Early Look

Monday, March 9, 2026

Futures

Up/Down

%

Last

Dow

-559.00

1.18%

46,958

S&P 500

-71.25

1.06%

6,672

Nasdaq

-281.50

1.14%

24,389

 

 

U.S. futures are trading lower given the meteoric move in oil prices last night, with WTI crude surging more than 30% at one point last night alone above $119 per barrel before paring gains this morning to around $102 per barrel (+13%), with airlines, materials and industrials seeing overnight weakness. S&P futures (Spuz) hit an overnight low of 6,584.50, more now nearly a 100 point bounce at 6,677, down about -1%. The sell-off in stocks followed a bruising stretch last week, where the S&P 500 fell -2.02%, the Nasdaq declined -1.24%, and the Dow fell -3.01%. For the Dow industrials, register biggest weekly percentage decline since early April 2025, the S&P 500 records biggest weekly percentage drop since mid-October and the Russell 2000 records biggest weekly percentage drop since early August. The declines came as inflation and recession fears rose amid a spike in energy prices. The biggest sector movers to the downside last week were some of the biggest winners in 2026, with Consumer Staples (XLP) -4.7%, Healthcare (XLV) -4.63%, and Industrials (XLI0 down -4.06%. Only Energy (XLE) was positive on the week rising +1.17%. The CBOE Volatility index (VIX) went out at the highs into the weekend, +24.8% to 29.64 - highest since 4-23-25.

 

Oil prices have been a key driver for stock markets to the downside, with massive moves again last night as WTI crude rises 13% at $103 per barrel, but well off the overnight highs $119.48. WTI Crude oil jumps 17% overnight to $106.78 after futures for April jumped more than 12% Friday to reach $91 per barrel, its highest level since late 2022, and for the week posted an astounding 36% spike, its biggest weekly gain since the inception of the West Texas Intermediate oil contract in March 1983. Brent crude tops $107 per barrel after jumping roughly 9% Friday to hover around $93 per barrel to its highest level since late 2023. Overnight, WTI crude topped $100 per barrel for the first time since July 2022. Commodity markets watching closely as OPEC nations reduce production as the war escalates between the U.S./Iran and supplies across the Strait of Hormuz, a critical maritime route for oil shipments, get disrupted. Over the weekend, we have output reduction beginning in earnest, with Kuwait and the United Arab Emirates. On the other, we have strikes on infrastructure, which in turn raise concerns about a lengthy recovery.

 

In Asian markets, The Nikkei Index plunged -2,892 points or 5.2% to settle at 52,728, the Shanghai Index fell -27 points to 4,096, and the Hang Seng Index dropped -348 points to 25,408. Japan's Nikkei Stock Average tumbled as much as 4,200 points, or 7.6%, to a two-month intraday low. In Europe, the German DAX is down -400 points to 23,186, while the FTSE 100 is down -134 points to 10,150.

 

A busy week ahead with several macro catalysts on the horizon (outside of the obvious U.S./Iran war), including a busy week of US economic data: February CPI, key for Fed rate expectations, trade balance, weekly jobless claims, the January core PCE price index, personal income, durable goods, and the second estimate of Q4 GDP. Federal Reserve policymakers are in a blackout period ahead of the March 17-18 FOMC meeting. China has an eventful week with February CPI and PPI on Monday, followed by January-February trade data on Tuesday. In corporate level news, relatively quiet though Oracle (ORCL) earnings are key for a software sector that has been trying to rebound on AI fears the last few weeks. Oracle shares fell late Friday after Bloomberg reported late day that the software giant and OpenAI have abandoned plans to expand a flagship artificial intelligence data center in Texas after negotiations dragged over financing and OpenAI's changing needs. The plan is part of the Stargate initiative, a project of up to $500B and 10GW.

 

Market Closing Prices Yesterday

  • The S&P 500 Index dropped -90.69 points, or 1.33, to 6,740.02
  • The Dow Jones Industrial Average fell -453.19 points, or 0.95%, to 47,501.55
  • The Nasdaq Composite dropped -361.31 points, or 1.59%, to 22,387.68
  • The Russell 2000 Index declined -60.27 points, or 2.33% to 2,525.30

Economic Calendar for Today

  • 10:00 AM ET                 Employment Trends for February

Earnings Calendar:

  • Earnings Before the Open: ACCO BETA DDD ELTK FCEL GBTG HRTG KFY NYAX SBEY SPRY ZIM
  • Earnings After the Close: ARQ CASY CHRS FLNT HPE KRO LFMD MTN MYO NPWR RAIL RPAY STXS VOYG YEXT ZVRA

Other Key Events:

  • Bank America Consumer & Retail conference, 3/9-3/12
  • Deutsche Bank 34th Annual Media, internet & Telecom Conference, 3/9-3/11, in Palm Beach, FL

 

 

Macro

Up/Down

Last

Nymex

11.39

102.29

Brent

104.78

12.12

Gold

-46.10

5,109.10

EUR/USD

-0.0058

1.1560

JPY/USD

0.63

158.43

10-Year Note

+0.051

4.182%

 

Sector News Breakdown

Consumer

  • Live Nation (LYV) share rise after reports they have reached settlement with DOJ in antitrust fight; the deal with DOJ requires Live nation to pay roughly $200M in damages -Politico reports.

Energy, Industrials and Materials

  • Duke Energy Corp (DUK) files for common stock offering of up to $6.0B.
  • Coal prices jumped to the highest level since November 2024 as continuing military strikes in the Middle East pushed countries around the world to consider switching away from oil and gas stuck in the region. Newcastle coal futures, the Asian benchmark, soared as much as 9.3% to $150 a ton on Monday. That came alongside a surge in crude oil prices to almost $120 (watch shares of AMR, ARLP, BTU, HCC).
  • J.P. Morgan downgrades mining & metal companies due to the projected impact of the war in the Middle East saying the conflict poses similar risks to those brought about by Russia's invasion of Ukraine in 2022, which led to a contraction in global growth, a tightening of monetary policy and a 40% fall in European Metals & Mining companies' shares. The firm downgrades copper suppliers First Quantum, Antofagasta, Anglo American and Lundin Mining, citing a rise in inventory levels around the world.
  • President Trump said on Friday that the largest US Defense companies have agreed to quadruple production of weaponry to reach "the highest levels of quantity." Trump says the US has a "virtually unlimited supply" of medium and upper medium grade munitions to use in Iran.

Healthcare

  • Agilent Technologies Inc. (A) announced it has entered into a definitive agreement to acquire Biocare Medical for $950M in an all-cash transaction from an investor group led by Excellere Partners and GHO Capital Partners LLP.
  • Aquestive Therapeutics Inc. (AQST) made misleading statements about the progress of its FDA application for a new sublingual drug for anaphylaxis, an investor alleges in a suit filed Thursday.
  • AtaiBeckley (ATAI) is in talks with advisors to explore strategic options for BPL-003, its lead psychedelic drug candidate, seeking at least $2B in a potential deal, Bloomberg reported on Saturday, citing people familiar with the matter.
  • Bristol Myers Squibb (BMY) announced that the US FDA has approved Sotyktu for the treatment of adults with active psoriatic arthritis.
  • Hims & Hers (HIMS) shares surged following reports Novo Nordisk (NVO) plans to sell its weight-loss drugs on the firm's platform. Bloomberg News reported Novo and Hims were preparing to announce a new partnership suggesting such a deal would also likely resolve Novo's recent patentinfringement lawsuit against Hims, following the firm's launch, and then cancellation, of a $49 copy of Novo's obesity pill. https://tinyurl.com/265pc7x2
  • Pfizer (PFE) reports positive topline from Phase 2: tilrekimig (trispecific vs IL-4/IL-13/TSLP) hits EASI-75 primary endpoint vs placebo in moderate-severe atopic dermatitis. Placebo-adjusted EASI-75: 38.7% low, 51.9% mid, 49.4% high dose ; competitive vs approved biologics; monthly dosing potential.
  • Roche Holding (RHHBY) shares fell after the company said a late-stage study for an experimental breast-cancer treatment missed its primary objective. The results of the clinical trial mark a setback which saw in the drug, Giredestrant, though, said there was still a path forward for the medicine.
  • UniQure (QURE) shares surged on Friday as FDA Commissioner Marty Makary said that Vinay Prasad, who leads the FDA’s Biologics division, will leave the agency at the end of April. This is the second time Dr. Prasad is being pushed out; note the recent handling of UniQure’s Gene therapy for Huntington’s disease.

