Daily US Equity Opening News - DIS reportedly plans 1,000 layoffs; CRWV & META expand AI agreement; ZS downgraded

TODAY’S AGENDA:

US INDEX FUTURES: ES -0.2%, NQ -0.1%, YM -0.3%, RUT -0.6%
DAY AHEAD: February’s wholesale inventories are due, expected to rise 0.1%. The Atlanta Fed will update its Q1 GDP tracking estimate after today’s data releases, which is currently modelling growth of 1.3%. In central banks, Banxico will release its March meeting minutes, where it cut rates by 25bp to 6.75% in a split decision, though analysts said that rising inflation, external risks and tighter domestic conditions limit the scope for further easing. In supply, the US Treasury will auction USD 22bln of 30yr bonds. In energy, the EIA will release weekly natgas stocks data.
BROKER MOVES: MRVL upgraded at Barclays; DDOG upgraded at Guggenheim. For the full list, click here.
MAJOR MORNING MOVES RECAP: Mag-7, CRWV, MRVL, AA, DIS, CAT, STZ, APLD, ZS. For the full list, click here.
US DAILY CONFERENCE CALENDAR: HD, RSG. For the full list, click here.
PRIMER - US PCE (13:30BST/08:30EDT) - February’s PCE data is expected to show the headline rising +0.4% M/M (prev. +0.3%), and core PCE rising +0.4% M/M (prev. +0.4%). Analysts note that the PCE data is for February, so it is overshadowed by events in the Middle East, which have stoked energy prices and raised the cost of key industrial metals and materials since then. Bloomberg’s monthly economist survey raised year-end PCE estimates to 3.1% (from 2.6%), while lowering spending, growth and employment forecasts as the war in Iran lifts fuel costs. Analysts expect February PCE to print on the firm side and keep the Fed firmly in its ‘higher for longer’ stance, noting that the February CPI and PPI reports imply headline and core PCE rose +0.4% M/M in February, with the annual core reading easing only slightly to around 3.0% Y/Y (from 3.1%). As a possible read-through, the February CPI report looked relatively benign on the surface, but the underlying details point to hotter core PCE, while February PPI reinforced that message through stronger pass-through from hotel and motel rooms, transportation and warehousing, and some financial services. Accordingly, analysts have said inflation still looks sticky, particularly across services, and a third straight 0.4% M/M core reading would remain well above any pace consistent with a return to 2%. Such an outcome could validate traders’ view that the Fed stays cautious for longer, with any upside surprises pushing further back on rate cut expectations; a reading below 0.4% M/M would offer some relief but could easily be dismissed as stale given events in the Middle East.

NEWS:

IRAN

Trump Remarks - President Trump said US forces and equipment will remain in and around Iran until a “real agreement” is fully observed, warning that otherwise hostilities would resume. He said the Strait of Hormuz will stay open and safe, dismissed a reported “ten-point plan” as fake, and said the ceasefire rests on a single US framework. VP Vance echoed that line, stating that Iran is promising to reopen Hormuz, and that Lebanon is outside the ceasefire; a senior official downplayed the risk from fighting in Lebanon. The White House confirmed Vance and envoy Witkoff will travel to Islamabad on Saturday for US-Iran talks.
Iran - Senior Iranian sources said under the ceasefire agreement, Iran will allow no more than 15 ships per day through the Strait of Hormuz, Tass reports; Iran demands imply the unfreezing of Iranian assets by the US within two weeks. Iran insists that the end of the war must be secured by a UN Security Council resolution.
Strait of Hormuz Security - The US is seeking concrete plans from European allies within days on how they will help secure navigation through the Strait of Hormuz after fighting in Iran ends, according to a senior NATO official. The request was discussed in meetings between US and NATO officials at the White House, Pentagon and State Department, Bloomberg said.
Strait of Hormuz Traffic - Two fully laden Chinese oil tankers are waiting outside the Strait of Hormuz and could become the first such vessels to leave the Persian Gulf under the day-old US-Iran ceasefire, Bloomberg said. The Cospearl Lake and He Rong Hai were traveling east early Thursday before nearly halting.
Stranded Tankers - With the Strait of Hormuz still largely blocked and countries struggling to secure oil supplies, some 1.2mln bbls are sitting off Singapore’s coast, Bloomberg reports.
Shipping via Hormuz - Shipowners are seeking large volumes of insurance cover for Hormuz transits after the US-Iran ceasefire deal, according to McGill and Partners; the broker said demand is driving a pronounced rate correction, while war conditions remain elevated and the Strait of Hormuz is still classed as a very high-risk area. Elsewhere, Japanese multimodal shipping company Mitsui OSK Lines will examine the details and implementation of any US-Iran ceasefire before letting its ships cross the Strait of Hormuz, Bloomberg reports.
Suspicious Trading - US Representative Ritchie Torres (Democrat) urged the SEC and CFTC to investigate unusual trading in oil and equity futures shortly before President Trump postponed military strikes against Iran last month, Bloomberg reports. Torres said the speed, scale and structure of the trades were suspicious and too obvious for regulators to ignore.

