Daily US Equity Opening News - F plans seven new models in Europe by 2029; Berkshire exits UNH position; NEE to acquire D

DAY AHEAD:

US INDEX FUTURES: ES unch, NQ +0.3%, YM unch, RUT +0.3%
BROKER MOVES: VFC double upgraded at Williams Trading; AMAT downgraded at Morgan Stanley. For the full list, click here.
MAJOR MORNING MOVES RECAP: REGN, F, D, RAMP, UNH, BIO, NOW. For the full list, click here.
US DAILY CONFERENCE CALENDAR: LITE, VZ, CSCO, TMUS, WDC, IBM, F, INTC, JPM, MA, META, MSFT, NET, NFLX. For the full list, click here.
EVENTS: Canadian markets closed for Victoria Day.
DATA: US NAHB Housing Market Index (prev. 34), and net long-term TIC flows (prev. USD 58.6bln) are due.
CENTRAL BANKS: BoE’s Greene (hawkish) and Mann (hawk) both appear on panels. Norges Bank’s Bech-Moan speaks at the Housing Conference. Riksbank’s Bunge speaks on AI and monetary policy.
SUPPLY: EU to sell EUR 7bln across 2029, 2037 and 2051; UK BoE conducts a GBP 825mln short-maturity gilt sale.
Week Ahead: Highlights include NVDA earnings, FOMC Minutes, UK, Canadian, Japanese and NZ inflation. Click here for the full report.

NEWS:

GEOPOLITICS

Trump on Iran - President Trump warned Iran that “time is of the essence” and said attacks could resume more intensely without a better proposal. He declined to set a negotiation deadline, planned a Situation Room meeting on military options on Tuesday.
Iran - Iran has agreed to a long-term nuclear freeze instead of a complete dismantling, Al Arabiya reports citing sources/leaks. Want a long-term, multi-stage truce. Iran has withdrawn its demand for compensation, instead demanding economic concessions. Meanwhile, a source close to the negotiating team told Tasnim that, unlike their previous texts, the Americans have agreed in the new text to lift Iran's oil sanctions during the negotiation period.
Israel - Reports out of Israel suggested that it was preparing for possible renewed war.
UAE Nuclear Facility Strike - The UAE said a drone strike hit near Abu Dhabi’s Barakah Nuclear Power Plant, triggering a fire in an electrical generator outside the inner perimeter, BBC reports. Officials said two of three drones were intercepted, with no injuries or radiological impact. The IAEA expressed grave concern regarding the situation.
Russia Waiver - The Trump administration let a waiver encouraging some Russian crude sales expire. The lapse ends a brief easing of sanctions on certain Russian oil purchases, despite Iran war-related concerns over global oil supplies and fuel costs. Earlier waivers applied only to Russian oil already loaded onto tankers.

TRADE

US-China - The White House released a fact Sheet highlighting the deals made with China in President Trump’s trip last week. Confirmed that a US-China boards for trade and investment will be created. China agreed to address US concerns on rare earths, buy 200 Boeing aircraft and purchase at least USD 17bln/year of US agricultural products in 2026-2028, alongside soybean commitments. USTR Greer said President Trump will receive options for action on China if US investigations find that industrial overcapacity is affecting Chinese exports.
EU-China - China’s MOFCOM criticised the EU’s use of its Foreign Subsidies Regulation after China’s justice ministry said related cross-border probes amounted to “improper extraterritorial jurisdiction”. Separately, the FT reported that the EU is considering requiring European companies to buy critical components from at least three suppliers to reduce reliance on China. Elsewhere, France wants Stellantis (STLA) and Renault (RNSLY) to favour local parts suppliers to protect jobs and retain regional know-how as Europe’s automakers deepen ties with Chinese manufacturers.
Rare Earths - Defence companies are reportedly seeking more time before a 1st January 2027 US ban on Chinese rare earth magnets, because China still dominates supply and alternative chains may take years, FT reports. Contractors argue their small market share limits influence, while complex subcontractor networks make it hard to trace whether production involved China, North Korea, Russia or Iran.
China Solar Exports - China’s solar cell exports rose 60% Y/Y by volume in April. The growth came despite expectations that removing export tax rebates from 1st April would curb overseas demand, and followed an 80% surge in March partly driven by shipments before the rebate cancellation, Bloomberg reports.

