Early Look

Friday, May 8, 2026

Despite the United States and Iran clashing again late yesterday near the Strait of Hormuz, with US forces targeting missile and drone launch sites and other military assets in Iran, U.S. futures are firmly in positive territory as nothing appears able to dent this resilient market that remains just off record highs. In futures, oil headed for a deep weekly loss as President Donald Trump said that a ceasefire with Iran still held despite renewed clashes between US and Iranian forces, sustaining speculation a deal may be struck. Oil prices jumped last night when the news was first reported but is now down on the morning. In Asian markets, The Nikkei Index dropped -120 points to 62,713, the Shanghai Index was little changed at 4,179, and the Hang Seng Index dropped -232 points to 26,393. In Europe, the German DAX is down -225 points to 24,438, while the FTSE 100 is down -38 points to 10,238. With the bulk of earnings season now behind us after last nights deluge, attention turns this morning back to data with the monthly nonfarm payrolls report and then next week with key CPI and PPI inflation data. It has been nonstop winning for Wall Street, on track for its 6^th straight week of advances (following 5 straight weeks of losses prior in March) as Bank America data noted Investors flocked to cash and bonds last week and emerging market stocks saw their biggest outflows since January, according to Bank of America. The US had its sixth week of equity inflows at $9.3 billion, the firm said. Of the 425 S&P 500 companies to have reported thus far, 84% have beaten analysts’ estimates, while 11% have missed.

The rallying U.S. stock market will take its cues next week from fresh inflation and consumer spending data, developments in the war in Iran, and a high-stakes meeting between the leaders of the U.S. and China. U.S. equities have been on a tear, with the ‌benchmark S&P 500 up more than 15% from its low for the year, hit in late March. The strongest U.S. quarterly earnings season in more than ‌four years has lifted sentiment for equities, while worries about worst-case economic fallout from the Iran war have abated and investors are jumping in for fear of missing out on gains. Energy prices have soared in the wake of the Iran war, with U.S. crude up more than 60% for the year but has failed to dent global stock markets with many trading near their all-time best levels.

• The Dow Jones Industrial Average fell -313.62 points, or 0.63%, to 49,596.97
• The Nasdaq Composite dropped -32.75 points, or 0.13%, to 25,806.20
• The Russell 2000 Index declined -47.15 points, or 1.63% to 2,839.63

• 8:30 AM ET                   Private Payrolls for April…est. 75K (prior +186K)
• 8:30 AM ET                   Manufacturing Payrolls for April…est. 5K (prior +15k)
• 8:30 AM ET                   Average Hourly Earnings M/M and Y/Y for April…est. +0.3% and +3.8% respectively
• 8:30 AM ET                     Unemployment Rate for April…est. 4.3%
• 10:00 AM ET                 University of Michigan Confidence for May, preliminary…49.5
• 10:00 AM ET                 University of Michigan 1-yr and 5-yr inflation expectations
• 1:00 PM ET                    Baker Hughes Weekly rig count data

• The Nasdaq 100 Index on Thursday reached an “extreme” spread of 13% above its 50-day moving average while also touching a 52-week high, according to BTIG LLC. The last time that happened, other than in September 2020, was in March 2000, at the peak of the dot-com bubble.

• DraftKings (DKNG) Q1 adj EPS $0.20 vs. est. $0.17; Q1 revs rose 17% y/ y to $1.65B vs. consensus $1.63B; Q1 Monthly Unique Payers (MUP) decreased 4% to 4.2M compared to the three months ended March 31, 2025; maintains FY26 revs $6.5B-$6.9B and adj Ebitda $700M-$900M.
• Expedia Inc. (EXPE) Q1 EPS of $1.96 vs. est. $1.38; Q1 revs $3.43B vs. est. $3.35B; Q1 booked room nights grew 6%, total gross bookings grew 13%, while B2B gross bookings grew 22% and B2C grew gross bookings 10%; announces new $5B buyback authorization; affirms year outlooks for revs and bookings.
• MercadoLibre (MELI) Q1 revs $8.8B vs. est. $8.3B; Q1 Ebit $857M vs. est. $931M; Q1 net profit of $417M, a 15.6% drop compared to year prior; Q1 GMV $19B, total payment volume $87.2B.
• Monster Beverage (MNST) Q1 EPS $0.58 vs. est. $0.53; Q1 revs rose 26.9% y/y to $2.35B above consensus $2.16B; did not provide specific financial guidance for the current quarter or full year; Q1 Net sales in the Monster Energy Drinks segment rose 27.6% y/y, driven by increased consumer demand.
• Toyota Motor (TM) said it expects the effects of the Iran war to cost it about $4.3 billion this financial year and reported an almost 50% drop in quarterly earnings while saying full-year profit is expected to fall by a fifth in the year just started, as rising costs from the war outweigh surging demand for hybrid vehicles.
• Wynn Resorts (WYNN) Q1 adj EPS $1.25 tops consensus $1.18; Q1 revs 1$.86B vs. est. $1.83B; Q1 adj net income $129.7M vs. est. $131.6M; said Q1 Macau saw a meaningful increase in gaming volumes, Las Vegas Q1 revenue and EBITDAR at Wynn Palace rose sharply.

• Fluor (FLR) Q1 adj EPS $0.14 vs. est. $0.62 on revs $3.66B vs. consensus $3.89B; is narrowing its adjusted EBITDA guidance for 2026 from $525M-$585M to $525-$560M as upper end of guidance reflects Q1 recognition of cost growth on a mining project in the Americas, and a temporary slowdown on another project due to Middle East.
• Forward Air (FWRD) shares plunge as Q1 revs fell -5% y/y to $582M missing the $620M consensus though Q1 net loss narrowed and operating income improved y/y; said to sell non-core assets after strategic review; major customer may transition business in 2027.
• MP Materials (MP) Q1 adj EPS $0.03 vs. consensus flat; Q1 revs $90.65M vs. est. $72.14M; said Q1 results were boosted by $42.3M in price protection agreement income from the U.S. government as part of a 2025 investment deal; expects Q2 NDPR rare earths prices to be in low to mid $90 per kilogram range.
• Olin Corp. (OLN) Q1 revs $1.58B vs. est. $1.6B; Q1 adj Ebitda $86.2M vs. est. $63.4M driven by cost actions and improved demand; posts Q1 net loss, citing higher raw material costs and lower pricing; forecasts Q2 adjusted EBITDA between $160M-$200M.
• Republic Service Group (RSG) Q1 EPS $1.70 tops consensus $1.64 and revs $4.11B, in-line with consensus $4.1B; Q1 adj net income $526M vs. est. $504.5M; said pricing and effective cost management drove solid earnings growth and 50 basis points of adjusted EBITDA margin expansion
• Rocket Labs (RKLB) Q1 revs rose 63.5% y/y to $200.35M vs. est. $190M; guides Q2 revs $225M-$240M vs. est. $201M; said record number of new launch and space systems contracts signed in Q1, including 31 Electron and HASTE contracts and five Neutron launches; posted Q1 net loss -$45M.
• Nuscale Power (SMR) Q1 revs $565K vs. est. $14.7M as net loss widened; said its Q1 rev decline due to the absence of revenue recognized from the RoPower technology license agreement and completed engineering services in the prior year; did not provide guidance.

• Coinbase (COIN) Q1 revenue fell 21% q/q to $756M as total crypto market capitalization and trading volumes dropped more than 20% q/q; Q1 adj EBITDA fell -46% q/q and posted net loss of -$394.1M vs. $65.6M profit y/y; sees Q2 transaction revenue of $565-$645M and subscription and services revenue approximately flat vs. Q1.
• Rocket Companies (RKT) Q1 adj EPS $0.15 vs. est. $0.12; Q1 revs $2.82B vs. est. $2.79B; guides Q2 revs $2.7B-$2.9B vs. est. $2.97B; Q1 net income $297M and adj net income $422M.
• Toast Inc. (TOST) Q1 EPS $0.20 vs. est. $0.15; Q1 revs $1.63B, in-line with consensus $1.63B; Q1 Payment volumes flat y/y at 22% while Q1 net income more than doubled y/y to $126M; added about 7,000 net new locations in Q1; raises 2026 full-year non-GAAP subscription services and Fintech solutions gross profit outlook to $2.29B-$2.32B and boosts 2026 full-year adjusted EBITDA forecast to $790M-$810M
• XYZ Corp.(XYZ) Q1 adj EPS $0.85 vs. est. $0.68; Q1 revs $6.06B vs. consensus $6.03B; Q1 Cash App registered a 38% jump in gross profit in the quarter; sees FY26 adjusted EPS $3.85, consensus $3.64 and raises FY26 gross profit forecast to $12.33B, or +19% y/y and above prior view of $12.2B, while sees FY adj op income $3.34B.

