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Trump May Lift Sanctions on Chinese Firms Buying Iranian Crude

US President Donald Trump said Friday that he discussed lifting sanctions on Chinese companies purchasing Iranian oil with Chinese President Xi Jinping.Trump made the remarks on Friday aboard Air Force One after meeting President Xi during a two-day diplomatic visit to China."... I'm going to make a decision over the next few days," Trump said about potentially lifting sanctions.The US recently sanctioned several Chinese refiners tied to Iran's oil trade as Washington expanded economic pressure on Tehran, while China has remained the largest buyer of Iranian crude shipments.China wants the Strait of Hormuz reopened as energy flows through the route remain heavily disrupted following recent tensions with Iran. "He'd like to see it opened up," Trump said.China gets about 40% of its energy and oil through the Strait of Hormuz, Trump said, while discussing Beijing's dependence on the passage.On Iran, Trump said, "Iran will never have a nuclear weapon. Not going to happen," while rejecting Tehran's latest proposal over nuclear restrictions."They agreed to it, but then they took it back, but they'll agree to it eventually," Trump said about Iran's earlier willingness to remove nuclear material before reversing its position.Trump added that President Xi strongly opposed Iran obtaining nuclear weapons during bilateral discussions on Friday, saying, "He feels strongly they can't have a nuclear weapon."Trump said the US-imposed blockade of the Strait of Hormuz has cost Iran roughly $500 million per day in lost oil-related revenue."We control the strait, and they've [Iran] done no business... in the last two and a half weeks, which is approximately $500 million a day," Trump said.The US imposed the blockade around the Strait of Hormuz on April 13 after peace talks with Iran collapsed, escalating military operations aimed at restricting Tehran's oil exports and shipping access.The ceasefire followed requests from other nations, although the US blockade remained effective and sharply restricted Iranian commercial activity in the region, Trump added."We could knock out their bridges and their electrical capacity within two days," Trump said while warning the US could quickly target Iran's remaining infrastructure if military operations resume."He's got one of the greatest oil finds anywhere in the world, and he's not using it," Trump said while urging UK Prime Minister Keir Starmer to expand North Sea drilling."He doesn't want to see a movement for independence," Trump said about Xi's Taiwan position, adding he would decide later on future US arms sales to Taiwan.Oil prices jumped on Friday following Trump's diplomatic visit to China, with Murban up 2.6% at $107.44 per barrel, Brent crude rising 3.3% to $109.23/bbl, and West Texas Intermediate gaining 3.9% to $105.07/bbl.

Wire55d ago

Investor Bill Ackman Says Pershing Hedge Fund Sold Alphabet, Bought Microsoft

Bill Ackman said Friday on the social media platform X that his Pershing Square hedge fund has sold Alphabet (GOOG, GOOGL) shares and established a new position in Microsoft (MSFT).Pershing began buying Microsoft in February after a notable share price decline following its fiscal Q2 results, acquiring a position at a valuation of 21 times forward earnings, in line with the market multiple and well below Microsoft's trading average over the last few years, Ackman said.Ackman said investors underestimate the resilience of the Microsoft 365 franchise given its embedded role across enterprises and highly attractive price-to-value proposition, according to the X post.Concerns regarding the growth trajectory of Microsoft's Azure cloud business are similarly misplaced, especially after the franchise's exceptional recent performance, he added."We believe that $MSFT offers analogous and compelling long-term value at today's valuation," Ackman said on X.Price: $392.13, Change: $-5.04, Percent Change: -1.27%

$GOOG$GOOGL$MSFT

Wire55d ago

Thermo Fisher Likely to Benefit From End-Market Recovery, but Structural Risks Remain, RBC Says

