Daily US Equity Opening News - TSM Q1 profit tops expectations on AI demand; SCHW rev. & NIM miss; ABT profit guide underwhelms

TODAY’S AGENDA:

US INDEX FUTURES: ES +0.3%, NQ +0.2%, YM +0.3%, RUT -0.1%
DAY AHEAD: Stateside, industrial production (exp. +0.1% m/M) and manufacturing output (exp. 0.1%) are due. In energy, EIA will report weekly natural gas stocks data. On the speaker slate, ECB’s chief economist Lane (dovish), markets chief Schnabel (hawkish), and Nagel (hawkish); Fed's Miran (voter, dove) will speak on the global outlook. In supply, the US Treasury will announce sizes for next week’s 20yr Bond and 5yr TIPS auctions (analysts aren’t expecting any changes). Notable corporates reporting today include: Netflix (NFLX), Alcoa (AA).
BROKER MOVES: OKTA upgraded at Raymond James; FLUT double downgraded at Citi. For the full list, click here.
MAJOR MORNING MOVES RECAP: TSM, SCHW, ABT, PEP, PPG, QDEL, FLUT, GLW, FN, OKTA. For the full list, click here.
US DAILY CONFERENCE CALENDAR: ANET, BDX. For the full list, click here.
PRIMER - Fedspeak - Fed’s Miran (voter, dovish dissenter) will at 15:35BST/10:35EDT speak on the global outlook. Speaking this week, Miran said the Iran war energy shock has yet to lift longer-run inflation expectations, and he expects inflation to return to target within a year. Miran said a wage-price spiral is unlikely given the labour market’s gradual cooling trajectory, and that not responding to the supply shock remains reasonable central bank practice.

NEWS:

MIDDLE EAST

Trump on Iran - The WSJ reports that Trump told dinner guests on Monday he wants a swift end to the Iran war, and believes increasing pressure is the only way to bring Iran back to the negotiating table. The White House press secretary denied that the US requested a ceasefire extension with Iran, but said negotiations remain productive and ongoing and that she feels positive about deal prospects. Deputy Chief of Staff Miller told Fox News that Trump is heavily involved in shaping the negotiations, adding that Washington seeks peace and stability but will not accept Iran possessing a nuclear weapon.
Iran - Iran could consider allowing ships to pass through the Omani side of the Strait of Hormuz without interference as part of a US deal, according to a source close to Tehran cited by Reuters. Iran has also suspended all petrochemical exports until further notice. Foreign Minister Araghchi warned of repercussions from US actions in the Gulf. Iranian officials are set to meet Pakistan’s army chief in Tehran to discuss US proposals, while Iran and the Pakistani mediator will separately discuss messages exchanged with Washington.
Hormuz Watch - At least two US-sanctioned, Iran-linked vessels transited the Strait of Hormuz into the Persian Gulf on Thursday via what appears to be a new route from the UAE, as the US blockade entered its third day, Bloomberg reports. Only a handful of vessels have crossed since the US began interdicting traffic, with crews now required to clear two navies to secure safe passage.
US Sanctions - The Trump administration sanctioned more than a dozen entities linked to Iranian oil trader Hossein Shamkhani as part of efforts to maintain pressure on Tehran during diplomatic talks and tensions in the Strait of Hormuz, Bloomberg reports.
Lebanon - Diplomatic sources say Washington is pressing to de-escalate the Lebanese front, with a second round of Israel-Lebanon negotiations expected in Washington soon. Current contacts are focused on a temporary ceasefire to lay groundwork for ending the war. Lebanese officials have received indications from American counterparts on the matter, with sources expressing cautious optimism about serious progress within weeks. President Trump said he is seeking to create “breathing room” between Israel and Lebanon, saying the two leaders would speak the following day for the first time in around 34 years.

