Daily US Equity Opening News - NFLX drops after unchanged guidance, Hastings to leave board; UBER raises DELHY stake

TODAY’S AGENDA:

US INDEX FUTURES: ES +0.7%, NQ +0.7%, YM +1.0%, RUT +1.1%
DAY AHEAD: In energy, Baker Hughes will publish its weekly rig count statistics. On today’s CRA slate, S&P is set to review the Netherlands (AAA) and Turkey (BB-), while Morningstar DBRS is set to review the EU (AAA) and Italy (A). Today’s speakers include: Fed’s Barkin (2027 voter, neutral; no text expected) to speak on the economic outlook, repeating remarks he made on 27th of March; Fed’s Waller (voter, dove; text expected) will also speak on the outlook; NOTE: The Fed will enter its blackout window on 18th April ahead of its 29th April confab.
BROKER MOVES: TXN upgraded at Mizuho; EXC downgraded at multiple firms after PECO withdrawal. For the full list, click here.
MAJOR MORNING MOVES RECAP: NFLX, TFC, AA, NI, ALV, FLNC, NXPI. For the full list, click here.
US DAILY CONFERENCE CALENDAR: For the full list, click here.
PRIMER - Fedspeak - Today’s Fedspeak includes: Fed’s Barkin (2027 voter, neutral; no text expected) will speak on the economic outlook at 17:15BST/12:15EDT, repeating remarks he made on 27th of March. In those remarks, Barkin said the war with Iran and the rapid rollout of AI have deepened uncertainty, making it appropriate to keep rates on hold for now. The oil price shock could unsettle consumers, and Barkin noted that inflation progress had stalled even before the latest rise in energy prices. Fed’s Waller (voter, dove; text expected) will also speak on the outlook at 19:00BST/14:00EDT; When Waller spoke on policy last month, he said he had been prepared to call for a rate cut after February job losses, but the oil shock and inflation risks linked to the Iran war changed his view. Waller said a cautious approach is now needed until the conflict’s economic impact becomes clearer. NOTE: The Fed will enter its blackout window on 18th April ahead of its 29th April confab.

NEWS:

MIDDLE EAST

Israel-Lebanon - A 10-day Israel-Lebanon ceasefire took effect at 17:00EDT/22:00BST on Thursday following weeks of fighting between Israel and Hezbollah. PM Netanyahu confirmed a temporary ceasefire, but rejected Hezbollah’s demand for an Israeli withdrawal from southern Lebanon, saying Israeli forces will remain with an extensive security zone extending to the Syrian border. A Hezbollah source said as long as the occupation remains, Lebanon and its people have the right to resist by all means to force its withdrawal. While Iran welcomed the ceasefire, it stressed the need for full Israeli withdrawal from southern Lebanon. In the European morning, Al Jazeera reported that Israeli forces targeted an ambulance team in southern Lebanon.
US-Iran - President Trump said the US was “very close to making a deal” with Iran, flagged possible talks this weekend, and said he was open to travelling to Islamabad to close an agreement. Trump said the US is making significant progress, and that a ceasefire extension may not be needed, adding Tehran is now willing to accept terms it previously rejected.
Hormuz - A Pakistan-flagged Aframax tanker, the Shalamar, has become the first vessel to exit the Strait of Hormuz with a crude cargo since the US blockade began, Bloomberg reports, carrying around 450k bbls loaded at Das Island in the UAE and signalling Karachi as its destination.
Bab al-Mandab - A source told Al-Mayadeen that from Friday at noon, 10:00 BST, anyone crossing Bab al-Mandab should exercise heightened vigilance in all six directions, while other reports said the warning came from a resistance commander.
Energy Impact - IEA Executive Director Fatih Birol said a recovery of oil and gas production disrupted by the Iran war could take up to two years, citing damage to oil fields, refineries and pipelines across the Persian Gulf.
Asia Energy Demand - Asian refiners have turned increasingly to US crude to replace Middle Eastern supply, with at least 60mln bbls of US Gulf grades purchased for May loading, a three-year high, Bloomberg said. Japanese buyers led purchases, with South Korean, Singaporean and Thai processors also among customers. Separately, seven weeks of Middle East conflict have upended Asian energy strategies that relied on a record wave of new LNG supply to enable a shift away from coal; governments had crafted plans around an anticipated LNG surplus, assumptions now seen as no longer viable.