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 report emailed Friday."Investor skepticism" surrounding Thermo Fisher's 2026 guidance and broader post-pandemic recovery trends "is well-founded" after several years of uneven "normalization" across the life sciences tools industry, RBC noted. Still, the firm said recovery prospects appear "more plausible" as uncertainty in large pharmaceutical and academic markets begin to ease.The firm said normalized organic growth closer to 5% may be as likely as management's 7%-plus target and the Wall Street's roughly 6% forecast. It also pointed to "lingering" artificial intelligence uncertainty surrounding the long-term outlook for the company's contract research organization business, which represents about 20% of sales, according to the report.RBC resumed coverage of Thermo Fisher with a sector perform rating and a $490 price target.Price: $442.17, Change: $-6.04, Percent Change: -1.35%

$TMO

Wire55d ago

Market Chatter: BP to Cut Pipeline Gas Trading Team, Focus More on LNG

BP (BP) plans to cut its pipeline gas trading team and focus on expanding its liquified natural gas trading, Reuters reported Friday, citing two sources familiar with the matter.The oil major will lay off about 20 people on the pipeline gas team and fold the remaining workers into its LNG book, the report said, citing the sources.BP didn't immediately reply to a request for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $44.10, Change: $+0.47, Percent Change: +1.09%

$BP

Research55d ago

HC Wainwright Downgrades Lisata Therapeutics to Neutral From Buy

$LSTA

Wire55d ago

BP to Cut Pipeline Gas Trading Team, Focus More on LNG, Reuters Reports

$BP

Japan55d ago

US Equity Indexes Drop as Soaring Treasury Yields, Surging Crude Oil Hit Risk Sentiment

US equity indexes fell amid a surge in government bond yields and crude oil futures in midday trading as investors weighed the outcome of the China summit.The Nasdaq Composite fell 1.2% to 26,321.9, while the S&P 500 and Dow Jones Industrial Average both lost 0.9% to 7,432.4 and 49,598.9, respectively.All sectors except energy fell. Materials, industrials, and utilities led the decliners.A summit between US President Donald Trump and his Chinese counterpart, Xi Jinping, ended with mixed messages, the Wall Street Journal reported. Trump reportedly told Fox News the United States does not need to see the Strait of Hormuz reopen, then told reporters both he and Xi want to see the Iran war end, while also saying Hormuz needs to reopen as soon as possible."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."US Treasury yields surged, with the 10-year up 12.6 basis points to 4.59% and the two-year higher by 8.9 basis points to 4.08%.West Texas Intermediate crude oil futures surged 4% to $105.23, and Brent crude futures jumped 3.5% to $109.42.

Dow JonesNasdaq CompositeS&P 500

Mining & Metals55d ago

CIBC Confirms Outperformer Rating on Quarterhill and Raises Its Price Target to C$2.50 on Q1 Results

CIBC Capital Markets maintained its outperformer rating on the shares of Quarterhill (QTRH.TO) and raised its price target to C$2.50 from C$2.00 after the company reported its first quarter financial results on Thursday."Into 2026, the setup is straightforward to a year that is inflecting: a ~$428.8MM backlog (+6% Q/Q) provides revenue coverage, the ~15% restructuring completed in 2025 (~100 roles) should lift margins, and a ~$2B bid pipeline can rebuild backlog/improve mix-with tighter bid discipline targeting cash-flow neutrality through implementation," said analyst Todd Coupland. "We raise our price target to C$2.50 (prior C$2.00) based on 10x 2027E EBITDA, earn-outs, and net cash."The bank believes the company will continue to re-rate as the backlog converts, restructuring benefits flow through, and margins trend above about 10%. For 2026E, CIBC forecast about 9.9% revenue growth and adjusted EBITDA margins moving to about 6% or higher.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)Price: $1.76, Change: $+0.02, Percent Change: +1.15%

$QTRH.TO

Research55d ago

Research Alert: CFRA Reiterates Buy Opinion On Shares Of Franco-nevada Corporation

