Daily US Equity Opening News - AAPL rises after beat; WDC falls as profit-taking offsets AI outlook; SNDK falls despite earnings and guidance beat; META HR chief says further layoffs possible; TSLA generated USD 573mln from Musk companies

DAY AHEAD:

EVENTS: Labour Day holidays across several European regions will thin liquidity conditions.
DATA: In the UK, final S&P Global Manufacturing PMI (exp. 53.6, prev. 51.0), BoE credit and lending data also due, alongside the BoE Market Participants Survey. In North America, US ISM Manufacturing PMI (exp. 53.0, prev. 52.7), with focus on prices (exp. 80.0, prev. 78.3), new orders (exp. 53.2, prev. 53.5) and employment (exp. 49.0, prev. 48.7); final US S&P Global Manufacturing PMI (exp. 54.0, prev. 52.3); the Atlanta Fed will update its GDPNow tracker (currently modelling Q2 growth of 3.7%). Canada's S&P Global Manufacturing PMI is also due.
SPEAKERS: BoE's Pill (hawkish dissenter) speaks at the National MPC Agency briefing. Fed's Miran (dovish dissenter) will give an interview on Fox at 13:00BST/08:00EDT.
ENERGY: Baker Hughes weekly rig count data are due.
EARNINGS: Notable corporates reporting today include: ExxonMobil (XOM), Chevron (CVX), Linde (LIN), Aon (AON), Colgate-Palmolive (CL), Dominion Energy (D), Ares Management (ARES), Cboe Global Markets (CBOE), Estee Lauder (EL), LyondellBasell (LYB).
PREVIEW - US ISM MANUFACTURING PMI (15:00BST/10:00EDT): ISM Manufacturing PMI headline seen rising a touch to 53.0 (prev. 52.7), with prices expected to rise to 80.0 (prev. 78.3), new orders at 53.2 (prev. 53.5), and employment at 49.0 (prev. 48.7). As a proxy, S&P Globalʼs March manufacturing PMI rose to 54.0 in April (from 52.3), reaching a 47-month high. Output expanded at its fastest pace in four years, while new orders posted their strongest rise since May 2022. The report, however, pointed to a more complicated underlying picture: much of the strength in orders appears to reflect precautionary stock-building rather than stronger end-demand, with survey respondents citing concerns about supply availability and price increases linked to the ongoing Middle East conflict. Export orders also fell at a faster pace, suggesting that demand strength is mainly domestic. S&P also flagged mounting supply-chain pressure, with supplier delivery times lengthening by the most since August 2022, driven by war-related shipping disruption and the rush to build safety stocks. On prices, input cost inflation hit a ten-month high, while output prices rose at the fastest pace since mid-2022. The labour-market signal was softer, with the employment sub-index falling for the first time in nine months, suggesting firms remain cautious despite the stronger headline reading. Looking ahead, the forward-looking components improved, with sentiment at its highest since February 2025, helped by hopes of tariff-led reshoring however, that confidence may prove fragile if supply disruptions persist.

NEWS:

GEOPOLITICS:

US-Iran - US President Trump said Iran is “dying” to make a deal, and reiterated that the nation cannot be nuclear-armed. He said he does not know whether the ceasefire with Iran needs to be broken, adding “we may do”. Trump is expected to make a decision on the path forward on Iran in the coming days, NBC reported citing a US official. Israel’s Channel 12 reported that the US may allow Israel to target Iran’s energy facilities if negotiations fail.
US - The Trump administration is set to pass an initial congressional approval deadline for the Iran war, arguing the ceasefire stopped the War Powers Resolution’s 60-day clock, WSJ reports. Defence Secretary Hegseth told the Senate Armed Services Committee the ceasefire paused the deadline, drawing Democratic outrage and Republican scepticism.
Peace Talks - Two Pakistani officials in Islamabad with direct knowledge of US-Iran talks said they expect a revised Iranian proposal to end the war by the end of the week. Iran’s Foreign Ministry spokesperson said expecting a quick conclusion to negotiations is irresponsible, the other party has not used Iran’s proposal, and Iran must be ready for any eventuality.
Iran - Iranian President Pezeshkian and Parliament Speaker Ghalibaf are reportedly dissatisfied with Foreign Minister Araghchi’s diplomacy, especially nuclear negotiations, and are calling for his dismissal, Iran International reports citing sources.

