Daily US Equity Opening News: WDC and STX weighed by Toshiba competition concerns; VLYR, TWLO to join SPX, MRNA to join NDX

DAY AHEAD:

• US INDEX FUTURES: ES +0.9%, NQ +1.1%, YM +0.9%, RUT +1.4%
• US DAILY CONFERENCE CALENDAR: For the full list, click here.
• EVENTS: The EU’s Energy Union Task Force is due to discuss diesel reserves today.
• DATA: US factory orders are due.
• CENTRAL BANKS: Fed’s Logan (2026 voter) delivers welcoming remarks.
• ENERGY: Baker Hughes will report weekly rig counts (prev. oil 455, gas 135, total 599).
• CRA: Scope Ratings reviews Portugal (A), and the US (AA).

• S&P 500 (SPX), Nasdaq-100 (NDX) - Vylor (VYLR) joined the S&P 500 on 1st October following its spin-off from Corteva (CTVA), replacing Corteva. Twilio (TWLO) will join the S&P 500 before trading on 6th October, replacing Warner Bros. Discovery (WBD). Moderna (MRNA) will join the Nasdaq-100 Index before market open on 9th October, replacing Warner Bros. Discovery (WBD).

• Nvidia (NVDA), China - Chinese state-backed Semi-Tech Leasing financed Glory View Technology’s purchase of more than 700 servers, including 32 Asus systems equipped with restricted Nvidia B300 Blackwell chips, Bloomberg reports. Glory View borrowed over CNY 3bln, while many servers were installed at a China Mobile-developed data centre park in Ningxia. Separately, US prosecutors charged California businessman Greg Lui with smuggling computer servers containing more than USD 300mln of Nvidia AI chips to China in violation of export controls, Bloomberg reports. Authorities allege the servers were routed through Malaysia and Singapore using false documentation. Lui faces conspiracy, smuggling and money laundering charges. Elsewhere, Nvidia-backed Firmus Grid priced its Australian IPO at AUD 11/shr, implying an AUD 43.7bln valuation as it seeks at least USD 5bln. Bookbuilding runs 6-9th October ahead of a planned 23rd October ASX debut.
• Toshiba (6588 JT) - To double AI data center HDD capacity by FY27 with USD 380mln expansion as AI storage demand surges, Nikkei reports. US memory names have been weighed in the premarket, most notably Seagate (STX) and Western Digital (WDC).
• Anthropic - Anthropic plans to meet prospective investors on 14th October ahead of a potential November IPO, Bloomberg reports. Formal marketing could begin in the week of 9th November, with trading potentially starting before Thanksgiving. Investors see a possible valuation of USD 1.8-2tln, though the IPO details could still change.
• Broadcom (AVGO), Anthropic - Broadcom’s Wall Street syndicate is assembling USD 60bln of financing to fund AI chips for Anthropic and other companies, Bloomberg reports. Banks are preparing a USD 42bln senior-secured tranche, while Blackstone (BX) is leading an USD 18bln junior-debt tranche, and committing USD 9bln from its funds.
• OpenAI - OpenAI has parted ways with three employees for violating policies on handling sensitive information, including allegedly sharing it with an external AI evaluation group, Bloomberg reports. The employees included two safety and alignment researchers and a research programme manager; some mishandled information reportedly concerned OpenAI’s infrastructure architecture.
