Daily US Equity Opening News - OpenAI to work on mobile processors with QCOM; ORCL USD 16bln Michigan data centre financing closes

US INDEX FUTURES: ES -0.1%, NQ -0.1%, YM -0.1%, RUT unch
BROKER MOVES: CRWD upgraded at Mizuho, ADBE downgraded; CPB downgraded at Bernstein. For the full list, click here.
MAJOR MORNING MOVES RECAP: Mag-7, QCOM, OGN, VZ, SNAP, IONQ/SKYT, PINS, ADBE, ORCL, NMR, DPZ. For the full list, click here.

DAY AHEAD:

DATA: In North America, the Dallas Fed manufacturing index is expected to fall (exp. -0.8, prev. -0.2).
EVENTS: US President Trump will discuss Iran with his national security and foreign policy team on Monday. Separately, Trump is to meet with UK King Charles at 16:15EDT/21:15BST. There will be an in-town pool call at 09:00EDT/14:00BST.
SUPPLY: The US sells USD 69bln of 2yr notes, and USD 70bln of 5yr notes.
EARNINGS: Notable corporates reporting today include: Cadence Design (CDNS), Public Storage (PSA), Nucor (NUE), Ventas (VTR), Cincinnati Financial (CINF), AvalonBay (AVB), Brown & Brown (BRO), Universal Health (UHS), Alexandria Real Estate (ARE).
Newsquawk’s daily US earnings estimates are here
WEEK AHEAD: Highlights include policy announcements from the Fed, BoJ, BoE, ECB, BoC; US will publish PCE inflation data, Q1 GDP, and ISM manufacturing. This week, we will also get a plethora of earnings, with five of the Mag-7 due to report.
Click here for Newsquawk’s week ahead preview.
Click here for Newsquawk’s weekly US earnings estimates.

GEOPOLITICS

Iran Proposal - Over the weekend, US President Trump cancelled sending Envoy Witkoff and advisor Kushner to Pakistan for Iran talks, saying Iran later made “a lot but not enough” offer. On Monday, Axios reported that Iran gave the US a proposal to reopen the Strait of Hormuz and end the war, postponing nuclear negotiations. The plan was relayed via Pakistani mediators after Iran's Foreign Minister Araghchi’s meetings in Islamabad over the weekend. The White House has received the proposal; President Trump is expected to discuss Iran with his national security and foreign policy team on Monday. Later, Pakistani journalist Anas Mallick reported that Iran has proposed a structured operational mechanism for the Strait of Hormuz that would lead to a cessation of hostilities, while discussing uranium and nuclear issues with friends and allies, and remaining open to talks at the negotiating table. AP reported that the US may reject Iran’s Hormuz proposal because it excludes nuclear talks, citing regional officials.

NEWS:

TECH

Oracle (ORCL), Bank of America (BAC) - Oracle’s USD 16bln financing for a Michigan data centre closed after months of negotiations with investors, Bloomberg reports. Bank of America sold USD 14bln of project-linked bonds, anchored by Pimco (ALIZY), which bought USD 10bln, while other investors bought the remaining debt.
OpenAI - A US District Judge dismissed Elon Musk’s fraud and constructive fraud claims against OpenAI and Sam Altman, Reuters reports. The case will now proceed to trial on breach of charitable trust and unjust enrichment claims. Jury selection is scheduled for 27th April, with opening arguments expected on 28th April.
OpenAI, Qualcomm (QCOM) - Working with MediaTek (2454 TW) and Qualcomm on mobile processors, and with Luxshare as exclusive system design and manufacturing partner, for AI agent phones, according to Ming-Chi Kuo. Mass production is expected in 2028, with specifications and suppliers due by the end of 2026 or Q1 2027. Kuo said OpenAI may bundle subscriptions with hardware
DeepSeek - DeepSeek is reportedly slashing fees for its new AI model in a Chinese price war, Bloomberg said. DeepSeek is offering a 75% discount to developers using its newly released DeepSeek-V4-Pro model, Bloomberg reports. The Hangzhou-based AI lab is also reducing input cache-hit fees across its AI platforms to a tenth of previous pricing, lowering costs for users sending similar or repeated requests.
Pony AI (PONY), Nvidia (NVDA) - Pony AI announced a new autonomous driving domain controller developed with Nvidia. The compute system, built on Nvidia Drive Hyperion and powered by Nvidia Drive AGX Thor with Nvidia NVLink, is designed for Pony AI’s L4 autonomous driving platform and customer applications, supporting robotaxi commercialisation and its domain controller business.
IonQ (IONQ), SkyWater Technology (SKYT) - IonQ and SkyWater both received a second FTC request on 24th April for additional information related to IonQ’s planned acquisition of SkyWater. The request extends the HSR Act waiting period until 30 days after both companies substantially comply, unless extended or ended earlier. Deal still expected to close in Q2 or Q3.
CrowdStrike (CRWD) - Upgraded at Miuzho to 'Outperform' from 'Neutral' with a USD 520 PT (prev. 490). The analyst has grown more constructive on CrowdStrike's fundamentals in recent months. Channel checks have become more favourable and indicate "very healthy" demand across CrowdStrike's platform. Mizuho expects the company to capitalise on AI security and believes CrowdStrike has arguably the strongest set of offerings in the space. The company has "numerous exciting growth avenues".
Adobe (ADBE) - Downgraded at Mizuho to 'Neutral' from 'Outperform' with a USD 270 PT (prev. 315). The analyst has become cautious on Adobe amid competitive threats from AI. Adobe faces intensifying competition in the prosumer and small business segments, which threatens its long-term terminal value. Mizuho sees no clear catalyst for the stock and risk of margin erosion. Adobe's organic revenue growth over the next 2-3 years is "high-single-digits at best".
AMD (AMD) - Downgraded at Northland to 'Market Perform' from 'Outperform'. With Intel (INTC) catching up to AMD and TSMC (TSM) partnering with Nvidia (NVDA) in AI infrastructure and PCs, the firm thinks competition limits AMD's gross margin expansion as R&D spending will likely remain elevated. While stating that AMD is "a phenomenal company," the firm contends that the calendar year 2027 consensus is "likely too high."
Samsung Electronics (005930 KS) - Intends to withdraw from the home appliance market in China by end-2026, Nikkei reports citing sources.
Gartner (IT) - Downgraded at Goldman Sachs to 'Neutral' from 'Buy' with a USD 171 PT (prev. 220). The firm believes the company's core research business faces "structurally higher" AI risk than its data, benchmark or regulation focused peers. This limits confidence in a sustained multiple re-rating of the shares.
Fortinet (FTNT) - Upgraded at Arete to 'Buy' from 'Neutral' with a USD 104 PT. The firm sees software-defined wide area network and security operations as growth drivers for the company.

COMMUNICATIONS

Meta (META) - China's National Development and Reform Commission announced that in accordance with laws and regulations, it made a decision prohibiting foreign investment in the Manus project, requiring Meta Platforms to withdraw the acquisition transaction. Meta said in a statement to Bloomberg that the deal complied with applicable laws and that it expected a resolution to China's investigation. Meanwhile, Meta partnered with Overview Energy and Noon Energy to secure up to 1 GW of space-based solar power and 1 GW/100 GWh of long-duration energy storage for AI data centres. The deals aim to enable 24/7 clean power to support growing AI infrastructure demands.
Verizon Communications (VZ) Q1 2026 (USD): Adj. EPS 1.28 (exp. 1.21), Revenue 34.4bln (exp. 34.82bln), Adj. EBITDA 13.4bln (exp. 13.14bln). Guidance: Raised FY26 adj. EPS to 4.95-4.99 (exp. 4.90, prev. 4.90-4.95); FY26 retail postpaid phone net additions to top half of +0.75-1mln range (prev. +0.75-1mln); Affirmed FY26 capex view at 16-16.5bln (exp. 16.36bln). Said consumer postpaid phone churn improved further to below 85bps in March, via conference call.
Alphabet (GOOG) - Alphabet urged shareholders to vote against proposals at its AGM calling for AI board oversight and a report on AI-generated misinformation, according to a filing.
Pinterest (PINS) - Downgraded at Rothschild & Co Redburn to 'Neutral' from 'Buy' with a USD 23 PT (prev. 17). The company is "currently sitting at the trough point of a faded internet asset, with a year of advertising pain still ahead." The firm sees limited opportunities for Pinterest to offset ongoing advertising weakness, adding that the company may have the least defensible engagement in social media.
Snap (SNAP) - Upgraded at Rothschild & Co Redburn to 'Buy' from 'Neutral' with a USD 10 PT (prev. 5). The firm views the company company turning GAAP profitable for the first time this year, the "potential break-out" of specs driving a stronger core business, and ongoing subscriptions momentum for the upgrade. Snap's commentary continues to emphasise a focus on GAAP profitability, "indicating it sees the same path to success that we envisage."

