Daily US Equity Opening News - AAPL rises after beat; Memory names drop despite more strong earnings

US INDEX FUTURES: ES +0.3%, NQ unch, YM +0.4%, RUT unch.

DAY AHEAD:

BROKER MOVES: RBLX upgraded at TD Cowen despite earnings selloff; PSKY double upgraded at Morgan Stanley. For the full list, click here.
US DAILY CONFERENCE CALENDAR: BRK.A. For the full list, click here.
EVENTS: Labour Day holidays across several European regions will thin liquidity conditions.
DATA: In North America, US ISM Manufacturing PMI (exp. 53.0, prev. 52.7), with focus on prices (exp. 80.0, prev. 78.3), new orders (exp. 53.2, prev. 53.5) and employment (exp. 49.0, prev. 48.7); final US S&P Global Manufacturing PMI (exp. 54.0, prev. 52.3); the Atlanta Fed will update its GDPNow tracker (currently modelling Q2 growth of 3.7%). Canada’s S&P Global Manufacturing PMI is also due.
ENERGY: Baker Hughes weekly rig count data are due — oil (prev. 410), gas (prev. 125) and total (prev. 543).
PREVIEW - US ISM MANUFACTURING PMI (15:00BST/10:00EDT): ISM Manufacturing PMI headline seen rising a touch to 53.0 (prev. 52.7), with prices expected to rise to 80.0 (prev. 78.3), new orders at 53.2 (prev. 53.5), and employment at 49.0 (prev. 48.7). As a proxy, S&P Globalʼs March manufacturing PMI rose to 54.0 in April (from 52.3), reaching a 47-month high. Output expanded at its fastest pace in four years, while new orders posted their strongest rise since May 2022. The report, however, pointed to a more complicated underlying picture: much of the strength in orders appears to reflect precautionary stock-building rather than stronger end-demand, with survey respondents citing concerns about supply availability and price increases linked to the ongoing Middle East conflict. Export orders also fell at a faster pace, suggesting that demand strength is mainly domestic. S&P also flagged mounting supply-chain pressure, with supplier delivery times lengthening by the most since August 2022, driven by war-related shipping disruption and the rush to build safety stocks. On prices, input cost inflation hit a ten-month high, while output prices rose at the fastest pace since mid-2022. The labour-market signal was softer, with the employment sub-index falling for the first time in nine months, suggesting firms remain cautious despite the stronger headline reading. Looking ahead, the forward-looking components improved, with sentiment at its highest since February 2025, helped by hopes of tariff-led reshoring however, that confidence may prove fragile if supply disruptions persist.

NEWS:

GEOPOLITICS

US-Iran - US President Trump said Iran is “dying” to make a deal, and reiterated that the nation cannot be nuclear-armed. He said he does not know whether the ceasefire with Iran needs to be broken, adding “we may do”. Trump is expected to make a decision on the path forward on Iran in the coming days, NBC reported, citing a US official. Israel’s Channel 12 reported that the US may allow Israel to target Iran’s energy facilities if negotiations fail.
US - The Trump administration is set to pass an initial congressional approval deadline for the Iran war, arguing the ceasefire stopped the War Powers Resolution’s 60-day clock, WSJ reports. Defence Secretary Hegseth told the Senate Armed Services Committee the ceasefire paused the deadline, drawing Democratic outrage and Republican scepticism.
Peace Talks - Two Pakistani officials in Islamabad with direct knowledge of US-Iran talks said they expect a revised Iranian proposal to end the war by the end of the week. Iran’s Foreign Ministry spokesperson said expecting a quick conclusion to negotiations is irresponsible, the other party has not used Iran’s proposal, and Iran must be ready for any eventuality.
Iran - Iranian President Pezeshkian and Parliament Speaker Ghalibaf are reportedly dissatisfied with Foreign Minister Araghchi’s diplomacy, especially nuclear negotiations, and are calling for his dismissal, Iran International reports citing sources.

INDEX

S&P 500 (SPX) - S&P Dow Jones said Veeva Systems (VEEV) will replace Coterra Energy (CTRA) in the S&P 500, from 7th May, following S&P 500 constituent Devon Energy’s (DVN) pending acquisition of Coterra, which is expected to close imminently.
IPOs - S&P Dow Jones Indices has launched a consultation that could significantly change the rules governing index inclusion, Reuters reports. Proposals include cutting the minimum public listing period from 12 to six months and removing profitability requirements for large-cap companies. The consultation closes on 28th May, with changes potentially implemented around 8th June, prompted partly by anticipated listings from SpaceX, Anthropic, and OpenAI.

