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TD Cowen Adjusts Price Target on FedEx to $354 From $426

FedEx (FDX) has an average rating of overweight and mean price target of $381.52, 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: $314.81, Change: $-2.43, Percent Change: -0.77%

$FDX

Commodities39d ago

Westlake's Q2 Earnings to Surge on Robust PE, PVC Prices Amid Iran Conflict, TPH Says

Westlake (WLK) is poised for a rebound in Q2 earnings as supply disruptions stemming from the Middle East conflict boosted prices for polyethylene, PVC, and caustic soda, TPH Energy strategists said in a note on Wednesday, although profit is still projected to fall short of Wall Street estimates.Matthew Blair, analyst at TPH Energy, raised his estimate for Westlake's Q2 adjusted EBITDA to $608 million from $506 million, a significant recovery from $198 million in Q1 excluding inventory-related impacts. The forecast, however, remains below the consensus estimate of $645 million.The company's Performance and Essential Materials segment is projected to account for the bulk of the improvement, with TPH projecting EBITDA of $406 million.Global outages and supply disruptions stemming from the Middle East conflict lifted prices across key products, particularly polyethylene, where US contract and spot prices are estimated to have risen by 34 cents and 26 cents per pound, respectively, from the previous quarter.TPH said PVC prices also strengthened, with US contract and spot prices expected to rise by about 9 cents a pound despite Chinese carbide-based producers maintaining high operating rates.Caustic soda markets saw additional support, with US contract prices rising by about $20 per metric ton and spot prices climbing by roughly $60 per ton.The bank said lower feedstock costs, especially for US ethane and natural gas, combined with higher operating rates, further improved margins. Westlake's PEM unit is forecast to generate more earnings in Q2 alone than it did in all of 2025.However, TPH was more cautious on the company's Housing and Infrastructure Products segment, where it forecasts EBITDA of $227 million.Westlake recently indicated that results would likely come in at the lower end of its full-year revenue and margin guidance ranges. Demand indicators have also weakened, with US housing starts falling to their lowest level in five years in May and the Architecture Billings Index declining amid elevated mortgage rates and rising construction costs.Higher PVC contract prices are also expected to weigh on margins in the quarter, the bank said in a note.Going forward, TPH expects profitability to moderate in Q3 as market conditions normalize. The brokerage forecasts EBITDA of $529 million, below the consensus estimate of $652 million.Spot prices for US PVC and polyethylene are currently about 6 cents and 13 cents a pound, respectively, TPH said, below second-quarter averages, while operating rates are expected to ease as supply flows recover.Price: $74.56, Change: $-1.92, Percent Change: -2.51%

$WLK

Wire39d ago

AMASS Signs Simple Agreement for Future Equity in Afterdream

AMASS Brands (AMSS) said Wednesday it has struck a simple agreement for future equity with Afterdream, a hemp-derived THC beverage brand.The agreement establishes the rights for at least a 15.67% stake in Afterdream on a fully diluted basis upon a future qualifying financing or liquidity event, the company said.Shares were up over 7% in morning trading.Price: $2.04, Change: $+0.14, Percent Change: +7.37%

$AMSS

Wire39d ago

Varonis Systems Would Be `Interesting M&A Candidate,' RBC Says

Varonis Systems' (VRNS) would make an "interesting M&A candidate," RBC Capital Markets analysts said in a note to clients on Wednesday, after Bloomberg reported that the company may be exploring a sale.With Varonis Systems positioned as a software as a service-only solution today, the company's financial profile could make sense with improving margins coming out of the SaaS transition, RBC said.Competition is intensifying with data security and governance features likely to be consolidated to a broader platform vendor, and there could be a window of opportunity for Varonis to sell before competition increases further, the bank said.RBC maintained its outperform rating on Varonis with a $36 price target.Price: $36.03, Change: $+1.00, Percent Change: +2.85%