CONSUMER DISCRETIONARY

Domino's Pizza (DPZ) Q1 2026 (USD): EPS 4.13 (exp. 4.27), Revenue 1.15bln (exp. 1.16bln); Q1 SSS +0.9% (exp. 2.6%); announced a USD 1bln share buyback. CEO said consumer sentiment hit the COVID lows in Q1-2026. Weather and the ongoing inflation picture also impacted on purchasing decisions. Remains committed to 3% SSS within the US market in 2026.
Alibaba (BABA) - Launched limited beta of Happyhorse 1.0 video model.
Prediction Markets - CFTC says it has sued New York in response to Coinbase (COIN) and Gemini actions, Bloomberg reports. CFTC said New York’s prediction market enforcement goes too far and claims exclusive oversight of “contract markets”.
Toyota Motor (TM) - Toyota Motor’s global sales fell in March as RAV4 demand dipped before an SUV refresh, though worldwide production rose, while the Iran conflict threatens supplies and could force manufacturers to reduce output. Parent-only global vehicle production rose +2.1% Y/Y to 902K vehicles in March, while overseas production rose +4.9% to 609K; Japan production -3.3% Y/Y to 293K. Parent-only global sales -7.3% Y/Y to 898K vehicles. All-electric vehicle sales rose to 35.5K units, while global output +3.9% Y/Y to 1.02mln units.
Nissan (NSANY) - Nissan is counting on China to reverse its fortunes after headwinds in the US and Japan, Bloomberg reports. The company’s China growth plan targets annual sales of 1mln cars by the end of the decade, plus exports of hundreds of thousands of vehicles from Chinese factories to other markets.
Adidas (ADDYY) - Adidas gained a marketing boost after Kenya’s Sabastian Sawe and Ethiopia’s Yomif Kejelcha wore its new USD 500 ultra-light racing shoe while both broke the two-hour barrier at the 2026 London Marathon.
Nio (NIO) - ON Semiconductor (ON) expanded its collaboration with Nio to support 900V EV platforms using its EliteSiC technology across upcoming models. The partnership aims to improve efficiency and accelerate the deployment of next-generation EV architectures, with models debuting at the 2026 Beijing Auto Show.

FINANCIALS

X Money - Elon Musk’s X Money banking and payments platform is expected to make its early public access debut imminently, Bloomberg reports. The tool is part of Musk’s aim to turn X into an “everything app”, and early users have reported 3% cash back on eligible purchases, a 6% interest rate on cash savings and expected free peer-to-peer transfers.
Apollo Global Management (APO) - Apollo agreed to buy Forvia’s auto interiors business for an enterprise value of EUR 1.82bln, Bloomberg reports. The transaction is subject to closing conditions, including regulatory approvals and is expected to complete in H2 2026.
Carlyle Group (CG)- Said investors sought to redeem 4.8% of shares in its Carlyle Credit Solutions fund as of March 31, up from 4.5% in the prior tender offer. The fund will repurchase about 4.7mln shares, reflecting continued redemption pressure in private credit, per regulatory filing.
Commerzbank (CRZBY), UniCredit (UNCRY) - German officials reportedly approached banks about whether a new investor could take a Commerzbank stake to help defend against UniCredit’s bid.
HSBC Holdings (HSBC) - - The bank is reportedly reviewing certain perks which cover school fees for bankers in Hong Kong, as it aims to cut costs, Bloomberg reports. Other options include removing the perk for new hires or adjusting overall compensation. No final decision has been made yet, and the review has been ongoing for some time.
Allianz (ALIZY) - Allianz Global Investors secured USD 270mln in commitments for the first close of a private credit fund targeting infrastructure investment in Asia Pacific, Bloomberg reports. The fund will focus on renewable energy, digital infrastructure and transport, with a final close expected in 2027.
Nomura Holdings (NMR) - Nomura shares fell overnight after Q4 profit missed analyst estimates due to write downs and a loss in Europe. The results offset a second straight year of record earnings, with impairments on stakes in a research affiliate and a forestry company contrasting with solid wealth management, trading and investment banking performance.