TECH

Apple (AAPL) - Shares rose 3% in extended US trading after it reported an earnings and revenue beat, driven by strong iPhone and services sales, better-than-expected China revenue, upbeat revenue guidance, and signs the company is managing through higher memory costs and supply constraints. Q2 2026 (USD): Adj. EPS 2.01 (exp. 1.95), Revenue 111.2bln (exp. 109.45bln). Net income came 29.6bln (exp. 28.5bln), operating income 35.9bln (exp. 34.8bln). iPhone net sales 56.99bln (exp. 57.21bln), Services a record 30.98bln (exp. 30.39bln), Mac 8.40bln (exp. 8.02bln), iPad 6.91bln (exp. 6.66bln), Wearables, Home and Accessories 7.90bln (exp. 7.70bln), and Greater China 20.50bln (exp. 19.45bln). Board raised quarterly dividend +4% to 0.27/shr, and authorised an additional 100bln share repurchase programme. Apple also confirmed it is no longer targeting a net cash neutral position. CEO Cook noted that supply constraints in Q3 will be concentrated across several Mac models and flagged significantly higher memory costs ahead. The CFO sees Q3 revenue growth of between 14-17% Y/Y (exp. +9%), implying a range of ~107.2-110.0bln (exp. 102.6bln); Q3 gross margin seen between 47.5-48.5%, and expects Services revenue growth in Q3 to be broadly in line with Q2 when adjusting for favourable FX impacts. Cook also said John Ternus was the right leader for Apple going forward.
Nvidia (NVDA), Microsoft (MSFT), Amazon (AMZN) - Pentagon to expand Nvidia and Microsoft AI use in secret networks, Bloomberg reports; Defense department also strikes deal with AWS and Reflection AI.
Huawei - Huawei expects AI chip revenue to rise at least 60% as Chinese companies seek alternatives to Nvidia (NVDA), FT reports. Huawei forecasts AI chip sales of USD 12bln in 2026.
OpenAI - OpenAI CFO Sarah Friar said the company is meeting objectives and sees “a vertical wall of demand” for its products, Bloomberg reports. Friar said OpenAI is beating its plan at the highest level, though performance can vary across periods because the business remains young and not perfectly forecastable across every metric.
Western Digital (WDC) - Shares fell over 7% in extended trading after its stronger AI-driven storage outlook and buyback support were outweighed by profit-taking after the stock’s strong recent run. Q3 2026 (USD): Adj. EPS 2.72 (exp. 2.38), Revenue 3.34bln (exp. 3.24bln). Said 2026 began with strong execution, driving sequential and Y/Y revenue growth across all end markets, while expanding gross and operating margins. The CEO said demand drivers remain clear, as virtually every AI workload, from training and inference to agentic AI and physical AI, creates data stored persistently and cost-efficiently on HDDs. CFO said visibility continues to extend as momentum builds across end markets. Raised its quarterly dividend +20% to 0.15/shr, citing confidence in the durability of the business. Sees Q4 adj. EPS of 3.10-3.40 (exp. 2.75), Q4 revenue of 3.55-3.75bln (exp. 3.47bln), and Q4 gross margin between 51-52%.
SanDisk (SNDK) - Shares fell over 4% in extended trading, despite beating earnings, revenue and guidance, with reports suggesting that expectations were already extremely elevated after a huge rise in its shares. Q3 2026 (USD): Adj. EPS 23.41 (exp. 14.43), Revenue 5.95bln (exp. 4.69bln). The CEO said the quarter marked a fundamental inflexion point, and the company is advancing to a new business model built on multi-year customer engagements backed by firm financial commitments, driving structurally higher and more durable earnings power. SanDisk highlighted its zero-debt balance sheet, strong cash generation and recently authorised share repurchase programme. Sees Q4 adj. EPS between 30.00-33.00 (exp. 22.70), and Q4 revenue between 7.75-8.25bln (exp. 6.493bln).
