Early Look

Wednesday, June 10, 2026

U.S. futures tumble overnight after the U.S. military struck Iranian targets after President Trump vowed on Tuesday to respond to the downing of a U.S. Apache attack helicopter. The latest attacks shifted traders' focus back towards war risks and potential supply disruptions while markets also awaiting data today with May consumer prices (CPI) at 8:30 am et. Economists are looking for headline Consumer Price Index (CPI) M/M for May to rise +0.5% (prior +0.6%) and Y/Y est. +4.2% (prior +3.8%) and Core CPI – Ex: Food & Energy M/M for May est. +0.3% (prior +0.4%) and Y/Y for May est. +2.9% (prior +2.8%). Oil prices were steady, as renewed U.S.-Iran hostilities muddied direction and investors weighed lower Chinese demand with global inventory draws. Lower Chinese crude oil imports are helping to keep a ceiling on prices, as is a limited flow of shipping through the Strait of Hormuz. Prices earlier traded higher on renewed strikes by the United States and Iran, before retreating towards the previous session's close. Iran said it would resume hostilities if Israel continued to attack the Hezbollah militia in Lebanon. Gold prices tumble, falling under $4200/oz for the first time since March 23, while gold has not closed under the figure since December 8.

Stock markets finished mixed on Tuesday as the Dow Jones Industrial Average and Russell 2000 index both finished in positive territory, but a market rotation out of chip stocks resumed, sending the S&P 500 index and Nasdaq Composite lower, though recovered from deeper losses on Tuesday. Key inflation data today with CPI and tomorrow PPI, as well as Oracle (ORCL) earnings tonight and a few key central bank meetings including the ECB which is expected to raise rates comes ahead of a major event on Friday, when SpaceX (SPCX) is expected to make its market debut and set a record for the largest public offering in history with the 555M share IPO expected to price at $135 per share. In Asian markets, The Nikkei Index tumbled -1,237 points to 64,179, the Shanghai Index fell -16 points to 3,993, and the Hang Seng Index dropped -157 points to 24,407. In Europe, the German DAX is down -212 points to 24,220, while the FTSE 100 declines -61 points to 10,165.

• The Dow Jones Industrial Average rose 86.10 points, or 0.17%, to 50,872.11
• The Nasdaq Composite dropped -250.84 points, or 0.97%, to 25,678.82
• The Russell 2000 Index advanced 11.60 points, or 0.41% to 2,867.02

• 8:30 AM ET                   Consumer Price Index (CPI) Headline M/M for May…est. +0.5% (prior +0.6%)
• 8:30 AM ET                   Consumer Price Index (CPI) Headline Y/Y for May…est. +4.2% (prior +3.8%)
• 8:30 AM ET                   Core CPI – Ex: Food & Energy M/M for May…est. +0.3% (prior +0.4%)
• 8:30 AM ET                   Core CPI – Ex: Food & Energy Y/Y for May…est. +2.9% (prior +2.8%)
• 10:30 AM ET                 Weekly DOE Inventory Data
• 11:00 AM ET                 Cleveland Fed CPI for May
• 1:00 PM ET US Treasury to sell $42B in 10-year notes
• 2:00 PM ET                    Federal Budget for May

• Earnings After the Close: AEMD ATEX MIND NAVN ORCL OXM SFIX

• DA Davidson 2nd Annual Technology & Consumer Conference, 6/10-6/12, in Nashville, TN
• Goldman Sachs Global Healthcare Conference, 6/8-6/10
• Mizuho Technology Conference, 6/9-6/10, in New York
• Oppenheimer 26th Annual Consumer Growth & E-Commerce Conference, 6/8-6/11
• Oppenheimer 24th Annual Semiconductor Bus Tour, 6/10-6/12
• Truist Las Vegas Gaming Bus Tour 6/10

• China May wholesale inflation hits near 4-year high on Iran war, Ai costs; consumer inflation misses. -The producer price index jumped 3.9% from a year ago, the highest since July 2022. Consumer prices rose 1.2% in May from a year earlier, missing economists’ estimates of 1.3% growth.
• Bank of Japan Governor Kazuo Ueda has been hospitalized for medical treatment and will miss the June 15-16 policy meeting, the central bank said on Wednesday. Deputy Governor Ryozo Himino will preside over the rate review in place of Ueda, and the other deputy governor, Shinichi Uchida, is set to host the post-meeting press conference, the BOJ said in a statement.
• Turkish President Tayyip Erdogan said on Wednesday that Israel's attacks on Syria and Lebanon had reached a point where they also threaten Turkey, adding Israel's "aggression" posed a threat to the whole world and must be stopped.
• Japan's PPI rose 0.9% MoM in May (est. 0.8%, prev. 2.8%) and 6.3% YoY (est. 5.6%, prev. 5.3%) accelerating for a third straight month. Import prices rose 3.0% MoM and 15.5% YoY (prev. 10.8%), with export prices up 0.7% MoM and 11.7% YoY (prev. 9.7%).

