Daily US Equity Opening News - ARM falls on royalty revenue and costs; WBD loss widens on Netflix break-up fee; DASH beats, sees order growth; WHR misses, cuts outlook; ALB up after beat

DAY AHEAD:

EVENTS: Iran’s response to the US-proposal is expected today, according to CNN (no time has been confirmed). US President Trump to meet with Brazilian President Lula at 11:00EDT/16:00BST. The UK local elections take place today, with Britons set to elect officials to around 5k council seats across the nation, providing a snapshot of the political landscape and the largest test for Labour since the 2024 election.
DATA: In Europe, Eurozone retail sales are expected to weaken by -0.3% M/M (prev. -0.2%), with the annual rate seen falling to 1% Y/Y (prev. 1.7%); construction PMI readings are due across the bloc. In North America, US initial jobless claims are expected at 205K (prev. 189K), and continuing claims at 1.8mln (prev. 1.785mln); Q1 unit labour costs are seen at 2.6% Q/Q (prev. 4.4% Q/Q) and nonfarm productivity at 0.7% Q/Q (prev. 1.8% Q/Q). Challenger lay-off data and the Revelio Public Labor Statistics are also due. Construction spending is expected +0.3% M/M in March (prev. -0.3% M/M). The NY Fed will publish its monthly survey of consumer expectations. US consumer credit is seen at USD 12.5bln in March (prev. USD 9.48bln). In EM, Mexico publishes inflation data.
CENTRAL BANKS: Czech National Bank is expected to hold rates at 3.50%. Banxico is expected to cut rates by 25bps to 6.5%.
SPEAKERS: ECB’s de Guindos, Schnabel, and chief economist Lane; BoE’s Lombardelli will give opening remarks and speaks on trade policy; BoE’s Taylor and Mann are also due. Riksbank’s Thedeen will give post-policy meeting remarks. Norges Bank’s Bache will give post post-policy meeting remarks. Fed’s Hammack (2026 voter, hawkish; no text expected, Q&A expected), Kashkari (2026 voter, hawkish; no text expected, Q&A expected), Williams (voter, neutral) are due, and Daly will give a TV interview (2027 voter, dove).
**SUPPLY: Spain sells EUR 5-6bln of 2029, 2036, 2044s, as well as EUR 0.25–0.75bln of 2039 linkers. France sells EUR 11.5–13.5bln 2035, 2042, 2046, 2057 debt.
ENERGY: EIA natural gas stocks change for 1st May are expected to show a build of 72bcf (prev. 79bcf).
EARNINGS: Notable corporates reporting today include: McDonald’s (MCD), Gilead (GILD), Howmet (HWM), McKesson (MCK), MercadoLibre (MELI), Airbnb (ABNB), Monster Beverage (MNST), Motorola Solutions (MSI), Republic Services (RSG), Sempra (SRE), CoreWeave (CRWV), W.W. Grainger (GWW), Vistra (VST), Microchip Technology (MCHP), Coinbase (COIN), Zoetis (ZTS), Datadog (DDOG), Becton Dickinson (BDX), Block (XYZ), Consolidated Edison (ED), Kenvue (KVUE), Expedia (EXPE), Tapestry (TPR), Affirm Holdings (AFRM), News Corporation (NWSA), Akamai (AKAM), Trade Desk (TTD), Wynn (WYNN).

NEWS:

GEOPOLITICS:

US-Iran - US President Trump said Iran wants to negotiate, and reiterated the US would not let it have a nuclear weapon, Fox reports; Trump is optimistic about an Iran framework within one week. Axios cited US officials saying Trump could use military action without an agreement, while NBC cited officials on Saudi restrictions affecting Project Freedom.
US-Iran - Iran is expected to reply to the US proposal for ending the war through mediators on Thursday, CNN reported, citing a regional source. Elsewhere, Iran also told commercial vessels in the Strait of Hormuz its port services were available, while denying striking a South Korean ship.
Shipping - CMA CGM Saigon Container ship was sailing along the Omani coast after exiting the Strait of Hormuz, according to Vessel Tracking. US CENTCOM said US forces disabled an Iranian-flagged unladen oil tanker in the Gulf of Oman on 6th May as it attempted to sail toward an Iranian port.

