Marco Rubio says US may accept civilian nuclear programme in Iran
Secretary of state suggests Tehran must import enriched uranium and halt domestic production
The US would be willing to allow Iran to retain a civilian nuclear programme as long as it agreed to halt all domestic uranium enrichment, the US’s top diplomat has said, as the Trump administration prepares for a third round of talks with the Islamic republic.
US secretary of state Marco Rubio’s comments in a podcast this week provide an insight into Washington’s negotiating positions as President Donald Trump presses Iran to agree to a deal to curb its expansive nuclear activity and prevent it having the ability to weaponise its programme.
US officials have given mixed messages over what they expect from Tehran in recent weeks.
Steve Witkoff, Trump’s envoy and top negotiator, last week suggested that Washington might be willing to allow Iran to enrich uranium at low levels before insisting Tehran “must stop and eliminate” its nuclear enrichment programme altogether.
That was after US national security adviser Mike Waltz last month insisted the administration would demand the “full dismantlement” of Iran’s nuclear programme altogether.
Speaking to The Free Press podcast with Bari Weiss, Rubio said Iran would have to import enriched uranium if it wanted to maintain a civilian programme.
“If Iran wants a civil nuclear programme, they can have one just like many other countries in the world have one, and that is they import enriched material,” he said “They do have a nuclear reactor that imports Russian enriched material at 3.67 [per cent purity], and that’s what you need for — but they don’t enrich it themselves.”
But Iranian analysts say even that position could be unacceptable to Tehran, which insists the republic has a right to enrich uranium for civilian purposes as a member of the non-proliferation treaty.
Iranian foreign minister Abbas Araghchi released a speech he was due to give this week in which he said the republic “must not be treated as an exception within the global non-proliferation framework”.
“Iran is entitled to the same rights and bound by the same obligations as any other member,” Araghchi said in the speech, which he was due to deliver to the Carnegie International Nuclear Policy Conference before pulling out. “Respecting this principle of equality is essential to achieving a fair and lasting resolution.”
He added that an agreement should be focused “solely” on the nuclear issue, reiterating that Tehran did not want any deal to include its missile programme or support for militant groups.
Under the 2015 accord that Iran signed with Barack Obama’s administration and other world powers, Iran agreed to strict limits on its nuclear activity. But it was able to continue enriching uranium up to 3.67 per cent purity with a cap of 300kg on its stockpile. Excess enriched uranium was shipped offshore.
The deal collapsed after Trump unilaterally withdrew the US from the accord in 2018 and imposed waves of swingeing sanctions on the republic. Iran responded by expanding its nuclear activity, and has for several years been enriching uranium up to 60 per cent purity, which is close to weapons grade.
Witkoff and Araghchi are due to hold a third round of indirect talks on Saturday. Technical teams from both sides will also meet for their first negotiations this weekend.
Trump has repeatedly threatened military action against the republic if Tehran refuses to agree to a deal.
Rubio said the US administration was “committed to achieving a peaceful outcome that’s acceptable to everyone”.
“We’re a long ways away from any sort of agreement with Iran,” he said. “We recognise it’s difficult and hard.”
Iran, meanwhile, appears to be seeking to appeal to Trump’s penchant for financial deals, with Araghchi reiterating in his draft speech what he described as the “trillion-dollar opportunity that our economy presents may be open to US enterprises”.
“Our long-standing goal is to build at least 19 more reactors, meaning that tens of billions of dollars in potential contracts are up for grabs,” he said. “The Iranian market alone is big enough to revive the struggling nuclear industry in the United States.”
Anger as Meta AI chatbot added to WhatsApp, raising privacy fears
WhatsApp users have expressed frustration at the fact that there is no way to remove the new Meta AI chatbot feature from the messaging app, raising concerns that the company is seeking to use their private chats to train the bot.
Meta says the AI chatbot can’t read messages unless one of the chat participants chooses to share it, but adds that the company is “listening to feedback” from users …
ome users are seeing a new Meta AI logo in the chats screen, while others have an ‘Ask Meta AI or Search’ prompt in the search bar. There is currently no way to remove either.