$VRNS

Wire39d ago

Cerebras has Several Potential Catalysts for Further Upside, Wedbush Says

Cerebras Systems (CBRS) reported relative upside to initial expectations, and although there were no surprises, several potential future catalysts could drive further upside, Wedbush Securities said in a note Wednesday.The company reported modest upside to revenue and margins, driven by hardware sales exceeding the investment firm's expectations and higher cloud service pricing due to strong demand, according to the note.The upside seems to carry into Q2 guidance, with revenue outperforming Wedbush's estimate by a similar magnitude. While gross margins are expected to contract as OpenAI revenue ramps up, the decline is less pronounced than the brokerage had previously modeled, creating upside through 2026, the note added.Wedbush believes new products with improved performance, higher prices and margins, additional data center capacity, and strong demand for AI products could provide potential upside to its model, according to the note.Wedbush kept an outperform rating on Cerebras and raised the price target to $280 from $270.Shares of Cerebras were down 16% in Wednesday trading.Price: $189.63, Change: $-37.09, Percent Change: -16.36%

$CBRS

Commodities39d ago

Market Chatter: Nord Stream 2 Pipeline Owner Sues EU Over Russian Gas Import Ban

The Nord Stream 2 gas pipeline, controlled by the Russian state-owned Gazprom, is suing the European Union in the bloc's second-highest court, in its bid to annul the phase-out of gas imports from Russia.Referring to the EU law aimed at halting all Russian gas imports into Europe by late 2027, which was approved by the EU, the company argued that it was a sanction-like measure requiring the approval of all EU member states, adding that the regulation was thus "null and void."This decision was taken by the bloc in order to sever its ties with Moscow, which, up until its invasion of Ukraine in 2022, was the largest supplier of gas for the region.Gazprom did not immediately respond to' request for a comment on this story.(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.)

Wire39d ago

Turbo Energy, HiTHIUM Deploy AI-Powered Energy Infrastructure Across Industrial Sites

Turbo Energy (TURB) and battery energy storage technology provider HiTHIUM said Wednesday the companies announced the deployment of AI-enabled energy infrastructure across 15 industrial facilities belonging to one of Europe's largest electro-intensive ceramic manufacturing groups.The project, part of the Pamesa Net Zero initiative, combines 366 megawatt-hours of battery energy storage capacity, according to a statement.Turbo Energy's AI-powered optimization platform is also expected to help dynamically manage generation, storage, and consumption across industrial sites, according to the companies.Price: $1.46, Change: $+0.09, Percent Change: +6.57%

$TURB

Equities39d ago

Market Chatter: Russian Oil Refinery Hit by Ukrainian Drones Reportedly Needs Six Months for Repair

An oil refinery in the Russian capital hit by Ukrainian drones this month is unlikely to resume production this year, Reuters reported Wednesday, citing two sources.The refinery operated by Gazprom Neft and located on the outskirts of Moscow reportedly needs at least half a year for repair.Gazprom Neft did not immediately respond 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.)

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Mining & Metals39d ago

Guardian Exploration Secures Access to New Drill Capacity for Northern Canada Projects

Guardian Exploration (GX.V) has secured dedicated access to Hydracore HC5000 drill capacity, to be used for its 2026 exploration programs in Yukon and Nunavut, the company said Wednesday.Initially, the drill will be used at the Mount Cameron silver-zinc-lead project in Yukon. Upon completion of that project, the drill will be used at the Sun Dog project in Nunavut.The drill's compact, helicopter-portable design is well-suited for Guardian's remote exploration projects in northern Canada, the company said.

