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Sector Update: Financial Stocks Decline in Afternoon Trading

Financial stocks were lower in Wednesday afternoon trading, with the NYSE Financial Index dropping 1.6% and the State Street Financial Select Sector SPDR ETF (XLF) falling 1.5%.The Philadelphia Housing Index fell 2.9%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was down 1.2%.Bitcoin (BTC-USD) was declining 2.9% to $62,075, and the yield for 10-year US Treasuries rose 4.8 basis points to 4.58%.In economic news, the minutes from the Fed's policy meeting on June 16-17 are due at 2 pm ET. Investors will parse the views on the direction of interest rates at a time when the market is pricing in hikes. The probability of a 25-basis-point increase in rates is the highest among all other policy outcomes in September, October, and December, the CME FedWatch tool showed Wednesday.In corporate news, Truist Financial (TFC) faces a tough road ahead amid a leadership change and higher interest rates, BofA Securities said, joining other brokerages that recently downgraded their ratings on the regional bank. BofA lowered Truist's rating to neutral from buy, with a price target of $56. The downgrade follows recent rating cuts by Morgan Stanley, UBS Securities and Raymond James. Truist shares were down 3.3%.Lemonade's (LMND) recent share price rally has largely priced in the company's growth and earnings outlook, leaving limited room for additional upside without new catalysts, Morgan Stanley said in a note. Morgan Stanley downgraded the stock to equal weight from overweight with a price target of $75. Lemonade shares slumped past 8%.BlackRock (BLK) is expected to deliver strong Q2 results driven by ETF demand, with shares supported by growth potential, margin expansion, and an attractive valuation, UBS Securities said in a note. BlackRock shares were shedding 2.1%.

$BLK$LMND$TFC

Sectors29d ago

Update: Gold Falls as Fresh Middle East Fighting Lifts Oil, Revives Inflation Worries

(Updates prices in the second and final paragraphs.)Gold traded lower Wednesday as renewed fighting between Iran and the U.S. boosted oil prices and the dollar, reviving inflation fears that weighed on the precious metal.Gold for August delivery was last seen down $80.90, or 2%, to $4,076.50 per ounce, the lowest since June 30.The drop follows renewed fighting between the U.S. and Iran following Iranian strikes on ships moving through the Strait of Hormuz. President Donald Trump told reporters at the NATO summit in Turkey the ceasefire agreement between the two countries is "over". The U.S. on Tuesday also re-imposed sanctions on Iranian oil exports that were lifted after the deal."Gold initially fell as renewed oil-price strength clouded the inflation and rate outlook. However, despite 10-year real yields trading near an 18-month high and adding to the headwinds facing non-yielding assets, bullion has so far found support around USD 4,100," Saxo Bank wrote.The dollar edged lower with the ICE dollar index last seen down 0.4 points to 100.59. Treasury yields rose, with the yield on the US two-year note last seen up 2.7 basis points to 4.225%, while the 10-year note was paying 4.581%, up 2.5 points.

$GCQ6$GLD

Wire29d ago

Block to Pay $45 Million to Settle Allegations of Cash App's Failure to Stop Fraud

Block (XYZ) will pay $45 million as part of a multistate settlement to resolve allegations that its Cash App failed to protect users from fraud and provide a fraud protection and resolution mechanism as required by law, Nebraska Attorney General Mike Hilgers said Wednesday.Under the settlement, the company also agreed to stop making allegedly "false or misleading" claims about Cash App's safety, provide live support to users to resolve complaints and account lockouts, and investigate fraud claims and reimburse users for unauthorized transactions, among other measures, according to a statement.Block did not immediately respond to' request for comment.Price: $76.08, Change: $-1.48, Percent Change: -1.91%

$XYZ

Mining & Metals29d ago

SPC Nickel Appoints Mark Bennett as Strategic Advisor

SPC Nickel (SPC.V) on Wednesday said it is appointing Mark Bennett as a strategic advisor.Bennett currently holds the positions of executive chair of S2 Resources, non-executive chair of Falcon Metals and non-executive director of Valkea Resources (OZ.V), said the company.He was the founding chief executive officer and managing director of Sirius Resources, added SPC."His expertise in magmatic nickel sulphide systems is directly relevant to our targeting at Muskox, and his ability to recognise and advance world-class deposits will provide an invaluable contribution to our exploration strategy," said Chief Executive Officer Grant Mourre.The company's shares were last seen unchanged at C$0.07 on the TSX Venture Exchange.

