Early Look

Friday, April 24, 2026

U.S. stocks futures are looking mixed as the S&P 500 is flattish, but Nasdaq futures outperform overnight, rising +0.9% or 240 points to 27,180 as Intel (INTC) shares surge 27%, boosting semis across the board after its notable beat and raise quarter as the Phill semi index (SOX) looks to make it another record high and an astounding 18th straight day of gains, up 32.8% in April and 42% YTD. At the same time, oil prices hold strong, trying for a 5th straight day of gains as uncertainty over talks between the US and Iran threatened to further delay flows from the Persian Gulf. Brent was near $105 a barrel, headed for a weekly gain of about 17%, while West Texas Intermediate traded around $96. Treasury yields have also climbed all week, with the 10-year yield at 4.34%, ahead of next week’s FOMC meeting. Speaking of the Fed, the week ahead is a central bank heavy, with nine policy decisions spanning the BoJ, Fed, ECB, BoC, Norges Bank, Riksbank, BCB and Banxico, against a backdrop of still live Middle East risk. Also, the heaviest week of earnings this quarter by market cap is coming up with results from AAPL, AMZN, META, GOOGL, and MSFT next week as well. In Asian markets, The Nikkei Index jumped 575 points to 59,716, the Shanghai Index fell -13 points to 4,079, and the Hang Seng Index gained 62 points to 25,978. In Europe, the German DAX is down -73 points to 24,082, while the FTSE 100 is down -65 points to 10,391.

• The Dow Jones Industrial Average fell -179.71 points, or 0.36%, to 49,310.23
• The Nasdaq Composite dropped -219.06 points, or 0.89%, to 24,438.50
• The Russell 2000 Index declined -10.28 points, or 0.37% to 2,775.10

• 10:00 AM ET                 University of Michigan 1-yr and 5-yr inflation expectations
• 1:00 PM ET                    Baker Hughes Weekly rig count data

• Chinese regulators plan to restrict technology firms including some of the country’s highest-profile AI pioneers from accepting US capital without government approval, part of Beijing’s broader response to Meta Platforms Inc.’s controversial acquisition of startup Manus – Bloomberg.
• Japanese March CPI 1.5% y/y vs 1.4% consensus; March CPI ex-fresh food 1.8% y/y vs 1.7% consensus and March CPI ex-fresh food & energy: 2.4% y/y in-line.

• Comfort Systems (FIX) Q1 EPS $10.51 vs est $6.80 on revs $2.865B vs est $2.384B; EBIT $485.718Mm vs est $312.8Mm.
• Coursera (COUR) Q1 EPS ($0.12) vs est $0.08 on revs $195.7Mm vs est $195.1Mm; guides Q2 revs $196-200Mm and adj EBITDA $12-16Mm; reaffirms FY revs $805-815Mm vs est $812.68Mm and adj EBITDA $70-76Mm with adj EBITDA mgn approx 9.0% at midpoint.
• Gaming and Leisure Properties (GLPI) Q1 AFFO/shr $1.02, EPS $0.82 vs est $0.82 on revs $420Mm vs est $417.3Mm; guides FY AFFO/shr $4.08-4.12 vs prior $4.06-4.11.
• Tesla (TSLA) CEO Elon Musk said the electric vehicle maker plans to use Intel's (INTC) Onext-generation 14A manufacturing process to make chips at its Terafab project, an advanced artificial-intelligence chip complex Musk has envisioned in Texas.
• President Trump suggested the U.S. government could take over Spirit Airlines (FLYYQ), the Wall Street Journal reported. "We're thinking about doing it, helping them out, meaning bailing them out, or buying it. I think we'd just buy it," Trump said, speaking from the Oval Office.

• World Kinect (WKC) Q1 adj EPS $0.75 vs est $0.31 on revs $9.685B vs est $8.71B; guides FY adj EPS $2.65-2.85 vs est $2.18 and prior $2.20-2.40.

• Enova International (ENVA) Q1 adj EPS $3.87 vs. est. $3.68; Q1 revs $875M vs. est. $851.7M; credit performance remained strong with a lower net charge-off ratio compared to a year ago of 7.6% and net rev margin of 60%; Originations rose 33% and total company revenue increased 17% y/y.
• Hartford Financial (HIG) Q1 adj EPS $3.09 vs est $3.40 on revs $7.23B vs est $7.35B, BV/shr $66.58; core earnings ROE 20.3%; P&C premiums written +4% yr/yr.
• Kinsale Capital (KNSL) Q1 EPS $4.88 vs est $4.69 on revs $466.7Mm vs est $470.82Mm, gross premiums written $482.018Mm; combined ratio 77.4%, expense ratio 21.1%, ROE 24%.
• OceanFirst Financial (OCFC) Q1 adj EPS $0.43 vs est $0.40 on NII $96.4Mm, NIM 2.93%.
• Principal Finance Group (PFG) Q1 EPS $2.17 vs. consensus $2.01; raises quarterly dividend to $0.82 per share from $0.80; Q1 Assets under management (AUM) of $770 billion, which is included in assets under administration (AUA) of $1.8 trillion Strong financial position with $1.45 billion of excess and available capital; Q1 Investment Management gross sales of $37B increased 21% and Life premium and fees increased 15%.
• Robert Half (RHI) Q1 EPS $0.14 vs est $0.13 on revs $1.3B vs est $1.303B; says revenue trends strengthened as quarter progressed and into early April.
• SLM Corp. (SLM) Q1 EPS $1.54 vs. est. $1.22; Q1 private education loan originations of $2.9B, 5% growth y/y; raises FY26 EPS view to $3.10-$3.20 from $2.70-$2.80 vs. est. $2.78