• Guardant Health (GH) Q1 revs $301.7M vs. est. $279.2M and adj EPS loss (-$0.45) vs. est. loss (-$0.76); raised 2026 revenue guidance, citing strong oncology and screening growth and sees revs $1.3B-$1.32B from prior $1.25B-$1.28B and screening revs $186M-$198M from prior $162M-$174M on higher expenses.
• McKesson Corp. (MCK) Q4 EPS $11.69, tops consensus $11.57 on revs $96.3B, below consensus $101.4B; reaffirms long-term adjusted EPS growth target of 13% to 16% while targets long-term segment operating profit growth of 5%-8% for North American Pharmaceutical, 13%-16% for Oncology & Multispecialty.
• Natera Inc. (NTRA) Q1 revs rose 39% y/y to $696.6M vs. est. $617M; raises 2026 revenue guidance to $2.74B-42.82B from prior $2.62B-42.7B; expects 2026 gross margin of approximately 64% to 66%.

• Applied Optoelectronics (AAOI) Q1 revs $151.1M vs. est. $157.1M; Q1 adj net income -$4.9M vs. est. -$3.84M; Q1 GAAP gross margin was 29.1%, compared with 30.6% y/y and 31.2% in the fourth quarter of 2025.
• Bill Holdings (BILL) says to cut up to 30% of workforce and sees $30M-$60M of charges in connection with the restructuring; announces $1M share repurchase authorization; Q3 adj EPS $0.68 vs. est. $0.55 on revs $406.6M vs. est. $403.3M; guides year EPS and revs above consensus.
• Cloudflare Inc. (NET) Q1 adj EPS $0.25 vs. est. $0.23; Q1 revs $639.8M vs. est. $622.61M; guides Q2 EPS $0.27, in line on revs $664M-$665M, vs. consensus $665.3M; raises FY26 EPS view to $1.19-$1.20 from $1.11-$1.12 (est. $1.12) and boosts FY26 revenue view to $2.805B-$2.813B from $2.785B-$2.795B, consensus $2.8B; cuts jobs.
• Coreweave Inc. (CRWV) Q1 GAAP revs $2.08B vs est. $1.96B; said believe well on way to more than 8 GW by 2030; Q1 adj op income $21M vs. est. $24.6M and adj net income -$589M vs. est. -$446M; Q1 backlog was $99.4B end of March; Q1 adj Ebitda margin 56%.
• HubSpot (HUBS) shares tumble over -20% after Q1 results beat at $2.73 vs. est. $2.47 on revs $881M vs. est. $863.3M; while guides FY26 revs $3.7B-$3.71B vs. est. $3.7B, with Bank America, Cantor and William Blair all downgrading shares this morning. Bank America noted the "biggest surprise" is that HubSpot is reorienting its go-to-market model to be agent-first, with reps now expected to position AI agents as "the tip of the spear" during sales conversations.
• Iren Ltd. (IREN) shares rise as Nvidia Corp (NVDA) to purchase up to 30M shares of ordinary stock at an exercise price of $70 per share, resulting in a right to invest up to $2.1B
• Taiwan Semi (TSM) posted its slowest pace of monthly revenue expansion since October as sales rose 17.5% to NT$410.7 billion ($13.1 billion), their smallest rise in about six months.
• Trade Desk (TTD) shares fell as Q1 adj EPS $0.28 misses est $0.32 on revs $689M vs. est. $679.2M; guides Q2 revs at least $750M vs. est. $771.3M saying advertisers turned more cautious with their budgets in an uncertain macroeconomic environment.

Mid-Morning Look

Thursday, May 07, 2026

After back-to-back massive rallies for U.S. averages, pushing the S&P 500 and Nasdaq to all-time highs led by strength in industrials, materials and of course technology, markets are mixed with the Nasdaq outperforming as software names (IGV) rebound on better earnings results from DDOG, FTNT, while semis are down slightly after a negative reaction to ARM guidance, but overall the index (SOX) remains up 60% YTD, among the biggest stories this year along with memory and optical stocks. The Dow Jones Industrials and Russell 2000 are down slightly early. Brent crude oil slipped below $100 a barrel, and WTI crude extending an 8% slump in the previous session below $90, as the US and Iran weighed a fresh push to end the war and reopen the vital Strait of Hormuz, with an answer from Iran to the US latest proposal expected today. One of the busiest individual earnings days of the quarter today, with details of some of the biggest movers below. The United States and Iran are edging toward a limited, temporary agreement to halt their war, sources and officials said, with growing optimism that it could pave the way for the narrow waterway. Markets await the monthly nonfarm payroll report tomorrow morning after a better ADP private payroll report yesterday. So far, momentum clearly to the upside with massive spikes in tech sectors and markets on track for a 6^th straight week of gains.

• Weekly Jobless Claims climbed to 200,000 from 190,000 prior week and vs. consensus 205,000; the 4-week moving average fell to 203,250 from 207,750 prior week; continued claims fell to 1.766M from 1.776M the prior week and vs. consensus 1.800M.

• Private Credit: BX cut the value of its private credit fund Blackstone Secured Lending Fund (BXSL) in Q1. Blackstone Secured Lending Fund's NAV per share dropped 2.4% to $26.26 in the first quarter at fair value, according to its earnings disclosure. Blackstone Secured Lending Fund had the majority of its investments in software, about 20% of its portfolio in software names at fair value, at the end of March. The fund also declared a 77 cent dividend. It declared a dividend of 80 cents in the fourth quarter. OBDC shares fell after cutting its dividend to 31 cents per share from 36 cents per share.
• In Autos: TSLA China-made EV sales jumped 36% year over year in April, a sixth month of gains, with deliveries of Model 3 and Model Y vehicles built at Tesla's Shanghai plant totaling 79,478 units. For used cars (CVNA, KMX), the Manheim Used Vehicle Value Index (MUVVI) fell to 211.9, reflecting a 1.8% increase for wholesale used-vehicle prices (adjusted for mix, mileage, and seasonality) compared to April 2025. The April index is down 1.6% month over month. The long-term average monthly move for April is an increase of 0.7%
• Restaurants; MCD Q1 global comparable sales +3.8% vs est. +3.95% on better EPS $2.83 vs est. $2.74 and revs $6.52B vs est. $6.47B and Q1 US comparable sales +3.9% vs EST +4.21%; PZZA Q1 revenue fell and missed analyst expectations along with a miss for Q1 EPS as decline mainly due to refranchising and lower North America sales, partly offset by international growth; reiterates 2026 outlook for global system-wide restaurant sales flat to down low single-digits; SHAK shares tumbled after swinging to a quarterly loss and missed revenue estimates, hurt by rising commodity costs and named Michelle Hook as its new CFO, effective May 11; posted an operating loss of $2.6M vs. operating profit of $2.8M y/y and revs of $366.7M missed analysts' estimate of $371.9M. PTLO downgraded to Neutral from Buy at Guggenheim saying after opening eight new stores planned for 2026, Portillo's' development will slow in 2027 to 4-6 additions as it works to get out of existing lease

