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Emirati Investor IHC Reports Surge in First-quarter Profit as Revenue Jumps 33%

International Holding Co. (ADX:IHC), d/b/a IHC, reported a year-on-year surge in first-quarter attributable profit on Wednesday, aided by a 33.2% jump in revenue.Net profit for the three months ended March 31 attributable to owners of the global investment company expanded to 5.07 billion dirhams from 1.47 billion dirhams a year ago. EPS moved to 2.32 dirhams from 0.67 dirham.The Abu Dhabi-listed holding company, which counts Alpha Dhabi (ADX:ALPHADHABI), Two Point Zero (ADX:2POINTZERO), and Al Seer Marine (ADX:ASM) among its subsidiaries, said revenue grew to 31.45 billion dirhams from 23.61 billion dirhams.The active investor-operator generated 10.8 billion dirhams in revenue from its real estate and construction holdings. Revenue from marine and dredging reached 6.9 billion dirhams, while energy and mining contributed 5.4 billion dirhams amid expansion across mining and energy activities.IHC's total assets stood at 445.3 billion dirhams, a 3.9% increase from the end of 2025. Return on equity improved to 17.8%, while total debt rose to 94.8 billion dirhams to fund the group's growth initiatives."The Group will continue to prioritise high-performing platforms, scale its presence across strategic sectors, and deepen integration across its Dynamic Value Networks to unlock further value," IHC said.

ADX:2POINTZEROADX:ALPHADHABIADX:ASMADX:IHC

US Markets48d ago

Shell Launches New $3 Billion Share Buyback as First-quarter Results Rise

Shell (SHEL.L, SHELL.AS) on Thursday announced a new share repurchase program as it reported a year-on-year increase in first-quarter results.The UK-headquartered oil and gas major launched a $3 billion share buyback for the next three months, following the recent completion of a previous $3.5 billion share repurchase. The group intends to complete the fresh buyback by the time it releases its second-quarter results.Additionally, Shell's board declared an interim dividend of $0.3906 per share for the quarter, up from $0.358 per share a year earlier.For the three months ended March 31, Shell's adjusted earnings amounted to $6.92 billion, up from the year-ago $5.58 billion, while income attributable to shareholders also rose to $5.69 billion from $4.78 billion. Growth was primarily attributed to increased contributions from trading and optimization, higher realized prices and refining margins, and reduced operating costs, partly offset by lower volumes.Cash flow from operating activities stood at $6.06 billion, compared with $9.28 billion a year earlier. Excluding working capital, cash flow from operations was $17.24 billion in the first quarter, up from $11.94 billion previously.For the second quarter, Shell forecasts integrated gas production to be between 580,000 barrels of oil equivalent per day and 640,000 boe/d. LNG liquefaction volumes are projected to be within the range of 6.8 million tonnes to 7.4 million tonnes. Meanwhile, upstream production is expected to come in within the 1.6 million boe/d to 1.8 million boe/d range and marketing sales volumes are anticipated to be between 2.5 million barrels per day and 2.7 million b/d.According to the company, the second-quarter outlook accounts for the impact of the Middle East conflict, including Qatar, and increased schedule of planned maintenance across its assets.Shell also highlighted its recent acquisition of Canada-based energy company ARC Resources, noting that the purchase is expected to add 370,000 barrels of oil equivalent per day, driving a 4% compound annual growth rate in production from 2025 through 2030.

$SHEL.L$SHELL.AS

US Markets48d ago

South Korea Foreign-Exchange Reserves Track Higher in April

South Korea's foreign-exchange reserves tracked in an upwards direction in April, and remained well above levels considered comfortable by international development agencies, reported the Bank of Korea on Thursday.The nation's foreign-exchange reserves logged at $427.9 billion in April, up $4.2 billion from March.The growth in South Korea's foreign-exchange reserves is due in part to the nation's surging export picture, and in particular global demand for semiconductors.South Korea's foreign-exchange reserves are sufficient to cover more than six months of imports. The level is about double the recommended standard of the International Monetary Fund (IMF), that nations keep foreign-exchange reserves on hand equal to three months of imports.In general, foreign-exchange reserves are assets held by a nation's central bank, generally denominated in US dollars or euros, including cash and non-domestic government bonds. Central bank gold hoards are also regarded as foreign reserves.Foreign-exchange reserves have several uses.South Korea's central bank can use the reserves to stabilize the domestic currency, the won, in foreign-exchange markets.For example, the Bank of Korea can use reserve US dollars to buy back won in foreign-exchange markets, resulting in less of the won on foreign-exchange markets and thus a relatively higher value. This can halt a currency slide.In addition, an ample amount of foreign reserves can help ensure a nation's financial stability, by allowing national governments to manage economic shocks and fund necessary imports in times of stress, such as oil or key technologies.Nations accrue foreign reserves by running trade surpluses, by inflows of money from offshore investments, by direct inward foreign direct investment, and, for some nations such as the Philippines, by remittances sent home by offshore workers.