GEOPOLITICS

Russian Crude - Russia is offering LNG from US-sanctioned facilities to South Asia at a 40% discount to spot prices via intermediary companies in China and Russia, Bloomberg reports. The sellers said paperwork could be provided to present the shipments as originating from non-Russian sources, such as Oman or Nigeria, according to sources cited.
Canada Crude - Canadian crude is fetching its highest US Gulf Coast premium in more than two years as the effective closure of the Strait of Hormuz lifts demand. Canadian heavy oil for June delivery traded at a USD 13.55 premium on the Gulf Coast vs Alberta’s May price at Tuesday’s close, the widest since December of 2023.
NATO - The White House is considering moving US troops out of NATO countries President Trump viewed as unhelpful to the US and Israel during the Iran war and shifting them to more supportive members, according to administration officials cited by the WSJ. The proposal would stop well short of a full US withdrawal from NATO, which requires Congressional approval. Trump on Wednesday criticised NATO after meeting its Secretary General, Rutte, expressing continued anger over the alliance’s stance on the Iran war.
Venezuela - The US is considering lifting sanctions on Venezuela’s central bank to help channel billions of dollars into the country’s battered economy, according to Bloomberg.
Russia-Japan - Russia on Wednesday summoned Japan’s ambassador to protest an investment agreement between Terra Drone and a Ukrainian drone developer; Moscow later called the move overtly hostile because of Ukrainian drone use against Russia, and said relations with Japan had reached an all-time low under PM Takaichi.
North Korea - North Korea has tested several new weapons this week, including an electromagnetic weapon system and an anti-aircraft missile, as it steps up efforts to modernise conventional arms amid the US attacks on their adversaries.

TRADE

US-China - The FCC will vote on 30th April on a proposal to bar all China-based labs from testing electronics for US use after earlier restrictions blocked 23 Chinese government-linked labs, Reuters reports. The agency said about 75% of electronics are tested in China and separately plans faster approvals for devices tested in the US or low-risk-country labs.

MACRO

Japan - Japan consumer confidence fell by the most since April 2020 after the outbreak of the war in Iran, with confidence among multi-person households falling to 33.3 in March (prev. 39.7), while the share expecting inflation a year ahead rose to 93.1%, the highest since September. Separately, Japan’s 5yr bond auction drew demand broadly in line with the 12-month average after support from the temporary Iran war ceasefire; bid-to-cover ratio fell to 3.58x (from 3.69x in March), but remained above the 12-month average of 3.49x. Separately, overseas investors bought a net JPY 2.42tln of Japanese bonds last week, the biggest amount since April 2025, after selling a similar amount the previous week; prelim MoF data showed the rebound followed quarter-end redemptions, with more than JPY 20tln of Japanese government bonds redeemed on 20th March. Elsewhere, former BoJ executive director Masaaki Kaizuka said the central bank will probably raise rates in April since the war is making the economic environment more inflationary, and that rising inflation expectations would increase the risk of the BoJ falling behind the curve.

