Newsquawk Daily US Equity Opening News: MRVL surge continues; PANW turns lower despite beat-and-raise

DAY AHEAD:

BROKER MOVES: YUM upgraded at MS; T downgraded at Oppenheimer. For the full list, click here.
MAJOR MORNING MOVES RECAP: PANW, GTLB, M, MDT, INTC, MRVL, YUM, T, BX/KKR/OWL. For the full list, click here.
DAILY US CONFERENCE CALENDAR: Health Care, Tech, Energy, Financials, TMT, Auto, REIT, Consumer and COMPUTEX conferences. For the full report, please click here.
DATA: ISM Services PMI is seen at 53.8 (from 53.6), with prices at 71.3 (prev. 70.7), new orders at 52.8 (prev. 53.5) and employment at 48.1 (prev. 48.0). US factory orders also released today (prev. 1.5% M/M).
CENTRAL BANKS: The Fed will release its Beige Book. Fed’s Barr (voter) and Fed’s Logan (2026 voter) are scheduled today.
ENERGY: EIA weekly energy inventories due; afterhours on Tuesday, API data reportedly showed headline crude stocks drawing by a larger than expected -6.8mln bbls (exp. -3.6mln), Cushing drawing by -0.3mln bbls, distillates posting a smaller than expected draw of -0.2mln bbls (exp. -0.6mln), and gasoline posting a surprise build of +3.5mln bbls (exp. -0.1mln).
EARNINGS: Notable companies reporting today include: Broadcom (AVGO), CrowdStrike (CRWD), PVH Corp. (PVH).

US EQUITY NEWS:

TRADE:

US Tariffs - The US has proposed new tariffs of at least 10% on imports from 60 trading partners following a Section 301 investigation into goods allegedly produced by forced labour, according to Bloomberg. A 10% rate would apply to Canada, Mexico, the EU, Taiwan and the UK, while China, India, Japan, South Korea, Brazil and Switzerland would face 12.5%. The levies are subject to a public comment period, with written comments due by 6th July, and hearings beginning 7th July, before any duties are codified.

TECH:

NAND - The global NAND flash memory market reached a record USD 46bln in revenue in Q1 2026, nearly doubling Q/Q, and growing 3.5x Y/Y, according to Counterpoint Research. Samsung (SSNLF) retained the largest share at 29%, while YMTC was the fastest-growing supplier with revenue up 445% Y/Y, lifting its share to 13%. Enterprise SSDs accounted for 43% of total NAND revenue in the quarter and are projected to exceed 60% by end of 2026.
Intel (INTC) - Said progress to date could allow it to pull in some FY27 margin targets, according to comments from its presentation at the Bank of America Global Technology Conference.
Palo Alto Networks (PANW) - Shares gave up gains of around 10% in extended trading, ending afterhours with losses of around 3%. Q3 2026 (USD): Adj. EPS 0.85 (exp. 0.79), Revenue 3.00bln (exp. 2.94bln). RPO 18.4bln, +36% Y/Y, including USD 1.8bln from CyberArk and Chronosphere, Next-Generation Security ARR 8.1bln, +60% Y/Y, including USD 1.6bln from CyberArk and Chronosphere. Commentary: Management said Q3 was fuelled by organic bookings momentum, strong interest in its agentic security offering, a USD 80mln deal with a US power producer, and next-generation firewall bookings up 40% Y/Y. CEO said customers are turning to Palo Alto Networks to secure AI deployments at scale, with AI advancements increasing urgency around cybersecurity. Guidance: Q4 adj. EPS 0.96-0.98 (exp. 0.94), Revenue 3.345-3.355bln (exp. 3.28bln), RPO 20.9-21.0bln and Q4 Next-Generation Security ARR 8.90-8.95bln. Raised FY26 guidance; adj. EPS 3.77-3.79 (exp. 3.69; prev. 3.65-3.70), Revenue 11.415-11.425bln (exp. 11.295bln; prev. 11.28-11.31bln).
Broadcom (AVGO), Anthropic - Broadcom’s backing of the largest portion of a USD 36bln chip financing deal for Anthropic is keeping yields in check, with arrangers Apollo (APO) and Blackstone (BX) discussing a yield of approximately 5.75% on the main USD 25bln tranche, while a riskier unbacked portion may carry 8-9%, according to Bloomberg. The deal will supply Anthropic with specialised chips designed by Broadcom and developed by Google (GOOG). The financing would rank among the largest-ever private credit deals to pay for microchips.
OpenAI - Sam Altman is expected to meet White House and congressional officials to discuss AI safety policy, model development and cyber capabilities, Politico reports. OpenAI recently launched GPT-5.5-Cyber, competing with Anthropic’s Mythos. His trip includes a USD 16bln Michigan data centre project under the Stargate initiative and meetings with financial companies in New York City.
OpenAI - OpenAI plans to integrate its Codex coding tool and ChatGPT into a single application, after recognising that Codex outperforms ChatGPT on long-running, multistep tasks and external tool use, The Information reports. Codex has reached 5mln weekly active users, with enterprise revenue recently growing 50% week-on-week. The move follows OpenAI accelerating its coding efforts roughly 18 months ago after Anthropic’s Claude Code surpassed it in coding capabilities.
Palantir Technologies (PLTR) - A UK parliamentary committee recommended breaking a GBP 330mln NHS contract with Palantir, warning of excessive dependence on the US data firm and describing its political positions as a “clear mismatch” with British values. The committee also called for an explanation of why Palantir won a GBP 240mln Ministry of Defence contract without a competitive tender process. The government has two months to respond to the report.
Hon Hai Precision Industry Co. (HNHPF), SK Hynix (HXSCL) - SK Group Chair held meetings with TSMC (TSM) Chair and Nvidia (NVDA) CEO at Computex, and was set for a private meeting with Foxconn Chair, according to Digitimes. The talks are said to centre on possible collaboration in AI data centres, AI factories and related infrastructure, with SK Group potentially contributing high-performance computing materials and semiconductor glass substrates, and Foxconn offering large-scale manufacturing and system integration capabilities.
CoreWeave (CRWV) - A CoreWeave-tied data centre raised USD 900mln from a high-yield bond sale priced at par to yield 7.5%, according to Bloomberg. The five-year notes were issued by Elk Grove Village Property LLC, a subsidiary of Prime Data Centres, and relate to a hyperscale data centre near Chicago fully leased to CoreWeave for 15 years, representing approximately USD 2.2bln in revenue. Data centre developers have raised more than USD 27bln from high-yield bonds so far this year.
GitLab (GTLB) Q1 2027 (USD): Adj. EPS 0.23 (exp. 0.20), Revenue 264.2mln (exp. 254.5mln). Total RPO 1.1bln, +18% Y/Y, cRPO 724.1mln, +24%, Customers with more than USD 5,000 of ARR +7% Y/Y to 10,831, customers with more than USD 100,000 of ARR +18% to 1,519. Commentary: Announced a 14% workforce reduction (about 350 roles), and plans to exit 22 countries, expecting USD 30-35mln of pre-tax restructuring charges, with the plan substantially complete by the end of FY27. CEO said the agentic era is creating structural tailwinds, with accelerating platform activity and traction from GitLab Duo Agent Platform. Guidance: Q2 adj. EPS 0.17-0.18 (exp. 0.19), Revenue 272-274mln (exp. 273.4mln). Raised FY27; adj. EPS 0.79-0.82 (exp. 0.79; prev. 0.76-0.80), Revenue 1.112-1.118bln (exp. 1.11bln; prev. 1.099-1.118bln).
Shopify (SHOP) - Board authorised an additional USD 3bln for repurchases of Class A subordinate voting shares, increasing its aggregate share repurchase authorisation to USD 5bln. As of 1st June, it had repurchased about USD 1.45bln under its current authorisation.
Texas Instruments (TXN) - Named Julie Knecht as CFO from 1st August, succeeding Rafael Lizardi, who will retire after 25 years and advise until 31st August.
Apple (AAPL) - Agreed to submit its India financial information to competition regulators in India by 25th June, taking an antitrust case a step closer to a potential penalty decision, Reuters reports.