MACRO:

JPY Intervention - The yen has repeatedly failed to breach 155 against the dollar after suspected Japanese intervention since 30th April, Bloomberg notes; sharp rallies have faded before that level, suggesting strong USD demand and limits to Tokyo’s ability to shift momentum despite sufficient reserves for continued intervention. Separately, Treasury Secretary Bessent will spend three days in Japan next week before travelling to China; he is expected to meet PM Takaichi, FinMin Katayama, and BoJ Governor Ueda, with talks likely covering currencies, rare earths and the Iran war.
Fifa World Cup - A Bank of America (BAC) survey of 65 Global Research respondents suggests France will win this year’s FIFA World Cup by beating Spain in the final; Kylian Mbappé is predicted to be top scorer, Lamine Yamal player of the tournament, while Argentina and Brazil received the next most first-place votes.

TRADE:

US-China - Washington and Beijing are weighing official talks on AI as competition risks becoming a digital-era arms race, WSJ reports. The US and China are considering adding AI to the agenda for next week’s Beijing summit between President Trump and Chinese President Xi Jinping, amid concerns powerful models could trigger unmanaged crises.
US-China - US Senator Daines thanked Chinese Foreign Minister Wang Yi for Beijing’s efforts encouraging Iran to reopen the Strait of Hormuz. Daines made the comments during a Thursday meeting in Beijing, as the US looked for an off-ramp to a nine-week war that has disrupted global energy markets.
US-EU - The EU failed to finalise a delayed US trade deal during overnight talks, risking new tariffs on cars and trucks. Negotiators from the European Parliament and EU countries discussed possible amendments to the transatlantic deal, initially struck in July, but reached no conclusive decisions.
Canada Autos - Canada is debating how to allocate a low-tariff quota for Chinese-made electric vehicles, including possible company caps. The quota would allow up to 49K Chinese-made EVs into Canada annually at a 6.1% tariff, creating opportunities for BYD, Chery Automobile and other China-based manufacturers.

TECH:

Global Chip Sales - Global semiconductor sales reached USD 298.5bln in Q1 2026, according to the Semiconductor Industry Association, DigiTimes reports. The rise signalled robust worldwide demand and potential implications for technology supply chains, pricing and production investment, the report adds.
Arm Holdings (ARM) - Arm shares fell over 4% in extended trading, despite beating quarterly expectations and issuing firm guidance, and highlighting strong demand for its new data-centre CPU, as weaker-than-expected royalty revenue and rising operating expenses offset enthusiasm for its AI server opportunities. Q4 adj. EPS 0.60 (exp. 0.58), Q4 revenue USD 1.49bln (exp. 1.47bln). Sees Q1 adj. EPS between 0.36-0.44 (exp. 0.37), Q1 revenue between USD 1.255-1.265bln (exp. 1.25bln). On the call, management said it sees FY26 licence revenue growth in the 20% range, while over time its long-term licence revenue target is probably in the high-single-digit to low-double-digit range.
Intel (INTC) - Intel is shifting a data centre chip production line from Costa Rica to its Vietnam facility, DigiTimes reports. The move was flagged in a Saigon Hi-Tech Park management board report to the Ho Chi Minh City People’s Committee.
Micron Technology (MU) - Micron has started shipping its 245TB 6600 ION solid-state drive, which it described as the industry’s highest-capacity commercially available SSD for data centre applications, DigiTimes reports. The product targets AI, cloud and enterprise data centre density.
Fortinet (FTNT) - Q1 adj. EPS 0.82 (exp. 0.62), Q1 revenue USD 1.85bln (exp. 1.73bln). Billings grew 31% Y/Y, driven by the convergence of networking and security and a more complex AI-intensified threat environment. Sees Q2 adj. EPS between 0.72-0.76 (exp. 0.70), Q2 revenue between USD 1.83-1.93bln (exp. 1.82bln); FY26 adj. EPS seen between 3.10-3.16 (exp. 2.98), FY26 revenue between USD 7.71-7.87bln (exp. 7.6bln).
Coherent (COHR) - Q3 adj. EPS 1.41 (exp. 1.40), Q3 revenue USD 1.81bln (exp. 1.78bln). CEO noted exceptionally strong demand across data centre and communications businesses; AI data centre infrastructure continues to scale, and it is rapidly expanding capacity to meet demand. Sees Q4 adj. EPS between 1.52-1.72 (exp. 1.55), Q4 revenue between USD 1.91-2.05bln (exp. 1.91bln).