Many users are expressing their frustration at what they see as an unwanted intrusion, with Guardian columnist Polly Hudson among those to object. She likened it to the time Apple annoyed everyone by adding a U2 album to their devices.
At least it was possible to delete that free U2 album that Apple foisted on its customers in 2014; there is no way to remove Meta AI from WhatsApp. I didn’t – don’t – want Meta AI. If I liked it, I would have put the ring on it. But I don’t, so I didn’t. I have not given consent. How dare they? […]Although the omnipotent shape hasn’t reached everyone’s phones yet, the internet is full of people ranting, mostly about their inability to deactivate it.
WhatsApp chats are protected by end-to-end encryption, meaning that the Meta AI cannot access messages directly – but chat participants can share chats with the bot. The sharing feature raises concerns that Meta may be wanting to use chat content as training for its model, without the consent of all participants.
The company is already under fire for a wide range of unethical AI training practices, including scraping all public Facebook and Instagram posts since 2007, and using ebooks pirated from torrents.
Meta told BBC News that it’s listening to these concerns.
WhatsApp says its new AI feature embedded in the messaging service is “entirely optional” – despite the fact it cannot be removed from the app […]“We think giving people these options is a good thing and we’re always listening to feedback from our users,” WhatsApp told the BBC […]Meta says the feature is only being rolled out to some countries at the moment and advises it “might not be available to you yet, even if other users in your country have access”.
Gapping down
In reaction to earnings/guidance:
In reaction to earnings/guidance:
- RHI -15.4%, EGBN -8.9%, KALU -8.2%, NOK -7.7%, THRM -6.9%, IBM -6.7%, SAH -6.7%, KNX -6.6%, ALK -6.5%, HBNC -6.1%, CNX -5.2%, CCS -5.1%, ASGN -5%, IPG -5%, AUB -4.8%, TOWN -4.7%, TSCO -4.6%, WTW -4.2%, APOG -4.2%, VRE -4.1%, FI -4.1%, LOB -4%, LUV -4% (also proactively reducing capacity in 2H25 due to lower demand), RJF -3.6%, CMG -3.6%, CMCSA -3.6%, MXL -3.5%, PDS -3.4%, CBZ -3.1%, CLB -3%, CHDN -2.8% (also to pause projects to develop The Skye, Conservatory and Infield areas), DAR -2.8%, RLI -2.5%, GSHD -2.4% (also authorizes new $100 mln share repurchase program), XEL -2.4%, FBP -2.4%, CVBF -2.2%, MTH -2.1%, ORLY -2%, BRKL -2%, PKX -1.9%, RNR -1.8%, ROL -1.7%, POOL -1.7%, PG -1.7%, VIST -1.5%, PRCT -1.2%, PCG -1.1%, PEP -1%, BFH -1%
Other news:
- JACK -6.6% (provides Q2 guidance and long-term plan update; launching strategic alternatives process for Del Taco; discontinuing dividend)
- LGO -4.3% (reports Q1 production)
- TATT -3% (files $70 mln mixed shelf offering; also files for offering by selling shareholders)
- COLB -3% (COLB to acquire PPBI, also reports earnings)
- MLYS -3% (NEJM publishes results from Phase 2 Advance-HTN trial)
- AUPH -3% (MKT Capital Ltd. and Lucien Selce issue letter to shareholders)
- MYTE -2.5% (closes acquisition of YNAP from Richemont)
- MPX -2.2% (files $150 mln mixed shelf offering; also files for offering by selling shareholders)
- MCB -1.5% (eyes Q3 for potential dividend)
- LNKB -1.5% (files $100 mln mixed shelf securities offering)
