Early Look

Friday, May 15, 2026

Following a jump in Treasury yields, a spike in oil prices and a sell-off in Asian markets on inflation fears, U.S. futures are looking lower on this final day of the trading week, but still on track for a 7^th straight week of gains. Global stock markets had earlier appeared to shake off inflation concerns tied to the Iran conflict, with enthusiasm around artificial intelligence powering a rally and keeping major indexes on track for weekly gains. But inflation fears arise overnight in Japan with “hotter” PPI data, sending US yields higher, with the benchmark 10-year yield rising over 8 bps to 4.541%, its highest level since early June 2025 and the 2-yr yield jumps 6.6 bps to 4.058%. Gold and silver prices tumble 2.6% and 7% respectively while oil prices jump over 3.5% as the Strait of Hormuz remained closed, heightening concerns over global energy supplies. The odds of the U.S. Federal Reserve hiking interest rates by 25 basis points in December have more than doubled over the past week to about 40%, according to CMEGroup's FedWatch tool after hotter CPI, PPI readings. The pullback in global stock markets comes a day after the Dow reclaimed 50,000 and the S&P 500 (SPX) topped 7,500 for the first time, while the tech heavy Nasdaq outperformed them both in another strong finish for stocks on Thursday, with new record highs attained again on surging AI investment demand by Wall Street investors. In Asian markets, The Nikkei Index tumbled -1,244 points or 2% to 61,409, the Shanghai Index fell 42 points or 1% to 4,135, the Hang Seng Index dropped -426 points to 25,962 and the South Korean Kospi slumps more than 6.5%. In Europe, the German DAX is down -378 points to 24,077, while the FTSE 100 is down -144 points to 10,228. Investors also closely watched the U.S.-China summit, which wrapped up on Friday with no major breakthrough. The yen was on the weaker side of 158 per dollar and the euro fell to a one-month low of $1.1632 and was set to lose more than 1% this week.  Sterling touched its weakest in five weeks against the dollar, dropping to 1.3345.

• The Dow Jones Industrial Average rose 370.26 points, or 0.75%, to 50,063.46
• The Nasdaq Composite jumped 232.88 points, or 0.88%, to 26,635.22
• The Russell 2000 Index advanced 19.16 points, or 0.67% to 2,863.09

• 9:15 AM ET                   Industrial Production M/M for April…est. +0.3%
• 9:15 AM ET                   Capacity Utilization M/M for April…est. 75.8%
• 1:00 PM ET                    Baker Hughes Weekly rig count data

• OPEC+ monthly crude oil production fell to a new five-year low in April. Eighteen of the 22 OPEC+ members participating in the group’s production cut deal recorded output below quota levels for the ninth consecutive month.

• KinderCare Learning (KLC) Q1 adj EPS $0.04 vs est ($0.01), adj EBITDA $52.1Mm vs est $46.8Mm on revs $672.5Mm vs est $669.2Mm; guides FY revs $2.7-2.75B vs est $2.71B, adj EBITDA $215-235Mm and adj EPS $0.15-0.25 vs est $0.15.
• Papa John’s (PZZA) shares rose overnight after Reuters reported Investment firm Irth Capital is working with Papa John's largest U.S. franchisee, who operates roughly 10% of domestic stores, on a potential take-private deal that would include a significant investment from franchise operator Nadeem Bajwa https://tinyurl.com/4c5yc6ea
• Hyatt Hotels Corp (H) files for offering of up to 8.4M shares of Class A common stock by the selling stockholders

• Boeing (BA) shares slumped -4.7%, its largest fall in six months, after Trump told Fox News that China would order 200 Boeing aircraft, its first order in nearly a decade. In March media reports indicated a deal for 500 737 Max jets was possible.
• Unusual Machines (UMAC) Q1 EPS $0.21 vs est $0.14 on revs $8.1Mm vs est $5.03Mm, gr mgn approx 33%.
• Virgin Galactic (SPCE) Q1 EPS loss (-$0.81) on revs $227K vs. est. $190K; said raised $11M in Q1 via share issuance and maintains strong cash position; expects Q2 free cash flow of (-$87M-$92M) but sees sequential improvement in quarterly CFC rest of ’26; says flight testing remains on track for Q3 2026, first spaceflight for Q4 2026; offers up to $40.2M in securities for at-the-market offering program.

• Figma Inc. (FIG) Q1 adj EPS $0.10 vs est $0.06 on revs $333.4Mm vs est $313.2Mm; guides Q2 revs $348-350Mm vs est $327Mm; sees FY revs $1.422-1.428B vs est $1.36B and adj EBIT $125-135Mm with adj EBIT mgn 9% at midpoint.
• Gemini Space Station (GEMI) Q1 revs rose 42% y/y to $50.3M vs. est. 449.3M; Q1 EPS loss (-$0.93) vs. est. loss (-$1.03); Q1 Transaction revenue remained stable y/y at $24.1M; Q1 Exchange revenue decreased 27% y/y to $17.2M, reflecting lower spot trading activity/lower crypto market volumes, with total trading volume declining to $6.3B from $13.5B y/y; Q1 OTC revenue increased to $6.3Mn from $0.1M in Q1 2025
• StoneCo Ltd (STNE) Q1 Total revenue & income R$3.58B vs. R$3.36B y/y and consensus R$3.5B; Q1 adj. net income: R$549.1M vs. R$530.7M y/y (+3.5%) and Q1 adj. EBT R$641.0M vs. R$653.4M y/y (-1.9%); Q1 Subscription & equipment rental revenue R$251.8M vs. R$215.9M y/y (+16.7%); Q1 adj. GM 41.6% vs. 44.4% y/y.
• Wex (WEX) announces $1B shares repurchase program.

• Dexcom (DXCM) says it has agreed to collaborate with Elliott Investment Management, one of Dexcom's largest investors, to identify two new independent members to join the company's board. The two independent directors with medtech and operations experience to be named at a later date.
• Eton Pharmaceuticals (ETON) Q1 adj EPS $0.14 vs est $0.09 on revs $24.3Mm vs est $22.31Mm; guides FY revs exceed $120Mm vs est $113.8Mm with at least 30% adj EBITDA mgn.
• Heartflow (HTFL) Q1 adj EPS ($0.16) vs est ($0.19) on revs $52.587Mm vs est $49.71Mm, adj gr mgn 80.5%; guides FY revs $228-232Mm vs est $220.41Mm and adj gr mgn approx 81%.

