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US Oil Prices Headed for First Weekly Gain in 5 Weeks Amid Renewed Middle East Tensions

US crude futures slipped Friday, but were on track for their first weekly advance in five weeks following a flare-up in tensions between Washington and Iran.West Texas Intermediate crude was down 0.8% at $71.53 a barrel in Friday late-afternoon trade, while Brent dropped 0.3% to $76.03. For the week so far, WTI is up 4.1%, set to snap a four-week losing streak, while Brent jumped 5.4%, putting it on track for a second straight weekly rise.Hostilities between Washington and Tehran resumed in recent days, weeks after they signed a memorandum of understanding to end their war.The US will continue negotiations with Iran, President Donald Trump said Friday. However, he reiterated that their ceasefire is over.Qatari negotiators travelled to Iran, seeking to de-escalate the situation in a trip planned in coordination with the US, CNN reported Friday, citing a diplomat with knowledge of the visit."With oil prices softening following the mid-week spike, traders appear to view the latest (US-Iran) tensions as a challenge to the ceasefire rather than a complete breakdown," Saxo Bank said in a report Friday. "Traffic through the Strait of Hormuz remains low, with no large commodity-laden vessels seen transiting."The International Energy Agency on Friday projected a smaller decline in global oil demand in 2026 amid signs of a rebound in consumption as crude flows improve.

US Markets31d ago

SK Hynix Shares Jump 14% in Nasdaq Debut

SK Hynix (SKHY, SKHYV) was rallying 14% on Friday as the South Korean chipmaker listed its American depositary shares on the Nasdaq in what will likely be the second-largest share sale in the US.SK Hynix opened trade at $170 and moved as high as $177, having priced its initial public offering of 177.9 million ADS at $149 apiece.Its US-listed shares were last trading at $169.68 under the symbol SKHYV, up 14% from the IPO price. The shares will switch to the SKHY ticker beginning Monday. Each ADS represents one-tenth of a common share of SK Hynix.The IPO, which would raise $26.51 billion, is expected to close on Tuesday, the company said. Last month, Space Exploration Technologies (SPCX) raised a record $85.7 billion in its IPO.SK Hynix's customers include some of the major technology names, such as Nvidia (NVDA) and Apple (AAPL), CNBC reported. The IPO was more than seven times oversubscribed, according to Bloomberg News.Baillie Gifford, Coatue Management and Situational Awareness Partners received approximately $5 billion in SK Hynix's ADRs, $2 billion short of their indicated maximum demand, Bloomberg News reported.The company's revenue for the quarter ended March 31 surged 198% annually to 52.576 trillion South Korean won ($34.51 billion) while earnings per share increased to 56,670 won from 11,411 won a year earlier.Price: $168.90, Change: $+19.90, Percent Change: +13.36%

$AAPL$NVDA$SKHY$SKHYV$SPCX

US Markets31d ago

Marriott, Hilton Second-Quarter RevPAR Could Top Guidance, UBS Says

Marriott International (MAR) and Hilton Worldwide's (HLT) second-quarter revenue per available room results could exceed the lodging giants' expectations, aided by FIFA World Cup boost, UBS Securities said in a report e-mailed Friday.The US is co-hosting the men's football tournament with Canada and Mexico. Revenue per available room, or RevPAR, is a key performance indicator in the hospitality industry.Quarter-to-date through June 27 trends, weighted by segment, could indicate that Marriott and Hilton's US RevPAR is trending up 5.3%, which UBS said was above both companies' respective guidance ranges.Choice Hotels International's (CHH) US RevPAR is trending up 4% in the second quarter and is 2.9% so far this year, according to the brokerage. While the company did not provide second-quarter RevPAR outlook, its year-to-date trend is better than its full-year global estimates for the metric, UBS said."With RevPAR continuing to come in higher, it suggests there is likely upside to guidance for at least some lodging names," UBS analysts, including Robin Farley, said in a note to clients.The brokerage continues to prefer Hilton over Marriott and Choice Hotels, given its "stronger unit growth," Farley said. UBS outlined scenarios that could prompt Hilton and Marriott to raise guidance for the second half of the year."The outperformance of US RevPAR in (the second quarter) continues to be driven by higher-end tiers, as well as a world cup benefit," Farley said. "Luxury US RevPAR continues to accelerate ahead of broader US RevPAR trends."Overall lodging industry revPAR growth outside of the World Cup was likely up 5.7% in the second quarter, compared with 3.8% growth in the linking three-month period, according to the note."With non-host markets up 7.9% in the first 17 days of the tournament -- well above trend -- this suggests there is underlying demand driving the (second-quarter) revPAR growth, not just the World Cup," Farley said.Price: $378.07, Change: $+5.60, Percent Change: +1.50%