• Samsung Electronics (SSNLF) - Samsung is negotiating 2027 HBM4 supply prices at roughly USD 4.5-4.9 per Gb, more than three times the current HBM3E level of around USD 1.5 per Gb, according to Maeil Business Newspaper. The company aims to reflect HBM4’s higher performance and improve profitability, with pricing talks expected to conclude this month.
• ON Semi (ON), Synaptics (SYNA) - ON Semiconductor agreed to acquire Synaptics for USD 123/shr in cash, valuing the deal at about USD 5.7bln, WSJ reports. The revised agreement replaces an earlier stock deal valued near USD 7bln. ON expects immediate accretion to adj. EPS and secured up to USD 2.45bln of financing to fund the deal.
• Microsoft (MSFT), Amazon (AMZN) - Microsoft and Amazon Cloud arms set to face deeper EU scrutiny. EU is putting final touches to an investigation that will conclude Azure and AWS meet requirements to fall under the scope of its rules.
• Palantir Technologies (PLTR) - Palantir and Armada partnered to deliver sovereign AI infrastructure, with Armada named Palantir’s inaugural Certified Modular Data Centre Partner. The offering combines Palantir’s Sovereign AI Operating System with Armada’s modular data centres, platform and Sovereign AI Grid, enabling governments and enterprises to run open-weight models on infrastructure they own and control, manufactured in the US and allied nations.
• IBM (IBM) - IBM elected Siris Capital Group co-founder and Managing Partner Frank Baker to its board, effective 1st October. Baker oversees Siris’ portfolio and investment strategy; the firm has deployed more than USD 9bln of equity capital across technology, telecommunications and data-focused companies.
• Nvidia (NVDA) - Morgan Stanley sees Nvidia as well positioned to benefit from the rise of agentic AI, which it expects to drive greater demand for GPUs than CPUs, including Nvidia CPUs; the roadshow highlighted business diversity beyond hyperscalers and frontier labs, while the focus on higher processor spending per GW is expected to pay off amid land, power and shell constraints. MSCO reinstated Nvidia as its Top Pick, citing an undemanding valuation.
• First Solar (FSLR) - First Solar filed a patent infringement lawsuit against JA Solar and American Panel Solutions in Delaware, alleging unauthorised use of technology.
• Hewlett Packard Enterprise (HPE) - Upgraded at Daiwa to Outperform from Neutral with a USD 75 PT (prev. 65), following the "bullish" networking event. HPE raised its multi-year revenue growth expectation for networking to high teens from 5%-7%, and operating margins are also improved to the mid-to-high 20% range versus 22% in the recent Q3 earnings results. Daiwa said HPE "is in the right place at the right time with solid infrastructure solutions in servers, networking and storage." It believes the company is seeing demand that is stronger than current growth estimates.
• Alibaba (BABA) - Reportedly held talks with Solaria (SLR SM) to potentially supply power for a data centre in Spain, Bloomberg reports.