TRADE:

US-China - USTR Greer and Treasury Secretary Bessent discussed a proposed government-to-government “Board of Trade” in a call with Chinese Vice Premier He Lifeng, framing it as a mechanism to manage bilateral trade in non-sensitive goods, Bloomberg reports; the call also covered US producers’ access to Chinese agricultural markets.
US-UK - The US will remove tariffs on UK whisky, WSJ reports. President Trump said King Charles III persuaded him to remove the levies, posting that the King and Queen got him “to do something that nobody else was able to do”. Tariffs on Scotch whisky stood at 10% and were set to rise to 25% in June.

INDEX:

S&P 500 (SPX) - S&P Dow Jones said Veeva Systems (VEEV) will replace Coterra Energy (CTRA) in the S&P 500, from 7th May, following S&P 500 constituent Devon Energy’s (DVN) pending acquisition of Coterra, which is expected to close imminently.
IPOs - S&P Dow Jones Indices has launched a consultation that could significantly change the rules governing index inclusion, Reuters reports. Proposals include cutting the minimum public listing period from 12 to six months, and removing profitability requirements for large-cap companies. The consultation closes 28th May, with changes potentially implemented around 8th June, prompted partly by anticipated listings from SpaceX, Anthropic, and OpenAI.

TECH:

Apple (AAPL) - Shares rose 2.5% in extended US trading after it reported an earnings and revenue beat, driven by strong iPhone and services sales, better-than-expected China revenue, upbeat revenue guidance, and signs the company is managing through higher memory costs and supply constraints. It reported Q2 adj. EPS of 2.01 (exp. 1.95), Q2 revenue USD 111.2bln (exp. 109.45bln). Net income came in at USD 29.6bln (exp. 28.5bln) and operating income at USD 35.9bln (exp. 34.8bln). iPhone net sales were USD 56.99bln (exp. 57.21bln), Services a record USD 30.98bln (exp. 30.39bln), Mac USD 8.40bln (exp. 8.02bln), iPad USD 6.91bln (exp. 6.66bln), Wearables, Home and Accessories USD 7.90bln (exp. 7.70bln), and Greater China USD 20.50bln (exp. 19.45bln). Board raised quarterly dividend +4% to 0.27/shr, and authorised an additional USD 100bln share repurchase programme. Apple also confirmed it is no longer targeting a net cash neutral position. CEO Cook noted that supply constraints in Q3 will be concentrated across several Mac models and flagged significantly higher memory costs ahead. The CFO sees Q3 revenue growth of between 14-17% Y/Y (exp. +9%), implying a range of approximately USD 107.2-110.0bln (exp. 102.6bln); Q3 gross margin seen between 47.5-48.5%, and expects Services revenue growth in Q3 to be broadly in line with Q2 when adjusting for favourable FX impacts. Cook also said John Ternus was the right leader for Apple going forward.
Huawei - Huawei expects AI chip revenue to rise at least 60% as Chinese companies seek alternatives to Nvidia (NVDA), FT reports. Huawei forecasts AI chip sales of USD 12bln in 2026.
OpenAI - OpenAI CFO Sarah Friar said the company is meeting objectives and sees “a vertical wall of demand” for its products, Bloomberg reports. Friar said OpenAI is beating its plan at the highest level, though performance can vary across periods because the business remains young and not perfectly forecastable across every metric.
Western Digital (WDC) - Shares fell over 7% in extended trading after its stronger AI-driven storage outlook and buyback support were outweighed by profit-taking after the stock’s strong recent run. Q3 adj. EPS 2.72 (exp. 2.38), Q3 revenue USD 3.34bln (exp. 3.24bln). Said 2026 began with strong execution, driving sequential and Y/Y revenue growth across all end markets, while expanding gross and operating margins. CEO said demand drivers remain clear, as virtually every AI workload, from training and inference to agentic AI and physical AI, creates data stored persistently and cost-efficiently on HDDs. CFO said visibility continues to extend as momentum builds across end markets. Raised its quarterly dividend +20% to 0.15/shr, citing confidence in the durability of the business. Sees Q4 adj. EPS of 3.10-3.40 (exp. 2.75), Q4 revenue of USD 3.55-3.75bln (exp. 3.47bln), and Q4 gross margin between 51-52%.
