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Sector Update: Financial

Financial stocks were falling pre-bell Wednesday, with the State Street Financial Select Sector SPDR ETF (XLF) declining by 0.7%.The Direxion Daily Financial Bull 3X Shares (FAS) was 1.8% lower and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was up 1.7%.Aon (AON) expanded its Aon Claims Copilot platform globally, now available in North America, Asia Pacific, and several countries in Europe, Middle East, and Africa, the company said. Shares of Aon were 0.7% lower premarket.

$AON

Sectors54d ago

Sector Update: Healthcare

Healthcare stocks were leaning lower pre-bell Wednesday, with the State Street Health Care Select Sector SPDR ETF (XLV) down 0.4% and the iShares Biotechnology ETF (IBB) declining by 0.7%.National Vision Holdings (EYE) stock was down more than 10% after the company reported fiscal Q1 revenue that missed analysts' estimates.

$EYE

Oil & Energy54d ago

Market Chatter: Japan's Refinery Utilization Hits 77%

Japanese refineries have successfully ramped up operations to over 70% of their capacity for the first time since the outbreak of the Middle East conflict in late February, Reuters reported Wednesday.According to data released by the Petroleum Association of Japan, utilization rates climbed to 77.3% in early May before settling at 73.3% last week, the report said.This operational rebound marks a significant recovery from the sub-70% levels seen throughout April and demonstrates Tokyo's aggressive strategy to mitigate the impact of the closed Strait of Hormuz.To sustain these processing levels, Japan has executed its largest-ever emergency oil reserve release, making about 75 days' worth of consumption available from national stockpiles.Traditionally reliant on the Persian Gulf for 95% of its crude needs, the world's fourth-largest economy has executed a rapid pivot toward alternative suppliers.Refiners are now consuming crude sourced from the US, Latin America, and the Caspian region, while also taking advantage of non-sanctioned Russian cargoes to bridge the supply gap left by the maritime blockade.While the oil sector has faced significant structural shifts, Japan's natural gas security remains relatively stable.Because only 6% of Japan's LNG imports usually transit the Strait of Hormuz, the power sector has avoided the severe shortages currently impacting the nation's transportation and industrial fuel sectors.The Petroleum Association of Japan did not respond immediately to' requests 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.)

Research54d ago

BofA Securities Upgrades Avnet to Neutral From Underperform, Raises Price Target to $96 From $66

Avnet (AVT) has an average rating of hold and mean price target of $78.75 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://www..com/contact-us)

$AVT

Mining & Metals54d ago

AtkinsRealis Buying Ireland-based engineering and project management consultancy firm TOBIN

$ATRL.TO

Sectors54d ago

Sector Update: Consumer

Consumer stocks were declining premarket Wednesday, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) down 0.2% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) 0.1% lower.Alibaba Group Holding (BABA) shares were down more than 2% after the company reported fiscal Q4 adjusted earnings and revenue that missed analysts' expectations, with adjusted earnings declining year on year.

$BABA

Asia54d ago

Market Chatter: BYD Holds Talks with Stellantis, Others for Underused Europe Factories

Executive Vice President Stella Li said BYD (HKG:1211, SHE:002594) is in talks with Stellantis and other European car manufacturers to take over underused plants in the region, Bloomberg News reported Wednesday.Li made the remarks after Stellantis revealed a plan to work more closely with Zhejiang Leapmotor (HKG:9863), the report added.In response to a request for comment from, Stellantis said the discussions form part of "its normal course of business" as it holds talks with "a range of industry players around the world on various topics." It, however, noted that it does not comment on speculations.(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.)

HKG:1211HKG:9863SHE:002594

Mining & Metals54d ago

Power Metallic Employing New Tomography Imaging Program at Lion Zone Discovery

Power Metallic (PNPN.V) has engaged Ideon Technologies to activate a borehole muon tomography imaging program at the Lion Zone discovery within the Nisk project in Quebec, the company said on Wednesday.The Ideon REVEAL solution will generate a high-resolution, three-dimensional density model of the rock composition in and around the Lion deposit, a statement said.The program is structured in two stages: first, validating the Ideon density model against Power Metallic's existing 100-plus hole drill dataset at Lion; then applying the calibrated mineralization fingerprint to rank and test deep targets across the 330 km Nisk district scale property that are below 200 metres, the detection limit of conventional surface-based geophysical methods.The survey will map the density of over 55 million cubic metres of rock volume. The imaging program is planned to run for six months, with the option to extend to eight months if needed to optimize resolution and establish the Lion Zone ore signature. The end result will be a three-dimensional density model of the deposit.Power Metallic shares closed unchanged at $1.48 on Tuesday on the Toronto Stock Exchange.

