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

2056 ET - Toll road owner Transurban's FY26 earnings and revenue miss the mark, driving a 2.7% fall in its share price to 14.24 Australian dollars. Still, the distribution guidance of A$0.72/share for FY27 was in line with expectations and above the FY26 payout of A$0.69/share. "Importantly, management disclosed that free cash coverage is expected to be slightly below the normal 95-105% target range due to the M5 West ownership changes," Jefferies analyst Amit Kanwatia says. That suggests management is prioritizing growth in the dividend during a transitional earnings period, Jefferies says. It had a hold call and A$13.69/share price target on Transurban ahead of the FY26 result.(david.winning@wsj.com; @dwinningWSJ)

2048 ET - Jefferies expects the market to downgrade Orora's earnings outlook based on the drinks container company's guidance alongside its FY 2026 result. Orora expects lower Ebit in FY 2027, driven by weakness in its Saverglass business and higher depreciation and amortization. Analyst Ramoun Lazar says consensus Ebit forecasts for the company were for a 2% fall in FY 2027, which look too high. "Nothing to like here, given downgrades," says Jefferies, which had a hold call and A$1.32/share price target on Orora ahead of the result. Orora is up 0.3% at A$1.52. (david.winning@wsj.com; @dwinningWSJ)

2045 ET - ANZ's 3Q update is seen by its bull at Citi as reducing risks around the Australian bank's annual guidance. Analyst Thomas Strong points out that June-quarter costs of A$2.785 billion include A$100 million of New Zealand-related provisions, for which consensus had not accounted. Excluding this unexpected item, Strong says costs fell by 3%. He tells clients in a note that management's reiterated guidance points to "decent" on-quarter cost growth for the three months through September. Citi has a last-published buy rating on the stock and a target price of 39.25 Australian dollars. Shares are up 3.2% at A$37.57. (stuart.condie@wsj.com)

2045 ET - Origin Energy's share price rises 6.0% to a three-month high of 11.93 Australian dollars on a double dose of good news about its Energy Markets business. Origin reported underlying Ebitda from the division of A$1.701 billion in FY26. That was 1.3% ahead of Jefferies' forecast, and 1.5% above consensus. Origin's guidance for Energy Markets earnings in FY27 was also surprisingly strong. It projects underlying Ebitda of A$1.55 billion-A$1.85 billion, ahead of consensus forecasts of A$1.61 billion. Still, analyst Amit Kanwatia notes "the key offset remains slower wholesale markets and the extent to which lower forward prices pressure FY28 Energy Markets." Jefferies had a buy call and A$12.22/share price target on Origin ahead of its FY26 result. (david.winning@wsj.com; @dwinningWSJ)

2020 ET - South Korea's semiconductor-driven economic boom could lose steam within two years despite near-term upside risks to gross domestic product growth, Capital Economics' Marcel Thieliant says. The economist expects the U.S. artificial-intelligence investment boom to run out of steam in 2028, which could prompt South Korean chip makers to start cutting capital spending as the industry is highly cyclical. Thieliant notes that Samsung Electronics and SK Hynix announced a combined 800 trillion won investment plan to build new chip fabrication plants in southwestern South Korea, although the time frame has yet to be disclosed. SK Hynix cut its capital expenditure by two-thirds in 2023 as the post-pandemic electronics boom reversed, he notes.(kwanwoo.jun@wsj.com)

2012 ET - Japanese stocks are higher due to eased fears about the Fed's potential rate increases and gains in U.S. technology stocks overnight. Chip and other electronics shares are leading gains. Advantest is up 6.2%, Kioxia Holdings is 6.0% higher and Murata Manufacturing is up 6.2%. The dollar is at 159.33 yen, compared with Y159.40 as of Wednesday's Tokyo stock market close. Investors are closely watching any developments in the Iran conflict and crude oil prices. The Nikkei Stock Average is up 1.8% at 68745.28. (kosaku.narioka@wsj.com; @kosakunarioka)

1956 ET - Australian stocks look set to edge lower at the open as more of the country's best-known companies report earnings. Local stock futures are down by 0.3% ahead of Thursday's session, suggesting that the S&P/ASX 200 could be on track for a second straight decline. The benchmark index is coming off a 0.45% fall and is down by 0.6% so far this week, albeit still up by 2.6% in August. Ahead of the open, telecommunications provider Telstra lifted its dividend and announced a further 1.0 billion Australian dollars on-market buyback. Treasury Wine Estates posted a A$1.08 billion annual loss on U.S. asset impairments, and ANZ bank reported an unaudited third-quarter cash profit of A$1.90 billion. (stuart.condie@wsj.com)

1942 ET - Japanese stocks may rise thanks to eased fears about the Fed's rate increases and gains in U.S. technology stocks overnight. Nikkei futures are up 1.2% at 68500 on the SGX. The dollar is at 159.34 yen, compared with Y159.40 as of Wednesday's Tokyo stock market close. Investors are focusing on any developments in the Iran conflict and crude oil prices. The Nikkei Stock Average rose 0.8% to 67524.06 on Wednesday. (kosaku.narioka@wsj.com)

1729 ET - Cisco Systems guides for revenue of between $72.2 billion and $73.4 billion in fiscal year 2027, representing between 14% and 16% growth compared with its fiscal year 2026 revenue of $63.33 billion. Analysts polled by FactSet are currently expecting fiscal 2027 revenue of $69.12 billion. Revenue grew 12% from fiscal 2025 to fiscal 2026, the company says. Shares are down 4.3% after-hours. (elias.schisgall@wsj.com)Apotex's U.S. segment is a weak spot in its public market debut, as increased market competition and an operational plant pause weigh on revenue. Excluding last year's generic revlimid windfall, underlying U.S. sales slipped 8.6% to C$362.9 million, with the drop worsening to a steep 48.5% on a reported basis. Apotex cites fresh competition following lost exclusivities on key drugs including leukemia treatment nilotinib, alongside a temporary halt on U.S.-bound eye drop shipments for Richmond Hill plant remediation. CEO Jeff Watson says on the earnings call that the company expects to be ready for FDA re-inspection by the end of the calendar year. The U.S. performance contrasts with Canada's 11.5% sales rise. Shares are down 4.2% to C$35.13. (adriano.marchese@wsj.com)

1442 ET - Apotex shrugs off concerns over potential U.S. tariffs on generic drugs, pointing to its massive Canadian manufacturing setup as a shield. CEO Jeff Watson says on the earnings call that Apotex benefits from "significant North American manufacturing footprint with the majority of our U.S. farm products produced in Canada," adding that management is actively lobbying trade officials on a "North American onshoring initiative that we share with both the U.S. and Canadian governments." Executive Christine Batur says there is a "unique recognition of Canada as part of the solution," giving the company a "good potential advantage" over global rivals. Apotex is also expanding its U.S. footprint through a new partnership with Halo Pharmaceutical to fund sterile injectable capacity in New Jersey. Shares are down 4.7% to C$35.32. (adriano.marchese@wsj.com)

1430 ET - July fitness data points to continued stability at Planet Fitness, while supporting a bullish view on Life Time Group, according to Jefferies in a research note. Planet Fitness foot traffic rose around 1% in July, about the same as June, while web visits climbed around 33% last month following a 36% rise in June, the analysts say. "2Q showed the business holding its shape with the guide intact and no negative 2H comp," the analysts add. Life Time web traffic increased about 32% in July following a 31% rise in June, and Jefferies says its 2Q results showed continued productivity gains from pricing, mix improvement and higher member engagement. These trends, along with other positives, should provide "a long runway for earnings growth & multiple expansion," the analysts say.