• ALB +12%; shares advanced after delivered substantial upside to Street margin expectations as cost savings and lithium prices drove operating upside to expectations along with a gain from the Ketjen divestitures; EBITDA ex-1x gains still beat the Street expectations by ~40% for the quarter.
• ATRA +44%; STAT news reported the FDA to reconsider treatment for rare cancer after its surprise rejection. Shares of ATRA surged as the company and Pierre Fabre said they reached an agreement to address agency’s concerns over Ebvallo, a therapy for a rare blood cancer.
• AXON +9%; reported Q1 revenue of $807.3M, up 34% y/y vs. consensus of $778.6M, while adj EBITDA of $201.6M, up 30% y/y topped consensus of $184.9M, and with international revenue growing more than 100% y/y and raised FY26 revenue guidance to an implied range of $3.61B-$3.67B (previously $3.53B- $3.61B),
• CCRN +28%; agreed to a buyout from investment firm Knox Lane for $437M in cash, or $13.25 a share. The companies expect the deal to close in Q3, subject to shareholder approval and regulatory conditions.
• DASH +4%; posted results that came in at the higher end of expectations, underpinned by a new all-time high for MAUs and record sign-ups for DashPass & Wolt+ while the Q2 guide is higher on GOV and in line on AEBITDA (sees Q2 marketplace GOV to be in the range of $32.4B-$33.4B vs. est. $31.8B).
• DDOG +30%; as Q1 adj EPS $0.60 vs. est. $0.51 and revs rose 32% Y/y to $1.00B vs. est. $961.3M; guides Q2 revs $1.07B-$1.08B and FY revs $4.3B-$4.4B vs. est. $4.12B; reported Robust growth of larger customers, with about 4,550 $100k+ ARR customers, up from about 3,770 a year ago (lifts SNOW, TEAM, MDB shares in sympathy).
• FTNT +23%; shares jumped after Q1 results as reported a strong 1Q26 with revenue and EPS beats driven by product and margin outperformance and the updated FY26 outlook was materially better than expected as billings came in at $2,085MM / +30.6% Y/y vs  Street $1,821MM.
• GWW +7%; shares jumped after Q1 revs rose 10% to $4.74B beating estimates and raised 2026 adjusted profit between $44.25-$46.25 per share, above prior forecast of $42.25-$44.75 and said its high-touch solutions unit posted a 10.5% rise in sales in Q1 from a year ago; sees FY sales $19.2B-$19.6B vs. $18.96B.
• HWM +9%; Q1 profit rose 42% to $1.22 topping ests $1.11 and revs +19% y/y to $2.31B above consensus $2.24B and raised its year rev range to $9.58B-$9.73B from prior $9B-$9.2B view and midpoint of year EPS now $4.94 s. prior $4.45 estimate on the back of growth in its commercial aerospace and industrial gas turbine businesses.
• SEZL +22%; reported Q1 earnings ahead of expectations, driven by lower credit loss provisioning, while provision expense as a percentage of GMV was only 1.2%, well-below management's target of 2.5-3.0% and the co raised its 2026 EPS guide to $5.10 from $4.70 provided prior.
• SITM +27%; shares surged after quarterly beat, with revenue of $113.3M (+0.2% q/q, +88.3% Y/y) coming in +10.8% higher than consensus driven by better than expected demand for Ai data center applications; raised Jun Q revs to $145.0M at the midpoint, or +27.7% q/q, driven again by exceptionally strong CED momentum

• FSLY -34%; shares tumbled after a massive run post earnings; beat on results as Revenue (+20% YoY), Security Revenue (+47% YoY), and Non-GAAP Operating Margin (11.1%) all nicely above consensus and Q2, FY26 guide better as well, while  Network Services revenue of $126.2M missed consensus by ~$3.7M.
• SHAK -27%; shares tumbled after swinging to a quarterly loss and missed revenue estimates, hurt by rising commodity costs and named Michelle Hook as its new CFO, effective May 11; posted an operating loss of $2.6M vs. operating profit of $2.8M y/y and revs of $366.7M missed analysts' estimate of $371.9M
• SRPT -9%; shares fall after Q1 revs $730.8M was down -$14.1M y/y as revs of $102M for its muscle disorder gene therapy Elevidys, compared to $375M y/y which reflects a lower volume of Elevidys sales due to an updated label that only includes patients who can walk for treatment.
• TPR -9%; reported better Q4 results, but warned for Q4 revenue, expect low teens growth rate at coach, high single-digit decline at Kate Spade; gave mixed guidance as revs better at about $7.95B, compared with its prior forecast of more than $7.75B (est. $7.82B) but sees adj EPS $6.40-$6.45 vs est. $6.52 per share
• TRDA -54%; after reported Cohort 1 data from its Phase 1/2 ELEVATE-44-201 study in DMD, with focus centering around significantly lower AUC ~50% below internal expectations and low single-digit increases in dystrophin below expectations for double-digits.
• WHR -12%; shares tumbled on weak results and guidance as  Q1 revs $3.27B vs. est. $3.44B; suspends common dividend to prioritize debt paydown; cuts FY26 adjusted EPS view to $3.00-$3.50 from about $7.00 (est. $4.73) and lowers FY26 revenue view to about $15B from $15.3B-$15.6B.
• ZTS -21%; shares fell after missing both Q1 EPS and rev estimates driven by US weakness. Mgmt lowers FY EPS guide to $6.85 to $7.00, saw $7 to $7.10. Sees FY revenue $9.68 billion to $9.96 billion, saw $9.83 billion to $10.03 billion. Q1 EPS $1.53 vs $1.61 est. Q1 revs $2.26B vs $2.3B est.

Closing Recap

Thursday, May 07, 2026

U.S. stocks gave up early gains, with the S&P 500 and Nasdaq pulling back from fresh record highs, as a late day bounce in oil prices pressured stocks ahead of a key monthly jobs report tomorrow morning. Stocks legged lower around noon after spending much of the morning in positive territory (though the Dow and Russell 2000 underperformed all day), after the WSJ reported this afternoon that Saudi Arabia and Kuwait have lifted restrictions on the U.S. military's use of their bases and airspace imposed after the start of the American operation to reopen the Strait of Hormuz, according to U.S. and Saudi officials. The Trump administration is now looking to restart the operation to guide commercial ships with naval and air support that it had paused after 36 hours this week, U.S. officials said. With those headlines, stock prices sipped as oil prices rebounded. With the pullback, all eleven S&P sectors ended the day in negative territory with the biggest declines coming in Industrials, Materials, Utilities and Energy. It was a quiet afternoon overall with the final massive blitz of earnings coming tonight after the close for quarter, with more than 85% of SPX having reported.

• Weekly Jobless Claims climbed to 200,000 from 190,000 prior week and vs. consensus 205,000; the 4-week moving average fell to 203,250 from 207,750 prior week; continued claims fell to 1.766M from 1.776M the prior week and vs. consensus 1.800M.
• U.S. mortgage rates rose to 6.37%, their highest level in a month, according to Freddie Mac, adding pressure to an already weak spring housing season. Rates briefly dipped below 6% earlier this year but have climbed again amid geopolitical uncertainty, including the Iran conflict, pushing some buyers to the sidelines.

• June gold settles +$16.60/oz, or +0.35%, at $4,710.90 while July silver settles +$2.88/oz, or +3.72%, at $80.18, as precious metals got an early boost from lower oil prices and dollar, but as crude rebounded, metals prices pared gains into their settlement. Nonfarm payrolls data tomorrow could move needle again.

• In Food: NOMD Q1 revenue fell 5.9% but beat consensus while Q1 adjusted EPS and adjusted EBITDA also both topped consensus while raised full-year adjusted EPS outlook, citing share repurchases; organic revenue fell 5.3%, driven by a 4.4% drop in volume and a 0.9% decline from unfavorable mix; In Beverages: CELH Q1 adj EPS $0.41 vs. est. $0.29; Q1 revs $783M tops consensus $760.63M; CELSIUS brand retail sales increased 6% y/y; Retail sales of the Celsius Holdings portfolio (CELSIUS, Alani Nu and Rockstar Energy) in U.S. tracked channels (MULO+ w/C) increased 29.8% for the 13-week period.

• In Appliances: WHR shares tumbled on weak results and guidance as  Q1 revs $3.27B vs. est. $3.44B; suspends common dividend to prioritize debt paydown; cuts FY26 adjusted EPS view to $3.00-$3.50 from about $7.00 (est. $4.73) and lowers FY26 revenue view to about $15B from $15.3B-$15.6B.

• In Ride Hail/Food Delivery: DASH posted results that came in at the higher end of expectations, underpinned by a new all-time high for MAUs and record sign-ups for DashPass & Wolt+ while the Q2 guide is higher on GOV and in line on AEBITDA (sees Q2 marketplace GOV to be in the range of $32.4B-$33.4B vs. est. $31.8B).

