Early Look

Tuesday, May 12, 2026

It was a new day, but same story on Monday as the S&P 500 and Nasdaq Comp eked out new all-time highs as semiconductor chip stocks close at new records with the SOX index now up 15% this month and a whopping 70% YTD as the AI demand/growth story pushes tech sectors higher daily, with no slowing in sight to this point. What remains interesting, the CBOE Volatility index (VIX) moved up nearly 7% back around the 19 level, even though the S&P hit a record high and oil prices jumped, and there were more new lows than highs yet again. There has been no slowing the tech rally so far in 2026, though Nasdaq futures dip overnight (unfamiliar sight these days) after famed “Big Short” investor Michael Burry said in a Substack that the Nasdaq 100 Index is headed toward a dramatic reversal after a “parabolic” surge that has driven technology valuations to unsustainable heights. Also, of note later today inflation data as the April Consumer Price index (CPI) is expected at 8:30 am et where prices are expected to rise again given the stubbornly high energy prices due to the Iran/U.S. conflict. In Asian markets, The Nikkei Index gained 324 points to 62,742, the Shanghai Index fell -10 points to 4,214, and the Hang Seng Index dipped -58 points to 26,347. In Europe, the German DAX is lower by -250 points to 24,100, while the FTSE 100 is down -44 points to 10,225. Oil prices rise again overnight, Bitcoin prices fall along with metals, and the dollar bounces ahead of CPI data; stocks lower to start, will it stick this time after a 6-week tech market led rally?

Technology (XLK) was again among leaders in the S&P 500 on Monday, rising for the 8th time in 9 days and the Philly semi (SOX) index hit another record highs above 12,000 today +2.4%. note tech remains boss as @GlobalMktObserv noted on X, “Tech stocks are now THE MARKET: The AI Big 10 now accounts for a RECORD ~40% of the S&P 500's market cap. This covers the Magnificent 7 stocks plus Broadcom, Micron, and AMD, according to BofA. This concentration matches the peak of the Nifty Fifty in 1965 and is also as high as Japan's peak in 1989. It also matches the Tech and Telecom peak at the 2000 Dotcom Bubble.” Interesting stats: @RyanDetrick noted on X, “The S&P 500 is up six weeks in row and >10% during the win streak. This is only the 10th time that has ever happened (since 1950) and it was lower a year later only once (80 yrs ago), with an avg return of 17.1% (about 2x the avg year return).”

• The Dow Jones Industrial Average rose 95.31 points, or 0.19%, to 49,704.47
• The Nasdaq Composite gained 27.05 points, or 0.10%, to 26,274.13
• The Russell 2000 Index advanced 9.43 points, or 0.33% to 2,870.64

• 7:45 AM ET ICSC Weekly Retail Sales
• 8:30 AM ET                   Consumer Price Index (CPI) headline M/M for April… est. +0.6% (prior +0.9%)
• 8:30 AM ET                   Consumer Price Index (CPI) headline Y/Y for April…est. +3.7% (prior +3.3%)
• 8:30 AM ET                   Core CPI Ex: Food & Energy M/M for April…+0.3% (prior +0.2%)
• 8:30 AM ET                   Core CPI Ex: Food & Energy Y/Y for April…est. est. +2.7% (prior +2.6%)
• 8:55 AM ET                   Johnson/Redbook Weekly Sales
• 11:00 AM ET                 Cleveland Fed CPI for April
• 12:00 PM ET WASDE crop report for May
• 1:00 PM ET US Treasury to sell $39B in 10-year notes
• 2:00 PM ET                    Federal Budget for April…est. $220.0B
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: AEYE AKA ANDG ATRO BGS CAPR DDI EPM FNV GRWG GUTS JBS KRMN KURA NCMI NPCE NXT OPRX PAYS REZI STXS TELA VELO VRCA

• Bank America 2026 Industrials, Transportation and Airlines Key Leaders, 5/12-5/14
• Bank America 2026 Healthcare Conference Agena, 5/12-5/14
• BMO Capital Real Assets Conference, 5/12-5/13, in New York
• Goldman Sachs Global Staples Forum 5/12
• Needham 21st Annual Needham Technology, Media, & Consumer Conference, 5/12-/5/14, in NY

• The United Arab Emirates has carried out military strikes on Iran, people familiar with the matter said, casting the Gulf monarchy as an active combatant in a war in which it has been Iran's biggest target. Its military is well-equipped with Western-made jet fighters and surveillance network, per WSJ late Monday.
• US President Donald Trump and Chinese counterpart Xi Jinping will meet Thursday morning in Beijing, according to the White House, for a high-stakes summit that will be dominated by discussions on trade and the war in Iran. The trip marks the first visit by a US president to China in nearly a decade.
• Bank of America now expects the Federal Reserve to delay rate cuts until mid–2027, pushing previous forecasts from late 2026. The bank cites a more hawkish Fed tone, persistent inflation above target, and continued oil-related price pressures. Stronger private Payroll growth and a stable unemployment rate also suggest weakening urgency for cuts. As a result, BOFA says recent data did not support the weaker labor market conditions needed to justify earlier easing.

• GameStop (GME) shares slide after EBAY (EBAY) rejected its $56B takeover bid, citing doubts over the deal's financing; the Board concluded that GameStop proposal is neither "credible nor attractive" and is confident that Co, under its current management team, is well-positioned to continue to drive sustainable growth
• GoPro (GPRO) Board of Directors announces review of strategic alternatives; board to evaluate strategic alternatives including possible sale or merger.
• Lowe’s (LOW) upgrade to Buy in broadlines and hardlines preview at Citigroup.
• Activist investor Nelson Peltz's Trian Fund Management is seeking investor backing for a bid to take fast-food chain Wendy's (WEN) private, The Financial Times' reports. Trian has held discussions with outside investors, including in the Middle East, about funding a potential takeover of Wendy's https://tinyurl.com/y3ws4je8

• Power Solutions (PSIX) shares plunge on results; Q1 EPS 0.32 on margins 22.9%; said  given ongoing variability in order timing & market conditions, not providing formal FY guidance at this time while noted sees Q2 revs generally consistent with Q1 on a sequential basis; said demand related to data center applications remains solid
• Siemens (SIEGY) has agreed to buy Italian rail technology Company Mer Mec in a deal worth around 1 billion euros ($1.17 billion), a person familiar with the matter told Reuters on Tuesday.
• T1 Energy (TE) shares jump after earnings as Q1 revs $177.65M top consensus $110.5M and Q1 net income from continuing ops reached record high, though Q1 net loss widened due to discontinued operations losses; maintains 2026 production guidance of 3.1–4.2 GW from G1_Dallas.
• Shipping traffic in the Strait of Hormuz remained at a standstill on Tuesday, with oil rising after US President Donald Trump rejected Iran’s latest offer and suggested the ceasefire may not hold. Oil pushed higher as US President Trump cast doubt over the ceasefire with Iran after rejecting Tehran’s latest peace offer.