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US Markets48d ago

Philippines' GDP Further Weakens to 2.8% in Q1

The Philippines' economy in the first quarter further shrank to its weakest since the pandemic as the Middle East conflict added more inflationary pressure, weakening consumption and investor confidence.The first-quarter gross domestic product rose 2.8% year on year, lower than the previous quarter's 3% rise, according to data the Philippine Statistics Authority published on Thursday.The GDP missed market expectations of a 3.3% growth, as well as ANZ's forecast of a 3.4% increase. Analysts polled by Reuters predicted a 3.5% rise.Household consumption climbed 3%, weaker than the 3.8% rise in the fourth quarter of 2025. Gross capital formation, the gauge for investment growth, fell 3.3%, reflecting a slump in investor confidence.In a press conference, Economic Planning Secretary Arsenio Balisacan attributed the current GDP to the effects of the Iran war on global crude prices, which have brought disruption in the international supply chain, according to a Reuters report.Meanwhile, there's improvement in government spending as it jumped 4.8% year on year, stronger than 0.7% in the previous quarter. Before 2025 ended, the government toned down its spending, especially on infrastructure, in the wake the "ghost projects" controversy, where the money allocated for non-existing flood control projects were questioned."Nonetheless, despite this tentative improvement in government spending, the Philippines' economy remains in a challenging position amid elevated inflation, weak growth and persistent external headwinds," ANZ economists Sanjay Mathur and Kausani Basak said in a note. "Overall, risks to near‑term growth remain skewed to the downside, particularly if inflation stays elevated or global geopolitical conditions deteriorate.'Moreover, wholesale and retail trade, especially the repair of vehicles and motorcycles, was one of the factors to the GDP growth, rising 4.6% from a year earlier. Financial and insurance activities jumped 3.4% and public administration and defense, especially compulsory social security, climbed 8.6%, the PSA said.Among key economic sectors, the services sector increased 4.5% year on year, but the agriculture sector slid 0.2%, while the industry sector inched 0.1% lower from a year earlier.Capital Economics said that the Philippines is currently going through stagflation, which is a combination of slowing and very weak GDP growth, which triggers a spike in inflation."Even if the crisis in the Middle East ends soon, the central bank looks almost certain to hike rates again imminently," Capital Economics said in a note.

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US Markets48d ago

Kakao's Q1 Profit Rises as Mobility, Payments Drive Platform Growth

Kakao (KRX:035720) posted a higher first-quarter net profit as strong growth in its platform and advertising businesses helped offset uneven performance in its content segment.Net profit rose 13% to 226.8 billion won from 200.3 billion won a year earlier.The South Korean internet company posted first-quarter net income attributable to shareholders of 171.7 billion won, little changed from 171.9 billion won a year earlier, according to a Thursday filing with the Korea Exchange.Revenue rose 11% to 1.94 trillion won from 1.75 trillion won, though the figure came in below the Visible Alpha estimate of 2.02 trillion won.Kakao's core platform division, which includes its mobility and Kakao Pay businesses, posted sales of 1.18 trillion won in the quarter, up 16% from a year earlier, supported by stronger advertising demand and growth in mobility and payment services.During an earnings call, Kakao's Chief Executive, Chung Shin-a, said the company plans to expand its agentic commerce business in the second half of the year, including AI-powered shopping services integrated into KakaoTalk."We are preparing with major vertical players, a proactive, end-to-end agent service that connects from search to payment," Chung said, according to Yonhap News Agency.She added that users are expected to experience an early version of Kakao's AI commerce service before the company's next earnings announcement.The company said domestic KakaoTalk monthly active users remained stable at about 49.6 million in the first quarter.Content revenue rose 4.7% to 759.4 billion won, supported by growth in its music and media businesses.Within content, stronger album sales and expanded global concerts lifted music revenue, while media revenue benefited from a higher number of titles contributing to revenue.Story revenue, however, remained under pressure amid weaker demand in Japan's manga market and softer gross merchandise value across platform and IP distribution businesses.

KRX:035720

US Markets48d ago

SK Telecom's Q1 Profit Falls Amid Data Breach

SK Telecom's (KRX:017670) attributable profit declined during the first quarter amid the effects of a data breach in the previous year.South Korea's largest wireless telecommunications operator posted net attributable profit of 322.4 billion won, down 11.5% from 364.4 billion won a year earlier, according to a Thursday filing with the Korea Exchange.Basic earnings per share slid to 1,490 won during the quarter from 1,689 won in the year-ago period. Analysts at Visible Alpha estimated diluted earnings per share at 1,297.15 won.Operating revenue slipped 1.4% year over year to 4.392 trillion won from 4.454 trillion won.Mobile service revenue declined 3% to 2.581 trillion won from 2.662 trillion won.Despite the fallout from the data breach in the first quarter of 2025, which led to the loss of about 600,000 subscribers during the period following a cyberattack on its main servers, the telco gained 210,000 handset subscribers in the first three months of 2026.SK Telecom also expanded membership benefits and restructured rates to win more subscribers, it said."These results are attributable to the company's commitment to placing customers at the core of its business and implementing a range of measures to strengthen fundamental competitiveness," SK Telecom said in a press release on Thursday.Broadband revenue grew 3.2% year over year to 1.150 trillion won from 1.114 trillion won as the number of high-speed internet subscribers grew.Artificial intelligence data center revenue surged 89% year over year to 131.4 billion won from 69.4 billion won on higher use rates of its data centers and better revenue contribution from its GPU-as-a-service segment.Operating expenses slipped year over year to 3.855 trillion won from 3.886 trillion won.Capital expenditure jumped 29% to 136.5 billion won from 106 billion won."Going forward, we will make every effort to restore our earnings by generating sustained results," Chief Financial Officer Park Jong-seok said in a statement.SK Telecom's shares declined over 2% in Thursday afternoon trade.

