All the market moving news from premarket summarised in one short report 13/04

Main Iran headlines:

* Talks collapse between Iran and US
* Iran has no plans for another round of negotiations with the US, Iranian State media reports.
* Iran rejected several key US demands during negotiations yesterday in Pakistan.
* Iran refused to end uranium enrichment, dismantle its nuclear sites, and cut support for regional proxies including Hamas, Hezbollah and the Houthis. 
* Iran also refused and fully reopen the Strait of Hormuz. The talks ended without a deal, reflecting just how far apart the two sides remain.
* President Trump says most points were agreed to in talks with Iran, but no agreement was reached on nuclear issues.
* Israeli TV networks reported that the IDF is preparing for resumed fighting with Iran after US-Iran ceasefire talks collapsed. 
* President Trump is weighing limited military strikes on Iran after negotiation talks collapse, WSJ reports.
* US President Donald Trump says "Iran is in very bad shape" and "they will not have a nuclear weapon." "There is no way."
* Trump: Effective immediately, US Navy will begin process of blockading any and all ships trying to enter or leave Strait of Hormuz. - Truth Social
* GERMANY SAY THEY ARE NOT SEEING THIS TO BE A BLOCKADE ON THE STRAIT, BUT RATHER, IT WILL MORE LIKELY BE A BLOCKADE ON THE IRANIAN PORTS.
* If Trump acts against Strait of Hormuz, he'll also lose Bab El-Mandeb Strait - Press TV citing Iran Report.
* Iran's President Pezeshkian says "if the American government abandons its totalitarianism and respects the rights of the Iranian nation, ways to reach an agreement will certainly be found."
* There were some signs of progress however according to some reports:
* Iran's Parliament Speaker Ghalibaf on talks with US: Had very good initiatives to show Iran's goodwill, which led to progress in the negotiations - state media
* Door for diplomacy with Iran remains open - WSJ cites officials

EARNINGS:

GOLDMAN EARNINGS:

* GOLDMAN REPORTS 2026 1Q EARNINGS PER COMMON SHARE OF $17.55
* GOLDMAN SACHS 1Q FICC SALES & TRADING REV $4.01B, EST. $4.87B
* GOLDMAN SACHS 1Q EQUITIES TRADING REV $5.33B, EST. $4.9B

MAG7:

* AMZN - has expanded Amazon Autos beyond Hyundai to include Kia, Mazda, Subaru, Chevrolet, and Jeep, with the service now live in more than 130 U.S. cities as it pushes further into online new-car sales.
* MSFT - Bernstein on Could the bear case in fact be the bull case?
* After considering each of these, we determine that while some is going to Copilots, that investment is delivering good-margin software-as-a-service AI revenue. Microsoft is investing in internal use, especially model training, but R&D as a percentage of revenue is relatively stable. Azure margins are going down, but that is due to a combination of a mix shift to lower-margin AI, which should resolve itself as Azure AI margins improve. One of the largest drivers, we believe, is that there is a timing delay between the CAPEX investment and the capacity being available to drive revenue growth, and investors are not taking that into account. We model that Azure revenue should accelerate in Q3 and could be as strong, if not stronger, in Q4."

OTHER COMPANIES:

* NOW: Bernstein out with a node defending NOW; In reality, ServiceNow is an enviable 'Switzerland' AI Agent platform. First, most ServiceNow business processes are not naturally replaced by Agents, as they require predictability, auditability, security, and efficiency. In addition, coding copilots are not a threat in writing programmatic code, as the real value is in the underlying rails where the code runs, for example CMDB. Finally, ServiceNow is better positioned as an Enterprise AI Agent platform. We believe large enterprise buyers will likely balk at LLMs being a standardized Agent platform provider for three reasons: to avoid LLM lock-in and maintain flexibility to utilize the best model matched to the task, the desire for fine-grained control of performance, cost, and security, and the lack of foundational process rails below the Agent layer, such as CMDB and ontology. ServiceNow remains in a very strong 'Switzerland' position, with its CMDB and process rails a foundational requirement to execute both programmatic business processes and the AI Agentic layer."
* OPENAI: OpenAI plans to open its first permanent London office with space for 500+ staff, more than double its current headcount in the city.
* OWL: Raymond James on OWL. a review of software loans across Blue Owl’s BDCs did not point to imminent credit risk, with about 60% of the software exposure screened as low AI risk and 1Q26 net flows were only modestly negative, keeping AUM and fee pressure manageable.
* ON - BofA upgrades ON to Buy from Neutral, Raises PT to 85 from 70. There is catch-up potential, with the stock down 36% in the past three years, versus peers up 7% and the SOX up 132%, on auto, electric vehicle, and Tesla-related weakness. However, ON has responded well by pruning its portfolio, cutting costs, and focusing on free cash flow generation and returns. The company has also invested in boosting its AI power exposure, likely a focus at the upcoming analyst day in September, which could be a positive catalyst.We raise our CY26/CY27 pro forma EPS by 2%/7% and therefore increase our price objective to $85 from $70, now based on 21x CY27 price-to-earnings versus 18x prior, given an improving growth profile supported by accelerating 26%/40% year-over-year EPS growth in CY26/CY27E. Longer term (CY28E), we see pro forma EPS/free cash flow power of $6 to $7 per share, 2x current levels."
* APP - BofA on APP: Shares are down 42% YTD. The stock likely stays rangebound until the May report, with investors still waiting for clearer signs of an e-commerce inflection. The recent Northbeam data does not show meaningful Axon wallet share gains since January, making the May print the next key catalyst.
* HPE - Raymond James downgrades to outperform from Strong Buy, lowers PT to 29 from 30. "We continue to see significant upside to the share price and consider it an attractive value stock. Less certainty around growth and catalysts factors into the ratings change. While we think HPE’s choice to focus on artificial intelligence profits over market share makes sense for the company, this strategy impacts growth but protects margin. We have refined our model to capture the sub-segments within Networking, along with other tweaks. The Network segment could be a source of positive upward revisions, but challenges within the campus sub-segment restrain growth. Our price target goes to $29."
* JBIS - Freedom Capital markets downgrades to hold from buy, raises PT to 154 from 108. In our case, Hold really just means Hold. We simply feel this stock is overbought even though our revenue and adjusted EBITDA estimates for 2026 and 2027, both of which we have raised, are higher than the Street's forecasts. Its valuation could be stretched too far in the near term based on the company's fundamentals. Also, we prefer our covered CoreWeave (CRWV, $102.00, $100 price target) and, particularly, Applied Digital (APLD, $26.26, $36 price target) at current prices.
* BILI - Morgan Stanley upgrades to overweight, PT to 31 from 25. "The last upcycle (2Q24-2Q25) was primarily driven by the success of San Mou, lifting Bilibili's quarterly game revenue from RMB 1 billion to an RMB 1.7 billion run rate. When San Mou entered a natural downcycle (3Q25-2Q26), revenue fell to approximately RMB 1.5 billion, despite the positive surprise from Escape From Duckov in 4Q25. We expect three new games in the pipeline to drive an inflection in 2H26, with potentially the biggest contribution from Romance of the Three Kingdoms: Wangdaotianxia (San Wang for short, Morgan Stanley estimates annualized grossing of RMB 1.7 billion, to be launched by 4Q26), followed by NCard and Lumi Master. We do not believe these have been fully baked into the market consensus of RMB 6.8 billion game revenue in 2027, versus Morgan Stanley estimates of RMB 7.8 billion, especially after the recent share price pullback. Although San Mou and San Wang both belong to the Three Kingdoms strategy game genre, we expect manageable cannibalization: San Mou offers a lighter strategy game experience, while San Wang targets a more hardcore strategy game audience, competing primarily with Romance of the Three Kingdoms: Strategy Version (San Zhan, Alibaba, same intellectual property) and, to a lesser extent, Invincible (NetEase)."
* SBUX \_ Jeffries upgrades to hold from underperform, PT to 92 from 86. With relatively less international exposure now that China is franchised (deal completed April 2) and, more importantly, a stabilizing U.S. business, we think visibility into Starbucks executing its turnaround has improved. While SBUX continues to trade at a large premium valuation that we find unwarranted, we upgrade our rating from Underperform to Hold, with expectations and estimates finally closer to realistic levels, though still slightly above our estimates, and raise our price target from $86 to $92.
* MCD - is adding drinks like a Red Bull Dragonberry Energizer, Dirty Dr Pepper, and Mango Pineapple Refresher to U.S. menus, with rollout starting next month and energy drinks expected in August as it pushes deeper into the beverage market.
* SNDK - SanDisk to join Nasdaq-100 Index beginning April 20