Palo Alto Networks (PANW) - Palo Alto Networks announced plans to acquire Portkey, an AI gateway company; terms were not disclosed. Portkey provides a centralised control plane for managing and securing autonomous AI agents, processing trillions of tokens per month. The deal is expected to close in Palo Alto Networks’ Q4.
Universal Display (OLED) Q1 2026 (USD): EPS 0.76 (exp. 1.20), Revenue 142.2mln (exp. 160.66mln). CFO said near-term market conditions have become more measured; expects Gen 8.6 capacity additions in Korea and China this year. The company announced a new USD 400mln share repurchase authorisation, incremental to the USD 100mln programme fully utilised through Q1 2026, and declared a Q2 dividend of 0.50/shr. Lowered its FY26 revenue view to 630-670mln (exp. 673.89mln; prev. saw 650-700mln).
Ingram Micro (INGM) Q1 2026 (USD): EPS 0.75 (exp. 0.72), Revenue 14.0bln (exp. 12.74bln). All four business regions saw top-line growth, three regions delivered double-digit growth, led again by APAC. The CEO noted EPS was at the high end of guidance, and that the company has moved from adoption to performance on its Xvantage platform, with AI-led net sales up more than 60% Y/Y in its largest countries. Sees Q2 EPS between 0.68-0.78 (exp. 0.73), sees Q2 revenue between USD 13.6-14.0bln (exp. 13.03bln).
Atlassian (TEAM) - Shares surged over 18% in extended trading after a Q3 beat. Q3 2026 (USD): EPS 1.75 (exp. 1.34), Revenue 1.787bln (exp. 1.7bln). Revenue was supported by customers signing bigger, longer-term commitments and connecting teams and workflows on Atlassian’s AI-powered platform. Service Collection exceeded 1.0bln in ARR, as it continued to take share. Sees Q4 revenue between 1.653-1.661bln (exp. 1.66bln), with cloud revenue growth of approximately 25.5% Y/Y, adj. operating margin of approximately 30.5%. Sees FY26 revenue growth of approximately 24% Y/Y (exp. 6.37bln), cloud revenue growth of approximately 26.5%, data centre revenue growth of approximately 21.5%, and adj. operating margin of approximately 29.0%.
Twilio (TWLO) - Shares rose over 20% in extended trading after it reported an earnings beat and lifted FY guidance. Q1 2026 (USD): Adj. EPS 1.50 (exp. 1.27), Revenue 1.41bln (exp. 1.34bln) - its highest revenue and gross profit growth rates in more than three years. Sees Q2 adj. EPS between 1.27-1.32 (exp. 1.29), sees Q2 revenue between 1.42-1.43bln (exp. 1.39bln); raised FY26 revenue growth view to between 14-15% (from 11.5-12.5%), raised FY26 adj. income from operations to between 1.08-1.10bln (prev. 1.04-1.06bln).
Five9 (FIVN) - Shares rose over 15% in extended trading after it reported a Q1 beat. Q1 2026 (USD): Adj. EPS 0.76 (exp. 0.68), Revenue 305.3mln (exp. 300.07mln). Will take decisive action to sharpen execution and optimise its organisational design as it seeks to build momentum. Sees Q2 adj. EPS between 0.65-0.69 (exp. 0.74), sees Q2 revenue between 303-309mln (exp. 305.42mln); sees FY26 adj. EPS between 3.22-3.30 (exp. 3.19), sees FY26 revenue between 1.254-1.266bln (exp. 1.26bln).
Monolithic Power (MPWR) Q1 2026 (USD): Adj. EPS 5.10 (exp. 4.90), Revenue 804mln (exp. 782mln). Sees Q2 revenue between 890-910mln (exp. 817mln).
First Solar (FSLR) Q1 2026 (USD): EPS 3.22 (exp. 2.98), Revenue 1.04bln (exp. 1.05bln).
GoDaddy (GDDY) Q1 2026 (USD): EPS 1.60 (exp. 1.99), Revenue 1.267bln (exp. 1.26bln). Sees Q2 revenue between 1.285-1.305bln (exp. 1.29bln); reaffirmed FY26 revenue outlook between 5.195-5.275bln (exp. 5.24bln).