• Oil Majors: SHEL reported stronger-than-expected Q1 earnings as the Iran war boosted trading profits and energy prices, outweighing declines in oil and gas production from the conflict; BP said the U.S. extended a license allowing them to continue to operate its Shah Deniz natural gas field in Azerbaijan.
• In Solar: RUN beat 1Q expectations on revenue and value (higher advance rates ~98% and strong product sales) while volumes declined (-25% y/y). Margins expanded (Upfront NSV +~$4K y/y, 73% storage attach) and monetization shifted toward non/partially retained (~23%) with improved proceeds; ARRY delivered a strong 1Q26 beat, with solid execution driving margin outperformance and reinforcing confidence in FY26 targets. Guidance was reaffirmed despite softer 2Q timing and higher logistics costs

• Private Credit: BX cut the value of its private credit fund Blackstone Secured Lending Fund (BXSL) in Q1. Blackstone Secured Lending Fund's NAV per share dropped 2.4% to $26.26 in the first quarter at fair value, according to its earnings disclosure. Blackstone Secured Lending Fund had the majority of its investments in software, about 20% of its portfolio in software names at fair value, at the end of March. The fund also declared a 77 cent dividend. It declared a dividend of 80 cents in the fourth quarter. OBDC shares fell after cutting its dividend to 31 cents per share from 36 cents per share.

• LTC 1Q26 CFFO beat consensus, but management affirmed 2026 NFFO guidance. The Company closed on a small SHOP investment in April but appears to have delayed ~$150M of previously disclosed deals. However, the Company added $100M of new deals to its pipeline and expects to close $250M in 2Q.
• MAC reported 1Q26 FFO of $0.34 (+$0.03 vs. consensus), though results were modestly below expectations after excluding a ~$10M land sale gain. Core fundamentals were largely in line, and PFP execution remains strong with the goal line in sight. Importantly, MAC announced the $260M acquisition of Annapolis Mall.
• SMA reported a $0.01 1Q26 beat vs. consensus. Mgmt reaffirmed the FY26 FFO midpoint by tightening both ends of the range $0.01. The SSREV growth outlook was unchanged, but stronger expense control supported a +12.5 bps increase to the SSNOI growth midpoint. Occupancy was stable and remains in the low- to mid-92% range.
• TRNO reported 1Q26 FFO of $0.68, a $0.01 beat vs. consensus (and KBCM). SSNOI growth accelerated an unexpected 440 bps vs. 4Q25, though we estimate a ~325 bps contribution from changes to the same-store pool.

• CPRX bought out as Angelini Pharma S.P.A. announced it will acquire the company for $31.50 per share in cash, totaling approximately $4.1B.
• INSM reports Q1 sales of $98.1M for lung disease treatment Arikayce, missing analysts' average expectation of $105.4M and said they continue to evaluate the potential effect of evolving U.S. policies, which will then impact international launch timing for its other lung disease treatment Brinsupri.
• PCVX shares fell early as Q1 net loss widened and missed analyst expectations and operating expenses rose, driven by higher R&D and manufacturing costs for vaccine programs.
• SRPT shares fall after Q1 revs $730.8M was down -$14.1M y/y as revs of $102M for its muscle disorder gene therapy Elevidys, compared to $375M y/y which reflects a lower volume of Elevidys sales due to an updated label that only includes patients who can walk for treatment.
• TRDA shares tumbled after reported Cohort 1 data from its Phase 1/2 ELEVATE-44-201 study in DMD, with focus centering around significantly lower AUC ~50% below internal expectations and low single-digit increases in dystrophin below expectations for double-digits.
• In Animal Health: ZTS shares fell after missing both Q1 EPS and rev estimates driven by US weakness. Mgmt lowers FY EPS guide to $6.85 to $7.00, saw $7 to $7.10. Sees FY revenue $9.68 billion to $9.96 billion, saw $9.83 billion to $10.03 billion. Q1 EPS $1.53 vs $1.61 est. Q1 revs $2.26B vs $2.3B est. Q1 US revs $1.09B vs $1.19B est. Q1 companion animal $1.52B vs $1.59B est. Q1 livestock revs $720M vs $685M est.
• Healthcare Services: CCRN agreed to a buyout from investment firm Knox Lane for $437M in cash, or $13.25 a share. The companies expect the deal to close in Q3, subject to shareholder approval and regulatory conditions
• Healthcare Facilities: AGL Q1 EPS $2.94 crushed ests $0.94 on revs $1.42B vs. est. $1.38B and raised annual revenue forecast to $5.68-$5.81B from $5.60-$5.70B prior; Q1 beat was mainly attributed to favorable Medical margin and ACO REACH outperformance (was upgraded at Deutsche Bank and Jefferies).

• Defense sector; AXON reported Q1 revenue of $807.3M, up 34% y/y vs. consensus of $778.6M, while adj EBITDA of $201.6M, up 30% y/y topped consensus of $184.9M, and with international revenue growing more than 100% y/y and raised FY26 revenue guidance to an implied range of $3.61B-$3.67B (previously $3.53B- $3.61B), up 30-32% y/y. BWXT announced award of U.S. Naval Nuclear Propulsion Program contracts totaling more than $1.4B.
• Aerospace: HWM shares rise on results as the aircraft parts maker Q1 profit rose 42% to $1.22 topping ests $1.11 and revs +19% y/y to $2.31B above consensus $2.24B and raised its year rev range to $9.58B-$9.73B from prior $9B-$9.2B view and midpoint of year EPS now $4.94 s. prior $4.45 estimate on the back of growth in its commercial aerospace and industrial gas turbine businesses. BA shares popped late morning after CNBC reported Boeing CEO set to join Trump on China visit next week. HawkEye (HAWK) 360 priced 16M share IPO at $26.00. BKSY shares tumbled following Q1 revenue miss of $21M vs. et. $28M.
• In Chemicals: CF reported a beat from top to bottom, with strong results across the board (excluding AN from Yazoo City impacts) as adj EPS reached $3.98, above consensus of $2.69. Price was the primary driver of EBITDA growth, while volume was modestly lower as strong operating rates were offset by Yazoo City shutdown. NTR delivered a solid start to the year, beating sales and EBITDA estimates, reflecting the dynamic upstream markets, and a strong start to the North American planting season.
• In Materials: Lithium producer ALB shares advanced after delivered substantial upside to Street margin expectations as cost savings and lithium prices drove operating upside to expectations along with a gain from the Ketjen divestitures; EBITDA ex-1x gains still beat the Street expectations by ~40% for the quarter.

• Software movers: big bounce for space today as DDOG results/guide beats with Q1 adj EPS $0.60 vs. est. $0.51 and revs rose 32% Y/y to $1.00B vs. est. $961.3M; guides Q2 revs $1.07B-$1.08B and FY revs $4.3B-$4.4B (above prior view of $4.06B-$4.1B) and vs. est. $4.12B and EPS $2.36-$2.44 vs. prior view $2.08-$2.16; reported Robust growth of larger customers, with about 4,550 $100k+ ARR customers, up from about 3,770 a year ago (shares of other software names MDB, TEAM, SNOW advanced in sympathy).
• Gaming Software: Unity (U) Q1 revs rose 17% y/y to $508.25M vs. est. $500M but posted a wider Q1 loss (-$0.80) per share citing impairment charges and guided Q2 revs $505M-$515M vs. est. $507.2M; APP delivered a strong start to the year beating consensus revenue by 3.8%, or growth of 59% y/y, combined with adj-EBITDA margin of 85% and noted momentum building in its consumer segment
• In Optical sector: COHR delivered modestly better than expected Q3 results with revenue of $1.80B (+27% y/y), adj- EPS of $1.41 (+55% y/y) vs consensus estimates of $1.78B and $1.40 as adj. gross margin expanded to 39.6% (+60bps q/q and 105bps y/y); Q4 revenue and adj.-EPS guidance of $1.98B and $1.62 (midpoints) are above consensus estimates of $1.91B and $1.55. AXTI shares declined COHR accelerated its 6-inch InP capacity ramp a full quarter ahead of schedule, gutting the merchant market and turning AXTI into low-priority overflow. Biggest buyers now self-supply, stripping AXTI of its premium pricing according to some reports.
• In Quantum: IONQ reported a smaller-than-expected Q1 loss while revenue surged 755% y/y to $64.7M, , boosted by acquisitions vs. consensus $49.8M on a smaller-than-expected loss; raised its revenue outlook to a range of $260M-$270M from prior vie $235M.
• In Social Media: SNAP Q1 revs rose 12% Y/y to reported in-line at $1.53B while guides Q2 revs $1.52B-$1.55B vs. est. $1.53B; Q1 adj EBITDA $233.3M vs. est. $204M; reported 483M daily active users in Q1, adding 9M q/q, but daily active users in North America declined.
• Content Delivery: FSLY shares tumbled after a massive run post earnings; beat on results as Revenue (+20% YoY), Security Revenue (+47% YoY), and Non-GAAP Operating Margin (11.1%) all nicely above consensus and Q2, FY26 guide better as well, while  Network Services revenue of $126.2M missed consensus by ~$3.7M.

