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Mattress Firm Parent Somnigroup to Gain Market Share From Sleep Number's Potential Bankruptcy, UBS Says

Somnigroup (SGI) is expected to expand market share if mattress maker Sleep Number (SNBR) files for bankruptcy and closes underperforming stores, UBS Securities said in a note emailed Friday.Sleep Number is preparing to initiate a bankruptcy process, The Wall Street Journal reported Wednesday, citing people familiar with the matter.Its shares plunged nearly 16% that day, and another 67% on Thursday. They were up 47% in Friday afternoon trade.The company said in March that it engaged Guggenheim Securities to improve its liquidity and balance sheet. Sleep Number has been executing a turnaround strategy aimed at reigniting growth and increasing financial resilience.Sleep Number's revenue declined 16% year on year in 2025, while its net loss ballooned to $132 million from $20 million in 2024, according to its March statement."We think (Somnigroup) could capture meaningful market share over the next few years," UBS analysts wrote, penciling in about 100 to 300 store closures by Sleep Number.About 200 closures could generate $120 million in sales for Mattress Firm parent Somnigroup, increasing earnings per share by $0.15, according to the brokerage. Those incremental figures rise to $200 million and $0.25, respectively, assuming 300 closures.More than 95% of Sleep Number stores were situated within five miles of Mattress Firm's locations at the start of the year, UBS analysts said.Somnigroup's premium brands have a "high degree of overlap" with Sleep Number's $6,000 revenue per mattress, according to the note."We don't take this (bankruptcy news) as a negative read for industry demand over Memorial Day," UBS said. "Several retailers (at a recent furniture and bedding conference) indicated healthy bedding sales over the key holiday period. Several also noted that rainy weather over the long weekend in certain parts of the country was a positive traffic driver."Price: $0.55, Change: $+0.20, Percent Change: +56.98%

$SGI$SNBR

US Markets18d ago

Equities Fall, Yields Jump Intraday After Jobs Report; Tech Leads Sell-Off

US benchmark equity indexes were lower intraday amid a technology sector-led sell-off, while Treasury yields jumped as markets parsed the latest official jobs report.The Nasdaq Composite was down 3.2% at 25,950.7 after midday Friday, while the S&P 500 fell 2% to 7,434.3. The Dow Jones Industrial Average shed 0.9% to 51,109, after closing at a record high in the previous session.Tech saw the steepest drop among sectors intraday Friday, down 4.7%, while consumer staples paced the gainers.IBM (IBM) shares dropped 6%, the worst performer on the Dow. Cisco Systems (CSCO) and Nvidia (NVDA) followed IBM on the index, down 5.8% and 5.6%, respectively. Several other big tech names also fell. These included Microsoft (MSFT), Oracle (ORCL), Salesforce (CRM), Qualcomm (QCOM), Micron Technology (MU), Advanced Micro Devices (AMD), and Super Micro Computer (SMCI), which tumbled 11% -- the second-worst performer on the S&P 500.In economic news, total nonfarm payrolls in the US rose by 172,000 in May, the Bureau of Labor Statistics said, nearly double the 88,000 increase expected in a Bloomberg-compiled survey."Overall, this was a solid employment report," TD Economics said in a report. "Not only did headline payrolls come in stronger than expected, but revisions to prior months were meaningfully higher and well above six-and-twelve-month averages, suggesting some reacceleration in hiring activity."US Treasury yields were higher intraday, with the 10-year rate up 7.1 basis points at 4.55%, and the two-year rate soaring 11.9 basis points to 4.17%.Markets widely expect the Federal Reserve to leave interest rates unchanged later this month, which would mark its fourth straight pause, according to the CME FedWatch tool."Most (Federal Open Market Committee) participants have said they would prefer to remove the easing bias in the FOMC statement on account of rising inflation risk, and this (jobs) report should reinforce that shift," Morgan Stanley said in a note. "We read this employment report as indicating the Fed can and will remove its easing bias in June."West Texas Intermediate crude oil was down 3.2% at $90.03 a barrel intraday, while Brent fell 2.3% to $92.82.A potential US-Iran peace deal hinges on the Trump administration agreeing to release $24 billion in frozen Iranian assets, CNN reported Friday, citing Mohsen Rezaei, military adviser to Supreme Leader Ayatollah Mojtaba Khamenei."The negotiations are at a deadlock, and (US President Donald) Trump must break this deadlock," Rezaei reportedly said. "The ball is in Trump's court."In company news, FedEx Freight (FDXF) shares jumped 7.8% intraday, the best performer on the S&P 500, as Stifel initiated the stock at hold, with a $160 price target.Gold was down 3.1% at $4,367 per troy ounce, while silver dropped 6.5% to $69.13 per ounce.