$CHH$HLT$MAR

US Markets31d ago

Update: Equity Markets Rise Intraday as Traders Track Middle East Developments

(Updates with latest market prices and developments.)US benchmark equity indexes were higher intraday and oil prices dropped as traders tracked conflicting messaging around the Iran war.The S&P 500 and the Dow Jones Industrial Average were up 0.3% each at 7,565.9 and 52,635 after midday Friday. The Nasdaq Composite rose 0.2% to 26,264.7. Among sectors, materials paced the gainers, while healthcare saw the steepest decline.West Texas Intermediate crude oil was down 1.1% at $71.29 per barrel intraday, while Brent fell 0.6% to $75.83.US crude futures were on track for their first weekly advance following four consecutive weekly declines. Brent prices were headed for their second straight weekly rise.President Donald Trump said Friday that the US agreed to continue negotiations with Iran, although he reiterated that their ceasefire is over.Hostilities between the two countries resumed in recent days, weeks after they signed a memorandum of understanding to end their war.Qatari negotiators travelled to Iran, seeking to de-escalate the situation in a trip planned in coordination with the US, CNN reported Friday, citing a diplomat with knowledge of the visit."With oil prices softening following the mid-week spike, traders appear to view the latest tensions as a challenge to the ceasefire rather than a complete breakdown," Saxo Bank said in a report Friday. "Traffic through the Strait of Hormuz remains low, with no large commodity-laden vessels seen transiting."The International Energy Agency on Friday projected a smaller decline in global oil demand in 2026 amid signs of a rebound in consumption as crude flows improve.US Treasury yields were higher intraday, with the two-year rate up 4.4 basis points at 4.21% and the 10-year rate rising 2.4 basis points to 4.56%.In company news, SK Hynix (SKHY, SKHYV) American depositary shares opened trade at $170 in their debut on the Nasdaq Friday, and rose to as high as $177. The South Korean memory semiconductor company priced its initial public offering 177.9 million ADS at $149 apiece.Meta Platforms (META) jumped 5%, the top gainer on the S&P 500. The Facebook parent is aiming to start the production of artificial intelligence chips from September, Reuters reported Thursday, citing an internal memo.Gold slipped 0.6% to $4,114.60 per troy ounce, while silver lost 0.9% to $60.18 per ounce.

Dow JonesNasdaq CompositeS&P 500$META$SKHY$SKHYV

US Markets31d ago

Take-Two 'GTA VI' Pre-Order Data Indicate 'Robust' Demand, B. Riley Says

Take-Two Interactive Software's (TTWO) "Grand Theft Auto VI" pre-order tracking suggests "robust" demand for the highly anticipated video game ahead of its commercial launch in November, B. Riley Securities said Friday.Two-week tracking of digital storefronts and retail websites showed GTA VI was the top-selling item across all monitored platforms last month, when pre-orders started, and among the top-ranked items in early July, according to the brokerage. The tracking covered Sony's (SONY) PlayStation Store, Microsoft's (MSFT) Xbox Live, Amazon.com (AMZN), Walmart (WMT), Best Buy (BBY), and GameStop (GME)."While this analysis was qualitative in nature, we believe findings suggest robust demand for the game," B. Riley Managing Director Drew Crum said in a note to clients. The analysis supports the brokerage's "positive fundamental outlook" for Take-Two's shares, according to Crum.B. Riley maintained its buy rating on the video game publisher's stock with a $300 price target.The company's shares were down 1% in Friday afternoon trade, bringing its year-to-date losses to 4.8%.The Ultimate Edition of the game, which is priced at $99.99, was the most popular version on PlayStation Store and Xbox Live, according to B. Riley."Pre-orders were heavily weighted to PS5 (stock keeping units), which is not surprising given Sony's console system has outsold Xbox Series X/S by more than 3-to-1 (by our estimation) during the current hardware cycle," Crum said. "We forecast GTA VI full game net bookings at $2.5 billion (37M units x $68 ASP), which spans (over four) months."Take-Two could provide updates on pre-order performance for the game with its latest quarterly financial results next month, potentially providing a lift for the company's stock, Crum said.B. Riley expects net bookings of $1.35 billion for the quarter, which it said is below Wall Street's estimate of $1.40 billion. The brokerage's non-GAAP earnings forecast of $0.34 a share exceeds consensus of $0.33, according to the note.Price: $243.89, Change: $-2.21, Percent Change: -0.90%

