled its Muse Spark artificial intelligence model.Delta Air Lines (DAL) logged better-than-expected first-quarter results amid robust corporate and leisure demand. The air carrier's shares were up 5.8% intraday.Exxon Mobil (XOM) expects its global oil-equivalent output to take a hit in the first quarter due to production disruptions caused by the Middle East conflict. Shares of the US oil giant were down 5.9%, while smaller rival Chevron (CVX) fell 5.5%, the steepest decline on the Dow.Gold was up 1.7% at $4,764.70 per troy ounce, while silver gained 4.7% to $75.35 per ounce.

Dow JonesNasdaq CompositeS&P 500$AAL$CCL$CVX$DAL$LUV$META$NCLH$RCL$UAL$XOM

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US Markets164d ago

Stocks Decline Pre-Bell Amid Uncertainty Over US-Iran Truce; Key Inflation Report on Deck

Dow JonesNasdaq CompositeS&P 500$BB$NEOG$SMPL$STZ$WDFC