ARES News & Events

The major averages were mixed near noon, with the Dow and S&P 500 inching higher following yestereday's gains. The bounce yesterday was driven by headlines suggesting a de-escalation with Iran, but that narrative is already fraying. Oil has turned higher again, climbing back above $90 for the WTI benchmark as optimism fades and the reality of disrupted supply through the Strait of Hormuz reasserts itself.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Estee Lauderconfirmed it iswith Puig BrandsSmithfield Foodsreportedand provided FY26 revenue guidanceNetgearsurged following reports that the FCC hasSumitomo Mitsuiis considering a potential takeover of Jefferies,Ares Managementsaid it isin the Ares Strategic Income fund2. WALL STREET CALLS:UBSJFrogto Buy after 30% AI-driven selloffCoreWeaveat Buy at BofACitiRalph Laurento Buy on post-selloff opportunityJPMorganXencoron a lack of "needle-moving" catalystsUltragenyxto Neutral from Buy at Goldman Sachs3. AROUND THE WEB:Microsoft (MSFT) to rent data center project in Texas dropped by Oracle, Bloomberg saysSouth Korean AI startup Upstage is in talks to acquire 10K AMDMI355 chips, in a bid to "diversify to other chips" as "we have a lot of Nvidiachips," Bloomberg reportsPalantirhas been awarded a three-month contract by the UK's Financial Conduct Authority to analyze sensitive internal data in an effort to combat financial crime, sparking concerns about the U.S. firm's expanding role in the British state, The Guardian saysNintendohas cut back on the production of the Switch 2 after lower-than-expected demand for the $450 gaming console during the year-end holiday season, Bloomberg reportsGooglehas signed agreements with five U.S. electric utilities to curtail its electricity use during peak demand, Reuters says4. MOVERS:Applied Optoelectronicsincreases after receiving afrom a hyperscale customerSM Energygains after Truistof the stock with a Buy ratingHesaislips afterand providing guidance for Q1ImmunityBiolower after the FDA sent arelated to the promotion of AnktivaOcugenfalls after announcingfrom its ArMaDa trial of OCU4105. EARNINGS/GUIDANCE:Core & Mainand provided guidance for Q1 and FY26, with CEO Mark Witkowski commenting, "Fiscal 2025 marked our 16th consecutive year of sales growth"Concentrix, with EPS missing consensusAchieve Life Sciences, with EPS in-line with consensusCore LaboratoriesNeurogene, with EPS higher year-over-yearINDEXES:Near midday, the Dow was up 0.31%, or 142.18, to 46,350.65, the Nasdaq was down 0.27%, or 59.83, to 21,886.93, and the S&P 500 was up 0.13%, or 8.57, to 6,589.57.

Stock futures are slightly lower heading into the open, reflecting a pause rather than a reversal after Monday's relief rally. The bounce yesterday was driven by headlines suggesting a de-escalation with Iran, but that narrative is already fraying. Oil has turned higher again, climbing back above $90 for the WTI benchmark as optimism fades and the reality of disrupted supply through the Strait of Hormuz reasserts itself.Under the surface, volatility remains elevated. The VIX is still sitting well above normal levels, and options markets are pricing in large swings over just a few days. At the same time, global flows are turning risk-off. Foreign investors have pulled tens of billions out of equities this month, particularly in tech-heavy markets, as higher oil and rising yields force a repricing of growth assets.Energy stocks are outperforming the broader market, while rate-sensitive growth and tech remain vulnerable as yields stay elevated. Industrials are quietly gaining favor as a beneficiary of both defense spending and infrastructure demand tied to geopolitical instability.In pre-market trading, S&P 500 futures fell 0.54%, Nasdaq futures fell 0.55% and Dow futures fell 0.58%.Check out this morning's top movers from around Wall Street, compiled by The Fly.HIGHER -Jefferies Financialup 8% after Financial TimesSumitomo Mitsui Financial Groupis exploring contingency plans for a potential takeover of the companyNetgearup 9% after Reutersthat the FCC has announced it was banning the import of all new foreign-made consumer routersApplied Optoelectronicsup 1% after receiving a new volume order from one of its hyperscale customers for 800G single-mode data center transceiversUP AFTER EARNINGS -Smithfield Foodsup 5%DOWN AFTER EARNINGS -Concentrixdown 11%Core & Maindown 3%LOWER -Ares Managementdown 4% after disclosing that it is capping withdrawals from its Ares Strategic Income fundApollo Globaldown 3% after Reutersthat the company's $25B private credit fund, Apollo Debt Solutions, said it was curbing redemptions

Shares of Ares Management are down $5.12, or 5%, to $102.00 in pre-market trading.

In a regulatory filing, the company states: "The Fund estimates that 45,301,737 Shares, or 11.6% of Shares outstanding as of January 31, 2026, were duly tendered to the Fund before the expiration of the Offer at 11:59 p.m., Eastern Time, on March 20, 2026 and not withdrawn. The Fund intends to accept repurchase requests for 5% of Shares outstanding as of January 31, 2026. Therefore the Fund intends to repurchase 43.1% of requested amounts. As described in the Offer to Purchase, the Fund will accept Shares tendered on or before the Expiration Date for payment on a pro rata basis based on the number of tendered Shares, and there is no repurchase priority for repurchase requests in the case of the death or disability of a shareholder."