FT : Crusoe raises $1.4bn as investors pile in to AI data centres

Crusoe raises $1.4bn as investors pile in to AI data centres
Infrastructure provider to OpenAI triples its valuation to $10bn in a year

Data centre start-up Crusoe has raised $1.4bn, more than tripling its valuation to over $10bn in one year, as investors pile cash into a booming market for artificial intelligence infrastructure.

The oversubscribed equity fundraising round was led by Mubadala Capital and Valor Equity Partners. Crusoe, which is building OpenAI’s first big data centre in the US, has raised about $3.9bn since it was founded in 2018.

Huge spending on the infrastructure needed to run AI models is leading to record deals and valuations. Investments in data centres, chips and computing power has become a significant driver of US GDP growth this year.

“We are seeing tremendous and accelerating demand for compute infrastructure, unlike anything I’ve ever witnessed in my career,” Crusoe chief executive Chase Lochmiller told the Financial Times.

“OpenAI has been the most public with [its] large announcements, but this is not a trend that’s isolated to them. We are seeing it across the ecosystem,” he added.

Tech companies’ annual spending on AI is forecast to top $500bn by 2026, according to UBS. However, the AI building frenzy is leading to concerns about inflated valuations and speculative investments.

Data centres vast energy consumption is also straining US power resources and has threatened to slow down construction, as well as exacerbate environmental issues.

“Power is very scarce right now,” Lochmiller said. “There have been a lot of commitments made in the space where I can’t vouch for the reality they will happen.”

He added Crusoe’s current development pipeline amounts to 45 gigawatts of capacity. “That’s about eight to 10 New York Cities of power,” Lochmiller said.

OpenAI has signed as much as $1.5tn of deals to buy computing chips and build data centres in recent months. Crusoe is building a sprawling 1.2GW campus for OpenAI in Abilene, Texas, that is due to be completed by mid-2026 and will cost about $12bn.

Crusoe is separately building a 1.8GW campus for an unknown tech company in Wyoming, which it is planning to expand to 10GW in future.

Crusoe is one of a handful of so-called “neocloud” start-ups, fledgling groups that provide cloud computing and data centre hardware for tech companies’ AI models.

These groups have attracted huge investor enthusiasm as a way to access the AI infrastructure boom. Rival CoreWeave carried out an initial public offering this year and has reached a market value of more than $65bn.

Lochmiller started Crusoe, then called Crusoe Energy, to capture energy from natural gas flaring and use it to power data centres for mining bitcoin. The company later pivoted to AI infrastructure.

Crusoe’s other investors include chipmaker Nvidia, Peter Thiel’s Founders Fund, Fidelity and Franklin Templeton.

Some analysts have warned investors’ enthusiasm for AI and data centre deals is reminiscent of the dotcom bubble in the early 2000s.

Large tech companies have traditionally funded spending on infrastructure with their balance sheets. But the elevated levels of spending are attracting huge investments from private capital and increasing levels of debt.

Morgan Stanley estimated $1.5tn of financing from private capital and debt markets will be required to fund commitments made to build AI data centres over the next five years.

Crusoe and Blue Owl Capital, its construction partner on the Abilene site, raised $10bn in debt from JPMorgan to help fund its construction earlier this year. The debt was secured against the data centre and its 15-year lease with Oracle, which will supply the computing power to OpenAI. Crusoe also has smaller loans secured against its stash of Nvidia’s AI chips.

This week, Blue Owl formed a separate joint venture with Meta as part of a $27bn debt deal by the Facebook parent company to fund and develop its massive “Hyperion” data centre in Louisiana.

Last week, an investor consortium including BlackRock, Global Infrastructure Partners and Abu Dhabi fund MGX struck a $40bn deal to buy Aligned Data Centers, one of the world’s largest data centre operators.

Lochmiller said: “The amount of capital that will be required to stand up the infrastructure of intelligence is immense.”

“We feel good about the participants taking on these debts as they range from the best private companies to governments to leading start-ups generating billions of dollars of revenue.”

WWD : Patti Smith for JMM Shades Let You Resemble a Rock Legend

Patti Smith for JMM Shades Let You Resemble a Rock Legend
As she marks the 50th anniversary of the "Horses" album, Smith collaborated with Jacques Marie Mage on a limited-edition collection.


