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Infleqtion Could Gain From Neutral Atom Quantum Demand, Partnerships, Wedbush Says

Infleqtion (INFQ) could benefit from wider use of neutral atom technology, greater recognition of its computing business, stronger investor interest, new partnerships and rising US government demand, Wedbush Securities said in a note Friday.The stock appears undervalued because Infleqtion has one of the largest revenue bases among listed quantum companies and is the only publicly traded pure-play neutral-atom company selling computing, sensing and software products built on one shared technology platform, the investment firm said.Wedbush said it expects the valuation gap to narrow as neutral atoms gain credibility against older quantum technologies, investors recognize Infleqtion as more than a sensing company, and analyst coverage and trading activity increase.The investment firm said Infleqtion's work with Nvidia (NVDA), Safran, NASA, Voyager (VOYG) and DARPA supports its technology, while more major partnerships, proposed US funding and federal plans to deploy quantum sensors could strengthen future demand.Wedbush Securities started coverage of the stock with an outperform rating and a $20 price target.Infleqtion shares were up 8.6% in Friday trading.Price: $13.89, Change: $+1.10, Percent Change: +8.56%

$INFQ$NVDA$VOYG

Wire38d ago

Revolution Medicines Faces 'Uphill Battle' in Potential Patent Claim Against Erasca, RBC Says

Revolution Medicines (RVMD) faces an "uphill battle" in pursuing a potential patent infringement claim against Erasca (ERAS), with such legal action seen as risky and unlikely to be effective, RBC Capital Markets said in a Friday research note.The investment firm said Revolution Medicines would likely have to rely on a Doctrine of Equivalents argument to prove infringement, a more difficult path than a literal infringement claim, with the doctrine for chemical compound patents largely lacking legal precedent.The best strategy for Revolution Medicines in the near term would be to try to secure another patent, which, if already pending, may allow the company to pursue a molecule that overlaps more with what Erasca is developing, although this would depend on who filed first.RBC has an outperform rating with a $182 price target.Shares of Revolution Medicines were up 1.3% in Friday trading.Price: $180.44, Change: $+2.27, Percent Change: +1.27%

$ERAS$RVMD

Wire38d ago

Apple's Near-Term Margin Outlook Unlikely to Change From Macs and iPads, UBS Says

Apple (AAPL) margin outlook in the near-term is unlikely to change from price adjustments of Mac computers and iPads until iPhone prices rise, UBS said in a research report emailed Friday.The price hike for MacBooks and iPads comes amid impact on product gross margin by higher memory costs, according to the note.UBS said it had expected product gross margin to decline sequentially in the June quarter and further in the September quarter, but outlook remains intact as iPhone is likely to account for majority of the product revenue in the coming quarters.The company is likely to increase new iPhone prices by $50 to $100 and potentially change device specs to offset the share rise in DRAM and NAND markets, UBS stated.The brokerage maintained its neutral rating on the stock and price target of $296 per share.Price: $279.96, Change: $+4.81, Percent Change: +1.75%

$AAPL

International38d ago

St. Louis Fed US Q2 GDP Nowcast Estimate 1.258% Gain vs Previous 1.429% Gain

Commodities38d ago

UK Battery Storage Capacity Overtakes Nuclear for First Time, Drax Says

The UK's installed battery storage capacity has surpassed its nuclear generating fleet for the first time, marking a shift in the country's power system as investment in flexible energy infrastructure accelerates, Drax Group said in a report on Thursday.Battery energy storage system capacity has surged from just 10 megawatts less than a decade ago to nearly 7 gigawatts today, overtaking the combined output capacity of the country's aging nuclear reactor fleet.The report, produced by academics at Imperial College London, highlights how rapidly storage technologies are scaling as the UK integrates more intermittent renewable generation and responds to rising electricity demand.Though batteries and nuclear plants serve fundamentally different roles, nuclear provides steady baseload power and batteries offer short-duration flexibility, the crossover underscores a structural shift in how Britain balances its electricity system.Drax said battery systems are increasingly being deployed to absorb excess electricity during periods of high supply and discharge power within seconds when demand spikes, helping grid operators manage volatility and reduce network constraints."Battery storage has become one of the fastest-growing parts of Britain's electricity system," said Dr. Iain Staffell, lead author of the report and associate professor in sustainable energy at Imperial College London."The fact that installed battery capacity has now surpassed nuclear generating capacity demonstrates just how rapidly storage technologies are scaling."Drax said that batteries are already playing an increasingly important operational role in stabilizing the grid, responding almost instantaneously to changes in system conditions, and supporting energy security.However, Drax said that batteries do not replace nuclear power on a like-for-like basis, given their limited storage capacity, although their rapid expansion signals a broader reconfiguration of the UK power mix.

