Daily US Equity Opening News - HNHPF sees rev growing in Q2; AAPL holds early chip talks with INTC, SSNLF; META readies USD 13bln data centre financing; PLTR falls despite stronger results/guidance; PSKY beats on streaming & film growth

DAY AHEAD:

EVENTS: EU Trade Commissioner Sefcovic will meet USTR Greer in Paris; the talks come after President Trump threatened to raise tariffs on EU cars and trucks to 25% (from 15%), citing frustration over delays implementing last July’s trade agreement.
DATA: In North America, ISM Services PMI is seen easing to 53.7 (from 54.0), business activity is seen falling to 53.5 (prev. 53.9), employment is expected to ease to 45 (prev. 45.2), prices are seen rising to 71 (prev. 70.7), and new orders are seen at 60 (prev. 60.6). JOLTs job openings are expected at 6.87mln (prev. 6.882mln), with attention also on the Quits Rate (prev. was unchanged at 1.9%) and Vacancy Rate (prev. fell to 4.20% from a revised 4.4%). The US trade deficit is seen widening to USD 59bln from 57.3bln. Canada trade data is also due. The RCM/TIPP economic optimism index is seen paring to 42 (from 42.8). The Atlanta Fed will update its GDPNow tracking estimate (currently tracks growth of 3.5% in Q2).
CENTRAL BANKS: The BoE publishes its Q1 2026 Asset Purchase Facility Quarterly Report. BCB Copom meeting minutes are released.
SPEAKERS: ECB President Lagarde (neutral) and ECB Chief Economist Lane (neutral) both speak at a climate conference (text releases are expected for both). Fed’s Bowman (voter, dovish) speaks at the Women in Housing and Finance Symposium (text release not confirmed; but there will be a Q&A); Fed’s Barr (voter, neutral) speaks on banking regulation (text release not confirmed; but there will be a Q&A).
SUPPLY: Germany sells EUR 1.0bln of 2029 and EUR 0.5bln of 2035 Green Bunds. Alphabet (GOOG) has begun a six-part EUR-denominated bond offer.
ENERGY: After the close, the API publishes its gauge of weekly energy inventories.
EARNINGS: Notable corporate results due today include: Advanced Micro Devices (AMD), Arista Networks (ANET), Eaton (ETN), Duke Energy (DUK), Pfizer (PFE), Shopify (SHOP), KKR & Co (KKR), Cummins (CMI), Emerson Electric (EMR), American Electric Power (AEP), Marathon Petroleum (MPC), TransDigm (TDG), Occidental (OXY), Lumentum (LITE), Strategy (MSTR), Corteva (CTVA), Electronic Arts (EA), IDEXX Laboratories (IDXX), PayPal (PYPL), Rockwell (ROK), WEC Energy (WEC), Public Service Enterprise (PEG), Fiserv (FISV), Live Nation (LYV), Archer-Daniels-Midland (ADM), Prudential (PRU), IQV (IQV), Devon Energy (DVN), IQVIA Holdings (IQV), DuPont (DD), International Flavors & Fragrances (IFF), Super Micro (SMCI).

NEWS:

GEOPOLITICS:

US-Iran - US President Trump said the Iran conflict could last another two to three weeks, that a detour workaround is functioning well, and that oil prices are expected to fall sharply once hostilities end. He said Iran fired on vessels from uninvolved nations, including a South Korean cargo ship, during Project Freedom ship movements, and will be destroyed if it attacks US vessels carrying out the operation. Trump stopped short of saying Iran has violated the ceasefire.
US-Iran - Iranian President Pezeshkian has requested an emergency meeting with Supreme Leader Khamenei to urge a halt to IRGC attacks on Persian Gulf nations, according to Iran International. Pezeshkian reportedly indicated that the IRGC’s attack on the UAE took place without the government’s knowledge. Iranian Parliamentary Speaker Ghalibaf said the new equation of the Strait of Hormuz is being solidified, accusing the US and its allies of jeopardising shipping and energy security through ceasefire violations and blockades; he warned that the current situation is unsustainable for the US and that Iran has not yet begun to act in full.

