Crude oil prices surged 35% in a week, surpassing $90 a barrel, due to supply disruptions caused by drone strikes on Saudi oilfields and the closure of the Strait of Hormuz, which carries 20% of the world's oil supply. Saudi Aramco's Berri oilfield and Shaybah Oilfield were targeted, while Kuwait and Iraq have begun cutting production as storage approaches capacity. The United States Oil Fund LP saw a 12.94% increase, reflecting heightened market volatility amid these geopolitical tensions.
Bullish sentiment surrounds the anticipated partnership announcement between Novo and Hims, which will see Novo's weight-loss drugs sold on Hims' platform. Investors are reacting positively, with stock prices expected to rise after hours.
Sentiment: Bearish
Key Theme/Event: The Iran conflict may disrupt the trend of investing in Asia over America, while concerns grow about a potential multi-week oil shock affecting markets.
Bristol Myers Squibb (NYSE: BMY) received FDA approval for its oral drug Sotyktu to treat adults with active psoriatic arthritis, expanding its use beyond the previously approved indication for moderate-to-severe plaque psoriasis. The approval was based on Phase 3 trial results showing that 54% of patients on Sotyktu achieved an ACR20 response by Week 16, compared to 34% and 39% in placebo groups. Following the announcement, Bristol Myers shares fell 0.28% to $60.12 in after-hours trading.
Salesforce CEO Marc Benioff recently stated that fears of mass AI-driven layoffs were exaggerated, a claim that coincided with significant job losses in the U.S. economy, including 92,000 nonfarm payroll reductions in February. Major companies like Morgan Stanley, Oracle, and Capital One announced substantial layoffs, with Morgan Stanley cutting about 2,500 jobs, Oracle planning thousands more, and Capital One laying off over 1,100 employees. Salesforce's stock has declined approximately 20% this year amid concerns over AI's impact on its business model, following its own layoffs of 4,000 customer support roles last year.
Bullish sentiment surrounds the anticipated partnership announcement between NOVO and HIMS, with NOVO set to sell its weight-loss drugs on HIMS' platform. Traders are reacting positively, as indicated by increased stock activity after hours.
Bearish sentiment as BlackRock limits withdrawals from its $26 billion private credit fund amid high redemption requests, raising concerns about liquidity.
Lockheed Martin Corporation (NYSE: LMT) has announced a commitment to quadruple its munitions production following a meeting with former President Donald Trump and defense industry leaders. The expansion, which began three months prior to the meeting, aims to enhance the capabilities of the U.S. military amidst ongoing conflicts, particularly with Iran. As of the latest trading session, LMT shares closed at $671.77, up 2.56%, and have risen 35.15% year-to-date, with a market capitalization of $154.56 billion.
Samsara Inc (NYSE: IOT) reported fourth-quarter revenue of $444.30 million, exceeding estimates of $422.26 million, and adjusted earnings per share of 18 cents, surpassing expectations of 13 cents. The company anticipates first-quarter revenue between $454 million and $456 million, above the estimated $443.99 million, and has provided fiscal 2027 revenue guidance of approximately $1.97 billion to $1.98 billion. Following the earnings announcement, Samsara's shares rose 19.5% to close at $35.36, prompting several analysts to revise their price targets, with BTIG lowering theirs from $55 to $45 and Wells Fargo raising theirs from $43 to $46.
