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Cerebras Soars in Nasdaq Debut After Pricing IPO Above Range

Cerebras Systems (CBRS) soared in its public market debut on Thursday after the artificial intelligence chipmaker priced its initial public offering at well above the top end of the projected range.The company set an IPO price of $185 per share for 30 million shares, higher than its prior upgraded range of $150 to $160, Cerebras said late Wednesday. It granted the underwriters an option to buy a maximum of 4.5 million additional shares.The IPO could yield up to $6.38 billion' calculations showed, assuming that underwriters exercise their over-allotment option in full.The stock opened trading on the Nasdaq at $350 on Thursday. Cerebras' share price was most recently up 75% at $324, giving it a market capitalization of more than $70 billion, Yahoo Finance data showed.The offering is anticipated to close on Friday.Cerebras, which competes with companies including Nvidia (NVDA) and Advanced Micro Devices (AMD) in the hardware category, reported 2025 net income of $1.38 per share on revenue of $510 million. That compares with a loss of $9.90 per share and revenue of $290.3 million in 2024.It also competes with cloud service providers such as Amazon (AMZN) Web Services and Microsoft's (MSFT) Azure.Last month, the company said it had raised $2.85 billion in capital over a period of eight months, including a new credit facility for up to $850 million. Cerebras in October 2025 dropped plans to go public.Earlier this year, Cerebras agreed to deploy 750 megawatts of its wafer-scale systems for OpenAI's customers. The deal was valued at more than $20 billion.Price: $315.43, Change: $+130.43, Percent Change: +70.50%

$AMD$AMZN$CBRS$MSFT$NVDA

US Markets130d ago

New-Home Buyer Can Save $25,000-Plus Over Decade Amid Lower Operating Costs, Realtor.com Says

Buyers of new US homes gain a financial advantage during the first decade of ownership, compared with those purchasing existing houses, as energy efficiency and lower maintenance costs help reduce expenses, a report by News Corp's (NWS, NWSA) Realtor.com showed Thursday.A buyer of an average new home can expect to save $25,335 over the first 10 years of ownership, compared with the purchaser of a 20-year-old house. The savings in a newly constructed home are driven by fewer major repairs and lower energy bills, according to a report by the online real estate portal."Homeownership is not a one-time expense, and the ongoing costs of owning a home are where new construction really shines," Realtor.com Senior Economist Joel Berner said.In 16 of the top 300 US metropolitan areas, the cost savings of purchasing new construction over a decade surpass the pricing gap between the median new-construction listing and the median existing-home listing, according to the report."These savings estimates are actually conservative," Berner said. "Builder warranties frequently cover (heating, ventilation, and air conditioning) repairs in the early years, meaning new construction buyers often pay nothing out of pocket."Massachusetts leads the list with $38,927 in new-construction savings over a 10-year period, as New England's strict building codes and harsh winters outperform Southern markets in energy efficiency gains, the report said.Considering the mortgage rate buydowns builders have been offering -- which can translate to about $30,000 in savings over a decade -- the total financial advantage of purchasing new homes becomes "even more substantial," Berner said.Price: $29.97, Change: $-0.72, Percent Change: -2.33%

$NWS$NWSA

US Markets130d ago

Equities Rise Intraday Amid Cisco-Led Tech Rally; Trump-Xi Summit in Focus

US benchmark equity indexes were higher intraday amid a post-earnings rally in Cisco Systems (CSCO), while markets tracked updates of a high-stakes meeting between President Donald Trump and his Chinese counterpart, Xi Jinping.The Nasdaq Composite was up 0.8% at 26,614 after midday Thursday, while the S&P 500 rose 0.7% to 7,496.6. Both indexes hit fresh record highs in the previous session. The Dow Jones Industrial Average was up 0.7% at 50,054.1 intraday Thursday.Most sectors were in the green, led by technology's 1.6% jump, while materials saw the biggest drop.Cisco shares were up nearly 13%, the biggest gainer on the S&P 500 and the Dow. Late Wednesday, Cisco's fiscal third-quarter results exceeded Wall Street's estimates, while the networking equipment maker announced a restructuring plan that involves thousands of layoffs.Cisco's expanded hyperscaler partnerships are paying dividends for the company, as evidenced by management expectations for a surge in artificial intelligence orders, Morgan Stanley said in a note e-mailed Thursday.Nvidia (NVDA) followed Cisco on the Dow intraday, up 3.6%. About 10 Chinese companies have secured US clearance to purchase Nvidia's H200 AI chip, Reuters reported, citing unnamed sources.Nvidia Chief Executive Jensen Huang is accompanying Trump in his China trip, along with executives of several other major US tech companies.Xi told Huang and CEOs of Apple (AAPL), Tesla (TSLA) and other companies that China will "open wider" to doing business, news outlets reported.Apple shares were down 0.2% intraday, while Tesla rose 0.3%.Boeing (BA) is set to get an order for 200 jets from China, Fox News reported, citing Trump. The US planemaker's shares fell 3.7%, the biggest drop on the Dow.US Treasury yields were mixed intraday, with the 10-year rate down 2.6 basis points at 4.45% and the two-year rate little changed at 3.99%.Xi has pledged not to provide military equipment to Iran, CNN reported, citing Trump.The two leaders agreed that the crucial Strait of Hormuz should remain a free waterway and Iran shouldn't be able to exact payments for the use of shipping lanes, The Wall Street Journal reported, citing a White House readout of the Trump-Xi talks."The market could be pinning too much hope on the US-China talks yielding some positive results on Iran," ING Bank said in a note. "Some hope that China could exert pressure on Iran to reach a deal with the US, to end the war and lead to a resumption of energy flows through the Strait of Hormuz."West Texas Intermediate crude was up 0.4% at $101.37 a barrel intraday, while Brent edged down 0.2% to $105.46.In economic news, US retail sales in April rose for the third straight month, with analysts saying the increase largely reflected higher prices as the war in Iran kept fuel costs elevated."Surprisingly, firm underlying retail sales in April suggest another quarter of moderate consumer spending growth, though higher inflation is bound to take a toll," BMO Capital Markets said in a note. "Inflation pressures are mounting due to the Iran conflict and could take a larger toll on overall spending."Applied Materials (AMAT) is scheduled to report its latest quarterly financial results after the closing bell Thursday.Gold was down 0.4% at $4,687.30 per troy ounce, while silver fell 4.5% to $85.33 per ounce.

