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Sector Update: Financial

Financial stocks declined in late Friday afternoon trading, with the NYSE Financial Index shedding 0.7% and the State Street Financial Select Sector SPDR ETF (XLF) down 0.3%.The Philadelphia Housing Index shed 2.8%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) fell 1.3%.Bitcoin (BTC-USD) was declining 2.5% to $79,082, and the yield for 10-year US Treasuries jumped 13.4 basis points to nearly 4.60%.In corporate news, Apollo Global Management-backed (APO) West Technology is in exclusive talks for the sale of its remaining operating business as talks with debt holders continue, Bloomberg reported. Apollo shares were up 0.1%.

$APO

Sector Update: Consumer

Consumer stocks were lower late Friday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) decreasing 0.3% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) falling 1.7%.In corporate news, Canada Goose (GOOS) may struggle to generate meaningful upside in the coming quarters as weak revenue growth and macro uncertainty continue to cloud the outlook, UBS said in a note. Canada Goose shares were down 2.7%.

$GOOS

Sector Update: Healthcare

Healthcare stocks declined late Friday afternoon, with the NYSE Healthcare Index falling 1.1% and the State Street Healthcare Select Sector SPDR ETF (XLV) shedding 1%.The iShares Biotechnology ETF (IBB) dropped 2.3%.In corporate news, Thermo Fisher Scientific (TMO) could benefit from improving end-market conditions and recovering biotech funding, though "structural risks" may limit the company's ability to achieve its long-term organic growth aspiration, RBC Capital Markets said in a note. RBC resumed coverage of Thermo Fisher with a sector perform rating and a $490 price target. Thermo Fisher shares were down 2.1%.

$TMO

Wire54d ago

Manulife Financial's Canada Business May Rebound Earlier, Stronger Than Expected, RBC Says

Manulife Financial's (MFC) Canada business may rebound earlier and more strongly than expected but sustained outperformance would require stronger contributions from Asia and Global Wealth and Asset Management, RBC Capital Markets said Friday.The company's Q1 core EPS was CA$1.06 ($0.77), below RBC's estimate of CA$1.11 and consensus of CA$1.10. The miss was driven by weaker-than-expected results in Canada, Corporate & Other, and Global Wealth and Asset Management, according to the note.RBC lowered its core EPS estimates to CA$4.44 from CA$4.57 in 2026 and to CA$4.90 from CA$4.97 in 2027.Canada core earnings of CA$352 million were below RBC's estimate of CA$409 million. The firm expects Canada insurance experience to normalize by year-end but models Canada core earnings to decline about 6% in 2026.Corporate & Other posted a core loss of CA$115 million, larger than RBC's expected loss of CA$65 million, while GWAM core earnings of CA$448 million also came in below forecast.RBC kept an outperform rating on Manulife Financial with a price target of CA$55.Price: $37.52, Change: $-0.02, Percent Change: -0.05%

$MFC

Sector Update: Tech

Tech stocks were lower late Friday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) falling 1.4% and the State Street SPDR S&P Semiconductor ETF (XSD) down 2%.The Philadelphia Semiconductor index slumped 3.3%.In corporate news, Figma (FIG) shares were up 13% after it posted Q1 adjusted net income and revenue that surpassed analysts' estimates.

$FIG

Wire54d ago

Gambling.com Shares Fall After Guidance Cut

Gambling.com (GAMB) shares were down over 41% in Friday trading after the company lowered its 2026 guidance.Late Thursday, the firm said it now expects 2026 revenue of $165 million to $170 million and adjusted EBITDA of $45 million to $50 million.Previously, it expected revenue of $170 million to $180 million and adjusted EBITDA of $50 million to $58 million for the year.Analysts expected revenue of $172 million in a FactSet poll.The company also reported a Q1 adjusted EPS of $0.09 on revenue $40.4 million. Analysts expected $40.2 million revenue.The firm also said it will undertake an AI-driven restructuring that includes cutting its workforce by 25%, a move expected to generate $13 million in annualized savings.After the results, Benchmark rated the stock a speculative buy, against buy previously, and cut its price target to $4 from $6.Price: $2.41, Change: $-1.74, Percent Change: -41.91%

