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

0957 ET - A SpaceX IPO will allow it to make significant manufacturing investments in support systems and propellants to meet its space milestones, according to Wedbush in a note. Proceeds would also help fund a base on the moon, the analysts say. The company is also expected to use proceeds to add Starlink satellite constellations while expanding into maritime, aviation and direct-to-mobile services. But the analysts say the greatest focus is on space AI data centers. IPO proceeds could help SpaceX build out data centers in space to bolster cloud and AI computing while addressing the growing energy and physical constraints seen of on Earth. (nicholas.miller@wsj.com)Bank of Montreal's focus on scaling its U.S. business and on optimization should support the company's return on equity goals, says TD Cowen's Mario Mendonca. In a report, the analyst expects ROE to increase 340 basis points from 2025 to 2027 "almost double the Big 6 [Canadian banks] (ex. TD) of 180 basis points." This pegs ROE at 14.6%, up from 11.3% in 2025, which Mendonca says will be driven by return of capital, net interest margin improvement from U.S. deposit mix, and loan growth, particularly in the U.S. He says that personal-commercial loans also will be a driving factor. "Improving fundamentals and relative valuation support our positive outlook and buy rating," Mendonca says. (adriano.marchese@wsj.com)

0919 ET - As Apple celebrates the 50th anniversary of its founding next week, all eyes are once again turning to the company's AI progress, Wedbush says in a note. At its June World Wide Developers Conference, Apple is expected to dive into detail around AI, with management "needing to deliver a successful AI strategy," after pushing this marquee release back last year, the analysts say. Apple is expected to discuss integration with Gemini regarding how Google will power its model with Apple's AI services including a personalized Siri, the analysts say. (connor.hart@wsj.com)

0917 ET - A tie-up between France's Pernod Ricard and Jack Daniel's maker Brown-Forman makes sense, UBS analyst Sanjeet Aujla writes, noting the two groups' complementary portfolios and the potential for cost synergies. Pernod's strong presence in China and India would fill a gap for Kentucky-based Brown-Forman, Aujla says, after the two companies said they were in talks over a combination. Brown-Forman's strong American whiskey portfolio complements Pernod's Scotch labels, and a tie-up would boost both Pernod's American presence and BF's hold in Europe, he says. "The prospect of large-scale spirits industry consolidation seems inevitable and logical." Pernod Ricard shares dropped on initial reports of the deal but gain back ground Friday, rising 3.6% to 61.08 euros. Brown-Forman shares rose sharply on the news, and rise again by more than 2% in morning trading Friday. (joshua.kirby@wsj.com; @joshualeokirby)

0917 ET - Lovesac jumped 22% on Thursday after topping Wall Street's earnings and sales forecasts. Oppenheimer analysts Brian Nagel and Andrew Chasanoff say in a research note that they were "impressed with indications of sharper, nearer-term strategic focus, on the part of senior leadership," and the company's abilities to maintain a strong balance sheet. But they also say trends at Lovesac are "tracking meaningfully below normalized expansion algos for the company." Nevertheless, they say that while a "break out" event isn't likely for the company or its shares nearer-term, trends could strengthen as significant new products are launched, even if macro conditions remain challenging. Lovesac slips 3% premarket. (connor.hart@wsj.com)

0915 ET -- Wedbush analysts expect SpaceX and Tesla to merge in 2027 as the relationship between the two Elon Musk companies gets ever closer. Tesla already owns a stake in SpaceX after its $2 billion investment in xAI got converted to SpaceX shares following SpaceX's acquisition of xAI. Meanwhile, the recent announcement of a Tesla and SpaceX joint chip facility "further ties both operations together," the analysts say. There are plenty of regulatory hurdles from the FTC and DOJ, but "Musk wants to own and control more of the AI ecosystem and step-by-step the holy grail could be combining SpaceX and Tesla." (nicholas.miller@wsj.com)