$AMZN$BBY$GME$MSFT$SONY$TTWO$WMT

US Markets31d ago

Pfizer Poised for Mixed Second Quarter, RBC Says

Pfizer's (PFE) second-quarter revenue is expected to match Wall Street's estimates, while its earnings per share may fall short, RBC Capital Markets said in a note on Friday.The brokerage forecasts revenue of $14.43 billion, largely in line with consensus views, with EPS at $0.66, lower than the Street's $0.68 estimate.The drugmaker is scheduled to report its second-quarter financials Aug. 4.Pfizer COVID-19 products Comirnaty and Paxlovid are expected to generate lower-than-expected revenue for the second quarter amid waning demand for vaccinations, RBC analyst Trung Huynh wrote. Prostate cancer drug Xtandi will also likely miss consensus estimates, though Eliquis and Ibrance are seen coming in stronger than expected.Xtandi is co-developed by Pfizer and Astellas Pharma. Eliquis is a blood thinner medicine jointly developed by Bristol Myers Squibb (BMY) and Pfizer, while Ibrance is Pfizer's breast cancer treatment."Our EPS sits 3% below consensus due to unfavorable gross margin mix and elevated (research and development) spending to fund key pipeline programs," according to the RBC note.RBC raised its 2026 revenue forecast to $61.33 billion from $61.25 billion and trimmed the adjusted EPS estimate to $2.86 from $2.90. In May, Pfizer maintained its 2026 guidance, including sales at $59.5 billion to $62.5 billion and earnings of $2.80 to $3 per share."Based on prescription data analysis, we have lower confidence in a (second-quarter) guidance raise and have reduced our 2026 estimates by (1% to 2%), now placing us in the lower half of guidance," Huynh wrote.RBC maintained its sector perform rating on the Pfizer stock, with a $25 price target.Last month, Pfizer named Cecile Guegan interim chief financial officer as Dave Denton prepared to join Nike (NKE) as finance chief. RBC said Pfizer expects to appoint a permanent CFO by the end of 2026.Price: $24.23, Change: $-0.02, Percent Change: -0.10%

$PFE

US Markets31d ago

PepsiCo Faces Earnings Pressure Amid Persistent North America Weakness, Morgan Stanley Says

PepsiCo (PEP) is likely facing earnings pressure after it indicated that its bottom-line may close out fiscal 2026 at the low end of the outlook amid continued weakness in North America, Morgan Stanley said in a client note emailed Friday.The beverage and snacks giant on Thursday reported stronger-than-expected second-quarter results, even though soft consumer spending in the US weighed on its North American performance. PepsiCo said it continues to project core per-share earnings to rise by 5% to 7% for fiscal 2026.During a conference call with analysts, Chief Financial Officer Stephen Schmitt said the company may be headed toward the low end of the EPS guidance, amid expectations for the North American business to improve at a slower pace than previously anticipated, according to a FactSet transcript.Refunds from tariffs paid last year could offset some commodity pressures, Schmitt said on the Thursday call. The company continues to expect its international business to remain strong in the second half."We see building signs of EPS risk looking out to 2027," Morgan Stanley wrote in its note. "We worry that (PepsiCo) will need to reset EPS in 2027 with greater spend to ramp-up (North American organic sales growth), on top of lower EPS quality emerging in recent quarters."Morgan Stanley lowered PepsiCo's 2026 and 2027 EPS forecasts by 3% and 6%, respectively.The brokerage said the company's EPS must grow 8% year over year in the fourth quarter, assuming a 1% gain in the third quarter, to meet the low end of the 2026 guidance. Adjusting for foreign exchange and tax rate changes, PepsiCo will need to record a 12% increase in fourth-quarter earnings to achieve the bottom end of the guidance, according to Morgan Stanley."This looks even more challenging when considering a tougher (year-on-year) comparison in (the fourth quarter," the brokerage said.PepsiCo may have to invest more in 2027 to drive corporate organic sales, especially in North America, Morgan Stanley said.The brokerage maintained its equal-weight rating on PepsiCo's stock, but lowered the price target to $160 from $180.Price: $136.80, Change: $-1.06, Percent Change: -0.77%

$PEP

US Markets31d ago

Delta Air Lines Tops Second-Quarter Views, Issues Robust Outlook

Delta Air Lines (DAL) reported higher-than-expected second-quarter results on Friday amid robust demand, while the air carrier provided a strong outlook for the ongoing three-month period.The company posted adjusted earnings of $1.56 a share for the June quarter, down from $2.12 the year before, but ahead of the FactSet-polled consensus of $1.49. Adjusted operating revenue climbed 14% to $17.67 billion on roughly 1% capacity growth, topping the Street's view for $17.55 billion."We delivered $1.4 billion in pre-tax profit while absorbing the highest quarterly fuel expense in our history, reflecting broad demand strength, growing brand preference and momentum across our diversified revenue base," Chief Executive Ed Bastian said in a statement.Fuel price surged 75% to $3.93 per gallon on an adjusted basis, pushing fuel expenses 77% higher annually to $4.41 billion. Crude oil prices soared in the aftermath of the Iran war, but have retreated as the US and Iran agreed to a memorandum of understanding in June.Adjusted total revenue per available seat mile climbed 12% in the second quarter, with gains across all regions. Passenger revenue rose 13% to $15.61 billion, while cargo revenue jumped 39%."We expect momentum to carry into the second half with double-digit margins and a return to earnings growth," Bastian said.For the third quarter, Delta anticipates adjusted EPS between $2 and $2.50, while the average analyst estimate is for $2.03. Revenue is expected to grow by a mid-teens percentage figure on modest capacity growth, with unit revenue gains "improving sequentially," Chief Commercial Officer Joe Esposito said. The Street is looking for $17.27 billion.The airline anticipates an all-in fuel price of about $3.15 per gallon in the current quarter."Non-fuel unit cost performance is expected to improve modestly from the June quarter with further progression in the December quarter as capacity growth begins to normalize," Chief Financial Officer Erik Snell said in the earnings release.For 2026, Delta continues to expect adjusted EPS of $6.50 to $7.50, compared with the market's forecast of $6. Free cash flow is still pegged at $3 billion to $4 billion for the year."For the full year, we are affirming the guidance we set at the start of the year to grow earnings by 20%, overcoming a multi-billion dollar fuel headwind," according to Bastian. "This reinforces Delta's durability while positioning us to continue our momentum into 2027."The company announced a 15% increase in its quarterly dividend.

