The latest Market Talks covering Equities. Published exclusively on Dow Jones Newswires throughout the day.
1142 ET - Fertilizer shortages caused by the conflict in the Middle East could lift wheat prices above $7 a bushel this year, analysts at Citi write. Fertilizer prices are seen reaching levels reached following Russia's full-scale invasion of Ukraine, as natural gas prices rocket and the export of chemicals key to fertilizer production falters. "In the 12-month period, we expect further price increases for corn and wheat, as grains are more exposed to the developments in the Middle East," the analysts say. An extended tightening in fertilizer supply could force U.S. farmers to cut its application, hurting wheat yields, they say. Wheat futures climb 2.3% to trade at $6.09 a bushel in Chicago, while corn rises 1.5% to $4.67 a bushel. (josephmichael.stonor@wsj.com)
1141 ET - The estimated funding level of pension plans sponsored by S&P 1500 companies decreased by 3 percentage points in February to 107% as a result of a decrease in discount rates, according to consulting firm Mercer LLC. As of the end of February, the plans' estimated aggregate surplus decreased by $36 billion, to $111 billion, compared with a $147 billion surplus at the end of January, Mercer said. "February served as a reminder of how sensitive pension funded status is to market movements, with the dual impact of falling rates and U.S. equities," said Mercer partner Matt McDaniel. "Foreign conflicts escalating may also lead to heightened market volatility, which could further strain pension funded status." (jennifer.williams@wsj.com; @jenkayw)
1137 ET - Ballard Power Systems is accelerating its focus on service-based revenue. With thousands of fuel-cell units now operating in the field and more than 250 million kilometers of real-world runtime, the foundation has reached a scale where long-term support--such as training, operations monitoring and parts supply--is becoming increasingly lucrative. This growing aftermarket opportunity gives Ballard a steadier, recurring revenue stream and provides higher margins that complements new engine sales and reduces reliance on customer orders. The service supported a 37% rise in revenue in 4Q, with a strong performance in its heavy-duty segment, topping expectations. Shares are up over 12% to C$3.27. (adriano.marchese@wsj.com)
1132 ET - Palantir CEO Alex Karp says there are "lots of reasons" to restrict the use of artificial-intelligence tools for domestic law enforcement. "They are so powerful, they could proxy eviscerate, even if they're within the context of the law, the rights that were given to us by a higher being in the First, Second, Fourth, and Fifth Amendments," he says in a CNBC interview. The use of AI for mass domestic surveillance was a key sticking point in Anthropic's dispute with the Pentagon, which demanded to use Anthropic's technology in all lawful-use cases. Karp, whose company, according to WSJ, deployed Claude in tools used by the Pentagon in its Venezuela operation, said privacy concerns under the Fourth Amendment don't extend to adversaries on the battlefield.(elias.schisgall@wsj.com)
1129 ET - Conagra, Campbell's and General Mills all face earnings risk into fiscal 2027, high leverage and uncomfortable dividend payout ratios, say Wells Fargo analysts, who downgrade all three stocks to underweight. General Mills' dollar trends are still soft despite price investments, for Conagra, consumption is tracking negative and commodity inflation is likely to make margin expansion difficult and for Campbell's, dividend payout ratios are nearing 90%. "In the context of price investments (namely GIS, CPB), stubborn inflation $(CAG)$ which could actually grow, and generally tight models, negative catalysts unfortunately remain," the analysts say. (nicholas.miller@wsj.com)
1123 ET - Palantir is still using Anthropic, but will likely integrate other AI models into its platform after the Defense Department declared the company behind Claude a supply chain risk to national security, Chief Executive Alex Karp says in a CNBC interview. Anthropic is still integrated with Palantir amid a six-month phaseout period, but Karp says Palantir is committed to giving the military access to cutting edge AI tools with or without Anthropic. "They deserve the best and most lethal technology in the world," Karp says, adding that Palantir aims to make sure they get it, citing OpenAI, Google, and Elon Musk's xAI as possible alternative AI providers. "The thing for us is, we are committed to the warfighter getting the best technology." (elias.schisgall@wsj.com)