Wire38d ago

Thomson Reuters' Stock Pricing Reasonable Risk on Competition, Pricing Debates, RBC Says

Thomson Reuters' (TRI) stock is pricing in a reasonable amount of risk on the competition, moat, and pricing debates relative to its near-term organic revenue growth outlook, RBC Capital Markets said in a note Thursday.Analysts said the total addressable market is the most important determinant in sizing Thomson Reuters' growth and risk profile.Incremental developments over the past week skew directionally positive for the debate on the total addressable market, negative for competition and pricing debates, and largely neutral for moat and margin debates, RBC said.Analysts said that these developments include Harvey's disclosure that monthly token consumption surged 12x from January to May, CoCounsel Legal customers gaining access to CoCounsel Next, and Anthropic launching Claude Tag as a persistent enterprise AI agent.RBC has an outperform rating on the stock and a $129 price target.Shares of Thomson Reuters were up 3.8% in Friday trading.Price: $84.11, Change: $+3.10, Percent Change: +3.82%

$TRI

Wire38d ago

Deere Expects 2026 to Mark the Bottom of the Agriculture Cycle, RBC Says

Deere's (DE) management expects 2026 to mark the bottom of the agriculture cycle, with recovery likely to be affected by commodity prices and input cost trends, while demand trends in Construction & Forestry remain supportive, RBC Capital Markets said Friday, following investor meetings with management.RBC believes the setup for 2027 is "interesting," with 2026 reflecting multi-year low volumes, healthy new and used inventory levels, and a relatively improved tariff situation, according to the note Friday.While inventory is in good shape and shipments are generally matching dealer sales, the Iran conflict and resulting input cost volatility are likely impacting sentiment, the brokerage said.Construction & Forestry volumes are just above mid-cycle levels and demand is tracking well, driven by roadbuilding, civil infrastructure, and data centers, partially offset by residential weakness. Dealer backlogs remain healthy, and an imbalance between demand and supply could create a channel fill opportunity in 2027, according to the note.RBC kept an outperform rating on Deere with a price target of $752.Price: $625.49, Change: $-5.27, Percent Change: -0.84%

$DE

Oil & Energy38d ago

Global Diesel, Jet Fuel Supplies Rebound as Hormuz Reopens, Vortexa Says

Seaborne exports of diesel and jet fuel are rebounding as the reopening of the Strait of Hormuz eases supply concerns, although refinery outages in the Middle East and Russia could limit further price declines, Vortexa analyst Pamela Munger said in a Thursday note.Global middle distillate loadings have risen well above the seasonal average for June on a 28-day moving average and are expected to increase further as more exports leave the Middle East Gulf, where some refining capacity remains offline following recent damage.The recovery has coincided with a sharp fall in diesel and jet fuel prices since June 19. Diesel has traded at a premium to jet fuel, while the ICE gasoil forward curve has flattened, reflecting weaker prompt prices and easing fears of supply shortages in Europe.Supplies from alternative exporting regions have also increased. Combined middle distillate exports from the Red Sea, the US Gulf Coast and Nigeria were about 30% higher during March-June than a year earlier, with roughly 60% of the increase coming from the US Gulf Coast, where refineries have operated at historically high rates since January.Higher seaborne crude exports from Middle East producers are expected to encourage higher refinery runs in Asia after operations were curbed earlier this year by weak domestic demand and government measures to restrain fuel consumption.Middle distillate exports from Asia, excluding China, rebounded sharply in June, surpassing seasonal averages.However, Vortexa said several factors could keep a floor under prices, including the pace of repairs at Middle East Gulf refineries damaged by drone attacks and ongoing disruptions to Russian refining.Facilities, including Satorp, Sitra and Ruwais, continue to operate below capacity, limiting supplies by an estimated 800,000 barrels per day to 900,000 b/d.Russian seaborne diesel exports fell below 600,000 b/ in June, their lowest level since 2016, amid refinery damage and reports of a potential diesel export ban.

Wire38d ago

Arcosa Less Likely to Receive Superior Offer After CRH Bid, Oppenheimer Says

Arcosa (ACA) has less likelihood of receiving a superior offer following CRH's (CRH) $150-per-share acquisition proposal, with the transaction expected to be completed as proposed and shares likely to trade closer to the offer price as closing conditions are satisfied, Oppenheimer said in a Friday note.The firm said Arcosa's mix of construction materials and utility assets makes the company a strong strategic fit for CRH, with no competitive overlap in the engineered structures business.Oppenheimer said a superior offer cannot be ruled out, but it views such an outcome as less likely.The firm noted other utility structure manufacturers could face regulatory challenges in pursuing a transaction, while major construction materials companies may have limited interest in Arcosa's engineered structures business.Oppenheimer downgraded Arcosa to perform from outperform and relinquished its $150 price target following the acquisition proposal.Price: $145.09, Change: $+0.13, Percent Change: +0.09%

