OpenAI Financial Concerns Weigh on Tech Stocks
The major averages closed broadly lower following a report highlighting weakness in OpenAI. Multiple tech stocks were slipping after the OpenAI report, which said CFO Sarah Friar told leadership she was concerned the ChatGPT maker may not be able to pay computing contracts in the future if it doesn't hit expansion goals quickly enough. The news comes amid a big week for corporate earnings, particularly with tech titans Alphabet, Amazon, Meta, Microsoft, and Apple set to report this week.Meanwhile, tensions between Washington and Tehran remain high as President Trump reportedly is unhappy with Iran's proposal to end the war. Such tensions, combined with the UAE announcing it will leave OPEC, impacted oil prices, which are back to hovering around the $100 per barrel mark.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:OpenAI has missed its internal targets for users and revenue,Coca-Colareportedand reiterated its FY26 revenue growth outlookUPSreportedand provided guidance for FY26 adjusted earnings growthGeneral Motorsprovided areport for Q1IACplans to change name toand said it will implement a workforce reduction2. WALL STREET CALLS:TFI Internationalto Buy at BofAOld Dominionto Neutral from Underperform at BairdTronoxto Sell at TruistRambusto Neutral at BairdDA DavidsonMicronat Buy on "longer-than-usual" memory cycle3. AROUND THE WEB:Appleis working on a major overhaul of the built-in photo-editing features for its iPhone, iPad, and Mac products, leaning heavily on AI, Bloomberg reportsAmetekis near a deal for Indicor's testing and measurement businesses, which would value them at around $5B, WSJ reportsMetais preparing to undo its acquisition of AI startup Manus after China banned the transaction, WSJ saysThe Federal Communications Commission is moving toward a review of Disney'sbroadcast licenses amid the Trump administration's fight with Jimmy Kimmel, Semafor reportsParamount Skydancefiled a petition to the Federal Communications Commission seeking permission for significant ownership by Middle East sovereign wealth funds, WSJ says4. MOVERS:Sanminagained afterand announcing the authorization of a $600M share buybackSolaris Energyincreased after, raising its guidance for Q2 and signing a third long-term power contractBridgeBioslipped after Pfizerenteredfor VyndamaxErascawas lower after disclosing aafter withdrawing from its Phase 1 trial for ERAS-0015Celesticafell in New York afterand providing guidance for Q25. EARNINGS/GUIDANCE:Ecolab, with EPS in-line with consensusKiniksareported Q1 results and raised its guidance for FY26S&P Global, with CEO Martina Cheung commenting, "We are pleased with the results we achieved in the first quarter"Operaand provided guidance for Q2 and FY26Asbury Automotive, with EPS and revenue missing consensusINDEXES:The Dow fell 25.86, or 0.053%, to 49,141.93, the Nasdaq lost 223.30, or 0.90%, to 24,663.80, and the S&P 500 declined 35.11, or 0.49%, to 7,138.80.