• Casey’s General Stores (CASY) Q4 revs $4.57B and EPS $4.37; Q4 Fuel same-store gallons were up 1.5% compared to the prior year with a fuel margin of 46.9 cents per gallon; Q4 Inside same-store sales were up 5.5% compared to the prior year, and 7.4% on a two-year stack basis, with an inside margin of 42.4%
• Cracker Barrel (CBRL) Q3 adj EPS $0.29 vs. est. loss (-$0.48); Q3 revs $797.4M vs. est. $776.7M; reported Q3 comp store sales growth fell -2.6%; guides FY revs $3.27B-$3.3B vs. est. $3.25B; guides FY Ebitda $120M-$125M and capex $105M-$115M.
• Limoneira (LMNR) Q2 EPS adj. $(0.29) vs est ($0.21); Q2 revs $23.9Mm vs. $21.4Mm est. (beat); adj. EBITDA loss $(1.7Mm) vs est ($2.269Mm); raises FY2026 avocado volume guidance to 5.5Mm-6.5Mm lbs (raised); reiterates FY2026 fresh lemon volume guidance of 4.0-4.5Mm cartons.

• Devon Energy (DVN) upgraded to Outperform from In Line at Evercore ISI.
• Volvo (VLVLY) sees revenue from autonomous transportation approaching $3B within five years after starting driverless operations on U.S. highways in a few months, Bloomberg reports. Robo-trucks are poised to start driving in the U.S. during the first quarter, with more than 300 autonomous rigs on highways by the end of 2027

• Invesco Ltd. (IVZ) prelim month-end assets under management (AUM) of $2,453.9 billion, an increase of 4.9% versus previous month-end. The firm delivered net long-term inflows of $18.9 billion in the month. Money market net inflows were $0.4 billion. AUM was positively impacted by favorable market returns which increased AUM by $96 billion.
• KKR (KKR) and Energy Capital Partners is in detailed talks to acquire Ireland's DCC, valuing the energy distributor at over £5 billion ($6.69 billion), Sky News reported on Wednesday.
• Robinhood Markets, Inc. (HOOD) May 2026 operating data shows total platform assets $377B as of May 2026, up 9% from April; Net deposits $5.6B in month and crypto trading volumes $12.2B, up 3% M/M.

• Lakeland Industries (LAKE) Q1 EPS $0.04 vs. $(0.15) vs. est. (beat by $0.19); net sales $47.4Mm (+1.4% YoY) in line with $47.4Mm est.; Q1 adj. EBITDA ex-FX $1.1Mm; net Income $0.4Mm, returning to profit; no explicit Q2 or FY27 guidance disclosed.
• Novo Nordisk (NVO) is heading to court in South Africa on Wednesday to try to halt the sale of unapproved copies of semaglutide, the key ingredient in its blockbuster weight-loss and diabetes drugs Wegovy and Ozempic.
• Sanofi (SNY) said it would stop a late-stage study of an experimental treatment for a rare immune disorder after concluding the drug was unlikely to deliver sufficient efficacy; SNY said it would consider whether to continue other studies for the drug, riliprubart, currently under way.
• Summit Therapeutics (SMMT) files for mixed shelf offering.
• Tango Therapeutics (TNGX) 18.2M share Secondary priced at $30.00

• Akamai (AKAM), a Microsoft (MSFT) partner, announced it has earned the Solutions Partner with certified software designation for API Security within the Microsoft AI Cloud Partner Program
• ChipMOS (IMOS) reports May revenue $76M, up 17.7%.
• Super Micro Computer Inc. (SMCI) announces proposed $7.0B of equity and equity-linked financing transactions to fund ai orders. The proposed offerings consist of: concurrent underwritten offerings: $5.0B underwritten public offerings, consisting of: (1) approximately $1.25B of common stock and (2) approximately $3.75B of depositary shares

Mid-Morning Look

Wednesday, June 10, 2026

U.S. futures were down sharply overnight, adding to prior day losses amid rising Middle East tensions and a further sell off in tech after tumbling Tuesday. U.S. forces launched strikes against Iran in response to the downing of a U.S. Army Apache helicopter near the Strait of Hormuz, according to U.S. Central Command. President Trump later threatened Iran in a Truth Social post early Wednesday, sending U.S. stock futures lower and boosting oil prices. The President criticized Iran for failing to reach a peace agreement with the U.S. following a fresh round of attacks that have heightened tensions and tested a fragile two-month ceasefire. "They've taken too long to negotiate a deal that would have been great for them, now they will have to pay the price," Trump wrote on his social media platform on Wednesday. Futures fell further at that point ahead of the May consumer price index (CPI) inflation reading. The reading came in hot as consumer inflation increased at its fastest pace in three years, giving more ammunition for the Federal Reserve to keep interest rates unchanged into 2027. The Consumer Price Index (CPI) increased 4.2% in the 12 months through May, the largest gain since April 2023, but was in-line with economists views/prices increased 0.5% on a monthly basis after climbing 0.6% in April. Treasury yields are down slightly despite the CPI data holding high. As remains the case for months on end, every sharp pullback in markets has led to a “buy the dip” with today no different, as the S&P 500, Nasdaq Comp and Russell 2000 all showing early resiliency and turning positive after falling 1% overnight. REITs (XLRE) at 52-week highs, Financials (XLF) showing some strength crossing back above its 200dma resistance, Staples (XLP) strong as well. Oracle (ORCL) earnings tonight in tech sector and PPI inflation data tomorrow ahead of SpaceX IPO pricing.

