Early Look

Thursday, April 2, 2026

After two strong back to back trading sessions, with major averages on track to snap their 5-week losing streaks, U.S. futures tumble overnight as oil prices spike following President Trump's address to the nation Wednesday night, where he reiterated his argument that the US is close to completing its goals but said the war is not over yet. Brent crude gain  roughly 7.5%, trading above $108 per barrel after dropping below $100 earlier in the session while WTI crude reversed from earlier losses to gain roughly 8% and trade near $108 per barrel as well. The moves came after President Trump said the U.S. will hit Iran “extremely hard” in next two-to-three weeks saying the  core US goals in Iran are nearing completion. Trump said the U.S. will hit Iran’s Electric plants if there is no deal. Meanwhile, the BBC reported last night that Iran denies Trump's claim it requested ceasefire, calling it “false and baseless”. With that being said, we are in no better position than where we started on Tuesday morning when futures surged on hopes of a ceasefire, sending global stock markets lower overnight. In Asian markets, The Nikkei Index tumbled -1,276 points or 2.38% to settle at 52,463, the Shanghai Index dropped -29 points to 3,919, and the Hang Seng Index declined -177 points to 25,116. In Europe, the German DAX is tumbling -500 points or 2.15% to 22,795, while the FTSE 100 drops -27 points to 10,336. In US data today, weekly jobless claims while tomorrow, while stock markets are closed for Good Friday, the March nonfarm payrolls data will be released 8:30 AM, with estimates for a rise of 60K jobs vs. a loss of -92K jobs last month. On Wednesday, U.S. stock markets posted back to back winning days, as risk appetite improved the last two days on hopes the conflict in the Middle East may be nearing a resolution. That was wiped out overnight.  

• The Dow Jones Industrial Average rose 224.34 points, or 0.48%, to 46,565.74
• The Nasdaq Composite gained 250.32 points, or 1.16%, to 21,840.95
• The Russell 2000 Index advanced 15.99 points, or 0.64% to 2,512.36

• 8:30 AM ET                   Weekly Jobless Claims…est. 212K
• 8:30 AM ET                   Continuing Claims…est. 1.839M
• 8:30 AM ET                   International Trade for February…est. (-$61.0B)
• 8:30 AM ET                   Goods Trade Balance for February
• 10:30 AM ET                 Weekly EIA Natural Gas Inventory Data

• Earnings After the Close: PRPO

• Sleep Number (SNBR), which has seen its share price collapse more than 80% over the past two months, is seeking rescue financing to stave off other options including a potential bankruptcy, according to people familiar with the situation – Bloomberg https://tinyurl.com/583h2pfh
• Tesla's (TSLA) China-made electric vehicle sales rose for a second consecutive quarter, as sales of Model 3 and Model Y cars made in Tesla's Shanghai factory, including exports to Europe and other markets, rose 8.7% from a year earlier to 85,670 vehicles in March, data from the China Passenger Car Association showed. For the January-March period, sales increased 23.5% year on year, accelerating from a 1.9% rise in the fourth quarter.
• Wingstop (WING) was upgraded to Strong Buy from Outperform at Raymond James while lowering tgt to $240 from $325 and Piper upgraded to Overweight with $190 tgt (down from $283) as Raymond James views the recent pullback in Wingstop shares as overdone noting the company's weaker Q1 comps and lowered 2026 guidance seem anticipated and priced in following the stock's 44% decline recently.

• Lockheed Martin (LMT), Northrop Grumman (NOC), RTX Corp. (RTX), The Middle East conflict promises to inject additional cash into the defense contractor sector as the U.S. and its allies look to refill their weapon stockpiles, the Financial Times reports. In Washington, the Trump admin is planning to request Congress for $1.5T in defense spending for the year, with the Pentagon asking the White House to submit a request to Congress for an extra $200B to help fund the war in Iran at the same time.
• Scorpio Tankers (STNG) has entered into a strategic collaboration with AMPERA to jointly develop and commercialize advanced micronuclear power solutions for marine, shipping and related maritime applications.

• Inovio Pharmaceuticals (INO) shares fall after saying it has suspended its at-the-market stock offering program; adds that the program allowed it to sell newly issued shares directly into the market.
• Merck (MRK) announces initiation of pivotal phase 2B/3 trial evaluating mk-8748 (tiespectus), an investigational bispecific tie2 agonist/vegf inhibitor, for the treatment of neovascular age-related macular degeneration

• Penguin Solutions (PENG) Q2 adj EPS $0.52 vs est $0.42 on sales $343Mm vs est $337.94Mm, adj gr mgn 31.2%; guides FY sales +7-17% vs est +6.7%, adj gr mgn +27.5-28.5%, adj EPS $2.00-2.30 vs est $2.04.
• VIAVI Solutions Inc. (VIAV) announced its partnership with satellite communications and positioning solutions provider Ground Control to integrate its Secure uPNT(TM) STL-1000 into the RockFLEET Assured asset tracking and assured navigation solution.
• Wix.com (WIX) was downgraded to Neutral from Buy at UBS and cut tgt to $96 from $145 saying Wix's 2026 outlook implies its core business is decelerating to 8% vs. 12% in 2025, with further deceleration in 2027 and beyond.

