The latest Market Talks covering Equities. Published exclusively on Dow Jones Newswires throughout the day.
1916 ET - Venezuelan opposition leader María Corina Machado says the South American country could produce more than 5 million barrels a day of oil, but would need investment of $150 billion over 10 years. The country currently produces about 1 million b/d. Her movement would offer investors the right institutional, fiscal and contractual conditions in a fully private oil and gas sector, offering "the most competitive government take in the Western Hemisphere," Machado says at the S&P Global CERAWeek conference. The state would have only a regulatory role, and state oil company PdVSA would be downsized and eventually privatized. Venezuela has yet to set elections following the January ouster of former president Nicolás Maduro, and the Trump administration is working closely with acting president Delcy Rodríguez, who was Maduro's vice president. (anthony.harrup@wsj.com)
1825 ET [Dow Jones]--Veem's share price is down nearly 70% since the start of October after the company slugged investors with two major downgrades and a A$24.8 million gyrostabiliser related writedown. Still, Ord Minnett believes Veem has turned a corner on the road to recovery. It upgrades Veem to accumulate, from hold, even as it cuts earnings forecasts for FY 2026-2028 by 40-67%. Analyst John Lawlor says it will take until FY 2027 for Veem's recovery to be reflected in its financial results. "We remain of the view that Veem has significant submarine, propeller, and defence capabilities which will be highly sought after as global defence budgets increase dramatically over the next decade," Ord Minnett says. Veem ended Tuesday at A$0.58, below Ord Minnett's new A$0.90/share price target. (david.winning@wsj.com; @dwinningWSJ)
1803 ET [Dow Jones]--Risks to Treasury Wine Estates's earnings and balance sheet are becoming more concerning, says Jefferies. They overshadow a very low multiple, given the value of Treasury Wine's land, inventory and its high-end Penfolds wine brand. Jefferies reduces its price target on Treasury Wine by 20% to A$4.00/share. "We cut our estimates for Treasury Americas and Collective from FY27 onwards by 6-8% to reflect our view that U.S. distributor disruption will be ongoing," analyst Michael Simotas says. It highlights RNDC's sale of 11 markets to Reyes Beverage Group. RNDC distributes for Treasury Wine in nine of these markets. Jefferies sees potential for significant disruption risk and reduced focus on wine, particularly in the seven markets Reyes already operates in. Treasury Wine ended Tuesday at A$3.55. (david.winning@wsj.com; @dwinningWSJ)
1808 ET - Among Australia-listed uranium miners, Lotus Resources has been hardest hit by concerns about raw materials supply due to the Iran conflict. Lotus's share price has almost halved since the start of March. Ord Minnett says Lotus's supplies of acid and sulphur look secure at present, but fuel is more precarious. "Lotus's diesel forward orders and stocks should see it through to early July, but supply is refined in the Middle East where the duration of the transport blockages and extent of refinery damage are uncertain," analyst Matthew Hope says. Lotus is standing still on July orders to see how volatility plays out. "Disruption cannot be ruled out as it depends on the conflict," Ord Minnett says. Lotus ended Tuesday at A$1.205, below Ord Minnett's A$3.90/share target. (david.winning@wsj.com; @dwinningWSJ)
1753 ET - Jefferies upgrades Imdex to buy from hold, after the mining services company's stock drops 18% over the past two weeks as investors assess the impact of the Iran conflict on the resources sector. "On the assumption that the war ends in the near future and energy prices normalize, we continue to view exploration bullishly," says analyst John Campbell. It notes that small-cap miners raised some US$25 billion prior to the conflict. That cash pile is likely to be deployed across FY 2027/2028. Imdex ended Tuesday at A$3.34, below Jefferies's A$4.25/share price target. (david.winning@wsj.com; @dwinningWSJ)