MACRO

China Activity - China’s Q1 GDP expanded 5% Y/Y (exp. 4.8%), the fastest in three quarters, and 1.3% Q/Q (exp. 1.4%), driven by manufacturing and exports. Growth topped forecasts despite the Iran war, though consumer spending remained weak with little sign of a turnaround, NBS data showed. Retail sales were at 1.7% Y/Y in March (exp. 2.3%); unemployment rose to 5.4% (exp. 5.2%, prev. 5.3%); industrial production 5.7% Y/Y (exp. 5.6%). ING said the Q1 GDP beat came as strong tertiary industry growth and solid industrial activity offset weak consumption and investment and a lower Q1 trade surplus, adding that higher energy prices may weigh on growth in the coming months.
China FX Buying - China’s FX purchases rose to a record USD 257.64bln in March, driven by demand for imports and overseas investments, Bloomberg reports. The increase across goods-trade and securities-investment transactions is likely to limit the yuan’s recent gains, the report adds.
Aussie Jobs - Australia’s unemployment rate held at 4.3% in March, employment rose +17,900, entirely through full-time jobs. The figures matched forecasts, and analysts said it supports the RBA’s view that the labour market remains relatively tight despite higher fuel prices and inflation pressures.
BoE - BoE Governor Bailey said he is in no rush to raise interest rates, saying it is too soon to judge the economic impact of the war in Iran. He described the conflict as a very large energy shock and said its duration will matter for inflation.
ECB - ECB officials are leaning towards keeping interest rates unchanged in April and delaying a decision on whether fallout from the Iran war requires a response, Bloomberg reports. Policymakers see tighter financing conditions as helping to keep inflation expectations anchored, while a rate hike may have a limited effect on market pricing.

TRADE

US-China AI - House Republicans are pushing legislation that would require the US government to identify Chinese and Russian entities using improper query-and-copy techniques on American AI models and consider sanctions, Bloomberg reports. The draft would use the Commerce Department blacklist and the Presidential Emergency Economic Powers. Separately, Nvidia (NVDA) CEO Huang said Anthropic’s Mythos breakthrough underscores the need for the US and China to establish a research dialogue on AI safety; Huang told the Dwarkesh Podcast that it is essential that both countries agree on limitations for AI use, while adding that he wants the US to win the AI race.