KRX:017670

US Markets48d ago

Bajaj Auto Delivers Strong Fourth-Quarter FY2026 Earnings; Warns of Geopolitical Headwinds

Bajaj Auto (NSE:BAJAJ-AUTO, BOM:532977) reported robust performance in the fourth quarter of fiscal year 2026, but signaled a cautious near-term outlook for its motorcycle segment amid the ongoing conflict in the Middle East.Fiscal Q4 net profit for the period ended March 31 rose to 27.5 billion rupees from 20.5 billion rupees a year earlier, according to the company's earnings report published late Wednesday.The figure beat analysts' forecast of 25.2 billion rupees, according to LSEG.Earnings per share climbed to 98.2 rupees from 73.3 rupees, while total operating revenue jumped to 160.1 billion rupees from 121.5 billion rupees in the previous year.Analysts surveyed by Visible Alpha expected EPS of 89.75 rupees and total revenue of 148.8 billion rupees.During the company's earnings call, Joint Managing Director Rakesh Sharma noted that the geopolitical crisis in Iran has caused inflationary pressures, leading to higher fuel costs and vehicle price hikes."The demand environment, it has softened in April due to general inflation, increased prices of our vehicles, LPG shortages, manpower migration, and the LPG shortage led effect on the consumer sentiment," Sharma said.The motorcycle division, which saw 20% growth in Q4, is projected to cool significantly, with growth expected to settle between 7% and 9% in the coming months.To offset the broader market slowdown, Bajaj Auto is banking on its premium portfolio and electric vehicle lineup."The electric category in both 3-wheelers and 2-wheelers will witness not just continuity of growth, but perhaps a further increase in growth," Sharma said.Analysts at Jefferies said Bajaj Auto's margins rose higher than their forecast."While rising commodity prices pose some headwind to near-term margins, Bajaj has demonstrated the capability to deliver strong profitability, especially with its diversified portfolio," Jefferies said in a note to clients.Bajaj Auto disclosed plans to repurchase shares worth 56.3 billion rupees for 12,000 rupees per share, its biggest buyback to date.The company also recommended a dividend of 150 rupees per share to be paid out by July 24 to investors registered by May 29.

BOM:532977NSE:BAJAJ-AUTO

US Markets48d ago

BOJ Minutes Show Growing Support for Rate Hikes Amid Iran Oil Shock

Bank of Japan policymakers discussed the need for further interest rate increases if oil price shocks from the Iran conflict become prolonged and feed into broader inflation, minutes from the bank's March 18-19 meeting showed Thursday.The March meeting was the BOJ's first policy gathering after the U.S.-Israeli strikes on Iran in late February. The board kept its short-term policy rate unchanged at 0.75% but maintained a tightening bias as surging oil prices added to inflation pressure from the weak yen.Several members warned the central bank could not ignore the risk that higher energy costs may lift inflation expectations and encourage companies to continue passing on rising costs. One policymaker called for raising rates "without long intervals," while another said the BOJ should tighten policy "without hesitation" if the economy remained resilient despite the Middle East conflict.The minutes showed many members viewed the oil shock as temporary and said the BOJ should largely look through short-term supply-driven price increases. But policymakers also warned that a prolonged conflict could trigger second-round effects on underlying inflation, requiring a monetary policy response.The discussion reflected the BOJ's growing concern over upside inflation risks. Governor Kazuo Ueda said after the March meeting that policymakers were paying closer attention to inflation risks than downside risks to growth, while warning that rising crude prices and yen weakness could push prices higher than expected.The hawkish tone strengthened further at the BOJ's April 29-30 meeting, when three of nine board members proposed raising rates to 1.0%, the largest number of dissents since 2016. The central bank also sharply raised its inflation forecasts and warned firms were becoming more willing to pass on higher costs."While the BOJ kept rates on hold, the three dissenting votes highlight the tensions monetary officials face," Fred Neumann, chief Asia economist at HSBC in Hong Kong, was quoted by Reuters as saying after the April meeting."Given elevated inflation expectations in Japan, which have increased further due to the energy crisis, the BOJ will need to raise interest rates in due course to prevent price pressures from building further," Neumann added.

