The latest Market Talks covering Equities. Published exclusively on Dow Jones Newswires throughout the day.
1522 ET - Demand for air travel appears to remain strong, despite a lingering headwind from fuel prices, Morgan Stanley analysts write in a note, recapping day 2 of the bank's annual Laguna conference. United, Southwest, Allegiant, and Frontier all reported strong travel demand or said they saw no signs of softness in the market, even as the cost of fuel drives up ticket prices. Still, the cost of fuel continues to create uncertainty for most of the industry. The analysts write that consistently elevated fuel costs could prove a headwind for JetBlue's path to profitability and prompt airlines across the board to reduce capacity. (elias.schisgall@wsj.com)
1418 ET - YouTube may be able to take a bite out of Netflix's market share, as the streaming giant faces engagement headwinds, HSBC analysts say. YouTube has been gaining more customers who use the platform for TV, capturing a record 14.2% of U.S. TV time in July, the analysts say. Citing Bloomberg, HSBC also says YouTube has tightened its grip on top creators thanks to better payouts, and is now offering a "Shows" feature that mimics Netflix-style episodic series. This comes as people are engaging less with Netflix's original content, the analysts say. HSBC cuts Netflix to hold from buy. Netflix is down 2.2%. (katherine.hamilton@wsj.com)
1403 ET - Hyperliquid tokens are closing in on $100 -- finding a new record-high of $96.68, up 2.8% for the day. That makes it about 25% that Hyperliquid has gained in the past week alone, and over 280% year-to-date. HYPE and Zcash are the two hottest gainers among cryptocurrencies with market capitalization in the top 10 in 2026, with Hyperliquid's underlying platform growing to one of the largest exchanges for trading perpetual futures, this even without U.S. exposure. Regulatory moves to allow Hyperliquid to operate in the U.S. may prove to further fuel the token's gains, says Zach Pandl of Grayscale Research in a note. Bitcoin slides 0.5% to $86,511, ethereum is down 1.2% to $2,752, and solana falls 0.9% to $117.92. (kirk.maltais@wsj.com)
1330 ET - Netflix is dealing with a declining reception to its original content, HSBC analysts say, downgrading the stock to hold. Total viewership hours of series that charted on Netflix's top 10 lists in July and August were down 17% year over year, with third-quarter numbers on track for a sequential decline, the analysts say. They think near-term recovery in Netflix's engagement is unlikely. People are less interested in Netflix's original content, and they are also suffering from streaming fatigue, as subscription prices have risen. Netflix will likely have to spend more to shore up engagement, the analysts say. Shares drop 2%. (katherine.hamilton@wsj.com)
1209 ET - Bitcoin ETFs started the week with a bang, with CoinGlass reporting net inflows of $999M to bitcoin ETFs on Monday. It was the third trading session in a row that bitcoin ETFs have reported net inflows, with a net $1.59B inflow seen in that timeframe. Bitcoin has inched back from its highest point since January, trading down 0.7% to $86,407. Analysts say that resistance for bitcoin is now around $90k. Ethereum is down 1.3% to $2,747, XRP is up 2.9% to $1.57, and solana falls 1.3% to $117.46. (kirk.maltais@wsj.com)
1109 ET - AB InBev can lure new drinkers in less developed markets and in doing so keep ahead of the pack, the brewer's chief growth officer says. In developing countries, notably in Latin America and Africa, some 60 million new consumers are set to enter the group's categories, which include major beer labels Bud Light, Michelob Ultra and Stella Artois, as well as ready-to-drink cocktails, Ricardo Tadeu tells an investor event. He points to AB InBev's "leading market share and advanced commercial capabilities" in those markets, and notes that beer continues to gain share among the market for alcoholic drinks globally. "Our objective is to outperform the market." (joshua.kirby@wsj.com; @joshualeokirby)
1104 ET - Abu Dhabi leads most major Gulf markets higher, with its benchmark index gaining 1.3%. The Dubai Financial Market General Index rises 0.6%, while Qatar's QE Index bucks the trend, falling 0.5%. Investors are watching for signs of U.S.-Iran diplomatic progress around the U.N. General Assembly. Qatar faces increased funding needs after disruption to LNG exports sharply reduced government revenue, MUFG says. The country raised $3 billion in international bonds this week, with orders exceeding $7.7 billion and the deal pricing around 30 basis points tighter than initial guidance. Prolonged LNG disruption could keep Qatar's borrowing needs elevated, MUFG says. (farhan.rafid@wsj.com)
1043 ET - BlackBerry just won its first customer design for Alloy Kore, its co-developed automotive operating system platform with Vector. TD Bank's John Shao notes in a report that the win is with Coretura, the JV between Daimler Truck and Volvo Group, which selects the platform as a key software foundation for its software-defined vehicle architecture. "This win is a strong starting point," says Shao, who believes that investors have been waiting for the first Alloy Kore design win since the beginning of the summer. He estimates that this agreement alone could contribute more than $10 million of annual revenue over multiple years, but the benefits of the win won't be immediate, given "development cycles associated with commercial vehicles, combined with the nature of a first-generation platform." (adriano.marchese@wsj.com)
1036 ET - Beer giant AB InBev has great scope for growth in its non-beer product categories, where it remains a challenger to more established players, Chief Executive Michel Doukeris says. The world's largest brewer, maker of Bud Light, Michelob and a host of other labels, has moved to expand its Beyond Beer business, which houses products like premixed canned cocktails and spritzers, with acquisitions including a nearly $500 million majority stake in hard-punch brand BeatBox this year. The company still has much room to take market share in the category, Doukeris tells an investor event in St. Louis, Missouri. In the key U.S. market, the category is "still growing strongly," analysts at Bernstein wrote in a recent research note. (joshua.kirby@wsj.com; @joshualeokirby)
1027 ET - Stocks will continue to trade erratically, Bank of America analysts write. Dispersion--or the difference in performance between stocks--is the defining theme in U.S. stocks, the analysts write. Uncertainty over the regulatory environment surrounding artificial intelligence will lead to sharp differences in returns from various corners of the stock market, the analysts write. Investors' constant re-evaluation of the future will drive volatility and they should therefore position to benefit from dispersion, the analysts say. (josephmichael.stonor@wsj.com)
1019 ET - Rentokil's agreement to sell SOLitude Lake Management to Bain Capital should be viewed as a positive step in streamlining its business and boosting returns to shareholders, write Bernstein analysts Will Kirkness and Filippo Giardini. Proceeds are likely to be redistributed to investors via a share buyback, according to the analysts. "The $230 million disposal of SOLitude simplifies Rentokil's portfolio, sharpening the company's focus on its core pest control and adjacent hygiene operations while generating approximately $180 million of post-tax proceeds," Bernstein adds. It has an outperform rating on the stock and price target of 510 pence. Shares are up 0.4% at 319 pence, but down 29% over the year-to-date. (joseph.wilkins@wsj.com)
1018 ET - On Holding is planning to expand into even more new sport categories, Co-CEOs David Allemann and Caspar Coppetti say on CNBC. The company, which last week said it would launch a new soccer category with the help of French superstar Kylian Mbappé, is currently eyeing an expansion into golf. "We know that a lot of golfers are already playing in On shoes and On apparel, just because it's comfortable," Allemann and Coppetti say. "There's been very little innovation in golf footwear over the past 10 years, so we have an opportunity." The co-CEOs decline to say what other sports they're looking into, but they tease more expansions are coming.
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