Financial News

Update: WTI Rises as the Strait of Hormuz Remains Closed Amid Disputes Over the Terms of the Ceasefire Deal

West Texas Intermediate (WTI) closed higher on Thursday as Iran continues to block the Strait of Hormuz while maintaining the two-week ceasefire agreement reached with the United States included a pledge to halt Israeli attacks on Lebanon but fell off session highs after Israel said it will begin talks with Lebanon.WTI crude oil for May delivery closed up $3.46 to settle at US$97.87 per barrel after touching US$102.70 earlier. June Brent oil was last seen up $0.96 to US$95.71.WTI plunged 16% on Wednesday following the ceasefire agreement, pushing back below US$100 per barrel on hopes the deal would reopen tanker shipments from the Persian Gulf, a region that supplied 20% of daily oil demand prior to the Feb. 21 start to the war.However the ceasefire appeared to be fragile as Iran continued attacks on Persian Gulf countries in response to Israel's bombing of Lebanon. Reports on Thursday said Israeli prime minister Benjamin Netanyahu ordered his cabinet to begin direct talks with Lebanon "as soon as possible.Tankers trapped in the Gulf since the start of the war remain mostly unable to move through the Strait as Iran said it will continue to limit traffic and demand a toll for passage through the Strait."Crude prices rebounded following their biggest one-day drop since April 2020, with Brent challenging resistance ahead of US$100. The Strait of Hormuz remains effectively closed after Israeli attacks on Lebanon -- seen by Iran as a breach of the fragile ceasefire. According to the WSJ, Iran has told mediators it will limit traffic through the Strait to around 12 ships per day and impose tolls under the ceasefire. That is a sharp reduction from the 100+ daily transits before the war, effectively leaving most of the 1,000+ commercial vessels inside the Persian Gulf stranded," Saxo Bank noted.The Wall Street Journal reported Iran has now stopped its regional strikes, with no attacks reported for 24 hours, raising some hopes the ceasefire will hold ahead of negotiations over a permanent deal that will begin this weekend in Pakistan. U.S. Vice-President JD. Vance will lead the American side in the talks with Iranian officials.

Solaris Resources Sees "Clear Pathway Toward a Fully Permitted Project By the End of 2026"

Price: $13.24, Change: $+0.73, Percent Change: +5.84%

Solaris Resources Adds Receipt Triggers Second Tranche Under Existing US$200M Financing Agreement With Royal Gold, "Further Strengthening" Its Balance Sheet

Price: $13.16, Change: $+0.65, Percent Change: +5.20%

Solaris Resources Says Secured EIA Technical Approval, "Significantly De-risking the Warintza Project"

Price: $13.05, Change: $+0.54, Percent Change: +4.32%

Carter's Shares Rise After Goldman Sachs Upgrade

Carter's (CRI) shares were up over 6% in Thursday trading after Goldman Sachs upgraded the stock to neutral from sell and raised its price target to $38 from $29.Trading volume stood at more than 844,000 shares, compared with a daily average of about 1.3 million shares.Price: $36.87, Change: $+2.29, Percent Change: +6.61%

Texas Instruments Shares Rise After Stifel Upgrade

Texas Instruments (TXN) shares were up 2.7% in Thursday trading after Stifel upgraded the stock to buy from hold and adjusted its price target to $250 from $215.Trading volume stood at over 2.7 million shares versus the daily average of about 7.6 million.Price: $214.65, Change: $+5.75, Percent Change: +2.75%

Constellation Brands' Fiscal 2027 Guidance Related to Weaker Beer Topline Growth, UBS Says

Constellation Brands' (STZ) "disappointing" fiscal 2027 guidance is related to weaker beer topline growth and lower wine and spirits operating margins, UBS said in a Wednesday research report.Although investors are intrigued by the potential for better beer depletion growth and market share gains, UBS said it is not clear if the Q4 print would be a catalyst, given the stock having become more crowded on the long side, analysts wrote.Management expects shipments in 2027 to be aligned and seasonal cadence to be consistent with earlier years, according to the note.The brokerage reiterated its buy rating on the stock and price target of $176 per share.Price: $161.61, Change: $+11.35, Percent Change: +7.55%