• Applied Materials (AMAT) Q2 adj EPS $2.86 vs est $2.68 on revs $7.91B vs est $7.647B, adj gr mgn 50%, adj EBIT mgn 32.1%; guides Q3 revs $8.45-9.45B vs est $8.089B and adj EPS $3.16-3.56 vs est $2.88; expects their Semiconductor Equipment business to grow more than 30% in calendar 2026.
• Blaize Holdings (BZAI) Q1 adj EBITDA ($13.9)Mm on revs $2.7Mm vs est $10.1Mm; guides FY revs approx $130Mm vs est $125.73Mm, adj EBITDA ($50.0)Mm - ($45.0)Mm.
• Cerebras Systems (CBRS) surged more than 68% on Thursday in a highly anticipated public debut by an Nvidia (NVDA) competitor. Shares surged 68% to close at $311.07 after reaching an intraday high of $385 each. The stock opened at $350, nearly double its IPO price of $185.
• Globant (GLOB) Q1 revs $607.1M vs/ est/$601.7M; Q1 adj EPS $1.5, in-line with consensus; Q1 gross margins 34.5%; vs. 34.9% y/y; guides Q2 adj EPS $1.45-$1.55 vs. est. $1.55 and revs $610-$616M vs. est. $613.3M.
• Bill Ackman says Pershing Square made Microsoft (MSFT) “a core holding” after it began building the position in February. He says Microsoft “offers compelling value.”
• Rumble (RUM) Q1 EPS ($0.12) vs est ($0.09) on revs $25.5Mm vs est $25.98Mm; avg MAUs 56Mm +8% sequentially.

Mid-Morning Look

Thursday, May 14, 2026

Coming off new record highs for the S&P 500 and Nasdaq on Wednesday, despite another negative inflation report as PPI prices jumped notably in April, U.S. stocks continue their upward march led by another round of positive AI related headlines and optimism on China/U.S. Trump/Xi meeting taking place today and tomorrow in Beijing. The S&P 500 jumps another +0.5% approaching 7,500 for the first time and the Nasdaq up over +0.6% as overnight, Reuters reported citing sources that the U.S. has cleared about 10 Chinese firms to buy NVDA’s second-most powerful AI chip, the H200. Meanwhile, CSCO shares soared 15% after saying they would cut nearly 4,000 jobs as part of a restructuring and raised its annual revenue forecast after a surge in hyperscaler orders. Also helping the AI story, chip company Cerebras (CBRS) priced its 30M share IPO (up from 28M shares), at $185, well above the latest range of $150-$160 and up from the initial $115-$125 range showing the increased appetite for AI related stock plays. Treasuries advance, pushing US 10-year yields lower, the dollar is flat along with oil and metals. Nothing particularly meaningful out of the Trump-Xi summit thus far as expectations continue to revolve around an extension of the fragile trade truce, China purchases of aircraft, soybeans and energy. Some potential for a loosening of export restrictions on rare earths and advanced chips, though neither side expected to give any meaningful ground on their key points of leverage. While biggest positive from a market perspective would be China agreeing to help reopen Strait of Hormuz, that is seen as a longshot. The momentum in tech remains non-stop buying as @KobeissiLetter notes on X, “S&P 500 futures surge to a fresh record high, now on track for the 7th-straight weekly gain. The S&P 500 is nearing a gain of +$11 trillion in market cap in 7 weeks.”

• Import prices increased 1.9% last month (vs. est. +1%) after an upwardly revised 0.9% rise in March. In the 12 months through April, import prices vaulted 4.2%, the largest y/y rise since October 2022, and followed a 2.3% increase in March while export prices rose +8.8%. Prices of imported fuel jumped 16.3% last month, the largest advance since March 2022, after rising 10.0% in March. Prices of imported food increased 0.9%.
• March Business Inventories +0.9% (vs/ consensus +0.8%) vs Feb +0.4% (prev +0.4%); March inventory/sales ratio 1.32 months' worth vs Feb 1.33 months; U.S. March business sales +2.1% vs Feb +1.8% (prev +1.7%); U.S. March retail inventories ex-autos revised to +0.4% (prev +0.5%).

• In Restaurants: JACK delivered better-than-anticipated bottom-line results—aided by lower G&A—even as comp store sales, restaurant-level, and franchise-level margins each missed expectations; FY26 guidance was lowered across a number of key metrics and announced a CEO transition alongside earnings results. CAKE was upgraded to Neutral at JP Morgan saying Q126/April comments highlight the importance of experience-oriented dining even if absolute price points can trend high. SBUX upgraded to Buy from Hold saying the company has numerous tangible drivers to drive positive sales revisions in a strong category backdrop. DIN board approves share repurchase plan up to $100M.
• In Transports: @FreightAlley noted on X, “Truckload spot rates on the daily chart have exploded to $3.50/mile. This is $.41/mile higher than a week ago and a new cycle high, moving close to all-time highs ($3.68/mile). While this relates to Roadcheck week, the message is clear: capacity is at its tightest levels in year.” Shares of JBHT, ODFL, KNX, WERN, SNDR are among truckload carriers that may benefit. Benchmark lowered its ests and tgt to $42 on HUBG following continued filing delays, to reflect the accounting errors first disclosed in early February.

• KLAR +12%; as Q1 revs $1B topped consensus of $943.8M and operating profit of $17M also above consensus and reported 119M active consumers, while guided Q2 revs $960M-$1B) which was below the $1.06B consensus.
• ONDS +14%; as Q1 revs $50.1M topped consensus $39.3M and said expects continued strong momentum in 2026 and is raising its revenue target for the full year to at least $390M (vs. est. $379M), which represents a 670% y/y; said growth is expected to be broad based across Ondas' product portfolio and is supported by $457M in backlog.
• POET +27%; signed a supply and joint development deal with Lumilens for AI optics, including an initial $50M order for optical engines. The partnership could scale to $500M over five years, with samples expected in late 2026 and production ramp planned for 2027.
• SN +3%; to replace FLO in the S&P MidCap 400, and Flowers Foods will replace CSGS in the S&P SmallCap 600 effective prior to the opening of trading on Monday, May 18
• STAA +18%; shares jumped after Q1 results were consistent with Q1 pre-announcement and beat expectations on both the top and bottom-line. The China business was especially strong with revenue of $47.4M driven by underlying demand
• VIK +7%; reported Q1 revenue and yields that topped expectations while adjusted Ebitda for the period trailed and named a new CFO; Q1 revenue $1.05B, vs. consensus $1.01B; said operating capacity is 7% higher for the 2026 season compared to the 2025 season and 15% higher for the 2027 season compared to the 2026 season