• AVGO shares fell late day after a report in The Information noted OpenAI’s AI Chip Deal with Broadcom Hits $18 Billion Financing Snag.
• CRUS posted strong F4Q (Mar) results and F1Q (Jun) guidance, which exceeded expectations. Upside was driven by strong iPhone demand, as AAPL represented 91% of revs and grew 9% y/y. Notably, CRUS provided additional color on its Face ID power IC design win at AAPL indicating it represents a new incremental socket and is expected to ramp in a couple years (iPhone 20).
• MKSI reported 1Q EPS of $2.30 vs. consensus $2.04 on sales of $1.08B vs. consensus $1.04B while 2Q guide came in handily above consensus.
• ON announced private offering of $1.3B of convertible Senior notes.
• SITM shares surged after quarterly beat, with revenue of $113.3M (+0.2% q/q, +88.3% Y/y) coming in +10.8% higher than consensus driven by better than expected demand for Ai data center applications; raised Jun Q revs to $145.0M at the midpoint, or +27.7% q/q, driven again by exceptionally strong CED momentum

Street Recommendations

Thursday, May 7, 2026

• BLBD Barclays raised the firm's price target on Blue Bird to $75 from $55 and keeps an Overweight rating on the shares following the fiscal Q2 report. Blue Bird's EBITDA outlook remains positive as the company outpaces the industry, the analyst tells investors in a research note. The firm believes the company's shuttle bus entry should support its next growth leg.
• FLEX Barclays raised the firm's price target on Flex to $174 from $72 and keeps an Overweight rating on the shares. The company beat Q4 estimates and issued an "impressive outlook," the analyst tells investors in a research note. The firm views the Cloud and Power Infrastructure spinout as capturing AI value.
• LITE Barclays analyst Tom O'Malley raised the firm's price target on Lumentum to $1,000 from $750 and keeps an Equal Weight rating on the shares post the earnings report. The company has a "clearer line of sight" to $25 in earnings per share in 2027, the analyst tells investors in a research note.
• RPD Barclays lowered the firm's price target on Rapid7 to $6.50 from $8 and keeps an Underweight rating on the shares post the Q1 report. The company's Q2 net new annual recurring revenue guidance is lower than expectations, which warrants estimate cuts, the analyst tells investors in a research note.
• DIS Barclays analyst Kannan Venkateshwar raised the firm's price target on Disney to $135 from $130 and keeps an Overweight rating on the shares following the earnings report. Disney's operations should see steady improvement, but share upside will need its "content engine to re-engage with the rest of the flywheel," the analyst tells investors in a research note.
• BKR Barclays analyst J. David Anderson downgraded Baker Hughes to Equal Weight from Overweight with a price target of $74, up from $62. The firm adjusted ratings and price targets in the energy services group, saying the sector faces its best setup in 20 years. Barclays upgraded is industry view to Positive from Neutral. Once the "supply shock" ends, oil prices will be structurally higher with upstream spending accelerating in 2027 and 2028, the analyst tells investors in a research note. Barclays sees this driving an earnings revision cycle and potential re-rating of stocks. The events in the Middle East will result in structurally higher oil prices and an ensuing multi-year upstream spending cycle to drive outperformance of the energy services sector, according to Barclays. The firm upgraded six names and downgraded two.
• HAL Barclays upgraded Halliburton to Overweight from Equal Weight with a price target of $55, up from $37. The firm adjusted ratings and price targets in the energy services group, saying the sector faces its best setup in 20 years. Barclays upgraded is industry view to Positive from Neutral. Once the "supply shock" ends, oil prices will be structurally higher with upstream spending accelerating in 2027 and 2028, the analyst tells investors in a research note. Barclays sees this driving an earnings revision cycle and potential re-rating of stocks. The events in the Middle East will result in structurally higher oil prices and an ensuing multi-year upstream spending cycle to drive outperformance of the energy services sector, according to Barclays. The firm upgraded six names and downgraded two.
• NOV Barclays analyst J. David Anderson downgraded NOV Inc. to Underweight from Equal Weight with a price target of $21, up from $20. The firm adjusted ratings and price targets in the energy services group, saying the sector faces its best setup in 20 years. Barclays upgraded is industry view to Positive from Neutral. Once the "supply shock" ends, oil prices will be structurally higher with upstream spending accelerating in 2027 and 2028, the analyst tells investors in a research note. Barclays sees this driving an earnings revision cycle and potential re-rating of stocks. The events in the Middle East will result in structurally higher oil prices and an ensuing multi-year upstream spending cycle to drive outperformance of the energy services sector, according to Barclays. The firm upgraded six names and downgraded two. It says NOV's portfolio is later cycle and likely won't see orders for equipment and assets in the near term.
• PTEN Barclays upgraded Patterson-UTI to Overweight from Equal Weight with a price target of $15, up from $10. The firm adjusted ratings and price targets in the energy services group, saying the sector faces its best setup in 20 years. Barclays upgraded is industry view to Positive from Neutral. Once the "supply shock" ends, oil prices will be structurally higher with upstream spending accelerating in 2027 and 2028, the analyst tells investors in a research note. Barclays sees this driving an earnings revision cycle and potential re-rating of stocks. The events in the Middle East will result in structurally higher oil prices and an ensuing multi-year upstream spending cycle to drive outperformance of the energy services sector, according to Barclays. The firm upgraded six names and downgraded two
• PUMP Barclays upgraded ProPetro Holding to Overweight from Equal Weight with a price target of $23, up from $14. The firm adjusted ratings and price targets in the energy services group, saying the sector faces its best setup in 20 years. Barclays upgraded is industry view to Positive from Neutral. Once the "supply shock" ends, oil prices will be structurally higher with upstream spending accelerating in 2027 and 2028, the analyst tells investors in a research note. Barclays sees this driving an earnings revision cycle and potential re-rating of stocks. The events in the Middle East will result in structurally higher oil prices and an ensuing multi-year upstream spending cycle to drive outperformance of the energy services sector, according to Barclays. The firm upgraded six names and downgraded two
• NBR Barclays analyst Eddie Kim upgraded Nabors Industries to Equal Weight from Underweight with a price target of $99, up from $65. The firm adjusted ratings and price targets in the energy services group, saying the sector faces its best setup in 20 years. Barclays upgraded is industry view to Positive from Neutral. Once the "supply shock" ends, oil prices will be structurally higher with upstream spending accelerating in 2027 and 2028, the analyst tells investors in a research note. Barclays sees this driving an earnings revision cycle and potential re-rating of stocks. The events in the Middle East will result in structurally higher oil prices and an ensuing multi-year upstream spending cycle to drive outperformance of the energy services sector, according to Barclays. The firm upgraded six names and downgraded two
• NE Barclays upgraded Noble Corp. to Overweight from Equal Weight with a price target of $56, up from $50. The firm adjusted ratings and price targets in the energy services group, saying the sector faces its best setup in 20 years. Barclays upgraded is industry view to Positive from Neutral. Once the "supply shock" ends, oil prices will be structurally higher with upstream spending accelerating in 2027 and 2028, the analyst tells investors in a research note. Barclays sees this driving an earnings revision cycle and potential re-rating of stocks. The events in the Middle East will result in structurally higher oil prices and an ensuing multi-year upstream spending cycle to drive outperformance of the energy services sector, according to Barclays. The firm upgraded six names and downgraded two
• RIG Barclays upgraded Transocean to Overweight from Equal Weight with a price target of $8, up from $6. The firm adjusted ratings and price targets in the energy services group, saying the sector faces its best setup in 20 years. Barclays upgraded is industry view to Positive from Neutral. Once the "supply shock" ends, oil prices will be structurally higher with upstream spending accelerating in 2027 and 2028, the analyst tells investors in a research note. Barclays sees this driving an earnings revision cycle and potential re-rating of stocks. The events in the Middle East will result in structurally higher oil prices and an ensuing multi-year upstream spending cycle to drive outperformance of the energy services sector, according to Barclays. The firm upgraded six names and downgraded two
• SDRL Barclays analyst Eddie Kim upgraded Seadrill to Overweight from Equal Weight with a price target of $59, up from $41. The firm adjusted ratings and price targets in the energy services group, saying the sector faces its best setup in 20 years. Barclays upgraded is industry view to Positive from Neutral. Once the "supply shock" ends, oil prices will be structurally higher with upstream spending accelerating in 2027 and 2028, the analyst tells investors in a research note. Barclays sees this driving an earnings revision cycle and potential re-rating of stocks. The events in the Middle East will result in structurally higher oil prices and an ensuing multi-year upstream spending cycle to drive outperformance of the energy services sector, according to Barclays. The firm upgraded six names and downgraded two

