Gapping down
In reaction to earnings/guidance:
In reaction to earnings/guidance:
- OKTA -10.2%, PLAB -4.8%, API -4.7%, SMTC -2.8%, CPRI -2.1%
Other news:
- IFRX -50.6% (reports IDMC recommends interim analysis for Vilobelimab Phase 3 Trial be stopped due futility)
- CODI -12.9% (takes action to improve its financial position)
- GLXY -8.5% (files for 29 mln share offering, comprised of 24.15 mln shares offered by the company and 4.85 mln shares by selling shareholders, including its founder)
- SOC -7.8% (satisfied final operational condition to restart of the Onshore Pipeline)
- GDS -6.7% (prices offering of ADSs and convertible notes)
- SKIN -4.7% (confirmed it issued $250 mln principal amount of 7.95% Convertible Senior Secured Notes due 2028 on May 27 with restrictions)
- EOLS -4.2% (CFO resigns)
- NFGC -3.8% (announces CAD 49 million bought deal financing and CAD 20 million private placement: continued support with lead orders by strategic investor Eric Sprott) VIK -2.6% (prices secondary offering of 30,531,917 ordinary shares at $44.20 per share)
- CNP -2% (prices offering of 21,621,622 shares of its common stock at $37.00 per share)
- STLA -1% (names Antonio Filosa as new CEO)
Gapping up
In reaction to earnings/guidance:
In reaction to earnings/guidance:
- BOX +10.8%, CMCO +4%, ELV +3.2% (guidance), PFGC +2.1% (guidance), M +1.7%, DKS +1%
Other news:
- BROG +70.8% (announces proposed sale of BPGIC FZE and BPGIC Phase III FZE)
- MTN +11.6% (CEO steps down; Rob Katz returns as CEO, also provides guidance)
- JOBY +9% (Toyota Motor (TM) confirmed the purchase of 49,701,790 shares worth $250 mln pursuant to amended and restated stock purchase agreement)
- GME +4.6% (announced that it has purchased 4,710 Bitcoin)
- REZI +4% (Director bought 50000 shares)
- TS +4% (announces share buyback program of up to $1.2 billion)
- RKLB +2.6% (to acquire Geost for $275 mln)
- GH +2% (introduces smart liquid biopsy applications for Guardant360 Liquid Test)
- HUN +1.5% (completes strategic review of its European Maleic Anhydride business)
- TEVA +1.2% (FDA grants Fast Track designation for investigational TEV-53408)
Research Calls I
-
Upgrades
- Barings BDC (BBDC) upgraded to Overweight from Equal Weight at Wells Fargo, tgt $9.50
- Fair Isaac (FICO) upgraded to Outperform from Neutral at Robert W. Baird, tgt $1,900
- Noble Corporation (NE) upgraded to Overweight from Neutral at JPMorgan, tgt $30
- State Street (STT) upgraded to Buy from Hold at Truist, tgt $112
- Vail Resorts (MTN) upgraded to Neutral from Underweight at JPMorgan, tgt $167
- Barings BDC (BBDC) upgraded to Overweight from Equal Weight at Wells Fargo, tgt $9.50
-
Downgrades
- Bank of New York Mellon (BK) downgraded to Hold from Buy at Truist, tgt $97
- Booz Allen Hamilton (BAH) downgraded to Sell from Neutral at Goldman, tgt $94
- Boundless Bio (BOLD) downgraded to Market Perform from Outperform at Leerink, tgt $3
- Freshpet (FRPT) downgraded to Hold from Buy at TD Cowen, tgt $96
- National Grid (NGG) downgraded to Sector Perform from Outperform at RBC Capital
- Par Pacific Holdings (PARR) downgraded to Neutral from Buy at Goldman, tgt $19
- Pinduoduo Inc. (PDD) downgraded to Hold from Buy at China Renaissance, tgt $107
- Pinduoduo Inc. (PDD) downgraded to Hold from Buy at Deutsche Bank, tgt $112
- Prothena Corp (PRTA) downgraded to Underperform from Neutral at BofA Securities, tgt $4
- Rocket Pharmaceuticals (RCKT) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $7