Nexa Resources Shares Rise After Morgan Stanley Upgrade

Nexa Resources (NEXA) shares were up 2.7% in Thursday trading after Morgan Stanley upgraded the stock to equal weight from underweight and adjusted its price target to $11 from $7.70.Trading volume stood at over 386,000 shares versus the daily average of about 718,000.Price: $11.58, Change: $+0.31, Percent Change: +2.71%

March US Overall Consumer Prices Expected to Jump by 0.9%, Lifted by Energy Prices

The US Consumer Price Index is expected to rise by 0.9% in March after a 0.3% gain in February, according to a survey compiled by Bloomberg, with higher gasoline prices due to the conflict in Iran the key factor.Not only are gasoline pump prices expected to rise, but other categories that rely heavily on energy, such as airfares, are expected to see a large push higher.The year-over-year rate is forecast to accelerate to 3.4% from 2.4% as a result.The CPI data are scheduled to be released at 8:30 am ET Friday.The same survey looks for a 0.3% gain in core CPI, excluding the volatile food and energy components after 0.2% increase. The year-over-year rate is expected to accelerate to 2.7% from 2.5%.Prices in the owners' equivalent rents and regular rents categories are forecast to post modest gains. Those two categories combine for nearly one-third of overall CPI and are a key focus for the Federal Reserve.New vehicle prices and used vehicle prices are expected remain a drag on the core reading after they were generally lower in the previous month.The Federal Reserve's preferred inflation measures for March, the overall and core PCE price readings, are due to be released on April 30.

Maplebear Shares Rise After Raymond James Upgrade

Maplebear (CART) shares rose 2.3% in Thursday afternoon trading after Raymond James upgraded the stock to outperform from market perform with a price target of $50.Trading volume stood at about 2.4 million shares, compared with a daily average of about 5.2 million.Price: $40.53, Change: $+0.92, Percent Change: +2.34%

Daily Roundup of Key US Economic Data for April 9

The third estimate of Q4 GDP showed a 0.5% gain, revised down from a 0.7% increase in the previous estimate.Personal spending is now reported up 1.9% after a 2.0% increase in the advance estimate.There were upward revisions to nonresidential fixed investment and government spending that were offset by downward adjustments to residential fixed investment and private inventories. The contribution from net exports was unrevised.The GDP price index rose by 3.7%, a downward adjustment from the previous estimate, with the PCE price index and core PCE price measures unrevised.Personal income was down 0.1% in February after a 0.4% gain, below expectations, while personal consumption expenditures rose by 0.5% in February after a 0.3% increase.After an adjustment for a 0.4% increase in the PCE price index, real consumption was up 0.1% in February after a flat reading in January. The year-over-year rate for the overall price index remained at 2.8%.Core PCE prices rose by 0.4% in the month while the year-over-year rate slowed to 3.0% from 3.1%.Initial jobless claims increased by 16,000 to 219,000 in the week ended April 4, lifting the four-week moving average by 1,500 to 209,500.Insured claims fell by 38,000 to 1.794 million in the week ended March 28, the lowest since week ended May 11, 2024.Natural gas stocks rose by 50 billion cubic feet to 1.911 trillion cubic feet in the week ended April 3, up 4.9% from a year earlier and 4.8% higher than the seasonal average for the current week over the previous five years.February wholesale inventories rose by 0.8% in February after a 0.3% decrease, while wholesales sales increased by 2.7% after a 1.1% gain in the previous month.The Q1 GDPnow estimate from the Atlanta Fed is for a 1.3% gain, unrevised from the previous estimate. The next update is scheduled for April 21.