MACRO

Fed - The Fed named Jerome Powell chair pro tempore until Kevin Warsh is sworn in after Senate confirmation, Reuters reports. Powell’s term as Fed leader expired on Friday. Stephen Miran and Michelle Bowman opposed the temporary arrangement because it had no fixed time period, while Warsh’s swearing-in date has not yet been announced.
US Treasuries - Goldman Sachs said US Treasuries have been a poor diversifier since late February, as uncertainty around the Iran conflict and supply shock has limited nominal duration’s ability to reduce daily portfolio volatility. However, it said inflation risk premia along the yield curve may improve Treasuries’ value as a medium-term hedge.
Central Bank Gold Purchases - Goldman Sachs expects central banks to increase gold purchases, supporting prices by year-end, Bloomberg reports. Its analysts forecast buying will average 60 tons/month in 2026, while a revised accumulation framework put the 12-month moving average at 50 tons in March (up from 29).
Japan Budget - Japanese PM Takaichi asked the Ministry of Finance to consider funding options, including a supplementary budget, to respond to rising commodity prices from the Middle East conflict; the move marks a reversal after she had repeatedly said an extra budget was unnecessary.
Japan 5yr Auction - Japan’s 5yr bond auction drew weaker demand, with cover ratio falling to 3.22x (prev. 3.58x; vs 12-month average of 3.47x), as elevated oil prices fuelled inflation concerns and contributed to a global bond rout. JGBs sold off, sending yields to record highs as rising oil prices fuelled inflation fears; strategists cited by Bloomberg said the surge reflected pressure from higher energy costs, possible tighter monetary policy, and worries about Japan’s fiscal position.
China Activity Data - China’s economy slowed sharply in April; ING said trade-in policy headwinds, weaker gold sales, soft domestic demand, geopolitical uncertainty and property weakness weighed, while rising inflation pressures may complicate any stimulus response. YTD fixed-asset investment unexpectedly fell 1.6% Y/Y (exp. +1.7%); retail sales rose only 0.2% Y/Y in April (exp. 2.0%), while industrial production growth eased to 4.1% (prev. 5.7%). Other reports noted that exports are no longer offsetting domestic weakness. Elsewhere, China’s new-home price declines eased for a third month in April, with prices in 70 cities down 0.2% vs March, the smallest drop in a year, while resale values fell 0.2%, the slowest decline since March 2025, as local governments added housing support measures.

