Early Look

Monday, March 30, 2026

After trading lower most of last night, U.S. futures are looking at a higher open as the S&P 500, Nasdaq, and Dow all try to snap their respective 5-week losing streaks (longest losing streaks since May ’22), on pace to end March much lower behind surging inflation fears as oil prices hit highest levels in over three years as the war with Iran drags on. @Barchart noted on X, Global CTAs dumped $190 Billion worth of stocks over the last month, the fastest pace of selling since Covid. Oil prices extended gains overnight with Brent headed for a record monthly rise, after Yemeni Houthis launched their first attacks on Israel over the weekend, widening the US-Israel war with Iran in the Middle East. West Texas Intermediate followed, gaining nearly 2% to trade just above the $100 mark. Trump told reporters on Air Force one on Sunday that Iran “gave” the US most of the 15 demands it issued to Tehran to end the war. In Asian markets, The Nikkei Index tumbled -1,487 points to 51,885, the Shanghai Index rose 9 points to 3,923, and the Hang Seng Index declined -201 points to 24,750. In Europe, the German DAX is down -39 points to 22,261, while the FTSE 100 rises 53 points to 10,020. This week is a shorter trading week with Good Friday on Friday and markets closed, while all eyes remain fixated on the US and Iran war. On the data front, jobs are center stage with JOLTs job openings and consumer confidence Tuesday, ADP private payrolls, retail sales and ISM Manufacturing PMI on Wednesday, weekly jobless claims Thursday and then the Monthly nonfarm payrolls data on Friday.

U.S. markets ended Fridy near the lows with the Nasdaq falling over -2%, the S&P 500 down -1.65%, and the Dow tumbling with all three major averages posting a 5th straight week of losses heading into the last two trading days of the month next week. The yield on benchmark 10-year Treasury notes ticked up and was last up 2.8 basis points at 4.444%. Yields had earlier reached as high as 4.482%, their highest since July. The S&P 500 down 9.2% from its January record high, approaching correction territory where the Nasdaq is already more than 10% off its recent record highs and both well below their respective 200dma supports. The Dow Jones industrial average ends down 10% from Feb 10 record high, confirms correction. For the week, the S&P 500 fell 2.12%, the Nasdaq declined 3.23%, and the Dow fell 0.9%. Oil remained the market’s anchor Friday, dragging down risk sentiment throughout the NY session as Iran and US/Israel strikes continued, reinforcing expectations of a prolonged conflict and keeping Brent above $110.

Few interesting stats: @KobeissiLetter noted on X, “The S&P 500 officially posts its lowest close in 232 days, erasing another -$1 trillion of market cap today. This brings total S&P 500 losses since the Iran War began to -$4.8 trillion.” The two-year U.S. Treasury yield is set for a monthly rise of roughly 50 basis points (bps), its largest since October 2024, although it retreated roughly 4 basis points in Asia to 3.8770%. The five-year U.S. Treasury yield was set for a monthly gain of roughly 51 bps, its largest since October 2024, while the 10-year yield was headed for a roughly 43 bps rise.

• The Dow Jones Industrial Average fell -793.47 points, or 1.73%, to 45,166.64
• The Nasdaq Composite tumbled -459.72 points, or 2.15%, to 21,948.36
• The Russell 2000 Index declined -43.63 points, or 1.75% to 2,449.70

• Earnings After the Close: ARKO BLNE DMAC FTHM HQI INLX IVA LVLU PHR PRGS SGMO SPCE

• Yemen’s Houthi rebels claimed responsibility for a second attack on Israel within 24 hours, signaling a deepening role for the Iran-backed group in the widening conflict. A Houthi military spokesman said the group launched a salvo of cruise missiles and drones targeting “vital and military sites” in Israel – WSJ.
• A military airbase located in the Baghdad International Airport complex was hit with rockets, destroying an Iraqi air force aircraft, with no casualties, according to a statement on social media by the Iraqi Defense Ministry.
• Iran has drafted legislation to create the "Hormuz Law" which is expected create a formal toll system for the Strait of Hormuz. Preliminary details include: 1. Hormuz Law to introduce fees on navigation and pollution in the Strait of Hormuz. 2. Draft legislation also includes creation of a "regional fund". 3. The move is seen as an attempt to formalize long-term tolls on global shipping routes. 4. The US has called these tolls on the Strait of Hormuz both "illegal" and "unacceptable"