TECH

Open AI - OpenAI CFO Sarah Friar told CNBC the company plans to reserve some IPO shares for retail investors and is preparing to operate more like a public company, without giving a listing timeline. She noted that recent private placements drew strong retail demand. Elsewhere, its CRO Denise Dresser said enterprise accounts for 40% of revenue, and is expected to match consumer by the end of 2026.
Anthropic - A federal appeals court declined for now Anthropic’s request to pause a Pentagon declaration that it poses a risk to the US supply chain; the court said it would move quickly because Anthropic is likely to suffer some irreparable harm, and scheduled oral arguments for 19th May. Elsewhere, Anthropic employees sold some equity to investors in a secondary share sale that began earlier this year, but limited employee selling meant some investors received fewer shares than planned, according to Bloomberg. The tender offer was priced at the same valuation as February’s fundraising, valuing the company at USD 350bln, excluding USD 30bln raised.
SoftBank (SFTBY), Arm Holdings (ARM) - Arm CEO Rene Haas is set to take on oversight of part of SoftBank’s international operations, while retaining his role at Arm, FT reports. The move supports Masayoshi Son’s AI ambitions and Project Izanagi, though the role still requires board approval.
Oracle (ORCL) - Allianz’ (ALIZY) Pimco unit is seeking to sell part of the USD 14bln debt financing for an Oracle data centre in Michigan, according to Bloomberg; the campus will be backed by USD 16.3bln of financing, with roughly 15% as equity and the rest financed through bonds issued by a special purpose vehicle. Separately, Oracle notes TRC Capital Investment has made an unsolicited mini-tender offer to buy up to 1mln shares at USD 140.50 each, less than 0.04% of outstanding stock. Oracle is not affiliated with TRC, does not endorse the offer, is neutral on whether shareholders should tender, and said the offer expires on 22nd April, subject to change.
OpenAI - OpenAI projects expects USD 2.5bln advertising revenue this year, USD 100bln by 2030, Axios reports citing sources; Projections assume OpenAI's products reach 2.75 billion weekly users by 2030. Is finalising a model with advanced cybersecurity capabilities and plans to release it only to a small group of companies, similar to Anthropic’s limited rollout of Mythos, Axios reports. The move reflects rising concern among AI developers that increasingly autonomous tools with stronger hacking capabilities could cause harm if widely released.
Apple (AAPL) - Apple's AirPods Max 2 are not seen as an upgrade-worthy successor to the original but may appeal to first-time buyers of the company’s over-ear model, Bloomberg said. It is set to be Apple's first substantial update to its USD 549 headphones since 2020.
Marvell (MRVL) - Upgraded at Barclays to 'Overweight' from 'Equal Weight' with a USD 150 PT (prev. 105). Marvell is "first and foremost an optical company, and with ports growing, the market growth rapidly carries the name alone". Barclays believes the company's optical business could grow 90% for this year and next, even with some market share shift to Broadcom (AVGO).
CoreWeave (CRWV), Meta (META) - Companies announced a USD 21bln expanded AI infrastructure agreement with CoreWeave to provide AI cloud capacity through December 2032. The dedicated capacity will be deployed across multiple locations and will include some of the initial deployments of the NVIDIA Vera Rubin platform. Meanwhile, CoreWeave announced the intent to offer USD 1.25bln aggregate principal amount of senior notes due 2031 in a private offering; intends to use the proceeds from the offering of the Notes for general corporate purposes.
Applied Digital (APLD) Q3 2026 (USD): Adj. EPS 0.09 (exp. -0.10), Revenue 126.6mln (exp. 108.6mln). Sees 'clear acceleration in demand' for AI data centre capacity. However, shares trade lower in the premarket as Q3 net loss widened from last year due to rising expenses and a charge tied to its cloud business. Costs almost tripled to 213.3mln in Q3 as investments ramped up into data centres, with a 59.7mln impairment charge related to the cloud services business also weighing. Applied Digital had previously classified the business as held for sale, but now plans to combine with Ekso Bionics to form a new company.
Commerce.com (CMRC), Rezolve AI (RZLV) - Commerce.com said its board rejected an unsolicited all-stock proposal from Rezolve AI to exchange one Rezolve AI share for every two Commerce.com shares, saying it significantly undervalued the company. The offer implied a 47% discount based on Rezolve AI’s 7th April close. Commerce.com said a less dilutive February proposal had also been unanimously rejected.
Expensify (EXFY), American Airlines (AAL) - Expensify announced an integration with American Airlines AAdvantage Business that automatically syncs eligible flight receipts into Expensify, removing the need for manual uploads.
Texas Instruments (TXN)- Upgraded at Stifel to 'Buy' from 'Hold' with a USD 250 PT (prev. 215). The firm argues that following a six-year investment cycle that constrained profitability and returns, Texas Instruments is well positioned to capture market share in the next analog upcycle and return to strong free cash flow generation. Stifel believes the company is entering a period where "multiple tailwinds support the outlook."
Datadog (DDOG) - Upgraded at Guggenheim to 'Buy' from 'Neutral' with a USD 175 PT, representing 50% potential upside. Channel checks indicate Datadog is a primary beneficiary of AI-driven growth in data volumes and IT complexity. The firm believes Datadog has a sophisticated backend architecture that is a "deep moat" against competition and potential commoditization via large language models and sees Datadog growing revenue 27% in 2026.
Zscaler (ZS) - Downgraded at BTIG to 'Neutral' from 'Buy' and was removed from BTIG's first half Top Picks list. The firm says the downgrade "was not an easy decision," adding that independent field checks conducted with five contacts on Zscaler over the last week and the data points have changed significantly relative to work just a few months ago. Feedback on the next 6 - 12 months skewed cautious across the majority of contacts, and the firm is now picking up on a meaningful increase in competition from multiple sources.