- Rocket Pharmaceuticals (RCKT) downgraded to Hold from Buy at Jefferies, tgt $2.50
- Rocket Pharmaceuticals (RCKT) downgraded to Market Perform from Outperform at Leerink, tgt $8
- Runway Growth Finance Corp. (RWAY) downgraded to Equal Weight from Overweight at Wells Fargo, tgt $9.50
- Skechers USA (SKX) downgraded to Hold from Buy at TD Cowen, tgt $63
- Vigil Neuroscience Inc (VIGL) downgraded to Hold from Buy at Stifel, tgt $8
- Bank of New York Mellon (BK) downgraded to Hold from Buy at Truist, tgt $97
-
Others
- Aclaris Therapeutics (ACRS) initiated with an Outperform at Wedbush, tgt $8
- Alkermes (ALKS) initiated with a Buy at Needham, tgt $45
- Arcturus Therapeutics (ARCT) initiated with a Sector Outperform at Scotiabank; tgt $32
- Arista Networks (ANET) initiated with a Buy at Redburn Atlantic, tgt $112
- Aura Biosciences (AURA) assumed with a Buy at H.C. Wainwright, tgt $22
- Broadcom Limited (AVGO) initiated with a Buy at Redburn Atlantic, tgt $301
- BWX Technologies (BWXT) initiated with an Outperform at William Blair
- Centessa Pharmaceuticals (CNTA) initiated with a Buy at Needham, tgt $35
- Centrus Energy Corp. (LEU) initiated with an Outperform at William Blair
- Genesco (GCO) initiated with a Hold at Truist, tgt $23
- I-Mab (IMAB) initiated with a Buy at Lucid Capital
- Immatics (IMTX) initiated with a Buy at Deutsche Bank, tgt $10
- Marvell (MRVL) initiated with a Neutral at Redburn Atlantic, tgt $67
- NeuroPace Inc (NPCE) initiated with a Buy at H.C. Wainwright, tgt $18
- Oklo (OKLO) initiated with an Outperform at William Blair
- Oxford Industries (OXM) initiated with a Hold at Truist, tgt $56
- Primo Brands Corp. (PRMB) initiated with a Buy at BofA Securities, tgt $42
- Sonic Automotive (SAH) initiated with a Buy at Benchmark, tgt $76
- Teva Pharma (TEVA) initiated with a Buy at Truist, tgt $25
- Trevi Therapeutics (TRVI) initiated with a Buy at H.C. Wainwright, tgt $21
- Ultragenyx Pharma (RARE) initiated with an Outperform at William Blair
- Washington Trust Bancorp (WASH) initiated with a Neutral at BofA Securities, tgt $28
- Aclaris Therapeutics (ACRS) initiated with an Outperform at Wedbush, tgt $8
OpenAI may soon let you ‘sign in with ChatGPT’ for other apps
OpenAI is exploring ways for users to sign in to third-party apps using their ChatGPT account, the company noted on a web page published Tuesday. OpenAI is currently gauging interest from developers who might want to integrate this service into their apps.
ChatGPT is quickly becoming one of the largest consumer applications in the world, now with roughly 600 million monthly active users. To capitalize on this popularity, OpenAI seems eager to try and expand into other consumer areas, such as online shopping, social media, and personal devices. A potential “Sign in with ChatGPT” feature could help OpenAI compete with other massive consumer technology companies — such as Apple, Google, and Microsoft — that help people with a wide range of online services, including a quick way to sign in to third-party apps.
Earlier this month, OpenAI launched a preview of the “Sign in with ChatGPT” experience for developers in Codex CLI, the company’s open source AI coding tool for terminals. The feature let developers connect their ChatGPT Free, Plus, or Pro accounts to their API accounts. OpenAI offered Plus users $5 in API credits to sign in with ChatGPT, and Pro users $50 in API credits.