Technology, Media & Telecom

  • Vertiv (VRT), Lumentum (LITE), Coherent (COHR), and EchoStar (SATS) will join the S&P 500 before trading begins on March 23 as part of the index's quarterly rebalance. They will replace Match Group (MTCH), Molina Healthcare (MOH), Lamb Weston (LW), and Paycom Software (PAYC), which are moving to smaller indexes.
  • Micron Technology (MU), Lam Research (LRCX), Applied Materials (AMAT), and GE Vernova (GEV) will be added to the S&P 100, replacing PayPal Holdings (PYPL), American International Group (AIG), MetLife (MET), and Target (TGT) before trading begins on March 23 as part of the index's quarterly rebalance.
  • SiTime (SITM), Moog (MOGA), InterDigital (IDCC), Vicor (VICR), and CareTrust REIT (CTRE) will move into the S&P MidCap 400, while companies including Lyft (LYFT), Match Group (MTCH), and Molina Healthcare (MOH)will join the S&P SmallCap 600.
  • Roblox (RBLX) must face a claim from Texas Attorney General Ken Paxton alleging the platform made false statements about the features it put in place to protect children from adult sexual predators, a judge ruled Friday.
  • Nvidia (NVDA)-backed artificial intelligence group Nscale was valued at $14.6 billion after ‌raising $2 billion in its latest funding round, ‌the British company said on Monday. The Series C funding ​round was led by Norway's Aker and 8090 Industries among others.

Mid-Morning Look

Monday, March 09, 2026

Index

Up/Down

%

Last

DJ Industrials

-776.51

1.63%

46,725

S&P 500

-87.66

1.30%

6,652

Nasdaq

-239.59

1.07%

22,149

Russell 2000

-59.98

2.41%

2,464

 

 

U.S. stocks are pressured again as surging energy prices overnight extend losses on Wall Street for stocks, metals & mining, transport stocks and consumer discretionary names, exacerbating inflation and recession fears as hostilities in the Middle East entered their tenth day. Geopolitical tensions deepened after Iran named Mojtaba Khamenei, son of the late Ali Khamenei, as the supreme leader, signaling firm control of hardliners in Tehran. Crude prices shot up more than 30% overnight to just under $120 a barrel but eased as governments, including those part of the Group of Seven (G7) and Saudi Arabia, began discussions to limit the jump in energy costs through increased supply. The pullback in stocks and rise in oil comes after the S&P posted its worst weekly performance since October amid pressures from the evolving Iran war. European markets are down after a lower Asian session  (though finished well off the lows). Treasuries selling off again was the 10-year rises more than 5 bps early near 4.2% after jumping 17bps last week in a flight to haven bonds while the dollar extends its gains, pressuring gold prices. There are no major US economic data points today but picks up with CPI inflation data and PCE inflation data this week along with GDP. No major earnings today as most sectors are volatile given their impact from surging oil markets/supply concerns as shipping lanes stall.

 

 

Macro

Up/Down

Last

WTI Crude

12.01

102.91

Brent

12.05

104.74

Gold

-75.30

5,083.40

EUR/USD

-0.0053

1.1565

JPY/USD

0.55

158.31

10-Year Note

0.023

4.156%

 

Sector Movers Today

  • In Drone sector: ONDS reiterates fy2026 revenue guidance of $170-$180M and prelim Q4 2025 revenue $29.1-$30.1M; RDW was upgraded to Buy from Hold at Truist (tgt to $15 from $13) saying given the improving mix and progress on programs, ~33% now in full rate production, and further progression on development programs, gives them more confidence that EAC charges should potentially moderate in the coming periods. Eric Trump and Donald Trump Jr. are backing a new drone company that is vying to meet fresh demand from the Pentagon and fill a hole left by the administration's ban on new Chinese drones in the U.S., the WSJ reported. Powerus, a drone roll-up company based in West Palm Beach, Fla., is merging with a publicly traded golf-course holding company backed by the Trumps, Powerus executives said. The reverse merger will result in Powerus, which was formed last year, trading on the Nasdaq stock exchange in the coming months. Investors in the deal include one of the Trumps' investment vehicles, American Ventures, and Unusual Machines.
  • Airlines (AAL, DAL, UAL, LUV, ALK, ALGT) hit hard again given the surge in oil prices, as Deutsche Bank noted today hostilities in the Middle East are driving oil prices and more specifically crack spreads to some of the highest levels seen in decades. Year-to-date oil prices are up ~50% while jet fuel prices are up 100% - 125%. Absent near-term relief, airlines around the world could be forced to ground 1,000s of Aircraft while some of the industry's financially weakest Carriers could halt operations.
  • In Metals & Mining: Precious metal prices fell as the Mideast war fuels inflation concerns, dimming near-term U.S. interest rate cut prospects and boosting the U.S. dollar, and weighed on miners (CDE, AG, HL). J.P. Morgan downgrades mining & metal companies due to the projected impact of the war in the Middle East saying the conflict poses similar risks to those brought about by Russia's invasion of Ukraine in 2022, which led to a contraction in global growth, a tightening of monetary policy and a 40% fall in European Metals & Mining companies' shares. The firm downgrades copper suppliers First Quantum, Antofagasta, Anglo American and Lundin Mining, citing a rise in inventory levels around the world. Most metals prices lower today.
  • In Chemicals: RBC Capital upgraded shares of LYB (tgt to $82 from $51) and DOW (tgt to $40 from $29) to Outperform from Sector Perform saying they are more positive on the shares following the recent events in Iran. LyondellBasell has significant leverage to an olefins and polyolefins recovery, mostly due to constrained global supply, and for Dow, sees near-term polyethylene margin upside from supply and feedstock disruptions.

 

Stock GAINERS

  • AAOI +8%; after saying it received its first volume order for its 1.6T data center transceivers from one of its long-term major hyperscale customers to boost its network bandwidth for AI workloads.
  • DNTH +26%; shares jump after results and announcing an early “GO” decision based on an interim responder analysis in a Phase 3 trial of claseprubart in chronic inflammatory demyelinating polyneuropathy.
  • HIMS +37%; following reports NVO plans to sell its weight-loss drugs on the firm's platform. Bloomberg News reported Novo and Hims were preparing to announce a new partnership suggesting such a deal would also likely resolve Novo's recent patentinfringement lawsuit against Hims, following the firm's launch, and then cancellation, of a $49 copy of Novo's obesity pill. https://tinyurl.com/265pc7x2 
  • LITE +8%; among four companies added to the S&P 500 index on Friday as COHR, LITE, SATS and VRT being added to the S&P 500 before trading begins on March 23 as part of the index's quarterly rebalance and replace LW, MOH, MTCH and PAYC
  • LYV +6%; on reports the company settles a U.S. antitrust lawsuit which would reportedly avoid a forced sale of its Ticketmaster unit, a key demand of the lawsuit, but would include concessions on ticketing contracts and amphitheater use, according to Bloomberg News. Axios reports deal with U.S. Justice Department requires LYV to pay roughly $200 mln in damages.
  • QURE +19%; shares surge a third day after FDA Commissioner Marty Makary said last week that Vinay Prasad, who leads the FDA’s Biologics division, will leave the agency at the end of April. Prasad was an outspoken critic of U.S. drug and vaccine policies, lately on the recent handling of UniQure’s Gene therapy for Huntington’s disease. Other companies that are in the rare disease category such as CAPR, IRON, SRPT, and RARE rallied too.
  • RLMD +35%; after saying its experimental bladder cancer drug NDV-01 helped most patients stay cancer-free in a mid-stage study as 76% of 48 high-risk patients had no cancer after one year; 95% showed a complete response at some point and no patients' disease worsened and none needed bladder removal surgery.
  • TALK +7%; UHS said they will buy virtual behavioral healthcare company TALK at an enterprise value of around $835 million as TALK holders will receive $5.25 a share, a 10% premium to Friday's closing price.
  • XENE +40%; after saying its experimental epilepsy drug, azetukalner, met the main goal of a late-stage trial, showing a statistically significant reduction in focal onset seizures; the late-stage study met its main goal, with a 53.2% median seizure drop at 25 mg and 34.5% at 15 mg vs 10.4% for placebo over 12 weeks and well tolerated