COMMUNICATIONS:

GameStop (GME) Q1 2027 (USD): Adj. EPS 0.30 (exp. 0.16), Revenue 835.3mln (vs 732.4mln Y/Y). Board unanimously approved a discretionary USD 2.0bln share repurchase authorisation through 2nd June 2029, replacing the prior authorisation from March 2019.
Baidu (BIDU) - CFO said Co. expects to list its chip unit Kunlunxin Technology in Hong Kong within 2026, with analysts widely expecting a listing in Q3, WSJ reports. He projected healthy AI-driven revenue growth over the next few quarters, while the legacy search and advertising business remains weak.

FINANCIALS:

Blackstone (BX), SoftBank (SFTBY) - Blackstone is exploring a sale of payments provider SP.LINKS, with SoftBank’s telecom unit among second-round bidders, and a private equity fund also shortlisted, Bloomberg reports. Blackstone reportedly seeks about JPY 100bln, after buying 80% from Sony Group (SONY) for about JPY 40bln. Separately, Blackstone agreed to provide Nippon Life with investment services, with Japan’s largest life insurer investing up to JPY 1.5tln in private credit and credit products over five years via Blackstone.
Cliffwater - Cliffwater’s USD 31bln Corporate Lending Fund capped redemptions at 5% in Q2 after investors sought to withdraw approximately 17% of shares, Bloomberg reports. In Q1, investors received approximately half of the roughly 14% they sought, with the fund capping withdrawals at 7%.
Partners Group - Swiss Co. caps withdrawal from a private equity fund due to rising redemption pressure. Of note for US listed Blackstone (BX), KKR (KKR), and Blue Owl Capital (OWL).

CONSUMER DISCRETIONARY:

Delivery Hero (DELHY), Prosus (PROSY), Uber Technologies (UBER) - The European Commission plans to extend Prosus’ deadline to sell down its 17% Delivery Hero SE stake to 11th October, a condition of its Just Eat Takeaway acquisition, Bloomberg reports citing sources. The extension could let Prosus consider a Delivery Hero bid or buy more shares after Uber’s EUR 10bln offer was rejected.
Inditex (IDEXY) Q1 026 (USD): Sales 8.75bln (exp. 8.72bln), +8.8%, Net profit 1.38bln (vs 1.31bln Y/Y); sales growth accelerated +11.5% in the period from May to June. Co. continues to anticipate a stable gross margin for the year through January 2027, +/- 0.5ppt. It added that its Spring/Summer collections have been very well received.
Ulta Beauty (ULTA) - Beat expectations, lifted its earnings outlook and reported broad-based growth across channels and major categories. Q1 2027 (USD): EPS 7.74 (exp. 6.91), Revenue 3.16bln (exp. 3.12bln). Comparable sales +5.3%. Commentary: CEO said FY26 was off to a strong start, though noted an uncertain macroeconomic landscape. Guidance: Raised FY26 EPS 28.36-28.80 (exp. 28.61), and maintained revenue growth 6-7%, implying 13.14-13.26bln (exp. 13.24bln); SSS growth 2.5-3.5%, Capex 400-450mln.
Hilton Grand Vacations (HGV) - Secondary offering of 5mln shares held by entities managed by Apollo Global Management (APO) affiliates has a USD 50.25-51.25 price range. HGV is not selling shares or receiving proceeds. HGV may concurrently repurchase up to 750K shares from underwriters, capped at USD 40mln.
Macy's (M) Q1 2026 (USD): Adj. EPS 0.13 (exp. 0.03), Revenue 4.7bln (exp. 4.61bln). Guidance: Raises FY midpoint; EPS 2.00-2.20 (exp. 2.09, prev. 1.90-2.10), Revenue 21.5-21.8bln (exp. 21.59bln, prev. 21.4-21.65bln). 2026 guidance assumes H1 will have a larger tariff impact than H2 and does not include potential receipt of a refund from tariffs.

