Morning Preview: May 14, 2026

Early Look

Thursday, May 14, 2026

U.S. futures are looking higher as the President Trump/China leader Xi summit kicks off, and tech rallies again overnight on CSCO earnings (shares +15% pre mkt) adding to the AI euphoria and chip company Cerebras (CBRS) highly anticipated IPO priced well above the recently increased IPO range (at $185 vs. deal price range $150-$160). It was another day, another record for the S&P 500 and Nasdaq Comp on Wednesday, helped again by AI/technology-related stocks even as investors worried about data showing U.S. producer prices increased more than expected in April. Technology (XLK) rose +0.94% to a new high and Communication services (XLC) rose +0.78% while Financials (XLF) and Utilities (XLU) both fell over -1%. Hotter CPI and PPI inflation data raised concerns about rates in the future but did little to dent the enthusiasm markets have about AI related stocks as the SOX index neared a new high again along with NVDA and a bevy of other chip stocks. Energy prices have soared since the late February start of the war in Iran, and recent inflation data is dimming any hopes for a near-term rate cut from the Federal Reserve. Wednesday’s report showed PPI jumped by 1.4% last month, going past the 0.5% consensus and adding to March’s upwardly revised 0.7% increase. It was the largest monthly increase since March 2022. Overnight, Bloomberg reported Xi President Jinping Xi signaled China is moving toward greater openness, striking an upbeat note during his meeting with US business leaders accompanying Donald Trump as the two presidents wrapped up morning talks that featured more divisive issues like trade and Taiwan. In his remarks on Thursday, Xi added that he believes US firms will have even broader prospects in China, CCTV reported. In Asian markets, The Nikkei Index declined -618 points to 61,654, the Shanghai Index tumbled -64 points to 4,177, and the Hang Seng Index was little changed at 26,389. In Europe, the German DAX is up 313 points to 24,450, while the FTSE 100 rises 27 points to 10,353. This morning we get retail sales and jobless claims data.

• The Dow Jones Industrial Average fell -67.36 points, or 0.14%, to 49,693.20
• The Nasdaq Composite gained 314.14 points, or 1.20%, to 26,402.34
• The Russell 2000 Index advanced 1.13 points, or 0.04% to 2,843.96

• 8:30 AM ET                  Continuing Claims…est. 1.79M
• 8:30 AM ET                  Import Prices M/M for April…est. +1.0%
• 8:30 AM ET                  Export Prices M/M for April…est. +1.1%
• 8:30 AM ET                  Retail Sales M/M for April…est. +0.5% (prior +1.7%)
• 8:30 AM ET                  Retail Sales Ex Autos M/M for April…est. +0.6% (prior +1.9%)
• 10:00 AM ET                Business Inventories M/M for March…est. +0.8%
• 10:30 AM ET                Weekly EIA Natural Gas Inventory Data

• Earnings After the Close: AENT AMAT AQST CLPR DFLI DLO EGAN ETON GAMB GEMI GLOB HTFL JCAP KLC LGCY NU RCEL RUM SPCE SSTI VUZI WKHS XOS YSS

• Bank America 2026 Healthcare Conference Agena, 5/12-5/14
• Needham 21st Annual Needham Technology, Media, & Consumer Conference, 5/12-/5/14, in NY

• Jack-in-the-Box (JACK) Q2 adj EPS $0.76 vs est $0.76 on revs $254.3Mm vs est $256.58Mm; guides FY comps -low-single, adj EBITDA $225-235Mm vs est $227.64Mm.
• SharkNinja (SN) will replace Flowers Foods Inc. (FLO) in the S&P MidCap 400, and Flowers Foods will replace CSG Systems Intl Inc. (CSGS) in the S&P SmallCap 600 effective prior to the opening of trading on Monday, May 18.
• StubHub (STUB) Q1 EPS $0.06 on revs rising 12% y/y to $446M vs. est. $425M; Q1 2026 gross merchandise sales $2.2B, up 7% y/y; reiterating full year 2026 GMS and adjusted ebitda outlook.
• Wolverine Worldwide (WWW) Q1 adjusted EPS $0.25 vs. est. $0.22 and revs $457.6M vs. consensus $449.56M; raises FY26 adjusted EPS to $1.43-$1.58 from $1.35-$1.50 and backs FY26 revenue view $1.96B-$1.985B.

• CMS Energy Corp (CMS) to offer and sell common stock up to $3 bln aggregate.
• Eneos Holdings said it will buy U.S. major Chevron’s (CVX) 50% stake in Singapore Refining Company and other assets in Southeast Asia and Australia for nearly $2.2 billion, in its first refining foray outside of Japan.
• Enovix Corp. (ENVX) Q1 adj EPS ($0.14) vs est ($0.16) on revs $7.6Mm vs est $6.95Mm, gr profit $1.6Mm, gr mgn 20.4%; guides Q2 revs $8-9Mm, adj EPS ($0.17) – ($0.13).
• Hawkins Inc. (HWKN) Q4 EPS $0.75 vs est $0.75, adj EBITDA $37.218Mm vs est $39.7Mm on sales $265M vs est $255.3Mm; said well positioned to grow revenue and operating income in each of our business segments and expect EPS to grow as well
• NextDecade (NEXT) registers to sell 19.73M shares of common stock for holders.
• Oklo (OKLO) enters into $1.0B at-the-market equity offering.