- ADC -1.4% (prices offering of 4.5 mln shares of common stock at $75.70 per share)
Analyst comments:
- AVY -1.3% (downgraded to Neutral from Overweight at JPMorgan)
- MDLZ -0.8% (downgraded to Neutral from Buy at DA Davidson)
Gapping up
In reaction to earnings/guidance:
In reaction to earnings/guidance:
- PI +18.1%, CYH +9.5%, TXN +8.7%, NOW +8% (also announces various collaborations), HZO +7.2%, FARO +7%, HAS +6.6%, OII +5.1%, STM +5.1%, VC +5%, RMD +4.9%, AMBP +4.7%, PEN +4%, EEFT +4%, NVCR +3.8%, EW +3.2%, LRCX +3.2%, WHR +2.9%, ALLE +2.8%, EPRT +2.7%, NEM +2.7%, CMS +2.7%, TECK +2.6%, HELE +2.6%, KDP +2.3%, TXT +2.3%, FAF +2.2%, WST +2.2%, BANC +2% (also increases share repurchase authorization to $300 mln), GGG +2%, URI +2% (also authorizes new $1.5 bln share repurchase program), LKQ +1.9%, FTI +1.9%, MBLY +1.9%, PTEN +1.7%, E +1.7%, FCFS +1.6%, CBRE +1.5%, HLX +1.4%, TPH +1.4%, RES +1.4%, BMY +1.3%, TYL +1.1%, AMED +1.1%, STRA +1.1%, ADT +1%, NDAQ +1%
Other news:
- CADL +5.9% (announces oral presentation of Phase 3 CAN-2409 results)
- AAPG +5.5% (To Present Data from Two Clinical Studies at 2025 ASCO Annual Meeting, Including Oral Presentation on Its Key Assets Lisaftoclax and Alrizomadlin)
- VSTM +2% (FDA clears Investigational NDA of VS-7375)
- CRVS +2% (to present data from Phase 1 trial of Soquelitinib)
- NG +1.7% (files mixed shelf securities offering)
- HOMB +1.7% (increases dividend)
- RES +1.4% (files $300 mln mixed shelf offering; also files for offering by selling shareholders)
- KGS +1.3% (raises dividend by 10%)
- IPHA +1.2% (announces €15 mln investment by Sanofi)
Analyst comments:
- UTZ +3.8% (upgraded to Buy from Neutral at DA Davidson)
- EW +3.2% (upgraded to Overweight from Neutral at Piper Sandler)
- CDNS +1.3% (upgraded to Overweight from Neutral at JPMorgan)
>>> Up
* ACS Raised to Neutral at Alantra Equities; PT 54.80 euros (+)
* Adidas Raised to Buy at BofA
* AF Gruppen Raised to Buy at ABG; PT 160 kroner
* AQ Group Raised to Buy at SEB Equities; PT 160 kronor
* Arendals Fossekompani ASA Raised to Buy at Pareto Securities (+)
* Assa Abloy Raised to Buy at Pareto Securities; PT 340 kronor
* Assa Abloy Raised to Hold at Handelsbanken; PT 300 kronor (+)
* Baloise Raised to Buy at Berenberg; PT 226.40 Swiss francs
* Bankinter Raised to Buy at Bestinver; PT 11.10 euros
* ContextVision AB Raised to Buy at Norne Securities; PT 7 kroner (+)
* Evotec Raised to Hold at Deutsche Bank; PT 7 euros (+)
* GE Aerospace Raised to Buy at President Capital Management
* J. Martins Raised to Buy at Bestinver; PT 24 euros
* OMV Raised to Add at AlphaValue/Baader
* Orion Raised to Buy at SEB Equities; PT 57 euros
* Orion Raised to Buy at SEB Equities; PT 57 euros
* Partners Group Raised to Hold at Kepler Cheuvreux (+)
* Sika Raised to Outperform at BNPP Exane; PT 240 Swiss francs
* Syncona Ltd Raised to Buy at Jefferies
* Var Energi Raised to Buy at Fearnley; PT 39 kroner (+)
>>> Down
>>> Down
* Acciona Energia Cut to Market Perform at Bernstein (++)
* Atea Cut to Neutral at Cantor; PT 137 kroner
* Autostore Cut to Hold at Arctic Securities; PT 6.50 kroner (+)
* Bunzl Cut to Hold at Peel Hunt; PT 2,500 pence (+)
* CaixaBank Cut to Hold at Bestinver; PT 6.70 euros
* CeoTronics Cut to Hold at BankM; PT 13.89 euros (++)
* Ecoener Cut to Market Perform at Bernstein; PT 5 euros (++)