• Dollar General (DG) mentioned positively in Barron’s saying investors were wary of the discount stores incoming CEO Jerry Fleeman, but the market’s negative reaction overlooks a strengthening business that could deliver continued growth and upside from currently undervalued shares.
• Pony.ai (PONY) said it expects to more than double the fleet of robotaxis powered by its technology to over 3,000 units across more than 20 cities globally this year, the firm said as it announced its first-ever quarterly profit.
• Sysco (SYY) is nearing a deal to buy family-owned Restaurant Depot for roughly $29 billion, including debt, according to people familiar with the matter, the WSJ reports. Under the terms of the acquisition, set to be unveiled later Monday, Restaurant Depot shareholders would receive $21.6 billion in cash and 91.5 million Sysco shares. A total deal value of $29.1 billion, including debt. https://tinyurl.com/mr4948n3 (SYY later this morning confirmed the news and purchase of Restaurant Depot).

• Avis Budget (CAR) announced a filing a prospectus for a common stock offering late Friday.
• Palantir (PLTR) just renewed and expanded its long-running partnership with Stellantis (STLA), locking in a new 5-year deal that runs through 2031. Stellantis will scale up use of Foundry and fully deploy Palantir’s AI Platform; focus on data integration, AI-driven decisions, and operational efficiency.
• United Parcel Service Inc. (UPS) mentioned favorably in Barron’s saying the company is betting 2026 will mark the start of a turnaround that could make the beaten-down stock attractive to investors again after years of underperformance driven by weak freight demand, labor costs and strategic missteps.

• Eli Lilly (LLY) reaches $2.75 billion deal with Insilico to bring AI-developed drugs to the global market. The agreement will give Insilico $115 million up front, with the remainder subject to regulatory and commercial milestones, along with royalties on future sales, according to the companies’ announcement Monday.
• Reviva Pharmaceuticals' (RVPH) 2025 net loss narrows on lower R&D spending; said plans to initiate RECOVER-2 Phase 3 trial for brilaroxazine in schizophrenia in mid-2026; expects trial-related activities for RECOVER-2 to start in Q2-2026, with U.S. enrollment in Q3-2026; believes current cash position will fund operations into Q1-2027
• Zymeworks (ZYME) announced that the U.S.FDA has granted Fast Track designation to ZW191, an antibody-drug conjugate targeting folate receptor-alpha, for the treatment of patients with advanced or metastatic platinum-resistant ovarian cancer.

• CrowdStrike (CRWD) upgraded to Outperform from Peer Perform at Wolfe Research with PT $450.
• iQiyi (IQ) announces $100M share repurchase program; company recently launched open commercial testing for Nadou Pro, its proprietary AI agents and the first in China designed specifically for professional long-form video generation.
• Netflix (NFLX) has increased prices on all its plans in the U.S.; its ad-supported tier will now cost $8.99 a month, compared with $7.99 earlier, while prices for its standard plan rose $2 per month to $19.99. The premium plan now costs $26.99 a month, up from $24.99 earlier. Netflix has also increased the price of adding an extra member to $7.99 for ad-supported plans and to $9.99 for ad-free plans.
• Nvidia (NVDA), the world's most valuable company, finds itself trading at its cheapest price-to-earnings multiple since before ChatGPT kicked off the AI boom; Shares of Nvidia have tumbled nearly 20% from their record high close in October.

Mid-Morning Look

Monday, March 30, 2026

U.S. stocks were higher on the open, but just like the last few weeks, every pop has been met with selling pressure as stock markets pare gains as the war in Iran and concerns ahead of key jobs data later this week keep investors fearful. March has two trading days remaining (including today) and many S&P sectors have seen massive selling pressure on rising inflation concerns (and no rate cuts) given the surging price of oil, gasoline and other energy prices, while supply chain concerns remain given the lack of shipping thru the Strait of Hormuz. Healthcare (XLV) and Industrials (XLI) are on track for monthly declines of over -10% and over 8% declines this month for Communications (XLC), Consumer Staples (XLP) and Consumer Discretionary (XLY) while Energy (XLE) is the only sector higher in March +13%. Precious metals (gold and silver) have tumbled this month, far from their 2026 all-time highs, while aluminum stocks and prices surge to 4-year highs. The Philadelphia Se Semiconductor index (SOX) hits near three-month low, last down 2.5% at 7,275. Not much positive news out of Iran this weekend with several. The dollar/yen (USD/JPY) touched an intraday high of 160.46, its highest level since Japan’s intervention in July 2024, before retreating following the verbal warnings from currency chief Mimura and BOJ Governor Ueda. No US economic data today ahead of a busy week of jobs data, while the S&P 500, Nasdaq and Dow are coming into the week with 5-week losing streaks and oil firmly above $100 a barrel. Treasury yields pull back with the 10-yr down -8.5bps to 4.355%