COMMUNICATIONS

Meta Platforms (META) - HR chief Janelle Gale told staff the company cannot rule out further layoffs, Business Insider reports. Meta already plans to cut around 10% of staff next month. Gale said the business is strong, but priorities change, and costs will be managed responsibly. CEO Zuckerberg said AI automation is not driving the cuts, the report adds. Separately, the CEO told staff the company plans to shrink teams and develop new apps as AI reshapes workflows, WSJ reports; he attributed an 8% share drop to investor concerns over a higher-than-expected CapEx revision and a slower Q2 growth outlook, describing Q1 as exceptionally strong; he also noted a shift in the company’s advertising trajectory following the start of the US-Iran war.
Roblox (RBLX) - Roblox shares tumbled over 20% in afterhours trading after it reported Q1 user numbers below expectations, following the implementation of safety features that restrict how children use the platform; it also cut its FY bookings forecast, attributing the revision to its aggressive push to enhance safety. Q1 2026 (USD): EPS -0.35 (exp. -0.41), Revenue 1.7bln (exp. 1.75bln). Q1 average DAUs +35% Y/Y to 132mln (exp. 143.8mln), hours engaged +43% Y/Y to 31bln. Expects a sequential decline in DAUs in Q2, reflecting a deceleration observed in Q1 and so far in Q2. Has updated its FY outlook to reflect a continuation of safety-related headwinds; sees Q2 revenue between 1.39-1.45bln (exp. 1.83bln), sees Q2 bookings between 1.55-1.61bln (exp. 1.86bln); sees FY26 revenue growth between 20-25%, bookings growth between 8-12%. Despite the large selloff, TD Cowen upgraded shares to 'Hold' from 'Sell' with a USD 49 PT (prev. 54). TD believes the stock's current valuation now better reflects the "facts on the ground" for Roblox and cites valuation for the upgrade, seeing some value in the stock.
Reddit (RDDT) Q1 2026 (USD): Adj. EPS 1.01 (exp. 0.57), Revenue 663mln (exp. 607.7mln). DAUs +17% Y/Y to 126.8mln (exp. 121.1mln). The CEO said 30% of Reddit users are not on other social media, described Reddit as one of the most trusted sources for product purchasing information, and said the company is “the fuel for AI.” Sees Q2 revenue between 715-725mln (exp. 710.9mln) and sees Q2 adj. EBITDA between 285-295mln (exp. 275.7mln).
Roku (ROKU) Q1 2025 (USD): EPS 0.57 (exp. 0.35), Revenue 1.25bln (exp. 1.20bln). Platform revenue +28% Y/Y to 1.13bln, driven by advertising and subscriptions; total gross profit +27% Y/Y to 565mln; streaming hours +8% Y/Y to 38.7bln. Said results support its path to sustained double-digit platform revenue growth, margin expansion and free cash flow per share growth. Sees Q2 revenue of 1.3bln (exp. 1.29bln); raised FY26 total revenue view to 5.5bln (exp. 5.51bln), and sees platform revenue of 5.0bln.
Sinclair (SBGI) Q1 2026 (USD): EPS 0.28 (vs -2.30 Y/Y), Revenue 807mln (exp. 791.21mln). Exec said ratings and subscriber trends were showing positive momentum, while broadcast reach differentiation is driving record viewing levels into a political- and sports-heavy 2026. Live sports remained a key driver, with the Super Bowl delivering the second-largest audience in US television history, and the Winter Olympics also delivering record viewing levels. Tennis Channel had its most-watched month ever in March, including four of the top-five most-watched matches in network history, and delivered record subscriber numbers for its DTC product. Backed FY26 revenue view between 3.4-3.54bln (exp. 3.49bln), and FY26 adj. EBITDA between 700-740mln.
Paramount Skydance (PSKY) - Double upgraded at Morgan Stanley to 'Overweight' from 'Underweight' with a USD 14 PT (prev. 11). Pessimism "presents an opportunity" as the Warner deal is "transformative" and AI can "turbocharge" legacy assets, the firm said, who sees a "clear synergy and de-levering path."