TECH

Tech Concentration - Chipmakers have driven more than half of the S&P 500’s 8% gain in 2026, Bloomberg notes, with the sector now 18% of the index. Nvidia (NVDA), Sandisk (SNDK) and Micron (MU) have helped power the rally, but Friday’s selloff highlighted concentration risks if momentum turns or demand cools, the report adds.
TrendForce - TrendForce said MLCC prices are poised to rebound as AI-chip demand tightens high-end supply and squeezes consumer-grade availability; Nvidia (NVDA) Rubin boards may use about 12K MLCCs, versus 6.5K for GB200; it also notes that Taiyo Yuden raised some MLCC prices by 6-13%, while SEMCO is considering similar action.
Nvidia (NVDA) - Nvidia’s GB300 became the mainstream AI server product in Q1 2026, boosting ODM revenue and profit, DigiTimes reports. Vera Rubin servers are expected to ramp in Q3, while high-end AI server shipments with HBM are forecast to rise 67.5% Y/Y to 1.914mln units in 2026, the report says.
TSMC (TSM) - TSMC said CoWoS yields exceeded 98%, and it produced a 5.5x reticle-size CoWoS in 2026, DigiTimes reports. N2 began mass production in Q4 2025, with N2P due in H2 2026, A14 in 2028 and A13 in 2029. TSMC expects CoWoS and SoIC capacity CAGR above 80% from 2022-2027.
Samsung Electronics (SSNLF) - Samsung and its union started last-ditch talks to avert an 18-day strike by more than 45K workers from 21st May 2026. A South Korean court ordered normal production safeguards during any strike, with potential fines.
Apple (AAPL) - Apple has built a profitable business selling cheaper devices, including its USD 599 MacBook Neo, while rivals face rising costs, the WSJ reports. Apple’s approach includes using chips with slight defects that might otherwise be discarded in lower-performing processors across dozens of devices, the report states. Meanwhile, Apple is planning to release its revamped Siri experience initially in beta and may include an option that automatically deletes chat history, according to Bloomberg. Apple is also reportedly developing a “Suggested Genmoji” feature for iOS 27 and iPadOS 27, expanding its generative AI capabilities across devices.
Intel (INTC), AMD (AMD), TSMC (TSM) - A DigiTimes report says Intel and AMD are diverging in server CPUs; an analyst said Intel’s Q1 data centre revenue rose 22% mainly from 10-20% price increases, while AMD’s server CPU revenue rose more than 50% on shipment-led growth. Elsewhere, the report adds that TSMC (TSM) is expected to notify customers of 2028 price rises from July 2026.
Intel (INTC) - President Trump, in an interview to Fortune Magazine before he departed to China last week, said said he negotiated a 9.9% Intel stake by asking CEO Lip-Bu Tan to give the US “10% ownership for free”, later saying: “Shit, I should have asked for more.” He claimed the government’s position had grown to more than USD 50bln and questioned whether he gets credit. Trump said he was not concerned about the government’s Intel exit strategy, suggesting shares could be sold slowly over time without tanking the stock if intentions were communicated clearly to the market upfront.
ASML Holding (ASML) - Tata Electronics and ASML signed an MoU to advance India’s semiconductor manufacturing ecosystem. ASML will support the establishment and ramp-up of Tata Electronics’ planned 300mm semiconductor fab in Gujarat. The company said the collaboration reflects growing India-Netherlands strategic cooperation in critical technologies, including semiconductors.
Advanced Micro Devices (AMD) - AMD entered a credit agreement providing a five-year USD 5bln unsecured revolving credit facility.
Arm Holdings (ARM) - Reportedly facing an antitrust investigation by the US FTC over its semiconductor licensing practices, Bloomberg reported. The FTC is examining whether Arm may be attempting to monopolise parts of the chip market by potentially restricting or degrading licensing access to its CPU design technology.
Lam Research (LRCX) - Upgraded at Morgan Stanley to 'Overweight' from 'Equal Weight' with a USD 331 PT (prev. 293). The magnitude of Morgan Stanley's DRAM wafer fab equipment revisions has narrowed, and the firm is now more positive on NAND wafer fab equipment revisions from here. The firm cites its confidence in Lam's 2027 share gains for the upgrade.
Applied Materials (AMAT) - Downgraded at Morgan Stanley to 'Equal Weight' from 'Overweight'. The magnitude of Morgan Stanley's DRAM wafer fab equipment revisions has narrowed, and the firm is now more positive on NAND wafer fab equipment revisions from here. Morgan Stanley thinks Applied Materials will be a share gainer in 2026, but given that its growth forecast is in line with the broader wafer fab equipment market in 2027, the firm thinks the stock's valuation discount to peers is unlikely to narrow in the near term.
LiveRamp (RAMP), Publicis (PUBGY) - Publicis agreed to buy LiveRamp in an all-cash USD 2.2bln deal; the USD 38.50/shr offer is almost 30% above LiveRamp’s Friday close. Publicis said the acquisition will deepen its AI marketing push and raised headline EPS growth guidance for 2027 and 2028. Elsewhere, Publicis affirmed 2026 guidance and lifted its 2027 and 2028 growth views.
F5 (FFIV) - Upgraded at Evercore ISI to 'Outperform' from 'In Line' with a USD 475 PT (prev. 320). The firm thinks the market underappreciates F5's direct exposure to AI inference traffic. It also sees pricing as a "structural driver" of the company's growth. Evercore expects continued mid-singe-digit price realization, supported by competitor actions and cost-inflation pass-through. F5's incremental revenue should drive meaningful margin expansion as growth sustains in the high-single-digit range.
CXMT - CXMT expects H1 2026 revenue of CNY 110-120bln, and net profit of CNY 66-75bln, as a global memory shortage supports its Shanghai IPO push, DigiTimes reports. Q1 revenue rose 719% Y/Y to CNY 50.8bln, while net profit rose 1,688%, though CXMT still trails Samsung (SSNLF), SK Hynix (HXSCL) and Micron (MU).
Anthropic - Anthropic will brief the Financial Stability Board on cyber vulnerabilities identified by its Claude Mythos Preview AI model, FT reports.
ServiceNow (NOW) - BofA reinstated coverage with a 'Buy' rating and USD 130 PT. While AI is disrupting the software landscape, the firm thinks ServiceNow stands to benefit from, rather than be replaced by, new AI solutions. The firm believes ServiceNow's depth and breadth of workflow entrenchment "uniquely position it to benefit" from any deployment of autonomous agents across IT, employee, and customer workflows.
Cognizant (CTSH) - Authorized a USD 2bln increase to its existing share repurchase program, and that it has increased its share repurchase target for 2026 to USD 2bln, an increase of USD 1bln over its prior expectation.

