Daily US Equity Opening News - Citi upgrades US equities; JPM beats, NII outlook cut; WFC rev. & NIM miss

TODAY’S AGENDA:

US INDEX FUTURES: ES +0.3%, NQ +0.6%, YM +0.1%, RUT +0.6%
DAY AHEAD: Stateside, Fed discount rate minutes. Today’s speaker’s slate is heavy: Fed’s Goolsbee (2027 Voter, Dovish; no text expected) will take part in a panel discussion and give remarks to media separately; Fed’s Barr (Voter, Neutral; text expected) to speak on the rural economic development; Fed’s Paulson (2026 Voter, Dovish; no text expected) to discuss rural investment; Fed’s Collins (2028 Voter, Neutral) and Barkin (2027 Voter, Neutral; no text expected) to participate in a fireside chat on rural investment; ECB’s Lagarde (Neutral) to participate at a fireside chat; ECB’s Lane (Dovish) to give a lecture at the University of Virginia and participate at a roundtable at the University of Virginia; ECB’s Cipollone (N/A) to participate in a pre-recorded conversation; BoE’s Bailey (Neutral) to participate on a panel at Columbia University; BoE’s Greene (Hawkish) to deliver a speech at the Atlantic Council titled “markets, inflation and more”". The IMF’s World Economic Outlook press briefing.
BROKER MOVES: TSLA upgraded at UBS; Piper downgrades enterprise software. For the full list, click here.
MAJOR MORNING MOVES RECAP: BLK, JNJ, JPM, WFC, BE, LCID, GSAT, AAL/UAL, TSLA, MSFT, HPQ/DELL. For the full list, click here.
US DAILY CONFERENCE CALENDAR: BAC. For the full list, click here.

IRAN

Peace Talks - The US and Iran are discussing a second round of face-to-face talks ahead of next week’s ceasefire expiry, with Islamabad the likely venue and Thursday cited as a possible date. A source cited by Reuters described the parties as “80%” toward a deal in Islamabad. US officials confirmed continued engagement and forward momentum, according to Axios and CNN. President Trump said Iran wants a deal “very badly” with nuclear weapons remaining the key sticking point, adding that the US will recover nuclear material and that no agreement is possible without Iran renouncing nuclear weapons. He confirmed the Strait of Hormuz blockade began, and praised VP Vance’s handling of the Iran negotiations. Vance said the US made some progress in Iran talks, and that Iranian negotiators moved in the US direction, though not far enough; he added that the ball is in Iran’s court and that US red lines have been clearly communicated.
Hormuz Passage - President Trump said 34 ships transited the Strait of Hormuz on Sunday, the highest since the closure began. It was also reported that 15-20 mainly Chinese, Pakistani, Russian and Iranian vessels recently transited the strait via an IRGC-controlled corridor after paying tolls. Separately, a US-sanctioned tanker linked to China, Rich Starry (formerly known as Full Star and blacklisted in 2023 for helping Iran evade energy sanctions) is transiting the Strait of Hormuz, testing Trump’s naval blockade. It is unclear whether the vessel visited Iranian ports or is carrying cargo.
Seaborn Crude - Around 38mln bbls of Iranian crude is being held on tankers in Asia, with over a third anchored in the Yellow Sea off China, alongside near-record crude inventories in Shandong province, will provide a buffer for China’s independent refiners should the US blockade of the Strait of Hormuz disrupt flows, according to Kpler and OilChem data cited by Bloomberg.
UK Energy - UK natgas supply looks sufficient this summer despite Iran war-related disruptions, with domestic production and Norwegian flows expected to cover demand during the seasonally low-consumption warmer months, National Gas Transmission said.

TRADE

China Trade - China’s export growth slowed sharply to 2.5% Y/Y in March, missing forecasts after a near 40% gain in February, while imports surged as Iran war-related energy disruptions weighed on global supply. Seasonal distortions linked to Lunar New Year timing and a high base effect likely exaggerated the slowdown, analysts said. China’s crude oil imports fell 2.8% Y/Y in March to 49.982mln tons as Persian Gulf supply disruptions weighed on shipments, though the figure was higher than February. YTD imports rose 8.9% as China continued to stockpile oil, according to customs data.
EU Steel Imports - The EU reached a preliminary deal to cut tariff-free steel imports by 47% to 18.3mln metric tons annually and double out-of-quota duties to 50%, aiming to lift EU steel capacity utilisation from 65% to 80%. The agreement also includes phasing out Russian steel imports, possibly by September 2028. The deal requires formal votes from the European Parliament and Council to enter into force.