 

Stock LAGGARDS

  • BZH -5%; Homebuilder stocks tumbled (DHI, KBH, LEN, PHM) along with housing related stocks (RH) given the spike in Treasury yields/mortgage rates over the last week (more than 20bps move for the 10-yr yield Bk to 4.2%)
  • CLF -7%; industrial metals and precious metals down given concerns about the economy on surging oil prices with AA, FCX, NUE, STLD also lower with gold/silver miners.
  • GPOR -5%; after announces leadership team changes as John Reinhart resigns as President, CEO and director effective immediately.
  • JEF -3%; was downgraded to equal weight by Morgan Stanley citing credit concerns due to the bank’s exposure to the bankrupt auto parts supplier First Brands and the failed UK lender MFS.
  • OLMA -23%; shares fall on negative read throughs from RHHBY's overnight PR stating that a late-stage study for an experimental breast-cancer treatment missed its primary objective.
  • RCL -5%; along with further losses in cruise lines CCL, NCLH as higher energy costs hit stocks.
  • RHHBY -5%; shares fell after the company said a late-stage study for an experimental breast-cancer treatment missed its primary objective. The results of the clinical trial mark a setback which saw in the drug, Giredestrant, though, said there was still a path forward for the medicine.

Closing Recap

Friday, March 06, 2026

Index

Up/Down

%

Last

DJ Industrials

-453.19

0.95%

47,501

S&P 500

-90.72

1.33%

6,739

Nasdaq

-361.31

1.59%

22,387

Russell 2000

-60.27

2.33%

2,525

 

 

 

 

 

 

 

 

 

U.S. stocks end the day and week lower as a surprising jobs report and a spike in oil prices to highest levels in over 2 1/2 years was too much for investors to overcome heading into the weekend where the U.S./Iran conflict intensified on Friday and further disrupted shipping through the Strait of Hormuz, limiting oil and other commodity supplies. Inflation fears and recession fears have grown the last few days given the massive sure in energy prices as U.S. WTI crude futures  climb over 12% today alone closing around $91 per barrel, the highest level since October 2023 on Mideast conflict. Lots of names were active this week on the surge in energy costs hitting discretionary names, airlines, truckers, leisure, restaurants, as consumer spending will likely be impacted. At the same time, energy stocks, chemicals, shippers, were among leaders most of the week. The U.S. said they will provide reinsurance for losses up to $20 billion in the Gulf region, to help provide confidence for oil and gas shippers during the war on Iran. Only Consumer Staples and Energy finished the day higher while Materials, Financials, Technology and Consumer Discretionary were the biggest losers. Technology stocks tumbled in the last 45 minutes of trading after the whole AI Infrastructure/Data Center complex fell sharply after Bloomberg reported that ORCL and OpenAI end plans to expand Texas data center site, while META is in discussion with developer Crusoe to lease the expanded site (shares of CRWV, BE, NVDA, IREN, RIOT, NBIS all tumbled sharply). Note CNBC later refuted to Bloomberg story, but stocks remains pressured. The VIX went out at the highs into the weekend, +24.8% to 29.64 - highest since 4-23-25.

 

The other big story today was the jobs data as the U.S. lost -92,000 jobs in February (the fewest jobs outside of a recession since 2003), far short of January's gain of 126,000 jobs and worse than the gain of +50,000 jobs that economists expected. The unemployment ticked slightly higher to 4.4% from 4.3%. Expectations for a cut of at least 25 basis points from the Fed at its June meeting increased after the jobs report, but that sent Treasury yields lower for the first time in 5 days and the dollar slipped. Recall the Fed trimmed its federal funds target rate range by three quarters of a percentage point last year to between 3.5% and 3.75% to help bolster a flagging jobs market while still keeping enough restraint on to lower inflation that has stood well above the Fed’s 2% target.

 

For the week, the S&P 500 fell 2.02%, the Nasdaq declined 1.24%, and the Dow fell 3.01%. For the Dow industrials, register biggest weekly percentage decline since early April 2025, the S&P 500 records biggest weekly percentage drop since mid-October and the Russell 2000 records biggest weekly percentage drop since early August.

 

Economic Data

  • Nonfarm payrolls report very weak as the U.S. economy lost -92,000 jobs last month after a downwardly revised +126,000 increase in January and below estimates for a rise of roughly 50,000 jobs. The unemployment rate was 4.4%, above expectations of 4.3%. U.S. February private sector jobs fell -86,000 vs. consensus rise +65,000. This marks just the 2nd monthly job loss since the 2020 pandemic.
  • January retail sales fell -0.2% vs. consensus -0.3%, while January Retail Sales Ex-autos unchanged, in-line with consensus; Jan gasoline sales -2.9% vs Dec -0.1%, Jan cars/parts sales -0.9% vs Dec -0.2%. Jan Retail Sales Ex-autos/gasoline +0.3% vs Dec +0.1% (prev unchanged). Jan Retail Sales Ex-gasoline +0.1% vs Dec unchanged.
  • December business inventories +0.1%, in line with estimates. November revised to unchanged from +0.1%. Business sales +0.5% vs +0.6% prior. Retail inventories ex-autos revised up to +0.4% from +0.2%.

Commodities

  • West Texas Intermediate futures and Brent broke above $91 and $92 per barrel respectively as investors weighed the impact of the U.S.-Iran war on global energy supply. Oil prices hit their highs of the day after President Donald Trump said in a Truth Social post that there won’t be a deal to end the U.S.-Iran war without an “unconditional surrender” from the Middle Eastern country. Prices jumped this morning after Qatar’s energy minister told The Financial Times that Gulf energy producers may need to call force majeure in the coming days, shutting down production in a move that could send oil to $150 a barrel. The conflict in the Middle East could “bring down the economies of the world,” he warned. WTI crude rose $9.89 or 12.21% to settle at $90.90 per barrel and Brent crude prices rose $7.28 or 8.52% to settle at $92.69 per barrel.
  • Gold edged higher on haven demand as Middle East tensions escalated, but still posted a weekly decline, as inflation worries dimmed rate-cut expectations. April gold gained $80.00 or 1.55% to settle at $5,158.70 an ounce (down from last Friday closing prices of $5,247.90). The decline snapped a four-week winning streak, as fading prospects of interest rate cuts and a volatile dollar weighed on bullion. Front Month Comex Silver for March delivery lost $8.8660 per troy ounce, or 9.57% to $83.816 this week. Bitcoin prices bounced midweek, but right back down below $69,000 today and Ethereum below $2,000.

Currencies & Treasuries

  • The U.S. dollar trimmed gains against major currencies on Friday after data showed an unexpected decline in new jobs created, suggesting that the Federal Reserve could cut interest rates sooner than expected, but still posted a solid week of gains for the dollar index, ending around the 99 level.
  • U.S. Treasury yields were lower on Friday, dropping sharply after a government payrolls report fell well short of expectations and boosted views that the Federal Reserve may need to cut interest rates at a quicker pace. The yield on the benchmark U.S. 10-year Treasury note fell -1.4 basis points to 4.131% after hitting a three-week high of 4.187% and rose 17bps this week. The two-year Treasury yield, which typically moves in step with interest rate expectations for the Fed, fell -4.5 basis points to 3.554%, after climbing to 3.631%, its highest since November 20…but rose 17.7bps this week.

