Newsquawk Daily US Equity Opening News - TSLA falls on revenue miss & spending rise; TXN jumps on Q1 beat, upbeat guidance

DAY AHEAD: S&P Global flash PMIs (manufacturing exp. 52.5 vs prev. 52.3; services exp. 50 vs prev. 49.8) are due. Israel and Lebanon talks in the US are slated for today at 16:00EDT/21:00BST. US Treasury will announce sizes for next week’s 2s, 5s, 7s sales; the US will sell USD 26bln of 5yr TIPS. Weekly EIA natural gas stocks are due. Notable corporates reporting after-hours today include Intel (INTC), Gilead (GILD), and Newmont (NEM).
BROKER MOVES: ON upgraded at B Riley; CSX sees a couple of downgrades. To see the full list, please click here.
MAJOR MORNING MOVES RECAP: NOW, TSLA, MBLY, OKLO, TXN, CMCSA, CSX, HAS, ROP, INTC, NFLX, LUV, LMT, LULU, HON, IBM, SMCI. To see the full list, please click here.
US DAILY CONFERENCE CALENDAR: AMD, NVDA, MSI. For the full list, please click here.

US EQUITY NEWS:

TECH:

Apple (AAPL) - CEO Cook, who plans to step down in the coming months, has cited the 2012 launch of Apple Maps as his “first really big mistake” as the Cos. chief, according to Bloomberg. The app launched with incorrect directions, mislabelled landmarks, and an experience widely considered inferior to Google’s (GOOG) offering on the iPhone at the time.
Microsoft (MSFT) - Explored buying AI coding startup Cursor in recent weeks but did not make an offer, according to CNBC. This week, was announced that SpaceX secured the right to acquire Cursor for USD 60bln, while Microsoft continues to promote GitHub Copilot, amid strong competition in AI coding tools from Cursor, Anthropic and OpenAI. Separately, Microsoft said it will invest AUD 25bln in Australia to expand in-country computing and AI capacity by the end of 2029.
SK Hynix (HXSCL) Q1 2026 (KRW): Net profit 40.3tln (exp. 30.4tln), Revenue 52.6tln (exp. 53.6tln), Operating profit 37.6tln (exp. 37.9tln). Net profit rose ~400% Y/Y to a record high, with revenue surpassing 50tln for the first time in a single quarter. Commentary: Noted that despite Q1 typically representing a seasonal downturn, strong demand persisted due to expanded AI infrastructure investment, and that as AI evolves toward agentic inference, the foundation for memory demand continues to expand. Some softening in PC and smartphone chip demand was observed, though management expects the favourable pricing environment to continue for the time being. Capex is expected to increase significantly Y/Y, with the majority directed toward infrastructure preparation at the Yongin cluster, ramp-up of M15x, and procurement of key equipment. Sees Q2 DRAM shipments rising high single-digits Q/Q, and NAND shipments rising mid-teens Q/Q; plans to ramp HBM4 volumes.
Texas Instruments (TXN) - Shares surged on a Q1 beat and better-than-expected guidance, driven by data-centre demand, a broad industrial recovery, and rising optimism about further growth ahead. Q1 2026 (USD): EPS 1.68 (exp. 1.36), Revenue 4.83bln (exp. 4.53bln). Data centre revenue is now running at more than 1bln annually, having grown more than 60% in 2025, and 90% in Q1; management said industrial demand improved across all geographies and segments. CEO noted that the company is seeing broad-based industrial strength and still has a lot of room to grow, while lower spending on new factories should support FCF. Guidance: Q2 EPS 1.77-2.05 (exp. 1.58), Revenue 5.0-5.4bln (exp. 4.87bln).
Intel (INTC) - Tesla (TSLA) CEO Musk said Tesla plans to use Intel’s 14A process. Musk described 14A as state-of-the-art but not yet complete, and said Tesla expects it to be mature by the time Terafab scales up.
Lam Research (LRCX) Q1 2026 (USD): Adj. EPS 1.47 (exp. 1.36), Revenue 5.84bln (exp. 5.76bln), Adj. gross margin 49.9%. Commentary: CEO noted it delivered record revenue and EPS in the March quarter as AI-driven demand reshapes the semiconductor industry, adding that strategic investments and execution are supporting customer AI roadmaps and driving outperformance during an important phase of industry growth. Guidance: Q2 adj. EPS 1.50-1.80 (exp. 1.45), Revenue 6.2-7.0bln (exp. 6.05bln), Adj. gross margin 49.5-51.5%.