GEOPOLITICS

China - China President Xi has held at least five high-profile bilateral meetings in Beijing this week, Bloomberg notes, marking his quickest diplomatic tempo since July 2024 outside of formal summit weeks, as world leaders seek closer ties with China while the US is engaged in a conflict with Iran.

MACRO

US Economy - President Trump sought to reassure voters on the economy at a Las Vegas rally, acknowledging higher energy prices from the Iran war but defending his economic record ahead of November’s midterm elections. Trump described the conflict as “our little diversion” and claimed the economy was outperforming his first term.
US Treasury - The US Treasury’s cash balance jumped USD 145bln on 16th April, the largest one-day increase since September’s quarterly tax date, lifting the total to USD 924bln, the highest since 17th March and up USD 227bln for the week, as 15th April tax deadline inflows briefly pulled liquidity from the financial system, Bloomberg reports.
BoJ - BoJ Governor Ueda gave no clear signal on rates ahead of this month’s policy decision, telling reporters that rising energy prices from the Middle East conflict create both upside risks to inflation and downside risks to the economy, making policy responses “very difficult”.
ECB - ECB’s Dolenc said falling energy prices following the Iran war truce have brought the Eurozone economy closer to the ECB’s baseline scenario, potentially removing the case for rate rises, though he cautioned the situation remains volatile and policymakers must keep an open mind.

TRADE

US-Canada - Canada-US Trade Minister LeBlanc said Ottawa wants to resolve trade frictions with the Trump administration via a comprehensive agreement rather than piecemeal deals.
US-Philippines - The US plans to help build a 4,000-acre industrial hub in the Philippines to support production of inputs critical to American supply chains, Bloomberg reports.

TECH

Apple (AAPL) - iPhone shipments in China jumped 20% in Q1, outperforming peers despite a 4% overall market decline driven by higher chip costs and supply chain disruptions, via Counterpoint Research data. Apple was one of the few to buck the broader downturn. Meanwhile, Apple’s marketing chief for Apple Watch, AirPods, health and smart home products, Stan Ng, is retiring after 31 years at the company, Bloomberg reports. Ng helped devise the original Apple Watch and oversaw subsequent versions of the device alongside other accessories.
OpenAI - OpenAI to invest over USD 20bln in Cerebras chips, and will receive an equity stake, according to The Information. Cerebras eyes a USD 35bln valuation in planned IPO. Separately, OpenAI has launched an early version of GPT-Rosalind, an AI model aimed at life sciences research, including drug discovery, available initially as a research preview to select business customers; early users include Amgen (AMGN), Moderna (MRNA) and the Allen Institute. Elsewhere, the WSJ says OpenAI’s board had concerns in 2023 about how little it knew about Sam Altman’s personal investments and possible conflicts, and those questions remain as OpenAI moves towards a planned IPO this year at a valuation of about USD 850bln.
Intel (INTC), Samsung Electronics (SSNLF) - Intel has hired Samsung EVP Shawn Han as general manager of foundry services, Bloomberg reports. Han will join next month and report to the Foundry Division Head Naga Chandrasekaran as Intel pushes to win customers for its outsourced chip manufacturing business.
Uber (UBER), Delivery Hero (DELHY) - Uber has reportedly acquired an additional 4.5% stake in Delivery Hero from Prosus (PROSY), in a EUR 270mln deal (EUR 20/shr). The deal makes Uber the fourth largest Delivery Hero shareholder with a stake worth more than USD 600mln.
NXP Semiconductors (NXPI) - Double downgraded at Miuzho to 'Underperform' from 'Outperform' with a USD 188 PT (prev. 255). NXP's "big" auto exposure is a headwind in 2026 amid soft volumes. The firm says the company also has "significant in-house inventory" of USD 2.6bln.
Qorvo (QRVO) - Downgraded at Wolfe Research to 'Peer Perform' from 'Outperform'. The firm cites the company's pending acquisition by Skyworks (SWKS) for the downgrade. The acquisition is in part a stock deal and therefore, Qorvo's stock will likely trade in line with Skyworks moving forward.
Onto Innovation (ONTO) - Upgraded at Stifel to 'Buy' from 'Hold' with a USD 350 PT (prev. 220). The firm is surprised by the "muted" share reaction to Onto's positive preannouncement and the qualification of its new Gen5 Dragonfly system for 2.5D advance packaging. Field checks indicate Onto recently passed TSMC's New Too Selection Committee, which indicates the new qualification is with TSMC. Stifel says "this patches a key concern" it had when downgrading the stock last year.
Ericsson (ERIC) - Ericsson missed analyst forecasts in Q1, reporting adj. EBITA of SEK 5.6bln (exp. 5.84bln, prev. 7bln), as the company faced weak telecoms equipment demand and rising chip costs linked to the AI boom. Its networks division posted 7% organic sales growth in Q1, with North American weakness offset by gains in most other regions; ahead, it expects to outgrow the broader networks market despite warning of rising component costs. CFO said AI-driven chip demand will weigh on input costs until supply and demand rebalances, while the Middle East war caused minor delays to some cloud software project deliveries but no material overall impact, with the company rerouting transport and working with suppliers and customers to share the cost burden.
Applied Optoelectronics (AAOI) - Plans to expand its Houston-area footprint by adding ~388,000 square feet of manufacturing capacity in Pearland, Texas. The move builds on existing and planned facilities, increasing U.S. production capacity as the company scales operations.