SanDisk (SNDK) - Shares fell 4.8% in extended trading, despite beating earnings, revenue and guidance, with reports suggesting that expectations were already extremely elevated after a huge rise in its shares. Q3 adj. EPS 23.41 (exp. 14.43), Q3 revenue USD 5.95bln (exp. 4.69bln). CEO said the quarter marked a fundamental inflection point, and the company is advancing to a new business model built on multi-year customer engagements backed by firm financial commitments, driving structurally higher and more durable earnings power. SanDisk highlighted its zero-debt balance sheet, strong cash generation and recently authorised share repurchase programme. Sees Q4 adj. EPS between 30.00-33.00 (exp. 22.70), and Q4 revenue between USD 7.75-8.25bln (exp. 6.493bln).
Palo Alto Networks (PANW) - Palo Alto Networks announced plans to acquire Portkey, an AI gateway company; terms were not disclosed. Portkey provides a centralised control plane for managing and securing autonomous AI agents, processing trillions of tokens per month. The deal is expected to close in Palo Alto Networks’ Q4.
Universal Display (OLED) - Q1 EPS 0.76 (exp. 1.20), Q1 revenue USD 142.2mln (exp. 160.66mln). CFO said near-term market conditions have become more measured; expects Gen 8.6 capacity additions in Korea and China this year. The company announced a new USD 400mln share repurchase authorisation, incremental to the USD 100mln programme fully utilised through Q1 2026, and declared a Q2 dividend of 0.50/shr. Lowered its FY26 revenue view to between USD 630-670mln (exp. 673.89mln; prev. saw 650-700mln).
Ingram Micro (INGM) - Q1 EPS 0.75 (exp. 0.72), Q1 revenue USD 14.0bln (exp. 12.74bln). All four business regions saw top-line growth, three regions delivered double-digit growth, led again by APAC. CEO noted EPS was at the high end of guidance, and that the company has moved from adoption to performance on its Xvantage platform, with AI-led net sales up more than 60% Y/Y in its largest countries. Sees Q2 EPS between 0.68-0.78 (exp. 0.73), sees Q2 revenue between USD 13.6-14.0bln (exp. 13.03bln).
Atlassian (TEAM) - Shares surged over 20% in extended trading after a Q3 beat. It reported Q3 EPS of 1.75 (exp. 1.34), Q3 revenue USD 1.787bln (exp. 1.7bln). Revenue was supported by customers signing bigger, longer-term commitments and connecting teams and workflows on Atlassian’s AI-powered platform. Service Collection exceeded USD 1.0bln in ARR, as it continued to take share. Sees Q4 revenue between USD 1.653-1.661bln (exp. 1.66bln), with cloud revenue growth of approximately 25.5% Y/Y, adj. operating margin of approximately 30.5%. Sees FY26 revenue growth of approximately 24% Y/Y (exp. USD 6.37bln), cloud revenue growth of approximately 26.5%, data centre revenue growth of approximately 21.5%, and adj. operating margin of approximately 29.0%.
Twilio (TWLO) - Shares rose almost 20% in extended trading after it reported an earnings beat and lifted FY guidance. Q1 adj. EPS 1.50 (exp. 1.27), Q1 revenue USD 1.41bln (exp. 1.34bln) - its highest revenue and gross profit growth rates in more than three years. Sees Q2 adj. EPS between 1.27-1.32 (exp. 1.29), sees Q2 revenue between USD 1.42-1.43bln (exp. 1.39bln); raised FY26 revenue growth view to between 14-15% (from 11.5-12.5%), raised FY26 adj. income from operations to between USD 1.08-1.10bln (from USD 1.04-1.06bln).
Five9 (FIVN) - Shares rose over 15% in extended trading after it reported a Q1 beat. Q1 adj. EPS 0.76 (exp. 0.68), Q1 revenue USD 305.3mln (exp. 300.07mln). Will take decisive action to sharpen execution and optimise its organisational design as it seeks to build momentum. Sees Q2 adj. EPS between 0.65-0.69 (exp. 0.74), sees Q2 revenue between USD 303-309mln (exp. 305.42mln); sees FY26 adj. EPS between 3.22-3.30 (exp. 3.19), sees FY26 revenue between USD 1.254-1.266bln (exp. 1.26bln).
Monolithic Power (MPWR) - Q1 adj. EPS 5.10 (exp. 4.90), Q1 revenue USD 804mln (exp. 782mln). Sees Q2 revenue between 890-910mln (exp. 817mln).
First Solar (FSLR) - Q1 EPS 3.22 (exp. 2.98), Q1 revenue USD 1.04bln (exp. 1.05bln).
GoDaddy (GDDY) - Q1 EPS 1.60 (exp. 1.99), Q1 revenue USD 1.267bln (exp. 1.26bln). Sees Q2 revenue between USD 1.285-1.305bln (exp. 1.29bln); reaffirmed FY26 revenue outlook between USD 5.195-5.275bln (exp. 5.24bln).

