Mid-Morning Look: June 11, 2026

Mid-Morning Look

Thursday, June 11, 2026

U.S. stocks open modestly higher, but paring overnight gains amid Iran/US escalation overnight, PPI inflation data came in mixed (headline higher but core PPI below views), the ECB raised interest rates by 25 bps as expected at policy meeting, ORCL tumbles as results were better but capex spending for AI infrastructure higher than Wall Street expected, and lastly SpaceX (SPCX) IPO set for pricing tonight after the close and trade tomorrow. A very busy morning of corporate and macro news headlines. Oil prices fell despite fresh U.S. military strikes on Iran; gold prices extend losses and Treasury yields slip while Bitcoin rebounds.

President Trump said earlier the US will be “hitting Iran very hard tonight” and announces that the US will be “taking Kharg Island” in the “not too distant future.” President Trump also says the US will “assume total control” of Iran’s oil and gas markets, “much like we have with Venezuela.” The U.S. military said on Thursday it had disabled a third oil tanker in the Gulf of Oman overnight as it was trying to move Iranian oil through an American blockade, saying it was the third commercial ship disabled by U.S. forces this week. A U.S. aircraft fired two Hellfire missiles into the ship’s engine room after the crew repeatedly failed to comply with directions from U.S. forces,” U.S. Central Command said

OPEC on Thursday lowered its forecast for world oil demand growth in 2026 to 970,000 barrels per day, a copy of its monthly report showed, marking the second straight downward revision. The producer group continues to see a smaller impact on consumption since the Iran war started than other forecasters such as the U.S. Energy Information Administration and the International Energy Agency. Both expect demand to decline in 2026.

The European Central Bank (ECB) said its Governing Council is committed to setting monetary policy to ensure that inflation stabilizes at its 2% target in the medium term. In line with this commitment, it today decided to raise the three key ECB interest rates by 25 basis points. ECB raises interest rate on deposit facility to 2.25% vs 2.00%, raises benchmark refinancing rate to 2.40% vs 2.15% and raises interest rate on marginal Lending facility to 2.65% vs 2.40%. The rate hikes were widely expected by Wall Street.

• Weekly Jobless Claims climbed to 229,000 from 225,000 last week and above consensus 219,000; the 4-week moving average climbed to 219,000 from 214,750 prior week (previous 214,750) and continued claims climbed to 1.795M from 1.771M prior week (vs. consensus 1.780M).

• Papers & Packaging: GEF announced a $60/ton price increase for all grades of URB products effective July 6 and a minimum 6.5% increase on all tube and core and protective packaging products effective July 13. Overall Truist believes this is positive for GEF and SON The firm also noted on PKG, Vol Strong; 2nd price increase being implemented; Q2 could be soft on Cost/Inventory as depends on June; says add on Weakness. Separately, UBS noted PKG presented at a conference yesterday and noted that it could miss the 2Q EPS guide ($2.33, consensus at $2.36, UBSe at $2.38) saying the main culprits were $10-12M of higher freight and OCC costs (-$0.09), and another $0.03 $0.04 impact from lower outside sales/exports.
• In Chemicals: TROX was upgraded to Hold from Sell at Truist with an unchanged price target of $7 saying current share levels appropriately balance the company’s potential near-term positives, namely improved TiO2 pricing dynamics and potential for share gains, with its significant downside risks from margin pressure and potential for demand stagnation or destruction. In Nitrogen space (CF, NTR), @JavierBlas noted on X, “the drop in nitrogen fertilizer prices has now extended into Asia. India has received offers for its latest urea tender at an average price of $530 per tonne, down ~44% from $947 per tonne in April.”
• In Power and E&C sector: ETN entered into a definitive agreement with DAN under which Eaton will separate and combine its Mobility Group with Dana in a Reverse Morris Trust transaction creating a combined company valued at over $10B. GNRC price tgt raised to $335 from $305 at UBS reflecting greater confidence in the durability and visibility of GNRC’s earnings trajectory. While investors increasingly recognize GNRC’s exposure to data center demand, UBS believes the pace at which accelerating C&I growth can reshape the company’s earnings profile remains underappreciated.

• ELVN +11%; said its experimental chronic myeloid leukemia drug called ELVN-001 induced major molecular responses in nearly half of heavily pretreated patients in an ongoing Phase 1 study; Says 61% of patients in key group saw major disease reduction; ~50% achieved this within 24 weeks.
• INTC +8%; was double upgraded to Buy from underperform at Bank America and raised tgt to $135 on increased foundry visibility and citing higher confidence in Intel’s opportunity to help address industry constraints in leading edge wafers and packaging as well as supply into a much larger agentic CPU market.
• KLAC +9%; as semi equipment stocks leading the sector LRCX, AMAT to new all-time highs
• NAVN +13%; shares jumped on results and guidance as posted strong Q1 results as GTV grew >50% Y/Y, and revenue growth accelerated again to 39.9% while gross margin was up 320bp Y/Y driven by the continued mix shift and higher Ava usage and raises FY27 revenue view to $907M-$913M from $866M-$874M.
• TROX +7%; was upgraded to Hold from Sell at Truist with an unchanged price target of $7 saying current share levels appropriately balance the company’s potential near-term positives, namely improved TiO2 pricing dynamics and potential for share gains.
• VRA +7%; rises on results as Q1 revs rose 7.8% y/y to $55.7M, topping est. $49.1M while gross margin expanded and expenses fell, driven by cost optimization and sales mix; SG&A expense fell nearly 15% y/y and affirms year sales view.

• GOOGL -2%; as Mag 7 mega cap tech among few weak spots in tech AAPL, META, MSFT, AMZN weak
• ORCL -11%; reported both EPS and revenue that topped consensus expectations as Cloud infrastructure revenue surged 93% Y/Y, remaining performance obligations (RPO) exploded 363% Y/Y to $638B, but shares were hit as investors focused on management’s plan to raise roughly $40B in financing for future AI.
• OXM -12%; reported Q1 EPS beat and in-line revs of $391.4M while trends for Tommy Bahama were solid in Q1 (+MSD% comps) but softened for the total enterprise (especially Lilly Pulitzer) sequentially through the quarter and into early June; low-end of the FY26 EPS guidance was raised, but guided Q2 revs adjusted EPS $1.20-$1.40 below consensus $1.46 and sees Q2 revenue $380M-$400M vs. est. $413.86M.
• PCT -16%; announces pricing concurrent offerings of $250 mln 4.75% convertible bonds (CBs) due 2032 and ~17.66M shares at $8.21 for $145M.