DARK HORSES: The sunglasses Bob Dylan wore for a tour of England in 1965 live on, thanks partly to Patti Smith, who said she wore roughly the same ones when her “Horses” album came out in 1975.

Now Los Angeles-based eyewear brand Jacques Marie Mage is introducting a limited-edition Patti Smith for JMM collection hinged on its popular Delean model, which was loosely inspired by Dylan’s cat-eye model.

“When I look back at photos from around the time that ‘Horses’ came out, when we were on tour, I was almost always in shades,” according to Smith, who was in Paris earlier this week for two concerts at L’Olympia to celebrate the anniversary. “Of course, they were the same as the ones Bob Dylan wore, whom I admired so much.”

In press materials distributed Thursday, Jacques Marie Mage said the collection “pays tribute to her lifelong devotion to art, poetry and music.”

To wit: Each pair of shades comes in a black linen box, the inner case reprising the Robert Mapplethorpe-lensed portrait used for the original album art. Also included is an oversize cleaning cloth, and a book featuring a selection of photos and handwritten lyrics curated by Smith.

Meanwhile, the lenses come in three colors that in name reference the 19th-century French poet Arthur Rimbaud, an enduring inspiration and touchstone for Smith. In addition, the core wire comes engraved with lyrics from “Land” while the inner temples are foil-stamped with Smith’s signature.

In an interview with Smith on JMM’s website, she was asked about the rock-star connotations of wearing sunglasses.

Her reply? “To be honest, I hadn’t thought about it like that. It’s all about the fact I love dark glasses. When I was young, it was so normal — they made you look very European. I remember film stars like Marcello Mastroianni with his dark glasses — he was so cool. But they also allowed you to mix with people and keep a certain amount of anonymity and intimacy. You can be shy, or sad. At a funeral, they hide your tears. For me, all the symbolism of dark glasses is positive.”

Reuters: China state oil majors suspend Russian oil buys due to sanctions, s

China state oil majors suspend Russian oil buys due to sanctions, sources say - Reuters News

Sentiment:
Mostly Negative

  23 Oct 2025 02:59:04 PM

Open in LSEG Workspace

  • US sanctions hit Moscow's two largest oil companies
  • India poised to sharply cut Russian oil imports
    Russia faces demand drop from two biggest customers

SINGAPORE, Oct 23 (Reuters) - Chinese state oil majors have suspended purchases of seaborne Russian oil after the United States imposed sanctions on Rosneft and Lukoil, Moscow's two biggest oil companies, multiple trade sources said on Thursday.

The move comes as refiners in India, the largest buyer of seaborne Russian oil, are set to sharply cut their crude imports from Moscow, to comply with the U.S. sanctions imposed over the Kremlin's invasion of Ukraine.

A sharp drop in oil demand from Russia’s two largest customers will put a strain on Moscow’s oil revenues and force the world’s top importers to seek alternative supplies and push up global prices.

Chinese national oil companies PetroChina 601857.SS, Sinopec, CNOOC and Zhenhua Oil will refrain from dealing in seaborne Russian oil at least in the short-term due to concern over sanctions, the sources said.

The four companies did not immediately respond to requests for comment.

While China imports roughly 1.4 million barrels of Russian oil per day by sea, most of that is bought by independent refiners, including small operators known as teapots, although estimates of purchases by state refiners vary widely.

Vortexa Analytics pegged Russian oil purchases by Chinese state firms at under 250,000 bpd for the first nine months of 2025, while consultancy Energy Aspects put it at 500,000 bpd.

Unipec, the trading arm of Sinopec 600028.SS, stopped Russian oil buying last week after Britain designated Rosneft and Lukoil, as well as shadow fleet ships and Chinese entities including a major Chinese refiner, two trade sources said.

Rosneft and Lukoil sell most of their oil to China through intermediaries instead of directly dealing with buyers, traders said.

Independent refiners, meanwhile, are likely to pause buying to assess the impact of sanctions but would still look to continue Russian oil purchases, several traders said.

Prior to Wednesday's sanctions announcement, offers for November-loading ESPO crude slid to a premium of $1 per barrel to ICE Brent, versus previous trades done in early October at a $1.70 premium.

China also imports approximately 900,000 bpd of Russian oil by pipeline, all of it going to PetroChina, which several traders said was likely to be little affected by sanctions.

India and China are expected to turn to other supplies, pushing up prices for non-sanctioned oil from the Middle East, Africa and Latin America, traders said.