• Comcast (CMCSA) - NBCUniversal is cutting several hundred employees from its global streaming technology group, mainly at Sky, with some US roles also affected, Business Insider reports. The reductions cover engineering and quality assurance teams as NBCUniversal and Sky restructure streaming technology operations ahead of NBCUniversal’s planned separation from Comcast.
• Disney (DIS) - Disney is planning a TV restructuring expected to consolidate divisions and cut hundreds of jobs, WSJ reports. The plan aims to organise operations around streaming customers rather than legacy linear-TV brands. Further reductions are also expected at ABC News, legal and global affairs.
• Liberty Global (LBTYA), Telefonica (TEF) - The UK CMA said Nexfibre’s (a JV between Liberty Global and Telefonica) acquisition of Substantial could reduce competition in fixed broadband services and invited remedy proposals within 14 days.

• Amazon (AMZN), Nvidia (NVDA) - Amazon is seeking to offload about USD 8bln of Nvidia Grace Blackwell chips to external investors through an SPV and lease them back, FT reports. The vehicle would raise debt and offer up to 10% equity, helping Amazon adopt a more asset-light balance sheet as it plans roughly USD 220bln of 2026 capital expenditure. Amazon declined to comment.
• Amazon (AMZN) - An Amazon cargo plane operated by 21 Air crashed at Miami International Airport after overrunning the runway, killing five people on the ground. Investigators said an air traffic controller failed to provide required tailwind information before landing clearance. Amazon suspended operations with 21 Air after the crash. Meanwhile, Amazon is committing more than USD 1bln in incremental five-year investments in education, workforce training, water preservation and other local priorities to build community support for its AI data-centre expansion; AWS CEO Matt Garman said the company works with local officials to ensure economic contributions reach residents and hosts community open houses, while Amazon plans to publish annual reports detailing data-centre utility usage and efficiency.
• Nike (NKE) - Nike shares fell in extended US trading after revenue missed expectations, and the company forecast a FY sales decline, with weakness in Greater China, sportswear and the Jordan Brand, while restructuring plans and further layoffs added to concerns despite an earnings beat. Q1 EPS 0.48 (exp. 0.44), Q1 revenue USD 11.2bln (exp. 11.3bln). Gross profit USD 4.8bln (exp. 4.8bln), gross margin improved to 42.8% (from 42.2% Y/Y). Nike Brand revenue was USD 10.95bln (exp. 11.09bln), Nike Direct revenue -8% Y/Y to USD 4.1bln, Greater China revenue -26% Y/Y and Greater China EBIT was USD 248mln (exp. 312.2mln). Inventory -3% Y/Y to USD 7.8bln (exp. 7.96bln). CEO said the Sport Offense continued to drive growth in performance products, while the company is taking actions to reposition Nike Sportswear, Jordan Brand and Greater China. Nike launched Pace, targeting approximately USD 2.5bln of cumulative savings through FY31, with around USD 1.0bln of associated pre-tax charges. Sees FY27 adj. EPS between 1.15-1.35 (exp. 1.67), and revenue declining by high single digits; FY27 EPS guidance excludes approximately 0.15/shr of Pace restructuring expenses.
• Goodyear Tire (GT) - Goodyear Tire plans to close chemical manufacturing facilities in Niagara Falls in New York, and Bayport in Texas, cutting about 85 jobs. The company expects USD 55-75mln of pre-tax charges, and substantial completion by end-2027. The actions are expected to improve Americas segment operating income by about USD 15-20mln annually from 2027.
• Stellantis (STLA) - US sales were nearly flat in Q3 at 324,277 vehicles (-0.17% Y/Y); Ram sales rose 29%, including a 73% increase for Ram 1500, while Jeep fell 20%. Dodge and Chrysler grew, but Fiat and Alfa Romeo declined sharply. YTD Stellantis sales were +3%.
• Target Hospitality (TH) - 11mln share block trade priced between USD 18.85-19.15.
• Volvo Cars (VLVCY) - Volvo said it will not meet its previous FY26 volume and cash-flow outlook due to worsening market conditions and a weaker near-term outlook; the deterioration is mainly driven by China and a slower-than-expected US recovery, while Europe remains resilient.

• Danone (DANOY) - Danone affirmed its FY26 LFL sales growth view between +3-5%.

• Julius Baer (JBAXY) - Julius Baer announced a share buyback of up to CHF 600mln following regulatory approval and the end of Finma’s enforcement procedure. The programme will begin in the coming weeks and run for up to one year.
• Partners Group Holding (PGPHF) - Partners Group plans to restructure its EUR 6.6bln Global Value SICAV into an umbrella fund with separate compounding and distributing sub-portfolios, Bloomberg reports. Investors could retain, convert or redeem holdings across the two vehicles. The proposal follows June redemption limits, and remains subject to shareholder approval.