COMMUNICATIONS

Netflix (NFLX) - Netflix shares fell over 10% in extended trading after the company reiterated FY guidance, with investors said to be disappointed with no upgraded view, and announced that co-founder Reed Hastings said he will not stand for re-election to the board at the June annual meeting. Q1 2026 (USD): EPS 1.23 (exp. 0.77), Revenue 12.25bln (exp. 12.17bln). Operating income +18% Y/Y to 4.0bln, operating margin 32.3% (prev. 31.7%). Management said the EPS beat was driven by higher-than-forecast operating income and a 2.8bln termination fee related to the Warner Bros. (WBD) transaction; some analysts suggested that EPS is therefore not comparable with analyst estimates because of that fee. It ended 2025 with more than 325mln paid members, is still under 45% penetrated on an addressable household basis, and continues to see significant room to grow. It said that recent price increases were supported by improvements in value, and that its ad-supported plan remains a strong entry point. Execs added that the Warner Bros. deal was not a need-to-have, and said it remains confident in the core business. Sees Q2 EPS at 0.78 (exp. 0.84), Q2 revenue of 12.57bln (exp. 12.64bln); backed its FY26 revenue outlook between 50.7-51.7bln (exp. 51.38bln), and maintained its FY26 operating margin view at 31.5%. Netflix also reiterated that it is on track to reach USD 3bln in advertising revenue in 2026 and said slightly better-than-planned subscription revenue helped drive an 18% increase in operating income in Q1. Content spending remains weighted to H1 and Q2, is expected to have the highest Y/Y content amortisation growth rate of 2026 before easing in H2. Post earnings, JPM recommends buying the shares on the selloff. JPMorgan understands that some investors will be disappointed with no increase to the 2026 outlook despite the Q1 upside. Netflix indicated that price increases for the year are already factored into the initial 2026 guidance for revenue growth of 12%-14%. JPM believes Netflix "continues to execute well, with considerable growth headroom."
Disney (DIS) - Seeking USD 10mln for a 30-second ad during the 2027 Super Bowl broadcast, Variety reports. The price has made some marketers hesitant, and Disney’s sales effort has not matched the early progress typically seen when other networks sell 40-60% of Super Bowl ad inventory before the upfront season.
Nintendo (NTDOY), Sony (SONY) - Nintendo’s Switch 2 sold 448,494 units in Japan in March, bringing its lifetime sales in the country to 5.15mln units, driven by the release of ‘Pokemon Pokopia’, according to VGChartz estimates; Sony’s PlayStation 5 sold 76,989 units in the month, with lifetime Japanese sales of 7.5mln.
Ubisoft (UBSFY) - ‘Assassin’s Creed: Black Flag Resynced’ will launch on 9th July, according to Insider Gaming. Ubisoft has postponed its official announcement until next week. The remake has been completely reworked with new content, but will not be an RPG, remaining a solo, character-driven experience.

