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Doximity's AI Pivot Clouds Growth Trajectory, May Face Execution Risks, BofA Says in Downgrade

Doximity (DOCS) faces limited clarity on the near-term path of revenue and margins, as well as execution risks tied to its shift into an artificial intelligence-powered platform for healthcare professionals, BofA Securities said Monday.The digital platform, which dominates the pharmaceutical advertising targeting physicians, is "making the right strategic investments" as it competes with AI-focused entities such as OpenAI and OpenEvidence, BofA analyst Allen Lutz said in a note to clients. Doximity's offerings include a new a new AI assistant for physicians called DoxGPT."Given the deep pockets of these peers and the fact that top 20 pharma already spends significantly with Doximity, we have some concerns around (Doximity's) ability to grow its current allocations as well as successfully compete for AI dollars," Lutz said.The brokerage downgraded its rating on the Doximity stock to underperform from buy and reduced the price target to $20 from $38. "While shares are inexpensive, we see downside risk to consensus over the next few years," Lutz wrote.The company's shares were down 2.7% in Monday afternoon trade. The stock has lost 54% in value so far this year."We anticipate Doximity's emerging investment cycle to go on for multiple years and could include more significant investments than investors currently appreciate," Lutz said. "With current margins still near 50%, we think it is not unreasonable to expect Doximity to spend more money for a longer period of time, which could weigh on margins."The company may need to lower its prices to support sales, according to the note. "Together, we see structural pressure to Doximity's industry-leading margin profile," Lutz said.BofA lowered its 2027 and 2028 revenue outlook for Doximity."We anticipate pharma manufacturers will continue to diversify spend across AI competitors in the coming years, which is likely to limit Doximity's share gains," Lutz said. "This leaves Doximity more reliant on (healthcare professional) pharma market growth and the trajectory of pharma ad-spend allocation."Price: $20.23, Change: $-0.65, Percent Change: -3.11%

$DOCS

US Markets42d ago

Major Banks Poised for Strong Quarterly Results, Outlook, Deutsche Bank Says

US large-cap banks are expected to report strong second-quarter earnings and issue upbeat guidance, with Huntington Bancshares (HBAN), US Bancorp (USB), and Wells Fargo (WFC) seen as top picks, Deutsche Bank said Monday.The brokerage's per-share earnings estimates for major banks are 2% above Wall Street's views on average, as others likely have not factored in the intra-quarter guidance updates from lenders. Deutsche Bank said it's "most above consensus" on Citigroup (C) and JPMorgan Chase (JPM)."Several banks tweaked up their quarterly (net interest income) expectations in early June (driven by strong loan growth) and pointed to better-than-expected investment banking and trading/markets (revenue)," Deutsche Bank analyst Matt O'Connor said in a note to clients.Bank earnings are scheduled to kick off July 14, with JPMorgan, Bank of America (BAC), Citigroup, Goldman Sachs (GS), and Wells Fargo slated to report.Huntington trends likely stabilized in the June quarter, with results seen improving in the second half of the year, according to Deutsche Bank."We believe key issues seem to be resolving, including questions surrounding loan growth, liquidity, and deal risk," O'Connor said. "(Huntington) shares trade at the lowest multiple among our coverage despite a solid long-term track record of both deal integrations and organic growth."US Bancorp is experiencing improved execution under Chief Executive Gunjan Kedia and an upward bias to its full-year revenue outlook following consecutive strong quarterly performances. The lender's recently completed the acquisition of financial services firm BTIG is well-timed due to broad strength in equity trading, while the bank's payments division is also positioned to benefit from strong retail sales volumes, O'Connor said.Wells Fargo shares have lagged its peers so far this year following a couple of disappointing quarters regarding both financial results and outlook, Deutsche Bank said. However, first-quarter trends were better than initially perceived."Momentum has also been building more than the market appreciates in our view post the lifting of the asset cap in June of 2025 and we expect this to be more evident in (second quarter)/beyond," O'Connor wrote.Deutsche Bank's higher EPS outlook for Citigroup factors in a revenue boost from the recent transfer of American Airlines (AAL) card receivables from Barclays (BCS), according to the note.Price: $17.74, Change: $-0.05, Percent Change: -0.28%

$AAL$BAC$BCS$C$GS$HBAN$JPM$USB$WFC

US Markets42d ago

RBC Lifts S&P 500 Target Level Amid Economic, Earnings Strength

RBC Capital Markets raised its 12-month target for the S&P 500 index amid expectations for a favorable macroeconomic backdrop and robust earnings.The brokerage now expects the S&P 500 to hit 8,150 over the next 12 months, up from its previous 7,900 estimate, it said in a research report on Monday. The new target implies a gain of nearly 11% from the index's close on June 25, according to RBC.The brokerage changed it methodology to focus on a broad set of factors including valuation-to-earnings per share, gross domestic product and monetary policy, RBC Head of US Equity Strategy Lori Calvasina wrote in the report.Previously, RBC linked its S&P 500 target level to the valuation-to-EPS model, allowing it to adjust assumptions around artificial intelligence earnings and the impact from the Middle East conflict. "But, this seems like a slightly less pressing need given additional de-escalation in the conflict," Calvasina said.Earlier in June, the US and Iran signed a memorandum of understanding to end their war and reopen the crucial Strait of Hormuz.Numbers suggest the stock market "deserves to move higher" over the next year as sentiment improves and earnings rise in what Calvasina described as a "solid" economic backdrop.The US economy expanded at a faster rate in the first quarter than previously projected, an official report showed last week.The brokerage has factored in higher EPS assumptions for the first quarter of 2027 on a trailing fourth-quarter basis, Calvasina added."Overall, even with some conservatism still baked into our (price-to-earnings) assumption, we see earnings tailwinds offsetting P/E pressures from a trickier rates and inflation environment in the year ahead," according to Calvasina.RBC's more favorable price-to-earnings assumption reflects an inflation rate of 3%, down from its prior forecast of 3.3%.US consumer sentiment increased in June amid moderating gasoline prices, while inflation expectations eased, a survey by the University of Michigan showed Friday.Consumer spending rose more than projected in May, while the Federal Reserve's preferred inflation metric accelerated to the fastest reading in more than two years, according to separate official data released last week.

