Fed/Treasury Events Summary:

• A look at rate cut expectations after U.S. and China agree to cut tariff rates for 90 days; only two cuts expected now by end of year
  
  • There is an 11.3% probability of a 25 bps rate cut to 4.00-4.25% at the June meeting versus 17.2% a day ago and 27.6% a week ago.
    
  • There is a 44.3% probability of at least a 25 bps rate cut to 4.00-4.25% at the July meeting versus 60.0% a day ago and 74.0% a week ago.
    
  • There is an 80.4% probability of at least a 25 bps rate cut to 4.00-4.25% at the September meeting versus 88.8% a day ago and 94.3% a week ago.
  • There is a 54.9% probability of at least a 25 bps rate cut to 3.75-4.00% at the October meeting versus 71.5% a day ago and 81.9% a week ago.
    
  • There is a 39.8% probability of at least a 25 bps rate cut to 3.50-3.75% at the December meeting versus 58.5% a day ago and 69.6% a week ago.
• Fed Governor Adriana Kugler (voting FOMC member) gives speech on economic policy
  
  • "I am particularly delighted to contribute to this conference on trade, technology, and policy. As an academic, part of my research has investigated the link between trade and productivity. And in my current role, I have highlighted these themes in several of my recent speeches, including the role of recent advancements in technology, such as artificial intelligence, as well as the role of business formation in terms of boosting U.S. productivity over the past few years.2 Today, I would like to focus my attention on the current outlook for the U.S. economy and how I am thinking about the path of monetary policy. Of course, given current developments, I will focus on the role played by trade policy and how it may affect the economy and productivity going forward. While the latest data show a resilient economy, I expect growth this year to be slower than last. Labor market conditions have been mostly stable. Inflation remains above the Federal Open Market Committee's (FOMC) 2 percent target, and further progress on disinflation has been slow. Looking ahead, I am monitoring the effects of changing trade policies, as I see them as likely having a significant effect on the U.S. and global economies in the near future.
  • Trade policies are evolving and are likely to continue shifting, even as recently as this morning. Still, they appear likely to generate significant economic effects even if tariffs stay close to the currently announced levels, and the uncertainty associated with these tariffs has already generated effects on the economy through front-loading, sentiment, and expectations. Let me start by describing how I see current economic conditions."

Upcoming Economic Data:

• April NFIB Small Business Optimism due out Tuesday at 6:00 ET (Prior 97.4)
• April Core CPI due out Tuesday at 8:30 ET (Briefing.com consensus 0.3%; Prior 0.1%)
• April CPI due out Tuesday at 8:30 ET (Briefing.com consensus 0.3%; Prior -0.1%)

• This afternoon: ACHC ARWR BCO CNNE DVA GETY GCT HTZ HPK INDI IAS MLNK PLUG POWI RPD RPAY SPG SARO MODG VTLE XENE ZI
• Tomorrow morning: CAMT IMOS CYBR HUYA IGT JD LEGN LOAR ONON PSFE SE SLAB TME UAA

• Healthcare: CTMX (91.05 mln +90.64%), PFE (41.15 mln +3.25%)
• Materials: BTG (28.57 mln -6.37%)
• Industrials: AAL (48.97 mln +4.01%), JBLU (23.34 mln +0.2%)
• Consumer Discretionary: TSLA (70.29 mln +6.76%), F (54.33 mln +2.33%), AMZN (45.05 mln +7.22%), NIO (28.49 mln +5.67%)
• Information Technology: NVDA (113.8 mln +4.89%), INTC (37.51 mln +3.48%), AAPL (32.93 mln +5.17%), AMD (26.91 mln +5.95%)
• Financials: SQQQ (87.38 mln -9.81%), TQQQ (65.61 mln +9.88%), ITUB (28.95 mln -3.03%), LYG (25.62 mln -1.54%)
• Energy: BTE (24.09 mln +9.5%), RIG (24.05 mln +4.98%)

• Healthcare: CTMX (42.98x +90.64%), AXDX (10.11x -19.59%), OMER (4.58x -29.21%), IQV (1.55x +4.53%), IOVA (1.48x +3.14%), LLY (1.33x +2.21%)
• Materials: MAG (8.99x +7.03%), PAAS (2.51x -15.16%)
• Industrials: NCI (1.97x +9.91%), KNX (1.38x +10.98%), RUN (1.33x +15.3%)
• Consumer Discretionary: SRI (2.97x +9.19%), BZUN (2.05x +6.76%), CHGG (1.65x +2.9%), FNKO (1.62x +34.21%)
• Information Technology: TTD (1.53x +11.11%)
• Financials: CODI (1.66x +2.87%), EAD (1.29x +0.79%)
• Utilities: NRG (1.88x +23.46%)

• Today's top 20 % gainers
  • Healthcare: CTMX (1.77 +90.64%)
  • Industrials: MATX (115.12 +19.65%), FWRD (19.32 +18.37%), RUN (10.82 +15.3%), SWK (71.79 +14.54%), XPO (127.11 +14.5%)
  • Consumer Discretionary: FNKO (4.71 +34.21%), W (40.06 +22.17%), SBH (9.92 +21.36%), RH (230.52 +18.65%), HELE (32.35 +18.59%), FIVE (100.67 +18.09%), BLMN (8.43 +15.41%), NWL (6 +14.85%), SFIX (4 +14.47%)
  • Information Technology: VNET (7.44 +24.83%), AAOI (17.38 +18.47%), GDS (29.37 +15.4%)
  • Energy: CLNE (1.86 +15.94%)
  • Utilities: NRG (147.33 +23.46%)
  Today's top 20 % losers
  • Healthcare: OMER (4.38 -29.21%)
  • Materials: PAAS (23.09 -15.16%), IAG (6.28 -10.49%), AU (40.21 -10.25%), HMY (14.18 -10.11%), GFI (20.28 -10.07%), AEM (106 -9.65%), SSRM (10.49 -9.53%), NGD (3.81 -8.85%), KGC (13.79 -8.47%), NG (3.47 -8.33%), EGO (18.04 -8.29%), AGI (24.87 -8.06%), WPM (79.4 -7.43%), OR (22.58 -7.31%), SAND (8.19 -7.04%), RGLD (171.67 -6.91%)
  • Financials: SQQQ (25.98 -9.81%)
  • Consumer Staples: NGVC (55.37 -7.32%)

• Shares for this Houston-based energy company is surging today following big upside earnings and an M&A announcement.
• NRG announced a deal to acquire a power portfolio including 13 GW of premier natural gas-fired generation and the leading C&I VPP business with 6 GW of capacity in a cash-and-stock deal worth $12 bln.
• Investors are excited because it doubles NRG's generation capacity to 25 GW, adding nat gas assets that cannot be replicated.
• Given the growth expected to be created by the acquisition, NRG is also increasing its stated long-term CAGR target for Adjusted EPS to at least 14% from at least 10%, without including upside opportunities such as data centers or increased pricing from tightening markets.

The stock market has begun the week in rally mode, catalyzed by the weekend agreement between the U.S. and China to significantly reduce their respective tariff rates. The tariff rate on imported goods to the U.S. from China has been slashed from 145% to 30%, and the tariff rate on imported goods from the U.S. to China has been cut from 125% to 10%.

These reductions were far larger than expected, although they are not permanent -- not at this point anyway. Both sides have agreed to adhere to these lower rates for the next 90 days, when they also intend to continue their trade discussions.

The de-escalation has tempered the market's recession concerns and has triggered some unmistakable risk-on action that is evident in the outperformance of the mega-cap stocks and small-cap stocks, the outperformance of growth over value, the selling of Treasuries, the gain in the U.S. Dollar Index (+1.3% to 101.61), the drop in gold futures (-3.0% to $3,241.90/troy oz.), and the sharp decline in the CBOE Volatility Index (-12.3% to 19.21).

The 2-yr note yield is up 11 basis points to 3.99%, and the 10-yr note yield is up seven basis points to 4.44%.

Most boats are rising with today's trade tide -- even the pharmaceutical stocks, which had been down earlier on the report that President Trump is signing an executive order that requires the government to adopt a "most favored nation" pricing model for prescription drugs. That order is expected to be challenged in the courts by the pharmaceutical industry, according to Stat News.

The biggest gainers today are the consumer discretionary (+4.9%), information technology (+3.5%), and communication services (+2.6%) sectors. The lone losers today are the defensive-oriented consumer staples (-0.4%) and utilities (-0.1%) sectors.

The Nasdaq Composite is up 3.5%; the Russell 2000 is up 3.0%; the S&P 500 is up 2.7%; and the Dow Jones Industrial Average is up 2.4%.

The S&P 500 (+2.8%) is starting the week on a strong note with nine sectors taking part in the early rally and top-weighted technology (+3.6%) among the leaders.

Key factors driving today's performance include:

• Sentiment boost after the weekend meeting between officials from the U.S. and China resulted in an agreement to reduce tariffs on both sides by 115 basis points for 90 days.
• Relative strength among chipmakers lifting the PHLX Semiconductor Index (+6.0%) to its highest level in more than two months.
• Underperformance in software stocks keeping the iShares Expanded Tech-Software Sector ETF (IGV 102.04, +2.35, +2.4%) a bit behind the sector and the broader market.