$PNPN.V

Sectors54d ago

Sector Update: Tech

Technology stocks were rising pre-bell Wednesday, with the State Street Technology Select Sector SPDR Fund (XLK) 0.8% higher and the State Street SPDR S&P Semiconductor ETF (XSD) up 2.2%.Nebius Group (NBIS) stock was up more than 15% after the company posted higher Q1 earnings and revenue.

$NBIS

Mining & Metals54d ago

Orosur Mining Provides Positive Drill Results from Pepas West Prospect in Colombia

Orosur Mining (OMI.V) provided Wednesday positive drill results from the Pepas West prospect within the Anza project in Colombia.Highlights include 16.1 meters at 2.68 grams per tonne gold (g/t), 21.7 m at 1.42 g/t gold and 9.8 m at 1.41 g/t gold.Results were highly encouraging with thick intersections of shallow gold mineralization being recorded, Orosur said.Orosur's rig is currently drilling south of Pepas, and will return to Pepas West in several weeks, the company said.

$OMI.V

Asia Markets54d ago

US Equity Futures Mixed Pre-Bell as Nvidia Stock Rises Ahead of Crucial US-China Meeting

US equity futures were mixed pre-bell Wednesday as Nvidia (NVDA) stock rose ahead of a globally significant meeting between the US and China to discuss key economic and geopolitical issues.Dow Jones Industrial Average futures were 0.4% lower, S&P 500 futures were up 0.2%, and Nasdaq futures were 0.7% higher.Nvidia shares were up nearly 2% after President Donald Trump confirmed in a post on Truth Social that Nvidia Chief Executive Jensen Huang is accompanying him on his visit to Beijing, raising expectations of progress in stalled talks over Nvidia's H200 AI chip sales to China. Also mentioned in the post were Tesla (TSLA) CEO Elon Musk and Tim Cook of Apple (AAPL), among others.Traders took note of the latest round of earnings. Alibaba Group (BABA) reported lower fiscal Q4 adjusted earnings and higher revenue, while Nebius Group (NBIS) posted a swing to Q1 earnings and higher revenue.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 0.2% at $107.95 per barrel and US West Texas Intermediate crude 0.2% higher at $102.42 per barrel.The US Producer Price Index rose by 1.4% in April following a 0.7% gain in March, well above the 0.5% gain expected in a survey compiled by Bloomberg as of 7:35 am ET.Federal Reserve Boston President Susan Collins, Minneapolis President Neel Kashkari, and Dallas President Lorie Logan are slated to speak on Wednesday.In other world markets, Japan's Nikkei closed 0.8% higher, Hong Kong's Hang Seng ended 0.2% higher, and China's Shanghai Composite finished 0.7% higher. Meanwhile, the UK's FTSE 100 was up 0.1%, and Germany's DAX index was 0.8% higher in Europe's early afternoon session.In equities, chipmakers Micron Technology (MU), AMD (AMD), and Intel (INTC) shares were up 5%, 1.2%, and 2.4%, respectively, on traders' optimism regarding the meeting between Trump and Chinese President Xi Jinping. Nebius stock was up 15% after the company posted its Q1 financial results.On the losing side, American Electric Power (AEP) stock was down 3.6% after the company priced a public offering of roughly 20.5 million common shares at $127 each. Alibaba shares were down 2.4% after the company reported its fiscal Q4 financial results.