1744 ET - Sandfire Resources gets a new bull as buzz builds around its Kalkaroo and gold project in South Australia. Jefferies upgrades Sandfire to buy, from hold, citing Kalkaroo as a material growth opportunity for Sandfire. It sees potential for a mine producing between 74,000 and 90,000 tons of copper equivalent annually by 2031. Construction costs, including for a plant capable of processing up to 15 million tons of ore, would be between US$1.47 billion and US$1.77 billion. Jefferies raises its price target by 5.6% to A$19.00/share. It currently includes a A$618 million valuation of Kalkaroo. Sandfire ended Tuesday at A$15.21. (david.winning@wsj.com; @dwinningWSJ)
1731 ET - Australian stock futures are pointing to an opening advance despite a soft lead from U.S. equities and a rebound in oil prices. ASX futures are up by 0.6% ahead of Wednesday's session, suggesting that the S&P/ASX 200 will add to Tuesday's 0.2% rise. The benchmark index faded after rising by as much as 1.7% in early trade, but still snapped a three-day losing streak that had pushed it to a 10-month low. Ahead of the open, Rio Tinto said it had reached a A$2 billion deal with lawmakers to keep open its Boyne aluminum smelter in eastern Australia. In the U.S., the DJIA lost 0.2%, the S&P 500 slipped 0.4%, and the Nasdaq Composite gave up 0.8%. (stuart.condie@wsj.com)
1642 ET - KB Home says recent geopolitical tensions add another headwind that could keep potential homebuyers on the sidelines. "Concerns surrounding the conflict in the Middle East have introduced an additional layer of uncertainty for consumers who were already working through numerous challenges," Executive Chairman Jeffrey Mezger says. Still, the company believes it is well positioned to navigate the current environment, Mezger says, given its personalized homebuilding services and financial flexibility. In the company's latest quarter, profit and revenue both slid, and the company delivered 14% fewer homes compared to a year ago. (kelly.cloonan@wsj.com)
1635 ET - GameStop has nearly doubled its cash and securities as CEO Ryan Cohen is talking about making a big acquisition. The company said in its fiscal fourth-quarter release that its cash, cash equivalents and marketable securities jumped to $9 billion at the end of the quarter, up from $4.8 billion the year before. Cohen told WSJ in January that he was interested in making a big acquisition to help boost GameStop's market value. His comments came shortly after the board altered his compensation package to give Cohen extra incentives if he increases GameStop's value and profitability. Profit and sales declined in the fourth quarter. (katherine.hamilton@wsj.com)
1632 ET - Underlying air travel demand is robust even as the war in Iran drives up fuel prices, AAR says. "We are closely following the conflict in the Middle East and are in constant contact with our customers," the aviation services company says in its fiscal third-quarter earnings release. "Fundamental demand for air travel remains extremely strong, and we are the preferred solution for the markets we serve." (elias.schisgall@wsj.com)
1627 ET - The world will require an estimated $106 trillion in investments to meet its infrastructure needs in the next 14 years, according to McKinsey & Co. Capital is needed not only for "traditional assets such as roads, ports, bridges and power grids but also for the next generation of those assets, [as well as] data centers, charging stations, fiber-optic networks, and more," the consulting firm says. Private-market fund managers are stepping up, having raised a record of nearly $200 billion for infrastructure-focused strategies last year, as infrastructure is the asset class to which investors most want to increase allocations, McKinsey says. Such strategies, however, face hurdles such as longer holding periods, higher debt costs and rising asset prices, it adds. "The ability to drive value creation will become increasingly foundational." (luis.garcia@wsj.com; @lhvgarcia)
1604 ET - U.S. stocks end broadly lower as headlines out of the Middle East show slow progress at best toward ending the fighting. The U.S. is expected to deploy additional troops to the area, though a decision to put boots on the ground in Iran hasn't been made. Iran pressed its assault, hitting Israel as well as Kuwait, Bahrain and Saudi Arabia with fresh attacks. Brent crude futures climb back above $100 a barrel, while the dollar climbs along with Treasury yields. DJIA falls 84 points, or 0.2%, to 46124, the S&P 500 loses 0.4% to 6556 and the Nasdaq drops 0.8% to 21761. (patrick.sullivan@wsj.com)
(END) Dow Jones Newswires
March 24, 2026 19:16 ET (23:16 GMT)
Copyright (c) 2026 Dow Jones & Company, Inc.
Comments