$ACA$CRH

Mining & Metals38d ago

Pacific Ridge Exploration Raises C$4.5 Million in First Tranche of a Private Placement

Pacific Ridge Exploration (PEX.V) on Friday said it raised C$4.5 million in the first tranche of a private placement of flow-through and common shares.The company placed of 9.92-million hard-dollar common-share units (HD units) at C$0.20 apiece, and 11-million flow-through units (FT) at C$0.23 each.Each HD unit consists of one share and one half of a two-year warrant that can buy a for share at C$0.30.Proceeds from the FT shares will be used for drilling at the Kliyul project in British Columbia. Proceeds from the HD units will be used for general working capital and corporate purposes.The company is increasing the charitable flow-through portion of the offering to up to 13.4-million charity flow-through shares at C$0.294 each, for C$3.94 million proceeds. That portion is expected to close early July.The company's shares were last seen up C$0.01 to C$0.19 on the TSX Venture ExchangePrice: $0.19, Change: $+0.01, Percent Change: +5.56%

$PEX.V

International38d ago

Kansas City Fed Services Index Falls in June

The Kansas City Federal Reserve's monthly composite services index fell to a reading of 5 in June after rising to 10 in May, suggesting a slower expansion.The other regional services measures already released have indicated a mixed reading.There was a decrease in the Kansas City revenue/sales reading to 3 from 12, while the employment reading decreased to 1 from 5.The reading of selling prices declined to 16 from 20, while the input price index decreased to 51 from 54. A reading above zero indicates growth.

Commodities38d ago

Enlight Secures $2.6 Billion Financing for Arizona Renewable Energy Complex

Enlight Renewable Energy said on Thursday it had secured about $2.6 billion in debt financing for its largest project, advancing the development of one of the biggest renewable energy complexes in the US.The energy firm said its US subsidiary, Clenera Holdings, reached financial close on a debt financing framework agreement for the CO Bar Complex in Arizona, a portfolio of five projects combining 1.2 gigawatts of solar generation capacity with 4 gigawatt-hours of battery storage.Jared McKee, CEO of Clenera, said the project would generate enough electricity to power about 220,000 homes across Arizona.The CO Bar Complex, with a total investment of $2.9 billion-$3.05 billion, is projected to begin commercial operations in phases from H1 2027 through H1 2028.The financing package includes $1.71 billion in term debt and is supported by estimated tax equity proceeds of $1.45 billion to $1.53 billion, reducing the net investment cost to $1.45 billion to $1.52 billion.The project cluster is built around a 1-gigawatt alternating current grid interconnection agreement.Enlight said three of the projects are already under construction. CO Bar 1 combines solar generation with battery storage, while CO Bar 2 and CO Bar 3 are solar projects.CO Bar 4 and CO Bar 5, which are standalone energy storage facilities, are expected to begin full construction mobilization in H1 2026.The renewable energy firm said the complex has secured long-term revenues through five offtake agreements, including 20-year power purchase and energy storage contracts with Salt River Project and Arizona Public Service.Enlight expects the project to generate annual revenue of between $250 million and $260 million and earnings before interest, taxes, depreciation and amortization of between $205 million and $210 million in its first full year of operation.

Wire38d ago

Constellation Brands' Fiscal 2027 Guidance Seen Intact Despite Beer Weakness, RBC Says

Constellation Brands (STZ) is expected to reaffirm its fiscal 2027 guidance, with recent beer category weakness appearing cyclical and Q1 results likely to meet consensus expectations despite flat beer depletions, RBC Capital Markets said in a Friday note.The brokerage said recent beer volume weakness was driven mainly by temporary economic factors, including higher fuel prices and unfavorable weather, with June volumes improving on easing gasoline prices and World Cup-related demand.RBC expects the World Cup and gasoline price relief to provide near-term volume catalysts, and believes management will strike a more optimistic tone on beer volumes while maintaining its full-year outlook.The firm said an in-line quarter, reaffirmed guidance and improving beer volume trends should support investor sentiment, as it views the recent category slowdown as temporary rather than a sign of weakening fundamentals.RBC maintained its outperform rating on the stock and a $185 price target.Price: $146.41, Change: $+1.96, Percent Change: +1.36%

$STZ

Wire38d ago

Cardinal Infrastructure Closes Upsized Share Offering

Cardinal Infrastructure Group (CDNL) closed its upsized public offering of 4.6 million Class A shares, including underwriters' option, at $73 each, the company said Friday.The offering generated $336 million in gross proceeds, Cardinal Infrastructure Group said.Shares of the company were down 2.8% in Friday trading.Price: $89.22, Change: $-2.75, Percent Change: -2.99%