Notable movers: 

• Zebra Tech (ZBRA 298.22, +31.51, +11.8%): best performer in the sector, hit a two-month high before narrowing its gain.
• Onsemi (ON 45.22, +4.24, +10.4%): rising past its 50-day moving average (40.29) to its best level since late March. Morgan Stanley resumed coverage of the stock with an Equal Weight rating and a $39 target.
• Microchip (MCHP 61.02, +5.69, +10.3%): rallying to its best level since early March with its 200-day moving average (63.71) looming above. Company filed for an offering by selling shareholders.
• Monolithic Power (MPWR 701.57, +63.80, +10.0%): approaching its 200-day moving average (707.51).
• Texas Instruments (TXN 187.11, +14.84, +8.6%): rallying toward its 200-day moving average (190.50).
• Micron (MU 93.26, +7.40, +8.6%): climbed to its 200-day moving average (95.18) before narrowing its gain.
• Applied Materials (AMAT 167.28, +11.67, +7.5%): rising to its best level since late February.
• Apple (AAPL 209.67, +11.40, +5.8%): climbed to its 50-day moving average (210.39) before narrowing its gain. Stock went ex-dividend. Company may raise iPhone prices, according to The Wall Street Journal. President Trump said that the company may increase investment in the U.S.
• Broadcom (AVGO 217.53, +9.33, +4.5%): rising to its best level since late February.
• NVIDIA (NVDA 120.54, +3.89, +3.3%): rising toward its 200-day moving average (125.01). Company aiming to increase product prices due to higher fabrication costs, according to Digitimes.
• Oracle (ORCL 155.35, +5.01, +3.3%): rising toward its 200-day moving average (160.04).
• Microsoft (MSFT 443.63, +4.90, +1.1%): hit its best level since late January before narrowing its gain. OpenAI is discussing new funding with the company, according to FT.
• Palantir (PLTR 116.23, -1.07, -0.9%): weakest performer in the sector, revisiting Friday's low.

• The New Convertible Notes will be senior, unsecured obligations of the Company. Interest will be payable semi-annually in arrears at a rate of 9.50% per annum on each June 15 and December 15, beginning on December 15, 2025.
• The New Convertible Notes will mature on June 15, 2029 unless earlier converted, redeemed or repurchased in accordance with their terms prior to such date.

• An investment of up to $550 million by 2030 will establish the Indianapolis site as a hub for manufacturing of Roche's continuous glucose monitoring solution.
• Expansion will create hundreds of jobs while also enhancing U.S. production capabilities.
• Increased access to diabetes management tools will help improve health outcomes for patients in the U.S. and globally.

Buyers:

• MTCH CEO bought 70,885 shares between $27.37-$28.70 worth approx. $1.9 mln.
• IFF CEO bought 24,300 shares between 73.89-$74 worth approx. $1.8 mln.
• CIVI CEO, CFO, & Directors (4) bought 48,245 shares worth approx. $1.3 mln.
• HAIN Directors (2) bought 432,500 shares between $1.555 to $1.65 worth approx. $693K.
• CLX Director bought 4,000 shares between $136.21-$136.92 worth approx. $546K.
• VSTS Director bought 70K shares between $6.13 to $6.20 worth approx. $431K.
• FG CEO bought 10K shares between $30.25 to $31.23 worth approx. $308K.

Sellers:

• DDOG Director sold 233,990 shares between $ 107.3961 to $ 108.142 worth approx. $25.2 mln.
• ETN div. CEO sold 51,054 shares between $304.65 to $306.59 worth approx. $15.6 mln.
• LMND 10% owner sold 316,122 shares between $30.55-$32.06 worth approx. $9.8 mln.
• GOOG/L CEO sold 32,500 shares between $ 150.3957 to $ 166.4186 worth approx. $5.1 mln.
• FLEX CEO sold 120,280 shares between $38 to $39.36 worth approx. $4.6 mln.

For regular updates on our insider summaries and commentary, please add Briefing ticker INSID to ticker alerts. Transactions exclude pre-arranged trading plans. Sales exclude option-related sell-offs.

• "I am particularly delighted to contribute to this conference on trade, technology, and policy. As an academic, part of my research has investigated the link between trade and productivity. And in my current role, I have highlighted these themes in several of my recent speeches, including the role of recent advancements in technology, such as artificial intelligence, as well as the role of business formation in terms of boosting U.S. productivity over the past few years.2 Today, I would like to focus my attention on the current outlook for the U.S. economy and how I am thinking about the path of monetary policy. Of course, given current developments, I will focus on the role played by trade policy and how it may affect the economy and productivity going forward.
  While the latest data show a resilient economy, I expect growth this year to be slower than last. Labor market conditions have been mostly stable. Inflation remains above the Federal Open Market Committee's (FOMC) 2 percent target, and further progress on disinflation has been slow. Looking ahead, I am monitoring the effects of changing trade policies, as I see them as likely having a significant effect on the U.S. and global economies in the near future.
• Trade policies are evolving and are likely to continue shifting, even as recently as this morning. Still, they appear likely to generate significant economic effects even if tariffs stay close to the currently announced levels, and the uncertainty associated with these tariffs has already generated effects on the economy through front-loading, sentiment, and expectations. Let me start by describing how I see current economic conditions."
• Full Speech

• The deal raises investors' risk appetite and is causing a move away from gold, which is seen as a safe haven.
• Also, there may be some profit taking following big move in gold in recent weeks.

The stock market opened sharply higher. New developments in the trade war have fueled hopes of further de-escalation. The U.S. will drop tariffs on China from 145% to 30% and China will drop tariffs on U.S. from 125% to 10% for a 90-day period.

The Dow Jones Industrial Average (+2.4%) is more than 1,000 points higher than Friday's close. The S&P 500 shows a 2.6% gain and the Nasdaq Composite is 3.6% higher. 

Strong gains are helped by short-covering activity and a fear of missing out on further gains. 

Taking an early look at the options market, we found the following names that may be worth watching throughout the day for further indication of investor expectations given their options volume and implied volatility movement.

Stocks seeing volatility buying (bullish call buying/bearish put buying):

Calls:

• RGTI May 12 calls are seeing interest with the underlying stock up 9% with 3.2K contracts trading vs. open int of 15.2K, pushing implied vol up around 12 points to ~119%. Co is expected to report earnings mid-May.
  

Puts:

• GME May 27.5 puts are seeing interest with 1.0K contracts trading vs. open int of 720, pushing implied vol up around 13 points to ~75%. Co is expected to report earnings in early June.
  

Stocks seeing volatility selling.

• FOXA implied vol is lower following earnings/guidance

Sentiment: The CBOE Put/Call ratio is currently: 0.77, VIX: (19.09, -2.81, -12.8%).
This week is options expiration -- Friday, May 16 at the last day to trade May equity options.
*Please use the Talk to Us link at the top of the page to provide feedback on this comment as well as the OPTNX comments. Data provided by LiveVol.com.

• Integrating with Dell's AI Factory, the technology dynamically adjusts optical networking capacity to meet real-time AI workloads, enabling seamless, high-speed connectivity from data center to data center and from core to edge.
• By supporting tokenized, sovereign AI networks and dynamic compute allocation, the solution empowers organizations to scale AI initiatives with greater autonomy, control and cost-efficiency.

• Aeva (AEVA) announces the first orders for its Aeva Eve 1 line of high-precision sensors for high-volume and inline industrial automation applications. Since recently announcing the product line, Aeva has received its first purchase orders for more than 1,000 sensors through collaborations with industry leaders including SICK AG and LMI Technologies. These early engagements reflect Aeva's successful expansion into the growing factory and process automation markets, beyond automotive 4D LiDAR technology.
• Viasat (VSAT) has confirmed the GX10A and GX10B satellite payloads are now available to deliver services for government customers, with commercial maritime and aviation services anticipated to follow throughout fiscal year 2026. Viasat successfully completed in-orbit testing of the payloads late last year and government services are now available.
• Gilat Satellite Networks Ltd. (GILT) announces the successful completion of a series of test flights featuring its ESR-2030Ku electronically steered antenna. Conducted in collaboration with Gogo, which will be the exclusive distributor of the antenna for the business aviation and defense markets, the tests demonstrated outstanding performance of the ESA on the OneWeb Low Earth Orbit network.
• Ameresco (AMRC) announces that its Irish subsidiary, Cork Sustainable Energy Limited, has secured approval from An Bord Pleanla for a significant upgrade to the Kilvinane Wind Farm. This approval marks a pivotal step in enhancing Ireland's renewable energy infrastructure.

• ZoomInfo will trade under the Nasdaq symbol GTM starting May 13, aligning its market identity with its core mission.
  
• GTM Studio, a new workspace within ZoomInfo's Go-to-Market Intelligence Platform, empowers revenue teams to orchestrate and activate creative GTM campaigns in real time.
  
• The GTM 2025 Roadshow begins May 13 in New York, with stops in Boston, San Francisco, and London to showcase the future of AI-powered go-to-market teams.