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We cut our 12-month target price by CAD27 to CAD416, as we now assume a lower P/E multiple (tracking the multiple contraction in the peer group). We now use a P/E of 28.0x (vs. 34.8x previously) applied to our 2027 EPS estimate. Our assumed P/E is in between FNV's two-year average forward P/E of 33.9x and peers' average forward P/E of 22.3x. The lower P/E multiple is partly offset by higher EPS estimates mostly due to higher commodity prices: we increased 2026's to USD9.57 (from USD8.61) and 2027's to USD10.81 (from USD9.30). FNV's royalty/streaming model provides significant operating leverage to commodity prices while remaining largely insulated from cost inflationa key differentiator in the current environment. The company boasts the sector's largest and most diversified portfolio of 121 cash-flow producing assets, with resources supporting 34 years of mine life at current production rates. With USD3.4B in available capital and a robust acquisition pipeline, FNV is well-positioned for continued growth.

$FNV

Wire55d ago

Rollins' Medium-Term Outlook Backed by Pricing, Recurring Revenue, Acquisitions, RBC Says

Rollins' (ROL) medium-term outlook, shared at its investor day, is backed by steady growth from pricing, recurring revenue, and acquisitions, RBC Capital Markets said in a note Thursday.The company reaffirmed 2026 guidance of 7% to 8% organic revenue growth, 2% to 3% merger and acquisition contribution, and 25% to 30% adjusted incremental margins, while maintaining a medium-term outlook for above-market growth, double-digit earnings and free cash flow growth, 30% to 35% incremental earnings before interest, taxes, depreciation and amortization margins, and over 100% free cash flow conversion, the analyts said.The company projects double-digit earnings growth to be supported by gross margin gains from consumer price index-plus pricing, lower technician turnover, procurement and fleet efficiencies, and selling, general and administrative expense reduction from back-office modernization and a shared services operating model, the analysts added.The analysts said they model total revenue growth of about 9.7% year-over-year to $4.13 billion, including 7.1% organic growth, driven by Residential revenue of $1.84 billion, Commercial revenue of $1.37 billion, and Termite revenue of $875 million. They also estimate adjusted EBITDA of $946 million with a 22.9% margin, and adjusted earnings per share of $1.23 versus consensus of $1.24.RBC has an outperform rating and a $67 price target on Rollins.Price: $53.62, Change: $+0.20, Percent Change: +0.37%

$ROL

Wire55d ago

DA Davidson Adjusts Expedia Price Target to $250 From $260, Maintains Neutral Rating

Expedia Group (EXPE) has an average rating of overweight and mean price target of $287.03, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)Price: $219.47, Change: $+2.30, Percent Change: +1.06%

$EXPE

Research55d ago

Update: Morgan Stanley Downgrades Viking Holdings to Equalweight From Overweight on More Balanced Risk-reward, Raises Price Target to $86 From $81

(Updates with Morgan Stanley's commentary.)Morgan Stanley, in a note Friday, downgraded Viking (VIK) to equalweight from overweight saying their original bull thesis has already been reflected in the stock price, "leaving a more balanced risk reward and fairly valued stock."Analysts at the brokerage also raised the company's price target to $86 from $81 alongwith its '27/'28 EBITDA estimates, citing stronger 2027 booking demand."We still expect positive revisions from here as 11% pricing for 2027 should set the stage for yields well above consensus at ~4.5% (we are at ~6%)", the note said.Viking has an average rating of overweight and mean price target of $92, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)Price: $83.64, Change: $-3.08, Percent Change: -3.55%

$VIK

Insider Trading55d ago

Harmonic Insider Sold Shares Worth $420,604, According to a Recent SEC Filing

Neven Haltmayer, Senior Vice President and General Manager, Video Business, on May 13, 2026, sold 31,766 shares in Harmonic (HLIT) for $420,604. Following the Form 4 filing with the SEC, Haltmayer has control over a total of 133,924 common shares of the company, with 133,924 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/851310/000119312526225987/xslF345X05/ownership.xmlPrice: $12.81, Change: $-0.53, Percent Change: -3.97%

$HLIT

Commodities55d ago

Market Chatter: US Sees China Boosting Oil Imports as Natural Trade Partner, Secretary Wright Says