Dow JonesNasdaq CompositeS&P 500$AAPL$AMAT$BA$CSCO$NVDA$TSLA

US Markets130d ago

Prestige Consumer Healthcare Attributes Soft Results to Low Eye Care Sales, Weak Consumer Backdrop

Prestige Consumer Healthcare's (PBH) officials said Thursday that weak eye care sales and a difficult consumer backdrop drove disappointing fiscal fourth-quarter results at the consumer healthcare products company.Prestige late Wednesday reported adjusted earnings of $1.23 per share on revenue of $281.6 million. Analysts polled by FactSet expected $1.39 and $293.6 million. The company owns brands including motion sickness treatment Dramamine and Goody's pain relievers.Fourth-quarter revenue was particularly impacted by lower eye care sales, while some international sales were affected by shipping disruptions caused by the Middle East conflict, Chief Financial Officer Christine Sacco said on an earnings call on Thursday, according to a FactSet transcript."The difficult consumer environment persisted into (the fourth quarter) and was further impacted by global conflict," Chief Executive Ron Lombardi told analysts. "While these dynamics led to certain shipment disruptions late in the quarter, we expect to return to organic growth in fiscal 2027 and are well-positioned to manage ongoing macro pressures, including inflation as we have successfully done in the past."Sales for the Clear Eyes brand were below expectations due to delayed shipments and production shutdowns ahead of line updates, Lombardi said on the call.The company's shares plummeted 10% in Thursday trade, bringing their year-to-date decline to nearly 25%.Prestige guided adjusted EPS for the year ending March 2027 in the range of $4.42 to $4.51 on sales between $1.10 billion and $1.12 billion. The current consensus on FactSet is for non-GAAP EPS of $4.74 and revenue of $1.17 billion.Oppenheimer said it expected a below-consensus guide, but "this was worse than we envisioned," according to a note. The brokerage downgraded its rating on the company's stock to perform from outperform and removed the $65 price target.Prestige on Wednesday announced a deal to acquire LaCorium Health for about $150 million in cash. The transaction is expected to close in the second quarter of fiscal 2027.Prestige previously agreed to buy the Breathe Right brand from Foundation Consumer Healthcare."With management now digesting two acquisitions, Clear Eyes execution challenges in recent quarters, higher levels of leverage, and a more uncertain consumer backdrop, we see a weaker outperformance case," Oppenheimer analysts, including Rupesh Parikh, said.Price: $47.49, Change: $-4.33, Percent Change: -8.35%

$PBH

US Markets130d ago

Commercial Metals' Stock Price Offers Attractive Entry Point, UBS Says in Upgrade

Commercial Metals' (CMC) current stock price offers an attractive entry point for investors as downside risks to US rebar pricing have eased, UBS Securities said in a client note sent Thursday.The steel maker's shares have underperformed its peers by about 40% so far this year, "creating attractive entry as key downside risks to US rebar pricing have eased," UBS analysts, including Andrew Jones, wrote.UBS upgraded its rating on the stock to buy from neutral and raised the 12-month price target to $89 from $79.Shares of Commercial Metals were up 3.6% intraday Thursday.UBS' change in view reflects factors including import pressure peaking, with first-quarter imports already tracking in line with historical averages."We now see near-term downside risk to US rebar imports," versus upside risks previously expected, amid a closed import arbitrage window, Jones said.UBS is looking at roughly $1.6 billion in 2027 earnings before interest, taxes, depreciation, and amortization for Commercial Metals, compared with the consensus of about $1.4 billion."Domestic capacity also appears less disruptive, with (rival) Hybar nearing steady state (and) most incremental supply concentrated among disciplined incumbents," Jones said, referring Commercial Metals and Nucor (NUE). This reinforces "a more stable, duopolistic market structure," he added.Price: $73.00, Change: $+2.67, Percent Change: +3.80%