• KindlyMD (KDLY) announced that it has entered into a definitive merger agreement with Nakamoto Holdings, a Bitcoin-native holding company, to start a Bitcoin treasury strategy.
• Nakamoto is a new holding company founded by David Bailey. In partnership with BTC Inc, Nakamoto seeks to build the first global network of Bitcoin treasury companies. This is the first step in Nakamoto's vision for an ecosystem of Bitcoin-native companies, including media, advisory, and financial services, that exist to accelerate Bitcoin adoption and utility.
• The combined company will aim both to accumulate Bitcoin and grow the Bitcoin owned on a per share basis, or Bitcoin Yield, through a variety of equity, debt and other offerings. This merger gives the public market exposure to Bitcoin within a compliant, transparent structure backed by a uniquely experienced Bitcoin management team, including a partnership with one of the world's most influential Bitcoin marketing platforms.
• Upon the close of the transaction, the combined company will be led by Founder and CEO David Bailey, a leader within the Bitcoin ecosystem and an influential advocate for hyperbitcoinization, the inflection point at which Bitcoin becomes the default value system of the world. As Co-Founder and CEO of BTC Inc -- the company behind Bitcoin Magazine and the global annual Bitcoin Conferences -- and General Partner of Bitcoin-focused investment firm UTXO Management, Mr. Bailey has built industry-leading platforms at the heart of the Bitcoin ecosystem. Mr. Bailey will be supported by a seasoned management team with decades of experience operating in the Bitcoin space.
• Shares of KindlyMD will continue to trade on Nasdaq under the symbol "KDLY." The combined company expects to be renamed and trade under a new ticker symbol.
• The Board of Directors of Nakamoto and KindlyMD have unanimously approved the transaction. The transaction will require the approval of the shareholders of KindlyMD and is subject to customary closing conditions.
• The transaction includes $510 million in gross proceeds from a fully committed private placement in public equity ("PIPE Financing") priced at $1.12 per share and consisting of common stock and pre-funded warrants in KindlyMD and $200 million in gross proceeds from the sale of senior secured convertible notes of KindlyMD that mature in 2028 (the "Debt Financing"). The PIPE and Debt Financings are expected to close concurrently with the merger.
• As part of the merger, the combined company will assume the rights and obligations of Nakamoto under its marketing services agreement with BTC Inc, whereby BTC Inc provides certain marketing services to Nakamoto and, following the closing of the merger, will provide such services to the combined company in connection with its Bitcoin treasury and related operations.

• HSPT and SL Bio Ltd., a clinical-stage biomedical company specialized in developing groundbreaking cellular and gene therapies for skin care and cancer recovery, today announced that they have entered into a definitive business combination agreement. Upon completion of the business combination of HSPT and SL Bio and related transactions pursuant to the Business Combination Agreement, SL Science Holding Limited, a Cayman Islands exempted company newly formed for purposed of effecting the Proposed Transaction will be listed on The Nasdaq Stock Market LLC.
• Under the terms of the Business Combination Agreement, CW Mega Limited, a Cayman Islands exempted company and a wholly-owned subsidiary of PubCo will merge with and into HSPT, with HSPT as the surviving entity and a wholly-owned subsidiary of PubCo, and (ii) following the First Merger, WW Century Limited, a Cayman Islands exempted company and a wholly-owned subsidiary of PubCo will merge with and into SL Bio, with SL Bio as the surviving entity and a wholly-owned subsidiary of PubCo. Upon the consummation of the Proposed Transactions, each of HSPT and SL Bio will become a wholly-owned subsidiary of PubCo, and HSPT's shareholders and SL Bio's shareholders will receive ordinary shares of PubCo as consideration. PubCo Ordinary Shares are expected to be listed and traded on the Nasdaq following the consummation of the Proposed Transactions.
• The Proposed Transactions have been unanimously approved by the boards of directors of both SL Bio and HSPT. The Proposed Transactions are expected to close by late 2025, subject to regulatory and shareholder approvals, and other customary closing conditions. No assurances can be made that the Proposed Transactions will be consummated on the terms or time frame currently contemplated, or at all.
  

• Hyliion Holdings (HYLN) announced it has signed a non-binding Letter of Intent for collaboration with Mesa Natural Gas Solutions, a manufacturer and provider of natural gas generators and microgrids.
  The LOI outlines a phased demonstration plan for the KARNO Power Module across oil and gas and industrial applications. The LOI includes the purchase of one 200 kW KARNO Power Module and an option to acquire additional Power Modules in 200 kW and 2 MW configurations totaling 2.4 MW in capacity upon completion of successful performance validation.
• Rush Street Interactive (RSI) has launched a new initiative called Gaming Literacy Aiding Decisions, an innovative program designed to assist educators in enhancing high school student gaming literacy and promoting that cohort's responsible relationship with this ever more socially prevalent activity.
• Biodexa Pharmaceuticals (BDRX) announced the European Commission has granted Orphan Drug Designation for eRapa in familial adenomatous polyposis, a largely inherited precancerous disease of the colon for which there is currently no pharmaceutical intervention.
• OSI Systems (OSIS) announced that its Optoelectronics and Manufacturing division has been awarded an order for approximately $7 million to supply essential components for a leading healthcare innovator specializing in patient diagnostic and care applications.
• Genentech, a member of the Roche Group (RHHBY) announced plans to invest more than $700 million in a new 700,000 square foot state-of-the-art drug manufacturing facility in Holly Springs, NC.

• Pursuant to the agreement, TMC will issue 12.3 million common shares at $3.00 per share, with each share accompanied by a Class C warrant to purchase one additional share at an exercise price of $4.50 per share.
• The warrants have a three-year term and include a compulsory exercise provision if the stock trades above $7.00 per share for 20 consecutive trading days.
• Gross proceeds are expected to total approximately $37 million before expenses. Proceeds will be used to advance the Company's commercial development plans and for general corporate purposes and are expected to be sufficient to fund operations through the potential issuance of a commercial recovery permit. The offering is expected to close on or about May 22, 2025, subject to customary closing conditions.

• Alaska Airlines celebrates a new global connection between the Pacific Northwest and Japan with an inaugural flight today between Seattle and Tokyo Narita, operated by Hawaiian Airlines' long-haul aircraft.
• The new service marks the start of daily nonstops between the two cities and the beginning of a new era of widebody international flying for Alaska.
• With the combination of Alaska and Hawaiian, co says it's transforming Seattle into the West Coast's new premier global gateway.
• Co is planning for at least 12 international destinations with long-haul aircraft from Seattle by 2030. Nonstop transpacific flights between Seattle and Seoul Incheon begin in September.

• Zebra Technologies Corporation (ZBRA) announced that it is presenting its newest solutions to advance intelligent automation across manufacturing and warehouse operations. Zebra's portfolio is being showcased in Booth 3207 at Automate 2025 on May 12-15 at Detroit's Huntington Place.
• First American Financial (FAF) unit FCT announced an agreement with Interac to integrate the Interac Verified credential service into FCT's real estate technology solutions. The agreement and pending integration set the stage for broader adoption of secure and reusable digital identity credentials across the Canadian real estate ecosystem, marking a major step toward a national standard for digitally secure real estate transactions in Canada.

• Reports Q1 (Mar) loss of $0.12 per share, excluding non-recurring items, $0.03 better than the FactSet Consensus of ($0.15); revenues rose 4.2% year/year to $550.1 mln vs the $537.56 mln FactSet Consensus.
• "Since year end, we've made substantial progress on driving greater organizational accountability into each of our operating segments and identifying, developing, and securing new growth opportunities. Specifically, we have been focused on invigorating our sales process and procedures and institutionalizing a growth culture across the company. Our efforts are showing results, as evidenced by our growing opportunities, which are now approaching a total of $12 billion in revenue across both our Gas and Electric end markets. Based on this strong pipeline and recent customer engagements, we expect continued strength in capital spending by our customers despite recent macro uncertainty. Leveraging the strength of our entire platform is already yielding results in our ability to expand our core customer base and identify new opportunities for growth. As of March 30, 2025, our backlog and revenue coverage for fiscal year 2025 increased significantly from the prior period, which enables us to affirm our 2025 outlook while continuing to build momentum and deliver on expectations."
  

• Reports Q3 (Mar) earnings of $1.10 per share, excluding non-recurring items, $0.19 better than the FactSet Consensus of $0.91; revenues rose 26.8% year/year to $4.37 bln vs the $4.18 bln FactSet Consensus.

• This marks the Company's 10th Solana purchase under its digital asset treasury strategy and the largest purchase to date.
• Following the transaction, DeFi Development Corp. now holds a total of 595,988 SOL, valued at approximately $102.7 million, inclusive of staking rewards.

• Reports Q1 (Mar) loss of $0.20 per share, $0.02 better than the FactSet Consensus of ($0.22); revenues fell 22.0% year/year to $134.7 mln vs the $134.07 mln two analyst estimate.
• For the first quarter of 2025, the Company's non-GAAP cash margins of $24 per ton and non-GAAP realized sales price of $122 per ton sold were both the highest such metrics among its publicly traded peer group. The Adjusted EBITDA for the Company this quarter was also higher than the met coal results of three of its four larger public peers. We hope to continue this positive trend.
• First quarter of 2025 production was a quarterly record, with overall production annualizing to 4.0 million tons. This occurred despite the Company missing roughly 0.1 million tons of production in January and February due to extreme freezing temperatures and severe flooding in the Central Appalachian region.\
• In the first quarter of 2025, adverse market conditions continued from 2024 with U.S. metallurgical coal indices falling $5 per ton quarter over quarter and $65 per ton compared to the first quarter of 2024. This represented a decline of 3% on average versus the fourth quarter of 2024 and a decline of 27% on average versus the first quarter of 2024.
• Co sees FY25 production of 3.9-4.3 mln tons; sales of 4.1-4.5 mln tons.