China is set to increase its crude oil imports from the US as the world's two largest economies deepen energy ties amid significant global supply disruptions, CNBC reported on Friday, citing US Energy Secretary Chris Wright."There's a natural energy trade there," Wright was quoted as saying, noting that the US is the world's largest producer while China remains the top importer. "I suspect we'll see a growth in their oil imports from the United States."The blockade of the Strait of Hormuz amid the ongoing Middle East conflict has paralyzed exports from the Persian Gulf, a region that traditionally supplies the bulk of China's oil.On Thursday, President Trump said that China had agreed to increase its purchases of American crude. Though Chinese officials have not yet confirmed the existence of a formal agreement, Trump said that Chinese vessels would soon be dispatched to terminals in Texas, Louisiana, and Alaska.The US Department of Energy didn't immediately respond to' request for comment.The global energy landscape was upended by the US-Israeli alliance's attack on Iran late in February.Iran blocked the Hormuz in retaliation, triggering what industry analysts call the most severe energy disruption in history. The strategic waterway previously handled about 20% of the world's oil supply.Secretary Wright said the Strait's strategic importance would permanently diminish as a result of the conflict. "This is a card you can play once," he said in reference to Iran's blockade.To mitigate future risks, Wright said that Gulf Arab states are expected to invest heavily in infrastructure that bypasses the waterway.The UAE has already unveiled plans to accelerate the construction of a new West-East pipeline to ensure exports can reach global markets without passing through the Strait.In the near term, Wright said China is expected to focus its purchases on the US Gulf Coast, with potential for increased shipments from Alaska as the Trump administration moves to expand production in the region.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Wire55d ago

Market Chatter: Goldman Sachs Exploring Risk Transfer on Private Fund Loan Portfolio

Goldman Sachs (GS) is assessing demand for a significant risk transfer linked to a portfolio of loans to private market funds, Bloomberg said Friday, citing people familiar with the matter.The lender is a regular issuer of SRTs and has used them in the past to offload risk related to private funds, the report said, adding that final terms of the transaction are being discussed with investors.Goldman Sachs did not immediately respond to' request for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $950.65, Change: $-18.31, Percent Change: -1.89%

$GS

Wire55d ago

Applied Materials Poised for Multiyear Growth, Margin Expansion, BofA Securities Says

Applied Materials (AMAT) has "unprecedented" visibility into 2027 and 2028 as customers provide rolling eight-quarter forecasts and margins show structural improvement, BofA Securities said in a note Thursday.Full-year 2026 systems sales are now expected to grow 30% year over year, up from a prior forecast of 20%, driven by advanced logic chips, DRAM memory and advanced packaging demand, the brokerage said.The company's margin/free cash flow profile is improving, with semiconductor systems gross margins approaching 55% and operating margins trending toward levels seen at peers, according to the note.The brokerage also highlighted strong growth prospects for advanced packaging and services businesses, while warning that mature-node exposure and higher operating expense intensity could weigh on growth.The brokerage raised its 2026 and 2027 earnings per share estimates by 14% and 18%, respectively, and increased its price target to $540 from $465, while reiterating a buy rating.Price: $436.59, Change: $-3.97, Percent Change: -0.90%

$AMAT

Wire55d ago

Ford Motor's Battery Storage Plan More Linked With AI Trade, RBC Capital Markets Says

Ford Motor (F) recently reiterating its battery energy storage business plans likely more linked with the AI trade rather than on business fundamentals, RBC Capital Markets said in a research report emailed Friday.The company will produce batteries domestically, making it eligible for regulatory benefits. The energy business value could range from $1 billion to $5 billion, assuming a 10% earnings before interest, taxes, depreciation, and amortization margin consistent with a systems integrator approach and 15% margins driven by a more insourced strategy at the high-end, analysts wrote.For the Ford Model E segment, the guided path to breakeven by 2029 is multi-pronged, given that the energy unit is expected to generate positive earnings before interest and taxes, legacy electric vehicle losses are likely to narrow, the universal EV platform launches in 2027, and European margins are likely to benefit from the Renault partnership, according to the note.The brokerage said it reiterated its sector perform rating on the stock and price target of $13 per share.Price: $13.37, Change: $-1.11, Percent Change: -7.67%