• In Restaurants: CBRL was upgraded to Overweight at Wells Fargo and raised tgt to $50 from $35 after results last night as Q3 beat and raise show its turnaround is regaining ground; CBRL highlighted better than expected same-store sales supported by continued traffic recovery. CAVA was upgraded to Buy from Neutral at UBS and raised tgt to $90 from $85 given solid comp sales outperformance vs peers, catalysts exist to sustain comp sales momentum, and potential upside to the 1,000 unit growth target by '32; SBUX is considering options for its Japanese business, including a potential stake sale, Bloomberg reported.
• MLPs/Pipelines: Morgan Stanley downgraded TRP to Equal weight (from Overweight) following strong recent performance, upgraded WES to Equal weight (from Underweight) as recent M&A has repositioned WES strategically, offering greater visibility into +4–5% multiyear EBITDA growth, a growth profile and resulting total return potential that are now more in-line with the broader group, and downgraded HESM to Underweight as limited visibility into long-term growth and sponsor strategy are likely to constrain upside, particularly given a poor history in the Midstream sector of other sponsored vehicles whose strategies have remained unaddressed for extended periods of time following a change in circumstances.

• AMAT +3%; hitting all-time highs in semi equipment along with KLAC with LRCX not far behind.
• CASY +15%; reported strong Q4 results, with inside comps, fuel margins, and fuel gallons above the Street, as Inside comps were driven by strength in prepared food and dispensed Beverage, with notable strength in whole pizzas, appetizers, and sides.
• CBRL +30%; was upgraded to Overweight at Wells Fargo and raised tgt to $50 from $35 after results last night as Q3 beat and raise show its turnaround is regaining ground; CBRL highlighted better than expected same-store sales supported by continued traffic recovery.
• DVN +5%; along with bounce in oil as well as upgraded to Outperform from In Line at Evercore saying mid-month update provides a clearing event, layering an explicit approach to the portfolio review + synergy and cash-return detail on top of better than expected 2026 capital efficiency.
• HOOD +7%; May 2026 operating data shows total platform assets $377B as of May 2026, up 9% from April; Net deposits $5.6B in month and crypto trading volumes $12.2B, up 3% M/M.

• DNTH -14%; falling after SNY halted its Phase 3 MOBILIZE trial of riliprubart in treatment-refractory CIDP; shares fell as DNTH’s lead candidate, claseprubart (DNTH103/DNTH-103), is also a highly Selective C1s inhibitor in the same complement pathway.
• ODFL -4%; Trucking sector pressured (CHRW, JBHT, WERN, LSTR) as Amazon announced the U.S. expansion of its less-than-truckload freight beyond its current inbound-to-Amazon offering
• SMCI -12%; as announces proposed $7.0B of equity and equity-linked financing transactions to fund ai orders. The proposed offerings consist of concurrent underwritten offerings $5.0B underwritten public offerings, of approximately $1.25B of common stock and approximately $3.75B of depositary shares
• UAL -3%; as airlines slide with the bounce in oil prices (DAL, AAL).

Closing Recap

Tuesday, June 09, 2026

Stocks finished lower on Tuesday in a volatile trading day but finished well off the lows ahead of key inflation data tomorrow morning. The Nasdaq Comp declined more than 3% at one point after opening higher and rising as much as 1% as U.S. technology stocks saw a sharp reversal off morning highs, taking the broader market with it. The Nasdaq high to low on the day was 1,275 point range (26,259 high vs 24,984 low), which follows a more than 1,000 point decline last Friday off stretched levels for the likes of AI, semis, optical, and infrastructure/data center plays that saw more weakness today. While Tech and Energy fell sharpy, the other nine S&P sectors closed higher with biggest gains in REITs, Healthcare and Materials. Attention now turns to the consumer price index (CPI) May inflation reading tomorrow morning, followed by Oracle (ORCL) earnings tomorrow night and then PPI inflation data Thursday along with the SpaceX IPO pricing Thursday night. A busy week still ahead.

Tech stocks started the ball rolling lower this morning to the downside, led first by weakness in optical stocks (AAOI, COHR, LITE, CIEN, GLW) following some industry wide comments, which then rolled into selling for semiconductors (SOX, SMH). The saw other big momentum related sectors falling as well like space and satellite names ahead of the highly anticipated SpaceX IPO on Thursday night. Energy was weaker all day as oil prices fell over -4% to 7-week lows given cooler heads in Middle East for now.

In the geopolitical arena, oil prices had been lower all morning, falling over -5% and hitting 7-week lows on all quiet between Iran and Israel the last 2 days after tensions this weekend…but a post by President Trump on Truth Social saying “Iran shot down the U.S. Apache helicopter that was patrolling the Strait of Hormuz overnight, adding that "the United States must, of necessity, respond to this attack" pare losses. Treasury yields slipped slightly along with the dollar index (DXY) awaiting the CPI data tomorrow morning. The CBOE Volatility index hit highs 23.34 before paring gains late day to +5% around 19.90 as stocks recovered off their morning lows. Lots of volatility, big swings and some wreck in tech, but the S&P 500 still only closed down -0.27% and Nasdaq -1% while the Dow and Russell 2000 both finished positive on the day.

• Existing Home Sales for May rose +3.2% to 4.17M unit rate vs April +0.7% 4.04M (prev 4.02M); May inventory of homes for sale 1.55M units, 4.5 months' worth and the May National median home price for existing homes $429,300, +1.3% from May 2025.
• April wholesale inventories revised to +0.6% (consensus +0.5%) from +0.5%; U.S. April wholesale sales +2.0% (consensus +2.4%); U.S. April wholesale sales +2.0% (consensus +2.4%) vs March +3.0% (prev +2.8%); U.S. April stock/sales ratio 1.19 months' worth vs March 1.21 months.

