After Hours Report

Updated: 16-Jun-25 17:02 ET

OpenAI contemplates making antitrust complaint against Microsoft

[BRIEFING.COM] The stock market regrouped today and reclaimed a portion of the losses it suffered Friday, comforted somewhat by an understanding that the Israel-Iran conflict remains relatively contained and has not led to any major disruption in oil supply lines.

In a related development, press reports suggested today that Iran is working diplomatic channels to try to negotiate a ceasefire agreement with Israel, although Israel has not expressed similar overtures.

The latter point notwithstanding, the stock market was imbued with a positive bias that was the strongest at today's open, which carried the S&P 500 as high as 6,050. Buyers, though, didn't maintain that early conviction. The major indices trended lower from those opening highs in a gradual manner over the remainder of the session but still ended the day comfortably above the unchanged line.

The gains were fortified by the outperformance of the mega-cap stocks, which registered in the leadership of the information technology (+1.5%), communication services (+1.5%), and consumer discretionary (+1.2%) sectors. The Vanguard Mega-Cap Growth ETF (MGK) was up 1.3% versus a 0.9% gain for the S&P 500.

Separately, the semiconductor stocks were the standout performers, particularly Advanced Micro Devices (AMD 126.40, +10.24, +8.82%), which rallied on a CNBC report that the company might have secured a GPU deal with Amazon (AMZN 216.17, +4.07, +1.92%). The Philadelphia Semiconductor Index surged 3.0%, leaving it up 23.3% for the quarter.

On the flip side, defense stocks and energy shares retreated from Friday's leadership positions as the market's angst about the Israel-Iran conflict eased.

The S&P 500 energy sector (-0.3%) traded lower in conjunction with WTI crude futures (71.83, -1.33, -1.8%). Relative weakness was also seen in the more defensive-oriented utilities (-0.5%), health care (-0.4%), and consumer staples (+0.02%) sectors.

Breadth figures favored advancers over decliners by a less than 2-to-1 margin at the NYSE and Nasdaq, with a narrowing in that edge as the session progressed.

S&P 500: +2.6% YTD
Nasdaq: +2.0% YTD
DJIA: -0.1% YTD
S&P 400: -2.7% YTD
Russell 2000: -4.8% YTD

Reviewing today's economic data:

The Empire State Manufacturing Survey for June was weaker than expected at -16.0 (Briefing.com consensus -6.6; prior -9.2), with the indexes for new orders and shipments both declining. This was the fourth consecutive decline in manufacturing activity in New York State; however, firms turned positive about conditions for the next six months.

Overseas:

Europe: DAX +0.8%, FTSE +0.32%, CAC +0.8%
Asia: Nikkei +1.3%, Hang Seng +0.7%, Shanghai +0.4%

Commodities:

Crude Oil -1.33 @ 71.83
Nat Gas +0.16 @ 3.75
Gold +35.10 @ 3417.20
Silver +0.10 @ 36.46
Copper +0.02 @ 4.84

After-Hours Spotlight:

Castle Biosciences (CSTL) enters in to collaboration and license agreement with SciBase... CSTL up 0.9%
Fifth Third (FITB) approves a new share repurchase authorization of up to 100 mln shares... FITB up 0.6%
Microsoft (MSFT): OpenAI discussing making antitrust complaints to regulators, according to The Wall Street Journal... MSFT down 0.4%
Redwire (RDW) commences $200 mln common stock offering... RDW down 10.5%
Southwest Gas (SWX) announces launch of secondary public offering of 9.5 mln Centuri Holdings (CTRI) common stocks... SWX unchanged

Fair Value for Tuesday, June 17:

S&P 500: 6,088
Nasdaq 100: 22,166
DJIA: 42,848

Today's News Summary:

For a full rundown of today's market and after hours developments, see Live In Play