The S&P 500 futures are up 163 points and are trading 3.0% above fair value, the Nasdaq 100 futures are up 774 points and are trading 3.9% above fair value, and the Dow Jones Industrial Average futures are up 999 points and are trading 2.4% above fair value.

Major equity indices are poised for a sharply higher open after a big development in the trade war with China. The U.S. agreed to cut tariffs on China to 30% from 145% for 90 days (20% fentanyl tariffs plus 10% reciprocal tariffs) and China agreed to cut its retaliatory tariffs on the U.S. to 10% from 125% for 90 days as trade talks continue. 

Also, President Trump will sign an executive order today at 9:00 ET that will require the government to adopt a 'most favored nation' pricing model for prescription drugs so the "U.S. will pay the same price as the nation that pays the lowest price anywhere in the world."

Early trading features a risk-on bias and large-cap tech stocks lead the premarket action. 

Treasuries exhibited an uptick in selling. The 10-yr yield is up six basis points to 4.44% and the 2-yr yield is up ten basis points to 3.98%.

In corporate news:

• Microsoft (MSFT 448.90, +10.17, +2.3%): OpenAI in discussions with Microsoft (MSFT) to unlock new funding, according to FT
• Apple (AAPL 210.25, +11.72, +5.9%): mulling increasing iPhone prices without blaming price increase on tariffs, according to WSJ
• Johnson Controls (JCI 94.50, +2.58, +2.8%): upgraded to Buy from Hold at Deutsche Bank, tgt $112
• BP (BP 30.44, +0.67, +2.3%): downgraded to Underweight from Equal Weight at Morgan Stanley, tgt $26.50
• Target (TGT 101.71, +5.31, +5.5%): downgraded to Underperform from Market Perform at Bernstein, tgt $82

Reviewing overnight developments:

• Equity indices in the Asia-Pacific region started the week on a strong note. Japan's Nikkei: +0.4%, Hong Kong's Hang Seng: +3.0%, China's Shanghai Composite: +0.8%, India's Sensex: +3.7%, South Korea's Kospi: +1.2%, Australia's ASX All Ordinaries: +0.1%.
  • In economic data:
    • China's April CPI 0.1% m/m (last -0.4%); -0.1% yr/yr, as expected (last -0.1%). April PPI -2.7% yr/yr, as expected (last -2.5%)
    • Japan's April Economy Watcher Current Index 42.6 (expected 44.7; last 45.1). March Current Account surplus JPY2.72 trln (expected JPY2.42 trln; last JPY2.91 trln). April Bank Lending 2.4% yr/yr (expected 2.8%; last 2.8%)
  • In news:
    • Markets in India (+3.7%) and Hong Kong (+3.0%) showed relative strength after the weekend meeting between representatives from the U.S. and China produced an agreement to reduce tariffs on both sides by 115 basis points for 90 days.
    • Consumption in China remained weak in April, resulting in another deflationary yr/yr CPI reading (-0.1%).
    • South Korea's exports through the first ten days of May were down 23.8% yr/yr, but chip exports grew 14.0%.
    • India and Pakistan agreed to a ceasefire after a recent escalation of tension along the Kashmir line.
• Major European indices are starting the week on a higher note. STOXX Europe 600: +0.9%, Germany's DAX: +0.8%, U.K.'s FTSE 100: +0.5%, France's CAC 40: +1.3%, Italy's FTSE MIB: +1.8%, Spain's IBEX 35: +0.4%.
  • No data today
  • In news:
    • Markets are encouraged by news of a 90-day tariff reduction on shipments between China and the U.S., which is fueling hope for a broader deal in the future.
    • This positive sentiment overshadowed geopolitical discussions, such as U.K.-hosted talks on Ukraine, and broadly lifted European indices, with trade-sensitive sectors performing well.
    • Bank of England policymaker Lombardelli said that it is sensible to continue cutting rates at a gradual pace while European Central Bank policymaker Schnabel said that keeping rates near current levels ensures policy that is neither holding back growth nor stimulating it.

Pressured by Tariff Reduction

• U.S. Treasuries are on track for a sharply lower start with shorter tenors set to pace the early selling. Treasury futures started the overnight session in the red, continuing their retreat as the night went on. The losses followed a weekend meeting between representatives from the U.S. and China, which produced an agreement to reduce tariffs on both sides by 115 basis points for 90 days. Treasury Secretary Bessent labeled the talks "productive," while Chinese Vice Premier He called them an "important first step." The overnight data flow was on the light side, though China reported another deflationary CPI reading on a year-over-year basis (-0.1%), reflecting weak consumption in April. Crude oil is rising to a two-week high while the U.S. Dollar Index is up 1.4% at 101.71.
• Yield Check:
  • 2-yr: +10 bps to 3.98%
  • 3-yr: +10 bps to 3.97%
  • 5-yr: +9 bps to 4.08%
  • 10-yr: +6 bps to 4.44%
  • 30-yr: +4 bps to 4.87%

• News:
  • India and Pakistan agreed to a ceasefire after a recent escalation of tension along the Kashmir line.
  • South Korea's exports through the first ten days of May were down 23.8% yr/yr, but chip exports grew 14.0%.
  • Bank of England policymaker Lombardelli said that it is sensible to continue cutting rates at a gradual pace.
  • European Central Bank policymaker Schnabel said that keeping rates near current levels ensures policy that is neither holding back growth nor stimulating it.
  • China's April CPI was up 0.1% m/m (last -0.4%) but down 0.1% yr/yr, as expected (last -0.1%). April PPI was down 2.7% yr/yr, as expected (last -2.5%).
  • Japan's April Economy Watcher Current Index fell to 42.6 from 45.1 (expected 44.7). March Current Account surplus reached JPY2.72 trln (expected JPY2.42 trln; last JPY2.91 trln). April Bank Lending was up 2.4% yr/yr (expected 2.8%; last 2.8%).
• Commodities:
  • WTI Crude: +4.2% to $63.54/bbl
  • Gold: -3.6% to $3223.40/ozt
  • Copper: +0.6% to $4.679/lb
• Currencies:
  • EUR/USD: -1.2% to 1.1108
  • GBP/USD: -0.9% to 1.3176
  • USD/CNH: -0.5% to 7.1990
  • USD/JPY: +1.8% to 147.94
• Data out Today:
  • 14:00 ET: April Treasury Budget (prior -$160.5 bln)

• Reports Q1 (Mar) earnings of $0.04 per share, excluding non-recurring items, $0.03 worse than the FactSet Consensus of $0.07; revenues rose 8.2% year/year to $776 mln vs the $777.34 mln FactSet Consensus.
  • Same-facility revenues for Q1 increased +5.2%, with a -1.2% decrease in revenue per case and a +6.5% increase in same-facility cases.
• Co reaffirms guidance for FY25, sees FY25 revs of $3.30-3.45 bln vs. $3.39 bln FactSet Consensus. Co reaffirms FY25 adjusted EBITDA guidance of $555-565 mln.

Major European indices are starting the week on a higher note, encouraged by news of a 90-day tariff reduction on shipments between China and the U.S., which is fueling hope for a broader deal in the future. This positive sentiment overshadowed geopolitical discussions, such as U.K.-hosted talks on Ukraine, and broadly lifted European indices, with trade-sensitive sectors performing well. Bank of England policymaker Lombardelli said that it is sensible to continue cutting rates at a gradual pace while European Central Bank policymaker Schnabel said that keeping rates near current levels ensures policy that is neither holding back growth nor stimulating it.

• No data today

---Equity Markets---

• STOXX Europe 600: +0.9%
• Germany's DAX: +0.8%
• U.K.'s FTSE 100: +0.5%
• France's CAC 40: +1.3% 
• Italy's FTSE MIB: +1.8%
• Spain's IBEX 35: +0.4%

---FX---

• EUR/USD: -1.3% to 1.1097
• GBP/USD: -1.0% to 1.3162
• USD/CHF: +1.6% to 0.8444

• Reports Q1 (Mar) earnings of $2.68 per share, excluding non-recurring items, $0.93 better than the FactSet Consensus of $1.75; revenues rose 15.6% year/year to $8.59 bln vs the $7.92 bln two analyst estimate.
• NRG to Acquire a Premier Power Portfolio from LS Power: NRG has entered into a definitive agreement with LS Power to acquire a power portfolio including 13 GW of premier natural gas-fired generation and the leading C&I VPP business with 6 GW of capacity. The transaction has a purchase price consisting of 24.25 million shares of NRG common stock, $6.4 billion in cash, and the assumption of $3.2 billion in debt, in addition to working capital. The Company expects to realize net present value tax benefits of approximately $0.4 billion, generated directly as a result of the transaction.
• 2025 Capital Allocation: NRG is reaffirming its 2025 capital allocation. In 2025, the Company plans to return $1.3 billion in share repurchases and common stock dividends of approximately $345 million. Through April 30, 2025, the Company returned $532 million to shareholders through $445 million in share repurchases and $87 million in common stock dividends.