• Arrowhead Pharmaceuticals (ARWR) receives positive CHMP opinion recommending approval of Redemplo to reduce triglycerides in adults with familial chylomicronemia syndrome in Europe.
• Bristol Myers (BMY): Patients who use the blockbuster blood thinner Eliquis will be able to get it at a discount starting next week. Mark Cuban's online pharmacy will be selling it for $345 a month, a roughly 40% discount from the list price – Bloomberg.
• Chemed (CHE) Q1 adj EPS $5.65, vs. consensus $5.30 and revs $657.5M vs. est. $649.82M; as of March 31, Chemed had total cash and cash equivalents of $16.9M and $91.2M in long-term debt; raises FY26 adjusted EPS view to $24.00-$24.75 from $23.25-$24.25 vs. est. $23.88; Estimated adjusted EBITDA margin is lowered slightly to 21.5% to 22.5% compared to the original guidance range of 22.5% to 23.0%
• Edwards Lifesciences (EW) Q1 revs rose 16.7% y/y to $1.64B vs. est. $1.59B; Q1 adj EPS $0.78 vs. est. $0.73; sees Q2 EPS $0.70-$0.76 vs. est. $0.75 and sales $1.66B-$1.74B vs. est. $1.684B; Q1 TAVR sales grew 14.4% to $1.20B; constant currency sales grew 11.0%; Renewed clinical focus on proactive disease management with differentiated SAPIEN TAVR

• Newmont Mining (NEM) Q1 adj EPS $2.90 vs. est. $2.22; Q1 revs $7.31B vs. est. $6.79B; authorizes additional $6.0 bln share repurchase program; says on track to meet Newmont's FY 2026 production guidance of 5.3M attributable gold ounces; qtrly attributable gold production 1.30 oz; working to offset costs from Ghana operations through ongoing global cost and productivity initiatives.

• SAP Inc. (SAP) Q1 adj. EPS $2.01; Q1 adj Ebit EU2.87B vs. est. EU2.72B; Q1 sales: $11.189B; Q1: Cloud revenue up 19% and up 27% at constant currencies; Q1 Non-IFRS Cloud Revs EU5.96B vs. est EU5.90B and Q1 Non-IFRS Cloud/Software revs EU 8.55B vs. est EU8.47B.
• AppFolio (APPF) Q1 EPS $1.61 tops consensus $1.47 on revs $262.21M vs. est. $258.07M; Q1 total units under management grew 8% y/y to 9.5M; guides FY revs $1.11B-$1.125B vs. est. $1.11B; Raises FY26 operating margin view to 26%-28% from 25.5%-27.5%.
• Digital Realty (DLR) Q1 FFO/SHR $1.99 on revs $1.64B vs est $1.6B, EPS $0.46 vs est $0.47.
• Knowles (KN) Q1 adj EPS $0.27 vs est $0.14 on revs $153.1Mm vs est $147.4Mm; guides Q2 revs $152-162Mm and adj EPS $0.28-0.32.
• MaxLinear Inc (MXL) Q1 adj EPS $0.22 vs est $0.18 on revs $137.188Mm vs est $135Mm, adj gr mgn 59.5%, adj EBIT mgn 16%.
• SS&C Technologies (SSNC) Q1 adj EPS $1.69 vs. est. $1.65; Q1 revs $1.65B vs. est. $1.63B; sees FY26 adjusted EPS $6.74-$7.06, vs. consensus $6.83 and sees FY26 adjusted revenue $6.664B-$6.824B vs. est. $6.72B; Q1 2026 Adjusted Organic Revenue Growth was 5.0%
• Spire Global Inc (SPIR) selling stockholders may resell up to 5M shares of class a common stock.
• VeriSign (VRSN) Q1 EPS $2.34 vs. est. $2.25 on revs +6.6% y/y to $428.9M vs. est. $425.9M; to raise annual wholesale fee for .com domains to $10.97 effective Nov. 1, 2026; said .com and .net domain name registrations rose 3.7% yr/yr, with a net increase of 2.54 mln domains in Q1; processed 11.5 mln new .com and .net domain registrations in Q1, up from 10.1 mln a year earlier

Mid-Morning Look

Friday, April 24, 2026

U.S. stocks are mixed, with the Nasdaq and S&P 500 buoyed once again by technology and semiconductor stocks as the Nasdaq 100 and SOX index each hit fresh record highs, led by shares of chip maker INTC, as shares surge 25% on massive beat and raise quarter/guidance, lifting the whole semi complex and tech in general. AMD, QCOM, ARM, among biggest movers to upside in chips behind INTC results, as the semiconductor index (SOX) remains on track for its 18^th straight day of gains. Names like AMD seeing massive gains as seen as among those best positioned with CPU, FPGA, and GPUs. Broader market also helped by renewed hopes for U.S.-Iran negotiations to end the war lifting sentiment. Oil prices ease for the first time in 5 days following a report that Iranian Foreign Minister Abbas Araqchi is expected to arrive in Islamabad on Friday night with a small team, and peace talks with the U.S. are likely to take place. President Donald Trump said yesterday that Israel and Lebanon agreed to extend their ceasefire. The U.S. dollar dipped on Friday but remained on pace for a weekly gain, up about +0.5% while Treasury yields also advance this week. Strong earnings from a series of corporations also offered some support ahead of a massive earnings week coming up with shares of AAPL, AMZN, GOOGL, META, MSFT reporting next week in big cap tech. Oil prices remain the biggest source of uncertainty, as Brent crude futures still around 44% above pre-war levels because of disruption in the crucial Strait of Hormuz.

• University of Michigan surveys of consumers 1-year inflation outlook final April 4.7% vs prelim 4.8% and final March 3.8% and 5-year inflation outlook final April 3.5% vs prelim 3.4% and final March 3.2%

• In Casinos & Gaming: BYD shares slumped after Q1 EPS and revs both fell short of consensus estimates ($1.60/$997.4M vs. est. $1.71/$1.0B); SRAD was downgraded to Hold from Buy at Jefferies saying they expect recent scrutiny of SRAD's business practices to continue to weigh in on shares @ - notes short reports have widened the debate on SRAD's revenue quality and customer management and sees risk of examination by regulatory bodies in the future. DKNG was downgraded to Neutral from Buy at Moffett (tgt to $27 from $38) noting they are very late to downgrading name, and the firm no longer sees the clouds lifting on these stocks until there is some regulatory clarity on prediction markets.
• In Refiners: Morgan Stanley upgraded PSX to Overweight (from EW) in refiners preview and said key stocks include MPC, DINO noting U.S. cracks have doubled since the start of the ME conflict. Even if the Strait of Hormuz reopens, margins unlikely to return to pre-conflict levels anytime soon. Updating for latest forward cracks, 2026 EBITDA for large caps sits ~7% above consensus. CLMT was downgraded to Neutral from Buy at Goldman Sachs after its shares returned +227% over the past year (vs. XLE +39% and S&P 500 +33%) and says stock now better reflects improving renewable diesel fundamentals, rising D4 RIN prices, and company's balance sheet strength.