INDUSTRIALS

US Airlines - The Trump’s administration is considering using the Defence Production Act to support Spirit Airlines’ (FLYYQ) restructuring, CBS reported on Friday; a source said Title 3 could allow investment in industrial capacity for national defence supply chains. Over the weekend, WSJ reported that a group of budget airlines, including Frontier (ULCC) and Avelo, is seeking USD 2.5bln in US government assistance in exchange for warrants convertible into equity stakes; the group calculated the figure from estimated extra 2026 jet-fuel costs, assuming prices stay above USD 4/gallon on average for the rest of the year. Southwest Airlines (LUV) said it was not part of the group of carriers seeking government aid.
CK Hutchison (CKHUY), China Merchants Group (CMHHY) - China Merchants Group is in talks to join a consortium seeking to buy more than 40 CK Hutchison ports, Bloomberg reports. The move could help China Cosco Shipping finance the deal, with both state-owned firms interested in the rare opportunity to gain exposure to dozens of ports in a single transaction.
Stanley Black & Decker (SWK) - Said its board approved a USD 500mln common stock repurchase authorisation on 23rd April, expiring after 36 months. The company terminated its previous authorisation for up to 20mln shares, all of which remained available.
American Airlines (AAL) - American Airlines declines to engage in merger talks with United Airlines (UAL).
ADT Inc. (ADT) - Said it became aware of unauthorised access to certain cloud-based environments on 20th April, terminated the access, launched an investigation, engaged third-party cybersecurity experts and notified law enforcement. The company said limited customer and prospective customer data was accessed, and it does not expect a material impact on its finances, operations or business.
Canadian Pacific (CP) - Canadian Pacific Kansas City reached tentative collective bargaining agreements with SMART-TD and BLET, consolidating 11 US contracts into two long-term hourly agreements covering about 1,700 Train & Engine employees across 11 states. Ratification would conclude negotiations for about 81% of CPKC’s US T&E workforce.
Joby Aviation (JOBY) - Announced the completion of the electric vertical takeoff and landing, eVTOL, air taxi demonstration flights in New York City. "The campaign offers the first real-world demonstration of how electric air taxis, which are quiet and produce zero operating emissions, will be able to connect the region, linking vertiports, international airports, and communities across the New York metropolitan area."
Vertiv Holdings (VRT) - Announced it has acquired Strategic Thermal Labs, a specialist in advanced liquid-cooling technologies. The company will continue to support interoperable, server- and silicon-agnostic infrastructure solutions.
GE Vernova (GEV) - Downgraded at BNP Paribas to 'Neutral' from 'Outperform' with a USD 1,190 PT. With 90% of gas turbine capacity already contracted through 2030, the company's growth momentum may be more challenging to sustain.