CONSUMER DISCRETIONARY

Tesla (TSLA) - Preparing to introduce a new, larger version of its global best-selling Electric SUV in India as early as next week, a six-seater Model Y variant, according to Bloomberg, citing people familiar with the matter. Meanwhile, Tesla is hiring semiconductor engineers in Taiwan for its Terafab AI chip complex, targeting advanced nodes below 7nm, including 2nm-class technologies. The facility is expected to support edge AI, satellite chips and high-bandwidth memory, signalling deeper vertical integration into advanced semiconductors, according to Reuters, citing job postings.
Ford (F) - Recalling about 1.4mln F-150 pickup trucks in the US following an NHTSA investigation into reports of unexpected downshifts. Ford is aware of two "potentially" related injuries and one accident, and that dealers would update the trucks' powertrain control module software as a remedy.
Honda (HMC) - Plans to shut one JV petrol car plant in China in June, and is considering suspending another next year, Reuters reports. The move would further cut production capacity as Honda restructures amid weak sales and intensifying competition from Chinese EV makers.
Floor & Decor (FND) - BofA reinstated Floor & Decor at an 'Underperform' rating (prev. Buy) with a USD 45 PT. The firm notes that near-term catalysts to jump start the flooring market remain limited, and the firm sees risk that estimates will move lower throughout the year.
Autoliv (ALV) Q1 2026 (USD): Adj. EPS 2.05 (exp. 2.35), Revenue 2.75bln (exp. 2.72bln); sees FY26 organic sales growth around 0%. Expects an about 3% positive FX impact on its net sales in 2026 (prev. ~+1%).

FINANCIALS

Truist Financial Corp. (TFC) Q1 2026 (USD): EPS 1.09 (exp. 1.00), Revenue 5.15bln (exp. 5.17bln), NIM 3.6bln (exp. 3.63bln); guide Q2 revenue as stable Q/Q; trims FY26 adj. revenue to +4% (prev. +4-5%). Sees FY share repurchases at about 5bln and expects Q2 revenue to be stable. Sees FY26 average loan growth of 3-4%.
Regions Financial (RF) Q1 2026 (USD): Adj. EPS 0.62 (exp. 0.60), Revenue 1.25bln (exp. 1.92bln); Net income 539mln (exp. 519mln); NIM 3.67% (prev. 3.70%).
Fifth Third Bancorp (FITB) Q1 2026 (USD): EPS 0.15 (exp. -0.10), Net Interest Income 1.93bln (exp. 1.93bln), NIM 3.30% (prev. 3.03% last year). Revenue 2.834bln (exp. 2.85bln). Raised lower-end of FY26 NII view to 8.7-8.8bln (prev. 8.6-8.8bln). Sees Q2 average loans and leases at178-179bln.
Private Credit, Blackstone (BX), Apollo Global (APO), Ares Management (ARES) - Banks including JPMorgan, Barclays, Morgan Stanley and Citigroup have begun trading credit default swaps on flagship funds run by Blackstone, Apollo Global and Ares Management, according to sources cited by the FT. It follows S&P Global’s (SPGI) launch of its CDX Financials index. The contracts, which pay out on default, allow traders to bet on or hedge against strains in the USD 2tln private credit industry, which faces rising redemption requests and tighter bank funding terms, the FT adds.
Private Credit, Blockchain - Flow Capital Partners plans to offer its USD 150mln private credit fund on Singapore-based blockchain platform DigiFT by month-end, Bloomberg reports. The Hong Kong-based manager aims to raise an additional USD 30mln in tokenised shares by year-end and expand the fund to USD 250mln.
Brookfield Oaktree Holdings (OAK.B) - Oaktree Capital Group’s head of opportunistic credit outside North America, Pedro Urquidi, is set to leave the firm in the coming months, according to sources cited by Bloomberg.
Janus Henderson (JHG) - Janus Henderson shareholders approved the take-private deal with Trian and General Catalyst; shareholders not already owned or controlled by Trian will receive USD 52.00/shr in cash on completion.
HSBC Holdings (HSBC) - OCBC has emerged as the preferred bidder for HSBC’s retail assets in Indonesia, Bloomberg reports. The Singaporean lender is seeking a deal that could value HSBC’s consumer business in the country at around USD 350mln.
Deutsche Bank (DB) - Unconfirmed reports suggest a threat actor is offering a 26,000-credential combo list allegedly linked to Deutsche Bank accounts on a dark web forum, though the data is unverified and believed to be aggregated rather than sourced from a direct breach.
Goldman Sachs (GS) - Two senior Goldman bankers are leaving the firm’s Asia business after seven years, according to Bloomberg. Dawei Huang, co-head of China TMT, plans to join a technology company, while Samuel Thong, who helps lead Asia ex-Japan healthcare investment banking, is also set to depart.
UBS Group (UBS) - UBS senior wealth banker Lionel Yoong has left the firm, adding to recent departures from the team covering Indonesia from Singapore, Bloomberg reports. He is the third Indonesian market head to leave since the start of last year, and UBS has not replaced the other two who departed in 2025.

