$43.020
-0.710 (-1.65%)At close
CNM News
CNM Events
Core & Main Launches $750M Senior Notes Offering
Core & Main announced the launch of an offering of $750M in aggregate principal amount of Senior Notes due 2034 by its indirect wholly-owned subsidiary, Core & Main. Core & Main expects to use the net proceeds from the Offering to prepay a portion of its existing senior term loan due July 27, 2028, and for general corporate purposes, including investment in organic growth and operational initiatives, mergers and acquisitions, share repurchases, and other initiatives aligned with Core & Main's capital allocation strategy. The Notes will be guaranteed on an unsecured senior basis by Core & Main's direct parent companies, Core & Main Midco, and Core & Main Intermediate GP, and any of Core & Main's future wholly-owned domestic subsidiaries that will be a borrower under, or that will guarantee Core & Main's obligations under, Core & Main's existing senior secured credit facilities.
US Stocks Drop Sharply Amid Renewed US-Iran Tensions
The major averages closed broadly lower after renewed military exchanges between the United States and Iran, which increased concerns about energy markets and global economic growth. Oil prices remain volatile as traders assess the risk of disruptions in the Middle East, particularly around the Strait of Hormuz. President Trump commented to reporters that the U.S. will be attacking Iran "very hard," building on his statement earlier on Truth Social that Iran took "too long to negotiate a deal that would have been great for them," so "now they will have to pay the price!!!"Meanwhile the CPI report showed annual inflation accelerating to 4.2% in May, which was in line with expectations but means that consumer prices rose at a faster rate for a third-straight month.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:SpaceX'sIPO has drawn over $250B of investor demand, dwarfing the $75B the company aims to raise,Chewyreportedand provided guidance for Q2 and FY26Cracker Barrelreportedand provided its outlook for FY26Super Microannounced $7B inVisais partnering with OpenAI to2. WALL STREET CALLS:Niketo Sector Perform at RBC CapitalBarclaysOscar Healthon exposure to individual ACA marketBillto Hold at TruistCava Groupto Buy at UBSSharkNinjawith an Overweight at Piper Sandler3. AROUND THE WEB:OpenAI is preparing its new model and expects its IPO to occur within the next year, The Information reportsUbisoftis shuttering two studios and cutting up to 380 staff, Kotaku reportsVolvosaid that in Q2, customer demand and deliveries in Europe are stable at good levels across the business, while in North America, demand remains strong with production gradually increasing, Reuters reportsStarbucksis considering options for its Japanese business, recently holding preliminary discussion with investment banks to determine an approach, Bloomberg saysAmazon Web Services'Chief Marketing Officer Julia White has asked staff to recruit recently laid off employees from Meta, Business Insider reports4. MOVERS:Clover Healthgained after announcing the Centers for Medicare & Medicaid ServicesHyliion Holdingsincreased after Needhamcoverage of the stock with a Buy ratingRobinhoodwas higher after, a director bought $20.2M shares, and announcing metrics for MayDianthuswas lower after Sanofihalted itsWolfspeedfell after filing to sell5. EARNINGS/GUIDANCE:J.Jilland reaffirmed guidance for FY26Hinge Healthraised itsCasey's General Stores, with CEO Darren Rebelez commenting on "another record fiscal year"Limoneira, with EPS missing consensusCore & Mainand reaffirmed its guidance for FY26INDEXES:The Dow fell 953.33, or 1.87%, to 49,918.78, the Nasdaq lost 509.32, or 1.98%, to 25,169.50, and the S&P 500 declined 119.66, or 1.62%, to 7,266.99.