CONSUMER STAPLES

Diageo (DEO) - Diageo’s CEO announced a strategic push into the ready-to-drink beverages category at a staff meeting on Tuesday, FT said.
Boston Beer (SAM) - Shares fell in extended trading after top- and bottom-line misses in Q1, and lowered FY guidance, driven by a more challenging cost backdrop including tariff and commodity headwinds. Q1 2026 (USD): EPS 1.64 (exp. 1.91), Revenue 433.9mln (exp. 435.95mln). Depletions decreased 4%, and shipments decreased 6.9%, while YTD depletions were down 4% Y/Y. Exec said it was encouraged by early signs of improvement in the total beer category in Q1, but its portfolio has not yet fully matched the improvement in category trends. The operating environment remains dynamic, and it is executing against its summer plans with meaningful advertising support. Sees FY26 EPS between 8.50-10.50 (exp. 9.95), sees FY26 depletions and shipments down low-single digits to mid-single digits (prev. saw flat to down mid-single digits), reflecting its latest volume outlook and a more challenging cost environment.
Church & Dwight (CHD) Q1 2026 (USD): Adj. EPS 0.95 (exp. 0.93), Revenue 1.47bln (exp. 1.46bln); still sees 2026 adj. EPS growth of 5-8% from 3.53 in 2026 (exp. 3.74).
Clorox (CLX) Q3 2026 (USD): Adj. EPS 1.64 (exp. 1.55), Revenue 1.67bln (exp. 1.67bln). Gross margin -140bps Y/Y to 43.2%, driven by higher manufacturing and logistics costs and unfavourable mix, partly offset by cost savings. The CEO noted results were mixed, though cited continued momentum in some parts of the portfolio, and slower-than-anticipated market share recovery elsewhere, while the consumer and cost environment remains challenging. Lowered FY26 adj. EPS outlook to between 5.45-5.65 (exp. 5.86), and now sees FY26 net sales -6%, organic sales -9%, and sees FY26 gross margin down 250-300bps.
Estee Lauder (EL) Q3 2026 (USD): EPS 0.91 (exp. 0.65), revenue 3.7bln (exp. 3.7bln); mainland China sales rose 11%, and 6% organically. Raised FY26 adj. EPS view to 2.35-2.45 (exp. 2.22, prev. 2.03-2.23). The CEO said Q3 extended strong year-to-date performance driven by Beauty Reimagined, with Mainland China outperforming prestige beauty, and said FY26 is on track to restore organic sales growth and expand adjusted operating margin for the first time in four years. Increasing net job reductions to 9-10k (prev. guided 5.8-7k). Sees FY26 EPS at 2.35-2.45 (exp. 2.22; prev. saw 2.05-2.25) and organic net sales growth of c. 3%, upper end of guided range. Expects tariff headwinds to reduce FY26 profitability by 100mln.
Colgate-Palmolive (CL) Q1 2026 (USD): Base EPS 0.97 (exp. 0.94), Revenue 5.32bln (exp. 5.22bln); backed FY26 net sales up 2-6%.

CONSUMER DISCRETIONARY

Rivian Automotive (RIVN) Q1 2026 (USD): EPS -0.33 (exp. -0.60), Revenue 1.381bln (exp. 1.37bln); filed automatic mixed securities shelf. Received 1BLN equity investment from Volkswagen group today on achieving a milestone under the JV. Increased Georgia plant initial production capacity to 300,000 vehicles annually; expects first advance on 4.5bln DOE loan in early 2027; Robotaxi partnership with Uber to deploy up to 50,000 fully Autonomous robotaxis; sees FY26 adjusted EBITDA (2.1bln)-(1.8bln) and sees FY26 vehicles delivered 62,000 - 67,000. Sees FY capex at 1.95-2.05bln (exp. 1.99bln).
Tesla (TSLA) - Tesla generated USD 573.4mln in revenue from Elon Musk’s other companies last year, according to an amended annual filing. Of that total, USD 430.1mln came from xAI and USD 143.3mln from SpaceX.
Ford (F) - Recalling 179,698 vehicles in the US due to a loose bolt in the front seat frame, the US NHTSA said. The recall includes certain 2024-2026 Ranger and Bronco vehicles. A seat with a dislodged bolt may not properly restrain an occupant in a crash.
Nissan (NSANY) - Nissan’s North American subsidiary has cancelled plans to produce electric SUV models at its Mississippi plant, opting instead to expand output of conventional gasoline-powered cars there, Nikkei reports.
Li Auto (LI) - Li Auto delivered 34,085 vehicles in April 2026, bringing cumulative deliveries to 1,669,442 as of 30th April. The Li L9 Livis line debuted at the 2026 Beijing International Automotive Exhibition, with its official launch scheduled for 15th May.
Nio (NIO) - Delivered 29,356 vehicles in April, representing an increase of 22.8% Y/Y. The deliveries consisted of 19,024 vehicles from the company's premium smart electric vehicle brand Nio, 5,352 vehicles from the company's family-oriented smart electric vehicle brand Onvo, and 4,980 vehicles from the company's small smart electric car brand Firefly. Cumulative deliveries reached 1,110,413 as of April 30.

