WS #6076
The Strait of Hormuz situation escalates with Iran proposing a law to give its armed forces authority over the strait, targeting 'hostile vessels' and requiring payments in rials. This follows reports of seven ships crossing in the past 24 hours amid stalled US-Iran talks. Separately, Bill Ackman's Pershing Square IPO is expected to raise $5 billion, a significant capital markets event. Microsoft's price target was slashed by Oppenheimer from $630 to $515, though they reiterated an Outperform rating. Snap shares are climbing on a profitability reset tied to a CFO transition and a $500 million savings plan. The Dallas Fed Manufacturing Index for April came in at -2.3, worse than the previous -0.2, indicating contraction in Texas manufacturing.
Key developments
- Iran proposes law to give armed forces authority over Strait of Hormuz
- Bill Ackman's Pershing Square IPO expected to raise $5 billion
- Oppenheimer cuts Microsoft price target to $515 from $630, reiterates Outperform
- Snap shares climb on profitability reset and $500M savings plan
- Dallas Fed Manufacturing Index drops to -2.3 in April from -0.2