INDUSTRIALS

US Airlines, United Airlines (UAL), American Airlines (AAL) - The FAA will cap Chicago O’Hare airport at 2,708 daily flights through 24th October to prevent major summer delays, FlightGlobal reports. The move follows plans by United (UAL) and American (AAL) to expand schedules beyond the airport’s capacity, with slots to be allocated based on last summer’s schedules and foreign airlines exempt from cuts.
Kone Oyj (KNYJY) - In advanced talks to acquire TK Elevator from Advent and Cinven, Bloomberg reports. The Finnish company aims to reach a deal by the end of the month, with TK Elevator’s owners seeking a valuation of up to EUR 25bln including debt; Advent and Cinven purchased the company from Thyssenkrupp AG (TKAMY) in 2020 for EUR 17.2bln.
Jardines (JMHLY), CK Hutchison (CKHUY) - Jardines is in talks with CK Hutchison to buy ParknShop and merge it with Wellcome, FT reports. The combined group would have less than 50% market share. ParknShop is owned by CK Hutchison’s AS Watson, while Wellcome is operated by Jardines’ DFI Retail.
Knight-Swift (KNX) - Announced Q1 EPS between 0.08-0.10 (exp. 0.25), Q2 EPS between 0.45-0.49 (exp. 0.47). Cut Q1 EPS guidance from 0.28-0.32 after citing an 0.08/shr negative impact from claims development in its LTL segment, primarily tied to an unfavourable arbitration award on a 2022 incident, a 0.05/shr hit from deferred project business in warehousing, a 0.02/shr impact from an adverse VAT reimbursement decision in Mexico related to prior tax years, and an estimated 0.05-0.06/shr drag from severe winter weather and sharply rising fuel prices. Management said these issues are not expected to recur, and that freight market fundamentals improved exiting the quarter, with better trends in volumes, spot rates and bid activity alongside a seasonal build in truckload and LTL demand. The truckload market continues to tighten, and the company is more optimistic about earnings opportunities over the next several quarters than it was three months ago.
RTX (RTX) - Received a USD 904.6mln modification to a US Army contract to support low-rate initial production of five Lower Tier Air and Missile Defense System units and six spares, bringing the contract’s total cumulative value to USD 5.36bln.

MATERIALS

Alcoa (AA) Q1 2026 (USD): Adj. EPS 1.40 (exp. 1.53), Revenue 3.19bln (exp. 3.28bln). Alumina production -5% sequentially to 2.4mln metric tons, aluminium production was flat sequentially at 607,000 metric tons. Third-party alumina shipments -31% sequentially due to lower externally sourced alumina sales, seasonally lower Q1 shipments, delays in Australia linked to the Middle East conflict and Cyclone Narelle; while aluminium shipments -8% sequentially on proactive inventory repositioning in North America and lower trading activity, partly offset by higher shipments from the San Ciprian smelter restart. Said Section 232 tariff costs on US aluminium imports from Canada are expected to increase by about USD 35mln sequentially in Q2. Sees Q2 alumina segment adj. EBITDA, facing an unfavourable sequential impact of about USD 15mln, sees Q2 aluminium segment adj. EBITDA benefiting from a favourable sequential impact of about USD 55mln, and said the aluminium segment alumina costs should be favourable by about USD 20mln sequentially. Backed FY26 alumina production view between 9.7-9.9mln metric tons and alumina shipments between 11.8-12.0mln metric tons, and reiterated FY26 aluminium production between 2.4-2.6mln metric tons and aluminium shipments between 2.6-2.8mln metric tons. Is in advanced talks to sell the defunct Messina East smelter site for a potential data centre project.
Albemarle (ALB) - Downgraded at Baird to 'Neutral' from 'Outperform'. The firm cites valuation for the downgrade, with the shares up 47% YTD. The firm notes that an improving demand backdrop would be a positive for shares, but fears investor focus will shift to global supply and higher-cost sources that may come online and limit Albemarle's pricing upside.
Vale (VALE) - Vale reported Q1 iron ore production of 69.7mt (+3% Y/Y), pellet output of 8.2mt (+14% Y/Y), copper production of 102.3kt (+13%), and nickel production of 49.3kt (+12%). Reaffirmed FY26 iron ore output view of 335K-345K tons, and nickel output view of 175K-200K tons.
Century Aluminum (CENX) - Begun producing metal from an expansion at its Mt. Holly smelter in South Carolina, which is expected to lift total US primary aluminium output by around 10% once it reaches full production by end of June.