US Markets42d ago

Martin Marietta to Combine With Lhoist North America in $13.5 Billion Deal

Martin Marietta Materials (MLM) agreed to combine with limestone supplier Lhoist North America in a $13.5 billion deal as the American building materials supplier aims to expand its lime portfolio amid resilient demand.The transaction's consideration comprises $7 billion in cash and $6.5 billion worth of Martin Marietta's shares, the company said Monday. Lhoist North America is owned by Belgian industrial company Lhoist Group.Martin Marietta's shares fell 6.4% in Monday trade, taking its year-to-date loss to 7.3%.The acquisition establishes Martin Marietta as the leading national producer of lime solutions, with demand for lime products expected to "remain resilient for decades to come," Chief Executive Ward Nye said.The deal is expected to strengthen Martin Marietta's presence in Texas and the Southeast.Lhoist North America, which produces hi-calcium lime, dolomitic lime and industrial mineral products, operates a network of 20 quarries and production facilities, as well as 45 distribution terminals. It generated $1.8 billion in gross sales for 2025, Martin Marietta said.Lhoist North America has more than 2 billion tons of limestone reserves in the Sun Belt metropolitan corridors.Martin Marietta estimates the transaction to be accretive to earnings and margins in the first full year after completion. The deal is expected to generate about $85 million in annual run-rate cost synergies, with further commercial and operational opportunities.Following completion, the Berghmans family, which founded Lhoist Group, is expected to own a 15% stake in Martin Marietta, with the right to appoint one director and one observer to the company's board.The deal, which requires approval from regulators, is expected to complete in the second half.In April, Martin Marietta agreed to acquire aggregates supplier New Frontier Materials.Price: $577.10, Change: $-38.96, Percent Change: -6.32%

$MLM

US Markets42d ago

Aramark Poised for Solid Third Quarter Amid Revenue Outperformance, Oppenheimer Says

Aramark (ARMK) is expected to report strong fiscal third-quarter results as the company should continue exceeding top-line expectations while keeping costs under control, Oppenheimer said in a Monday note.The food, facilities and uniform services provider's core revenue growth looks on track to hit the top end of the 7% to 9% organic range amid record net new deals worth about $1 billion so far this year and a retention level at above 98%, according to the brokerage.Oppenheimer is projecting that third-quarter sales will grow 6.2% year over year to $4.91 billion and adjusted per-share earnings will increase to $0.47 from $0.40 a year earlier. Analysts in a FactSet poll are currently looking for revenue of $4.92 billion and non-GAAP EPS of $0.48. The company is expected to release fiscal third-quarter results in early August."Overall, we anticipate a solid quarter driven by top-line outperformance and strong middle-of-the-P&L discipline," Oppenheimer analysts Ian Zaffino and Isaac Sellhausen said, adding that the core business could get a boost from the World Cup.Aramark Nexus, the company's business platform focused on providing services to data centers, is also helping boost revenue, the analysts said.The Nexus business could bring in $3 billion to $4 billion in revenue with margins above the company average amid potential new deals with hyperscalers, they said."The (data center ) opportunity remains incremental to Aramark's growth algorithm of (5% to 8% organic top line), and we could see a total of 30 (to) 40 DC deals by the end of 2028," the analysts said.Aramark has also been able to control costs and manage inflation given updated contract terms that allow for the quicker pass-through, Oppenheimer said."While inflation remains elevated, (Aramark) should continue to be able to expand margins by (30 to 40 basis points) annually for the next several years, before reaching a longer-term target of (20 to 30 basis points)," the analysts said.Oppenheimer raised its price target for Aramark shares to $65 from $60, with outperform rating.Price: $55.91, Change: $-0.15, Percent Change: -0.27%

$ARMK

US Markets42d ago

Rocket Lab to Acquire Iridium Communications in $8 Billion Cash-And-Stock Deal

Rocket Lab (RKLB) agreed to acquire satellite communications provider Iridium Communications (IRDM) in a cash-and-stock deal worth about $8 billion to create a vertically-integrated space company.Shareholders of Iridium will receive $27 in cash for each share owned, along with Rocket Lab's stock, valuing the transaction at about $54 per share, the companies said in a joint statement on Monday.The transaction combines Rocket Lab's launch capabilities and satellite manufacturing with Iridium's satellite communications network and spectrum holdings to establish a space company that designs, builds, launches and operates its own constellations, the companies said.Iridium's stock jumped 21% in Monday trading, while Rocket Lab climbed 7.4%."This is a defining moment for the space industry and the start of a new era of strategic, accelerated growth for Rocket Lab and Iridium," Rocket Lab Chief Executive Peter Beck said in the statement. The deal is expected to allow the companies to "unlock entirely new markets," according to Beck.The acquisition offers Rocket Lab immediate access to a constellation of low Earth orbit satellites, in line with its vision to expand beyond launch services and spacecraft manufacturing.The company estimates the deal to be "significantly" accretive to its profitability and cash flow generation.The transaction, which requires approval from Iridium's investors and clearance from regulators, is expected to complete in the middle of next year."As the worlds of space and terrestrial communications continue to converge, more critical services will depend on space-based capabilities," Iridium CEO Matt Desch said. "We're excited about being able to accelerate the next generation of (Internet of Things), aviation, maritime, (positioning, navigation, and timing), and national security capabilities, and pursue new innovative applications as part of Rocket Lab."Rocket Lab said it has secured commitments for a $3.6 billion loan facility for the deal.In May, Rocket Lab reported a first-quarter net loss that narrowed from the year before, while revenue increased to $200.3 million from $122.6 million. A month earlier, Iridium recorded an annual decline in its first-quarter net income, while revenue grew.Price: $91.50, Change: $+6.96, Percent Change: +8.23%