 

Macro

Up/Down

Last

WTI Crude

9.89

90.90

Brent

7.28

92.69

Gold

80.00

5,158.70

EUR/USD

-0.00

1.1602

JPY/USD

0.16

157.73

10-Year Note

-0.014

4.131%

 

Sector News Breakdown

Retail, Consumer Staples & Restaurants:

  • In Apparel Retail: after shares of both AEO and ANF tumbled this week following earnings/guidance results, GAP shares followed suit after results last night; the company forecast annual profit below estimates as sees adj EPS of about $2.20-$2.35 per share, below estimate of $2.32 and said sees tariff impact of 200 bps in Q1 gross margin
  • In Restaurants: DA Davidson initiated coverage of 14 restaurant companies across four key industry subsectors, with its favorite BUY-rated ideas being CMG, WING, and SHAK. They say given early signs of an improving industry backdrop and valuations near three-year lows, believes restaurant stocks are generally poised to outperform through the balance of 2026, though prefer brands with pricing power and lengthy development runways that can support robust long-term earnings growth algorithms.

Energy

  • Energy stocks were one of the few pockets of strength today, but only slightly despite a 12% move at one point for oil prices, hitting its best levels in nearly 3 years as the Iran conflict disrupted shipping through the Strait of Hormuz, limiting oil supply. US energy stocks were mixed. In Services: Baker Hughes (BKR) said the weekly US oil drilling rig count up 4 at 411 (down 75 vs year ago) in week to March 6 while Natural gas drilling rig count down 2 at 132 in week to March 6. US weekly oil and gas rig count by basin: Permian +1 rigs vs week ago; Eagle Ford +3; Williston -1; Haynesville +1; Utica -2 in week.

Banks, Brokers, Asset Managers:

  • In Banks: WAL shares fell after saying it was informed by JEF that $126.4M owed under forbearance pact won't be paid as agreed as firm files complaint vs Jefferies, Leucadia Asset Mgmt alleging breach of contract, fraud. The complaint related to commercial loan collateralized by accounts receivable purchased from First Brands. WAL says financial impact substantially mitigated by realization of securities sale gain, expense reductions.
  • In Alt Managers/Asset Managers: BLK shares fell after the company limits withdrawals at flagship private credit fund following surge in redemption request. BLK's $26B HPS Corporate Lending Fund received withdrawal requests worth $1.2B in Q1, or roughly 9.3% of its net asset value. OWL shares fall after Bloomberg reported that the company has 36 million pound ($47.99M) exposure to collapsed UK property lender MFS https://tinyurl.com/2jc8s6z9 . Shares of peers such as APO, BX, CG, ARES, KKR saw early weakness.
  • The default rate among U.S. corporate borrowers of private credit rose to a record 9.2% in 2025, according to a report Friday by credit rating agency Fitch Ratings. In its monitor of 302 companies with outstanding private credit debt, Fitch recorded 38 defaults among 28 different borrowers. The 9.2% default rate in 2025 follows a previous record 8.1% rate of defaults in 2024.

Insurance & Services:

  • Business Services: Barclay’s upgraded FA to Overweight from EW, and UNF upgraded to Equal weight from UW, while ADT was downgraded to Underweight from EW in business info service changes. The firm said while the low-to-no Ai disruption exposure kept their business services coverage in a relatively more favorable position (vs. Info), post earnings season and after the recent macro events the firm provides its latest thoughts, realign its PT's and move a few ratings as well. For FA, sees potential upside in the shares if employment stays resilient and likes its Self-help initiatives saying management made a compelling case on its Ai prowess.
  • In Insurance: PRU shares slumped after its Japanese subsidiary said that some workers assigned to contracted agencies improperly removed operational information and shared it with other employees. The co said 11 employees took operational information on 379 occasions at seven agencies and shared it internally.

Biotech & Pharma:

  • DAWN entered into a definitive agreement as Servier to acquire Day One for $21.50 per share in cash, representing a total equity value of approximately $2.5 billion, which represents a premium of approximately 68% over the closing price yesterday.
  • PACB downgraded to Underweight from Equal Weight at Barclays saying the shares have a "tough setup" over the near-term, and the firm sees potential for a demand pause in demand given competitive launches across the sequencing space.
  • QURE shares posted a strong rebound
  • In CRO Sector: Barclay’s made several changes in the Contract Research Organization space by upgrading IQV to Overweight from Equal Weight as sees upside to the stock's valuation and estimates saying its history of execution should give the shares premium valuations vs late-stage peers. MEDP was upgraded to Equal Weight from Underweight citing valuation for the upgrade. AVTR was downgraded to Underweight saying sees less upside to shares vs the group. Meanwhile, BMO Capital said shares of IQV, ICLR on CRO Ai-driven selloff appears overdone noting Ai fears have spread to the CROs, weighing heavily on valuations across the group over the last ~four weeks as concerns primarily center on theoretical MT-LT disruptions to revs.
  • Medical Equipment: COO delivered Q1 results that finished in-line with Street's $1.02B (organic growth missed slightly) and beat consensus EPS of $1.03 by $0.07 on stronger-than-expected OM% while guidance was better but Piper noted offsetting these positives are other frustrating areas, namely new APAC challenges.

Transports

  • Dow Transports broke below its 50dma support of 18,715 today (off recent all-time highs 20,150).
  • In Airlines/Transports: it has been a rough week for the Dow Transports, with big declines in airlines (AAL, DAL, UAL) and trucking (CHRW, JBHT, ODFL) along with package delivery (UPS, FDX) as surging oil and gasoline prices threaten hits to earnings/lower margins. In airlines today, UAL CEO Scott Kirby said in CNBC interview he expects a "meaningful" hit to the carrier's Q1 results from surging fuel prices following the deepening war in Iran, even as travel demand remains resilient. If the conflict prolongs, the airline could see an impact in the second quarter as well, said Kirby at a university event on Thursday, the report said.
  • In Shipping: DSX increased its all-cash offer to acquire GNK to $23.50 per share, up from its previous proposal of $20.60 per share submitted in November 2025. Also, SBLK said it has entered into a conditional Sale and Purchase Agreement to acquire sixteen vessels from DSX in deal valued at $470.5M, subject to Diana successfully acquiring all issued and outstanding shares of GNK, not already owned by Diana.
  • In Aerospace & Defense: KRMN was upgraded  to Overweight at Piper and raising its tgt to $127 saying they see the company benefitting from a potential munitions Super Cycle where U.S. and Allies seek to rebuild 'magazine depth' for critical munitions by replenishing stockpiles, expanding production, and refreshing technology across a number of missile programs (following Iran conflict).

Materials, Metals & Mining

  • In Chemicals: the sector has seen big moves higher this week amid the impact of the Iran conflict. DOW was upgraded to Overweight, $40 PT (from $26) at JP Morgan citing possible extended disruption to Shipping in the Middle East. The firm notes the EBITDA increase that stems from an event that dislocates a chemical or fertilizer market carries a capitalization multiple of one as a base case in JPMC's opinion. An event can tighten a market, then product prices rise, and when the effects of the event subside, the market returns to the status quo ante. Fertilizer names (CF, MOS, NTR, IPI) remain strong as US/Israel strikes on Iran have potential to bolster Nitrogen pricing for at least 1H26, providing further upside for North American producers, given the strain on LNG in the
  • Metals & Mining: Copper stocks FCX, SCCO, TECK came under pressure early following weaker copper prices due to high London Metal Exchange inventories. Copper was on course to shed 3.8% this week, its steepest dip since the week ended April 4, 2025. Precious metals prices rebounded given a pullback in the dollar/Treasury yields after the weaker jobs report raised hopes for a Fed rate cut by June.