• FIX +7%; as results show acceleration in DC theme with +56.5% revenue Y/y and Tech revenue (where DC activity sits) +139% Y/y, the strongest thus far and Keybanc noted that tech now makes up 56% of total revenue, vs 45% in 2025; Backlog was +4% q/q, still impressive after doubling last year.
• INTC +23%; after posted strong Q126 results and guided Q226 solidly above as upside in the quarter was driven by strong server CPU demand driven by agentic Ai with DCAI growing 22% Y/y, while price increases and improving 18A yields resulted in almost a 500 bp improvement in GM to 41%; guidance well above ests.
• MXL +66%; shares jumped on results and guidance while Needham upgraded to Buy from Hold with $60 tgt saying the company’s business has reached an inflection point following the results/ guidance. Infrastructure has surpassed broadband as MaxLinear's largest revenue contributor, and this should drive multiple expansion.
• OGN +19%; after the Economic Times reported that Sun Pharma is planning to submit a binding offer of $13 billion to acquire the US-based pharmaceutical company
• SNDK +6%; Memory and HDD stocks (MU, WDC, STX) and optical stocks (AAOI, LITE, COHR) with another surge as upside momentum continues in two of the most popular sectors to start the year (and adding to 2025 gains).
• TSM +3%; along with strength in INTC results, but also as Taiwan regulators eased the limit on how much funds can invest in a single stock, allowing fund managers to pile in the world's largest contract chip maker.
• WKC +11%; on better results and guidance; Q1 adj EPS $0.75 vs est $0.31 on revs $9.685B vs est $8.71B; guides FY adj EPS $2.65-2.85 vs est $2.18 and prior $2.20-2.40.

• COUR -15%; shares declined after reported in-line Q1 revenue and EBITDA results as Enterprise growth was better and accelerated to 7%, while Consumer came in slightly lower on greater than expected annual subscription adoption and issued slightly lower Q2 guidance mainly due to the annual sub adoption Dynamics.
• HCA -7%; after saying it did not experience a typical volume increase Associated with the flu season in Q1 as respiratory-related admissions fell 42%, and respiratory-related emergency room visits were down 32% Y/y.
• HIG -2%; core Q1 EPS miss estimates ($3.09 vs. est $3.39) due to a $70M legacy general liability reserve charge which is more one-time in nature. Cantor noted what is more significant is the weak risk results in group disability, a line that has long over-earned and didn't this quarter – and it's economically sensitive.
• LLY -3%; on news its recently launched oral weight loss pill, Foundayo, recorded 3,707 U.S. prescriptions in its second week after launch, up from 1,390 in its first week while rival NVO oral Wegovy pill had 18,410 prescriptions in its second week, compared with 3,071 in its debut week.
• LMT -3%; on track for 9th straight day of declines as defense stocks pressured post earnings.

Closing Recap

Friday, April 24, 2026

New all-time highs again in what has been a recurring theme of late, as Technology (XLK +2.7% today) continues to do all the heavy lifting, with the Nasdaq, S&P 500, Semiconductor index (SOX) hitting record highs. At the same time, oil prices eased Friday (but up on week) on reports President Trump is sending Witkoff and Kushner to Pakistan for Iran talks to meet Iran’s Foreign Minister Araghchi. Araghchi was expected in the Pakistani capital Islamabad on Friday ​to discuss proposals for restarting peace talks with the U.S. That gave markets some relief at the end of a week, while the U.S. maintains its naval blockade of Iranian ports while Iran seized ships attempting to pass through the Strait of Hormuz. There was also news that the Justice Department's announced it would close its investigation into Federal Reserve Chair Jerome Powell, opening the door to Kevin Warsh’s nomination as the next Fed Chair.

Fireworks could be in store next week as over 200 S&P 500 companies (about 42% of the index) are expected to report earnings during the week of April 27–May 1, 2026, with five of the seven Mag 7 names out (AAPL, AMZN, GOOGL, META, MSFT). Meanwhile, the Nasdaq surged over 1.5% Friday, within 150 points of 25,000 for the first time as Intel (INTC) spiked over 20%, boosting semis across the board after its notable beat and raise quarter as the Phill semi index (SOX) made it another record high and an astounding 18^th straight day of gains, up 38% in April and 47% YTD (AMD, QCOM, ARM some of the biggest winners). With one week to go, the Nasdaq is up 15% for April so far. While major averages were higher today, seven of the S&P eleven sectors finished lower.

A very potentially catalyst filled week coming up to close out April, as the week ahead is a central bank heavy, with nine policy decisions spanning the FOMC, BoJ, ECB, BoC, Norges Bank, Riksbank, BCB and Banxico, against a backdrop of still live Middle East risk with peace talks hopefully this weekend. In data news, weekly inflows into global equity funds surged to a more than 17-month high in the week through ‌April 22, fueled by optimism over demand for artificial intelligence ‌and robust first-quarter earnings from some major U.S. banks. According to LSEG Lipper data, global ​equity funds attracted net weekly investments of $48.72 billion, the largest sum for a week since November 13, 2024.

• University of Michigan surveys of consumers 1-year inflation outlook final April 4.7% vs prelim 4.8% and final March 3.8% and 5-year inflation outlook final April 3.5% vs prelim 3.4% and final March 3.2%.

• June gold rose +$16.90/oz, or +0.36%, to settle at $4,740.90. The U.S. dollar slipped on Friday pressured by the Justice Department's decision to close its investigation into Federal Reserve Chair Jerome Powell and by growing optimism that talks to end the U.S.-Israeli war with Iran could be on the horizon. Still, for the week, the U.S. dollar index (DXY) rose around 0.5%. The 10-year yield rose 6.5bps this week to settle at 4.308%, snapping a streak of three straight weeks of falling yields.

• In Restaurants: SHAK was initiated at Buy and $120 tgt at Guggenheim saying believes 30%-33%+ cash-on-cash returns support its estimate of low teens % unit growth and a margin self-help story under CEO Rob Lynch (alongside near-term SSS upside) should drive positive estimate revisions. BLMN was downgraded to Underweight from Neutral at JP Morgan on view that upside will be tough to come by for the restaurant operator.
• In Education Services: COUR shares declined after reported in-line Q1 revenue and EBITDA results as Enterprise growth was better and accelerated to 7%, while Consumer came in slightly lower on greater than expected annual subscription adoption and issued slightly lower Q2 guidance mainly due to the annual sub adoption Dynamics.

