The Point for North America

This report highlights a critical U.S.-Iran MoU expected to increase oil supply and normalize Strait of Hormuz trade flows. It also covers significant corporate M&A activity, including Fox's acquisition of Roku and Nuvei's purchase of Payoneer.

Key Takeaways

• 1.An MOU between the U.S. and Iran regarding trade flows through the Strait of Hormuz is expected to normalize oil markets, leading to potential price softening.
• 2.Fox Corporation announced a definitive agreement to acquire Roku for $160 per share, aiming to bolster streaming and CTV market share.
• 3.Biopharma sector growth is projected at 13% for 2026, with an attractive forward P/E of 17x despite YTD underperformance relative to the S&P 500.

Table of Contents

• Morning Call Highlights
• Must Read
• US Biotechnology and Pharmaceuticals - The Biopharma 2026 halftime report: More to like coming down the pike
• SLB (SLB.N) - Digital Investor Day - Will It Move the Stock? Segment Deep Dive
• Pegasystems Inc (PEGA.O) - AMA with CFO: AI Confusion Starting to Abate
• Company
• Eli Lilly (LLY.N) - 2026 CEO/CFO call series: Top quotes from Lilly call
• Merck & Co (MRK.N) - 2026 CEO CFO Call Series: Top quotes from Merck call
• Applovin (APP.O) - Axon Week 24 Update: On Track for 9.8K Avg Stores in 2Q26
• Enterprise Products Partners LP (EPD.N) - 2Q26 Earnings Preview: Every Segment Likely Has Something to Brag About
• Edwards Lifesciences Corporation (EW.N) - CMS Publishes Proposed NCD for TAVR; Language Is Favorable
• Fox Corporation (FOXA.O) - Fox Announces Acquisition of Roku
• Payoneer Global Inc (PAYO.O) - Nuvei to Acquire Payoneer for $2.75B; Lower to Neutral/HR $7.40 TP
• Industry
• Artificial Intelligence - Takeaways from the Research and Applied AI Summit
• US Leisure - Cruises - Smoother Sailing and Lower Fuel Costs in Wake of U.S.-Iran Deal
• US Retailing - Broadlines and Hardlines - Two Charts – for – Tuesday: That's a Wrap on 1Q Earnings Season
• Economics & Strategy
• US Economics - Computers/electronics continue to support manufacturing
• Cross-Commodity Outlook - The US-Iran MoU is a big deal, setting the stage for renewed oil surplus, higher metals prices
• Fixed Income & FX
• Global FX Strategy - Fade EUR rallies if Warsh disappoints hawks
• Key Rating and Target Price Changes

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