MACRO

US Equities - Citi upgraded US equities to ‘Overweight’ from ‘Neutral’ on a quality and defensive tilt, citing elevated war uncertainty, while downgrading emerging markets to Neutral from Overweight on vulnerability to energy shocks and a stronger USD. Global Materials were upgraded to Overweight from Neutral, while downgrading Global Communication Services to Underweight. Elsewhere, BlackRock has returned to Overweight on US equities, with strategists saying the damage to global economic growth from the Middle East conflict is “likely contained.”
Fed - Fed Governor Miran afterhours said the Iran war energy shock was yet to lift longer-run inflation expectations, and he expects inflation to return to target within a year. Miran said a wage-price spiral was unlikely given the labour market’s gradual cooling, and that not responding to the oil shock was “reasonable”. Elsewhere, the NY Fed projected that total net income from the Federal Reserve’s System Open Market Account is expected to turn positive in 2026, Bloomberg reports.
BoJ - Japan PM Takaichi and FinMin Katayama rebuked Trade Minister Akazawa for suggesting that JPY correction via monetary policy was among options for curbing rising import prices, advising him to refrain from commenting on monpol in future, Bloomberg reports.
Canada - Canadian PM Carney secured a majority government after his Liberal Party won three special elections in Toronto’s University-Rosedale, Scarborough Southwest and Terrebonne, enabling him to accelerate an economic agenda focused on expanding energy exports and reducing Canada’s reliance on the US.
RBA - RBA Deputy Governor Hauser said inflation remains too high and rates must be set consistent with returning it to the 2-3% target, describing the oil price spike as a significant income shock, and warning that policymakers are alert to the risk of medium- and long-term inflation expectations drifting higher. Elsewhere, Australian consumer sentiment fell 12.5 points to 80.1 in April, the largest decline since 2020, with near-term expectations dropping to 2022-23 lows, as soaring fuel prices and higher interest rates weighed on confidence.

NEWS:

FINANCIALS:

JPMorgan Chase & Co. (JPM) Q1 2026 (USD): EPS 5.94 (exp. 5.44), Revenue 49.8bln (exp. 49.13bln), FICC Sales & Trading 7.08bln (exp. 6.65bln), Equities Sales & Trading 4.48bln (exp. 4.31bln), Investment Banking 3.14bln (exp. 2.73bln). Guidance: Sees FY NII about 103bln (prev. 104.5bln). Reaffirms FY NII ex-CIB markets ~95bln. Reaffirmed Adj. Expenses around 105bln. Credit loss provision 2.507bln (prev. 4.655bln) with 2.3bln of net charge-offs (down 16mln) and a 191mln net reserve build. The CEO said the US economy remained resilient in the quarter, with consumers still earning and spending and businesses still healthy.Performance was strong across our businesses. CFO said feel good about the market franchise and there are some pockets of very durable revenue; Watching private credit space closely; We're reasonably comfortable with out private credit exposure.
Wells Fargo & Company (WFC): Q1 2026 (USD) EPS 1.60 (exp. 1.58), Revenue 21.5bln (exp. 21.76bln); affirmed FY26 NII 50bln (exp. 50.4bln), expenses 55.7bln (prev. 54.8bln Y/Y), avg. loans "mid-single digits growth" Y/Y. Notes that credit performance remained strong. Other Q1 metrics: Total Average Deposits 1.42tln (exp. 1.41tln), NIM 2.47% (exp. 2.57%), Net Charge Offs 1.1bln (exp. 1.1bln), Efficiency Ratio 67% (exp. 65.3%), Commercial Banking Revenue 3.12bln (exp. 3.17bln), NII 12.1bln (exp. 12.27bln). CFO said quite comfortable with private credit exposure in the underlying portfolio.
BlackRock (BLK) Q1 2025 (USD): Adj. EPS 12.53 (exp. 11.85), Revenue 6.7bln (exp. 6.54bln); AUM 13.89tln (exp. 13.92tln); base fees & securities lending 5.44bln (exp. 5.3bln); net inflows 129.72bln (exp. 146.33bln). Commentary: CEO said "active equity is a growth area at BlackRock, driving 3bln of net inflows. Private markets net inflows of 9bln were led by private credit and infrastructure, where we have strong fundraising and deployment momentum." CEO said demand is structural for private credit, says "that is not changing"; adds institutional demand for private credit is accelerating. Executive said GIP is "fundraising and deployment ahead of plan".
Citigroup Inc. (C) Q1 2026 (USD): EPS 3.06 (exp. 2.63), Revenue 24.63bln (exp. 23.51bln); NII 15.74bln (exp. 15.45bln). Revenue breakdown: Markets 7.25bln (exp. 6.76bln), Banking 1.77bln (exp. 2.14bln)., FICC sales & trading 5.17bln (exp. 5.02bln), Equities sales & trading 2.08bln (exp. 1.73bln)., Wealth 3.07bln (exp. 2.23bln). Guidance: Affirmed FY26 NII ex-markets +5-6% and expects repurchases in 2026 to be higher than in 2025.
Citizenship Information - Treasury Secretary Bessent said an executive order requiring banks to collect citizenship information from customers is “in process,” according to Semafor; Bessent added that he did not consider the requirement unreasonable.
Allianz (ALIZY) - President Trump intends to nominate PIMCO managing director and portfolio manager Erin Browne as Treasury Under Secretary for International Affairs, Treasury Secretary Bessent said.
Private Credit - BoE Governor Bailey warned in a letter to G20 finance ministers that one-off hits to private credit funds could threaten confidence in the wider USD 1.8tln sector, as the Middle East conflict tests leveraged borrowers for the first time, Bloomberg reports.
BlackRock (BLK) - A BlackRock Asia private credit fund has suffered its first borrower default after Shanghai-based cold-chain infrastructure firm Metcold Holdings failed to repay USD 27.5mln in outstanding principal on 1st April, with unpaid interest of approximately USD 12mln, according to sources cited by Bloomberg.
Blue Owl (OWL) - Blue Owl raised USD 400mln in its first bond market deal in over a month, pricing investment-grade notes maturing in 2028 at a yield of 6.5%, as concerns over AI-disrupted software bets and looser lending standards continue to weigh on the private credit sector, Bloomberg reports.
Goldman Sachs (GS) - Goldman Sachs Asset Management and Ardian purchased China Investment Corp’s USD 1bln US private equity stake late last year, with Ardian acquiring at a double-digit discount and Goldman at a single-digit discount, according to sources cited by Bloomberg.
HKD Bond Issuance - Hong Kong dollar bond issuance is surging as the currency’s haven status amid the Iran conflict drives demand, Bloomberg reports. The World Bank’s IBRD priced a HKD 8bln 5yr note on Monday, the largest HKD-denominated public bond sold by an international issuer.
Prudential Financial (PRU) - Prudential urged shareholders to reject an unsolicited mini-tender offer from Potemkin to purchase up to 100,000 shares, representing approximately 0.03% of shares outstanding, at USD 60.70/shr (around 37% below the 10th April closing price).
HSBC (HSBC) - HSBC CEO said Middle East conflict and broader uncertainties are beginning to weigh on client confidence, adding that he was concerned not just with the situation itself but with how long it may persist.

TECH

Nvidia (NVDA) - Nvidia denied reports that it is in discussions to acquire a PC manufacturer, calling the claims false. Dell Technologies (DELL) and HP Inc. (HPQ) shares had risen following the initial reports, before falling more than 3% in afterhours trading after the denial was issued.
Microsoft (MSFT) - Microsoft has sharply raised prices across its Surface device lineup amid a memory chip shortage, with the 12-inch Surface Pro rising to USD 1,050 from USD 800, the 13-inch Surface Pro 11th Edition to USD 1,500 from USD 1,000, and the latest Surface Laptop increasing by as much as USD 500, Bloomberg reports.
OpenAI - OpenAI’s USD 852bln valuation is facing scrutiny from some backers as the company shifts focus to the enterprise market amid competition from Anthropic and Google, having redrawn its product roadmap twice in six months, FT reports. Some industry watchers predict Anthropic’s revenue growth will eclipse OpenAI’s within months. OpenAI CFO Sarah Friar has rejected suggestions that investors are unsupportive of the company’s strategy.
IonQ (IONQ) - IonQ and the University of Maryland have expanded their QLab partnership in a USD 7.5mln multi-year agreement covering quantum computing, networking and workforce development, supported by Maryland’s Capital of Quantum Initiative.
Enterprise software - Piper Sandler said 2026 "has been rough for enterprise software." As the frontier model providers "move up the stack" and compete with incumbents for IT budgets, investors are reassessing terminal multiples. Piper lowered multiples in the group ahead of Q1 earnings and downgraded three names to 'Neutral' from 'Overweight'. Downgraded Monday.com (MNDY) with a USD 85 PT (prev. 100), citing a "challenged" collaboration market. Downgraded SAP (SAP) with a EUR 170 PT (prev. 220), noting select channel discussions suggest slower cloud conversions than expected for SAP in the near-term; SAP also has outsized exposure to a tougher European macro environment. Piper also downgraded Asana with a USD 7 PT (prev. 9), "is arguably in a no man's land of growth/profitability."
Credo Technology (CRDO) - Jefferies initiated coverage of CRDO with a 'Buy' rating and a USD 175 price target. Credo offers a "meaningful opportunity to invest in a premium growth name at a significantly discounted valuation." The firm sees a "significant disconnect" between the market's perception of Credo's AI opportunity over the next several years relative to its actual opportunity. Jefferies believes active electrical cables have a "clear runway for continued growth" through AI and general-purpose compute workloads. Meanwhile, Credo Technology Group Holding agreed to acquire DustPhotonics for USD 750mln in cash plus ~0.92mln shares, with up to ~3.21mln additional shares contingent on milestones. The deal, expected to close in Q2 2026, expands Credo’s AI connectivity stack into silicon photonics and is projected to be accretive to non-GAAP EPS by fiscal 2027.