INDUSTRIALS:

SpaceX (SPCX) - SpaceX plans to set IPO terms as early as Wednesday, disclosing price range and shares, Bloomberg reports. It seeks to raise up to USD 75bln at least USD 1.8tln valuation, with pricing as soon as 11th June. Meanwhile, Reuters reports that SpaceX plans to fix its IPO price at USD 135/shr, selling sell 555.6mln shares, raising USD 75bln at a USD 1.75tln valuation; Reuters’ reports suggests the listing is expected on 12th June.
Canadian Pacific Kansas City (CP) - Moved a May record 2.9mln metric tonnes of Canadian grain and grain products in May 2026, beating the previous May tonnage record from 2020. It also set a May record of 30,324 carloads and has transported more than 25.3mln metric tonnes through Week 43 of the 2025-2026 crop year.
RTX (RTX) - Received a USD 515.82mln Navy contract modification for continued integration and production support of the Air and Missile Defence Radar AN/SPY-6. The contract combines purchases for the US Navy and Germany, with potential additions under the Foreign Military Sales programme.
Fluor Corporation (FLR) - Received a USD 1.03bln Navy contract modification for naval nuclear propulsion work at the Naval Nuclear Laboratory.
Maersk (AMKBY) - Said measures to avoid the Strait of Hormuz are creating severe economic pressure, with incremental expenses from re-routing and rising fuel costs already exceeding USD 500mln/month.

ENERGY:

India Oil Demand - India’s oil demand growth could fall to 78K BPD this year, down almost 40% from pre-war estimates, and the weakest since 2020, according to Kpler. Rystad Energy has cut its diesel growth view to 4-5K BPD. Higher energy prices, a weaker currency and transport cost pressures are weighing on fuel consumption.
BP (BP) - Held advanced talks to sell its UK North Sea assets to Ithaca Energy in a deal worth close to GBP 2bln, though those talks failed in recent weeks, FT reports. BP is still exploring a sale, and may pursue a transaction with other parties.

MATERIALS:

Iron Ore - Exports from Guinea’s Simandou iron ore project surged to 2.2mln tonnes in May, up from a record 1.3mln tonnes in April. The project, which has a full capacity of 120mln tonnes per year, is a JV between the China-Singapore-led Baowu Winning Consortium and a Rio Tinto (RIO) and Chinalco partnership.

UTILITIES:

Constellation Energy (CEG), Microsoft (MSFT) - Constellation received FERC approval to transfer capacity injection rights to its Crane Clean Energy Centre, formerly known as Three Mile Island, marking a key step toward a 2027 restart of the Pennsylvania nuclear facility. Constellation is bringing the 835-megawatt reactor back online to supply electricity to Microsoft under a 20yr agreement via PJM Interconnection’s power grid.

HEALTHCARE:

Agilent Technologies (A) - Received FDA approval for expanded PD-L1 IHC 22C3 pharmDx use on Dako Omnis to identify US patients eligible for Merck’s KEYTRUDA across four additional tumour types.
Bayer (BAYRY) - Reportedly has no plans to spin off Monsanto despite facing approximately 100,000 lawsuits over its Roundup weedkiller, according to Reuters. CEO Bill Anderson warned that without a resolution to the glyphosate litigation, US production of the pesticide could cease, with Bayer the only domestic producer. The company has proposed a USD 7.25bln settlement to resolve most lawsuits, though some plaintiffs are objecting, and has a case pending before the Supreme Court over a USD 1.25mln jury verdict in Missouri.
Roche (RHHBY) - Said its 2027 pipeline catalysts include potentially underappreciated upside in diffuse large B-cell lymphoma, with its Phase 3 SkyGlow trial described as a significant multi-billion-dollar opportunity that is not yet fully reflected in consensus estimates.
Medtronic (MDT) Q4 2026 (USD): Adj. EPS 1.55 (exp. 1.54), Revenue 9.81bln (exp. 9.62bln). Segments: Cardiovascular revenue 3.797bln, +13.8%; Neuroscience 2.751bln, +5.0%; Medical Surgical 2.388bln, +8.0%; Diabetes 837mln, +15.0%; Cardiac Ablation Solutions revenue +78% globally and 124% in the US. Guidance: FY27 EPS 5.90-6.00 (exp. 6.05). Commentary: Expects approx. USD 250mln in tariff impact to FY27 cost of goods sold, representing a USD 65mln incremental year-on-year increase, and is not assuming any government refund. CEO said Medtronic delivered its strongest annual top-line growth in 10 years and cited momentum in CRM, CST, Surgical, Affera, Symplicity, Hugo, Altaviva and Stealth AXiS.
Eli Lilly (LLY) - Has entered into a deal with Ascidian worth up to USD 1.9bln to develop treatments for inherited kidney diseases.

