Sarah Lin
Markets Reporter

Covers US equities, earnings season, and analyst moves. Previously reported on Asian markets for the South China Morning Post. Based in New York.

Latest

Starbucks announced it will lay off 300 corporate employees and close several regional offices, incurring a $400 million restructuring charge as part of its ongoing turnaround strategy.

Starbucks to Cut 300 Jobs in $400 Million Turnaround Plan

**Key Takeaways:** * Starbucks will cut 300 U.S. corporate jobs and close regional offices in Atlanta, Dallas, and Chicago. * The company will take a $400 million charge, including $280 million in asset impairments and $120 million for severance. * The move is part of CEO Brian Niccol's "Back to Starbucks" strategy, which aims to cut $2 billion in expenses.

ZSPACE Inc. (ZSPC) announced a 22% year-over-year revenue decline for the first quarter of 2026 and a wider-than-expected loss, prompting a strategic review by its board.

ZSPACE Reports 22% Revenue Drop in Q1, Explores Strategic Options

**Key Takeaways** * Q1 revenue fell 22% year-over-year to $5.3 million amid a challenging education market. * The company reported a loss of $2.82 per share, wider than the estimated $1.50 loss. * The Board of Directors has initiated a review of strategic alternatives, including a potential sale or business combination.

Hillhouse Capital's Q1 13F filing revealed a significant pivot towards semiconductor stocks, increasing stakes in Nvidia, Intel, and TSMC while trimming positions in major Chinese tech companies.

Hillhouse buys 7 chip stocks in Q1, trims Alibaba and Google

**Key Takeaways:** * Hillhouse Capital's Q1 13F filing reveals a significant pivot toward semiconductor and AI-related hardware stocks. * The asset manager bought or added to stakes in 7 chip companies, including Nvidia, Intel, TSMC, and Marvell Technology. * The fund trimmed its holdings in Chinese e-commerce leaders Alibaba and Pinduoduo, as well as Google and a spot Bitcoin ETF.

Globalstar (GSAT) announced the postponement of its HIBLEO-4 replenishment satellite launch, originally scheduled with SpaceX for May 17, stating more time was needed for satellite preparation.

Globalstar Delays 1 Satellite Launch as Stock Trades 15% Above New PT

**Key Takeaways** * Globalstar postpones its May 17 HIBLEO-4 satellite launch with SpaceX, citing need for more preparation time. * The stock, up 340% in the past year, trades at $81.98, about 15% above a recently raised Craig-Hallum price target of $70. * The mission is aimed at replenishing the company’s LEO constellation to ensure network resilience and service reliability.

Berkshire Hathaway has taken a stake worth over $2.6 billion in Delta Air Lines, making it the company's 14th-largest holding as of the end of March 2026.

Berkshire Hathaway buys $2.6 billion of Delta stock in airline return

**Key Takeaways:** * Berkshire Hathaway disclosed a new stake in Delta Air Lines valued at over $2.6 billion, marking a return to the sector. * The investment makes Delta the 14th-largest holding in Berkshire's portfolio as of the first quarter's end. * Warren Buffett had famously sold all airline stocks for over $4 billion in 2020, citing pandemic-related industry changes.

Beam Global announced that its revenue for the second quarter through May 15, 2026, has already exceeded the total revenue for the entire first quarter of 2026.

Beam Global Q2 Revenue Already Tops Q1 in Strong Start

**Key Takeaways:** * Beam Global reports Q2 revenue as of May 15 has already surpassed the entire Q1 2026 revenue. * The announcement signals a significant acceleration in the company's business operations and sales pipeline. * Strong momentum could lead to upward revisions of full-year earnings estimates and attract new investor interest.

Ganfeng Lithium's announcement of record-low inventories highlights a widening supply deficit that is fueling a global rush to bring new production online.

Ganfeng flags historically low lithium inventory as producers race to expand

**Key Takeaways** * Ganfeng Lithium reports that inventory days for both lithium ore and lithium salts are at a historical low, driven by accelerating demand from the battery sector. * Major producers are responding with significant expansion plans, including Lithium Argentina's newly approved 45,000 tpa Stage 2 expansion at Caucharí-Olaroz. * **Industry Supply Response:** * **Lithium Argentina:** +45,000 tpa (Stage 2) * **Standard Lithium:** Advancing SWA Project (FID in 2026) * **Multiple Projects:** Phase 2 expansions confirmed for Goulamina, Grota do Cirilo.