IBM (IBM) - Shares fell as better-than-expected results were overshadowed by unchanged FY guidance. Q1 2026 (USD): EPS 1.91 (exp. 1.81), Revenue 15.92bln (exp. 15.65bln). Commentary: Said Q1 was a strong start to the year with broad-based revenue growth across segments; AI remained a tailwind as clients scale use cases. Management said it is operating in a dynamic environment, that Middle East developments did not impact Q1, and it remains on track to deliver its first large-scale fault-tolerant quantum computer by 2029. Guidance: FY26 constant currency revenue growth of more than 5%, with FX a 0.5-1 point tailwind to growth, FCF up about USD 1.0bln Y/Y, Software business growth at least 10%, Consulting business revenue up low- to mid-single digits, Operating tax rate in the mid-teens.
Nokia Oyj (NOK) - Backed FY guidance after reporting higher network infrastructure sales, with Q1 sales in that division +12% Y/Y. Said demand from AI and data centre customers supported the increase, and it booked EUR 1bln of orders from AI and cloud customers in Q1. Q1 sales EUR 4.5bln (exp. 4.56bln), Adj. EPS 0.05 (prev. 0.02 Y/Y). CEO said it is increasing its growth assumption for Optical and IP Networks, and is investing to capture accelerating demand from AI & Cloud.
ServiceNow (NOW) - Shares tumbled as the conflict in the Middle East delayed several large on-premise deal closings, and weighed on subscription revenue growth, despite it beating on earnings and issuing higher FY guidance. Q1 2026 (USD): Adj. EPS 0.97 (exp. 0.97), Revenue 3.77bln (exp. 3.75bln). cRPO 12.64bln, +22.5% Y/Y. It recorded 16 transactions over USD 5mln in net new ACV in Q1 (up ~80% Y/Y), and ended the quarter with 630 customers with more than USD 5mln in ACV (up ~22% Y/Y). Commentary: Exec noted that Q1 performance beat the high end of guidance once again, adding that AI growth is far exceeding even the company’s own expectations. Guidance: Q2 subscription revenue 3.815-3.82bln, with cRPO up 19.5% Y/Y. Raised FY26 subscription revenue to 15.735-15.775bln (prev. saw 15.53-15.57bln); raised its FY26 AI commitment to 1.5bln (prev. 1bln).
Marvell Technology (MRVL) - Announced the acquisition of Polariton Technologies, which develops high-speed, low-power plasmonics-based silicon photonics devices. Marvell said the deal adds advanced modulation capabilities to its optical portfolio to support higher bandwidth, better power efficiency and greater integration for next-generation coherent and optical interconnect platforms as demand rises for 1.6T, 3.2T and beyond.
OpenAI - In talks to commit up to USD 1.5bln to DeployCo, a new JV with private equity firms, according to the FT. The report said OpenAI would invest USD 500mln initially, could add USD 1bln later. TPG, Bain, Advent, Brookfield and Goanna Capital are set to invest another USD 4bln.
SoftBank (SFTBY), OpenAI - SoftBank reportedly seeking a USD 10bln loan backed by its OpenAI shares, according to Bloomberg. The proposed two-year margin loan would include an option to extend the borrowing by an additional year.
STMicroelectronics (STM) Q1 2026 (USD): Revenue 3.10bln (exp. 3.06bln), Gross profit 1.05bln (from 841mln), Gross margin 33.8%. Commentary: Exec said demand was driven by personal electronics, computers, peripherals and AI infrastructure. Guidance: Q2 revenue 3.45bln (exp. 3.18bln), gross margin 34.8%, including 100bps of unused capacity charges.
Samsung Electronics (SSNLF) - Around 30,000 people rallied outside Samsung Electronics’ main chip complex in Pyeongtaek to demand that employees receive a bigger share of AI-driven profits, Bloomberg reports. Samsung’s labour union wants 15% of the chip division's operating profit allocated to employees.
Infosys (INFY) Q4 2026 (INR): Net income 85bln (exp. 74.7bln), revenue 464bln (exp. 461.7bln). Guidance: FY revenue growth +1.5-3.5% (exp. +4.9%).
Roper Technologies (ROP) Q1 2026 (USD): Adj. EPS 5.16 (exp. 4.99), Revenue 2.1bln (exp. 2.06bln). Guidance: Q2 adj. EPS 5.25-5.30 (exp. 5.29). Raises 2026 EPS to 21.80-22.05 (prev. 21.30-21.55, exp. 21.50).