• Gold and silver prices fell, tracking a broader market sell-off, pressured by rising expectations of a U.S. interest rate hike this year, while investor focus turned to key inflation data tomorrow (CPI) and Thursday (PPI). August gold prices fell -$77.00/oz, or -1.76%, to settle at $4,286.40 an ounce and July silver prices declined dropped  -$3.35/oz, or -4.88%, at $65.24 an ounce. Traders are pricing in about 70% chance of a Fed rate hike in December, according to the CME FedWatch too. A “hotter” CPI reading tomorrow could raise those expectations even more.  @Bluekurtic noted on X, “Gold also fell below its 200-day moving average after an incredible 660 trading days above it. That's the 3rd-longest streak since 1970.”

• Food sector: SJM posts Q4 adj EPS of $2.77, above ests of $2.64 and guides FY26 EPS $9.75-$10.25, largely above estimates of $9.79saying higher pricing, especially for coffee, along with lower debt interest, helped offset rising commodity costs; posted Q4 sales beat of $2.27B but sees Fy sales down -3%-4% vs. est. +0.7%. AVO reported Q2 adj. EPS $0.01 vs. $0.05 est. (miss by $0.04) on better revs $290.9Mm vs. $256.3Mm est.
• Consumer Staples, specifically consumer products makers like CLX, CL, EL, KMB, and PG were among the top gainers in the S&P 500 amid a rotation out of tech earlier in the day.

• In Lodging & Leisure: MTN shares fell after results as EPS $8.81 missed est. $8.95 while Q3 net income $314.4M vs. $389.7M y/y and Q3 adj Ebitda $586.4M, down from $647.7M y/y; reduced FY26 views  to in line with the update provided in April, expecting net income of $128M-$162M and Ebitda $735M-$755M.
• RV/Towables (THO, WGO, CWH, PATK) Keybanc said U.S. retail was -16.9% Y/y (N.A. -16.2% Y/y), and based on average revision trends, KEYB sees April fully revised N.A. retail -LDD% Y/y, slightly softer than normal seasonality (+21% sequentially; +23% normal sequential). March U.S. headlines were revised +538 bps to -16.5% Y/y, with February +24 bps to -20.1% (+403 bps total).
• In Autos: STLA’s Chrysler is recalling a group of hybrid electric vehicles over concerns that their battery packs may catch fire. The National Highway Traffic Safety Association said the battery packs may catch fire even when the vehicle is parked with the ignition in the "Off" position, increasing the risk of injury; VWAV to acquire controlling stake in FRSX for $17.5M; Visionwave to issue $17.5M in shares plus up to $3M in management equity grants

• Clean Energy/Alternative Power: FCEL was upgraded to Buy from Hold at Canaccord and raised tgt to $30 from $12 citing the company's potential opportunity over the coming years in the data center market for the upgrade. There is enough data points to suggest that a transformative data center deal is within reach for FuelCell, "long with plenty more behind that.
• Utility & Energy stocks: BP said it would reorganize into two business segments — upstream and downstream — from three, as it seeks to simplify operations. In Utes, U.S. power consumption, which hit its second straight annual record high in 2025, will rise further in 2026 and 2027, driven by AI-hungry data centers and electrification, the EIA said in its Short-Term Energy Outlook. The EIA projected power demand will rise from a record 4,195 billion kilowatt-hours (kWh) in 2025 to 4,271 billion kWh in 2026 and 4,397 billion kWh in 2027.

• Asset Managers: CNS reported preliminary assets under management of $99.5B as of May 31, 2026, a decrease of $645M from assets under management of $100.1B at April 30, 2026. The decrease was due to market depreciation of $592M and distributions of $154M, partially offset by net inflows of $101M.
• Payments & Consumer Finance: PAYO shares spiked after Reuters reported this morning that Nuvei is in advanced talks to acquire the cross border payments company; SYF 30+ delinquency rate 4.2% as of May 31, 2026, and adjusted net charge-off rate 5.4% as of May 31, 2026. Reuters reported that Jana Partners wants payments company FISV to sell additional assets and appoint new directors with banking software and payments experience, the activist investor said on Tuesday.

• IDYA 5.56M share Spot Secondary priced at $27.00
• LLY, NVO Goldman Sachs raised its forecast for the global obesity-drug market to $114B by 2030, up roughly 13% from a $101B projection in December, citing rapid adoption of oral GLP-1 obesity drugs and a shift from a niche, high-price segment to a mass-consumer market.
• MRK provide update on phase 3 keynote-d46/evoke-03 study; said study did not achieve statistical significance for progression-free or overall survival; discontinuation of phase 3 keynote-d46/evoke-03 study investigating Gilead's Trodelvy in combination with Keytruda.
• NOVT announces acquisition of Riverpoint Medical in deal valued at $1.2B upfront plus $250M milestone payment in Q1 2027.
• NUVL shares jump after agreeing to be acquired by GSK for $10.6B. GSK is making a tender offer for Nuvalent at $124 a share in cash, a 40% premium to yesterday’s close. The biotech has two experimental lung-cancer drugs in late development, zidesamtinib and neladalkib.
• PRGO said both its chief executive and president resigned. The departures after the CEO's personal conduct was found to violate the company code