COMMUNICATIONS

Alphabet (GOOG) - Google faces billions of dollars in potential damage claims through mass arbitration proceedings brought by advertisers including USA Today and Advance Publications, following court rulings in 2024 that its search and advertising technology businesses were illegal monopolies.
Globalstar (GSAT), Amazon (AMZN) - Amazon confirmed it is to acquire Globalstar (GSAT) for USD 90/shr and expand Amazon Leo Satellite network.
Publicis Groupe (PUBGY) - Reported Q1 organic net revenue growth of 4.5% (exp. 4.3%), but below Q4 and Q1 2025 levels, driven by AI-powered services demand in the US and other key markets, partially offsetting a hit from the Middle East war. US organic net revenue grew 4.7%. The company reiterated its FY guidance for 4-5% organic net revenue growth.

CONSUMER DISCRETIONARY

Tesla (TSLA) - Upgraded at UBS to 'Neutral' from 'Sell'. The firm said current share levels "more evenly balance" Tesla's near-term demand challenges and investment period with its long-term physical AI opportunity. UBS believes concerns over electric vehicle demand, a Q1 energy shortfall, higher costs, higher capital spending requirements, and slow progress of robo-taxi and Optimus have weighed on the stock. However, the firm expects eventual progress on robo-taxi and Optimus and continues to view Tesla as a leader in physical AI.
General Motors (GM) - Upgraded at Deutsche Bank to 'Buy' from 'Hold' with a USD 90 PT (prev. 83). The firm's thesis is built on the resilience that GM has demonstrated multiple times in recent years. The firm views recent weakness as an "attractive entry point to gain exposure to a potential multi-year re-rate story."
Ford (F) - UBS upgraded Ford to 'Buy' from 'Neutral'. The firm sees a "credible path" to Ford earning over USD 2 in 2027 EPS. Beyond 2027, Ford should head towards USD 3 EPS driven by its product portfolio, a "more lenient" US regulatory backdrop, and a "more pragmatic" electric vehicle strategy. UBS believes concerns over higher gasoline prices and higher aluminium prices are overdone in Ford shares.
Nissan (NSANY) - Plans to cut its global model lineup to 45 from 56, target annual sales of 1mln vehicles each in the US and China by FY2030, and deploy AI driving technology across 90% of its range, Reuters reports. Plans to raise US local production to 80% (from around 60%) and has partnered with Uber (UBER) and Wayve on a Tokyo robotaxi pilot by the end of 2026.
Chinese Automakers, Ford (F) - Ford CEO said allowing Chinese automakers to sell vehicles in the US would be “devastating” to American manufacturing, calling for Chinese carmakers to be kept out of the country, Bloomberg reports.
VF Corp (VFC) - Upgraded at Seaport Research to 'Buy' from 'Neutral'. Vans demand appears to have bottomed, and the firm likes the set up for The North Face and Timberland for fiscal 2027 amid "healthy" fall orders for the brand.
Lucid (LCID) - Named Silvio Napoli as its new CEO, while receiving USD 750mln of commitments from Saudi PIF and Uber (UBER). Uber increases total investment in Lucid to USD 500mln with a USD 200mln additional commitment. Ayar Third Investment to purchase USD 550mln of Lucid convertible preferred stock. Silvio Napoli will be the next CEO and will join Lucid's Board of Directors. CEO Marc Winterhoff will serve as COO upon Napoli assuming the CEO role. Lucid sees Q1 revenue at USD 280-284mln (exp. 433.77mln) and a Q1 loss from operations of 985mln-1.00bln.
CarMax (KMX) Q4 2026 (USD): Adj. EPS 0.34 (exp. 0.23), Revenue 5.95bln (exp. 5.71bln); plans to open four new stores in FY27.
BMW (BMW KY) - Reported Q1 deliveries -3.5% Y/Y to 565,748 units; Q1 group BEV sales -20.1% Y/Y. Sales of BMW and Mini brands +3% Y/Y in Europe, -4.3% in the US, -10% in China
Pirelli (PRLLY) - Sinochem warned it may lodge a legal appeal against Italy’s decision to cut its board representation at Pirelli to three seats from eight under golden power rules, calling the measures “discriminatory.” Sinochem holds a 34% stake in Pirelli, and the curbs will remain in force until its shareholding falls below 9.99%, signalling Rome’s desire for a stake reduction, according to Reuters.