$DAL

US Markets31d ago

US Equity Futures Mixed Ahead of South Korean Chipmaker SK Hynix's Trading Debut

The benchmark US stock measures were struggling for direction before the open Friday as traders await the Nasdaq trading debut of South Korean chipmaker SK Hynix.The S&P 500 was almost steady in premarket activity and the Nasdaq was off 0.2%, while the Dow Jones Industrial Average rose 0.2%. The indexes finished the previous trading session higher.SK Hynix set the price of its initial public offering on the Nasdaq at $149 per American depositary share, raising about $26.5 billion. The company, which is reportedly a key supplier to Nvidia (NVDA), is expected to begin trading on the Nasdaq Friday.Shares of Intel (INTC) declined 3.1% pre-bell, while Marvell Technology (MRVL) decreased 1.6%. Micron Technology (MU), Broadcom (AVGO), and Advanced Micro Devices (AMD) were also lower.West Texas Intermediate crude oil was up 0.4% at $72.36 a barrel before the opening bell, while Brent gained 0.5% to $76.69.Washington aims to continue "technical talks" with Iran and remains "committed to finding a resolution," despite renewed hostilities between the two countries this week, news outlets reported Thursday, citing a US official. Pakistani and Qatari officials also told the publication that the mediators are also working to bring the US and Iran back to the negotiating table.Earlier in the week, US President Donald Trump said Iran "badly" wanted to make a deal, but didn't know if the country will "honor" it, CNBC reported.Global oil demand is estimated to drop by 1 million barrels per day in 2026 before rebounding by 2 million barrels next year, the International Energy Agency said.Friday's thin economic calendar has the weekly Baker Hughes oil-and-gas rig count at 1 pm ET.US Treasury yields were mixed in premarket action, with the two-year rate rising 1.7 basis points to 4.18% and the 10-year rate dropping one basis point to 4.54%.Delta Air Lines (DAL) shares were down 1.4% as the air carrier reported its second-quarter results. WD-40 (WDFC) jumped 12% as the company upgraded its full-year outlook after opting to retain its Americas homecare and cleaning businesses and reported higher fiscal third-quarter results overnight.Gold slipped 0.6% to $4,116 per troy ounce, while bitcoin climbed 1.9% to $64,406.

Dow JonesNasdaq CompositeS&P 500$AMD$AVGO$DAL$INTC$MRVL$MU$NVDA$WDFC

US Markets31d ago

WD-40 Raises Full-Year Outlook as Fiscal Third-Quarter Results Increase; Shares Up Pre-Bell

WD-40 (WDFC) shares jumped early Friday as the company upgraded its full-year outlook after opting to retain its Americas homecare and cleaning businesses and reported higher fiscal third-quarter results.The lubricant and cleaning product maker now expects fiscal 2026 adjusted earnings of $6.05 to $6.35 a share on net sales of $652 million to $667 million, it said late Thursday. The company previously projected EPS at $5.75 to $6.15 on sales of $630 million to $655 million. Four analysts surveyed by FactSet are looking for EPS of $6.07 on sales of $675.1 million.The revised guidance includes about $12 million in sales and $0.17 in EPS related to the reclassification of the Americas homecare and cleaning brands to assets held for use from assets held for sale, according to a statement.WD-40 shares were up nearly 15% in premarket activity Friday. So far this year, the stock has jumped 22%.Last fiscal year, the company announced its intent to sell its homecare and cleaning brands in the Americas and the UK. WD-40 completed the divestiture of the UK homecare and cleaning brands in August."After extensive engagement with potential buyers, it became clear that the current macro environment was not conducive to divesting of these brands as a bundle," Chief Financial Officer Sara Hyzer said during an earnings conference call late Thursday, according to a FactSet transcript. "As a result, we are no longer actively marketing these brands for the foreseeable future, and have reclassified these assets as held for use."For the three months through May, the company reported a 51% annual increase in adjusted EPS to $2.33, while two analysts polled by FactSet expected $1.57. Net sales advanced 24% to $195.1 million, compared with the $172.8 million consensus based on three analysts.Revenue from maintenance products grew 26% to $189.7 million, while homecare and cleaning sales dropped 17%."Our strong performance was driven by double-digit growth across all three trade blocs and continued progress in our Must-Win Battles, delivering solid double-digit year-to-date growth in geographic expansion, WD-40 Specialist, premiumized products, and e-commerce," Chief Executive Steve Brass said in an earnings release.