Earnings/Guidance (Full E arnings Calendar):
- MGM Resorts (MGM) provides upgraded guidance for BetMGM
- NJ Resources (NJR) releases presentation and reaffirms guidance for FY25
- ReNew (RNW) reports Q4 results with FY26 guidance
General News
- President Trump in an interview says it is "possible" U.S. could get involved in Israel's military operation in Iran, according to ABC News
- President Trump says "Iran and Israel should make a deal, and will make a deal"
- President Trump says if U.S. is "attacked in any way, shape or form by Iran, the full strength and might of the U.S. Armed Forces will come down on you at levels never seen before"
- Israel targeting oil and gas installations in Iran, according to NY Times
- President Trump privately rejected proposal from Israel to kill Iran's Supreme Leader Ayatollah Ali Khamenei, according to NBC News
- US Ambassador to Israel Mike Huckabee says "Our US Embassy in Israel & Consulate will officially remain closed today as shelter in place still in effect. Some minor damage from concussions of Iranian missile hits near Embassy Branch in @TelAviv but no injuries to US personnel"
- EU ready to accept 10% tariff rate from U.S. under right conditions, according to Reuters, citing German newspaper Handelsblatt
- Japan & U.S. will try to reach trade agreement during G-7 this week, according to Bloomberg
- President Trump's approval remains unchanged at 45% with a majority approving of his immigration policies amid nationwide protests over those policies. Only 40% approve of his tariffs, according to NBC News
- The man who was suspected of killing Minnesota state Rep. Melissa Hortman is now in custody, according to Washinton Post
- Senate Majority Leader John Thune in interview believes House & Senate will reach a compromised figure on state and local tax deduction and says Senate will work through July 4th recess to make sure large reconciliation bill can pass, according to Fox News
- International Atomic Energy Agency says "Based on info available to 4 critical buildings at Esfahan nuclear site were damaged in yesterday's attack, including the Uranium Conversion Facility and the Fuel Plate Fabrication Plant. As in Natanz, no increase in off-site radiation expected"
- U.S. considers $120 mln loan to Greenland for rare earth project, according to Reuters
- Marijuana could be a treatment for autism, according to WSJ
- Akebia Therapeutics (AKBA): AVEROA receives European marketing authorization for XOANACYL, an oral therapy for chronic kidney disease
- ADC Therapeutics (ADCT) announces updated ZYNLONTA investigator-initiated trial data in R/R marginal zone lymphoma presented at 18th International Conference on Malignant Lymphoma
- Alector (ALEC) appoints Neil Berkley as interim CFO, effective June 20
- Amazon (AMZN) investing AU$20 billion to expand data center infrastructure in Australia and strengthen the nation’s AI future
- American Woodmark (AMWD) CFO Paul Joachimczyk provided his resignation from the Company, effective June 27, 2025, as he is taking the principal financial officer role at another public company
- Apple (AAPL) planning Siri upgrade next year, according to Bloomberg
- Aquestive Therapeutics (AQST) Announces FDA Acceptance of New Drug Application and PDUFA Date for Anaphylm™ for the Treatment of Severe Allergic Reactions
- Archer Aviation (ACHR) strikes deal to deploy midnight aircraft in Indonesia
- At Home Group (HOME) enters agreement to facilitate ownership transition and position business for long-term success
- BioCryst Pharma (BCRX) presents new data on the long-term efficacy and safety of ORLADEYO across all ages at EAACI
- Boeing (BA) reports 20-Year forecast showing steady demand for nearly 44,000 new airplanes
- Boeing (BA): India conducting inspections of Boeing 787 jets after Air India crash, according to WSJ
- Boeing (BA) delivered 787 to China over the weekend amid easing trade tensions, according to Simple Flying
- Bristol-Myers (BMY) presents first data from the marginal zone lymphoma cohort of the Transcend FL trial demonstrating deep and durable responses with breyanzi (lisocabtagene maraleucel)
- Capital One (COF) reports May card metrics
- Carnival (CCL) announces new $4.5 billion revolving credit facility to upsize and extend the company's revolver capacity
- CenterPoint (CNP) reaches settlement agreement on landmark Systemwide Resiliency Plan
- Constellation Energy (CEG) announced it has received regulatory approval from the New York State Public Service Commission for its previously announced acquisition of Calpine Corporation
- CoreCivic (CXW): President Trump says ICE should expand operations in America’s largest cities, such as Los Angeles, Chicago, and New York
- EchoStar (SATS): President Trump urged FCC Chairman Brendan Carr to cut a deal with Echostar, according to Bloomberg
- Eli Lilly (LLY) to offer all approved doses of Zepbound (tirzepatide) single-dose vials through LillyDirect Self Pay Pharmacy Solutions
- Eve Holding (EVEX) and Revo accelerate urban air mobility with $250 mln contract
- Franklin Electric (FELE) announce the successful completion of a 1.2 mln stock purchase transaction involving shares held within the Patricia Schaefer Settlement Trust
