Major Averages Close Lower as Oil Surges Above $90
The major averages closed lower following yesterday'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.Meanwhile, The Wall Street Journal reported that the Pentagon intends to deploy 3,000 Airborne U.S. soldiers to the Middle East. A written order to deploy the unit is expected later Wednesday, officials told The Journal.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Estee Lauderconfirmed it is inwith 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:OpenAI is set to raise about $10B from venture investors, Bloomberg reportsCulper Research is short Adma Biologics, saying the company's reported growth is "a fiction"Microsoftto 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 says4. MOVERS:Applied Optoelectronicsincreased after receiving afrom a hyperscale customerSM Energygained after Truistcoverage of the stock with a Buy ratingHesaislipped afterand providing guidance for Q1Ocugenfell afterfrom its ArMaDa trial of OCU410Trade Deskwas lower afterthat Omnicomis auditing Trade Desk's fees5. 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 LaboratoriesprovidedNeurogene, with EPS higher year-over-yearINDEXES:The Dow fell 84.41, or 0.18%, to 46,124.06, the Nasdaq lost 184.86, or 0.84%, to 21,761.90, and the S&P 500 declined 24.63, or 0.37%, to 6,556.37.
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OPENAI CFO FRIAR: WE MUST PREPARE FOR PUBLIC COMPANY STATUS - THIS FUNDING ROUND MITIGATES RISKS
OpenAI's Future Plans: OpenAI aims to build a company that is prepared to go public, indicating a significant shift in its operational strategy.
Focus on Readiness: The emphasis is on ensuring that the company is fully ready for the public market, which involves addressing various risks associated with this transition.
OPENAI CFO SARAH FRIAR: WE PLAN TO SECURE OVER $120 BILLION - CNBC INTERVIEW
Funding Announcement: OpenAI plans to raise over $120 billion, indicating significant growth and investment in its future projects.
Interview Insight: The announcement was made during an interview with CNBC, highlighting the company's strategic direction and financial ambitions.
MGX, COATUE MANAGEMENT, AND THRIVE CAPITAL TO JOIN OPENAI'S FUNDING ROUND VALUED AT $730 BILLION, EXCLUDING RAISED CAPITAL - BLOOMBERG NEWS
Investment Participation: MGX and Thrive Capital are participating in OpenAI's funding round, which values the company at $730 billion.
Exclusion of Funds: The reported valuation does not include the money raised during this funding round.
OPENAI PLANS TO SECURE APPROXIMATELY $10 BILLION FROM MGX, COATUE, AND THRIVE - BLOOMBERG NEWS
OpenAI's Financial Outlook: OpenAI is set to raise approximately $10 billion from investors, indicating strong financial backing and growth potential.
Investor Interest: The investment is part of a broader trend where major tech companies are increasingly interested in AI technologies and startups.
Market Impact: This funding round could significantly influence the AI market landscape, positioning OpenAI as a key player in the industry.
Future Developments: The influx of capital may lead to accelerated development of AI products and services, enhancing OpenAI's competitive edge.
OPENAI: FOUNDATION PLANS TO INVEST A MINIMUM OF $1 BILLION IN LIFE SCIENCES, DISEASE CURE INITIATIVES, JOB CREATION, ECONOMIC GROWTH, AND AI RESILIENCE
Investment Plans: OpenAI Foundation plans to invest at least $1 billion in various sectors, including life sciences and curing diseases.
Focus Areas: The investment will also target job creation and economic impact, emphasizing the importance of AI resilience.
SOFTBANK CFO GOTO: "THEY NEED TO SECURE $50BN IN FUNDING THROUGH OPENAI, INVESTMENTS, AND REFINANCING BY 2026" - FT
Funding Overview: SoftBank's CFO highlighted that there is $50 billion in funding available, which includes investments and refinancing.
Strategic Planning: The CFO emphasized the need to implement this funding strategy by the year 2026.
OPENAI CFO FRIAR: WE MUST PREPARE FOR PUBLIC COMPANY STATUS - THIS FUNDING ROUND MITIGATES RISKS
OpenAI's Future Plans: OpenAI aims to build a company that is prepared to go public, indicating a significant shift in its operational strategy.
Focus on Readiness: The emphasis is on ensuring that the company is fully ready for the public market, which involves addressing various risks associated with this transition.
OPENAI CFO SARAH FRIAR: WE PLAN TO SECURE OVER $120 BILLION - CNBC INTERVIEW
Funding Announcement: OpenAI plans to raise over $120 billion, indicating significant growth and investment in its future projects.
Interview Insight: The announcement was made during an interview with CNBC, highlighting the company's strategic direction and financial ambitions.
MGX, COATUE MANAGEMENT, AND THRIVE CAPITAL TO JOIN OPENAI'S FUNDING ROUND VALUED AT $730 BILLION, EXCLUDING RAISED CAPITAL - BLOOMBERG NEWS
Investment Participation: MGX and Thrive Capital are participating in OpenAI's funding round, which values the company at $730 billion.
Exclusion of Funds: The reported valuation does not include the money raised during this funding round.
OPENAI PLANS TO SECURE APPROXIMATELY $10 BILLION FROM MGX, COATUE, AND THRIVE - BLOOMBERG NEWS
OpenAI's Financial Outlook: OpenAI is set to raise approximately $10 billion from investors, indicating strong financial backing and growth potential.
Investor Interest: The investment is part of a broader trend where major tech companies are increasingly interested in AI technologies and startups.
Market Impact: This funding round could significantly influence the AI market landscape, positioning OpenAI as a key player in the industry.
Future Developments: The influx of capital may lead to accelerated development of AI products and services, enhancing OpenAI's competitive edge.
OPENAI: FOUNDATION PLANS TO INVEST A MINIMUM OF $1 BILLION IN LIFE SCIENCES, DISEASE CURE INITIATIVES, JOB CREATION, ECONOMIC GROWTH, AND AI RESILIENCE
Investment Plans: OpenAI Foundation plans to invest at least $1 billion in various sectors, including life sciences and curing diseases.
Focus Areas: The investment will also target job creation and economic impact, emphasizing the importance of AI resilience.
SOFTBANK CFO GOTO: "THEY NEED TO SECURE $50BN IN FUNDING THROUGH OPENAI, INVESTMENTS, AND REFINANCING BY 2026" - FT
Funding Overview: SoftBank's CFO highlighted that there is $50 billion in funding available, which includes investments and refinancing.
Strategic Planning: The CFO emphasized the need to implement this funding strategy by the year 2026.