CONSUMER STAPLES:

Kraft-Heinz (KHC) - Said its brands are still underinvested over the last decade, says resources tied to paused separation will be directed towards a top-line agenda.

GEOPOLITICS:

US-Iran - CENTCOM said US forces intercepted Iranian missiles and drones aimed at Middle East targets, then struck an Iranian control station on Qeshm Island in self-defence. The exchange followed Israeli escalation against Hezbollah in Lebanon, while President Trump and Israel PM Netanyahu gave differing accounts of ceasefire discussions.
Hormuz - The US military is reportedly coordinating with commercial shippers quietly to facilitate transits through the Strait of Hormuz, advising vessels to hug the Omani coast and turn off AIS transponders to avoid Iranian mines. The approach marks a shift from Trump’s abandoned Project Freedom initiative, which provoked Iranian attacks in early May.
China-Solomon Islands - Solomon Islands PM Wale will review the country’s 2022 security deal with China. Wale, who took office last month, said he had only seen the text of the deal a day earlier and that cabinet would now review it.

TRADE:

Tariff Refunds - The Trump administration has appealed a judge’s order compelling customs authorities to refund all importers who paid USD 166bln in global tariffs struck down by the Supreme Court. The DoJ separately appealed an order directing Customs and Border Protection Commissioner Rodney Scott to testify at a 9th June hearing on the refund process. The customs agency says it has repaid approximately USD 85bln so far through an online claims portal, but disputes that it must refund importers who have not filed lawsuits.
US-China - The Trump administration is seeking public comment by 10th July on plans to create a Board of Trade to manage economic ties with China, following Presidents Trump and Xi’s Beijing summit last month. The board is intended to reduce tariffs on at least USD 30bln in non-sensitive goods between the two countries. A separate Board of Investment was also agreed at the summit.

MACRO:

Fed - Fed Chair Warsh has hired conservative policy analysts Paul Winfree and Daniel Heil as temporary advisers, according to Bloomberg. Winfree previously served in Trump’s first administration and authored a Project 2025 chapter critical of the Fed that proposed eliminating its maximum employment mandate and ultimately abolishing the government’s role in regulating money supply. Heil previously worked with Warsh at the Hoover Institution and advised Jeb Bush’s 2016 presidential campaign.
China PMI - The Caixin services PMI rose to 54.4 in May (exp. 52.3, prev. 52.6), broadly in line with the official PMI survey, which showed services activity at 50.3 in May (from 49.6), partly boosted by a five-day holiday break.
Japan Budget - Japan’s cabinet approved a JPY 3.1tln extra budget to cushion households from Middle East-driven inflation, including a newly created JPY 2.5tln reserve fund expected to be used initially to cap gasoline costs. Total bond issuance will remain unchanged on a calendar basis at JPY 168.5tln, with some debt from last year’s budget cancelled to offset new issuance. The extra budget will be submitted to parliament on Wednesday, with passage expected as early as Friday.
JPY - USDJPY hovered near 160 amid heightened intervention risk, having briefly touched the level earlier in the session; follows last week’s update that Japan had spent a record JPY 11.73tln on currency support in May. FinMin Katayama reiterated authorities stand ready to respond as needed.
Australia - Australia’s economy expanded 0.3% in Q1 (prev. 0.9% in Q4), as the RBA began raising interest rates and Middle East conflict drove fuel prices higher; annual growth slowed to 2.5% Y/Y (from 2.6%). Market pricing points to at least one further RBA rate hike in 2026, though it is expected to hold in June while awaiting fresh data. Elsewhere, Demand for Australian government 7yr notes rose, with investors seeking more than four times the AUD 1bln of November 2033 notes offered; bid-to-cover was the highest for a 7yr sale since November last year, as investors bet the RBA’s tightening cycle may be near an end, Bloomberg said.