• CSIQ -11%; reported Q1 EPS loss (-$0.71) vs. est. loss (-$1.03); Q1 revs $1.08B vs. consensus $1.02B and sees Q2 revenue $1B-$1.2B, below consensus $1.57B; Q2 gross margin is expected to be between 13% and 15%.
• DOCS -23%; shares tumbled after reported an in-line quarter and issued Q1 revenue guidance slightly below consensus and FY27 revenue guidance of ~4% y/y growth (at the midpoint), below current consensus of ~8% growth driven by soft market conditions with shorter-term planning Horizons resulting in limited visibility (shares were downgraded at BTIG, Wells Fargo, Keybanc and Jefferies).
• ENVX -15%; shares fell after Q1 results beat but forecast Q2 revenue in $8B-$9B, the midpoint is below the $8.69B consensus estimate and midpoint of Q2 adj EPS loss of ($0.13-$0.17) was in-line with ests) as growth in firm's key smartphone segment remains delayed
• OKLO -4%; shares dipped after announced up to $1 bln ATM (at the market) stock offering saying it intends to use net offering proceeds from any sales for general corporate purposes, working capital and capex, and potential future investments, per the prospectus.
• PBH -15%; on weak results as Q4 adj EPS $1.23 vs. est. $1.39; Q4 revs $281.6M vs. est. $293.7M; Announces agreement to buy Lacorium Health for $150M in cash; guides FY revs $1.1B-$1.12B vs. est. $1.159B
• RGNX -33%; safety concerns hit shares; said top-line results showed it met its primary endpoint in a Phase 3 study of its RGX-202 gene therapy for Duchenne Muscular Dystrophy. The trial met its primary endpoint with high statistical significance, with 93% of participants reaching at least 10% microdystrophin expression. Two SAE’s were reported, a case of subacute myocarditis and a case of asymptomatic liver injury.

• BXDC (Blackstone Digital) 87.5M share IPO, priced at $20.00.
• EROK (EagleRock) 17.3M share IPO, priced at $18.50 (range was $17 - $20).
• MWC (Micware) 2.85M share IPO, priced at $8.00.
• NP 9.84M share (up from 8.36M shares) Secondary, priced at $27.50.
• BELKB 1.5M share Spot Secondary, priced at $266.00.
• KGS 10.56M share Spot Secondary, priced at $71.00.
• PDFS 4.6M share Spot Secondary, priced at $44.00.

Closing Recap

Thursday, May 14, 2026

The S&P 500 index (SPX) hits 7,500 for the first time and the Dow tops 50,000 as U.S. stocks continue to rally on FOMO, with investors chasing tech shares, semiconductor shares, data centers, ai infrastructure names, etc. on the daily, as the QQQ is now up 17.5% YTD and 8% this month, while the S&P is up roughly 10% YTD in what has been one of the greatest 7 week stretches in market history. The Philly semiconductor index (SOX) rises again, up 15% this month and 71% YTD with NVDA hitting new all time highs on reports some of their graphics cards are now being allowed to being sold in China (Reuters reported overnight). Today’s focus was the IPO market as semi chipmaker Cerebras (CBRS) opened about 90% higher ($350) in its US market debut after pricing 30M shares at $185, well above the high end of its $150-$160 range showing the insatiable demand for AI companies. Just not normal times, that’s for sure, as the QQQ is +30% in the last 32 days ($555.60 low on March 30 to above $722 today) while SMH has gone from $358 to $578 since 4/1, astounding. Economic data showed concerns of rising inflation (CPI, PPI), raising prospects that the Fed’s next rate move could be a hike vs. a cut – but markets remain unphased as the Technology (XLK) sector in S&P now up 25% YTD, with the next best sectors Materials +14% YTD and Industrials +12.5% with no others up double digit %.

In sector movers: Trucking stocks were mixed with freight brokers (CHRW, LSTR, RXO) weaker after the US Supreme Court has ruled 9-0 that freight brokers can be held LIABLE if they negligently hire unsafe trucking companies — including those with illegal alien and foreign drivers who violate CDL rules and cause accidents. At the same time, shares of truckload carriers (ARCB, JBHT, KNX, WERN, ODFL) was big gains after stronger truckload spot rates. Crypto stocks (COIN, CRCL, MSTR, etc.) were strong after Clarity Act bill advanced 15 to 9. Drone and space names saw strength behind ONDS earnings with RDW, UMAC, RCAT, DPRO shares rising.

News coming out of the President Trump/Xi summit showed, President Trump says China's President Xi told him that China will not provide military equipment to Iran and expressed support for a peace deal. Trump also says that President Xi has offered to mediate tensions in an effort to reopen the Strait of Hormuz. President Trump said China agreed to buy 200 planes from Boeing in a multibillion-dollar deal that would mark the nation’s first purchase of US-made commercial jets in nearly a decade.

In sentiment data: This week’s NAAIM Exposure Index slumped to 77.34 from last week's 96.67 - the 10-29-25 Reading of 100.83 is the 52 week hi - 2025 trough from 4-16-25 of 35.16 - Last Quarter Average (Q1) was 82.00 (down from 92.26 in Q4). The bull-bear spread in the American Association of Individual Investors (AAII) weekly survey was +2.7% vs +5.3% last week. Bulls rose to 39.3% from 38.3%, Neutrals fall to 24.1% from 28.7%, Bears rise to 36.6% from 33%.

• Import prices increased 1.9% last month (vs. est. +1%) after an upwardly revised 0.9% rise in March. In the 12 months through April, import prices vaulted 4.2%, the largest y/y rise since October 2022, and followed a 2.3% increase in March while export prices rose +8.8%. Prices of imported fuel jumped 16.3% last month, the largest advance since March 2022, after rising 10.0% in March. Prices of imported food increased 0.9%.
• March Business Inventories +0.9% (vs. consensus +0.8%) vs Feb +0.4% (prev +0.4%); March inventory/sales ratio 1.32 months' worth vs Feb 1.33 months; U.S. March business sales +2.1% vs Feb +1.8% (prev +1.7%); U.S. March retail inventories ex-autos revised to +0.4% (prev +0.5%).

• Precious metals give back some gains as June gold settles -$21.40/oz, or -0.45%, at $4,685.30 and July Silver settles -$4.04/oz, or -4.52%, at $85.33 an ounce.
• Bitcoin rebounding after falling to $79K yesterday, +2.75% at $81,800 with COIN, MSTR seeing notable bounces. Crypto sector saw strength after Senate Banking Committee Clarity Act bill advanced 15 to 9, with Dems Gallego and Alsobrooks voting yes.
• The dollar index climbed to a two-week high on Thursday as upbeat U.S.-China rhetoric lifted U.S. equities and more hawkish Fed signals supported two-year Treasury yields. Sterling slide extends toward mid-April lows amid mounting UK political angst. EUR/USD fell to a two-week low below its 200-DMA of 1.1682.