• Halozyme (HALO) Q1 EPS $1.60 vs. consensus $1.52 and revs $376.7M vs. consensus $359.05M; announces a new $1B share repurchase program; still sees 2026 non-GAAP EPS $7.75 to $8.25, vs. consensus $8.09 and still sees 2026 revenue $1.71B-$1.81B, vs. consensus $1.76B.
• Harrow Inc. (HROW) Q1 EPS ($0.74) vs est (0.40) on revs $44.2Mm vs est $52.42Mm, gross mgn 61%.
• Hims & Hers (HIMS) shares fall on rev miss; Q1 revs $608M vs. est. $617M; raises year revs to $2.8B-$3B from prior $2.7B-$2.9B but cuts FY adj Ebitda to $275M-$350M from prior $300M-$375M and vs. est. $322.8M; said have high conviction in 2030 targets of at least $6.5B in revenue and $1.3B in adjusted EBITDA.
• MacroGenics (MGNX) to sell GMP Manufacturing operations to Bora Pharmaceuticals; to receive $122.5M upfront payment from Bora upon closing; to enter supply arrangement with bora for process development and drug substance production for its internal pipeline needs.
• Novo Nordisk A/S (NVO) said Wegovy delivered substantial weight loss in women across all menopause stages, plus heart and migraine protection, shown in new data at the European Congress On Obesity; Wegovy showed average 22.6% weight loss for premenopausal women with obesity; women taking Wegovy had average 42-45% lower risk of migraine starting six months after initiation, and a 25% lower risk of depression
• PACS Group (PACS) Q1 EPS $0.50 vs est $0.40 on revs $1.42B vs est $1.36B; reaffirms FY revs guide $5.65-5.75B vs est $5.72B, raises adj EBITDA guide to $605-625Mm.
• STERIS Plc (STE) Q4 adj EPS $2.83 vs est $2.85 on revs $1.6B vs est $1.59B; guides FY revs +7-8%, organic revs +6-7%, adj EPS $1.10-11.30 vs est $11.10; board approves new $1B share repurchase program.

• Archer Aviation (ACHR) Q1 EPS loss (-$0.28) vs. est. loss (-$0.24); Q1 revs $1.6M vs. consensus $900K; highlighted record FAA certification progress and expects US operations to start in 2026; expects Q2 2026 Adjusted EBITDA loss of $170M-$200M.
• AST SpaceMobile (ASTS) Q1 revs $14.7M misses the $37.6M estimate and posted Q1 EPS loss (-$0.66) while noting remains on track to achieve fy2026 revenue guidance of $150M-$200M; said network deployment continues with next orbital launch in mid-June with BlueBird 8, BlueBird 9 and BlueBird 10 on a Falcon 9 vehicle.
• Helios Technologies (HLIO) Q1 adj EPS $0.80 vs est $0.65, adj EBITDA $46.5Mm vs est $43.5Mm on revs $228.4Mm vs est $220Mm, gr mgn 32.8%; guides FY revs $840-870Mm vs est $849.4Mm, adj EBITDA mgn 19.5-21% and adj EPS $2.75-3.00 vs est $2.63.

• iHeart Media (IHRT) Q1 adj EBITDA $93Mm vs est $102.6Mm on revs $884Mm vs est $871.5Mm; guides Q2 revs +low-single digits and adj EBITDA $140-160Mm; announces new $50Mm annualized cost saving program beginning 2H26; Digital Audio revenue rose 18% driven by strong podcast demand; podcast revs surged 27%.
• MARA Holdings (MARA) Q1 EPS loss (-$3.31) vs. est. loss (-$2.15); Q1 revs $174.6M vs. est. $179.2M.
• Navitas Semiconductor (NVTS) files $250M mixed securities shelf
• Qnity Electronics (Q) Q1 adj EPS $1.08 vs. consensus $0.92 on revs $1.32B vs. consensus $1.27B; raises FY26 adjusted EPS view to $3.80-$4.14 from $3.55-$3.95 (est. $3.81) and boosts FY26 revenue view to $5.225B-$5.375B from $4.97B-$5.17B, vs. consensus $5.12B; sees FY26 adjusted operating EBITDA $1.535B-$1.625B.
• Rigetti Computing (RGTI) Q1 revs $4.4M vs. est. $3.97M as revs driven by new on-premises quantum system sales and increased customer adoption; said new on-premises Novera QPU sales contributed to y/yr revenue growth; posted GAAP net income but non-GAAP net loss for Q1.
• Sea Ltd (SE) Q1 revs $7.1B vs. consensus $6.41B and says on track to deliver 2026 guidance.
• ServiceNow (NOW) plans to raise $4B in bond sale, Bloomberg reported.
• Vodafone (VOD) shares slide after reports FY26 adj earnings before interest, tax, depreciation and amortization after leases of 11.4B euros ($13.4B) at top end of guidance, but margin falls to 28.1% from 29.2%; said Germany organic FY adj EBITDA down 3.3%.
• ZoomInfo Technologies (GTM) shares tumbled after results; Q1 adj EPS $0.28 vs est $0.26 on revs $310.2Mm vs est $307.9Mm; guides Q2 revs $300-303Mm and adj EPS $0.26-0.28; sees FY revs $1.185-1.205B vs est $1.26B and adj EPS $1.10-1.12 vs est $1.11.

Mid-Morning Look

Tuesday, May 12, 2026

U.S. stocks traded lower overnight following another jump in oil prices, as the situation in the Middle East worsens, along with a further rise in Treasury yields on inflation fears and a cautious call from a notable Wall Street figure on technology weighed on stocks prices slightly, with the S&P 500 and Nasdaq coming into the day at record highs. Michael Burry, the investor made Famous in The Big Short, warned on Substack that the Nasdaq 100 Index is headed toward a dramatic reversal after a “parabolic” surge that has driven technology valuations to unsustainable heights. Burry said the market resembles the peak of the dot-com bubble just before it burst, citing in particular the steep jump in chip stocks that has pushed up the Philadelphia Stock Exchange Semiconductor Index. Then this morning, April inflation data came in “hot” as CPI rose 0.6% MoM, in line with estimates with inflation pressures heavily concentrated in a few categories as energy contributed 0.27% to headline CPI, led by gasoline (+5.4%), shelter added another 0.21% and food contributed 0.07% (core CPI came in above consensus estimates – more below). Between CPI, the Iran situation and the nonstop rally in tech stocks over the last few weeks, markets are softer on the day. US President Trump described the ceasefire as being on “life support”, after Iran’s counter proposal to the US offer to end the conflict was rejected outright by Trump.  Trump claimed that in its formal response, Iran had reneged on a previous verbal agreement to allow the transfer of its enriched uranium to the US, with Iran now only said to be offering the transfer of some of its supplies to a 3rd country. Trump also reiterated his belief of internal divisions within Iran’s leadership, claiming moderate factions were seeking to end the war, but were being blocked by hardline groups.

• U.S. April real earnings all private workers -0.2% vs Mar -0.9% (prev -0.9%), U.S. CPI energy +3.8%, gasoline +5.4%, new vehicles -0.2% and CPI food +0.5%, housing +0.7%, owners' equivalent Rent of primary residence +0.5%.