CONSUMER DISCRETIONARY

Ford (F) - Plans to launch seven new vehicle models in Europe by 2029, including five passenger vehicles such as a small electric car and compact electric SUV, as it works to revive regional sales and compete with Chinese automakers. Ford also criticised Europe’s EV policy framework, arguing that CO2 regulations should better reflect consumer demand and support plug-in hybrids and extended-range EVs alongside fully electric vehicles. Ford =plans to launch a successor to the Fiesta as part of a European sales push and manufacture a new Bronco compact SUV in Spain from 2028, FT reports. Ford is also in talks with Geely over capacity at its plant in Spain.
Amazon (AMZN) - Consumers sued Amazon, seeking refunds for tariff-related price increases after the US Supreme Court ruled Trump’s tariffs unlawful, Reuters reports. The proposed class action alleges Amazon collected hundreds of millions of dollars in unlawful tariff costs and did not seek government refunds.
Mercedes-Benz (MBG) - Mercedes-Benz CEO Kallenius said the company would be willing to enter defence production if it made “business sense”, WSJ reports. He said Europe needs to increase its defence profile and that Mercedes would be willing to play a positive role if possible.
Tesla (TSLA) - Tesla raised US prices for Model Y cars, increasing Model Y premium all-wheel drive and rear-wheel drive by USD 1K to USD 49,990 and USD 45,990 respectively. Model Y Performance all-wheel drive rose USD 500 to USD 57,990. Tesla did not give a reason, Reuters reports.
Stellantis (STLA), Renault (RNSLY) - France wants Stellantis and Renault to favour local parts suppliers to protect jobs and retain regional know-how as Europe’s automakers deepen ties with Chinese manufacturers.
V.F.C Corp (VFC) - Double upgraded at Williams Trading to 'Buy' from 'Sell' with a USD 19 PT (prev. 14). The double upgrade reflects a "subtle increase" in momentum at Vans. The firm said any improvement in Vans' trends will be received well by investors. While VF is "not over the hump," as Timberland sales "may roll over" in late fiscal 2027, the brand's momentum should continue through the first half of the fiscal year.
Li Auto (LI) - Cut prices on its latest model by nearly 9%, triggering a broader selloff across Chinese EV makers. The move is seen as part of intensifying price competition in China’s electric vehicle market, where manufacturers are fighting for demand amid slowing growth. Peer companies also declined following the announcement, reflecting concerns over margin pressure in the sector.

