Morning News Call

TOP NEWS

• IEA to recommend huge release of strategic oil stocks (over 100 million barrels) due to Iran war.
• JPMorgan marks down value of private credit loan portfolios, citing deteriorating credit quality.
• Oracle rallies on strong revenue forecast, easing concerns over AI investments.
• Morgan Stanley hires contract staff in Hong Kong for surging stock listings.
• Eli Lilly to invest $3 billion in China for supply chain and weight loss pill production.

BEFORE THE BELL

• U.S. stock index futures: Subdued in choppy trading, awaiting inflation report amidst Middle East tensions.
• Oil prices: Rebounded, questioning IEA's reserve release impact on Middle East supply shocks.
• Dollar: Recovered after early wobble.
• Gold prices: Steadied as tempered rate cut expectations offset safe-haven demand.
• European shares: Fell due to Middle East war economic fallout and mixed corporate updates.
• Asian markets: Higher; Japanese shares rose, Chinese equities firmer (defense and new energy sectors).

STOCKS TO WATCH

• Advanced Micro Devices Inc: CEO to discuss high-bandwidth memory (HBM) supplies for AI chipsets with Samsung, and cooperation with Naver.
• Alphabet Inc: Canal+ partners with Google Cloud and OpenAI for generative AI in production and streaming to boost recommendations and reach 100M subscribers.
• Carlyle Group Inc: Sells Colombian oil producer SierraCol for an undisclosed sum.
• Eli Lilly & Co: Plans $3 billion investment in China for supply chain and production of obesity treatment orforglipron.
• JPMorgan Chase & Co: Marked down private credit loans, tightening lending to the sector, due to AI disruption concerns in software.
• Oracle Corp: Shares surged on upbeat fiscal 2027 revenue forecast ($90 billion) and strong remaining performance obligations ($553 billion), easing AI spending worries.
• Rio Tinto PLC: Raises aluminium premium offer to Japanese buyers to $350/metric ton due to Middle East supply fears.
• Target Corp: Lowering prices on over 3,000 products (5%-20% reductions) starting March due to rising costs for consumers.

ANALYSIS

• Anthropic has strong case against Pentagon blacklisting, likely challenging an obscure law.

ANALYSTS' RECOMMENDATION

• Oracle Corp: Barclays raises target to $240 from $230, citing improved investor confidence.
• Regeneron Pharmaceuticals Inc: Jefferies raises target to $890 from $885, citing strong weight-loss results for olatorepatide.

ECONOMIC EVENTS

• Core CPI MM SA for Feb: Expected 0.2%; Prior 0.3%
• Core CPI YY NSA for Feb: Expected 2.5%; Prior 2.5%
• CPI Index NSA for Feb: Expected 326.793; Prior 325.252
• Core CPI Index SA for Feb: Prior 332.793
• CPI MM SA for Feb: Expected 0.3%; Prior 0.2%
• CPI YY NSA for Feb: Expected 2.4%; Prior 2.4%
• Real weekly earnings MM for Feb: Prior 0.5%
• CPI MM NSA for Feb: Prior 0.370%
• CPI Index SA for Feb: Prior 326.59
• CPI Wage Earner for Feb: Prior 317.942
• Cleveland Fed CPI for Feb: Prior 0.2%
• LSEG IPSOS PCSI for March: Prior 53.80
• Federal budget for Feb: Expected -$75.85 bln; Prior -$95.00 bln

COMPANIES REPORTING RESULTS

• Campbell's Co: Expected Q2 earnings of 57 cents per share

CORPORATE EVENTS

• Analog Devices Inc: Annual Shareholders Meeting
• Campbell's Co: Q2 earnings conference call
• TE Connectivity PLC: Annual Shareholders Meeting

EXDIVIDENDS

• Coterra Energy Inc: $0.22
• HP Inc: $0.3
• Linde PLC: $1.6
• News Corp: $0.1
• NVIDIA Corp: $0.01
• Omnicom Group Inc: $0.8
• Principal Financial Group Inc: $0.8
• Regency Centers Corp: $0.75