Gapping up
In reaction to earnings/guidance:

• FTRE +13.8%, HBM +7.1%, DJT +6%, MNDY +5.6%, SBH +4.7%, AKRO +4.1%, RDNT +3.6%, KSPI +2.5%, HEI +1.8%, PRKS +1.7%,

Other news:

• HUT +12.3% (subsidiary American Bitcoin announces go-public transaction)
• MCHP +9.3% (files for 474,388 share common stock offering by selling shareholders)
• LEU +8.4% (files new prospectus supplement for common stock offering, increasing size to $200 mln)
• HBB +8.1% (approves a 4.3% increase to its quarterly dividend to $0.12/sh from $0.115/sh)
• MAG +6.9% (MAG Silver to be acquired by Pan American Silver)
• APGE +6.7% (announces positive interim results from the phase 1B trial of APG808, its novel half-life extended IL-4Ra antibody, in patients with mild-to-moderate asthma)
• SGI +5.7% (launch of secondary offering of common stock)
• LU +5.1% (to delay 20-F filing)
• WSR +4.8% (files for $750 mln mixed securities shelf offering)
• MAR +4.4% (increases quarterly cash dividend to $0.67/share from $0.63/share)
• ABCL +4.4% (Presents Positive Preclinical Data on ABCL575 at the 2025 SID Annual Meeting)
• AKRO +4.1% (Akero Therapeutics and HistoIndex Present New Analyses of Phase 2b HARMONY Trial in Oral and Poster Presentations at the EASL Congress 2025) APAM +3.4% (April AUM)
• CSX +3.2% (announces tentative labor agreement with locomotive engineers)
• ANNX +3.1% (Presentations on the Clinical Advancement of Tanruprubart as the First Potential Targeted Therapy for Guillain-Barr Syndrome)
• DAR +2.9% (Darling Ingredients and Tessenderlo Group agree to form new company to accelerate growth in attractive collagen-based health)
• FFAI +2.6% (Founder and Co-CEO, YT Jia, Shares Weekly Investor Update)
• RCKT +2% (announces late-breaking oral presentation of Data from Phase 1 Clinical Trial of RP-A601)
• MDGL +1.8% (New Clinical Data Demonstrating Rezdiffra (resmetirom) Significantly Improved Multiple Noninvasive Tests and Portal Hypertension Risk in Patients with Compensated MASH Cirrhosis)

Gapping down
In reaction to earnings/guidance:

• DOLE -4.1%, SDRL -3.9%, MTSR -3.6%, WTRG -1.1%

Select pharma names showing early weakness as President Trump will sign executive order today at 9:00 ET that will require government to adopt a "most favored nation" pricing model for prescription drugs:

• LLY -4.1%, ABBV -4.1%, GILD -3.8%, AZN -3.4%, NVS -3.4%, MRK -3.1%, NVO -3%, PFE -2.7%, GSK -2.6%, BMY -2.2%, REGN -1%,

Other news:

• PAAS -7.5% (MAG Silver to be acquired by Pan American Silver)
• LQDA -5% (provides update on litigation filed by United Therapeutics (UTHR))

• Alliant Energy intends to use the net proceeds from the offering of the convertible notes for the repayment or refinancing of debt, to reduce outstanding commercial paper or for general corporate purposes.
• The convertible notes will be senior unsecured obligations of Alliant Energy, and will be convertible at the option of the holders of such convertible notes upon satisfaction of certain conditions and during certain periods. Interest will be payable semiannually in arrears. Alliant Energy will settle conversions of the convertible notes by paying cash up to the aggregate principal amount of the convertible notes to be converted and paying or delivering, as the case may be, cash, shares of its common stock, $0.01 par value per share, or a combination of cash and shares of its common stock, at its election, in respect of the remainder, if any, of its conversion obligation in excess of the aggregate principal amount of the convertible notes being converted. The interest rate, the initial conversion rate, and other terms of the convertible notes will be determined by negotiations between Alliant Energy and the initial purchasers of the convertible notes.

• Doubles NRG's Generation Capacity with Irreplicable Natural Gas Assets in the Northeast and Texas; Adds Leading C&I VPP Platform
  
• Immediately and Highly Accretive to Adjusted EPS; NRG Increases 5-year Adjusted EPS CAGR from +10% to +14%, Before Upside Opportunities
  
• Enhances Capabilities to Serve Rapidly Growing Demand with Tailored, Customized Supply Solutions for Customers
  
• Enhances Credit Profile and Supports $1 Billion in Annual Share Repurchases Until < 3.0x Leverage Target Reached; then Returning to 80/20 Capital Allocation Framework
  
• NRG to Host Conference Call and Webcast Today at 9:00 a.m. Eastern Time

• Data at Week 48 demonstrated that treatment with AMX0035 led to sustained stabilization or improvement in multiple outcomes related to disease progression, including pancreatic function, glycemic control, vision, and overall symptom burden.
• AMX0035 continued to be generally well-tolerated in all participants.
• Week 48 data and discussions with FDA will inform the design of a Phase 3 trial of AMX0035 in Wolfram syndrome.
• Amylyx continues to expect cash runway through the end of 2026.

• Reports Q1 (Mar) loss of $0.90 per share, $0.06 better than the FactSet Consensus of ($0.96); co reports no revs, as expected.

• Reports Q1 (Mar) earnings of 0.07 per share, 0.02 better than the FactSet Consensus of 0.05; revenues rose 17.0% year/year to 311.2 mln vs the 306.4 mln FactSet Consensus.
• Co reaffirms guidance for FY25, sees FY25 revs of at least 1.27 bln vs. 1.28 bln FactSet Consensus.
  • Reaffirms FY25 Adjusted EBITDA of at least 281 million, representing year-on-year growth of at least 26%

• Garmin (GRMN) announced expanded coverage of the Garmin Navigation Database to include the South Pacific region, including Australia, New Zealand and surrounding countries. Previously available to aircraft owners and operators in the Americas and Europe, the Garmin Navigation Database delivers a new option for South Pacific region customers to incorporate the latest aviation navigation information into their Garmin avionics.
• Main Street Capital (MAIN) is pleased to announce that it recently fully exited its debt investments and partially exited its equity investment in Nebraska Vet AcquireCo, LLC, dba Heritage Vet Partners upon the completion of a majority recapitalization with a new financial sponsor. Founded in 1985 and headquartered in West Point, Nebraska, Heritage is the leading national provider of rural, mixed and large animal veterinary services and products to livestock producers and companion animal owners throughout the United States. Main Street realized a gain of $55.5 million on the exit of its equity investment in Heritage including a minority equity ownership position in Heritage's acquirer that Main Street received as part of the sale proceeds, with this realized value representing an increase of $1.9 million above Main Street's fair market value for this investment as of March 31, 2025.
• Origin Agritech (SEED) announced the successful hosting of its Huanghuai Region Core Customer Symposium in Zhengzhou, Henan Province, where the Company showcased nearly 300 new corn varieties and strengthened strategic relationships with core distributors across the region.

• Reports Q1 (Mar) earnings of $1.10 per share, excluding non-recurring items, $0.40 better than the FactSet Consensus of $0.70; revenues rose 30.2% year/year to $282.3 mln vs the $275.84 mln FactSet Consensus.
• Net dollar retention rate was 112%.
• The number of paid customers with more than $100,000 in ARR was 1,328, up 46% from 911 as of March 31, 2024.
• Co issues in-line guidance for Q2, sees Q2 revs of $292-$294 mln vs. $294.02 mln FactSet Consensus.
• Co issues upside guidance for FY25, sees FY25 revs of $1.220-$1.226 bln vs. $1.21 bln FactSet Consensus. Non-GAAP operating income of $144 million to $150 million and operating margin of approximately 12%. Adjusted free cash flow of $310 million to $316 million and adjusted free cash flow margin of 25% to 26%.

• Co proudly expanded its commitment to creating and sustaining U.S. manufacturing jobs by announcing it will invest $300 million in its facilities across the United States.
• Building on more than 165 years of continuous investment in its people, breweries and communities, Anheuser-Busch's Brewing Futures initiative supports American manufacturing through three key pillars:
• Creating and Sustaining Manufacturing Jobs by investing more than $300 million in local communities and facilities in 2025, adding to the nearly $2 billion invested over the past five years
  Building the Manufacturing Workforce for the Future by expanding its best-in-class Technical Excellence Center model beyond its hometown of St. Louis, starting with a new regional facility in Columbus, OH, and providing access to local trade schools
• Strengthening Manufacturing Career Opportunities for Veterans by leading the industry in adoption of a new digital credentialing system to support veterans in pursuing manufacturing careers.

