WS #7279
No material new developments in the last 30 minutes. The Cerebras IPO pop and Iran de-escalation signals remain the dominant themes, with no new data points to report.
Key developments
- Cerebras Systems IPO indicated to open at $325-$387.25 vs $185 IPO price (75-109% pop)
- IRGC backs off toll demands on Chinese vessels after Trump-Xi agreement; Saudi floats non-aggression pact with Iran
- US admiral says Iran's missile, navy, drone industrial base degraded by 90%; Iran will not return to pre-war navy for a generation
- Cisco cuts ~4,000 jobs (5% of workforce) to invest in AI despite record quarterly revenue; KeyBanc raises PT to $125
- Clarity Act markup hearing begins in Senate Banking Committee; GSR puts passage odds below 50%
- US business inventories rise 0.9% in March vs 0.3% consensus; retail sales rise 0.5% (slower than March's 1.6%)
- KeyBanc turns 'more cautious' on Apple amid 'stretched' valuation