$WDFC

US Markets31d ago

Aeon Returns to Profit in Fiscal Q1 on Strong Operating Revenue and Profit

Aeon (TYO:8267) returned to a profit in the fiscal first quarter following record-high performances in operating revenue and profit, according to a Friday filing with the Tokyo Stock Exchange.The diversified retail and banking conglomerate posted attributable profit of 13.8 billion yen in the quarter through May 31, returning from a loss of 6.57 billion yen a year earlier.Aeon logged basic earnings per share of 4.99 yen against a loss per share of 2.54 yen a year ago.The company's operating revenue increased 15% to 2.942 trillion yen from 2.567 trillion yen in the prior-year period.Operating profit surged 34% to 75.2 billion yen from 56.3 billion yen.The conglomerate's developer and entertainment, health and wellness, and its ASEAN operations drove growth during the quarter.Revenue from its health segment surged 90% to 638 billion yen from 336 billion yen a year earlier, while segment profit soared 216% or more than threefold to 26.7 billion yen from 8.45 billion yen.Developer and entertainment operating profit grew 43% to 27.8 billion yen from 19.4 billion yen.Profit at its ASEAN operations jumped 40% to 18.3 billion yen from 13.1 billion yen. Aeon leveraged Vietnam's strong economic growth, leading to more store openings in the Southeast Asian country.For the fiscal year ending Feb. 28, 2027, the company expects attributable profit to inch up 0.4% to 73.0 billion yen. It also forecasts basic EPS of 26.39 yen and operating revenue to jump 12% year over year to 12 trillion yen.AEON plans to pay interim and year-end dividends of 7.50 yen per share each for the current fiscal year for a total of 15 yen per share.

TYO:8267

US Markets31d ago

UAE Telco E& to Exit Vodafone via $6 Billion Stake Sale

Emirates Telecommunications Group Co. (ADX:EAND), d/b/a e&, agreed to sell its entire 16.21% stake in Vodafone Group (VOD.L) to an acquisition vehicle owned by French billionaire Xavier Niel's family group for $5.95 billion.The United Arab Emirates-based company said Friday it will divest 3,944,743,685 Vodafone shares to acquisition vehicle Vega for 1.125 pounds sterling apiece, exiting its investment in the British telecommunications giant. The consideration comprises 1.105 pounds in cash and a final dividend of 0.0202 pound per share to be paid by Vodafone on July 30.The decision comes after e&'s strategic review of its international investment portfolio, with its board representative stepping down as a nonexecutive director of Vodafone with immediate effect."The shares will be sold simultaneously through off-market block trades to three financial institutions who will hold the shares until Vega completes regulatory requirements. e&'s Board decision to exit this investment reflects the natural evolution of its strategic priorities, enabling the Group to sharpen its strategic focus on core businesses while unlocking the value created through this investment," according to the Emirati company.The transaction remains subject to customary closing conditions, with completion expected "in the near future."In a separate same-day release, Vodafone confirmed e&'s divestment and that the relationship agreement between the two companies is now terminated as a result of the transaction.Meanwhile, Vega said in its own statement that it is set to become Vodafone's top shareholder following completion of the deal, with Niel saying the British telco is a "compelling" investment opportunity."We are confident Vodafone can deliver sustainable growth and strong cash flow generation over the long term and - as an anchor investor based in Europe - we are ready to contribute our deep sector expertise and operational know-how to its future success," Xavier Niel noted.Vodafone shares were trading 11% higher in London as of Friday midday.

ADX:EAND$VOD.L

US Markets31d ago

EasyJet Withdraws Support for Castlelake Offer as Apollo Swoops In with Superior GBP5.7 Billion Bid

Shares in easyJet (EZJ.L) surged 14% in early morning trading on Friday after its receipt of an indicative takeover offer of 5.7 billion pounds sterling from private equity firm Apollo Global Management.The British budget airline's board agreed in principle on the key financial terms of Apollo's offer of 7.15 pounds per share, saying it is at a level that could be recommended to shareholders. The proposal also gives shareholders the option to invest the consideration in the Apollo vehicle that will hold the company.The new deal came days after the airline finally agreed to recommend Castlelake's latest indicative proposal of 6.90 pounds per share, with a partial equity alternative. Following four consecutive rejections, easyJet finally agreed on the key financial terms of the fifth proposal and even facilitated an extension until Aug. 3 of the put-up-or-shut-up deadline for Castlelake.However, in light of the new Apollo offer, directors of the airline said they are no longer minded to recommend Castlelake's potential takeover offer, noting that Apollo's proposal presents a "superior outcome" for shareholders. They said Apollo's bid "offers an attractive combination of value, strategic alignment and long-term stewardship of the business."EasyJet's agreement with Apollo remains subject to various conditions, including the completion of due diligence. Apollo has until Aug. 7 to finalize its intention for the company."For the deal to make economic sense at this price, in our view easyJet must either execute a significant restructuring (more than tripling airline EBIT by 2030) or realize value from asset sales," Bernstein analysts said in a quick-take note following the announcement. "Apollo has a history of airline equity investment (Sun Country, Aeromexico) as well as debt and hybrid debt (SAS, LATAM, Air France-KLM).""In our view, this makes the restructuring path more credible - and Apollo similarly makes comments to the effect of belief in the strategy, supporting easyJet to further its business plan, and the delivery of long-term strategic objectives. However, we are not certain that this is assured over the medium-long term," Bernstein said.