$IRDM$RKLB

US Markets42d ago

Korn Ferry to Acquire UK-Based Talent Acquisition Company AMS in $1.1 Billion Deal

Korn Ferry (KFY) said Monday that it agreed to acquire UK-based talent solutions provider AMS in an 850 million British pound ($1.1 billion) transaction that will create a global leader in talent and organizational consulting.Consulting firm Korn Ferry will pay about 659 million pounds in cash and 191 million pounds worth of its own stock. The company expects to issue about 3.6 million shares, subject to a 15% collar at closing.AMS, owned by OMERS Private Equity, operates across more than 120 countries."By bringing AMS into the Korn Ferry family, we are expanding our ability to help clients solve their most critical organizational challenges," Korn Ferry Chief Executive Gary Burnison said. "Despite all of the technological innovations of yesterday, today and tomorrow, the real driver of organizational success is people."On a current annual run-rate basis, AMS generates about $650 million in fee revenue and $100 million in adjusted earnings before interest, taxes, depreciation, and amortization. AMS brings more than $1.5 billion of estimated fees remaining under existing client contracts.Korn Ferry expects the acquired business to contribute about $140 million in annual run-rate adjusted EBITDA within a year of closing.The company said the acquisition is expected to be accretive to earnings per share in the first full year on an adjusted basis. The transaction is seen closing during Korn Ferry's second quarter of fiscal 2027, subject to regulatory approvals."Combining AMS with Korn Ferry will create new opportunities for our clients, our teams, and accelerate our ability to shape the future of work," said Gordon Stuart, CEO of AMS.Earlier this month, Korn Ferry reported fiscal fourth-quarter adjusted earnings per share of $1.40, up from $1.32 the year before. For the current quarter, Korn Ferry expects EPS of $1.32 and $1.38.

$KFY

US Markets42d ago

China Hits More Japanese Companies with Export Control Sanctions

China imposed export control measures against 20 Japanese entities and added 20 more companies to its surveillance list, according to separate releases from the Commerce Ministry on Monday.The control list bans Chinese exports of dual-use or civilian/military items to the 20 companies, including Japanese state-run National Institute for Defense Studies, Ground Systems Research Center, Naval Systems Research Center, and Air Systems Research Center in its control list. Affiliates of Mitsubishi Electric (TYO:6503) and Mitsubishi Heavy Industries (TYO:7011) were also added.Meanwhile, China's surveillance list, which will allow for stricter scrutiny of exports to the Japanese entities, included Mitsui E&S (TYO:7003), Hitachi (TYO:6501) subsidiary Hitachi Advanced Systems, Komatsu (TYO:6301) subsidiaries, OKI Electric Industry (TYO:6703) and Hosoya Pyro-Engineering.Both took effect on Monday."China's move is entirely legitimate, reasonable, and legal, and aims to resolutely curb Japan's reckless actions of 'new-type militarism.' We hope Japan will realize its mistake, change its erroneous behavior, and truly reflect on and return to the right track. China's legally mandated list targets only a small number of Japanese entities, and the measures only apply to dual-use items. They will not affect normal Sino-Japanese economic and trade exchanges," a spokesperson for the Ministry of Commerce said.At a press conference, Japanese Chief Cabinet Secretary Minoru Kihara said Monday the country will not accept the measures and has lodged its objection and request for their removal.The diplomatic row between China and Japan can be traced back to November 2025 when Japanese Prime Minister Sanae Takaichi suggested military deployment if China attempts to seize Taiwan. The latest escalation follows Beijing's export control announcements in February 2026, which targeted 40 firms.