• Reports Q1 (Mar) earnings of $1.03 per share, $0.23 better than the FactSet Consensus of $0.80; revenues rose 28.0% year/year to $783.6 mln vs the $701.9 mln two analyst estimate.
• Co reaffirms guidance for FY25, sees EPS of $2.07-2.11 vs. $2.10 FactSet Consensus.
  • Co reaffirms long-term earnings growth per share at a compounded annual growth rate of 5 to 7% from the adjusted 2024 earnings per share of $1.97 (Non-GAAP) for the three-year period through 2027.

• Reports Q1 (Mar) funds from operations of $0.33 per share, excluding non-recurring items, $0.02 better than the FactSet Consensus of $0.31; revenues rose 19.3% year/year to $249.2 mln vs the $208.87 mln FactSet Consensus.
• Same center net operating income, excluding lease termination income, increased 0.9% in the first quarter of 2025 compared to the first quarter of 2024.
• Portfolio occupancy as of March 31, 2025 was 92.6%, a 0.8% decrease compared to the 93.4% occupancy rate at March 31, 2024 and a 1.5% decrease compared to the 94.1% occupancy rate at December 31, 2024.

Equity indices in the Asia-Pacific region started the week on a strong note with markets in India (+3.7%) and Hong Kong (+3.0%) showing relative strength after the weekend meeting between representatives from the U.S. and China produced an agreement to reduce tariffs on both sides by 115 basis points for 90 days. Consumption in China remained weak in April, resulting in another deflationary yr/yr CPI reading (-0.1%). South Korea's exports through the first ten days of May were down 23.8% yr/yr, but chip exports grew 14.0%. India and Pakistan agreed to a ceasefire after a recent escalation of tension along the Kashmir line.

• In economic data:
  • China's April CPI 0.1% m/m (last -0.4%); -0.1% yr/yr, as expected (last -0.1%). April PPI -2.7% yr/yr, as expected (last -2.5%)
  • Japan's April Economy Watcher Current Index 42.6 (expected 44.7; last 45.1). March Current Account surplus JPY2.72 trln (expected JPY2.42 trln; last JPY2.91 trln). April Bank Lending 2.4% yr/yr (expected 2.8%; last 2.8%)

---Equity Markets---

• Japan's Nikkei: +0.4%
• Hong Kong's Hang Seng: +3.0%
• China's Shanghai Composite: +0.8%
• India's Sensex: +3.7%
• South Korea's Kospi: +1.2%
• Australia's ASX All Ordinaries: +0.1%

---FX---

• USD/JPY: +2.1% to 148.44
• USD/CNH: -0.5% to 7.2054
• USD/INR: -0.6% to 84.87

• Co reported preliminary month-end assets under management of $1,840.0 billion, a decrease of 0.3% versus previous month-end.
• The firm delivered net long-term inflows of $1.3 billion in the month. Non-management fee earning net outflows were $2.0 billion and money market net outflows were $12.1 billion. Unfavorable market returns decreased AUM by $1 billion. FX increased AUM by $9.2 billion. Preliminary average total AUM for the quarter through April 30 were $1,817.3 billion, and preliminary average active AUM for the quarter through April 30 were $1,027.3 billion.

• Co has signed a definitive agreement to acquire the Touchland brand for $700 million at closing, consisting of cash and Church & Dwight restricted stock, and a payment up to $180 million contingent on the achievement of Touchland's 2025 net sales for a total purchase price of up to $880 million. Touchland is the fastest growing brand in the hand sanitizer category in the United States and is the #2 hand sanitizer in the category. The transaction, which is subject to customary closing conditions, is expected to close in the second quarter.
• Touchland's net sales for the trailing twelve months through March 31, 2025 were approximately $130 million. The products are currently marketed in the U.S. and Canada and recently launched in the Middle East with Sephora.
• Touchland's trailing twelve months EBITDA as of March 31, 2025 was approximately $55 million.
  

• Gapping up:
  • LEU +9.7%, HUT +9.3%, MCHP +7.9%, HBM +6.5%, ABCL +6.4%, MAG +6%, DJT +6%, APGE +5.6%, APAM +5.3%, LU +5.1%, MAR +4.3%, FFAI +4.2%, AKRO +4.1%, CSX +3.6%, DAR +3.4%, ANNX +3.1%, SBH +3.1%, MRNA +2.4%, RCKT +2.1%, STWD +1.7%, HEI +1.5%, RDNT +1.1%
• Gapping down:
  • PAAS -8.9%, LQDA -7.9%, DOLE -4.2%, ABBV -4%, LLY -3.8%, NVO -3.8%, NVS -3.7%, AZN -3.5%, GILD -3.5%, PFE -2.8%, MRK -2.6%, GSK -2.6%, SDRL -2.6%, HBB -2.5%, PRKS -2.5%, BMY -2.4%, FTRE -2.3%, REGN -1.2%, WSR -1%

• Reports Q2 (Mar) earnings of $0.42 per share, excluding non-recurring items, $0.03 better than the FactSet Consensus of $0.39; revenues fell 2.8% year/year to $883.2 mln vs the $901.82 mln FactSet Consensus.
• Guidance
  • Third Quarter
    • Comparable sales are expected to be flat to down 2% compared to the prior year
    • Consolidated net sales are expected to be approximately 50 basis points lower than comparable sales due to the expected unfavorable impact from foreign exchange rates
    • Adjusted Operating Margin is expected to be in the range of 8.0% to 8.5%
  • Full Year
    • Comparable sales are expected to be flat to down 1% compared to the prior year
    • Consolidated net sales are expected to be approximately 75 basis points lower than comparable sales due to the expected unfavorable impact from foreign exchange rates
    • Adjusted Operating Margin is expected to be in the range of 8.0% to 8.5%
• Board of Directors Approves Four-Year Extension to Share Repurchase Program
  • On May 6, 2025, the Board of Directors approved an extension of the share repurchase program for an additional four-year period ending on September 30, 2029. Under this extension, the Company is authorized to repurchase its common stock up to the amount remaining under the initial 2017 authorization, which is currently $501.1 million.

• Co announced the launch of a secondary offering of 15,376,743 shares of its common stock, par value $0.01 per share, by the former majority shareholder of Mattress Firm Group Inc., which shareholder is a subsidiary of IBEX Topco B.V.
• All of the shares of common stock are being sold by the Selling Stockholder, and Somnigroup will not receive any of the proceeds from the Offering.
• Goldman Sachs & Co. LLC is acting as the sole underwriter for the Offering.

• Co reported today that its preliminary assets under management as of April 30, 2025 totaled approximately $231.4 billion.
• The month's AUM included FX appreciation of $5.1 billion, market depreciation of $0.9 billion, and net outflows of $0.2 billion.

• Reports Q1 (Mar) earnings of $0.02 per share, $0.07 better than the FactSet Consensus of ($0.05); revenues fell 1.6% year/year to $651.3 mln vs the $608.65 mln FactSet Consensus.

• Reports Q1 (Mar) loss of $0.29 per share, $0.06 worse than the FactSet Consensus of ($0.23); revenues fell 3.5% year/year to $286.9 mln vs the $293.9 mln FactSet Consensus.

• Co announced that Thomas Pike is stepping down from his role as Fortrea's Chief Executive Officer and as Chairman of its Board.
• Fortrea's Lead Independent Director, Peter M. Neupert, will serve as Interim Chief Executive Officer and Board Chair, beginning May 13, 2025. As part of a succession planning process, an executive search is already at an advanced stage.
• Mr. Pike has entered into a consulting agreement with the Company to serve as a resource to its leadership team through the transition.
• Peter M. Neupert is a seasoned leader and board member with a track record of success in the healthcare and technology industries.

• Co announced that its majority-owned subsidiary, American Bitcoin, has entered into a definitive merger agreement to go public with Gryphon Digital Mining (GRYP) pursuant to which Gryphon will acquire American Bitcoin in a stock-for-stock merger transaction.
• Upon closing, the combined company will operate under the American Bitcoin brand, led by the American Bitcoin board of directors, including Mike Ho, Asher Genoot, Justin Mateen, and Michael Broukhim, and management team, including Mike Ho, Matt Prusak, and Eric Trump. The combined company is expected to trade on Nasdaq under the ticker symbol "ABTC." The transaction is expected to close as early as Q3 2025.
• Existing stockholders of American Bitcoin are expected to own approximately 98% of the combined company. Immediately following the completion of the transaction, the Company will beneficially own a majority of the issued and outstanding capital stock of the combined company.
• Following the transaction, Hut 8 will continue to serve as American Bitcoin's exclusive infrastructure and operations partner through a series of long-term commercial agreements expected to generate stable, contracted revenue streams in Hut 8's Power and Digital Infrastructure segments.
• Upon closing, the combined company will operate under the American Bitcoin brand, led by the management and board of directors of American Bitcoin. The combined company is expected to trade on Nasdaq under the ticker symbol "ABTC."
• Key Terms
  • Form of Consideration: 100% stock-for-stock transaction.
  • Anticipated Closing Timeline: Targeting closing as early as Q3 2025.
  • Post-Transaction Ownership: Existing stockholders of American Bitcoin are expected to own approximately 98% of the combined company.
  • Governance and Management: Combined company expected to be led by the American Bitcoin board of directors, including Mike Ho, Asher Genoot, Justin Mateen, and Michael Broukhim, and management team, including Mike Ho, Matt Prusak, and Eric Trump.