COMMUNICATIONS:

Sports TV - FCC Chairman Carr said the commission’s inquiry into rising sports TV costs may not lead to regulatory action; FCC is seeking to understand the issues, he said.
Meta Platforms (META) - Meta asked an LA judge to overturn a jury verdict or order a new trial after being found liable for a woman’s depression in a social media addiction case, Reuters reports. The March jury found Meta and Google (GOOG) negligent, awarding USD 4.2mln against Meta and USD 1.8mln against Google.
Snap Inc. (SNAP) - Snap shares tumbled by over 8% in extended trading after it issued cautious guidance, the end of its Perplexity partnership, and uncertainty from Middle East headwinds, which outweighed user growth and narrower losses. Q1 EPS -0.05 (exp. -0.07), Q1 revenue USD 1.53bln (exp. 1.53bln). CEO said it returned to daily active user growth, accelerated revenue growth, expanded margins and generated strong free cash flow. Global monthly active users rose +5% Y/Y to 956mln, global daily active users rose +5% Y/Y to 483mln. Sees Q2 revenue between USD 1.52-1.55bln (exp. 1.53bln), sees Q2 adj. EBITDA between USD 175-200mln, assuming no Perplexity contribution after amicably ending the relationship in Q1, as well as continued Middle East headwinds.
Warner Bros. Discovery (WBD) - Q1 EPS -1.17 (exp. -0.11), Q1 revenue USD 8.89bln (exp. 8.89bln). FCF USD -476mln (exp. 638mln), while net loss widened to USD 2.9bln (from USD 450mln Y/Y), including USD 1.3bln pre-tax acquisition-related amortisation of intangibles, content fair value step-up and restructuring expenses, as well as a USD 2.8bln termination fee paid to Netflix (NFLX). WBD said HBO Max meaningfully exceeded guidance of more than 140mln global streaming subscribers at quarter-end, with the multi-year international rollout now largely complete. Expects subscriber-related revenue growth to accelerate in Q2 and through the rest of the year; expects to finish FY26 with more than 150mln global subscribers and said it remains well positioned to achieve at least USD 3bln in annual Warner Bros. Studios adj. EBITDA.
TKO Group (TKO) - Q1 EPS 1.12 (exp. 1.14), Q1 revenue USD 1.60bln (exp. 1.59bln). Board authorised a buyback of up to USD 1bln. Exec noted continued momentum across each of the company’s businesses, with its media rights portfolio firmly in place, and demand for live events described was healthy. Backs its FY26 revenue view between USD 5.675-5.775bln (exp. 5.78bln), and FY26 adj. EBITDA view between USD 2.24-2.29bln (vs. USD 1.59bln in FY25).
Zillow (Z) - Q1 adj. EPS 0.53 (exp. 0.46), Q1 revenue USD 708mln (exp. 705.15mln).
AppLovin (APP) - Q1 adj. EPS 3.56 (exp. 3.44), Q1 revenue USD 1.84bln (exp. 1.78bln). Sees Q2 revenue between USD 1.915-1.945bln (exp. 1.9bln), Q2 adj. EBITDA between USD 1.615-1.645bln.
Telecom Italia (TIIAY) - Q1 core profit -2.7%, due to contract transition issues with virtual network operators; Q1 EBITDA after lease was EUR 794mln (exp. 802mln). Separately, Sky is seeking up to EUR 1.9bln in damages from Telecom Italia and DAZN over alleged losses tied to a 2021 Serie A distribution deal, Reuters reports.