FINANCIALS

Private Credit - Publicly traded BDCs are approaching their steepest discounts to asset values since Covid, Bloomberg reports. The article notes that recent earnings showed rising credit losses, falling new lending and shrinking portfolios, after private credit’s retail push exposed the sector to public market volatility and followed redemption pressure at several private BDC vehicles.
BlackRock (BLK) - BlackRock has discussed investing USD 5-10bln in SpaceX’s IPO next month, with SpaceX targeting about USD 75bln at a roughly USD 1.75tln valuation, the Information reports. SpaceX aims to list on Nasdaq as early as 12th June, according to reports.
KKR & Co. (KKR) - KKR hired Morgan Stanley (MS) Investment Management’s Masahiro Shuto as managing director and head of its Japan capital markets business, Bloomberg reports.
Standard Chartered (SCBFF) - Standard Chartered appointed Manus Costello as Group CFO and executive director, subject to regulatory approval. Costello becomes interim GCFO immediately. He joined Standard Chartered in April 2024 as global head of investor relations.
Prudential (PUK) - Prudential agreed to buy a 75% stake in Bharti Life Insurance for INR 35bln, Bloomberg reports. The deal gives the UK insurer access to India’s uninsured middle class, with an additional consideration of up to INR 7bln payable on completion.

INDUSTRIALS

Lockheed Martin (LMT) - Lockheed Martin was awarded a USD 991.13mln US Navy firm-fixed-price order for 432 material modification kits supporting F-35 aircraft modernisation and retrofit work.
Northrop Grumman (NOC) - Northrop Grumman was awarded a USD 196.07mln US Navy contract modification for MQ-4C Triton support. Northrup was also awarded a USD 325.53mln US Army cost-plus-fixed-fee contract to develop the RangeHawk universal payload architecture prototype. And it was also awarded a USD 398mln US Air Force firm-fixed-price contract for a SATCOM space vehicle; the contract covers development, launch and on-orbit support.
General Dynamics (GD) - General Dynamics was awarded a USD 229.65mln US Army fixed-price-incentive contract for 50 Stryker Double V-Hull A1 vehicles.
Airliners - Following the collapse of Spirit Airlines, rival carriers including Breeze Airways, Allegiant Air, Frontier Airlines (ULCC), and JetBlue (JBLU) are moving to take over many of Spirit’s former routes, particularly at smaller airports, WSJ reports. Discount airlines are seeking to capture displaced demand and expand their footprint as route capacity reshuffles across the US aviation market.
Ryanair (RYAAY) - Ryanair warned FY 2027 unit costs could rise by a mid-single digit percentage if unhedged jet fuel prices stay elevated, Bloomberg reports. The airline has hedged 80% of fuel at USD 67/bbl, but expects higher fuel, crew and maintenance costs, plus EUR 300mln in extra EU environmental taxes.

ENERGY

China Crude - Chinese oil refiners cut output after crude imports plunged. April processing fell to 54.65mln tons, down 11% vs March, and 5.8% Y/Y, as the near-halt to shipments through the Strait of Hormuz squeezed crude supplies and pushed state-owned refinery runs to multiyear lows, Bloomberg reports.
Russia LNG - Russia is expanding its LNG dark fleet with four tankers previously servicing Oman’s export plant, Bloomberg reports. Kosmos loaded from the US-sanctioned Saam floating storage unit near Murmansk, while Merkuriy, Orion and Luch have also picked up from Saam or are positioning to dock there, ship data showed.
Venezuela Crude - Venezuela is circulating draft regulations for its new oil law to companies considering investment in increased production, Bloomberg reports. The draft sets technical, operational, fiscal and control provisions for oil and gas operators, expands private activity into areas previously monopolised by PDVSA, and repeals 1943 and 1969 oil rules.
TotalEnergies (TTE) - France will not rule out an exceptional tax on TotalEnergies, Bloomberg reports; Budget Minister Amiel said there was “no taboo” over redistributing excess profits from higher oil prices, though the government currently prefers a fuel-price cap. Amiel added that no decision had been made on a possible surcharge, Bloomberg reports.
Shell (SHEL) - Upgraded at HSBC to 'Buy' from 'Hold'. The firm cites its higher cash flow estimates and the company's improved medium-term upstream growth visibility post the ARC Resources deal for the upgrade. Shell's valuation to TotalEnergies is unwarranted, given Shell's higher distribution yield, lower Middle East exposure, and narrowing gap on upstream visibility, the firm argued.
Phillips 66 (PSX) - Approved the Zeus Gas Plant and a third Coastal Bend Fractionator to expand Permian gas processing and Gulf Coast NGL capacity. The Zeus project includes a 300 MMcf/d processing plant and the new Midland Express Pipeline, with both projects expected online in 2028.
Santos (SSLZY), Repsol (REPYY) - Santos announced first oil from Pikka phase 1 on Alaska’s North Slope. Production has started during commissioning and is expected to ramp to 20K bbl/day over the coming weeks, then remain near that level until water injection begins. Santos operates the project with a 51% stake, while Repsol holds 49%.