Nikkei 225

US Markets48d ago

Nasdaq, S&P 500 Hit New Highs as Iran Deal Prospects Brighten

The Nasdaq Composite and the S&P 500 climbed to new peaks and oil prices tumbled on Wednesday following reports about the US and Iran nearing a potential peace agreement.The Nasdaq Composite rose 2% to 25,838.9, while the S&P 500 advanced 1.5% to 7,365.1, recording their highest close ever and biggest one-day percentage gains since April 8. The Dow Jones Industrial Average gained 1.2% to settle at 49,910.6.Barring energy and utilities, all sectors ended in the green, led by industrials and technology, which gained 2.6% each.West Texas Intermediate crude was last down 6.9% at $95.20 per barrel, while Brent slumped 7.7% to $101.40.American and Iranian officials are close to a one-page memorandum of understanding to end the war and establish a framework for nuclear negotiations, Axios reported Wednesday, citing sources."A deal announcement would move futures further immediately, in fact even the potential of a deal is already triggering a decline in oil prices," Rystad Energy Chief Oil Analyst Paola Rodriguez-Masiu said in remarks emailed to.The physical market's recovery won't be as quick as the futures market predicts, Rodriguez-Masiu said, pointing to a six-to-eight-week lag between the strait reopening and oil flows normalizing.US President Donald Trump said the US has had "very good talks" with Iran over the past 24 hours, but there is no deadline on when he expects Tehran to respond to a US proposal to end the war, CNN reported.Trump warned that Iran's failure to agree to a deal would trigger a powerful military operation, according to his social media post from earlier in the day.Iran said it was reviewing the latest US proposal, according to news reports.US Treasury yields were lower, with the 10-year rate down 7.8 basis points at 4.35% and the two-year rate falling 7.4 basis points to 3.88%.In company news, Advanced Micro Devices (AMD) shares surged nearly 19%, among the best performers on the S&P 500.Late Tuesday, the chipmaker reported stronger-than-expected first-quarter results as demand for artificial intelligence infrastructure pushed data center revenue higher year over year.Advanced Micro Devices is expected to capture about half of the total addressable market for server central processing units, which the company expects will exceed $120 billion by 2030, BofA Securities said.Walt Disney's (DIS) fiscal second-quarter results came in ahead of market estimates Wednesday amid revenue gains across all business operations, while the media and entertainment giant reiterated its expectations for growth to accelerate in the second half. Disney's shares climbed 7.5%, the top performer on the Dow.Nvidia (NVDA) followed Disney on the Dow, up 5.8%. Specialty glass maker Corning (GLW) will boost its optical connectivity manufacturing capacity under a multiyear partnership with the chipmaking giant to support AI factory buildouts. Corning shares jumped 12%.Arista Networks (ANET) shares tumbled nearly 14%, among the worst S&P 500 performers. Late Tuesday, the cloud networking company issued a second-quarter revenue outlook slightly below market estimates.In economic news, employment in the US private sector grew at its fastest pace in more than a year in April, ADP (ADP) data showed."The uptick in private payroll gains from the ADP employment report not only suggests a stable labor market, but one that was potentially warming despite the outbreak of the war in Iran," Oxford Economics said in a note. "If this signal is echoed in the official measure on Friday, the unemployment rate is likely to fall given the low break-even rate, which we estimate is near zero."Data from the Bureau of Labor Statistics are expected to show Friday that the US economy added 65,000 nonfarm jobs last month, which would represent a fall from a 178,000 increase reported for March, according to a Bloomberg-compiled survey. The unemployment rate is seen unchanged at 4.3%.St. Louis Fed President Alberto Musalem said Wednesday that risks have shifted toward higher inflation."We have risks both on the employment side and on the inflation side," Musalem said at a Mississippi Bankers Association event, according to a Reuters report. "In my understanding risks have been shifting towards ... the inflation side."Gold rose 3.1% to $4,708.50 per troy ounce, while silver climbed 6.1% to $78.05 per ounce.

Dow JonesNasdaq CompositeS&P 500$ADP$AMD$ANET$DIS$GLW$NVDA

US Markets48d ago

DoorDash Tops First-Quarter Earnings Estimates Amid Record Membership Sign-Ups

DoorDash (DASH) late Wednesday reported first-quarter earnings ahead of Wall Street's estimates as the food delivery company achieved record membership sign-ups.Earnings per share fell to $0.42 during the March quarter from $0.44 a year earlier, while revenue advanced 33% to $4.04 billion. Analysts polled by FactSet expected EPS of $0.36 on revenue of $4.15 billion.DoorDash's shares surged 12% in after-hours activity. The stock is down about 26% since the start of the year through Wednesday's close."In (first quarter) 2026, continued product improvements and healthy consumer demand trends helped drive record membership signups, a new high for monthly active users, and strong consumer engagement across our marketplaces," the company said in a statement.Growth in DashPass members in the US accelerated, buoyed by sign-ups and reduced churn, according to the company. Internationally, DashPass, Wolt+ and Deliveroo Plus members also grew.DoorDash acquired UK-based food delivery company Deliveroo in October 2025.Marketplace gross order value -- the total value of all orders completed on its marketplaces, including taxes, tips and membership fees -- climbed 37% annually to $31.6 billion, above expectations for $31.50 billion.Orders grew 27% to 933 million, driven by an increase in the number of consumers, DoorDash said. The market was expecting 954.1 million in total orders.DoorDash forecast second-quarter marketplace gross order value between $32.40 billion and $33.40 billion, compared with market expectations of $32.43 billion.

