Early Look

Tuesday, June 10, 2025

After a lackluster trading day on Monday that ended with major averages posting modest gains, US futures are again flattish to up slightly overnight as Wall Street awaits any notable headlines from London, where U.S. and China trade delegates try to work out a deal to avoid hefty tariffs for one another. Commerce Secretary Lutnick said US-China trade talks are going well and that they’re expected to go on all day. The bar for an improving risk appetite appears high after Chinese stocks suddenly fell toward the end of trading day earlier. After a muted open Monday, indecisive trade persisted into midday, but U.S. stocks gained some traction in afternoon trade heading into Tuesday. In Asian markets, The Nikkei Index gained 122 points to 38,211, the Shanghai Index fell -14 points to 3,384, and the Hang Seng Index dipped -18 points to 24,162. In Europe, the German DAX is down -129 points to 24,044, while the FTSE 100 is up 35 points to 8,867. Oil futures ticked higher, rising for a fourth straight session, as the market awaits the outcome of a second day of trade talks between the US and China. Another quiet day on Wall Street is expected, waiting for trade headlines with no notable economic data ahead of tomorrow’s consumer price index (CPI) inflation data and then the PPI data on Thursday. No major earnings results are expected this morning as well.

• The Dow Jones Industrial Average dipped -1.11 points, or 0.00%, to 42,761.76
• The Nasdaq Composite gained 61.28 points, or 0.31%, to 19,591.24
• The Russell 2000 Index advanced 12.26 points, or 0.57% to 2,144.51

• 7:45 AM ET ICSC Weekly Retail Sales
• 8:55 AM ET                  Johnson/Redbook Weekly Sales
• 1:00 PM ET US Treasury to sell $58B in 3-year notes
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: GME GTLB MIND PETS PLAY SFIX

• Bank America London TMT Conference, 6/10-6/12, in London
• DA Davidson Consumer & Technology Conference, 6/9-6/11 in Nashville, TN
• Goldman Sachs 46th Annual Global Healthcare Conference, 6/9-6/11 in Miami, FL
• Goldman Sachs 29th European Financials Conference, 6/10-6/12, in Berlin
• Oppenheimer 2025 Software Bus Tour, 6/9-6/10, in San Francisco, CA
• Oppenheimer 25th Annual Consumer Growth and E-Commerce Conference, 6/9-6/11

• Iran and the US will hold a sixth round of talks on Tehran’s nuclear program in Muscat on Sunday, Iranian Foreign Ministry said in a Telegram post early Tuesday.
• The US and China resumed talks into a second day in London, with financial markets on edge as the two sides try to agree to allow exports of key tech and industrial goods and avoid escalating their trade war.

• Casy General (CASY) Q4 EPS $2.63 vs. est. $1.96; Q4 net income $98.3M vs. est. $72.6M; Q4 Inside same-store sales went up 1.7% y/y, and 7.4% on a two-year stack basis; Q4 Fuel same-store gallons were up 0.1% compared to the prior year with a fuel margin of 37.6 cents per gallon; raises dividend 14%.
• Cracker Barrel (CBRL) announces $275M convertible senior notes offering.
• Lakeland Industries (LAKE) Q1 adj EBITDA $$0.6Mm vs est. $4.828Mm on sales $46.7Mm vs est. $48.85Mm; guides FY revs $210-220Mm vs est. $211.1Mm and adj EBITDA lower end $24-29Mm range vs est. $25.53Mm.
• Limoneira (LMNR) announces strategic citrus sales and marketing operations merger with Sunkist growers; Q2 EPS ($0.20) vs est. ($0.01) on revs $35.119Mm vs est. $38.7Mm; reiterates avocado volume guide for FY25;

• Copper prices lost ground on Tuesday as many investors shunned the market due to uncertainty about U.S.-China trade talks.
• FedEx (FDX) raises quarterly dividend by 5% to $1.45 per share.