• In Homebuilders: KBW upgraded TOL to Outperform with $161 tgt and downgraded LEN to Underperform and cut tgt to $86 from $97 saying that in a challenging, K-shaped housing market, homebuilders levered to the entry-level consumer face earnings risk, while those exposed to the affluent, move-up, and active adult segments are better positioned to defend margins.
• In Aero/Space sector: ASTS announced that the launch of the BlueBird 8, 9, and 10 satellites is currently scheduled for Wednesday, June 17, 2026, from Cape Canaveral, Florida, aboard a Falcon 9 Rocket. Liftoff is targeted for 2:39 A.M. EDT with additional opportunities available until 4:15 A.M. RDW filed to sell up to $500M shares of common stock in offering. BA said that it delivered 60 jets in May, a 33% increase over the same period last year, though fewer than the 81 delivered by European rival Airbus. Boeing's May deliveries included 51 737 MAX jets, the highest number of its popular single-aisle model in one month since 12’24.
• Metals & Mining: CLF was upgraded to Hold from Sell and raise PT to $15 at GLJ Research as U.S. hot rolled coil has continued to grind higher as an unusually tight physical market colliding with a structural import wall has proven "both more durable and more price-supportive than we modeled.
• In Shipping: The Baltic Exchange's dry Bulk Freight index, which tracks rates for ships carrying dry Bulk commodities, fell as the Baltic index fell 98 points, or 3.4%, to 2,818 as the Capesize index was down 278 points, or 5.9%, at 4,441, the panamax index fell 13 points, or 0.6%, to 2,205 and Supramax was up 18 points, or 1.1%, at 1,614. Iron Ore futures fell for the Fifth straight session.

• AI Data Center/Infrastructure sector: APLD announced a 210MW lease at Delta Forge-2 with the same U.S.-based, high IG hyperscaler as DF-1 & PF-3; APLD still has ~1.4GW in the '28 & '29 pipeline. The deal has 15-year duration, ~$5.2B TCV, which equates to ~$1.65M/MW annually. NBIS announced the Physical AI Living Lab, a six-month program that equips British and European robotics startups with NVIDIA's physical AI development tools and Nebius' AI cloud infrastructure.
• Optical stocks saw weakness (AAOI, CIEN, LITE, COHR) after SemiAnalysis sent a report to its institutional clients making a negative call on the CPO (co-packaged optics) rollout. However, this afternoon Tae Kim on X noted NVDA executive is bullish on CPO rollout, seemingly refuting SemiAnalysis narrative. Tae Kim noted on Substack that he interviewed an Nvidia networking executive at Computex who seemingly refutes the SemiAnalysis narrative and basically said the opposite on CPO.
• EDA Sector: CDNS announced a multi-year Design Technology Co- Optimization (DTCO) collaboration with Intel Foundry targeting Intel 14A, deepening an already-significant relationship and reinforcing CDNS' positioning at leading-edge process nodes.
• Software movers: SAIL shares tumbled after slight beat for Q1 with EPS $0.05/$280.1M revs (as sub revs +23% to $266M) vs. est. $0.04 and $275.8M, while guides Q2 rev growth 17%-18% inline with ests $309.7M; while Q1 operating loss shrank to -$80M from -$185M y/y, it was still wider than the -$40M loss in Q4; raised year rev view to $1.265B-$1.275B from prior $1.26B-$1.27B.
• Semiconductor: After a strong bounce back on Monday following Friday’s mass selling pressure in semis (SOX), today was back lower and took out the Friday lows in a broad sell off in tech and big winners of 2026 with AMD, ARM, SMCI, NVDA, WDC, INTC and many others all tumbling.
• Telecom Equipment: shares of NOK and ERIC declined after news NVDA is developing a chip for the radio unit in 6G Mobile networks. A Dagens Industri article cites an ABG Sundal Collier report saying the U.S. chip maker is developing a chip for the radio unit in 6G mobile networks, something that in the long run could be negative for the two telecom equipment companies

Street Recommendations

Wednesday, June 10, 2026

• DDOG Barclays analyst Raimo Lenschow raised the firm's price target on Datadog to $260 from $215 and keeps an Overweight rating on the shares. The firm left "Datadog Dash" more confident in the company's vision of building an autonomous observability platform. Datadog's product velocity will continue to drive its leading position, despite increasing competitive pressure, the analyst tells investors in a research note.
• HON Barclays lowered the firm's price target on Honeywell to $239 from $251 and keeps an Overweight rating on the shares. The firm updated the company's model ahead of the capital markets day to reflect a weaker near-term cash flow outlook.
• TYL Barclays analyst Saket Kalia raised the firm's price target on Tyler Technologies to $425 from $420 and keeps an Overweight rating on the shares. The company took up its 2030 recurring revenue target on better expectations for software-as-a-service and raised its 2030 EBIT margins, underpinning $1.1B-$1.2B in 2030 free cash flow, the analyst tells investors in a research note. The firm says Tyler is still early on its AI opportunity.
• OSCR Barclays analyst Andrew Mok upgraded Oscar Health to Overweight from Equal Weight with a $35 price target.

• JAZZ BofA raised the firm's price target on Jazz Pharmaceuticals to $307 from $281 and keeps a Buy rating on the shares. After having surveyed 15 oncologists to gauge planned uptake of Ziihera in first-line metastatic HER2+ GEA cancer, the firm sees about $1.3B peak Ziihera GEA sales, or 30% higher than its prior view, supported by strong Phase 3 data recently published in NEJM and ASCO and survey-driven upside to penetration, the analyst tells investors.
• SJM BofA analyst Peter Galbo raised the firm's price target on J.M. Smucker to $132 from $130 and keeps a Buy rating on the shares. Despite significant macro disruption, Smucker provided an initial FY27 outlook with $10 in EPS at the midpoint, notes the analyst, who raised the firm's FY27 EPS forecast to $10 and expects shares to continue to outperform center store food peers.
• TYRA BofA raised the firm's price target on Tyra Biosciences to $42 from $37 and keeps a Buy rating on the shares. Ahead of the August readout for dabogratinib from the SURF-302 study, the firm sees the update as "likely to go a long way toward validating dabo's tolerability-driven differentiation thesis" and sees room for Tyra shares to re-rate following a pullback since May, the analyst tells investors.

