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Lineage Sues Altus Power and Contractor for Damages
Lineage (LINE) filed a civil lawsuit in Los Angeles Superior Court against Altus Power, Inc., a commercial solar operator, and its contractor Pearce Services LLC, a subsidiary of CBRE Group (CBRE), alleging that their negligence caused the June 17, 2026, fire that destroyed Lineage's 500,000 square-foot cold storage facility in the Boyle Heights neighborhood in Los Angeles. "This lawsuit is about Altus and Pearce starting this fire and then being nowhere to be found when the community needed help," said Greg Lehmkuhl, President & CEO of Lineage. "From the moment it started, Lineage stood alone in supporting remediation and cleanup efforts for a neighborhood impacted through absolutely no fault of our own. The record is clear: this was a solar fire. Cold storage is not a risk to communities - it is an essential service that lowers food costs, expands food access and creates jobs. We are grateful to each and every worker who contributed over 210,000 hours to complete this unprecedented and complex cleanup in record time. We want to thank the community of Boyle Heights and East LA for their patience during this process. With the cleanup completed, now is the right time to pursue accountability and recover the substantial losses we incurred as a result of Altus's and Pearce's negligence."
Major Averages Decline for Second Day as Treasury Yields and Oil Prices Rise
The major averages moved lower for a second day in a row as Treasury yields and oil prices continue to climb. Treasury yields jumped after the U.S. Treasury Department said it will triple its buyback operation of longer-dated government debt to $6B.The renewed oil spike, meanwhile, is being driven by escalating fighting in the Middle East, including attacks involving Iran-backed Houthi militants and Saudi energy infrastructure. Brent has gained roughly 20% over the past month, raising concerns that an extended energy shock could feed directly into consumer inflation and complicate the Federal Reserve's policy decision next week.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Independence Realty Trustand Centerspacein an $8.1B all-stock combinationAnalog DevicesAlif Semiconductor for $1.35B in cashJersey Mike's Subsreportedin its first quarterly report as a public companyChimeStride Bank for $590M in cash and raised its Q3 and FY26 revenue outlooksDuring a live-streamed event, Appleunveiled its new, as well as the iPhone 18 Pro, AirPods 5, and two new Apple Watches2. WALL STREET CALLS:Thermo Fisherto Buy at UBSDyne Therapeuticsto Underweight at JPMorganLineageto Overweight at Morgan StanleyMartin Mariettato Overweight at Wells FargoVulcan Materialsto Underweight at Wells Fargo3. AROUND THE WEB:UnitedHealthis selling a stake in Optum Health to TPGoperations as it works to restructure and stabilize the underperforming division following a major profit decline, Bloomberg reportsBP'sNorth Sea operations have drawn interest from suitors including Adura and NEO Next+, Bloomberg saysAs part of efforts to reshape its portfolio amid a prolonged downturn in the industry, Dowis considering plans to exit its $20B chemicals partnership with Saudi Aramco, Bloomberg reportsParamount Skydanceis arguing that California AG Rob Bonta's public comments undermine his legal opposition to Paramount's $1.88B bond request, potentially strengthening its position as it seeks protection against costs from the state-led challenge to its Warner Bros. Discoverymerger, Reuters saysThe U.S. Justice Department is expanding its antitrust probe into Fox'sproposed $22B takeover of Roku, Semafor reports4. MOVERS:Opus Geneticsgained afterof its BIRD-1 trialSignet Jewelersincreased in New York after, providing guidance for Q3, and raising its outlook for FY27Compass Pathwayswas higher in New York afterfrom its Phase 3 COMP005 trialServiceTitanfell afterand appointing Pretorius as its next chief revenue officerTyra Bioscienceswas lower after reporting results from its5. EARNINGS/GUIDANCE:Academy Sportsand raised its outlook for FY26Core & Main, with CEO Mark Witkowski commenting that "momentum continues to build across the business"Chewy, provided guidance for Q3, and raised its outlook for FY26Sunbelt Rentals, with EPS and revenue beating consensusCognyte, with CEO Elad Sharon calling it "a strong quarter"INDEXES:The Dow fell 405.41, or 0.77%, to 52,380.66, the Nasdaq lost 168.07, or 0.64%, to 26,253.34, and the S&P 500 declined 37.16, or 0.48%, to 7,636.36.
