The latest Market Talks covering Equities. Published exclusively on Dow Jones Newswires throughout the day.
0741 GMT - BetMGM's guidance toward the lower end of the range suggest a deterioration of conditions in the U.S., Berenberg analysts Jack Cummings and Luka Trnovsek write in a note. The sports-betting company, co-owned by MGM Resorts International and Entain, said it was on track to meet its 2026 expectations but toward the lower end of the previously guided ranges. BetMGM's second-quarter results were softer than anticipated, they say. However, the business continues to grow revenue, remains profitable and generate cash for the parent companies, they add. Entain shares are down 1.2% at 5.44 pounds. (najat.kantouar@wsj.com)
0731 GMT - Singapore stocks fall despite broader regional equity gains, with the benchmark FTSE Straits Times Index last 0.8% lower at 5629.40. Singapore Technologies Engineering shares lead losses, dropping 5.4%. Singtel falls 3.1%, while Mapletree Pan Asia Commercial Trust declines 2.9%. Index heavyweights DBS Group, Oversea-Chinese Banking Corp. and United Overseas Bank are also trading lower. The overall index's decline appears to be driven by broad-based profit-taking or sector rotation within the Singapore market, says RHB Research's Shekhar Jaiswal in an email. The STI's composition--dominated by banks, telecommunications, real estate and industrials--also suggests that it could "lag on days when the regional rally is led by technology and growth names," he says. (megan.cheah@wsj.com)
0723 GMT - European stock indexes gain in early trade as the continent's tech stocks follow Asian peers higher. Lower oil prices also boost indexes. The Europe-wide Stoxx 600 rises 0.8% to a new record high. The semiconductor-heavy AEX rises 0.2% in Amsterdam. ASML gains 3.4% while ASM International jumps 5.4%, though Universal Music Group plummets by over 21% after earnings. London's FTSE 100 is 0.6% higher, boosted by miners and a 5.1% jump for grocer Sainsbury. The German DAX rises 0.7%, with chip maker Infineon surging 7% and gas turbine-maker Siemens Energy gaining 3.5%. Credit Agricole adds 4.3% after earnings, and banks help the French CAC 40 up 0.7%. Spain's IBEX 35 is up 0.7%, while Italy's FTSE MIB adds 0.6%. (josephmichael.stonor@wsj.com)
0719 GMT - Bitcoin falls slightly as investors digest corporate earnings and remain cautious over the U.S.-Iran conflict. Apple and Amazon both reported stronger-than-expected quarterly revenues overnight. Amazon's shares rose but Apple fell as it forecast weaker sales growth. Crypto hoarding firm Strategy swung to a second-quarter loss, citing bitcoin's decline and "muted bitcoin sentiment and market skepticism." Meanwhile, U.S. officials said Hamas has agreed to a broad plan to disarm but acknowledged many challenges ahead. The news comes after the U.S. said it launched a heavy wave of strikes in Iran Thursday. Bitcoin falls 1.0% to $64,062, LSEG data show. (renae.dyer@wsj.com)
0715 GMT - i-Tail Corp.'s long-term growth looks intact following stronger-than-expected 2Q results, Maybank Securities (Thailand)'s Tanida Jirapornkasemsuk says in a research report. Given 1H normalized sales growth of 15% and 2H sales expected to exceed 1H, the Thai pet food manufacturer has lifted its 2026 sales growth guidance to 14%-17% from 8%-11% previously, the analyst notes. The company's 2H sales are expected to be driven by premium product launches in the U.S., which are typically concentrated in late 3Q-4Q, alongside continued demand recovery in the EU and Asia. The brokerage raises the stock's target price to 21.40 baht from 18.60 baht with an unchanged buy rating. Shares are 1.7% higher at 17.60 baht. (ronnie.harui@wsj.com)
0714 GMT - Wharf Real Estate Investment's sale of a Singapore mixed-use commercial building for around 6.7 billion Hong Kong dollars is likely to enhance its earnings, say DBS Group Research analysts in a note. The deal's net proceeds are likely to be used for debt repayment, trimming financing costs and boosting Wharf REIC's balance sheet, the analysts say. They estimate the deal to boost Wharf REIC's 2027 earnings by around 0.5%. The disposal is also likely to help narrow its discount to its net-asset value, they say, noting the stock is trading around 56% discount to its current assessed NAV. Its valuation remains attractive amid an improving Hong Kong retail scene, they add. DBS maintains its buy rating and HK$29.20 target price. Shares rise 0.3% to HK$26.44.(megan.cheah@wsj.com)