Dow JonesNasdaq CompositeS&P 500$AMD$CRM$CSCO$FDXF$IBM$MSFT$MU$NVDA$ORCL$QCOM$SMCI

US Markets18d ago

Roblox Facing Engagement Headwinds Amid Age-Check Rollout, Wedbush Says

Roblox (RBLX) is seeing signs of weakening user engagement across key metrics amid its mandatory age-check rollout, Wedbush Securities said Friday.Earlier this year, the video game platform implemented an age-check feature for accessing chat. In late April, the company said the move has slowed new user acquisition and hampered growth.Roblox's weekly concurrent user growth fell to about negative 10% year over year in recent weeks, completing "a steady deceleration" from a roughly 65% growth rate seen earlier this year, Wedbush analysts, including Alicia Reese, said in a note to clients Friday.On an annual basis, concurrent user growth has decelerated every month since its August peak, according to the brokerage."Engagement weakened across all metrics this period," the analysts said. "Part of the (concurrent user) step-down is the hard comp we flagged previously, as we now lap the (2025 second half) viral/international surge."Average weekly daily active user growth has turned "modestly negative," the analysts wrote."More telling is the (concurrent user-to-DAU) ratio, which has compressed toward summer (2025) lows -- the first real challenge to the engagement-intensity thesis anchoring our constructive stance," Wedbush said. "Because the ratio informs session depth within the period, its decline is not a comp artifact: per-user engagement appears to be thinning modestly."The weakness is largely "self-inflicted" as the new protocols make signing up tougher and restrict the social features that help extend session lengths, the analysts said. "We're not abandoning our thesis here, but the onus is now on Roblox to prove it out."The brokerage has an outperform rating on the company's stock, with a $65 price target.Roblox shares were down 4.3% in Friday afternoon trade. The stock has lost nearly 49% in value so far this year.Recently, UBS Securities said Roblox's growth could decelerate in the near term amid engagement headwinds tied to the mandatory age-check rollout.Price: $41.59, Change: $-1.76, Percent Change: -4.06%

$RBLX

US Markets18d ago

General Mills, J.M. Smucker Among Food Producers Seen Missing 2027 Earnings Views, Morgan Stanley Says

US food producers including General Mills (GIS) and J.M. Smucker (SJM) may see their fiscal 2027 earnings missing consensus estimates amid rising input costs, Morgan Stanley said in a note emailed Friday.The brokerage lowered 2027 earnings-per-share estimates for the two companies, as well as for Conagra Brands (CAG) and Campbell's (CPB)."Heading into off-cycle earnings over the next several weeks, the focus is squarely on (fiscal 2027) outlooks -- both in terms of formal guidance for (J.M. Smucker, General Mills, and Conagra), as well as any incremental commentary from (Campbell's) -- with negative revisions generally expected amid ongoing topline weakness and incremental margin pressure from higher input costs post the Iran conflict," according to the Morgan Stanley report.Wholesale costs rose at the fastest pace in four years in April as broad-based increases in services and goods signaled intensifying inflation pressures, data released last month showed.Morgan Stanley now projects 2027 EPS of $1.41 for Conagra, $2.02 for Campbell's, $2.97 for General Mills and $9.74 for J.M. Smucker. The consensus estimates are $1.63, $2.11, $3.20 and $9.92, respectively.Morgan Stanley lowered its price targets to $13 from $15 for Conagra, $21 from $23 for Campbell's and $32 from $37 for General Mills. It raised J.M Smucker's price target to $106 from $104."While there has been some recent sequential improvement in scanner trends as of late, visibility into durability remains low given a choppier macro backdrop," the report said. "At this point, (J.M Smucker) likely screens best, supported by solid recent trends, albeit with some uncertainty around coffee elasticities."The brokerage said market share trends remain weak for General Mills, which has "limited flexibility after leaning into price to stabilize volumes." Conagra is more exposed to the low-end consumer hit hard by inflation."We would put (Campbell's) somewhere in the middle -- near-term trends remain weak, but with new leadership in snacks, there is at least some potential for strategic changes to support improvement," Morgan Stanley said.Campbell's is scheduled to release its fiscal third-quarter results on Monday, while J.M. Smucker will post its fourth-quarter financials on Tuesday. General Mills reports on July 1, followed by Conagra on July 9.Price: $21.27, Change: $-0.29, Percent Change: -1.32%

$CAG$CPB$GIS$SJM

US Markets18d ago

Oracle Faces Capacity Test Heading Into Fourth-Quarter Results, RBC Says

Oracle (ORCL) faces a critical test of whether it has overcome its capacity constraints as it continues to expand artificial intelligence infrastructure, RBC Capital Markets said in a note emailed Friday.The company has consistently pointed to supply as a constraint for cloud infrastructure growth, RBC analyst Rishi Jaluria wrote. That means the focus in the upcoming results will be on megawatt additions, new campus announcements and the pace of graphics processing unit cluster deployments."A central question for (the fiscal fourth quarter) is whether Oracle can demonstrate that data center capacity is coming online fast enough to meet the demand pipeline it has been signaling," Jaluria said.The cloud computing company's remaining performance obligations exceeded $550 billion in the third quarter, reflecting a clear demand signal, he said."Any deceleration, or color suggesting that deal activity slowed due to capacity constraints rather than demand softness, will be a key differentiator for how the market interprets the print," Jaluria said.Oracle is scheduled to release its quarterly results Wednesday. "We maintain a cautious stance heading into the print," according to Jaluria.RBC raised its price target on Oracle's shares to $190 from $160, citing "peer multiple expansion," while maintaining its sector perform rating.Shares of Oracle were down 6.7% intraday Friday, but have gained 13% year to date.Price: $219.54, Change: $-16.80, Percent Change: -7.11%