FINANCIALS:

JPMorgan (JPM) - JPMorgan offered USD 1mln to settle sexual assault and harassment claims by former investment banker Chirayu Rana before he filed a lawsuit alleging a female colleague sexually assaulted him and co-workers subjected him to racial discrimination, WSJ reports. The lawsuit was refiled in New York state court on Monday after being removed for a week.
JPMorgan (JPM), Citigroup (C) - JPMorgan and Citigroup were sued by HY Energy Group over frozen payments intended for China Oil and Petroleum, Bloomberg reports. HY Energy sued Citibank in Shanghai in February, alleging it failed to complete a USD 27mln transfer initiated in July 2023, before Citibank said the funds had been released to OFAC.
BlackRock (BLK) - BlackRock is seeking to recover a private credit loan in China after a unit of cold-chain logistics provider Metcold defaulted on USD 27.5mln of the loan in early April, Bloomberg reports. BlackRock is looking to enforce a personal guarantee from Metcold founder and CEO Henry Ha.
MetLife (MET) - Q1 adj. EPS 2.42 (exp. 2.27), Q1 revenue USD 19.1bln (exp. 19.49bln). CEO said the strong start to 2026 reflects accelerated progress in year two of New Frontier, and remains confident in delivering against its New Frontier financial targets.
Swiss Re (SSREY) - Q1 net profit of USD 1.51bln (exp. 1.19bln), citing lower large natural-catastrophe losses and strong investment performance; insurance revenue declined 4% Y/Y.
Commerzbank (CRZBY) - Commerzbank is expected to announce steeper job cuts and more ambitious financial goals as it seeks to persuade shareholders to reject UniCredit’s EUR 35bln takeover offer, Bloomberg reports. The German lender may raise some 2026 targets with Q1 earnings on Friday, reflecting more favourable interest rates, while medium-term headcount could fall more than planned.
UniCredit (UNCRY) - UniCredit signed a non-binding accord to sell parts of its Russian business to a private investor in the UAE. The bank expects a cumulative earnings hit of EUR 3.0-3.3bln from the deal, but said the transaction would not affect shareholder distributions or profit goals for 2028-2030.

CONSUMER:

Costco (COST) - April net sales USD 23.92bln (prev. USD 21.17bln), +13.0% Y/Y; comparable sales +11.6% for the four weeks ended 3 May 2026; ex-gasoline/FX, comps were +7.8%, with Digital comps +18.8%. Management noted that April included one additional shopping day versus the prior year due to the Easter calendar shift, which positively impacted total and comparable sales by approximately 1.5-2.0%. For the first 35 weeks of the fiscal year, net sales reached USD 197.18bln (prev. USD 158.87bln for 31 weeks), +9.5% Y/Y, with total comps +7.8% (prev. 7.2% for 31 weeks) and digitally-enabled comps +21.6% (prev. 22.0% for 31 weeks).
PepsiCo (PEP) - Pepsi raised its quarterly dividend +4% to USD 1.48/shr.
Coca-Cola HBC (CCHGY) - Coca-Cola HBC reported organic sales growth, led by higher caffeine consumption. The bottler recorded 27% volume growth in its energy-drink category, citing Monster innovations, while coffee volumes rose 39% in its out-of-home channel as it continued expanding Costa Coffee and Caffe Vergnano.
Kraft Heinz (KHC) - CEO told CNBC that merger savings went to the bottom line rather than brand reinvestment. He said the company has equity-building opportunities with the right investment. Noted that Berkshire (BRK.B) holds a significant stake, but is no longer on the board. He added 35% of the business was gaining or holding share, up from 21% last year.
Henkel (HENKY) - Q1 sales +1.7% Y/Y organically; backed FY guidance, sees FY organic sales growth of +1.0-3.0% Y/Y, will pursue acquisitions after it merged its consumer-goods business into one unit.
DoorDash (DASH) - Shares rose over 11% in extended trading after Q1 earnings beat, despite revenue slightly below forecasts. Q1 EPS 0.42 (exp. 0.36), Q1 revenue USD 4.04bln (exp. 4.15bln); Q1 total orders +27% Y/Y to 933mln, Marketplace GOV +37% Y/Y to USD 31.6bln. Said Q1 was a strong start to 2026 supported by healthy consumer demand, driving record membership sign-ups, a new high for monthly active users and strong engagement across its marketplaces. Sees FY26 Marketplace GOV between USD 32.4-33.4bln, sees FY26 adj. EBITDA between USD 770-870mln, including an expected USD 200mln contribution from Deliveroo. It also sees Q2 gross cost from the Dasher gas relief programme above USD 50mln.
Whirlpool (WHR) - Shares dropped 16% in extended trading after a Q1 miss and cut its FY outlook, citing recession-level industry conditions, weaker volumes, collapsing consumer confidence and margin pressure. Q1 adj. EPS -0.56 (exp. 0.47), Q1 revenue USD 3.27bln (exp. 3.44bln). CEO said it acted decisively on pricing and costs amid rapid deterioration in macroeconomic conditions, while Section 232 changes leave Whirlpool structurally positioned to win with American-made products. The war in Iran drove a recession-level US industry decline as consumer confidence collapsed in late February and March, prompting actions to restore profitability in MDA North America, including a double-digit price increase and accelerated cost take-outs. CFO said inventory reduction actions improved working-capital efficiency, while recapitalisation and an expected USD 2.25bln asset-based facility in Q2 should provide financial flexibility. Lowered its FY26 adj. EPS view to between 3.00-3.50 (exp. 4.73; prev. saw about 7.00), lowered its FY26 revenue view to about USD 15bln (exp. 15.27bln; prev. saw 15.3-15.6bln); sees FY26 operating cash flow approximately USD 700mln, sees FY26 FCF over USD 300mln, with its dividend suspended to prioritise debt paydown of over USD 900mln.
Goodyear (GT) - Shares fell in extended trading after it highlighted softer demand, volume weakness and cost pressures which outweighed restructuring savings and regional improvements. Q1 adj. EPS -0.39 (exp. -0.43), Q1 revenue USD 3.9bln (exp. 3.81bln). CEO said increased pressure on industry demand and higher raw-material costs stemming from the conflict in the Middle East require further action to strengthen the cost structure, adding that Goodyear expects to deliver additional savings.
Flutter Entertainment (FLUT) - Flutter shares rose in extended US trading despite a guidance cut, as higher Q1 revenue, in-line April trading and the early Arkansas launch offset weaker profit, lower monthly players and unfavourable sports results. Q1 adj. EPS 1.22 (exp. 1.09), Q1 revenue USD 4.3bln (exp. 4.24bln). The company said Amy Howe was departing as CEO of FanDuel; Christian Genetski, President of FanDuel, will assume leadership of the division. Dan Taylor, CEO of Flutter’s international business, takes on the newly created role of President of Flutter Entertainment, in addition to his existing responsibilities. Lowered its FY view; sees FY26 revenue between USD 18.285-18.325bln (exp. 18.37bln; prev. saw 18.4bln), and adj. EBITDA between USD 2.84-2.89bln (prev. saw 2.97bln).
General Mills (GIS) - General Mills named Dana McNabb as COO, effective 1st June.
Ebay (EBAY), GameStop (GME) - GameStop CEO Ryan Cohen said eBay suspended his account after he listed personal items to help fund his USD 56bln bid for the online marketplace.

REAL ESTATE:

Realty Income (O) - Q1 AFFO 1.13 (exp. 1.10), Q1 revenue USD 1.55bln (exp. 1.39bln). It invested approximately USD 2.8bln during the quarter, of which USD 2.6bln was its share, and said its pipeline remains very active. Highlighted partnerships with Apollo (APO) and GIC, and the completion of a USD 1.7bln cornerstone capital raise for its US Core Plus fund as meaningful advances in its private capital strategy. Raised its FY26 AFFO view to between 4.41-4.44 (exp. 4.45; prev. saw 4.38-4.42), reflecting projected annual per-share growth, and raised FY26 investment guidance to USD 9.5bln (from USD 8bln).