The Information : Could Apple and Musk’s SpaceX Finally Do a Satellite Deal?

Could Apple and Musk’s SpaceX Finally Do a Satellite Deal?
Talk of a Globalstar sale. Starlink satellite changes. These are among the tea leaves that could presage an Apple-SpaceX satellite partnership.

The Takeaway
  • SpaceX has tweaked its new satellite design to support Apple’s iPhone radio spectrum.
  • Globalstar chair discussed selling the company for over $10 billion.
  • Apple plans to add 5G satellite support for iPhones as early as next year.

A few years ago, Elon Musk pitched Apple unsuccessfully on the idea of his company, SpaceX, providing satellite connectivity to iPhones. There are tantalizing hints that such a deal could be back on the table.

In recent months, in anticipation of a possible future arrangement with Apple, SpaceX has added support in its new satellite designs for the same radio spectrum Apple uses for the iPhone’s current satellite features, which Globalstar provides, according to a person with direct knowledge of the matter. That could allow SpaceX’s Starlink unit to deliver satellite communications capabilities to existing Apple devices when Starlink’s next-generation satellite constellation begins operating in the coming years.

At the same time, the chair of Globalstar, James Monroe, has talked to associates about the possibility of selling his satellite company for more than $10 billion, said people who heard him make the remarks (Globalstar’s current market capitalization is $5.3 billion). Such a deal could signal that Globalstar and Apple are seeking more independence from each other.

A deal between Apple and SpaceX would significantly boost Musk’s aspirations for SpaceX to become a significant provider of wireless services directly to phones. Starlink is currently the leading provider of satellite internet service, mostly to customers who use it via antennas atop their homes or vehicles. But connecting ordinary smartphones to satellites—to keep those devices online when they’re out of reach of conventional cellular networks—could greatly expand the reach of Starlink’s services.

SpaceX is investing heavily to realize that goal. Last month, it reached an agreement to acquire EchoStar’s wireless spectrum for $17 billion. That spectrum will help SpaceX deliver faster internet service to phones globally. It already has partnerships with traditional telecom players like T-Mobile to connect its satellites directly to phones. Last month, SpaceX President Gwynne Shotwell said the company is working with chipmakers to get them to integrate Starlink connectivity into phones.

There are potential obstacles to a SpaceX-Apple partnership. The two companies have a tempestuous relationship. Musk has blasted Apple for its App Store fees because of the financial impact they have had on his X social network. And in August, xAI—Musk’s artificial intelligence startup, which he merged with X—sued Apple, accusing it of manipulating its App Store rankings to hurt xAI’s Grok chatbot and favor OpenAI’s ChatGPT.

Past efforts between the companies to partner on satellites have gone nowhere. In 2022, before Apple launched its first satellite features in the iPhone 14, Musk pitched Apple on the idea of SpaceX becoming the exclusive satellite provider for iPhones for 18 months, The Information previously reported. He proposed that Apple pay $5 billion up front and then $1 billion a year after the end of the exclusivity period. Apple rejected his offer.

Still, Apple—which prides itself on partnering with companies that provide the best experiences for users—has incentives to make peace with Musk. For starters, Globalstar’s network is regarded as slower and outdated compared to that of Starlink.

As a result, the first satellite feature Apple launched with Globalstar gave iPhone users the ability to send only text messages to emergency services in areas without cellular reception. Since then, the companies have added location sharing and the ability to send messages to personal contacts and to roadside assistance.

Globalstar has struggled against SpaceX’s growing dominance in satellite communications and remains highly dependent on Apple, which has invested around $2 billion into Globalstar over the past three years. In Globalstar’s most recent quarterly earnings filing, it included a warning for the first time about Apple, its most important customer: “The loss of the Customer would likely have a material adverse impact on our financial condition, results of operations and cash flows.”

SpaceX, in contrast, is an ambitious, well-capitalized juggernaut that recently launched its 10,000th Starlink satellite and accounts for more than 60% of all active satellites orbiting Earth, by some estimates. One of Starlink’s biggest advantages is the fact that SpaceX rockets launch more payloads into space than any other company or government in the world.

Inside Apple, some executives have long been skeptical of the Globalstar partnership, believing Apple should instead partner with SpaceX, The Information previously reported.

