The latest Market Talks covering Equities. Published exclusively on Dow Jones Newswires throughout the day.
0951 ET - Truist analysts Lucas Servera and Deniel Ighodaro are feeling incrementally more bullish about FedEx after its F3Q report, due to the shipping company's yield strength, volume growth and continued cost execution. "Importantly, demand trends appear stable into 4Q, while mix is shifting toward higher-margin B2B," they say in a research note. "With guidance raised and earnings quality improving (in our view), we have increased confidence in a multi-lever recovery story supporting further multiple expansion." Truist maintains FedEx's buy rating and raises its price target to $425 from $400. (connor.hart@wsj.com)
0945 ET - FedEx reports F3Q results substantially ahead of expectations, Stifel analysts say in a research note. The beat was fueled by higher revenue per package both domestically and internationally, and by a higher volume of packages in the U.S. The shipping company is also benefiting from cost cutting related to the company's ongoing turnaround plan, the analysts say, as it prepares to spin off its Freight business in June. FedEx additionally raises its outlook. "While the increase mostly captures this quarter's beat, we think it was also a healthy indication of confidence in the earnings trajectory," the analysts write. "Middle East conflict seems less of a concern than we'd anticipated, but is something we'll monitor closely." Shares rise 2.4%. (connor.hart@wsj.com)
0923 ET - European stocks are showing remarkable resilience to the ongoing conflict in the Middle East, even as markets look to price extended disruption to the Strait of Hormuz, Goldman Sachs analysts write. Equities will not enter a sustained market downturn as earnings and company balance sheets remain strong, the analysts say. "Geopolitical shocks have historically reversed quickly," they write. However, investors should increase their exposure to defensive stocks that are less vulnerable to a downturn in economic conditions, the analysts say. They cite names including semiconductor company ASML, telecommunications group Elisa and software company Experian as stocks with more than 20% upside potential. (josephmichael.stonor@wsj.com)
0905 ET - Utilities, chemicals, steel and cement stocks will benefit from an easing to Europe's flagship carbon-emissions regulations, analysts at Jefferies say. European Commission president Ursula von der Leyen said an upcoming review of the Emissions Trading System would result in some industries paying less for their carbon emissions than previously expected. Short-term reform will ease pressure on utilities stocks and energy-intensive sectors, the analysts say. However, the program won't be unwound completely, and carbon-reduction policies will remain in place over the long term, the analysts write. A basket of European construction stocks climb 1.6%, while utilities and chemicals gauges both rise by 0.5%. (josephmichael.stonor@wsj.com)
0842 ET - Rising costs might continue to dent J.D. Wetherspoon's profitability, as the company was already under pressure prior to the energy shock from the Iran war, AJ Bell's Russ Mould says in a note. The company might face some issues due to knock-on effects on suppliers or consumer confidence, but luckily also hedges against energy costs, he says. The hedging will act as insulation from price volatility in oil and gas right now, he adds. "The backdrop remains unpredictable, and it is hard to say just how much it can shield its patrons from price increases," Mould says. Shares are down 13.5% at 537 pence. (aimee.look@wsj.com)
0841 ET - Nexstar says its merger with Tegna, which would consolidate hundreds of local television stations, has closed after the FCC and Justice Department cleared it. While the deal is facing challenges from several states on antitrust grounds, the FCC's approval puts pressure on other broadcast companies, says Benchmark analyst Daniel Kurnos. The rest of the industry will have the choice between pursuing mergers themselves or facing "increased competition from a now massive Nexstar, who will likely control at least 2 stations in almost every significant market that the rest of the group plays in," Kurnos says. (nicholas.miller@wsj.com)
0826 ET - Rivian's new partnership with Uber helps to address concerns investors had about Rivian's cash sustainability and the pace of demand for its new R2 vehicles, say Wedbush analysts. "The deal brings a binding commercial anchor to the R2 platform and injects capital visibility at a critical point in the production cycle while also validating its autonomous vehicle roadmap," the analysts say. They add that while Rivian is no longer expecting to be adjusted EBITDA positive in 2027 due to higher research and development spending, they say Rivian is "fully leaning into the autonomy at a crucial period with the commercial opportunity materializing." (nicholas.miller@wsj.com)
0809 ET - Antofagasta investors could be looking for the exit if the war in the Middle East continues, RBC Capital Markets analysts write. The Chilean copper miner is at risk of a lower valuation as a prolonged war could weigh on global economic growth and sour investor sentiment, they add. Copper prices and shares in miners of the metal have risen sharply in the past year given its vital importance in data centers and electrification efforts. With oil flows out of the Middle East disrupted, prices are rising. The mining industry will face significant cost pressures but Antofagasta is relatively well-shielded for now, they say. The analysts cut the stock's rating to underperform from sector perform. Shares fall 0.9% to 3,244 pence. (adam.whittaker@wsj.com)
0803 ET - Assa Abloy derives around 1% of group sales from the Middle East, so its direct impact from the conflict is minor, Citi analyst Vivek Midha writes. Shares have underperformed the STOXX Europe 600 Industrial Goods & Services index by 6% since the start of the Iran conflict, despite Assa's defensive qualities, Midha says. The first quarter is likely to be soft given adverse weather, but more importantly, higher bond yields could slow the residential construction recovery. Despite this, Assa Abloy's relative de-rating offers a good entry point in the bank's view for a name with midterm volume recovery potential and defensive qualities. The bank lowers its target price to 425 kronor from 440 kronor and keeps its buy rating. Shares rise 1.5% to 326.70 kronor. (dominic.chopping@wsj.com)
0748 ET - Heidelberg Materials investors have overestimated the negative impact of the Middle East conflict and potential changes to European carbon regulations, Deutsche Bank's Jon Bell writes. The cement-maker doesn't have large-scale operations in the Middle East, and its pivot to sustainable production insulates the company from surging natural-gas prices, Bell adds. Speculation that the European Union will water down reforms to its Emissions Trading Scheme weighed on the stock so far this year, as lower carbon prices would eat away at Heidelberg's relative advantage as a leader in decarbonization. However, targets to reduce carbon emissions will still be implemented even if they are delayed, the analyst adds. Heidelberg Materials gains 3.5%. (josephmichael.stonor@wsj.com)
0735 ET - A prolonged conflict in the Middle East could cause copper equities to fall, RBC Capital Markets analysts write. Global economic growth forecasts might be downgraded as a result of the war and could push copper prices lower, they write. Investors might look for an exit given the stocks' exposure to global economic growth, they write. Cost inflation from higher fuel and electricity prices would also hurt miners' earnings, they say. The copper market could flip into a surplus as second-half production recovers with mine ramp-ups, they add. (adam.whittaker@wsj.com)
0732 ET - Agentic commerce is still in the early innings, but companies are slowly assembling building blocks needed to help retailers roll out AI agents that help shoppers find products, provide customer support and let people order food at restaurants, Mizuho says in a note. Analyst David Bellinger says Google on Thursday showed off several new agentic shopping features including multi-item cart capabilities and deepening access to retailer catalogs, inventories and real-time pricing. "This is again a good development, in our view," he says. "Management teams seem to be buying in," he adds, noting that companies including Walmart, Target, Wayfair, Chewy, Home Depot and Lowe's stand to benefit from their ties to Google. (connor.hart@wsj.com)
(END) Dow Jones Newswires
March 20, 2026 09:51 ET (13:51 GMT)
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