$EZJ.L

US Markets31d ago

Bayer Secures EUR3 Billion Apollo Investment in Contraceptives Business

Shares in Bayer (BAYN.F) rose on Friday morning after it disclosed a 3 billion-euro deal to sell a minority stake in its long-acting reversible contraceptives business to Apollo Global Management, as part of the German life science company's efforts to improve its capital structure.Under the terms, Apollo-managed funds and affiliates will acquire a minority, non-controlling stake in a newly established entity holding the contraceptives business.Bayer will retain a majority stake and operational control of the entity. The deal will not change the business' strategy, and it will continue to form part of the company's pharmaceuticals division's core business.The company's shares were up 2% in early morning trading in Frankfurt.Bayer Chief Financial Officer Judith Hartmann said the deal was "a strategic financing solution" that would boost the company's "financial flexibility" as it addresses "increased liquidity requirements this year related to bond maturities and litigation procedures."For the asset management firm, the deal reflected "the core purpose of Apollo's High Grade Capital Solutions platform - providing large, flexible, and bespoke capital to blue-chip corporations," Apollo Partner Jamshid Ehsani said.Subject to regulatory clearances, the transaction is expected to close in the third quarter.

$BAYN.F

US Markets31d ago

Tata Consultancy Services Posts Higher Fiscal First-Quarter Earnings; Order Book Shrinks

Tata Consultancy Services (NSE:TCS, BOM:532540) delivered higher earnings for the first quarter of the 2027 fiscal year despite a challenging macroeconomic environment.However, the Indian IT services and consulting company posted a drop in its order book despite a number of deals made for the year.Profit attributable to shareholders increased to 133.5 billion Indian rupees in the quarter ended June 30, from 127.6 billion rupees a year ago, according to a Thursday Indian bourse filing.Earnings per share climbed to 36.90 rupees from 35.27 rupees a year earlier.Revenue from operations edged up 14% year on year to 722.8 billion rupees from 634.4 billion rupees. Jefferies said the revenue figure slightly missed their estimates.Tata Consultancy's order book declined to $9.5 billion from $12 in the prior quarter, despite a number of deals made.The company secured several contracts and scaled its AI revenue run rate to $2.6 billion. Notable agreements include an $800 million deal to modernize the global IT infrastructure of Swedish manufacturing major SKF; a partnership with AI giant Anthropic in June to establish a dedicated business unit, bringing the Claude AI assistant to 50,000 TCS employees; and an IT modernization deal wth Norwegian packaging firm Elopak and Canada Life."Q1 FY27 reflects continued growth momentum and the strength of our strategic positioning, despite geopolitical and macro-economic headwinds," K Krithivasan, Tata's chief executive officer and managing director, said."We delivered a strong order book of $9.5 billion, including a marquee AI-led transformation deal with SKF, while continuing to add clients across key revenue bands and scaling our AI business to a $2.6 billion annualized revenue run rate."Jefferies said Tata's margins are expected to stay within the range in the absence of strong revenue growth."Weak growth across key regions, flat year-on-year bookings and continued AI-led revenue deflation should keep TCS's growth in check," Jefferies said in a Thursday release.The company's board declared an interim dividend of 12 rupees per share, payable July 31 to shareholders on record by July 15.

BOM:532540NSE:TCS

US Markets31d ago

Japan Producer Prices Accelerate in June, Reinforcing BOJ Rate-Hike Case

Japan's producer prices rose 7.1% year over year in June, accelerating from a revised 6.6% increase in May, according to preliminary data released by the Bank of Japan on Friday.The reading was higher than the Investing.com consensus forecast of a 6.8% increase.On a monthly basis, the corporate goods price index, which measures the prices companies charge each other for goods and services, rose 0.4% in June, slowing from a revised 1.1% increase in the previous month.The annual increase was driven by higher prices for petroleum and coal products, electricity, gas and water, plastic products, and lumber and wood products, while lower prices for agricultural, forestry and fishery products partly offset the gains.Combined with recent data showing resilient credit demand and solid business activity, the figures reinforce the Bank of Japan's case for further monetary policy normalization.The BOJ raised its policy rate to 1% earlier in June, the highest level since 1995, while signaling it would continue to assess whether sustained wage growth and broadening price pressures warrant further policy tightening.Markets continue to expect another rate hike by year-end, with growing speculation that the next increase could come as early as October.Former Bank of Japan official Tsutomu Watanabe said the central bank may accelerate the pace of interest rate hikes later this year and eventually lift its benchmark rate above 2%, Bloomberg News reported."I believe the eventual peak in interest rates will be higher than most people currently expect," Watanabe, now an emeritus economics professor at the University of Tokyo, told Bloomberg."The terminal rate will be around 2%, or perhaps a little above," he added.Japan's Prime Minister Sanae Takaichi's government approved a 3.1 trillion yen supplementary budget in June to help cushion households from rising energy costs amid the risk of a prolonged Middle East crisis.The package will be financed entirely through deficit-financing bonds, with the government aiming to offset the additional borrowing through stronger tax revenues and non-tax income rather than increasing overall bond issuance to the market.Recent data suggest higher interest rates have yet to materially weigh on economic activity.Bank lending in June matched its strongest pace since the pandemic, while the BOJ's latest Tankan survey showed business financial conditions improving for the first time in a year.