TECH

TSMC (TSM) Q1 2026 (TWD) Net Income 572.5bln (exp. 542.38bln), Revenue 1.13tln (prev. 839.3bln Y/Y), Op. Profit 659bln (prev. 407.1bln Y/Y). Other Metrics: Op. Margin 58.1% (prev. 48.5% Y/Y, prev. guided 54-56%), Gross Margin 66.2% (exp. 64.5%, prev. 58.8% Y/Y, prev. guided 63-65%), Capex 11.1bln (prev. 11.5bln Q/Q), Advanced Nodes account for 74% of Q1 wafer sales. Revenue breakdown: Revenue from smartphones -11% Q/Q, Revenue from high performance computing +20% Q/Q. From a geographic perspective, revenue from customers based in North America accounted for 76% of total net revenue in 1Q26, while revenue from Asia Pacific, China, Japan, and EMEA (Europe, Middle East, and Africa) accounted for 9%, 7%, 4%, and 4% of total net revenue, respectively. Guidance: Q2 Revenue 39-40.2bln (exp. 38.1bln), Q2 Gross Margin 65.5-67.5% (exp. 64.1%), Q2 Op. Margin 56.5-58.5% (exp. 55.3%). Raises FY26 Revenue view above 30% (prev. saw "close" to 30%). (in USD terms) and adjusted FY26 Capex to the upper end of the prior forecast 52-56bln. Said demand is very robust and continues to increase.
Apple (AAPL) - Apple is sending fewer than 200 Siri programmers to a multi-week AI coding bootcamp, two months before the company is expected to unveil an AI-powered revamp of the voice assistant, according to sources cited by The Information. A new Siri, powered by Google Gemini, is expected to debut at WWDC in June.
Oracle (ORCL) - Oracle and AWS (AMZN) are expanding multicloud networking to enable high-performance, private connectivity between OCI and AWS environments. The collaboration aims to simplify data movement and support AI and enterprise workloads across cloud platforms without additional infrastructure.
Samsung (SSNLF), Nvidia (NVDA) - Samsung is aiming to produce its first HBM4E samples as early as May and plans to deliver them to Nvidia after internal validation, Digitimes reports.
SK Hynix (HXSCL) - SK Hynix is targeting a June-July US listing via an ADR offering worth approximately USD 10bln. The chipmaker recently indicated the timeline to underwriters, having confidentially filed a draft Form F-1 with the SEC last month. The ADR is expected to be backed by new share issuance following the cancellation of KRW 12.24tln in treasury stock earlier this year.
Memory Suppliers - The global memory industry posted its strongest-ever Q1 performance in 2026, with AI demand overcoming the usual seasonal slowdown, Digitimes reports. Strong demand led to supply shortages and accelerated the industry upcycle, with revenue rising sharply across the supply chain.
Smartphones - Rising component costs and higher new-phone prices could cut global smartphone shipments by more than 10% in 2026, Digitimes reports. The shift is expected to boost demand for used devices worldwide and encourage companies to strengthen their second-hand operations.
Data Centres - The Electric Reliability Council of Texas warned that peak power demand may quadruple to 367,790 megawatts by 2032 from an all-time high of 85,508 megawatts in August 2023, driven by data centre expansion and population growth, Bloomberg reports. Data centres would account for more than 60% of the projected increase.
AI Chatbots - Canada is seriously considering a ban or moratorium on young people using social media and AI chatbots, Bloomberg reports. Culture Minister Marc Miller said a youth social-media ban is among the measures under consideration as the government prepares legislation to regulate online platforms.
Qualcomm (QCOM) - Downgraded at JPMorgan to 'Neutral' from 'Overweight' with a USD 140 PT (prev. 185). JPMorgan also placed the shares on "negative catalyst watch." It sees downside risk to Qualcomm's near-term estimates due to concerns across its handset business and expects a low double-digit decline in smartphone shipments in 2026. The analyst cites Qualcomm's slow diversification progress and lack of near-term catalysts for the stock to rerate for the downgrade.
Corning (GLW), Fabrinet (FN) - Stocks were downgraded at JPMorgan to 'Neutral' from 'Overweight' with price targets raised. GLW PT raised to USD 175 (prev. 115) and FN PT to USD 700 (prev. 530). The firm is taking a more cautious view on optical companies ahead of earnings. Current valuations require investors to "dial forward" to 2028 earnings. JPMorgan believes visibility into earnings into 2028 needs to improve further to support material upside to the current share prices.
Okta Tech (OKTA) - Upgraded at Raymond James to 'Outperform' from 'Market Perform'. The shares have dropped from USD 200 in fiscal 2023 to USD 60 today as the company's net retention revenue decelerated from over 120% to 106% due to downsized renewals from COVID cohorts that overprovisioned. The firm sees this headwind for Okta subsiding as the company's average contract duration is just under three years. Raymond James says its analysis of various metrics suggests a "forward waterfall that should result in upside to growth" for Okta.
Aehr Test Systems (AEHR) - Secured a record USD 41mln follow-on order from a hyperscale AI customer for burn-in systems and consumables supporting high-volume AI processor ASIC production. Deliveries are set to begin in fiscal 2027, bringing 2H bookings to over USD 92mln and reinforcing demand for its Sonoma platform.
Voyager Tech (VOYG) - Selected by NASA for its seventh private astronaut mission to the ISS, with the VOYG-1 launch targeted no earlier than 2028. The award supports NASA’s shift to commercial low-Earth orbit operations and advances Voyager’s broader lunar infrastructure strategy.
ESCO Technologies (ESE) - To acquire the Megger business of TBG AG for USD 2.35bln, comprising USD 0.9bln in cash and ESCO equity valued at approximately USD 1.4bln. The deal values Megger at approximately 14x projected 2026 EBITDA, including synergies. The deal is expected to yield approximately USD 60mln in cost synergies within three years. TBG will receive one ESCO board seat on closing. ESCO sees its Q2 adj. EPS at 1.91 (exp. 1.77), and Q2 revenue at USD 309mln (exp. 320.28mln), reflecting another quarter of strong sales growth and margin improvement.
GitLab (GTLB) - Downgraded at UBS to 'Neutral' from 'Buy' with a USD 24 PT (prev. 44). Overall check feedback suggests a mixed demand outlook with no evidence of a growth inflection and only modest customer interest in Duo Agent Platform to date. Without a clear path to AI-driven upward estimate revisions, the AI disruption narrative will be tough to bend in the near term, and UBS says it prefers to remain on the sidelines for now.
UK Tech - UK ministers are seeking involvement in the EUR 5bln Scaleup Europe Fund as part of efforts to deepen ties with the EU, FT reports.

