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UCB to Buy Candid Therapeutics for Up to $2.2 Billion to Bolster Immunology Portfolio

UCB (UCB.BR) seeks to fortify its immunology portfolio by agreeing to purchase privately held biotechnology company Candid Therapeutics in a deal worth up to $2.2 billion.The Belgian biopharmaceutical company will buy Candid Therapeutics for $2 billion upfront, with an additional payment of up to $200 million contingent on potential future milestones, according to a Sunday release. The deal is expected to close between the end of the second quarter and early third quarter, pending customary closing conditions.The transaction is expected to have "manageable" financial impact and will not necessitate a revision of UCB's 2026 outlook, the company said. UCB maintained its full-year guidance of high single-digit to low double-digit revenue expansion on a constant currency basis.As part of the proposed transaction, UCB will acquire Candid Therapeutics' lead asset, cizutamig, a bispecific antibody targeting B-cell maturation antigen (BCMA) on plasma cells and CD3 on T-cells. The investigational drug is currently undergoing phase 1 development for various autoimmune diseases."This exemplifies the next wave of therapies to treat immune mediated diseases and reflects our commitment to setting new standards to achieve immune reset. We consider cizutamig as a potential transformative asset that complements our existing programs and is poised to redefine treatment expectations for severe, underserved immune-mediated diseases, offering the potential to deliver meaningful improvements in patient outcomes and quality of life," UCB Chief Executive Officer Jean-Christophe Tellier said.UCB's stock was down 1% in Brussels by Monday midday.

$UCB.BR

US Markets5d ago

Philippine Manufacturing Activity Contracts on Middle East War Impact

Philippine manufacturing turned contractionary in April as the war in the Middle East reduced buying activity, new orders, and staffing numbers.S&P Global's Manufacturing Purchasing Managers' Index for the Philippines posted 48.3 in April compared with an expansion of 51.3 in March.A reading of above 50 denotes expansion, while a reading below 50 means a contraction.The indicator fell to negative territory for the first time since November due to a decline in new orders.New export orders plunged to their steepest since the middle of 2020 amid closures of trade routes, which caused shipping halts, causing consumers to hesitate, S&P said.Deteriorating export market demand also dragged down total new sales, S&P Global Market Intelligence economist Maryam Baluch said."The decline in total new sales led Filipino manufacturers to see a stagnation in production levels in April," the debt watcher said in its report.Exporters have also reduced their working days to as short as three days per week from six on a shortage orders in the garment, food, handicrafts and furniture sectors, The Philippine Star reported April 16, citing a survey by the Philippine Exporters Confederation.Staffing levels slipped due to "modest" job cuts during the month, according to S&P.Philippine manufacturers have turned to inventory to keep up with production requirements amid a decline in new orders and an increase in input and shipping prices, S&P said.Despite the shortfalls, business confidence rose to a 17-month high as investors are bullish about a growing client base and improvements in underlying demand trends, the debt watcher said.

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US Markets5d ago

Taiwan's Manufacturing Activity Expands at Fastest Pace Since December 2021, S&P Global Says

Taiwan's manufacturing sector strengthened in April, with the S&P Global Taiwan Manufacturing Purchasing Managers' Index (PMI) rising to 55.3, the highest level since December 2021.The PMI increased from 53.3 in March, signaling a fifth consecutive month of expansion and a sharper improvement in business conditions.The rise was driven by stronger output and new business, with firms citing higher demand as well as efforts to build inventories ahead of expected supply disruptions and price increases linked to the Middle East conflict."The war contributed to the greatest disruption to supply chains since the COVID-19 pandemic and a substantial rise in input costs at the start of Q2," said Annabel Fiddes, Economics Associate Director at S&P Global Market Intelligence.Taiwanese manufacturers reported a sharp increase in new orders, including export demand from the U.S., Europe, mainland China, Japan, and Southeast Asia, with stockpiling activity supporting growth.Purchasing activity rose at one of the fastest rates in nearly four-and-a-half years, although supplier delivery times lengthened at the quickest pace in just over four years, reflecting heightened supply chain strain.Input prices increased at one of the fastest rates since the survey began in 2004, driven by higher raw material and energy costs, while output charges rose at the steepest pace since late 2021 as firms passed on cost pressures."Expenses rose at one of the fastest rates since the survey began 22 years ago amid widespread reports of supplier price hikes, with rising oil prices a key driver of inflation. These higher costs were often passed on to clients, with selling prices also rising at a substantial pace," Fiddes added.Employment declined slightly as firms chose not to replace voluntary leavers, while backlogs of work increased at one of the quickest rates since late 2021.Business confidence remained positive but eased to a three-month low, with firms citing uncertainty linked to the Middle East conflict, according to S&P Global.The strength in manufacturing aligns with broader economic momentum, as Taiwan's gross domestic product expanded 13.7% year-on-year in the first quarter, driven by strong external demand tied to artificial intelligence, according to the Directorate General of Budget, Accounting and Statistics.