Mid-Morning Look

Thursday, April 02, 2026

After two strong trading days Tuesday and Wednesday on Wall Street helped stock markets towards its first weekly advance in 6 weeks for the Dow, S&P 500 and Nasdaq, a slew of negative catalysts sunk stocks this morning across the board (sans energy) having investors run for exits ahead of long holiday weekend with markets closed tomorrow for Good Friday. First, oil prices surged over 12% this morning topping $112 for WTI and Brent crude after US President Donald Trump vowed an escalation in the war in Iran over the coming weeks, a move that could prolong disruptions to energy flows through the vital Strait of Hormuz (more inflation fears on rising energy costs hitting consumer, travel, leisure sectors yet again). Second, private equity fears were back after Blue Owl (OWL) said it will limit the amount investors can withdraw after investors asked to withdraw 40.7% of the shares in technology-focused Blue Owl Technology Income Corp (OTIC), and 21.9% of shares in larger fund (that sunk software stocks as US tech loans represent a large amount of all private lending over the last decade – and software has fallen on AI concerns). Lastly, tariff fears back on reports The Trump administration is preparing 100% tariffs on certain imported medicines, targeting companies that have not committed to increasing U.S. manufacturing as well as reports that the Trump is expected to announce higher steel and aluminium tariffs as early as this week. This all comes ahead of tomorrow’s nonfarm payroll report while US markets are closed. In an interesting note, history on tap today as the S&P 500 (SPX) is on track to do something it has never done before. Since 1957, when the index expanded to 500 stocks, SPX has never closed negative for 10 consecutive Thursdays (twice it had fallen 9 straight Thursday’s but never ten). Overall, markets wanted to hear more about winding down and de-escalation. which it didn't get, so we're seeing a big reaction in oil, but so far, stock markets have rebounded since the open, trying to snap the Thursday losing streak!

Hopes for a swift end to the Middle East war faded on Thursday after U.S. President Donald Trump vowed more aggressive strikes on Iran, sending oil prices sharply up again in a blow to consumers around the world. Stocks slid and the dollar gained after Trump said military operations would be intensified without offering the timeline that investors had sought for ending hostilities against Iran. "We're going to hit them extremely hard over the next two to three weeks. We're going to bring them back to the Stone Ages where they belong," Trump said in a Wednesday evening prime-time speech. Trump said the U.S. would achieve its military objectives soon but suggested the war could escalate if Iranian leaders did not give in to Washington's terms during negotiations, with strikes on Iran's energy and oil infrastructure possible. He has said he may end the war with a deal and told countries that rely on fuel shipments through the Strait of Hormuz, which has been all but closed by Iranian attacks, to "just grab it".

• February goods deficit reported at (-$84.60B), services surplus $27.26B; U.S. Feb exports +4.2% vs Jan +5.6%, imports +4.3% vs Jan -0.6%; U.S. Feb exports $314.79B vs Jan $302.22B, imports $372.14B vs Jan $356.90B; U.S.-China Feb trade deficit $11.01B vs Jan deficit $12.73B.

• In Autos: TSLA reported a total of 358,023 deliveries in Q1, lower than estimate of 370 range for units as the expiry of a $7,500 federal tax credit at the end of September dealt a blow to U.S. electric vehicle demand. TSLA also said China-made EV sales rose for a second consecutive quarter, as sales of Model 3 and Model Y cars made in Tesla's Shanghai factory, rose 8.7% from a year earlier to 85,670 vehicles in March. RIVN delivered 10,365 vehicles during Q1 vs. Visible Alpha estimates of 9,678 vehicles and said produced 10,236 vehicles during Q1; reaffirms 2026 delivery range guidance of 62,000-67,000 vehicles. Ford (F) reported a near 9% drop in first-quarter U.S. sales on Thursday, while Q1 U.S. truck sales 257,475, down -11.3%
• In Restaurants: WING was upgraded to Strong Buy from Outperform at Raymond James while lowering tgt to $240 from $325 and Piper upgraded to Overweight with $190 tgt (down from $283) as Raymond James views the recent pullback in Wingstop shares as overdone noting the company's weaker Q1 comps and lowered 2026 guidance seem anticipated and priced in following the stock's 44% decline recently. Keybanc made a few changes as they downgraded DIN to Sector Weight as they take a more conservative approach to modeling Applebee's SRS for this year and upgraded EAT to Overweight with $177 tgt believes Chili's strong underlying sales momentum will continue through the end of FY26 and into FY27.

• PENG +12%; reported Q2 revenue and non-GAAP EPS that exceeded consensus estimates, driven by memory strength and increased its full-year FY26 revenue growth forecast to +12% (from +6%).
• SGML +13%; after Bank America upgraded to Buy from Neutral with a price target of $17, up from $14 noting alongside reporting Q4 earnings, Sigma announced a signed $50M prepayment, making the firm more confident the company can navigate its near-term liquidity crunch to return to normal operations and scale.
• WING +1%; was upgraded to Strong Buy at Raymond James while lowering tgt to $240 from $325 and Piper upgraded to Overweight with $190 tgt (down from $283) as views the recent pullback in Wingstop shares as overdone noting the company's weaker Q1 comps and lowered 2026 guidance seem anticipated.
• XOM +1%; as oil and gas companies rebound after Trump’s prime-time address with broad strength in oil majors, equipment, services and refiners early on with oil prices rising above 12%; APA, OXY, EOG early S&P leaders.