CONSUMER DISCRETIONARY:

Alibaba (BABA) - Alibaba’s Qwen AI app now enables users to book China Eastern Airlines flights directly via natural-language commands, marking the first time Alibaba has opened its agentic AI technology to a major commercial partner, Bloomberg reports.
Tesla (TSLA) - Shares fell despite an earnings beat and stronger auto margins, revenue missed expectations, and it said spending would be higher than previously guided. Q1 2026 (USD): Adj. EPS 0.41 (exp. 0.37), Revenue 22.39bln (exp. 22.64bln). Automotive revenue 16.2bln, +16%; Q1 deliveries 358,023, automotive gross margin ex-regulatory credits 19.2%, net income 477mln (from USD 409mln), energy generation and storage revenue 2.41bln, Capex 2.49bln, +67%. Commentary: Said it plans more affordable Model Y and Model 3, while preparations for its first large-scale Optimus factory will begin in Q2, with a first-generation line targeting 1mln robots per year. On call, management said FY26 capex will be above USD 25bln (vs prior guidance of USD 20bln). To add 1,000 jobs in Germany by end-June, increase German Model Y output by 20% from Q3, and hire hundreds for battery cell operations; moves are a response to Model Y demand, according to Reuters
Renault (RNLSY) Q1 2026 (EUR): Sales 12.53bln topped Co.-compiled consensus, driven mainly by partner demand from Nissan (NSANY) and Geely (GELHY), while core automotive revenue rose 6.5% to EUR 10.8bln; it confirmed 2026 guidance.
Hyundai Motor (HYMPY) Q1 operating profit KRW 2.5tln (exp. 2.8tln), Revenue 45.9tln, +3.4%; sales volumes fell in South Korea, China and Europe. Co. cited US tariffs, weaker demand in key markets and Iran war supply-chain disruption.
Honda (HMC) - Honda Korea will withdraw from its South Korean business after 23 years in the market, according to Yonhap.
Starbucks (SBUX) - Seeking an additional technology office beyond its recently announced Nashville location, with international cities among the options under consideration, according to Bloomberg. Co. looking to reduce tech costs further, having already cut spending by USD 100mln over the last 90 days, CTO reportedly said.
Lululemon (LULU) - Selected former Nike executive Heidi O’Neill as its next CEO as it seeks to strengthen its US business, WSJ reports. O’Neill is expected to start in September.
XPeng (XPEV) - Expects to begin large-scale production of its flying cars in 2027 and humanoid robots in Q4 2026, Reuters reports. Exec said Xpeng has over 7,000 flying-car orders, will start robotaxi tests in Guangzhou this year, and sees scope to deepen cooperation with Volkswagen (VWAGY).
Las Vegas Sands (LVS) Q1 2026 (USD): Adj. EPS 0.85 (exp. 0.76), Revenue 3.59bln (exp. 3.34bln). Saw growth across both its Singapore and Macao properties.
Hasbro (HAS) Q1 2026 (USD): Prelim revenue 970-985mln (exp. 908.83mln). For the consumer products unit, expect some impact on Q2 revenue operating profit due to expected order processing, shipping and invoicing delays.
PulteGroup (PHM) Q1 2026 (USD): EPS 1.79 (exp. 1.82), Revenue 3.41bln (exp. 3.38bln); raises share repurchase authorisation by USD 1.5bln, taking total size to 2.1bln. Net New Orders +3% to 8,034 homes, with a value of USD 4.6bln. Closed 6,102 homes generating home sale revenues of USD 3.3bln. Home sale gross margin 24.4%. Unit backlog of 10,427 homes, with a value of USD 6.5bln. Commentary: Within a demand environment impacted by domestic and global dynamics, see a consumer with concerns about affordability and the economy, but still desirous of homeownership, as demonstrated by the 3% growth in Q1 net new orders.
Mobileye Global (MBLY) Q1 2026 (USD): Adj. EPS 0.12 (exp. 0.09), Revenue 558mln (exp. 519mln); announces 250mln share buyback. Guidance: FY revenue 1.935-2.015 (exp. 1.95bln).
Pool (POOL) Q1 2026 (USD): Adj. EPS 1.43 (exp. 1.35), Revenue 1.14bln (exp. 1.10bln). Guidance: Backs FY EPS 10.87-11.17 (exp. 11.00).