• Leisure Products: PII was upgraded from Market Perform to Outperform at Raymond James, and downgraded DOOO from Strong Buy to Market Perform on Section 232 tariff Dynamics. The rating changes largely reflect the expected shift in competitive Dynamics within the U.S. powersports industry owing to the recent proclamation by the Trump Administration amending the U.S. Section 232 tariffs on imported Steel, Aluminum, and copper.
• In Autos: STLA said they will focus the majority of its investment on its core Jeep, Ram, Peugeot, and Fiat brands under CEO Antonio Filosa's strategic plan due to be announced in May, five sources said, with a "material increase" to their funding, per Reuters. A Ford (F) spokesperson denied to Bloomberg that it has had any talks with a Chinese car maker over a potential U.S. deal. The denial follows reporting from the Wall Street Journal that Ford had discussed bringing Geely's (GELYF) technology to the U.S

• In Refiners: Morgan Stanley upgraded PSX to Overweight (from EW) in refiners preview and said key stocks include MPC, DINO noting U.S. cracks have doubled since the start of the ME conflict. Even if the Strait of Hormuz reopens, margins unlikely to return to pre-conflict levels anytime soon. Updating for latest forward cracks, 2026 EBITDA for large caps sits ~7% above consensus. CLMT was downgraded to Neutral from Buy at Goldman Sachs after its shares returned +227% over the past year (vs. XLE +39% and S&P 500 +33%) and says stock now better reflects improving renewable diesel fundamentals, rising D4 RIN prices, and company's balance sheet strength.

• KNSL reported a mixed 1Q, with results supported by favorable reserve development and lower catastrophe losses, offset by continued pressure on growth. Operating EPS of $5.11 came in above our expectations ($4.64 FactSet consensus), but growth continues to decelerate. Gross written premiums declined (-0.5% y/y), reflecting a sharp ~28% decline in Commercial Property, and growth ex-property slowed to ~6% (vs. ~10%+ in 4Q25).
• In Lending: ENVA reported Q1 adj EPS of $3.87 beating $3.68 consensus, driven by strong originations ($2.3B), revenue growth, operational scale and improving credit. SLM better results and EPS guidance revised higher reflecting an acceleration in repurchase activity, and as the company leans into incremental loan sales.

• PECO reported a $0.01 beat vs. consensus and management raised FY26 Core FFO guidance by a commensurate amount (+0.4% at the midpoint). The upside appears driven primarily by higher lease term fee income and lower bad-debt expense, while core portfolio trends were largely in line.

• ALT upgraded to Neutral from Sell at Goldman Sachs as financing meaningfully resolves near-term key debate on the company's ability to execute a Ph3 program evaluating pemvidutide in metabolic dysfunction associated steatohepatitis (MASH).
• ANAB shares jumped late Friday after announced that the Delaware Chancery Court has dismissed Tesaro's anticipatory breach of contract claim against Anaptys.
• BMY, PFE said to make Eliquis® (apixaban) available via Mark Cuban cost plus drug company saying Eliquis available on cost plus drugs from April 27, 2026, at $345 for 30-day supply.
• LLY shares slipped on news its recently launched oral weight loss pill, Foundayo, recorded 3,707 U.S. prescriptions in its second week after launch, up from 1,390 in its first week while rival NVO oral Wegovy pill had 18,410 prescriptions in its second week, compared with 3,071 in its debut week.
• OGN shares rose after the Economic Times reported that Sun Pharma is planning to submit a binding offer of $13 billion to acquire the US-based pharmaceutical company.

• Medical Equipment: EW shares rose early after delivered an upside surprise on Q1 sales and EPS of 4% and 7%, respectively in another quarter of double-digit growth (+12.7% Y/y ex FX) driven by TAVR (up 11% Y/y ex-fx) and TMTT (up 43% Y/y), driven by a shift to proactive disease management in TAVR and ongoing adoption in TMTT.
• Insulin sector: PODD was downgraded from Buy to Neutral at Redburn and cut tgt to $220 from $380 saying a wave of competitive 'hybrid' patch Devices from Tandem, Beta Bionics and MiniMed are expected to reach market as soon as late 2026, offering users longer wear times and higher insulin capacities. While Insulet's Omnipod ecosystem is enhanced by improved connectivity, algorithm enhancements and interoperability, Redburn posits that holding share will become increasingly challenging.

• In Chemicals: RBC Capital previewed the quarter saying going into the print, RBC remains most favorable on SOLS on 1) growth above Spec Chem peers, 2) Capacity Expansions in Aes/Ballistics/E-Mats, and 3) it expects a continued Re rate to ~16x EBITDA. RBC is also positive and raise on ALB on improving Lithium S/D and expect a positive outlook for FY26 and likes CTVA and raise its PT on cost reductions.
• Psychedelic drug stocks active (ATAI, CMPS, DFTX) after news the FDA is taking steps to speed up the development of new treatments for serious mental illness, following an executive order signed by President Donald Trump last week.

• INTC strength helped push the Philadelphia semiconductor index (SOX) to a new all-time high, and an astounding 18^th consecutive day in positive territory.
• AMD was upgraded from Neutral to Buy at Davidson and raise tgt to $375 from $220 based on a structural increase in CPU demand on top of much improved visibility into AMD's role in the great data center buildout; believes that given the Magnitude of Intel's beat, there is meaningful upside to AMD's estimates.
• MXL shares jumped on results and guidance while Needham upgraded to Buy from Hold with $60 tgt saying the company’s business has reached an inflection point following the results/ guidance. Infrastructure has surpassed broadband as MaxLinear's largest revenue contributor, and this should drive multiple expansion.
• TSM shares jumped along with strength in INTC results, but also as Taiwan regulators eased the limit on how much funds can invest in a single stock, allowing fund managers to pile in the world's largest contract chip maker.
• Memory and HDD stocks (SNDK, MU, WDC, STX) and optical stocks (AAOI, LITE, COHR) with another surge as upside momentum continues in two of the most popular sectors to start the year (and adding t0 2025 gains).
• GOOGL will invest up to an additional $40 billion in Anthropic and Alphabet will also provide Anthropic with at least 5 GW of computing power, per Bloomberg.
• A report in The Information said AI startups are struggling to access NVDA GPUs as MSFT and other cloud providers reserve more capacity for internal teams and larger AI customers. The crunch is driving months-long wait times, higher prices, and longer commitments with Azure customers reportedly expecting GPU delays through the end of 2026. https://tinyurl.com/unzuh7r2
• Chinese startup DeepSeek launched a preview of a highly awaited new model adapted for Huawei chip technology. The Pro version of the new model outperforms other open-source models in world-knowledge benchmarks, trailing only Google's closed-source Gemini-Pro-3.1, DeepSeek said. The close collaboration with Huawei on the new model, the V4, contrasts with DeepSeek's past reliance on Nvidia's chips.