• Broadlines and hardlines earnings preview at Citigroup noting the sector has lagged YTD (down -8% vs S&P 500's +8% gain) on macro fears and the implications of higher gas prices. The firm said the stock debate now is how much is weaker consumer spending priced in. Looking at Q1, Citi stills expect most to report results in-line to slightly above the Street and says nearly all should maintain full year guidance (OLLI is lone ne negative standout). Citi upgraded LOW to Buy and new Top 5 Picks - ORLY, HD, AZO, LOW .
• In Chemicals: CE was upgraded to Overweight at JP Morgan on valuation saying its share price has moved lower (14%) from almost $69 last week versus the market, which is 2% higher. There was some disappointment with expected growth in Celanese's free cash flow Generation, in addition to lower tensions around the conflict in Iran. TROX was downgraded to Sell at Goldman Sachs saying TiO2 fundamentals are skewing more to the downside for which TROX is the most exposed to out of the TiO2 names.
• AI Sector: OpenAI reaches new deal w/ MSFT, may save $97B through 2030; the co’s initially had an agreement in which OAI would give MSFT 20% of its rev, or as much as $135B through 2030, but the new agreement caps the rev-sharing payments at $38B – The Information reported. In Data center infrastructure, CLSK shares fell as Q2 revenue fell 25% Y/y to $136.4M and net loss widened to -$378.3M from -$138.8M Y/y citing lower Bitcoin mining revenue and higher costs; says is focused on commercializing Ai/HPC-applicable assets and expanding digital infrastructure.

• HLIT +7%; shares jumped after beat and raised EPS guidance while only trimming the full-year sales outlook slightly; sees 2026 revenue $475M-$495M, total revenue consensus $465.73M; in the video infrastructure space, getting more profitable on slightly lower revs.
• Q +2%; on earnings as Q1 adj EPS $1.08 vs. consensus $0.92 on revs $1.32B vs. consensus $1.27B; raises FY26 adjusted EPS view to $3.80-$4.14 from $3.55-$3.95 (est. $3.81) and boosts FY26 revenue view to $5.225B-$5.375B from $4.97B-$5.17B, vs. consensus $5.12B.
• SE +11%; on results as Q1 revs $7.1B vs. consensus $6.41B and says on track to deliver 2026 guidance.
• VPG +22%; shares jumped after results as Q1 revs rose 17.6% y/y to $84.3M topped consensus $77M on better profit citing strong Sensors segment demand and higher sales across markets as Sensors segment bookings grew 29% sequentially and revenue rose 23% y/y; guides Q2 revenue $85M-$90M, vs. consensus $79.17M.
• WEN +11%; Nelson Peltz's Trian Fund Management is seeking investor backing for a bid to take fast-food chain Wendy's private, The Financial Times' reports. Trian has held discussions with outside investors, including in the Middle East, about funding a potential takeover of Wendy's https://tinyurl.com/y3ws4je8
• ZBRA +14%; shares jumped on results and guidance as Q1 EPS/sales $4.75/$1.49B topped consensus of $4.25/$1.48B while raised 2026 sales growth view to 10%-14%, up from prior forecast of 9%-13% growth and said it expects Q2 sales growth of 14%-17% vs. consensus expected 13.7% growth.

• CLSK -9%; shares fell as Q2 revenue fell 25% Y/y to $136.4M and net loss widened to -$378.3M from -$138.8M Y/y citing lower Bitcoin mining revenue and higher costs; says is focused on commercializing Ai/HPC-applicable assets and expanding digital infrastructure.
• GME -2%; after EBAY rejected its $56B takeover bid, citing doubts over the deal's financing; the Board concluded that GameStop proposal is neither "credible nor attractive" and is confident that Co, under its current management team, is well-positioned to continue to drive sustainable growth
• GTLB -11%; said that it intends to restructure the Company over the coming weeks, which would include a voluntary separation window and that the forthcoming cuts would be finalized by June 1 and intends to reduce the number of countries it serves by up to 30%.
• GTM -34%; shares tumbled after the company cut its full-year revenue forecast as now sees forecast to $1.185B-$1.20B, from prior view of $1.24B-$1.267B, which followed narrow Q1 EPS/rev beat, and restructuring (roughly a 20% RIF, or ~600 employees), prompting analyst downgrades at BTIG and Canaccord to Hold from Buy.
• HIMS -14%; shares fell after reported mixed Q1 results, with both revenue and adjusted EBITDA coming in modestly below expectations; Q1 revs $608M vs. est. $617M; raises year revs to $2.8B-$3B from prior $2.7B-$2.9B but cuts FY adj EBITDA to $275M-$350M from prior $300M-$375M and vs. est. $322.8M.
• ONON -5%; Q1 sales better at CHF 831.9M vs. est. CHF 822.47M and Q1 ADJ EBITDA margin up 21% vs est. 18% while reiterates full-year 2026 constant currency net sales growth guidance; raises 2026 gross profit margin guidance to at least 64.5% and sees FY adj EBITDA margin 19.5% to 20% vs est. 18.81%.
• PSIX -33%; shares tumbled after reported Q1 revenue and income that fell short of analyst estimates and declined to give full-year guidance, citing variability in order timing and market conditions.
• UAA -18%; Q4 revs $1.2B vs. consensus of $1.167B but shares fell as forecast another annual revenue decline and expects profit well below estimates; now sees year op income $140M-$160M and adj EPS $0.08-$0.12, below consensus of $0.23 and sales expected to fall vs. consensus for rise of 1.6% to $5.05B.
• VOD -7%; shares fell after reports FY26 adj earnings before interest, tax, depreciation and amortization after leases of 11.4B euros ($13.4B) at top end of guidance, but margin falls to 28.1% from 29.2%; said Germany organic FY adj EBITDA down 3.3%.

Closing Recap

Tuesday, May 12, 2026

U.S. stocks finished the day lower as the S&P 500 pulled back from record highs, but after falling as much as 1% earlier and the Nasdaq down as much as 2%, both finished well off their lows as investors rotated out of technology stocks for a change and rotated into financials, healthcare, consumer staples and energy which lifted markets! Investors took some profits in tech after a massive record run, especially for the Technology (XLK) space. Continued upward pressure on oil and yields was the easy excuse for more defensive tone in equities with headwinds facing the consumer from the gas price spike (retail sold off sharply on Monday, gas prices above $4.50). A rise in inflation prices in April data also added to the selling pressure with CPI coming in above consensus 9ahead of PPI tomorrow). The Philadelphia semiconductor index (SOX) has been a key driver for the Nasdaq the last few weeks, coming into the day up 70% since the start of the year but saw some notable profit taking, falling over 6% before paring losses to -4%. A combination of a cautious tech comments by Michael Burry (see below) and South Korean stocks coming under some pressure following suggestion by presidential policy chief for a citizens' dividend funded by taxes on AI profits weighed in AI names. Latest batch of corporate earnings also featured more workforce reduction announcements partly related to AI, along with the AI disruption theme.

