Newsquawk Daily US Equity Opening News - INTC surges on earnings beat and guidance; PG results impress

DAY AHEAD: In North America, US Michigan final sentiment is expected to see consumer sentiment at 47.6 (prev. 53.3, current conditions at 50.1 (prev. 55.8), expectations at 46.1 (prev. 51.7), while one-year inflation expectations are seen up to 4.8% (prev. 3.8%), and five-year expectations at 3.4% (prev. 3.2%). Canada retail sales are seen rising 0.2% M/M (prev. 0.9%). On today’s CRA docket, S&P will potentially review Germany (AAA), Scope on Italy (BBB+), Turkey (BB-) and the US (AA-). Baker Hughes will publish weekly US rig counts data (prev. 543 total, 410 oil, 133 gas).
BROKER MOVES: INTC see a couple of upgrades post-earnings; DKNG downgraded at MoffettNathanson. To see the full list, please click here.
MAJOR MORNING MOVES RECAP: INTC/semi’s, CHTR, PG, HIG, PFG, DLR, EW, BYD. To see the full list, please click here.

US EQUITY NEWS:

TECH:

Intel (INTC) - Shares surged by over 25% after stronger-than-expected earnings and revenue in Q1, robust Q2 guidance, growing signs of a business revival, strong data centre and foundry growth, and optimism around rising AI-related CPU and advanced packaging demand. Q1 2026 (USD): Adj. EPS 0.29 (exp. 0.01), Revenue 13.6bln (exp. 12.43bln). Data Centre and AI revenue 5.1bln (exp. 4.41bln), Foundry revenue 5.4bln, with less than USD 200mln from external legacy wafer business, and Co. said ASIC revenue remains on track for more than USD 1bln this year. Commentary: Intel 7/4/3 improved output and productivity, while 18A and 14A progress is ahead of expectations and advanced packaging capacity is being expanded to support committed demand. CEO said the next wave of AI is moving closer to the end user and is significantly increasing demand for Intel’s CPUs and wafer and advanced packaging offerings; CFO said Q1 reflected the growing and essential role of the CPU in the AI era, unprecedented demand for silicon and disciplined execution to expand available supply; said it is raising chip prices. Guidance: Q2 adj. EPS 0.20 (exp. 0.08), Revenue 13.8-14.8bln (exp. 13.06bln).
SAP (SAP) - US listed shares rose over 5% after it reported better-than-expected operating profit and revenue, with cloud metrics also topping expectations. Q1 2026 (EUR): Adj. operating profit 2.87bln (exp. 2.73bln), Revenue 9.56bln (exp. 9.56bln), Cloud revenue 5.96bln (+19%, and +27% at CC), Current cloud backlog 21.9bln (+20% and +25% at CC), Cloud ERP Suite revenue +23% and (+30% CC). Said it will buy back EUR 10bln of shares. Commentary: CEO noted a strong start to the year, with current cloud backlog +25% and cloud revenue +27%, adding that momentum in Business AI is already delivering real outcomes for customers, helping SAP grow faster than the market and gain share. Guidance: FY26 cloud revenue 25.8-26.2bln, Cloud and software revenue 36.3-36.8bln, Adj. operating profit 11.9-12.3bln (exp. 11.8bln), FCF 10.0bln.
Oracle (ORCL), JPMorgan (JPM) - Oracle’s USD 300bln megadeal with OpenAI is testing Wall Street’s appetite for data centre debt, WSJ reports. Banks including JPMorgan (JPM) struggled to spread risk on loans for Texas and Wisconsin data centres leased to Oracle, as counterparty exposure limits clogged balance sheets and constrained future Oracle- and OpenAI-linked financing prospects.
Microsoft (MSFT) - Investor Michael Burry said he has a new position in Microsoft, Reuters reports.
SoftBank (SFTBY) - Mobile unit plans to convert part of its Osaka factory into one of Japan’s biggest large-scale battery production lines to power its own AI data centres, Bloomberg reports. SoftBank aims to bring production online within five years, with executives choosing energy after considering other uses including robotics manufacturing.
TSMC (TSM) - Shares rose to a record overnight after Taiwan’s financial regulator eased single-stock fund holding limits; JPM has said that the move could draw more than USD 6bln of inflows.
Atomera (ATOM), Synopsys (SNPS) - Atomera expanded its collaboration with Synopsys to advance gallium nitride device modelling for radio frequency and power semiconductor applications. Atomera will use Synopsys’ Sentaurus TCAD tools to develop a GaN calibration methodology, create marketing materials and calibrated TCAD decks, and provide product feedback. The work also supports Atomera’s MSTcad capabilities.
DeepSeek - Rolled out preview versions of its V4 Flash and V4 Pro flagship AI models, calling them its most powerful open-source platform.
VeriSign (VRSN) Q1 2026 (USD): EPS 2.34 (exp. 2.31), Revenue 428.9mln (exp. 426mln). Guidance: Raises FY26; Revenue 1.73-1.75bln (prev. 1.72-1.74bln, exp. 1.74bln), Operating income 1.17-1.9bln (prev. 1.16-1.18bln). Backs FY26 CapEx 55-65mln.
US/China - China reportedly to restrict US investment in key domestic tech firms, Bloomberg reports; China sent notices to Moonshot, Stepfun among others.