Technology

  • Data Center/AI Infrastructure: the whole complex fell sharply in the last hour of trading after Bloomberg reported that ORCL and OpenAI end plans to expand Texas data center site, while META is in discussion with developer Crusoe to lease the expanded site (shares of CRWV, BE, NVDA, IREN, RIOT, NBIS all tumbled on fears of further problems). CRWV was initiated at new Outperform and $140 tgt at Oppenheimer noting Coreweave provides specialized GPU-infrastructure and related infrastructure and application software to train, deploy, and operate Ai applications. Behind this DCF analysis and OPCO's bullish stance is 1) the outsized TAM opportunity for Ai-optimized IaaS; 2) CoreWeave’s competitive positioning against large hyperscalers/cloud vendors, and other neo-clouds; and 3) ability to deliver sustainable high FCF margin upon reaching maturity.
  • In Software: GWRE Q2 ARR growth of 22% to $1,121M beat guidance by 8M, above ~$7M avg beat over the last 8 quarters; NNARR of $58M in Q2 (vs $44M prior year) was driven by stronger-than-expected new sales. Total rev grew 24% Y/y in Q2 (vs 17-19% guide), driven by subs & support rev 33% Y/y, license rev decline of (7)% Y/y. IOT reported better Q4 results, beating across all metrics, highlighted by +30% ARR growth that accelerated slightly vs last quarter and saw NNARR growth accelerate for a third straight quarter.
  • Semiconductors: the group was broadly lower after a massive run to start the year boosted the SOX to record highs a few weeks ago but has pulled back lately amid a rotation into beaten up software (IGV) stocks. MRVL a standout today behind better earnings/guidance as shares were upgraded by Citigroup, Bank America and Benchmark following their Jan Q beat with revenue of $2.22B (+7.0% q/q) modestly beating ests, driven by strong demand across the Data Center segment (+9% q/q), while Communications & Other grew +2% q/q; MRVL boosted Q1 outlook, with $2.40B revenue midpoint (+8.2% q/q) +4.9% vs its prior $2.29B estimate, with anticipated Data Center growth expected to continue leading. Memory stocks (SNDK, MU, WDC) shares tumbled late day after Bloomberg report that ORCL and OpenAI end plans to expand Texas data center site.
  • Security Software: OKTA was upgraded from Market Perform to Outperform at BMO Capital given increased confidence in revenue growth durability and said believes identity management is critical for agent adoption, and it thinks Okta will be one of the companies that nurtures, and benefits from, agent growth.
  • In Optical: after shares tumbled yesterday on better results and guidance, CIEN was upgraded from Neutral to Buy at Bank America and raised tgt to $355 from $260 saying after doing detailed analysis on the expected data center buildout, as well as following the recent spending outlook update by the Cloud Titans, the firm now believes its call was too early.

Not offered or endorsed by Regal Securities

Street Recommendations

Monday, March 9, 2026

B. RILEY

  • SCHL B. Riley downgraded Scholastic to Neutral from Buy with an unchanged price target of $37. The firm cites valuation for the downgrade, saying the stock returned 50% (inclusive of dividends since its early-September initiation. The shares are at a 52-week high and within 3% of the price target, the analyst tells investors in a research note. Riley now believes Scholastic shares largely reflect its growth expectations.

BARCLAYS

  • AVA Barclays initiated coverage of Avista with an Equal Weight rating and $40 price target. The firm believes the company's "below-average" earnings growth profile, pending Washington rate case risk, wildfire exposure, power cost volatility, and non-regulated business risk are appropriately reflected in the stock's "discounted valuation."
  • ITT Barclays analyst Julian Mitchell initiated coverage of ITT with an Equal Weight rating and $220 price target. The firm views the company as a "premium" earnings "compounder." However, ITT's higher leverage will limit potential acquisitions in the near term, the analyst tells investors in a research note.
  • ORCL Barclays analyst Raimo Lenschow lowered the firm's price target on Oracle to $230 from $310 and keeps an Overweight rating on the shares as part of a Q3 earnings preview. The firm says Q3 will be another quarter with a meaningful AI-driven revenue acceleration for Oracle. However, the ongoing ramp will likely also pressure margins from upfront costs, the analyst tells investors in a research note.

BERNSTEIN

  • BF Bernstein downgraded Brown-Forman to Market Perform from Outperform with a price target of $29, down from $37.50. The firm believes the company's margins will face pressure from more costly barreled whiskey for longer than initially anticipated. The stock will trade sideways for the foreseeable future as a result, the analyst tells investors in a research note.

BOFA

  • GO BofA lowered the firm's price target on Grocery Outlet to $10.50 from $13 and keeps a Neutral rating on the shares. The firm notes that the company still sees supply chain pressure and affordability challenges on core consumers, while the firm sees uncertain timing on comp and basket size recovery.

CANACCORD

  • BAER Canaccord analyst Austin Moeller lowered the firm's price target on Bridger Aerospace to $5 from $5.25 and keeps a Buy rating on the shares. The firm updatedits model following mixed results with a topline beat and a bottom line miss. Management introduced its FY26 outlook, indicating revenue guidance of $140M at the midpoint and expectations for midpoint Adj. EBITDA of $57.5M.
  • BNS Canaccord analyst Matthew Lee downgraded Scotiabank to Hold from Buy with a price target of C$110, down from C$118. Scotiabank still has areas to address in the Canadian P&C bank and Wealth Management, where it has generally lagged the group, says the analyst. While the firm previously believed that Scotiabank would close the P/E gap with peers to 5%, it now expects the discount to remain unchanged given the firm's "relatively modest" ROE expectations, the analyst tells investors.

CITI

  • TEX Citi upgraded Terex to Buy from Neutral with a price target of $75, up from $73. The firm sees better customer sentiment and equipment utilization for the company's Aerials business. In addition, Terex's $75M synergy target for its REV Group acquisition will likely prove conservative, the analyst tells investors in a research note. Citi sees the stock re-rating higher in 2026.
  • MU Citi raised the firm's price target on Micron to $430 from $385 and keeps a Buy rating on the shares ahead of the February quarter earnings report on March 18. Citi upped estimates to reflect better memory prices year-to-date. The firm expects DRAM prices to increase 171% in 2026 versus 2025 on strong data center demand and NAND prices to rise 127%. As a result, Micron shares can sustain gains this year, the analyst tells investors in a research note.
  • CAT Citi raised the firm's price target on Caterpillar to $785 from $760 and keeps a Buy rating on the shares. The firm says the ConExpo construction trade show indicated positive demand trends with a "significant pipeline of mega projects." Citi is positive on the rental space with machinery. It upgraded Terex and moved Alliance Laudry to its top sector pick. The firm continues to have a positive outlook for U.S. construction.
  • DE Citi lowered the firm's price target on Deere to $625 from $675 and keeps a Neutral rating on the shares. The firm says the ConExpo construction trade show indicated positive demand trends with a "significant pipeline of mega projects." Citi is positive on the rental space with machinery. It upgraded Terex and moved Alliance Laudry to its top sector pick. The firm continues to have a positive outlook for U.S. construction.
  • SNDR Citi upgraded Schneider National to Neutral from Sell with an unchanged price target of $27. The firm cites valuation for the upgrade following the stock's recent selloff. In addition, better than expected strength in truck spot rates year-to-date indicates possible earnings upside for the carriers versus shippers for the first time in three years, the analyst tells investors in a research note.
  • WERN Citi analyst Ariel Rosa upgraded Werner to Neutral from Sell with an unchanged price target of $34. The firm cites valuation for the upgrade following the stock's recent selloff. In addition, better than expected strength in truck spot rates year-to-date indicates possible earnings upside for the carriers versus shippers for the first time in three years, the analyst tells investors in a research note.
  • AAPL Citi analyst Atif Malik trimmed estimates for Apple's second half of 2026 to reflect higher memory prices. However, Apple can navigate the memory price hikes much better than peers, the analyst tells investors in a research note. Nonetheless, Citi estimates 140 basis point of gross margin headwinds in 2026 in due to the 100% DRAM price hike in the back half of the year. It continues to expect 1.3% iPhone growth in 2026 to 246M units. The analyst keeps a Buy rating on the shares with a $315 price target.