Inflation data this morning did not help sentiment after the first notable pullback for stocks in some time, as the April consumer prices (CPI) rose 0.6% m/m, in line with economists' forecasts and slowing from 0.9% in March. Energy prices accounted for over 40% of the month-to-month increase. Energy prices were up 18% from a year earlier; within that gasoline was up 28% and fuel oil jumped 54%; Airfare prices rose 21%. Excluding food & energy, prices still rose +0.4% vs. +0.3% expected 9for core) and y/y prices rose on headline (+3.8% vs. +3.7% est.) and core (+2.8% vs. +2.7% est.). The April CPI report is the latest sign that the Fed interest rate cuts that markets were pricing in at the start of the year are no longer a 2026 story, with fears of a hike on the table.

Back to tech – weakness for the first time in a long time with the Nasdaq underperforming, with the biggest winners during its 6-week win streak (semis, optical, AI, data center, Mag 7) were the biggest drags for today. Noteworthy, Michael Burry, the investor made Famous in The Big Short, warned in a post on Substack that the Nasdaq 100 Index is headed toward a dramatic reversal after a “parabolic” surge that has driven technology valuations to unsustainable heights. Burry said the market resembles the peak of the dot-com bubble just before it burst, citing in particular the steep jump in chip stocks that has pushed up the Philadelphia Stock Exchange Semiconductor Index (SOX) by nearly 70% since the end of March. He said the Nasdaq 100, by his reckoning, is trading at 43 times earnings — well above the implied level of around 30 times — because “Wall Street may be overstating by more than 50% the earnings at our fastest growing, most highly valued companies.” https://tinyurl.com/bde5dmzh . Note @GlobalMktObserv noted on X, “The US tech sector has NEVER been this large: Tech and tech-related stocks now make up ~57% of the total US market cap, a record high. This is 6-7 percentage points higher than at the 2000 Dot-Com Bubble.”

In addition to the Iran/U.S. headlines, other items to watch this week include producer price index (PPI) inflation data tomorrow (after today’s hotter CPI report) and then US President Donald Trump and Chinese counterpart Xi Jinping will meet Thursday morning in Beijing, according to the White House, for a high-stakes summit that will be dominated by discussions on trade and the war in Iran. The trip marks the first visit by a US president to China in nearly a decade. Earnings however much quieter as of today with 452 S&P 500 companies reported thus far vs 456 LY (per Reuters) this quarter, 85% beat vs 79% LY and the avg beat 25% vs 21% LY, avg miss -23% vs -19% LY while avg yr/yr earnings growth 27% vs 12% LY in what has been a very strong quarter of earnings results.

• U.S. April real earnings all private workers -0.2% vs Mar -0.9% (prev -0.9%), U.S. CPI energy +3.8%, gasoline +5.4%, new vehicles -0.2% and CPI food +0.5%, housing +0.7%, owners' equivalent Rent of primary residence +0.5%.
• NY Fed Q1 household debt: Total: $18.8T, little changed, Delinquency: 4.8%, little changed, Mortgage: $13.2T (+$21B), Auto: $1.7T (+$18B), Student loans: $1.7T (-$6B) and Credit card: $1.3T (-$25B). The overall delinquency rate for student loans in the first quarter was 10.3% for loans three months or more in trouble, up from 9.6% at the end of the fourth quarter of 2025. Some 2.6M student loan borrowers who were 120 days or more behind on their repayments had their loans referred to the U.S. Department of Education's Default Resolution Group. The report said total delinquency rates on debt were mostly steady during the first quarter at 4.8%

• Treasury yields were broadly higher again as the 30-year yields climb 2bps to 5%, highest in one week, the two-year note rose 5.1 basis points to 3.998% (6-week highs) and the yield on benchmark U.S. 10-year notes rose 5.3 basis points to 4.465%. U.S. Treasury sells $42B 10-year notes at high yield 4.468%, vs. 4.46% when issued prior as the bid-to-cover ratio 2.40 (vs. 2.43 prior), and primary dealers take 11.98% of U.S. 10-year notes sale, direct 24.07% and indirect 63.95%.

• In Footwear/Retail: ONON Q1 sales better at CHF 831.9M vs. est. CHF 822.47M and Q1 ADJ EBITDA margin up 21% vs est. 18% while reiterates full-year 2026 constant currency net sales growth guidance; raises 2026 gross profit margin guidance to at least 64.5% and sees FY adj EBITDA margin 19.5% to 20% vs est. 18.81%.
• Apparel Retail: UAA Q4 revs $1.2B vs. consensus of $1.167B but shares fell as forecast another annual revenue decline and expects profit well below estimates; now sees year op income $140M-$160M and adj EPS $0.08-$0.12, below consensus of $0.23 and sales expected to fall vs. consensus for rise of 1.6% to $5.05B.
• Specialty Retail: GME shared fell after EBAY rejected its $56B takeover bid, citing doubts over the deal's financing; the Board concluded that GameStop proposal is neither "credible nor attractive" and is confident that Co, under its current management team, is well-positioned to continue to drive sustainable growth.
• Broadlines and hardlines earnings preview at Citigroup noting the sector has lagged YTD (down -8% vs S&P 500's +8% gain) on macro fears and the implications of higher gas prices. The firm said the stock debate now is how much is weaker consumer spending priced in. Looking at Q1, Citi stills expect most to report results in-line to slightly above the Street and says nearly all should maintain full year guidance (OLLI is lone ne negative standout). Citi upgraded LOW to Buy and new Top 5 Picks - ORLY, HD, AZO, LOW .
• Theme Parks: PRKS was downgraded from Buy to Hold at Stifel and cut PT from $43 to $40 saying between weather excuses, cost blunders, and poor communication, the firm is getting increasingly discouraged with the story. Stifel believes from here the story isn't about operational improvement/quality (or even demand/pricing) but more so about what that shareholder will do (or not do) to drive share performance.

• In Aerospace: ACHR Q1 adj. EBITDA loss of ($172.5M) came in near the midpoint of management's Q1 guidance for a loss between ($160M-$180M), which reflects a ~58% Y/y (~25% q/q) widening of the bottom-line loss from management's planned $34.6M quarterly increase in operating expenses. G&A expense fell ~5% q/q to $83.2M (up ~107% Y/y), and guided Q2 ($185M) in Adj. EBITDA loss at the midpoint, 7% higher q/q (up 56% Y/y). BA booked 135 net new orders in April, nearly matching its total in the first three months of the year. Through the first four months of the year, Boeing has booked 284 new orders after adjusting for cancellations and conversions. The WSJ reported this afternoon that Google is in talks with SpaceX for a Rocket launch deal as the search giant expands its own efforts to put orbital data Centers in space, according to people familiar with the discussions.
• In Chemicals: CE was upgraded to Overweight at JP Morgan on valuation saying its share price has moved lower (14%) from almost $69 last week versus the market, which is 2% higher. There was some disappointment with expected growth in Celanese's free cash flow Generation, in addition to lower tensions around the conflict in Iran. TROX was downgraded to Sell at Goldman Sachs saying TiO2 fundamentals are skewing more to the downside for which TROX is the most exposed to out of the TiO2 names.
• Alternative Power: PLUG delivered improved top-line growth and meaningful margin progress in Q126, but gross margins remain well negative; reiterated confidence in sequential margin improvement thru ‘26, and improved cash profile, supported by disciplined opex, materially lower capital Intensity, and expected WC benefits in 2H. TE shares jump after earnings as Q1 revs $177.65M top consensus $110.5M and Q1 net Income from continuing ops reached record high, though Q1 net loss widened due to discontinued operations losses; maintains guidance.
• Defense sector: The CBO announced today it puts US Golden Dome cost at $1.2 trillion, dwarfing the Pentagon's $185B estimate. Space-based interceptor Constellation of 7,800 satellites alone would cost $743B over 20 years, per CBO. Shares of LMT, LHX among names involved in Golden Dome.
• In Transports: shares of airlines, AAL, ALK, DAL, JBLU, LUV, UAL remained weak given the persistent rise in energy prices; energy also impacting cruise lines (CCL, RCL, NCLH, VIK), and truckers and freight.