CONSUMER DISCRETIONARY

Alibaba (BABA) - Alibaba launched Happy Oyster, an AI world model for creating 3D environments and interactive videos that can be used in films, video content and games, Bloomberg reports; the move expands Alibaba’s AI product suite as it seeks to challenge Tencent (TCEHY) and monetise the technology.
Conagra Brands (CAG) - Director Richard Lenny purchased 25K shares on 14th April for a total USD 358.5K, and Director John Mulligan purchased 17.5K shares for a total USD 250.4K.
Flutter (FLUT) - Double downgraded at Citi to 'Sell' from 'Buy'. Citi also opened a "negative catalyst watch" on Flutter and removed the shares from its European Focus List. The firm no longer values Flutter's US business on fiscal 2028 estimates due to reduced conviction in its growth forecasts over 2026 and 2027. In addition, FanDuel Predicts warrants minimal value amid the regulatory uncertainty.
Pernod Ricard (PRNDY) - Expects FY sales to fall as much as 4%, citing the Iran war alongside weak demand in the US and China; the spirits maker had previously guided for H2 improvement, but reversed that outlook, marking the first time it has issued such specific FY guidance, Bloomberg notes.
General Motors (GM), Ford (F) - The Trump administration is in talks with automakers and other manufacturers about shifting some production capacity to weapons and military supplies, WSJ reports. Senior defence officials have held discussions with General Motors CEO and Ford CEO, among others, according to sources.
Ford (F) - Ford CEO Jim Farley appeared to walk back comments made days earlier that Chinese carmakers “should be kept out of our country,” telling reporters on Wednesday that Ford benefits from partnerships with Chinese automakers, and is looking to expand those ties. Separately, Ford created a new Product Creation and Industrialisation organisation under COO Kumar Galhotra, combining advanced technology and global industrial teams to support its Ford+ plan and 8% adj. EBIT margin target by 2029. Alan Clarke was appointed Vice President for Advanced Development Projects. Doug Field will leave next month, and Kieran Cahill is retiring after 37 years.
Tesla (TSLA) - Tesla has completed the tape-out of its next-generation AI5 chip, with CEO Musk confirming the milestone on X. The design signals dual sourcing between Samsung (SSNLF) and TSMC (TSM), according to Digitimes. Musk’s team has contacted chip equipment suppliers, including Applied Materials (AMAT), Tokyo Electron (TOELY) and Lam Research (LRCX) for quotes and delivery times on tools for the planned Terafab venture between Tesla and SpaceX, marking an early attempt to move into advanced chip production.
Nissan (NSANY) - Held talks with Chery Auto on building cars in Sunderland, FT reports.
Carnival (CCL), Fincantieri (FNCNF) - Carnival’s Princess Cruises said it signed agreements with Fincantieri to build three new cruise ships on a next-generation platform, with deliveries planned for late 2035, 2038 and 2039.

CONSUMER STAPLES

Costco (COST) - Board raised its dividend +13.1% to USD 1.47/shr (prev. 1.30).
PepsiCo (PEP) Q1 2026 (USD): EPS 1.61 (exp. 1.55), Revenue 19.4bln (exp. 18.94bln). Guidance: Affirmed FY26 core constant EPS growth of 4-6% and FY26 revenue growth view of 2-4%). Maintains USD 8.9bln shareholder returns target (USD 7.9bln dividends, USD 1.0bln buybacks). Sees around 1ppts of FX headwinds. Commentary: Encouraged with the resilience of the International business; North America continued to make progress in Q1. Ahead aims to successfully execute commercial plans, tightly manage costs to help fund investments to accelerate growth. PepsiCo executives say the Co. has seen no major issues from a supply chain standpoint from the Iran conflict and that 6- to 12-month hedges provide near-term cost visibility.
Walmart (WMT) - Making a play in the GLP-1 boom, launching a platform that combines virtual care and nutrition, the Co. tells Axios
Conagra Brands (CAG) - Director Richard Lenny bought 25K shares of common stock on April 14th in a total transaction size of USD 358.5k and director John Mulligan bought 17.5K shares of common stock in a total transaction size of 250.4k, filings showed.
Tesco (TSCDY) - Guided FY 2026/27 adj. operating profit of GBP 3.0-3.3bln (exp. 3.23bln), saying uncertainty over the Middle East conflict had widened the range; the supermarket reported revenue of GBP 66.6bln (prev. 63.63bln Y/Y), and adj. EPS of 29p (prev. 27.4p Y/Y), and said it is targeting a further GBP 500mln of cost savings this year.
Barry Callebaut (BRRLY) - Said profit will fall this year after a sharp drop in cocoa prices; the chocolatier cut its outlook for earnings growth, said it is taking short-term action to protect market share and prioritise growth.