COMMUNICATIONS:

Alphabet (GOOG) - Brazil’s antitrust watchdog CADE approved a recommendation to deepen its investigation into Alphabet’s Google over the use of journalistic content, voting to return the case to its general superintendence for formal administrative proceedings. The probe, which began in 2019, has been expanded to consider Google’s AI generative search features and potential exploitation of news publishers without proportional compensation. Google called the decision a “misunderstanding” of its products.
Charter Communications (CHTR) Q1 2026 (USD): Basic EPS 9.27 (exp. 9.88), Revenue 13.6bln (exp. 13.55bln)

CONSUMER DISCRETIONARY:

Xpeng (XPEV) - In talks with overseas automakers on potential cooperation as it seeks to commercialise driver-assistance technology globally and expand production outside China, Bloomberg reports. Chairman said interest in its advanced driving systems has come from domestic carmakers and parts suppliers, as well as European companies.
Mercedes-Benz (MBGYY) - Expects China’s market to remain tough as economic strains deter customers from buying premium vehicles, Bloomberg reports. China chief Oliver Thone said a prolonged property crisis, high youth unemployment and higher petrol prices linked to the Iran conflict were weighing on demand and spending power.
Nike (NKE) - Announced around 1,400 layoffs, mainly in its technology department, as part of its “Win Now” turnaround strategy, CNBC reports. The cuts affect North America, Asia and Europe, represent less than 2% of global headcount, and follow 775 job cuts in January.
Amazon (AMZN) - The World Bank teamed up with Amazon on a USD 120mln, 14yr bond to fund ecosystem rehabilitation in South Africa’s Eastern Cape Province, Bloomberg reports. Returns are tied to carbon credits from restoring overgrazed land; Amazon agreed to buy a large share of the credits.
Prediction Markets - President Trump said he would investigate federal employees placing bets on event-betting platforms. Trump was asked about authorities arresting a soldier involved in the operation to capture Nicolas Maduro over a successful USD 400K bet that Maduro would be ousted from office.
China EVs - Chinese EV makers and suppliers, including Xpeng (XPEV), Nio (NIO) and Hesai Group (HSAI), are developing in-house chips for autonomous driving and in-car entertainment, SCMP reports. Hesai CEO said third-party chips may not meet lidar needs. Xpeng CEO He Xiaopeng said its Turing chip, designed for level 4 autonomous driving, was three times more powerful than Nvidia’s (NVDA) Drive Orin X. Separately, BYD (BYDDY) and Geely (GELHY) are poised to benefit from higher electric-vehicle demand as the Iran war lifts oil prices, Bloomberg reports; overseas sales growth will become a bigger priority for Chinese automakers as higher oil prices boost EV popularity, while intense competition and subsidy cuts probably dented Q1 earnings.
China EVs - Chinese automakers have made strong inroads into Europe’s plug-in hybrid market in March as consumers bought more affordable models; Dataforce said European sales of plug-in hybrids from Chinese nameplates rose more than four-fold Y/Y, now accounting for almost 30% of the market, Bloomberg reports.

CONSUMER STAPLES:

Procter & Gamble (PG) Q3 (USD) Adj. EPS 1.59 (exp. 1.56), Revenue 21.2 (exp. 20.57bln). Guidance: Maintained guidance range for FY26 all-in sales growth to be 1-5% Y/Y. Commentary: Now expects commodity costs to be a headwind of c. USD 150mln after tax and higher costs from tariffs are estimated at c. USD 400mln after tax for FY26. Co. continues to expect a net headwind of roughly USD 250mln after-tax from modestly higher net interest expense and a higher core effective tax rate versus the prior year. FX forecasted to be a tailwind of c. USD 200mln after tax. Collectively these impacts equate to a headwind of USD 0.25/shr for FY26.
Walmart (WMT) - Issued its 2026 Annual Report and Proxy Statement ahead of its virtual Annual Shareholders’ Meeting on 4th June. CEO expressed confidence in its business model, highlighted investments in associates and AI-powered solutions.
Boyd Gaming (BYD) Q1 2026 (USD): Adj. EPS 1.60 (exp. 1.71), Revenue 997.4mln (exp. 1.0bln). Commentary: Property-level revenue and adj. EBITDAR grew Y/Y, with property margins exceeding 39%, while management said results were supported by continued growth in play from both core and retail customers across the business, led by broad-based strength in the Midwest & South segment.