‘Almost Unchallengeable’

While Apple has prominently promoted satellite connectivity in iPhones for its potentially life-saving safety benefits, the company has been careful to avoid taking steps that could in effect make it into a telecommunications carrier itself.

For example, Apple still hasn’t started charging consumers for satellite services as it doesn’t want to be regulated as a carrier, according to people who worked on the features. Last month, it announced it was extending free satellite services for iPhone users for another year, after having announced a similar extension last year.

For the same reason, Apple is unlikely to buy Globalstar itself, even though its agreement with the satellite company gives Apple the right to buy Globalstar before it sells itself to another suitor.

If Apple and SpaceX become partners, consumers who buy new iPhones and other Apple devices in the coming years are likely to be the biggest beneficiaries of the faster satellite connections that Starlink’s next generation of satellites will make possible.

Apple plans to add support in upcoming iPhones as early as next year for 5G networks that aren’t tethered to Earth’s surface, which includes satellites, a person with direct knowledge of its plans said. That would give the iPhone full internet access over satellite rather than restricting the device to the small set of messaging features available on Globalstar’s network or the limited number of iPhone apps that work on T-Mobile’s satellite partnership with SpaceX, which operates at slow 4G speeds.

In the near future, it’s unlikely SpaceX will be able to fully replace the traditional cellular carriers who operate on the ground. Satellite connectivity to phones only works well when users are outdoors with uninterrupted views of the sky, ruling out the service for use inside buildings.

Some analysts say it’s becoming increasingly difficult for a company like Apple to maneuver around SpaceX now that Musk’s company has strengthened its position by acquiring EchoStar’s spectrum.

“If Apple gives up on trying to compete with SpaceX, then Starlink becomes almost unchallengeable in this market,” said Tim Farrar, president at satellite consulting firm Telecom, Media and Finance Associates. “It cements their dominance.”

WWD : Nike Answers Lack of Innovation Criticism With Four New Product Reveals

Nike Answers Lack of Innovation Criticism With Four New Product Reveals
The company unveiled a thermal regulation jacket, a soccer jersey with more airflow, neuroscience-based shoes and sneakers with motors.


Nike has been soundly criticized in the past several years for its lack of innovation, a misstep that led to declining sales and profits — and the replacement of its chief executive officer — and allowed other brands such as On and Hoka to scoop up market share.

But the sports giant has spent the past year revamping its business to address — and hopefully rectify — the problems. First up was changing its chief executive officer, bringing retired company veteran Elliott Hill back in the top spot. Since he assumed the position one year ago, Hill has reinvented his executive team, pivoted the corporation to focus on sports and worked to jumpstart the innovation engine using the brainpower of all three of its brands: Nike, Jordan and Converse.

Hill appears to be on the right path with first-quarter results, reported at the end of September, exceeding analyst expectations. Although net income still fell nearly 31 percent, sales were up 1.1 percent, giving Wall Street reason for optimism.


Now the company is addressing the innovation criticism. On Thursday it is unveiling a slate of products created by its internal design team, with input from its sponsored athletes, that are intended to be the building blocks for the next generation of apparel and footwear.

First up is the Therma-FIT Air Milano Jacket, a technically engineered garment that will make its debut on Team USA at the 2026 Winter Olympics in Milan-Cortina next year. The jackets will include a custom-made ACG pump, metallic twill branding and an interior lining graphic that depicts the Garden of the Gods, the team’s home in Colorado Springs, Colo. Additional features include interior bottom hem thumb loops and a magnetic zipper designed to help Paralympic athletes close and zip the jacket. The athletes will wear the jacket as part of their official medal ceremony look.

The “adaptive outerwear” piece uses Nike’s proprietary Air technology to provide warmth and personalized thermal control for athletes. It allows the wearer to regulate their temperature by inflating or deflating the air within its baffles, providing warmth that ranges from a hoodie to a mid-weight puffer. The jacket, which was put through more than 380 hours of wear testing, is made with a two-layer composite laminate material that is soft and durable.

“Air Milano signals a new and exciting era in Nike’s legacy of Air, bringing forward a distinctive innovation that offers responsive and intelligent insulation to all athletes,” said Danielle Kayembe, expert, apparel product innovation management.

“This innovation marks a bold new chapter for Nike, as we have successfully evolved Air technology to create an outerwear solution that serves athletes and pushes the boundaries of what apparel can do,” added Amie Achtymichuk, lead apparel development innovator. “Every detail was engineered to let athletes tune their own comfort and fit, creating a personalized experience that amplifies their performance and redefines adaptive outerwear.”