1115 ET - Demand for Nutrien's fertilizers are likely to increase due to the war in Iran, which is disrupting shipping routes and limiting exports from major producers. Nutrien climbs 6.6%, in step with other global fertilizer providers. The company produces potash, nitrogen and phosphate fertilizers. Since a large portion of fertilizers come through the Strait of Hormuz, the company is particularly leveraged to rising nitrogen and potash prices where any prolonged disruption could further strengthen its pricing power heading into the spring application season. While higher energy costs remain a risk, the supply shock could put more demand pressure on producers outside the conflict zone. (adriano.marchese@wsj.com)
1100 ET - Palantir and GE Aerospace announce a multi-year partnership expansion to speed-up military aviation readiness for the U.S. Air Force and operations across GE Aerospace's production system. The companies began collaborating on J85 engines for the Air Force's T-38 trainer jets, but the partnership has since expanded to GE Aerospace's broader operations, with Palantir's Artificial Intelligence Platform being deployed for fulfillment, sourcing, allocation, and customer service. The companies didn't share details of the expanded partnership. Palantir, at its ninth AIPCon, announced a flurry of other partnerships with Ondas, World View, and others, and a software pact with Nvidia. (elias.schisgall@wsj.com)
1024 ET - The building blocks are falling into place for Gucci-owner Kering under the leadership of Luca de Meo, RBC Capital Markets' Piral Dadhania and Richard Chamberlain write. A focus on the French group's brand desirability, a tighter creative structure for its designers and a smarter product and pricing strategy are among former Renault CEO De Meo's priorities, the analysts say after a sell-side event with the group. "Most aspects of the diagnostic phase and remedies [are] largely thought-through," RBC says. Still, the broader backdrop remains challenging for luxury, the analysts say. More brand appeal for Gucci will be needed to add impetus to investor demand for Kering stock, as well as better organization in marketing and merchandising, they add. "For now, we remain in wait and see mode." Shares fall around 2.6%. (joshua.kirby@wsj.com; @joshualeokirby)
1018 ET - Consensus estimates for Swiss Life's future performance are likely to see only limited changes at this stage, but the shares may react negatively to the dividend miss and Swiss Solvency Test ratio result, J.P.Morgan analysts write. "Importantly, the dividend per share is below consensus and the Swiss Solvency Test ratio is also weaker than we expected." The insurance company reported an adjusted profit from operations that was in line with consensus, and a net profit that was 1% above, the bank says. The fee result was slightly above consensus, mainly driven by higher fee income, but with cost-income ratios above the bank's estimates. Third-party net new assets also showed a weaker trend than JPM expected. Shares fall 4.2% to 798.20 Swiss francs. (dominic.chopping@wsj.com)
1011 ET - JCDecaux shares climb after the company reports a second-half operating margin that came in stronger than expected, according to Citi analysts. "We think this is a broadly positive result," which should give the shares a lift, Citi says. The French outdoor advertising company delivered on its free-cash-flow target a year ahead of schedule, the analysts note. Shares trade 13% higher at 18.62 euros. (sarah.sloat@wsj.com)
1003 ET - HSBC and Standard Chartered are the European banks with the largest exposures to the Middle East, analysts at J.P. Morgan say. Around 4% and 12%, respectively, of the banks' pretax profits originate in the region, the analysts calculate. Banks could also be hit by exposure to commodity-sensitive industries, with Italy's Banco BPM and Spanish bank BBVA noted as the most exposed, the analysts add. The pair fall 3.1% and 4.3%, respectively. HSBC falls 6.2%--though technical factors relating to dividend payments also move the stock--while Standard Chartered falls 3.5%. (josephmichael.stonor@wsj.com)
(END) Dow Jones Newswires
March 12, 2026 11:43 ET (15:43 GMT)
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