Nikkei 225

US Markets32d ago

SK Hynix Raises $26.5 Billion in Nasdaq IPO, Sets Record For Foreign Listing

SK Hynix (KRX:000660) has set the price of its initial public offering on the Nasdaq at $149 per American depositary share, raising about $26.5 billion, according to a press release on Thursday.At that size, the South Korean semiconductor company now ranks as the largest US stock sale in history by a company based out of the US.SK Hynix sold 177.9 million ADRs, equal to 17.79 million common shares, or about 2.5% of its total issued and outstanding share capital. The Financial Times reported, citing two people familiar with the matter, that the offer was seven times oversubscribed, with more than 500 investment firms looking to buy shares.Situational Awareness, run by a former OpenAI researcher's hedge fund, UK investor Baillie Gifford and US tech-focused investment management firm Coatue, signaled that they could take up to $7 billion worth of the ADSs that SK Hynix plans to sell, the FT reported earlier this week.The ADRs will begin trading on Friday under the symbol SKHYV and are set to shift to regular trading under SKHY on Monday, July 13.Bank of America, Citigroup, Goldman Sachs and J.P. Morgan are the underwriters.The chipmaker's Nasdaq IPO eclipses Alibaba Group's (HKG:9988) $21.8 billion NYSE listing in 2014.SK Hynix, a key supplier of high-bandwidth memory used in AI processors, said it will use the proceeds from the Nasdaq IPO to fund new production lines at home and purchase extreme ultraviolet lithography (EUV) scanners, which it expects to cost roughly 11.9 trillion won.The listing follows a wave of capital commitments in South Korea. In June, SK Hynix and rival Samsung Electronics (KRX:005930) pledged to lead a 1,350 trillion won government-backed initiative to build new fabrication plants and AI data centers at home.In the first quarter of 2026, SK Hynix reported a fivefold year-over-year increase in net income to 40.35 trillion won, on revenue of 52.58 trillion won, which tripled from 17.64 trillion won a year earlier.The FT said analysts expect SK Hynix's US listing to boost its valuation and narrow its gap against global peers like Micron."There is still considerable upside potential," Kim Dong-won, head of research at KB Securities, was quoted by the FT as saying. "The chip rally isn't over yet."In June, SK Hynix topped Samsung to become South Korea's most valuable company. Recently, however, Samsung managed to reclaim its crown. By Thursday's close, SK Hynix held a market capitalization of 1,558 trillion won, falling behind Samsung's valuation of 1,776 trillion won.

KRX:000660

US Markets32d ago

Update: US Equities Rise, Oil Prices Fall as Traders Look Past Middle East Tensions