MATERIALS:

Albemarle (ALB) - Shares rose 3.3% afterhours on an earnings and revenue beat, supported by stronger pricing and volumes in Energy Storage and Specialties, cost and productivity improvements, and an improved Specialties outlook. Q1 adj. EPS 2.95 (exp. 1.19), Q1 revenue USD 1.43bln (exp. 1.34bln). CEO said the quarter benefited from higher pricing and volumes in Energy Storage and Specialties, alongside continued cost and productivity actions. CEO added that successful cash and portfolio management actions allowed the company to pay down debt during the quarter, strengthening the balance sheet and financial flexibility. Said that global operating environment remains uncertain. Sees FY26 capex between USD 550-600mln.
CF Industries (CF) - Q1 EPS 3.98 (exp. 2.63), Q1 revenue USD 1.99bln (exp. 1.84bln). Exec said results were supported by strong global nitrogen demand and tight global nitrogen supply entering the year; the conflict with Iran has further constrained global nitrogen supply, exposing fragility in the global nitrogen supply chain.
Nutrien (NTR) - Nutrien missed expectations on both earnings and revenue, though the company said it delivered record potash sales volumes and stronger Nitrogen and Retail performance in the quarter. Q1 EPS 0.51 (exp. 0.72), Q1 revenue USD 6.05bln (exp. 7.36bln). CEO said it increased production from low-cost North American assets, and positioned its supply chain to reliably serve customers amid tightening global fertiliser supply and demand fundamentals. Backed its FY26 Retail adj. EBITDA view between USD 1.75-1.95bln, and sees FY26 capex between USD 2.0-2.1bln, including approximately USD 400mln of investing capex across Retail, Nitrogen and Potash.
Coeur Mining (CDE) - Q1 adj. EPS 0.36 (exp. 0.36), Q1 revenue USD 856mln (exp. 783.89mln). Adj. EBITDA reached a new quarterly record and free cash flow remained robust, with a quarter-end cash balance of over USD 840mln, representing nearly an eleven-fold year-over-year increase; the quarter included only eleven days of contribution from New Afton and Rainy River following the close of the New Gold transaction on 20th March. Management said Q1 was a strong start to what is expected to be a record year, with every mine in the portfolio contributing. Backed its FY26 gold production view between 680-815K ounces, and FY guidance across production, cash costs, capex, and exploration; overall cost guidance reflects higher expected royalty expense driven by stronger realised metal prices, a stronger Mexican peso, inflation of 3-5% across the portfolio, and higher planned maintenance costs.

ENERGY:

US Jet Fuel Prices - Trump administration officials are worried about rising jet-fuel prices linked to the Iran war, WSJ reports. Airlines for America president Chris Sununu warned Treasury Secretary Bessent that already-high airfares could surge if the conflict does not end soon, after the airline industry raised concerns with the administration.
US SPR - The Trump administration is mulling using oil under US military bases and other Department of War sites to help refill the SPR, Bloomberg reports; no decision has been made, and the possible move follows further reserve declines during the Iran war.
Shell (SHEL) - Q1 EPS USD 1.22 (exp. 1.06), adj. EBITDA USD 17.7bln (exp. 15.1bln); announced a USD 3bln buyback, and a 5% dividend hike; said Q2 outlook reflects lower volumes, weaker margins, Middle East conflict impact and higher maintenance.
Aker BP (AKRBY) - Q1 2026 revenue of USD 3bln (exp. 2.93bln), EBITDA USD 2.660bln (exp. 2.58bln); production averaged 398mboepd; backed guidance; noted that Symra achieved first oil nine months early, and Yggdrasil and Valhall PWP-Fenris remain on track for first oil in 2027.
Murphy Oil (MUR) - Q1 adj. EPS 0.32 (exp. 0.29), Q1 revenue USD 733.55mln (exp. 706.07mln). Total production averaged 174,200 BOEPD in the quarter, with average oil production of 87.2K BOPD (exceeding guidance of 83.5K). Management noted that the quarter unfolded against one of the most volatile macroeconomic backdrops the energy sector has experienced in years, with geopolitical risks driving sharp moves in oil prices, whilst emphasising the company’s focus on disciplined capital allocation, safe operations, and long-cycle projects. Noted meaningful progress at Lac Da Vang in Vietnam, advancement of the Chinook #8 well in the Gulf of America, and sustained outperformance from its US and Canada onshore programmes, alongside steps taken to preserve balance sheet strength and improve its debt maturity profile.
Permian Resources (PR) - Q1 EPS 0.05 (exp. 0.38), Q1 revenue USD 1.39bln (exp. 1.41bln). Total average production was 412,900 BOE/d, with oil production +2% Q/Q, alongside record-low drilling and completion costs per foot, and more than USD 500mln of free cash flow. Reaffirmed that its business plan remains unchanged.
Western Midstream (WES) - Western Midstream agreed to acquire pipeline operator Brazos Delaware II for about USD 1.6bln. The deal, expected to close by the end of June, includes 900 miles of pipelines, natural gas processing plants and related equipment in the Delaware region of the Permian Basin.