$DASH

US Markets48d ago

New Home Listings Growth Outpaces Sales For First Time in 2026, Zillow Says

New for-sale home listings in the US grew at a faster rate annually than sales for the first time this year as elevated mortgage rates stalled recovery, Zillow Group (Z, ZG) said Wednesday.New listings rose 2.1% year over year to 426,356 units in April, while sales eased 0.4% to 323,631 units, according to the real estate marketplace. Active inventory increased 3.7% last month, putting the total number of for-sale homes at 1.3 million."The spring rebound we anticipated at the start of the year and that produced the stronger sales figures in March was put on pause in April by higher rates," Zillow Chief Economist Mischa Fisher said. "Still, someone who held off in 2025 hoping conditions would improve has seen that improvement."Last week, the average interest rate for 30-year fixed mortgages with conforming loan balances of $832,750 or less increased to 6.45% from 6.37% sequentially, a report by the Mortgage Bankers Association showed Wednesday.The monthly mortgage payment on a typical home in the US dropped 3.4% annually to $1,829 last month, while home values rose 0.7% to $366,712, Zillow said.The share of listings with a price reduction was 23.5% in April, down one percentage point from a year earlier, but up 0.9 percentage point sequentially.Despite the recent rise in mortgage rates, buyers who waited out the market of 2025 are entering on slightly better terms this spring, with more options, improved affordability and a little more decision time, according to Zillow."With more homes to choose from and lower monthly costs than a year ago, the math has shifted in favor of buyers even if the moment may not feel like it," Fisher said. "There's still plenty of reason for optimism that we will see a quick rebound if rates cooperate."On Tuesday, government data showed that new-home sales in the US grew past Wall Street's estimates for March, driven by a demand surge in the Northeast region.Price: $44.82, Change: $+1.28, Percent Change: +2.94%

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US Markets48d ago

Oil Prices Fall as US-Iran Seen Closing in on Deal Terms

Crude prices declined Wednesday amid prospects of a diplomatic breakthrough between the US and Iran.Brent tumbled 7.1% to $102.06 per barrel, having hit $96.75 earlier in the day. West Texas Intermediate crude futures were last down 6.7% at $95.44.American and Iranian officials are close to a one-page memorandum of understanding to end the war and establish a framework for future nuclear negotiations, Axios reported Wednesday, citing sources.The proposed MoU would include Iran committing to a moratorium on nuclear enrichment, with the US agreeing to ease sanctions and release frozen Iranian funds, according to the report. Both sides would lift restrictions on shipping through the Strait of Hormuz."A deal announcement would move futures further immediately, in fact even the potential of a deal is already triggering a decline in oil prices," Rystad Energy Chief Oil Analyst Paola Rodriguez-Masiu said in remarks emailed to.The physical market's recovery won't be as quick as the futures market predicts, Rodriguez-Masiu said, pointing to a six-to-eight-week lag between the strait reopening and oil flows normalizing."Global markets should not mistake a ceasefire headline for a supply headline," Rodriguez-Masiu said.US President Donald Trump said late Tuesday that he would pause "Project Freedom," an effort to guide ships through the Strait of Hormuz, citing "great progress" made toward a final agreement with Iran.Trump, however, warned on Wednesday that Iran's failure to agree to a deal would trigger a powerful military operation.The broader regional conflict paused following two separate ceasefires; one between Washington and Tehran and the other involving Israel and Lebanon.

US Markets48d ago

Equity Markets Rise Intraday, Oil Plunges Amid US-Iran Peace Deal Optimism

US benchmark equity indexes were higher intraday, while oil prices tumbled as investors reacted to reports saying that Washington and Tehran are nearing a potential agreement to end the war.The Nasdaq Composite was up 1.6% at 25,726 after midday Wednesday, while the S&P 500 advanced 1.1% to 7,339.3. Both indexes were on track for back-to-back record-high closings. The Dow Jones Industrial Average rose 1% to 49,792.1.Among sectors, industrials was outperforming with a 2.2% gain, while energy saw the steepest drop of 4.1%.West Texas Intermediate crude was down 6.6% at $95.57 per barrel, while Brent slumped 7% to $102.20.The US is nearing a deal with Iran on a one-page memorandum of understanding to end their conflict in the Middle East and establish a framework for more detailed nuclear negotiations, Axios reported Wednesday, citing two US officials and two other sources familiar with the matter.The two countries are moving closer to an agreement on a short memorandum to end the war, CNN also reported, citing a regional source familiar with the negotiations."Traders in the US woke up to see some real excitement in the markets today caused by the (Axios) news," Macquarie said in a note. "The good news, for now, is that the same sources that leaked the existence of a deal to Axios said this was the closest the parties had been to an agreement since the war began."US President Donald Trump issued a fresh warning to Iran, saying the "bombing starts" again if a deal is not reached."Assuming Iran agrees to give what has been agreed to, which is, perhaps, a big assumption, the already legendary Epic Fury will be at an end, and the highly effective blockade will allow the Hormuz Strait to be open to all, including Iran," Trump said in a social media post.Iran said it is still reviewing the latest US proposal, according to news reports.US Treasury yields were lower intraday, with the 10-year rate down 7.4 basis points at 4.36% and the two-year rate falling 7.2 basis points to 3.88%.In company news, Advanced Micro Devices (AMD) shares surged nearly 17%, among the best performers on the S&P 500. Late Tuesday, the chipmaker reported stronger-than-expected first-quarter results as demand for artificial intelligence infrastructure pushed data center revenue higher year over year.Walt Disney's (DIS) fiscal second-quarter results came in ahead of market estimates Wednesday amid revenue gains across all business operations, while the media and entertainment giant reiterated its expectations for growth to accelerate in the second half. Disney's shares climbed 6.5%, the top performer on the Dow.Nvidia (NVDA) followed Disney on the Dow, up 4.5%. Specialty glass maker Corning (GLW) will boost its optical connectivity manufacturing capacity under a multiyear partnership with chipmaking giant to support AI factory buildouts. Corning shares jumped 14%.Arista Networks (ANET) shares tumbled 16%, among the worst S&P 500 performers. Late Tuesday, the cloud networking company issued a second-quarter revenue outlook slightly below market estimates.Arm (ARM), Applovin (APP), DoorDash (DASH) and Warner Bros. Discovery (WBD) are expected to report after the closing bell Wednesday, along with others.In economic news, employment in the US private sector grew at its fastest pace in more than a year in April, ADP (ADP) data showed."The uptick in private payroll gains from the ADP employment report not only suggests a stable labor market, but one that was potentially warming despite the outbreak of the war in Iran," Oxford Economics said in a note. "If this signal is echoed in the official measure on Friday, the unemployment rate is likely to fall given the low break-even rate, which we estimate is near zero."Data from the Bureau of Labor Statistics are expected to show Friday that the US economy added 65,000 nonfarm jobs last month, which would represent a fall from a 178,000 increase reported for March, according to a Bloomberg-compiled survey. The unemployment rate is seen unchanged at 4.3%.Gold rose 2.8% to $4,695.90 per troy ounce, while silver climbed 5.3% to $77.48 per ounce.