• In Restaurants: JACK delivered better-than-anticipated bottom-line results—aided by lower G&A—even as comp store sales, restaurant-level, and franchise-level margins each missed expectations; FY26 guidance was lowered across a number of key metrics and announced a CEO transition alongside earnings results. CAKE was upgraded to Neutral at JP Morgan saying Q126/April comments highlight the importance of experience-oriented dining even if absolute price points can trend high. SBUX upgraded to Buy from Hold saying the company has numerous tangible drivers to drive positive sales revisions in a strong category backdrop. DIN board approves share repurchase plan up to $100M.
• Retail: SN to replace FLO in the S&P MidCap 400, and Flowers Foods will replace CSGS in the S&P SmallCap 600 effective prior to the opening of trading on Monday, May 18; WWW Q1 adjusted EPS $0.25 vs. est. $0.22 and revs $457.6M vs. consensus $449.56M; raises FY26 adjusted EPS to $1.43-$1.58 from $1.35-$1.50 and backs FY26 revenue view $1.96B-$1.985B; GOOS also a mover on earnings.
• Home Appliances/Furnishing: WHR was downgraded to Neutral from Buy at Goldman Sachs and cut tgt to $53 from $72 citing ongoing macroeconomic and industry pressures that are likely to keep appliance demand depressed in the near to medium term.
• Cruise sector: VIK reported Q1 revenue and yields that topped expectations while adjusted Ebitda for the period trailed and named a new CFO; Q1 revenue $1.05B, vs. consensus $1.01B; said operating capacity is 7% higher for the 2026 season compared to the 2025 season and 15% higher for the 2027 season compared to the 2026 season.

• Battery maker ENVX shares fell after Q1 results beat but forecast Q2 revenue in $8B-$9B, the midpoint is below the $8.69B consensus estimate and midpoint of Q2 adj EPS loss of ($0.13-$0.17) was in-line with ests) as growth in firm's key smartphone segment remains delayed
• Solar: CSIQ reported Q1 EPS loss (-$0.71) vs. est. loss (-$1.03); Q1 revs $1.08B vs. consensus $1.02B and sees Q2 revenue $1B-$1.2B, below consensus $1.57B; Q2 gross margin is expected to be between 13% and 15%.
• Utility/Nuclear: OKLO shares dipped after announced up to $1 bln ATM (at the market) stock offering saying it intends to use net offering proceeds from any sales for general corporate purposes, working capital and capex, and potential future investments, per the prospectus.

• FinTech: KLAR reported Q1 revs of $1B topped consensus of $943.8M and operating profit of $17M was also above consensus and reported 119M active consumers, while guided Q2 revs $960M-$1B) which was below the $1.06B consensus and sees Q2 GMV $35.5B-$36.5B. FISV announced a new effort with OpenAI aimed at modernizing how financial institutions operate in the new age of AI. Fiserv is developing select first-party agents with OpenAI on the agentOS platform Fiserv launched, targeting the workflows that consume the most operational capacity at financial institutions

• BIIB announced topline results from the Phase 2 CELIA study evaluating diranersen; CELIA did not meet its primary endpoint assessing dose response for change from baseline on the Clinical Dementia Rating-Sum of Boxes at Week 76.
• EYPT said an independent safety committee found no new concerns in two late-stage trials ‌of its experimental eye disease drug Duravyu and recommended ‌the studies continue unchanged. The drug, Duravyu, is being tested to treat wet age-related ​macular degeneration, or wet AMD.
• RGNX shares fell after safety concerns;  the co said top-line results showed it met its primary endpoint in a Phase 3 study of its RGX-202 gene therapy for Duchenne Muscular Dystrophy. The trial met its primary endpoint with high statistical significance, with 93% of participants reaching at least 10% microdystrophin expression. Two SAE’s were reported, a case of subacute myocarditis and a case of asymptomatic liver injury.

• Hospital Operators: Keybanc noted CMS finally posted the approval of Florida's $7.8B State Directed Payment (SDP) program for FY25, confirming recent press reports and disclosures in UHS's 10Q. In the firm’s view, the approval represents a modest positive for hospitals with exposure to the State (HCA, THC, UHS, ACHC). Additionally, UHS's revised estimate from the 10Q ($100M vs $47M) indicates the net EBITDA benefit may be higher than initial estimates, and the firm thinks it's possible hospitals will recognize ~two years of the program during 2026, assuming the FY26 renewal is approved before YE (timing is unknown).
• Medical Equipment, Supplies & Distribution: SOLV was downgraded to Neutral from Buy at UBS but raise PT to $50 saying continues to like SOLV's end-market exposure, leverage to accelerating Grid investment, and relatively high earnings visibility given a highly contracted $8.2B backlog, but risk/reward more balanced. STAA shares jumped after Q1 results were consistent with Q1 pre-announcement and beat expectations on both the top and bottom-line. The China business was especially strong with revenue of $47.4M driven by underlying demand

• In Transports: @FreightAlley noted on X, “Truckload spot rates on the daily chart have exploded to $3.50/mile. This is $.41/mile higher than a week ago and a new cycle high, moving close to all-time highs ($3.68/mile). While this relates to Roadcheck week, the message is clear: capacity is at its tightest levels in year.” Shares of JBHT, ODFL, KNX, WERN, SNDR are among truckload carriers that may benefit (while Brokers/logistics providers such as CHRW, RXO have mixed exposure and they may face higher carrier costs). Also hitting logistics names (CHRW, LSTR, RXO), the U.S. Supreme Court issued a ruling today in Montgomery v. Caribe Transport II, LLC. It resolves a long-standing circuit split in favor of plaintiffs, allowing state-law negligent hiring/selection claims against freight brokers to proceed
• Construction & Engineering: LGN raised its FY26 revenue guidance to $4.1B-$4.3B from prior view of $3.7B-43.9B and Q1 revs rose 105% y/y to $1.04B as its revenue growth driven in part by recent acquisitions, particularly The Bowers Group.
• Metals: CMC was upgraded to Buy from Neutral at UBS & raise its PT to $89 (from 79) following ~40% YTD underperformance vs peers, creating attractive entry as key downside risks to US rebar pricing have eased.

