Midday Fly By: Home Depot reports Q1 beat, Blackstone and Google form cloud JV

The major averages were broadly lower near noon for the second day in a row, with weakness in semiconductors and high-growth technology names leading the declines. Meanwhile, investors are keeping an eye on the oil market following President Trump’s cancellations of planned strikes in Iran. Crude oil prices pulled back a little after the news, but remain elevated amid continued tensions in the region.

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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:

• Home Depot (HD) reported upbeat Q1 results and reiterated its FY26 outlook
• Blackstone (BX) will invest $5B in a TPU cloud joint venture with Google (GOOGL)
• Amer Sports (AS) provided a “beat and raise” report for Q1
• Agilysys (AGYS) reported better-than-expected Q4 results and provided guidance for FY27
• Shake Shack (SHAK) disclosed that its CEO Robert Lynch and director Daniel Meyer bought shares of common stock on May 15

2. WALL STREET CALLS:

• Guggenheim (STUB) with growth picking up in Q2
• Jazz Pharmaceuticals (JAZZ) upgraded to Buy at UBS
• X-energy (XE), a developer of advanced small modular nuclear reactors, saw Wall Street coverage roll out with a mix of Buy and Hold ratings
• BofA (ZETA) with a Buy
• BofA (LSPD) and ZoomInfo (GTM) with Underperform ratings

3. AROUND THE WEB:

• AI chip startup Tenstorrent is drawing early takeover interest from prospective buyers, including Intel (INTC) and Qualcomm (QCOM), as it looks to challenge Nvidia (NVDA) and AMD (AMD), Bloomberg reports
• Tapestry (TPR) expects roughly 70% of its growth over the next several years to come from international markets, with expansion led by its Coach brand and focused primarily on China and Europe, Reuters says
• Analog Devices (ADI) is in advanced talks to acquire artificial intelligence chip company Empower Semiconductor for about $1.5B in cash, Bloomberg reports
• The New York Times (NYT) has sued the U.S. Department of Defense, alleging that a new Pentagon policy requiring reporters to be escorted at all times while inside the building violates the First Amendment and unlawfully restricts press access to military officials and facilities, Wemple reports
• Mexican President Claudia Sheinbaum has conditioned Royal Caribbean’s (RCL) planned “Perfect Day” water park in Mahahual, Quintana Roo, on the preservation of the local ecosystem, RMN says

4. MOVERS:

• Bakkt (BKKT) higher after Director Michael Alfred bought 585,000 shares
• Relay Therapeutics (RLAY) increases after announcing zovegalisib showed potential efficacy in vascular anomalies
• KE Holdings (BEKE) gains in New York after reporting Q1 results, with EPS and revenue beating consensus
• T1 Energy (TE) lower after Fuzzy Panda said it was short on the company
• Canadian Solar (CSIQ) falls after Freedom Broker downgraded the stock to Hold

5. EARNINGS/GUIDANCE:

• Driven Brands (DRVN) reported Q4 results, with CEO Danny Rivera commenting, “Driven Brands delivered a solid fourth quarter and full year”
• Eagle Materials (EXP) reported Q4 results, with EPS and revenue beating consensus
• Bally’s (BALY) reported Q1 results, with CEO Robeson Reeves commenting, “We delivered solid first quarter results across the enterprise”
• Bilibili (BILI) reported Q1 results, with EPS beating consensus
• Antalpha (ANTA) reported Q1 results and provided guidance for Q2

INDEXES:

Near midday, the Dow was down 0.47%, or 232.99, to 49,453.13, the Nasdaq was down 1.17%, or 306.21, to 25,784.53, and the S&P 500 was down 0.76%, or 56.19, to 7,346.86.