FINANCIALS:

Private Credit - Some private credit investors are withdrawing money to shift cash between debt funds and exploit valuation gaps, WSJ reports. The funds hold private loans, but some trade at discounts to others, worsening withdrawals from parts of the private credit market.
Wells Fargo (WFC) - President Trump said his admin would look into banks, singling out Wells Fargo, over payments and debt treatment after the Los Angeles wildfires, Reuters reports. Los Angeles Mayor Bass and Los Angeles County Supervisor Barger said they discussed FEMA, rebuilding funds, insurance payments and banks easing pressure on families. The 2025 Palisades and Eaton fires killed 22 people, destroyed 12,000 homes and caused over USD 50bln damage.
KKR & Co. (KKR) - KKR and Capital Group plan to launch a public-private credit fund in Asia in H2, Bloomberg reports. Capital Group CEO said similar US vehicles launched last year have drawn more than USD 500mln, with 60% public-credit assets managed by Capital Group and 40% private-credit assets managed by KKR.
Pershing Square (PSH) - Plans to offer up to 33.12mln shares in an IPO at an expected price of USD 50/shr, WSJ reports. The closed-end investment Co. has applied to list on the NYSE under the symbol PS.
Monte Paschi (BMPSY), Generali (ARZGY) - Monte Paschi chief Lovaglio is considering selling a EUR 7.4bln stake in Generali to help fund an acquisition of Banco BPM (BNNCY), FT reports.
Ameriprise Financial (AMP) Q1 2026 (USD): Adj. EPS 11.26 (exp. 10.21), Revenue 4.81bln (exp. 4.7bln); board raised quarterly dividend +6% to 1.70/shr.
Hartford Insurance (HIG) Q1 2026 (USD): Core EPS 3.09 (exp. 3.39), Revenue 7.23bln (exp. 7.34bln). Book value per diluted share 66.58 (vs 57.07 Y/Y), Business Insurance delivered 6% written premium growth, with an underlying combined ratio of 89.2, Personal Insurance underlying combined ratio improved 4.7 points amid a competitive market, and Employee Benefits generated a core earnings margin of 6.9% with outstanding life, strong disability performance and excellent new business sales growth.
Regional Banks - US regulators finalised changes easing the community bank leverage ratio. The Fed, FDIC, and OCC said the standard ratio will fall to 8% (from 9%), while the grace period for temporary non-compliance will extend to four quarters (from two).
Crypto - The DoJ charged Chinese nationals Huang Xingshan and Jiang Wen Jie over an alleged Myanmar scam compound targeting Americans in cryptocurrency fraud schemes; prosecutors alleged they oversaw Shunda Park, where trafficked workers were forced to conduct “pig butchering” scams involving fake crypto investments.
Erie Indemnity (ERIE) Q1 2026 (USD): EPS 2.88 (exp. 3.06).
Principal Financial (PFG) Q1 2026 (USD): EPS 2.17 (exp. 2.02); raises quarterly dividend to 0.82/shr (prev. 0.80).
StoneCo (STNE) - Announced an extraordinary cash dividend of USD 2.53/shr to shareholders of record as of April 24th following the recent closing of sale of its Linx unit

REAL ESTATE:

Digital Realty (DLR) Q1 2026 (USD): Core FFO 2.04 (exp. 1.94), Revenue 1.635bln (exp. 1.6bln). Commentary: Said Q1 saw further acceleration in data centre demand. CEO said it is advancing hyperscale AI-oriented capacity in the US, growing its portfolio across key global markets, broadening its capital base to extend its runway for growth. Guidance: FY26 core FFO 8.00-8.10 (exp. 7.95), Revenue 6.6-6.7bln (exp. 6.71bln).

UTILITIES:

Duke Energy (DUK) - The US Nuclear Regulatory Commission renewed Duke Energy’s Robinson Nuclear Plant operating licence for 20 years, extending operations until 2050.