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US Markets5d ago

ADB Pledges $70 Billion For Energy, Digital Networks Across APAC as Middle East Conflict Batters Outlook

The Asian Development Bank is committing $70 billion to support new energy and digital infrastructure initiatives across the Asia-Pacific region by 2035.ADB President Masato Kanda announced the pledge on Sunday during the lender's annual meeting in Uzbekistan."Energy and digital access will define the region's future," said Kanda. "These two initiatives build the systems Asia and the Pacific need to grow, compete, and connect. By linking power grids and digital networks across borders, we can lower costs, expand opportunity, and bring reliable power and digital access to hundreds of millions of people."The pledge comes as the ADB sharply downgraded its forecast for the APAC region, citing energy disruptions from the ongoing Middle East conflict.On Wednesday, the ADB slashed its GDP growth outlook for developing Asia and the Pacific to 4.7% in 2026 from the previous 5.1% forecast.Inflation for 2026 is projected to accelerate to 5.2% in 2026 from 3% in 2025, before easing to 4.1% in 2027."Our revised outlook is a significant downward revision for growth and a sharp increase in inflation following a special update to reflect the deepening crisis," Kanda said at the time.The bank's new outlook assumes that oil prices average around $96 a barrel in 2026, well above the $69 per barrel average in January and February before the Middle East conflict. The bank expects oil prices to ease to around $80 per barrel in 2027."We are confronting systemic, long-lasting disruptions to global energy and trade networks, not just temporary volatility. ADB will remain an agile partner in protecting the region's economy; tracking fast-moving risks, and moving with urgency to scale up our support," Kanda added.Diesel prices across several Southeast Asian countries have increased by more than 100% since late February, the ADB said in its updated outlook report.The ADB also noted in its Wednesday report that the energy shock is also affecting fertilizer prices, which it said could add to food inflation, particularly for economies most dependent on Middle East imports.Against that backdrop, the ADB is committing $70 billion to build new energy and digital infrastructure in Asia and the Pacific by 2035.The largest investment, worth $50 billion, will be allocated towards cross-border power infrastructure to unlock renewable energy at scale, the ADB said.The project will focus on transmission and grid integration, including cross-border lines, substations, storage, and grid digitalization, according to the lender.By 2035, the bank aims to integrate about 20 gigawatts of renewable energy across borders, connect 22,000 circuit-kilometers of transmission lines, and cut regional power sector emissions by 15%, while improving energy access for around 200 million people.The remaining $20 billion will fund the Asia-Pacific Digital Highway, targeting digital corridors, data infrastructure, and AI-ready economies.The project aims to bring first-time broadband access to 200 million people and cut connectivity costs in remote and landlocked areas by about 40%.The South Korean government will back a new Center for AI Innovation and Development in Seoul with a $20 million contribution. The center will aim to train about 3 million people in digital and AI-related skills by 2035.Separately on Sunday, the ADB also unveiled a Critical Minerals-to-Manufacturing Financing Partnership Facility designed to help the region move beyond mining into higher-value industries such as processing, manufacturing, and recycling.Japan committed $20 million to the grant window, the UK contributed $1.6 million, and the Korea Eximbank and the Korean Trade Insurance Corporation each signed $500 million memorandums as the facility's first partners.

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US Markets7d ago

Nasdaq, S&P 500 Log Record Finish, Extend Streak of Weekly Gains

The Nasdaq Composite and the S&P 500 reached new peaks on Friday, scoring their fifth consecutive weekly gains.The Nasdaq Composite rose 0.9% to 25,114.4, while the S&P 500 advanced 0.3% to 7,230.1, both notching record closing highs. The Dow Jones Industrial Average lost 0.3% to 49,499.3. Barring technology and consumer discretionary, all sectors ended in the red, led by energy.This week, the Nasdaq gained 1.1%, while the S&P 500 added 0.9%, their fifth weekly rise in a row. The Dow is up 0.6% after last week's 0.4% loss.Apple (AAPL) shares jumped 3.2% on Friday, the second-biggest gainer on the Dow. Late Thursday, the tech giant logged fiscal second-quarter results above Wall Street's estimates as iPhone revenue came in stronger than expected.Apple's fiscal third-quarter revenue guidance was well above the Street's estimates despite supply constraints for Mac models that will likely continue for several months, Wedbush Securities said in a note.Several other tech names advanced, with Oracle (ORCL) up 6.5%, among the top gainers on the S&P 500, while Salesforce (CRM) climbed 4.1%, the best performer on the Dow. Shares of Intel (INTC), Microsoft (MSFT) and Amazon.com (AMZN) also rose.In other company news, Exxon Mobil (XOM) and Chevron (CVX) reported year-over-year declines in their first-quarter earnings amid supply disruptions due to the Middle East war, though the figures came in ahead of the Street's estimates. Exxon shares fell 1%, while Chevron lost 1.4%.West Texas Intermediate crude oil was down 2.7% at $102.20 per barrel in Friday late-afternoon trade, while Brent dropped 1.7% to $108.57. Both benchmarks, however, were on track for their second consecutive weekly advance."Brent crude remains elevated after touching a fresh wartime high late in April, supported by worsening physical tightness and rising concern about outright shortages in some regions," Saxo Bank Head of Commodity Strategy Ole Hansen said in a report. "The near closure of the Strait of Hormuz continues to prolong a disruption that is steadily tightening global energy markets, with flows through one of the world's most important oil arteries still severely restricted."US President Donald Trump said he is displeased with a new peace offer from Iran, CNBC reported Friday.Israel struck the Habbouch town in southern Lebanon, CNN reported, citing Lebanon's health ministry.US Treasury yields were mixed, with the 10-year rate up 1.3 basis points at 4.39% and the two-year rate little changed at 3.88%.In economic news, the US manufacturing sector saw continued growth in April, though inflationary pressures intensified amid disruptions caused by the Middle East conflict, separate surveys by the Institute for Supply Management and S&P Global (SPGI) showed.Three Federal Reserve officials who wanted language changes in the April monetary policy statement said Friday that risks to inflation and employment didn't warrant an inclusion of the so-called easing bias.On Wednesday, regional presidents Beth Hammack of Cleveland, Neel Kashkari of Minneapolis and Lorie Logan of Dallas supported the Fed's decision to keep its benchmark lending rate steady, but opposed including an easing bias in the Federal Open Market Committee statement.Gold was down 0.1% at $4,623.30 per troy ounce, while silver climbed 2.6% to $75.95 per ounce.