Nikkei 225Shanghai Composite^SZSETYO:6301TYO:6501TYO:6503TYO:7003TYO:7011

US Markets42d ago

Comcast to Separate Media and Technology Businesses in Spinoff

Comcast (CMCSA) said Monday it plans to split into two publicly traded companies, separating its NBCUniversal and Sky media businesses from its broadband and connectivity operations as the media giant aims to boost strategic focus for each unit.The proposed spinoff, expected to be tax-free, is anticipated to be completed in about one year, subject to customary conditions, including board approval. Upon completion, Comcast shareholders will own shares in both Comcast and NBCUniversal.Comcast's shares rose about 20% in the most recent premarket activity.After completion of the proposed separation, Comcast will focus on its broadband, wireless and business services operations. NBCUniversal, together with Sky, will become an independent publicly traded company with media and entertainment assets including theme parks, film and television studios, NBC and Telemundo networks, Peacock and Bravo.Brian Roberts, chairman and co-chief executive officer of Comcast, will remain actively involved in the leadership of both companies. "The transaction we are announcing will unlock a more entrepreneurial management approach and open up a multitude of new opportunities for each business," Roberts said in a statement.Mike Cavanagh, who currently serves as co-chief executive officer of Comcast, will become CEO of NBCUniversal, while former Chief Financial Officer Michael Angelakis will return as CEO of Comcast following the separation."Comcast will continue to build on its leadership in connectivity, while NBCUniversal, together with Sky, will have the scale, brands, content and financial resources to compete as a premier global media and entertainment company," Cavanagh said.Comcast said it expects to retain up to a 19.9% stake in NBCUniversal for up to one year after the spin-off.Comcast earlier this year completed the spinoff of its cable TV networks and digital assets into the separately traded company Versant Media (VSNT).The latest separation announcement comes as media companies pursue consolidation to gain scale. Earlier this month, Fox (FOX, FOXA) agreed to acquire Roku (ROKU) in a cash-and-stock deal that values the TV streaming platform at about $22 billion.Earlier this year, Paramount Skydance (PSKY) agreed to acquire rival Warner Bros. Discovery (WBD) in a deal with an enterprise value of $110 billion. The US Justice Department's antitrust division recently cleared the deal.

$CMCSA$ROKU$VSNT$WBD

US Markets42d ago

Stocks Rise Pre-Bell as US-Iran Agree to Halt Renewed Hostilities; Traders Await Fresh Labor Data

The benchmark US stock measures were tracking in the green before the opening bell Monday as the US and Iran agreed to halt renewed hostilities, while traders await fresh labor market data later in the holiday-shortened week.The S&P 500 rose 0.5%, the Dow Jones Industrial Average increased 0.2% and the Nasdaq added 0.8% in premarket activity. The indexes finished Friday trading lower, with the Nasdaq extending its losses for a fifth consecutive session.US markets will be closed on Friday for the July 4 Independence Day holiday.The US and Iran agreed on Sunday to cease attacks on each other and allow commercial vessels to pass freely through the Strait of Hormuz, CNBC reported. "Technical talks are slated to continue on all areas of the (memorandum of understanding)," a US official told CNBC. "Both sides will stand down for now and vessels can move freely."The US launched a fresh round of strikes against multiple targets in Iran over the weekend, the US Central Command said in a statement on Saturday. The attacks came amid reports that Iran had carried out strikes on eight key US military installations across the Middle East.Last week, President Donald Trump accused Tehran of violating the ceasefire agreement signed earlier in the month by attacking ships passing through the strait with drones. "There may come a point when we are no longer able to be reasonable, and will be forced to militarily complete the job that we very successfully started," Trump said in a social media post on Saturday.West Texas Intermediate crude oil inclined 1.7% to $70.42 a barrel before the open, while Brent advanced 1.4% to $72.96.Investors will be looking ahead to fresh labor market data later this week, beginning with the Job Openings and Labor Turnover Survey for May on Tuesday, followed by the ADP employment report and the Challenger Job Cut report, both for June, on Wednesday. The government's nonfarm payrolls data for June is scheduled to be released on Thursday.Treasury yields were trending upwards in premarket action, with the two-year rate increasing 2.1 basis points to 4.11% and the 10-year rate rising 1 basis point to 4.38%.Last week, government data showed that consumer spending rose more than projected in May, while the Federal Reserve's preferred inflation metric accelerated to the fastest reading in more than two years.Minneapolis Federal Reserve President Neel Kashkari reportedly said Friday that an interest rate increase looks necessary this year.Consumer sentiment increased in June amid moderating gasoline prices, while inflation expectations eased, according to a survey by the University of Michigan on Friday.Monday's thin economic calendar has the Dallas Fed manufacturing survey for June at 10:30 am ET.Comcast (CMCSA) shares jumped 18% pre-bell after the company announced plans to separate its media and technology businesses into two publicly traded entities. Verizon Communications (VZ) edged down 0.2% as the telecommunications giant agreed with UK-based BT Group to combine their international businesses in a joint venture.Nike (NKE), Constellation Brands (STZ) and General Mills (GIS) are expected to release their latest financial results this week. AeroVironment (AVAV) and Concentrix (CNXC) post their earnings after the markets close Monday.Gold declined 1.1% to $4,052 per troy ounce, while bitcoin gained 1.3% to $60,117.

Dow JonesNasdaq CompositeS&P 500$AVAV$CMCSA$CNXC$GIS$NKE$STZ$VZ

US Markets42d ago

Prosus Plans $5 Billion Buyback, Sale of More Non-core Assets in Fiscal 2027

Prosus (PRX.AS, PRX.JO) on Monday unveiled plans for a $5 billion buyback and the sale of more non-core assets in fiscal 2027 as it released its financial results for fiscal 2026.The technology investor said the new buyback scheme is a continuation of its efforts to return significant capital to shareholders, noting that at current levels, the acquisition of the company's shares "is one of the most compelling uses of capital.""Growth and profitability remain the twin pillars of our capital allocation philosophy. We are investing in two ways. First in our ecosystems. That means bolt-on M&A to strengthen what we already have, building or acquiring leading assets where we see genuine platform potential, and taking minority positions in companies that can accelerate the broader ecosystem. And secondly in ourselves, via our buyback program," Chief Financial Officer Nico Marais said.With key associate investments including Tencent, Swiggy and Delivery Hero (DHER.F), Prosus is planning to further intensify its investment activities in fiscal 2027 and is looking to finance the pursuit of opportunities with the sale of additional non-core assets. In fiscal 2026, the company divested $2 billion in assets.The group also expects artificial intelligence to continue as a driving force for industries and is earmarking a large portion of its strategy to boost related capabilities.For the 12 months ended March 31, Prosus reported a year-over-year decrease in profit attributable to equity holders of the group to $11.64 billion from $12.37 billion. On the other hand, revenue increased year over year to $9.71 billion from $6.17 billion.For fiscal 2026, directors recommended a higher dividend of 0.28 euro per share, payable Nov. 24 to shareholders on record Nov. 2.Prosus rose nearly 3% in early trading in Amsterdam.