$ORCL

US Markets18d ago

May Nonfarm Payrolls Exceed Forecasts Amid Signs Indicating Hiring Momentum

The US economy added more jobs than projected in May, while economists said upward revisions to payrolls growth in the two prior months indicated momentum in hiring activity.Total nonfarm payrolls rose by 172,000 last month, the Bureau of Labor Statistics said Friday, nearly double the 88,000 increase expected in a Bloomberg-compiled survey. April's gain was upwardly revised to 179,000 from the initial 115,000, with March's tally also getting a boost, to 214,000."Overall, this was a solid employment report," Thomas Feltmate, senior economist at TD Economics, said. "Not only did headline payrolls come in stronger than expected, but revisions to prior months were meaningfully higher and well above six-and-twelve-month averages, suggesting some reacceleration in hiring activity."Private payrolls increased by 120,000, exceeding the consensus for a gain of 89,000, but the pace slowed from 177,000 the month prior, the BLS reported. The unemployment rate was steady at 4.3%, which matched Wall Street's projection.The BLS report showed employment gains across manufacturing, construction, healthcare and hospitality."Job growth is no longer exclusively being driven by acyclical sectors like healthcare and social assistance, with more cyclically sensitive sectors like manufacturing, construction and leisure and hospitality also contributing," Feltmate said.Earlier this week, ADP (ADP) reported stronger-than-expected private-sector hiring for May, while Challenger Gray & Christmas said job cut announcements in May hit the highest for the month since 2020.Markets largely expect the central bank's Federal Reserve to leave interest rates unchanged at its policy meeting later this month, which would mark its fourth straight pause, according to the CME FedWatch tool."The labor market found its footing over the last three months, and job growth appears to be running well-above estimated breakeven levels," Scott Anderson, chief US economist at BMO, said in a report. "While great news for workers and consumers that are struggling with higher prices, it makes the Fed's next move all the more complicated."Fed officials flagged the possibility of higher interest rates if the Middle East conflict keeps inflation above the 2% goal, according to the minutes from the central bank's April meeting."The doves' case that the labor market is in need of rate cuts is difficult to square with these recent metrics, bolstering the hawks' case that rate hikes may be needed to bring inflation back down to target," Anderson said.Price: $231.98, Change: $+0.67, Percent Change: +0.29%

$ADP

US Markets18d ago

G-III Apparel Raises Full-Year Earnings Outlook Despite Fiscal First-Quarter Loss

G-III Apparel (GIII) raised its full-year earnings outlook on Friday even as the apparel maker swung to a fiscal first-quarter loss year over year.The company, which owns fashion brands including DKNY and has licenses for Tommy Hilfiger, now anticipates adjusted earnings to come in between $2.15 and $2.25 per share for fiscal 2027. It previously projected adjusted EPS to be in a range of $2 to $2.10, while four analysts polled by FactSet currently expect $2.09."Based on our strong first quarter results, we are raising our earnings guidance for fiscal 2027," Chief Executive Morris Goldfarb said in a statement.G-III Apparel continues to forecast sales to come in at $2.71 billion for the fiscal year, including the loss of about $470 million in sales from Calvin Klein and Tommy Hilfiger products.The updated guidance assumes that tariffs for the rest of the year will approximate the rates that existed under the International Emergency Economic Powers Act. In February, the US Supreme Court invalidated President Donald Trump's reciprocal tariffs enacted under the IEEPA.Shares of G-III Apparel gained 7.9% in Friday trade. The stock is up about 19% so far this year.For the quarter ended April, the company recorded an adjusted loss of $0.21 a share, compared with earnings of $0.19 the year before. Net income came in at $1.50 per share on a GAAP basis versus $0.17 last year. Sales declined 8% year over year to $536 million."The quarter was better than expected with both our net sales and earnings coming in ahead of guidance," according to Goldfarb. "Our go-forward portfolio saw continued momentum and healthy full-price selling, which contributed to meaningful gross margin expansion versus the prior year."For the current three-month period, the company projects adjusted EPS of $0.15 to $0.25 and sales of roughly $570 million. Four analysts polled by FactSet are estimating non-GAAP EPS of $0.14 and sales of $557.1 million.Last month, G-III Apparel agreed a deal with WHP Global to jointly own Marc Jacobs brand's intellectual property through a joint venture."Our recently announced acquisition of the iconic Marc Jacobs brand in partnership with WHP Global marks an exciting new chapter for G-III and will significantly accelerate our transformation into a brand-led global powerhouse," Goldfarb said Friday. "We see tremendous opportunity to build on its strong foundation and drive long-term growth across categories, channels, and geographies."Price: $34.60, Change: $+2.56, Percent Change: +7.99%

$GIII

US Markets18d ago

ABM Industries Fiscal Second-Quarter Results Top Views; Maintains Full-Year Earnings Outlook