$^DJI$^IXIC$^SPX$AAPL$AMZN$CRM$CVX$INTC$MSFT$ORCL$SPGI$XOM

US Markets7d ago

Roblox Growth to Moderate Near Term Due to Age-Check Rollout, UBS Says

Roblox's (RBLX) growth will likely decelerate in the near term amid engagement headwinds tied to a mandatory age-check rollout, UBS Securities said in a Friday client note.The video game platform reported a first-quarter loss late Thursday as bookings fell short of consensus estimates. The company implemented an age-check feature for accessing chat, a move that slowed new user acquisition and hampered growth, Roblox said in a shareholder letter.In addition, management tempered growth expectations for full-year revenue and bookings."We became the first large online gaming platform to introduce age checks to access chat on a global basis," Chief Executive David Baszucki told analysts during an earnings call late Thursday.The stock plunged 18% ahead of market close on Friday, and is down 44% so far this year."We still see Roblox as a beneficiary of secular trends in gaming and expect platform enhancements to support its ability to drive user growth/spend over time," UBS analysts including Christopher Schoell wrote in the note. "That said, we remain neutral given expectations for moderating near-term growth and engagement headwinds from age verification/regulatory shifts."UBS slashed its price target for Roblox shares to $49 from $74.For the second quarter, Roblox guided to 8% to 12% bookings growth, well below Wall Street's 29% estimate, according to the brokerage."We believe platform enhancements/content breadth will support Roblox's ability to drive user growth long-term, particularly in overseas markets where headroom remains," Schoell said. "That said, we see a transition period in the coming quarters with 49% of global users still remaining unverified, (versus) 55% last (quarter)."Price: $45.51, Change: $-9.75, Percent Change: -17.64%

$RBLX

US Markets7d ago

Cava Could Beat Quarterly Same-Store Sales Views, Lift 2026 Outlook Amid Continued Momentum, RBC Says

Cava Group's (CAVA) first-quarter same-store sales are expected to top Wall Street's estimates amid continued momentum, which could prompt the company to raise its full-year outlook, RBC Capital Markets said in a note e-mailed Friday.The brokerage projects the fast-casual restaurant chain's same-store sales for the quarter to rise 6%, while the Street is looking for 5.9% growth, according to the RBC note to clients. Cava is scheduled to report results May 19."Thus far this earnings season, restaurant winners (and) losers have largely been defined by sensitivity to (the Middle East) conflict-related macro headwinds," RBC analyst Logan Reich said. "For Cava, we don't think their traffic is materially impacted, where their relatively high-income consumer exposure should insulate them from higher gas prices."Energy prices have jumped as the US-Israel war with Iran has curtailed shipments through the crucial Strait of Hormuz. The war, which started at the end of February, paused following a recent ceasefire between Washington and Tehran, though a framework for a permanent truce is yet to be reached.US retail gasoline prices averaged $4.392 per gallon Friday, compared with $3.187 a year ago, according to data from AAA, a travel organization that tracks fuel prices in the country.Cava started the year with comparable sales momentum, which could continue through 2026 amid "menu innovation, digital improvements, and easing compares," Reich said. These factors could help drive upward revisions to the company's own full-year outlook for same-store sales to grow between 3% and 5%, which the brokerage said was "conservative."RBC raised its price target on Cava's stock to $100 from $90 with an outperform rating.The company's shares were down 2.5% in Friday late-afternoon trade. So far in 2026, the stock has surged 56%.Despite the shares' significant year-to-date outperformance, RBC said it's leaning "constructive" into Cava's upcoming results."We theorize there's potential consumer reversion towards the fast-casual category this year, as consumers could increasingly prioritize healthier (and) wellness, which Cava should benefit from, following a material slowdown across the category in (2025) as quick-service chains took share driven by incremental value offerings," Reich said.Price: $91.09, Change: $-2.33, Percent Change: -2.49%

