Midday Fly By: Palantir reports ‘beat and raise,’ Coinbase to cut staff

The major averages were broadly higher near noon as oil pulls back, though the ceasefire between the U.S. and Iran continues to be fragile amid new attacks in the Strait of Hormuz. However, U.S. Defense Secretary Pete Hegseth said the ceasefire “certainly holds” and claimed that two U.S. commercial ships have already “safely transited the strait, showing the lane is clear.”

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Meanwhile, earnings remain strong and AI capital expenditures continue to act as a structural tailwind. There is persistent capital flow into semis and hyperscalers, with expectations for massive multi-year spend cycles anchoring estimates higher. Under the surface, dispersion remains high. Strong prints are still being rewarded while weaker forward visibility is getting punished.

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

1. STOCK NEWS:

• Palantir (PLTR) provided a “beat and raise” report for Q1
• PayPal (PYPL) reported better-than-expected Q1 results and provided its outlook for Q2 and FY26
• Coinbase (COIN) announced plans to cut its workforce by 14%, or 700 employees
• Pfizer (PFE) reported better-than-expected Q1 results and reiterated its FY26 guidance
• Pinterest (PINS) reported upbeat Q1 results and provided Q2 revenue guidance

2. WALL STREET CALLS:

• Ulta Beauty (ULTA) upgraded to Buy at BofA on improved earnings flywheel
• Roblox (RBLX) downgraded to Neutral at Piper Sandler on lack of visibility
• Argus (CMG) to Buy, expects comp growth to accelerate
• Stephens (RPAY), sees “two binary outcomes”
• Tractor Supply (TSCO) downgraded to Neutral at Piper Sandler

3. AROUND THE WEB:

• Nissan (NSANY) is planning to cut roughly 10% of its European workforce and consolidate production lines at its Sunderland Plant as part of a broader restructuring effort, while exploring partnerships such as with Chery to utilize excess capacity and improve financial performance, FT says
• Berkshire (BRK.A) has selected Gen Re chairman Charlie Shamieh to succeed Ajit Jain, Vice Chairman of Insurance Operations, when Jain decides to retire, Bloomberg reports
• Apple (AAPL) is planning to release a new “Create a Pass’ feature for its next iPhone software update, which will allow users to build and customize their digital tickets and gift cards in the Wallet app, Bloomberg says
• Tesla (TSLA) CEO Elon Musk has indicated the European Union will soon green-light the company’s “Full Self-Driving” system, but emails from European regulators show skepticism to the technology and its safety benefits, Reuters reports
• Major lenders including JPMorgan (JPM), Morgan Stanley (MS), and Sumitomo Mitsui (SMFG) are seeking to offload portions of growing AI-driven data center debt exposure-linked to heavy borrowing by companies like Oracle (ORCL) and CoreWeave (CRWV), FT reports

4. MOVERS:

• Backblaze (BLZE) higher after reporting Q1 results and raising its guidance for FY26
• EverQuote (EVER), Digital Ocean (DOCN) and BRC Inc. (BRCC) increase after reporting quarterly results
• Digi Power X (DGXX) gains after signing a colocation agreement with Cerebras Systems
• GeneDx (WGS) lower after reporting Q1 results and lowered its guidance for FY26
• BellRing Brands (BRBR) and Adtran (ADTN) falls after reporting quarterly results

5. EARNINGS/GUIDANCE:

• Portillo’s (PTLO) reported Q1 results, with EPS and revenue missing consensus
• IPG Photonics (IPGP) reported Q1 results and provided guidance for Q2, with CEO Mark Gitin commenting, “I am pleased to share that first-quarter revenue came in above our expectations”
• Neuronetics (STIM) reported Q1 results and backed its guidance for FY26
• Surgery Partners (SGRY) reported Q1 results and backed its guidance for FY26, with CEO Eric Evans commenting, “We are encouraged by our solid start to 2026”
• Expeditors (EXPD) reported Q1 results, with EPS and revenue beating consensus

INDEXES:

Near midday, the Dow was up 0.49%, or 239.72, to 49,181.62, the Nasdaq was up 1.00%, or 249.79, to 25,317.59, and the S&P 500 was up 0.74%, or 53.38, to 7,254.13.