Midday Fly By: OpenAI said to miss targets, Coca-Cola reports Q1 beat

The major averages were mostly lower near noon, with the Dow marginally higher but the S&P 500 and Nasdaq slipping amid a report highlighting weakness in OpenAI as well as an increase in oil prices. Multiple tech stocks were slipping after the OpenAI report, which said CFO Sarah Friar told leadership she was concerned the ChatGPT maker may not be able to pay computing contracts in the future if it doesn’t hit expansion goals quickly enough. The news comes amid a big week for corporate earnings, particularly with tech titans Alphabet, Amazon, Meta, Microsoft, and Apple set to report this week.

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Meanwhile, tensions between Washington and Tehran remain high as President Trump reportedly is unhappy with Iran’s proposal to end the war. Such tensions combined with the UAE announcing it will leave OPEC and OPEC+ have impacted oil prices, which are back to hovering around the $100 per barrel mark.

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

1. STOCK NEWS:

• OpenAI has missed its internal targets for users and revenue, (KO) reported better-than-expected Q1 results and reiterated its FY26 revenue growth outlook
• UPS (UPS) reported upbeat Q1 earnings and revenue and provided guidance for FY26 adjusted earnings growth
• General Motors (GM) provided a “beat and raise” report for Q1
• IAC (IAC) plans to change name to “People Incorporated” and said it will implement a workforce reduction

2. WALL STREET CALLS:

• TFI International (TFII) upgraded to Buy at BofA
• Old Dominion (ODFL) upgraded to Neutral from Underperform at Baird
• Tronox (TROX) downgraded to Sell at Truist
• Rambus (RMBS) downgraded to Neutral at Baird
• DA Davidson (MU) at Buy on “longer-than-usual” memory cycle

3. AROUND THE WEB:

• Meta (META) is preparing to undo its acquisition of AI startup Manus after China banned the transaction, WSJ says
• The Federal Communications Commission is moving toward a review of Disney’s (DIS) broadcast licenses amid the Trump administration’s fight with Jimmy Kimmel, Semafor reports
• FedEx (FDX) plans to return its MD-11 cargo jets to service next month, a move which will allow the company to cut back on expensive leased planes it has enlisted since regulators grounded all MD-11s following another carrier’s crash in November, WSJ says
• Salesforce (CRM) and Slack are suing Microsoft (MSFT) at London’s High Court over alleged anticompetitive practices utilized by the Teams app, Reuters reports
• Paramount Skydance (PSKY) filed a petition to the Federal Communications Commission seeking permission for significant ownership by Middle East sovereign wealth funds, WSJ says

4. MOVERS:

• Sanmina (SANM) gains after reporting Q2 results and announcing the authorization of a $600M share buyback
• Solaris Energy (SEI) increases after reporting Q1 results, raising its guidance for Q2 and signing a third long-term power contract
• BridgeBio (BBIO) slips after Pfizer (PFE) entered three settlement agreements for Vyndamax
• Erasca (ERAS) lower after disclosing a patient died after withdrawing from its Phase 1 trial for ERAS-0015
• Celestica (CLS) falls in New York after reporting Q1 results and providing guidance for Q2

5. EARNINGS/GUIDANCE:

• Ecolab (ECL) reported Q1 results, with EPS in-line with consensus
• Kiniksa (KNSA) reported Q1 results and raised its guidance for FY26
• S&P Global (SPGI) reported Q1 results, with CEO Martina Cheung commenting, “We are pleased with the results we achieved in the first quarter”
• Opera (OPRA) reports Q1 results and provided guidance for Q2 and FY26
• Asbury Automotive (ABG) reported Q1 results, with EPS and revenue missing consensus

INDEXES:

Near midday, the Dow was up 0.13%, or 64.54, to 49,232.33, the Nasdaq was down 1.43%, or 356.21, to 24,530.90, and the S&P 500 was down 0.78%, or 56.00, to 7,117.91.