$CAVA

US Markets7d ago

Equity Markets Mostly Rise Intraday as Apple Helps Lift Tech

US benchmark equity indexes were mostly higher intraday as a post-earnings rally in Apple (AAPL) shares helped lift the technology sector, while oil prices fell.The Nasdaq Composite was up 1.2% at 25,183.1 after midday Friday, while the S&P 500 rose 0.6% to 7,252.5. Both benchmarks hit new closing highs in the previous session. The Dow Jones Industrial Average was little changed at 49,661.6 intraday Friday.Among sectors, tech paced the gainers with a 1.7% jump, while energy saw the biggest drop.Apple shares were up 4%, the best performer on the Dow. Late Thursday, the tech giant logged fiscal second-quarter results above Wall Street's estimates as iPhone revenue came in stronger than expected.Apple's fiscal third-quarter revenue guidance was well above the Street's estimates despite supply constraints for Mac models that will likely continue for several months, Wedbush Securities said in a note.Several other big tech names were also advancing intraday, with Oracle (ORCL) up 7.4%, among the biggest gainers on the S&P 500. Shares of Intel (INTC), Salesforce (CRM), Microsoft (MSFT), Amazon.com (AMZN), Cisco Systems (CSCO), and IBM (IBM) were also higher.In other company news, Exxon Mobil (XOM) and Chevron (CVX) reported year-over-year declines in their first-quarter earnings amid supply disruptions due to the Middle East war, though the figures came in ahead of the Street's estimates. Exxon shares were down 1.2% intraday, while Chevron lost 1.5%, the second-worst performer on the Dow.West Texas Intermediate crude oil fell 3.1% to $101.82 per barrel, while Brent crude was down 2.1% at $108.04.US President Donald Trump said he is displeased with a new peace offer from Iran, noting that Tehran "wants to make a deal, but I'm not satisfied with it," CNBC reported Friday.Israeli strikes against the Habbouch town in southern Lebanon have killed six people, CNN reported, citing Lebanon's health ministry.US Treasury yields were lower intraday, with the 10-year rate down 1.4 basis points at 4.38% and the two-year rate losing one basis point to 3.88%.In economic news, the US manufacturing sector saw continued growth in April, though inflationary pressures intensified amid disruptions caused by the Middle East conflict, separate surveys by the Institute for Supply Management and S&P Global (SPGI) showed."The prices-paid index's steep climb to multiyear highs -- alongside the conspicuous slowdown in supplier deliveries -- signals mounting supply-chain stress and inflationary pressures driven by surging energy prices and war-related disruptions," TD Economics said in a note. "These resurgent price pressures are keeping the Federal Reserve on alert, supporting expectations that any additional monetary policy easing is unlikely in the near term."Three Fed officials who wanted language changes in the April monetary policy statement said Friday that risks to inflation and employment didn't warrant an inclusion of the so-called easing bias.On Wednesday, regional presidents Beth Hammack of Cleveland, Neel Kashkari of Minneapolis and Lorie Logan of Dallas supported the Fed's decision to keep its benchmark lending rate steady, but opposed including an easing bias in the Federal Open Market Committee statement.Gold rose 0.4% to $4,647 per troy ounce, while silver climbed 3% to $76.23 per ounce.

$^DJI$^IXIC$^SPX$AAPL$AMZN$CRM$CSCO$CVX$IBM$INTC$MSFT$ORCL$SPGI$XOM

US Markets7d ago

Apple's Strong Revenue Guidance Came Despite Mac Supply Constraints, Wedbush Says

Apple's (AAPL) fiscal third-quarter revenue guidance was well above Wall Street's estimates despite supply constraints for Mac models that will likely continue for several months, Wedbush Securities said Friday.Late Thursday, the technology giant said it expected 14% to 17% annual revenue growth for the June quarter. Wedbush put the consensus view at 9%.The strong guidance was the "highlight" of the company's earnings conference call, Wedbush analyst Dan Ives said in a note to clients."The iPhone 17 supercycle continues to gain momentum across nearly every major geography, setting up significant momentum heading into the iPhone 18 launch in September," Ives wrote.Apple shares were up 4.2% in Friday afternoon trade. The stock has increased 3.9% so far this year.Wedbush raised its fiscal third-quarter revenue outlook for Apple to $108.16 billion from $100.03 billion. The FactSet-polled consensus is for $106.23 billion."The majority of our supply constraints (in the June quarter) will be on several Mac models, given the continued high levels of demand that we're seeing and we have less flexibility in the supply chain than we normally would," Chief Executive Tim Cook told analysts during an earnings call late Thursday, according to a FactSet transcript."The Mac mini and the Mac Studio may take several months to reach supply/demand balance," Cook added.Apple's second-quarter results topped the Street's estimates as iPhone revenue came in stronger than expected.Last month, the tech giant announced that insider John Ternus will become CEO in September, replacing Cook, who is set to take on the executive chairman role."The transition sets up (the Worldwide Developers Conference) at Apple Park in early June as the most consequential developer conference in years, with the tech world watching for the long-awaited personalized Siri, expanded Apple Intelligence capabilities, and additional details on the Google Gemini collaboration," Ives said Friday. "With iPhone 17 firing on all cylinders, China a clear tailwind, the June guide well ahead of the Street, and Ternus about to take the wheel heading into WWDC, (it's) all about the AI strategy."Wedbush maintained its outperform rating on Apple's stock, with a $350 price target.Price: $282.41, Change: $+11.06, Percent Change: +4.07%

$AAPL

US Markets8d ago

April Manufacturing Activity Grows as Price Pressures Intensify Amid War Disruptions, ISM, S&P Surveys Show