Among the top headlines this weekend related to Iran included: President Trump is weighing a military operation to extract nearly 1,000 pounds of uranium from Iran, according to U.S. officials, the WSJ reported. President Trump has signaled a potential seizure of Iran's Kharg Island to control oil exports, amid 10,000 troop deployments and surging prices. Trump claimed a "regime change" in Iran has led to more "reasonable" negotiations with new leadership. Despite ongoing military strikes, he expressed optimism for a deal, claiming Iran has agreed to allow 20 oil tankers through the Strait of Hormuz starting tomorrow as a gesture of progress

This morning, President Trump said on Truth Social: "The United States of America is in serious discussions with A NEW, AND MORE REASONABLE, REGIME to end our Military Operations in Iran. Great progress has been made but, if for any reason a deal is not shortly reached, which it probably will be, and if the Hormuz Strait is not immediately “Open for Business,” we will conclude our lovely “stay” in Iran by blowing up and completely obliterating all of their Electric Generating Plants, Oil Wells and Kharg Island (and possibly all desalinization plants!), which we have purposefully not yet “touched.” This will be in retribution for our many soldiers, and others, that Iran has butchered and killed over the old Regime’s 47 year “Reign of Terror.” Thank you for your attention to this matter. President Donald J. Trump"

• In Industrial Sector: Deutsche Bank with four trading ideas into next quarter earnings as for, 1) HUBB Catalyst Call buy idea as thinks the stock stands to benefit from very low international exposure amidst the Middle East war (reducing risk of P&L impacts); 2) AME Catalyst Call Buy idea as the firm forecast a material 3% adj. EPS beat in Q126 (based on normal seasonality, which does not seem aggressive in its view) and model FY26 adj. EPS at the high end of the company's guidance - and it thinks this could still prove overly conservative; 3) for EMR Catalyst Call Sell Idea as thinks the company's relatively high 7% exposure to the Middle East is of greater concern in the near-term; and 4) IR Catalyst Call Sell idea saying investor sentiment continues to skew negative, and the stock has underperformed modestly YTD, while projects a $0.02 adj. EPS miss in Q126 driven by weaker revs/margins.

• IGV +1%; software stocks get a small rebound after tumbling last week, specifically cyber security stocks following last week’s Anthropic's leaked Claude Mythos detail (CRWD, OKTA, PANW all higher).
• KZR +19%; as AUPH to acquire KZR for $6.955 in cash per share plus a contingent value right; CVR includes payments from Zetomipzomib, Everest, Enodia, and net cash over $50M.
• SGML +22%; after it signed new sales agreements that are expected to help triple cash generation as the Brazilian supplier looks to recover from production disruptions. Its shares jumped.
• UTHR +14%; after saying its drug Tyvaso improved lung function in patients with idiopathic pulmonary fibrosis, or IPF, achieving the primary goal of a second Phase 3 study. The company will submit an application this summer to the FDA, seeking to expand Tyvaso's approval to treat IPF.

• BSX -7%; following better CHAMPION results this weekend as a positive by several analysts, but names like Raymond James downgraded today and lowered estimates, which now sit modestly below consensus, to reflect slower trends in BSX's key growth areas [namely U.S. EP and Watchman (WM)].
• CAR -2%; after the rental car company filed to sell up to 5 million shares late Friday.
• MU -4%; after falling over -15% last week along with a -13% decline for rival memory maker SNDK extending losses after news last week that Google Research said its new TurboQuant technology can limit the amount of memory required to run large language models by at least a factor of six, reducing the overall cost of training AI.
• SNY -2%; after reported a second case of a patient developing Kaposi's sarcoma, a type of cancer that affects the skin, in a late-stage study for experimental eczema treatment amlitelimab.
• SYY -12%; after agreed to buy family-owned Restaurant Depot for roughly $29 billion, including debt. Restaurant Depot shareholders would receive $21.6 billion in cash and 91.5 million Sysco shares, according to the terms of the deal.
• VRDN -33%; shares tumble as announces topline results from Elegrobart Phase 3 REVEAL‑1 clinical trial in active thyroid eye disease; REVEAL-1 met the primary endpoint with a highly statistically significant treatment effect – but feedback/focus centering around the higher placebo response driving weaker placebo adjusted responses versus expectations.