ABM Industries' (ABM) fiscal second-quarter results topped market expectations, while the facility services provider reiterated its full-year earnings outlook.The company on Friday posted adjusted earnings of $0.90 a share for the quarter ended April, up from $0.86 the year before and surpassing the FactSet-polled consensus for $0.88. Revenue improved 8.4% to $2.29 billion, exceeding the Street's view for $2.22 billion.The stock gained 1.3% in the most recent premarket activity."Our second-quarter performance was highlighted by organic revenue growth of 6.1% and record first-half new sales bookings of $1.2 billion," Chief Executive Scott Salmirs said in a statement. "Beyond the top line, we executed well in the quarter, resulting in improved margin on a sequential basis and continued solid free cash flow generation."For fiscal 2026, ABM continues to project adjusted EPS to come in between $3.85 and $4.15, compared with the average analyst estimate of $3.96. Revenue is now pegged to grow at the top end of the firm's previously issued guidance range of 4% to 5%. The Street is looking for $9.18 billion.The company expects "meaningfully" higher volume in its technical solutions and manufacturing and distribution businesses in the second half, Salmirs said.Revenue in the business and industry segment remained unchanged at $1.02 billion in the second quarter, as robust growth in the company's UK operations was largely offset by the exit of certain clients, it said. The manufacturing and distribution division revenue rose 17% to $463.8 million, buoyed by acquisitions, recent client wins and ongoing expansions.Aviation business sales advanced 20% to $310.8 million, reflecting healthy domestic air travel trends and the continued ramp of new contracts, according to ABM. Revenue in the technical solutions segment jumped 27%, while the education business ticked up 1.9%."We are encouraged by constructive demand trends across the majority of our end markets, and remain focused on executing with discipline as the broader macroeconomic environment continues to evolve," Salmirs said.

$ABM

US Markets18d ago

Eurozone First-quarter GDP Shrinks on Irish Revision; Job Growth Extends Streak

The eurozone economy unexpectedly swung into contraction in the first quarter after a sharp downward revision to Irish data, while employment in the single-currency area grew for a 20th quarter in a row, data showed Friday.The euro area's gross domestic product edged down 0.2% in the first quarter, Eurostat's third estimate showed, against the 0.1% uptick in the second estimate and the prior three-month period's 0.2% gain. On an annual basis, the economy expanded 0.3%, down from the previous quarter's growth rate of 1.2% and the second estimate of a 0.8% increase.Reflecting how Ireland's large multinational sector impacts regional data, the eurozone's decline was primarily attributed to a steep downward adjustment to Irish GDP, which fell 12.1%, compared with the previously measured 2% drop.France's first-quarter GDP was also recently revised to a 0.1% contraction from an earlier estimate of zero growth. On the flip side, Italy saw its GDP growth tick up to 0.3% from the preliminary reading of 0.2%."Excluding the effect of Irish GDP, Eurozone growth remains remarkably steady at around 0.2% per quarter," Oxford Economics said in a note. "But the Q1 reading was flattered by inventory frontloading ahead of impending supply disruption and higher prices. We think this effect will reverse in Q2."On the labor front, final data from Eurostat confirmed that euro area employment inched up 0.1% in the first quarter, in line with the flash estimate but slowing slightly from the previous three-month period's 0.2% rise. Year-over-year, employment growth moderated to 0.5% from the prior quarter's 0.7%, also matching initial projections.

^SXXP

US Markets18d ago

Stocks Mostly Down Pre-Bell as Investors Await Key Jobs Report

The benchmark US stock measures were mostly tracking in the red before the open Friday as traders await a key employment report for May.The S&P 500 decreased 0.5% and the Nasdaq was off 1% in premarket activity, while the Dow Jones Industrial Average edged up 0.1%. The indexes finished the previous trading session mostly up, with the Dow recording a fresh closing high.The nonfarm payrolls report for last month is scheduled to be released at 8:30 am ET. Government data is expected to show that the US economy added 85,000 jobs in May, compared with a 115,000 gain reported for the month prior, according to a Bloomberg poll.Job cut announcements in May hit the highest for the month since 2020, Challenger, Gray & Christmas said Thursday, while US weekly applications for unemployment insurance rose unexpectedly. Earlier in the week, ADP (ADP) reported stronger-than-expected private-sector hiring for May.Treasury yields were down in premarket action, with the two-year rate retreating 0.4 basis points to 4.05% and the 10-year rate declining 0.2 basis points to 4.48%.Friday's economic calendar also has the weekly Baker Hughes oil-and-gas rig count at 1 pm.President Donald Trump reportedly said Thursday he'd be "honored" to meet Iran's new Supreme Leader Mojtaba Khamenei if a peace deal is agreed between Washington and Tehran. Mojtaba Khamenei was named the supreme leader in Iran after his father, Ali Khamenei, was killed in strikes by the US and Israel in late February.West Texas Intermediate crude oil slipped 0.2% to $92.87 a barrel before the opening bell, while Brent nudged 0.1% lower to $94.90.Hezbollah leader Naim Qassem on Thursday rejected a US-brokered ceasefire agreement between Israel and Lebanon. The two countries agreed to the truce, subject to Iran-backed Hezbollah ending all fire and evacuating its operatives from the South Litani Sector, according to a joint statement from the US, Israel and Lebanon released Wednesday.But just hours after the deal, Israeli forces and Hezbollah fighters launched strikes, CNN reported Thursday.Shares of Lululemon Athletica (LULU) dropped 13% pre-bell after the athletic apparel retailer lowered its full-year outlook amid certain headwinds and deteriorating sales trends. Micron Technology (MU) declined 3.3% after closing the previous session down 7.7%.ABM Industries (ABM) and G-III Apparel (GIII) report their latest financial results before the bell, among others.Gold decreased 0.3% to $4,491 per troy ounce, while bitcoin slid 1.6% to $62,671.