YPF Sociedad Anónima reported strong first-quarter 2026 earnings, driven by higher crude oil production and prices, despite a separate legal case setback.

YPF Q1 earnings beat estimates with crude output up 0.4%

### Key Takeaways * YPF reported Q1 EPS of $1.03, beating the Zacks Consensus Estimate of 83 cents by 24.1 percent. * Crude oil production rose 0.4 percent to 271.0 MBbl/D, offsetting a 12.2 percent decline in natural gas output. * The company generated $871 million in free cash flow as operating expenses fell 20.1 percent from the prior year.

A suspension of oil shipments from Iran's main export hub, Kharg Island, is likely due to a regional oil spill, according to satellite-based tracking, not the US blockade.

Iran Oil Exports Halt for 8 Days From Key Hub Amid Spill Reports

**Key Takeaways** * Iran's primary oil export terminal, Kharg Island, has seen no crude departures since May 7, with shipping monitors citing a likely oil spill. * The stoppage occurs during a US naval blockade that has intercepted over 70 vessels, though the spill is seen as the direct cause of the current halt. * Iran is expanding covert "dark holding zones" and ship-to-ship transfers within the Strait of Hormuz, turning it into a controlled maritime environment.

WTI June crude oil futures closed at $105.42 per barrel, representing a 4.20% increase ($4.25) in a single trading session.

WTI Crude Jumps 4.2% to $105 on Geopolitical Tensions

**Key Takeaways:** * WTI crude for June delivery surged 4.2% to settle at $105.42 per barrel, the highest level since February, driven by renewed geopolitical tensions. * The price jump tightens the breakeven point for marketing margins at oil marketing companies (OMCs) and threatens to increase input costs for crude-sensitive sectors. * **Price Impact on Related Assets:** | Asset | Movement | Reason | | :--- | :--- | :--- | | **OMC Stocks (BPCL, IOC)** | Under Pressure | Higher crude costs squeeze marketing margins. | | **Aviation (IndiGo)** | Negative | Increased fuel expenses hurt profitability. | | **Paint & Tyre Stocks** | Negative | Crude derivatives are key input costs. | | **Inflation-Linked Bonds** | Higher Yields | Oil surge stokes broad inflation concerns. |

An energy roundtable has identified 11 stocks, including Devon Energy and Baker Hughes, as key investments during the unprecedented oil supply shock caused by the Iran war.

11 energy stocks to navigate the worst oil supply shock in history

**A panel of energy experts has recommended 11 stocks to investors as the Iran war creates the largest oil supply crisis in history.**

Par Pacific (PARR) stock dropped 13% after its Q1 earnings missed estimates, despite the company reporting stronger refining margins and higher throughput volumes on May 15, 2026.

Par Pacific Stock Plunges 13% After Q1 Earnings Miss Estimates

**Key Takeaways:** * Par Pacific reported Q1 adjusted EPS of 78 cents, missing the consensus estimate of $1.05 by nearly 26 percent. * Quarterly revenues of $1.8 billion also fell short of the $1.9 billion estimate, despite a 4.5 percent year-over-year increase. * The company’s stock dropped 13 percent to $60.18 a share following the after-bell announcement on May 5.

The French aircraft carrier Charles de Gaulle has arrived in the Arabian Sea to prepare for a multinational escort operation in the Strait of Hormuz amid ongoing tensions and severe disruptions to global oil supplies.

France Deploys Warship as 40 Nations Plan Hormuz Mission

**Key Takeaways** * The French aircraft carrier Charles de Gaulle has been deployed to the Arabian Sea, positioning for a multinational mission to restore safe passage through the Strait of Hormuz. * Global energy markets have lost about 10 million barrels per day of oil exports, roughly 10% of world consumption, since Iran restricted traffic in the vital waterway. * While the mission is described as defensive, it follows stalled US-Iran talks and fresh attacks on shipping, raising risks of further escalation in the region.