Dow JonesNasdaq CompositeS&P 500$ADP$AMD$ANET$APP$ARM$DASH$DIS$GLW$NVDA$WBD

US Markets49d ago

Burger King Parent Restaurant Brands' First-Quarter Earnings, Revenue Top Street Views

Restaurant Brands International's (QSR) first-quarter earnings and revenue topped Wall Street's estimates Wednesday, while the restaurant operator's comparable sales growth was in line with consensus.The Burger King parent's adjusted earnings rose to $0.86 a share in the quarter through March 31 from $0.75 a year earlier, while revenue climbed 7.4% to $2.26 billion. Those results surpassed the Street's projections for $0.83 and $2.24 billion, respectively. Comparable sales grew 3.2%, matching the Street's views. Net restaurant growth was 2.6% versus a 3.3% increase a year earlier.The company's shares were down 5.5% in afternoon trade. So far in 2026, the stock has gained roughly 13% in value.First-quarter comparable sales grew 1.6% at the Tim Hortons brand, 5.8% at Burger King, and 5.7% at the international segment. The Firehouse Subs saw a 0.5% drop, while Popeyes plunged 6.5%."Tim Hortons and international each delivered their 20th consecutive quarter of positive comparable sales," Chief Executive Josh Kobza said in a statement. "At Burger King, our results reflect several years of hard work by our franchisees and teams."Restaurant Brands is on course to repurchase roughly $500 million in shares for 2026, Chief Financial Officer Sami Siddiqui said on an earnings conference call, according to a FactSet transcript."We are closely monitoring beef costs and expect normalization over time, with relief now anticipated closer to 2027," Siddiqui told analysts.The company continues to expect comparable sales growth of more than 3% from 2024 to 2028 and reach net restaurant growth north of 5% towards the end of its algorithm period.Restaurant Brands is on track to deliver about 1,800 net new restaurants a year by 2028, Siddiqui said. "We are continuing to simplify the business and have a path to sunset Restaurant Holdings by the end of 2027."Price: $77.08, Change: $-4.59, Percent Change: -5.62%

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US Markets49d ago

Corning to Expand Optical Connectivity Capacity Under Nvidia Deal

Specialty glass maker Corning (GLW) will boost its optical connectivity manufacturing capacity under a multiyear partnership with Nvidia (NVDA) to support artificial intelligence factory buildouts.The deal includes the construction of three new facilities in North Carolina and Texas, according to a joint statement released Wednesday. The expansion is expected to create more than 3,000 jobs.The partnership will boost Corning's optical connectivity manufacturing capacity in the US by 10 times and its domestic fiber production capacity by more than 50%.Shares of Corning surged 12% in Wednesday trade, while Nvidia was up 4.4%. Corning's share price has more than doubled year to date, while Nvidia is tracking 10% higher so far this year.Corning's expanded capacity will allow hyperscale data centers to deploy Nvidia-accelerated computing at scale, the companies said.Modern AI workloads require thousands of Nvidia's graphics processing units, and as AI factories grow larger, "optical connectivity becomes an important component of the AI infrastructure," according to the statement.Corning issued warrants to Nvidia, giving the chipmaker an option to buy up to 15 million shares of Corning at $180 per share, according to a filing from the specialty glass and fiber-optics maker. Nvidia also received a pre-funded warrant to purchase up to 3 million common shares for a total price of $500 million.The warrants are exercisable at any time, the filing showed.In January, Meta Platforms (META) and Corning announced an up to $6 billion deal to accelerate the buildout of US data centers.Corning is looking at building a $10 billion revenue stream by 2030, Chief Executive Wendell Weeks said in a separate statement on Wednesday.Price: $204.42, Change: $+7.92, Percent Change: +4.03%

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US Markets49d ago

April Private Sector Hiring Logs Fastest Growth Pace Since January 2025, ADP Says