$GAMB

National Bank Also Sees Deal As Positive Financially (Accretive to EPS and Achieving 15% IRR Target)

National Bank Believes This Potential Transaction Would Be a "Nice Win" for IFC Strategically (Global Commercial and Specialty Insurance Expansion)

National Bank Notes Insurance Post Reported that Intact is Exploring a Potential Bid For Hiscox, a UK-based Global Insurer that Trades in London

Intact Financial Potential Acquisition of Hiscox "Would be Positive Strategically and Financially", says National Bank

Research55d ago

Research Alert: CFRA Lowers Opinion On Shares Of Synchrony Financial To Hold From Buy

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We lower our 12-month target price by $24 to $79, applying a forward P/E of 7.6x our 2027 EPS estimate, below the peer average of 10.4x given SYF's lower FICO score customer base. We decrease our 2026 adjusted EPS estimate to $9.33 from $9.55 and reduce 2027's to $10.46 from $10.70. We lower our outlook due to concerns about credit quality, as real wage growth has turned negative. While SYF has delivered strong recent performance, with net charge-offs declining Y/Y for four consecutive quarters, we believe this trend may now reverse given SYF's exposure to middle-income consumers and inflation reaching three-year highs. However, two factors provide some offset. First, SYF's retailer share agreements are structured to adjust based on credit performance, meaning the company's costs should decline if credit quality worsens, providing a natural hedge. Second, the recently recaptured Walmart partnership remains a compelling long-term growth driver, and we expect it to become one of SYF's top partnerships.

$SYF

Research55d ago

Research Alert: CFRA Lowers Opinion On Shares Of Capital One Financial Corporation To Hold From Buy

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We lower our 12-month target price by $60 to $205, applying a forward P/E of 8.6x our 2027 EPS estimate, in line with the 10-year historical average of 8.7x. We reduce our 2026 adjusted EPS view to $19.56 from $19.87 and cut our 2027 EPS estimate to $23.74 from $24.46. We lower our outlook on COF primarily due to macroeconomic concerns. The ongoing Middle East conflict is driving inflation above wage growth, pressuring consumer finances. Given COF's significant consumer exposure through its credit card and auto lending businesses, we believe near-term headwinds will largely offset the benefits from its expansion into higher-income segments and operational improvements from the Discover Financial acquisition. Consequently, we now forecast 2026 net charge-offs of approximately 330 bps, up from our previous estimate of 300 bps. Importantly, COF enters this environment from a position of relative strength, with a robust CET1 ratio of 14.4% and a strong allowance coverage ratio of 5.28%.

$COF

Wire55d ago

Canada Goose Unlikely to See Meaninful Upside in Coming Quarters, UBS Says

Canada Goose (GOOS) may struggle to generate meaningful upside in the coming quarters as weak revenue growth and macro uncertainty continue to cloud the outlook, UBS said in a note emailed Friday.The brokerage said it sees "few catalysts ahead" for the stock, noting that investors are unlikely to get major new data points before the company's fiscal Q2 report later this year because of the seasonal nature of the business.UBS added that North American traffic remains choppy, while Europe could face pressure from slowing tourist demand.At the same time, UBS said Canada Goose is making progress in areas including wholesale execution, store operations and merchandising.UBS maintained its fiscal 2027 to 2029 earnings estimates, saying the company can still gradually improve margins over the longer term as it expands internationally and grows newer categories.UBS maintained its neutral rating and $12 price target.Price: $9.68, Change: $-0.21, Percent Change: -2.12%

$GOOS

Wire55d ago

Optimum Communications Shares Fall After Citigroup Downgrade

Optimum Communications (OPTU) shares were down nearly 10% in recent Friday trading after Citigroup downgraded the telecommunications provider to sell from neutral and cut its price target to $0.50 from $1.50.Trading volume stood at about 3.5 million shares compared with a daily average of nearly 2.8 million shares.Price: $0.79, Change: $-0.09, Percent Change: -9.87%