• Brown & Brown (BRO) has entered into an agreement to acquire RSC Topco, Inc., the holding company for Accession. The transaction is expected to close in the third quarter of 2025, subject to customary closing conditions and regulatory approvals. Under the terms of the agreement, Brown & Brown will acquire RSC on a cash and debt-free basis at the time of acquisition for a gross purchase price of $9.825 billion
• Cohen & Steers, Inc. (CNS) preliminary assets under management of $88.6 billion as of May 31, 2025, an increase of $1.1 billion from assets under management of $87.5 billion at April 30, 2025. The increase was due to market appreciation of $1.3 billion, partially offset by distributions and net outflows.
• Fifth Third (FITB) reiterates that current expectations ‘unchanged’ from April 17 earnings call at the Morgan Stanley financial conference this morning, as they still see Q2 NII up 2%-3% vs. Q1, sees Q2 average loans and leases up approx. 1%, with non-interest income up 2%-6%, and non-interest expense down approx. 5%.
• Virtu Financial (VIRT) and Limina announced a strategic collaboration around Virtu’s TradeOPS platform. Virtu’s TradeOPS is a streamlined, consolidated platform that covers clients’ matching, settlements and payment requirements.

• Hims & Hers Health (HIMS) is betting that the cash-pay market for weight-loss drugs will drive up customer demand although some analysts see a need for the online website to adjust to changing competition in the U.S. Hims has thrived in the market for cheaper compounded versions of highly in-demand weight-loss drugs, such as NVO’s Wegovy. This was allowed by the U.S. FDA when those drugs were in shortage. But with the end of supply constraints, the agency said sales of compounded versions had to stop by May 22.- Reuters.
• Unicycive Therapeutics (UNCY) shares fall after saying the FDA has identified manufacturing issues with third-party vendor of its kidney disease drug, oxylanthanum carbonate; the company says FDA cannot discuss drug labeling with UNCY until these issues are resolved; final FDA decision is expected by June 28.

• Comtech Telecom (CMTL) Q3 adj EBITDA $12.6Mm vs est. $7.88Mm on sales $126.8Mm vs est. $124.12Mm, gross margin 30.7%.
• Ericsson (ERIC) and Supermicro (SMCI) announced an intent to engage in a strategic collaboration to accelerate Edge AI deployment.
• International Business Machines (IBM) said it plans to build what it called the world’s first large-scale, fault-tolerant quantum computer by 2029. The computer, dubbed IBM Quantum Starling, will be built in a new data center in Poughkeepsie, N.Y., and have 20,000 times more operations than current quantum computers.
• Nvidia (NVDA) and Hewlett Packard Enterprise (HPE) are partnering with the Leibniz Supercomputing Centre to build a new supercomputer using Nvidia’s next-generation chips. The Blue Lion supercomputer, as the project is called, will become available to scientists in early 2027, using Nvidia’s “Vera Rubin” chips.
• Skillsoft (SKIL) Q1 EPS loss (-$4.57) vs. (-$3.42) last year and Q1 revenue $124.2M vs. $127.8M last year; affirms FY26 revenue $530M-$545M and affirms FY26 adjusted EBITDA view of $112M-$118M.
• Taiwan Semiconductor Manufacturing Co. (TSM) reported May revenue surged 40% year-over-year as demand remained elevated for its AI chips. January-to-May revenue of NT$1.51 trillion was up nearly 43% over the same period last year.
• TechTarget (TTGT) was downgraded to underweight from neutral at JPMorgan.
• Chinese memory chipmaker Yangtze Memory Technologies Co. has filed a federal lawsuit in Washington, DC, accusing US-based Micron Technology (MU) of launching a disinformation campaign that falsely characterizes YMTC’s chips as spyware-laden
• ZoomInfo Technologies Inc (GTM) announces workforce reduction to support growth as plan includes 6% workforce reduction in Q2 2025; reiterates financial guidance for Q2 and full-year 2025; said expected annual operating expense savings of $28M – SEC filing