Employment in the US private sector grew at its fastest pace in more than a year in April, ADP (ADP) data showed Wednesday, ahead of the official jobs report due later in the week.Private jobs advanced by 109,000 last month, representing the fastest growth pace since January 2025, payrolls processing firm ADP said. The consensus was for a 120,000 increase in a Bloomberg-compiled survey.The number of jobs added in March was revised down to 61,000 from 62,000, according to ADP data."The uptick in private payroll gains from the ADP employment report not only suggests a stable labor market, but one that was potentially warming despite the outbreak of the war in Iran," Oxford Economics Senior US Economist Matthew Martin said in a report emailed to. "If this signal is echoed in the official measure on Friday, the unemployment rate is likely to fall given the low break-even rate, which we estimate is near zero."Data from the Bureau of Labor Statistics are expected to show Friday that the US economy added 65,000 nonfarm jobs in April, which would represent a fall from a 178,000 increase reported for March, according to a Bloomberg-compiled survey. The unemployment rate is seen unchanged at 4.3%.The services sector added 94,000 jobs last month, led by a 61,000 jump in education and health services, ADP said. Trade, transportation and utilities rebounded to a 25,000 increase, while professional and business services saw an 8,000 drop. Employment in the goods-producing sector grew by 15,000 jobs."Small and large employers are hiring, but we're seeing softness in the middle," ADP Chief Economist Nela Richardson said. "Large companies have resources to deploy, and small ones are the most nimble, both important advantages in a complex labor environment."Large and small companies hired a total of more than 100,000 people in April, while medium-sized companies added 2,000 jobs, according to ADP.Annual wage growth slowed slightly to 4.4% for job-stayers on a sequential basis, while compensation gains were steady at 6.6% for job changers, the report showed.On Tuesday, the BLS reported that job openings slipped in March, while hiring rose.Price: $207.19, Change: $-3.41, Percent Change: -1.62%

$ADP

US Markets49d ago

CVS Health Raises 2026 Outlook After First-Quarter Beat

CVS Health (CVS) raised its full-year earnings outlook after reporting better-than-expected first-quarter results driven by improvement in its health-care benefits segment.The company raised its 2026 adjusted earnings guidance to $7.30 to $7.50 a share from its previous projection of $7 to $7.20. The consensus on FactSet is $7.16."We are also updating our outlook for full-year cash flow from operations to at least $9.5 billion, reflecting improved underlying performance, primarily related to working capital in our health-care benefits segment," Chief Financial Officer Brian Newman said on the earnings call, according to a FactSet transcript.The stock jumped 7.3% in Wednesday trading and has gained 9.1% this year.CVS maintained its medical benefit ratio guidance, which represents the percentage of premiums spent on medical benefits."This outlook continues to maintain the same respectful and prudent view on medical cost trends until we have greater visibility into how those trends are developing in our pharmacy and consumer wellness segment," Newman said.In the first quarter, adjusted EPS rose to $2.57 from $2.25 a year earlier as revenue climbed 6.2% to $100.43 billion. Wall Street expected EPS of $2.18 on revenue of $94.97 billion.Sales in the health care benefits segment advanced 3.3% to $35.97 billion. "This increase was primarily driven by our government business, partially offset by our exit from the individual exchange business in 2026," Newman said.Revenue in the health-services segment rose 11% to $48.24 billion, while pharmacy and consumer wellness was little changed at $31.99 billion.Price: $86.61, Change: $+5.92, Percent Change: +7.34%

$CVS

US Markets49d ago

Uber Issues Upbeat Bookings Outlook as First-Quarter Earnings Rise

Uber Technologies (UBER) on Wednesday issued a bookings growth outlook that surpassed Wall Street's estimates, while the ride-hailing company's first-quarter profit grew year-on-year.The company expects bookings of $56.25 billion to $57.75 billion for the current quarter, implying an increase of 18% to 22% year over year on a constant currency basis. Analysts in a FactSet survey were looking for gross bookings of $56.17 billion.Uber expects non-GAAP earnings of $0.78 to $0.82 per share for the second quarter, representing growth of 31% to 38%. The FactSet-polled consensus indicates $0.79.The company's first-quarter adjusted EPS rose to $0.72 from $0.50 a year earlier, compared with the Street's $0.69 estimate. Bookings gained 25% to $53.72 billion, exceeding the consensus estimate of $52.8 billion."We are off to an exceptional start to 2026, with gross bookings growth exceeding 21% for the third consecutive quarter and earnings scaling at more than twice our topline," Chief Financial Officer Balaji Krishnamurthy said in a statement.Shares of Uber were up 8.6% in Wednesday trade. The stock is down 3% so far this year.Mobility bookings accelerated to 28%, while delivery grew 23%, led by grocery and retail, Chief Executive Dara Khosrowshahi said during an earnings call, according to a FactSet transcript. Freight bookings returned to growth for the first time in nearly two years, he said.Trips in the first quarter increased 20%, while monthly active platform consumers grew 17%, the company said. Revenue jumped 14% on reported basis and 10% on a constant currency basis to $13.20 billion, comparted with analysts' $13.28 billion view.Price: $76.91, Change: $+3.96, Percent Change: +5.42%

$UBER

US Markets49d ago

Walt Disney Quarterly Results Beat Estimates; Reiterates Expectations for Growth Acceleration