Oil & Energy55d ago

Atlantic Basin Crude Differentials Soften on Weak APAC Demand, SPR Releases, RBC Says

Atlantic basin physical crude differentials have weakened in recent trading amid softer demand from the Asia-Pacific region, alongside Strategic Petroleum Reserve releases, RBC Capital Markets strategists said in a Thursday note.This has eased supply tightness, enabling prompt delivery. "Despite the ongoing supply disruptions out of the Middle East, Atlantic Basin physical crude differentials have remained softer over the last few weeks as seemingly weaker appetite out of APAC and the release of SPR volumes have provided some relief to prompt tightness," analysts said in a weekly commentary.RBC analysts said that buyers' crude sourcing patterns have shifted. Lower refinery activity also increased crude availability across the Atlantic Basin, helping calm prompt market tightness despite continuing Middle East supply disruptions.All these aspects, combined with drawdowns in US commercial inventories, have moderated physical market differentials.RBC analysts highlighted this point, citing Bonny Light crude, which has recently traded at a premium of $3.20 per barrel.Another contributing factor was the softening of the Dated-to-Front Line, the spread between Dated Brent and the front-month futures, in recent trading sessions.RBC still expects oil fundamentals to improve later this summer as refinery runs increase and ongoing outages continue reducing inventories."However, we maintain that the physical market will likely strengthen in the coming weeksbarring underestimated refinery-level demand destruction, as supply outages persist and inventories draw going into summer demand season and the likely increases in refinery activity," RBC analysts said.For natural gas, RBC said seasonal price swings will likely become more extreme, with larger summer and winter peaks gradually pushing yearly averages higher.The bank expects Henry Hub gas prices to remain between $2.76 per million British thermal units and $3.25/MMbtu during Q2 before climbing above $3.51/MMBtu later this year.RBC forecasts US gas production will increase by 1.7 billion cubic feet per day in 2026 and by another 1.2 Bcf/d in 2027."We have been conservative on supply growth, and with production having pared back slightly from high levels, we still think our conservative (vs peers) supply growth forecast for this year and next is fair," RBC strategists said, noting, "We expect production growth of 1.7 and 1.2 Bcf/d in 2026 and 2027, respectively, in annual average terms".The bank also said expanding liquefied natural gas exports and rising electricity demand from data centers will eventually require stronger production growth.RBC said US solar manufacturers filed another tariff circumvention request targeting Chinese-linked solar products imported through Ethiopia.According to the bank, Ethiopian solar module imports increased sharply in June 2025 after duties started on products shipped from Cambodia, Malaysia, Thailand and Vietnam.RBC also said regulators imposed initial duties this year on solar imports from India, Laos and Indonesia after investigators found Chinese firms rerouted products through those countries.The bank said Ethiopia, the Philippines, Nigeria and Kenya represented 77% of US solar module imports in March 2026, rising from 6% during 2025 as suppliers shifted export routes.According to RBC, markets expect economic pressure to force a reopening soon, but the bank questioned whether negotiations can quickly restore normal shipping activity.The Strait of Hormuz may not fully reopen in June, while continued shipping disruptions could tighten oil markets during the summer demand season, analysts said.The bank said disagreements surrounding Iran's uranium reserves and enrichment program continue to reduce the likelihood of a fast diplomatic breakthrough.RBC expects Iran's Islamic Revolutionary Guard Corps to maintain its influence over the Strait, as the waterway now plays a larger strategic role for Tehran.Even after a possible agreement, Western shipping firms may avoid paying transit fees to sanctioned Iranian groups, while security risks could discourage shipowners from returning.Shipping specialists also told RBC that traffic volumes may remain restricted unless vessels regain unrestricted access and Iran loses military control over the route.