• In Satellite: Raymond James downgraded IRDM to Market Perform (from Outperform), while reiterating Outperform rating on VSAT and raising price target to $74 (from $50) saying both stocks have been strong outperformers in recent months, with IRDM up ~136% YTD and VSAT up ~82% (and VSAT seeing an >9x return since the 11/2024 lows), believe partly driven by speculation around spectrum monetization opportunities, with AMZN’s recent purchase of GSAT the latest catalyst.
• In Software: SAP beat analysts' targets for Q1 profit and stood by its 2026 cloud revenue outlook. SAP expects revenue growth to accelerate next year, assuming that the conflict in the Middle East de-escalates; APPF Q1 results beat on the top and bottom line due to solid execution. A notable bounce for software names after tumbling Thursday post NOW results.
• Video game software: B Riley noted Circana reported retail figures for the U.S. video game industry as sales increased +12% (Y/Y), led by new game launches, non-mobile subscriptions, and Nintendo's Switch 2. YTD the market is +5% (Y/Y), but Briley maintains its original CY26 market forecast for +3%. Read-throughs for TTWO and RBLX are generally positive, more mixed in accessories (lackluster albeit gradually improving sales trends), where Briley favors TBCH over CRSR.
• In Cable & Telecom; the day after CMCSA shares jumped on results (downgraded today at Deutsche bank on limited upside), CHTR reported lower Q1 revenue as it lost subscribers in both its internet and video businesses; revs fell -1% y/y to $13.6B vs. est. $13.55B; Q1 Internet subscribers declined by 120,000, while video subscribers fell by 60,000. While mobile subscribers increased by 368,000.
• In Data Center/AI Infrastructure: HUT price tgt raised to $90 from $55 at BITG saying Hut's colocation contract in Louisiana with Fluidstack which is backstopped by GOOGL remains the highwater mark for HPC colocation deals signed by companies transitioning their power infrastructure to HPC/AI and away from crypto mining.

Street Recommendations

Friday, April 24, 2026

• BYD Barclays lowered the firm's price target on Boyd Gaming to $86 from $87 and keeps an Equal Weight rating on the shares post the Q1 report. The firm says weakness from destination guests weighed on Boyd's Las Vegas locals segment, which was offset by solid performance across the rest of the regionals business.
• MEDP Barclays analyst Luke Sergott lowered the firm's price target on Medpace to $450 from $500 and keeps an Equal Weight rating on the shares post the Q1 report. The company reported a "tough print" with a bookings miss, but delivered a beat on EBITDA margins and improved win rates, the analyst tells investors in a research note.
• PENN Barclays raised the firm's price target on Penn Entertainment to $24 from $23 and keeps an Overweight rating on the shares post the Q1 report. The company's internet gaming mix shift and cost rationalization brought its digital segment near break-even, while retail gaming earnings upside for 2026 remains intact, the analyst tells investors in a research note. Barclays believes Penn's positive earnings revision cycle is underway.
• R Barclays raised the firm's price target on Ryder to $250 from $220 and keeps an Overweight rating on the shares. The company beat Q1 estimates and raised its full year guidance on tighter capacity, signs of demand improvement and higher used vehicle prices, the analyst tells investors in a research note.
• SLM Barclays analyst Terry Ma raised the firm's price target on SLM to $30 from $27 and keeps an Overweight rating on the shares post the Q1 report. The company's results were strong with sales and cost beats, and its credit was better than feared, the analyst tells investors in a research note.
• HIG Barclays analyst Alex Scott lowered the firm's price target on Hartford to $156 from $159 and keeps an Overweight rating on the shares. The company's core Q1 earnings miss estimates due to a $70M legacy general liability reserve charge which is more one-time in nature, the analyst tells investors in a research note.
• UNP Barclays raised the firm's price target on Union Pacific to $315 from $285 and keeps an Overweight rating on the shares post the Q1 report. Union continues to post productivity gains supported by "impressive operational performance and solid volume expansion," the analyst tells investors in a research note.

• PHM BofA analyst Rafe Jadrosich raised the firm's price target on PulteGroup to $146 from $140 and keeps a Buy rating on the shares. PulteGroup reiterated fiscal year guidance, but Q2 guidance was below the firm's expectations, notes the analyst, who cites higher sector multiples for the firm's increased price target.
• BX BofA analyst Craig Siegenthaler lowered the firm's price target on Blackstone to $134 from $137 and keeps a Buy rating on the shares. Blackstone beat on fundraising, deployments and realizations, which BofA calls "the 3 main metrics." However, the firm lowered its 2026, 2027 and 2028 EPS estimates, due mainly to lower management and performance fees.
• AXP BofA raised the firm's price target on American Express to $387 from $381 and keeps a Buy rating on the shares following "strong" Q1 results that beat on both the top and bottom-line. The results are consistent with the firm's view that premium consumers are doing well, the analyst tells investors.
• NDAQ BofA analyst Eli Abboud raised the firm's price target on Nasdaq to $113 from $109 and keeps a Buy rating on the shares. Following a Q1 EPS beat, the firm is raising its 2026, 2027 and 2028 EPS estimates to embed higher Capital Markets Technology and Index revenue, notes the analyst, who thinks AI concerns about Nasdaq are "unjustified" and argues that the company is "a clear beneficiary of the technology."