United Community Banks Shares Rise After Keefe Bruyette & Woods Upgrade

United Community Banks (UCB) shares were up over 4% in Thursday trading after Keefe Bruyette & Woods upgraded the stock to outperform from market perform and raised its price target to $40 from $36.Trading volume stood at more than 805,000 shares, versus a daily average of about 926,000.Price: $34.94, Change: $+1.48, Percent Change: +4.42%

SLB OneSubsea Wins Beacon Contract for Offshore Recovery Boosting System

SLB (SLB) OneSubsea joint venture has secured a contract from Beacon Offshore Energy Exploration and Production to supply an enhanced recovery system for the Shenandoah field in the Gulf of Mexico, SLB said in a statement on Thursday.SLB OneSubsea's high-pressure, high-temperature multiphase system is designed to operate above 15,000 pounds per square inch, exceeding the capacity of conventional subsea equipment.The system is expected to support faster production, higher recovery rates, and increased field value for Beacon Offshore Energy Exploration, SLB said.Price: $52.52, Change: $+0.63, Percent Change: +1.22%

May WTI Crude Oil Contract Closes Up US$3.46; Settles at US$97.87 per Barrel

Market Chatter: Exxon Mobil Plans Overhauls at Beaumont, Texas Refinery

Exxon Mobil (XOM) is planning an overhaul in the spring and another at the end of the year at its Beaumont refinery in Texas, Reuters reported late Wednesday, citing people familiar with plant operations.In May, the company plans to shut the 60,000-barrel-per-day coker for an overhaul that will continue into June, the sources reportedly said, adding that in December, the 120,000-barrel-per-day gasoline-producing fluidic catalytic cracker will go through an overhaul lasting into January.Exxon did not immediately respond to' request for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $155.10, Change: $-1.12, Percent Change: -0.72%

Research Alert: CFRA Upgrades Opinion On Shares Of Meta Platforms To Strong Buy From Buy

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Following up on our note yesterday, we upgrade our rating to reflect catalysts we previously provided. This includes the debut of Muse Spark, which is only the start to greater penetration into LLMs and the first "noteworthy" product release from Meta Superintelligence Labs (we expect more to come in 2H). This should open up new revenue streams, with plans to provide paid API access forthcoming. Other AI monetization initiatives remain intact (improved advertising, more engaging experiences, business messaging, Meta AI, and AI devices). Greater cost cutting announcements (up to 20% of workforce), which could come as soon as this month, as well as our belief that META is unlikely to raise its 2026 capex guidance again are other positives. Also, with META trading at about a 28% discount to GOOGL on 2027 EPS (about 17x-23x), we see potential to close the gap. OpenAI's decision to scrap Sora AI last month is also an incremental positive. We hold our 12-month target at $804 based on 22x our 2027 EPS view.

US Natural Gas Update: Futures Drop on Soft Fundamentals, Israel-Lebanon Peace Talks

US natural gas futures declined further in midday trading on Thursday, pressured by soft supply-demand fundamentals and news that Israel aims to start peace talks with Lebanon.The front-month Henry Hub contract, along with the continuous contract, fell 1.76% to $2.68 per million British thermal units.The US price dropped in line with European prices following media reports that Israel is seeking direct negotiations with Lebanon.That news followed a bearish report that US inventories grew by more than was expected. The US Energy Information Administration reported a larger-than-anticipated 50 billion cubic feet rise in underground gas storage for the week ending Apr. 3, bringing total inventories to 1,911 Bcf.Stocks are now 89 Bcf higher than a year ago and 87 Bcf above the five-year average of 1,824 Bcf. Analysts expected a build of about 40-44 Bcf.NRG Energy said domestic demand declined sharply, with residential and commercial consumption dropping 7.2 Bcf per day amid shoulder-season conditions.Power burn eased slightly and industrial demand fell modestly, reducing total US gas demand by roughly 9 Bcf/d from Wednesday. LNG feedgas remained flat at 19.1 Bcf/d.Production fell slightly to about 106.3 Bcf/d, down 0.7 Bcf from the previous day. NRG said that while production has dipped modestly, weaker seasonal demand and steady LNG flows continue to support looser market balances, adding "near-term price action [is] being driven more by macro headlines than by incremental shifts in gas fundamentals."