OpenAI seems to be interested in integrating the sign-in service with a broad array of companies. The developer interest form asks for companies to specify their app’s user base, ranging from tiny companies with fewer than 1,000 weekly users to massive apps with over 100 million weekly users. The form also asks developers how they charge for AI features today and whether they’re customers of the OpenAI API.
CEO Sam Altman noted in 2023 that the company may look into a “sign in with OpenAI” feature in 2024. However, it now appears OpenAI is more seriously building out the capability today, in 2025. It’s unclear when the sign-in feature would go live for users of ChatGPT or how many companies have signed up to be part of it.
OpenAI did not immediately respond to TechCrunch’s request for comment.
Early premarket gappers
-
Gapping up:
- BROG +47.3%, BOX +12.6%, MTN +10.9%, JOBY +9.7%, TS +4.1%, RKLB +3%, EXOD +2.9%, REZI +2.8%, GH +2%, TEVA +1.6%, HUN +1.5%, EXAS +1.3%, NVAX +0.9%, NAK +0.9%
-
Gapping down:
- IFRX -49.1%, OKTA -13.1%, CODI -11.4%, GLXY -10.5%, NFGC -6.9%, GDS -6.4%, SOC -5.6%, SMTC -3.3%, CNP -2.5%, VIK -1.3%, WULF -1%, HIVE -1%, ATOM -0.7%
Honeywell to Add Elliott Executive to Its Board Ahead of Breakup
The activist investor revealed a more than $5 billion stake in the conglomerate late last year
Key Points
- Honeywell is expected to add Elliott Investment Management’s Marc Steinberg to its board at the end of May.
- Appointment comes with cooperation agreement with Honeywell, which is splitting into three companies.
- Marc Steinberg is already on the boards of Etsy and Pinterest. Elliott last year revealed a more than $5B stake in Honeywell.
Honeywell International HON 2.00%increase; green up pointing triangle is expected to add an executive from activist investor Elliott Investment Management to its board ahead of Honeywell’s split into three companies, according to people familiar with the matter.
The details
Later Wednesday, Honeywell is set to appoint Marc Steinberg, a partner at Elliott, as an independent director and audit committee member, effective at the end of this month, the people said.
The appointment comes with a cooperation agreement between the industrial conglomerate and Elliott, the people said. The agreement will give Honeywell standard protections around confidentiality and other matters for a set period, they added.
Elliott revealed late last year that it had amassed a more than $5 billion stake in Honeywell and called on the company to break itself apart.
In recent months, Steinberg has shared constructive insights and fostered a collaborative relationship with Honeywell Chief Executive Vimal Kapur, the people familiar with the matter added. He has been at Elliott since 2015 and is responsible for public and private-equity investments across a number of industries.
Steinberg previously worked at the boutique investment bank Centerview Partners. He currently sits on the boards of Etsy and Pinterest, as well as two private companies, Syneos Health and Nielsen Holdings.
The context
In a letter sent to Honeywell’s board late last year, Elliott called for many changes centered on simplification that could create greater value for shareholders. It didn’t explicitly ask for board seats.
Honeywell, which has a market value of around $145 billion, is separating its aerospace division from its automation business, and spinning off its advanced-materials arm. The breakup is expected to be wrapped up by the second half of next year.
Kapur has been pursuing a string of smaller acquisitions to bolster certain Honeywell divisions, particularly in aerospace and defense, which has experienced stronger growth lately. (Elliott has said a stand-alone Honeywell aerospace business could be worth well over $100 billion.)
Honeywell in late April raised its full-year guidance for earnings per share, saying it will use pricing and other actions to protect its bottom line in President Trump’s trade war.
Elliott, meanwhile, just wrapped up a heated boardroom battle at the oil refiner Phillips 66, winning two of the four board seats it wanted.
Elliots’s stake in Honeywell is one of the firm’s largest investments ever.