$DHER.F$PRX.AS$PRX.JO

US Markets42d ago

Bridgepoint Group Shares Jump on $1.39 Billion Kayne Anderson Real Estate Acquisition

Bridgepoint Group (BPT.L) shares surged nearly 10% in Monday morning trade after the London-listed investment company announced plans to buy Kayne Anderson Real Estate for an upfront enterprise value of $1.39 billion, marking its entry into the US real estate market.Under the terms of the agreement with Kayne Anderson Capital Advisors, Bridgepoint will pay $759 million in cash and issue 189 million new shares upfront. The transaction for the real estate investment platform also includes an additional 102.5 million shares available down the line, contingent on hitting designated management fee-related milestones.Completion of the acquisition is targeted for the end of 2026, pending standard regulatory clearances, fund consents and shareholder approval."Real estate is a growing private markets asset class and Kayne Anderson Real Estate has built a leading position as a scaled specialist with an exceptional track record and strong fundraising momentum. The Transaction is highly complementary and immediately accretive. Bridgepoint's and Kayne Anderson Real Estate's investor networks have limited overlap, creating attractive opportunities to broaden relationships and enhance fundraising," Bridgepoint Chief Executive Raoul Hughes said.Financially, the acquisition is expected to enhance Bridgepoint's EPS, including a mid-single-digit percentage boost in full-year 2027, followed by an over 20% jump in 2028. Strategically, the deal is expected to broaden the company's geographic reach, product lineup and recurring fee income, which helps fast-track the expanded group's long-term growth targets.Operating across private equity, credit, infrastructure, real estate and secondaries, the combined platform is projected to oversee $117 billion in assets under management.

$BPT.L

US Markets42d ago

BT, Verizon to Form $4 Billion International JV to Target Multinational Clients

British telecom giant BT Group (BT-A.L) and US peer Verizon Communications on Monday agreed to combine their international operations into a 50:50 joint venture with estimated annual revenue of $4 billion, creating a cross-border connectivity provider focused on serving multinational clients.Under the terms, Verizon will pay BT Group an equalization consideration of $625 million, while both companies will hold equal voting rights in the new entity. Subject to regulatory clearances, employee consultations and other conditions, the deal is expected to close in 2027.Following the news, BT Group's shares rose more than 1% in early morning trading in London.The UK-headquartered venture will serve more than 3,000 customers across more than 180 countries, providing end-to-end services across borders. Telecommunications industry veteran Martijn Blanken will lead the business, joining BT on Sept. 1."Bringing together [BT Group's] expertise and heritage with Verizon's deep relationships with multinationals will create a stronger, scaled connectivity partner - one that has the reach, innovation, and investment to succeed," BT Group CEO Allison Kirkby said.Separately, BT Group revised its outlook for fiscal 2027 to incorporate the accounting changes that will result from the creation of this venture. The company said its international division will be reported as a discontinued operation in its accounts until the completion of the deal.BT Group now forecasts adjusted group revenue of 17.1 billion pounds sterling to 17.6 billion pounds for fiscal 2027, down from its previous estimate of 19 billion pounds to 19.5 billion pounds. BT maintained its expectation of low to mid-single digit dividend growth for 2027.

$BT-A.L

US Markets42d ago

Singapore's Producer Prices Accelerate in May Amid Growing AI Demand

Singapore's producer prices continued their year-on-year growth trajectory in May, driven by sustained demand for artificial intelligence infrastructure, among other factors.The Singapore Manufactured Products Price Index jumped 30.8% year on year in May 2026, accelerating from the 27.5% annual growth recorded in April. It missed the Trading Economics forecast for a 35% growth.The Domestic Supply Price Index climbed 34.2% from a year earlier, quickening from the 32.1% year-over-year expansion seen the previous month, according to the Department of Statistics Singapore on Monday.However, minor cooling was observed on a seasonally adjusted basis. On a month-over-month basis, the manufactured products index slipped 0.2%, reversing the 6.7% expansion in April, while domestic supply prices pulled back 1.9% following April's 3.4% rise.The year-over-year comparisons were influenced by global energy prices. The oil index within the manufactured products price index climbed 58.8% year over year, while the oil metric under domestic supply surged 77.2%.Stripping out volatile fuel components, underlying non-oil indices still moved up substantially, rising 26.8% for manufactured products and 21.8% for domestic supply.Higher factory-gate prices for electrical machinery apparatus and precision parts also served as primary drivers bolstering non-oil metrics, reflecting sustained global deployment of AI and semiconductor capabilities.Recent data from Enterprise Singapore showed non-oil domestic exports (NODX) jumping 38.4% year over year in May, led by a 94.8% electronics boom.However, actual physical manufacturing volumes showed signs of easing. Data from the Singapore Economic Development Board showed that industrial factory output growth moderated to 13.0% year over year in May from 16.5% in April, as deep pharmaceutical and chemical supply chain disruptions partially offset the output surge across the electronics cluster.In order to adapt to the growing AI demand, the government finalized its Economic Strategy Review (ESR) blueprint last week. Initially commissioned in August 2025, the Ministry of Digital Development and Information (MDDI) report outlines targeted job transformation frameworks to help local enterprises capitalize on rapid automation.The report highlighted: "We should position Singapore as a trusted hub where AI solutions are developed, tested, and deployed to tackle real-world problems at scale."