COMMUNICATIONS:

Meta Platforms (META) - HR chief Janelle Gale told staff the company cannot rule out further layoffs, Business Insider reports. Meta already plans to cut around 10% of staff next month. Gale said the business is strong but priorities change and costs will be managed responsibly. CEO Zuckerberg said AI automation is not driving the cuts, the report adds. Separately, CEO told staff the company plans to shrink teams and develop new apps as AI reshapes workflows, WSJ reports; he attributed an 8% share drop to investor concerns over a higher-than-expected CapEx revision and a slower Q2 growth outlook, describing Q1 as exceptionally strong; he also noted a shift in the company’s advertising trajectory following the start of the US-Iran war.
Roblox (RBLX) - Roblox shares tumbled almost 20% in afterhours trading after it reported Q1 user numbers below expectations, following the implementation of safety features that restrict how children use the platform; it also cut its FY bookings forecast, attributing the revision to its aggressive push to enhance safety. Q1 EPS -0.35 (exp. -0.41), Q1 revenue USD 1.7bln (exp. 1.75bln). Q1 average DAUs +35% Y/Y to 132mln (exp. 143.8mln), hours engaged +43% Y/Y to 31bln. Expects a sequential decline in DAUs in Q2, reflecting deceleration observed in Q1,and so far in Q2. Has updated its FY outlook to reflect a continuation of safety-related headwinds; sees Q2 revenue between USD 1.39-1.45bln (exp. 1.83bln), sees Q2 bookings between USD 1.55-1.61bln (exp. 1.86bln); sees FY26 revenue growth between 20-25%, bookings growth between 8-12%.
Reddit (RDDT) - Q1 adj. EPS 1.01 (exp. 0.57), Q1 revenue USD 663mln (exp. 607.7mln). DAUs +17% Y/Y to 126.8mln (exp. 121.1mln). CEO said 30% of Reddit users are not on other social media, described Reddit as one of the most trusted sources for product purchasing information, and said the company is “the fuel for AI.” Sees Q2 revenue between USD 715-725mln (exp. 710.9mln), sees Q2 adj. EBITDA between USD 285-295mln (exp. 275.7mln).
Roku (ROKU) - Q1 EPS 0.57 (exp. 0.35), Q1 revenue USD 1.25bln (exp. 1.20bln). Platform revenue +28% Y/Y to USD 1.13bln, driven by advertising and subscriptions; total gross profit +27% Y/Y to USD 565mln; streaming hours +8% Y/Y to 38.7bln. Said results support its path to sustained double-digit platform revenue growth, margin expansion and free cash flow per share growth. Sees Q2 revenue of USD 1.3bln (exp. 1.29bln); raised FY26 total revenue view to USD 5.5bln (exp. 5.51bln), and sees platform revenue of USD 5.0bln.
Sinclair (SBGI) - Q1 EPS 0.28 (vs -2.30 Y/Y), Q1 revenue USD 807mln (exp. 791.21mln). Exec said ratings and subscriber trends were showing positive momentum, while broadcast reach differentiation is driving record viewing levels into a political- and sports-heavy 2026. Live sports remained a key driver, with the Super Bowl delivering the second-largest audience in US television history, and the Winter Olympics also delivering record viewing levels. Tennis Channel had its most-watched month ever in March, including four of the top-five most-watched matches in network history, and delivered record subscriber numbers for its DTC product. Backs FY26 revenue view between USD 3.4-3.54bln (exp. 3.49bln), and FY26 adj. EBITDA between USD 700-740mln.

CONSUMER:

Diageo (DEO) - Diageo’s CEO announced a strategic push into the ready-to-drink beverages category at a staff meeting on Tuesday, FT said.
Boston Beer (SAM) - Shares fell 1.3% in extended trading after top- and bottom-line misses in Q1, and lowered FY guidance, driven by a more challenging cost backdrop including tariff and commodity headwinds. Q1 EPS 1.64 (exp. 1.91), Q1 revenue USD 433.9mln (exp. 435.95mln). Depletions decreased 4% and shipments decreased 6.9%, while YTD depletions were down 4% Y/Y. Exec said it was encouraged by early signs of improvement in the total beer category in Q1, but its portfolio has not yet fully matched the improvement in category trends. Operating environment remains dynamic, and it is executing against its summer plans with meaningful advertising support. Sees FY26 EPS between 8.50-10.50 (exp. 9.95), sees FY26 depletions and shipments down low-single digits to mid-single digits (prev. saw flat to down mid-single digits), reflecting its latest volume outlook and a more challenging cost environment.
Tesla (TSLA) - Tesla generated USD 573.4mln in revenue from Elon Musk’s other companies last year, according to an amended annual filing. Of that total, USD 430.1mln came from xAI and USD 143.3mln from SpaceX.
Nissan (NSANY) - Nissan’s North American subsidiary has cancelled plans to produce electric SUV models at its Mississippi plant, opting instead to expand output of conventional gasoline-powered cars there, Nikkei reports.
Li Auto (LI) - Li Auto delivered 34,085 vehicles in April 2026, bringing cumulative deliveries to 1,669,442 as of 30th April. The Li L9 Livis line debuted at the 2026 Beijing International Automotive Exhibition, with its official launch scheduled for 15th May.
Clorox (CLX) - Q3 adj. EPS 1.64 (exp. 1.55), Q3 revenue USD 1.67bln (exp. 1.67bln). Gross margin -140bps Y/Y to 43.2%, driven by higher manufacturing and logistics costs and unfavourable mix, partly offset by cost savings. CEO noted results were mixed, though cited continued momentum in some parts of the portfolio, and slower-than-anticipated market share recovery elsewhere, while the consumer and cost environment remains challenging. Lowered FY26 adj. EPS outlook to between 5.45-5.65 (exp. 5.86), and now sees FY26 net sales -6%, organic sales -9%, and sees FY26 gross margin down 250-300bps.

FINANCIALS:

NatWest (NWG) - Q1 pre-tax profit rose to GBP 2bln (exp. 1.9bln), while revenue rose nearly 10% to GBP 4.4bln (vs 4.0bln Y/Y); NIM +20bps Y/Y to 2.47%, and NII came in at 3.4bln (prev. 3.4bln Y/Y). CEO said it has started the year with positive momentum, underpinned by healthy customer activity, noting it has generated over GBP 100mln of additional cost savings in Q1. The bank raised its FY income target, now expecting it at the top end of its GBP 17.2-17.6bln guidance range.
American International Group (AIG) - Q1 adj. EPS 2.11 (exp. 1.88). Adj. after-tax income per diluted share rose 80% Y/Y; core operating ROE was 12.2%. CEO said it entered 2026 with significant momentum, highlighting underwriting strength and sustained earnings momentum. Net premiums written +24% Y/Y (+18% CC); North America Commercial +36%, International Commercial +12%, and Global Personal +11%.
Arthur J. Gallagher (AJG) - Q1 adj. EPS 4.47 (exp. 4.43), Q1 revenue USD 4.76bln (exp. 4.73bln). CEO said Q1 was terrific, with combined brokerage and risk management segment revenue growth of 28%, supported by its two-pronged strategy of organic growth and acquisitions. Organic growth was 5%, reflecting strong client retention, disciplined execution and the benefit of a diversified platform.
Riot Platforms (RIOT) - Q1 Bitcoin production 1,473, Q1 revenue USD 167.2mln (exp. 130.58mln). CEO said the quarter marked an inflection point as it officially transitioned into an active, revenue-generating data centre operator. He said the ongoing delivery of initial capacity to AMD (AMD) and AMD’s decision to double its footprint with a 25MW expansion validate Riot’s ability to execute at institutional scale with demanding tenants. Now has 50MW firmly contracted with AMD.
Sun Life Financial (SLF), MetLife (MET) - Sun Life reached a settlement in principle to resolve a class action relating to individual life insurance policies originally sold by MetLife in the 1980s and 1990s, which Sun Life inherited through historical Canadian acquisitions. Subject to court approval, Sun Life would provide up to USD 213.5mln to eligible policyholders, resulting in an anticipated charge to Q1 reported net income of approximately USD 145mln. Sun Life intends to seek full recourse from MetLife under an existing indemnity should the settlement be approved.

ENERGY:

Petrobras (PBR) - Petrobras reported record Q1 oil and gas production of 3.23mln bbls of oil equivalent per day, +16% Y/Y, driven by continued development of the Buzios offshore field. The Brazilian state company also ran its refining network at 95% capacity, reaching its highest monthly refining level since 2014 in March.