Closing Recap

Friday, March 27, 2026

US equity futures went green overnight following Trump’s extension of a pause on attacking Iranian energy facilities to April 6, but the celebration was short-lived.  Iran’s revolutionary guard later stated the Strait of Hormuz is closed and any transit would face harsh measures.  We’ve seen this movie before, and futures slid to red while oil popped.  Later headlines indicated two Chinese container ships had been turned back after trying to exit the gulf via the Strait of Hormuz.  Equities faded further and oil continued to climb.  Sentiment, as measured by the Fear & Greed Index, held at 15/100 (Extreme Fear) versus last week’s 16 (Extreme Fear) and still well below last month’s 38 (Fear).  Mid-morning breadth favored decliners by a bit more than 3:1 as small caps were mixed versus large caps with IWM (-1.23%) versus SPY (-0.98%) and QQQ (-1.36%).   Energy (+1.35%), Utilities (+1.10%) and Consumer Staples (+1.02%) were early outperformers among S&P sector ETFs, while Financials (-1.32%), Technology (-1.56%) and Consumer Discretionary (-1.89%) led the underperformers with only three sectors gaining versus eight declining in a very similar start to yesterday morning.

In data of note, at least it’s no longer Thursday.  Per @bespokeinvest, yesterday’s decline was the 9th consecutive drop on Thursday and tied the longest Thursday streak from 1998.  Thursday has been the worst day of the week for the market this year, last year and over the past ten years. Separately, the S&P 100 ETF marking the largest of the large-cap stocks, has declined 8.2% ytd making it the largest decline of the major US index ETFs and putting large-caps into extreme oversold territory.  Lastly, on rates, the Fed is no longer projected to cut rates until December 2027 and there is a 51% potential for a rate hike by March 2027.

Heading into the final hour of trading, equities continued to retreat while oil continued to hold big gains.  More headlines out of Iran did nothing to calm the markets or give hope to quick resolution following earlier Israeli strikes.  Any Iranian response to the recent US proposals also seems on hold for now. U.S. markets ended the day near the lows with the Nasdaq falling over -2% and the S&P 500 down -1.65%, and the Dow tumbling with all three major averages posting a 5^th straight week of losses heading into the last two trading days of the month next week (longest losing streak since May 2022). The yield on benchmark 10-year Treasury notes ticked up and was last up 2.8 basis points at 4.444%. Yields had earlier reached as high as 4.482%, their highest since July. The S&P 500 down 9.2% from its January record high, approaching correction territory where the Nasdaq is already more than 10% off its recent record highs and both well below their respective 200dma supports. The Dow Jones industrial average ends down 10% from Feb 10 record high, confirms correction. For the week, the S&P 500 fell 2.12%, the Nasdaq declined 3.23%, and the Dow fell 0.9%.

• University of Michigan 1yr and 5-yr inflation expectations: 1-yr March 3.8% versus preliminary 3.4% and February 3.4%
• University of Michigan 1yr and 5-yr inflation expectations: 5-yr March 3.2% versus preliminary 3.2% and February 3.3%
• Baker Hughes Weekly rig count: US oil drilling rig count down 5 at 409 (down 75 vs year ago), with US nat gas drilling rig count down 4 1t 127.

• WTI crude futures climbed again on a variety of familiar factors:  Israel was said to escalate and expand attacks on Iran, two Chinese container ships were turned backed after trying to exit Gulf via strait of Hormuz, and comments from the IRGC indicated intent to keep the Strait closed.  Oil did see some midday reprieve on G7 comments reiterating the need to allow freedom of navigation through the strait, reports the White House is cautiously hopeful the latest negotiations are making progress.  Despite those and a later headline the US signals to allies no immediate plans for an Iran Invasion, May futures still settled +$5.16/bbl, or +5.46%, at $99.64.