Major Averages Decline for Second Day as Treasury Yields Rise
The major averages were broadly lower for a second day in a row as Treasury yields continue to climb and oil prices rise towards the $100 per barrel mark. Treasury yields jumped after the U.S. Treasury Department said it will triple its buyback operation of longer-dated government debt to $6B.The renewed oil spike, meanwhile, is being driven by escalating fighting in the Middle East, including attacks involving Iran-backed Houthi militants and Saudi energy infrastructure. Brent has gained roughly 20% over the past month, raising concerns that an extended energy shock could feed directly into consumer inflation and complicate the Federal Reserve's policy decision next week.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Independence Realty Trustand Centerspacein an $8.1B all-stock combinationAnalog DevicesAlif Semiconductor for $1.35B in cashJersey Mike's Subsreportedin its first quarterly report as a public companyChimeStride Bank for $590M in cash and raised its Q3 and FY26 revenue outlooksApplewillat 1:00 pm ET Wednesday, where it is reportedly expected to unveil a foldable iPhone duo2. WALL STREET CALLS:Thermo Fisher (TMO)to Buy at UBSDyne Therapeuticsto Underweight at JPMorganLineageto Overweight at Morgan StanleyMartin Mariettato Overweight at Wells FargoVulcan Materialsto Underweight at Wells Fargo3. AROUND THE WEB:UnitedHealthis selling a stake in Optum Health to TPGoperations as it works to restructure and stabilize the underperforming division following a major profit decline, Bloomberg reportsBP'sNorth Sea operations have drawn interest from suitors including Adura and NEO Next+, Bloomberg saysAs part of efforts to reshape its portfolio amid a prolonged downturn in the industry, Dowis considering plans to exit its $20B chemicals partnership with Saudi Aramco, Bloomberg reportsParamount Skydanceis arguing that California AG Rob Bonta's public comments undermine his legal opposition to Paramount's $1.88B bond request, potentially strengthening its position as it seeks protection against costs from the state-led challenge to its Warner Bros. Discoverymerger, Reuters saysThe U.S. Justice Department is expanding its antitrust probe into Fox'sproposed $22B takeover of Roku, Semafor reports4. MOVERS:Opus Geneticsgains afterfrom its low-dose Cohort 1 of its BIRD-1 trialSignet Jewelersincreases in New York after, providing guidance for Q3, and raising its outlook for FY27Compass Pathwayshigher in New York after reporting 52-week results from itsServiceTitanfalls afterand appointing Pretorius as its next chief revenue officerTyra Bioscienceslower after reporting results from itsof SURF3025. EARNINGS/GUIDANCE:Academy Sportsand raised its outlook for FY26Core & Main, with CEO Mark Witkowski commenting that "momentum continues to build across the business"Chewy, provided guidance for Q3, and raised its outlook for FY26Sunbelt Rentalswith EPS and revenue beating consensusCognyte, with CEO Elad Sharon calling it "a strong quarter"INDEXES:Near midday, the Dow was down 397.03, or 0.75%, to 52,389.04, the Nasdaq was down 163.49, or 0.62%, to 26,257.92, and the S&P 500 was down 34.16, or 0.45%, to 7,639.36.
Middle East Violence Escalation Weighs on Markets, Tech Stocks Under Pressure
Macro narratives of re-escalation of violence in the Middle East, surging oil prices, and rising bond yields continued to weigh on sentiment, sending major averages down for the third consecutive session. Once again, Energy and defensively oriented Utilities and Health care sectors softened the brunt of impact on the benchmark, though Tech, Basic Materials, Industrials, and Cyclicals paced the prevailing bearish bias. In Tech, Software stocks joined the AI CapEx build out areas of the market - semiconductors, memory, hardware, and equipment - with outsized losses. Applewas a notable counterweight however, gaining nearly 3% on the day.In the opening hour of the evening session, index futures are trading little changed - S&P e-minis are at 7,643 and Nasdaq 100 is just north of 29,100. In commodities, WTI crude oil crossed the upside of $90 per barrel, boosted by more bellicose rhetoric from President Trump regarding his intentions to continue bombing Iran if IRGC retaliates against the latest round of US strikes. Precious metals also remain under pressure, as rising dollar from growing expectations of higher short-term rates sent Gold below $4,370 per ounce.Check out this evening's top movers from around Wall Street, compiled by The Fly.HIGHER AFTER EARNINGS -GitLabup 15.9%Sportsman's Warehouseup 7.5%Dell Technologiesup 6.7%ALSO HIGHER -Waldencastup 9.6% after insider buyLineageup 1.8% after insider buyDOWN AFTER EARNINGS -MongoDBdown 12.9%Credo Technology Groupdown 9.2%Palo Alto Networksdown 1.8%
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