• SIGI BMO Capital analyst Michael Zaremski upgraded Selective Insurance to Outperform from Market Perform with a price target of $97, up from $84. The company has "meaningfully improved" its profit margin scorecard grade of 5.4 , which is up from 3.4 at year-end 2023, the analyst tells investors in a research note. The firm believes Selective's reserves and loss ratio profit margins should be meaningfully more stable in the years to come. This should drive valuation multiple expansion off the stock's current 10%-30% depressed levels, contends BMO.
• PLD BMO Capital upgraded Prologis to Outperform from Market Perform with a price target of $162, up from $137. The company has "considerable ability" to benefit from data center demand, both as a developer and industrial landlord, the analyst tells investors in a research note. The firm says data center suppliers represent 10% of Prologis' new leasing and the largest segment of the "flourishing" manufacturing leasing market in Q1. BMO's channel checks suggest a recovery is "finally evident" for class A industrial space in Los Angeles, the company's largest market. As such, the firm expects Prologis' earnings growth to accelerate.

• NYT BofA raised the firm's price target on New York Times to $87 from $84 and keeps a Neutral rating on the shares. Q1 beat on revenue, adjusted operating profit and adjusted EPS, notes the analyst, who adds that Q2 guidance indicates continued strong revenue growth and modestly elevated operating costs.
• CVS BofA raised the firm's price target on CVS Health to $100 from $95 and keeps a Buy rating on the shares after the company reported a Q1 beat with revenue, EBIT, and EPS above consensus expectations. The firm views GLP-1 rebate guarantees as
• RVMD BofA analyst Alex Stranahan raised the firm's price target on Revolution Medicines to $185 from $170 and keeps a Buy rating on the shares. The Q1 report "largely reinforced what we'd characterize as best-case RASolute 302 data" ahead of the full presentation at ASCO, the analyst tells investors.

• FTNT BTIG analyst Gray Powell upgraded Fortinet to Buy from Neutral with a $125 price target after the company reported "outstanding" Q1 results and gave an updated FY26 outlook that was "materially better than expected." While the firm's checks heading into the print were positive and had up-ticked from prior quarters, "we were surprised by the magnitude of the beat," the analyst tells investors. The firm is now more confident in Fortinet's ability to sustain mid-teens revenue growth over the next few years, the analyst added.

• BMRN Canaccord analyst Whitney Ijem raised the firm's price target on BioMarin to $116 from $104 and keeps a Buy rating on the shares. The firm said 1Q26 earnings delivered a top-line beat driven by large government orders ex- US and revenue growth in enzyme therapies and Voxzogo. Following the completion of the Amicus deal on April 27, the company increased full-year 2026 guidance to include the addition of revenue from GALAFOLD for Fabry disease and POMBILITI + OPFOLDA for Pompe disease.
• HUT Canaccord raised the firm's price target on Hut 8 to $130 from $70 and keeps a Buy rating on the shares. The firm said Hut's strategic progress continues to accelerate. In just a couple of quarters, Hut has signed two marquee AI co lo deals with some of the best terms we have seen across the sector.
• JOBY Canaccord analyst Austin Moeller lowered the firm's price target on Joby Aviation to $11.50 from $15.50 and keeps a Hold rating on the shares. The firm updated its model following Q1 results and Management reiterated 2026 revenue and 1H cash use guidance, the latter of which is enabled by Joby's $2.5B cash pile. The company also progressed the Testing and Analysis stage of certification with the FAA.
• KTOS Canaccord analyst Austin Moeller raised the firm's price target on Kratos Defense to $130 from $125 and keeps a Buy rating on the shares. The firm updated its model following Q1 results and management raised FY26 guidance on the top and bottom line while concurrently issuing expectations for Q2/26.
• MDGL Canaccord lowered the firm's price target on Madrigal Pharmaceuticals to $578 from $587 and keeps a Buy rating on the shares. The firm updated its model following Q1 results and said the target decrease is driven solely by a change in the company's dilution calculation, which, starting in 1Q26, includes the pre-funded warrants, Series A preferred stock, and Series B preferred stock.
• MSTR Canaccord raised the firm's price target on Strategy to $224 from $185 and keeps a Buy rating on the shares. The firm noted with BTC now above $80K from its $60K low in February, MSTR has weathered another perceived storm. The firm said its Preferreds continue to be highly accretive and serviced relatively easily as the company is shifting more toward issuing digital credit rather than common equity raise capital as preferreds take accretion contribution to new levels with no dilution and no obligatory share repurchase.
• PODD Canaccord analyst William Plovanic lowered the firm's price target on Insulet to $249 from $435 and keeps a Buy rating on the shares. The firm said Insulet reported a solid Q1 beat and raise, and think the stock reaction post-call reflects the 2H/26 revenue growth implications from the guidance and potential concerns over the company's LRP, specifically the roughly 20% revenue CAGR from 2025-2028, given projected deceleration in the company's year-over-year growth rate.
• ZG Canaccord lowered the firm's price target on Zillow Group to $52 from $72 and keeps a Hold rating on the shares. The firm said Zillow reported solid Q1 results, with both revenue and profitability coming in near or above the upper end of guidance despite a housing market that remained essentially flat.

• OUST Cantor Fitzgerald downgraded Ouster to Neutral from Overweight. While Ouster reaffirmed its outlook and is launching REV8, the downgrade is based on valuation, the analyst tells investors in a research note.

• TECH Citi lowered the firm's price target on Bio-Techne to $70 from $80 and keeps a Buy rating on the shares. The firm reduced the company's estimates post the fiscal Q3 report. Bio-Techne guided Q4 to flat organic growth, below expectations of up 4%, the analyst tells investors in a research note.
• VRT Citi raised the firm's price target on Vertiv to $414 from $353 and keeps a Buy rating on the shares following the investor day. The company has multi-year visibility to sales and earnings growth due to "robust" AI-driven data center spending, the analyst tells investors in a research note. Citi thinks Vertiv will raise its long-term organic growth outlook to high-teens to low-twenties from 12%-24%.
• GLW Citi raised the firm's price target on Corning to $225 from $175 and keeps a Buy rating on the shares. The company announced an increase to its optical connectivity manufacturing capacity by 10-times and expand its U.S. fiber production capacity by more than 50% to meet the accelerating demand driven by AI factory buildouts, the analyst tells investors in a research note.

• UBER Goldman Sachs lowered the firm's price target on Uber to $115 from $125 and keeps a Buy rating on the shares. Uber's Q1 results were broadly positive, highlighting accelerating momentum across its mobility and delivery platforms despite external headwinds, driven by strong U.S. consumer demand, insurance-related cost savings, international delivery strength, and growing non-restaurant categories, the analyst tells investors in a research note.
• DASH Goldman Sachs lowered the firm's price target on DoorDash to $280 from $286 and keeps a Buy rating on the shares. DoorDash's Q1 report emphasized sustained platform growth across key verticals, continued tech stack improvements supporting faster product development, solid ad performance from both SMBs and large advertisers with a balanced approach to ad load, and a financial outlook in which 2026 EBITDA is expected to grow slightly faster than GOV excluding Deliveroo, the analyst tells investors in a research note.
• BLMN Goldman Sachs analyst Christine Cho raised the firm's price target on Bloomin' Brands to $8.50 from $6 and keeps a Neutral rating on the shares. Bloomin' Brands is showing early progress in its Outback turnaround, with improved brand and customer metrics and operational changes such as better steak quality, staffing adjustments, and a multi-year restaurant refresh program, though the strategy is still in early stages and investment is expected to accelerate in 2H26 as the transformation unfolds over several years, the analyst tells investors in a research note.
• IAC Goldman Sachs raised the firm's price target on IAC (IAC) to $59 from $56 and keeps a Buy rating on the shares. IAC's Q1 update and management discussion highlighted a restructuring around People Inc. and its MGM (MGM) stake, ongoing growth in digital revenue driven by off-platform audiences and non-session monetization, continued search traffic headwinds offset by margin expansion in the digital business, and active portfolio rationalization through asset sales and segment closures alongside capital returns and potential increased MGM exposure, with the full financial impact of the reorganization expected to phase in by 1Q27 and additional uncertainty from ongoing litigation against Alphabet (GOOGL), the analyst tells investors in a research note.

