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Oppenheimer Initiates Quince Therapeutics at Outperform With $82 Price Target

Update: US Equity Futures Lower Pre-Bell as Middle East Hostilities Resume, Oil Prices Rise

(Updates with economic data, recent oil price movement, world markets' overview and corporate stock movements.)US equity futures were edging lower pre-bell Wednesday as hostilities between the US and Iran resumed after a two-day pause and oil prices jumped.Dow Jones Industrial Average futures were 0.7% lower, S&P 500 futures were down 0.1, and Nasdaq futures were 0.2% lower.US Central Command said in a post on X that Iran's Islamic Revolutionary Guard Corps launched missiles in an "attempted surprise attack" on US forces, which an Axios correspondent said was directed at a US base in Jordan. In a subsequent post, the command said that US and Saudi Arabian forces hit "Iran-aligned terrorists" in Iraq in response to more than 30 Iran-directed drone attacks in the last 72 hours.Microsoft (MSFT) and Meta Platforms (META) are expected to report their fiscal Q4 and Q2 earnings, respectively, after the market closes. For Microsoft, analysts polled by FactSet expect earnings of $4.24 per share on revenue of $87.62 billion. For Meta, analysts expect earnings of $7.19 per share on revenue of $60.22 billion.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 6.4% at $89.49 per barrel and US West Texas Intermediate crude 6.2% higher at $84.15 per barrel.The Federal Open Market Committee is expected to maintain the range for its federal funds rate at the current 3.50% to 3.75% for the fifth straight meeting, with the CME's FedWatch Tool seeing a 68.5% chance of no change to the current target range and a 31.5% chance of a 25-basis point increase to 3.75% to 4.00%.The FOMC's statement following the meeting is due to be released at 2:00 pm ET, with Federal Reserve Chairman Kevin Warsh's press conference scheduled to begin at 2:30 pm ET.In other world markets, Japan's Nikkei closed 1.5% lower, Hong Kong's Hang Seng ended 2% higher, and China's Shanghai Composite finished 0.4% higher. Meanwhile, the UK's FTSE 100 was up 0.3%, and Germany's DAX index was 0.2% higher in Europe's early afternoon session.In equities, energy-related stocks were on the upswing as oil prices increased. Exxon Mobil (XOM) shares rose 2.1%, Chevron (CVX) stock was 2% higher, and TotalEnergies (TTE) shares were up 2.2%. Seagate Technology (STX) stock was up 5.7% after the company reported fiscal Q4 adjusted earnings and revenue that surpassed analysts' estimates, as well as issuing a better-than-expected fiscal Q1 outlook.On the losing side, Visa (V) shares were down 2.2% despite posting a fiscal Q3 adjusted earnings and revenue beat. Procter & Gamble (PG) stock was down 3.1% after the company reported fiscal Q4 net sales that fell short of analysts' consensus. KLA (KLAC) shares fell 8.9% despite posting fiscal Q4 non-GAAP earnings and revenue that beat analysts' estimates.

Dow JonesNasdaq CompositeS&P 500$CVX$KLAC$META$MSFT$PG$STX$TTE$V$XOM

Oil & Energy19d ago

Oil Producers Hoard Cash as $495 Billion Windfall Fails to Ignite Spending, Wood Mackenzie Says