• ALKS Phase 3 REVITALYZ meets primary and secondary endpoints in idiopathic hypersomnia: The company announced positive topline results from the Ph3 REVITALYZ study evaluating LUMRYZ in adults with idiopathic hypersomnia (IH). Lumryz met the study’s primary endpoint of improvements in excessive daytime sleepiness.
• BMY struck a strategic partnership and licensing deal with major Chinese drugmaker Hengrui Pharmaceuticals, in a deal that could worth more than $15B; the two firms said they would collaborate to advance 13 early-stage drug programs. BMY will pay Hengrui up to $950M, including $600M upfront and contingent payments of $175M on each of the first two anniversaries of the deal.
• HLBBF H Lundbeck raised its 2026 sales and earnings growth forecasts amid stronger U.S. demand for migraine treatment Vyepti and delayed generic competition for schizophrenia drug Abilify Maintena outside the U.S.; now expects full-year revenue growth of 7% to 9% at constant exchange rates, up from 5% to 8%, and adjusted EBITDA growth of 8% to 14%, up from 4% to 12%.
• RIGL signs a global licensing deal for ARVN and PFE recently approved breast cancer drug, Veppanu as Rigel will pay $70 million upfront and another $15 million after certain transition activities are completed; ARVN and PFE are also eligible for up to $320 million in milestone payments as well as tiered royalties
• Healthcare Services: HIMS shares fell after reported mixed Q1 results, with both revenue and adjusted EBITDA coming in modestly below expectations; Q1 revs $608M vs. est. $617M; raises year revs to $2.8B-$3B from prior $2.7B-$2.9B but cuts FY adj EBITDA to $275M-$350M from prior $300M-$375M and vs. est. $322.8M.
• Managed care stocks were a bright spot with UNH hitting 52—week highs and broad strength in Healthcare as shares of CNC, CVS, ELV, MOH all up over 3% and HUM up over 6% in the group; hospitals also strong (CYH, THC)

• In Quantum: RGTI reported MarQ rev of $4.4M (slightly above cons. $4.1M), as MarQ up 136% q/q with delivery of Novera 9-qubit QPU to University of Saskatchewan driving strong hardware sales; QUBT shares jumped on results as recognized $3.7M of revenue vs. consensus of $3.1M while net Income (loss) was $(4.1) million vs. consensus at ($10.9) million or ($0.05)/share and net Income included a $3.2M gain from the mark to-market of a derivative liability and interest Income of $13.5M; QBTS shares fell as Q1 revs $2.85M missed est. $4.14M.
• In Electronic Parts: ZBRA shares jumped on results and guidance as  Q1 EPS/sales $4.75/$1.49B topped consensus of $4.25/$1.48B while raised 2026 sales growth view to 10%-14%, up from prior forecast of 9%-13% growth and said it expects Q2 sales growth of 14%-17% vs. consensus expected 13.7% growth.
• In Communications & Networking: HLIT shares jumped after beat and raised EPS guidance while only trimming the full-year sales outlook slightly; sees 2026 revenue $475M-$495M, total revenue consensus $465.73M; in the video infrastructure space, getting more profitable on slightly lower revs.
• In Telecom: ASTS shares tumbled after posted a wider loss than analysts were expecting for Q1 and revenues of $14.73M was well below the consensus $37.6M saying revenue declined due to the timing of gateway deployment to their commercial customers and the timing of completion of certain government contract milestones – though said they remain on track to achieve $150M-$200M revenue guidance. VOD shares fell after reports FY26 adj earnings before interest, tax, depreciation and amortization after leases of 11.4B euros ($13.4B) at top end of guidance, but margin falls to 28.1% from 29.2%; said Germany organic FY adj EBITDA down 3.3%.

Street Recommendations

Tuesday, May 12, 2026

• FOXA Barclays raised the firm's price target on Fox Corp. to $67 from $63 and keeps an Equal Weight rating on the shares. The company continues to have high growth visibility with potential upside to estimates, but the stock's valuation is "burdened" by NFL cost increase expectations, the analyst tells investors in a research note.
• HLIT Barclays raised the firm's price target on Harmonic to $15 from $11 and keeps an Equal Weight rating on the shares. The company's broadband segment beat in the quarter, driven by growth from wins in DOCSIS 4.0, fiber, and strength in both top two customers and rest of market, the analyst tells investors in a research note.
• MNDY Barclays analyst Raimo Lenschow raised the firm's price target on Monday.com to $100 from $95 and keeps an Overweight rating on the shares post the Q1 report. The firm says upmarket momentum remains Monday.com's core growth driver "with an emerging lift from AI."
• TGT Barclays analyst Seth Sigman raised the firm's price target on Target to $115 from $108 and keeps an Underweight rating on the shares. The firm sees Target "getting back to the baseline" after the sales and margin reset in 2025.

• PODD Benchmark initiated coverage of Insulet with a Buy rating and $250 price target. The firm says the company aims to maintain its position as the market leader in automated insulin delivery by leveraging its tubeless form factor, international footprint, and early entry into the "rapidly growing" type 2 diabetes market. The analyst sees an attractive valuation at current share levels. Concerns of competition are overblown given the "large, underserved" type 2 diabetes market, contends Benchmark.
• TNDM Benchmark analyst Bruce Jackson last night initiated coverage of Tandem Diabetes with a Hold rating and no price target. The company is undertaking an "ambitious strategy" to simultaneously shift its domestic and international businesses to new sales and distribution channels, the analyst tells investors in a research note. The firm says the transition "will not be without pain." It prefers to see how the next few quarters unfold before getting more positive on the shares.
• MXL Benchmark initiated coverage of MaxLinear with a Buy rating and $28 price target.