COMMUNICATIONS

Disney (DIS) - Disney is planning layoffs of as many as 1,000 employees in the coming weeks, including many in its recently consolidated marketing department, WSJ reports. The cuts would be among the first significant moves under new CEO Josh D’Amaro, who took over last month.
Meta Platforms (META) - Meta announced Muse Spark, its first major new LLM in more than a year. The launch is a key test of Meta’s AI ambitions after the disappointing release of its previous model and an expensive overhaul of its AI operations, WSJ writes. The company has spent billions on talent to catch up with OpenAI, Anthropic and Google (GOOG) DeepMind. Separately, banks including Natixis (NTXFY), Mitsubishi UFJ (MUFG), Societe Generale (SCGLY), Royal Bank of Canada (RY) and Sumitomo Mitsui (SMFG) are selling USD 3bln of loans for Meta-backed Prometheus data centre and related power assets in Ohio, Bloomberg reports; the syndication is structured as a single transaction, sources said.
Alphabet (GOOG) - Alphabet said it is rolling out Notebooks in Gemini this week, initially for Google AI Ultra, Pro and Plus subscribers on web, according to a Google blog post.
Warner Bros. Discovery (WBD), Paramount Skydance (PSKY) - ISS said Warner shareholders should approve the planned sale to Paramount Skydance at a 23rd April special meeting, adding that Paramount’s USD 31/shr offer followed a competitive sale process, and gives shareholders comfort that the deal is the best available.
Live Nation (LYV) - At its federal antitrust trial, Live Nation told a NY jury that it has succeeded through strong competition and better service for venues and fans; it called witnesses to contest claims that it uses Ticketmaster to pressure customers, threaten switchers or block rivals.

CONSUMER DISCRETIONARY

Amazon (AMZN) - Affirmed FY26 CapEx view of USD 200bln. The CEO's letter states that its chips business now has an annual revenue run rate above USD 20bln, growing by triple-digit percentages Y/Y. AWS’s AI revenue run rate exceeded USD 15bln in Q1 and is rising rapidly. Much of AWS CapEx planned for 2026 is expected to be monetised in 2027-2028, with customer commitments already secured for part of it. Said demand for its chips is strong enough that it may sell racks of them to third parties in the future. Prime Air plans to serve 30mln customers by year-end.
Tesla (TSLA) - Tesla is developing a new smaller, cheaper EV, according to sources cited by Reuters. Would be an all-new model, likely produced first in China, priced below the Model 3, and use a smaller battery and single motor. The automaker has reportedly approached suppliers about manufacturing and component specifications. The project is in early development, with no production approval confirmed
Constellation Brands (STZ) Q4 2026 (USD): EPS 1.90 (exp. 1.71), Revenue 1.92bln (exp. 1.87bln). Nicholas Fink is set to assume the CEO role on 13th April. Demand across its categories remained subdued for most of FY26 as consumer spending became more deliberate amid broader macroeconomic uncertainty, although it was encouraged by Q4 momentum across beer and wine and spirits. Q4 depletions rose 0.6%, with shipment growth of 1.1% and favourable pricing partly offset by unfavourable mix, while declines in Modelo Especial and Corona Extra were more than offset by growth in Pacifico, Victoria and Modelo Chelada. Operating margin fell 340bps to 33.2% as increased cost of goods sold from unfavourable fixed-cost absorption, higher depreciation and aluminium tariffs more than offset net sales favourability. The CEO said the operating environment was dynamic, though remains encouraged by the Q4 momentum, while continuing to navigate a shifting macro backdrop. Sees FY27 EPS between 11.20-11.90 (exp. 12.36); withdrew its previously issued FY28 outlook, citing an evolving socioeconomic backdrop and limited near-term visibility.
Alibaba Group (BABA) - Has anonymously released a new AI video Generation model called HappyHorse-1.0. The HappyHorse-1.0 model has topped an AI model leaderboard, beating ByteDance's Seedance 2.0.
Fast Retailing (FRCOY) - Raised its FY operating profit outlook to JPY 700bln (exp. 657bln, prev. 650bln) on strong Uniqlo demand in the US and Europe, and continued growth in Japan.
KB Home (KBH) - Will move its corporate headquarters from LA to Arizona from Spring 2027. It said the new base will bring executive leadership and key corporate functions together and lower its cost structure over time. Will still keep a significant presence in California via its six operating divisions.
Kering (PPRUY) - Constructive mention in the WSJ, which said that six months into his unexpected appointment at Kering, CEO Luca de Meo is making bold moves that are being closely watched across the luxury industry. The auto-industry veteran has spent his early tenure visiting operations and questioning employees in detail about how everything works.