Dow JonesNasdaq CompositeS&P 500$ABM$GIII$LULU$MU

US Markets18d ago

Lululemon Athletica Lowers Full-Year Outlook Despite First-Quarter Beat

Lululemon Athletica (LULU) shares fell early Friday after the athletic apparel retailer lowered its full-year outlook amid weak sales trends, even though it recorded better-than-expected results in the fiscal first quarter.The company now anticipates per-share earnings to be in a range of $10.95 to $11.15 for fiscal 2026, it said late Thursday, down from prior projections of $12.10 to $12.30. Revenue is pegged at $11 billion to $11.15 billion, compared with the previous guidance of $11.35 billion and $11.5 billion.The current consensus on FactSet is for EPS of $11.69 and sales of $11.28 billion for the ongoing fiscal year. The stock dropped 12% in the most recent premarket activity.Lululemon faced "a few headwinds and a moderating sales trend" as it closed the first quarter and entered the subsequent period, interim co-Chief Executive Meghan Frank said during an earnings call, according to a FactSet transcript.The company experienced "spikes of negative commentary" in mainstream and social media regarding its brand, impacting traffic and overall topline performance, according to Frank. Additionally, not all of the retailer's product launches met its expectations, Frank said on the call."Taken together, these factors impacted performance and are reflected in our updated guidance," Frank added.Last month, Lululemon said it reached a cooperation agreement with founder Chip Wilson, ending a proxy fight that had centered on the company's strategy and board composition.For the ongoing quarter, Lululemon expects EPS to come in between $1.76 and $1.81. Revenue is set to be in a range of $2.45 billion to $2.48 billion, representing an annual decline of 2% to 3%. The Street is looking for EPS of $2.24 and sales of $2.53 billion."We recognize that we have more work to do, and our teams remain focused on our priorities as we continue our efforts to reignite growth and realize Lululemon's full potential," interim co-CEO Andre Maestrini said in the earnings release.The company's net income slipped to $1.69 per share for the quarter ended May 3 from $2.60 the year before, but came in ahead of the average analyst estimate of $1.68. Revenue increased 4% to $2.47 billion, ahead of the Street's view for $2.43 billion. Sales in the Americas declined 3%, while international revenue advanced 22%.Comparable sales ticked up 1% year over year, better than the market's forecast for a decrease of 0.2%. The metric moved down 5% in the Americas, but rose 13% internationally.

$LULU

US Markets18d ago

Taiwan Inflation Rates Churn in May on Energy Bills

Taiwan's consumer and producer prices churned higher in May, spurred by increases in food and energy bills, reported the island nation's Directorate-General of Budget, Accounting and Statistics (DGBAS) on Friday.Taiwan's consumer price index (CPI) rose 2.20% on year in May, following a 1.74% on-year gain in April, largely pushed by energy bills and higher vegetable prices, reported DGBAS.The nation's CPI rose 0.19% in May from April, although that eased from the 0.46% on-month gain in April from March. The April spurt was caused by surging fuel bills.Taiwan's CPI-core, which strips out fruits, vegetables and energy bills, rose 2.12% in May on year, edging up from a 1.90% rise in April, added DGBAS.Taiwan's producer price index (PPI) lept 14.11% in May on year, "mainly because the indices for petroleum and coal products," said DGBAS.On month, the May PPI declined marginally from April, on slightly easing crude prices.For the first five months of 2026, the PPI rose 4.90% over the same period of 2025.Producer prices are considered one precursor to subsequent movements in the CPI, as retailers try to pass on higher costs to shoppers.Taiwan's import price index (IPI) in May rose 17.21% from a year, and rose 2.49% from April, reported DGBAS.For the first five months of 2026, the IPI rose 9.26% over the same period of 2025.And the nation's export price index (EPI) rose 18.09% on year in May, and gained 0.17% from the previous month, due in part to higher prices for semiconductors and other tech goods.For the first five months of 2026, the EPI rose 13.36% over the same period of 2025, according to DGBASTaiwan's central bank does not have an explicit inflation target, but bank literature points to annual increases in the CPI of below 2% as desirable, and the monetary authority tends to target a zone of 1.5% to 2% inflation.The next policy session of Taiwan's central bank is scheduled for June 18.

^TWSE

US Markets18d ago

Bodycote Shares Plunge After Apollo Withdraws GBP1.5 Billion Takeover Offer

Shares of Bodycote (BOY.L) dropped steeply in early trading on Friday after private equity giant Apollo Global Management confirmed it would not proceed with a formal takeover offer for the thermal processing and heat treatment specialist.Following several previous approaches, Apollo launched a conditional cash proposal in late May, offering 8.85 pounds sterling per Bodycote share and valuing the company at 1.51 billion pounds.The withdrawal of the bid sent Bodycote shares down more than 10% in early trading in London, nearly erasing gains recorded since Apollo's interest became public."Apollo continues to hold Bodycote and its management team in high regard, is appreciative of the discussions with them and Bodycote's board of directors," the private equity firm said Friday.Under the UK's takeover rules, Apollo is now barred from making another approach for six months without the takeover panel's consent. Exceptions apply if Bodycote's board recommends a transaction, a competing bidder emerges, or there is a material change in circumstances.Bodycote's board said it "has strong confidence in Bodycote's potential and its strategy to create a high-performing, resilient business with attractive growth prospects."

