Markets
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Helena Cheng

PVH shares plunge on lowered revenue outlook tied to geopolitical tensions

PVH is plunging in early trading following the release of its Q1 report, as a lowered full-year sales guidance overshadowed an otherwise solid earnings beat. The company, which owns iconic brands Calvin Klein and Tommy Hilfiger, warned investors that ongoing macroeconomic and geopolitical tensions would impact international revenues.

The primary driver behind the stock collapse is a revised fiscal 2026 forecast that caught Wall Street off guard. Revenue is now projected to be “approximately flat” compared to the flat to slight increase it had forecast previously, with the prolonged war with Iran and its widening economic impact on the EMEA region cited as the cause. Revenue in constant currency terms for the EMEA region fell 5% during the quarter as a result of these disruptions. The company continues to expect growth in its Americas and Asia-Pacific businesses.

PVH continues to expect full-year adjusted earnings between $11.80 and $12.10 per share, which includes a roughly $3.30 impact from tariff costs and around a $1.70 benefit from tariff refunds.

“As we look forward, we are balancing two opposing forces: on one side, the increasing brand and business momentum we are driving in both Calvin and TOMMY, and on the other, the prolonged effects of the Middle East conflict, which is putting pressure on the consumer in EMEA,” Stefan Larsson, the CEO of PVH, commented in a statement. “We are adjusting to the moment, while keeping our long-term approach to fueling our brand and business momentum.”

For Q1 itself, PVH posted total sales that rose 2% year over year to $2.03 billion. The retail brand bounced back to an $88 million profit, or $1.90 per share, reversing a net loss of $44.8 million from the same quarter last year. Growth was anchored by the company’s direct-to-consumer sales, which grew by 6% on the back of strong performance in Calvin Klein denim and underwear, alongside Tommy Hilfiger outerwear.

Despite the sell-off, PVH stock has risen over 30% year to date.

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Jon Keegan

Adobe beats on Q2 earnings, revenue; CFO to step down

Adobe reported fiscal Q2 results Thursday, beating analysts’ estimates for revenue and earnings, as its stock plumbed its lowest levels since 2019.

For Q2 2026, the creative software company posted:

  • Revenues of $6.62 billion (estimate: $6.45 billion).

  • Adjusted earnings per share of $5.96 (estimate: $5.82).

  • Annual recurring revenue of $27.1 billion (estimate: $26.6 billion).

  • Subscription revenue of $6.42 billion (estimate: $6.27 billion).

  • Remaining performance obligations of $22.27 billion (estimate: $21.86 billion).

The company also said its CFO, Dan Durn, would step down next week “to pursue a new professional opportunity.” And it boosted its full-year guidance for earnings and revenue.

Shares fell 5.5% in after-hours trading.

Adobe is feeling the pressure from AI, as the April release of Anthropic’s Claude Design threatens the company’s core design software business. Shares have tanked lately, with the stock down by nearly half over the past 12 months, putting it at levels not seen in years.

Last quarter, Adobe announced that CEO Shantanu Narayen, who had been at the company for 18 years, would be leaving after his successor was appointed. Today, Adobe announced that CFO Dan Durn would also be leaving the company — this month.

Adobe announced a $25 billion stock buyback in April, which gave the stock a boost. The company said it repurchased about 8.5 million shares during the quarter.

In a press release, Narayen said:

“Adobe delivered record revenue of $6.62 billion in Q2 reflecting strong AI-driven demand across our customer groups and we are raising our full-year fiscal 2026 revenue and non-GAAP EPS targets on the strength of that performance.”

Tasha Matsumoto
7h
Stocks climb, oil drops as Trump calls off strikes on Iran

President Trump posted on Truth Social that he was calling off impending air strikes against Iran and told reporters in the Oval Office that the US and Iran will sign a peace deal soon. Oil plunged on the news.

Portrait of bull
markets
Max Knoblauch

Trump says he’s called off impending strikes on Iran, sending stocks higher and oil plunging

President Trump on Thursday afternoon said he is calling off upcoming planned strikes on Iran. In a Truth Social post, Trump said “discussions with the Islamic Republic of Iran have been brought to the highest level of Iranian leadership and approved.”