$CMC$NUE

US Markets130d ago

Weekly Jobless Claims Rise More Than Expected, Continuing Applications Increase

Weekly applications for unemployment insurance in the US increased more than estimated, while continuing claims also rose, government data showed Thursday.For the week through May 9, the seasonally adjusted number of initial claims grew by 12,000 to 211,000, the Department of Labor said. The consensus was for a 205,000 reading in a Bloomberg poll. The previous week's reading was revised downwards by 1,000.The four-week moving average totaled 203,750, up by 750 from the prior week's average that was revised lower by 250. Unadjusted claims increased by 10,258 to 190,571, the DOL said.Seasonally adjusted continuing claims for the week ended May 2 reached 1.78 million, in line with Wall Street's expectations. Continuing claims climbed by 24,000 from the previous week's level, which was revised down by 8,000, according to the DOL. The four-week moving average fell by 6,750 to about 1.78 million from the prior week's downwardly revised figure."The latest jobless claims figures are largely consistent with other labor market data showing a stable-to-improving job market," Oxford Economics Lead US Economist Nancy Vanden Houten said in a note e-mailed to. "We can't say for certain, but we think the closure of Spirit Airlines earlier this month probably contributed to the rise in claims."The now-defunct Spirit Airlines had an estimated 17,000 workers, according to Oxford Economics.Last week, government data showed the US economy added more jobs than projected in April, while the unemployment rate remained unchanged at 4.3%."The ongoing (US) conflict with Iran could still have some spillover effects on the labor market, but for now the (Federal Reserve) should feel comfortable leaving policy on hold while it monitors inflation," Vanden Houten said Thursday.Earlier this week, official data showed that annual US consumer inflation accelerated in April to the fastest pace in almost three years, as energy prices surged amid the near-complete closure of the Strait of Hormuz.US President Donald Trump recently rejected Iran's counteroffer to end the war in the Middle East, though a fragile ceasefire between the two countries still holds.

US Markets130d ago

Cisco's Hyperscaler Partnerships Paying Off Amid AI Order Surge, Morgan Stanley Says

Cisco Systems' (CSCO) expanded hyperscaler partnerships are paying dividends for the networking equipment maker, as evidenced by management expectations for a surge in artificial intelligence orders, Morgan Stanley said in a note emailed Thursday.Total product orders climbed 35% year-over-year in the fiscal third quarter, driven by hyperscaler orders that grew triple digits, Chief Executive Chuck Robbins said on an earnings call Wednesday, according to a FactSet transcript.AI infrastructure orders from hyperscalers, or the big technology companies, rose to $1.9 billion from $600 million the year prior, taking the year-to-date tally above the company's prior expectation of $5 billion for fiscal 2026, Robbins told analysts.Cisco is now targeting about $9 billion in AI infrastructure orders from hyperscalers in fiscal 2026, 4.5 times the 2025 level, Robbins added."Efforts made over the last (more than five) years to improve hyperscaler relationships and find avenues to differentiate through optics and silicon are paying dividends," Morgan Stanley said.The brokerage raised Cisco's price target to $120 from $91 and maintained its overweight rating. The company's shares soared 15% in Thursday trade, bringing their year-to-date gains to 52%.Cisco reported stronger-than-expected fiscal third-quarter results late Wednesday, while the networking equipment maker announced a restructuring plan that involves thousands of layoffs."The path from here for the stock will be ability to deliver/continue to see orders on AI side, capitalize on enterprise investment in AI, improve the security business results, as well as show ability to manage mix impact to gross margins through operating efficiencies, allowing EPS estimates to move higher," according to the Morgan Stanley note.Price: $117.27, Change: $+15.40, Percent Change: +15.11%

$CSCO

US Markets130d ago

US Retail Sales Rise for Third Month, Lifted by Higher Fuel Prices

US retail sales in April rose for the third straight month, with analysts saying the increase largely reflected higher prices as the war in Iran kept fuel costs elevated.Sales rose 0.5% in April following a revised 1.6% gain in March, the Census Bureau reported Thursday, matching the consensus in a survey compiled by Bloomberg.Gasoline station receipts climbed 2.8% last month after a nearly 14% jump in March. Food and beverage store sales increased 0.8% following a 1% rise the prior month, while electronics and appliance stores posted a 1.4% gain after 1.3% in March."As expected, retail and food services, which are measured in nominal terms, rose in April, boosted by higher prices," Leslie Preston, managing director at TD Economics, said in a report.Data earlier this week showed US consumer inflation accelerated in April to the fastest pace in almost three years as energy prices surged amid the near-complete closure of the Strait of Hormuz. Producer prices also rose at the quickest pace in four years, underscoring broad inflation pressures.On Thursday, Census Bureau data showed sales at furniture and home furnishings stores, motor vehicle and parts dealers, and clothing and accessories retailers all declined after gains in March."A price-led surge in gasoline station receipts was tempered by a pullback in sales of automobiles, clothing, and furniture," Sal Guatieri, senior economist at BMO Capital Markets, said in a report.Excluding motor vehicle and gasoline, retail sales rose 0.5% in April, beating the 0.3% gain expected on Wall Street, after a 0.7% gain in March. Without autos, sales increased 0.7% as forecast, following a 1.9% jump in the prior month."Surprisingly firm underlying retail sales in April suggest another quarter of moderate consumer spending growth, though higher inflation is bound to take a toll," Guatieri said. "Inflation pressures are mounting due to the Iran conflict and could take a larger toll on overall spending."President Donald Trump recently rejected Iran's counteroffer to end their war, though a fragile ceasefire between the two countries still holds while the Strait of Hormuz, the world's most important chokepoint for crude flows, remains largely shut.Trump is in Beijing this week for a meeting with Chinese President Xi Jinping, with the agenda expected to include the conflict in Iran."Consumers are still contending with higher gasoline prices (in) May, and that is likely to take a toll on discretionary purchases," TD's Preston said. "In the near term, higher tax refund checks and lower income taxes will provide some cushion."