$GX.V

Commodities39d ago

US Natural Gas Update: Futures Edge Higher Amid Above-Average Temperatures, Tighter Fundamentals

US natural gas futures edged higher on Wednesday, amid forecasts of above-average near-term temperatures and tightening fundamentals.Both the Henry Hub front-month futures and continuous contracts were up 1.21%, at $3.19 per million British thermal units.Over two-thirds of the country is expected to see above-normal temperatures, barring the Westernmost regions, during July 1 to July 7, according to the National Weather Service, leading to increased demand for space cooling power.Meanwhile, LNG export feedgas flows continued to edge higher, estimated at 18.96 billion cubic feet per day, compared to the 30-day moving average of 18.15 Bcf/d, according to the Bloomberg LNG Feedgas Model.Forecasts expect the weekly natural gas storage report, scheduled to be released on Thursday, to show a net injection of 67 Bcf, down from a net build of 73 Bcf the prior week and 96 Bcf during the same period last year, according to data compiled by Investing.com.This marks another bullish signal for the markets, as Pinebrook Energy Advisors noted that if inventories continued to remain above the five-year average surplus, it could "keep a lid on prices," failing which the market would "break to the upside."

Mining & Metals39d ago

Sage Potash Starts Site Preparation, Mobilization for 2026 Drilling at Utah Potash Project

Sage Potash (SAGE.V) is preparing and mobilizing for its 2026 drilling program at its flagship Sage Plain Potash Project in southeastern Utah.Drilling is expected to begin approximately two weeks from current site preparations, the company said. In addition to confirming potash mineralization, the drilling program will include a comprehensive hydrogeological assessment, Sage added.The company expects to release an updated resource estimate for Sage Plain in the late third quarter of 2026, it added."With potash recently designated as a critical mineral in the United States and approximately 95% of domestic demand supplied through imports, we believe Sage Plain is uniquely positioned to contribute to long-term U.S. fertilizer security," said Chief Executive Officer J. Patricio Varas.The company's shares were last seen unchanged at C$0.14 on the TSX Venture Exchange.

$SAGE.V

Wire39d ago

Paramount Skydance's Warner Bros. Takeover Set to Get EU Approval, Financial Times Reports

$PSKY$WBD

Asia Markets39d ago

Asian Equities Traded in the US as American Depositary Receipts Track Higher in Wednesday Trading

Asian equities traded in the US as American depositary receipts were tracking higher Wednesday morning, rising 0.14% to 2,813.02 on the S&P Asia 50 ADR Index.From North Asia, the gainers were led by fintech firm Jiayin Group (JFIN) and diagnostic imaging centers company Concord Medical Services (CCM), which climbed 6.6% and 5.7% respectively. They were followed by semiconductor company ASE (ASX) and video-sharing platform Bilibili (BILI), which advanced 5.2% and 4.2% respectively.The decliners from North Asia were led by mobile big data platform Aurora Mobile (JG) and education company 17 Education & Technology Group (YQ), which dropped 8.6% and 7.5% respectively. They were followed by lender Shinhan Financial Group (SHG) and video display maker LG Display (LPL), which lost 3.6% and 3.5% respectively.From South Asia, the gainers were led by lender ICICI Bank (IBN) and HDFC Bank (HDB), which rose 2.1% and 1.6% respectively. They were followed by IT firm Infosys (INFY) and telecommunications operator PLDT (PHI), which were up 1.6% and 0.1% respectively.The decliners from South Asia were led by fintech firm Trident Digital Tech (TDTH) and computer hardware maker Canaan (CAN), which fell 18.1% and 3.9% respectively. They were followed by telecommunications operator Telekomunikasi Indonesia (TLK) and tech conglomerate Sea (SE), which were down 1.6% and 0.2% respectively.