The US manufacturing sector saw continued growth in April, though inflationary pressures intensified amid disruptions caused by the Middle East conflict, two surveys showed Friday.The Institute for Supply Management's purchasing managers' index remained unchanged sequentially at 52.7 last month. The consensus was for a 53.2 reading in a survey compiled by Bloomberg. A reading above 50 indicates the manufacturing sector is generally expanding."The April ISM report suggests the US manufacturing sector's recent rebound may be leveling off, underlining a still-fragile expansion," TD Economics Senior Economist Vikram Rai said in a note. "Stable headline PMI and a diminished production index highlight cooling momentum, even as new orders growth persists."The new orders index increased to 54.1 from 53.5 sequentially in April, while production dropped to 53.4 from 55.1. The employment measure retreated to 46.4 from 48.7, remaining in contraction for the 31st consecutive month. The prices gauge jumped to 84.6 from 78.3, marking its highest reading since April 2022 and rising about 26 percentage points in the past three months, the ISM survey showed."The prices-paid index's steep climb to multiyear highs -- alongside the conspicuous slowdown in supplier deliveries -- signals mounting supply-chain stress and inflationary pressures driven by surging energy prices and war-related disruptions," Rai said. "These resurgent price pressures are keeping the Federal Reserve on alert, supporting expectations that any additional monetary policy easing is unlikely in the near term."Earlier in the week, the Fed kept its benchmark lending rate steady for a third straight meeting, saying the Middle East conflict is fueling uncertainty around the US economic outlook.Separately, S&P Global (SPGI) said Friday its manufacturing PMI advanced to 54.5 last month from 52.3 in March, representing the "strongest" expansion in the manufacturing economy since May 2022. However, input and output prices increased at accelerated rates, with inflation in each component "the steepest" for 10 months, the data provider said."A key driving force behind the upturn is the need for companies to get ahead of further feared price rises and supply shortages, providing a short-term boost that could fade in the coming months as headwinds to the economy continue to build," S&P Global Market Intelligence Chief Business Economist Chris Williamson said."Growth of purchasing activity hit a rate not seen for four years, since the pandemic, amid increasingly widespread supply delays and price rises commonly linked to the war in the Middle East, which has exacerbated existing pressure on supply and inflation from tariffs," Williamson said.Energy prices have surged as the US-Israel war with Iran has curtailed shipments through the crucial Strait of Hormuz. The war, which started at the end of February, paused following a recent ceasefire between Washington and Tehran, but a framework for a permanent truce is yet to be reached.Price: $430.74, Change: $-0.50, Percent Change: -0.11%

$SPGI

US Markets8d ago

Fed Dissenters Say Macro Uncertainty Didn't Warrant Easing Bias Inclusion

Three Federal Reserve officials who wanted language changes in the April monetary policy statement said Friday that risks to inflation and employment didn't warrant an inclusion of the so-called easing bias.The Federal Open Market Committee kept its benchmark lending rate steady on Wednesday, saying the Middle East conflict is fueling uncertainty around the US economic outlook."In considering the extent and timing of additional adjustments to the target range for the federal funds rate, the committee will carefully assess incoming data, the evolving outlook, and the balance of risks," the FOMC said Wednesday.That language is widely interpreted to indicate a bias toward future rate cuts.Regional presidents Beth Hammack of Cleveland, Neel Kashkari of Minneapolis and Lorie Logan of Dallas supported the policy decision, but opposed including an easing bias in the statement. Fed Governor Stephen Miran favored an interest rate reduction. The ratio of dissents reached the highest since 1992, Stifel said Thursday.Hammack said in a statement that the easing bias is no longer appropriate as "uncertainty around the economic outlook is elevated, with upside risks to inflation and downside risks to growth and employment."Kashkari separately said that financial markets seem to assume a "fairly quick" reopening of the Strait of Hormuz. Even in such a scenario, forecasters expect core personal consumption expenditures inflation to reach 3% this year, compared to an expectation of 2.7% as of January, he said.That would put downward pressure on consumer spending and potentially pressure the US labor market, Kashkari said.An extended closure of the Strait of Hormuz could drive a larger price shock, driving up both inflation and unemployment in the US, Kashkari said."Given the uncertainty about the path of the conflict and the resulting effects on inflation, employment and economic growth, I believe the FOMC should offer a policy outlook that signals that the next rate change could be either a cut or a hike, depending on how the economy evolves," Kashkari said.Logan said she is "increasingly concerned" about about how long it will take before inflation hits the official 2% target. "The conflict in the Middle East raises the prospect of prolonged or repeated supply disruptions that could create further inflationary pressures," Logan said.The labor market, which has been stable, could strengthen or weaken due to a range of factors, she added."In light of the two-sided risks to monetary policy, I believed the FOMC should not give forward guidance implying a bias toward rate cuts at this time," she said.

US Markets8d ago

Estee Lauder Raises Earnings Outlook; Plans to Lay Off Additional Staff

Estee Lauder (EL) lifted its full-year earnings outlook on Friday as the cosmetics company said it aimed to lay off more staff than previously planned as part of an ongoing restructuring program.Adjusted earnings are anticipated to come in between $2.35 and $2.45 per share for fiscal 2026, up from the company's prior guidance of $2.05 to $2.25. The current consensus on FactSet is for non-GAAP EPS of $2.23.The owner of beauty brands such as MAC expects sales to grow by 4%, compared with its previous outlook that called for an increase of 3% to 5%. Organic sales are pegged to rise by 3%, the high end of its previously issued forecast.Strong year-to-date results and "disciplined cost management" gives the company confidence in raising its fiscal 2026 outlook, Chief Financial Officer Akhil Shrivastava said during an earnings call, according to a FactSet transcript.The stock was up 6.3% in Friday trade, reducing its year-to-date loss to 22%.Estee Lauder, which is in talks to merge with Spanish beauty company Puig, said it now aims to eliminate 9,000 to 10,000 positions, up from its previous target of eliminating 5,800 to 7,000 roles. More than 70% of the increase is attributable to reduced department store staff roles as Estee Lauder taps into digital channels, Chief Executive Stephane de La Faverie told analysts.The company expanded the scope of its restructuring program in April to include additional initiatives, de La Faverie said.Estee Lauder expects pretax restructuring charges of between $1.5 billion and $1.7 billion, compared with $1.2 billion to $1.6 billion previously projected. The restructuring program is now projected to generate annual gross benefits of $1 billion to $1.2 billion.For the fiscal third quarter that ended in March, Estee Lauder's adjusted EPS jumped to $0.91 from last year's $0.65, which was the average analyst estimate on FactSet for the 2026 quarter. Sales improved 5% to $3.71 billion, ahead of the Street's view for $3.69 billion.Revenue in the skin care business rose 3% to $1.86 billion, while makeup increased 4% to $1.07 billion. Fragrance sales climbed 13%.The company said that business disruptions in the Middle East stemming from the US-Israel war with Iran are projected to have a greater impact on its fourth-quarter results versus the prior three-month period, which benefited from shipments made before the conflict began.Estee Lauder estimates EPS to take a $0.06 hit in the current quarter and sales to be dragged down by 2%.Energy prices have soared as the Iran war curtailed shipments through the crucial Strait of Hormuz. The war paused following a recent ceasefire between Washington and Tehran, but a framework for a permanent truce is yet to be reached.The company's preliminary view is that fiscal 2027 sales would rise by 3% to 5%.Price: $81.37, Change: $+4.66, Percent Change: +6.07%