• DIS Guggenheim analyst Michael Morris raised the firm's price target on Disney to $120 from $115 and keeps a Buy rating on the shares. Fiscal Q2 results reflected broad-based strength across all three segments, says the analyst, who adds that the earnings call provided incremental specificity around the Disney+ product vision, explicit identification of five AI use-case verticals, the decision to walk away from a planned $1B OpenAI Sora investment, and gaming strategy details.
• RVMD Guggenheim raised the firm's price target on Revolution Medicines to $205 from $175 and keeps a Buy rating on the shares after the company reported Q1 results and highlighted the recent milestone success of the Phase 3 RASolute 302 study in second-line PDAC. The firm is updating its model and estimates to reflect Q1 results, including incorporating NSCLC into its revenue model for zoldonrasib following recent data and increasing its view of the odds of success in first-line PDAC for daraxonrasib and zoldonrasib.
• NYT Guggenheim raised the firm's price target on New York Times to $70 from $63 and keeps a Neutral rating on the shares. The firm's FY26 adjusted operating profit estimate is $625M, up slightly from $618M, primarily on the Q1 beat, but the firm expects the business to decelerate in the second half and 2027 and remains cautious on the long-term outlook and subscriber opportunity, the analyst tells investors.

• KMT Jefferies downgraded Kennametal to Hold from Buy with an unchanged price target of $47.50. The firm cites valuation for the downgrade with the shares up over 50% year-to-date. Consensus estimates now more fully capture both the industrial "green shoots" and the positive impact from tungsten pricing, the analyst tells investors in a research note. Jefferies now sees a more balanced risk/reward for Kennametal shares.
• QDEL Jefferies analyst Tycho Peterson downgraded QuidelOrtho to Hold from Buy with a price target of $12.50, down from $35. The company reported a "disappointing" Q1 and provided a 2026 outlook that relies on a broad second half of the year inflection across China, Middle East, and respiratory, the analyst tells investors in a research note. Jefferies views the guidance as "aggressive" and expects QuidelOrtho's China policy risk to linger into 2027. It also views the company's deleveraging as increasingly uncertain.

• FRPT JPMorgan upgraded Freshpet to Overweight from Neutral with a price target of $68, up from $66. The stock sold off 9% yesterday following a Q1 sales beat and guidance raise, the analyst tells investors in a research note. The firm expects Freshpet's sales and EBITDA growth to outpace its staples peers, and does not think the stock's current valuation sufficiently reflects this. Freshpet could raise its long-term gross margin target when it reports Q2 earnings, JPMorgan contends. A variety of new brands are entering the fresh pet food space, "but consistent with the past, their traction seems to be limited up to this point," the firm adds.
• GLW JPMorgan raised the firm's price target on Corning to $185 from $175 and keeps a Neutral rating on the shares. The company's investor event exceeded expectations as the internal Springboard plan was upgraded to $17B of incremental annualized revenue for exiting 2028, the analyst tells investors in a research note.
• DIS JPMorgan raised the firm's price target on Disney to $139 from $138 and keeps an Overweight rating on the shares. The company's fiscal Q2 brought better than expected revenue and adjusted earnings, the analyst tells investors in a research note. JPMorgan upped Disney's estimates post the print.
• SWX JPMorgan upgraded Southwest Gas to Overweight from Neutral with a $100 price target. The company has successfully transformed into a pure-play, fully regulated natural gas business with "visible growth tailwinds," the analyst tells investors in a research note. The firm says a 8-times oversubscribed Great Basin open season and dual general rate case filings in Arizona and Nevada can drive upside to the company's 12%-14% earnings growth outlook. The Southwest Gas share setup is compelling relative to the stock's current valuation, contends JPMorgan.

• PBH Oppenheimer analyst Rupesh Parikh lowered the firm's price target on Prestige Consumer to $65 from $77 and keeps an Outperform rating on the shares. The firm notes the company has announced plans to acquire Breathe Right and other brands from Foundation Consumer Healthcare for $1.045B. Oppenheimer is publishing an initial pro forma model and is assuming the acquisition closes on September 30 for modeling purposes. Looking at the upcoming print, the firm sees the potential for a below algorithm guide for the base business driven by risks of continued inventory de-stocking and an overall sluggish consumer staples consumption backdrop. In a difficult consumer staples small cap tape, Oppenheimer would be positioned to take advantage of any weakness on the print vs. playing for a positive catalyst.

• FSLY Piper Sandler analyst James Fish lowered the firm's price target on Fastly to $27 from $30 and keeps a Neutral rating on the shares. After a 200% year-to-date run, shares are down about 25% after-hours following Q1 results that were more inline vs. expectations for a larger beat, the firm says. The disappointment was in the core delivery business that saw lower quarter-over-quarter volumes than most were expecting, as pricing remained stable, adds Piper.
• RVMD Piper Sandler analyst Kelsey Goodwin raised the firm's price target on Revolution Medicines to $172 from $120 and keeps an Overweight rating on the shares. The firm notes the company reported Q1 earnings along with a corporate update that was largely in line with prior guidance across their various RAS(ON) inhibitor programs.
• DASH Piper Sandler analyst Thomas Champion lowered the firm's price target on DoorDash to $205 from $220 and keeps a Neutral rating on the shares. The firm notes the company reported Q1 results roughly in-line with expectations, but shares were up about 10% after hours as Q2 GOV guidance of $32.4-33.4B is ahead of consensus. Expectations were low into the print on concerns around rising fuel costs. FY EBITDA guidance remains unchanged, and DoorDash is managing its investments to offset incremental driver gas relief costs, adds Piper.
• FTNT Piper Sandler raised the firm's price target on Fortinet to $110 from $90 and keeps a Neutral rating on the shares. The firm notes the company delivered its largest revenue beat in 15 quarters, with product growth surging to 41% year-over-year on large enterprise demand tied to AI data center deals and ongoing network security upgrades. Management raised full year billings and revenue guidance meaningfully, with the raise driven almost entirely by product as the lower end of the services guide moved modestly higher.
• KTOS Piper Sandler analyst Clarke Jeffries lowered the firm's price target on Kratos Defense to $75 from $99 and keeps a Neutral rating on the shares. The firm notes Kratos reported solid Q1 results with 16% organic growth and 10% adjusted EBITDA margins. While reported revenue growth came in 9% above the midpoint, guidance did not reflect the recent close of the Orbit acquisition, Piper adds.
• UBER Piper Sandler analyst Thomas Champion raised the firm's price target on Uber to $105 from $100 and keeps an Overweight rating on the shares. The firm notes Uber reported strong Q1 results highlighted by 20% constant currency Mobility bookings growth, and it guided Q2 bookings and EBITDA above consensus. Strong rideshare momentum and aggressive share buybacks were two takeaways from Piper's bus tour, the firm adds.