Sector News Breakdown

Consumer

Autos:

• VWAGY VW's software partnership with Rivian clears investment hurdle, bringing Rivian closer to the next tranche of funding.
• TSLA Wedbush expects Tesla and SpaceX to merge by 2027 as ties between Elon Musk’s companies deepen.

Retail, Consumer Staples & Restaurants:

• NSRGY Nestlé pushes ahead with €5B Perrier and San Pellegrino deal per FT.
• SONY Raising Prices of PS5, PS5 Pro, PlayStation Portal.
• BFBrown-Forman shares continued higher a 2^nd day after they confirmed merger talks with France's Pernod Ricard.

Leisure, Gaming & Lodging:

• NCLH Norwegian Cruise Line Holdings announces board refreshment; appoints five new independent board members; enters into cooperation agreement with Elliott Mgt.
• CCL Carnival reports Q1 earnings: Adj. EPS $0.20 vs est $0.18 & Sales $6.165B vs est $6.134B; Approves Initial $2.5B Buyback Plan; Sees Q2 Adj EPS $0.34 vs $0.42 Est; Shares were off by over 4% in midday trading.
• ABNB Stocks of travel and leisure-related companies are trading lower as higher energy costs and inflation worries cloud the outlook for disposable income ahead of the summer travel season.
• Kalshi The National Futures Association approves Kalshi predictive markets for margin.

Energy

• FRMI Fermi America secures $165M Equipment financing facility from CSG Investments, an affiliate of Beal Bank USA, to accelerate delivery of six SGT-800 gas turbines for 2028 delivery at Project Matador.
• ETR Entergy shares are traded higher after the company announced its expanded agreement with META to support the hyperscale data center in Northeast Louisiana.
• TTE TotalEnergies and EDF sign a long‑term partnership to secure low‑carbon electricity supply for TotalEnergies’ refining & chemicals sites in France.
• LNG Train 5 of Cheniere Energy's Corpus Christi expansion project is now fully operational the company notes.

Financials

Banks, Brokers, Asset Managers:

• BUR U.S. Appeals Court reverses judgment for plaintiffs on breach of contract claims against Argentina in lawsuit that led to $16.1B judgment, court records show; BUR shares lost over 1/3 of their value on the news.
• C Shares of Citigroup fell after Bloomberg reported that the bank was looking to acquire a regional-based US bank. The report included an adamant denial by Citi.
  
  

Bitcoin, FinTech, Payments:

• ICE Intercontinental Exchange announces new $600M investment in Polymarket.
• KLAR Klarna Group Plc - announces partnership with Europarcs for flexible payments.

REITs:

• TWO Two Harbors investment Corp and Crosscountry Mortgage announce definitive merger agreement; stockholders to receive $10.80 per share; terminates TWO’s prior agreement with UWMC.

Healthcare

Biotech & Pharma:

• NVS Novartis to buy private biotech company Excellergy for up to $2B.
• RCKT FDA approves Rocket Gene therapy for rare immune disorder; Approval comes two years after rejection for manufacturing issues; after trading higher in the pre-market; shares fell ~15% in regular trading.
• AZN AstraZeneca shares are traded higher after the company announced results from its Phase III OBERON and TITANIA trials in patients with chronic obstructive pulmonary disease, which showed that tozorakimab reduced the annualized rate of moderate-to-severe COPD exacerbations compared with placebo.
• ADMA ADMA Biologics issues statement refuting unsubstantiated, misleading and inaccurate allegations by Culper Research, published in a short report yesterday.
• LTRN Lantern Pharma and Starlight Therapeutics announce FDA clearance of IND for a planned phase 1 pediatric CNS cancer trial of Star-001; Shares fell over -15% on the FDA news.
• VNDA EMA's CHMP recommended granting marketing authorization for imdylltra (tarlatamab) for treatment of relapsed extensive-stage small cell lung cancer; EMA's CHMP: positive opinion adopted for zepzelca (lurbinectedin) for maintenance treatment in patients with extensive-stage small cell lung cancer.
• AMGN EMA’s CHMP: joenja (leniolisib) received positive opinion for marketing authorization under exceptional circumstances.
• SPRY Ars Pharmaceuticals receives FDA approval to remove age requirement from neffy® 1 mg (epinephrine nasal spray) label.
• SNY Sanofi’s sarclisa subcutaneous formulation administered via on-body injector recommended for EU approval by the CHMP to treat multiple myeloma.
• OGN Organon Debuts New Analysis of VTAMA® (tapinarof) cream, 1%, Phase 3 Pooled Data Demonstrating Early and Consistent Skin Clearance and Itch Improvement in Atopic Dermatitis Patients Down to 2 Years of Age.
• LLY Lilly’s ebglyss (lebrikizumab-lbkz) delivered up to 4 years of durable disease control for patients with moderate-to-severe atopic dermatitis; shows consistent safety profile with no new safety signals in first year.
• ANAB Anaptys announces $100M stock repurchase plan and provides a business update to spin-off biopharma operations into First Tracks Biotherapeutics on April 20, 2026. Shares dropped by ~10% on the news.
• TRIN Trinity Capital provides $50M in growth capital to Sage Health to expand senior-focused primary care wellness centers.