$OZ.V$SPC.V

Oil & Energy29d ago

US Oil Update: Crude Surges as US-Iran Truce Collapses, Trump Warns of Fresh Attacks

Crude oil futures rallied in midday trading on Wednesday after President Trump declared the ceasefire with Iran over and signaled that further military strikes were imminent.Front-month West Texas Intermediate crude futures climbed 5.8% to $74.48 per barrel, while Brent futures jumped 6.2% to $78.77/bbl.Trump, speaking on the sidelines of a NATO summit in Ankara on Wednesday, said an interim agreement to end the Middle East conflict was "over" and warned of further military strikes, reviving geopolitical risk premium in prices and stoking fears of supply disruptions.The development comes a day after the US Treasury Department revoked a waiver that had permitted Iranian oil exports to resume under the terms of the tentative peace deal reached last month.Trump also threatened to bomb Iran again and reimpose the US naval blockade of the country's ports and vessels. The US Central Command said on Wednesday that over 20 navy warships are patrolling waters across the Middle East.Soojin Kim, research analyst at MUFG, said that the latest developments are likely to restore part of the geopolitical premium that had largely unwound in recent weeks, though the broader outlook will depend on whether the conflict escalates further or peace talks resume.Overnight, the US struck over 80 targets in Iran and moved to revoke a waiver that allowed the sale of Iranian oil in response to Iranian attacks on ships near the Hormuz.Iran's Islamic Revolutionary Guard Corps, in response, targeted US military sites in Bahrain and Kuwait early on Wednesday.The retaliatory attacks further undermined the US-Iran ceasefire and dented hopes of translating the memorandum of understanding signed on June 17 into a permanent peace deal to end the conflict.The General Staff of Kuwaiti Armed Forces confirms that any explosions that may be heard are the result of air defense systems intercepting hostile targets, the Kuwait Army said in a statement on X.Meanwhile, US commercial crude oil inventories increased by 3 million barrels to 411.4 mmbbls in the week ended July 3, the Energy Information Administration said in its weekly report on Wednesday.Crude inventories are now about 6% below the five-year average for this time of year, the EIA said.Aegis Hedging strategists said US crude stocks are now at a deficit of 14.70 mmbbls, or -3.4% to last year, and a deficit of 50.40 mmbbls, or -10.9% to the five-year average.Gelber & Associates strategists said the rally is sharp because crude had only just fallen back toward pre-war levels amid expectations of rising output, forcing the market to abruptly reprice a conflict that traders had increasingly treated as contained.Global crude prices are projected to face renewed downward pressure as crude production rebounds and trade flows via the strategic waterway recover following the US-Iran peace deal to end the Middle East conflict, according to the EIA's Short-Term Energy Outlook for July.The EIA projected that US gasoline prices would average about $3.80 per gallon in Q3, down from over $4.20 per gallon in Q2. The decline is forecast to be driven by lower crude oil prices, which account for the largest share of gasoline production costs.