Peruvian financial services company Credicorp reported record first-quarter 2026 net income of $609.1 million, beating analyst expectations.

Credicorp Q1 profit beats by 8% on strong loan growth

**Key Takeaways:** * Q1 net income hit a record $609.1 million, with EPS of $7.65 beating estimates by over 8 percent. * Loan portfolio expanded 8.2 percent year-over-year, driven by retail and microfinance segments. * Digital payment unit Yape now accounts for 8 percent of the group's risk-adjusted revenues.

On May 15, 2026, the stock market is reported to be breaking records, driven by AI sector expansion, despite a deepening global energy crisis due to the Strait of Hormuz closure, rising inflation, and low US consumer sentiment.

3 Reasons The Market Ignores An Energy Crisis

* The stock market is hitting record highs, with the S&P 500 rising 9.2% in Q2, despite a global energy crisis and rising inflation. * The rally is almost exclusively driven by the technology sector, where earnings are growing at an estimated 44-48%, dwarfing other industries. * A disconnect has formed between the AI-fueled market narrative and worsening economic fundamentals, creating risks of a potential bubble and sharp correction.

US Energy Secretary Chris Wright announced that for each barrel of oil released from the Strategic Petroleum Reserve, the government will repurchase 1.2 barrels, aiming to bolster reserves while managing current gasoline prices.

US Pledges to Buy 1.2 Barrels for Every 1 Sold From Oil Reserve

**Key Takeaways:** * The U.S. will replenish its Strategic Petroleum Reserve by purchasing 1.2 barrels of crude for every barrel it releases, Energy Secretary Chris Wright announced. * Wright stated the U.S. could double its natural gas exports without causing an increase in domestic prices, citing "astounding" reserve levels. * The administration attributed high gasoline prices to its Iran policy, framing the current price environment as a "short-term disruption" that will pass.

On May 15, 2026, market expectations of a hawkish US Federal Reserve policy caused the Euro to fall while the US Dollar and US Treasury yields rose.

Euro falls below 1.17 against dollar on hawkish Fed outlook

**Key Takeaways:** * The Euro fell 0.38% against the US Dollar, dropping to a multi-week low of around 1.1671. * The move was driven by rising US Treasury yields as traders expect a hawkish Federal Reserve policy. * Sterling also weakened against the dollar, falling 0.94% despite strong first-quarter UK economic growth data.

On May 15, 2026, financial firm Canaccord increased its price target for Intuitive Machines (NASDAQ:LUNR) to $41, citing a bull case involving a NASA Moon Base and a project referred to as 'Golden Dome Power'.

Canaccord Lifts Intuitive Machines Target to $41 on NASA Moon Base Case

* Canaccord Genuity raises its price target for Intuitive Machines to $41. * The bull case centers on the company's role in NASA's Artemis moon missions. * Intuitive Machines focuses on space infrastructure, a key differentiator from rocket-makers.

AbbVie boosted its 2026 forecast after strong Q1 sales from its immunology drugs Skyrizi and Rinvoq offset declines in its legacy blockbuster, Humira.

AbbVie Lifts 2026 EPS Forecast on 20% Immunology Growth

**Key Takeaways** * AbbVie reported first-quarter adjusted earnings of $2.65 per share on $15 billion in revenue, beating Wall Street’s consensus estimates. * Immunology drugs Skyrizi and Rinvoq saw sales jump 29.2% and 20.2% respectively, with combined revenues now expected to top $31 billion in 2026. * The company raised its full-year 2026 adjusted EPS guidance to a new range of $14.08 to $14.28, signaling confidence in its growth drivers.

Restaurant chain Red Lobster has reintroduced its 'Endless Shrimp' promotion with new safeguards after a previous version contributed to its bankruptcy, resulting in an 18% traffic increase.

Red Lobster's Endless Shrimp Returns With 18% Traffic Boost After Bankruptcy

**Key Takeaways** * Red Lobster's Endless Shrimp promotion is back for a limited time with tiered pricing ($25-$30) after a previous version led to bankruptcy. * The revamped deal has already boosted customer visits by over 18% year-over-year since its April reintroduction, according to Placer.ai data. * New guardrails include a dine-in-only policy and operational changes to prevent kitchen bottlenecks and improve profitability.

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