US Markets130d ago

Nvidia Set to Report Another Strong Quarter Amid Compute Demand Strength, RBC Says

Nvidia (NVDA) is poised to deliver another strong quarter amid robust compute demand, with the chip making giant expected to issue an upbeat revenue guidance for the ongoing three-month period, RBC Capital Markets said in a client note emailed Thursday.The brokerage estimates the tech bellwether to report adjusted earnings of $1.74 a share on revenue of $78.01 billion for its fiscal first quarter. The top-line has surpassed consensus by 3% on average in the previous three quarters, said RBC, which anticipates similar trends for the most recent reporting period.Analysts polled by FactSet are currently looking for non-GAAP EPS of $1.74 and sales of $78.78 billion. Nvidia is scheduled to release its results next week.RBC projects Nvidia to provide a second-quarter revenue outlook that is 4% to 5% above the Street's forecast of $86.9 billion. Adjusted EPS is pegged at $1.91 by the brokerage, while the consensus on FactSet is for $1.94.Nvidia has likely secured high-bandwidth memory supply for the year, RBC analyst Srini Pajjuri said in the note."AI compute demand is outpacing supply and we believe visibility is extending well into 2027," Pajjuri said. "Component shortages and power/infrastructure availability are the key near-term challenges. However, we believe (Nvidia) is in a relatively better position from a supply standpoint and view its balance sheet strength as a structural advantage."Central processing unit demand is accelerating amid an agentic AI boom, as reported by Intel (INTC) and Advanced Micro Devices (AMD), RBC said. Nvidia's Vera CPU rack is seeing "solid" early traction, according to the note."Looking ahead, AI monetization trends are improving, scaling laws are not slowing, and (large language model) leadership battle is far from settled," Pajjuri wrote in the note. "As such, we expect hyperscaler (capital expenditure) to remain healthy through 2027 and are not overly concerned about competition."RBC reiterated its outperform rating on Nvidia's stock, with a price target of $250.Price: $231.93, Change: $+6.10, Percent Change: +2.70%

$NVDA

US Markets130d ago

Indian Refiner HPCL Sets Record Fiscal 2026; 'Very Tough' Fiscal First Quarter Warning Weighs on Shares

Hindustan Petroleum (NSE:HINDPETRO, BOM:500104) shares closed Thursday trading 3% in the red as the Indian state-run refiner's solid fiscal 2026 results were overshadowed by warnings of a "very tough" start to the year.On Wednesday, the company, also known as HPCL, logged a record high for profit after tax during the year ended March, backed by its highest-ever crude throughput and a 3.3% growth rate for sales volume."Our PAT for the year standalone is INR 17,175 crores. This is 233% of the PAT of last year, so up 133%. The previous best ever HPCL had recorded was INR 14,654 or something. This is 17% higher than the previous best HPCL has ever recorded. The consolidated PAT was INR 18,047 crores. Two of our refinery investments, HMEL and MRPL, contributing strongly, especially in Q4. We are excited about this performance," Chairman Vikas Kaushal said.At the same earnings call, however, Kaushal confirmed downbeat expectations for the current quarter. "Q1, we expect it to be very tough. You all are aware of the situation. The crudes are very expensive, product prices are low, and everything is quite volatile. As of where we stand, there would be losses in the Q1," he added.Analysts took note of the negative sentiment, including Nomura, which said Thursday that it lowered its rating on the company to neutral from buy, with the price target falling to 440 rupees from 550 rupees amid a "negative" near-term outlook for the stock.Jefferies also cut its estimates for HPCL, adding that it sees "multiple headwinds ahead.""Cut estimates, retain UNPF: We further cut our FY27E PAT from -Rs 24bn to -Rs 178bn and reduce FY28E PAT by 18%, factoring in marketing losses and forex depreciation closer to spot, with no hike in retail fuel prices. HPCL trades at a higher valuation than peer BPCL despite the lower full-cycle RoCE. We value HPCL at 1.4x (in line with long term average) Mar-27 forward PB with a revised PT of Rs 275," Jefferies analysts wrote Wednesday.