Dow JonesNasdaq CompositeS&P 500$AAPL$AEP$AMD$BABA$INTC$MU$NBIS$NVDA$TSLA

US Markets54d ago

Alibaba Fiscal Fourth-Quarter Results Miss Street Views Despite Cloud Strength

Alibaba (BABA) reported lower-than-expected fiscal fourth-quarter earnings on Wednesday, while the Chinese e-commerce giant's revenue trailed market estimates despite double-digit growth in its cloud business.The company's adjusted earnings fell to 0.62 renminbi ($0.09) per American depositary share for the March quarter from 12.52 renminbi a year earlier. The consensus on FactSet was for 6.14 renminbi. Revenue rose 3% to 243.38 billion renminbi, but missed the Street's view for 246.97 billion renminbi.Alibaba's New York Stock Exchange-listed shares declined 2.3% in the most recent premarket activity.Revenue in the cloud intelligence business jumped 38% to 41.63 billion renminbi, with artificial intelligence-related product revenue delivering triple-digit growth for the eleventh consecutive quarter, Chief Financial Officer Toby Xu said in a statement. External revenue growth accelerated to 40%, with AI-related products accounting for 30% of the amount, according to Chief Executive Eddie Wu.Sales in the China e-commerce segment grew 6% to 122.22 billion renminbi. Within this division, e-commerce fell 1% to 96.29 billion renminbi. China commerce wholesale sales increased 3% to 5.94 billion renminbi."China e-commerce customer management revenue grew 8% on a like-for-like basis," Xu said. "The unit economics and average order value of quick commerce steadily improved."The international digital commerce business advanced 6% to about 35.43 billion renminbi, buoyed by gains in retail and wholesale. The all others segment, which includes Cainiao, Amap and Hujing digital media and entertainment, fell 21% to 65.46 billion renminbi, due to the disposal of the Sun Art and Intime businesses, the company said."We are confident in our business outlook and will continue to invest in AI (plus) cloud to strengthen our competitive advantages," according to Xu.On Tuesday, Chinese e-commerce group JD.com (JD) recorded better-than-expected first-quarter results. In April, technology giant Amazon.com (AMZN) reported first-quarter results above Wall Street's estimates and issued a robust revenue outlook for the ongoing three-month period.

$BABA

Sectors54d ago

Oil Edges Lower Early as the IEA Sees Global Inventories Dropping at a Record Pace

Oil prices edged lower early on Wednesday but are sticking above US$100 as the loss of Persian Gulf supply since the start of the war on Iran cuts into stocks, with the International Energy Agency (IEA) reporting a a record draw down in inventories since the conflict began.West Texas Intermediate crude oil for June delivery was last seen down US$0.37 to US$101.81 per barrel, while July Brent oil was down US$0.10 to US$107.67.Oil prices have climbed by more than half since the United States and Israel launched their war on Iran on Feb. 28. Iran responded by closing the Strait of Hormuz, trapping in 20% of daily oil supply produced by Persian Gulf nations.In its closely watched monthly Oil Market Report, the IEA said the loss of Persian Gulf supply is depleting global inventories at a record pace."With Hormuz tanker traffic still restricted, cumulative supply losses from Gulf producers already exceed 1 billion barrels with more than 14 mb/d of oil now shut in, an unprecedented supply shock," the agency said.The IEA said the supply disruption and high prices will cut into demand, expecting a global demand drop of 420,000 barrels per day this year to 104 million bpd, down 1.3-million bpd from its pre-war forecast.Inventories fell by 129-million bpd in March and by 117-million bpd in April, though rising output from producers outside of the Gulf is helping to ease the supply shock."2026 supply growth expectations from the Americas have been revised up by more than 600 kb/d since the start of the year, to 1.5 mb/d on average. Moreover, Atlantic Basin crude oil exports, now heading primarily to hard-hit East of Suez markets, have increased by 3.5 mb/d since February, with notable gains from the United States, Brazil, Canada, Kazakhstan and Venezuela," the IEA noted.