$ASX$BILI$CAN$CCM$HDB$IBN$INFY$JFIN$JG$LPL$PHI$SE$SHG$TDTH$TLK$YQ

Mining & Metals39d ago

Deutsche Bank Maintains Bearish View on Canadian Dollar Despite Recent Supportive Flows

The US dollar against the Canadian dollar advanced last week to Deutsche Bank Research's target of $1.41, though part of the move reflects broader strength in the greenback.Lagging most G10 peers, the Canadian dollar continues to struggle, with Deutsche Bank maintaining a bearish view on the loonie, according to a blog published on Wednesday."There's little in economic momentum to inspire us yet," wrote Tim Baker, Macro Strategist at the bank.With the Canadian economy and employment essentially flat over the past six months, the overall picture remains soft despite tentative signs of improvement in the second quarter, said Deutsche Bank.A roughly 15% rise in exports has eliminated Canada's trade deficit, with additional support from strong portfolio inflows. But this strength may be peaking, as exports are concentrated in energy and gold, and bond inflows hit a record in April, which cautions for limited durability, added the bank.The loonie has broadly tracked rate differentials, but spreads are likely to move further against Canada as Bank of Canada pricing looks stretched versus weak growth and inflation, with markets pricing a Federal Reserve-like path despite weaker fundamentals, stated Baker.This week's bank capital rule changes may slightly support credit growth in Canada, but they aren't enough to shift the outlook, keeping Deutsche Bank bearish on the Canadian dollar for now.

$CAD$CXY$USD

Wire39d ago

FedEx Freight Spinoff, Reporting Shift Bring Near-Term Noise But Should Aid Profitability, Cash Flow, UBS Says

FedEx's (FDX) spinoff of its freight business and transition to calendar year reporting will create some near-term noise but should improve structural profitability and cash flow in the longer term, UBS analysts said in a Wednesday note.The spinoff and reporting transition make it difficult to analyze its 2026 adjusted earnings per share guidance of between $16.90 and $18.10, analysts said.Analysts said that the company's capital spending is expected to remain disciplined at roughly 4% of revenue, supporting strong free cash flow generation.UBS said that FedEx's volume and revenue growth could be important to leveraging gains in cost structure.UBS retained a buy rating on the stock, but lowered its price target to $350 from $445.Price: $315.18, Change: $-2.06, Percent Change: -0.65%

$FDX

US Markets39d ago

US Mortgage Applications Edge Higher as Refinancing Activity Offsets Purchase Weakness

Mortgage applications in the US increased last week as refinancing activity improved while home purchase demand edged lower, the Mortgage Bankers Association said Wednesday.The market composite index, which measures loan application volume, increased 1% in the week ended June 19. On an unadjusted basis, the index decreased 10% compared with the previous week. This week's results include an adjustment for the Juneteenth holiday.The refinance index increased 3% from the prior week, while the seasonally adjusted purchase index declined 1%."Mortgage rates [were] changed little over the course of last week, despite the more hawkish tone from the FOMC at its June meeting," said Mike Fratantoni, the MBA's chief economist."Purchase application volume edged slightly lower, while refinance activity posted modest gains.""Despite the elevated mortgage rates and overall economic uncertainty, mortgage application volume is running 8% above year-ago levels," Fratantoni said.The average contract interest rate for 30-year fixed mortgages with conforming loan balances of $832,750 or less decreased to 6.59% from 6.6%. For loan balances higher than that amount, the rate decreased to 6.52% from 6.62% .The average contract interest rate for 15-year fixed-rate mortgages remained unchanged at 6.02%.The share of Federal Housing Administration loans, which are often used by first-time home buyers and can involve smaller down payments, ticked up to 17.9% of total applications from 17.5% the week prior.

Commodities39d ago

TPL Expands Data Center Footprint With Project Kilby Agreement in Texas, TPH Energy Says

Texas Pacific Land (TPL) agreement to provide land and water solutions for Chevron's (CVX) Project Kilby development marks another step in West Texas data center expansion, though meaningful revenue may not arrive before 2028, TPH Energy said in a Wednesday note.The company announced Tuesday that it will provide land for cash consideration and grant exclusive rights to source aquifer-derived water for a power generation facility and related infrastructure at the Reeves County, Texas, project.Chevron's participation and Microsoft's (MSFT) role as data center operator strengthen the project's profile, although the agreement appears to overlap with land and water supply arrangements disclosed alongside first-quarter 2026 earnings, the note said.Previous partner disclosures pointed to a final investment decision by the end of 2026, with developers planning to invest over multiple years before delivering the first power from the project in 2028, according to TPH Energy.The water supply agreement is unlikely to generate a meaningful financial contribution until at least 2028 because the project still faces a lengthy development and construction timeline.TPH Energy views the latest deal as evidence that West Texas data center projects continue to advance and expects TPL to remain involved in future developments.Price: $372.00, Change: $+2.10, Percent Change: +0.57%