* Equinor Cut to Hold at Norne Securities; PT 260 kroner
* Fuchs Cut to Reduce at Baader Helvea; PT 39 euros
* Fuchs Cut to Reduce at Baader Helvea; PT 39 euros
* Grenergy Renovables Cut to Market Perform at Bernstein (++)
* Inchcape Cut to Hold at Deutsche Bank; PT 800 pence (++)
* KPN Cut to Hold at KBC Securities; PT 4.20 euros (+)
* LVMH Cut to Hold at HSBC; PT 575 euros
* Moncler Cut to Hold at HSBC; PT 60 euros
* Remy Cointreau Cut to Neutral at Oddo BHF; PT 43 euros
* Revenio Cut to Hold at SEB Equities; PT 26 euros
* Sabadell Cut to Hold at Bestinver; PT 2.57 euros
* Sampo Cut to Hold at SEB Equities; PT 9.40 euros
* Sinch Cut to Neutral at Cantor; PT 23 kronor
* Texas Instruments Cut to Hold at Summit Insights
* Valmet Cut to Accumulate at OP Corporate Bank; PT 27 euros (++)
>>> Initiation
* AF Gruppen Rated New Buy at SpareBank; PT 165 kroner
>>> Initiation
* AF Gruppen Rated New Buy at SpareBank; PT 165 kroner
* Arkema Rated New Underperform at Bernstein; PT 53 euros
* Assa Abloy Rated New Equal-Weight at Oxcap; PT 308.60 kronor
* Basler Reinstated Buy at Hauck & Aufhaeuser; PT 12.40 euros (+)
* Cytokinetics Rated New Overweight at Barclays; PT $55 (+)
* Farmacosmo Rated New Buy at Integrae SIM; PT 1.30 euros (++)
* Seabird Exploration Rated New Buy at Arctic Securities
* Singulus Tech Rated New Speculative Buy at mwb research AG (++)
>>> Call
>>> Call
* Arkema in ‘Sticky Situation,’ New Underperform at Bernstein
* Jefferies’ Wood Says Best Over for US Stocks, Sees More Losses
* Jefferies’ Wood Says Best Over for US Stocks, Sees More Losses
* Oddo’s Zlowodzki Says Global Stocks Bottomed Out on April 7 (+)
* Sika Double Upgraded at BNPP Exane as Broker Sees Entry Point (+)
* Verallia Estimates Set to Drop Following Guidance Cut, Citi Says
Research Calls I
-
Upgrades
- Adidas (ADDYY) upgraded to Buy from Neutral at BofA Securities
- Cadence Design (CDNS) upgraded to Overweight from Neutral at JPMorgan, tgt $325
- Edwards Lifesciences (EW) upgraded to Overweight from Neutral at Piper Sandler, tgt $80
- Evotec (EVO) upgraded to Hold from Sell at Deutsche Bank
- GE Aerospace (GE) upgraded to Buy from Neutral at Presidents Capital Management, tgt $220
- Healthcare Services (HCSG) upgraded to Buy from Neutral at UBS, tgt $15
- Huntington Bancshares (HBAN) upgraded to Buy from Hold at Deutsche Bank, tgt $17.50
- Lennox Int'l (LII) upgraded to Outperform from Perform at Oppenheimer; tgt $600
- M&T Bank (MTB) upgraded to Buy from Hold at Deutsche Bank, tgt $210
- Renasant (RNST) upgraded to Strong Buy from Outperform at Raymond James, tgt $40
- ServiceNow (NOW) upgraded to Buy from Neutral at Presidents Capital Management, tgt $1,000
- Stifel Financial (SF) upgraded to Outperform from Peer Perform at Wolfe Research; tgt $108
- TE Connectivity (TEL) upgraded to Buy from Hold at HSBC, tgt $175
- Utz Brands (UTZ) upgraded to Buy from Neutral at DA Davidson; tgt $16
-
Downgrades
- Amerant Bancorp (AMTB) downgraded to Market Perform from Outperform at Raymond James
- Avery Dennison (AVY) downgraded to Neutral from Overweight at JPMorgan, tgt $172
- Mondelez Int'l (MDLZ) downgraded to Neutral from Buy at DA Davidson; tgt $68
- onsemi (ON) downgraded to Neutral from Buy at B. Riley Securities; tgt $41