FINANCIALS:

Citigroup (C) - Citigroup’s Mexican retail bank Banamex appointed Edgardo del Rincon, formerly CEO of Banco del Bajio, as its new CEO ahead of a planned share offering. Del Rincon will replace Manuel Romo, who has led the bank since late 2019 and will remain in the role until 1st June 2026.
Apollo Global (APO) - Nearing a deal to acquire Forvia’s auto interiors business, according to Bloomberg; could value the asset at about EUR 1.4bln.
KKR & Co. (KKR) - Investing USD 1.5bln in Vertical Bridge REIT in a deal that values the tower operator at USD 10-15bln, Bloomberg reports. Sponsors DigitalBridge and La Caisse are also participating, and the investment is structured as preferred equity.
Raymond James (RJF) Q2 2026 (USD): Adj. EPS 2.83 (exp. 2.76), Revenue 3.86bln (exp. 3.85bln). Commentary: Noted record PCG fee-based assets and annualised net new asset growth of 7% for H1. CEO said that disciplined execution underpinned performance amid the market uncertainty, adding that financial adviser recruiting remains robust across all affiliation options, and its investment banking pipeline continues to be strong.
Blackstone (BX) Q1 2026 (USD): EPS 1.36 (exp. 1.34), Revenue 3.62bln (exp. 3.41bln).
Huntington Bancshares (HBAN) Q1 2026 (USD): Adj. EPS 0.37 (exp. 0.23), Revenue 2.57bln (exp. 2.57bln); board approves USD 3bln share repurchase authorisation. Guidance/Commentary: FY NII tracking low end of 10%-13% range; Average loans tracking to midpoint of 11-12% range vs. prior high end of range. Sees average deposits 8-9% on a standalone basis, with deposits plus Cadence up about USD 43bln. Sees net charge-offs 25-35bps and an effective tax rate of 19-20%.
American Express (AXP) Q1 2026 (USD): EPS 4.28 (exp. 4.00), Revenue 18.9bln (exp. 18.61bln), Provision for credit losses 1.3bln. Guidance: Reaffirms FY; EPS 17.30-17.90 (exp. 17.56).
Nasdaq (NDAQ) Q1 2026 (USD): EPS 0.96 (exp. 0.93), Revenue 1.41bln (exp. 1.37bln); raises quarterly dividend to 0.31/shr. Guidance: Raises FY26 operating expense to 2.49-2.55bln (prev. 2.46-2.54bln).

INDUSTRIALS:

CACI International (CACI) Q3 2026 (USD): Adj. EPS 7.27 (exp. 6.93), Revenue 2.4bln (exp. 2.35bln). Commentary: CEO highlighted the closure of the ARKA Group acquisition as a significant strategic step. Guidance: Raised FY26; Revenue 9.5-9.6bln (exp. 9.54bln, prev. 9.3-9.5bln), Adj. EPS 27.70-28.38 (exp. 28.28; prev. 28.25-28.92).
American Airlines (AAL), Alaska Airlines (ALK) - Cos. are pursuing potential revenue-sharing agreements and other strategic partnerships as they face higher costs and strong competition, according to Bloomberg. A merger was discussed during talks on a closer partnership, but did not progress.
Alaska Airlines (ALK), Sabre (SABR) - ALK and Hawaiian Airlines have moved onto the same Sabre passenger service system, marking an integration milestone.
Spirit Aviation (FLYYQ) - President Trump’s advisers discussed differing views at a private White House meeting on 22nd April over plans to rescue Spirit Airlines, WSJ reports. Commerce Secretary Lutnick and Transport Secretary Duffy outlined the pros and cons of a proposed financial lifeline for the struggling airline.
Southwest Airlines (LUV) Q1 2026 (USD): EPS 0.45 (exp. 0.47), Revenue 7.25bln (exp. 7.28bln). Op. margin 4.6%, improvement of 8.1 points Y/Y. CASM-X +2.3%; Capacity +1.5% Y/Y. Commentary: CEO said Q1 was a turning point, citing record Q1 sales and double-digit unit revenue growth despite significantly higher fuel costs, adding that demand remains strong. Guidance: Q2 adj. EPS 0.35-0.65 (exp. 0.64), ASMs flat to up 1% Y/Y, RASM 16.5-18.5% Y/Y, CASM-X 3.5-4% Y/Y. FY26 capacity growth c. 2%, the low end of its prior 2-3% guidance range, and sees FY26 net capital spending 3.0-3.5bln.
CSX (CSX) - Shares rose after it reported an earnings beat, driven by efficiency gains and improved expense management, alongside volume growth, stronger merchandise pricing, intermodal growth, increased domestic coal revenue and higher fuel surcharge revenue, despite a slight revenue miss. Q1 2026 (USD): Adj. EPS 0.43 (exp. 0.39), Revenue 3.48bln (exp. 3.49bln), Total volume 1.56mln units, +3% Y/Y.
General Dynamics (GD) - Received a USD 230.5mln Navy contract modification for integrated planning yard services and long lead-time material for Arleigh Burke-class guided missile destroyers. If all options are exercised, the total contract value would reach USD 895mln.
Northrop Grumman (NOC) - Received a USD 207.89mln US Air Force contract modification for an additional year of logistics support services. The modification increases the contract’s cumulative face value to USD 596.01mln.
Safran (SAFRY) - Expects to reach the top end of its FY guidance after Q1 sales beat expectations, supported by strong civil engine demand.
United Rentals Inc (URI) Q1 2026 (USD): EPS 9.71 (exp. 8.95), Revenue 3.99bln (exp. 3.87bln). Guidance: Raises FY revenue to 16.9-17.4bln (prev. 16.8-17.3bln).
Waste Connections (WCN) Q1 2026 (USD): Adj. EPS 1.23 (exp. 1.18), Revenue 2.37bln (exp. 2.35bln). Adj. EBITDA margin 32.5%, despite outsized weather events. Commentary: CEO noted a strong start to 2026, said it remains well-positioned for the FY, citing upside potential from commodity-related impacts, solid waste organic growth and additional acquisitions.
Dassault Systèmes (DASTY) Q1 2026 (EUR): Revenue 1.51bln (exp. 1.52bln); demand for 3DExperience and Cloud supported results, and confirmed FY guidance.
Rollins (ROL) Q1 2026 (USD): Adj. EPS 0.24 (exp. 0.23), Revenue 906mln (exp. 895mln).
United Airlines (UAL) - Exec warned that ticket prices may rise 20% due to the aviation fuel crisis.
Honeywell International (HON) Q1 2026 (USD): Adj. EPS 2.45 (exp. 2.32), Revenue 9.14bln (exp. 9.3bln); reaffirms outlook. Orders +7% Leading to ~ 38bln backlog, led by buildings and industrial automation. Operating margin 16.1%, Segment Margin 23.3%. Honeywell Aerospace Spin-off planned for Q3. Guidance: Q2 EPS 2.35-2.45 (exp. 2.56), Revenue 9.4-9.6bln (exp. 9.7bln). Commentary: Exec notes strong start to the year while navigating a challenging geopolitical environment. Took the final steps to conclude multi-year portfolio transformation, which are expected to close in H2 2026.
Snap-on (SNA) Q1 2026 (USD): EPS 4.69 (exp. 4.77), Revenue 1.21bln (exp. 1.18bln).
Dover (DOV) Q1 2026 (USD): Adj. EPS 2.28 (exp. 2.27), Revenue 2.05bln (exp. 2.00bln). Guidance: Backs FY; adj. EPS 10.45-10.65 (exp. 10.58), Revenue +5-7%.
American Airlines (AAL) Q1 2026 (USD): EPS -0.58 (exp. -0.47), Revenue 13.9bln (exp. 13.79bln). Guidance: Q2 adj. EPS -0.20 to 0.20 (exp. -0.08). Cuts FY26 adj. EPS to between -0.40 and 1.10 (prev. 1.70-2.70, exp. -0.20).
Lockheed Martin (LMT) Q1 2026 (USD): EPS 6.44 (exp. 6.73), Revenue 18bln (exp. 18.24bln). Guidance: Backs FY; EPS 29.35-30.25 (exp. 29.98), Revenue 77.5-80bln (exp. 79.2bln).
Union Pacific (UNP) Q1 2026 (USD): Adj. EPS 2.93 (exp. 2.85), Revenue 6.2bln (exp. 6.21bln); affirms FY26 outlook.