$OPTU

Treasury55d ago

US Treasury Closing Levels

3:00 Friday vs 3:00 Thursday2yr 99-12 vs 99-17+; 4.079% vs 3.990%5yr 98-09 vs 98-29; 4.256% vs 4.119%10yr 98-08 vs 99-10; 4.594% vs 4.459%30yr 98-01+ vs 99-25+; 5.127% vs 5.011%2/10 51.293 bps vs 46.701 bps5/30 86.919 bps vs 89.036 bps

Commodities55d ago

Canada, Alberta Advance Energy Export, Power Grid Agreement

Canada and Alberta reached a new agreement Friday that targets stronger carbon markets, cleaner electricity expansion, and increased energy exports to Asian markets, the Prime Minister's office said in a release.Prime Minister Mark Carney and Alberta Premier Danielle Smith announced the implementation agreement as part of broader plans to strengthen Canada's economy and diversify exports.The agreement follows a memorandum signed in November that focused on expanding Alberta's energy sector, increasing renewable investment, and lowering emissions through cooperative policies.Canada and Alberta agreed to raise the effective carbon price to CA$115 ($83.59) per ton by 2030, CA$130 by 2035, and CA$140 by 2040.Under the Technology Innovation and Emissions Reduction system, Alberta also agreed to tighten emissions benchmarks gradually while introducing a minimum floor price for TIER credits beginning in 2030.The federal and Alberta governments will jointly issue 75 million tons of Carbon Contracts for Difference to support emissions-reduction projects, with costs shared equally.Canada and Alberta also agreed to work toward doubling Alberta's electricity grid by 2050 through expanded nuclear, wind, solar, and geothermal generation, as well as lower-carbon generation capacity.The two partners will launch a joint Electricity Working Group focused on grid modernization, energy storage, transmission expansion, and support for artificial intelligence and data center demand.To expand energy exports, Alberta plans to submit a proposal for a new bitumen pipeline to Asian markets to Canada's Major Projects Office by July 1, 2026.Canada will seek national interest designation for the project under the Building Canada Act by Oct. 1, 2026, while continuing consultations with Indigenous communities and British Columbia.The proposed pipeline depends on the Pathways Project, which Canada and Alberta said could cut annual emissions by 16 million tons while generating CA$16.5 billion in gross domestic product.The project will also generate CA$12.2 billion in labor income while supporting as many as 43,000 jobs annually.Large oil sands producers will also need to cut carbon intensity by 2% annually through emissions reductions, carbon credits, or direct carbon payments under the agreement, Bloomberg reported.The governments also reaffirmed plans to finalize a methane equivalency agreement by late 2026, aiming to reduce Alberta oil and gas methane emissions by 75% below 2014 levels by 2035.Prime Minister Mark Carney said Friday, "Today's agreement reinforces that Alberta and Canada are lands where the opportunities are plentiful, the rules are clear, and one project means one review. We are building a Canada that works with a more prosperous, sustainable, and resilient economy for all."

Wire55d ago

Celsius on Strong Long-Term Growth Path Despite Recent Slowdown, UBS Says

Celsius (CELH) appears to have a strong long-term growth trajectory despite slowing beverage sales in recent months, UBS said in a note emailed Friday.The company continues to benefit from growth in household penetration and purchase rate as its distribution agreement with PepsiCo (PEP) nears four years, the firm said. The brand has faced growth across most demographics, with expectations of gaining more shelf space in 2026 amid product launches such as the new energy drink Electric Vibe, according to the note.The investment firm, however, noted that Celsius has experienced sluggish sales since December due to increasing competition and weakness in certain products.UBS added that given the volatility, investors are likely to take a "wait and see approach" toward the stock, but over the long term, the potential upside outweighs the downside risk with the weakness looking "overdone."UBS maintained its buy rating and price target of $55.Price: $30.03, Change: $+1.02, Percent Change: +3.52%

$CELH$PEP