• CCL -5%; as shares of cruise lines NCLH, RCL, airlines AAL, DAL, UAL, and online travel BKNG, EXPE, ABNB tumble given the more than 12% pop this morning in oil prices on Trump comments overnight.
• IMVT -3%; as announced topline results from its two Phase 3 clinical studies evaluating batoclimab for adults with active, moderate-to-severe thyroid eye disease as the studies failed to meet their primary endpoint.
• INO -23%; shares fall after saying it has suspended its at-the-market stock offering program; adds that the program allowed it to sell newly issued shares directly into the market.
• LNN -4%; reported Q2 revenue that misses estimates on North America irrigation unit weakness, falling -16% while diluted EPS for fiscal Q2 dropped 53% y/y to $1.15 as said lower unit sales volume and soft commodity markets constrained demand for irrigation equipment in North America.
• LPCN -77%; shares tumbled after saying said its experimental oral drug for postpartum depression failed to meet the main goal of reducing severity of depression symptoms in a late-stage study; the oral drug, LPCN 1154, was tested in 90 patients with postpartum depression.
• OWL 6%; and weighing on alt managers/private credit (APO, BX, CG, ARES, KKR) after saying it will limit the amount investors can withdraw from two retail-focused funds after receiving a surge in requests to do so.
• SNBR -11%; es tumbled after late yesterday, Bloomberg reported to co, which has seen its share price collapse more than 80% over the past two months, is seeking rescue financing to stave off other options including a potential bankruptcy, according to people familiar with the situation https://tinyurl.com/583h2pfh
• TSLA -4%; reported a total of 358,023 deliveries in Q1, lower than estimate of 370 range for units; TSLA also said China-made EV sales rose for a second consecutive quarter, as sales of Model 3 and Model Y cars made in Tesla's Shanghai factory, rose 8.7% from a year earlier to 85,670 vehicles.

Closing Recap

Thursday, April 02, 2026

U.S. stocks ended mixed, erasing significant earlier losses as markets assessed President Donald Trump’s address to the nation and the latest developments in the Middle East conflict. Stock futures were down sharply overnight, weak on the open as President Trump’s speech from last night did little to reassure traders after he pledged more aggressive actions in Iran if a deal on the Strait of Hormuz can’t be worked out. Ahead of a long weekend, as U.S. stock markets are closed tomorrow for Good Friday, it appeared investors were unlikely to add to risk positions. However, that notion was quickly dismissed as stocks rallied on the open for the first hour before spiking further around 10:30 am after reports that Iran and Oman are drafting protocol to 'monitor' Hormuz Strait traffic as CNBC reports, citing the Islamic Republic News Agency. It was later reported that Iran notes to set tolls for ships passing via Hormuz strait. The news boosted stocks and bonds, but little to ease oil prices as Brent and WTI both surged double digit percent today. Global headlines continue to be dominated by the Middle East conflict, geopolitics, oil and the Strait of Hormuz. Meanwhile, while markets are closed tomorrow for Good Friday, the March nonfarm payroll data is expected to be released. Major averages snapped their 5-week losing streak and posted best week since late November.

Weekly sentiment data little changed: 1) The bull-bear spread in the American Association of Individual Investors (AAII) weekly survey was -17.8% vs -17.7% last week. Bulls rise to 33.8% from 32.1%, Neutrals fall to 15% from 18.1%, Bears rise to 51.4% from 49.8%. 2) This week’s NAAIM Exposure Index barely changed at 68.36 compared to 68.52 last week - now the 4th straight Reading in the 60s since 4-30-25 - the 10-29-25 Reading of 100.83 was the highest since 7-3-24 - 2025 trough from 4-16-25 of 35.16 - Last Quarter Average (Q1) was 82.00 (down from 92.26 in Q4). @3PeaksTrading noted on X, “Just a seasonal stat from Stock Trader’s Almanac  but Good Friday before Easter has been higher 21 of last 25 years on Nasdaq.”

The streak snapped at 9 weeks! What is the deal with stock markets down on Thursday’s? @RyanDetrick noted yesterday on X, “I'll believe this rally when we are higher on a Thursday. If lower tomorrow, that'll be a record 10 in a row lower for Thursday.” Also, @bespokeinvest, noted last week on X that the prior Thursday “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.” Well, the streak was snapped with a late day push, lifting the S&P 500 index into positive territory barely.

• February goods deficit reported at (-$84.60B), services surplus $27.26B; U.S. Feb exports +4.2% vs Jan +5.6%, imports +4.3% vs Jan -0.6%; U.S. Feb exports $314.79B vs Jan $302.22B, imports $372.14B vs Jan $356.90B; U.S.-China Feb trade deficit $11.01B vs Jan deficit $12.73B.
• Challenger Gray job cut announcements -78% Y/y vs. -71.9% prior as the tech industry led in terms of total number of cut announcements.
• According to Freddie Mac, the 30-year fixed mortgage rate rose eight basis points to 6.46% for the week ending Wednesday, the highest rate since Sept. 4. Meanwhile, the 15-year loan ticked higher by two basis points to 5.77%

• June gold prices fell -$133.40, or -2.77% to settle at $4,679.70, while May silver prices dropped -$3.15, or -4.15%, to end the week at $72.92 an ounce. Gold prices fell as the U.S. dollar and oil prices strengthened after President Donald Trump said the U.S. would continue attacks on Iran, spurring inflation concerns and bolstering expectations of higher interest rates. The U.S. dollar strengthens against all FX majors.