Industrials & Materials

Transports

• DAL Overnight US Senate agrees to fund DHS, except ICE and Border Patrol, in bid to end 40-day shutdown.
• LGN Legence shares rose after reporting earnings including a large revenue beat; BTIG reiterated their buy rating and raised their PT to $75 from $45.

Aerospace & Defense

• VWAGY VW CEO Blume says Osnabrueck factory could be used for defense production; confirms talks with multiple defense firms.
• BX Blackstone in advanced talks for UK aerospace parts maker Senior.

Materials, Metals & Mining

• HBM Hudbay provides annual reserve and resource update with mine life extensions and improved three-year production outlook; expects +24% in copper production to 147,000 tons/year over next 3 years and to average 159,000 tons/year in 2027-2028, +28% from 2026.
• TMC Shares of The Metals Co. slide to June 2025 levels after reporting an EPS miss and total cash of approximately $117.6 million as of December 31, 2025.
• TEL Credo and TE Connectivity reach settlement in active electrical Cable disputes
  Credo technology group holding Ltd - all lawsuits between to be promptly dismissed.
• DE President Trump states that he wants John Deere, Caterpillar to give farmers lower tractor and equipment costs. The shares accelerated their selloffs on Trump’s comments.

Technology

Internet, Media & Telecom

• SFTBY Softbank announced it has entered into a $40B loan to further fund its OpenAI investment.
• Anthropic Discusses going public as soon as the fourth quarter per The Information.
• PSKY U.S. Department of Justice has sent subpoenas to third parties in probe of Paramount-Warner deal. Per Reuters.
• VSNT Versant pursues a deal for private co. Vox Media’s podcast business per NYTimes.
• GOOGL Google nears deal to help finance an Anthropic data center
• TIIAY Telecom Italia prepares to scrap INWIT renewal at Sunday meeting per Bloomberg;
  For Telecom Italia, the current agreement with INWIT is worth about €2B ($2.3B) from 2026 through 2030
  
  

Hardware & Software movers:

• PANW Cybersecurity stocks plunge as Anthropic’s ‘Claude Mythos’ leak sparks Ai fear. The declines appeared tied to reports that Anthropic’s latest Ai model was leaked before launch after descriptions were stored in a publicly accessible data cache, first reported by Fortune. Details about the new model, codenamed "Claude Mythos," were reportedly stored in a draft blog available in an unsecured and publicly searchable data store per Fortune.
• MSFT Crusoe announces new 900 mw Ai factory campus in Abilene, Texas to support Microsoft Ai infrastructure.
• AAPL Apple notes it has hired ex-Google executive Lilian Rincon as the vice president of product marketing for AI.

Semiconductors:

• NVDA Quantum names continued their YTD selloff, aided today by today’s overall market weakness and comments from Nvidia: Nvidia says Quantum Computing will not replace GPUs per DigiTimes.
• NVDA Huawei Huawei's new AI chip finds favor with ByteDance, Alibaba which plans to place orders, sources say per Reuters.
• SSNLF Samsung Electronics' Unionized Workers Halt Talks With Management per Yonhap.

Street Recommendations

Monday, March 30, 2026

• GM Barclays analyst Dan Levy lowered the firm's price target on General Motors to $105 from $110 and keeps an Overweight rating on the shares. The firm updated models in the autos and mobility group ahead of the Q1 reports.