MACRO:

US Fiscal - Senate Judiciary Committee Chairman Grassley proposed up to USD 1bln for US Secret Service security adjustments and upgrades, including President Trump’s planned White House ballroom, Bloomberg reports. The funding would be included in a forthcoming law enforcement and border security reconciliation bill, allowing Republicans to pass it over Democratic objections.
Japan FX Intervention - Japan has only two remaining windows for three-day yen intervention sessions by November under IMF guidelines, if it wishes to retain its freely floating exchange rate status, WSJ reports. Each three-day operation counts as a single market intervention, the report explains. A Japan finance ministry official cited the IMF rule on Monday, following a JPY surge last week amid reported intervention.
RBA - The RBA raised its interest rates +25bps for a third straight meeting to 4.35%, in an 8-1 vote, unwinding all of last year’s easing, as it seeks to tame stubbornly strong inflation.
Asset Allocation - PIMCO’s international clients are seeking to diversify away from US markets, Bloomberg reports. The asset manager cited geopolitical shifts, and a prolonged equity rally that increased exposure to the US, saying clients were asking about global fixed income, emerging markets and alternatives outside the US.

TRADE:

US-China - US President Trump said he will raise Hong Kong’s imprisoned former media tycoon Jimmy Lai with Chinese leader Xi Jinping during a China visit, expected to take place between 14-15th May, adding a potential point of friction to the agenda, which is already complicated by the Iran war. Trump said he looked forward to meeting Xi, and said the planned summit remained on, despite fresh tensions between the two countries, describing the upcoming trip as “very important”.

TECH:

Hon Hai Precision Industry Co. (HNHPF) - Foxconn reported April revenue of TWD 832bln (+29.7% Y/Y). Said that Q2 is expected to show both Q/Q and Y/Y growth.
Apple (AAPL), Intel (INTC), Samsung (SSNLF) - Apple has held exploratory talks with Intel and Samsung Electronics about producing main processors for its devices, Bloomberg reports. Discussions remain early, with no orders. Apple is reportedly concerned about using non-TSMC (TSM) technology because of reliability and scale.
AI Companies - The White House is considering a cybersecurity-focused executive order that could formalise a government oversight group to set standards for powerful AI models, according to the WSJ citing sources. The move, prompted in part by Anthropic’s Mythos model, aims to protect consumers and businesses from cyberattacks and other disruptions caused by the premature release of such models.
OpenAI - OpenAI CEO discussed spinning out the company’s robotics and consumer-hardware divisions late last year, WSJ reports. The plan would have let the units raise external funding and operate more independently, but was rejected partly because they might have remained consolidated on OpenAI’s balance sheet.
Anthropic - The EU is in talks with Anthropic about testing its companies and banks for vulnerabilities uncovered by the new Mythos AI model.
Palantir (PLTR) - Palantir shares fell 2.3% in afterhours trading, despite stronger results and lifted guidance, as US commercial revenue fell short of expectations, and the stock remained under pressure from wider concerns about AI disruption in software, while some profit taking was cited after the rally since April. Q1 adj. EPS 0.33 (exp. 0.28), Q1 revenue USD 1.63bln (exp. 1.54bln). Revenue grew 85% Y/Y, its fastest expansion since its 2020 market debut, while net income roughly quadrupled. US government revenue +84% Y/Y to USD 687mln, US commercial revenue +133% Y/Y to USD 595mln, trailing 12-month commercial customers +31% Y/Y to 1,007; remaining performance obligations rose to USD 4.45bln (from USD 1.9bln Y/Y)). CEO said results “dwarfs the performance of essentially every software company in history at this scale” and expects the US business across government and commercial to double again in 2027. Sees Q2 revenue between USD 1.797-1.801bln (exp. 1.68bln), Q2 adj. operating income between USD 1.063-1.067bln. Raised FY26 revenue guidance to between USD 7.65-7.662bln (exp. 7.27bln), and raised FY26 adj. free cash flow view to between USD 4.2-4.4bln.
Intel (INTC), Qualcomm (QCOM) - Intel has appointed Alex Katouzian, formerly of Qualcomm, to lead its Client Computing and Physical AI Division, seeking to align its consumer PC business with physical AI applications including robotics and AI-enabled devices, DigiTimes reports.
IBM (IBM) - IBM CEO said maximising returns on AI investment requires a fundamental restructuring of business workflows rather than simply adopting new technology. He noted that AI adoption typically evolves from individual contributors through to entire organisations, with returns increasing at each stage, driven less by technology alone than by updating established processes and social dynamics.
ON Semiconductor (ON) - ON Semiconductor’s shares fell 4.5% in extended trading after only narrowly beating expectations, despite solid guidance, as investors’ expectations had risen following the stock’s strong advance. Q1 adj. EPS 0.64 (exp. 0.62), Q1 revenue USD 1.51bln (exp. 1.49bln). Reported a net loss of USD 33.4mln, but narrowed its loss as demand strengthened through the quarter. AI data-centre revenue grew more than 30% sequentially and more than doubled Y/Y, boosted by demand from AI data-centre builders, while management pointed to longer-term opportunities from increasing semiconductor content in automotive, industrial and AI data-centre applications. CEO it has moved beyond the cyclical trough, and is on a path to recovery. Sees Q2 adj. EPS between 0.65-0.77 (exp. 0.67), sees Q2 revenue between USD 1.535-1.635bln (exp. 1.53bln).
ServiceNow (NOW) - ServiceNow projected USD 30bln of subscription revenue in 2030, amid traction from AI products. CFO said about 30% of the software company’s annual contract value would come from Now Assist, its flagship AI offering.
Lattice Semiconductor (LSCC) - Q1 adj. EPS 0.41 (exp. 0.37), Q1 revenue USD 170.9mln (exp. 164.93mln). Performance was led by increased demand across all end markets. Compute and Communications achieved record revenue, while Industrial and Embedded revenue grew more than 20% Q/Q. Management said strong backlog, design-win momentum and leadership in small and mid-range FPGAs leave Lattice in the early stages of a multi-year growth cycle. Lattice agreed to acquire AMI from THL Partners for USD 1.65bln, comprising USD 1.0bln in cash and about USD 650mln in stock, with the deal expected to close in Q3, and be accretive to adj. gross margin, free cash flow and EPS. AMI is expected to generate over USD 200mln of 2026 revenue, supporting Lattice’s path to a USD 1bln-plus annual revenue run rate by Q4 2026. Lattice sees Q2 adj. EPS between 0.42-0.46 (exp. 0.38) and Q2 revenue between USD 175-195mln (exp. 171.02mln).
Dell Technologies (DELL) - Board unanimously approved reincorporating from Delaware to Texas, with stockholders set to vote on the move at the AGM on 25th June. Chairman and CEO Michael Dell cited Texas’s talent, research universities, and business environment as key factors underpinning the decision. Separately, Dell granted COO Jeff Clarke performance-based stock options estimated at USD 132.4mln in 2031, if annual performance goals are met. The award forms part of Clarke’s USD 154.3mln total compensation for the recent FY, and no other company executive received a grant of the same size or duration, Bloomberg said.
Sonos (SONO) - Shares rose over 8% in extended trading after the company reported an 8% revenue increase, and said it was filing for tariff refunds totalling USD 40mln. CEO said that the timing of any refund was uncertain.
Fidelity National Information Services (FIS) - Anthropic and Fidelity National Information Services are preparing to announce a partnership to develop AI agents for use by financial institutions, WSJ said. The agents will draw on FIS’s financial data and systems alongside Anthropic’s Claude AI model.