• In Home Furnishing retail: BBBY said it will acquire The Container Store, Elfa, and Closet Works, with the deals expected to close in July 2026. The company expects at least $40M in annual cost savings within 12 to 18 months after integration. BSET reported Q1 EPS $0.13 vs est $0.17 on revs $80.3Mm vs est $83.96Mm, gross margin 56.2%; says demand continues to suffer from the stubbornly weak residential housing market; said retail margins significantly affected by decision to absorb tariffs during Q4, which are delivered in Q1.
• Discount Retailers: OLLI was upgraded from Hold to Buy at Jefferies and raised tgt to $130 from $120 noting at ~18x P/E, OLLI trades ~7x below FIVE despite similar unit growth and a more needs-based sales mix. In addition, relative to lower-growth, value peers that have already Re- rated on durability, OLLI's valuation looks compelling.
• Mattress Retailers: SNBR shares tumbled after late yesterday, Bloomberg reported to co, which has seen its share price collapse more than 80% over the past two months, is seeking rescue financing to stave off other options including a potential bankruptcy, according to people familiar with the situation https://tinyurl.com/583h2pfh
• In Restaurants: WING was upgraded to Strong Buy from Outperform at Raymond James while lowering tgt to $240 from $325 and Piper upgraded to Overweight with $190 tgt (down from $283) as Raymond James views the recent pullback in Wingstop shares as overdone noting the company's weaker Q1 comps and lowered 2026 guidance seem anticipated and priced in following the stock's 44% decline recently. Keybanc made a few changes as they downgraded DIN to Sector Weight as they take a more conservative approach to modeling Applebee's SRS for this year and upgraded EAT to Overweight with $177 tgt believes Chili's strong underlying sales momentum will continue through the end of FY26 and into FY27.

• In Casino & Online sports: DKNG, FLUT shares active after the Trump administration is suing Arizona, Connecticut, and Illinois over the states' efforts to regulate prediction markets. In the latest escalation of the legal battle over the future of sports prediction markets, the Justice Department and Commodity Futures Trading Commission on Thursday filed lawsuits in federal court against the three states after their local gambling regulators sent cease-and-desist letters to prediction market operators.
• Online travel/Leisure: shares of cruise lines NCLH, CCL, RCL, airlines AAL, DAL, UAL, and online travel BKNG, EXPE, ABNB tumble given the more than 12% pop this morning in oil prices on Trump comments overnight.

• In Satellite: The Financial Times reported AMZN is in discussions to acquire satellite telecommunications company GSAT in a deal that would bolster the ecommerce giant's efforts to establish its own low Earth orbit satellite business to compete with Elon Musk's SpaceX and Starlink, https://tinyurl.com/5n8kkzx3  (shares of other satellite names PL, SATS, SATL, LUNR rallied in sympathy).
• In Aerospace: Bloomberg reported late Thursday that SpaceX is targeting more than $2 trillion valuation (which is nearly double the prior Wall Street estimate – boosting shares of VOYG, YSS, LUNR, SATS). NASA successfully launched its Artemis II mission on April 1, 2026, from Kennedy Space Center in Florida, marking the agency’s first crewed lunar mission in over 50 years. The mission utilized BA and NOC’s Space Launch System (SLS) rocket and LMT’s Orion spacecraft. The mission will send four astronauts on a ~10-day lunar flyby, testing life-support, propulsion, navigation, and re-entry systems required for future lunar landing. RDW won a European Space Agency contract under the QKDSat program to help develop a quantum-secure satellite.
• In Industrials: LNN reported Q2 revenue that misses estimates on North America irrigation unit weakness, falling -16% while diluted EPS for fiscal Q2 dropped 53% y/y to $1.15 as said lower unit sales volume and soft commodity markets constrained demand for irrigation equipment in North America. AYI Q2 adjusted EPS of $4.14/+11% beat $4.00E consensus, on revenue of $1.06B/+4.9% (estimate flattish organic; expansion reflecting one month of recently acquired QSC), vs its $1.08B/+7.4% estimate and better margins.
• In Transports: AMZN said it is adding a 3.5% fuel and logistics surcharge to FBA fulfillment fees in the U.S. and Canada starting April 17, after saying elevated fuel and logistics costs have raised operating expenses; shares of transports (airlines) in general were weak today given the surge in diesel and oil prices.

• ANRO said a mid-stage study of its experimental therapy to treat schizophrenia failed to achieve statistical significance on primary endpoints versus placebo.
• BHVN shares add to prior day gains as Citigroup positive saying with Biohaven's focus now on four high-value core assets, Citi sees an opportunity for streamlined value creation in 2026. Recent competitor data in focal epilepsy readthrough very positively to Biohaven's ongoing Ph3 opakalim trial, which is expected to readout in 2H26.
• IMVT disclosed this morning that its Phase 3 studies of batoclimab in thyroid eye disease (TED) each failed to meet their primary endpoint of ≥2mm proptosis responder rate at Week 24, following 12 weeks of high-dose and 12 weeks of low-dose batoclimab treatment. Stifel notes the announcement doesn't come as much of surprise following ARGX's futility analysis of efgartigimod late last year.
• INCY and Adagene said early clinical trial results showed that its experimental cancer drug, muzastotug, worked better at higher doses when combined with MRK's Keytruda; muzastotug produced a 31% confirmed overall response rate in patients receiving the 20mg-per kilogram dosing strategy vs. 13% in the 10 mg-kg cohorts
• INO shares fall after saying it has suspended its at-the-market stock offering program; adds that the program allowed it to sell newly issued shares directly into the market.
• LPCN shares tumbled after saying said its experimental oral drug for postpartum depression failed to meet the main goal of reducing severity of depression symptoms in a late-stage study; the oral drug, LPCN 1154, was tested in 90 patients with postpartum depression.
• MRK announces initiation of pivotal phase 2B/3 trial evaluating mk-8748 (tiespectus), an investigational bispecific tie2 agonist/vegf inhibitor, for the treatment of neovascular age-related macular degeneration
• In Cannabis: TLRY was upgraded to Buy at Roth saying: 1) Core Canadian business is steady; 2) International inflecting; 3) CC Pharma has become an advantageous asset; 4) Beverage category improving; 5) Cost savings from Brew Dog are substantial; 6) Share issuance is slowing; and 7) Cost of capital advantages.
• Hospital operators (CYH, UHS, THC, HCA): Cantor said its Hospital Executive Survey of 7% U.S. inpatient beds suggests caution flags on Q126 inpatient volume. Cantor's survey suggests Y/Y inpatient admissions 1.1% in Q126 vs 2.1% in Q425; the 100bps deceleration is concerning in comparison to Visible Alpha consensus expectations of 30bps deceleration Q/Q for HCA and +100bps for THC & UHS.