US Markets29d ago

Update: Wall Street Falls Intraday as Trump Threatens to Hit Iran Again

(Updates with latest market prices and developments.)US stocks were lower intraday after President Donald Trump threatened additional attacks on Iran, sending oil prices sharply higher.The Dow Jones Industrial Average was down 1.2% at 52,311.4 after midday Wednesday, while the S&P 500 shed 0.4% to 7,473.7. The Nasdaq Composite edged down 0.1% to 25,784.6. Barring energy and technology, all sectors were in the red led by materials.West Texas Intermediate crude oil was up 5.9% at $74.59 per barrel intraday, while Brent jumped 6.5% to $78.99.During a North Atlantic Treaty Organization summit in Turkey on Wednesday, Trump said the memorandum of understanding signed with Iran last month to end the war in the Middle East was "over."The US struck Iran on Tuesday after Tehran attacked three tankers that crossed the Strait of Hormuz. Iran's Islamic Revolutionary Guard Corps hit US military targets across Bahrain and Kuwait in retaliation to Washington's attacks, CNN reported.Trump warned of more attacks on Iran."We hit them very hard last night," Trump said in Turkey. "We'll probably hit them hard again tonight.""The escalation threatens fragile negotiations aimed at securing a permanent peace, with both sides accusing the other of violating the ceasefire," Saxo Bank said in a report Wednesday. "Brent has moved back above $76, potentially triggering further short covering among hedge funds."US Treasury yields were higher intraday, with the two-year rate increasing 6.7 basis points to 4.23% and the 10-year rate adding 5.8 basis points to 4.59%.The Federal Reserve is scheduled to publish minutes of its June policy meeting at 2 pm ET, to be assessed for fresh insights on the central bank's monetary policy. At the meeting, policymakers kept their benchmark lending rate steady for a fourth consecutive time.The International Monetary Fund lowered global economic growth expectations for 2026 as the impact of the Middle East war will likely counter a boost from rising artificial intelligence adoption.In company news, Apple (AAPL) said Wednesday that Broadcom (AVGO) will produce chips to be used in the iPhone maker' products in a deal likely worth more than $30 billion. Shares of Apple were up 0.5%, among the biggest gainers on the Dow, while Broadcom advanced 5.9%, the second-best performer on the S&P 500.Moderna (MRNA) slumped 6.2%, the worst performer on the S&P 500.Major US biopharmaceutical companies' performance in the second half of the year is likely to be driven largely by fundamentals as the focus shifts away from economic factors, Morgan Stanley said in a note.Gold shed 2.5% to $4,066.8 per troy ounce, while silver lost 5% to $58.26 per ounce.

Dow JonesNasdaq CompositeS&P 500$AAPL$AVGO$MRNA

Sectors29d ago

Sector Update: Tech Stocks Rise Wednesday Afternoon

Tech stocks were higher Wednesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) up 1.1% and the State Street SPDR S&P Semiconductor ETF (XSD) rising 2.6%.The Philadelphia Semiconductor index climbed up 2.5%.In sector news, Jeff Bezos' Blue Origin is raising about $10 billion in its first external funding round, valuing the rocket company at about $130 billion, news outlets reported. The reports said Bezos is expected to invest $2 billion, while Coatue Management plans to contribute about $4 billion. The remaining $4 billion has attracted strong investor demand and is expected to come from several major investors, CNBC reported.In corporate news, Apple (AAPL) said Wednesday Broadcom (AVGO) will produce chips to be used in Apple's products in a deal likely worth more than $30 billion. Apple shares rose 1.1%, and Broadcom jumped 6%.Amazon.com-backed (AMZN) Anthropic's Claude Code was flagged by China's National Vulnerability Database over an alleged security "backdoor" risk in versions 2.1.91 through 2.1.196, Reuters reported. The agency advised users to uninstall the affected versions or upgrade to the latest release and urged organizations to strengthen network monitoring to help prevent unauthorized data transfers, the report said. Amazon shares were down 1.4%.Microsoft (MSFT)-backed OpenAI will launch its latest GPT-5.6 AI model on Thursday, the company said in a post on X late Tuesday. Microsoft shares were shedding 1.7%.

$AAPL$AMZN$AVGO$MSFT

Sectors29d ago

Sector Update: Energy Stocks Gain Wednesday Afternoon

Energy stocks were higher Wednesday afternoon, with the NYSE Energy Sector Index rising 1.3% and the State Street Energy Select Sector SPDR ETF (XLE) adding 1.1%.The Philadelphia Oil Service Sector Index was climbing 1.9%, and the Dow Jones US Utilities Index was decreasing 0.4%.Crude oil prices jumped after President Donald Trump threatened additional strikes against Iran tonight, saying the ceasefire with Tehran was over. The US struck Iran on Tuesday after Tehran attacked three tankers that crossed the Strait of Hormuz. Iran's Islamic Revolutionary Guard Corps hit US military targets across Bahrain and Kuwait in retaliation to Washington's attacks, CNN reported. The US will likely hit Iran again tonight, Trump said Wednesday at a NATO summit in Turkey.Front-month West Texas Intermediate crude oil jumped 6.1% to $74.72 a barrel, and the global benchmark Brent crude contract climbed 6.6% to $79.08 a barrel. Henry Hub natural gas futures fell 1.3% to $3.22 per 1 million BTU.US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 3.2 million barrels in the week ended July 3 following a decrease of 9.3 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks rose by 3.0 million barrels after a 3.8-million-barrel decline in the previous week, compared with a 1.9-million-barrel drop expected in a survey compiled by Bloomberg.In corporate news, Chevron (CVX) unit Chevron Technical Center and ZL Chemicals signed a technology licensing deal that allows ZL Chemicals to commercialize Chevron-developed chemical surfactant technology, the companies said Wednesday. Chevron shares were up 1%.Baker Hughes (BKR) will provide power generation services to support Kodiak Gas Services' (KGS) energy infrastructure initiatives under a new multiyear agreement, the companies said. Baker Hughes shares climbed 4.1%.Petrobras (PBR) has signed a settlement agreement with Brazil's oil regulator ANP to bring 335 offshore wells into compliance with well integrity regulations by Dec. 31, 2030, according to a translation of a statement from the regulator. Petrobras shares rose 2.8%.