$EL

US Markets8d ago

Newell Brands Lifts 2026 Sales Outlook as Tax Refunds Cushion Macro Pressure

Newell Brands (NWL) raised its 2026 sales outlook, crediting tax refunds, operational improvements, and better-than-expected consumer demand.The company now expects full-year net sales to range from flat to up 2%, compared with its prior view of down 1% to up 1%. Analysts surveyed by FactSet expect $7.23 billion.Newell also lifted the lower end of its 2026 earnings guidance to $0.56 from $0.54, keeping the upper end at $0.60. Analysts expect $0.56."We believe tariff help will offset about 50% of the previously mentioned incremental commodity hurt, with the remainder being offset by higher levels of productivity savings and targeted price and promotion adjustments where necessary," CEO Christopher Peterson said the earnings call, according to a FactSet transcript.Newell shares rose 9.4% in Friday trading and have gained 20% this year.The company said tax refunds are effectively neutralizing the pressure from rising fuel and energy prices."Tax refunds, much of which came into the market in March and April, do appear to be offsetting the consumer impact from gas and energy," Peterson said.First-quarter revenue fell to $1.55 billion from $1.57 billion a year earlier, beating Wall Street's estimate of $1.51 billion. The loss widened to $0.05 per share from $0.01, compared with the consensus for a $0.09 loss.Consumer spending in key categories outperformed the company's expectations, and growth among higher-income shoppers helped offset softness in lower-income segments, Peterson said."We experienced better-than-expected consumer demand for our products driven by improving point-of-sale and market share trends," he said.Price: $4.47, Change: $+0.39, Percent Change: +9.44%

$NWL

US Markets8d ago

Moderna Maintains 2026 Revenue Growth Outlook as First-Quarter Results Beat Estimates

Moderna (MRNA) affirmed its 2026 revenue growth outlook on Friday and reported better-than-expected first-quarter results amid higher COVID vaccine sales.The company continues to expect full-year revenue to grow 10% on an annual basis. Analysts in a FactSet survey are projecting 2026 revenue of about $2.1 billion.For the quarter ended March 31, revenue rose to $389 million from $108 million a year earlier, while analysts expected $236.4 million. Net product sales surged to $352 million from $86 million amid higher COVID vaccine sales, boosted by deliveries under long-term strategic partnerships with government entities in international markets.Moderna posted a quarterly net loss of $3.40 per share, compared with a loss of $2.52 per share a year earlier. The Street's expectation was for a loss of $4.43 per share."The Moderna team delivered a great start to the year, driving significant revenue growth and substantial cost reductions building on actions taken in 2025," Chief Executive Stephane Bancel said in a statement. The company expects several additional approvals around the world this year, including for its seasonal flu vaccine, Bancel said.The company's stock was down 2.7% in Friday trade. It's up about 50% so far this year.The full-year revenue growth outlook incorporates potential future declines in COVID vaccination rates, offset by increased penetration of the company's COVID-19 vaccine mNEXSPIKE and revenue from its long-term strategic partnerships, Chief Financial Officer Jamey Mock said during an earnings call, according to a FactSet transcript.Moderna does not anticipate any material impact from the Middle East conflict on its 2026 outlook, Mock said.Price: $44.52, Change: $-1.42, Percent Change: -3.09%