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US Markets42d ago

Singapore Export Prices Rise at Fastest in Four Years in May

Singapore's export prices grew for a third consecutive month on a year-over-year basis in May, driven by an extended surge in global crude and energy materials, according to data from the Singapore Department of Statistics released Monday.Export prices increased 14.7% year over year in May, accelerating from a 13.3% growth in April but missing the 15% expansion forecast by Trading Economics.However, the pace of growth marked the fastest since July 2022.Crude materials, excluding fuels, expanded 10.5% year over year during the month, led by a 27.8% jump in metalliferous ores and metal scrap.Mineral fuels soared 62.2% during the month.Chemicals and chemical products increased 7.9% year over year, led by a 20.7% rise in inorganic chemicals and an 18.1% jump in organic chemicals.Prices of plastics in primary forms grew 19.9%.Prices of manufactured items rose 5%, led by a 24.3% jump in non-ferrous metals.Leather manufactures and dressed furskin prices slid 18% during the period.Food and live animal prices slid 6.2%, with the biggest plunge seen in prices of coffee, tea, cocoa, spices, and manufactures at 26.1%.Animal and vegetable oil prices plunged 7%.Meanwhile, import prices jumped 19.1% year over year, quickening from the 18.9% increase in April. It missed the Trading Economics forecast of a 24% growth, but marked the strongest growth since June 2022.Crude material import prices rose 15.3% while that of mineral fuels surged 76.9%.Animal and vegetable oil import prices increased 3.1% while that of chemicals and chemical products saw a 3% rise.Prices of manufactured goods grew 7.4%, with the highest increase recorded in the non-ferrous metals segment at 35.5%.Machinery and transport equipment import prices grew 4.5%, while those of miscellaneous manufactured items expanded 7.4%.The sharp year-over-year jump in export and import prices come amid a record-breaking surge in trade volumes recently. Singapore recently reported a 38.4% year-over-year jump in non-oil domestic exports, accelerating from the 24.4% jump in April and exceeding market expectations. It marked the ninth straight month of growth and the fastest since December 2003.

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US Markets42d ago

Japan's Retail Sales Surge 5.3% in May, Exceeding Forecasts

Japan's retail sales expanded 5.3% year over year in May to 13.45 trillion yen, the Ministry of Economy, Trade and Industry said Monday.The latest reading surpassed the consensus forecast of 3.1% growth, as tracked by Investing.com, and compared with a 2.8% increase recorded in the previous month.It also marked the third month of expansion and the strongest pace since November 2023.On a seasonally adjusted month-over-month basis, retail sales grew 1.9%, faster than the 1.3% expansion between March and April.The upbeat performance was largely driven by a 23.7% year-over-year jump in retail sales of automobiles, followed by machinery and electronics retailers at 14.5%, various goods at 6.9%, and food and beverage retailers at 2.4%.Department stores and supermarkets combined rose 5.3% year over year to 1.95 trillion yen, with department stores outperforming at 7.6% and supermarkets adding 4.5%. On an existing-store basis, department store sales climbed 8.8%, while supermarkets saw a 3.6% increase.However, not all categories reported growth in retail sales. Fuel retailers reported a 2.6% drop, while textile, clothing, and personal goods retail decreased 0.7%.The broader commercial sales total, which includes wholesale trade, rose 5% year over year to 52.55 trillion yen in May, with wholesale expanding 4.9%. Among wholesale sub-sectors, minerals and metals posted the strongest gain at 10.7%, followed by other wholesale at 7.4% and agricultural and marine products at 6.9%.The data further suggests that the government's efforts to shield residents from the fallout of the Iran conflict are working. The government has rolled out fuel subsidies since March amid rising diesel and gasoline prices.Earlier this month, Prime Minister Sanae Takaichi approved a 3.1 trillion yen supplementary budget for the current fiscal year to offset the impact of rising energy costs on households.However, the PM also hinted at reducing gasoline subsidies in a bid to cap gasoline prices at around 170 yen per liter.Meanwhile, the retail outperformance in May comes amid rising inflationary pressures in Japan. In May, Japan's national headline inflation ticked up to 1.5% from 1.4% in April, but missed the Trading Economics forecast of 1.6%.Core CPI, which strips out fresh food items, rose 1.4% year over year in May, unchanged from April's reading, while core-core CPI inflation, which excludes both fresh food and energy prices, eased slightly to 1.8% from 1.9% in April, falling below the Trading Economics forecast of 1.9%.The Bank of Japan recently raised its policy rate by 25 basis points to 1.0%, the highest level since 1995.Last week, BOJ Governor Kazuo Ueda warned that inflation could exceed the central bank's target of 2% as higher crude oil prices drive energy and goods prices upward."Given that the underlying inflation rate is approaching 2% and the current monetary environment is accommodative, we believe that we will continue to raise the policy interest rate and adjust the degree of monetary easing in accordance with economic, price, and financial conditions," Ueda said in his prepared speech to the National Shinkin Bank Convention after missing the policy meeting for June.