The jackets will be available commercially beginning sometime in 2026 but the retail price has not yet been set.

In addition to the Air Milano, Nike is debuting Nike Mind, which it describes as the “first neuroscience-based footwear to make athletes feel calm, focused and present.”

What that translates into is two new sneakers, Mind 001 and Mind 002, that tap into the mind-body connection by activating sensory receptors in the feet. The way it works is that each shoe features 22 independent foam nodes that are bonded to a flexible, water-resistant material that allows them to act as pistons and gimbals as athletes move. This is intended to allow the wearer to literally feel the ground beneath them.

The shoes are the first products that were created by Nike’s Mind Science Department, a group of neuroscientists who study the nervous system, brain activity and cognition of athletes in motion to help them better prepare, train, compete and recover.

“For 45 years, Nike has studied the body in motion — how muscles fire, how joints move, how oxygen fuels performance,” said Matthew Nurse, vice president and chief science officer of Nike, chief science officer for Nike Inc. “Now we’re expanding into the mind. By studying perception, attention and sensory feedback, we’re tapping into the brain-body connection in new ways. It’s not just about running faster — it’s about feeling more present, focused and resilient. That’s the next frontier of performance.”

The Mind 001 is a mule that slips on and off easily while the Mind 002 anchors the foot to the footbed for increased sensation and support. Both shoes will be available beginning in January on the Nike website and select stores. The Mind 001 will retail for $90 and the Mind 002 for $140.

Nurse said the initial iteration of the shoes is not intended for running, but rather for “pre-game or recovery” to enhance communication between the brain and the feet. “This is chapter one,” he said, adding that the whole impact of the mind on athletics represents “untapped potential” that Nike is determined to delve into more deeply in the future.

While staying warm may be the goal for the athletes at the Winter Olympics, Nike is also working to enhance its cooling technology with Aero-Fit. The newly developed fabric delivers double the airflow than previous products, allowing athletes to perform for longer in extreme conditions.

Aero-Fit moves more air between the skin and the fabric, which allows for better sweat evaporation. The fabric is made from 100 percent textile waste and the shirts feature elliptical mesh zones that are essentially channels that provide greater airflow in high-heat areas.

The technology will debut in the soccer kits Nike federations will wear during the 2026 season with consumer availability to follow.

The final innovation is not yet ready for commercial production. Called Project Amplify, it is a powered footwear system for running and walking. The shoes are engineered to augment the natural movement of the lower leg and ankle to provide a boost that will allow athletes to go faster and further with less effort. Nike is working with Dephy, a robotics partner, on the project.


The first iteration created by the Nike Sport Research Lab is similar to an electric bike and consists of a lightweight motor, drive belt and rechargeable cuff battery that integrates with a carbon-fiber running shoe, making it easier for athletes who run between a 10- and 12-minute mile pace to train more frequently or for a longer time.

“Project Amplify started with a single question: What if we could find a way to help athletes move faster and farther with less energy and a lot more fun? At its core, Project Amplify is about seamlessly adding a little more power to your stride. The fun comes from realizing you can do more than you thought you could,” said Michael Donaghu, vice president of Nike’s Create the Future, Emerging Sport and Innovation.

FT : TotalEnergies misled consumers over climate action, French court rules

TotalEnergies misled consumers over climate action, French court rules
Key win in Paris civil case over disinformation in marketing campaigns

TotalEnergies lost a landmark greenwashing case on Thursday after a French court found it misled consumers with claims about its contributions to tackling climate change.

The oil and gas group was guilty of “misleading commercial practices” by saying that it planned to reach carbon neutrality by 2050 and be a “major actor in the energy transition”, the civil court found in a case brought by Greenpeace, Notre Affaire à Tous and Friends of the Earth France.

The judgment is the first win for activists against a key player in the oil industry under French law, although advertising regulators including the UK body have previously made findings on corporate green claims.

Shell last year won an appeal against a landmark order for it to cut greenhouse gas emissions in a Dutch court, which nonetheless said the company had an obligation to limit its emissions.

The Paris court ordered Total to stop communicating to consumers that it was “a major actor in the energy transition”, and to pay the non-government organisations €8,000 each. It must also publish the court’s decision on its website for 180 days, or face fines.