COMMUNICATIONS:

GameStop (GME) - Michael Burry sold all his GameStop stock after the company announced plans to buy eBay for USD 56bln. Burry said his thesis of using dealmaking to turn GameStop into a version of Berkshire Hathaway (BRK) was incompatible with the debt required for an eBay takeover.
Paramount Skydance (PSKY) - Paramount Skydance beat earnings and revenue expectations, driven by growth in streaming and film revenue, and it reaffirmed its FY outlook. Q1 EPS 0.15 (exp. 0.15), Q1 revenue USD 7.35bln (exp. 7.28bln). Management noted that engagement in streaming and sports “remains strong,” with CBS Sports delivering the most-watched final round of The Masters on record. It added 700,000 subscribers, taking the service to nearly 80mln subscribers despite January price increases. The Warner Bros. Discovery deal remains on track for a Q3 close. Sees Q2 revenue between USD 6.75-6.95bln (exp. 7.04bln), Q2 adj. EBITDA between USD 0.9-1.0bln. Sees FY26 revenue USD 30.0bln (exp. 29.94bln), FY26 adj. EBITDA of USD 3.8bln, with revenue relatively more weighted to H2 and profitability skewing slightly towards H1.
X (Formerly Twitter) - Elon Musk settled the SEC’s civil lawsuit over delayed disclosure of his initial Twitter stake, with a trust in his name to pay a USD 1.5mln civil fine, Reuters reports. Musk did not admit wrongdoing or repay the USD 150mln allegedly saved. The settlement requires court approval and follows years of litigation with the regulator.
Meta Platforms (META) - Meta Platforms is working on a financing package of about USD 13bln for an El Paso, data centre, Bloomberg reports. Morgan Stanley (MS) and JPMorgan (JPM) are leading the process, with most financing expected as debt and the remainder as equity.
Pinterest (PINS) - Pinterest shares surged by over 15% in extended trading after earnings and revenue beat expectations, along with stronger-than-expected guidance, higher user monetisation, and AI-driven advertising platform improvements. Q1 EPS 0.27 (exp. 0.22), Q1 revenue USD 1.008bln (exp. 968.12mln). Revenue +18% Y/Y, surpassing USD 1bln, while global monthly active users +11% Y/Y to 631mln (exp. 631mln), marking the company’s tenth consecutive quarter of double-digit user growth. CEO said it is seeing continued momentum from differentiated visual search product experiences and remains focused on ensuring monetisation more fully reflects the strength of engagement as it builds an AI-powered ads platform for advertisers. Sees Q2 revenue between USD 1.133-1.153bln (exp. 1.12bln), representing 14-16% Y/Y growth, and including an approximately 1ppt FX tailwind based on current rates; sees Q2 adj. EBITDA between USD 256-276mln.
Take-Two (TTWO) - CEO described expectations surrounding Grand Theft Auto VI as “terrifying,” with the title anticipated to be one of the biggest entertainment launches of all time when it is released in November. The game has been delayed twice from its originally scheduled debut, raising the stakes.
IAC Inc. (IAC) - Shares tumbled over 7% in extended trading after reported lower Q1 revenue, hurt by declines in its search business and People’s print sales. People revenue -2% to USD 385.7mln. It also adjusted its FY outlook to reflect the sale of Care.com and costs tied to its restructuring plan.
T-Mobile (TMUS) - Broadband chief Andre Almeida purchased 5,097 shares on 1st May, for a total USD 1.0mln.

FINANCIALS:

Private Credit - SEC Chairman Atkins said the agency is investigating allegations of fraud in private credit firms, Bloomberg reported. He declined to identify the companies under scrutiny, and said the SEC was monitoring private credit alongside the US Treasury and the Fed.
BlackRock (BLK) - BlackRock executives argued in a report that ETFs can provide the liquidity retail investors need as private asset exposure grows, noting that private funds’ limited redemption windows and slow repricing heighten the need for instruments that can be traded quickly. With private credit allocations rising among wealthy clients, bond ETFs can serve as a liquid counterbalance, BlackRock said.
Morgan Stanley (MS) - Morgan Stanley’s investment banking programme in Budapest is under a US probe, WSJ reports. Finra launched an inquiry into unlicensed junior investment bankers in Hungary working on deals for clients in the US and Europe, after Morgan Stanley recruited young bankers from across Europe to work in Budapest, the report says. Separately. Morgan Stanley Co-President said companies are still seeking deals, and M&A backlogs remain “very strong”, with the dealmaking backdrop “pretty solid”. He cited pent-up demand from previous years, as well as companies’ focus on gaining scale and a conducive regulatory environment.
HSBC Holdings (HSBC) - HSBC Q1 pretax profit missed estimates on wider than expected credit losses. Q1 pretax profit USD 9.4bln (exp. 9.59bln); pretax was slightly lower Y/Y as expected credit losses rose by USD 400mln (to USD 1.3bln), driven by an unexpected USD 400mln fraud-linked loss tied to secondary securitisation exposure with a UK financial sponsor, alongside pressure from the US-Israel war with Iran, and a weaker economic outlook. HSBC said it has USD 3bln of exposure to such securitisation financing, while private markets-related exposure totals USD 111bln, including USD 22bln linked to private credit. The bank revised its 2026 credit charge expectation to 45bps of average gross loans (from 40bps), citing ongoing uncertainty in the outlook.
UniCredit (UNCRY) - UniCredit posted a record quarterly profit, with net income +16% Y/Y to EUR 3.22bln (exp. 2.68bln). Q1 revenue EUR 6.87bln (exp. 6.43bln). NII was EUR 3.587bln (vs EUR 3.661bln Y/Y), fees and net insurance increased to EUR 2.509bln (from EUR 2.327bln), operating costs fell to EUR 2.297bln (from EUR 2.321bln). Upgraded its FY26 net profit ambition to equal to or above EUR 11bln, and reaffirmed its FY28 and FY30 net profit ambitions despite a more challenging macro backdrop.
Berkshire Hathaway (BRK.B) - Berkshire Hathaway has selected Gen Re chairman Charlie Shamieh to succeed longtime insurance chief Ajit Jain whenever he retires, according to sources cited by the WSJ. Jain, 74, has not signalled when he intends to step down, and is expected to remain in the role for the foreseeable future.
Westpac (WBK) - Westpac H1 net income +3% Y/Y to AUD 3.4bln (exp. 3.5bln). CEO flagged concerns about the impact of the Middle East war on customers and the economy.
Stablecoins - Bank groups pushed back on a US crypto market structure proposal, saying the latest draft “falls short”, Bloomberg reports. Their response escalated pressure on lawmakers over a stablecoin rewards provision, despite Coinbase (COIN) saying a deal had been reached.

CONSUMER:

AB InBev (BUD) - AB InBev topped volume growth expectations, driven by diversification beyond beer, and maintained its medium-term EBITDA growth outlook. Q1 revenue EUR 15.27bln (exp. 14.84bln); organic revenue +5.8% (exp. 3.2%), supported by organic volume growth of 0.8% (exp. -0.3%), as non-beer growth helped volumes beat expectations. Adj. EBITDA margin was 35.6% (exp. 35.4%). Backed its medium-term outlook for EBITDA growth between 4-8%.
Volkswagen (VWAGY) - Volkswagen’s Audi confirmed FY outlook, though cautioned that it has not yet factored in the impact of the escalating Iran conflict or Trump’s threatened tariff increases. The German automaker has reduced factory capacity and is pressing ahead with plans to cut 7,500 workers by 2029 as it contends with declining China sales and rising global trade costs.

ENERGY:

Iraq Crude - Iraq is offering term buyers discounts of up to USD 33.40/bbl on its Basrah Medium crude for loadings this month, according to a 3rd May notice, Bloomberg reports. The report notes that tankers collecting the barrels must transit the Strait of Hormuz amid escalating regional hostilities.
Chevron (CVX) - CEO said the company is concerned about safe passage through the Strait of Hormuz after the US and Iran exchanged fire in the region on Monday, as the US military began escorting vessels through the waterway.
Diamondback Energy (FANG) - Diamondback Energy is boosting crude output in response to rising prices caused by the Iran war, Bloomberg reports. The Permian shale producer is pumping more than 520K BPD (3% above its original FY guidance), and plans to sustain those levels, CEO said.
Williams (WMB) - Q1 EPS 0.73 (exp. 0.62), Q1 revenue USD 3.03bln (exp. 3.27bln). Adj. EBITDA grew 13% Y/Y to USD 2.254bln, driven by Transco expansion projects, new Gulf volumes, higher storage revenues and higher gathering volumes in the West. CEO said results were supported by the ongoing success of its natgas strategy, and the performance of its premier assets. Raised its annualised dividend +5% to 2.10/shr. Continues to see FY26 adj. EBITDA between USD 8.05-8.35bln; now expects FY26 growth capex between USD 7.0-7.6bln, maintenance capex between USD 850-950mln.
Transocean (RIG) - Q1 adj. EPS -0.03 (exp. 0.08), Q1 revenue USD 1.08bln (exp. 1.03bln). Total backlog was approximately USD 7.1bln, including roughly USD 1.6bln of aggregate incremental backlog from new or extended contracts across five rigs, with an implied average dayrate of more than USD 450,000. Sees Q2 revenue between USD 930-970mln (exp. 966.2mln), Q2 capex between USD 30-40mln; sees FY26 revenue between USD 3.800-3.900bln (exp. 3.88bln), and FY26 capex of USD 150mln.