UTILITIES

NiSource (NI) - Signed a long-term energy agreement with an Alphabet (GOOG) subsidiary for a large data centre in northern Indiana, with service expected to begin in summer 2026, and expanded its deal with Amazon (AMZN) Data Services. The company said its GenCo model should deliver about USD 1.25bln of aggregate savings for existing customers, or roughly USD 90-115 annually for residential customers.
CenterPoint Energy (CNP) - The Trump administration has rejected CenterPoint Energy’s request to close a 60-year-old coal plant in Indiana, forcing the utility to keep operating a unit it describes as costly and unreliable, as the federal government pushes to keep ageing coal plants online to support grid stability amid rising power demand.
Exelon (EXC) - Downgraded at Barclays to 'Equal Weight' from 'Overweight' with a USD 49 PT (prev. 50). Barclays believes Maryland and Pennsylvania are becoming less constructive jurisdictions for Exelon. This should result in a wider discount on Exelon's distribution portfolio on most comparatives. BMO Capital also downgraded shares to 'Market Perform' from 'Outperform' with a USD 49 PT (prev. 52). The firm believes regulatory uncertainty will keep the shares range-bound after PECO filed to withdraw its electric and gas rate cases.
Fluence Energy (FLNC) - Downgraded at UBS to 'Sell' from 'Neutral' with a USD 8 PT (prev. 22). The firm believes the company's competitive risks are intensifying. US tax policy is "catalyzing a step-change increase" in domestic battery supply by incentivising auto makers to pivot from EV battery manufacturing toward utility-scale battery energy storage systems. UBS expects battery oversupply in 2027 onward to drive declining battery energy storage systems costs and challenge Fluence's margins. It believes the market "significantly underappreciates" the potential scale of battery energy storage systems manufacturing capacity additions.

HEALTHCARE

Eli Lilly (LLY) - Eli Lilly's US prescriptions for Zepbound were 1,390 for the week ended April 10, according to IQVIA data
Johnson & Johnson (JNJ) - FDA approved a supplemental biologics licence application from Johnson & Johnson’s Janssen Biotech unit, adding a paediatric indication for Stelara to cover patients aged 2 and older with moderately to severely active Crohn’s disease.
GE HealthCare (GEHC), RadNet (RDNT) - GE HealthCare has expanded its collaboration with DeepHealth, an AI health informatics subsidiary of RadNet, to advance development, commercialisation and adoption of AI-powered mammography tools, including integration of Breast Suite AI with GE HealthCare’s Pristina Via mammography system.
Trevi Therapeutics (TRVI) - Announced a USD 150mln common stock offering - 11.6mln share spot secondary prived at USD 13.00.
Gerresheimer (GXI GY) - Rejected a takeover bid from US rival Silgan (SLGN), according to Reuters sources. There are no longer any talks between the two companies, and Gerresheimer wants to focus for now on resolving its accounting problems and selling its US subsidiary Centor.

ENERGY

China Nuclear - China will commission seven nuclear reactors in 2026, CCTV reports. China currently operates 60 commercial reactors with 36 units under construction, including two started this year, representing the world’s largest nuclear build-out.