ENERGY:

Baker Hughes (BKR) Q1 2026 (USD): Adj. EPS 0.58 (exp. 0.49), Revenue 6.59bln (exp. 6.33bln). Orders 8.16bln, IET orders 4.89bln (vs. 3.18bln Y/Y), OFSE revenue 3.24bln, -7% Y/Y; Middle East/Asia revenue 1.15bln, -19% Y/Y, amid regional disruption. CEO said that despite significant disruption in the Middle East the Co. executed at a high level and delivered results above its guidance range.
SLB (SLB) Q1 2026 (USD): Adj. EPS 0.52 (exp. 0.52), Revenue 8.72bln (exp. 8.65bln); S&P Global (SPGI) confirms it has divested its geosciences software to SLB; announcing a new strategic direction for its upstream. Commentary: Challenging start to the year amid the widespread disruptions in the Middle East which did impact the business; expect post-conflict liquid commodity prices to remain above pre-conflict levels. Reiterates that it is committed to returning more than USD 4bln to shareholders in 2026.

MATERIALS:

Lithium - IGO shares fell as much as 14% overnight after it cut FY production guidance for Greenbushes, the world’s biggest hard-rock lithium mine, Bloomberg reports. Now expects output of 1.38-1.43mln tons (prev. 1.50-1.65mln tons), and said “systemic” site issues would take time to address.
Newmont (NEM) Q1 2026 (USD): EPS 3.00 (exp. 2.22); to increase share buyback by 6bln. Q1 production 1.3mln attributable gold ounces, 9mln ounces of silver and 30K tonnes of copper, while quarterly FCF reached a record USD 3.1bln. CEO said it delivered strong operational and financial performance in Q1, remains well on track to achieve 2026 guidance, adding that the enlarged repurchase programme reflects the company’s enhanced capital allocation framework and focus on sustainable shareholder returns. Sees FY26 production 5.3mln.
Holcim AG (HCMLY) - Recurring EBIT +8.3% Y/Y to CHF 431mln, helped by robust demand for sustainable building materials; said demand offset unfavourable FX and unusually cold weather.
Yara International (YARIY) Q1 2026 (USD): EBITDA ex-items 896mln (exp. 825mln), driven by higher nitrogen margins, strong deliveries and operational improvements; expects gas costs to rise 150mln Y/Y in Q2, and 120mln Y/Y in Q3 Y/Y; targets a mid-2026 Louisiana ammonia investment decision.
Mondi (MONDY) - Raising prices after the Iran war lifted energy, raw material and shipping costs; it said it has limited direct exposure to the conflict zone but pays globally set input and freight prices; full pricing impact is expected by Q3; added that packaging demand remains soft.

INDUSTRIALS:

Spirit Aviation Holdings (FLYYQ) - President Trump said he is considering having the US purchase Spirit Aviation, saying it could be a potentially good investment for the federal government, Bloomberg reports. His comments come as the admin weighs a financial rescue package for the airline. The US has reportedly tapped Kirkland & Ellis to advise on a possible rescue deal for Spirit; Kirkland is helping shape a potential financing package.
Rocket Lab (RKLB) - Unveiled its next-generation High-Performance Star Tracker, aimed at improving performance metrics for longer-duration spacecraft missions in low Earth orbit and beyond, targeting both commercial and government customers.
RTX (RTX) - Awarded a USD 369.86mln US Navy contract modification for Lot 21 F135 Propulsion Systems and advanced long lead materials supporting the Lot 20 delivery schedule of 138 propulsion systems.
General Dynamics (GD) - Awarded a USD 196.6mln US Navy contract supporting engineering, technical, design agent and design transfer activities for nuclear submarine capabilities and sustainment.
Lockheed Martin (LMT) - Awarded a USD 177.5mln US Navy contract modification to provide touch labour and reach-back engineering for three flight science aircraft.
Parker-Hannifin (PH) - Raised quarterly cash dividend 11% to USD 2.00/shr.
Vinci (VCISY) Q1 2026 (EUR): Revenue 16.3bln (prev. 16.320bln Y/Y), Order intake +5% to EUR 17.4bln, lifting its order book to a record 74.9bln; Energy Solutions revenue +5.4%, Concessions +2% and Construction -3.4%; FY guidance was left unchanged.
Signify (PHPPY) Q1 sales EUR 1.27bln (exp. 1.32bln), -12%, as soft demand and a weaker US dollar weighed on results; Net income EUR 8mln (vs. 67mln Y/Y) after it booked EUR 63mln in restructuring costs; it said it was not providing FY guidance given uncertainties.