- Orion S.A. (OEC) downgraded to Neutral from Overweight at JPMorgan, tgt $12
- Texas Instruments (TXN) downgraded to Hold from Buy at Summit Insights
- Weatherford (WFRD) downgraded to Outperform from Strong Buy at Raymond James, tgt $69
-
Others
- A10 Networks (ATEN) initiated with a Market Perform at Raymond James
- LG Display (LPL) resumed with a Neutral at BofA Securities
- Magnolia Oil & Gas (MGY) initiated with a Buy at Clear Street, tgt $31
Lutnick makes Spacs great again
Plus, Jane Street’s $20bn year and pension funds partner with private equity
Cantor goes all in on crypto, Spacs and Trump
Howard Lutnick, the longtime chief of Cantor Fitzgerald, left the brokerage in February to become US commerce secretary, becoming the executor of President Donald Trump’s trade wars.
But though Lutnick stepped down from Cantor and divested his corporate holdings, the New York-based brokerage stands to be a major beneficiary of the president’s policies. Others in the Lutnick clan are getting in on the action.
Brandon Lutnick, the 27-year-old son of Howard, was named chief executive of a special purpose acquisition vehicle Cantor raised last year that has for months been hunting for a deal.
The FT scooped on Tuesday evening that the younger Lutnick finally inked one: a massive crypto deal that the company says will be a beneficiary of Trump’s policies.
The Cantor Spac is partnering with tech conglomerate SoftBank, the controversial stablecoin Tether and crypto exchange Bitfinex to create a $3.6bn “bitcoin acquisition vehicle”.
The three investors will plough billions of bitcoin into the Spac, which will be renamed Twenty One Capital, and plans to go on a crypto buying spree.
It’s trying to recreate MicroStrategy, the one-time software company that became a $90bn giant after pivoting to crypto buying, using financial engineering. (Behold the structure of the Spac deal.)
Spacs — blank cheque companies that raise money then merge with a target business — had their heyday in 2021 before many plunged in value. But Cantor is spearheading a comeback of the chequered financial vehicle.
The MicroStrategy copycat is just the first in a series of Cantor Spacs. It has raised two other Spacs that are currently searching for deals with Brandon Lutnick as its chief executive. Cantor has also underwritten a clutch of Spac deals recently.
But it hasn’t always been smooth sailing for Cantor. In December, it settled charges with the Securities and Exchange Commission, relating to Spacs, without admitting any guilt.
The SEC, then led by Gary Gensler, was brutally tough on the crypto market. But Gensler’s replacement, Paul Atkins, is a crypto advocate who was sworn in on Monday.
And as Twenty One Capital noted in a presentation, “Trump’s new administration is viewed as strongly pro-crypto”.
So it makes sense that Cantor wants in on the action. The elder Lutnick is a longtime crypto cheerleader who has worked with Tether for years.
The brokerage has already benefited from the shift in tone. It advised Tether’s $775mn investment in rightwing video-sharing company Rumble earlier this year after taking the company public in 2022 via another Cantor Spac.
Most of Wall Street feels somewhat shut out from the Trump administration, but Cantor is ascendant and its DNA reaches the top ranks of the White House.