$CLM6$LCON6$USO

Insider Trading54d ago

Shift4 Payments Insider Bought Shares Worth $15,943,102, According to a Recent SEC Filing

Jared Isaacman, 10% Owner, on May 11, 2026, executed a purchase for 388,500 shares in Shift4 Payments (FOUR) for $15,943,102. Following the Form 4 filing with the SEC, Isaacman has control over a total of 22,710,192 Class A common shares of the company, with 1,787,455 shares held directly and 20,922,737 controlled indirectly.SEC Filing:https://www.sec.gov/Archives/edgar/data/1794669/000119312526220715/xslF345X05/ownership.xml

$FOUR

Mining & Metals54d ago

Update: Equinox Gold, Orla Mining Agree to Combine in Cash-and-Stock Deal to Create Senior Gold Producer

(Adding commentary from Wedbush in the second paragraph and share prices in the third paragraph)Equinox Gold (EQX.TO) and Orla Mining (OLA.TO) have entered into an agreement to combine into a new North American senior gold producer under the name of Equinox Gold, the companies said on Wednesday.According to Wedbush in a 'Special Situations' note published a short time ago, the stock should trade well near-term as the market prices in the re-rating from mid-tier to senior producer status, with the primary risk being gold price reversion and Mexican regulatory complexity around Camino Rojo/Los Filos.At last look, EQX was down 2.7% and ORLA down 0.8% in US premarket trade.Under the agreement, Equinox Gold will acquire all of Orla's issued and outstanding shares. Orla shareholders stand to receive 1.00 Equinox Gold common share and a nominal cash payment of $0.0001 for each Orla common share held prior to the effective time of the transaction.At deal completion, existing Equinox Gold shareholders and former Orla shareholders will own about 67% and 33% of the outstanding common shares of the combined company, respectively.The combined company will have about 1.1 million ounces of expected annual gold production and an implied market capitalization of US$18.5 billion.It will be anchored by three long-life Canadian gold mines, with a clear path to more than 1.9 million ounces of annual gold production from an internally funded North American growth pipeline.The combined company will be led by executives and directors from both Equinox Gold and Orla. Equinox Gold's chief executive officer, Darren Hall, will remain as CEO. Orla's president and CEO, Jason Simpson, will join Equinox Gold's leadership team as president.The board of directors of the combined company will consist of 11 directors, with Chuck Jeannes as chair, along with six directors from Equinox Gold and an additional four directors from Orla.The transaction will require approval by 66.67% of the votes cast by the shareholders of Orla at a special shareholders meeting expected to be held in July.The issuance of Equinox Gold common shares is subject to approval by the company's shareholders by a simple majority of the votes cast at a special shareholders meeting also scheduled for July.The board of directors of each of the companies have each unanimously approved the transaction and recommend that their respective shareholders vote in favor of the deal.The deal is expected to close in the third quarter, subject to the satisfaction of certain closing conditions.

$EQX.TO$OLA.TO

Research54d ago

Research Alert: CFRA Keeps Hold Opinion On Shares Of Eastman Chemical Company

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We lift our 12-month target price by $7 to $78, valuing EMN shares at 12.2x our 2026 EPS estimate of $6.35 (raised from $6.09) and at 11x our 2027 EPS estimate of $7.10. Our target multiples compare to EMN's three-year average forward multiple of 11x. EMN posted Q1 adjusted EPS of $1.09, down from $1.91 a year ago, missing our $1.37 estimate but beating the $1.06 consensus. Sales fell 5% to $2.177B amid customer inventory destocking, weak consumer discretionary demand, and Middle East conflict impacts. The company implemented ~$500M in price increases to offset raw material inflation, while the Kingsport methanolysis facility remained on track to deliver ~$30M in incremental full-year earnings. Management maintained its cost-reduction target of $125M-$150M in savings net of inflation for 2026. Adjusted EBIT margin contracted 440 bps to 9.2% as lower volumes and challenging market conditions compressed profitability across most segments.

$EMN

Commodities54d ago

Bridge Data Centres, EcoCeres Complete Renewable Diesel Pilot for Data Centre Backup Systems

Singapore-based Bridge Data Centres, a hyperscale data centre provider, and EcoCeres, which makes renewable fuels and green molecules, said on Tuesday that they had produced an inaugural batch of hydrotreated vegetable oil (HVO), which will serve as a backup fuel for data centres.The companies said the pilot was conducted across Bridge Data Centres' campuses and tested the full range of emergency backup power scenarios, including generator startup, load transfer, and sustained operations under live data centre conditions.According to the companies, all performance and emissions targets were met during the trial, using a 100% waste-based feedstock.Bridge Data Centers now plans to deploy the fuel across its Asia-Pacific campuses, and potentially even other global sites. "As AI workloads continue to scale across the region, we are committed to advancing innovative clean energy solutions that reduce our carbon footprint," Eric Fan, the company's CEO, said.Matti Lievonen, CEO of EcoCeres, warned that the decarbonization of data centers was "one of the most urgent and technically demanding challenges in the net zero transition," while adding that the two companies, together, have proven that waste-based renewable energy can meet the stringent reliability requirements of this sector.