Stocks broadly popped, with the S&P 500 moving from roughly flat to up 1.4% on the day, and oil plunged on the news.

“Discussions and final points have been, in both concept and great detail, approved by all parties involved, including the United States, Israel, Saudi Arabia, UAE, Qatar, Turkey, Pakistan, Bahrain, Kuwait, Jordan, Egypt, and others. The Naval Blockade will remain in full force and effect until this Transaction is finalized — Time and place of the signing to be announced shortly,” the president added.

West Texas Intermediate crude futures are down 3% on Thursday afternoon, dropping sharply following the post.

Oil-sensitive stocks reacted accordingly, with airlines including Delta Air Lines, American Airlines, United Airlines, Southwest Airlines, JetBlue, Alaska Air, and Frontier all climbing significantly. Carnival, Norwegian, and Royal Caribbean similarly jumped.

Freight companies including UPS, FedEx, XPO, and Old Dominion Freight were also up on oil’s movement.

Oil-adjacent companies including Exxon, ConocoPhillips, and Occidental Petroleum dipped.

markets
Saleah Blancaflor

US gas prices drop for the third week in a row to an average of $4.12

As we approach mid-June, the national average of US gas prices has been dropping for three weeks in a row, giving some relief to drivers traveling during a busy summer season. Since May 21, prices have fallen from $4.56 a gallon and are currently at $4.12 due to crude oil prices staying below $100 per barrel, according to the American Automobile Association.

US gas prices have a tendency to peak during this time of the year, and the uncertainty associated with the Strait of Hormuz has made them more volatile and unpredictable. While gas prices have remained around four-year highs, they’re still far from when they reached their highest, at $5 per gallon in June 2022.

GasBuddy’s Patrick De Haan posted on Wednesday that motorists today will be spending approximately $137 million less on gas than they did a month ago, but $385 million more than a year ago.

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(Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.)

Prediction markets show traders currently pricing in an 81% chance that US gas prices will drop below $3.80 this year.

Pump Prices Fall for Third Straight Week

AAA Fuel Prices

US gas prices have a tendency to peak during this time of the year, and the uncertainty associated with the Strait of Hormuz has made them more volatile and unpredictable. While gas prices have remained around four-year highs, they’re still far from when they reached their highest, at $5 per gallon in June 2022.

GasBuddy’s Patrick De Haan posted on Wednesday that motorists today will be spending approximately $137 million less on gas than they did a month ago, but $385 million more than a year ago.

Loading...
 

(Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.)

Prediction markets show traders currently pricing in an 81% chance that US gas prices will drop below $3.80 this year.

markets
Helena Cheng

Intel soars on double rating upgrade from BofA on CPU growth

Intel shares are surging following a double rating upgrade from Bank of America, which flipped its stance on the company from bearish to bullish.

Bank of America raised its rating on Intel to “buy” from “underperform,” boosting its 12-month price target to $135 a share from $96.

Shares of Intel rose 5.2% in recent trading, bringing the stock’s gains thus far in 2026 to more than 200%.

Analyst Vivek Arya noted “higher confidence in INTC’s opportunity to help address industry constraints in leading edge wafers/packaging” and its ability to capture a “much larger” agentic CPU market.

Bank of America heavily increased its estimate for the global server CPU total addressable market (TAM), predicting it will skyrocket to more than $170 billion by 2030. Analysts highlighted the rise of agentic AI as a critical tailwind that will require a massive volume of traditional x86 server chips.

Beyond standard chip architecture design, the report also shows confidence in Intel’s customized manufacturing services. BofA analysts now project that its server CPU revenue could top $40 billion by the end of the decade.

Momentum was built around Intel Foundry services as surging global AI demand continuously outpaces capacity. Just last week, Google reportedly placed an order with Intel to manufacture more than 3 million of its increasingly popular tensor processing unit chips in 2028. According to the report, Nvidia is also testing to see if Intel could manufacture its next-gen Feynman chips.

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