$CVX$MSFT$TPL

Wire39d ago

AMC Robotics Signs Deal to Lease Manufacturing Facility in Vietnam

AMC Robotics (AMCI) said Wednesday that it has signed an agreement to lease a 6,150-square-meter manufacturing facility in Bac Ninh, Vietnam.The facility, operated by AMC Robotics' AMCV Vietnamese unit, will focus on production of the NovaArm robotic arm, in the first phase of operations, the company said.The company said it expects to complete the facility's buildout and production line commissioning, with initial production targeted for the second half of this year.AMC Robotics said it expects to invest about $3.5 million in the build-out and equipping of the facility through the first phase.Price: $4.28, Change: $-0.02, Percent Change: -0.58%

$AMCI

Commodities39d ago

IEA and COP31 Leaders Push Electrification Goals Before Climate Summit

Ministers and energy leaders meeting ahead of the COP31 climate summit discussed accelerating electrification, cutting waste and methane emissions, and strengthening energy security as countries grapple with an energy crisis linked to the conflict in the Middle East, the International Energy Agency said in a statement on Tuesday.The talks, convened by IEA and the COP31 Presidency during London Climate Action Week, were the second in a series of High-Level Energy Transition Dialogues ahead of the November summit in Antalya, Turkiye.Participants included ministers from Colombia, Ethiopia, the Netherlands, Norway, Turkiye, and the United Kingdom, as well as European Commissioner for Energy and Housing Dan Jorgensen.Discussions centered on COP31 goals unveiled earlier this month in Bonn, including a target to meet 35% of final energy consumption with electricity by 2035. The target was identified by the IEA as a key milestone for implementing outcomes agreed at the COP28 summit in Dubai.Delegates also highlighted methane abatement and zero-waste strategies as tools to reduce emissions and improve energy system resilience, including efforts to halve the growth of global waste. Expanding access to electricity and clean cooking, particularly through increased infrastructure investment and lower financing costs, was another focus."Amid the current energy crisis, governments around the world are rethinking their energy strategies," IEA Executive Director Fatih Birol said, adding that the IEA would support the COP31 Action Agenda with new analysis, including reports on electrification and waste.COP31 President-Designate Murat Kurum, who also serves as Turkiye's Minister of Environment, Urbanization and Climate Change, said COP31 would seek to build political support for electrification and waste-reduction goals, while Chris Bowen, the COP31 President of Negotiations and Australia's Minister for Climate Change and Energy, stressed that countries now have more options than in past oil crises, including energy efficiency measures, renewable power, modern grids and energy storage.

Wire39d ago

Palo Alto Networks Collaborates With IBM, Red Hat on Vulnerability Protection

Palo Alto Networks (PANW), International Business Machines (IBM), and Red Hat said Wednesday they expanded Project Lightwell to accelerate vulnerability detection and protection across software and operational technology environments.The companies said the initiative integrates Palo Alto Networks' virtual patching technology with Project Lightwell's software remediation capabilities, enabling organizations to implement network-level defenses while preparing long-term fixes.The combined approach aims to reduce the time between vulnerability discovery and protection, with support for preemptive coverage and, in some cases, same-day deployment of virtual patches, the companies said.Price: $287.74, Change: $-3.18, Percent Change: -1.09%

$IBM$PANW

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Commodities39d ago

Westlake's Q2 Earnings to Surge on Robust PE, PVC Prices Amid Iran Conflict, TPH Says

$WLK