• SJM BTIG raised the firm's price target on J.M. Smucker to $130 from $120 and keeps a Buy rating on the shares after its Q4 earnings beat. Not every food company can speak to cost deflation, fundamental EPS growth, ongoing deleverage, and strong free cash flow, but Smucker checks all those boxes while trading at a 9% free cash flow yield and a 20% P/E valuation discount relative to its 10-year average, the analyst tells investors in a research note.
• ETR BTIG lowered the firm's price target on Entergy to $126 from $131 and keeps a Buy rating on the shares. The company hosted its Investor Day this week and successfully made the case for its best in class growth potential that should be sustainable well into the next decade, the analyst tells investors in a research note. The near term financial outlook was largely unchanged and the new 2030 capital and financing plan and EPS guidance were in line with consensus, but there was a lot of detail on both execution and potential upsides, the firm added.

• LRCX Cantor Fitzgerald analyst C.J. Muse raised the firm's price target on Lam Research to $425 from $320 and keeps an Overweight rating on the shares. Cantor believes the semi equipment industry is in the "early innings of a multi-year supply-constrained and durable upcycle." The outlook has improved over the last three months with bookings visibility now beginning to extend into 2028, the analyst tells investors in a research note. The firm says leading-edge foundry and logic is the primary wafer fab equipment growth driver, with the majority of new wafer start investments in 2026 and 2027 in AI-driven logic.
• KLAC Cantor Fitzgerald raised the firm's price target on KLA Corp. to $2,500 from $2,000 and keeps an Overweight rating on the shares. Cantor believes the semi equipment industry is in the "early innings of a multi-year supply-constrained and durable upcycle." The outlook has improved over the last three months with bookings visibility now beginning to extend into 2028, the analyst tells investors in a research note. The firm says leading-edge foundry and logic is the primary wafer fab equipment growth driver, with the majority of new wafer start investments in 2026 and 2027 in AI-driven logic.

• NKE Citi lowered the firm's price target on Nike to $47 from $53 and keeps a Neutral rating on the shares. Citi expects Nike to report a small earnings beat for fiscal Q4 on June 30. The company's China trends will remain "sluggish" for the foreseeable future, the analyst tells investors in a research note.
• RNR Citi analyst Matthew Heimermann upgraded RenaissanceRe to Buy from Neutral with a price target of $345, up from $335. The firm sees increased buybacks and book value growth in the second half of 2026 for RenaissanceRe, driven by "benign" catastrophes. Investor focus will likely shift to the company's results from pricing, which has been a headwind, the analyst tells investors in a research note.
• LULU Citi lowered the firm's price target on Lululemon to $130 from $185 and keeps a Neutral rating on the shares. The firm says that while Lululemon may look "relatively cheap," consensus estimates remain too high. Citi does not see a near-term fix for the business.

• DVN Evercore ISI upgraded Devon Energy to Outperform from In Line with a $54 price target. The better than expected mid-month update underscores not just improving capital efficiency, but also a "surprise, explicit comment on the portfolio review, with the key word being 'expeditiously'," the analyst tells investors. Post update, the firm sees Devon trading at a valuation it calls "too cheap to ignore."

• BNTC Guggenheim downgraded Benitec Biopharma to Neutral from Buy without a price target while subsequently terminating coverage of the name. Benitec is engaging with the FDA mid-year to formalize the BB-301 pivotal study design, the analyst tells investors in a research note. The firm says the lack of FDA leadership creates uncertainty around the study's endpoints and timelines.
• NUVL Guggenheim analyst Brad Canino downgraded Nuvalent to Neutral from Buy with a price target of $124, down from $151, citing the proposed acquisition by GSK for $124 per share in an all-cash transaction. The firm cites the pending deal for the downgrade.
• ZVRA Guggenheim raised the firm's price target on Zevra Therapeutics to $29 from $25 and keeps a Buy rating on the shares after the company announced that it submitted U.S. Patent No. 11,707,456 for Orange Book listing on Miplyffa. The firm is updating estimates to take into account a longer exclusivity runway now until 2039, the analyst tells investors.

• ILMN JPMorgan upgraded Illumina to Overweight from Neutral with a price target of $185, up from $125. JPMorgan cites Illumina's customer "stickiness" and its favorable recent customer survey for the upgrade. The survey shows that both the company's research and clinical customers expect instrument and consumables spending in 2027 and 2028 to be above Illumina's current organic growth trends and long-term target of high single digit growth, the analyst tells investors in a research note. The customers also indicate the company's next-generation sequencing share is expected to increase in the next two years, adds the firm.
• CLF JPMorgan raised the firm's price target on Cleveland-Cliffs to $13 from $9 and keeps a Neutral rating on the shares. The firm updated steel models as part of a mid-quarter preview. It expects solid Q2 earnings report and "better-than-seasonal" second half of 2026 outlooks. JPMorgan continues to see the U.S. steel sector as a "relative safe haven."
• NUE JPMorgan analyst Bill Peterson raised the firm's price target on Nucor to $282 from $240 and keeps an Overweight rating on the shares. The firm updated steel models as part of a mid-quarter preview. It expects solid Q2 earnings report and "better-than-seasonal" second half of 2026 outlooks. JPMorgan continues to see the U.S. steel sector as a "relative safe haven."

