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FINWIRES

S&P 500, Nasdaq Rise to Records as Intel Surges, US Steps Up Iran Talks

-- The S&P 500 and Nasdaq rose to records on Friday after Intel (INTC) reported strong Q1 results and the US sent envoys to Pakistan for Iran peace talks.

* US envoys Steve Witkoff and Jared Kushner will travel to Pakistan on Saturday to participate in talks involving Iran, CNN reported, citing the White House.

* The University of Michigan consumer sentiment index was revised upward to 49.8 for April from the preliminary estimate of 47.6, compared with expectations for 48.5 in a Bloomberg survey.

* May West Texas Intermediate crude oil fell $0.81 to settle at $95.04 per barrel, while June Brent crude, the global benchmark, was last seen up $0.86 at $105.93.

* Intel shares jumped 24%, the top gainer on the S&P and Nasdaq, after the company reported higher Q1 adjusted earnings and revenue while issuing a Q2 outlook above market expectations.

* Charter Communications (CHTR) shares fell 26%, the biggest decline on the S&P and Nasdaq, after the company reported Q1 earnings below market estimates as revenue declined.

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Research Alert: CFRA Keeps Sell Rating On Shares Of Dow Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We raise our 12-month target price by $7 to $25 using an average of a forward P/E of 13.2x our 2027 EPS view of $1.67 ($22) and our DCF model ($28). Our forward P/E is below the historic average of approximately 16x on lower expected margins and demand in 2027 compared to historical levels. We raise our 2026 EPS estimate to $2.72 from -$0.28 and 2027's to $1.67 from $0.53. Our sales projections are $44.6 billion for 2026 and $45.3 billion for 2027. We believe Dow's stock presents unfavorable risk-reward after rising 59% thus far in 2026. While the Middle East conflict has temporarily boosted Dow's performance through supply shortages and logistics disruptions enabling higher prices, better margins, and stronger competitive positioning in North America, we expect these tailwinds to fade. More importantly, sustained energy price volatility would likely hurt margins in two ways: (1) rising feedstock costs would squeeze profitability and (2) weakened industrial and consumer demand would pressure volumes.

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Research Alert: CFRA Retains Buy Rating On Shares Of Eli Lilly And Company

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Shares of LLY are down 3.60% today after reports of weaker-than-expected sales of the GLP-1 oral pill Foundayo in its first two weeks of launch in April. We think the news does not change our thesis, as we expected Foundayo to make a meaningful contribution to LLY's results starting in 2027. While we acknowledge that this initial data fell short of expectations, we think it is too early to draw a conclusion and Foundayo sales may catch up in the coming months. On Tuesday, Amazon launched a comprehensive weight management program that integrates primary care, pharmacy services, and virtual care for GLP-1 treatment, which should increase Foundayo's accessibility, in our view. This allows oral GLP-1s (Foundayo and Wegovy pill) at $25/month with insurance and $149/month cash-pay. Based on CDC data, around 40% of the U.S. adult population is obese. Thus, there is still a vast addressable market and Foundayo, with its ease to use (once-daily) and tolerability, is a strong product, in our view.

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US Oil Update: Crude Mixed on Renewed Optimism for US-Iran Peace Talks

Crude futures diverged in after-hours trading on Friday as the US and Iran are expected to hold indirect talks in Pakistan, paving the way for the resumption of energy flows via the Strait of Hormuz.Front-month West Texas Intermediate crude futures fell 1.01% to $94.88 per barrel, while Brent futures were up 0.81% to $105.92/bbl."Spot crude and product prices eased off the early-April highs on a combination of system rerouting and deal optimism," Ole R. Hvalbye, commodities analyst, said, adding that April Gulf output is reduced by 14.5 million b/d of pre-war supply.US special envoy Steve Witkoff and Jared Kushner will reportedly travel to Pakistan on Saturday morning for direct talks with the Iranian delegation, as Tehran sounded a pessimistic tone on the prospects for talks to end the Middle East conflict.Iran's Foreign Minister Abbas Araghchi arrived in Pakistan on Friday, but Tehran has not publicly agreed to meet with Trump's representatives. Araghchi plans to present a new written response to a US proposal for a peace deal while in Pakistan, according to media reports."Embarking on timely tour of Islamabad, Muscat, and Moscow. Purpose of my visits is to closely coordinate with our partners on bilateral matters and consult on regional developments," Araghchi said in a social media post on X.Meanwhile, the US sanctioned a Chinese oil refinery as well as dozens of shipping firms and vessels that transport Iranian oil on Friday, as the Trump administration ramps up economic pressure on Tehran amid the blockade of the Hormuz.The US Treasury Department's Office of Foreign Assets Control said it imposed penalties on Hengli Petrochemical Refinery, one of China's smaller so-called teapot oil refineries that the department called "one of Tehran's most valued customers."OFAC also announced sanctions against about 40 shipping companies and tankers involved in the shadow-fleet transport of Iran's oil.The latest diplomatic developments and sanctions came as the US increased pressure on Iran with its naval blockade to choke off Iranian oil revenues as Washington seeks to get Tehran to agree to talks to end the conflict.Saxo Bank strategists said the disruption in the Hormuz threatens to further delay crude and fuel flows from the Arabian Gulf.MarineTraffic said Hormuz traffic remains constrained, with eight crossings recorded on Apr.23, flat day-over-day and far below typical volumes.While no new attacks have occurred since April 22, risks remain elevated for the 702 vessels still in the Persian Gulf, amid threats of Iranian action, US interdiction and persistent mine hazards, the ship-tracking data firm said.