• In steel, aluminum, copper: U.S. President Donald Trump adjusted his National Security tariffs on Steel, Aluminum and copper imports on Thursday to cut duty rates on derivative products made with the metals, simplify compliance and avoid under-reporting of import values. In a proclamation signed by Trump, the U.S. will maintain a 50% import tariff on Steel, Aluminum and copper commodity imports under Section 232 of the Trade Act of 1974 but apply the rate to the prices paid by U.S. customers, a Senior Trump administration official said. It was not immediately clear how the sales price -- and resulting tariff -- would be determined.
• In other Materials: SGML shares jumped after Bank America upgraded to Buy from Neutral with a price target of $17, up from $14 noting alongside reporting Q4 earnings, Sigma announced a signed $50M prepayment, making the firm more confident the company can navigate its near-term liquidity crunch to return to normal operations and scale.

• In Towers: shares of SBAC spiked this afternoon following a Bloomberg reporting saying the tower operator is exploring options including a potential sale after the company received preliminary takeover interest, according to people familiar with the matter. Large infrastructure funds have been circling the Telecommunications company, the people said, https://tinyurl.com/5n6ajuj9
• In Data center/Infrastructure: NBIS, CRWV shares were strong after positive Semi analysis piece earlier noting H100 Rental Prices up 40%, GPU rental pricing dashboard launch, compute rental market structure, will rental prices keep going up? Article noted Anthropic’s Claude 4.6 Opus and Claude Code have soared in demand. Anthropic’s ARR has nearly tripled in just a single quarter from $9B at the end of last year to over $25B today. Open models such as GLM and Kimi K2.5 caused open model use cases to soar. This inflection point means that demand has spiked and there’s been a run on GPUs at the hyperscalers and Neoclouds.
• In AI space: OpenAI said it has acquired TBPN. "This acquisition brings a team with strong editorial instincts, deep audience understanding, and a proven ability to convene influential voices across tech, business, and culture," the company said. MSFT responding to Wall Street feedback, has pivoted its Ai sales strategy to focus on selling Copilot rather than offering it for free as part of a software bundle. Company leadership set and essentially hit “some pretty big audacious goals” for selling Copilot in the quarter that ended in March, said Judson Althoff, Chief Executive Officer of Microsoft’s commercial business, during an internal meeting Thursday – Bloomberg.

Street Recommendations

Thursday, April 2, 2026

• FOA B. Riley analyst Timothy D'Agostino initiated coverage of Finance of America with a Buy rating and $22.50 price target. The company has created a business that addresses a growing total addressable market as the U.S. population ages, the analyst tells investors in a research note. The firm expects "cash-poor but home-rich" older citizens to continue to access their home equity as a retirement solution. Finance of America's expanded product offerings, including a proprietary reverse mortgage product, enable the company to gain customers who are 55 years or older, Riley contends.
• ROAD B. Riley upgraded Construction Partners to Buy from Neutral with a price target of $135, up from $117. The 20% selloff in the shares on crude oil fears tied to the Iran conflict has created a valuation entry point, the analyst tells investors in a research note. The firm believes Construction Partners shares are pricing in cost pressures that its analysis shows are limited to $12M of "transitory EBITDA absorption on a pass-through business model." In addition, Riley's industry sources suggest the next Surface Transportation bill is shaping up in the $500B-$600B range.
• MLM B. Riley upgraded Martin Marietta to Buy from Neutral with an unchanged price target of $700. The firm cites valuation for the upgrade with the shares down 16% from the all-time high in February. The selloff "has created the entry point we were waiting for," the analyst tells investors in a research note. Riley says the stock has been caught in the "broad-based risk-off selling triggered by the Iran war and the associated energy price shock."
• SVC B. Riley analyst John Massocca upgraded Service Properties to Buy from Neutral with a $2 price target.

• LW Barclays lowered the firm's price target on Lamb Weston to $46 from $55 and keeps an Overweight rating on the shares. The company's path forward remains challenging, particularly in its international segment where it is contending with excess capacity and soft traffic across much of Europe, the analyst tells investors in a research note. The firm says that despite a third straight quarter of beating estimates, Lamb delivered only a modest upward revision to its fiscal 2026 guidance with just one quarter remaining. This contributed to the stock's post-earnings selloff, Barclays contends.