The global oil and gas industry is on track to generate $495 billion in windfall cash flows this year, based on the assumption that Brent prices average $90 a barrel. Yet, their investment budgets remain flat, say analysts at Wood Mackenzie.The 49 international and national oil companies covered in the firm's analysis will earn a total of about $272 billion of the total windfall. That is in turn equal to about 70% of their combined annual investment budgets.Nonetheless, companies have largely kept their capital spending plans unchanged while allowing cash to accumulate on their balance sheets. Wood Mackenzie also expects share buybacks across the peer group to decline about 5% year-over-year based on announced plans ahead of second-quarter results.According to Tom Ellacott, Senior Vice President of Corporate Research at Wood Mackenzie, companies have largely adopted a "wait-and-see approach" amid continued geopolitical uncertainty, with capital discipline proving "more durable than either the bears or bulls expected."As a result, analysts have warned of significant long-term production challenges, noting that 155 upstream companies could face, on average, a 30% decline in production between 2030 and 2040, while more than 70 companies stand to see output dip by 50% over the same period.The report, however, noted resilience in M&A activities, with transactions reaching their highest levels in two years during the first-half of 2026.This included Shell's (SHEL) proposed $16 billion acquisition of ARC, Devon Energy's (DVN) $25 billion merger with Coterra (CTRA), and Mitsubishi's $7.5 billion purchase of Aethon.

$CTRA$DVN$SHEL

Mining & Metals19d ago

Amerigo Resources Reports Higher Q2 Net Income, Revenue

Amerigo Resources (ARG.TO) reported Q2 net income of $0.11 per share from $0.05 a year earlier.Revenue for the quarter ended June 30 was $77.4 million from $50.8 million a year ago. EBITDA surged to $38.4 million from $17.8 million last year.The copper producer declared a performance dividend of C$0.18 per share, the largest in the company's history, bringing its year-to-date performance dividends to C$0.34 per share.

$ARG.TO

Research19d ago

B. Riley Upgrades Ribbon Communications to Buy From Neutral, Lifts Price Target to $3.30 From $3

Ribbon Communications (RBBN) has an average rating of buy and mean price target of $3.56, 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)

$RBBN

Asia Markets19d ago

Saudi Equities Plunge on Wednesday as Middle Eastern Conflict Widens

Saudi Exchange-traded shares tumbled on Wednesday as the widening Middle Eastern conflict pushed the Tadawul All Share Index 1.25% in the red.The US and Saudi Arabia launched joint attacks on Iran-backed targets in Iraq, signaling the potential widening of the war. The strikes were made as retaliation for drone attacks on oil targets in the Saudi Arabian nation, media reports said."After a heavy sell-off in the oil market over the last three days, prices popped higher in early morning trading, with Brent up more than 4% at the time of writing. Renewed strength comes after the US said it intercepted a surprise attack on US troops. Saudi Arabia intercepted drones from Iranian-backed groups in Iraq, which were targeting Saudi energy infrastructure," ING said in a note. "These developments throw cold water on the idea of a swift de-escalation in the Persian Gulf."Further to this, Iran reportedly rejected Oman's proposal on the operations of the Strait of Hormuz, Reuters reported, citing an Iranian official. The source said that the proposal was "unreasonable" since it would not serve the Middle Eastern country's interests.Meanwhile, market watchers are also turning their attention to the US Federal Reserve's rate decision, which is just hours away. Policymakers are expected to hold.Back at home and on the corporate front, SAL Saudi Logistics Services (SASE:4263), First Milling Co. (SASE:2283), and Riyadh Cables Group (SASE:4142) posted their financial results for the first half of 2026. All three stocks reported higher revenue and attributable net profit for the six months ended June 30.SAL Saudi Logistics and First Milling rose 4.53% and 3.55%, respectively. Riyadh Cables, on the other hand, declined 0.87% at closing.

^TASISASE:2283SASE:4142SASE:4263

Equities19d ago

Goldman Sachs Adjusts Price Target on EQT to $62 From $60, Maintains Buy Rating

EQT (EQT) has an average rating of overweight and mean price target of $67.96, 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)

$EQT

Asia19d ago

HD Korea Shipbuilding Slashes Conversion Price of Exchangeable Bond

HD Korea Shipbuilding & Offshore Engineering (KRX:009540) reduced the conversion price of a foreign currency-denominated unsecured exchangeable bond to 516,897 won from 523,125 won previously.The move came following a cash dividend of unit HD Hyundai Heavy Industries, according to a Wednesday Korea bourse filing.