MATERIALS:

Reliance (RS) Q1 2026 (USD): Adj. EPS 5.16 (exp. 4.66), Revenue 4.03bln (exp. 3.91bln). Commentary: Exec said it is off to a strong start in 2026, with volumes, pricing and earnings exceeding expectations, adding that teams executed exceptionally well, converting increased shipments and higher prices into outsized earnings contributions. Guidance: Q2 adj. EPS 5.15-5.35 (exp. 5.05), inclusive of LIFO expense of USD 37.5mln. Q2 tons sold seen +1-3% Q/Q, and +4.5-6.5% Y/Y, with average selling price per ton +1.5-3.5% Q/Q, supported by announced mill price increases. Q2 guidance includes an estimated 3% contribution to tons sold and approximately 0.15-0.20 of EPS related to the DHS border wall contract, with shipments having commenced in April 2026.
Kaiser Aluminum (KALU) Q1 2026 (USD): Adj. EPS 3.74 (exp. 1.96), Revenue 1.11bln (exp. 999.9mln). Commentary: EBITDA growth was driven by a higher-value packaging mix, improving aerospace demand, widening scrap spreads and strong customer activity across all end markets. Exec said its strong finish to 2025 carried into 2026, with structural improvements taking hold and earnings power being unlocked as strategic initiatives advance. Raised FY26 adj. EBITDA growth outlook to 20-30% Y/Y, sees FY26 conversion revenue improving between 10-15% Y/Y, with the upgrade reflecting stronger demand, favourable pricing, an improved packaging mix and metal lag gains.
Packaging Corporation of America (PKG) Q1 2026 (USD): Adj. EPS 2.40 (exp. 2.13), Revenue 2.37bln (exp. 2.42bln). Commentary: Q1 saw a record in shipments per day in its legacy corrugated operations, with containerboard mills performing strongly on both production and efficiency. Exec noted continued demand improvement and improved mix, adding that good progress was made on integrating the acquired Greif business, with inventories significantly reduced. The Paper segment exceeded expectations on sales volume, with previously announced price increases beginning to take effect. Guidance: Q2 adj. EPS 2.33 (exp. 2.49), with Q2 maintenance outages scheduled at five containerboard mills requiring the mill system to run at full capacity.
Dow (DOW) Q1 2026 (USD): Operating EPS -0.14 (exp. -0.27), Revenue 9.79bln (exp. 9.65bln). Commentary: Q1 volumes impacted by lower prices and Middle East conflict; lower local prices, particularly in polyethylene and industrial intermediates, weighed on results. Sees positive momentum from pricing actions across all businesses and regions.
Freeport-McMoRan (FCX) Q1 2026 (USD): Adj. EPS 0.57 (exp. 0.47), Revenue 6.23bln (exp. 5.73bln); FY CapEx view 4.3bln. Consolidated production: 662mln pounds of copper, 97k ounces of gold, 22mln pounds of molybdenum in Q1. Consolidated sales: 657mln pounds of copper, 121k ounces of gold and 24mln. pounds of molybdenum. Commentary: Strong financial position and favourable long-term outlook.

HEALTHCARE:

Regeneron (REGN), Sanofi (SNY) - FDA-approved Dupixent for children aged 2-11 years with chronic spontaneous urticaria who remain symptomatic despite histamine-1 antihistamine treatment. The decision expands Dupixent’s previous approval in chronic spontaneous urticaria from adults and adolescents aged 12 years and older to younger children.
Sanofi (SNY) Q1 2026 (EUR): Sales 10.51bln (exp. 10.7bln), Business operating income 2.97bln. Dupixent sales with Regeneron (REGN) 4.17bln, +30.8%; reaffirmed FY guidance.
Roche (RHHBY) Q1 2026 (CHF): Sales 14.72bln (-5% Y/Y, but +6% Y/Y at constant FX); sales were driven by pharmaceuticals, with Ocrevus sales +6%, and Hemlibra +13%; Said demand for core lab and pathology solutions more than offset the impact of healthcare pricing reforms in China; confirmed FY targets.
Molina Healthcare (MOH) Q1 2026 (USD): Adj. EPS 2.35 (exp. 1.94), Revenue 10.80bln (exp. 10.89bln), Consolidated medical care ratio 91.1%. Commentary: CEO said medical cost trend was modestly favourable to expectations, adding the Co. is pleased with its disciplined approach. Guidance: Affirmed FY26 adj. EPS of at least 5.00 (exp. 5.03), and premium revenue of c. 42bln (down ~2% Y/Y); it will update full guidance when Q2 results are reported.
GE HealthCare (GEHC) - Announced the first patient has been dosed in the international, multi-center Phase 2/3 LUMINA clinical trial of its manganese-based magnetic resonance imaging (MRI) contrast agent, mangaciclanol.
Thermo Fisher Scientific (TMO) Q1 2026 (USD): EPS 5.44 (exp. 5.25), Revenue 11.01bln (exp. 10.87bln).
West Pharmaceutical Services (WST) Q1 2026 (USD): Adj. EPS 2.13 (exp. 1.68), Revenue 844.9mln (exp. 780mln). Guidance: Q2 adj. EPS 2.05-2.12 (exp. 2), Revenue 830-850mln (exp. 818.55mln). Raises FY26; adj. EPS 8.40-8.75 (prev. 7.85-8.20, exp. 8.01), Revenue 3.3-3.35bln (prev. 3.22-3.28bln, exp. 3.25bln).