Stock-index futures slid and Treasuries halted a three-day rally amid lingering concern about the fiscal health of the US economy. Weak demand at a Japanese bond auction also hurt sentiment. Asian shares erased their earlier gains to drop 0.1% with stocks in Hong Kong among the region’s biggest decliners. Longer maturities led Treasury losses while a 40-year auction in Japan drew the weakest demand since July. South Korean chip stocks rose before earnings from Nvidia Corp. due later Wednesday. Futures for the S&P 500 were flat while those for European shares retreated 0.2%. Investors have remained wary about the fiscal health of the US economy after President Donald Trump unleashed his tariff war and pushed for tax cuts, which raised concerns about the country’s burgeoning deficit. The Federal Reserve has reiterated it’s waiting to gather more evidence before cutting interest rates, while the “Sell America” trend has hurt the dollar, with a gauge of the currency losing almost 7% this year. The decline in demand at Japan’s 40-year auction risks fueling further volatility in global debt markets. The nation’s 30-year yield jumped 10 basis points following the sale, while the yen trimmed its decline. Japan’s debt sale came at a time when long-term borrowing costs have also surged in other major economies, including the US. Japanese yields, particularly in the super-long part of the curve, have been rising as the Bank of Japan scales back its bond purchases, while life insurers are failing to fill in that gap. Concerns on the ability of governments to cover massive budget deficits have weighed on developed-market debt in recent days, pushing up longer-maturity US yields toward levels last seen in 2007. Meanwhile, the Reserve Bank of New Zealand delivered its sixth interest-rate cut to fan economic recovery. The New Zealand dollar rose while the country’s short-dated bonds extend their decline following the RBNZ’s comment that the policy rate is now in a neutral zone. Federal Reserve Bank of New York President John Williams says pandemic-era price shocks have changed American consumers’ inflation perceptions. He speaks at a Bank of Japan conference in Tokyo. Attention Wednesday will be on the earnings of Nvidia, the maker of chips vital to a build-out of AI infrastructure. The company will give an earnings report late Wednesday that will provide investors with a sense of whether that flood of spending is sustainable. US After Hours BOX +9.5% higher on earnings; OKTA -11.7%, SMTC -2.4% lower on earnings; MTN +10.1% as Rob Katz returns as CEO
Nikkei Hang Seng CSI Shanghai Shenzen
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S&P Nasdaq EuroStoxx FTSE Dax SMI
Macro :
- Trump Says He’s ‘Working’ on Taking Fannie, Freddie Public
- Blackstone Buys $5B in New York Pension PE: Financials Wrap
- Thiel Fund Backs $49 Million Bet on Bulgaria’s EnduroSat
- US Solar Makers See Tariff Loophole for Asian Competitors
- PornHub Among Adult Sites Probed by EU on Child Safety Fears (3)
Keep an eye on :
Keep an eye on :
- AEDAS SM : Neinor in Talks to Buy Stake in Rival Spain Developer Aedas (2)
- AIFORIA FH : Aiforia Technologies Offers EU7 million Shares via Danske Bank, Aiforia Technologies Offering Prices at EU3.20/Share
- AIR FP : Air Niugini Signs Order for Two Airbus A220s Aircraft
- ARCAD NA !: Arcadis Gets Services Contract for Louisiana Bridge Project
- AT1 GY : Aroundtown 1Q Net Income EU318.6M Vs. EU102.3M Y/y
- BATS LN ; BAT Is Said to Upsize ITC Block Sale to About $1.5 Billion
