FINWIRES — Financial News

US Equity Futures Decline as Trump Orders US Blockade of Strait of Hormuz After Talks With Iran Fail

US equity futures were lower pre-bell on Monday after President Donald Trump ordered a blockade of the Strait of Hormuz after US-Iran talks in Islamabad failed to reach an agreement.Dow Jones Industrial Average futures were 0.6% lower, S&P 500 futures were down 0.6%, and Nasdaq futures were 0.6% lower."Effective immediately, the United States Navy, the Finest in the World, will begin the process of BLOCKADING any and all Ships trying to enter, or leave, the Strait of Hormuz," Trump said in a post on Truth Social on Sunday. Trump had said that an agreement was not reached due to Iran's unwillingness to give up its nuclear ambitions.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 7.1% at $101.95 per barrel and US West Texas Intermediate crude 7.7% higher at $103.99 per barrel.Existing Home Sales, scheduled for release at 10 am ET, are seen declining 0.8% for March after an increase of 1.7% reading in the prior month, according to estimates compiled by Bloomberg.

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Evercore ISI Upgrades Rexford Industrial Realty to Outperform From In Line, Adjusts Price Target to $40 From $37

Rexford Industrial Realty (REXR) has an average rating of overweight and mean price target of $41.19, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

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International10d ago

US Dollar Rises Early Monday; Focus on Existing Home Sales, Beige Book, IMF Meetings This Week

The US dollar rose against its major trading partners early Monday ahead of the release of existing home sales data for March at 10:00 am ET and an appearance by Federal Reserve Governor Stephen Miran at 6:20 pm ET.Tuesday's highlights include data on small business sentiment and producer prices.Import and export price data, the first look at manufacturing data for April, and the Federal Reserve's Beige Book are the key releases on Wednesday.Weekly jobless claims, the first services data for April, and industrial production data for March are the main points on Thursday.Friday's schedule is light, with only the St. Louis Fed's GDP nowcast estimate for Q1.The International Monetary Fund is holding its annual meetings this week, so comments by Fed officials and representatives of other central banks will be frequent.A quick summary of foreign exchange activity heading into Monday:EUR/USD fell to 1.1700 from 1.1729 at the Friday US close and 1.1713 at the same time Friday morning. There are no Eurozone data on Monday's schedule, but European Central Bank Vice President Luis de Guindos is due to speak at 8:15 am ET. The next European Central Bank meeting is scheduled for April 30.GBP/USD fell to 1.3439 from 1.3469 at the Friday US close and 1.3440 at the same time Friday morning. UK same-store sales data for March are due to be released at 7:01 pm ET on Monday evening. The next Bank of England meeting is scheduled for April 30.USD/JPY rose to 159.6931 from 159.3031 at the Friday US close and 159.2051 at the same time Friday morning. Japanese money stock growth accelerated in March, according to data released overnight. The next Bank of Japan meeting is scheduled for April 27-28.USD/CAD rose to 1.3837 from 1.3835 at the Friday US close and 1.3831 at the same time Friday morning. Canadian building permits data for February are due to be released at 8:30 am ET. The next Bank of Canada meeting is scheduled for April 29.

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Mining & Metals10d ago

Update: GFL Down 2.5% In US Premarket As Moves To Buy SECURE Waste Infrastructure

(Updates share price and adds commentary from Stifel Canada on Bloomberg report flagging GFL buying Secure in paragraphs four and five)GFL Environmental Inc. (NYSE and TSX: GFL) was at last look down 2.5% in US premarket trade after saying Monday it has agreed to acquire all of the issued and outstanding common shares of SECURE Waste Infrastructure Corp. (SES.TO) for $24.75 per SECURE common share, representing an enterprise value of approximately $6.4 billion.In a statement GFL said consideration for the transaction will be satisfied through a combination of 80% in GFL subordinate voting shares and 20% in cash. It added the transaction will be implemented through a plan of arrangement under the Business Corporations Act (Alberta).Among highlights, GFL said the deal will be immediately accretive, increasing Adjusted Free Cash Flow per share by 12% to 15% and will give it a "highly attractive financial profile", increasing Adjusted EBITDA margin to 31.6% and Adjusted Free Cash Flow conversion to between 40.5% and 42.5% on a pro forma basis.Stifel Canada noted Bloomberg had reported that GFL may offer to acquire SECURE for $24.50 per share, which would have been a 15% premium to Friday's close, but slightly below its target price of $26.00 per share. It noted the implied 2026 estimated valuation was 12 times the enterprise multiple (EV/EBITDA) and 25.5 times price earnings P/E.Stifel Canada said, "If this offer from GFL comes to fruition it would be solid, but we do believe that SES could potentially fetch a slightly higher price given the growth outlook. There is no certainty a deal will be completed, but the stock should trade up sharply today, and this potential interest in SES from GFL does help bolster our investment thesis. Our view has been that SECURE's business has become significantly more resilient over the last five-years and is more akin to its residential and industrial waste peers."Shares in SES closed Friday up $0.07 or 0.33% at $21.36. GFL was down by more than 3% in both Canada and the U.S. last Friday.

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Financial News · Live Terminal

US Equity Futures Decline as Trump Orders US Blockade of Strait of Hormuz After Talks With Iran Fail

Evercore ISI Upgrades Rexford Industrial Realty to Outperform From In Line, Adjusts Price Target to $40 From $37

Cantor Fitzgerald Initiates Coverage on Janus Living With Overweight Rating, $27 Price Target

US Equity Futures Decline as Trump Orders US Blockade of Strait of Hormuz After Talks With Iran Fail

Evercore ISI Upgrades Rexford Industrial Realty to Outperform From In Line, Adjusts Price Target to $40 From $37

Cantor Fitzgerald Initiates Coverage on Janus Living With Overweight Rating, $27 Price Target

Cantor Fitzgerald Initiates Coverage on Sonida Senior Living With Overweight Rating, $36 Price Target

Wells Fargo Initiates Coverage on Chime Financial With Overweight Rating, $25 Price Target

Macquarie Upgrades CoreWeave to Outperform From Neutral, Adjusts Price Target to $125 From $90

US Dollar Rises Early Monday; Focus on Existing Home Sales, Beige Book, IMF Meetings This Week

BofA Securities Downgrades NXP Semiconductors to Neutral From Buy, Price Target is $230

Citigroup Downgrades Oshkosh Corp to Neutral From Buy, Adjusts Price Target to $170 From $180

Cantor Fitzgerald Downgrades Whitestone REIT to Neutral From Overweight, Adjusts Price Target to $19 From $17

Bernstein Upgrades Ryanair Holdings to Outperform From Market Perform, Adjusts Price Target to $77 From $67

MTY Food Group Price Target Lowered To $46 At RBC

Persian Gulf Turmoil Blunts European Bourses Midday

Top Premarket Gainers

BMO Awaiting Manufacturing and Housing Data Later This Week

Aeluma Wins $4 Million in Contracts for US Government Semiconductor Program; Shares Rise Pre-Bell

Update: GFL Down 2.5% In US Premarket As Moves To Buy SECURE Waste Infrastructure

Piper Sandler Downgrades Replimune to Neutral From Overweight, Adjusts Price Target to $4 From $14

JPMorgan Downgrades Replimune Group to Underweight From Neutral, $10 Price Target

BMO Capital Downgrades Replimune to Underperform From Market Perform, Adjusts PT to $1 From $11