• Reports Q1 (Mar) earnings of $0.24 per share, $0.14 better than the FactSet Consensus of $0.10; revenues rose 13.3% year/year to $594.9 mln vs the $534.33 mln FactSet Consensus.
• Outlook
  • Reaffirmed full year 2025 consolidated production guidance of 117,000 to 149,000 tonnes of copper and 247,500 to 308,000 ounces of gold. Reaffirmed all 2025 cost guidance, including consolidated cash costi guidance of $0.80 to $1.00 per pound of copper and sustaining cash cost guidance of $2.25 to $2.65 per pound of copper.

• New litigation filed against Liquidia in U.S. District Court for the Middle District of North Carolina alleges infringement of UTHR's '782 patent and seeks to enjoin Liquidia from commercializing YUTREPIA
• '782 patent claims same general subject matter as UTHR's invalidated '793 patent
• Does not impact FDA's ability to take final action on NDA for YUTREPIA on PDUFA goal date of May 24, 2025

• Joby Aviation (JOBY) announced it has successfully flown two of its aircraft simultaneously for the first time, marking another important milestone in the Company's flight testing program.
• Vertical Aerospace (EVTL) announced it is developing a hybrid-electric vertical-take-off-and landing variant of its VX4 aircraft, expanding range and payload capabilities to unlock new market opportunities within the already sizable $1TR1 total addressable urban air mobility market.
• CareTrust REIT (CTRE) announced that it has closed the acquisition of Care REIT plc, a United Kingdom-based healthcare real estate investment trust listed on the London Stock Exchange. The transaction, first announced on March 11, 2025, marks CareTrust's entrance into the UK market and represents a strategic step in the Company's mission to expand and diversify its portfolio of healthcare real estate assets.
  

• Multiple doses of APG808 resulted in rapid suppression of FeNO, a biomarker of Type 2 inflammation associated with exacerbations in asthma, with a robust maximal FeNO decrease from baseline of 53%
• APG808 demonstrated the potential for durable disease control in asthma with sustained FeNO decrease from baseline of 50% at 12 weeks
• APG808's optimized formulation and potential best-in-class pharmacokinetic (PK) profile, combined with robust and sustained FeNO suppression through 12 weeks, support the potential for transformative dosing every 2-months or longer, compared to the current biweekly standard of care
• APG808 was well tolerated with a favorable safety profile consistent with the anti-IL-4Ra class
• Phase 1b proof-of-concept data validates Apogee's approach to designing potentially best-in-class biologics and builds on Apogee's track record of executi

• Co announced that it has entered into a definitive agreement to acquire a majority stake in Kate Farms, a fast-growing U.S. business offering a wide array of plant-based, organic nutrition products for both medical and everyday needs. Kate Farms' highly complementary products will enhance Danone's specialized nutrition offerings.
• The partnership builds on Danone and Kate Farms' shared commitment to offer nutritional solutions that positively impact people's health, and their continued efforts to support improved standards of care to better serve communities in the United States. Kate Farms' trusted nutrition products will reach more consumers and patients, bringing high-quality nutrition to more people with a wide range of health needs. Following the closing of the transaction, Kate Farms' Chief Executive Officer, Brett Matthews, will serve as Chairman and Chief Executive Officer of Danone's North American Medical Nutrition business. Kate Farms' senior management will retain a minority stake in the combined business. The transaction remains subject to customary closing conditions, including regulatory approval.

• LGI Homes, Inc. (LGIH) announced the opening of its newest community, Northridge, located in Montrose, Minnesota. Situated west of Minneapolis and minutes from Buffalo, Northridge offers a prime location for homebuyers seeking affordable, high-quality homes in a desirable, commuter-friendly setting. LGI Homes will construct 27 single-family homes in Northridge, each thoughtfully designed to deliver comfort, style, and lasting value. This project marks a continuation of LGI's homebuilding efforts in the area, following the company's success at Summerfield in nearby Waverly, where only 11 homes remain available for purchase.
• Harley-Davidson (HOG) and MotoGP are launching a new global racing championship featuring Harley-Davidson bagger motorcycles, debuting in 2026. The twelve-race series will race at six Grands Prix across Europe and North America, with riders battling it out on race-prepared Harley-Davidson Road Glide motorcycles in two races per round.
• Guidewire (GWRE) announced that Mitsui Direct General Insurance Co., Ltd., a direct-channel non-life insurance company and member of the MS&AD Insurance Group, selected Guidewire ClaimCenter on Guidewire Cloud Platform to streamline IT operations, respond quickly to market changes, and further improve customer service. This is the first cloud migration of ClaimCenter in Japan.
• VEON Ltd. (VEON) announces its partnership with GSMA Advance, the learning and skills division of the GSMA, to join the People Excellence Partner program which recognizes and supports organizations committed to upskilling their teams and fostering a culture of knowledge advancement through the GSMA Advance comprehensive suite of learning materials. This collaboration makes VEON the inaugural partner of the GSMA Advance People Excellence Partner program, highlighting the Company's commitment to the professional growth and continuous learning of its personnel. Developed by GSMA Advance, the program sets benchmarks for industry knowledge and standards, particularly in areas crucial to the sector's innovation, operation, sustainability, and growth.
  

• Rio Tinto and Sumitomo Metal Mining Co have signed the final joint venture agreements to deliver the Winu copper-gold project, located in the Great Sandy Desert region of Western Australia.
• The final joint venture agreements were signed in Perth by Rio Tinto Copper Chief Executive Katie Jackson and SMM Director, Managing Executive Officer, and General Manager of the Mineral Resources Division Hideyuki Okamoto. It comes after the two companies signed a Term Sheet in December 2024 to form the joint venture.
• Under the agreements, Rio Tinto will continue to develop and operate Winu, and SMM will pay Rio Tinto up to $430.4 million for a 30% equity share of the project. This includes $195 million up front and up to $235.4 million in deferred considerations contingent on future milestones.

• Reports Q1 (Mar) loss of $0.50 per share, $0.37 worse than the FactSet Consensus of ($0.13); revenues rose 9.2% year/year to $471.4 mln vs the $443.15 mln FactSet Consensus.
• Co issues in-line guidance for FY25, sees FY25 revs of $1.92-1.98 bln vs. $1.93 bln FactSet Consensus.
  • Adjusted EBITDA raised from $265-273 million to $268-276 million.

• Pan American Silver and MAG Silver are pleased to announce that they have entered into a definitive agreement whereby Pan American will acquire all of the issued and outstanding common shares of MAG pursuant to a plan of arrangement. MAG is a tier-one primary silver mining company through its 44% joint venture interest in the large-scale, high-grade Juanicipio mine, operated by Fresnillo plc, who holds the remaining 56% interest in the Juanicipio joint venture.
• Under the terms of the Transaction, MAG shareholders will receive total consideration of approximately $2.1 billion representing $20.54 per MAG share, based on the closing price of Pan American's common shares on the New York Stock Exchange on May 9, 2025. Consideration will be comprised of a mix of cash totaling $500 million and 0.755 Pan American shares per MAG share, subject to proration as detailed below. The consideration represents premiums of approximately 21% and 27%, respectively, on a prorated basis to the closing price and the 20-day volume weighted average price of MAG's common shares on the NYSE American ending May 9, 2025. Following completion of the Transaction, existing MAG shareholders will own approximately 14% of Pan American shares on a fully diluted basis, benefiting from participation in a larger, diversified, and growth-oriented silver and gold producer.
  • Adds 44% ownership interest in Juanicipio, one of the best silver mines globally: Juanicipio is a large-scale, high-grade, low-cost silver mine located in Zacatecas, Mexico, with significant exploration upside and operated by Fresnillo, a world class precious metals producer.
  • Strengthens Pan American's position as one of the world's premier silver producers: Juanicipio is forecasted to produce between 14.7 Moz and 16.7 Moz of silver in 2025 (6.5 Moz to 7.3 Moz on a 44% basis).
    

• Co presented data from the phase 3 REAL8 basket study, which showed that once-weekly Sogroya (somapacitan) was non-inferior to the once-daily growth hormone Norditropin (somatropin) in improving yearly growth rate (as measured by height velocity [HV] at Week 52) in pre-pubertal children born small for gestational age (SGA), or with Noonan syndrome (NS), or with idiopathic short stature (ISS). In addition, superiority was achieved for once-weekly Sogroya versus daily growth hormone in children with NS2, as well as compared to lower doses of daily growth hormone in children born SGA.
• The REAL8 trial achieved its primary endpoints for the first three sub-studies, demonstrating that once-weekly Sogroya was non-inferior to once-daily growth hormone treatment at Week 52 across the three indications presented:
  • In children born SGA, Sogroya demonstrated superior estimated mean HV when compared with a lower dose (0.035 mg/kg/day) of somatropin (11.0 vs 9.4 cm/year), and non-inferior estimated mean HV when compared with a higher dose (0.067 mg/kg/day) of somatropin (11.0 vs 11.1 cm/year).
  • In children with NS, Sogroya demonstrated superior estimated mean HV compared with somatropin (10.4 vs 9.2 cm/year).
  • In children with ISS, Sogroya demonstrated non-inferior estimated mean HV compared with daily somatropin (10.5 vs 10.5 cm/year.
    