• Telecom & Satellite: IRDM to acquire Aireon, advancing its strategy to lead the future of Aviation safety as it buys the remaining 61% of Aireon it doesn’t own for $366.7M and to assume outstanding debt of $155M at closing; AT, and VZ said they plan to launch new joint venture that helps end dead zones.
• Content Delivery: AKAM announced plans to acquire LayerX, a browser-based Ai usage control and enterprise browser Security company, for about $205M; the deal is aimed at expanding Akamai’s Zero Trust and Ai Security capabilities

• Hardware/Phones: for AAPL Keybanc said results from their April iPhone 17 carrier surveys and KFL data came in below expectations. Carrier survey results point to weak sell-through, while KFL data declined y/y and tracked below typical seasonal m/m. Their carrier survey indicates iPhone 17 sell through was weaker than expected in April, partially attributable to weaker promotions at Verizon and T-Mobile, while inventories are building more meaningfully than normal seasonal patterns. Demand for Pro/Pro Max remained stable.

• CPU chip names ARM, INTC, AMD lagged other chip names today.
• NVDA shares were active after Reuters reported the U.S. has cleared around 10 Chinese firms to buy Nvidia's 2nd-most powerful AI chip, the H200, but not a single delivery has been made so far, people familiar with the matter said, leaving a major technology deal in limbo – Reuters https://tinyurl.com/3aefpws8
• POET signed a supply and joint development deal with Lumilens for AI optics, including an initial $50M order for optical engines. The partnership could scale to $500M over five years, with samples expected in late 2026 and production ramp planned for 2027.
• TSM said it expects the global Semiconductor market to exceed $1.5 trillion by 2030, topping its previous forecast of $1 trillion. Ai and high-performance Computing are expected to account for 55% of the $1.5 trillion market, followed by smartphones with 20%, and Automotive applications with 10%, according to TSMC. TSMC said it has been expanding capacity at a faster pace in 2025 and 2026 and plans to build nine phases of wafer fabs and advanced packaging facilities in 2026 - Reuters

Street Recommendations

Thursday, May 14, 2026

• CVNA Barclays analyst John Babcock adjusted the firm's price target on Carvana to $93 from $475 and keeps an Overweight rating on the shares. The firm cites the company's stock split for the target change. Carvana is still growing retail volumes at solid pace, although below the 40% growth achieved in last six quarters, the analyst tells investors in a research note.
• DT Barclays lowered the firm's price target on Dynatrace to $44 from $47 and keeps an Overweight rating on the shares. The company's net new annual recurring revenue growth deceleration and softer gross customer adds "drove some questions" in the Q4 results, the analyst tells investors in a research note. However, Barclays believes there are "mechanical aspects" to Dynatrace's model that can support an acceleration opportunity over fiscal 2027.
• ET Barclays raised the firm's price target on Energy Transfer LP to $23 from $22 and keeps an Overweight rating on the shares. The firm sees an "increasingly constructive backdrop" for U.S. crude production. Energy Transfer "remains undervalued given fundamental tailwinds on multiple fronts," the analyst tells investors in a research note.
• TRGP Barclays analyst Theresa Chen raised the firm's price target on Targa Resources to $262 from $255 and keeps an Overweight rating on the shares. The firm sees an "increasingly constructive backdrop" for U.S. crude production. The analyst likes Targa for its "direct exposure and unmatched execution."
• EYE Barclays lowered the firm's price target on National Vision to $27 from $38 and keeps an Overweight rating on the shares. The company's Q1 results beat consensus on earnings but missed on comp sales, the analyst tells investors in a research note. The firm attributes the post-earnings share selloff on the negative impact of National Vision's e-commerce platform transition.
• OKTA Barclays raised the firm's price target on Okta to $93 from $90 and keeps an Overweight rating on the shares ahead of the earnings report on May 28. The company could up its fiscal 2027 guidance on improved demand and execution, the analyst tells investors in a research note.
• WIX Barclays analyst Trevor Young lowered the firm's price target on Wix.com to $100 from $155 and keeps an Overweight rating on the shares following the earnings report. The company reported a margin cut without a commensurate uptick in growth, the analyst tells investors in a research note.

• JD BofA raised the firm's price target on JD.com to $37 from $35 and keeps a Buy rating on the shares after the company reported "strong" Q1 results, driven by broad-based momentum in JD Retail. The firm has "high confidence" in double digits earnings growth, the analyst tells investors.
• VSH BofA raised the firm's price target on Vishay to $28 from $18 and keeps an Underperform rating on the shares. Progress continues, but the firm sees some risks, noting that shares have re-rated 109% higher since April 1, that raw material cost increases can negatively impact margins and that Vishay is likely benefiting from some pull-forward of demand. The firm sees valuation as "stretched based on our assessment of earnings power for the company," the analyst tells investors.
• CSCO BofA raised the firm's price target on Cisco to $114 from $95 and keeps a Buy rating on the shares. Q4 revenue growth guidance of 14.5% is nearly double that of Street's 7.8% growth expectations going into last night's report, the analyst tell investors. Demand remains robust and strength is driven by Hyperscaler demand, Campus refresh, pricing increases, and Enterprise AI spend, notes the analyst, who expects Security and Splunk to hit easier comps in fiscal Q2 of FY27 and show acceleration as well.

• CRWD BTIG analyst Gray Powell raised the firm's price target on CrowdStrike to $621 from $499 and keeps a Buy rating on the shares ahead of its Q1 results. The firm is citing its checks with industry contacts indicating that the company's platform consolidation story is increasingly resonating with buyers, the analyst tells investors in a research note. Commentary on Identity, Cloud Security, VM, and newer AI Security products was encouraging, the firm added.
• MDXH BTIG lowered the firm's price target on MDxHealth to $4 from $7 and keeps a Buy rating on the shares after its Q1 miss and "material guidedown for 2026". The company disclosed it obtained a notice from Medicare contractor Novitas for a recoupment payment of about $10M related to prior payments received for its Resolve UTI test, and while MDxHealth views this action as without merit and is vigorously defending its position, the management proactively decided to discontinue the test and is shutting down the TX lab that was running the test, the analyst tells investors in a research note.

• DT Canaccord lowered the firm's price target on Dynatrace to $46 from $50 and keeps a Buy rating on the shares. The firm said they posted a solid Q4 print and, more importantly, an FY27E guide that finally puts some finer numbers on management's "acceleration" thesis. ARR finished at $2.05B, Q4 net new ARR of $81M came in at the high end of guidance, and the company delivered $529M of FCF for the year.
• KOPN Canaccord analyst Austing Mueller raised the firm's price target on Kopin to $6.25 from $5.50 and keeps a Buy rating on the shares. The firm said they reported Q1 results and noted Kopin is bullish on the FPV drone market opportunity following the release of its Sentinel FPV complete headset solution and also management reiterated FY26 guidance calling for midpoint revenues of $56M.
• SPIR Canaccord raised the firm's price target on Spire Global to $22.50 from $22 and keeps a Buy rating on the shares. The firm updated its model following Q1 results and where management reiterated 2026 expectations. The company also gave an update on HyMS and the global opportunity for microwave sounding capabilities.
• STAA Canaccord raised the firm's price target on Staar Surgical to $32 from $27 and keeps a Buy rating on the shares. The firm updated its model following clean Q1 results but noted there was very little new information relative to its early April preannouncement. Still they believe its results provide a solid foundation for the rest of 2026.