0832 ET - Bitcoin falls to a two-and-a-half-week low as investors show skepticism over a resolution to the Iran war any time soon. President Trump extended a pause on strikes against Iranian energy infrastructure by 10 days. However, a WSJ report that the U.S. is looking to send more ground troops to the Middle East raises concerns about a possible escalation. "Digital assets are softer again, reinforcing the view that crypto is still trading as a risk asset rather than a defensive one," Saxo Bank analysts say in a note. An expiry in large bitcoin options Friday could increase short-term price swings as positions roll off and hedges are adjusted, they say. Bitcoin falls 3.3% to a low of $66,293, LSEG data show. (renae.dyer@wsj.com)

0755 ET - The dollar could strengthen further if flows into safe-haven assets rise due to the Iran conflict, MUFG Bank's Derek Halpenny says in a note. "If we are about to enter a more pronounced period of risk-off with larger equity market falls we would expect the dollar to extend stronger." In this case, terms of trade and yield dynamics are unlikely to play much role in currency direction, he says. In a more severe scenario where Brent crude rises to a range of $120 to $160 per barrel from $110 currently and equity markets take an even bigger hit, the DXY dollar index could rise close to 105, he says. The DXY rises 0.1% to 100.037.(renae.dyer@wsj.com)

0747 ET - Bank of Montreal's decision to maintain its core return on equity objective target of 15%+ in the medium-term adds credibility to the Canadian bank's goals. RBC's Darko Mihelic says that in the current "ROE arms race" the bank resisted the urge to raise its target, reinforcing confidence in its achievability. The analyst notes that BMO's investor day also included medium-term segmented core ROE targets and additional detailed segmented guidance which are valuable in assessing BMO's probability of meeting or possibly exceeding its targets. Mihelic says BMO expects roughly 2.5% of its core ROE improvement in the medium term will come from core operating performance including about 4% from pre-provision, pre-tax earnings growth partially offset by a negative roughly 1.5% contribution from net risk-weighted asset growth. (adriano.marchese@wsj.com)

0729 ET - Shares in European semiconductor companies are in decline as investors remain wary of the Iran war despite Trump's pause on energy strikes to allow time for negotiations. Shares in Dutch semiconductor-equipment maker ASML Holding and smaller rival ASM International are down 2.7% and 4.9%, respectively. Shares of BE Semiconductor Industries, the Dutch supplier of semiconductor assembly equipment, are down 6.2%. German chip maker Infineon Technologies falls 4.6%. STMicroelectronics--which supplies Apple, Samsung Electronics and Tesla--drops 4.9%. The declines in Europe follow losses in Asian stocks like Taiwan Semiconductor Manufacturing Co., which closed 1.1% lower. South Korean memory-chip maker SK Hynix--which supplies Nvidia--closed down 1.2%. (mauro.orru@wsj.com)

0711 ET - Ferrari investors were cautious after last year's capital markets day, but sentiment appears to have become rather constructive again, Deutsche Bank analyst Nicolai Kempf writes. Following several investor meetings, the bank says Ferrari's midterm targets were thoroughly discussed, but the focus shifted to upcoming models and their financial implications, as well as the current situations in China and the Middle East. "With an order book extending until the end of 2027, we believe the company is confident in reallocating units until the situations in these regions improve." Deutsche Bank rates Ferrari at buy with a 460 euro target price on the stock. Shares rise 1.2% to 283.10 euros. (dominic.chopping@wsj.com)

0700 ET - BCE is continuing to shed nongrowing assets with its latest divestiture to Motorola, Scotiabank's Maher Yaghi says. The telecoms company's C$675 million sale of its land mobile radio network service business is part of its broader C$7-billion asset-sale program, he says. The unit is built around "legacy assets such as first-come, first-serve Citizens Broadband Radio Service licenses." While these assets do generate stable revenue, they aren't considered a primary growth area for the company, the analyst says. Importantly, the sale doesn't involve giving away core customer relationships. The deal is expected to close in 4Q, with proceeds to be used toward their capital allocation framework, which prioritizes deleveraging, Yaghi notes.(adriano.marchese@wsj.com)

(END) Dow Jones Newswires

March 27, 2026 09:57 ET (13:57 GMT)

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