• F&G Annuities & Life Inc. (FG) will replace Mister Car Wash Inc. (MCW) in the S&P SmallCap 600 effective prior to the opening of trading on Tuesday, May 19.
• Fiserv (FISV) and Bridgeport Partners enter into agreement to form joint venture to accelerate growth across ATM and cash services businesses. Bridgeport Partners will assume operational control upon closing. Businesses to operate as part of Fiserv until deal closes.
• KeyCorp (KEY) board authorizes repurchase of up to $3B of common shares.
• Neptune Insurance (NP) 9.84M share Secondary priced at $27.50
• Robinhood Markets, Inc. (HOOD) April 2026 metrics: Funded Customers at the end of April were 27.6 million (up approximately 110K m/m and up about 1.65M y/y); Total Platform Assets at the end of April were $345 billion (up 12% m/m and +49% y/y); Trading Volumes in April: Equity Notional Trading Volumes were $249 billion (up 15% m/m and +57% y/y) and average daily volumes were $11.8 billion (up 20% m/m and up 57% y/y).

• Omnicare, a unit of health insurer CVS Health (CVS) said a U.S. bankruptcy court has approved the sale of its business to GenieRx Holdings. GenieRx is a partnership between private investment firm Milrose Capital and healthcare investment and management firm Integro Asset Management.
• Doximity (DOCS) Q4 adj EPS $0.26 vs est $0.28, adj EBITDA $65.8Mm vs est $64.3Mm on revs $145.372Mm vs est $144.1Mm; guides Q1 revs $151-152Mm vs est $153.7Mm and adj EBITDA $68.5-69.5Mm vs est $79.42MM; sees FY revs $664-676Mm vs est $697.6Mm and adj EBITDA $323-335Mm vs est $373.04Mm.
• Omeros Corp. (OMER) Q1 adj EPS ($0.24) vs est ($0.32) on sales $9.893Mm vs est $10.125Mm
• Prestige Consumer Healthcare (PBH) Q4 adj EPS $1.23 vs. est. $1.39; Q4 revs $281.6M vs. est. $293.7M; Announces agreement to buy Lacorium Health for $150M in cash; guides FY revs $1.1B-$1.12B vs. est. $1.159B.
• Staar Surgical (STAA) Q1 EPS $0.10 vs est ($0.06) on revs rose 69% y/y to $93.5Mm on expanded QUELIMMUNE adoption vs est $75.5Mm; added 7 top-rated children’s hospitals for QUELIMMUNE pediatric AKI therapy, increasing customer base to 17 and driving higher Q1 revenue
• Takeda Pharmaceutical (TAK) said it plans to cut about 4,500 jobs in fiscal year 2026, as it pushes ahead with a restructuring to centralize corporate functions and reduce costs; expects annual savings of more than 200B yen ($1.27B) by FY28, with about 100 billion yen expected in Fy26.

• The U.S. has cleared around 10 Chinese firms to buy Nvidia’s (NVDA) 2nd-most powerful AI chip, the H200, but not a single delivery has been made so far, people familiar with the matter said, leaving a major technology deal in limbo as CEO Jensen Huang seeks a breakthrough in China this week – Reuters https://tinyurl.com/3aefpws8
• Cisco Systems (CSCO) shares jump on results/guidance; Q3 adj EPS $1.06, above consensus est. $1.04 and revs $15.8B vs. est. $15.57B; guides Q4 Adjusted EPS $1.16–$1.18, vs. est. $1.07 and revs $16.7B–$16.9B, above est. $15.82B with adj Gross Margin 65.5%–66.5%, vs. est. 66.6%; raises FY revenue to $61.7B–$61.9B from prior $61.2B–$61.7B; raises expected FY26 orders to $9B from $5B; said restructuring plan in order to allow it to invest in key growth opportunities including silicon, optics, security and AI.
• Amdocs Ltd (DOX) Q2 revs rose 3.9% y/y to $1.172B vs. est. $1.16B; announced CFO retirement and internal successor, effective June 1, 2026; Q2 adj EPS $1.78 vs. est. $1.76; reiterates FY26 FCF outlook of $710-$730M; arrows FY26 EPS growth view to 5%-7% from 4%-8% and FY26 rev growth view to 2.6%-4.6% from 1.5%-5.5%.
• Bel Fuse (BELFB) 1.5M share Spot Secondary priced at $266.00
• Spire Global (SPIR) Q1 adj EPS loss (-$0.37) on revs falling -34% y/y to $15.8M vs. consensus $15.08M primarily associated with selling the maritime business at the end of April 2025; raises FY26 adjusted EPS view to (93c)-(79c) from ($1.11)-(96c) and backs FY26 revenue view $75M-$85M, vs. consensus $78.59M.