CONSUMER STAPLES

Costco (COST) - March net sales of USD 28.41bln for the five weeks ended 5th April (up 11.3% Y/Y), and USD 173.26bln for the first 31 weeks (up 9.1%); total comparable sales +9.4% Y/Y in the five-week period, and +7.2% Y/Y over 31 weeks; excluding gasoline and FX, they rose +6.2% Y/Y and +6.4% Y/Y.
Procter & Gamble (PG) - Procter & Gamble urged shareholders to reject an unsolicited mini-tender from Potemkin to buy up to 10,000 shares at USD 100.00 each, about 30% below its 24th March close. The offer is subject to conditions and is set to expire on 13th October.
Simply Good Foods (SMPL) - Q2 revenue fell 9.4% Y/Y to USD 326mln (exp. 346mln) weighed by a 26.6% Atkins decline and a 16.8% drop for OWYN. Posted a net loss of USD 159.7mln, while gross margins declined 460bps to 31.6%. Sees FY26 adj. EBITDA down 19-22% Y/Y and FY26 gross margins falling 300-350bps Y/Y.
Seven & i (SVNDY) - Delayed the planned IPO of its US convenience-store unit, saying it needs more time to improve performance and navigate uncertain market conditions. The retailer now aims to list the business in the current fiscal year through February 2027, instead of around the final three months of this year.

FINANCIALS

BlackRock (BLK) - Constructive mention in the WSJ, which writes that BlackRock’s public-markets business is leaving it better placed than rivals as confidence in private credit weakens. Despite a recent acquisition push in private markets, the firm’s core index fund business is supporting it. The world’s largest asset manager is also the most valuable one, the article adds.
Asia Bonds - Asia’s bond market is regaining momentum as improved risk sentiment during the US-Iran ceasefire prompts borrowers to issue debt, Bloomberg reports. Australia had its busiest local bond issuance day of the month on Thursday with at least three borrowers, while two Japanese banks sold a combined USD 13bln of dollar bonds on Wednesday, the biggest single-day total since July.
Capital One Financial (COF) - Upgraded at JPMorgan to 'Overweight' from 'Neutral' with a USD 213 PT (prev. 256). The firm named Capital One its top pick for the consumer finance sector amid the "volatile and unpredictable" macroeconomic environment. JPMorgan sees limited downside from current share levels "unless new tail risks emerge." The stock's current setup offers a more attractive entry point as the company works to realise synergies from recent acquisitions.
UBS Group (UBS) - A UBS-led lender group financed the merger of Echo Global Logistics and ITS Logistics after pausing early efforts to sell the USD 765mln loan to investors because of market volatility, according to Bloomberg.