BOM:500104NSE:HINDPETRO

US Markets130d ago

Yeti Raises Fiscal 2026 Earnings Outlook as First-Quarter Results Top Views

Yeti (YETI) lifted its full-year earnings outlook on Thursday as the outdoor products company recorded better-than-expected fiscal first-quarter results.Adjusted earnings are now set to come in between $2.83 and $2.89 per share for fiscal 2026, up from its previous projections of $2.77 to $2.83. The current consensus on FactSet is for non-GAAP EPS of $2.81. The stock rose more than 4% in the most recent premarket activity.Sales are now pegged to grow by 7% to 8%, reflecting a higher low end versus the prior guidance for a gain of 6%. The Street is looking for nearly $2 billion."Our strong first-quarter performance reinforces confidence in our full-year outlook," Chief Executive Matt Reintjes said in a statement. "With a clear focus on our strategic priorities, we remain confident in our ability to drive long-term growth and profitability."For the three months through April 4, the cooler and thermos maker's adjusted EPS declined to $0.26 from $0.31, including a $0.09 headwind related to incremental tariffs. The average analyst estimate was for $0.18. Sales improved 8% to $380.4 million, ahead of the Street's view for $374.7 million."We delivered robust top and bottom-line execution that was broad-based across categories and channels," according to Reintjes. "Cautious ordering from our corporate partners across all global regions was a meaningful growth drag in the quarter."Sales of coolers and equipment advanced 11% to $156.1 million while drinkware rose 5% to $216.9 million, amid growth in the group's US and international operations. Direct-to-consumer channel sales were flat at $196.8 million, while wholesale revenue gained 19% to $183.6 million, "on the back of continued strength in consumer demand," Reintjes said.Gross margin decreased 210 basis points to 55.3% due to higher tariff costs, as well as a lower mix of the company's direct-to-consumer channel and drinkware category. Selling, general, and administrative expenses widened to $197.8 million from $180.1 million in the prior-year quarter.

$YETI

US Markets130d ago

Equity Futures Rise as Trump, Xi Kick Off High-Stakes Meeting

US equity markets were tracking in the green before the opening bell Thursday as President Donald Trump held talks with his Chinese counterpart, Xi Jinping, at a high-stakes meeting in Beijing.The S&P 500 and the Nasdaq rose 0.2% each in premarket activity, while the Dow Jones Industrial Average added 0.6%. The S&P 500 and Nasdaq reached fresh peaks at Wednesday's close, while the Dow finished lower.Trump and Xi have agreed to develop a "constructive China-US relationship of strategic stability," according to a readout of the summit by the Chinese foreign ministry. "This will provide strategic guidance for China-US relations over the next three years and beyond," the readout showed.The relationship between the two countries is going to be "better than ever before," Trump told Xi in his opening remarks, CNBC reported, citing official broadcast footage.The leaders of the two global economic heavyweights agreed that the crucial Strait of Hormuz should remain open to support global energy flows, multiple news outlets reported. During their talks, Xi showed interest in buying more US oil to reduce China's dependence on the Strait of Hormuz and other Middle East shipping routes, according to news reports.West Texas Intermediate crude oil was down 0.2% at $100.80 a barrel before the open, while Brent was slightly in the red at $105.61.On Wednesday, the International Energy Agency forecast a sharper decline in global oil demand this year than previously expected as the Middle East conflict drives up energy prices. Separately, the Organization of the Petroleum Exporting Countries reduced its global oil demand growth outlook for 2026, but upgraded its projection for next year.Also on Wednesday, official data showed that US producer prices rose at the fastest pace in four years in April as broad-based increases in services and goods signaled intensifying inflation pressures.Treasury yields were down in premarket action, with the two-year rate retreating 2.1 basis points to 3.97% and the 10-year rate off 2.2 basis point to 4.46%.Thursday's economic calendar has the weekly jobless claims bulletin at 8:30 am ET, along with the retail sales and import and export prices reports, both for April.Federal Reserve Governor Michael Barr is scheduled to speak at 7 pm. Kansas City Fed President Jeffrey Schmid, Cleveland Fed President Beth Hammack, and New York Fed President John Williams all speak earlier in the day.On Wednesday, Boston Fed President Susan Collins said she expected the central bank to maintain its current monetary policy stance, describing it as "slightly restrictive."The US Senate confirmed Kevin Warsh's nomination as Fed chair Wednesday. Warsh is Trump's pick for the job, with the term of current central bank chief Jerome Powell set to expire on Friday.Cisco Systems (CSCO) shares jumped 17% pre-bell Thursday. Late Wednesday, Cisco's fiscal third-quarter results exceeded Wall Street's estimates, while the networking equipment maker announced a restructuring plan that involves thousands of layoffs.Marvell Technology (MRVL) added 3.8% pre-bell after closing the previous session with an 8.2% gain.Nvidia (NVDA) was 1.8% higher in premarket activity after Reuters reported that the US has cleared around 10 Chinese firms to buy the technology giant's H200 artificial intelligence chip. However, not a single delivery has been made so far, according to the report.Applied Materials (AMAT) is scheduled to release its latest quarterly financial results after the markets close. Viking (VIK), Klarna (KLAR), Bullish (BLSH) and Yeti (YETI) report before the bell, among others.Gold edged down 0.1% to $4,703 per troy ounce, while bitcoin nudged up 0.1% to $79,599.