- Genmab (GMAB) Announces Epcoritamab Investigational Combination Therapy Demonstrates High Response Rates in Patients with Relapsed or Refractory (R/R) Diffuse Large B-Cell Lymphoma (DLBCL) Eligible for Autologous Stem Cell Transplantation
- Google (GOOG, GOOGL) aiming to end ties with ScaleAI after Meta (META) deal, according to Reuters
- Intellia Therapeutics (NTLA) Announces Positive Three-Year Data from Phase 1 Trial of Lonvoguran Ziclumeran (lonvo-z) in Patients with Hereditary Angioedema (HAE) at the European Academy of Allergy and Clinical Immunology Congress
- Intl Game Tech. PLC (IGT) recently signed a new, three-year sports betting technology agreement with Boyd Gaming Corporation (BYD)
- Iovance Biotherapeutics (IOVA) CFO Jean-Marc Bellemin provided the Company with written notice that he would resign from the Company, effective July 10, 2025, to pursue other opportunities
- Jasper Therapeutics (JSPR) Reports Positive Data from 180mg Cohort in SPOTLIGHT Study of Briquilimab in Chronic Inducible Urticaria
- Johnson Controls (JCI) approves a $9 bln share repurchase authorization, adding to the $1.1 bln remaining as of the end of the second fiscal quarter under the share repurchase authorization previously approved in 2021
- Johnson & Johnson (JNJ) reports Investigational combination of first-in-class bispecifics TALVEY and TECVAYLI shows deep and durable responses in heavily pretreated multiple myeloma patients with extramedullary disease
- JPMorgan Chase (JPM) reports May card metrics
- KalVista Pharmaceuticals (KALV) announces FDA will not meet PDUFA goal date for sebetralstat NDA for hereditary angioedema Due to FDA resource constraints
- KalVista Pharmaceuticals (KALV) presents new data at the European Academy of Allergy and Clinical Immunology Congress 2025 on the efficacy of sebetralstat for the on-demand treatment of HAE attacks among patients receiving long-term prophylaxis
- Marti Technologies (MRT) announces the appointment of Cankut Durgun, the Company’s Co-founder and President, to the additional role of Chief Operating Officer, effective as of June 12, 2025
- Metalpha Technology Holding Limited (MATH) COO Ming Ni resigned
- Meta Platforms (META) to pay Scale at least $450 mln a year for five years for its AI products, according to Forbes
- NICE (NICE) announces that H&R Block is transforming customer service with NiCE CXone Mpower
- Nissan (NSANY) aiming to lower its stake in Renault, according to Nikkei
- Ocugen (OCGN) announces that the U.S. FDA has cleared the Investigational New Drug amendment to initiate a Phase 2/3 pivotal confirmatory trial of OCU410ST, a modifier gene therapy candidate being developed for all Stargardt disease
- Pharvaris N.V. (PHVS) presents data highlighting the potential for Deucrictibant to prevent and treat bradykinin-mediated angioedema attacks at the EAACI Congress
- Prothena’s (PRTA) partner Roche (RHHBY) to advance Prasinezumab into Phase III development for early-stage Parkinson's Disease
- Qiagen (QGEN) and Incyte (INCY) collaborate to develop companion diagnostics for patients with mutant CALR-expressing Myeloproliferative Neoplasms
- Regeneron Pharma (REGN) reports Dupixent (dupilumab) Demonstrated Superiority Over Xolair (Omalizumab) in Chronic Rhinosinusitis with Nasal Polyps (CRSwNP) in Patients with Coexisting Asthma in First-ever Presented Phase 4 Head-to-Head Respiratory Trial
- Roche Hldg's (RHHBY) Genentech to Advance Prasinezumab Into Phase III Development for Early-Stage Parkinson’s Disease
- Roche Hldg (RHHBY) reports safety update on Elevidys gene therapy
- RTX's (RTX) Pratt & Whitney secures contract from Dynetics, a Leidos company (LDOS), to supply TJ150 engines to be integrated with their Small Cruise Missile
- Sarepta (SRPT) Provides Safety Update for ELEVIDYS and Initiates Steps to Strengthen Safety in Non-Ambulatory Individuals with Duchenne
- Simon Property Group (SPG) CEO not prepared to resign despite cancer diagnosis, according to WSJ
- Southwest (LUV) adding a new cockpit alert system to assist pilots, according to WSJ
- TEGNA (TGNA) announces major local news expansion: adding more than 100 hours of new daily programming across 50+ markets
- TotalEnergies SE (TTE) expands Malaysia’s portfolio strengthening its strategic partnership with Petronas
- TotalEnergies (TTE) enters 40 Chevron (CVX) -Operated Exploration Blocks
- U.S. GoldMining (USGO) Highlights Exploration Potential at the Muddy Creek Mineral System, Including Historic High Grade Rock Grab Samples up to 111.50 g/t Au, Whistler Gold-Copper Project, Alaska
- U.S. Steel (X): President Trump approves historic partnership between U. S. Steel and Nippon Steel
- VEON (VEON) will shortly commence the third phase of previously announced share buyback program; third phase will be in the amount of up to USD 35 mln
- Victoria's Secret (VSCO): Barington Capital Group to take stake in Victoria's Secret, according to WSJ
- VivoPower (VVPR) has engaged advisors to fast-track execution in relation to its previously announced plan to directly spin off Caret through an IPO on NASDAQ
- Walmart (WMT) Canada has lowered the price on hundreds of key staple items to help Canadians save money and live better
- WeRide (WRD) signs MoU with RTA and Uber (UBER) to launch pilot operations of autonomous vehicles