$BOY.L

US Markets19d ago

Singapore Retail Sales Rise for Third Consecutive Month

Singapore's retail sales increased in April, the third straight month of increases, driven by sales in gas stations, recreational items, and motor vehicles and parts.Total retail sales for the month jumped 5.4% to SG$4.3 billion during the month, according to Statistics Singapore data released Friday.The growth accelerated from 4.6% in March, the department said.Of the number, 15.4% were from online sales, slowing marginally from 15.4% in March, SingStat said.Excluding motor vehicles, parts, and accessories, growth jumped 4.5% to SG$3.6 billion, faster than the 3% growth seen in March.Of the amount, 15.4% were from online sales, slowing marginally from 15.4% in March, SingStat said.Sales from gasoline stations jumped 14.4% year over year, faster than the 4% rise in the previous month.The growth came despite ongoing tensions in the Middle East, Singaporean newspaper The Straits Times reported the same day.Recreational goods sales surged 12.3% year over year in April, faster than the 9.1% rise seen in March.Motor vehicles, parts, and accessories slowed to 10.7% in April from 12.9% in the previous month.Retail sales from hypermarkets and supermarkets accelerated to a growth of 5.8% in April from 2.6% in March. Out of the total sales in hypermarkets and supermarkets, 13% were online purchases.Computer and telecommunications equipment sales increased 2.8% in April. Of the total sales, 58.8% were done online.Furniture and household equipment sales edged up 1.4% during the month, with 33.1% of the purchases made online.On a month-on-month basis, total retail sales inched up 0.3%. Sans motor vehicles, parts, and accessories, sales increased 0.4%.

^STI

US Markets19d ago

Philippine May Inflation Eases From Three-Year High, Comes In Below BSP's Forecast

Philippine consumer prices rose 6.8% in May from a year earlier, easing from April's three-year high of 7.2%, according to data from the Philippine Statistics Authority on Friday.The latest print came in below the floor of what Bangko Sentral ng Pilipinas had projected, even as the economy deals with oil price hikes driven by the Middle East conflict.The BSP had expected May inflation to range between 7.1% and 7.9%, driven by rising prices of rice, vegetables, and meat, alongside a weakening peso.The year-to-date average now stands at 4.5%, still above the BSP's 2% to 4% target.The main driver of the slowdown was transport inflation, which decelerated to 16.2% in May from 21.4% in April. Food and non-alcoholic beverage inflation also cooled to 5.7% from 6%, while the prices of housing, water, electricity, gas and other fuels collectively rose at a softer rate of 7.8% from 8.2% previously.Vegetable costs also drove food inflation lower, with the prices of vegetables, tubers, plantains, cooking bananas and pulses rising at 6.2% in May, versus 10.4% in April.Rice inflation, however, accelerated to 15.6% from 13.7%, while corn inflation surged to 25.2% from 21%.Core inflation, which strips out volatile food and energy prices, came in at 4.1%, up from 3.9% in April. However, the print missed the consensus forecast of 4.2%, according to Investing.com.Ahead of the latest data, HSBC said a 50-basis-point hike is likely in June and August, while MUFG senior currency analyst Michael Wan said the BSP will likely hike rates further by about 75 to 100 basis points this year."[W]e will not be surprised if there is an off-cycle meeting to do so coupled with perhaps some chance of a jumbo 50bps rate hike moving forward," Wan said in a note last month.In MUFG's latest note on Friday, analyst Lloyd Chan said, "With oil prices remaining elevated, inflation risks are skewed to the upside, which could reinforce the case for further policy tightening to contain price pressures and support the PHP."