• HUT BTIG raised the firm's price target on Hut 8 to $90 from $55 and keeps a Buy rating on the shares. The firm notes that increasing demand for prompt power should see Hut 8 secure more high-performance compute contracts from existing power infrastructure and its growth pipeline, the analyst tells investors in a research note.
• NEE BTIG analyst Alex Kania raised the firm's price target on NextEra Energy to $112 from $103 and keeps a Buy rating on the shares. The company reported Q1 above consensus but more importantly made a strong case that it remains one of the best positioned names in the sector to benefit from the large load buildout, the analyst tells investors in a research note. At NEER, the data center backlog grew, its renewable development queue grew by a record amount in Q1 with momentum to grow even faster, and options to boost value from the existing portfolio are becoming increasingly clear, the firm added.

• EW Canaccord analyst William Plovanic lowered the firm's price target on Edwards Lifesciences to $85 from $87 and keeps a Hold rating on the shares. The firm noted management raised its overall revenue, total TAVR, and adjusted EPS guidance ranges slightly ahead of estimates. Overall revenue growth guidance was raised from 9% year-over-year at the midpoint to 10%, which now implies $6.7B and is slightly ahead of estimates.
• FCFS Canaccord raised the firm's price target on FirstCash to $252 from $242 and keeps a Buy rating on the shares. The firm updated its model following Q1 results which saw reocrd sales. The firm noted that business remains robust, with the core pawn customer remaining pressured and higher-income individuals seeking value, as the loan and sales counters have been equally busy.
• HELE Canaccord analyst Susan Anderson raised the firm's price target on Helen of Troy to $23 from $18 and keeps a Hold rating on the shares. The firm said Helen of Troy reported 4Q2 results that continued to show sequential sales improvement, leading to a sales beat while adj. EPS beat Street expectations but was in-line with guidance. Importantly, the company continued to see strong demand for key brands including Osprey, Braun, and Olive & June.
• MBLY Canaccord lowered the firm's price target on Mobileye to $17 from $24 and keeps a Buy rating on the shares. The firm updated its model following Q1 results and noted the company provided a steady cadence of updates across its core pillars: Surround ADAS, SuperVision, Chauffeur, and Drive. This wasn't a quarter of radical breakthroughs, but rather one of updates on execution.
• ROL Canaccord lowered the firm's price target on Rollins to $51 from $52 and keeps a Hold rating on the shares. The firm updated its model following Q1 results that were relatively in line with expectations. However, margins were pressured by lower volume in the first part of Q1 along with higher insurance and claims activity and adjusted EBITDA came in roughly 1% and roughly 4% below consensus.

• IBM DZ Bank analyst Ingo Wermann upgraded IBM to Buy from Hold with a $295 price target.

• DLR Goldman Sachs analyst Michael Ng raised the firm's price target on Digital Realty to $215 from $190 and keeps a Buy rating on the shares. Digital Realty delivered a strong Q1, beating on EBITDA, cash flow, and bookings while raising 2026 guidance on stronger demand for small-to-mid-sized interconnection capacity and faster-than-expected leasing activity, the analyst tells investors in a research note. Record bookings, including a major hyperscaler AI inference deal in Charlotte, highlight accelerating AI-driven demand and expanding development capacity, supporting a robust medium-term growth outlook backed by a growing backlog and high preleasing rates, the firm says.
• R Goldman Sachs analyst Jordan Alliger raised the firm's price target on Ryder to $245 from $219 and keeps a Buy rating on the shares. Ryder reported stronger-than-expected operating EPS of $2.54, driven mainly by a lower share count and tax rate, while operating earnings were broadly in line with expectations, the analyst tells investors in a research note. Ryder raised its full-year EPS guidance and showed strength in its Fleet Management Solutions segment, with encouraging trends across other businesses and expectations for improving demand in its Dedicated Transportation segment over time, the firm says.

• TVTX Guggenheim analyst Vamil Divan raised the firm's price target on Travere Therapeutics to $56 from $54 and keeps a Buy rating on the shares. The firm is updating its Filspari market model following the April 13 FDA approval of Filspari in FSGS with a broader-than-expected label, the analyst tells investors.
• ELV Guggenheim raised the firm's price target on Elevance Health to $399 from $396 and keeps a Buy rating on the shares. Q1 upside was "largely telegraphed, but nonetheless a favorable development as the company positions themselves for continued execution off its currently low earnings baseline," the analyst tells investors post earnings.

• INSW Jefferies initiated coverage of International Seaways with a Buy rating and $90 price target. The firm launched coverage of the marine transportation industry, saying geopolitics and fleet constraints "remain an ongoing theme." Jefferies is bullish on the 2026 outlook for tankers. It expects a "decent year" for liquefied petroleum gas and is "increasingly optimistic" on dry bulk. Jefferies is neutral on liquefied natural gas and cautious on containers.
• NMM Jefferies analyst Stephanie Moore initiated coverage of Navios Maritime Partners with a Buy rating and $85 price target. The firm launched coverage of the marine transportation industry, saying geopolitics and fleet constraints "remain an ongoing theme." Jefferies is bullish on the 2026 outlook for tankers. It expects a "decent year" for liquefied petroleum gas and is "increasingly optimistic" on dry bulk. Jefferies is neutral on liquefied natural gas and cautious on containers.
• LPG Jefferies initiated coverage of Dorian LPG with a Buy rating and $42 price target. The firm launched coverage of the marine transportation industry, saying geopolitics and fleet constraints "remain an ongoing theme." Jefferies is bullish on the 2026 outlook for tankers. It expects a "decent year" for liquefied petroleum gas and is "increasingly optimistic" on dry bulk. Jefferies is neutral on liquefied natural gas and cautious on containers.
• SBLK Jefferies initiated coverage of Star Bulk Carriers with a Buy rating and $29 price target. The firm launched coverage of the marine transportation industry, saying geopolitics and fleet constraints "remain an ongoing theme." Jefferies is bullish on the 2026 outlook for tankers. It expects a "decent year" for liquefied petroleum gas and is "increasingly optimistic" on dry bulk. Jefferies is neutral on liquefied natural gas and cautious on containers.
• GSL Jefferies initiated coverage of Global Ship Lease with a Buy rating and $45 price target. The firm launched coverage of the marine transportation industry, saying geopolitics and fleet constraints "remain an ongoing theme." Jefferies is bullish on the 2026 outlook for tankers. It expects a "decent year" for liquefied petroleum gas and is "increasingly optimistic" on dry bulk. Jefferies is neutral on liquefied natural gas and cautious on containers.
• INTC Jefferies raised the firm's price target on Intel to $80 from $60 and keeps a Hold rating on the shares. Intel reported a "strong beat-and-raise" quarter as AI tailwinds are driving significant demand for server central processing units with tightness expected to persist through next year, the analyst tells investors in a research note. Jefferies believes it "remains early days" for AI's impact on the CPU market "with plenty of room to run."