HEALTHCARE

Regeneron (REGN) - Regeneron said its Phase 3 trial of fianlimab plus cemiplimab in first-line unresectable locally advanced or metastatic melanoma did not meet the primary endpoint. The combination failed to show a statistically significant progression-free survival improvement versus pembrolizumab monotherapy. No new safety signals were identified.
Hims & Hers (HIMS) - Issuing USD 300mln in convertible senior notes due 2032, with a potential USD 45mln upsized offering, to fund international expansion, AI investment, and infrastructure upgrades. Proceeds will also support its planned Eucalyptus acquisition and general corporate needs. The notes are senior unsecured and convertible into cash, stock, or a mix at the company’s option.
Merck (MRK) - Said its TroFuse-005 trial evaluating sacituzumab tirumotecan met primary endpoints of overall survival and progression-free survival in certain patients with advanced or recurrent endometrial cancer.
Dr. Reddy’s (RDY) - Dr. Reddy’s Laboratories launched generic Semaglutide Injection in Canada after receiving Health Canada approval on 28th April. The company said it is among the first to introduce a generic version in Canada, the first G7 country to grant market authorisation for Semaglutide Injection.
Daiichi Sankyo (DSNKY), AstraZeneca (AZN) - Enhertu received FDA approval for two new HER2-positive early breast cancer indications. It was approved in the neoadjuvant setting with taxane, trastuzumab and pertuzumab for adult stage 2 or 3 patients, and in the adjuvant setting for adults with residual invasive disease after trastuzumab and taxane-based treatment. Daiichi Sankyo and AstraZeneca jointly develop it.
Novartis (NVS) - Novartis announced PSMAddition data showing Pluvicto plus standard of care improved PSA responses versus standard of care alone in PSMA-positive mHSPC. Results presented at the American Urological Association Annual Meeting 2026 showed a 58% lower risk of PSA progression and deeper PSA reductions with Pluvicto plus standard of care.
Roche (RHHBY) - Genentech announced that the FDA approved Tecentriq and Tecentriq Hybreza as an adjuvant treatment for adult patients with MIBC who have circulating tumour DNA molecular residual disease after cystectomy.
Ipsen (IPSEY) - Ipsen presented first corabotase data for moderate-to-severe glabellar lines at the 2026 Scale Symposium. At Week 4, 66% of corabotase-treated patients had a statistically significant 2-grade or greater improvement versus 0% on placebo and 54.3% with Dysport. At Week 24, 60.8% maintained a clinically significant effect, with 82.8% satisfied or very satisfied.
United Therapeutics (UTHR) - United Therapeutics received FDA clearance to proceed with the EXPRESS clinical trial of UHeart, an investigational heart derived from a pig with 10 gene edits.
Boston Scientific (BSX) - Announced a strategic investment of USD 1.5bln in MiRus for a 34% TAVR stake. The agreement includes an exclusive option to acquire MiRus's SIEGEL Balloon Expandable TAVR system through additional aggregate cash payments of USD 3bln, contingent on clinical and regulatory milestones. The investment is expected to be immaterial to adj. earnings per share in 2026. Boston Scientific entered into a USD 2bln accelerated share repurchase agreement; expects net impact of USD 0.02 to adj. EPS in FY26; will have USD 3bln remaining under share repurchase authorisation after the ASR.

MATERIALS

Compass Minerals (CMP) - Considering a return to the lithium market and has signed an MOU with Energyx to extract lithium from Utah's Great Salt Lake, Reuters reports.
China Power Generation - China’s thermal power generation rose 3.1% Y/Y in April, growing for a fourth consecutive month, Bloomberg reports. The increase helped meet rising demand while wind and nuclear output fell. Coal production declined 1% in a month typically linked to seasonal maintenance.
Anglo American (NGLOY) - Anglo agreed to sell its steelmaking coal business for up to USD 3.88bln in cash, and will use proceeds to reduce net debt; separately, Anglo said it does not currently expect any immediate production impact from the Collahuasi environmental permit issue in Chile.