• RCKT BofA analyst Jason Zemansky raised the firm's price target on Rocket Pharmaceuticals to $9 from $8 and keeps a Buy rating on the shares. Following Kresladi's approval, the firm is adjusting sales estimates to reflect updated timelines and its model for Q4 updates, telling investors it views the stock's negative reaction after approval as "surprising" given that Rocket's call to discuss Kresladi's approval didn't provide many new updates. However, the firm acknowledges details around timelines and the lack of pricing commentary "may have disappointed," the analyst added.

• NOMD Deutsche Bank analyst Steve Powers downgraded Nomad Foods to Hold from Buy with a price target of $10, down from $15. The firm says the Iran conflict brings cost pressures on Nomad's oil and energy-linked inputs as well as potential demand headwinds from deteriorating consumer sentiment in Europe. The company has limited pricing power and is exposed to trade-down risk, the analyst tells investors in a research note.
• HUBB Deutsche Bank analyst Nicole DeBlase placed a "Catalyst Call: Buy" on shares of Hubbell as a short-term investment idea. The firm thinks the stock can benefit from Hubbell's very low international exposure amid the Middle East war.
• IR Deutsche Bank analyst Nicole DeBlase placed a "Catalyst Call: Sell " on shares of Ingersoll-Rand The firm sees the company posting an earnings miss in Q1.
• EMR Deutsche Bank analyst Nicole DeBlase placed a "Catalyst Call: Sell " on shares of Emerson. The firm sees the company posting an earnings miss in its fiscal Q2. Emerson's "relatively high" 7% exposure to the Middle East is of greater concern in the near-term, the analyst tells investors in a research note.
• COTY Deutsche Bank analyst Steve Powers lowered the firm's price target on Coty to $2 from $3 and keeps a Hold rating on the shares. The firm sees "legitimate and widespread pressures building" across much of the consumer packaged goods industry due to the conflict in the Middle East. The stocks underperformed in March on cost inflation concerns, potential demand destruction from trade-down, and adverse currency moves, the analyst tells investors in a research note.
• ELF Deutsche Bank analyst Steve Powers lowered the firm's price target on Elf Beauty to $68 from $95 and keeps a Hold rating on the shares. The firm sees "legitimate and widespread pressures building" across much of the consumer packaged goods industry due to the conflict in the Middle East. The stocks underperformed in March on cost inflation concerns, potential demand destruction from trade-down, and adverse currency moves, the analyst tells investors in a research note.
• HSY Deutsche Bank analyst Steve Powers lowered the firm's price target on Hershey to $200 from $212 and keeps a Hold rating on the shares. The firm sees "legitimate and widespread pressures building" across much of the consumer packaged goods industry due to the conflict in the Middle East. The stocks underperformed in March on cost inflation concerns, potential demand destruction from trade-down, and adverse currency moves, the analyst tells investors in a research note.
• LW Deutsche Bank analyst Steve Powers lowered the firm's price target on Lamb Weston to $40 from $46 and keeps a Hold rating on the shares. The firm sees "legitimate and widespread pressures building" across much of the consumer packaged goods industry due to the conflict in the Middle East. The stocks underperformed in March on cost inflation concerns, potential demand destruction from trade-down, and adverse currency moves, the analyst tells investors in a research note.
• MNST Deutsche Bank analyst Steve Powers lowered the firm's price target on Monster Beverage to $90 from $94 and keeps a Buy rating on the shares. The firm sees "legitimate and widespread pressures building" across much of the consumer packaged goods industry due to the conflict in the Middle East. The stocks underperformed in March on cost inflation concerns, potential demand destruction from trade-down, and adverse currency moves, the analyst tells investors in a research note.
• PEP Deutsche Bank analyst Steve Powers lowered the firm's price target on PepsiCo to $169 from $176 and keeps a Buy rating on the shares. The firm sees "legitimate and widespread pressures building" across much of the consumer packaged goods industry due to the conflict in the Middle East. The stocks underperformed in March on cost inflation concerns, potential demand destruction from trade-down, and adverse currency moves, the analyst tells investors in a research note.