• Darling Ingredients announced the signing of a non-binding term sheet with Tessenderlo Group to combine the collagen and gelatin segments of their companies into a new company called Nextida, requiring no cash or initial investment from either party. This strategic partnership aims to create a top-tier, collagen-based health, wellness and nutrition products company positioned to capitalize on global collagen growth. The transaction is subject to negotiation and execution of definitive documentation by the parties.
• Pending regulatory approvals, Nextida will operate as a joint venture, with Darling Ingredients holding a majority, 85% ownership stake and Tessenderlo Group holding the remaining 15%. Nextida will combine Darling Ingredients' collagen and gelatin business, branded as Rousselot, with Tessenderlo Group's PB Leiner business. The combination will result in a new company, initially with expected annual revenue of approximately $1.5 billion, and total gelatin and collagen capacity of about 200,000 metric tons across 23 facilities located in South America, North America, Europe and Asia. Over time, the integration of the two companies provides significant opportunities to realize synergies and develop the Nextida portfolio of products, delivering targeted health benefits and providing a significant opportunity to increase earnings.
• Pending regulatory approvals, the transaction is expected to close in 2026.
  
  

• AstraZeneca's Trixeo Aerosphere (budesonide/glycopyrronium/formoterol fumarate or BGF), already licensed for the treatment of chronic obstructive pulmonary disease (COPD) in adults, has now been approved for use in the UK with an innovative, next-generation propellant with near-zero Global Warming Potential (GWP).1,2 This is the first medicine delivered by a pressurised metered-dose inhaler (pMDI) approved with the propellant that has 99.9% lower GWP than propellants used in currently available pMDIs. Trixeo with the next-generation propellant will have a low carbon footprint, comparable to inhaled medicines that do not require a propellant. Trixeo, a fixed-dose triple-combination therapy, is marketed as Breztri Aerosphere in the US, China and Japan.
• The approval by the UK Medicines and Healthcare Products Regulatory Agency (MHRA) was based on results from the next-generation propellant clinical development programme, which demonstrated bioequivalence between Trixeo with the next-generation propellant, HFO-1234ze(E), and Trixeo with the current propellant, HFA-134a.4,5 The safety and tolerability profile for Trixeo with the next-generation propellant was consistent with the known profile of the medicine.

• Global equity markets are trading higher after the U.S. and China agreed to a 90-day pause in tariff escalation, slashing duties on each other's goods as trade talks continue. The agreement cuts U.S. tariffs on Chinese imports to 30% from 145%, while China lowers its retaliatory tariffs to 10% from 125%. The S&P Futures are up about 157 points and trading around 5835. The market gapped higher on the open following reports that progress was made over the weekend. The 90-day pause catalyzed the surge higher. Spoos peaked at 5853.75, while the low was set at 5734.25.
• Asian markets advanced Monday as signs of progress in U.S.-China trade talks lifted investor sentiment. China's Shanghai Composite gained 0.8% after officials agreed to establish a consultation mechanism for future negotiations, while Hong Kong's Hang Seng soared nearly 3%, marking its best winning streak in a year. Japan's Nikkei rose 0.4% amid optimism over easing tensions, though losses in Panasonic and Nippon Steel weighed on gains. Panasonic dropped nearly 2% after announcing job cuts and restructuring costs, while Nippon Steel fell 3.8% on a weaker profit outlook.
• European stocks rose Monday after the U.S. and China agreed to suspend tariffs for 90 days and lower rates, boosting market sentiment. Semiconductor stocks led the gains, with ASML and Infineon jumping sharply, while UniCredit and Technip Energies advanced on strong earnings and buyback news. Meanwhile, healthcare stocks declined amid concerns over a new U.S. pharma pricing policy, dragging down AstraZeneca, Hikma, and GSK. On the economic front, U.K. hiring activity weakened as firms struggled with rising wage pressures.

Market Updates

• S&P Futures vs Fair Value: +158.0
• 10 yr Note: 4.426%
• USD/JPY:  147.78   +2.41
• EUR/USD: 1.1129  -0.0121
• Europe: FTSE: +0.4% DAX: +1.2% CAC: +1.3%
• Asia: Hang Seng: +3.0%  Shanghai: +0.8%  Nikkei: +0.4%
• Gold (3233.20 -110.80) Silver (32.370 -0.544) Crude (62.79 +1.77)

• Healthcare: SIBN (18.40 +31.52%), CTMX (1.02 +27.18%), QDEL (36.32 +24.71%)
• Materials: CDE (7.65 +43.97%), CMP (18.63 +35.89%)
• Industrials: TPC (32.44 +41.41%), RUN (9.4 +28.88%), EAF (0.77 +27.98%), UPWK (16.84 +24.89%)
• Consumer Discretionary: GRPN (25.01 +40.35%), BZUN (3.77 +32.57%), EYE (17.03 +29.57%), ETH (21.87 +26.12%), SKX (61.54 +24.64%)
• Information Technology: SEDG (19.82 +51.26%), LASR (11.43 +34.95%), TTD (70.86 +31%)
• Financials: GDOT (10.71 +30.07%)
• Energy: PARR (17.99 +24.93%)

• Healthcare: IOVA (1.75 -50%), MYGN (3.88 -48.62%), SRPT (36.25 -42.92%), SLDB (2.8 -35.15%), AXGN (11.42 -33.36%), TCMD (9.51 -32.49%), ALLO (1.17 -31.18%), RGNX (7.47 -28.17%), IART (12.25 -27.33%)
• Materials: TSE (2.54 -39.67%)
• Industrials: ERII (11.27 -28.7%), JELD (4.22 -26.95%)
• Information Technology: CEVA (20.22 -25.36%)
• Financials: CODI (6.92 -60.79%), PRAA (13.58 -29.64%)
• Consumer Staples: HAIN (1.60 -47.36%), BGS (4.45 -33.76%)

• Co announces it has reached a tentative agreement with the Brotherhood of Locomotive Engineers and Trainmen (BLET) on a new five-year agreement covering approximately 3,400 locomotive engineers.
• This is the first agreement reached by a Class I freight railroad with BLET.
• The agreement mirrors the general wage increases, and health and welfare improvements from CSX's agreements with 13 other unions. Locomotive engineers make up approximately 20% of CSX's frontline workforce.

The stock market lacked excitement today, likely because it was gearing up for the excitement that promises to follow the trade meeting this weekend between U.S. and Chinese officials in Switzerland. The excitement could have either a positive connotation or a negative connotation. It will all depend on what comes out of that meeting.

There is a baseline expectation that there will be some form of de-escalation that is agreed to on the tariff front, so it would be a profound disappointment if the takeaway from this confab is no change in the draconian tariff rates each side has implemented (145% by the U.S. and 125% by China).

Press reports have suggested the Trump administration is considering a tariff rate of 60% or less to get things going here, yet President Trump wrote in a Truth Social Post before today's open that "80% tariff on China seems right! Up to Scott B."

Scott B. would be Treasury Secretary Scott Bessent, who will be joined by U.S. Trade Representative Jamieson Greer to discuss the U.S. position with China's Vice Premier He Lifeng.

The anxiousness ahead of the meeting kept the stock market in check today. There was no real conviction on the part of buyers or sellers, as this macro item overshadowed all of the earnings results since yesterday's close that included reports from the likes of Expedia (EXPE 156.66, -12.33, -7.3%), Coinbase (COIN 199.32, -7.18, -3.5%), Akamai Technologies (AKAM 76.25, -9.19, -10.8%), Cloudflare (NET 132.51, +8.20, +6.6%), Microchip Technology (MCHP 55.33, +6.19, +12.6%), and Lyft (LYFT 16.65, +3.65, +28.1%).

As one can see, there were ample and mixed reactions to these individual reports, yet the major indices had their thinking caps and price caps on ahead of the weekend trade meeting.

Seven S&P 500 sectors finished higher with gains ranging from 0.04% to 1.1%, three sectors finished lower with losses ranging from 0.6% to 1.1%, and one sector -- information technology -- finished unchanged. The biggest winner was the energy sector (+1.1%) and the biggest loser was the health care (-1.1%) sector.

Market breadth reflected the mixed disposition. Advancers led decliners by a 5-to-3 margin at the NYSE, while decliners led advancers by an 11-to-10 margin at the Nasdaq.

There was no U.S. economic data of note today.

• Dow Jones Industrial Average: -3.1% YTD
• S&P 500: -3.8% YTD
• S&P Midcap 400: -5.6% YTD
• Nasdaq Composite: -7.2% YTD
• Russell 2000: -9.3% YTD

• Co and Korbel Champagne Cellars announced the end of their sales, marketing, and distribution relationship, effective June 30, 2025. This transition concludes its business relationship spanning multiple decades.
• Both companies are committed to ensuring a smooth and orderly transition for their customers and stakeholders during this period.

• PriceSmart's current Executive Vice President and Chief Financial Officer Michael McCleary resigned by mutual agreement with the Company, but will continue to serve as an Executive Vice President of the Company through September 30, 2025.
• Thereafter, Mr. McCleary has agreed to provide consulting support of up to 40 hours per month for three months following his resignation.