Morning News Call

TOP NEWS

• Hopes dim for swift end to Iran war after Trump speech, sending oil prices above $100/barrel.
• Trump administration reportedly readies new tariffs on drugmakers not guaranteeing low prices.
• Hedge funds faced worst monthly drawdown in over four years due to Iran war volatility, per Goldman Sachs.
• Intel plans to invest another $15 million in chip startup SambaNova, chaired by Intel CEO Lip-Bu Tan.
• Crisis contractor for OpenAI/Anthropic developing a tool to combat extremism, directing users with violent tendencies on ChatGPT to deradicalisation support.

BEFORE THE BELL

• Wall Street futures fell as Trump's aggressive stance on Iran dampened hopes for conflict resolution.
• Oil prices climbed over 7% on fears of prolonged supply disruptions.
• Gold fell sharply as a stronger dollar offset its safe-haven appeal.
• Global equities, including Europe, Japan, China, and Hong Kong stocks, fell due to conflict pessimism.
• Investors await jobless claims data and Friday's nonfarm payrolls report; Dallas Fed President Logan remarks due.
• SpaceX confidentially filed for a U.S. IPO, reportedly targeting a $1.75 trillion valuation.

STOCKS TO WATCH

• Alkami Technology Inc: Activist investor Jana Partners took a 5.1% stake, believing shares are undervalued and urging a sale.
• Amazon.com Inc & Globalstar Inc: Amazon in talks to acquire Globalstar to build its own low-earth-orbit satellite business; Globalstar shares surged.
• Estee Lauder Companies Inc: Advancing talks with Spanish firm Puig to combine in a mostly stock-based deal, forming a $40 billion luxury beauty group.
• Immunovant Inc: Therapy for a type of eye disease failed main goals in two late-stage studies; shares down.
• Intel Corp: Plans another $15 million investment in SambaNova, increasing its stake to 9%.
• KKR & Co Inc: KKR FS Income Trust limited redemptions after requests surged, satisfying about 80% of withdrawals.
• Netflix Inc & Warner Bros Discovery Inc: Federal judge dismissed trademark infringement lawsuit against their show "Running Point" by Pepperdine University.
• Tesla Inc: China-made EV sales rose for a second consecutive quarter (8.7% in March, 23.5% in Q1), driven by European demand and higher oil prices.

FOCUS

• Tariff-struck companies exploring loans backed by refund claims from overturned "Liberation Day" tariffs.

ANALYSTS' RECOMMENDATION

• Doordash: JPMorgan cut target price to $244 from $272.
• Alto Neuroscience Inc: Baird cut target price to $38 from $41 despite encouraging Phase 2 trial results.
• Beyond Meat Inc: Jefferies cut target price to $0.7 from $1.25 due to continued sales decline.
• Lamb Weston Holdings Inc: JPMorgan cut target price to $43 from $44 due to demand weakness and oversupply.