$BKR$CVX$PBR

US Markets29d ago

Weekly Mortgage Applications Drop as Key Rate Edges Higher

Mortgage applications in the US fell last week as a key rate ticked higher, while refinancing and home purchase demand dropped, the Mortgage Bankers Association said Wednesday.The market composite index, which measures loan application volume, decreased 2.2% in the week through July 3. On an unadjusted basis, the index slid 12%. The latest results include an adjustment for the Fourth of July holiday, according to the MBA."After adjusting for the Independence Day holiday, government purchase volume increased modestly, led by a 5% gain in (Veterans Affairs) purchase applications, while conventional purchase activity declined," said Mike Fratantoni, the MBA's chief economist.The average fixed rate for 30-year mortgages with conforming loan balances of $832,750 or less increased to 6.58% from 6.57%. For loan balances higher than that amount, the rate decreased to 6.50% from 6.52%. For 15-year loans, the rate fell to 5.99% from 6%.The refinance index fell 4% from the previous week, while the seasonally adjusted purchase index declined 1%, the report showed."Refinance application volume was down 4%, as homeowners saw little enticement to act with rates still elevated," Fratantoni said.Fixed-rate mortgages with 30-year terms backed by the Federal Housing Administration rose to 6.28% from 6.27%. The share of FHA loans, which are often used by first-time home buyers and can involve smaller down payments, edged down to 16.4% of total applications from 16.9% the previous week, according to the MBA.Last week, Redfin.com said US housing payments in June rose for the first time in eight months as home prices hit a record high and mortgage rates remained elevated.

Sectors29d ago

Sector Update: Consumer

Consumer stocks were lower Wednesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) decreasing 0.2% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) dropping 1.9%.In corporate news, Tesla's (TSLA) expansion into Miami saw Robotaxis being debuted with fewer drivers and without people acting as safety monitors and sitting in passenger seats for early rides, The Information reported. The launch represents Tesla CEO Elon Musk's strategy of rapidly expanding Robotaxi service without the kind of market-by-market training as seen in rival Alphabet's (GOOG, GOOGL) Waymo, the report said. Tesla shares were down 2.1%.

$TSLA

Wire29d ago

Top Midday Gainers

Raymond James upgraded the shares of Tvardi Therapeutics (TVRD) to outperform from market perform.Tvardi said Tuesday its phase 1 study confirmed rapid prodrug conversion of TTI-109 to TTI-101, producing nearly identical plasma levels at molar-equivalent doses, and validating its prodrug design. Tvardi plans to advance TTI-109 across dermatologic and gastrointestinal diseases, subject to additional funding.Shares soared 50% as intraday trading volume catapulted to over 20.1 million from a daily average of about 1.32 million.iOThree's (IOTR) shares soared 41% amid heavy trading after the company reported 40% revenue growth, an increase of more than 68% in gross profit, and strong momentum in its edge computing business for the year ended March 31, in a letter to shareholders.Intraday trading volume shot up to over 22.9 million from a daily average of roughly 788,000.Dream Finders Homes (DFH) raised its takeover offer for rival Beazer Homes USA (BZH) to $32 in cash per Beazer share, from the previous cash offer of $29.25 per share submitted in June.Shares of Beazer jumped 16% following an increase in intraday trading volume to over 990,000 from a daily average of about 595,000.Price: $4.62, Change: $+1.52, Percent Change: +49.03%