$MRNA

US Markets8d ago

Exxon Mobil, Chevron First-Quarter Earnings Fall Amid Middle East Conflict

Exxon Mobil (XOM) and Chevron (CVX) reported year-over-year declines in their first-quarter earnings on Friday amid supply disruptions due to the Middle East war, but the figures came in ahead of Wall Street's estimates.Exxon Mobil's adjusted earnings dropped to $1.16 a share for the March quarter from $1.76 the year before, but topped the consensus on FactSet of $0.98. The result excluded a loss of about $700 million on settled financial hedges that weren't offset by physical shipments due to supply disruptions in the Middle East, according to the oil giant.The company also said it incurred unfavorable timing effects of $3.9 billion due to unsettled derivatives, which are required to be marked to current period-end prices. The related physical shipments were not yet reflected in earnings.The US-Israel war with Iran, which began at the end of February, curtailed shipments through the crucial Strait of Hormuz, driving up energy prices. The conflict paused following a ceasefire between Washington and Tehran last month, but a framework for a permanent truce is yet to be reached."The underlying business delivered strong results, reflecting the benefits of the strategy we have consistently executed since 2018," Chief Executive Darren Woods said in a statement. "We have grown advantaged volumes, optimized our operations, reduced structural costs, and strengthened our earnings power."Exxon Mobil's total revenue increased to $85.14 billion from $83.13 billion in the 2025 quarter, ahead of the Street's view for $81.13 billion.Upstream production reached nearly 4.6 million oil-equivalent barrels per day, up from 4.55 million barrels a year ago, but missed the average analyst estimate on FactSet of 4.63 million barrels a day. Production was also down on a sequential basis. The segment's adjusted earnings fell to $5.74 billion from $6.76 billion, amid lower base volumes from divestments and operational disruptions in Kazakhstan, among other factors, according to the company.Separately, Chevron posted adjusted EPS of $1.41 for the first quarter, down from $2.18 a year ago, but surpassed the Street's expectations for $0.97. The company incurred $2.9 billion of unfavorable timing effects related to derivatives and inventory accounting.Total revenue rose to $48.61 billion from $47.61 billion, but fell short of Wall Street's estimate of $51.86 billion."Despite heightened geopolitical volatility and related supply disruptions, Chevron delivered solid first quarter performance," according to Chevron CEO Mike Wirth. "Our US refineries operated at record crude throughput in March, capital spending remains within guidance, and our structural cost reductions are firmly on track."Chevron's global oil-equivalent production in the quarter increased to 3.86 million barrels per day from 3.35 million barrels in the prior-year period, just ahead of the market's 3.85 million-barrel view. In the prior quarter, output came in at 4.05 million barrels a day.US upstream production rose to 2.02 million barrels a day from 1.64 million barrels. International output gained 117,000 barrels per day on an annual basis.

$CVX$XOM

US Markets8d ago

Stocks Mostly Up Pre-Bell as Investors Await More Corporate Earnings

The benchmark US stock measures were mostly pointing higher before the open Friday as investors await the week's final round of corporate earnings and track ongoing Middle East tensions, with no apparent signs of progress toward a peace deal between Washington and Tehran.The S&P 500 rose 0.1% and the Dow Jones Industrial Average added 0.2% in premarket activity, while the Nasdaq was off 0.1%. The indexes finished Thursday's trading session in the green, with the S&P 500 and Nasdaq logging new closing highs.Oil giants Exxon Mobil (XOM) and Chevron (CVX) are scheduled to release their latest quarterly results before the bell, along with Colgate-Palmolive (CL), Estee Lauder (EL), Moderna (MRNA), Magna International (MGA) and Newell Brands (NWL).Shares of Apple (AAPL) advanced 2.8% pre-bell as the iPhone maker's fiscal second-quarter results topped market estimates. Reddit (RDDT) climbed 16% after the social media platform recorded better-than-expected first-quarter results and issued an upbeat revenue outlook for the ongoing three-month period at the midpoint. Nvidia (NVDA) rebounded 0.4% following a 4.6% decline at the close of Thursday.President Donald Trump told reporters at the White House on Thursday that the US will maintain its naval blockade of Iranian ports, according to Bloomberg News. "Their economy is crashing, the blockade is incredible," Trump reportedly said. "So we'll see how long they hold out."Iran's new supreme leader, Mojtaba Khamenei, reportedly said Thursday that Iran will defend its nuclear and missile capabilities.West Texas Intermediate crude oil inclined 0.3% to $105.43 a barrel before the opening bell, while Brent increased 0.9% to $111.37.US economic growth fell short of Wall Street's expectations in the first quarter as spending slowed amid inflationary pressures, government data showed Thursday.Separate official data showed that inflation, as measured by the personal consumption expenditure price index, accelerated in March to the fastest pace since mid-2022 as the Middle East conflict sent energy prices soaring.Treasury yields were down in premarket action, with the two-year rate nudging 0.1 basis point lower to 3.88% and the 10-year rate decreasing 0.8 basis point to 4.38%.Friday's economic calendar has the final Purchasing Managers' manufacturing index for April at 9:45 am ET, followed by the Institute for Supply Management's manufacturing index for the same month at 10 am. The weekly Baker Hughes oil-and-gas rig count posts at 1 pm.Gold fell 1.1% to $4,578 per troy ounce, while bitcoin rose 1.1% to $77,248.