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US Markets44d ago

Update: Equity Markets Fall as Trump Says Iran Violated Ceasefire

(Updates with market moves at the end of the day.)US equity benchmarks slipped Friday as President Donald Trump accused Iran of violating their ceasefire agreement, while the Nasdaq Composite and the S&P 500 registered weekly losses.The Nasdaq fell 0.2% to 25,297.6, its fifth consecutive losing session, while the S&P 500 edged down 0.1% to 7,354. The Dow Jones Industrial Average lost 0.1% to 51,876.1. Among sectors, industrials saw the biggest drop, while healthcare paced the gainers.This week, the technology-heavy Nasdaq slid 4.6%, while the S&P 500 shed nearly 2% -- following two consecutive weekly advance. The Dow logged a weekly gain of 0.6%.Trump accused Iran of launching drone attacks on ships passing through the Strait of Hormuz, more than a week after Washington and Tehran signed an interim peace agreement that includes the reopening of the crucial waterway for crude oil shipments."This is a foolish violation of our ceasefire agreement," Trump said in a social media post Friday.The incident indicated that Iran retained some of its military capabilities, CNN reported, citing Trump.In a separate social media post, Trump threatened to impose a 100% tariff on all goods from any European country that implements a digital services tax on US companies."This tariff will supersede trade deals made with the country, whether implemented, signed, or not," Trump said.West Texas Intermediate crude oil was down 3.4% at $69.47 a barrel in Friday late-afternoon trade, while Brent fell 4.2% to $72.09. Both benchmarks were on track for weekly declines of more than 9%, with Brent headed for its sixth consecutive weekly fall."The deep and rapid drop in crude, which saw WTI drop to $69, has soothed global inflation angst -- but it hasn't cured it," Douglas Porter, chief economist at BMO Financial Group, said in a report. "Just as concerns over the oil shock are fading, the cost pressures from the ongoing (artificial intelligence) boom have leapt to the forefront."US Treasury yields were lower, with the two-year rate last down 3.7 basis points at 4.10% and the 10-year rate falling 1.9 basis points to 4.38%.Minneapolis Federal Reserve President Neel Kashkari said that an interest rate increase looks necessary this year."In March, I had penciled in one rate cut by the end of the year. In June, I've changed that to one rate hike by the end of the year," Kashkari, a Federal Open Market Committee voter this year, said during a panel discussion at the Aspen Ideas Festival, according to a CNBC report. "It's a pencil, and so we're going to have to see how the data comes in."The Fed is likely to maintain interest rates stable for the rest of the year as inflation looks set to ease, Morgan Stanley said Friday in a report."We believe tariff pass through is ending, paving the way for substantial disinflation in core goods over the next year, and the recently signed (memorandum of understanding) between the US and Iran has helped push oil prices back toward pre-conflict levels," Morgan Stanley Chief US Economist Michael Gapen wrote. "In addition, we look for further moderation in shelter inflation and some payback from residual seasonality into year end."US consumer sentiment increased in June amid moderating gasoline prices, while inflation expectations eased, a survey by the University of Michigan showed.In company news, IBM (IBM) shares rose 5.2%, the third-best performer on the Dow. The company's technology capable of producing chips smaller than one nanometer represents a "major moment" for the semiconductor industry amid increasing artificial intelligence workloads, Wedbush Securities said in a note on Friday.Microsoft rose 5.7%, the top gainer on the Dow.OpenAI is leaning toward delaying its initial public offering until next year, the New York Times reported Thursday, citing three people involved in the company's deliberations.Onsemi (ON) shares slid nearly 24%, the steepest drop on the S&P 500, after the chipmaker agreed to acquire semiconductor company Synaptics (SYNA) in a deal with an enterprise value of about $7 billion. Synaptics shares fell 3.7%.Gold was last seen up 1% at $4,088.20 per troy ounce, while silver advanced 1% to $58.93 per ounce.Spot gold was headed for its fourth weekly fall as expectations of US interest rate hikes combined with a stronger dollar weighed on the yellow metal.

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US Markets44d ago

American Tower Set to Outpace Competitors' Revenue Growth, RBC Says

American Tower (AMT) is positioned to outpace its competitors in organic revenue growth as the real estate investment trust benefits from positive trends at its CoreSite data center unit, RBC Capital Markets said in a note emailed Friday.The brokerage upgraded the rating on American Tower to outperform from sector perform and raised the price target to $205 from $195."Last month saw an uptick in investor enthusiasm around towers on the potential for a (low earth orbit)-driven terrestrial build-out," RBC analyst Jonathan Atkin said. "While this thesis has waned, and the tower sector has been pressured by the higher interest rate outlook, we expect (American Tower) to post the strongest US net organic tower growth compared with peers through (fiscal 2026)."Recent visits to CoreSite assets "support our upbeat view on the segment outlook," Atkin wrote.RBC raised the REIT's 2026 revenue estimate to $10.98 billion from $10.95 billion, while holding its 2027 forecast steady at $11.24 billion. The brokerage lifted adjusted funds from operations estimates for both 2026 and 2027, on a per-share basis.Earlier in June, American Tower terminated its collocation agreement with EchoStar (ECHO) unit DISH Wireless.American Tower's first-quarter results exceeded Wall Street's estimates at the end of April, driven by mobile data usage, cloud adoption and artificial intelligence workloads.The company's shares were up 3.6% in late Friday afternoon trading. They are down 0.5% so far this year.Price: $174.60, Change: $+5.88, Percent Change: +3.49%

$AMT

US Markets45d ago

Most Americans Support Policies That Would Improve Housing Affordability, Redfin Survey Shows