• SGML BofA upgraded Sigma Lithium to Buy from Neutral with a price target of $17, up from $14. Alongside reporting Q4 earnings, Sigma announced a signed $50M prepayment, notes the analyst, who is more confident the company can navigate its near-term liquidity crunch to return to normal operations and scale. This provides near-term liquidity and allows Sigma to accelerate Phase 2 capex alongside the Phase 1 ramp, the analyst tells investors.
• OVV BofA analyst Kalei Akamine raised the firm's price target on Ovintiv to $68 from $63 and keeps a Buy rating on the shares. Ovintiv is outperforming in a strong energy tape, but the firm believes "this is just the beginning of a re-rating" as it sees an attractive idiosyncratic investment case for Ovintiv regardless of the broader oil macro backdrop, the analyst tells investors. A multi-year high grading effort has seen Ovintiv compile two of the best positions in E&P - the Northern Midland Basin, and the condensate rich Montney - both of which have 15 years of oil drilling runway, the analyst added.

• TNGX Canaccord initiated coverage of Tango Therapeutics with a Buy rating and $30 price target. Tango is a precision oncology company with a "best-in-class" PRMT5 inhibitor for MTAP-deleted cancer, the analyst tells investors in a research note. The firm says combination studies with Revolution Medicines' KRAS agents in pancreatic cancer put Tango "ahead of its competitors." It expects positive data readouts in 2026.

• VRSN Citi analyst Jamesmichael Sherman-Lewis raised the firm's price target on VeriSign to $295 from $280 and keeps a Buy rating on the shares. Citi says its March domain tracker shows a 15th consecutive month-over-month increase in Verisign domains. It cites the company's accelerating domain growth for the target increase.
• LNG Citi raised the firm's price target on Cheniere Energy to $330 from $280 and keeps a Buy rating on the shares. Disruption from the Middle East conflict could have lasting impacts that benefit U.S. liquified natural gas over the long-term, the analyst tells investors in a research note.
• CQP Citi analyst Spiro Dounis raised the firm's price target on Cheniere Energy Partners to $55 from $49 and keeps a Sell rating on the shares. Disruption from the Middle East conflict could have lasting impacts that benefit U.S. liquified natural gas over the long-term, the analyst tells investors in a research note.

• CAG Goldman Sachs analyst Leah Jordan lowered the firm's price target on Conagra Brands to $15 from $17 and keeps a Sell rating on the shares. Despite the sales improvement in the quarter, Goldman remains cautious on the outlook for Conagra as inflationary cost pressures reemerge and likely limit profitability with EPS growth unlikely in fiscal 2027, the analyst tells investors in a research note.
• PVH Goldman Sachs raised the firm's price target on PVH Corp. to $93 from $83 and keeps a Buy rating on the shares. The quarter reinforced a constructive outlook, supported by progress on the PVH+ plan, stronger product newness, improved full-price selling, better gross margins ex-tariffs, and disciplined costs, alongside increased marketing investment and brand momentum, particularly at Calvin Klein, the analyst tells investors in a research note. While forward commentary was encouraging, including positive Europe order books and DTC growth expectations for FY26, an uncertain consumer backdrop in EMEA and a second half-weighted guide remain moderating factors, the firm says.
• SNX Goldman Sachs analyst Katherine Murphy raised the firm's price target on TD Synnex to $205 from $180 and keeps a Buy rating on the shares. Goldman sees incremental upside to both EPS estimates and opportunities for multiple expansion related to TD Synnex's Hyve business, the analyst tells investors in a research note.

• EAT KeyBanc upgraded Brinker to Overweight from Sector Weight with a $177 price target. The firm believes Chili's "strong" sales momentum will continue into fiscal 2027. Brinker's fiscal 2027 guidance introduction and upcoming investor day later this year could serve as positive catalysts for the stock, the analyst tells investors in a research note. KeyBanc also sees margin upside potential for Brinker and says its "modest" unit growth is a tailwind for multiple expansion.
• DIN KeyBanc analyst Christopher Carril downgraded Dine Brands to Sector Weight from Overweight without a price target. The firm cites its more cautious view on Applebee's trends for the downgrade. The chain's trends have softened, due in part to severe weather impact this winter, the analyst tells investors in a research note. KeyBanc also believes competition in the bar and grill category may increase, as brands increasingly focus on value amid a more uncertain macro backdrop.
• CRGY KeyBanc raised the firm's price target on Crescent Energy to $19 from $15 and keeps an Overweight rating on the shares. With Q1 over, the firm is resetting its oil price deck. Much has changed since KeyBank's last mid-January update. The firm sees dislocations for global crude and refined products persisting into summer and views the week-to-date oil/equities selloff as a head-fake and buying opportunity.
• FANG KeyBanc raised the firm's price target on Diamondback Energy to $225 from $196 and keeps an Overweight rating on the shares. With Q1 over, the firm is resetting its oil price deck. Much has changed since KeyBank's last mid-January update. The firm sees dislocations for global crude and refined products persisting into summer and views the week-to-date oil/equities selloff as a head-fake and buying opportunity.
• MGY KeyBanc raised the firm's price target on Magnolia Oil & Gas to $38 from $30 and keeps an Overweight rating on the shares. With Q1 over, the firm is resetting its oil price deck. Much has changed since KeyBank's last mid-January update. The firm sees dislocations for global crude and refined products persisting into summer and views the week-to-date oil/equities selloff as a head-fake and buying opportunity.
• MTDR KeyBanc raised the firm's price target on Matador to $73 from $61 and keeps an Overweight rating on the shares. With Q1 over, the firm is resetting its oil price deck. Much has changed since KeyBank's last mid-January update. The firm sees dislocations for global crude and refined products persisting into summer and views the week-to-date oil/equities selloff as a head-fake and buying opportunity.
• SM KeyBanc raised the firm's price target on SM Energy to $39 from $29 and keeps an Overweight rating on the shares. With Q1 over, the firm is resetting its oil price deck. Much has changed since KeyBank's last mid-January update. The firm sees dislocations for global crude and refined products persisting into summer and views the week-to-date oil/equities selloff as a head-fake and buying opportunity.
• TALO KeyBanc raised the firm's price target on Talos Energy to $21 from $15 and keeps an Overweight rating on the shares. With Q1 over, the firm is resetting its oil price deck. Much has changed since KeyBank's last mid-January update. The firm sees dislocations for global crude and refined products persisting into summer and views the week-to-date oil/equities selloff as a head-fake and buying opportunity.
• VNOM KeyBanc analyst Tim Rezvan raised the firm's price target on Viper Energy to $65 from $56 and keeps an Overweight rating on the shares. With Q1 over, the firm is resetting its oil price deck. Much has changed since KeyBank's last mid-January update. The firm sees dislocations for global crude and refined products persisting into summer and views the week-to-date oil/equities selloff as a head-fake and buying opportunity.