UTILITIES:

PG&E (PCG) Q1 2026 (USD): EPS 0.39 (exp. 0.39), Revenue 6.88bln (exp. 6.31bln). Guidance: Backs FY26 core EPS view of 1.64-1.66 (exp. 1.65).
CenterPoint Energy (CNP) Q1 2026 (USD): non-GAAP EPS 0.56 (exp. 0.57). Guidance: Still sees 2026 non-GAAP EPS 1.89-1.91 (exp. 1.91).
NextEra Energy (NEE) Q1 2026 (USD): Adj. EPS 1.09 (exp. 0.97), Adj. net income 2.28bln (exp. 2.09bln), Revenue 6.7bln (exp. 7.27bln). Guidance: FY adj. EPS 3.92-4.02 (exp. 4.04).
Oklo (OKLO) - Teaming up with Nvidia (NVDA) on nuclear fuel validation and AI-driven R&D under the federal Genesis Mission. The partnership is focused on plutonium-based fuels, grid reliability and using AI models and digital twins to advance nuclear-powered AI infrastructure.

CONSUMER STAPLES:

Nestle (NSRGY) Q1 2026 (USD): Organic sales growth 3.5% (exp. 2.4%), Sales 21.3bln (exp. 21.1bln), -5.8% Y/Y; Maintained FY guidance for +3-4% organic growth, and a higher underlying trading operating profit margin, with coffee, pet food, food and snacks driving performance. Underlying Trade Operating Margin to improve Y/Y, strengthening in H2.
Heineken (HEINY) Q1 2026 (EUR): Revenue 6.70bln (exp. 6.70bln); organic net revenue +2.8%, volumes +1.2%, both above expectations; highlighted rising energy costs as a key risk, noting that higher prices to protect profits could weigh on demand; CEO search continues.
Keurig Dr Pepper (KDP) Q1 2026 (USD) Adj. EPS 0.39 (exp. 0.37), Revenue 3.98bln (exp. 3.83bln), Adj. Operating Income 838mln (exp. 808.3mln), Adj. net income 534mln (exp. 504mln). Guidance: Reaffirms 2026; revenue 25.9-26.4bln (exp. 25.89bln), adj. diluted EPS growth in a low-double-digit range.

COMMUNICATIONS:

Orange (ORANY) - Raised 2026 EBITDAaL growth guidance to more than 3%; Q1 revenue +3.5% to EUR 10.1bln, EBITDAaL +6.6% to EUR 2.60bln; growth was led by Africa and the Middle East, while France and other European markets also added broadband, mobile and fibre customers.
Netflix (NFLX) - Authorised a buyback of an additional USD 25bln of shares.
Comcast (CMCSA) Q1 2026 (USD): Adj. EPS 0.79 (exp. 0.72), Revenue 31.5bln (exp. 30.42bln), Adj. EBITDA 7.93bln (exp. 7.72bln).