^PSEI

US Markets19d ago

Dow Logs New High Even as Tech Underperforms

The Dow Jones Industrial Average resumed its record-setting advance on Thursday, even as the technology sector underperformed amid a sell-off in Broadcom (AVGO) and CrowdStrike (CRWD) shares.The Dow rose 1.7% to 51,561.9, notching a fresh closing high after falling on Wednesday for the first time in six sessions. The S&P 500 gained 0.4% to 7,584.3, while the Nasdaq Composite fell 0.1% to 26,831.Barring tech and consumer staples, all sectors ended in the green, led by healthcare.In company news, Broadcom shares tumbled nearly 13%, the second-worst performer on the S&P 500 as the company's artificial intelligence revenue outlook fell short of the market's bullish expectations.The company's decision not to upgrade its 2027 guidance for AI sales apparently disappointed investors, especially as the chip designer reported strong semiconductor demand for its fiscal second quarter, UBS Securities analysts said.CrowdStrike reported strong fiscal first-quarter results amid accelerating demand for AI, but questions around performance sustainability remain, BofA Securities said. The stock fell 3.8%.Ciena (CIEN) plunged nearly 14%, the steepest decline on the S&P 500, despite providing an upbeat fiscal third-quarter revenue outlook. The networking systems and software company's results topped market estimates in the prior three-month period."AI and cybersecurity remain important long-term themes, but popular themes can carry heavy expectations," Ruben Dalfovo, investment strategist at Saxo Bank, said in a report. "In a hot market, even excellent earnings may need to bring their own fire extinguisher."UnitedHealth (UNH) climbed 5.2%, the top gainer on the Dow, after BofA Securities upgraded its rating on the stock to buy from neutral.West Texas Intermediate crude oil was down 3% at $93.19 a barrel in Thursday late-afternoon trade, while Brent fell 2.6% to $95.30.Israel and Lebanon agreed to implement a ceasefire, subject to Iran-backed Hezbollah ending all fire and evacuating its operatives from the South Litani Sector, according to a joint statement from the US, Israel and Lebanon released Wednesday.But just hours after the deal, Israeli forces and Hezbollah fighters launched strikes, CNN reported."News that Israel and Lebanon agreed on a ceasefire could potentially open the door for talks to advance," ING Bank said in a report on Thursday. "Every day that passes without a resumption of oil flows (through the Strait of Hormuz) leaves the market increasingly vulnerable. This increases the pressure to strike a deal."In economic news, job cut announcements in May hit the highest for the month since 2020, Challenger, Gray & Christmas said Thursday, while US weekly applications for unemployment insurance rose unexpectedly."On top of the headline AI story, we're seeing a sharp rise in cuts tied to acquisitions and mergers and a jump in bankruptcy-related losses, which tells me companies are restructuring aggressively as they reposition for an AI-driven economy," Andy Challenger, the firm's chief revenue officer, said in a statement. "The labor market is being reshaped by technology in real time."The Challenger report arrives a day before the May nonfarm payrolls release. Economists surveyed by Bloomberg expect 85,000 new jobs, down from 115,000 in April, with the unemployment rate seen holding at 4.3%.US Treasury yields were lower, with the 10-year rate down 2.4 basis points at 4.48%, and the two-year rate falling three basis points to 4.06%.Gold was last up 0.9% at $4,507 per troy ounce, while silver rose 0.8% to $74.31 per ounce.

Dow JonesNasdaq CompositeS&P 500$AVGO$CIEN$CRWD$UNH

US Markets19d ago

Murphy Oil Poised for Cash Flow Uplift Amid High Oil Prices, KeyBanc Says

Murphy Oil's (MUR) cash flow stands to benefit from higher crude prices, with no end to the Middle East conflict in sight yet, KeyBanc Capital Markets said in a note emailed Thursday.The brokerage has upgraded the West Texas Intermediate outlook to $85 a barrel for this year from $65 at the start of 2026. That should generate incremental cash flows of $666 million for Murphy, which is expected to produce 33.3 million barrels in 2026.None of that production is hedged, which means the oil exploration and production company can sell output at prevailing rates."Profound (cash flow) uplift from unhedged production stream is gamechanger for balance sheet and cash return optionality," KeyBanc analyst Tim Rezvan said.KeyBanc upgraded Murphy's stock to overweight from sector weight, with a $48 price target.The US and Israel attacked Iran at the end of February, resulting in the effective closure of the Strait of Hormuz. While there have been a series of talks following ceasefire deals, the parties are yet to finalize a framework for a long-lasting peace."The growing attacks in Lebanon by Israel appear to be a clear obstacle to a peace deal," Rezvan said. "We strenuously disagree with the view that an imminent agreement between the US and Iran will remove the risk premium that we believe should remain embedded in oil prices for the foreseeable future."Shares of Murphy closed 2% higher on Thursday, and have gained 28% year to date.The company's stock has pulled back 8% from its year-to-date high in April, creating an attractive entry point for investors ahead of second-quarter results, Rezvan said."As physical inventories dwindle and Israel continues attacks in Lebanon, we see upside risks to oil," he said.Price: $40.31, Change: $+1.14, Percent Change: +2.91%

$MUR

US Markets19d ago

Costco's Debt Issuance Filing Could Mean Special Dividend on the Cards, Truist Says

Costco Wholesale's (COST) recent regulatory filing to issue debt indicates the company could be preparing to declare a special dividend, Truist Securities said Thursday.On Wednesday, the warehouse club operator filed a shelf registration statement with the US Securities and Exchange Commission covering the potential sale of debt securities from time to time."A special dividend may be coming soon, which we estimate could be around $30 or a (roughly) 3% yield," Truist Managing Director Scot Ciccarelli said in a note to clients Thursday.Costco has roughly $19 billion in cash, with more than $13 billion in net cash, prompting the brokerage to speculate about a special dividend."We think the only reason the (company) would need to raise debt capital would be to fund a special dividend, which is something (it) has done every few years in the past as way to enhance shareholder value," Ciccarelli said.Assuming a $30 dividend, it would equate to a little more than a $13 billion payout, Truist said. The company could fund $8 billion to $10 billion of that amount with debt and the remaining with cash, according to the note.Also on Wednesday, Costco reported net sales of $24.01 billion for May, up nearly 15% year over year. Consolidated comparable sales rose 12.5%, with the US seeing a 13.7% gain."Costco continues to underscore its ability to cater to its increasingly value-driven consumer base that's undergoing greater pressure with its extreme value proposition," Ciccarelli said Thursday. "May's results are tracking ahead of our (fourth-quarter estimates) so far, but our estimates remain unchanged as comparisons get more difficult throughout the quarter."Costco shares were up 0.9% in late-afternoon trade. So far in 2026, the stock has jumped nearly 16%.Last week, the company's fiscal third-quarter revenue topped market estimates buoyed by its gas business amid high fuel prices, though earnings fell short of expectations.Price: $971.94, Change: $+10.10, Percent Change: +1.05%