• BJRI Mizuho lowered the firm's price target on BJ's Restaurants to $40 from $44 and keeps a Neutral rating on the shares. The firm views the post-Iran war selloff in restaurant stocks as overdone. "Clear evidence of a slowdown in restaurant trends from higher gas prices is lacking so far despite pressure on shares," the analyst tells investors in a research note. Mizuho sees the "most appealing dislocation" within coffee and says Dutch Bros (BROS) remains its top pick. The analyst continues to view casual diners as relatively well positioned in the current environment.
• DIN Mizuho lowered the firm's price target on Dine Brands to $30 from $34 and keeps a Neutral rating on the shares. The firm views the post-Iran war selloff in restaurant stocks as overdone. "Clear evidence of a slowdown in restaurant trends from higher gas prices is lacking so far despite pressure on shares," the analyst tells investors in a research note. Mizuho sees the "most appealing dislocation" within coffee and says Dutch Bros (BROS) remains its top pick. The analyst continues to view casual diners as relatively well positioned in the current environment.
• JACK Mizuho lowered the firm's price target on Jack in the Box (JACK) to $11 from $18 and keeps a Neutral rating on the shares. The firm views the post-Iran war selloff in restaurant stocks as overdone. "Clear evidence of a slowdown in restaurant trends from higher gas prices is lacking so far despite pressure on shares," the analyst tells investors in a research note. Mizuho sees the "most appealing dislocation" within coffee and says Dutch Bros (BROS) remains its top pick. The analyst continues to view casual diners as relatively well positioned in the current environment.

• WING Piper Sandler upgraded Wingstop to Overweight from Neutral with a price target of $190, down from $283. The stock's risk/reward is attractive following a period of underperformance, the analyst tells investors in a research note. The firm believes Wingstop's consensus estimates will likely all need to be revised lower in the months ahead. However, this is understood by investors and priced into the shares, contends Piper.

• CAG RBC Capital lowered the firm's price target on Conagra Brands to $17 from $20 and keeps a Sector Perform rating on the shares. The company reported a fairly straightforward Q3 with modest upside to organic sales growth estimates despite soft underlying consumption trends and a challenging operating environment, driven by modest volume growth, share gains and robust performance in snacks and frozen categories, the analyst tells investors in a research note. RBC adds however that it would expect significant cost headwinds to materialize if geopolitical tensions do not ease in the near-term.
• AESI RBC Capital raised the firm's price target on Atlas Energy to $13 from $12 and keeps a Sector Perform rating on the shares. The firm is updating its estimates on the back of Atlas' operational update ahead of its Q1 earnings release, cutting its forecasts to reflect "continued operational challenges", the analyst tells investors in a research note. RBC adds however that a power deal for 120MW of its 240MW capacity is boosting its FY26 EBITDA view by 5%.

• HUBG Stifel raised the firm's price target on Hub Group to $29 from $27 and keeps a Sell rating on the shares. The firm feels "incrementally more comfortable with our supply-side thesis," though macro concerns have also become more acute, causing multiples to compress, the analyst tells investors in a Q1 preview note for the truckload shipping group.
• JBHT Stifel raised the firm's price target on J.B. Hunt to $205 from $201 and keeps a Hold rating on the shares. The firm feels "incrementally more comfortable with our supply-side thesis," though macro concerns have also become more acute, causing multiples to compress, the analyst tells investors in a Q1 preview note for the truckload shipping group.
• KNX Stifel analyst J. Bruce Chan raised the firm's price target on Knight-Swift to $63 from $61 and keeps a Buy rating on the shares. The firm feels "incrementally more comfortable with our supply-side thesis," though macro concerns have also become more acute, causing multiples to compress, the analyst tells investors in a Q1 preview note for the truckload shipping group.
• LSTR Stifel raised the firm's price target on Landstar System to $147 from $145 and keeps a Hold rating on the shares. The firm feels "incrementally more comfortable with our supply-side thesis," though macro concerns have also become more acute, causing multiples to compress, the analyst tells investors in a Q1 preview note for the truckload shipping group.
• HUBS Stifel analyst J. Parker Lane lowered the firm's price target on HubSpot to $325 from $375 and keeps a Buy rating on the shares. The firm spoke with four Elite partners to get updates on Q1 performance and AI momentum, reporting that they said the quarter itself played out well and adding that the partners were "clear in their belief that LLM/vibe-coding tools do not, at least in their current state, present a material threat to HubSpot."
• LW Stifel lowered the firm's price target on Lamb Weston to $45 from $50 and keeps a Hold rating on the shares. Lamb Weston reported a strong third quarter and raised the midpoint of both its revenue and EBITDA ranges for FY26, though the raise was less than the Q3 beat relative to the firm's estimates, implying a softer than expected fourth quarter, the analyst tells investors.