DEUTSCHE BANK

  • ORCL Deutsche Bank analyst Brad Zelnick lowered the firm's price target on Oracle to $300 from $375 and keeps a Buy rating on the shares. The firm says the company's successful unsecured investment grade bond offering in February or news of customer OpenAI closing $110B of private funding round have provided relief in Oracle shares, which remain 50% below their September peak. Deutsche believes "trust and patience" is required amid concerns of significant cash burn to fund Oracle's AI build out.

GOLDMAN SACHS

  • FIS Goldman Sachs reinstated coverage of FIS with a Buy rating and $70 price target, which offers 36% upside. Following the unwind of the Worldpay acquisition from 2019 and the acquisition of the credit issuer processing business, TSYS, FIS is now a pure play on bank software and infrastructure solutions, the analyst tells investors in a research note. The firm says the company expects annual recurring revenue growth in the mid-single-digit range.
  • GPN Goldman Sachs reinstated coverage of Global Payments with a Neutral rating and $88 price target. Following its acquisition of Worldpay, Global Payments is the largest merchant acquiring business in the world, the analyst tells investors in a research note. Goldman says structural competitive issues in merchant acquiring has driven multiple compression in the industry. It sees share loss concerns capping Global Payments' opportunities for multiple expansion.

GUGGENHEIM

  • XFOR Guggenheim initiated coverage of X4 Pharmaceuticals with a Buy rating and $12 price target. The firm sees the "differentiated hematology play" having significant upside potential in the next 18 months with a current valuation that does not fully reflect the opportunity of the company's "key value driver," mavorixafor, a potential first-in-class oral CXCR4 antagonist for WHIM syndrome, an already approved ultra-rare condition, and potentially in primary chronic neutropenia, for which it is in Phase 3 development.
  • PLNT Guggenheim lowered the firm's price target on Planet Fitness to $126 from $130 and keeps a Buy rating on the shares. The firm believes Planet represents a "compelling" intrinsic value opportunity post selloff, but acknowledges the catalyst path "may be less clear."

JPMORGAN

  • MT JPMorgan analyst Dominic O'Kane downgraded ArcelorMittal to Underweight from Overweight with a price target of EUR 40, down from EUR 53.50. The firm says events in the Middle East bring risks that are not adequately discounted into the shares of European metals and mining stocks. The analyst reversed JPMorgan's previously positive view on the group and turns negative. It introduced a downside scenario for copper and iron ore as a new base case.
  • RIO JPMorgan analyst Dominic O'Kane downgraded Rio Tinto to Neutral from Overweight with a price target of 7,220 GBp, down from 7,840 GBp. The firm says events in the Middle East bring risks that are not adequately discounted into the shares of European metals and mining stocks. The analyst reversed JPMorgan's previously positive view on the group and turns negative. It introduced a downside scenario for copper and iron ore as a new base case.
  • CGNX JPMorgan upgraded Cognex to Neutral from Underweight with an unchanged price target of $55. The firm says the company's "rapid" margin improvement, cost initiatives, and expanding customer base warrant an upgrade to Neutral. Cognex's execution and a strengthening macro backdrop justify a premium valuation for the shares, positioning the company for further upside as sector rotation favors innovation and operational leverage, the analyst tells investors in a research note.
  • SNDX JPMorgan raised the firm's price target on Syndax to $45 from $33 and keeps an Overweight rating on the shares. The Phase 2 MAXPIRe data for Niktimvo in idiopathic pulmonary fibrosis is expected in Q4, the analyst tells investors in a research note. The firm says that at current share levels, no value being ascribed for the Niktimvo IPF opportunity. Hence, the phase 2 MAXPIRe "card flip is essentially a free call option," contends JPMorgan. It sees the value of Revuforj and Niktimvo in the refractory commercial setting alone being in the high-$20s to low-$30s per share range.
  • ERAS JPMorgan added Erasca to the firm's "Positive Catalyst Watch list" ahead of the initial Phase 1 AURORAS-1 readout for ERAS-0015 in RAS-mutant solid tumors, which is expected in the first half of 2026. JPMorgan sees a high probability of an upside scenario playing out. The analyst sees "multiple ways to win" in the initial ERAS-0015 update. In "win scenarios," the firm sees share upside into the high-teens to high-$20s per share. JPMorgan keeps an Overweight rating on Erasca and established a year-end 2026 price target of $24.

MORGAN STANLEY

  • JEF Morgan Stanley analyst Ryan Kenny downgraded Jefferies Financial to Equal Weight from Overweight with a price target of $49, down from $78. The firm sees a wide risk-reward skew ongoing credit concerns are balanced against expected Investment Banking share gains, the analyst tells investors in a research note.

NORTHLAND

  • PSTG Northland upgraded Pure Storage to Outperform from Market Perform with a price target of $81, up from $77. Big deal win rates are a driver of short-term bookings "impressively accelerating" from 21% year-over-year to 39% year-over-year in the January quarter, driving "impressive" April quarter guidance, the analyst tells investors. FY27 guidance embeds core enterprise storage shipments slow to single digit year-over-year growth, but this is "likely very" conservative, the analyst added.

PIPER SANDLER

  • IMRX Piper Sandler lowered the firm's price target on Immuneering to $12 from $13 and keeps an Overweight rating on the shares following the company's Q4 update. Timing for near-term clinical catalysts is tracking as expected, with updated ctDNA and expanded Phase 2a survival data in first line PDAC guided to Q2 and first half of 2026, respectively, with dosing of the first patient in the pivotal MAPKeeper 301 study planned for mid-2026.
  • BROS Piper Sandler analyst Brian Mullan lowered the firm's price target on Dutch Bros to $59 from $63 and keeps a Neutral rating on the shares. The firm notes the stock is currently down about 16% year-to-date despite reporting strong results and providing solid guidance, which it thinks is a dynamic that has some in the Investment Community "searching for answers" as to what is causing said underperformance. While Piper heard upcoming competitor product launches get cited as a contributing reason here, and it doesn't doubt that this factor has played a role, the firm is not sure that would logically explain all of it.
  • CPB Piper Sandler lowered the firm's price target on Campbell's to $28 from $34 and keeps a Neutral rating on the shares. The firm says Campbell's operating environment is tough, with continued pressure on retail volumes suggesting the company may need to make price adjustments like its peers have made, and/or increase brand spending. However, with pressure on its shares, these expectations may already be priced in. Piper expects the quarter itself to likely be in-line with its estimate and consensus for 57c EPS and about $2.6B in revenue.

RAYMOND JAMES

  • AQN Raymond James upgraded Algonquin Power to Outperform from Market Perform with a price target of $7.25, up from $6.50. Algonquin's operational and regulatory execution continues to improve, and the share pullback following the revision of 2027 EPS guidance is overdone, the analyst tells investors in a research note. With cost discipline taking hold, customer-service performance stabilizing, and continued constructive outcomes across key rate cases, Algonquin remains well on its way to strengthening its core regulated utility business, Raymond James says.