• CSCO Citi raised the firm's price target on Cisco to $112 from $90 and keeps a Buy rating on the shares. The company reported a "beat and raise" quarter on broad-based networking demand, the analyst tells investors in a research note. Citi says Cisco is less supply constrained than peers given its in-house silicon one and supply build.
• DELL Citi raised the firm's price target on Dell Technologies to $290 from $235 and keeps a Buy rating on the shares. The firm upped the price target ahead of the Q1 report. Supply chain commentary suggests server demand is benefiting from AI infrastructure buildouts and rising usage for agentic AI workloads, the analyst tells investors in a research note.
• HPE Citi analyst Asiya Merchant raised the firm's price target on HPE to $39 from $27 and keeps a Buy rating on the shares. The firm upped the price target ahead of the Q1 report. Supply chain commentary suggests server demand is benefiting from AI infrastructure buildouts and rising usage for agentic AI workloads, the analyst tells investors in a research note.
• OLMA Citi opened an "upside 90-day catalyst watch" on Olema Oncology while keeping a Buy rating on the shares with a $62 price target. The company will present initial clinical results for OP-3136 at ASCO which could drive share upside, the analyst tells investors in a research note. Citi believes the results could suggest differentiation and possibly potential in indications beyond breast cancer.
• DT Citi lowered the firm's price target on Dynatrace to $50 from $60 and keeps a Buy rating on the shares. The company's "mixed' fiscal Q4 report "appears disconnected" from the robust guidance, the analyst tells investors in a research note. Citi remains positive on the shares post the earnings report.

• CSCO Goldman Sachs raised the firm's price target on Cisco to $116 from $75 and keeps a Neutral rating on the shares. Cisco reported strong acceleration in product and networking orders driven by AI and campus demand, raised its AI hyperscale outlook and highlighted a multi-billion-dollar growth pipeline, while also noting ongoing security-related headwinds and a gross margin miss offset by expectations for stable EBIT margins supported by pricing and cost actions, the analyst tells investors in a research note.

• TNGX Jefferies analyst Maury Raycroft downgraded Tango Therapeutics to Hold from Buy with a price target of $27, up from $18. The company remains on-track to show PRMT5+RAS combo pancreatic ductal adenocarcinoma data in 2026, the analyst tells investors in a research note. Jefferies sees potential for "practice-changing data," but believes Tango shares are now pricing in success. This raises the bar and leaves the shares with a more balanced risk/reward, contends the firm. It downgrades Tango on valuation with the stock up 186% year-to-date.
• RIOT Jefferies initiated coverage of Riot Platforms with a Hold rating and $24 price target as the firm started coverage of four AI data center developers all with legacy Bitcoin mining roots. AI data center demand remains strong, with power availability the "binding constraint," says the analyst, who adds that tenant credit quality, location durability, and development execution will be the differentiating factors among this group. Riot's lack of a large deal, despite an attractive geographic footprint, "gives us some pause," the analyst tells investors.
• CIFR Jefferies analyst Jonathan Petersen initiated coverage of Cipher Mining with a Buy rating and $32 price target. AI data center demand remains strong, with power availability the "binding constraint," says the analyst, who adds that tenant credit quality, location durability, and development execution will be the differentiating factors among this group. Cipher quickly pivoted and leased to three separate investment grade hyperscaler customers, which is "impressive," and the focus now turns to development execution, the analyst tells investors.
• HUT Jefferies initiated coverage of Hut 8 with a Buy rating and $156 price target as the firm started coverage of four AI data center developers all with legacy Bitcoin mining roots. AI data center demand remains strong, with power availability the "binding constraint," says the analyst, who adds that tenant credit quality, location durability, and development execution will be the differentiating factors among this group. The Fluidstack lease had among the best economics seen by these developers and the company has the largest development pipeline in the firm's coverage, the analyst tells investors.
• WULF Jefferies initiated coverage of TeraWulf with a Buy rating and $28 price target as the firm started coverage of four AI data center developers all with legacy Bitcoin mining roots. AI data center demand remains strong, with power availability the "binding constraint," says the analyst, who adds that tenant credit quality, location durability, and development execution will be the differentiating factors among this group. TeraWulf pivoted to AI data centers quicker than peers and is already generating data center revenue, the analyst tells investors.
• PANW Jefferies analyst Joseph Gallo raised the firm's price target on Palo Alto Networks to $265 from $215 and keeps a Buy rating on the shares after having attended CyberArk's IMPACT26 Conference. Frontier AI is compressing attack timelines and increasing importance for automated, identity-based D&R and is likely "a spend accelerant," says the analyst. Agent growth and over-permissioning are driving a shift towards modern PAM, although "we think this will take time," the analyst added.
• NYAX Jefferies analyst Hannes Leitner raised the firm's price target on Nayax to $79.80 from $65.22 and keeps a Buy rating on the shares. The company reported a Q1 beat as strong hardware sales overcame the miss in payment processing, the analyst tells investors in a research note. Jefferies sees currency benefits for Nayax persisting in 2026, which further de-risks the company's organic growth guidance. It believes the company's momentum can continue.

• CAKE JPMorgan analyst John Ivankoe upgraded Cheesecake Factory to Neutral from Underweight with a price target of $68, up from $58, post the Q1 report. The company is showing steady execution in the face of macro headwinds, the analyst tells investors in a research note. The firm says Cheesecake's brands continue to benefit from industry-low employee turnover and lower than industry average supply growth in casual dining.
• CSCO JPMorgan raised the firm's price target on Cisco to $120 from $96 and keeps an Overweight rating on the shares following the fiscal Q3 report. The company's better revenue drivers, balanced by a more conservative gross margin outlook, still implies a raise to JPMorgan's fiscal 2027 and 2028 estimates, the analyst tells investors in a research note. The firm says the acceleration in Cisco' enterprise and cloud revenue order trends indicate "robust upsides to the preliminary revenue expectations."
• NFLX JPMorgan reiterates an Overweight rating on Netflix with a $118 price target following the company's fourth annual advertising upfront. JPMorgan is positive on Netflix's reach, content strategy, and improving advertising technology. The company's upfront announcements demonstrate progress towards building a scaled advertising strategy and highlight the view of Netflix becoming "Global TV," the analyst tells investors in a research note.

