The latest Market Talks covering Equities. Published exclusively on Dow Jones Newswires throughout the day.
1103 ET - Elon Musk's trial against Sam Altman's OpenAI is slated to begin today, and will have broad implications for AI regulation, Wedbush analysts say. The trial revolves around allegations about OpenAI seeking profit while operating as a nonprofit and could reshape the corporate governance structure of AI research, the analysts say. The suit could also heighten the competitive landscape in the AI industry, with OpenAI and Musk's xAI "going head-to-head to gain share in the AI Arms Race, and OpenAI has a very strong market position which poses a risk to other tech players including Musk." (katherine.hamilton@wsj.com
1042 ET - The legal battle between xAI founder Elon Musk and OpenAI CEO Sam Altman isn't expected to have a profoundly negative impact on OpenAI, but could be messy, Wedbush analysts say in a note. The analysts expect Altman will emerge from the trial with "scrapes and bruises" rather than any real threat to his role as CEO. At the same time, the two men have already traded barbs publicly over social media, and the analysts expect "a lot of dirt and slings thrown around in court." But the overall impact could still be a thorn in OpenAI's side as it is expected to announce an initial public offering later this year, the analysts say. (katherine.hamilton@wsj.com)
1018 ET - Bitcoin and other major cryptocurrencies are lower across the board, with profit-taking seen as a driving force. "Investors could move to secure their gains ahead of the busy economic calendar this week and amid the uncertain geopolitical situation in the Middle East," says Van Ha Trinh of Exness in a note. But any progress in negotiations to reopen the Strait could quickly whet the appetite of investors for risk-on assets, including cryptocurrency. Bitcoin is down 0.8% to $77,642, while ethereum falls 2.5% to $2,305 and XRP is down 2% to $1.40. Solana slides 2.3% to $84.79. (kirk.maltais@wsj.com)
1011 ET - Shell's planned acquisition of Arc Resources is likely to contribute to its growth position and offers a feedstock for Shell's Canada LNG facility, says Jefferies' Mark Wilson. And the $16.4 billion price tag, including debt and leases, appears to be reasonable value, the analyst says. Arc shareholders will for each share receive C$8.20 in cash and 0.40247 of a Shell share. Wilson notes the deal will bring 370,000 boe/d immediately, and Shell forecasts $250 million in synergies within a year of closing. Jefferies has a GBP44 target on Shell's shares, which are down 0.4% at GBP32.93.(robb.stewart@wsj.com)
1005 ET - Consumers eating out at restaurants are increasingly looking for value in the form of price and experience, UBS analysts say in a research note, citing a recent report by Tillster, a commerce platform for multi-unit chain restaurants. The shift is driving less loyalty to specific restaurant brands, the analysts add. Results indicated that 45% of consumers suggested their favorite brand changed in the last year, an increase from 33% at the same time last year. "Focus remains on ways to save money," the analysts write, noting an increase in carryout in lieu of delivery in order to minimize fees. "Additionally, price sensitivity and preference for convenience have resulted in some restaurant spending reallocated towards grocery or c-stores," the analysts say. (connor.hart@wsj.com)
0946 ET - Most of Procter & Gamble's analyst call Friday focused on whether the company's top-line momentum can continue, and what its earnings power will look like next year, UBS analysts say in a research note. Currently, management is optimistic that category trends are stabilizing and improving. The company also seemed to emphasize that it expects a combination of productivity, pricing and innovation to deliver earnings growth in FY27, UBS says. "With top line trends improving, earnings expectations likely in a realistic spot exiting the day, and the stock still trading below recent historical averages relative to large-cap multinational peers, we think the risk/reward continues to skew to the upside and see room for outperformance from here," the analysts say. UBS maintains P&G's buy rating and raises its price target to $172 from $166. P&G is up 0.1% to $148.34.(connor.hart@wsj.com)
0942 ET - Trillion Energy says the current oil shock isn't a short-lived price spike but a structural crisis that will keep crude elevated well into the future. The Canadian Securities Exchange-listed company calls the disruption in Gulf supply the largest on record, with restricted flows through the Strait of Hormuz removing roughly 9.1 million barrels a day from global markets. With spare capacity sidelined and inventories falling toward historic lows, Trillion says prices must "rise further to ration available barrels," rather than simply reflect a geopolitical premium. The company adds that strong demand and years of underinvestment in new production have left the market with little buffer, making the case for higher oil prices "stronger than it has been in a generation." (adriano.marchese@wsj.com)
0932 ET - Canada's oilpatch continues to bulk up. Adding to consolidation in recent years, Shell moves to buy Arc Resources for $13.6 billion in cash and shares. The deal boosts Shell's production profile and expands its footprint in the Montney shale basin in Western Canada, adding assets that last year produced 374,000 barrels of oil equivalent a day before royalties. That will help Shell with its goal of sustained liquids production of 1.4 million barrels daily toward 2030 and beyond. It also offers up Arc's natural gas reserves, which can feed the Canadian domestic market and add to Shell's existing Groundbirch assets that supply LNG Canada's liquefaction for export markets. (robb.stewart@wsj.com)
0907 ET - Spotify Technology and Peloton Interactive are launching a global partnership to bring Peloton's fitness and wellness content to hundreds of millions of Spotify Premium subscribers as part of Spotify's new fitness category. Spotify says those subscribers will gain access to a catalog of more than 1,400 classes thanks to the collaboration. Classes will span from outdoor runs to mat classes such as yoga and cardio. Free and premium subscribers will also gain access to curated workout playlists and content from wellness creators, Spotify says. For Peloton, the collaboration also helps diversify its business model beyond its at-home workout bikes, which spiked in popularity during the pandemic. (katherine.hamilton@wsj.com)
0841 ET - United Airlines Chief Executive Scott Kirby says his pursuit of American Airlines has ended, but Kirby also says a marriage between United and American would have been different than prior airline mergers due to a focus on growth rather than cuts. "In the past, airline mergers usually have been about two struggling airlines coming together to cut costs, flights and headcount," Kirby says in a statement. While the merger would have required divestitures in some markets, it would have created an airline with greater scale that could fly to more places, offer cost-conscious customers more economy seats and better compete against foreign airlines, Kirby says, adding that he thinks regulators would have approved the deal. (nicholas.miller@wsj.com)
0825 ET - Investors are expected to pay attention to the Bank of England vote split during this week's interest-rate decision, Insight Investment's Jill Hirzel says in a note. The BOE is widely expected to keep interest rates unchanged at 3.75%, with investors pricing in an 84% probability of that outcome, LSEG data show. Markets are also expected to focus on any updates regarding U.K. growth and inflation forecasts, Hirzel says. The growth forecasts are expected to be revised downward while inflation forecasts are likely to be revised upward, she says. (miriam.mukuru@wsj.com)
0754 ET - Consumers appear to be spending more than Wall Street expected, creating a tailwind for retailers like Aritzia, says Stifel analyst Martin Landry. Citing strong credit and debit card data from Bloomberg, he raises his 4QFY26 comparable-sales growth forecast by 700 bps to 21% year-over-year, above the 18% consensus. U.S. sales look especially strong, the analyst says, trending 40%-45% higher year-over-year, according to the data. Landry now expects EPS to rise by C$0.07 to C$1.07, ahead of consensus of C$1.02 and up 29% year-over-year.(adriano.marchese@wsj.com)
(END) Dow Jones Newswires
April 27, 2026 11:03 ET (15:03 GMT)
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