- XYZ US : Block to Begin Offering Bitcoin Payments on Square
- IAG LN : Portugal Says Carrier TAP Is Strategic as It Plans Sale (1)
- CVX US : *US TO GRANT CHEVRON LICENSE TO KEEP VENEZUELA OIL ASSETS: WSJ
- DONE SS : Done.ai Group Offers SEK70 million Shares via Pareto Securities
- DASH US : DoorDash Prices Upsized $2.5b Conv Sr Notes Offering
- EKTAB SS : Elekta 4Q Net Sales Meet Estimates
- ETL FP : Thiel Fund Backs $49 Million Bet on Bulgaria’s EnduroSat (1)
- FER SM : Casa Grande de Cartagena Offers About 6M Ferrovial Shares: Terms
- FFARM NA : ForFarmers Signs New €150 Million Credit Facility
- GLXY US : Galaxy Digital Said to Market 29 Million Share Deal for Two Days
- GALD SW : Galderma Backers Look to Sell 7% Stake in Swiss Skincare Group, Galderma Offering by Holders Prices at CHF97.75/Share: Terms
- GALD SW : Galderma Backers Look to Sell 7% Stake in Swiss Skincare Group, Galderma Offering by Holders Prices at CHF97.75/Share: Terms
- GDS US : GDS Offers Up to 2.5% Coupon on $450 Million Convertible: Terms
- Greenvolt : Greenvolt to Sell Four Wind Farms in Poland to Enea Nowa Energia
- HOLX US : Hologic Rises By Most Since 2000 on Report of $16b P-E Offer ( - 70/72$/share according to FT
- HPQ US : HP’s Outlook Seen at Risk Due to Uncertain Backdrop: Preview (1)
- DEC FP : JCDecaux Says CFO David Bourg Expands Role at Company
- MCG LN : Mobico Group, THG Indicated to be Removed From FTSE 250 Index
- MTN US : *VAIL SHARES RISE 3% POSTMARKET AS EXEC CHAIR KATZ NAMED CEO
- 7201 JP : Nissan Plans $7 Billion Funding With Backing From UK Government
- PKTM AV : Pierer Mobility FY Ebit Loss EU1.18B
- RCO FP : Remy Cointreau Names Franck Marilly as CEO
- SAN SM : Santander Setting Up Miami, Switzerland Offices for Super-Rich
- SESG FP : Thiel Fund Backs $49 Million Bet on Bulgaria’s EnduroSat (1)
- SHEL LN ; Shell to Sell Its Mexico Fuel Import Licenses To Iconn: Linea
- ENR GY : Siemens Energy Rated New Outperform at CICC; PT 94 euros
- SOI FP : Soitec FY Gross Margin Beats Estimates
- STR AV : Strabag Holder Uniqa Offers 1.8m Shares: Terms, Strabag Offering by Holder Prices at €77.67/Share: Terms
- TEN IM : Tenaris Approves Share Buyback Program of Up to $1.2 Billion
- TSLA US : Tesla Investor Baillie Gifford Keeps Stake in Bet on Future Tech
- TEVA IT : Teva Celiac Disease Candidate Gets Fast Track Designation by US
- UCG IM : UAE-Based Suitors May Bid for UniCredit Russia Unit: Messaggero
- X US : US Poised to Get Golden Share in US Steel-Nippon Steel Deal
- WBD IM : Webuild Wins Aud1.8B Contract in Australia
>>> Up
* Chemring Group PT Raised to 530 pence at Jefferies
* Chemring Group PT Raised to 530 pence at Jefferies
* Do & Co Raised to Buy at Erste Group; PT 217.50 euros
* Eurobank Raised to Overweight at Morgan Stanley; PT 3.53 euros
>>> Down
* National Grid Cut to Sector Perform at RBC; PT 1,175 pence
>>> Initiation
* Epiroc Rated New Equal-Weight at Oxcap; PT 200 kronor
>>> Down
* National Grid Cut to Sector Perform at RBC; PT 1,175 pence
>>> Initiation
* Epiroc Rated New Equal-Weight at Oxcap; PT 200 kronor
* Medincell Rated New Buy at Truist Secs; PT 22 euros
* Sandvik Rated New Equal-Weight at Oxcap; PT 206 kronor
* Teva ADRs Rated New Buy at Truist Secs; PT $25
* Weir Group Rated New Overweight at Oxcap; PT 3,300 pence
>>> Call
* Chip Supplier Soitec Pulls Long-Term Guidance Citing Uncertainty
>>> Call
* Chip Supplier Soitec Pulls Long-Term Guidance Citing Uncertainty
* Greek Banks Still Cheap, Eurobank Upgraded at Morgan Stanley
* National Grid Cut at RBC, Upside Limited After Recent Gains