Justine Ripoll, a campaign lead at Notre Affaire à Tous, said the decision “sends a clear message — climate disinformation isn’t an acceptable commercial strategy. Citizens have a right to honest information and fossil businesses must give an account of the reality of their businesses.”

Jonathan White, a lawyer at the non-profit group Client Earth, which is supporting the case, said that it set an important precedent as other companies had made similar claims to both consumers and investors.

The court said on Thursday that Total led consumers to believe that its climate goals were aligned with the scientific opinion that fossil fuel production should fall rapidly if the goals outlined in the 2015 Paris agreement to limit global warming are to be reached.

Instead, the company had its own scenarios to reach carbon neutrality and continued to increase production and investments in oil and gas, the court said. By failing to communicate this, the company misled consumers.

However, the court rejected claims relating to TotalEnergies communications about biofuels and gas being cleaner than other fossil fuels, saying these were not linked to promotion, sale or provision of energy to consumers.

The action centred on 44 pieces of communication ranging from advertisements to social media posts and statements on TotalEnergies’ website.

The case is the latest in a string of action taken against oil and gas companies across Europe. In April, the UK’s Advertising Standards Authority banned a TotalEnergies ad that highlighted its investments in renewable energy, for “misleading by omission”. It has previously banned ads by companies including Shell, Repsol and Petronas for promoting their green goals without mentioning their larger polluting operation.

But courts have not so far upheld significant legal rulings against oil majors for greenwashing, nor ordered them to stop emitting or pay for climate-related damages.

Earlier this year, a German court dismissed a climate lawsuit brought by a Peruvian farmer against power company RWE over the threat to his home from global warming. But it upheld its previous position that polluters could be held accountable for damages under German civil law — this was interpreted, like the Shell case, as a marginal win for activists.

This week, Shell was also asked to pay compensation by dozens of Filipino citizens who lost family members or homes in a powerful typhoon that leading scientists found was made twice as likely by man-made climate change.

Shell said it agreed that action was needed on climate change, but that it never had “unique knowledge” about the problem. “As we supply vital energy the world needs today, we are transforming our business to supply lower-carbon fuels for the future.”

TotalEnergies did not immediately reply to a request for comment.

TotalEnergies’ strategy since its name change has involved investing more in renewables than rivals to increase electricity generation, while also increasing oil and gas production.

The company aims to produce 100TWh of electricity by 2030, using a combination of renewables, gas power plants and batteries, while also continuing to grow fossil fuel production by about 3 per cent each year.

>>> US Gapping down

Gapping down
In reaction to earnings/guidance:
  • MOH -19.9%, RBBN -14.5%, STM -8%, AN -7.9%, IBM -7.3%, OII -6.9%, VRE -6.7%, PKG -6%, SMPL -5.4%, ASGN -4.7%, WH -4.3%, ROP -4.2%, URI -3.8%, TSLA -3.5%, KNX -3.5%, ORI -3.4%, IRDM -3.1%, HXL -3% (also $350 mln accelerated share repurchase program), EEFT -3%, WFG -2.9%, HAS -2.7%, TMUS -2.7%, TSCO -2.5%, SAP -2.2%, LNN -2.2%, SIGI -2.1%, ELS -1.7%, TXT -1.4%, AUB -1.4%, TCBI -1.3%, CNP -1.3%, LRCX -1.2%, PLXS -1.1%, SAH -1.1%, IHG -1%, ORLY -0.8%
Other news:
  • TBN -10.3% (prices offering of 2,324,445 shares of common stock at $21.00 per share)
  • MRNA -4.4% (announces phase 3 study of mRNA-1647)
  • HCM -1.5% (highlights HMPL-A251 data presented at the AACR-NCI-EORTC International Conference on Molecular Targets and Cancer Therapeutics)
  • TXT -1.4% (names new CEO and Chair)
  • APPS -1.1% (stock offering by selling shareholders)
  • VOYA -0.7% (reports September AUM)
Analyst comments:
  • SEAT -2.5% (downgraded to Neutral from Buy at Citigroup)
  • ENPH -1.6% (downgraded to Neutral from Outperform at Mizuho)