Dow JonesNasdaq CompositeS&P 500$AMAT$BLSH$CSCO$KLAR$MRVL$NVDA$VIK$YETI

US Markets130d ago

3i Group Tumbles as 'Very Weak' Action Sales Growth Overshadows Higher Fiscal 2026 Profit, Buyback

3i Group (III.L) shares dropped over 14% in London on Thursday midday after the company's fiscal 2026 results showed weaker-than-expected sales at discount retailer Action, its largest investment, amid increased geopolitical uncertainty in the Middle East.The British investment company reported 5.30 billion pounds sterling in profit for the 12 months ended March 31, up from 5.05 billion pounds a year before. Gross investment return rose to 5.46 billion pounds from 5.21 billion pounds, with its private equity portfolio, including Action, generating 5.30 billion pounds in gross investment return.Like-for-like sales at Action, however, only grew 2.4% in the 19 weeks ended May 10, compared with 6.8% over the same period a year earlier. "Continued consumer caution in France and lower traffic in Germany since the deterioration of the situation in the Middle East at the end of March, resulted in flat year to date LFL performance in those countries," 3i noted in its earnings release.As of March 31, 2025, 3i's investment in Action formed 76% of its private equity portfolio value, according to the group's website."I said last year that the market environment would remain complex with heightened geopolitical uncertainty. This turned out to be a good general description of the complex backdrop we operated in for FY2026 and continues to set the tone for the year to come, as the duration and indirect impacts from the Middle East situation remain uncertain," Chief Executive Simon Borrows said in an earnings release."The market environment remains complex with heightened geopolitical risk from the unresolved Middle East situation in particular. As a result, we expect to see an increase in inflation over the coming months."In terms of shareholder returns, the board proposed a second dividend of 0.480 pound per share for fiscal 2026, higher than the year-ago 0.425 pound. This brings the full fiscal year dividend to 0.845 pound per share, up from 0.730 pound per share a year earlier.The group also announced a share repurchase program of up to 750 million pounds to reduce its share capital, which it aims to complete by 2026-end."3i reported FY25 results and gave a trading update on Action which will likely disappoint with deteriorating LFLs, weak France and Germany and margin compression. The only sweetener was the announcement of a GBP750m buyback (c. 3% market cap.; higher than the GBP500m expected). Action's YTD LFL came in very weak at 2.4% (we had expected c. 3.5%; consensus at c. 3.6% due to the tougher comp)," analysts at Bernstein said in a quick take note."The company flags strength in FMCG but weakness in seasonal categories affected by cooler weather and tough comps. Both France and Germany were flat due to the caution induced by the war in the Middle East. The negative commentary on Germany will be received badly as investors will fear it is the next France."

$III.L

US Markets130d ago

India's Wholesale Inflation Accelerates in April

Pushed by rising fuel and power bills, India's wholesale prices rose by 8.30% on year in April, the highest gain since late 2022, reported the Ministry of Commerce and Industry (MCI) on Thursday.India's wholesale price index (WPI) in April alone rose 3.86% from March, lifted by fuel and power charges that rose 18.22% on month, in the wake of mounting fuel shortages occasioned by the closure of the Strait of Hormuz in March.Crude petroleum prices rose 16.99% in April from March, and by 88.06% from a year earlier, according to officials.Petrol (gasoline) prices rose 24.49% in April from March, and by 32.40% from a year earlier, added the MCI.India's WPI is distinct from the consumer price index (CPI), which measures prices in retail locations, faced by ordinary shoppers.The WPI gauges prices of goods sold in bulk at the wholesale level, before products reach the retail market. The WPI provides clues into cost pressures within the supply chain and production sectors, and is considered one precursor to subsequent changes in the CPI.In contrast to wholesale fuel bills, India's WPI food index rose a relatively modest 2.31% in April on year, while that for manufactured products rose 4.62% on year, reported MCI.The April wholesale price report will likely be closely reviewed by the Reserve Bank of India (RBI), the nation's central bank.India's CPI rose 3.48% on year in April, reported officials, still within the central bank's target range on the index of 4% plus or minus 2%.At its April policy session, the RBI held its key policy interest rate steady at 5.25%, and has not altered the rate this year.The next RBI Monetary Policy Committee meeting is slated for June 3 through 5.

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US Markets130d ago

Burberry Returns to Profit in Fiscal 2026 as China, Americas Sales Grow

Burberry Group's (BRBY.L) comparable store sales growth in Greater China and the Americas helped the British luxury retailer return to profit in fiscal 2026, with the management describing the year as "a meaningful inflection point."Burberry on Thursday reported an attributable profit of 21 million pounds sterling for the 52 weeks ended March 28, compared with a loss of 75 million pounds a year earlier. Revenue dropped to 2.42 billion pounds from 2.46 billion pounds.Comparable sales started growing in the second quarter and maintained the momentum through the rest of the fiscal year. In Greater China and the Americas, comparable sales rose 4% each, while Asia Pacific saw a 2% increase.For the year ahead, the company said it remains "mindful of the uncertain geopolitical and macro-economic environment." Burberry expects wholesale revenue to grow by mid-single-digit percentage in the first half of fiscal 2027, while the impact of retail space on revenue is projected to remain broadly stable.Burberry also named William Jackson, founder and former chief executive officer and chair of investment company Bridgepoint Group (BPT.L), as its new chair, succeeding Gerry Murphy, who plans to retire in November.The stock was down more than 4% in early morning trade.