FINANCIALS

NatWest (NWG) - Q1 pre-tax profit rose to GBP 2bln (exp. 1.9bln), while revenue rose nearly 10% to GBP 4.4bln (vs 4.0bln Y/Y); NIM +20bps Y/Y to 2.47%, and NII came in at 3.4bln (prev. 3.4bln Y/Y). CEO said it has started the year with positive momentum, underpinned by healthy customer activity, noting it has generated over GBP 100mln of additional cost savings in Q1. The bank raised its FY income target, now expecting it at the top end of its GBP 17.2-17.6bln guidance range.
American International Group (AIG) Q1 2026 (USD): Adj. EPS 2.11 (exp. 1.88). Adj. after-tax income per diluted share rose 80% Y/Y; core operating ROE was 12.2%. The CEO said it entered 2026 with significant momentum, highlighting underwriting strength and sustained earnings momentum. Net premiums written +24% Y/Y (+18% CC); North America Commercial +36%, International Commercial +12%, and Global Personal +11%.
Arthur J. Gallagher (AJG) Q1 2026 (USD): Adj. EPS 4.47 (exp. 4.43), Revenue 4.76bln (exp. 4.73bln). The CEO said Q1 was terrific, with combined brokerage and risk management segment revenue growth of 28%, supported by its two-pronged strategy of organic growth and acquisitions. Organic growth was 5%, reflecting strong client retention, disciplined execution and the benefit of a diversified platform.
Ares Management (ARES) Q1 2026 (USD): Revenue 1.4bln (vs exp. 1.32bln).
Aon (AON) Q1 2026 (USD): Revenue 5.03bln (exp. 4.97bln), Adj. EPS 6.48 (exp. 6.37); backed FY26 adj. EPS view of "strong" growth.
Cboe Global Markets (CBOE) Q1 2026 (USD): Adj. EPS 3.70 (exp. 3.37), Revenue 728.9mln (exp. 708.61mln). Cboe is slashing 20% of its staff in a bid to focus on core businesses, WSJ reports.
Riot Platforms (RIOT) - Q1 Bitcoin production 1,473, Q1 revenue USD 167.2mln (exp. 130.58mln). The CEO said the quarter marked an inflection point as it officially transitioned into an active, revenue-generating data centre operator. He said the ongoing delivery of initial capacity to AMD (AMD) and AMD’s decision to double its footprint with a 25MW expansion validate Riot’s ability to execute at institutional scale with demanding tenants. Now has 50MW firmly contracted with AMD.
Sun Life Financial (SLF), MetLife (MET) - Sun Life reached a settlement in principle to resolve a class action relating to individual life insurance policies originally sold by MetLife in the 1980s and 1990s, which Sun Life inherited through historical Canadian acquisitions. Subject to court approval, Sun Life would provide up to USD 213.5mln to eligible policyholders, resulting in an anticipated charge to Q1 reported net income of approximately USD 145mln. Sun Life intends to seek full recourse from MetLife under an existing indemnity should the settlement be approved.