Walt Disney's (DIS) fiscal second-quarter results came in ahead of market estimates amid revenue gains across all business operations, while the media and entertainment giant reiterated its expectations for growth to accelerate in the second half.The company on Wednesday reported adjusted earnings of $1.57 per share for the quarter ended March 28, up from $1.45 the year before, topping the FactSet-polled consensus of $1.49. Revenue improved 7% to $25.17 billion, surpassing the Street's view for $24.87 billion.The stock rose 4.2% in the most recent premarket activity."We remain focused on executing our long-term growth strategy," Chief Executive Josh D'Amaro and Chief Financial Officer Hugh Johnston said in prepared remarks. "Our creative and operational momentum drove strong quarterly results, and we continue to expect growth to accelerate in the second half of the fiscal year."D'Amaro assumed the CEO role in March, succeeding Robert Iger, who will remain as a senior adviser and board member until the end of the year.For fiscal 2026, the media and entertainment giant anticipates adjusted EPS to grow by 12%, excluding the impact of the 53rd week, and 16% when including that week. It previously projected the metric to rise by double digits. For fiscal 2027, Disney reiterated its guidance for double-digit adjusted EPS growth.The current average analyst estimate on FactSet is for non-GAAP EPS of $6.63 and $7.35 for fiscal 2026 and 2027.For the second quarter, revenue in the entertainment division climbed 10% to $11.72 billion, amid a revenue gain of 13% in subscription video-on-demand services, driven by "improved monetization" following last year's rate adjustments and volume growth, according to D'Amaro and Johnston. Subscription and affiliate fees inclined 14%.Experiences revenue moved 7% higher to $9.49 billion, with global guests, which aggregates domestic and international parks attendance along with passenger cruise days, up 2% on a yearly basis, D'Amaro and Johnston said. Domestic and international parks and experiences grew 6% and 11%, respectively, to $6.92 billion and $1.6 billion, while consumer products sales inclined 3% to $974 million.Attendance at domestic parks ticked down 1% on a sequential basis, "reflecting, in part, continued softness in international visitation," according to D'Amaro and Johnston.The company is beginning to lap attendance headwinds faced in domestic parks over the past year, the executives noted. "While we acknowledge the potential impact of heightened global macro uncertainty on consumers, we are encouraged by current demand and expect year-over-year attendance at our domestic parks in (the third quarter) to show improvement compared to (second-quarter) results," they added.Disney's sports division ticked up to $4.61 billion from $4.53 billion in the prior-year quarter. For the ongoing three-month period, the company expects the segment's operating income to decline by about 14% on an annual basis. The metric was down 5% in the second quarter.

$DIS

US Markets49d ago

Stocks Rise Pre-Bell, Oil Prices Fall After Report Says US, Iran Nearing Peace Agreement

The main US stock measures were pointing higher in Wednesday's premarket activity, while oil prices declined after a media report said the US and Iran are nearing a potential agreement to end their conflict.The S&P 500 and the Dow Jones Industrial Average rose 0.7% each before the opening bell, while the Nasdaq advanced 1.2%. The indexes finished the previous trading session in the green, with the S&P 500 and the Nasdaq closing with new highs.Washington is nearing an agreement with Tehran on a one-page memorandum of understanding to end their conflict in the Middle East and establish a framework for more detailed nuclear negotiations, Axios reported Wednesday, citing two US officials and two other sources familiar with the matter.In a social media post on Tuesday, President Donald Trump said the US is temporarily pausing "Project Freedom," its effort to guide neutral ships locked up in the Strait of Hormuz out of the crucial waterway. Trump noted that the US blockade on Iranian ports will remain in effect.US Defense Secretary Pete Hegseth reportedly said Tuesday that the ceasefire agreement with Iran remained intact despite recently renewed tensions in the Gulf region.West Texas Intermediate crude oil dropped 9.3% to $92.88 a barrel in premarket action, while Brent fell 8.3% to $100.77.Treasury yields slipped before the open, with the two-year rate retreating 7.3 basis points to 3.87% and the 10-year rate off 6.8 basis points to 4.35%.Walt Disney (DIS), Uber Technologies (UBER), CVS Health (CVS), Marriott International (MAR), Johnson Controls International (JCI), Restaurant Brands International (QSR), Kraft Heinz (KHC) and Performance Food Group (PFGC) are some of the major companies scheduled to report their latest financial results before the bell, among others.Arm Holdings (ARM), Applovin (APP), DoorDash (DASH) and Warner Bros. Discovery (WBD) post earnings after the markets close.Shares of Advanced Micro Devices (AMD) jumped 18% pre-bell after the chipmaker reported stronger-than-expected first-quarter results. Novo Nordisk's (NVO) US-listed stock climbed 7.5% as the Danish pharmaceutical giant issued an improved full-year sales outlook. Arista Networks (ANET) declined 8.1% after it issued a downbeat second-quarter revenue outlook.Wednesday's economic calendar has the weekly mortgage applications bulletin at 7 am ET, followed by the ADP Employment report for April at 8:15 am. The weekly EIA domestic petroleum inventories report is out at 10:30 am.Federal Reserve Bank of St. Louis President Alberto Musalem is slated to speak at 9:30 am, while Chicago Fed President Austan Goolsbee speaks at 1 pm.Gold increased 3.1% to $4,710 per troy ounce, while bitcoin moved up 0.8% to $82,210.

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US Markets48d ago

Nasdaq, S&P 500 Hit New Highs as Iran Deal Prospects Brighten

Dow JonesNasdaq CompositeS&P 500$ADP$AMD$ANET$DIS$GLW$NVDA