$BPT.L$BRBY.L

US Markets130d ago

Bridgestone Posts Higher Q1 Earnings Despite Middle East Conflict's Impact on Sales

Bridgestone's (TYO:5108) earnings in the first quarter climbed despite its tire sales being affected by the ongoing conflict in the Middle East.The profit attributable to owners, which includes discontinued operations, jumped 21% to 91.1 billion Japanese yen from 75.9 billion yen a year earlier, with earnings per share rising year on year to 72.31 yen from 55.53 yen.Revenue climbed 5.2% to 1.113 trillion yen from 1.058 trillion yen. Both the tire business and diversified products business helped boost the company's total revenue after posting respective a 4% and 3% rise in revenue.In its earnings presentation, the tire maker said sales coming from the Middle East account for only approximately 1.5% of its total sales, but the global demand for tires declined as the war in Iran caused disruption in the supply chain.Among Bridgestone's product lines, the sales of premium tires continued to expand during the quarter ending March 31. Meanwhile, the sales for off-the-road, or OR, tires declined due to lower coal demand in Asia, while maintaining high profitability. Sales in both replacement tires, or REP, and original equipment, or OE, tires fell, but that did not hinder the growth of profit and margins.In Japan, the company's revenue and profit increased due to the depreciation of the local currency and expansion in the sales of replacement tires and improved prices.Cost inflation -- brought by rising material costs and logistics costs due to the global oil and energy price hikes -- is expected to continue to have an indirect impact on the company.Bridgestone predicted that the estimated impact of cost inflation for the entire year will be approximately 70 billion yen.Moreover, the company forecasted that its 2026 attributable profit will increase 3.9% year on year to 340 billion yen. Earnings per share will be at 270.87 yen and revenue will inch 1.6% higher to 4.500 trillion yen from a year earlier.

TYO:5108

US Markets130d ago

UK Economic Growth Picks Up in First Quarter on Services Boost

The British economy grew in the first three months of 2026 as every output sector contributed to the quarterly gains, particularly the services segment.The UK's real gross domestic product edged up 0.6% in the quarter ended March, following a revised 0.2% expansion in the prior three-month period, according to preliminary data from the Office for National Statistics published Thursday. The latest figure matched the consensus estimate.On a yearly basis, the economy grew 1.1% in the quarter, compared with a 1% increase in the last three months of 2025 and the expected 0.8% gain."Growth picked up in the first quarter of the year, led by broad-based increases across the services sector. Within that wholesale, computer programming and advertising performed particularly well," ONS Director of Economic Statistics Liz McKeown said.ONS data showed that quarterly output in the services sector was up 0.8%, with 11 of the 14 subsectors contributing positively to growth. The production sector grew by 0.2%, primarily due to a 0.6% increase in electricity, gas, steam and air conditioning supply and a 0.8% gain in manufacturing. Meanwhile, construction output ticked up by 0.4%, supported by an increase in repair and maintenance, namely within private housing.In March 2026 alone, the UK's GDP rose 0.3% month over month, against the downwardly revised 0.4% growth a month before and the expected 0.1% decline, according to Investing.com data."Ever since 2022, the UK economy has grown much faster in the first quarter than in the rest of the year. And 2026 looks like it'll be no different," ING said in a note. "That brings us to the key point, which is that the direction of the UK economy this summer has clearly changed for the worse over the past few weeks. Admittedly, a strong GDP reading for March sets a decent base for the second quarter; growth is likely to come in around 0.2-0.3%, before likely turning negative in the third quarter."ING added that the data "won't change much" for the Bank of England, saying the central bank remains focused on the "impending inflation spike and the risk of it spilling into wage growth." ING expects a "one-and-done" rate increase in June.

FTSE 100

US Markets130d ago

Honda Motor Posts First Annual Loss in Nearly 70 Years as EV Costs, Tariffs Weigh