• CSCO KeyBanc raised the firm's price target on Cisco to $125 from $87 and keeps an Overweight rating on the shares on meaningfully higher estimates and a higher valuation multiple. The firm notes the company's Q3 results handily beat expectations with order growth accelerating to 35%, and FY26 guidance being raised above expectations. Looking forward to 2027, it appears likely Cisco is well above its prior target model of 4%-6% growth, where KeyBanc sees a bull case of accelerating revenue growth in 2027. While the stock is expensive, the business appears to be executing well, and the firm believes valuation is justified so long as order momentum is maintained in double digits.
• DT KeyBanc analyst Eric Heath lowered the firm's price target on Dynatrace to $47 from $52 and keeps an Overweight rating on the shares following a modest Q4 ARR beat, though strong FY27 guide. The lack of Q4 acceleration is disappointing, and KeyBanc has some caution on the magnitude of reacceleration. However, shares are inexpensive at about 35 times 2027 GAAP EPS, execution remains solid, new business growth has been consistently healthy, and the firm continues to see multiple catalysts to the model.
• GTY KeyBanc analyst Upal Rana raised the firm's price target on Getty Realty to $36 from $33 and keeps an Overweight rating on the shares following Q1 earnings and recent investor meetings. With over $625M of liquidity, leverage of 4.2 times, and healthy investment spreads of 150 bps, Getty is well positioned to fund its $125M pipeline and accelerate investment volumes to drive future earnings growth. While the stock has outperformed peers by 1,070 bps year-to-date, KeyBanc views valuation to still be attractive at a 2.9% multiple premium to peers on 2026 AFFO/share and a 7.7% implied cap rate.

• BABA Mizuho analyst Wei Fang raised the firm's price target on Alibaba to $195 from $190 and keeps an Outperform rating on the shares. The company's quarter missed on EBITA due to increased token demand and higher costs, which should drive downward estimates revisions in consensus, the analyst tells investors in a research note. However, Mizuho believes Alibaba's strong AI cloud trend will help support a re-rating of the shares.
• AVTX Mizuho raised the firm's price target on Avalo Therapeutics to $45 from $39 and keeps an Outperform rating on the shares post the Q1 report. The company continues to guide toward advancing abdakibart in hidradenitis suppurativa into registrational development, the analyst tells investors in a research note.
• STAA Mizuho analyst Anthony Petrone raised the firm's price target on Staar Surgical to $27 from $22 and keeps a Neutral rating on the shares. The company's Q1 results were well ahead of expectations, the analyst tells investors in a research note. However, the firm says no guidance was issued as visibility still remains limited.

• GLBE Morgan Stanley lowered the firm's price target on Global-e Online to $37 from $43 and keeps an Overweight rating on the shares. Promotional activity is normal and concerns are "meaningfully overblown in the context of a 1Q beat and raise," the analyst tells investors. Global-e is seeing no take rate headwinds upon renewal, adds the analyst, who views the 9% move lower after earnings as "a buying opportunity."
• AKAM Morgan Stanley analyst Sanjit Singh raised the firm's price target on Akamai to $165 from $120 and keeps an Overweight rating on the shares. The firm's estimate changes reflect a return to double-digit revenue growth in FY27, followed by EPS growth in FY28, and its price target change takes into account changes in Edge Developer valuations as a whole, with inference at the edge and broader AI compute demand "becoming a more compelling offering across the group," the analyst tells investors.

• DOCS Needham analyst Scott Berg lowered the firm's price target on Doximity to $27 from $55 and keeps a Buy rating on the shares after its Q4 earnings miss. The firm notes that its fears of the company's growth rate slowing to be more in line with broader market growth were realized as the management also issued an FY27 guide that was below consensus estimates, the analyst tells investors in a research note. Doximity is using FY27 as a time to ramp its investment in AI as the company looks to unlock incremental budget with its new AI Search offering for pharma, the firm added.

• CSCO Piper Sandler raised the firm's price target on Cisco to $132 from $86 and keeps a Neutral rating on the shares. The firm notes shares were up 20% after-hours as Cisco reported one of its best quarters in quite some time with multiple drivers afoot: AI webscale and non-webscale orders and wins, campus refresh accelerating, pricing actions starting to take hold within orders, and stable supply / GPM.
• ABBV Piper Sandler raised the firm's price target on AbbVie to $298 from $294 and keeps an Overweight rating on the shares. The depth of AbbVie's inflammatory bowel disease pipeline remains the focus of significant investor attention, the firm says. Given the white-hot nature of the IBD drug development landscape, management's advancement of novel combination approaches in IBD is undoubtedly a welcome development. That said, one of the considerations that renders AbbVie shares attractive in Piper's view is the range of R&D shots-on-goal that continue to fall under the broader investor radar.

• CPT Scotiabank downgraded Camden Property to Underperform from Sector Perform with a price target of $95, down from $113. The firm cites its expectations for "subpar" rent growth in the Sunbelt markets for the downgrade. It will take several years to absorb the "significant overbuilding" that has occurred in most Sunbelt markets, the analyst tells investors in a research note. Scotiabank believes this will prevent a return to pre-Covid occupancy levels that would allow for better Sunbelt rent growth.

• WIX UBS analyst Chris Zhang lowered the firm's price target on Wix.com to $68 from $96 and keeps a Neutral rating on the shares. The Q1 results were broadly in line on bookings and revenue growth, but significantly lower operating margins, a reduced free cash flow margin outlook, and continued uncertainty around core business deceleration and Base44 investment leave the risk/reward on Wix shares relatively balanced despite long-term product innovation potential, the analyst tells investors in a research note.
• DECK UBS analyst Jay Sole lowered the firm's price target on Deckers Outdoor to $145 from $161 and keeps a Buy rating on the shares. Deckers Outdoor is expected to modestly beat Q4 EPS by about 10c on solid HOKA momentum, but with FY27 guidance likely in line with expectations, the report is unlikely to materially change investor sentiment or the stock's valuation multiple, the analyst tells investors in a research note.