$BZH$DFH$IOTR$TVRD

Sectors29d ago

Sector Update: Financial

$TFC

Mining & Metals29d ago

RBC to Appoint Tarek Robbiati to Its Board

Royal Bank of Canada (RY.TO) on Wednesday said it will appoint Tarek Robbiati to its board of directors, effective Sept.1.Robbiati is currently chief financial officer of tech company Everpure, has extensive tech, telecoms and financial services experiences in the U.S., Europe, and Asia-Pacific region, a statement said."We are pleased to welcome Tarek to RBC's Board of Directors. As a highly respected and globally-minded leader with a compelling blend of financial stewardship, technical expertise, and U.S. and international management experience, Tarek will complement our board's bench strength," said board chair Jacynthe Cote.RBC shares were last seen down C$4.18, or 1.4%, to C$292.70 on the Toronto Stock Exchange.Price: $292.61, Change: $-4.27, Percent Change: -1.44%

$RY.TO

Oil & Energy29d ago

Oil Markets Hinge on Strait of Hormuz Diplomacy as US-Iran Conflict Escalates, Macquarie Says

Renewed US-Iran fighting lifted crude prices and placed the Strait of Hormuz back at the center of oil market risks, with diplomacy over control of the waterway likely to determine whether tensions ease or persist, Macquarie said in a Wednesday note.Unlike previous flare-ups, the latest conflict did not stem from the Israel-Hezbollah war and instead followed a broader US military response to Iranian attacks.Macquarie said the dispute over control of the Strait of Hormuz now poses the biggest obstacle to a lasting peace.Iran targeted vessels to discourage shipping from using alternative routes near the Omani coast after the US and its regional allies sought to reduce Tehran's leverage over the Strait by redirecting traffic away from Iranian-controlled transit channels, the note added.The firm said traders should closely watch whether diplomatic efforts can produce a compromise over control of the Strait of Hormuz, arguing that any breakthrough would determine whether the conflict subsides or develops into a prolonged standoff.Macquarie expects crude oil prices to remain the primary driver of broader financial markets, saying higher prices would likely support the US economy and the US Dollar as stronger oil exports help offset rising imports tied to artificial intelligence-related hardware demand.The note said the Canadian Dollar failed to benefit from earlier strength in crude prices because uncertainty surrounding the 16-year renewal of the US-Mexico-Canada Agreement weighed more heavily on sentiment than improving energy fundamentals.Macquarie said the failure to renew the trade pact by the July 1 deadline shifted the agreement into annual reviews that could continue until 2035, with termination possible in 2036 if the three countries fail to reach a new extension.The firm said the US appears more willing to negotiate with Mexico than Canada, noting another round of US-Mexico talks is scheduled for the week of July 20, while formal negotiations with Canada have yet to take shape.Macquarie said it does not expect the US to withdraw from the trade pact because doing so would also hurt the US economy. Instead, it sees negotiations continuing for at least another year, with temporary progress possible ahead of the November midterm elections.Reflecting the weaker outlook for the Canadian Dollar, Macquarie raised its year-end forecast for USD/CAD to 1.38 from 1.33, citing uncertainty over the trade agreement and expectations of lower crude prices that have reduced the currency's near-term prospects.

Sectors29d ago

Sector Update: Healthcare

Healthcare stocks declined Wednesday afternoon, with the NYSE Healthcare Index and the State Street Health Care Select Sector SPDR ETF (XLV) each shedding 0.8%.The iShares Biotechnology ETF (IBB) fell 1.5%.In corporate news, Eli Lilly (LLY) is poised to outpace Q2 sales consensus estimates as strong volume uptake of its weight-loss drug Zepbound and Mounjaro diabetes treatment drive franchise performance, RBC Capital Markets said in a note. The firm raised its price target on Lilly's stock to $1,500 from $1,250. Lilly shares were down 0.8%.