$CDNL

Wire38d ago

Roku, Florida Attorney General Reach Deal on Child-Protection Upgrades

Roku (ROKU) and Florida Attorney General James Uthmeier said Friday the company agreed to enhance its safety controls by offering parents greater oversight over what their children can stream, resolving a state enforcement action under the Florida Digital Bill of Rights.The agreement includes no finding of wrongdoing and no civil fine, according to the joint statement. Roku will invest about $25 million in engineering resources to implement the changes, which are expected to begin immediately and roll out nationwide within 12 months.Price: $135.48, Change: $+0.75, Percent Change: +0.56%

$GE$ROKU

US Markets38d ago

Oil Prices Resume Decline as Tankers Transit Through Strait of Hormuz

Oil prices resumed their decline on Friday as tankers continued to transit through the Strait of Hormuz, a day after a vessel was attacked in the Gulf of Oman.West Texas Intermediate crude oil declined 4.3% at $68.87 a barrel on Friday, while Brent dropped 4.2% to $72.31.Oil prices rose more than 2% each on Thursday as the International Maritime Organization suspended its operation of evacuating stranded ships in the Strait of Hormuz after a cargo ship was attacked in the Gulf of Oman.The UK Maritime Trade Operations said Thursday that a vessel was struck by an "unknown projectile."Before Thursday, WTI had fallen for five days in a row, while Brent had retreated for three straight sessions."Oil was on track for a weekly decline after transits through the Strait of Hormuz accelerated, although an attack on a cargo ship by an 'unknown projectile' has renewed concerns about safe passage through the vital waterway," Saxo Bank said in a report Friday.Last week, the US and Iran signed a memorandum of understanding to end their war and reopen the narrow waterway that connects the Persian Gulf with the Gulf of Oman and the Arabian Sea.Two US officials told Reuters on Thursday that Iran had fired at that ship."With the broader market focused on a recovery in oil flows from the region, price momentum still appears to be to the downside," ING Bank said in a note.

Asia Markets38d ago

European Equities Traded in the US as American Depositary Receipts Decline Friday

European equities traded in the US as American depositary receipts were lower Friday morning, decreasing 0.4% to 1,883.22 on the S&P Europe Select ADR Index.From continental Europe, the gainers were led by biotech companies Evaxion (EVAX) and Abivax (ABVX), which gained 5.4% and 4.5% respectively. They were followed by healthcare firm Grifols (GRFS) and drink and brewing giant Anheuser-Busch Inbev (BUD), which added 1.4% and 1.1%, respectively.The decliners from continental Europe were led by Agomab Therapeutics (AGMB) and steel producer ArcelorMittal (MT), which fell 3.9% and 3.5% respectively. They were followed by energy company Equinor (EQNR), which was down 1.3%.From the UK and Ireland, the gainers were led by pharmaceutical company Compass Pathways (CMPS) and Autolus Therapeutics (AUTL), which rose 5.6% and 2.8% respectively.The decliners from the UK and Ireland were led by semiconductor company Arm (ARM) and Barclays (BCS), which shed 4% and 1.3% respectively.

$ABVX$AGMB$ARM$AUTL$BCS$BUD$CMPS$EQNR$EVAX$GRFS$MT

International38d ago

Kansas City Fed June Services Index Declines to 5 Vs. 8 Expected, 10 Prior

Wire38d ago

Market Chatter: OpenAI Considering IPO in 2027

Microsoft-backed (MSFT) OpenAI is weighing an initial public offering as early as in 2027, after the expected IPO of rival Amazon-backed (AMZN) Anthropic, Bloomberg reported Friday, citing people familiar with the matter.OpenAI had been targeting a fall listing, more in line with Anthropic's possible October IPO, the report said.OpenAI 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: $369.78, Change: $+16.95, Percent Change: +4.80%

$AMZN$MSFT

Wire38d ago

Honeywell Aerospace Stock Reflects Improving Execution, RBC Capital Markets Says

Honeywell Aerospace (HONAV) stock reflects an improving execution and growth story with business aviation and pricing power as key upsides, RBC Capital Markets said in a Friday research report.The end-market mix supports upside to mid-term topline growth guidance as the company's portfolio includes under-appreciated commercial and defense businesses, the analysts said, adding that they model 2026 growth of 8.2%.The company is poised to benefit from its leading position on key programs, such as the sole source on the 737 and A320 auxiliary power units, as well as the HTF7000 bizjet engine, according to the note.RBC initiated coverage of the stock with an outperform rating and price target of $300.Price: $214.46, Change: $-6.55, Percent Change: -2.96%

$HONAV

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Oil & Energy38d ago