$COST

US Markets19d ago

Equities Higher Intraday as Broadcom Sell-Off Weighs on Tech Sector

US benchmark equity indexes were higher intraday, even as a sell-off in Broadcom (AVGO) shares weighed on the technology sector.The Dow Jones Industrial Average was up 1.6% at 51,517.2 after midday Thursday, while the S&P 500 rose 0.4% to 7,586.8. The Nasdaq Composite edged up 0.1% to 26,872. Barring technology and materials, all sectors were in the green, led by healthcare.In company news, Broadcom shares were down nearly 12% intraday, the second-worst performer on the S&P 500 as the company's artificial intelligence revenue outlook fell short of the market's bullish expectations.The company's decision not to upgrade its 2027 guidance for AI sales apparently disappointed investors, especially as the chip designer reported strong semiconductor demand for its fiscal second quarter, UBS Securities analysts said.CrowdStrike (CRWD) reported strong fiscal first-quarter results amid accelerating demand for artificial intelligence, but questions around the company's performance sustainability remain, BofA Securities said. The stock was down 4.6%.Ciena (CIEN) plunged 15% despite providing an upbeat fiscal third-quarter revenue outlook on Thursday. The networking systems and software company's results topped market estimates in the prior three-month period.UnitedHealth (UNH) was up 5% intraday, the top gainer on the Dow, after BofA Securities upgraded its rating on the stock to buy from neutral.West Texas Intermediate crude oil was down 3.9% at $92.27 a barrel intraday Thursday, while Brent fell 3.2% to $94.67.Israel and Lebanon agreed to implement a ceasefire, subject to Iran-backed Hezbollah ending all fire and evacuating its operatives from the South Litani Sector, according to a joint statement from the US, Israel and Lebanon released Wednesday.But just hours after the deal, Israeli forces and Hezbollah fighters launched strikes, CNN reported."News that Israel and Lebanon agreed on a ceasefire could potentially open the door for talks to advance," ING Bank said in a report on Thursday. "Every day that passes without a resumption of oil flows (through the Strait of Hormuz) leaves the market increasingly vulnerable. This increases the pressure to strike a deal."In economic news, job cut announcements in May hit the highest for the month since 2020, Challenger, Gray & Christmas said Thursday, while US weekly applications for unemployment insurance rose unexpectedly."On top of the headline AI story, we're seeing a sharp rise in cuts tied to acquisitions and mergers and a jump in bankruptcy-related losses, which tells me companies are restructuring aggressively as they reposition for an AI-driven economy," Andy Challenger, the firm's chief revenue officer, said in a statement. "The labor market is being reshaped by technology in real time."The Challenger report arrives a day before the May nonfarm payrolls release. Economists surveyed by Bloomberg expect 85,000 new jobs, down from 115,000 in April, with the unemployment rate seen holding at 4.3%.US Treasury yields were lower intraday, with the 10-year rate down 2.8 basis points at 4.47%, and the two-year rate falling 3.3 basis points to 4.05%.Gold was up 0.9% at $4,508.50 per troy ounce, while silver rose 0.8% to $74.28 per ounce.

Dow JonesNasdaq CompositeS&P 500$AVGO$CIEN$CRWD$UNH

US Markets19d ago

Housing Recovery Stalls in May as New Listings, Sales Fall Annually, Zillow Says

New US home listings and sales dropped on an annual basis in May amid elevated mortgage rates, halting a market recovery, Zillow Group (Z, ZG) said Thursday.New for-sale listings fell 4.1% year over year to 422,956 units last month, while sales declined 2.9% to 341,929 units, according to the real estate marketplace.Although new listings have historically peaked in May or June, sellers pulled back last month. While sales rose on a monthly basis in May, they fell off the historic trend line. Mortgage rates rose past 6.5%, Zillow said."May housing results were disappointing for those hanging on to hope of a stronger year for sales," Zillow Chief Economist Mischa Fisher said.The mortgage payment on a typical home dropped 3.1% annually to $1,861 in May, while home values rose 0.8% sequentially to $368,720, the report showed.Active inventory increased 1% year over year last month, extending a streak of annual gains to 30 consecutive months, though the growth rate decelerated, Zillow said."Inventory is rising, but weekly data suggests it could flatline in the next four weeks." Fisher said. "A June peak for options home shoppers have to choose from would be early on the calendar, possibly foreshadowing slower sales in the second half of the year."On Wednesday, a report by the Mortgage Bankers Association showed that mortgage applications in the US fell in the week ended May 29."The prospect of easing energy prices given the evolving situation in the Middle East brought mortgage rates slightly lower last week," Joel Kan, the MBA's deputy chief economist, said at the time. "The retreat in rates, however, did not lead to an increase in mortgage applications."Price: $35.63, Change: $+0.12, Percent Change: +0.32%

$Z$ZG

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US Markets19d ago

Dow Logs New High Even as Tech Underperforms

Dow JonesNasdaq CompositeS&P 500$AVGO$CIEN$CRWD$UNH