The latest Market Talks covering Equities. Published exclusively on Dow Jones Newswires throughout the day.

0914 ET - Despite the investment target delay, Trilogy Metals has the cash to see it through the short term, says TD Cowen analyst Craig Hutchison. In a report, the analyst says the two-month extension of the U.S. Defense Department's planned $35.6 million equity investment shouldn't materially affect the company's near-term plans, noting that Trilogy ended February with a $48 million cash balance. He adds that the U.S. government has completed its foreign-ownership review and Congress has reauthorized the Defense Production Act, clearing the way for final documentation. Hutchison also points to ongoing discussions around financing the Ambler Access Project and says federal permitting for the Arctic project remains on track under the FAST-41 process. (adriano.marchese@wsj.com)

0800 ET - HawkEye 360 has strong demand tailwinds behind it due to the increasing importance of radio frequency intelligence in modern conflicts, say Raymond James analysts, who initiate coverage of the stock as a strong buy. Warfare is becoming more connected, autonomous and electronically contested, with military platforms and equipment generating electromagnetic signatures that are difficult to conceal. The role of orbital sensing will also grow as the architecture matures. "We believe HawkEye's deep RF domain expertise, regular launch cadence, proprietary algorithms, and rapidly expanding reservoir of RF datapoints position the company to become increasingly embedded within intelligence, mission planning, and broader operational workflows over time," the analysts say. (nicholas.miller@wsj.com)

0757 ET - HawkEye 360 is already profitable, which differentiates it from other early stage publicly-traded space industry companies, say Morgan Stanley analysts. The company's margins are likely to continue growing from here, since it can sell its satellite data to more customers without significant research and development expenses or capital expenditures. Its next-generation satellites can also be produced at the fraction of the cost of its previous generation. This means overall capital intensity should decline even as it continues to build and launch more satellites to improve coverage and drive down latency, the analysts say. (nicholas.miller@wsj.com)

0754 ET - Equinor's shares have two tailwinds that could push them nearly 25% higher, Baader's Frederic Lorec writes. The first is a structural one, he says. The Norwegian energy major has become a key gas supplier to Europe after the bloc weaned itself off Russian gas after the invasion of Ukraine. Gas prices have been elevated since Qatari gas facilities were damaged during the conflict in the Middle East and mean Norwegian gas margins should remain supported through at least 2028, Lorec adds. Secondly, low-cost oil production means the company is benefiting from the current higher oil prices, he adds. An Iran deal would hurt both tailwinds, but this isn't the base case given the state of negotiations, he adds. Shares rise 2.9% to 344.70 krone. (adam.whittaker@wsj.com)

0755 ET - HawkEye 360's radio frequency data is well ahead of what competitors can offer, say Morgan Stanley analysts, who initiate coverage with an overweight rating and a price target of $41. "We see Hawk's rich emitter database and refined processing algorithms developed over years of collection providing a deep competitive moat," the analysts say. "The company's data collection comes at a relatively accessible price point. Its data analytics overlay provides differentiated intelligence for its endmarkets, creating strong demand for its products." Additionally, the analysts say that since the company's offering is unclassified, it can receive business from allied government customers and areas of the U.S. military without high-level security clearances.(nicholas.miller@wsj.com)

0740 ET - Dell Technologies is managing memory and CPU supply shortages better than peers, prompting Morgan Stanley analysts to change their tune about the stock and upgrade it to equal-weight from underweight. The analysts say they were wrong in their previous perception that Dell would struggle with cost inflation, and now see Dell taking market share because it has better access to memory pricing that many of its competitors. Enterprise customers are pulling forward orders, which the analysts think will help Dell exit fiscal 2027 with demand outpacing supply. Shares have more than tripled this year and hit an all-time high Friday. (katherine.hamilton@wsj.com)