• DAL UBS raised the firm's price target on Delta Air Lines to $95 from $86 and keeps a Buy rating on the shares. Delta's management outlined a strategy focused on premium cabin segmentation, brand partnerships, and a stronger loyalty program to grow customers and wallet share, while projecting mid-teens EBIT margins and at least $13+ EPS in the coming years versus about $6 in 2025, with current results already showing lower earnings and free cash flow volatility compared to peers, the analyst tells investors in a research note.
• BLMN UBS raised the firm's price target on Bloomin' Brands to $9 from $6 and keeps a Neutral rating on the shares. Bloomin' Brands reported a Q1 beat on same-store sales, revenue, and margins with strong early Outback turnaround metrics and raised Q2 guidance, but despite progress and an undemanding valuation, the outlook remains cautious as further evidence is needed that strategic initiatives will sustainably improve performance and shareholder value, the analyst tells investors in a research note.
• CVS UBS raised the firm's price target on CVS Health to $100 from $97 and keeps a Buy rating on the shares. CVS delivered a strong Q1 beat with improved margins, raised guidance, and confidence in its PBM and healthcare benefits outlook, while management reinforced that FY26 targets and mid-teens EPS growth remain intact despite near-term volatility from utilization trends, seasonality, and policy noise, with longer-term upside tied to clearer visibility on Medicare Advantage margins and capital return, the analyst tells investors in a research note.
• LZ UBS analyst Stephen Ju lowered the firm's price target on LegalZoom to $7 from $8 and keeps a Neutral rating on the shares. LegalZoom reported a Q1 earnings beat driven by stronger transaction and subscription revenue growth, particularly ARPU expansion and higher-value offerings, while management continues to prioritize premium, AI-enabled growth with disciplined operations, though near-term revenue gains are expected to come more from pricing than volume and margin pressure is likely from increased investment spending through FY26, the analyst tells investors in a research note.

• UTHR Wells Fargo upgraded United Therapeutics to Overweight from Equal Weight with a price target of $735, up from $575. The firm says Ralinepag DPI brings confidence in United Therapeutics' competitive position in pulmonary indications over the long term. This, along with enthusiasm for the idiopathic pulmonary fibrosis launch, will support the stock through any near-term Tyvaso weakness, the analyst tells investors in a research note.
• FRPT Wells Fargo lowered the firm's price target on Freshpet to $75 from $78 and keeps an Overweight rating on the shares. The firm notes Q1 had a solid start, but shares underperformed as hopes that accelerating sales could lift the EBITDA outlook were offset by incremental costs and macro caution. Wells stays positive as topline growth and gross margin upside underpin a positive earnings framework.
• TECH Wells Fargo analyst Brandon Couillard lowered the firm's price target on Bio-Techne to $62 from $76 and keeps an Overweight rating on the shares. The firm notes the shares fell sharply on the disappointing Q3 miss and lower FY26 organic guide down, driven by softer biotech demand that is lagging the biotech funding recovery that started in the second half of 2025.
• MNKD Wells Fargo raised the firm's price target on MannKind to $10 from $8 and keeps an Overweight rating on the shares following the disclosure of the company's involvement with Ralinepag DPI, and ahead of Afrezza and Furoscix PDUFAs. The firm believes there are now multiple avenues for revenue growth.

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                 Factory Orders M/M for March

• Earnings After the Close: ADTN ADUS AEIS AESI ALG ALSN AMRC APLE AVNW BDSX BLZE BMRN BRCC BSM BWIN BWXT CRBG CRGY CSR CYRX DHC DORM DUOL EOLS EQH ERO EVER FANG FLY FN GAIA GBDC HSTM ICHR IIPR INSP JELD JRVR MATX MED MSA NHI NJR NUVB OGS ON OSIS OTTR PAY PGR PINS PLOW PLTR POWL PSKY RAIL RBA RIG RPAY SONO STRL TCMD TDUP TDW TNC TVTX VAL VNO VNOM VOYG VRTX VTS VVX WGS WMB

• Digestive Disease Week (DDW), 5/2-5/5, in Chicago, Illinois
• Oppenheimer 21st Annual Industrial Growth Conference, 5/4-5/7

• 8:30 AM ET                   Internation Trade for March
• 8:30 AM ET                   Advance Goods Trade Balance for March
• 8:55 AM ET                   Johnson/Redbook Weekly Sales
• 9:45 AM ET S&P Global Composite PMI, Apr-final
• 9:45 AM ET S&P Global Services PMI, Apr-final
• 10:00 AM ET ISM Non-Manufacturing Index for April
• 10:00 AM ET                 New Home Sales M/M for March
• 10:00 AM ET                 JOLTs Job Openings for March
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: ACEL ACT ADPT AIZ ALAB ALIT AMC AMD AMWL ANDE ANET ANGI ARDT ATEC BBAI BFAM BJRI BL BMBL BV BXC CACC CBT CC CE CHRD COMP COTY CPNG CRC CRK CTVA CYTK DAVE DEI DHT DHX DOC DVA DVN EA ECG EMR EXEL FLYW FRSH FTEK FTK GNW GPOR GRAL GXO HL HNGE HRZN HTGC HURN IFF IPAR J JAZZ JKHY JOBY JXN KE KVYO LCID LDI LEU LITE LMB LOGI LUMN LYV MCY MEC MG MQ MRCY MSTR MTCH MTW MWA MYGN NBIX NSA NVTS ONTO OUST OXY PAAS PARR PBI PMT PRIM PRU QDEL QLYS QRVO RARE RIGL RLAY RPD RVLV RYAM SAR SDGR SMCI SOLV SU SUPN SWKS TALO TBI TDC TEM TLN TMDX TRVO TTAM TX UFCS UPST USNA VAC VYCT VECO VOYA WK WOLF WTTR XRAY

• Digestive Disease Week (DDW), 5/2-5/5, in Chicago, Illinois
• Oppenheimer 21st Annual Industrial Growth Conference, 5/4-5/7

• 8:15 AM ET ADP Private Payrolls Employment for April
• 10:30 AM ET                 Weekly DOE Inventory Data

• Earnings After the Close: ACAD ADVA ADMA AEE AEVA AIRG ALB ALTO AMH AMPL AOSL APA APP ARAY ARM ARQT ARRY ATNI ATO AXON BBSI BKD BKH BLBD BLLN BROS BYND CAPL CDE CENTA CF CGNX CHGG CHYM CLOV CMP CODI COHR CPK CPS CRUS CSV CW CXW DASH DLX DV ECPG EE EHTH EPR EQX ES EVTC FLNC FLUT FNF FORR FSK FSLY FTNT GNK GT HDSN HLF HMN HNST HRB HST IONQ IPI KLIC KMPR KRO KTOS LB LFMD LIFE LTC LZ MAC MEG MET MGNI MIRM MKSI MNKD MTDR MUR NGVT NTR NVST O OEC ORA PAHC PAYC PLMR PR PRI PTC QGEN RDN RELY ROOT RRX RUN RXST RYN SEZL SGHT SKWD SM SNAP SRPT SVC SVV SYM TASK TKO TPC TS UGI USPH UTI VRRM WBI WES WHD WHR WTS XRN Z ZG ZVIA

• Oppenheimer 21st Annual Industrial Growth Conference, 5/4-5/7

• 8:30 AM ET                   Weekly Jobless Claims
• 8:30 AM ET                   Continuing Claims
• 8:30 AM ET                   Nonfarm Productivity for Q1
• 8:30 AM ET                   Unit Labor Costs for Q1
• 10:30 AM ET                 Weekly EIA Natural Gas Inventory Data

• Earnings After the Close: AAOI ABNB ACLS AFRM AGO AHR AKAM ALRM AMN ARCT ASLO ARWR BBIO BILL BOBS CARG CCRN CLNE COIN CPAY CRNC CRSR CRWV CTRE CWAN CWEN DBX DH DIOD DKNG DNA DXC ED ESE EXPE FBIN FIGS FOXF FROG FWRD G GDRX GEN GH GILD GMED HHH HUBS ICFI UCUI III IIIV INOD IOSP IREN JYNT KINS LASR LOCO LYFT MAIN MBUU MCHP MCK MELI MNST MP MRVI MSI MTD NET NRDY NTRA NUS NWSA OFRM OLN OMDA OPEN OTEX OUT PAR PBA PGNY POST POWI PRAA PTCT PUBM QNST REAL RGA RKLB RKT RMAX RNG RSG SARO SERV SG SMR SPT SSP STTRZ SYNA TNDM TXRK UPWK VREX WEST WMG WPM WSC WYNN XPOF XYZ YELP ZD ZIP ZYME

• Oppenheimer 21st Annual Industrial Growth Conference, 5/4-5/7
• RBC Capital Technology Private Company Conference, 5/7, in Los Angeles

• 8:30 AM ET                   Private Payrolls for April
• 8:30 AM ET                   Manufacturing Payrolls for April
• 8:30 AM ET                   Average Hourly Earnings M/M and Y/Y for April
• 10:00 AM ET                 University of Michigan Confidence for May, preliminary
• 10:00 AM ET                 University of Michigan 1-yr and 5-yr inflation expectations
• 1:00 PM ET                    Baker Hughes Weekly rig count data

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