ENERGY

EU Energy - A coalition of energy companies, chemical makers and trade associations has written to EU energy ministers urging a “stop-the-clock” mechanism and other changes to the bloc’s upcoming methane emissions regulations to allow companies time to adjust.
Chevron (CVX) - Agreed an asset swap with PDVSA in Venezuela, under which it will increase its stake in the Petroindependencia JV to 49% and gain rights to develop the Ayacucho 8 area in the Orinoco Oil Belt. In exchange, Venezuela will receive Chevron’s interests in offshore Plataforma Deltana Block 2 and Block 3 gas licences and its 25.2% stake in the Petroindependiente joint venture in western Venezuela.
Shell (SHEL) - Expected to sign a deal later this week to develop Venezuela’s Loran gas field with Manatee as a single project, accelerating output from the 7.3tln-cubic-foot field.
BP (BP) - BP flagged “exceptional” Q1 oil trading results amid Iran war-driven price volatility, while net debt is expected to rise to USD 25-27bln from just over USD 22bln due to working capital movements. Refining margins rose to USD 16.9/bbl Q/Q (from USD 15.2/bbl), boosting refined products results by USD 100-200mln. Q1 oil and gas output is expected to be broadly flat Q/Q. BP is set to report full Q1 results on 28th April.
Diamondback Energy (FANG) - Reported Q1 average unhedged realised prices of USD 73.47/bbl of oil, USD 0.18/Mcf of natgas, and USD 16.68/bbl of NGLs. Hedged prices were USD 72.53/bbl of oil, USD 1.90/Mcf of natgas, USD 16.68/bbl of NGLs. The company anticipates a Q1 net cash settlement gain on derivatives of USD 133mln, and a net non-cash loss of USD 16mln.

INDUSTRIALS

FedEx (FDX) - FedEx CFO John Dietrich will step down on 1st June following the spin-off of FedEx Freight, remaining with the company until 31st July. Claude Russ, enterprise vice president of Finance, will serve as interim CFO while a successor search is conducted. FedEx also reaffirmed its FY26 outlook and 2029 targets shared at its February Investor Day.
United Airlines (UAL), American Airlines (AAL) - United Airlines CEO pitched a possible merger with American Airlines to senior government officials, though it is unclear whether formal overture have been made, or a deal process is underway, according to Bloomberg. Any combination would face intense regulatory scrutiny even under the Trump administration, the report adds.
RTX Corp. (RTX) - The US Army plans to pursue a long-term framework agreement and multi-year contract with RTX for Coyote drone interceptors, with FY27 funding to be requested. The move reflects lessons from the wars in Ukraine and Iran on the need for cost-effective drone countermeasures.
Virgin Atlantic - Virgin Atlantic CEO said the airline has approximately six weeks of secure jet-fuel visibility before the outlook becomes uncertain, with the carrier having hedged close to 60% of its fuel. Virgin Atlantic is in talks with governments and Heathrow Airport to ensure sufficient supply as the Iran war restricts oil access.
Bloom Energy (BE), Oracle (ORCL) - Bloom expanded its partnership with Oracle to support AI and cloud infrastructure buildout, with Oracle intending to procure up to 2.8 gigawatts of Bloom’s fuel cell systems under a master services agreement.
Genco Shipping (GNK), Diana Shipping (DSX) - Genco urged shareholders to ignore a letter from Diana Shipping, which is seeking to take control of Genco through what Genco’s board described as an inadequate acquisition proposal, and an attempt to replace the entire board with its own nominees. Genco said it intends to address what it called Diana’s inaccurate statements in due course.
T1 Energy (TE)- Announced a proposed USD 125mln offering of convertible senior notes due 2031, with proceeds to fund its G2 Austin solar cell facility and general corporate purposesThe financing supports expansion of its solar manufacturing capacity.