FINANCIALS

Charles Schwab (SCHW) Q1 2026 (USD): EPS 1.37 (exp. 1.35), Revenue 6.48bln (exp. 6.5bln); total net new assets 139.9bln (exp. 123.49bln). Trading revenue +20% Y/Y; Net interest revenue 3.14bln (exp. 3.25bln); NIM 2.88% (exp. 2.94%).
Private Credit - Goldman’s global head of alternatives for wealth, Kristin Olson, said private credit firms are likely to keep attracting capital despite recent redemptions because of the premium on illiquid investments, Bloomberg reports. Goldman advises ultra-high-net-worth clients and family offices to allocate about a quarter of a moderate-risk portfolio to alternatives.
Bank of New York Mellon Corp (BK) Q1 2026 (USD) EPS 2.25 (exp. 1.93), Revenue 5.41bln (exp. 5.17bln), announces a USD 10bln share buyback.
European Government Bonds - Pimco has shifted from underweight to overweight European government bonds after a war-driven selloff, adding exposure across its global bond funds, Bloomberg reports. Exec attributed the move to a mispricing caused by the sudden unwinding of previously popular trades.
Goldman Sachs (GS) - Goldman Sachs’ rates-trading business was hit by surging interest rates after the US and Israel attacked Iran, contributing to weaker-than-expected Q1 results, Bloomberg reports. Losses at the bank’s US nonlinear gamma rates desk were among the factors that left the division nearly USD 1bln below analyst expectations.
Travelers Companies (TRV) EPS 7.71 (exp. 6.97), Revenue 11.9bln (exp. 10.72bln), raised quarterly dividend by 13.6% to USD 1.25/shr (prev. 1.10).
Marsh (MRSH) Q1 2026 (USD): Adj. EPS 3.29 (exp. 3.23), Revenue 7.6bln (exp. 7.41bln).
US Bancorp (USB) Q1 2026 (USD): Adj. EPS 1.18 (exp. 1.15), Revenue 7.29bln (exp. 7.28bln), NII 4.26bln (exp. 4.27bln). Guided Q2 revenue at +4-6% Y/Y and NII at +6-7% Y/Y.
KKR (KKR), Apollo (APO) - Reportedly among bidders for Logoplaste.
Blue Owl (OWL) - Blue Owl shares have surged by more than 15% over the last two sessions, their biggest gain since November 2022, as improving risk sentiment and reassuring comments from Wall Street bank chiefs eased concerns about private credit, Bloomberg reports.
UK Banks - UK lenders began cutting fixed-rate mortgages this week after a month of sharp interest rate rises caused by market turmoil following the Iran war, FT reports.

INDUSTRIALS

Johnson Controls (JCI) - Considering options including selling two security division businesses that could be worth up to USD 4.5bln, Bloomberg reports. The company is working with advisers to seek interest in its Access Control and Intrusion Detection units and may sell them separately or to one buyer.
J.B. Hunt (JBHT) Q1 2026 (USD): EPS 1.49 (exp. 1.45), Revenue 3.06bln (exp. 2.95bln). Intermodal segment revenue +2% to 1.50bln, intermodal volume +3% Y/Y; Dedicated Contract Services revenue +2% to 841mln; Final Mile Services revenue -6% to 188mln; Truckload segment revenue +23% Y/Y to 205mln. The CEO noted that the operating environment remains dynamic.
Boeing (BA) - Hiring over 100 factory workers a week in a bid to grow output and replace retirees, Reuters reports.
Woodward (WWD) - Agreed to sell its pilot controls product line and associated services to Ontic Engineering and Manufacturing. The transaction is subject to customary closing conditions and regulatory approvals.
Lockheed Martin (LMT) - Awarded an USD 850.41mln Navy contract modification for Trident II Life Extension 2 advanced design and development work.
RTX (RTX) - Awarded a USD 234.76mln Air Force contract for AMRAAM Extended Range transition to full-rate production.