ENERGY

Oil Prices - Goldman Sachs said Brent would average above USD 100/bbl through 2026 if the Strait of Hormuz stays closed for another month; the bank said the situation remains fluid after the start of a two-week US-Iran ceasefire, and that risks to its oil price forecast are still skewed to the upside.
Chevron (CVX) - Said timing effects expected to adversely affect Q1 earnings and cash flow from ops excluding working capital by about USD 2.7-3.7bln. Upstream net oil-equivalent production expected at 3.8-3.9 MMBOED in Q1 2026. Sees Q1 upstream commodity price impacts USD 1.6 -2.2bln. Downstream earnings to include USD 350-400mln litigation reserve charge in Q1 2026. Working capital is expected to result in a net outflow of USD 2-4bln in Q1. Q1 Upstream production expected to be 3.8-3.9mln BOE/D. The majority of negative timing effects are in the downstream segment in Q1 and are expected to unwind in future periods.
Exxon Mobil (XOM) - Plans scheduled maintenance at its 612K bpd Beaumont refinery, including a 60K bpd coker shutdown (May–June), Reuters reports. Further FCC and hydrotreater overhauls in Dec–Jan could impact gasoline output.
Valero (VLO) - Valero's Port Arthur refinery (380bkpd) saw diesel hydrotreater and control room destroyed in March 23 explosion/fire. The company is working on a temporary control room to restart key units, with disruption affecting multiple hydrotreaters, Reuters reports.
Shell (SHEL), Equinor (EQNR), TotalEnergies (TTE), Repsol (REPYY) - A Brazilian federal court exempted TotalEnergies, Repsol Sinopec, Galp’s Petrogal, Shell and Equinor from a 12% crude export tax, with a final ruling pending, Reuters reports. The judge said the measure, introduced after oil prices rose during the US-Israeli war on Iran, may be unconstitutional. Petrobras (PBR) is unaffected.
OMV (OMVKY) - Said higher oil and gas prices are expected to offset lower Q1 26 hydrocarbon production and sales; Q1 total hydrocarbon production fell to 288k boepd (from 310k boepd Y/Y), with E&P production and sales volumes impacted by Middle East conflict and unfavourable lifting schedules.

MATERIALS

Alcoa (AA) - Upgraded at Morgan Stanley to 'Overweight' from 'Equal Weight' with a USD 80 PT (prev. 64). The firm expects Middle East conflict and geopolitical tensions to keep volatility in the mining space elevated, adding that it favors precious metal-exposed names as it expects gold/silver prices to strengthen.
Barrick Mining (B) - Barrick Chairman said it plans to cut exposure to higher-risk jurisdictions, pursue tier-one assets and is open to top-tier acquisitions as it prepares to spin off its North American operations, Bloomberg reports.

INDUSTRIALS

FedEx (FDX) - FedEx and the Air Line Pilots Association reached a tentative agreement covering more than 5,000 FedEx pilots. If ratified, FedEx said it would provide an industry-leading collective bargaining agreement, and said the deal supports crew members and its airline and broader business growth strategy.
Caterpillar (CAT) - Caterpillar CFO Andrew Bonfield will retire, effective 1st October; 30-year company veteran Kyle Epley will become CFO on 1st May. Bonfield moves to an advisory role during the transition.
Delta Air Lines (DAL) - Said fuel consumption for the rest of the year is expected to remain aligned with capacity changes vs 2025 levels. It also expects elevated jet fuel costs to persist until recent market disruptions and geopolitical events are resolved.
Chinese Airlines - China is considering financial aid for airlines, which include subsidies, tax breaks and cheap loans, Bloomberg reports.
Lockheed Martin (LMT) - Received a USD 105mln Air Force task order to support GPS IIIF launch, early orbit and disposal operations under the Architecture Evolution Plan Operational control system.

HEALTHCARE

Eli Lilly (LLY) - Said Foundayo, the only GLP-1 pill for weight loss that can be taken any time of day without food or water restrictions, starts at USD 25/month with commercial coverage and USD 149/month with self-pay. Amazon said its pharmacy unit will stock Eli-Lilly's new weight-loss pill at kiosks, and it will also offer same day delivery.
Avalyn Pharma (AVLN), Novo Nordisk (NVO) - Novo-backed Avalyn Pharma, a biopharma company developing inhaled treatments for respiratory diseases, filed for a US IPO. In a filing, it said that its pipeline is focused on pulmonary fibrosis.
Vanda Pharmaceuticals (VNDA) - Vanda started a trial of oral tradipitant, Thetis, to prevent vomiting in patients receiving GLP-1 receptor agonists. Tradipitant was recently approved for motion-induced vomiting. The study’s primary endpoint is the share of patients with no vomiting episodes. A phase 2 study showed 29.3% vomiting on tradipitant versus 58.6% on placebo. Topline results are expected by Q4.
Novartis (NVO) - Announced plans to expand community health programmes targeting gaps in heart disease and cancer care to more than 30 countries by 2030.
Staar Surgical (STAA) - Sees Q1 revenue of about USD 90mln (exp. 67.6mln). Thereafter, shares were upgraded at Canaccord to 'Buy' from 'Hold' with a USD 27 PT (prev. 22), believing Staar is benefitting from restocking post termination of the merger with Alcon. "This was exactly the news that investors were waiting for".

REAL ESTATE

Whitestone REIT (WSR) - Ares Management (ARES) to acquire Whitestone REIT for ~USD 1.7bln (USD 19/share cash). Represents ~12% / ~26% premium, with deal expected in Q3 2026.