0645 GMT - Jardine Matheson's execution of its strategic priorities outlined during its June investor day remains on track, says DBS Group Research's Elizabelle Pang in a note. The Hong Kong-based conglomerate is likely to continue making further progress on capital recycling in 2H ahead of its I-MED acquisition's expected completion, she says. Jardine's capital recycling and portfolio simplification could be among rerating catalysts for the stock. DBS retains a buy rating and $90.00 target price. The Singapore-listed shares are down 1.0% at $66.91. (megan.cheah@wsj.com)
0551 GMT - Universal Music Group's second-quarter results didn't deliver the catch-up many hoped for after weakness in the first quarter, and look underwhelming at all levels, Bernstein analysts say in a research note. The music company behind Lady Gaga and Taylor Swift posted a 6.7% increase in second-quarter subscription revenue excluding the Downtown acquisition, below both consensus estimates of 9.3% and the 7.9% rise posted for the first quarter, the analysts say. This suggests the expected sequential improvement in subscription revenue growth will be delayed to the second half, they add. Adjusted Ebitda also missed expectations. Bernstein cuts its target price on UMG to 24.50 euros from 29 euros. (adria.calatayud@wsj.com)
0550 GMT - Sanofi will need time to rebuild its drug pipeline and regain investors' trust, but its shares have limited room to fall further after recent weakness, analysts at J.P. Morgan say in a research note. The French drugmaker was hit by a stock selloff Thursday that seems overdone given its strong performance and guidance upgrade, the analysts say. Investors will probably want to see positive strategic updates from Sanofi and its alliance with Regeneron Pharmaceuticals will be a key focus in the near term, according to JPM. "For 2026, we see potential for a further guidance raise on sales with the 3Q results and from here, we also expect any updates on the Regeneron alliance, on which both companies sound constructive, to be received positively," the analysts add. (adria.calatayud@wsj.com)
0539 GMT - Magnum Ice Cream's second-quarter print was impressive, says Barclays' Warren Ackerman. In the last two quarters the company has indicated that it can deliver volumes as it increases its operational rigor, he writes. This rigor and discipline throughout the first half was a key positive in its results, he writes. The ice-cream company also had a positive beat on margins, he adds. Adjusted earnings before interest, taxes, depreciation and amortization margin showed that it did a good job managing costs through productivity savings and selective pricing, he adds. (aimee.look@wsj.com)
0537 GMT - Amata Corp. is likely a play on Thailand's booming foreign direct investment cycle, ttb wealth securities' Rata Limsuthiwanpoom says in a research report. The industrial estate developer is generating more land sales compared with the pre-pandemic period and is seeing a rise in its recurring income base, the analyst says. The brokerage says the company's share price implies annual land sales of only 120 hectares, which appears overly conservative. The brokerage estimates the Thai company's land presales will be 224 hectares in 2026 and 192 hectares per year into 2029. It raises the stock's target price to 35.00 baht from 31.00 baht with unchanged buy rating. Shares are 2.7% higher at 28.25 baht. (ronnie.harui@wsj.com)
0534 GMT - Magnum Ice Cream's share reaction following second-quarter results was too harsh, as it had both a top-line and margin beat, says Barclays' Warren Ackerman in a note. The ice cream company's shares fell up to 5% after it released results, but bounced back to have a small up on the close--and the initial reaction was outsized, he says. However, there were some question marks on the second half with questions that still remain, he says. Nonetheless, the numbers for the second quarter were pretty solid, he says.
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