• DLTR Bernstein analyst Zhihan Ma lowered the firm's price target on Dollar Tree to $115 from $117 and keeps an Underperform rating on the shares. Q1 will be one of bifurcating fates, the firm argues. Bernstein believes the "One Big Beautiful Bill Act" stimulus will be a boost to comparable sales momentum for many retailers catering to the higher-income consumers. However, fuel pressures, general inflation, and reductions in social transfers, are likely to be an offset to some, and might imperil the quality of the print for others.
• WMT Bernstein analyst Zhihan Ma raised the firm's price target on Walmart to $145 from $134 and keeps an Outperform rating on the shares. Q1 will be one of bifurcating fates, the firm argues. Bernstein believes the "One Big Beautiful Bill Act" stimulus will be a boost to comparable sales momentum for many retailers catering to the higher-income consumers. However, fuel pressures, general inflation, and reductions in social transfers, are likely to be an offset to some, and might imperil the quality of the print for others.

• BSY BofA reinstated Bentley Systems at Buy with a $40 price target. The firm previously had a Neutral rating on shares. The firm thinks Bentley Systems, which designs software for infrastructure engineering, is "a defensive play that can fend off AI," says the analyst, who believes a premium valuation is justified given Bentley's structural barriers around embedded compliance, deterministic workflows, and regulatory requirements.

• MNDY BTIG analyst Allan Verkhovski lowered the firm's price target on Monday.com to $115 from $135 and keeps a Buy rating on the shares. The company delivered a record Q1 revenue beat amid growing seats and ramping AI, though the post-earnings rally in shares faded, driven by the underlying noise in the forward-looking metrics, the analyst tells investors in a research note.

• HIMS Canaccord raised the firm's price target on Hims & Hers to $32 from $30 and keeps a Buy rating on the shares. The firm said Hims reported mixed Q1 results, with both revenue and adjusted EBITDA coming in modestly below expectations. Growth was pressured by a difficult y/y comp resulting from record weight loss net adds as well as shorter shipping cadences tied to the strategic pivot toward branded GLP-1s.
• MNDY Canaccord lowered the firm's price target on Monday.com to $115 from $140 and keeps a Buy rating on the shares. The firm said Monday delivered one of the biggest quarterly upsides we've seen to date. This better- than-feared outcome was driven by a combination of healthy up-market momentum, improving monetization vectors, and early evidence that AI is becoming a more meaningful contributor to growth rather than simply a product narrative.
• PLUG Canaccord raised the firm's price target on Plug Power to $4 from $2.50 and keeps a Hold rating on the shares. The firm said a little over one year since Plug Power announced Project Quantum Leap, a broad restructuring and cost-optimization program designed to accelerate its path toward profitability and reduce persistent cash burn. The company's Q1 results displayed continued signs that these initiatives are having the intended impact, with a right-sizing of operating expenses complemented by reduced labor usage for servicing driven by longer life of product, while fuel margins strengthened as PLUG streamlines distribution between internally produced and 3P-sourced hydrogen.

• AAP Citi analyst Steven Zaccone raised the firm's price target on Advance Auto Parts to $57 from $55 and keeps a Neutral rating on the shares. Citi adjusted targets in broadlines and hardlines retailing as part of a Q1 preview. While the consumer has remained "resilient," concerns are higher around weakness going forward, the analyst tells investors in a research note. The firm sees mostly in-line to slightly above the Street estimate Q1 reports.
• BBY Citi lowered the firm's price target on Best Buy to $60 from $69 and keeps a Neutral rating on the shares. Citi adjusted targets in broadlines and hardlines retailing as part of a Q1 preview. While the consumer has remained "resilient," concerns are higher around weakness going forward, the analyst tells investors in a research note. The firm sees mostly in-line to slightly above the Street estimate Q1 reports.
• CHWY Citi lowered the firm's price target on Chewy to $37 from $40 and keeps a Buy rating on the shares. Citi adjusted targets in broadlines and hardlines retailing as part of a Q1 preview. While the consumer has remained "resilient," concerns are higher around weakness going forward, the analyst tells investors in a research note. The firm sees mostly in-line to slightly above the Street estimate Q1 reports.
• HD Citi analyst Steven Zaccone lowered the firm's price target on Home Depot to $400 from $450 and keeps a Buy rating on the shares. Citi adjusted targets in broadlines and hardlines retailing as part of a Q1 preview. While the consumer has remained "resilient," concerns are higher around weakness going forward, the analyst tells investors in a research note. The firm sees mostly in-line to slightly above the Street estimate Q1 reports.
• OLLI Citi lowered the firm's price target on Ollie's Bargain Outlet to $111 from $141 and keeps a Buy rating on the shares. Citi adjusted targets in broadlines and hardlines retailing as part of a Q1 preview. While the consumer has remained "resilient," concerns are higher around weakness going forward, the analyst tells investors in a research note. The firm sees mostly in-line to slightly above the Street estimate Q1 reports.
• WSM Citi lowered the firm's price target on Williams-Sonoma to $200 from $208 and keeps a Neutral rating on the shares. Citi adjusted targets in broadlines and hardlines retailing as part of a Q1 preview. While the consumer has remained "resilient," concerns are higher around weakness going forward, the analyst tells investors in a research note. The firm sees mostly in-line to slightly above the Street estimate Q1 reports.
• MDB Citi raised the firm's price target on MongoDB to $450 from $400 and keeps a Buy rating on the shares. Citi also opened an "upside 90-day catalyst watch" on MongoDB. The firm's channel checks suggest a "significant" Atlas usage ramp in Q1 at several AI native customers. Citi believes MongoDB is "bucking the trend" of a weaker software budget environment.
• AVGO Citi analyst Atif Malik raised the firm's price target on Broadcom to $500 from $475 and keeps a Buy rating on the shares as part of an earnings preview. Citi sees stronger AI demand driving Broadcom's April quarter report modestly above estimates. It cites increased earnings visibility for the target raise.

• GRPN Goldman Sachs analyst Eric Sheridan raised the firm's price target on Groupon to $13 from $10 and keeps a Sell rating on the shares. Groupon reported Q1 results below expectations due to Enterprise weakness and weather impacts, guided cautiously for Q2 amid tougher comparisons and timing shifts in campaign activity, while signaling a potential 2H26 improvement supported by strategic repositioning, AI-driven transformation, and continued capital return via buybacks alongside growth investments, the analyst tells investors in a research note.
• DDOG Goldman Sachs raised the firm's price target on Datadog to $139 from $121 and keeps a Sell rating on the shares. Datadog continues to benefit from AI-driven demand that is expanding observability budgets and supporting strong platform wins, but increasing competition and potential customer reassessment of tooling choices could offset some of this tailwind and shape longer-term performance, the analyst tells investors in a research note.

• MNDY Jefferies raised the firm's price target on Monday.com to $80 from $75 and keeps a Hold rating on the shares. The firm is Revising estimates after a "surprising beat & raise" report, but says AI disruption fears persist amid signs of current pressure.
• BKSY Jefferies raised the firm's price target on BlackSky to $50 from $27 and keeps a Buy rating on the shares. Q1 revenues were down 30% on tough comps, but visibility continues to build with building backlog momentum and a return of growth in Space Based Intel & AI, while international demand continues to be "robust," the analyst tells investors.