ENERGY

Chevron (CVX) Q1 2026 (USD): Adj. EPS 1.41 (exp. 0.97), Revenue 48.6bln (exp. 47.4bln), Capex 4.1bln (prev. 3.9bln Y/Y). Sees Q2 share repurchases between USD 2.5-3.0bln. Key metrics: CFFO 2.5bln (prev. 5.2bln Y/Y), CFFO Ex-Working Capital 7.1bln (prev. 7.6bln Y/Y); Adj. FCF 4.1bln (prev. 4.2bln Y/Y)Capex 4.1bln (prev. 3.9bln Y/Y), Net Oil-Equivalent Production 3,858mln BOED (prev. 3,353mln BOED Y/Y), US production +24% Y/Y to 2.024mln BOED, helped by Hess, Gulf of America start-ups and Permian growth. Downstream posted a USD 817mln loss, driven by weaker international margins and timing effects. Commentary: “The unpredictable external environment reinforces the importance of disciplined investment to ensure reliable energy supply and global energy security.” “We continue to closely monitor developments in the Middle East with a focus on the safety of our workforce and the integrity of our assets and operations.” Looking forward, would expect additional timing effects when prices are rising, and further unwinds when prices are falling. Chevron CFO said the Middle East crisis has not prompted a change to their plans.
Exxon Mobil (XOM) Q1 2026 (USD): EPS 1.16 (exp. 0.97), Revenue 83.16bln (exp. 81.13bln), Net 4.2bln, Production -6% due to the Middle East conflict. Upstream earnings 5.7bln (prev. 6.8bln Y/Y). Net Production 4.6mln BOEPD; new record production in Guyana of over 900k BOEPD. Hormuz closure for the quarter is expected to lower global product solutions Q2 throughput by 3%, vs Q4-2025. Said if the Strait of Hormuz were to open on May 1st, an additional 350k BOE should be added to the quarterly production estimate. CFO said there is no change to the strategy around the Permian Basin, FT reports.
Petrobras (PBR) - Petrobras reported record Q1 oil and gas production of 3.23mln bbls of oil equivalent per day, +16% Y/Y, driven by continued development of the Buzios offshore field. The Brazilian state company also ran its refining network at 95% capacity, reaching its highest monthly refining level since 2014 in March.

INDUSTRIALS

RTX (RTX) - Board raised quarterly divided +7.4% to USD 0.73/shr (prev. 0.68). Separately, RTX was awarded a USD 335.11mln Navy contract modification for Standard Missile-6 Tactical All-Up Rounds.
General Dynamics (GD) - Awarded a USD 716.25mln Army contract to provide sustainment services for the Abrams Family of Vehicles, Joint Assault Bridge, Assault Breacher Vehicle, and Foreign Military Sales requirements.
CN (CNI), Union Pacific (UNP), Norfolk Southern’s (NSC) - CN said it continues to review the amended merger application filed by Union Pacific and Norfolk Southern with the Surface Transportation Board, arguing the revised submission fails to address the competitive harms of the proposed deal. CN said the applicants have not remedied significant competitive overlaps nor offered meaningful competitive enhancements as required under the Board’s rules, and described the characterisation of the merger as end-to-end as false. CN said it is well positioned to provide solutions to the issues identified.
Dolby Laboratories (DLB) Q2 2026 (USD): Adj. EPS 1.37 (exp. 1.34), Revenue 396mln (exp. 385.8mln). Sees Q3 adj. EPS between 0.56-0.71 (exp. 0.98), Q3 revenue between 295-325mln (exp. 343.54mln); FY26 adj. EPS between 4.30-4.45 (exp. 4.34), FY26 revenue between 1.40-1.45bln (exp. 1.42bln).
Deere (DE) - Appointed Brent Norwood as CFO effective May 1 following an internal and external search. Norwood, a 20-year company veteran most recently overseeing finance for construction, forestry and power systems, succeeds as Deere’s finance chief.

MATERIALS

Linde (LIN) Q1 2026 (USD): Adj. EPS 4.33 (exp. 4.27), Revenue 8.8bln (exp. 8.6bln). Sees Q2 adj. EPS at 4.40-4.50 (exp. 4.44) and raised FY EPS view to 17.60-17.90 (exp. 17.84, prev. 17.40-17.90). The CEO said the results underscored the resilience of Linde’s operating model, disciplined capital allocation and management actions under increasingly challenging global conditions.
LyondellBasell (LYB) Q1 2026 (USD): Adj. EPS 0.49 (exp. 0.28), Revenue 7.2bln (exp. 7.37bln).
Huntsman (HUN) Q1 2026 (USD): EPS -0.20 (exp. -0.21), Revenue 1.42bln (exp. 1.39bln). The CEO noted early signs of Y/Y volume improvement, before the onset of the Middle East war in March, created significant volatility and drove a sharp rise in feedstock costs, particularly benzene and European natgas. The CEO said it immediately increased prices across all products and regions to protect margins, while Polyurethanes volumes still grew 4% Y/Y, including some improvement in Europe; Advanced Materials revenue rose more than 10% on higher aerospace sales. Said conditions remain highly unpredictable, but it is focused on margin improvement, cost reduction and cash flow generation, and anticipates a step-up in Q2 profitability as volumes increase and worldwide pricing initiatives support margin expansion.