KRX:009540

Asia19d ago

LG Uplus to Invest KRW1.3 Trillion in Paju AI Data Center Expansion

LG Uplus' (KRX:032640) board approved Wednesday a new facility investment worth 1.349 trillion won, according to a same-day filing.To support increased customer demand, the company plans to expand its AI data center facility in Paju, South Korea. The investment plan will run from August 2026 to November 2028.

KRX:032640

Asia19d ago

And ST HD Temporarily Closes All 18 Stores in Kumamoto, Japan, After Earthquake

And ST HD (TYO:2685) is reviewing the financial impact of the Kumamoto Earthquake on its operations, as all 18 of its stores in the prefecture are temporarily closed as of the Wednesday filing.The 7.1-magnitude earthquake on Tuesday also caused "a few minor injuries" to some of the fashion company's employees. No serious incidents or fatalities were reported.In addition, the company suspended e-commerce sales deliveries in Kumamoto and parts of Miyazaki Prefecture, while delays are expected across the Kyushu region.

TYO:2685

Research19d ago

Barrington Cuts Price Target on Travelzoo to $9.50 From $12, Keeps Outperform Rating

$TZOO

Commodities19d ago

Exchange-Traded Funds Lower, Equity Futures Mixed Pre-Bell Wednesday Ahead of Fed's Interest Rate Announcement

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.1%, and the actively traded Invesco QQQ Trust (QQQ) retreated 0.1% in Wednesday's premarket activity, ahead of the Federal Reserve's interest rate announcement.US stock futures were mixed, with S&P 500 Index futures up 0.2%, Dow Jones Industrial Average futures slipping 0.2%, and Nasdaq futures gaining 0.2% before the start of regular trading.Mortgage applications fell by 6.4% in the week ended July 24, with both refinancing activity and new home applications pushed lower by an increase in 30-year fixed mortgage rates, data released by the Mortgage Bankers Association showed Wednesday.The weekly petroleum stocks data will be released at 10:30 am ET.The Federal Reserve's monetary policy committee will announce its latest decision on interest rates at 2 pm ET, followed by a press conference from Fed Chair Kevin Warsh at 2:30 pm ET.In premarket action, bitcoin was up by 1%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 1% higher, Ether ETF (EETH) retreated 0.4%, and Bitcoin & Ether Market Cap Weight ETF (BETH) was 2.2% lower.Power Play:IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) retreated 0.6%, while the Vanguard Industrials Index Fund (VIS) was flat and the iShares US Industrials ETF (IYJ) was inactive.Vertiv Holdings (VRT) stock was down more than 12% before the opening bell after the company reported higher Q2 adjusted earnings and revenue.Winners and Losers:Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.4%, the Vanguard Health Care Index Fund (VHT) was flat, while the iShares US Healthcare ETF (IYH) slipped 0.9%. The iShares Biotechnology ETF (IBB) was 0.3% lower.Humana (HUM) stock was down more than 8% premarket after the company cut its 2026 GAAP earnings guidance.EnergyThe iShares US Energy ETF (IYE) was up 1.2%, while the State Street Energy Select Sector SPDR ETF (XLE) was up by 2.3%.Eni (E) stock was up more than 5% before the market open after the company reported higher Q2 net profit and sales.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) retreated 0.2%, the iShares US Technology ETF (IYW) was 0.2% higher, and the iShares Expanded Tech Sector ETF (IGM) was up 1.3%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) was 0.9% lower, while the iShares Semiconductor ETF (SOXX) declined by 0.9%.United Microelectronics (UMC) shares were down more than 3% in premarket activity after falling 9% at the prior close. The company reported higher Q2 earnings and operating revenue and announced a phased expansion plan to boost semiconductor manufacturing capacity in Singapore and Taiwan.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was down 0.3%, the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was up 0.035, and the iShares US Consumer Staples ETF (IYK) was 0.1% lower. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) gained 0.6%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) retreated marginally by 0.02%.Unilever (UL) shares were down more than 2% pre-bell following a nearly 9% rise at the previous close. Reuters reported that the company agreed to protect the employment terms and conditions of workers in its European and UK food business for two years after its planned 2027 merger with McCormick (MKC). McCormick stock was 0.5% higher.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) lost 0.02%. Direxion Daily Financial Bull 3X Shares (FAS) was up 0.2%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.1% higher.UBS Group (UBS) shares traded up 1% in early-hours activity after the company reported higher Q2 earnings and revenue.CommoditiesFront-month US West Texas Intermediate crude oil advanced by 4.8% to $83.05 per barrel on the New York Mercantile Exchange. Natural gas was down by 1.2% to $2.63 per 1 million British Thermal Units. The United States Oil Fund (USO) was up 6.8%, while the United States Natural Gas Fund (UNG) was 0.2% lower.Gold futures for November retreated 0.2% to $4,090.00 an ounce on the Comex. Silver futures were up 0.6% to $57.85 an ounce. SPDR Gold Shares (GLD) decreased 0.3%, and the iShares Silver Trust (SLV) was 0.3% lower.