(Updates with market moves at the end of the day.)Wall Street's equity benchmarks rose Thursday and oil prices pulled back, apparently shrugging off concerns over renewed tensions in the Middle East.The tech-heavy Nasdaq closed 1.3% higher at 26,206.9, rising for the second consecutive day. The S&P 500 gained 0.8% to 7,543.6 and the Dow Jones Industrial Average edged up 0.3% to 52,487.4, both rebounding following a two-day decline.Among sectors, tech led gainers with a 1.7% advance, while consumer staples saw the steepest decline.Micron Technology's shares (MU) jumped 4.5%. The company announced an increase in its planned US investment to more than $250 billion through 2035 and outlined intentions to invest up to $3 billion to bolster domestic semiconductor supply chain.Other chip-related stocks also moved higher, including Advanced Micro Devices (AMD), ON Semiconductor (ON), Marvell Technology (MRVL), Applied Materials (AMAT), and Intel (INTC).West Texas Intermediate crude oil was down 2.2% at $71.87 per barrel in Thursday late-afternoon trade, while Brent dropped 2.5% to $76.05.Iran's Islamic Revolutionary Guard Corps said it fired 10 ballistic missiles at a US base in Jordan Thursday in retaliation to Washington's aggression, CNN reported.The US Central Command said its forces hit Iran for the second day in a row on Wednesday after Tehran attacked three tankers that crossed the Strait of Hormuz.US President Donald Trump said Wednesday he was no longer interested in negotiating with Iran, saying he believed the recent memorandum of understanding signed between the two countries was over.The renewed tensions between the two sides could be "relatively short-lived" given constraints faced by both countries, according to Macquarie Group."The US is constrained by the risk that higher oil prices could return with fewer mitigation sources available as time goes on and the risk that Iran could materially damage (Middle East) oil infrastructure," Vikas Dwivedi, global energy strategist at Macquarie, said in a report e-mailed to. "Likewise, Iran has come through the negotiations with (arguably) a great deal. We would be surprised if they overplay a good hand and test (President) Trump's patience and restraint for minimal remaining gain."US Treasury yields were lower, with the two-year rate down 2.9 basis points at 4.17% and the 10-year rate falling 2.2 basis points to 4.55%.PepsiCo (PEP) reported fiscal second-quarter results above Wall Street's estimates on Thursday, although soft consumer spending in the US weighed on its North American performance. The stock slid 3.3%.Simply Good Foods (SMPL) lifted its full-year sales outlook as the nutritional snacking company recorded better-than-expected fiscal third-quarter results. The stock gained 1.3%.In economic news, applications for unemployment insurance in the US unexpectedly declined last week as labor market conditions appeared to hold steady, government data showed Thursday.Existing home sales in the US unexpectedly decreased in June as the median price reached an all-time high, data from the National Association of Realtors showed.Gold was up 1.2% at $4,131.80 per troy ounce, while silver gained 3% to $60.32 per ounce.

Dow JonesNasdaq CompositeS&P 500$AMAT$AMD$INTC$MRVL$MU$ON$PEP$SMPL

US Markets32d ago

McDonald's US Sales Likely Hit New Low in Second Quarter, Deutsche Bank Says

McDonald's (MCD) US comparable sales likely reached a new low during the second quarter amid a weak macro backdrop, Deutsche Bank said in a note emailed Thursday.Crude and gasoline prices soared in the aftermath of the Iran war, weighing on consumer sentiment. Energy prices have come down as the US and Iran engaged in talks and agreed to a memorandum of understanding in June.Inflation-adjusted sales at eating and drinking places fell in May year on year, the National Restaurant Association said last month.The fast-food giant's US same-store sales are expected to have troughed in the second quarter, Deutsche Bank said."Sentiment on (McDonald's) leans largely negative given concerns on underlying US momentum, unit growth and free cash flow as (McDonald's) approaches a new remodel cycle," Deutsche Bank analyst Lauren Silberman said.Comparable sales in the US will rebound as the economic environment improves, particularly for low-income consumers, and other corporate actions around marketing and value offerings pay off, Silberman said.McDonald's stock is down about 9.6% year to date.The brokerage sees relatively stable trends at McDonald's international operations that could drive potential upside for second-quarter International Operated Markets same-store sales, Silberman wrote."We believe a lot of negativity is priced into this powerful global company and defensive business model, and any signs of improving (same-store sales) should support sentiment (and valuation)," Silberman added.Earlier this year, McDonald's reported better-than-expected first-quarter results despite a challenging environment, with comparable sales growing ahead of Wall Street estimates.Deutsche Bank has a buy rating on McDonald's shares and a $325 price target.Price: $276.52, Change: $-1.73, Percent Change: -0.62%

$MCD

US Markets32d ago

Pending Home Sales Hit 6-Week High as Mortgage Rates Ease, Redfin Says

US pending home sales reached the highest level in about six weeks as mortgage rates fell, with buyers shrugging off prices hovering near record highs, Redfin.com said Thursday.Sales rose 6.3% year over year to 337,402 units in the four weeks through Sunday on a seasonally adjusted basis, their highest level since the first half of May, according to the online real estate brokerage.The average 30-year fixed mortgage rate reached 6.43% in the week through July 2, down from 6.49% a week earlier and 6.67% a year ago, Redfin said, citing Freddie Mac data. The median monthly housing payment hit its lowest level in six weeks at $2,598, according to the report."The mortgage-rate respite was brief," Redfin said. "Rates have since bounced back up, with the daily average rising to 6.68% on July 8."The median sale price increased 2.2% on an annual basis to $408,808 in the four weeks through Sunday, with Redfin saying that's "just about $500 shy" of the all-time high."The housing market is kicking off the summer by showing a bit of resilience," Redfin Head of Economics Research Chen Zhao said."While near-record prices and a lack of new listings are keeping many would-be buyers on the sidelines, there are enough house hunters hitting the pavement to push pending sales up," Zhao said. "If that trend continues, we may get more fresh listings from sellers hoping to take advantage of demand and high prices."Separately, National Association of Realtors data showed Thursday that existing home sales in the US unexpectedly decreased in June as the median price reached an all-time high.

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US Markets32d ago

Update: US Equities Rise, Oil Prices Fall as Traders Look Past Middle East Tensions

Dow JonesNasdaq CompositeS&P 500$AMAT$AMD$INTC$MRVL$MU$ON$PEP$SMPL