• RTX (RTX) - RTX’s Raytheon secured a five-year contract, with two additional option years, valued at up to USD 24.4bln, for Standard Missile-6 interceptors. The agreement is intended to increase SM-6 availability for the US Navy and support both offensive strike and missile-defence missions.
• BAE Systems (BA/ LN) - BAE is among potential bidders exploring an offer for Dutch drone-detection company Robin Radar Systems, Reuters reports; CVC (CVC NA), Blackstone (BX), Advent and EQT (EQT SS) are also interested. Owner Parcom is preparing a sale process with JPMorgan that could value Robin Radar at about EUR 2bln.
• Planet Labs PBC (PL) - Planet Labs launched 20 satellites aboard SpaceX’s (SPCX) Transporter-18 mission: Google’s (GOOG) Project Suncatcher prototype, Tanager-2 and 18 SuperDoves. Planet established initial contact with Tanager-2, Suncatcher and two SuperDoves, with the remaining 16 scheduled for deployment via D-Orbit. The launch marks Planet’s 40th successful mission and 718 satellites delivered to orbit.
• US Transportation Command - FedEx (FDX), American Airlines (AAL), Delta Air Lines (DAL), JetBlue Airways (JBLU), United Airlines (UAL), UPS (UPS) and other carriers were awarded a USD 4.22bln US Transportation Command multiple-award contract. The indefinite-delivery/indefinite-quantity agreement is fixed-price with economic price adjustments and covers a consortium of passenger and cargo operators.
• Boeing (BA) - Boeing’s unionised white-collar workers ratified a new contract, averting a strike that could have delayed aircraft certification and production, Bloomberg reports. SPEEA-represented workers will receive an average 32% pay increase over four years, including an immediate 10% raise. Boeing said the agreement supports its continued recovery.
• Airbus (EADSY) - Airbus is reportedly asking some airlines to inspect A330neos for possible stray tools left in the horizontal tail section; aircraft produced between 2021 and July 2026 may be affected. Airbus said there is no immediate safety issue and expects EASA guidance on compliance timing and the final affected-aircraft list by mid-November.
• Delta Air Lines (DAL), SpaceX (SPCX) - Elon Musk criticised Delta for choosing Amazon’s (AMZN) Leo over SpaceX’s Starlink for in-flight Wi-Fi, saying CEO Ed Bastian “will lose his job over this”. Bastian previously said Leo offered better bandwidth at a lower price; Delta plans to introduce Leo in 2028, while United (UAL), American (AAL) and Southwest (LUV) are adopting Starlink.
• TAP Air, Lufthansa (DLAKY), Air France-KLM (AFLYY) - Lufthansa and Air France-KLM (AF FP) raised offers for up to 44.9% of TAP Air Portugal to more than EUR 1bln, Bloomberg reports; Portugal plans to choose a buyer by mid-October after Parpublica assesses the bids.

• Qatar LNG - Jera CEO Yukio Kani said Qatari LNG supply is unlikely to return soon as Strait of Hormuz disruptions persist, Bloomberg reports. He said spot LNG prices are double year-earlier levels and could rise further due to low European gas storage and the EU’s planned Russian LNG ban, increasing winter supply concerns. Jera is one of the world’s largest LNG buyers.
• ConocoPhillips (COP), Venture Global (VG) - ConocoPhillips signed a 20yr LNG supply agreement with Venture Global to purchase 1mln tonnes annually from 2030, Reuters reports. The deal will support ConocoPhillips’ global LNG portfolio. Meanwhile, Venture Global has asked FERC to authorise Phase 1 of its Plaquemines LNG plant in Louisiana to enter service, a final step before commercial operations can begin; approval would allow the company to sell LNG to long-term customers, including Shell.
• BP (BP) - Whiting Refinery (440k BPD capacity) said talks with USW 7-1’s elected representatives did not make the hoped-for progress on key issues.