Mining & Metals55d ago

CIBC Lowers Canadian Tire's Price Target to C$190.00 From C$193.00

CIBC Capital Markets maintained its neutral rating on the shares of Canadian Tire (CTC-A.TO) and lowered its price target to C$190.00 from C$193.00 after the company reported its first-quarter results.Q1 results reflected "noisy comparisons and a persistently value-seeking consumer," said CIBC.CIBC is "increasingly cautious" on the consumer as 2026 evolves and has reduced its forecasts modestly.Q1 same-store sales (SSS) growth was below expectations across all banners, with unfavorable weather dynamics, particularly lapping a tailwind in 2025, said CIBC."Q2 is clearly also off to a slow start, but with roughly two-thirds of Q2 sales still to come, the die is not cast," said CIBC. "Management also added that in markets with more normal spring weather-only BC, sadly-sales growth is positive. Even still, we have heard from multiple consumer companies in the last two weeks-the Canadian consumer took a turn to be (even more) cautious in April, and we believe this will impact virtually all Canadian retailers."CIBC also noted that dealer inventory levels are likely a modest headwind. At end of Q1, dealer inventories were up 5% vs. last year, further noted CIBC and added that management noted that much of this was in winter seasonal categories and this will likely present a headwind to shipments (vs. sales) in H2."Dealers were also better stocked for spring/summer, so unless sales accelerate soon this could present risk to re-stocking order flow in Q2," said CIBC. "Net, we expect revenue growth will lag sales growth for the balance of 2026, which presents a headwind to earnings."Q1 margins showed good stability with multiple forces, including price investments at CTR, higher IT spend, favorable banner mix, and the flow-through of prior restructuring and cost-cutting work, stated CIBC."Higher energy costs have begun to work their way into the supply chain; they will take some time to emerge but will clearly be an incremental headwind to margins in H2," said CIBC. "Depending on how consumer demand evolves, we could see this as increasing risk to growth as the year develops.""Despite the headwind of a catch-up on opex spending" in 2025, CIBC believes CTFS has performed well and delivered healthy results again in Q1.Overall, CIBC views this as a well-run business with strong controls over financing and credit risk. However, CIBC noted that, the uncertainty on consumer credit is rising, with a weaker trajectory in Canadian employment as the number one risk factor. CIBC has made small adjustments to its forecasts, but noted that this would be an area of additional downside if conditions materially deteriorate from here."Though CTC is navigating the environment well and has developed strong defences to macro and competitive pressures, we believe it will be difficult to generate meaningful growth until the demand environment improves," added CIBC. "Our price target moves to $190 (with $3 from a higher REIT target) and our rating stays at Neutral."Price: $170.39, Change: $-4.56, Percent Change: -2.61%

$CTC-A.TO

Wire55d ago

Fiserv Sees Double-Digit EPS Growth Returning as It Expands Agentic AI Push, RBC Says

Fiserv (FISV) is positioning itself for a return to double-digit adjusted earnings growth while expanding its push into agentic AI and banking automation through its new AgentOS platform, RBC Capital Markets said.The investment firm said in a Thursday research note that AgentOS is designed to create AI agents that operate across banking workflows within regulated environments.Fiserv is collaborating with OpenAI and Amazon (AMZN) Bedrock AgentCore on the platform, with six financial institutions already participating in development efforts and two running agents in beta, RBC said.The firm also highlighted continued momentum in Merchant Solutions, where Clover represented about $3.3 billion in revenue in 2025.RBC said the company is focused on improving Core migration dynamics and reducing attrition through investments in service-level improvements and a more modular migration approach.RBC has an outperform rating with a $75 price target on Fiserv.Shares of the company were up 1.8% in Friday afternoon trading.Price: $54.44, Change: $+0.98, Percent Change: +1.83%

$FISV

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Oil & Energy55d ago