RBC CAPITAL

  • PHVS RBC Capital initiated coverage of Pharvaris with an Outperform rating and $52 price target. The firm believes the company's deucrictibant can offer a "compelling profile" across the hereditary angioedema treatment spectrum. In a "crowded space," the drug offers "strong efficacy, clean safety, and oral convenience that should help it differentiate from other established players," the analyst tells investors in a research note. RBC expects a potential launch next year.
  • LYB RBC Capital upgraded LyondellBasell to Outperform from Sector Perform with a price target of $82, up from $51. The firm is more positive on the shares following the recent events in Iran. LyondellBasell has significant leverage to an olefins and polyolefins recovery, mostly due to constrained global supply, the analyst tells investors in a research note. RBC believes the company's recent dividend cut "de-risks the stock and positions it well for a recovery."
  • DOW RBC Capital upgraded Dow Inc. to Outperform from Sector Perform with a price target of $40, up from $29. The firm is more positive on the stock given the recent events in Iran. It sees near-term polyethylene margin upside from "material" supply and feedstock disruptions. Market tightness could result in a sustained margin uplift, the analyst tells investors in a research note.
  • QURE RBC Capital analyst Luca Issi upgraded uniQure to Outperform from Sector Perform with a price target of $35, up from $11. Vinay Prasad is now leaving the FDA and this is a positive for uniQure "as it is not inconceivable" that the FDA reverts to its prior stance, the analyst tells investors. However, the firm also notes that the FDA Commissioner has also criticized uniQure and while Dr. Prasad is leaving, Dr. Makary is not. The firm believes that Prasad's departure is likely to open up a more balanced discussion on risk/reward for Huntington's and thinks there's now a 50% chance that the drug ultimately gets approved, the analyst added.
  • WLTH RBC Capital analyst Daniel Perlin lowered the firm's price target on Wealthfront to $14 from $17 and keeps an Outperform rating on the shares after its Q4 results. The company typically does not provide formal guidance but it did provide monthly metrics for platform assets for November and December, the analyst tells investors in a research note. RBC adds it is reducing its FY26 platform assets estimate to $94.2B from $95.5B.

SCOTIABANK

  • VZ Scotiabank analyst Maher Yaghi upgraded Verizon to Outperform from Sector Perform with a price target of $54.50, up from $50.25, after meeting with management. Verizon's momentum on both subscriber loading and cost improvement looks "strong," the analyst tells investors in a research note. Scotiabank expects further cost reductions in 2027 and 2028. Price cuts, combined with lower churn in wireless and growth in broadband, position Verizon to report better revenue growth, contends the firm. It views the shares as "cheap" at current levels.

STIFEL

  • TNGX Stifel analyst Laura Prendergast raised the firm's price target on Tango Therapeutics to $24 from $15 and keeps a Buy rating on the shares. The firm views the "recent flurry of PRMT5 inhibitor + RAS(ON) combinations" to be de-risking for Tango's first-line pancreatic ductal adenocarcinoma opportunity, the analyst tells investors.

SUSQUEHANNA

  • JD Susquehanna lowered the firm's price target on JD.com to $30 from $32 and keeps a Neutral rating on the shares. The firm said JD reported 4Q with revenue broadly in line with expectations, but profitability remains pressured as the company continues to invest in new business lines, particularly food delivery. The company remains optimistic about the long-term potential of these investments, and while losses are expected to narrow, they should continue to impact JD's profitability in the near term.
  • SMTC Susquehanna analyst Christopher Rolland raised the firm's price target on Semtech to $100 from $90 and keeps a Positive rating on the shares. The firm previewed its results and said they expect generally slightly better results/guidance, driven by better FiberEdge from the rapid inflection in 800G transceiver shipments. In addition, they believe the ACC/LE opportunity has materially expanded intra-quarter.
  • MU Susquehanna analyst Mehdi Hosseini raised the firm's price target on Micron to $525 from $345 and keeps a Positive rating on the shares. The firm updated its model heading into the company's results. They are raising estimates and initiating 2028 forecasts to reflect stronger pricing trends; DRAM and NAND ASPs quarter-to-date are tracking meaningfully above the firm's January expectations and this trend is expected to sustain into 2Q26. There are also diverging ASP trajectories as they expect DRAM ASPs to outperform NAND in 1H26 but underperform in 2H26.

TD COWEN

  • IQV TD Cowen raised the firm's price target on Iqvia to $213 from $174 and keeps a Buy rating on the shares. The firm does not see AI driving revenue headwinds for the company. While AI is likely to reduce drug trial costs by 10%-15%, the savings will be redeployed into additional activity, the analyst tells investors in a research note. TD sees an attractive risk/reward with Iqvia shares down 24% since the start of February.

TRUIST

  • RDW Truist upgraded Redwire to Buy from Hold with a price target of $15, up from $13. The improving mix and progress on programs, as well as further progress on development programs, lends more confidence that equivalent annual cost charges should potentially moderate in the coming periods, the analyst tells investors in a research note. New CFO Chris Edmunds has set low and achievable targets for 2026, and Golden Dome awards are a catalyst for further backlog growth, the firm says.
  • GCO Truist lowered the firm's price target on Genesco to $32 from $38 and keeps a Hold rating on the shares after its "solid" Q4 results. The company's Journeys group continues to generate strong momentum with premium product assortments fueling higher average sales prices and robust full-priced selling, though the firm remains cautious on the choppy macro, the analyst tells investors in a research note.
  • PDM Truist analyst Michael Lewis lowered the firm's price target on Piedmont Office Realty to $10 from $11 and keeps a Buy rating on the shares. The firm is updating its model but believes the company's FFO and cash flow likely bottomed in 2025, also noting that Piedmont Realty has the largest gap between leased occupancy and commenced rent-paying occupancy, with no debt maturities until 2028, the analyst tells investors in a research note.

UBS

  • PCG UBS upgraded PG&E to Buy from Neutral with a price target of $23, up from $20. The firm believes improvements in California wildfire policy and affordability should drive upside in the shares. Phase two legislation ahead of the July 2 recess could reduce PG&E's utility liability, the analyst tells investors in a research note. UBS expects the stock's 43% price-to-earnings discount to narrow "meaningfully" with continued risk reduction.
  • HTHT UBS upgraded H World to Buy from Neutral with a $62.40 price target. The firm increased the company's RevPAR estimates to reflect mix improvement and higher margin expectations after H World's 2025 cost controls. UBS is positive on the company's structural move to more new hotels and mid- and upper-mid-scale hotels. H World trades at a valuation below the global peer average, the analyst tells investors in a research note.
  • M UBS raised the firm's price target on Macy's to $9 from $8 and keeps a Sell rating on the shares. The firm's channel checks suggest sales trends in Q4 were better than expected, the analyst tells investors in a research note. Macy's FY26 and Q1 EPS guidance are likely to bracket consensus estimates and this will likely meet market expectations, the firm adds.
  • LULU UBS analyst Jay Sole lowered the firm's price target on Lululemon to $189 from $206 and keeps a Neutral rating on the shares. The firm's checks suggest Lululemon's Q1-to-date U.S. trends have been "lackluster" despite improvement in the level of newness in the product assortment, the analyst tells investors in a research note.

WELLS FARGO

  • NFLX Wells Fargo analyst Steven Cahall resumed coverage of Netflix with an Equal Weight rating and $105 price target. The firm previously rated the shares Overweight. Netflix should "rebound" from its attempt to acquire Warner Bros. Discovery by seeking to accelerate engagement with more content, the analyst tells investors in a research note. Wells thinks a price-to-earnings multiple of 25-30 times will be the "new range" for the shares. The firm believes "scars" on Netflix shares "can begin to heal."
  • WAL Wells Fargo upgraded Western Alliance to Equal Weight from Underweight with a price target of $79, down from $83. The firm cites valuation for the upgrade with the recent selloff bringing Western Alliance closer to its tangible book value. After the bank's recent missteps, the stock is undervalued, the analyst tells investors in a research note. Wells is also positive on Western Alliance's new CFO.
  • QURE Wells Fargo upgraded uniQure to Overweight from Equal Weight with a $60 price target.