• BLMN JPMorgan downgraded Bloomin' Brands to Underweight from Neutral with an unchanged price target of $6. The firm sees "more compelling" upside elsewhere in the sector. Years of elevated menu pricing versus peers and non-customer oriented costs have made the new CEO's job a "highly difficult one," the analyst tells investors in a research note. JPMorgan believes reinstating value at Roadhouse will be challenging.
• INTC JPMorgan raised the firm's price target on Intel to $45 from $35 and keeps an Underweight rating on the shares. The company's Q1 report and Q2 outlook beat expectations across the board, reflecting strength in data center, improved 18A yields, and a third consecutive capex upgrade, the analyst tells investors in a research note. However, JPMorgan says earnings quality issues, gross margin headwinds in the second half of 2026, spending "creep," and a foundry breakeven timeline that is likely to push beyond the end of 2027 keep it at Underweight.

• INTC KeyBanc raised the firm's price target on Intel to $110 from $70 and keeps an Overweight rating on the shares. The firm notes Intel posted strong Q1 results and guided Q2 solidly above. KeyBanc is encouraged by these results.
• KALU KeyBanc analyst Samuel McKinney raised the firm's price target on Kaiser Aluminum to $183 from $170 on a higher 2027 view, while keeping an Overweight rating on the shares. Following Kaiser's Q1 earnings results, the firm is increasing its 2026-2027 estimates on further end-market confidence in Aero/HS, where the second half of 2026 comparable sales should be much easier, and Packaging, where the new roll coat line Warrick is expected to average 80% utilization this year in a growing-demand/constrained-supply market.
• MUSA KeyBanc raised the firm's price target on Murphy USA to $600 from $560 and keeps an Overweight rating on the shares. The firm sees upside to 2026 fuel margins and potentially fuel gallons sold, and it believes new CEO Mindy West set achievable guidance on the Q4 call.
• ROKU KeyBanc analyst Justin Patterson raised the firm's price target on Roku to $140 from $130 and keeps an Overweight rating on the shares. The firm sees Roku's Q1 results tracking ahead of expectations, reflecting no major Ad disruption from the war and an ongoing ramp of Subscription revenue. While energy prices may keep the raise to annual guidance measured, KeyBanc would view this as a sign of management conservatism. I
• URI KeyBanc raised the firm's price target on United Rentals to $1,150 from $950 and keeps an Overweight rating on the shares following the company's Q1 beat and raised guidance. While the firm thinks buy-side expectations were low into the print, KeyBand is encouraged by continued momentum in mega-project demand and stronger than expected fleet productivity. It also thinks continued strong execution on cost controls to offset ongoing delivery and mix challenges could support modest margin upside into 2027. Lastly, the firm believes trends in Breaking Ground suggest the updated guide could be conservative, and sees further upside from potential M&A.

• PSX Morgan Stanley upgraded Phillips 66 to Overweight from Equal Weight with a price target of $174, up from $147. The firm cites upside in the company's chemicals unit and an attractive relative valuation at current share levels for the upgrade. Chemicals is a "key differentiator" for Phillips, the analyst tells investors in a research note. Morgan Stanley expects disruptions from the Iran conflict to result in polyethylene prices remaining elevated in 2026 before gradually moving lower through 2027.

• SSNC Needham lowered the firm's price target on SS&C to $90 from $95 and keeps a Buy rating on the shares. The company posted top and bottom line numbers above expectations while also generating record Q1 revenues and EBITDA, the analyst tells investors in a research note. The management highlighted strong momentum across Calastone, continued strength globally, especially in Australia, and growing AI agent traction ahead of the Blue Prism WorkHQ launch, the firm added, noting, however, that its reduced price target reflects software multiple compression.

• IFRX Oppenheimer analyst Mazahir Alimohamed assumed coverage of InflaRx with an Outperform rating with a price target of $5, down from $7. The firm views izicopan, an oral C5aR inhibitor with a differentiated pharmacological profile vs. avacopan, as InflaRx's main value driver. Backed by promising Phase 2a basket study data, InflaRx is advancing izicopan to Phase 2b in hidradenitis suppurativa, which to Oppenheimer is the primary near-term development focus.
• AQST Oppenheimer analyst Mazahir Alimohamed assumed coverage of Aquestive Therapeutics with an Outperform rating and $8 price target. The firm views Aquestive as a regulatory execution story for Anaphylm, with NDA resubmission in Q3 2026 and approval as the primary catalysts. Following the January 2026 CRL, the debate has shifted from differentiation to execution against a defined remediation path centered on packaging, administration, human factors, and a supportive PK study. Importantly, the March 2026 Type A meeting provided clarifying FDA feedback on PK and HF study designs, which Oppenheimer views as constructive, though the path remains not fully de-risked.
• SVRA Oppenheimer analyst Mazahir Alimohamed assumed coverage of Savara with an Outperform rating with a price target of $11, up from $9. With Priority Review granted to the BLA for molgramostim, an inhaled GM-CSF therapy, Savara's story has shifted toward regulatory execution and commercial positioning, the firm says. Robust data from Phase 3 IMPALA-2 in autoimmune PAP support the BLA package and the firm's view of a high-probability approval story, also given that prior FDA feedback was only CMC-related.

• TCBI Piper Sandler raised the firm's price target on Texas Capital to $100 from $96 and keeps a Neutral rating on the shares. The firm notes Q1 results were highlighted by better fee income, growth in the net interest margin, and continued capital deployment with the buyback. Management's continued investments in their mortgage finance, wealth management, and investment banking businesses appear to be bearing fruit, and they noted impressive cross-selling and coordination across business lines. However, meaningful loan and deposit growth remains key to achieving higher profitability for the bank, adds Piper.
• APPF Piper Sandler lowered the firm's price target on AppFolio to $210 from $245 to reflect the multiple derating in the software space, while keeping an Overweight rating on the shares. The firm notes the company posted solid Q1 results, underscored by healthy unit growth, stronger-than-expected customer additions, stable subscription ARPU growth, and value added services outperformance.

• PII Raymond James upgraded Polaris to Outperform from Market Perform with a $66 price target.