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US Markets8d ago

Reddit Issues Upbeat Revenue Outlook as First-Quarter Results Top Street Views

Reddit (RDDT) shares jumped early Friday as the social media platform provided an upbeat revenue outlook at the midpoint for the second quarter on the back of stronger-than-expected results in the previous three-month period.The company anticipates revenue to come in between $715 million and $725 million for the current quarter, it said late Thursday. The guidance range's midpoint of $720 million is ahead of the current consensus on FactSet of $717 million. The stock climbed 14% in the most recent premarket activity."Our (second-quarter) revenue guide considers the strong growth and momentum in the business as we exited (the first quarter)," Chief Financial Officer Drew Vollero said during an earnings call, according to a FactSet transcript. The outlook also "takes into account the lapping of a particularly strong growth period" in the prior-year quarter, according to Vollero.For the quarter ended March 31, Reddit's net income soared to $1.01 per share from $0.13 the year before, topping the Street's view for $0.57. Revenue surged 69% to $663.4 million, exceeding the average analyst estimate of $607.7 million."Revenue growth in (the first quarter) was driven by a combination of both impressions and pricing growth, reflecting the scale of our platform and our investments in the ad stack," Chief Operating Officer Jennifer Wong said on the call. "We saw strength across most of our top verticals, particularly retail, (consumer packaged goods), tech and media and entertainment, while the number of active advertisers on the platform grew more than 75% year-over-year."Ad revenue climbed 74% to $625 million amid strong advertising demand across the funnel, Vollero said. Revenue jumped 67% and 76% in the US and international segments, respectively.The company posted global daily active unique users of 126.8 million in the March quarter, up from 108.1 million a year ago. The Street's forecast was for 125.9 million. Daily active unique users inclined 7% to 53.5 million in the US, while international users rose 26% to 73.3 million.Worldwide average revenue per unique user climbed 44% to $5.23."We're focused on growing our daily user base in the US to a size closer to that of the largest platforms," Chief Executive Steve Huffman told analysts on the call. "Our goal is to reach 100 million daily US users, and we're actively executing a strategy to get us there."

$RDDT

US Markets8d ago

Nationwide: UK House Prices Rise in April Amid Middle East Uncertainty

House prices in the UK unexpectedly rose at a faster pace in April, signaling renewed momentum after a slowdown at the turn of 2026 and despite the geopolitical and macroeconomic uncertainty arising from the ongoing conflict in the Middle East.Annual house price growth climbed to 3% in April from 2.2% in March, data from Nationwide Building Society showed Friday. The latest figure exceeded the consensus estimate of a 2.2% increase.Month over month, house prices were 0.4% higher on a seasonally adjusted basis, marking an increase for the fourth consecutive month and bucking the expected 0.3% decline. The average UK house price is now worth 278,880 pounds sterling in April, up from 277,186 pounds a month before."This is somewhat surprising given that indicators of consumer confidence have weakened noticeably. GfK's headline index has fallen to its lowest level since late 2023, reflecting households' more pessimistic views of the economic outlook and their own financial position over the year ahead," Nationwide's Chief Economist Robert Gardner said.Nationwide attributed the housing market resilience to the strength of household finances, noting that households accumulated "sizeable" savings in recent years and that debt relative to income is at its lowest level in 20 years. Nationwide said the market is also supported by improved housing affordability, which has seen limited impact thus far from higher interest rates, and a "modest" decline in mortgage rates."Looking ahead, UK economic growth is likely to be somewhat weaker and inflation higher than previously expected as a result of developments in the Middle East, although the ultimate impact will depend critically on the duration of the shock and the policy response," Gardner added.

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US Markets8d ago

South Korea Exports Rise 48% on Year in April, Driven by Semiconductors

The AI-boom played out in South Korea's trade picture in April, with exports rising 48% on year, driven by surging shipments of semiconductors, reported the Ministry of Trade, Industry and Resources (MOTIR) on Friday.South Korea exports reached $85.89 billion in April, led by shipments of chips, which rose 173.5% on year to $31.9 billion, according to officials. Outbound shipments in April rose for the 11th-straight month.South Korea computer and parts exports rose five-fold to $4.08 billion, the highest monthly figure ever, as global demand for solid-state drives spiked in the AI-boom.The April export level marked South Korea's second-highest monthly export figure ever, on the heels of the all-time high of $86.6 billion figure recorded in March.South Korea auto exports dropped 5.5% on year to $6.17 billion in April, due to shipping disruptions caused by the Mideast crisis, and to South Korean automakers expanding of production in the US to meet Washington trade policies, MOTIR said, reported the The Korea Herald newspaper.Exports to the Middle East declined 25.1% on-year in April, to $1.27 billion, hampered by the war between the US and Iran, the ministry said.On the import side, nation's inbound shipments rose 16.7% on-year in April to $62.11 billion, resulting in a trade surplus of $23.77 billion, reported MOTIR.

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US Markets8d ago

Japan Factory Sector Strengthens in April: PMI Report

Japan's manufacturing sector expanded in April despite global oil woes, although some production was to build cautionary buffers and stockpiles, reported S&P Global on Friday.The nation's manufacturing purchasing managers index (PMI) rose to 55.1 in April, up from 51.6 in March, and striking further above the 50-mark that separates growth from contraction, reported S&P Global, citing its monthly survey.Some manufacturing sector managers noted "that concerns over future supply chain delays and price increases due to the war in the Middle East had led customers to place new orders," while factories also built up precautionary stockpiles in April, explained S&P Global.However, Japan's industry in April also participated in the global AI-boom. "There were also reports that higher sales had been supported by greater demand for AI-related technology," said S&P Global.Japan's manufacturers reported both rising costs and boosting prices for customers in April.Factory managers "frequently mentioned higher prices for raw materials, oil and transport in the latest survey period," said S&P Global. "To help ease pressure on margins, companies raised their selling prices."Japan's manufacturers also added to payrolls in April, at the fastest pace since early 2022.Despite strong demand, Japan's manufacturers were wary in April, citing geopolitics.Due to "uncertainty around the war in the Middle East and its impact on global economic conditions" survey respondent optimism regarding the one-year outlook slipped to its second-lowest level since June 2020, said S&P Global.The Japan manufacturing PMI was compiled by S&P Global from surveys received from 400 manufacturers from April 9 through April 23.

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US Markets5d ago

ADB Pledges $70 Billion For Energy, Digital Networks Across APAC as Middle East Conflict Batters Outlook

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