• MAC KeyBanc raised the firm's price target on Macerich to $27 from $25 and keeps an Overweight rating on the shares. The firm views Macerich's Path Forward Plan update to be slightly better than expected, with incremental improvement across key milestones. The 2028 FFO/share midpoint increased about 5% to $1.90, reflecting contributions from both the Crabtree and Annapolis Mall acquisitions, alongside continued leasing and capital allocation execution. Importantly, the update improves visibility into execution and timing, supported by ongoing leasing progress.

• ETR Mizuho lowered the firm's price target on Entergy to $122 from $126 and keeps an Outperform rating on the shares following the investor day. The company rolled forward guidance through 2030, provided "directional clarity" through 2035, and emphasized upside above the over 8% base case post-2030, the analyst tells investors in a research note. The firm cites current market multiples for the target cut.
• REXR Mizuho analyst Vikram Malhotra lowered the firm's price target on Rexford Industrial to $35 from $38 and keeps a Neutral rating on the shares. The company's first derivative catalyst, business formations, continue trending down and population migration remains a net negative, the analyst tells investors in a research note. The firm's updated model suggests 2027 Street estimates are 3-4% too high for Rexford.

• KO Morgan Stanley analyst Dara Mohsenian says Coca-Cola remains the analyst's Top Pick, with outsized long-term organic sales growth reinforced by recent positive short-term developments, including ramping sales growth at Fairlife in U.S. scanner data in the last six weeks as incremental capacity builds, as well as continued strong pricing compared to consumer packaged goods peers. The firm keeps an Overweight rating and $89 price target on Coke shares.

• POWI Needham initiated coverage of Power Integrations with a Buy rating and $90 price target. The firm believes the combination of a leading high power GaN portfolio and the new management team's strategic priorities to accelerate product development and open new high growth markets should provide tailwinds for long term, sustainable growth, the analyst tells investors.

• IKT Oppenheimer initiated coverage of Inhibikase Therapeutics with an Outperform rating and $5 price target. Inhibikase is developing IKT-001, an oral prodrug of imatinib designed to preserve imatinib's previously validated anti-proliferative efficacy in pulmonary arterial hypertension while solving for the gastrointestinal tolerability that limited the original IMPRES Phase 3. The FDA-aligned adaptive 2-part Phase 3 IMPROVE-PAH design initiated in April 2026 and could accelerate timeline three years versus the original plan per management guidance, the firm notes. Oppenheimer views the first half of 2027 interim safety and mid-2028 Part A pulmonary vascular resistance readouts as the principal valuation inflection event, with Part B six-minute walk distance top-line data as the formal registrational catalyst.

• DDOG Piper Sandler raised the firm's price target on Datadog to $275 from $230 and keeps an Overweight rating on the shares. The firm notes the company hosted its annual Dash user conference today, with the event bringing its usual flurry of new product and functionality announcements. This year specifically brought a lot of incremental autonomous agentic capabilities to Bits AI, which can now continuously monitor and remediate in an autonomous fashion, building on existing investigation capabilities. The opportunity to help enterprises transform IT operations in an autonomous fashion is compelling to Piper, and Datadog remains the leader. The firm remains confident in the company's ability to scale the core platform while driving adoption of agentic solutions.

• INDI TD Cowen initiated coverage of Indie Semiconductor with a Hold rating and $4 price target. The company's video, radar and lidar processing capabilities and perception software are "unique" in the "highly fragmented" auto sensing space, the analyst tells investors in a research note. TD believes Indie has a "clear right to win" market share, but says the stock's risk/reward is balanced at current levels given the company's "long runway to profitability."

• GLBE Truist analyst Matthew Coad upgraded Global-e Online to Buy from Hold with a price target of $39, up from $34. The firm is "more optimistic" regarding Global-e's volume growth, which it says will be driven by "strong" underlying market growth, recent strength in new merchants added, and an managed markets gross merchandise volume potentially quadrupling in the coming years. In addition, Global-e Online's recent acquisition of Passport Global widens its "moat by broadening its fulfillment capabilities," the analyst tells investors in a research note.
• ASO Truist lowered the firm's price target on Academy Sports to $52 from $54 and keeps a Hold rating on the shares. The company reported a mixed Q1 print and while the management slightly raised its FY26 outlook on the low end, the firm remains more cautious as Academy Sports has already embedded tariff refunds into their outlook, the analyst tells investors in a research note. The company also didn't comment on comps over the past two weeks, due in part to comparison issues around Father's Day in FY25, the firm added.
• MAA Truist raised the firm's price target on MAA to $146 from $136 and keeps a Buy rating on the shares. The firm is lowering its 2026 normalized FFO estimate by 0.8% and its 2027 estimate by 0.9%, primarily due to higher interest rates but also notes that the REIT currently trades at a 16% discount to its net asset value estimate vs. an 8% average discount over the past five years.