UTILITIES

Dominion Energy (D), NextEra (NEE) - NextEra to acquire Dominion in all-stock deal; Dominion holders get 0.8138 NEE shares each. The combined company would serve 10mln customers with 110 GW capacity. Deal expected to close in 12–18 months pending approvals.
PG&E Corporation (PCG) - PG&E cut power to some California customers as dry, windy conditions raised wildfire risks, Bloomberg reports. The utility said 779 outages were affecting nearly 57.5K customers on Sunday evening, including planned wildfire-risk shutoffs and unplanned disruptions.

CONSUMER STAPLES

Monster Beverage (MNST) - Authorised a new USD 500mln share repurchase programme. As of 14th May, about USD 400mln remained available under its previous buyback authorisation.

13-F FILINGS

Appaloosa Management

New: Sandisk (SNDK).
Raises: Amazon (AMZN), Uber (UBER), Vistra (VST), Micron (MU).
Cuts: Alibaba (BABA), Microsoft (MSFT), Whirlpool (WHR), Meta (META), Qualcomm (QCOM).
Exits: American Air (AAL), Owens Corning (OC), Mohawk Industries (MHK), Iqvia (IQV), United Airlines (UAL).
Top: Amazon (AMZN), Micron (MU), Alphabet (GOOG), Uber (UBER), TSMC (TSM).

Berkshire Hathaway

New: Delta Air Lines (DAL), Macy's (M).
Raises: Google (GOOGL), New York Times (NYT), Lennar (LEN).
Cuts: Bank of America (BAC), Chevron (CVX), Constellation Brands (STZ), Nucor (NUE).
Exits: Visa (V), Mastercard (MA), UnitedHealth (UNH), Domino's Pizza (DPZ), Aon (AON).
Top: Apple (AAPL), American Express (AXP), Coca-Cola (KO), Bank of America (BAC), Chevron (CVX).

Elliott Management

New: Norwegian Cruise (NCLH), Transocean (RIG).
Raises: HP Enterprise (HPE), Seadrill (SDRL), HDFC Bank (HDB).
Cuts: Southwest Air (LUV), Triple Flag (TFPM).
Exits: iShares iBoxx USD High Yield Corporate Bond ETF (HYG), Bill Holdings (BILL), Sensata (ST), FS KKR Capital (FSK).
Top: Triple Flag (TFPM), Phillips 66 (PSX), Suncor (SU), Southwest Air (LUV), HP Enterprise (HPE). Elliott has built a sizeable stake in Bio-Rad Laboratories (BIO) and plans to push Co. to improve its underperforming share price, WSJ reports; Elliott also has a large stake in Sartorius (SOAGY), which Bio-Rad has a strategic investment.

Icahn Enterprises

New: None.
Raises: CVR Energy (CVI), SandRidge Energy (SD).
Cuts: EchoStar (SATS)
Exits: Southwest Gas (SWX)
Top: Icahn Enterprises (IEP), CVR Energy (CVI), CVR Partners (UAN), Centuri Holdings (CTRI), International Flavors (IFF)

JANA Partners

New: None.
Raises: Fiserv (FISV), Alkami Technology (ALKT), Cooper Companies (COO).
Cuts: Mercury Systems (MRCY), Markel Group (MKL).
Exits: Freshpet (FRPT).
Top: Mercury Systems (MRCY), Cooper Companies (COO), Fiserv (FISV), Lamb Weston (LW)

Lone Pine Capital

New: Teradyne (TER), Corning (GLW), MasTec (MTZ), US Foods (USFD), Performance Food (PFGC).
Raises: Carpenter Tech (CRS), ASML (ASML), Clean Harbors (CLH), Entegris (ENTG), Talen Energy (TLN).
Cuts: KKR (KKR), TSMC (TSM), Vulcan Materials (VMC), Amphenol (APH), Brookfield (BAM).
Exits: Broadcom (AVGO), Microsoft (MSFT), DoorDash (DASH), Amazon (AMZN), Philip Morris (PM).
Top: Vistra (VST), ASML (ASML), Carpenter Tech (CRS), LPL Financial (LPLA), AppLovin (APP).