Major U.S. Averages Decline Amid Escalating Geopolitical Tensions
The major averages were broadly lower as investors confront escalating U.S.-Iran tensions and a highly anticipated inflation report. The May CPI report showed annual inflation accelerating to 4.2% in May, which was in line with expectations but means that consumer prices rose at a faster rate for a third-straight month.Geopolitics are adding another layer of uncertainty. Renewed military exchanges between the United States and Iran have increased concerns about energy markets and global economic growth. Oil prices remain volatile as traders assess the risk of disruptions in the Middle East, particularly around the Strait of Hormuz. President Trump commented to reporters that the U.S. will be attacking Iran "very hard," building on his statement earlier on Truth Social that Iran took "too long to negotiate a deal that would have been great for them," so "now they will have to pay the price!!!"Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:SpaceX'sIPO has drawn over $250B of investor demand, dwarfing the $75B the company aims to raise,Chewyreportedand provided guidance for Q2 and FY26Cracker Barrelreportedand provided its outlook for FY26Super Microannounced $7B inLakeland Industriesreported better-than-expected2. WALL STREET CALLS:Niketo Sector Perform at RBC CapitalBarclaysOscar Healthon exposure to individual ACA marketBillto Hold at TruistCava Groupto Buy at UBSSharkNinjawith an Overweight at Piper Sandler3. AROUND THE WEB:Volvosaid that in Q2, customer demand and deliveries in Europe are stable at good levels across the business, while in North America, demand remains strong with production gradually increasing, Reuters reportsStarbucksis considering options for its Japanese business, recently holding preliminary discussion with investment banks to determine an approach, Bloomberg saysAmazon Web Services'Chief Marketing Officer Julia White has asked staff to recruit recently laid off employees from Meta, Business Insider reportsNovelis, an aluminum-rolling plant in upstate New York that supplies Ford Motorand other automakers, will restart production Wednesday nine months after a fire, WSJ saysIn a recently published report, White Diamond Research claims SEGG Mediais "a fake company"4. MOVERS:Clover Healthgains after announcing the Centers for Medicare & Medicaid ServicesHyliion Holdingsincreases after Needhamof the stock with a Buy ratingRobinhoodhigher after being approved to, a director bought $20.2M shares, and announcing metrics for MayDianthuslower afterits CIDP Phase 3 studyWolfspeedfalls after filing to sellof stock5. EARNINGS/GUIDANCE:J.Jilland reaffirmed guidance for FY26Hinge Healthfor FY26 and Q2Casey's General Stores, with CEO Darren Rebelez commenting on "another record fiscal year"Limoneira, with EPS missing consensusCore & Mainand reaffirmed its guidance for FY26INDEXES:Near midday, the Dow was down 1.28%, or 651.41, to 50,220.70, the Nasdaq was down 1.33%, or 342.66, to 25,336.16, and the S&P 500 was down 0.99%, or 73.45, to 7,313.20.
Cava Group Upgraded to Buy by UBS with Price Target of $90
Stocks are under pressure this morning as investors confront escalating U.S.-Iran tensions and a highly anticipated inflation report. Futures are pointing lower, with the Nasdaq leading the decline as semiconductor and AI-related stocks continue to retreat from their recent highs.The market's primary focus is the May CPI report, which showed annual inflation accelerating to 4.2% in May, in line with expectations, while core monthly inflation slowed more than anticipated to 0.2%.Geopolitics are adding another layer of uncertainty. Renewed military exchanges between the United States and Iran have increased concerns about energy markets and global economic growth. Oil prices remain volatile as traders assess the risk of disruptions in the Middle East, particularly around the Strait of Hormuz.In pre-market trading, S&P 500 futures fell 0.47%, Nasdaq futures fell 0.72% and Dow futures fell 0.44%.Check out this morning's top movers from around Wall Street, compiled by The Fly.HIGHER -Cava Groupup 2% after UBS upgraded the stock to Buy with a price target of $90, up from $85Hinge Healthup 1% after raising its Q2 and FY26 revenue outlook at its inaugural investor dayUP AFTER EARNINGS -Yuanbaoup 18%Cracker Barrelup 17%Core & Mainup 1%DOWN AFTER EARNINGS -Chewydown 2%J.Jilldown 8%Lakeland Industriesdown 1%LOWER -Dianthusdown 20% after peer Sanofiannounced that its riliprubart Phase 3 study in patients with chronic inflammatory demyelinating polyneuropathy will be stoppedSuper Microdown 12% after announcing a series of concurrent equity and equity-linked financing transactions totaling $7B, in expected aggregate amount as part of its plan to fund the purchase of components to satisfy the AI orders that the company has received in recent weeks for its advanced AI serversNikedown 1% after RBC Capital downgraded shares to Sector Perform with a price target of $50, down from $70
Core & Main Changes Board Chair and Members
Core & Main announced changes to its board of directors and executive chair, effective April 1. Stephen LeClair retired from his role as executive chair and chair of the board, and James Castellano, previously the company's lead independent director, was appointed chair of the board. In addition, James Hope was named chair of the audit committee, and Robert Buck was appointed as a member of the audit committee.
This page is for research only and is not investment advice. Models can be wrong. Past performance does not guarantee future results.