Netflix Set to Beat 2026 Guidance Amid Early US Price Increases, UBS Says

Netflix (NFLX) may outperform its own guidance for the full year as the impact of earlier-than-expected price increases takes hold, UBS Securities said in a note emailed Thursday.Last month, the company increased prices across its US plans, including raising its ad-supported standard tier to $8.99 per month from $7.99. The price of its standard plan without ads rose by $2 to $19.99 a month, while the premium tier now costs $26.99, compared with $24.99 previously.These price increases offer upside potential for 2026 estimates, UBS analysts including John Hodulik wrote.UBS projects currency neutral revenue growth of 14% with a 32.6% margin rate for 2026, compared with guidance that called for a 11% to 13% revenue increase and a 31.5% margin.BofA Securities previously said that Netflix's most recent round of price increases highlighted the streaming giant's pricing power.The company is likely to roll out more hikes in other major markets that are expected to boost average revenue per member, according to the UBS note.The widening price gap between plans with and without ads, along with new demand-side platform relations with companies including Amazon (AMZN), will likely double Netflix's ad-supported revenue in 2026, Hodulik said."While Netflix continues to slowly grow share of total TV viewing in the US, its share of streaming viewership remains under pressure given growth in (free ad-supported television)," Hodulik added.In February, Netflix dropped its plans to acquire Warner Bros. Discovery (WBD), which will now be acquired by Paramount Skydance (PSKY)."With the Warner Bros bid behind it, we believe Netflix is still positioned to benefit from its solid slate of content this year including the return of four of its top 20 series, new films such as War Machine and The Rip, a growing list of live events and the ramp in video games," Hodulik said.Shares of Netflix were up 2.5% in recent trading on Thursday.Price: $101.64, Change: $+2.25, Percent Change: +2.26%

Sector Update: Financial Stocks Rise Thursday Afternoon

Financial stocks were advancing in Thursday afternoon trading, with the NYSE Financial Index and the State Street Financial Select Sector SPDR ETF (XLF) each adding about 0.5%.The Philadelphia Housing Index was climbing 1.6%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was up 1.5%.Bitcoin (BTC-USD) rose 2% to $72,484, and the yield for 10-year US Treasuries was decreasing 2.8 basis points to 4.26%.In economic news, US economic growth, measured by gross domestic product, was revised lower to a 0.5% increase in Q4 from a 0.7% gain in the second estimate, compared with estimates for no revision in a Bloomberg survey.US initial jobless claims rose to 219,000 in the week ended April 4 from an upwardly revised 203,000 in the previous week, compared with expectations for 210,000 in a Bloomberg poll.In corporate news, Ares Management (ARES) on Thursday agreed to acquire Whitestone REIT (WSR) in an all-cash deal worth about $1.7 billion. Ares shares were up 0.5%, and Whitestone jumped 11%.Carlyle (CG) will limit redemptions to 5% for its Tactical Private Credit Fund after receiving repurchase requests amounting to roughly 15.7% of shares outstanding, The Wall Street Journal reported, citing a shareholder letter. Carlyle shares eased 0.3%.Goldman Sachs-backed (GS) Japanese taxi-hailing provider Go plans an initial public offering in 2026 that could raise between 50 billion yen ($314.5 million) and 80 billion yen, Bloomberg reported. Goldman shares increased 0.3%.

Kobo Resources Jumps 9% at It Raises $5.53 Million in a Private Placement of Shares, Provides Operations Update

Kobo Resources (KRI.V), up 9% on last look, on Thursday said it is raising $5.53 million in a private placement of shares it expects to close next week.The company said it will place up to 16.5-million shares priced at $0.335 each in the financing.Proceeds will be used to advance the development of the Kossou Gold Project and to initiate drilling at the Kotobi Permit, both in Cote d'Ivoire.Kobo hired an independent firm to prepare a maiden mineral resource estimate (MRE) for Kossou, with delivery targeted for the third quarter of this year. The MRE represents a significant milestone in the advancement of Kossou toward a defined gold resource, underpinned by over 41,000 meters of diamond drilling completed since 2023 across the Jagger, Road Cut, and Kadie Zones, a statement said.To accelerate drilling ahead of the MRE, Kobo will mobilize a second drill rig to site within the next 10 days.The company has also mobilized drill pad preparation equipment to the Kotobi Permit. A drilling contract is expected to be signed next week, with drilling to follow on pre-identified targets shortly thereafter."With the private placement expected to close next week, we will have the capital in place to execute on a busy and important period for the company" said chief executive Edward Gosselin.Kobo Resources shares were last seen up $0.035 to $0.31 on the TSX Venture Exchange.Price: $0.30, Change: $+0.03, Percent Change: +9.09%