REAL ESTATE:

Crown Castle (CCI) Q1 2026 (USD): AFFO 1.02 (exp. 1.01), Revenue 961mln (exp. 994.83mln). Commentary: CEO said it remains on track for FY guidance, adding that as it transitions to a pure-play tower company, it is focused on driving operating efficiency, modernising systems and increasing land ownership under its towers. Guidance: FY26 normalised AFFO 4.38-4.49 (exp. 4.43). Outlook excludes any contribution from DISH Wireless following contract termination in January, and reflects an anticipated USD 65mln reduction to annualised run-rate operating costs versus 2025, with USD 55mln of savings expected in FY26 due to timing. Expects to repurchase approximately USD 1bln of shares, and repay approximately USD 7bln of debt following the assumed close of the Fibre Business sale in June.
CBRE Group (CBRE) Q1 2026 (USD): Core EPS 1.61 (exp. 1.13), Revenue 10.5bln (exp. 9.43bln). Guidance: Raises FY26 core EPS to 7.60-7.80 (prev. 7.30-7.60, exp. 7.52).

ENERGY:

Kinder Morgan (KMI) Q1 2026 (USD): Adj. EPS 0.48 (exp. 0.39), Revenue 4.83bln (exp. 4.55bln); raised quarterly dividend +2% to 0.2975/shr. Commentary: Exec said it is largely insulated from commodity price volatility, adding that global conflicts are driving incremental LNG demand for US supplies and that domestic natgas demand growth projections, particularly in the power sector, remain robust. Said it is currently trending more than 3% favourable to budget on an adj. EBITDA basis following stronger-than-expected Q1 performance during sustained cold weather. Guidance: FY26 adj. EPS 1.36 (exp. 1.38), Adj. EBITDA 8.6bln, +2% Y/Y. Expects to declare FY26 dividends of 1.19/shr.

GEOPOLITICS:

US - President Trump said he expects Iranian Foreign Minister Araghchi to remain part of Iran talks, and denied a 3-5 day ceasefire deal, according to Fox. Trump also posted that eight women protesters facing execution in Iran would no longer be killed, crediting Iranian leaders for respecting his request; Iran’s state news agency Mizan subsequently reported that Iran had rejected the claim. Elsewhere, the US Senate voted 46-51 against limiting Trump’s Iran war powers, rejecting the fifth such attempt; some Republicans have separately signalled that a key statutory deadline in the coming weeks could be an inflection point at which they will expect the President to either wind down the conflict, or seek congressional approval to continue it, NYT reports.
Iran - President Pezeshkian said Iran welcomes dialogue but cited blockades and threats as obstacles to genuine negotiations; Foreign Minister Araghchi attributed the situation in the Strait of Hormuz to US violations. Iran maintains more military capabilities than the White House or Pentagon publicly acknowledged, with roughly half of its ballistic missile stockpile and associated launch systems still intact at the ceasefire’s outset, according to CBS, citing multiple US officials. Iranian opposition sources reported air defence activations against unmanned aerial vehicles, and Fars News posted an animation depicting Iran’s readiness to target regional energy infrastructure. An Iranian-American analyst, said to be closely linked to the Iranian government, warned of significant regional escalation if critical infrastructure is struck.
Ceasefire - The extended ceasefire with Iran will end within days, after which an overwhelming military strike is expected to be launched, according to sources cited by Israel’s Hayom. That attack will last several days before military operations conclude. Separately, a third US aircraft carrier, USS Bush, is set to arrive in the Middle East within 3-5 days after detouring around the southern tip of Africa, according to Fox. Elsewhere, a Pakistani official said they remain optimistic about the Islamabad negotiations.
Strait of Hormuz - The Pentagon has informed Congress that fully clearing the Strait of Hormuz of mines deployed by the Iranian military could take six months, with any such operation unlikely to begin until the US war with Iran ends, WaPo reports. Traffic through the Strait of Hormuz halted after Iran fired on commercial ships and said it had seized at least two vessels, Bloomberg reports. Only one ship, LB Energy, was seen moving through the waterway early on 23rd April, while Ocean Jewel was idling at the entrance after aborting transit. The US military intercepted at least three Iranian oil tankers in Asian waters and redirected them, according to shipping and security sources.
Bab al-Mandab - Somalia has closed the Bab al-Mandab Strait to Israeli shipping in response to Israel’s recognition of Somaliland, according to Yemen Press Agency cited by IRNA. External meddling could prompt countermeasures, including restricting access to the key maritime route, the report adds.

MACRO:

Fed - NEC Director Hassett indicated support for Fed Chair Powell’s plan to remain at the central bank on a temporary basis if a successor has not been confirmed by the Senate when his term expires next month, calling it “the appropriate legal understanding”.