• CE JPMorgan upgraded Celanese to Overweight from Neutral with an unchanged price target of $68. The firm cites valuation for the upgrade with the shares down 14% in the last week. There was some disappointment with growth in Celanese's free cash flow generation in addition to lower tensions around the conflict in Iran, the analyst tells investors in a research note. However, JPMorgan expects the company to "throw off" 11%-13% of its share price in free cash flow in 2026 and 2027. The recent selloff in shares "represents a decent entry point," the firm contends.
• HIMS JPMorgan lowered the firm's price target on Hims & Hers to $33 from $35 and keeps an Overweight rating on the shares. The company reported "mixed" Q1 results and updated its 2026 outlook to reflect the strategic GLP-1 shift from compounded to branded, the analyst tells investors in a research note.
• FOXA JPMorgan analyst David Karnovsky raised the firm's price target on Fox Corp. to $70 from $69 and keeps a Neutral rating on the shares. The company reported its ninth consecutive double-digit adjusted EBITDA beat, the analyst tells investors in a research note.
• BBIO JPMorgan views BridgeBio as a top idea and sees a buying opportunity at current share levels. The stock closed Monday down 4% to $64.686. The firm sees a "clear path" to the $90s to triple-digits per share level, due to continued Attruby launch momentum and BridgeBio's sales diversification via its late-stage pipeline. JPMorgan says the company did not push back on its assessment that patient additions on a weekly basis grew quarter-over-quarter in Q1 and stressed volume strength in the treatment naive setting.

• DELL Mizuho raised the firm's price target on Dell Technologies to $300 from $260 and keeps an Outperform rating on the shares. The firm says agentic AI continues to drive server demand. It upped semiconductor estimates following the March quarter earnings season.
• INTC Mizuho raised the firm's price target on Intel to $124 from $100 and keeps a Neutral rating on the shares. The firm says agentic AI continues to drive server demand. It upped semiconductor estimates following the March quarter earnings season.
• SMCI Mizuho analyst Vijay Rakesh raised the firm's price target on Super Micro to $36 from $30 and keeps a Neutral rating on the shares. The firm says agentic AI continues to drive server demand. It upped semiconductor estimates following the March quarter earnings season.

• SBH Morgan Stanley analyst Simeon Gutman lowered the firm's price target on Sally Beauty to $13 from $16 and keeps an Underweight rating on the shares. Sally showed "decent" execution in Q2, but the comp outlook implies a deceleration and unchanged fiscal year guidance implies a weaker earnings outlook embedded into the back-half of the year, the analyst tells investors.

• CEVA Oppenheimer analyst Martin Yang raised the firm's price target on Ceva to $42 from $30 and keeps an Outperform rating on the shares. The firm notes Ceva reported better-than-expected Q1 revenue/EPS, and management raised its full year revenue outlook to high-end of the prior 8%-12% range.
• PNNT Oppenheimer analyst Mitchel Penn lowered the firm's price target on PennantPark to $5 from $6 and keeps a Perform rating on the shares. In Q2, PennantPark lost 4c/share as it generated net losses of $11.7M, or 18c/share, primarily driven by unrealized losses on its PSLF JV and marks due to widening spread.

• GH Piper Sandler analyst David Westenberg raised the firm's price target on Guardant Health to $135 from $130 and keeps an Overweight rating on the shares. The firm believes Guardant deserves a premium multiple as the company continues lead across NGS categories.
• NTRA Piper Sandler raised the firm's price target on Natera to $249 from $240 and keeps an Overweight rating on the shares. The firm notes the company has $1B in cash and equivalents, $210M in debt and 141.5M shares outstanding.

• FNF Stephens lowered the firm's price target on Fidelity National to $58 from $61 and keeps an Overweight rating on the shares. Fidelity delivered "solid" Q1 results, but the firm is moderating its near-term outlook to reflect a more uncertain rate backdrop and a slower residential recovery, the analyst tells investors.
• DGII Stephens raised the firm's price target on Digi International to $75 from $65 and keeps an Overweight rating on the shares. The firm now applies a sales multiple to all of Digi's ARR, versus only Solutions ARR previously, while holding unchanged the adjusted EBITDA multiple applied to non-ARR business, the analyst tells investors.
• HCAT Stephens lowered the firm's price target on Health Catalyst to $1.75 from $2 and keeps an Equal Weight rating on the shares. The combination of better-than-expected Q1 and below-consensus FY26 guidance yield a lower-than-anticipated exit rate that will drive down revenue estimates for FY26 and FY27, the analyst tells investors.

• TXRH Stifel analyst Chris O'Cull raised the firm's price target on Texas Roadhouse to $180 from $170 and keeps a Hold rating on the shares. The firm updated its model following the company's recent earnings report.
• SMG Stifel lowered the firm's price target on Scotts Miracle-Gro to $76 from $79 and keeps a Buy rating on the shares. Following a deep dive, the firm is "modestly increasing" its estimates, which are at the high end of FY26 EPS guidance, but is adjusting its target price for lower prevailing multiples.
• ABCL Stifel raised the firm's price target on AbCellera to $8 from $7 and keeps a Buy rating on the shares. The firm believes that the disclosure of preliminary safety, pharmacokinetic and pharmacodynamic data from the single-ascending dose portion of the Phase 1 dose-escalation trial evaluating ABCL635 "represents an important first step in the longer-term de-risking of this program," the analyst tells investors.
• CEVA Stifel raised the firm's price target on Ceva to $42 from $30 and keeps a Buy rating on the shares. "Strong" Q1 results and the outlook reinforce the firm's core thesis that the company is in the "early innings of a multi-year royalty flywheel," the analyst tells investors.

• TRGP Truist raised the firm's price target on Targa Resources to $289 from $285 and keeps a Buy rating on the shares. The firm states that Cconsistent with company messaging, it is pulling forward the recently announced Delaware processing plants contributions and capital forward a quarter to align with Copperhead II and Roadrunner III, as well as slightly revising Roadrunner output down 10 MMcf/d. Truist adds it has also updated Targa volumes cadence to account for producer curtailments discussed by management.
• TOST Truist lowered the firm's price target on Toast to $30 from $36 and keeps a Buy rating on the shares. The firm has refreshed its model on the company after its Q1 results, with recurring gross profit estimates declining slightly in the coming quarters as it takes a slightly more conservative approach to modeling net location additions, the analyst tells investors in a research note.
• MA Truist lowered the firm's price target on MasterCard to $561 from $590 and keeps a Buy rating on the shares as part of a broader research note on Payments following the group's Q1 results. The firm is modestly lowering its top-line estimates, primarily due to weaker expectations for cross-border volume growth and overall EMEA payments activity, the analyst tells investors in a research note.
• PYPL Truist lowered the firm's price target on PayPal to $44 from $45 and keeps a Sell rating on the shares as part of a broader research note on Payments following the group's Q1 results. The firm states its top-line estimates are decreasing a bit as a result of ramping loyalty/rewards investments and international Total Payment Volume softness, adding however that this is partially offset by slightly higher total volume growth assumption, the analyst tells investors in a research note.
• SOFI Truist analyst Matthew Coad lowered the firm's price target on SoFi Technologies to $17 from $20 and keeps a Hold rating on the shares as part of a broader research note on Payments following the group's Q1 results. The firm is cutting its Q2 revenue forecast on sale assumptions for the loan platform business as well as lower expectations for SoFi's technology platform segment, the analyst tells investors in a research note.
• V Truist analyst Matthew Coad raised the firm's price target on Visa to $371 from $361 and keeps a Buy rating on the shares as part of a broader research note on Payments following the group's Q1 results. The firm is raising its top line estimates to reflect stronger expectations for the Data Processing and Other Revenue segments which are benefitting from better pricing, strong demand for marketing-related value-added services ahead of the FIFA World Cup, and the inorganic contribution from Prisma/Newpay, the analyst tells investors in a research note.