INDUSTRIALS:

CK Hutchison (CKHUY), Vodafone (VOD) - CK Hutchison Holdings agreed to sell its 49% stake in VodafoneThree, the UK’s largest mobile operator, in a GBP 4.3bln buy-out deal, Bloomberg reports. VodafoneThree, jointly owned by CK Hutchison and Vodafone Group, will pay CK Hutchison in cash for cancellation of the stake.
Maersk (AMKBY) - Maersk’s vessel Alliance Fairfax transited the Strait of Hormuz on Monday with assistance from the US military, the company said. It was part of a group of US-flagged commercial ships escorted through the waterway, Bloomberg reports.
Intertek Group (IKTSY) - EQT raised its takeover proposal for Intertek to GBP 8.9bln, as the private equity firm intensifies its pursuit of the British product-testing company, Bloomberg reports.

MATERIALS:

Vault Minerals (REDLF), Regis Resources (RGRNF) - Regis Resources agreed to buy Vault Minerals in an all-share transaction, valuing the combined entity at AUD 10.7bln. Vault shareholders will receive 0.6947 new Regis shares for each share held, creating an entity set to overtake Evolution Mining as Australia’s third-largest gold producer by market capitalisation.
Glencore (GLNCY) - A dust-collection unit exploded at Glencore’s Kazzinc zinc plant in eastern Kazakhstan, triggering a fire and the partial collapse of a building, Kazakhstan’s Emergency Situations Ministry said. The fire has since been extinguished.
Heidelberg Materials (HDELY) - Heidelberg Materials is in talks with banks to appoint financial advisers as it weighs a full acquisition of South African cement maker PPC, according to Bloomberg citing sources. The German building-materials firm, which already has a presence in West Africa, is looking to expand further on the continent, BBG notes.

HEALTHCARE:

Bayer (BAYRY) - A federal judge overseeing cancer lawsuits against Bayer and Roundup said he had “grave concerns” about a proposed USD 7.25bln Missouri class-action settlement, Bloomberg reports. The district judge questioned whether the Missouri accord would be legally binding on plaintiffs elsewhere, including former Roundup users who have not developed cancer.
Vertex (VRTX) - Q1 EPS 4.02 (exp. 4.31), Q1 revenue USD 2.99bln (exp. 3.00bln). CASGEVY and JOURNAVX delivered more than 25% of quarterly growth, highlighting a more diversified revenue base. CEO said it was off to a strong start in 2026, citing rapid pipeline progress and efforts to build a fourth franchise in nephrology, adding that the company is positioned to continue delivering for patients and creating long-term value. Affirmed FY26 revenue between USD 12.95-13.1bln (exp. 13.05bln).
Moderna (MRNA), Vertex (VRTX) - Vertex discontinued the Phase 1/2 study of VX-522, an investigational inhaled CFTR mRNA candidate for cystic fibrosis developed with Moderna. Moderna said tolerability issues prevented a profile supporting continued development, with early termination precluding efficacy and full safety assessment. Moderna said VX-522 was its only inhaled therapeutic approach, with no broader portfolio implications.
Fresenius Medical (FMS) - Fresenius Medical reported Q1 adj. net income of EUR 251mln (exp. 256mln); profit and revenue missed expectations as persistently weak treatment growth in the US weighed on performance.