MATERIALS

Fertiliser Prices - The USDA is seeking information from farmers to assist a DoJ probe into whether fertiliser producers colluded to raise prices, with Deputy Secretary Vaden noting he met with DoJ and FTC officials, and that farmers hold information potentially relevant to the investigations.
BHP Group (BHP) - China’s state-backed iron ore buyer China Mineral Resources Group has told several steel mills they may resume bidding for some USD-denominated BHP iron ore cargoes from Tuesday, in an apparent concession in a months-long commercial dispute, according to sources cited by Bloomberg. Mills have not yet been explicitly permitted to take physical BHP deliveries from Chinese ports, though a notice is expected.
Dow (DOW) - CEO Jim Fitterling will become executive chair effective July 1, with COO Karen Carter appointed CEO and joining the board. The leadership transition maintains continuity as Fitterling remains board chair while Carter takes over day-to-day operations.
Antofagasta (ANFGY) - CEO said the Chilean miner is at an early stage of evaluating opportunities in Argentina, considering standalone exploration or partnerships with existing projects such as Glencore’s (GLNCY) El Pachon, which borders Antofagasta’s flagship Chilean mine, Bloomberg reports.
Southern Copper (SCCO) - Announced that President and CEO Oscar Gonzalez Rocha passed away unexpectedly on 7th April. The Board said it intends to appoint a successor or interim CEO in the near future.
Aura Minerals (AUGO) - Board has approved development of the Era Dorada Project, with total capex estimated at USD 382mln, and operations expected to commence in H1 2028. The project is forecast to produce an average of 111k ounces of gold annually in its first four years, with an estimated mine life of 17 years.

HEALTHCARE

Johnson & Johnson (JNJ) Q1 2026 (USD): EPS 2.70 (exp. 2.68), Revenue 24.1bln (exp. 23.61bln), Net Income 6.61bln (exp. 6.55bln), Current FY Rev. 100.3-101.3bln (prev. 100-101bln; exp. 100.62bln), quarterly dividend +3.1% to 1.34/shr (prev. 1.30/shr). Growth was driven primarily by DARZALEX (GMAB DC), CARVYKTI, ERLEADA, and RYBREVANT/LAZCLUZE in Oncology. Innovative Medicine worldwide operational sales grew 7.4%, with net acquisitions and divestitures positively impacting growth by 1.8%, primarily due to CAPLYTA.
Novo Nordisk (NVO) - Partnered with OpenAI to apply AI across drug discovery, manufacturing and operations to accelerate development timelines and identify new therapies. Pilot programs are underway with full integration targeted by end-2026, aiming to speed R&D and improve efficiency across the value chain.
Eurofins Scientific (ERFSF), UL Solutions (ULS) - UL Solutions has agreed to acquire Eurofins Scientific’s electrical and electronics business for approximately EUR 575mln, representing around 14.5x estimated 2026 EBITDA including run-rate cost synergies. Deal expected to close in Q4 2026, and is anticipated to be accretive to adj. diluted EPS in the first full calendar year after closing.
Revolution Medicines (RVMD) - Filed to sell USD 750mln of common stock and USD 250mln of convertible senior notes.
Avanos Medical (AVNS) - Agreed to be acquired by American Industrial Partners in an all-cash deal valuing the company at ~USD 1.27bln, with shareholders receiving USD 25/shr, a ~72.1% premium. The transaction is expected to close in the second half of 2026, taking the company private.

CONSUMER STAPLES

Albertsons (ACI) - Announced a USD 774mln settlement framework to resolve e substantially all of the opioid-related claims brought against the Company by state, local and tribal government entities nationally, if all conditions are satisfied
Imperial Brands (IMBBY) - Reiterated FY26 targets despite Middle East H2 uncertainty, expecting at least high-single-digit EPS growth, at least 5% adj. operating profit growth, and at least GBP 2.2bln FCF.