$LLY

Asia Markets29d ago

Exchange-Traded Funds Lower as US Equities Fall After Midday

Broad Market IndicatorsBroad-market exchange-traded funds IWM and IVV fell. Actively traded Invesco QQQ Trust (QQQ) lost 0.2%.US equity indexes fell while volatility surged with crude oil and government bond yields after President Donald Trump warned of more strikes on Iran after saying a peace deal signed in June "is over."EnergyIShares US Energy ETF (IYE) and the State Street Energy Select Sector SPDR (XLE) each added about 1.1%.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) rose 0.5%; iShares US Technology ETF (IYW) added 0.1%, and iShares Expanded Tech Sector ETF (IGM) was up 0.2%.The State Street SPDR S&P Semiconductor (XSD) climbed up 1.7%, and iShares Semiconductor (SOXX) gained 1.7%.FinancialThe State Street Financial Select Sector SPDR (XLF) fell 1.5%. Direxion Daily Financial Bull 3X Shares (FAS) dropped 4.6%, and its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), advanced 4.6%.CommoditiesCrude oil rose 6.1%, and the United States Oil Fund (USO) added 3.7%. Natural gas lost 1.4%, and the United States Natural Gas Fund (UNG) was down 1.2%.Gold on Comex dipped 2.2%, and the State Street SPDR Gold Shares (GLD) fell 1.2%. Silver was down 5.1%, and iShares Silver Trust (SLV) was 3.8% lower.ConsumerThe State Street Consumer Staples Select Sector SPDR (XLP) slipped 0.1%. The Vanguard Consumer Staples ETF (VDC) eased 0.2%, and iShares Dow Jones US Consumer Goods (IYK) was down 0.6%.The State Street Consumer Discretionary Select Sector SPDR (XLY) fell 2%. VanEck Retail ETF (RTH) eased 0.3%, and the State Street SPDR S&P Retail (XRT) dipped 1.7%.HealthcareThe State Street Health Care Select Sector SPDR (XLV) fell 0.8%, iShares US Healthcare (IYH) lost 1%, and Vanguard Health Care ETF (VHT) was down 0.9%. IShares Biotechnology ETF (IBB) shed 1.4%.IndustrialThe State Street Industrial Select Sector SPDR (XLI) dipped 1.1%. Vanguard Industrials Index Fund (VIS) and iShares US Industrials (IYJ) were also lower.CryptocurrencyIn midday activity, bitcoin (BTC-USD) fell 2.8%. Among cryptocurrency ETFs, ProShares Bitcoin ETF (BITO) lost 2.7%, ProShares Ether ETF (EETH) was down 3.6%, and ProShares Bitcoin & Ether Market Cap Weight ETF (BETH) was 2.8% lower.

Dow Jones^EEM^EXI^FAS^FAZ^GLD^IBB^IGM^IGV^IPK^IVV^IWMNasdaq Composite^IYE^IYH^IYJ^IYK^IYW^PMR^QQQ^RTH^SOXXS&P 500^SPY^UNG^USO^VDC^VHT^VIS^XLE^XLF^XLI^XLK^XLP^XLV^XRT^XSD$BETH$BITO$EETH

Treasury29d ago

US 10-Year Auction High Yield Rises From Previous Auction, Demand Higher

The US Treasury's 10-year auction hit a high yield of 4.580% on Wednesday, up from the 4.538% high in the previous auction.The bid to cover ratio for the auction was 2.59, above the 2.57 ratio in the previous auction.Dealers represented 54.70% of the bids, with direct bidders at 7.76% and indirect bidders at 37.53%.For takedown, dealers took 7.78%, with direct bidders at 10.73% and indirect bidders at 81.49%.

Sectors29d ago

Sector Update: Tech

Tech stocks were higher Wednesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) increasing 0.5% and the State Street SPDR S&P Semiconductor ETF (XSD) rising 1.6%.The Philadelphia Semiconductor index climbed 1.8%.In corporate news, Apple (AAPL) said Wednesday that Broadcom (AVGO) will produce chips to be used in Apple's products in a deal likely worth more than $30 billion. Apple shares rose 0.8%, and Broadcom jumped 6.2%.

$AAPL$AVGO

Wire29d ago

DigitalOcean's Preliminary Q2 Results Better Than Expected, UBS Says

DigitalOcean (DOCN) pre-announced Q2 results characterized as better than expected, tied to positive momentum rather than any material business change, UBS said in a note emailed Wednesday.The sequential revenue jump suggests DigitalOcean's Richmond facility, which came online in March, is now running near full capacity, the note said, adding that getting the newly launched Kansas City data center up to speed will be the key swing factor for Q3 revenue.A longer-than-expected backlog duration lowers near-term churn risk tied to Cursor, UBS said, though the firm does not view this as a broader shift toward multi-year contracts.UBS said the scale of upcoming capacity additions remains the biggest driver of long-term earnings potential, with room for adds beyond prior disclosures still possible ahead of the print.UBS maintained a neutral rating and lowered the price target to $155 from $175.Price: $138.95, Change: $+1.91, Percent Change: +1.39%

$DOCN

Treasury29d ago

US 10-Year High Yield 4.580% vs 4.538% Previous; Bid/Cover 2.59 vs 2.57 Previous

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Oil & Energy29d ago