>>> US Gapping up

Gapping up
In reaction to earnings/guidance:
  • MEDP +18.6%, CLB +16.7%, QS +12.4% (also began shipments of QSE-5 B1 samples), LC +12%, SSL +10.5%, KALU +9.1%, HLX +8.6%, NOK +7.7%, FBP +7.1%, GTX +7%, WST +6.9%, BC +6.8%, TPH +6.5%, GSHD +6.3%, DOW +6.3%, WDFC +6%, CBAN +6%, BFH +5.9%, LVS +5.3% (also increases dividend; also increase stock repurchase authorization to $2 bln), HON +5%, DAR +4.4%, TRU +4.3%, AB +3.6%, XPRO +3.5%, VKTX +3.4%, PTEN +3.1%, LAZ +2.7%, CBRE +2.6%, AAL +2.6%, AMBP +2.4%, DOV +2.1%, FAF +2%, UL +2%, BX +1.9%, AA +1.7%, ALLE +1.6%, FE +1.5%, GTY +1.5%, VLO +1.5%, WSBC +1.4%, CCS +1.4%, QCRH +1.4% (also new share repurchase program up to 1.7 mln shares), CCI +1.3%, MBLY +1.3%, RHI +1.2%, STC +1.1%, CACI +1.1%, LYG +1.1%, PCG +1%, MSM +0.9%
Other news:
  • VTYX +83.4% (results from Phase 2 study of VTX3232)
  • FBP +7.1% (authorizes new $200 mln share repurchase program)
  • HON +4.5% (updated business segment structure)
  • HDSN +4.4% (awarded $210 contract with US DLA)
  • TNGX +3.8% (data from its ongoing Phase 1/2 study of vopimetostat (TNG462))
  • ALM +3.4% (files preliminary base shelf prospectus available for 25-month period)
  • DBRG +3.3% (OpenAI, ORCL and Vantage Data Centers announce data center site in Wisconsin)
  • WDS +3.1% (enters Louisiana LNG partnership with Williams)
  • GLNG +2.4% (secures 20-year FLNG charter in Argentina, locking in $8 billion EBITDA backlog)
  • WTTR +2.2% (breaks ground on water lithium extraction facility)
  • RKLB +2% (clearance of Systems Integration Review)
  • NCMI +1.9% (appoints new Board member)
  • NB +1.7% (successfully casts aluminum-scandium alloy)
  • AWI +1.6% (increases dividend)
  • ALTS +1.1% (CEO removed from duties)
  • FPI +1.1% (People Company to acquire Murray Wise Associates from FPI)
  • TCBX +1% (merger agreement to acquire Keystone)
  • IFF +1% (appoints new Board members)