• RSG UBS analyst Jon Windham lowered the firm's price target on Republic Services to $223 from $240 and keeps a Neutral rating on the shares. Republic Services reported Q1 results broadly in line on revenue and slightly ahead on earnings, supported by disciplined pricing and cost control despite weaker recycled commodity prices and higher fuel costs, but the stock is viewed as fairly valued, the analyst tells investors in a research note.
• WMB UBS analyst Manav Gupta raised the firm's price target on Williams to $91 from $89 and keeps a Buy rating on the shares. Williams continues to differentiate itself by growing this business at a pace that exceeds expectations, the analyst tells investors in a research note. Based on the projects already announced -- Socrates, Atlas, Apollo, Aquila, Socrates the Younger and Neo -- the Power Innovation business should add EBITDA upside potential of $1.93B by 2029, the firm says.

• FOXA Wells Fargo analyst Steven Cahall raised the firm's price target on Fox Corp. to $71 from $67 and keeps an Equal Weight rating on the shares. The firm notes the company posted strong results that move its estimates and price target higher. Wells thinks the stock is range-bound pending new NFL terms, which are unlikely to be consummated until the next off season. The new range is higher, given the strong execution, the firm adds.
• LQDA Wells Fargo raised the firm's price target on Liquidia to $62 from $51 and keeps an Overweight rating on the shares. The firm says Yutrepia appears to be disrupting the pulmonary arterial hypertension and pulmonary hypertension associated with interstitial lung disease market, and Wells anticipates this level of growth continues through Q2. The firm is also lifting its near-term Yutrepia estimate.
• UNIT Wells Fargo analyst Eric Luebchow raised the firm's price target on Uniti Group to $9 from $8 and keeps an Equal Weight rating on the shares. The firm cites a clean Q1 print aided by the timing of hyperscaler upfront payments. Q1 is expected to be the high watermark for 2026 revenue and EBITDA, and without any definitive near-term strategic optionality, Wells remains on the sidelines.

Rating abbreviations…

***OP = Outperform

***SP = Sector Perform

***UP = Underperform

***OW = Overweight

***EW = Equal-weight

***UW = Underweight

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

What’s on Tap Weekly Calendar

• 10:00 AM ET                 Employment Trends M/m for April
• 1:00 PM ET US Treasury to sell $58B in 3-year notes

• Earnings After the Close: ACHR ACM ASTS BKKT BLNK BW CDRE CHRS CLSK CNDT CNNE COOK CPRX DCGO DDD DSP FIGR GDOT GETY GTM HALO HCAT HIMS HLIT HROW IHRT ITGR MARA NGS NOVT OVV PANL PLNY PLUG QUBT REKR RGTI SIBN SPG STE WBTN

• 7:45 AM ET ICSC Weekly Retail Sales
• 8:30 AM ET                   Consumer Price Index (CPI) headline M/M for April
• 8:30 AM ET                   Consumer Price Index (CPI) headline Y/Y for April
• 8:30 AM ET                   Core CPI Ex: Food & Energy M/M for April
• 8:30 AM ET                   Core CPI Ex: Food & Energy Y/Y for April
• 8:55 AM ET                   Johnson/Redbook Weekly Sales
• 11:00 AM ET                 Cleveland Fed CPI for April
• 12:00 PM ET WASDE crop report for May
• 1:00 PM ET US Treasury to sell $39B in 10-year notes
• 2:00 PM ET                    Federal Budget for April
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: AEYE AKA ANDG ATRO BGS CAPR DDI EPM FNV GRWG GUTS JBS KRMN KURA NCMI NPCE NXT OPRX PAYS REZI STXS TELA VELO VRCA

• Bank America 2026 Industrials, Transportation and Airlines Key Leaders, 5/12-5/14
• Bank America 2026 Healthcare Conference Agena, 5/12-5/14
• BMO Capital Real Assets Conference, 5/12-5/13, in New York
• Goldman Sachs Global Staples Forum 5/12
• Needham 21st Annual Needham Technology, Media, & Consumer Conference, 5/12-/5/14, in NY

• 8:30 AM ET                   Producer Price Index (PPI) headline M/M for April
• 8:30 AM ET                   Producer Price Index (PPI) headline Y/Y for April
• 8:30 AM ET                   Core PPI Ex: Food & Energy M/M for April
• 8:30 AM ET                   Core PPI Ex: Food & Energy Y/Y for April
• 10:30 AM ET                 Weekly DOE Inventory Data
• 1:00 PM ET US Treasury to sell $22B in 30-year notes

• Earnings After the Close: ARX BEAT CCAP CPA CSCO CSWC CTSO DOCS DOX ENVX EQPT FOSL GO INVE JACK LESL LIDR LVLY MFC NOA PBH SI SPIR STAA STN STUB TK WATT WRAP

• Bank America 2026 Industrials, Transportation and Airlines Key Leaders, 5/12-5/14
• Bank America 2026 Healthcare Conference Agena, 5/12-5/14
• BMO Capital Real Assets Conference, 5/12-5/13, in New York
• Needham 21st Annual Needham Technology, Media, & Consumer Conference, 5/12-/5/14, in NY

• 8:30 AM ET                   Continuing Claims
• 8:30 AM ET                   Import Prices M/M for April
• 8:30 AM ET                   Export Prices M/M for April
• 8:30 AM ET                   Retail Sales M/M for April
• 8:30 AM ET                   Retail Sales Ex Autos M/M for April
• 10:00 AM ET                 Business Inventories M/M for March
• 10:30 AM ET                 Weekly EIA Natural Gas Inventory Data

• Earnings After the Close: AENT AMAT AQST CLPR DFLI DLO EGAN ETON GAMB GEMI GLOB HTFL JCAP KLC LGCY NU RCEL RUM SPCE SSTI VUZI WKHS XOS YSS

• Bank America 2026 Healthcare Conference Agena, 5/12-5/14
• Needham 21st Annual Needham Technology, Media, & Consumer Conference, 5/12-/5/14, in NY

• 9:15 AM ET                   Industrial Production M/M for April
• 9:15 AM ET                   Capacity Utilization M/M for April
• 1:00 PM ET                    Baker Hughes Weekly rig count data

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