HEALTHCARE:

Regeneron (REGN) - Announced an agreement with the US government to lower Medicaid prices based on other developed countries, align US prices for future medicines, sell Praluent through TrumpRx.gov at the most-favoured nation price, and offer Otarmeni free in the US. It will receive three years of tariff relief and avoid future pricing mandates.
AbbVie (ABBV) - Received a Complete Response Letter from the FDA for the Biologics License Application for trenibotulinumtoxinE. FDA requested additional manufacturing-process information, with no safety or efficacy concerns identified, and no additional clinical studies requested. AbbVie expects to respond in the coming months, while regulatory reviews in other countries continue.
Edwards Lifesciences (EW) Q1 2026 (USD): EPS 0.78 (exp. 0.73), Revenue 1.65bln (exp. 1.60bln). Commentary/Guidance: Exec said Q1 performance supports higher 2026 guidance; Q2 EPS 0.70-0.76 (exp. 0.75), Revenue 1.66-1.74bln (exp. 1.68bln); raised FY26 EPS to 2.95-3.05 (exp. 2.97, prev. 2.90-3.05), Sales growth view 9-11% (prev. 8-10%).
Daiichi Sankyo (DSNKY) - Shares fell almost 10% in APAC trading after it delayed its FY results. Co. moved the release to 11th May (from 27th April), while reviewing oncology portfolio supply plans and potential loss provisions tied to contract manufacturing, Bloomberg said.
HCA Healthcare (HCA) Q1 2026 (USD) EPS 7.15 (exp. 7.14), Revenue 19.1bln (exp. 19.08bln); reaffirms 2026 guidance.

GEOPOLITICS:

US - President Trump said the US was under no pressure to reach an Iran deal, but had been speaking with Iran and wanted the best agreement. He said the Strait would open when Iran made a deal, and without one the US would “finish it up militarily”. Trump also posted that Iran’s navy, air force and defences were destroyed. Secretary of State Rubio said there is optimism we will be closer to permanent peace following the Lebanon ceasefire extension. CNN reports that the US military is developing plans to target Iran’s Hormuz defences if the ceasefire fails. Reports in Israel suggested that the nation is on high alert ahead of a possible renewed war this weekend.
Strait of Hormuz - The US-sanctioned super tanker Yuri, carrying 2mln barrels of Iranian crude from Kharg Island, appeared to attempt a Strait of Hormuz transit while other traffic was virtually halted; ship trackers Kpler and Vortexa showed Yuri reappearing off Sirri Island after days without signalling, before heading towards Hormuz and passing Larak Island.
US-Russia - President Trump said he did not expect Russia President Putin to attend the G20 meeting in Florida later this year, but said Putin’s participation could be useful, WaPo reports; the report adds that Russia would be invited to ministerial meetings and the leaders’ summit.

MACRO:

Fedspeak - Fed Governor Bowman told Wall Street to support capital plans, widely seen as favourable to the industry, and stop seeking carve-outs. Some banks have continued to criticise the proposals and call for more changes.
Japan Inflation - Japan CPI rose +0.4% M/M in March (prev. -0.2%), with the annual rate climbing to 1.5% Y/Y (from 1.3%); the ex-food and energy measure eased to 2.4% Y/Y (from 2.5%), while the core rate rose to 1.8% Y/Y (exp. 1.8%, prev. 1.6%). Analysts said that CPI rose as the Middle East war lifted energy costs. The BoJ is seen keeping rates unchanged next week.
Japan Energy Bills - Japanese Trade Minister Akazawa said consumers may see the impact of the Iran war on electricity and natural gas bills from June.
China Bonds - China’s first ultra-long special bond sale of the year drew strong demand, with 30yr yields reaching their lowest level since November after the Ministry of Finance’s sale CNY 85bln of 30yr, the largest single offering at that tenor on record; it also issued CNY 34bln of 20yr bonds.
UK Retail Sales - UK retail sales rose 0.7% M/M in March (exp. 0.0%), and the annual rate was at 1.7% Y/Y (exp. 1.3%, prev. 2.5%); the ex-fuel measure rose +0.2% M/M (exp. 0.2%), with the annual ex-fuel rate easing to 1.7% Y/Y (exp. 2.0%, prev. 3.4%); the ONS said volumes sold online and in stores increased as motorists filled up on fuel after petrol prices surged amid conflict in the Middle East.

TRADE:

US-China - China is reportedly sending two pandas to the US ahead of President Trump’s planned mid-May meeting with President Xi. Zoo Atlanta said male panda ‘Ping Ping’ and female panda ‘Fu Shuang’ are part of an agreement with the China Wildlife Conservation Association.
US-EU - The EU warned member states that efforts to strengthen safeguards in its trade agreement with the US could cause the deal to unravel, Bloomberg reports.