• VLY RBC Capital raised the firm's price target on Valley National to $16 from $14 and keeps an Outperform rating on the shares. Margin stability and loan growth drove strong net interest income momentum in Q1, while fees were lower sequentially yet strong on a year-over-year basis, the analyst tells investors in a research note.
• URI RBC Capital raised the firm's price target on United Rentals to $1,119 from $1,041 and keeps an Outperform rating on the shares. The company reported strong Q1 results, where accelerating revenue growth and better-than-expected profitability drove a broad-based beat and 2026 guidance was reiterated, the analyst tells investors in a research note. The strong share price performance after earnings reflects the negative sentiment heading into the print, with some likely expecting a negative guidance revision, the firm added.

• PINE Stifel raised the firm's price target on Alpine Income Property to $21.50 from $20.50 and keeps a Buy rating on the shares.

• NEE Wells Fargo raised the firm's price target on NextEra Energy to $102 from $99 and keeps an Overweight rating on the shares following quarterly results. The firm says the thematic tailwinds dominate the story for NextEra, even as conversion into EPS fundamentals remains longer dated. Q1 EPS beat came with several constructive datapoints for the long-term, and Wells doesn't see the Overweight thesis breaking.
• UNP Wells Fargo analyst Christian Wetherbee raised the firm's price target on Union Pacific to $300 from $260 and keeps an Overweight rating on the shares. Coming off its callback, the firm is raising estimates. Wells notes Q1 was better than expected, and the reaffirmed OR guide is solid given fuel headwinds, suggesting productivity upside.

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

• 1:00 PM ET US Treasury to sell $69B in 2-year notes
• 1:00 PM Et                    US Treasury to sell $70B in 5-year notes

• Earnings After the Close: AMKR ARE AVB BBBY BLX BRO BRX CBK CCK CDNS CINF CLS CR CTOS FSBC FSUN HLMN KFRC KRC LC NE NOV NUE NWBI PSA RMBS SANM SEI SSD TFII UHS VTR

• Needham Virtual Psychedelics Forum on 4/27
  
  

• 8:55 AM ET                   Johnson/Redbook Weekly Sales
• 9:00 AM ET                   Monthly Home Price M/M for February
• 9:00 AM ET                   CaseShiller 20 city index M/M for February
• 10:00 AM ET                 Consumer Confidence for April
• 10:00 AM ET                 Richmond Fed Index for April
• 1:00 PM ET US Treasury to sell $44B in 7-year notes
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: AAT ACGL AKR APAM ARI ASH ATEN BE BKNG CXP CDNA CLW CSGP CTO CZR EIX ENPH EQR ESI ESS EXE EXLS EXR FE FFIV FICO GEF HIW HOOD HTO IR IVT LRN LSTR MDLZ MIR MX NBR NEO NOG NTB NXPI OHI OI OKE OMC ORN PEB PPG PRCH QUAD RBBN RNR RNST ROG RSI RUSHA SBUX SIMO SLDE ST STAG STX TER TMUS TRMK TRTX TWO UCTT UMBF UNM V VLTO VRNS WBS WELL WERN WM WPC

• 8:30 AM ET                   Durable Goods data for March
• 8:30 AM ET                   Housing Starts M/M for March
• 8:30 AM ET                   Building Permits M/M for March
• 8:30 AM ET                   Advance Goods Trade Balance for March
• 10:30 AM ET                 Weekly DOE Inventory Data
• 2:00 PM ET FOMC Rate Decision – no change expected holding at 3.5%-3.75%

• Earnings After the Close: ACHC ACR AFG AFL AGI ALGN ALKT ALL ALRS AM AMRZ AMZN AR ASIC AWK AWRE AXS BBT BELFA BHC BHE BN BNL BVN CAKE CBZ CHRW CLB CMG CMPR CNMD CNXN CP CUZ CVI CVNA CWH EBAY EG EQIX ESRT ETD F FCPT FIBK FLS FMC FORM FTAI GFL GKOS GOOGL GRBK ILPT INVH IRT KGC KLAC LUNG LXU MAA MAT MAX MC META MGM MORN MSFT MTG MUSA MYRG NFG NEW ORLY PDS PFS PI PLXS PPC QCOM QTWO REG RM RRR RWT SBAC SBRA SCI SFM TDOC TENB THG TTEK TTI TTMI TYL UAN UDR UFPI VIAV VICI WAY WFG WH WWD

• China Composite PMI for April

• 8:30 AM ET                   Continuing Claims
• 8:30 AM ET                   Personal Income M/M for March
• 8:30 AM ET                   Personal Spending M/M for March
• 8:30 AM ET PCE Price Index M/M for March
• 8:30 AM ET PCE Price Index Y/Y for March
• 8:30 AM ET                   Core PCE Price Index M/M for March
• 8:30 AM ET                   Core PCE Price Index Y/Y for March
• 8:30 AM ET                   Gross Domestic Product (GDP) Q1 advance
• 8:30 AM ET GDP Q1 advance consumer spending
• 8:30 AM ET GDP Q1 price deflator
• 8:30 AM ET GDP Q1 Core PCE prices
• 8:30 AM ET                   Employment Cost Index (ECI) for Q1
• 9:45 AM ET                   Chicago PMI for April
• 10:00 AM ET                 Leading Index Change M/M for February
• 10:30 AM ET                 Weekly EIA Natural Gas Inventory Data

• Earnings After the Close: AAPL ACA ACCO AEM AIG AJG ALGT ALHC AMGN ANGX ARDS ASUR ATR AX AXTI BIO BZH CABO CERS CLX CNO COHU COLM CPT CUBE CWST DLB DRH DXCM EBS EGO EHC EMN EXPO FHI FIVN FND FSLR GDDY GDYN HCC HG HR HUN ILMN IMAX INBK INGM INN IRTC JAKK KIDS KWR LOPE LPLA MAT MHK MMSI MPWR MTX MTZ NEWT OLED OPAD OSPN PCRX PDM PK RBLX RDDT RHP RIOT RIVN RMD ROKU RYAN SBGI SEM SKT SNDK SNDR SPSC SPXC SYK TEAM TREE TRUP TWLO UMH WDC WEAV WHG WY ZETA

• 10:00 AM ET ISM Manufacturing PMI for April
• 1:00 PM ET                    Baker Hughes Weekly rig count data
• Monthly auto sales for April released

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