HEALTHCARE

AstraZeneca (AZN) - FDA Oncologic Drugs Advisory Committee voted 7-1 (one abstention) for a favourable benefit-risk profile for Truqap (capivasertib) combined with abiraterone and ADT for PTEN-deficient metastatic hormone-sensitive prostate cancer. The CAPItello-281 Phase III trial showed a 19% reduction in the risk of radiographic disease progression or death, with median radiographic progression-free survival of 33.2 months versus 25.7 months for the comparator arm.
Amgen (AMGN) Q1 2026 (USD): Adj. EPS 5.15 (exp. 4.77), Revenue 8.62bln (exp. 8.58bln). The CEO said Q1 results demonstrated the strength of the business, with 16 brands achieving double-digit growth, enabling Amgen to grow through expected patent expirations and increased competition; added that a new wave of molecules progressing in Phase 3 clinical development supports confidence in the company’s ability to deliver long-term growth. Sees FY26 CapEx of 2.6bln, and share repurchases not to exceed 3bln. Raised FY26 adj. EPS view to between 21.70-23.10 (exp. 22.33) and raised FY26 revenue to 37.1-38.5bln (exp. 37.8bln).
Moderna (MRNA) Q1 2026 (USD): EPS -3.40 (exp. -3.88), Revenue 389mln (exp. 236.36mln); sees FY26 revenue growth up to 10% vs FY26.
Stryker (SYK) Q1 2026 (USD): Adj. EPS 2.60 (exp. 2.98), Revenue 6.0bln (exp. 6.34bln). The CEO said he was pleased with the team’s ability to recover quickly from the cyber incident, and business momentum remains strong. Maintained FY26 adj. EPS view between 14.90-15.10 (exp. 14.96), and FY26 organic net sales growth view between 8.0-9.5%, including a modestly positive pricing impact, with FX expected to have a slightly favourable impact on both sales and adj. EPS if rates hold near current levels.
Summit Therapeutics (SMMT) Q1 2026 (USD): Adj. EPS -0.15 (exp. -0.21). Piper Sandler cut its SMMT PT to USD 16 from USD 17, noting that the planned Q2 interim PFS analysis was performed and reviewed by the IDMC, which recommended that the study continue as planned. Summit shares are "understandably weak" after-hours, as investors question whether the impressive effect size seen in Akeso's HARMONi-6 can be replicated in Summit's global HARMONi-3 following this news, despite minimal alpha spent on this interim.
Illumina (ILMN) Q1 2026 (USD): Adj. EPS 1.15 (exp. 1.05), Revenue 1.09bln (exp. 1.07bln). The CEO said demand for NovaSeq X is increasing. Raised its FY26 adj. EPS view to between 5.15-5.30 (exp. 5.12), and raised its FY26 revenue view to 4.52-4.62bln (exp. 4.54bln).
ResMed (RMD) Q3 2026 (USD): EPS 2.86 (exp. 2.72), Revenue 1.43bln (exp. 1.42bln).
DexCom (DXCM) Q1 2026 (USD): EPS 0.56 (exp. 0.47), Revenue 1.19bln (exp. 1.18bln). The CEO noted healthy demand for DexCom CGM; will look to build on this momentum through 2026. Affirmed FY26 revenue view between 5.16-5.25bln (exp. 5.23bln), raised FY26 adj. operating margin outlook to 23-23.5%, and sees adj. EBITDA margin between 31-31.5%.

REAL ESTATE

Camden Property (CPT) Q1 2026 (USD): Core FFO 1.70 (exp. 1.67), Revenue 388.773mln (exp. 390.71mln); sees FY26 core FFO at 6.60-6.90 (exp. 6.74).
Federal Realty Investment (FRT) Q1 2026 (USD): Core FFO 1.88 (exp. 1.82), Revenue 341.08mln (exp. 333.13mln); raised FY26 core FFO view to 7.46-7.55 (exp. 7.47, prev. 7.42-7.52).
Weyerhaeuser (WY) Q1 2026 (USD): EPS ex-items 0.11 (exp. 0.05), Revenue 1.727bln (exp. 1.72bln).

UTILITIES

Dominion (D) Q1 2026 (USD): Operating EPS 0.95 (exp. 0.91), Revenue 5.02bln (exp. 4.42bln); affirmed FY26 operating EPS view of 3.45-3.69 (exp. 3.59).