Omega Advisors

New: Capital One (COF), Amazon (AMZN).
Raises: OneMain (OMF), Pelagos Insurance (PLGO), USA Today (TDAY), Manchester United (MANU).
Cuts: Elevance (ELV), Atlas Energy Solutions (AESI).
Exits: Regal Rexnord (RRX), Occidental (OXY).
Top: Vertiv (VRT), Rocket Cos (RKT), Energy Transfer (ET), Mirion Technologies (MIR), Pelagos Insurance (PLGO).

Paulson & Co.

New: Amicus (FOLD).
Raises: International Tower Hill Mines (THM), Thryv Holdings (THRY).
Cuts: Madrigal Pharma (MDGL).
Exits: Solstice Advanced Materials (SOLS).
Top: Perpetua Resources (PPTA), Madrigal Pharma (MDGL), Acadian Asset Management (AAMI), Bausch Health (BHC), Novagold Resources (NG).

Pershing Square

New: Microsoft (MSFT).
Raises: Amazon.com (AMZN).
Cuts: Alphabet (GOOGL), Brookfield Corp. (BN), Uber (UBER), Restaurant Brands (QSR), Meta Platforms (META).
Exits: Hilton (HLT).

Soros Fund Management

New: Linde (LIN), H2O America (HTO), Penumbra (PEN), Berkshire Hathaway Class B (BRK.B), Webster Financial (WBS).
Raises: Electronic Arts (EA), Sealed Air (SEE), TSMC (TSM), Honeywell (HON), Nvidia (NVDA).
Cuts: Amazon (AMZN), State Street SPDR S&P 500 (SPY), Disney (DIS), Salesforce (CRM), Figure Technology (FIGR).
Exits: State Street SPDR S&P Homebuilders ETF (XHB), Take-Two (TTWO), Radian (RDN), Analog Devices (ADI), V2X (VVX).
Top: Amazon (AMZN), Electronic Arts (EA), Nvidia (NVDA), TSMC (TSM), Alphabet Class A (GOOGL).

Starboard Value

New: Lamb Weston (LW), CarMax (KMX), GPGI (GPGI).
Raises: Riot Platforms (RIOT), TripAdvisor (TRIP).
Cuts: Gen Digital (GEN), Clearwater Analytics (CWAN), Healthcare Realty Trust (HR), Becton Dickinson (BDX), Fluor (FLR).
Exits: Autodesk (ADSK), Salesforce (CRM).
Top: Qorvo (QRVO), Kenvue (KVUE), Match Group (MTCH), Algonquin Power (AQN).

Third Point

New: Meta (META), Alphabet Class A (GOOGL), SPDR Gold Shares (GLD), Hut 8 Corp (HUT), TransDigm (TDG).
Raises: ARS Pharmaceuticals (SPRY).
Cuts: Nvidia (NVDA), Union Pacific (UNP), Norfolk Southern (NSC), Capital One (COF), Live Nation (LYV).
Exits: PG&E (PCG), Microsoft (MSFT), Brookfield (BAM), Casey's (CASY), CoStar (CSGP).
Top: Amazon (AMZN), Telephone & Data Systems (TDS), CRH (CRH), Somnigroup (SGI), Carpenter Tech (CRS).

Tiger Global

New: MercadoLibre (MELI), Lumentum (LITE), EquipmentShare.com (EQPT), Intel (INTC).
Raises: TSMC (TSM), Applied Materials (AMAT), Broadcom (AVGO), Nvidia (NVDA), Spotify (SPOT).
Cuts: Microsoft (MSFT), Take-Two (TTWO), Reddit (RDDT), Apollo (APO), AppLovin (APP).
Exits: Flutter (FLUT), Veeva (VEEV), Grab (GRAB), Workday (WDAY), Elastic (ESTC).
Top: Alphabet Class A (GOOGL), Nvidia (NVDA), Amazon (AMZN), TSMC (TSM), Meta (META).