• AMPH Wells Fargo analyst Benjamin Burnett downgraded Amphastar to Equal Weight from Overweight with a price target of $19, down from $30. The firm says the company's revenue in 2026 and 2027 is hard to predict. Wells has less confidence that Amphastar can hit its 2026 outlook and sees risk regarding the potential of AMP-004 securing interchangeability status.
• SNPS Wells Fargo raised the firm's price target on Synopsys to $505 from $450 and keeps an Equal Weight rating on the shares. While valuation is undemanding into Q2 EPS, the firm thinks Synopsys needs to deliver a beat / raise and increase 2026 guidance by at least the amount of first half of the year beat, which is a relatively high bar vs prior years.
• AVGO Wells Fargo raised the firm's price target on Broadcom to $545 from $430 and keeps an Overweight rating on the shares. The firm lifted its fiscal year 2027 and fiscal year 2028 revenue and EPS estimates by 22% and 19%, and 28% and 23%, respectively, versus consensus, as its new pluggable GW-driven analysis implies AI semiconductor revenue running 30%-40% higher.
• GO Wells Fargo analyst Edward Kelly raised the firm's price target on Grocery Outlet to $9 from $7 and keeps an Equal Weight rating on the shares. The firm says Q1 was encouraging, with strategic adjustments beginning to yield results. Progress, easy compares, and insider buying has Wells intrigued. But there is much work to do against second half of the year weighted guide and macro headwinds are growing, the firm argues.
• NXT Wells Fargo raised the firm's price target on Nextpower to $143 from $127 and keeps an Overweight rating on the shares. The firm cites the company's beat & raise quarter, with Q4 exceeding consensus and broadly tracking its backlog model. Bookings were again strong at an estimated $1.1B. Nextpower announced an acquisition of power conversion assets, Wells adds.
• MOS Wells Fargo lowered the firm's price target on Mosaic to $22 from $25 and keeps an Equal Weight rating on the shares. The firm remains on the sidelines on headwinds in Phosphate, as it expects pricing tailwinds will be offset by production curtailment and margin pressure from sulfur. While Potash should remain stable, the outlook for Fertilizantes is uncertain, adds Wells.
• WIX Wells Fargo downgraded Wix.com to Equal Weight from Overweight with a price target of $54, down from $137. While the company's Q1 bookings were in line with estimates, the mix toward Base44 and business solutions suggests the core Wix subscription bookings decelerated meaningfully, the analyst tells investors in a research note. Wells believes the core business is being impacted by competition from AI solutions. Wix's faster mix towards Base44 is pressuring margins, adds Wells. It cites the the company's faster than expected slowdown in core bookings growth for the downgrade.
• LOW Wells Fargo analyst Zachary Fadem upgraded Lowe's to Overweight from Equal Weight with a price target of $260, down from $290. Discretionary is out of favor, recent checks were soft and guiding for a second half of the year acceleration is treated as a punishable offense, the firm says. Nearly every company in Wells' Hardlines coverage is down year-to-date as stimulus hopes fade, oil prices spike and underlying trends weak.

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

• 10:00 AM ET                 Employment Trends M/m for April
• 1:00 PM ET US Treasury to sell $58B in 3-year notes

• Earnings After the Close: ACHR ACM ASTS BKKT BLNK BW CDRE CHRS CLSK CNDT CNNE COOK CPRX DCGO DDD DSP FIGR GDOT GETY GTM HALO HCAT HIMS HLIT HROW IHRT ITGR MARA NGS NOVT OVV PANL PLNY PLUG QUBT REKR RGTI SIBN SPG STE WBTN

• 7:45 AM ET ICSC Weekly Retail Sales
• 8:30 AM ET                   Consumer Price Index (CPI) headline M/M for April
• 8:30 AM ET                   Consumer Price Index (CPI) headline Y/Y for April
• 8:30 AM ET                   Core CPI Ex: Food & Energy M/M for April
• 8:30 AM ET                   Core CPI Ex: Food & Energy Y/Y for April
• 8:55 AM ET                   Johnson/Redbook Weekly Sales
• 11:00 AM ET                 Cleveland Fed CPI for April
• 12:00 PM ET WASDE crop report for May
• 1:00 PM ET US Treasury to sell $39B in 10-year notes
• 2:00 PM ET                    Federal Budget for April
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: AEYE AKA ANDG ATRO BGS CAPR DDI EPM FNV GRWG GUTS JBS KRMN KURA NCMI NPCE NXT OPRX PAYS REZI STXS TELA VELO VRCA

• Bank America 2026 Industrials, Transportation and Airlines Key Leaders, 5/12-5/14
• Bank America 2026 Healthcare Conference Agena, 5/12-5/14
• BMO Capital Real Assets Conference, 5/12-5/13, in New York
• Goldman Sachs Global Staples Forum 5/12
• Needham 21st Annual Needham Technology, Media, & Consumer Conference, 5/12-/5/14, in NY

• 8:30 AM ET                   Producer Price Index (PPI) headline M/M for April
• 8:30 AM ET                   Producer Price Index (PPI) headline Y/Y for April
• 8:30 AM ET                   Core PPI Ex: Food & Energy M/M for April
• 8:30 AM ET                   Core PPI Ex: Food & Energy Y/Y for April
• 10:30 AM ET                 Weekly DOE Inventory Data
• 1:00 PM ET US Treasury to sell $22B in 30-year notes

• Earnings After the Close: ARX BEAT CCAP CPA CSCO CSWC CTSO DOCS DOX ENVX EQPT FOSL GO INVE JACK LESL LIDR LVLY MFC NOA PBH SI SPIR STAA STN STUB TK WATT WRAP

• Bank America 2026 Industrials, Transportation and Airlines Key Leaders, 5/12-5/14
• Bank America 2026 Healthcare Conference Agena, 5/12-5/14
• BMO Capital Real Assets Conference, 5/12-5/13, in New York
• Needham 21st Annual Needham Technology, Media, & Consumer Conference, 5/12-/5/14, in NY

• 8:30 AM ET                   Continuing Claims
• 8:30 AM ET                   Import Prices M/M for April
• 8:30 AM ET                   Export Prices M/M for April
• 8:30 AM ET                   Retail Sales M/M for April
• 8:30 AM ET                   Retail Sales Ex Autos M/M for April
• 10:00 AM ET                 Business Inventories M/M for March
• 10:30 AM ET                 Weekly EIA Natural Gas Inventory Data

• Earnings After the Close: AENT AMAT AQST CLPR DFLI DLO EGAN ETON GAMB GEMI GLOB HTFL JCAP KLC LGCY NU RCEL RUM SPCE SSTI VUZI WKHS XOS YSS

• Bank America 2026 Healthcare Conference Agena, 5/12-5/14
• Needham 21st Annual Needham Technology, Media, & Consumer Conference, 5/12-/5/14, in NY

• 9:15 AM ET                   Industrial Production M/M for April
• 9:15 AM ET                   Capacity Utilization M/M for April
• 1:00 PM ET                    Baker Hughes Weekly rig count data

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