Most US residents back federal policies that would help lower housing costs, a survey by Redfin showed Friday, largely in line with the broad bipartisan support behind an affordable housing bill that was recently passed by Congress.Some 79% of Americans support tax breaks for first-time homebuyers, while 77% favor policies aimed at lowering housing costs, the online real estate brokerage said, citing its survey of 4,000 US residents.About three-quarters of Americans support caps on rent hikes, low-income housing initiatives, and down payment assistance programs, while 54% back policies that make it easy to build homes in their area, according to the report.Earlier this week, Congress passed the bipartisan 21st Century Road to Housing Act. The legislation, which is aimed at easing the national housing crisis by boosting supply and expanding affordable homeownership, among other measures, is stalled as President Donald Trump reportedly delays signing it."For over a decade, the prevailing view was that housing was a local issue best left to city councils and mayors," Redfin Chief Economist Daryl Fairweather said Friday. "But housing affordability has become a national crisis."While Democrats showed higher enthusiasm, support remains heavily bipartisan, as 83% of Democrats and 74% of Republicans back general affordability policies, while 85% of Democrats and 77% of Republicans favor first-time buyer tax breaks, the survey showed."By passing this bill out of the Senate Banking Committee 24-0, Republicans and Democrats alike showed that affordability is a priority," Fairweather said. "The great accomplishment of the bill itself is that it uses solutions like zoning reform and improved permitting to prove that government policies can make people better off without spending big."Earlier in the week, a Redfin report showed that US home prices increased 0.3% in May on a seasonally adjusted basis, the fastest monthly gain since January. Official data showed that new-home sales unexpectedly declined last month as prices moved higher.

US Markets45d ago

Wall Street Little Changed as Trump Accuses Iran of Violating Ceasefire Agreement

US benchmark equity indexes were little changed intraday as President Donald Trump claimed that Iran violated the ceasefire agreement.The Nasdaq Composite was up 0.1% at 25,390.4 after midday Friday, while the S&P 500 rose 0.1% to 7,367.4. The Dow Jones Industrial Average was just above the flatline at 51,922. Among sectors, healthcare paced the gainers, while industrials saw the biggest drop.Trump accused Iran of launching drone attacks on ships passing through the Strait of Hormuz, more than a week after Washington and Tehran signed an interim peace agreement that includes the reopening of the crucial waterway for crude oil shipments."This is a foolish violation of our ceasefire agreement," Trump said in a social media post Friday.Iran hit a vessel in the Strait of Hormuz on Thursday, disrupting evacuations of stranded seafarers, CNN reported.West Texas Intermediate crude oil was down 3.5% at $69.43 a barrel intraday, while Brent fell 4.2% to $72.12. Both benchmarks were on track for weekly declines of more than 9%, with Brent headed for its sixth consecutive weekly fall."Oil was on track for a weekly decline after transits through the Strait of Hormuz accelerated, although an attack on a cargo ship by an 'unknown projectile' has renewed concerns about safe passage through the vital waterway," Saxo Bank said in a report Friday.In a separate social media post, Trump threatened to impose a 100% tariff on all goods from any European country that implements a digital services tax on US companies."This tariff will supersede trade deals made with the country, whether implemented, signed, or not," Trump said.US Treasury yields were lower intraday, with the two-year rate down 4.1 basis points at 4.09% and the 10-year rate falling 1.7 basis points to 4.38%.Minneapolis Federal Reserve President Neel Kashkari said that an interest rate increase looks necessary this year."In March, I had penciled in one rate cut by the end of the year. In June, I've changed that to one rate hike by the end of the year," Kashkari, a Federal Open Market Committee voter this year, said during a panel discussion at the Aspen Ideas Festival, according to a CNBC report. "It's a pencil, and so we're going to have to see how the data comes in."The Fed is likely to maintain interest rates stable for the rest of the year as inflation looks set to ease, Morgan Stanley said Friday in a report."We believe tariff pass through is ending, paving the way for substantial disinflation in core goods over the next year, and the recently signed (memorandum of understanding) between the US and Iran has helped push oil prices back toward pre-conflict levels," Morgan Stanley Chief US Economist Michael Gapen wrote. "In addition, we look for further moderation in shelter inflation and some payback from residual seasonality into year end."US consumer sentiment increased in June amid moderating gasoline prices, while inflation expectations eased, a survey by the University of Michigan showed.In company news, IBM (IBM) shares were up 4.6% intraday, the second-best performer on the Dow. The company's technology capable of producing chips smaller than one nanometer represents a "major moment" for the semiconductor industry amid increasing artificial intelligence workloads, Wedbush Securities said in a note on Friday.Microsoft rose 4.7%, the top gainer on the Dow.OpenAI is leaning toward delaying its initial public offering until next year, the New York Times reported Thursday, citing three people involved in the company's deliberations.Onsemi (ON) shares slid nearly 24% intraday, the steepest drop on the S&P 500, after the chipmaker agreed to acquire semiconductor company Synaptics (SYNA) in a deal with an enterprise value of about $7 billion. Synaptics shares rose 0.2%.Gold was up 1.1% at $4,091.50 per troy ounce, while silver advanced 1.2% to $59.04 per ounce.Spot gold was headed for its fourth weekly fall as expectations of US interest rate hikes combined with a stronger dollar weighed on the yellow metal.

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US Markets44d ago

Update: Equity Markets Fall as Trump Says Iran Violated Ceasefire

Dow JonesNasdaq CompositeS&P 500$AAPL$IBM$MSFT$ON$SYNA