0729 ET - The fashion retail sector could see a strong polarization in performance in a highly competitive market, RBC Capital Markets analyst Richard Chamberlain says. Inditex, Next and Uniqlo are expected to gain like-for-like share versus H&M and Primark, the analyst writes in a research note. "Major fashion retailers that are outperforming have exposure to more affluent customers," he says, adding that these companies have a high amount of product innovation and operational flexibility. "We expect valuation multiples increasingly to reflect this disparity in performance," Chamberlain says. The lower end of the market remains the most price competitive, with Shein continuing to market aggressively in countries like the U.K., the analyst says. Meanwhile, H&M is attempting to move away from low price competition, but this strategy is relatively hard to execute successfully, he adds. (andrea.figueras@wsj.com)

0656 ET - AstraZeneca's initial data on an experimental drug for head and neck cancer is unlikely to build excitement, though this isn't in focus for the U.K. drugmaker, Jefferies analysts say in a note. A first glance at data for AstraZeneca's volrustomig as a first-line treatment for head and neck squamous cell carcinoma shows the median progression-free survival is below that of rival drugs including Merck's blockbuster Keytruda, the analysts say. The underwhelming data have no impact on Jefferies' investment thesis, given that this isn't a core drug, the analysts say. Volrustomig, which is currently in phase 2 studies, is a so-called bispecific antibody designed to target two proteins simultaneously and release the body's immune system to attack cancer. Shares fall 1.1%. (adria.calatayud@wsj.com)

0621 ET - Airbus is less likely to slash its commercial aircraft delivery target for the year after the number of planes it dispatches to customers picked up in May, MWB Research's Jens-Peter Rieck writes in a note to clients. The European plane maker delivered 181 planes between January and the end of April and is aiming for about 870 this year. Rieck says Airbus has materially improved its delivery cadence and estimates about 87 shipments for May. He notes that would be the strongest month of the year and could lead to the strongest second quarter in the company's history. Airbus shares trade 1.6% lower at 176.78 euros. (mauro.orru@wsj.com)

0616 ET - Rentokil Initial has an attractive business model with pricing power and high margins, but is underperforming financially against its peers, Panmure Liberum analysts Joe Brent and Joe Walker write. Recently appointed CEO Mike Duffy is likely to set out his business strategy alongside 1H earnings next month and the analysts expect a "variety of levers for improved performance." Panmure initiates coverage on the pest-control group with a buy rating and 563 pence target price. Shares are down 1.1% at 443.80 pence. (ian.walker@wsj.com)

0616 ET - Revolution Medicines' late-stage pancreatic cancer trial results look solid for the drugmaker, Jefferies' Faisal Khurshid writes. The overall survival rate for patients using the drug is impressive, the analyst writes. Patients were tested over six months in the trial, though that period will likely be longer in real-world usage of the drug, the analyst says. Though the trial didn't appear to raise any major safety concerns, Khurshid says physicians' views will be crucial. So far, appetite for the drug looks high. "We hear physicians clamoring for access," Khurshid says. The analyst is positive on the stock's outlook, especially given pending FDA approval for other cancer treatments. Revolution Medicines shares jump 10% in premarket trade following the announcement of the trial results. (josephmichael.stonor@wsj.com)

0610 ET - Berkshire Hathaway's acquisition of housebuilder Taylor Morrison suggests the conglomerate is primed to buy further companies, AJ Bell's Dan Coatsworth writes. The purchase is among Berkshire's first major deals under the leadership of Greg Abel, who took over as chief executive from Warren Buffett in January. "There may now be speculation about Berkshire putting its hefty financial firepower to work in an increasingly concerted way," Coatsworth writes. The deal was agreed for $6.8 billion in cash at $72.50 a share--a 24% premium to Taylor Morrison's share price at market close Friday. Shares in the housebuilder soar close to 22% premarket, while Berkshire Hathaway shares slip 0.2%. (josephmichael.stonor@wsj.com)

(END) Dow Jones Newswires

June 01, 2026 09:15 ET (13:15 GMT)

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