Midday Fly By: Goldman reports Q1 beat, Baker Hughes to sell Waygate

The major averages were mixed near noon – with the Nasdaq trading slightly higher, the Dow lower, and the S&P 500 little changed – as investors adjust to a renewed U.S.-Iran escalation scenario and weigh an early slate of corporate earnings, including from Goldman Sachs. Markets are starting the week on the back foot after the weekend collapse in peace negotiations.

Crude oil has surged past $100 per barrel once again as President Trump announced a blockade of the Strait of Hormuz after peace talks between the U.S. and Iran ended without an agreement in place. The breakdown of talks has reignited concerns that the war in Iran will last longer than feared.

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

1. STOCK NEWS:

• Goldman Sachs (GS) reported better-than-expected Q1 results, though the company noted that the macro environment started to weigh on sentiment as Q1 progressed
• Fastenal (FAST) reported in-line Q1 earnings and revenue and provided its outlook for 2026
• Baker Hughes (BKR) agreed to sell its Waygate Technologies business to Hexagon (HXGBY) for $1.45B
• Somnigroup (SGI) agreed to acquire Leggett & Platt (LEG) in a $2.5B all-stock transaction
• Over 1,000 writers, actors, and directors have (PSKY) proposed takeover of Warner Bros. Discovery (WBD)

2. WALL STREET CALLS:

• Best Buy (BBY) downgraded to Sell from Buy at Goldman Sachs
• KeyBanc (TMUS) on valuation, Q1 results catalyst
• Starbucks (SBUX) upgraded to Hold at Jefferies
• Constellation Brands (STZ) upgraded to Buy at TD Cowen
• Nike (NKE) downgraded to Hold from Buy at HSBC

3. AROUND THE WEB:

• Booking.com (BKNG) experienced a data breach with “unauthorized parties” gaining access to customer data, The Guardian says
• PolyPeptide (PLYGF) is attracting private equity takeover interest, with EQT (EQBBF), KKR (KKR), and Advent among suitors looking into a potential acquisition of the company, Bloomberg reports
• Meta (META) is developing an AI version of Mark Zuckerberg that can interact with employees in his stead as part of a bigger effort to remake the company around AI, FT says
• Softbank (SFTBY) has formed a company to build a foundation model for “physical AI”, which autonomously controls robots and machines, in Japan through a public-private partnership, Nikkei Asia reports
• Inventurus Knowledge Solutions, or IKS, is in advanced talks to acquire TruBridge (TBRG) for about $600M, Economic Times says

4. MOVERS:

• Allogene Therapeutics (ALLO) higher after reporting data from its ALPHA3 trial
• Revolution Medicines (RVMD) increases after announcing topline results from its RASolute 302 clinical trial
• Spyre Therapeutics (SYRE) gains after reporting its trial of SPY001 met its primary endpoint
• Conagra Brands (CAG) lower after naming Brase as CEO
• CoStar (CSGP) falls after Reuters reported Third Point disposed of its position in the company and won’t seek a proxy fight

5. EARNINGS/GUIDANCE:

• Children’s Place (PLCE) reported Q4 results, with EPS and revenue lower year-over-year
• Marti Technologies (MRT) backed its guidance for FY26
• JPMorgan & Chase (JPM) will report Q1 results on April 14
• ALT5 Sigma Corporation (ALTS) reported results for FY25
• TSMC (TSM) will report Q1 results on April 16

INDEXES:

Near midday, the Dow was down 0.49%, or 233.91, to 47,682.66, the Nasdaq was up 0.21%, or 47.37, to 22,950.26, and the S&P 500 was up 0.01%, or 0.67, to 6,817.56.