• WGS Guggenheim analyst Subbu Nambi lowered the firm's price target on GeneDx to $100 from $170 and keeps a Buy rating on the shares. The firm adjusted models and forecasts for select companies in its diagnostics and life science tools coverage to reflect recent updates from the companies after meetings with management teams.

• NCNO Morgan Stanley analyst Michael Infante lowered the firm's price target on nCino to $21 from $36 and keeps an Overweight rating on the shares. The firm still thinks the consensus forecast for subscription growth in FY27 "looks far too low," but the firm thinks nCino needs to show a path for sustained acceleration from Banking Advisor while becoming "far more profitable quickly" for the stock to work, the analyst tells investors.

• RF Piper Sandler analyst R. Scott Siefers lowered the firm's price target on Regions Financial to $28 from $31 and keeps a Neutral rating on the shares. The firm is fine-tuning its model to reflect some changes in the timing of FY26 NCOs. Specifically, Piper now assumes that NCOs will be more elevated to start the year, though it still sees FY26 NCOs near the midpoint of management's 2026 guidance of 40 bps to 50 bps. The changes result in no change to Piper's EPS estimates, as it does not believe Regions will need to refill the reserve once the associated credits are resolved.
• HUMA Piper Sandler analyst Allison Bratzel lowered the firm's price target on Humacyte to $1 from $3 and keeps a Neutral rating on the shares following Q4 earnings. The company reported more progress on VAC approvals, with the new, lower $17k price helping accelerate hospital orders by aligning more closely with comparable surgical products, but it's unclear to the firm how soon this will translate to significant demand.

• LYB Wells Fargo analyst Michael Sison raised the firm's price target on LyondellBasell to $87 from $70 and keeps an Equal Weight rating on the shares. The firm is also raising its estimates through 2027 to reflect higher polyethylene prices and oxyfuels margins. Wells stays on the sidelines due to valuation.
• UBER Wells Fargo analyst Ken Gawrelski lowered the firm's price target on Uber to $95 from $100 and keeps an Overweight rating on the shares. Autonomous vehicles remain front and center in the investor narrative, but the firm estimates any impact to fundamentals is 2027 and beyond. Near term, outside of some weather-related disruption, Wells sees healthy trends balanced against a continued aggressive investment posture.

Rating abbreviations…

***OP = Outperform

***SP = Sector Perform

***UP = Underperform

***OW = Overweight

***EW = Equal-weight

***UW = Underweight

***Report powered by thefly.com***

What’s on Tap Weekly Calendar

• Earnings After the Close: ARKO BLNE DMAC FTHM HQI INLX IVA LVLU PHR PRGS SGMO SPCE

• 8:55 AM ET                  Johnson/Redbook Weekly Sales
• 9:00 AM ET                  Monthly Home Prices M/m for January
• 9:00 AM ET                  CaseShiller 20 city index for January
• 9:45 AM ET                  Chicago PMI for March
• 10:00 AM ET                Consumer Confidence for March
• 10:00 AM ET                JOLTs Job Openings for February
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: AAUC BIRD BRFH BTBT CODX NCNO NKE NNDM PLAY PVH REKR RILY SPWH

• 8:15 AM ET ADP Private Payrolls data for March
• 8:30 AM ET                  Retail Sales M/M for February
• 8:30 AM ET                  Retail Sales – Ex Autos for February
• 9:45 AM ET S&P Global Manufacturing PMI, March-final
• 10:00 AM ET ISM Manufacturing PMI for March
• 10:30 AM ET                Weekly DOE Inventory Data

• Earnings After the Close: FC PENG

• 8:30 AM ET                  Weekly Jobless Claims
• 8:30 AM ET                  Continuing Claims
• 8:30 AM ET                  International Trade for February
• 8:30 AM ET                  Goods Trade Balance for February
• 10:30 AM ET                Weekly EIA Natural Gas Inventory Data

• Earnings After the Close: PRPO

• 8:30 AM ET                  Private Payrolls for March
• 8:30 AM ET                  Manufacturing Payrolls for March
• 8:30 AM ET                  Unemployment Rate for March
• 8:30 AM ET                  Average Hourly Earnings M/M for March
• 9:45 AM ET S&P Global Composite PMI, march-final
• 9:45 AM ET S&P Global Services PMI, March-final
• 10:00 AM ET ISM Non-Manufacturing PMI for March
• 1:00 PM ET                  Baker Hughes Weekly rig count data

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