INDUSTRIALS:

RTX (RTX) - Board raised quarterly divided +7.4% to USD 0.73/shr (prev. 0.68). Separately, RTX was been awarded a USD 335.11mln Nacy contract modification for Standard Missile-6 Tactical All-Up Rounds.
General Dynamics (GD) - General Dynamics has been awarded a USD 716.25mln Army contract to provide sustainment services for the Abrams Family of Vehicles, Joint Assault Bridge, Assault Breacher Vehicle, and Foreign Military Sales requirements.
CN (CNI), Union Pacific (UNP), Norfolk Southern’s (NSC) - CN said it continues to review the amended merger application filed by Union Pacific and Norfolk Southern with the Surface Transportation Board, arguing the revised submission fails to address the competitive harms of the proposed deal. CN said the applicants have not remedied significant competitive overlaps nor offered meaningful competitive enhancements as required under the Board’s rules, and described the characterisation of the merger as end-to-end as false. CN said it is well positioned to provide solutions to the issues identified.
Dolby Laboratories (DLB) - Q2 adj. EPS 1.37 (exp. 1.34), Q2 revenue USD 396mln (exp. 385.8mln). Sees Q3 adj. EPS between 0.56-0.71 (exp. 0.98), Q3 revenue between USD 295-325mln (exp. 343.54mln); FY26 adj. EPS between 4.30-4.45 (exp. 4.34), FY26 revenue between USD 1.40-1.45bln (exp. 1.42bln).

MATERIALS:

Huntsman (HUN) - Q1 EPS -0.20 (exp. -0.21), Q1 revenue USD 1.42bln (exp. 1.39bln). CEO noted early signs of Y/Y volume improvement, before the onset of the Middle East war in March created significant volatility and drove a sharp rise in feedstock costs, particularly benzene and European natgas. CEO said it immediately increased prices across all products and regions to protect margins, while Polyurethanes volumes still grew 4% Y/Y, including some improvement in Europe; Advanced Materials revenue rose more than 10% on higher aerospace sales. Said conditions remain highly unpredictable, but it is focused on margin improvement, cost reduction and cash flow generation, and anticipates a step-up in Q2 profitability as volumes increase and worldwide pricing initiatives support margin expansion.

HEALTHCARE:

AstraZeneca (AZN) - FDA Oncologic Drugs Advisory Committee voted 7-1 (one abstention) for a favourable benefit-risk profile for Truqap (capivasertib) combined with abiraterone and ADT for PTEN-deficient metastatic hormone-sensitive prostate cancer. The CAPItello-281 Phase III trial showed a 19% reduction in the risk of radiographic disease progression or death, with median radiographic progression-free survival of 33.2 months versus 25.7 months for the comparator arm.
Amgen (AMGN) - Q1 adj. EPS 5.15 (exp. 4.77), Q1 revenue USD 8.62bln (exp. 8.58bln). CEO said Q1 results demonstrated the strength of the business, with 16 brands achieving double-digit growth, enabling Amgen to grow through expected patent expirations and increased competition; added that a new wave of molecules progressing in Phase 3 clinical development supports confidence in the company’s ability to deliver long-term growth. Sees FY26 CapEx of USD 2.6bln, and share repurchases not to exceed USD 3bln. Raised FY26 adj. EPS view to between 21.70-23.10 (exp. 22.33) and raised FY26 revenue to between USD 37.1-38.5bln (exp. 37.8bln).
Stryker (SYK) - Q1 adj. EPS 2.60 (exp. 2.98), Q1 revenue USD 6.0bln (exp. 6.34bln). CEO said he was pleased with the team’s ability to recover quickly from the cyber incident, and business momentum remains strong. Maintains FY26 adj. EPS view between 14.90-15.10 (exp. 14.96), and FY26 organic net sales growth view between 8.0-9.5%, including a modestly positive pricing impact, with FX expected to have a slightly favourable impact on both sales and adj. EPS if rates hold near current levels.
Illumina (ILMN) - Q1 adj. EPS 1.15 (exp. 1.05), Q1 revenue USD 1.09bln (exp. 1.07bln). CEO said demand for NovaSeq X is increasing. Raised its FY26 adj. EPS view to between 5.15-5.30 (exp. 5.12), and raised its FY26 revenue view to between USD 4.52-4.62bln (exp. 4.54bln).
DexCom (DXCM) - Q1 EPS 0.56 (exp. 0.47), Q1 revenue USD 1.19bln (exp. 1.18bln). CEO noted healthy demand for DexCom CGM; will look to build on this momentum through 2026. Affirmed FY26 revenue view between USD 5.16-5.25bln (exp. 5.23bln), raised FY26 adj. operating margin outlook to 23-23.5%, and sees adj. EBITDA margin between 31-31.5%.