WOLFE RESEARCH

  • SBUX Wolfe Research analyst Greg Badishkanian downgraded Starbucks to Peer Perform from Outperform without a price target after assuming coverage of the name. While "green shoots" are emerging from the company's turnaround, Wolfe wants to see evidence of sustained execution, the analyst tells investors in a research note. The firm says Starbucks is facing an increasingly competitive coffee landscape.
  • EAT Wolfe Research upgraded Brinker to Outperform from Peer Perform with an $184 price target after assuming coverage of the name. The firm says Brinker's Chili's unit has "earned value credibility" and its traffic has outperformed.
  • PTLO Wolfe Research initiated coverage of Portillo's with a Peer Perform rating and no price target. Given the Texas market is "still undercooked," comps are in the red and the turnaround's proof points are still 12-plus months away, "we're not ready to order yet," the analyst tells investors.
  • WING Wolfe Research initiated coverage of Wingstop with an Outperform rating and $320 price target. Best-in-class unit growth is fueled by franchisees with the capital and conviction to keep building despite a softer comp backdrop in 2025, which the firm finds "encouraging," the analyst tells investors.
  • BROS Wolfe Research analyst Margaret-May Binshtok initiated coverage of Dutch Bros with an Outperform rating and $77 price target. The nationally scaling brand has a clear path for mid-teens percentage unit growth and "no shortage of levers" to sustain consistent comp momentum into 2026, the analyst tells investors.
  • SG Wolfe Research initiated coverage of Sweetgreen with a Peer Perform rating and no price target. A sluggish backdrop and value perception headwinds linger, while traffic initiatives need to stick before margins recover, the analyst tells investors.
  • SHAK Wolfe Research initiated coverage of Shake Shack with an Outperform rating and $118 price target. Comps should get a lift from "low-hanging fruit" in the near-term, while ex-urban markets are working despite skepticism, says the analyst, who calls this "a signal that's been difficult to see through the NYC noise."

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

 

Monday March 9th

Economic Calendar: 

  • 10:00 AM ET                 Employment Trends for February

Earnings Calendar:

  • Earnings Before the Open: ACCO BETA DDD ELTK FCEL GBTG HRTG KFY NYAX SBEY SPRY ZIM
  • Earnings After the Close: ARQ CASY CHRS FLNT HPE KRO LFMD MTN MYO NPWR RAIL RPAY STXS VOYG YEXT ZVRA

Other Key Events:

  • Bank America Consumer & Retail conference, 3/9-3/12
  • Deutsche Bank 34th Annual Media, internet & Telecom Conference, 3/9-3/11, in Palm Beach, FL

Tuesday March 10th

Economic Calendar: 

  • 6:00 AM ET NFIB Small Business Optimism for February
  • 7:45 AM ET ICSC Weekly Retail Sales
  • 8:55 AM ET                   Johnson/Redbook Weekly Sales
  • 10:00 AM ET                 Existing Home Sales M/M for February
  • 12:00 PM ET WASDE crop report
  • 1:00 PM ET U.S. Treasury to sell $58B in 30 year notes
  • 4:30 PM ET API Weekly Inventory Data

Earnings Calendar:

  • Earnings Before the Open: ABM ADCT APYX BNTX CMT CTOS ESPR GBLI INSE IPWR KSS KVHI LEGN NIO PRTH STGW UEC UNFI WLFX XGN
  • Earnings After the Close: ASM AVAV BBCP BODI CDRE DOMO EVLV FNV FOA GRPN IDT JOYY LDI NATR ORCL SO SIGA WEST

Other Key Events:

  • Bank America Consumer & Retail conference, 3/9-3/12
  • Cantor Technology Conference, 3/10-3/11
  • Citizens Life Sciences Conference, 3/10, in Miami, FL
  • Deutsche Bank 34th Annual Media, internet & Telecom Conference, 3/9-3/11, in Palm Beach, FL
  • RBC Capital 2026 Global Financials Conference, 3/10-3/11, in New York

Wednesday March 11th

Economic Calendar: 

  • 7:00 AM ET MBA Mortgage Applications Data
  • 8:30 AM ET                   Consumer Price Index (CPI) M/M for February
  • 8:30 AM ET                   Consumer Price Index (CPI) Y/Y for February
  • 8:30 AM ET                   Core CPI, Ex: Food & Energy M/M for February
  • 8:30 AM ET                   Core CPI, Ex: Food & Energy Y/Y for February
  • 10:30 AM ET                 Weekly DOE Inventory Data
  • 1:00 PM ET U.S. Treasury to sell $42B in 10-year notes
  • 2:00 PM ET                    Federal Budget for February

Earnings Calendar:

  • Earnings Before the Open: ACTG BWAY BWEN CPB CVGI CXM KMDA KPLT OPFI SDHC SERV TH
  • Earnings After the Close: ARIS ASTL BMBL CDXS CINT CURI DMRC DSGC DSP FOSL FTK HPK NOA NTSK NVGS ODC PATH SFIX SID TBBB TLYS TTGT VEL WLTH WOOF

Other Key Events:

  • Bank America Consumer & Retail conference, 3/9-3/12
  • Cantor Technology Conference, 3/10-3/11
  • Deutsche Bank 34th Annual Media, internet & Telecom Conference, 3/9-3/11, in Palm Beach, FL
  • RBC Capital 2026 Global Financials Conference, 3/10-3/11, in New York
  • Stifel NYC technology 1-on-1 Conference, 3/11 in New York

Thursday March 12th

Economic Calendar: 

  • 8:30 AM ET                   Weekly Jobless Claims
  • 8:30 AM ET                   Continuing Claims
  • 8:30 AM ET                   Housing Starts M/M for January
  • 8:30 AM ET                   Building Permits M/M for January
  • 8:30 AM ET                   International Trade for January
  • 10:30 AM ET                 Weekly EIA Natural Gas Inventory Data
  • 1:00 PM ET U.S. Treasury to sell $25B in 30-year notes

Earnings Calendar:

  • Earnings Before the Open: ACDC BBW BLDP CION DG DKS FUTU GAMB HBIO JG LCUT LI OLLI PHAR REFI RPID SEAT SGA SNBR SNDL SUNS UONEK VFF VRA YMM
  • Earnings After the Close: ABX ADBE ALLO ANGX AOUT APEI AVO BZFD CVGW EVCM FNKO GDOT HCAT JCAP JYNT KRMD KRT LEN LMNR LOCO LPRO MAPS MNR NKTR OFRM PD PXLW QRHC RBRK RWAY S SKIN RBCH TTAN ULTA VERI VUZI VXRT WPM ZUMZ

Other Key Events:

  • Bank America Consumer & Retail conference, 3/9-3/12
  • Bank America Information & Business Services Conference 3/12, in New York

Friday March 13th

Economic Calendar: 

  • 8:30 AM ET                   Personal income M/M for January
  • 8:30 AM ET                   Personal Spending M/M for January
  • 8:30 AM ET                   Personal Consumption Expenditures (PCE) Price Index M/M for January
  • 8:30 AM ET                   Personal Consumption Expenditures (PCE) Price Index Y/Y for January
  • 8:30 AM ET                   Core PCE Price Index M/M for January
  • 8:30 AM ET                   Core PCE Price Index Y/Y for January
  • 8:30 AM ET                   Gross Domestic Product (GDP) 2nd estimate for Q3
  • 8:30 AM ET GDP Consumer Spending 2nd estimate for Q3
  • 8:30 AM ET GDP Price Deflator for Q3 2nd estimate
  • 8:30 AM ET PCE Prices for Q3-preliminary
  • 8:30 AM ET                   Core PCE Prices for Q3-preliminary
  • 10:00 AM ET                 JOLTs Job Openings for January
  • 10:00 AM ET                 University of Michigan Confidence for March-prelim
  • 1:00 PM ET                    Baker Hughes Weekly rig count data

Earnings Calendar:

  • Earnings Before the Open: ACXP BETR EEX RLX VEON

 

 

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