All three major US stock indexes were down in late-morning trading Thursday, as investors monitored updates on the Iran war.
President Donald Trump delivered a national address Wednesday night in which he said the US is getting close to ending military operations in Iran but that it would hit Iran "extremely hard" in the coming weeks. On Thursday, IRNA, the Iranian state-run news agency, reported that Iran is drafting a protocol with Oman to oversee traffic through the Strait of Hormuz, according to media reports.
In company news, Blue Owl Capital (OWL) is limiting redemptions to 5% each for two of its private credit funds after receiving a surge of withdrawal requests, Bloomberg reported Thursday, citing two separate investor letters. Investors in the $36 billion Blue Owl Credit Income fund asked to redeem 21.9% of shares in the three months ended March 31, up from 5.2% in the prior period. Meanwhile, the firm's Blue Owl Technology Income fund received requests to pull 40.7% of shares, up from 15.4% int he prior period, Bloomberg reported, citing the letters. Blue Owl shares were down 1.0% around midday.
Amazon (AMZN) is in talks to acquire satellite company Globalstar (GSAT), the Financial Times reported late Wednesday. Discussions are ongoing and complex due to Apple (AAPL), which owns a 20% stake in Globalstar and must be involved in the negotiations. Amazon shares were down 0.1%, while Globalstar shares were up 8.6%. Apple shares were down 0.4%.
Tesla (TSLA) said Thursday it delivered 358,023 vehicles in Q1, up from 336,681 the year prior. The electric-vehicle maker delivered 341,893 Model 3/Y vehicles, up from 323,800 in the year-ago period. Tesla shares were down 4.0%.
Ford Motor (F) said Thursday its Q1 total sales fell 8.8% from the year-ago period due to a strategic shift to high-margin SUVs and a notably strong performance in the same quarter last year. Electric vehicle sales fell by about 70%, while hybrid vehicles fell over 19% year over year. Internal combustion vehicle sales also fell by 4.3% from the year-ago period. Ford shares were down 1.3%.
Bed Bath & Beyond (BBBY) has signed definitive agreements to acquire The Container Store, Elfa and Closet Works, CEO Marcus Lemonis said Thursday in a letter to shareholders. Bed Bath & Beyond shares were down 5.6%.
Microsoft (MSFT) is looking to develop large, state-of-the-art AI models by 2027 as part of an effort to build in-house alternatives to OpenAI and Anthropic, Bloomberg reported Thursday, citing an interview with Microsoft AI CEO Mustafa Suleyman. Microsoft shares were up 0.2%.
Price: 8.62, Change: -0.10, Percent Change: -1.09
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