INDUSTRIALS:

Boeing (BA) - Boeing was awarded a maximum USD 125mln Air Force contract modification for initial long lead spare parts for two fully mission-capable VC-25B aircraft; modification raises the contract’s cumulative face value to USD 4.45bln.
AAR Corp. (AIR) - AAR will realign into four operating segments from Q4: Parts Supply; Repair, Engineering and Software; Government Solutions; and Legacy Commercial Programmes. It also plans to wind down Legacy Commercial Programmes, which generated USD 252.4mln sales, a GAAP operating loss of USD 0.2mln and adj. operating income of USD 5.0mln in the last year.
Maersk (AMKBY) - Q1 revenue USD 12.97bln (vs 13.32bln Y/Y), EBITDA USD 1.75bln (vs 2.71bln Y/Y), PBT USD 292mln (vs 1.43bln Y/Y); maintained its FY outlook, said the Middle East conflict had limited impact on realised quarterly results.
Rheinmetall (RNMBY) - Q1 sales of EUR 1.94bln (exp. 2.27bln); order backlog +31% Y/Y; expects stronger growth in the next reporting period.
BAE Systems (BAESY) - confirmed 2026 guidance, citing rising defence spending across its main markets; exec added that operational and financial performance in the first four months of the year was strong.
Airbus (EADSY) - AirAsia placed a firm order for 150 Airbus A220 jets, and took options for 150 larger A220-500 aircraft if Airbus produces them.

UTILITIES:

Eversource Energy (ES) - Q1 adj. EPS 1.73 (exp. 1.63), Q1 revenue USD 4.5bln (exp. 4.33bln).

HEALTHCARE:

Qiagen (QGEN) - Q1 EPS 0.54 (exp. 0.54), Q1 revenue USD 492mln (exp. 499.2mln). CEO noted solid sales growth in Sample technologies, QIAcuity, and QIAGEN Digital Insights, while flagging a significant decline in QuantiFERON immigration testing demand, which management characterised as a temporary rebasing of demand within that testing group during 2026 rather than a shift in the long-term latent TB testing opportunity.
Roche (RHHBY) - Roche agreed to buy US-based PathAI for up to USD 1.05bln, including USD 750mln upfront and up to USD 300mln in target-linked payments; the deal will bolster Roche’s diagnostics division’s AI offerings, and build on a partnership with PathAI formed in 2021, exec said.
Siemens Healthineers (SMMNY) - Cut its FY revenue growth outlook to as much as 5% (from up to 6%), blaming Chinese government cost-cutting measures for weaker diagnostics sales; it reported Q2 revenue was EUR 5.7bln, slightly missing expectations.
Zealand Pharma (ZEAL) - Q1 operating loss of DKK 539mln (exp. 672.4mln loss), and it kept its FY26 net operating expenses guidance unchanged at DKK 2.7-3.3bln, launched a DKK 1.3bln buyback, and recognised DKK 4.5bln collaboration revenue in Q2 after petrelintide Phase 3 progression.