HEALTHCARE

Abbott Laboratories (ABT) Q1 2026 (USD): Adj. EPS 1.15 (exp. 1.15), Revenue 11.2bln (exp. 11.00bln). Outlook: Q2 adj. EPS 1.25-1.32 (exp. 1.37), FY26 adj. EPS 5.38-5.58 (exp. 5.61).
Eli Lilly (LLY) - Said Foundayo met the primary endpoint in the Phase 3 ACHIEVE-4 trial, showing non-inferior cardiovascular risk vs. insulin glargine with a 16% lower MACE risk and superior A1C and weight reduction. The drug also showed a 57% lower all-cause mortality risk, and Lilly plans an FDA submission by the end of Q2.
Alzheimer’s Drugs - A Cochrane review of drug trials has found that Alzheimer’s drugs targeting amyloid protein buildup do not meaningfully improve or slow cognitive decline in patients with mild symptoms, despite successfully removing amyloid from the brain. The findings raise questions about medicines developed by Eli Lilly (LLY) and Eisai (ESAIY), among others, Bloomberg reports.
Savara (SVRA) - Said the FDA extended the Priority Review of its molgramostim BLA in autoimmune PAP by three months after the company’s responses to recent information requests were deemed a major amendment. The new PDUFA target action date is 22nd November 2026. The FDA did not cite safety, efficacy, or manufacturing concerns.
QuidelOrtho (QDEL) - Q1 revenue seen between USD 615-620mln (exp. 679.59mln), Q1 FCF between USD -70 and -65mln. The company said the weaker-than-expected Q1 revenue was driven primarily by a softer respiratory season, with US influenza-like illness visits down about 30% Y/Y, alongside slower China distributor sales linked to proposed reimbursement rate reductions by China’s National Health Security Administration, and delayed EMEA orders due to the Middle East conflict. Is taking decisive cost actions to support FY26 performance. Continues to expect FCF to be negative in H1 2026, but positive for the FY.

COMMUNICATIONS

Alphabet (GOOG) - Google-linked data centres are seeking to raise USD 5.7bln through a junk-bond sale, which would be the largest such deal to fund the AI infrastructure boom, Bloomberg reports. Morgan Stanley began marketing the notes on Wednesday, and they could be priced as early as this week. Meanwhile, the EU Commission proposed measures to Google on sharing search engine data with third parties under the Digital Markets Act. The EU sent Google preliminary DMA findings proposing that it share search data, including ranking, query, click and view data, with eligible third-party search engines and AI chatbots on fair, reasonable and non-discriminatory terms. Elsewhere, Citrini analyst says JPM's supply chain survey indicates that Google (GOOGL) is developing an SRAM-based compute engine in collaboration with Marvell (MRVL) (a concept similar to NVIDIA's Groq LPU), and this is expected to negatively impact MediaTek's TAM.
Live Nation (LYV) - A federal jury found Live Nation illegally monopolised the US concert ticketing market in a case brought by more than 30 states, WSJ reports. Live Nation said it will pursue further motions and estimated the USD 1.72/ticket award applies to about 20% of tickets, implying aggregate single damages below USD 150mln before trebling.
Cineplex (CGX) - Canada’s largest cinema chain Cineplex is exploring interest from potential buyers as it seeks to combine with a rival, Bloomberg reports. The CEO has contacted companies, including Regal Cineworld Group and Cinemark (CNK), to assess takeover interest, though discussions are at an early stage and may not lead to a deal.

ENERGY

Repsol (REPYY) - Signed an agreement with Venezuela and state-owned PDVSA to regain operational control of the Petroquiriquire asset, targeting ~50% output growth within a year and potential tripling over three years, WSJ reports. The deal, enabled under a US general license, aims to boost production but remains dependent on political and regulatory conditions.
TotalEnergies (TTE) - Expects higher oil and gas prices to support its financial results, despite the impact of the war in the Middle East. The company said Q1 oil and gas production should match the previous quarter’s 2.545mln bbls of oil equivalent per day.

MATERIALS

China Aluminium - China cut crude oil processing last month as refiners reduced run rates to conserve supplies disrupted by the Persian Gulf conflict. Aluminium production rose as smelters capitalised on record margins and moved to fill a global shortfall of the metal.
PPG Industries (PPG) - Announced global price increases of up to 20% across its paints, coatings and specialty products portfolio, citing volatility and supply constraints in petrochemical, energy and transport markets. The company said higher raw material, energy, logistics and packaging costs are driving the move, with some products, technologies and regions potentially facing larger increases and further rises possible. Sees Q1 EPS at USD 1.83 (exp. 1.70), and sees organic revenue ‘flat to up low single digits’.

REAL ESTATE

Prologis Inc. (PLD) Q1 2026 (USD): EPS 1.05 (exp. 0.81), Revenue 2.30 (exp. 2.12bln), Core FFO 1.50 (exp. 1.48).
SL Green Realty (SLG) Q1 2026 (USD): FFO 0.84 (exp. 1.06), Revenue 253.08mln (prev. 144.52mln last year); backed FF26 FFO view of 4.40-4.70 (exp. 4.64).