International54d ago

April US Producer Price Index, Core PPI Both Rise More Than Expected, Year-Over-Year Rates Accelerate

The US Producer Price Index rose by 1.4% in April following a 0.7% gain in March, well above the 0.5% gain expected in a survey compiled by Bloomberg as of 7:35 am ET.Energy prices increased by 7.8% in the month, slower than a 10.1% gain in March. Gasoline prices slowed to a 15.6% gain from 19.2% gain in March but still indicates rapid price acceleration. Food prices rebounded by 0.2% after a 0.6% decline in the previous month.After excluding food and energy prices, core PPI jumped by 1.0% from 0.2% gain in the previous month, well above the 0.3% gain expected.PPI was up 6.0% year-over-year in April while core PPI rose by 5.2% year-over-year, both well above their respective March rates and the strongest readings since December 2022. The year-over-year rate for PPI excluding food, energy and trade services increased to 4.4% from 3.7% in the previous month, the fastest rate since February 2023.The monthly producer price index, or PPI, reported by the Bureau of Labor Statistics measures the index level of prices received by producers for products such as energy, food, vehicles, and services. The core measure, excluding the volatile food and energy components, is a measure of underlying inflation.Sharply higher prices are a sign of demand, but an increase at the producer level without a pass-through to the consumer level would suggest smaller profits at the retail level. As a result, the stock reaction depends on the movements at both levels. Higher inflation is generally a negative for bonds.

Mining & Metals54d ago

Westhaven Gold Says Dundee-Funded Airborne Surveys Have Begun at Shovelnose Property

Westhaven Gold (WHN.V) on Wednesday said that airborne geophysical surveys have begun at its Shovelnose Gold and Silver property in southern British Columbia.These surveys are being funded under a strategic earn-in agreement with Dundee (DC-A.TO) who may earn up to a 60% interest in Westhaven's four Spences Bridge Gold Belt properties by funding up to $85 million in staged project expenditures. Dundee has committed at least $30 million for the first phase, which includes of the geophysical surveys announced today and a 50,000m drill program and pre-feasibility work presently underway, a statement said.The airborne geophysical surveys will collect 3,800-line km of data over mineral claims that were acquired by Westhaven in 2024. New survey data will be integrated with earlier survey information, as well as results from property wide geochemical sampling programs completed over the last three years.Data collection is expected to be completed by the end of May, with final data processing and reporting to follow by mid-summer, in time to help guide exploration drilling later this year, Westhaven said.Westhaven shares edged down $0.01, to $0.31 on Tuesday, on the TSX Venture Exchange, while Dundee shares closed down $0.11, to $4.24 on the Toronto Stock Exchange.

$DC-A.TO$WHN.V

Mining & Metals54d ago

AtkinsRealis Signs 20-Year Agreement for Engineering Services With First American Nuclear

AtkinsRealis Group (ATRL.TO) signed a Strategic Alliance agreement with First American Nuclear (FANCO) whereby the company will act as the exclusive engineering, procurement, and construction management (EPCM) provider for EAGL-1 small modular reactor (SMR) projects in North America.Work has begun on the task orders, and the agreement contemplates services worth up to $250 million over the first five years, it said. Under the first task orders, AtkinsRealis will prepare procedures and policies required to do design work, such as a quality program and engineering procedures.The company will also undertake the conceptual design for the balance of plant and review the design of the nuclear steam supply system.Shares of the company closed down 1.4% to $88.9 on Tuesday on the Toronto Stock Exchange.

$ATRL.TO

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Mining & Metals54d ago

Update: Equinox Gold, Orla Mining Agree to Combine in Cash-and-Stock Deal to Create Senior Gold Producer

$EQX.TO$OLA.TO