• CBRL UBS analyst Dennis Geiger raised the firm's price target on Cracker Barrel to $37 from $31 and keeps a Neutral rating on the shares. Fiscal Q3 results and commentary, highlighted better than expected same-store sales supported by continued traffic recovery, are likely driven by focus on execution against strategic initiatives, the analyst tells investors. While further recovery traction could drive greater upside, the firm believes visibility is still limited into the recovery, the analyst added.
• DBI UBS analyst Mauricio Serna lowered the firm's price target on Designer Brands to $7.50 from $8 and keeps a Neutral rating on the shares. While Designer Brands' Q1 result showcased sequential sales improvement, the firm sees limited long-term growth potential given that main banner DSW is relatively mature and is likely losing share against other retail channels along with the company's skew towards seasonal footwear, which should continue weighing on total sales growth.
• ASH UBS raised the firm's price target on Ashland to $72 from $66 and keeps a Buy rating on the shares after Ancora disclosed an activist campaign focused on the company initiating a more formal sale process. Standard Industries, which also owns 9.9% and recently increased its voting shares in the company by swapping into direct share ownership, took WR Grace private in 2021 and Ancora's presentation notes a range of strategic buyers, notes the analyst, who believes shares are "undervalued."

• ECL Wells Fargo analyst Jason Haas raised the firm's price target on Ecolab to $275 from $260 and keeps an Equal Weight rating on the shares. The firm met with IR Andy Hedberg at its Industrials Conference and came away encouraged by Ecolab's confidence in mitigating commodity cost pressures through its energy surcharge. Growth engines, particularly High-Tech, continue to be key drivers of growth, Wells adds.
• ASO Wells Fargo analyst Ike Boruchow lowered the firm's price target on Academy Sports to $50 from $56 and keeps an Equal Weight rating on the shares following a tough Q1 print. All in, the company missed Street EBIT in a quarter that saw their strongest comp since 2019, and business has now begun to moderate. Academy Sports did hold margin plan for the full year, but there is tariff "noise" in there that muddies the water the firm says. The deceleration quarter-to-date coupled with more difficult compares ahead, keeps Bears dismissing a legitimate comp inflection.

Rating abbreviations…

***OP = Outperform

***SP = Sector Perform

***UP = Underperform

***OW = Overweight

***EW = Equal-weight

***UW = Underweight

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

What’s on Tap Weekly Calendar

• Earnings After the Close: AVO GLOO MAMA MTN ODC ZEPP

• Goldman Sachs Global Healthcare Conference, 6/8-6/10
• Oppenheimer 2026 Software Bus Tour, 6/8-6/9
• Oppenheimer 26th Annual Consumer Growth & E-Commerce Conference, 6/8-6/11

• 7:45 AM ET ICSC Weekly Retail Sales
• 8:30 AM ET                   International Trade for April
• 8:55 AM ET                   Johnson/Redbook Weekly Sales
• 10:00 AM ET                 Existing Home Sales M/M for May
• 10:00 AM ET                 Wholesale Inventory M/M for April
• 1:00 PM ET US Treasury to sell $58B in 3-year notes
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: BARK CASY CBRL DOMO LAKE LMNR SKIL

• China PPI Y/Y, CPI Y/Y and M/M for May
• Goldman Sachs Global Healthcare Conference, 6/8-6/10
• Mizuho Technology Conference, 6/9-6/10, in New York
• Oppenheimer 2026 Software Bus Tour, 6/8-6/9
• Oppenheimer 26th Annual Consumer Growth & E-Commerce Conference, 6/8-6/11
• RBC Capital 2026 Financial Technology Conference, 6/9 in New York

• 8:30 AM ET                   Consumer Price Index (CPI) Headline M/M for May
• 8:30 AM ET                   Consumer Price Index (CPI) Headline Y/Y for May
• 8:30 AM ET                   Core CPI – Ex: Food & Energy M/M for May
• 8:30 AM ET                   Core CPI – Ex: Food & Energy Y/Y for May
• 10:30 AM ET                 Weekly DOE Inventory Data
• 11:00 AM ET                 Cleveland Fed CPI for May
• 1:00 PM ET US Treasury to sell $42B in 10-year notes
• 2:00 PM ET                    Federal Budget for May

• Earnings After the Close: AEMD ATEX MIND NAVN ORCL OXM SFIX

• DA Davidson 2nd Annual Technology & Consumer Conference, 6/10-6/12, in Nashville, TN
• Goldman Sachs Global Healthcare Conference, 6/8-6/10
• Mizuho Technology Conference, 6/9-6/10, in New York
• Oppenheimer 26th Annual Consumer Growth & E-Commerce Conference, 6/8-6/11
• Oppenheimer 24th Annual Semiconductor Bus Tour, 6/10-6/12
• Truist Las Vegas Gaming Bus Tour 6/10

• 8:30 AM ET                   Continuing Claims
• 8:30 AM ET                   Producer Price Index (CPI) Headline M/M for May
• 8:30 AM ET                   Producer Price Index (CPI) Headline Y/Y for May
• 8:30 AM ET                   Core PPI – Ex: Food & Energy M/M for May
• 8:30 AM ET                   Core PPI – Ex: Food & Energy Y/Y for May
• 10:30 AM ET                 Weekly EIA Natural Gas Inventory Data
• 12:00 PM ET WASDE crop report for June
• 1:00 PM ET US Treasury to sell $25B in 30-year notes

• Earnings After the Close: ADBE LEN

• DA Davidson 2nd Annual Technology & Consumer Conference, 6/10-6/12, in Nashville, TN
• Oppenheimer 26th Annual Consumer Growth & E-Commerce Conference, 6/8-6/11
• Oppenheimer 24th Annual Semiconductor Bus Tour, 6/10-6/12
• RBC Capital Global Mining & Materials Conference, 6/11-6/12, in New York

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

• Oppenheimer 24th Annual Semiconductor Bus Tour, 6/10-6/12
• RBC Capital Global Mining & Materials Conference, 6/11-6/12, in New York

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