Midday Fly By: Nike falls after earnings, Conagra reports mixed results

The major averages were broadly higher near noon, building on yesterday’s strong session. Markets are staging a sharp relief rally to kick off April as the dominant narrative is de-escalation. Comments suggesting a potential wind-down of U.S. military activity in Iran have triggered a broad risk-on move across equities, bonds and currencies. Of note, President Trump said in a social media post that Iran’s president has requested a ceasefire, though Trump noted the U.S. will consider the offer when the Strait of Hormuz is “open, free, and clear.” 

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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:

• Nike (NKE) reported upbeat Q3 results but guided for a decline in Q3 revenue
• RH (RH) reported lower-than-expected Q4 earnings and revenue and provided FY26 and FY27 revenue growth guidance
• Conagra Brands (CAG) reported mixed Q3 results and narrowed its FY26 earnings outlook
• Intel (INTC) will repurchase a 49% equity interest in its Ireland Fab joint venture with Apollo Global (APO)
• An Iranian strike damaged an Amazon (AMZN) cloud computing operation in Bahrain a day after Iran’s Revolutionary Guards threatened to target U.S. companies operating in the Middle East, including Microsoft (MSFT), Apple (AAPL), Google (GOOGL), Meta (META), and others, FT reports

2. WALL STREET CALLS:

• JPMorgan, BofA and Goldman Sachs downgraded Nike after fiscal Q3 report
• Disney (DIS) upgraded to Outperform at Raymond James
• Raymond James also (UNH) to Outperform
• DA Davidson (RIVN) to Neutral on valuation post selloff
• PPG (PPG) downgraded to Neutral at Citi on raw material costs

3. AROUND THE WEB:

• Apple (AAPL) is testing letting Siri process multiple requests in a single query in iOS 27, Bloomberg says
• Tesla’s (TSLA) Q1 deliveries are expected to be lower than December’s quarter due to uneven demand and intensifying competition in key markets, Reuters reports
• Shell (SHEL) is in advanced discussions with Venezuela’s government to develop four areas near Trinidad and Tobago, in two areas that are the country’s largest offshore natural gas fields, Reuters says
• Amazon’s (AMZN) “sponsored prompts” for its Rufus AI assistant are yielding significantly lower traffic than traditional ads, but are more cost-effective, The Information reports
• Microsoft (MSFT) is in exclusive discussions with Chevron (CVX) and investment fund Engine No. 1 over a long-term agreement that would underpin a major energy complex in West Texas that would provide power to a large data center campus, Bloomberg says

4. MOVERS:

• Target Hospitality (TH) increases after securing an over $550M data center hub contract
• Dave & Buster’s (PLAY) gains after reporting Q4 results and providing guidance for FY26
• Oric Pharmaceuticals (ORIC) lower after announcing a program update for rinzimetostat
• Gevo (GEVO) falls after appointing Kyle James as Chief Commercial Officer and Dave Kettner as General Counsel
• Fermi (FRMI) declines after securing a $156.25M committed financing facility

5. EARNINGS/GUIDANCE:

• PVH (PVH) reported Q4 results, with CEO Stefan Larsson commenting, “We delivered a strong fourth quarter and finish to the year, driven by the strength of our two iconic global brands”
• Lamb Weston (LW) reported Q3 results and narrowed its guidance for FY26
• FitLife (FTLF) reported Q4 results, with EPS lower year-over-year
• UniFirst (UNF) reported Q2 results, with EPS missing consensus
• SES AI (SES) reported preliminary Q1 results and provided guidance for FY26

INDEXES:

Near midday, the Dow was up 0.93%, or 429.21, to 46,770.72, the Nasdaq was up 1.71%, or 369.46, to 21,960.08, and the S&P 500 was up 1.14%, or 74.50, to 6,603.02.