>>> US Research Calls I

Research Calls I
  • Upgrades
    • AngloGold Ashanti (AU) upgraded to Sector Outperform from Sector Perform at Scotiabank; tgt $90
    • Assa Abloy (ASAZY) upgraded to Buy from Neutral at Citigroup
    • Avery Dennison (AVY) upgraded to Buy from Neutral at UBS, tgt $218
    • Avery Dennison (AVY) upgraded to Overweight from Neutral at JPMorgan, tgt $195
    • Barrick Mining (B) upgraded to Sector Outperform from Sector Perform at Scotiabank; tgt $43
    • Core Scientific (CORZ) upgraded to Buy from Neutral at Roth Capital, tgt $23.50
    • LendingClub (LC) upgraded to Overweight from Neutral at JPMorgan, tgt $22
    • Newmont Corporation (NEM) upgraded to Sector Outperform from Sector Perform at Scotiabank; tgt $114
    • Principal Financial (PFG) upgraded to Equal Weight from Underweight at Morgan Stanley, tgt $81
    • SSR Mining (SSRM) upgraded to Sector Outperform from Sector Perform at Scotiabank
    • TransMedics (TMDX) upgraded to Buy from Hold at Needham, tgt $148
    • U.S. Bancorp (USB) upgraded to Buy from Hold at Deutsche Bank, tgt $52.50
    • Zions Bancorp (ZION) upgraded to Neutral from Underperform at BofA Securities; tgt $62
  • Downgrades
    • Enphase Energy (ENPH) downgraded to Neutral from Outperform at Mizuho, tgt $37
    • Plymouth Industrial REIT (PLYM) downgraded to Neutral from Outperform at Robert W. Baird, tgt $24
    • Take-Two (TTWO) downgraded to Neutral from Buy at Arete, tgt $280
    • Vivid Seats (SEAT) downgraded to Neutral from Buy at Citigroup, tgt $13
    • Winnebago (WGO) downgraded to Sector Weight from Overweight at KeyBanc
  • Others
    • Accenture (ACN) initiated with a Neutral at Citigroup, tgt $266
    • Affirm (AFRM) initiated with a Buy at Citigroup, tgt $100
    • Airbnb (ABNB) assumed at Sector Weight at KeyBanc
    • Allot Comms (ALLT) initiated with a Buy at Needham; tgt $12.50
    • BellRing Brands (BRBR) initiated with an Outperform at Bernstein, tgt $46
    • Bill (BILL) initiated with a Buy at Citigroup, tgt $71
    • Block (XYZ) initiated with a Buy at Citigroup, tgt $105
    • Booking Holdings (BKNG) initiated with an Overweight at KeyBanc, tgt $6,450
    • Cognizant (CTSH) initiated with a Neutral at Citigroup, tgt $75
    • Comstock Resources (CRK) initiated with a Buy at Clear Street, tgt $26
    • Dyadic International (DYAI) resumed with a Buy at H.C. Wainwright; tgt $3
    • EPAM Systems (EPAM) initiated with a Neutral at Citigroup, tgt $170
    • Expedia (EXPE) initiated with a Sector Weight at KeyBanc
    • FIS (FIS) initiated with a Neutral at Citigroup, tgt $73
    • Fiserv (FI) initiated with a Neutral at Citigroup, tgt $128
    • Flywire (FLYW) initiated with a Neutral at Citigroup, tgt $15
    • Genpact (G) initiated with a Neutral at Citigroup, tgt $43
    • Global Payments (GPN) initiated with a Buy at Citigroup, tgt $110
    • Globant (GLOB) initiated with a Neutral at Citigroup, tgt $67
    • Gulfport Energy (GPOR) initiated with a Buy at Jefferies, tgt $250
    • Marqeta (MQ) initiated with a Neutral at Citigroup, tgt $5
    • MasterCard (MA) initiated with a Buy at Citigroup, tgt $735
    • Paychex (PAYX) transferred with a Neutral at Citigroup, tgt $139
    • PayPal (PYPL) initiated with a Neutral at Citigroup, tgt $78
    • Toast (TOST) initiated with a Buy at Citigroup, tgt $51
    • UP Fintech (TIGR) initiated with a Buy at UBS, tgt $13.10
    • Veritone (VERI) initiated with a Buy at Needham, tgt $10
    • Viper Energy (VNOM) initiated with a Hold at Jefferies, tgt $38
    • Visa (V) initiated with a Buy at Citigroup, tgt $450
    • Western Union (WU) initiated with a Neutral at Citigroup, tgt $9

>>> US Early premarket gappers

Early premarket gappers
  • Gapping up:
    • VTYX +66.3%, MEDP +18.5%, QS +16.8%, CLB +15.5%, LC +11.7%, SSL +11.6%, KALU +8.2%, NOK +7.9%, WDFC +7%, GSHD +6.3%, CBAN +6%, LVS +5.7%, HLX +5.6%, TPH +5.1%, CHDN +4.9%, DBRG +4.8%, HDSN +4.4%, ALM +4%, DOV +3.9%, VKTX +3.9%, HON +3.9%, DOW +3.7%, RHI +3.5%, PTEN +3.1%, RKLB +3%, WDS +2.8%, NB +2.6%, WTTR +2.2%, GLNG +2.2%, FAF +2%, TLX +1.9%, NCMI +1.9%, LUV +1.9%, UL +1.7%, ALTS +1.6%, AWI +1.6%, AA +1.5%, FE +1.5%, GTY +1.5%, LYG +1.5%, WSBC +1.4%, CCS +1.4%, ALLE +1.4%, CCI +1.3%, TPC +1.2%, QCRH +1.2%, FPI +1.1%, TCBX +1%, IFF +1%
  • Gapping down:
    • MOH -20.9%, RBBN -12.5%, TBN -10.6%, OII -7.2%, VRE -6.7%, IBM -6.6%, STM -6.5%, PKG -6.2%, ASGN -4.7%, MRNA -4.5%, WH -3.9%, KNX -3.5%, URI -3.4%, TSLA -3.2%, SAP -3%, HXL -3%, EEFT -3%, SIGI -2%, ELS -1.7%, HCM -1.5%, TCBI -1.3%, PLXS -1.1%, LRCX -0.9%