Honda Motor (TYO:7267) posted its first annual loss in nearly 70 years as a listed company after mounting EV-related charges and tariff impacts pushed the Japanese automaker into the red despite resilient revenue.Loss attributable to owners of the parent totaled 423.9 billion yen for the year ended March 31, compared with a profit of 835.8 billion yen a year earlier, according to a Thursday filing with the Tokyo Stock Exchange.Loss per share came to 106.06 yen, compared with earnings per share of 178.93 yen a year earlier.Revenue inched up 0.5% to 21.797 trillion yen from 21.689 trillion yen in fiscal 2025, supported by stronger motorcycle sales, though gains were partly offset by weaker automobile revenue and adverse currency translation effects.Honda booked EV-related losses totaling 1.454 trillion yen during the fiscal year, contributing to an operating loss of 414.3 billion yen.The automaker said the global EV market environment had shifted sharply, particularly in North America, where slowing demand growth and changes to policy support disrupted rollout plans.Separately, Honda indefinitely suspended plans to establish a comprehensive electric vehicle value chain in Ontario, Canada, after previously delaying the project by about two years amid slowing EV demand.Honda had unveiled the Canada EV supply chain project in April 2024 as part of efforts to expand its North American EV operations, before postponing the plan in May 2025 because of weaker-than-expected EV demand growth."In the United States, the expansion of the EV market has slowed due to revisions to EV incentives and the easing of fossil fuel regulations," Honda said, adding that it revised product launch plans, scrapped development of certain North America-focused EV models, and scaled back some alliance-linked production plans.The automaker also said intensifying competition from emerging EV manufacturers in China prompted further revisions to launch plans for some electric vehicle models.The company also said tariff impacts weighed on earnings during the year.Meanwhile, Honda maintained its full-year dividend at 70 yen per share for fiscal 2026 and projected the same payout for fiscal 2027.For fiscal 2027, the automaker forecasts revenue of 23.150 trillion yen and profit attributable to owners of the parent of 260 billion yen.The company said it expects EV-related losses to narrow to 500 billion yen in fiscal 2027.

TYO:7267

US Markets130d ago

Suzuki Motor Posts Record Profit in Fiscal 2025 Despite Rising Costs

Suzuki Motor's (TYO:7269) fiscal 2025 attributable profit grew to a record high despite booking lower operating profit amid rising raw material costs, as well as human resources and technological investments.The Japanese vehicle manufacturer logged an attributable profit of 439.3 billion yen, up 5.6% from 416.1 billion yen in fiscal 2024. The figure jumped for the sixth consecutive period, the company said.Diluted earnings per share grew to 227.66 yen from 215.65 yen.Suzuki Motor's revenue increased 8% to 6.293 trillion yen from 5.825 trillion yen a year earlier.Market conditions in India influenced the topline after the country revised its goods and services tax, driving the company to adjust production and logistics in the country to cope with demand.Revenue in the automobile segment jumped 7.6% year over year to 5.706 trillion yen, but its operating profit slipped 3.5% to 547.6 billion yen.Its motorcycle segment grew 14% to 454.5 billion yen, while operating profit increased 9.7% to 44.8 billion yen on strong sales in India and Colombia.Suzuki Motor's marine business grew its revenue by 8.9% to 119.5 billion yen, but its operating profit slid 13% to 26.6 billion yen due to U.S. tariff impacts.Global automobile sales volume jumped 2.4% to 3.3 million units, with stronger sales in India, Pakistan, and Africa, while its motorcycle sales widened by 9.5% to 2.3 million units, thanks to stronger performance in India and Latin America.Operating profit slid 3.1% year over year to 622.9 billion yen from 642.9 billion yen on investments in human resources and technology.For fiscal 2027, the company expects attributable profit to fall 14% to 380 billion yen or 196.67 yen per share, as it expects the war in the Middle East to bear "significant risk" on its production.Revenue is predicted to grow 8.1% to 6.800 trillion yen, but operating profit could slide 8.5% to 570 billion yen.The company plans to pay a year-end dividend of 24 yen per share, with the total dividend for fiscal 2025 reaching 46 yen.For fiscal 2026, Suzuki Motor plans to pay a dividend of 51 yen per share.

TYO:7269

US Markets130d ago

Eneos to Acquire Chevron's Asia-Pacific Assets for $2.17 Billion

Japanese refiner Eneos Holdings (TYO:5020) agreed to acquire Chevron's downstream fuels and lubricants businesses across six Asia-Pacific markets for $2.17 billion, marking one of its largest overseas expansion moves in recent years.The company said it signed share purchase agreements to buy Chevron's operations in Singapore, Malaysia, the Philippines, Australia, Vietnam and Indonesia, including a 50% non-operated stake in Singapore Refining Company. The transaction is expected to close in 2027, subject to regulatory approvals.Under the deal, Eneos will acquire the businesses through a Singapore-based special purpose vehicle. The assets include the Caltex fuels and lubricants brand network across the region, which Chevron has operated for decades."This investment represents a significant step in strengthening the business platform that connects Japan with Southeast Asia and Oceania, while bringing together the competitive strengths developed across each market to advance our Group's growth to the next stage," Eneos CEO Tomohide Miyata said in a statement.The move comes as energy companies accelerate overseas expansion to offset a shrinking domestic market and secure supply chains across the Asia-Pacific. In February, Thailand's Bangchak Corp. agreed to acquire Chevron's Hong Kong fuel business for $270 million as part of its regional expansion strategy.Eneos has also been navigating heightened geopolitical risks tied to Middle East crude supplies. Reuters reported earlier that an Eneos-managed tanker carrying Kuwaiti and UAE crude recently passed through the Strait of Hormuz after disruptions linked to the U.S.-Israel conflict with Iran.Japan relies heavily on Middle Eastern crude imports, and refiners, including ENEOS, have sought alternative supply sources while the government works to stabilize domestic fuel markets through subsidies and diplomatic efforts. The Chevron deal underscores Eneos' push to build a broader overseas earnings base and deepen its presence in faster-growing fuel markets.Eneos' shares fell nearly 3% in recent trade in Tokyo.

TYO:5020

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