Upgrades:
- Celanese (CE) upgraded to Overweight from Equal Weight at Wells Fargo, tgt $66
- Celsius Holdings (CELH) upgraded to Buy from Hold at TD Cowen, tgt $55
- Cisco (CSCO) upgraded to Buy from Hold at Deutsche Bank, tgt $73
- Freeport-McMoRan (FCX) upgraded to Outperform from Sector Perform at Scotiabank, tgt $48
- Hudson Technologies (HDSN) upgraded to Buy from Neutral at B. Riley, tgt $9
- Incyte (INCY) upgraded to Buy from Hold at Stifel, tgt $107
- Jade Biosciences (JBIO) upgraded to Buy from Neutral at Guggenheim, tgt $14
- Smurfit Westrock (SW) upgraded to Buy from Hold at Jefferies, tgt $55
- Sutro Biopharma (STRO) upgraded to Overweight from Neutral at Piper Sandler, tgt $2
- Upexi (UPXI) upgraded to Overweight from Neutral at Cantor Fitzgerald, tgt $16
- Umicore (UMICY) upgraded to Buy from Hold at Jefferies
- UroGen Pharma (URGN) upgraded to Buy from Neutral at H.C. Wainwright, tgt $50
- Wix.com (WIX) upgraded to Overweight from Equal Weight at Wells Fargo, tgt $216
Downgrades:
- Angi Inc. (ANGI) downgraded to Market Perform from Outperform at Citizens JMP
- CoreWeave (CRWV) downgraded to Neutral from Buy at BofA Securities, tgt $185
- Packaging Corp. of America (PKG) downgraded to Hold from Buy at Jefferies, tgt $205
- PROS Holdings (PRO) downgraded to Neutral from Outperform at Robert W. Baird, tgt $18
- Sarepta Therapeutics (SRPT) downgraded to Sell from Neutral at H.C. Wainwright, tgt $10
- Sarepta Therapeutics (SRPT) downgraded to Neutral from Overweight at Piper Sandler, tgt 36
- Sarepta Therapeutics (SRPT) downgraded to Market Perform from Outperform at BMO Capital, tgt $70
Others:
- Allegro MicroSystems (ALGM) reinstated with a Buy at BofA Securities, tgt $38
- Beta Bionics (BBNX) initiated with a Buy at Truist, tgt $26
- Boston Scientific (BSX) initiated with an Outperform at Leerink, tgt $118
- Conagra Brands (CAG) initiated with a Neutral at UBS, tgt $22
- DeFi Development (DFDV) initiated with an Overweight at Cantor Fitzgerald, tgt $45
- DexCom (DXCM) initiated with a Buy at Truist, tgt $102
- Enliven Therapeutics (ELVN) initiated with a Buy at Goldman, tgt $37
- Freshpet (FRPT) initiated with a Sell at UBS, tgt $65
- Hinge Health (HNGE) initiated with an Overweight at Barclays, tgt $43
- Hinge Health (HNGE) initiated with a Buy at BofA Securities, tgt $42
- Hinge Health (HNGE) initiated with a Buy at Canaccord Genuity, tgt $52
- Hinge Health (HNGE) initiated with an Outperform at Evercore ISI, tgt $50
- Hinge Health (HNGE) initiated with an Overweight at KeyBanc, tgt $45
- Hinge Health (HNGE) initiated with a Buy at Needham, tgt $47