• Medtronic (MDT) - The American Medical Association approved Category I CPT codes for Medtronic’s Altaviva implantable tibial neuromodulation device and Symplicity Spyral renal denervation system, effective January 2028. The codes replace existing Category III codes and reflect established procedures supported by clinical evidence, but do not determine coverage, reimbursement, clinical superiority or patient access.
• Edwards Lifesciences (EW) - FDA approved Edwards Lifesciences’ AUTUS Size-Adjustable Valve for paediatric patients with congenital heart disease requiring pulmonary valve replacement.
• Boston Scientific (BSX), Elutia (ELUT) - Elutia received the full USD 8mln escrow payment tied to its USD 88mln BioEnvelope sale to Boston Scientific. Elutia expects existing funding to cover the first full year of the NXT-41x commercial launch and into 2029 without an equity offering, while FDA clearance remains expected in H1 2027.
• Novartis (NVS) - Novartis licensed Abogen’s ABO2203 for autoimmune diseases. Abogen will receive USD 575mln upfront and could receive up to approximately USD 7.2bln in potential milestone payments if all options across all programmes are exercised.
• AstraZeneca (AZN), Daiichi Sankyo (DSNKY) - AstraZeneca and Daiichi Sankyo entered a clinical collaboration with Summit Therapeutics to evaluate Datroway combined with ivonescimab across multiple tumour types.
• Johnson & Johnson (JNJ) - Said Phase 3 ICONIC-TOTAL study of ICOTYDE showed sustained improvement in high-impact plaque psoriasis through Week 112, with clear or almost clear skin rates rising from 57% at Week 16 to 67% at Week 24 and 70% at Week 112; complete site-specific clearance at Week 112 reached 60% for scalp psoriasis, 89% for genital psoriasis and 63% for hand and/or foot psoriasis. Mean nail psoriasis improvement increased to 71% at Week 112 from 33% at Week 16, while safety findings remained consistent with the established profile and no new safety signals were identified.

• US-Iran - The Pentagon is sending a third carrier strike group and additional Marines to the Middle East, potentially adding 10,000 troops by end-November. President Trump reiterated that Iran cannot obtain a nuclear weapon, must reach a deal or face severe consequences, and claimed the conflict could end soon, while alleging Iranian involvement in recent incidents at the UK Fairford Airbase, and an attempted attack involving a co-pilot who allegedly tried to crash a flight to Israel.
• US-Iran - Elsewhere, US Treasury Secretary Bessent said Iran loaded no crude oil onto tankers in September, and that the Trump administration is cutting off Tehran’s key source of revenue; he added that Operation Economic Outcast is severing economic lifelines that he said have enabled Iran to finance terrorism.
• US-Iran - Iran’s Foreign Minister reportedly suggested restoring IAEA access to bombed nuclear facilities in exchange for sanctions relief, though IRNA news agency denied that Iran made such a proposal. Separately, the IRGC said three UAE-linked tankers recently attacked in the Strait of Hormuz were on the PGWA non-compliance list and had repeatedly transited the strait over two months.

• US Diesel Exports - EU countries discussed the US request to release diesel stocks and the threat of a US diesel export ban, Reuters reports citing sources. Washington has asked large European countries to release 800K tonnes of diesel over six months. France reportedly proposed releasing 50mln barrels of diesel from European reserves and 50mln barrels of crude oil across IEA member countries. Further discussions are planned for later on Friday.
• US-China - USTR Greer said no timeline has been set for tariff cuts on USD 60bln of goods recommended by the US-China Board of Trade. The proposal covers USD 30bln of non-sensitive goods from each country and requires public input and legal review before adoption.

• Fedspeak - Fed policymakers signalled little urgency for an October rate hike, with Williams (voter) this week and Jefferson (voter) yesterday favouring more data before the next move. Fed Vice Chair of Supervision Bowman (voter) also sees no urgent need for more rate moves this year. Markets cut the implied probability of an October hike to just under 30% in wake of the remarks from Jefferson and Bowman. Meanwhile, Fed’s Logan (2026 voter) said rates need to rise by at least another 50bps to make policy modestly restrictive and return inflation to the Fed’s 2% target; she called September’s 25bps hike a first step, said inflation may not fall much below 2.5% without further tightening, though noted that higher bond yields could reduce the need for additional hikes.
• BoJ - Japan’s Economic Policy Minister Kiuchi declined to elaborate on remarks at the BoJ’s September meeting that were seen as urging caution on further rate hikes, Bloomberg reports. The BoJ raised its benchmark rate to 1.25%, entering its estimated neutral range, while Kiuchi said specific monetary policy decisions should remain with the central bank.
• BoC - Senior Deputy Governor Rogers said interest rates should not directly target house prices. She said monetary policy cannot address housing supply constraints and should focus on low, stable inflation. Rogers added that housing should remain an input into rate decisions, while broader policy should increase supply and reduce reliance on rising property prices.