HEALTHCARE

Eli Lilly (LLY) - To acquire Ajax Therapeutics for up to USD 2.3bln in cash, and is to advance outcomes for patients with myelofibrosis and polycythemia vera.
Bayer (BAYRY) - Bayer is seeking US Supreme Court help to reduce Roundup litigation that has cost the company more than USD 10bln, Bloomberg reports. Its lawyers will urge justices to overturn a USD 1.25mln Missouri verdict for a man claiming Roundup caused non-Hodgkin lymphoma, arguing federal law bars such suits because regulators did not require a cancer warning.
Organon & Co. (OGN) - Sun Pharmaceutical Industries agreed to acquire all outstanding Organon shares for USD 14/shr in cash, valuing the transaction at USD 11.75bln. Sun Pharma will fund the deal through cash and committed bank financing. Closing is expected in early 2027.
Abbott (ABT) - Announced late-breaking data from four trials showing strong outcomes across its PFA and CSP portfolios for heart rhythm disorders. Six-month FlexPulse IDE data showed most patients were free from documented arrhythmias, with no major safety events and 93.9% requiring no additional ablation after the first therapy. CSP trial findings included no lead-related major safety events, 86% LBBP success and 100% defibrillation success.
AbbVie (ABBV) - Submitted an application to the US FDA seeking approval for SKYRIZI for subcutaneous (SC) induction for the treatment of adult patients with moderately to severely active Crohn's disease. Submission supported by data from Phase 3 pivotal AFFIRM study.
Johnson & Johnson (JNJ) - Will sell four drugs, including Invokana and Xarelto, on the TrumpRx platform under an agreement to lower prices and expand access in exchange for tariff exemptions, it told Reuters on Friday. The move adds direct-to-consumer distribution via TrumpRx and JNJ Direct as part of a broader pricing deal with the U.S. administration.
Boston Scientific (BSX) - Announced Heart Rhythm 2026 data supporting its Farapulse PFA Platform and Watchman LAAC technologies. Avant Guard trial data showed Farapulse PFA had 56.0% primary effectiveness at 12 months versus 30.1% for AADs, with a 5.1% major adverse event rate. Real-world concomitant PFA and LAAC interventions achieved 100% acute ablation and procedural LAAC success.
Medtronic (MDT) - Announced milestones for its Affera cardiac arrhythmia technologies, including Sphere-9 and Sphere 360 catheter data at HRS. An early feasibility study showed 65.5% of patients were free from VT recurrence six months after ablation, and the FDA granted Sphere-9 Breakthrough Device Designation for VT. Meanwhile, Medtronic disclosed it had unauthorised access to its systems, according to a filing.
Novartis (NVS) - Said the European Commission approved Rhapsido for chronic spontaneous urticaria in adults with inadequate response to H1-antihistamines. The decision expands treatment options and supports broader development across immune-mediated conditions.
Ligand Pharmaceuticals (LGND) - To acquire Xoma Royalty (XOMA) for c. USD 740mln, WSJ reports citing sources.
Compass Therapeutics (CMPX) - Tovecimig failed to meet the OS secondary endpoint in the COMPANION-002 trial, with median OS of 8.9 months vs. 9.4 months for control in ITT and adjusted analyses. High crossover (85% of patients receiving tovecimig) and unmet assumptions in adjusted analyses limited the interpretability of survival data.
Oruka Therapeutics (ORKA) - Reported positive week 16 Phase 2a EVERLAST-A data for orka-001 in plaque psoriasis, showing a favorable safety profile consistent with the IL-23p19 class.
Veradermics (MANE) - Reported Phase 2/3 data showing VDPHL01 met all primary and key secondary endpoints, with hair count increases of 30.3–33.0 hairs/cm² vs. 7.3 for placebo and up to 86% patient-reported improvement. The results position the drug as a potential first FDA-approved oral treatment for pattern hair loss in nearly 30 years.
AstraZeneca (AZN) - Saphnelo was approved in the US for subcutaneous self-administration as a new autoinjector for the treatment of systemic lupus erythematosus.
GSK (GSK) - GSK’s TESARO said the Delaware Chancery Court dismissed AnaptysBio’s anticipatory breach motion, without affecting the main contractual dispute or TESARO’s declaratory judgment claim.