- Hinge Health (HNGE) initiated with an Overweight at Morgan Stanley, tgt $46
- Hinge Health (HNGE) initiated with an Overweight at Piper Sandler, tgt $41
- Hinge Health (HNGE) initiated with an Outperform at Raymond James, tgt $45
- Hinge Health (HNGE) initiated with an Outperform at RBC Capital, tgt $45
- Hinge Health (HNGE) initiated with a Buy at Stifel, tgt $48
- Hinge Health (HNGE) initiated with a Buy at Truist, tgt $48
- Hinge Health (HNGE) initiated with an Outperform at William Blair
- Inogen (INGN) initiated with a Buy at B. Riley, tgt $14
- Insulet (PODD) initiated with a Buy at Truist, tgt $365
- Knife River (KNF) initiated with an Outperform at RBC Capital, tgt $129
- Martin Marietta Materials (MLM) initiated with a Sector Perform at RBC Capital, tgt $515
- McCormick (MKC) initiated with a Neutral at UBS, tgt $83
- Medtronic (MDT) initiated with an Outperform at Leerink, tgt $110
- MNTN (MNTN) initiated with a Neutral at Citigroup, tgt $22
- MNTN (MNTN) initiated with an Outperform at Citizens JMP, tgt $23
- MNTN (MNTN) initiated with an Outperform at Evercore ISI, tgt $27
- MNTN (MNTN) initiated with an Equal Weight at Morgan Stanley, tgt $20
- MNTN (MNTN) initiated with a Buy at Needham, tgt $25
- MNTN (MNTN) initiated with a Positive at Susquehanna, tgt $38
- MNTN (MNTN) initiated with an Outperform at Raymond James, tgt $27
- Procore Technologies (PCOR) initiated with a Buy at Arete, tgt $91
- Signet Jewelers (SIG) initiated with a Buy at Jefferies, tgt $102
- Sweetgreen (SG) initiated with an Overweight at Wells Fargo, tgt $19
- Tandem Diabetes Care (TNDM) initiated with a Hold at Truist, tgt $24

Econ Data (Tuesday):
- 08:30 ET: May Retail Sales (Briefing.com consensus -0.6%; prior 0.1%) and Retail Sales, Ex-Auto (Briefing.com consensus 0.1%; prior 0.1%)
- 08:30 ET: May Import Prices (prior 0.1%), Import Prices, Ex-Fuel (prior 0.4%), Export Prices (prior 0.1%), and Export Prices, ex ag (prior 0.1%)
- 09:15 ET: May Industrial Production (Briefing.com consensus 0.1%; prior 0.0%) and Capacity Utilization (Briefing.com consensus 77.7%; prior 77.7%)
- 10:00 ET: April Business Inventories (Briefing.com consensus 0.0%; prior 0.1%)
- 10:00 ET: June NAHB Housing Market Index (Briefing.com consensus 36; prior 34)
Earnings:Monday (June 16)
Pre-Market: None
After-Hours: LEN
Tuesday (June 17)
Pre-Market: JBL WLY
After-Hours: LZB
Wednesday (June 18)
Pre-Market: GMS KFY
After-Hours: SWBI
Thursday (June 19)
Pre-Market: None
After-Hours: None
Friday (June 20)
Pre-Market: ACN KMX DRI KR
After-Hours: None