Dow JonesNasdaq CompositeS&P 500$BETH$BITO$E$EEM$EETH$EXI$FAS$FAZ$GLD$HUM$IBB$IGM$IGV$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$MKC$PMR$QQQ$RTH$SLV$SOXX$SPY$UBS$UL$UMC$UNG$USO$VDC$VHT$VIS$VRT$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD

Research19d ago

AlphaValue/Baader Europe Downgrades BAE Systems to Reduce, Lifts PT

AlphaValue/Baader Europe on Wednesday downgraded British aerospace and defense group BAE Systems (BA.L) to reduce from add and increased its price target to 21.37 pounds sterling from 20.61 pounds.(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)

$BA.L

Research19d ago

Deutsche Bank Research Downgrades Diageo to Hold

Deutsche Bank Research on Wednesday downgraded British alcoholic beverage company Diageo (DGE.L) to hold from buy, while maintaining its price target at 17 pounds sterling.(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)

$DGE.L

Research19d ago

Securities & Investment Co. Cuts Dubai Taxi's PT, Affirms Buy Rating

Securities & Investment Company on Tuesday reduced the price target for taxi services company Dubai Taxi (DFM:DTC) to 2.50 Emirati dirhams from 3.25 dirhams and reiterated its buy rating.(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)

DFM:DTC

Research19d ago

Erste Group Upgrades Bank Millennium to Hold, Boosts PT

Erste Group on Wednesday upgraded Polis lender Bank Millennium (MIL.WA) to hold from reduce and raised its price target to 19.50 zlotys from 14.70 zlotys.(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)

$MIL.WA

Research19d ago

AlphaValue/Baader Europe Downgrades Rheinmetall to Add, Lifts PT

AlphaValue/Baader Europe on Wednesday downgraded German arms manufacturer Rheinmetall (RHM.F) to add from buy and increased its price target to 1,341 euros from 1,299 euros.(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)

$RHM.F

Research19d ago

Sadif Investment Analytics Downgrades Alujain to Hold

Sadif Investment Analytics on Tuesday downgraded petrochemicals, mining, metals, and energy project investor Alujain (SASE:2170) to hold from buy.(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)

SASE:2170

Research19d ago

Goldman Sachs Lifts Dr. Sulaiman Al Habib Medical Services PT, Keeps at Neutral

Goldman Sachs on Tuesday increased the price target for medical group Dr. Sulaiman Al Habib Medical Services Group (SASE:4013) to 284 Saudi riyals from 275 riyals, while affirming its neutral rating.(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)

SASE:4013

Research19d ago

Deutsche Bank Research Downgrades Luceco to Hold

Deutsche Bank Research on Tuesday downgraded electrical products manufacturer Luceco (LUCE.L) to hold from buy, while keeping its price target at 2.60 pounds sterling.(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)

$LUCE.L

Showing 11341-11360 of 74449

Commodities19d ago