Midday Fly By: Amazon said to eye Globalstar, Tesla deliveries miss consensus

The major averages were lower near noon as traders continue to monitor the war in Iran and increasing oil prices. The top indices came off earlier lows after the Islamic Republic News Agency said that Iran and Oman are drafting a protocol to “monitor” traffic through the Strait of Hormuz. The news comes after President Donald Trump delivered an address on Wednesday night, during which he said that the U.S. is “getting very close” to ending the war, though Trump added that the U.S. would “hit” Tehran “extremely hard.” Following the comments, WTI and Brent crude futures both jumped as the U.S. and European benchmarks hold well above $100 per barrel.

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Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.

1. STOCK NEWS:

• Amazon (AMZN) is in talks to acquire Globalstar (GSAT), FT reports
• Tesla (TSLA) reported 358,023 vehicle deliveries in Q1, which William Blair said was slightly below consensus expectations
• Ford (F) reported an 8.8% year-over-year decline in Q1 U.S. vehicle sales
• Immunovant (IMVT) said its two Phase 3 studies of batoclimab failed to meet their primary endpoint
• Following President Trump’s address last night, shares of energy companies like BP (BP) and Chevron (CVX) were rising while travel stocks, including Carnival (CCL) and JetBlue (JBLU), were slipping

2. WALL STREET CALLS:

• Wingstop (WING) upgraded to Overweight at Piper Sandler and to Strong Buy at Raymond James
• RTX (RTX) upgraded to Buy at Melius Research
• Ollie’s Bargain Outlet (OLLI) upgraded to Buy at Jefferies
• Wix.com (WIX) downgraded to Neutral at UBS
• Akamai (AKAM) downgraded to Neutral at Baird

3. AROUND THE WEB:

• Hershey (HSY) will change the chocolate in a small portion of its Reese’s and Hershey’s products to use “classic milk and dark chocolate recipes,” with the shift to pure chocolate ingredients affecting less than 3% of Reese’s products and a sliver of Hershey’s products, Bloomberg says
• Google (GOOGL) is developing a fitness band meant to compete with wearable devices from upstarts such as Whoop and Oura Health Oy, Bloomberg reports
• Intel (INTC) is planning to invest another $15M in SambaNova, a chip startup chaired by Intel CEO Lip-Bu Tan, Reuters says
• Publicis Groupe (PUBGY) is acquiring sports-marketing agency 160over90 from WME Group for more than $500M, WSJ reports
• Sam’s Club, which is owned by Walmart (WMT), said it plans to increase its annual membership fee by $10, offering its one-year basic membership option for $60 and its higher-tier option for $120, CNBC says

4. MOVERS:

• Transocean (RIG) increases after being awarded $1B in contracts
• Penguin Solutions (PENG) gains after reporting Q2 results and providing guidance for FY26
• Intuitive Machines (LUNR) higher after filing to sell 34.57M shares of stock
• Telus (TU) lower in New York after TD Securities downgraded the stock to Hold
• BCE (BCE) lower in New York after TD Securities downgraded the stock to Hold

5. EARNINGS/GUIDANCE:

• Acuity Brands (AYI) reported Q2 results, with EPS and revenue beating consensus
• AngioDynamics (ANGO) reported Q3 results and narrowed its guidance for FY26
• Scotts Miracle-Gro (SMG) backed its guidance for FY26
• AirSculpt (AIRS) reported Q4 results, with EPS higher year-over-year
• Bassett Furniture (BSET) reported Q1 results, with EPS and revenue lower year-over-year

INDEXES:

Near midday, the Dow was down 0.43%, or 199.23, to 46,366.51, the Nasdaq was down 0.33%, or 71.90, to 21,769.05, and the S&P 500 was down 0.26%, or 17.14, to 6,558.18.