• WIX UBS downgraded Wix.com to Neutral from Buy with a price target of $96, down from $145. Wix's 2026 outlook implies its core business is decelerating to 8% vs. 12% in 2025, with further deceleration in 2027 and beyond, the analyst tells investors in a research note. UBS forecasts Base44 contributing 50% of Wix's growth but with negative free cash flow through 2028, and estimates the growth impairment in the core business coupled with heavy investment and uncertainty in Base44 will leave Wix modestly below "Rule of 40" in the next three years vs. 43% in 2025.
• WBX UBS lowered the firm's price target on Wallbox to $3 from $4 and keeps a Neutral rating on the shares. The firm updated its estimates following the Q4 earnings report.

• HPP Wells Fargo lowered the firm's price target on Hudson Pacific to $13.50 from $18.20 and keeps an Overweight rating on the shares. The firm remains bullish on Hudson Pacific driven by its belief that current share price allows for significant upside, office occupancy growth is likely to outpace peers through 2027, and studio concerns are weighing disproportionately.
• CAG Wells Fargo lowered the firm's price target on Conagra Brands to $14 from $15 and keeps an Underweight rating on the shares. A top-line beat with EBIT slightly ahead was encouraging, the firm says. Conagra nevertheless closed down as EPS guide was narrowed lower on JV income, inflation is proving meaningful and sticky, FY27 EPS needs to come down, and given the company's dividend.
• META Wells Fargo lowered the firm's price target on Meta Platforms to $765 from $856 and keeps an Overweight rating on the shares ahead of quarterly results. The firm sees healthy revenues with Q1 estimate above and Q2 guide likely bracketing consensus, assuming no worsening in macro. Wells believes risk/reward is attractive, but notes patience is required.
• AMZN Wells Fargo raised the firm's price target on Amazon.com to $305 from $304 and keeps an Overweight rating on the shares. The firm sees unchanged 2026 CapEx guide and accelerating AWS revenue driving positive free cash flow revisions, first time in last four quarters. Wells notes Amazon remains top Internet pick for 2026 given topline acceleration and attractive valuation of 21 times 2027 GAAP price to earnings.

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 ISM Non-Manufacturing PMI for March

• Earnings After the Close: None

• 8:55 AM ET                   Johnson/Redbook Weekly Sales
• 1:00 AM ET US Treasury to sell $58B in seven year notes
• 3:00 PM ET                    Consumer Credit for February
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: AEHR GBX KRUS LEVI PXED SKIL

• 1:00 PM ET US Treasury to sell $39B in 10-year notes
• 10:30 AM ET                 Weekly DOE Inventory Data

• Earnings After the Close: APLD PCYO PSMT RGP STZ

• Stifel Virtual Targeted Oncology Forum, 4/8-4/9 (virtual)

• 8:30 AM ET                   Continuing Claims
• 8:30 AM ET                   Personal Income M/M for February
• 8:30 AM ET                   Personal Spending M/M for February
• 8:30 AM ET PCE Price Index M/M for February
• 8:30 AM ET PCE Price Index Y/Y for February
• 8:30 AM ET                   Core PCE Price Index M/M for February
• 8:30 AM ET                   Core PCE Price Index Y/Y for February
• 8:30 AM ET                   Gross Domestic Product (GDP) Final for Q4
• 8:30 AM ET GDP Price Deflator for Q4-final
• 8:30 AM ET                   Personal Spending for Q4-final
• 8:30 AM ET PCE Prices Q4-final
• 8:30 AM ET                   Core PCE Prices Q4-final
• 10:00 AM ET                 Wholesale Inventory M/m for February
• 10:30 AM ET                 Weekly EIA Natural Gas Inventory Data
• 12:00 PM ET WASDE crop report for April
• 1:00 PM ET US Treasury to sell $22B in 30-year notes

• Earnings After the Close: CLIR SLP WDFC

• Piper MedTech Bus Tour in Boston 4/9
• Stifel Virtual Targeted Oncology Forum, 4/8-4/9 (virtual)
• China PPI Y/Y for March, CPI Y/Y for March and CPI M/M for March

• 8:30 AM ET                   Consumer Price Index (CPI) headline Y/Y for March
• 8:30 AM ET CPI core – Ex: Food & Energy M/M for March
• 8:30 AM ET CPI core – Ex: Food & Energy Y/Y for March
• 10:00 AM ET                 Factory Orders M/M for February
• 10:00 AM ET                 Durable Goods Orders M/M for February
• 10:00 AM ET                 University of Michigan Confidence, April-prelim
• 10:00 AM Et                  University of Michigan 1-yr and 5-yr inflation expectations, April-prelim
• 11:00 AM ET                 Cleveland Fed CPI for March
• 2:00 PM ET                    Federal Budget for March
• 1:00 PM ET                    Baker Hughes Weekly rig count data

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