GFS News & Events

Markets reopened following the holiday weekend with renewed optimism that negotiators in the U.S.-Iran war are making progress, sending Crude Oil prices and Treasury yields lower and broader indices higher.  Basic Materials and Industrials were the best performing sectors in the S&P 500, while Energy was the worst as WTI Crude Oil fell over 3% below $94 per barrel.  Demand for AI-capex-linked Tech names also remained strong as the bid in memory stocks remained unrelenting - Micronjoined the trillion-dollar-market-cap club with a 20% jump, followed by On Semi, Teradyne, and Western Digital, whose shares were up 8%-9%.In the opening hour of the evening session, index futures are little changed.  S&P 500 is just shy of 7,540, Nasaq 100 is above 30,000 and Dow Industrials - the lone index to finish Tuesday in the red due to declines in all of its Healthcare components - is just above 50,550.Check out this evening's top movers from around Wall Street, compiled by The Fly.HIGHER AFTER EARNINGS -Semtechup 7.0%Oomaup 2.4%Modine Manufacturingup 1.7%DOWN AFTER EARNINGS -Zscalerdown 19.4%Transcatdown 3.0%Box, Inc.down 1.7%ALSO LOWER -Verra Mobilitydown 42.7% after termination of agreement notice from Avis BudgetSOLV Energydown 7.8% after equity offeringGlobalFoundriesdown 6.6% after block saleInsuletdown 6.2% after initiating voluntary medical device correction for certain Omnipod lotsFirefly Aerospacedown 5.3% after equity offeringForgent Power Solutionsdown 4.7% after equity offering

TD Cowen views the Department of Commerce's letters of intent with nine quantum ecosystem companies for $2B of funding and in exchange for equity stakes as a positive for GlobalFoundries (GFS), D-Wave Quantum (QBTS), and Rigetti Computing (RGTI). The awards along with the structuring of the investments "underscore the strategic value" that quantum computing holds for the national defense strategy and long-term value creation that the Department of Commerce believes it can realize as these companies grow, the analyst tells investors in a research note. TD believes the news can "further shift the industry narrative away from experimental lab projects and towards disruptive growth companies aiming for time-to-market leadership."

Quantinuum announced a letter of intent with the U.S. Department of Commerce's CHIPS Research and Development Office. The letter of intent proposes that Quantinuum would receive federal funding to enable the development of large-scale, fault-tolerant trapped-ion quantum computers that are of national strategic importance. "Quantum computing has the potential to unlock new possibilities across science, industry, and national priorities for decades to come. This collaboration with the Department of Commerce is designed to help Quantinuum's path to large-scale, fault-tolerant trapped-ion systems while strengthening the U.S. innovation and manufacturing ecosystem," said Dr. Rajeeb Hazra, President and CEO of Quantinuum. "The letter of intent supports Quantinuum's plan to partner with the CHIPS R&D Office and onshore suppliers GlobalFoundries, for critical semiconductor components, and Monarch Quantum, for integrated photonics, to further optimize key engineering pathways for components within Quantinuum's future commercial roadmap," the company stated.