ENERGY

Crude Prices - Goldman Sachs raised its oil-price forecasts as the prolonged closure of the Strait of Hormuz drives extreme inventory draws, Bloomberg reports. The bank now expects Brent to average USD 90/bbl in Q4 (prev. saw 80/bbl), and also increased current-quarter and Q3 forecasts for both Brent and WTI.
Chevron (CVX) - Chevron CEO said Venezuela’s oil policy changes are progress, but insufficient to attract the desired level of foreign investment, he told CBS’ Face the Nation.
Shell (SHEL) - To acquire ARC Resources (ARX TO) for CAD 32.80/shr. Acquisition adds 379k BPD immediately across liquids and gas. Transaction expected to generate double digit returns, bolstering long-term cashflows, and is accretive to free cash flow per share from 2027 onwards.
Noble Energy (NE) Q1 2026 (USD): Adj. EPS 0.26 (exp. 0.21), Revenue 786mln (exp. 742.19mln). The CEO said the company started 2026 with solid operational and financial results, adding that commercial momentum remains brisk, highlighted by the Noble Courage’s three-year extension with Petrobras (PBR) and the Noble Deliverer’s five-well programme with Woodside (WDS), while project execution remains a key focus with several contract commencements scheduled this year progressing well. Sees FY26 revenue between USD 2.8-3.0bln (exp. 2.99bln); raised FY26 capex to between USD 615-665mln (prev. saw 590-640mln) due to the Noble Deliverer’s reactivation.
Vietnam LNG - Vietnam is importing more LNG at elevated prices as the Iran war curbs global supplies, Bloomberg reports. The next two weeks are forecast to be hotter than normal.

MATERIALS

China Metal Trading - China’s tax authorities are rattling metals traders with a crackdown on circular invoicing deals, Bloomberg reports. Many firms face severe reductions in invoicing quotas used to support trading. The State Taxation Administration said it has intensified oversight to target fraudulent trading activity that artificially inflated economic growth.
Nickel Prices - Overnight, nickel rose to its highest intraday level in nearly two years as Indonesian mining quota cuts and a global sulphur shortage tightened supply outlook; LME Nickel is up around 10% since the Iran war began, with sulphur price gains raising concerns over mining disruptions in Indonesia and Africa.
Fortescue (FSUGY), China Mineral Resources Group - Fortescue is close to signing a long-term iron ore supply agreement with China Mineral Resources, Bloomberg reports. The expected settlement could be finalised in the coming months, after a BHP Group (BHP) deal. Fortescue is currently operating under short-term agreements extended while negotiations continue.

REAL ESTATE

RE/MAX Holdings (RMAX) - The Real Brokerage (REAX) is to purchase Re/Max Holdings, WSJ reports citing sources.

CONSUMER STAPLES

Campbell's Company (CPB) - Downgraded at Bernstein to 'Market Perform' from 'Outperform' with a USD 21 PT (prev. 27). The firm said its upgrade thesis has not played out. It cites Campbell's underperformance in soup, ongoing challenges in the Cape Cod and Kettle potato chip brands, and "middling performance" in Pepperidge Farm for the downgrade. Campbell's soup brands are "either growing share in a shrinking subcategory, or vice versa."

TRADE

US-China - The US State Department ordered a global push to raise concerns about alleged Chinese efforts, including by DeepSeek, Moonshot AI and MiniMax, to steal intellectual property from US AI labs, Reuters reports. A diplomatic cable warned of risks from AI models allegedly distilled from US proprietary models. China’s embassy rejected the accusations as groundless.
China Imports - Economists sharply upgraded China’s import growth forecasts, expecting imports to rise 5% in 2026 as companies buy high-end chips for AI, Bloomberg reports. The median estimate from 17 economists is more than double March’s forecast, and would mark a 5yr high, with import growth expected to outpace export growth for the first time since 2021.

MACRO

Fed - Senator Thom Tillis dropped his blockade of Kevin Warsh’s nomination to lead the Fed; Tillis said the DoJ decision to end a criminal probe targeting Fed Chair Powell removed a threat to central bank independence. The move sets up Warsh’s swift confirmation to succeed Powell, whose term ends on 15th May.
China Industrial Profits - Chinese Industrial Profits rose to a rate of 15.5% Y/Y in March (Prev. 15.2%); industrial profits at large firms saw the fastest annualised growth since September 2025. Q1 profits increased 15.5% Y/Y as economic growth reached 5%. China’s non-ferrous metals smelting and pressing industry profits more than doubled in Q1, the highest for the period in data going back to 2016; the increase was supported by soaring aluminium and copper prices. Still, China’s NBS said strong supply and weak demand remain unresolved. Analysts at ING said the Iran war effects were likely not yet reflected in the data.