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North American Morning Briefing: Nvidia Surge -2-

In a ruling Wednesday, New York State Supreme Court Justice David B. Cohen sided with Black in determining that Guzel Ganieva's claims were invalid, largely because she signed a nondisclosure agreement with Black in 2015 under which she was paid about $9.5 million over the next six years.

   
 
 

Fitch Considers U.S. Rating Downgrade as Debt Talks Drag

Fitch Ratings is reviewing whether the U.S. should retain its top credit rating as the White House and Republicans struggle to reach an agreement on raising the debt limit.

Fitch said Wednesday evening it had placed the U.S. triple-A credit rating on "rating watch negative." While the ratings firm said it still expects Democrats and Republicans to reach an agreement on raising the debt limit, it said there was a greater risk it could fail to do so in time. Treasury Secretary Janet Yellen has said the U.S. could begin missing payments as soon as June 1.

   
 
 

Inside Wall Street's Playbook to Prevent Debt-Ceiling Chaos

Wall Street is breaking out its doomsday playbook for how to survive a U.S. default.

The industry's primary goal: keep the financial markets functioning. Many fear everything from computer glitches to cascading panic if the U.S. misses payments on Treasurys, which are a bedrock of trading and usually considered almost as safe as cash.

   
 
 

McCarthy addresses debt-ceiling angst: 'I would not, if I was in the markets, be afraid of anything'

House Speaker Kevin McCarthy on Wednesday made an effort to address concerns among investors that a divided Washington won't be able to make a deal on a debt-ceiling increase and thereby avoid a market-shaking default.

"We are working night and day. I would not, if I was in the markets, be afraid of anything in this process," the California Republican said during a Fox Business interview after the market's close.

   
 
 

Private-Equity Fundraising Blues Weigh Heavily on Newer Managers

A pullback by private-equity investors is hitting younger firms harder than their longer-tenured peers.

Raising money has always been hard for fund managers with shorter track records, especially as investors have migrated toward larger managers in recent years.

   
 
 

Germany Entered Recession After 1Q GDP Estimate Revised Down

The German economy entered a recession, after it contracted by more than in initial estimates in the first quarter, as household expenditure was squeezed by high inflation.

Germany's gross domestic product contracted 0.3% compared with the previous three-month period, according to a second estimate released Thursday by German statistics office Destatis, lower than the first estimate, which showed the economy flatlined.

   
 
 

Italy's Market Likes the New Prime Minister. She's Showing Her Moderate Side.

Giorgia Meloni wasn't elected to comfort the afflicted.

The Italian prime minister, who swapped her trademark white suit for jeans this past week to wade through flooded villages in the Emilia-Romagna region, swept to power last autumn on a right-populist platform of containing immigration, slashing taxes, and sticking it to the overbearing eurocrats in Brussels.

   
 
 

Ron DeSantis Makes Case to Be Trump's Successor Atop GOP With 2024 Bid

After seven years of party domination by Donald Trump, Florida Gov. Ron DeSantis is ready to present himself to Republicans as the natural successor to the former president's movement and the best candidate to move the GOP beyond a "culture of losing."

But a planned campaign announcement on Twitter Spaces, an unorthodox choice featuring a conversation with DeSantis and Elon Musk, got off to a messy start, with the production marred by technical issues, including audio that repeatedly cut out.

   
 
 

Texas Attorney General Interfered With FBI Probe, Investigators Say

AUSTIN, Texas-Attorney General Ken Paxton may have committed multiple crimes as he attempted to use his state office to aid a political donor, according to investigators working for the Texas Legislature.

Investigators found the top lawyer of the nation's second-largest state had sought to interfere in a Federal Bureau of Investigation probe into Austin real-estate investor Nate Paul, a friend of Paxton's who donated $25,000 to him, and otherwise interjected himself in Paul's legal dealings.

   
 
 

Write to paul.larkins@dowjones.com TODAY IN CANADA

Earnings:

Canadian Imperial Bank of Commerce 2Q

Computer Modelling 4Q

Royal Bank of Canada 2Q

Silvercorp Metals 4Q

Toronto-Dominion Bank 2Q

Economic Calendar (ET):

0830 Mar Payroll employment, earnings and hours, and job vacancies

Stocks to Watch:

Argo Group International Partners With Trisura Group; Agreement, Effective Immediately, With North Amer Insurer Trisura Group to Support Its Surety Underwriting Ops as It Works to Revamp and Grow Its Surety Business; Terms of the Agreement Were Not Disclosed

IGM Financial Announces C$300 Million Offering of Debentures

NXT Energy Solutions Announces 10-Yr Strategic Alliance and With Synergy E&P Technologies Granting Synergy Exclusive License to Use, Distribute, Sub-License, Market and Sell NXT's SFD Solutions in Africa; Synergy, With This New Arrangement, Will Be Advancing the SFD Technology to Address Energy Security in and Transition in the African Continent for Both Oil and Gas and Geothermal Sources

NXT Also Announces a $2.3 Million Convertible Debenture Financing by a Synergy Affiliate

Sulliden Mining Capital Names Grant Sboros to Board to Succeed Wen Ye

   
 
 

Expected Major Events for Thursday

06:00/GER: 1Q GDP - Detailed breakdown

06:00/GER: Jun GfK consumer climate survey

06:45/FRA: May Monthly business survey (goods-producing industries)

08:59/JPN: May Monthly Economic Report

10:00/UK: May CBI Distributive Trades Survey

10:00/FRA: 1Q OECD trade statistics release

12:30/US: Apr Chicago Fed National Activity Index (CFNAI)

12:30/US: 05/20 Unemployment Insurance Weekly Claims Report - Initial Claims

12:30/US: 1Q Preliminary Corporate Profits

12:30/CAN: Mar Payroll employment, earnings and hours, and job vacancies

12:30/US: U.S. Weekly Export Sales

12:30/US: 1Q 2nd estimate GDP

13:00/RUS: Weekly International Reserves

14:00/US: Apr Pending Home Sales Index

14:30/US: 05/19 EIA Weekly Natural Gas Storage Report

15:00/US: May Federal Reserve Bank of Kansas City Survey of Tenth District Manufacturing

20:30/US: Federal Discount Window Borrowings

20:30/US: Foreign Central Bank Holdings

23:30/JPN: May CPI (Tokyo), CPI ex-Food (Tokyo)

23:50/JPN: Apr Services Producer Price Index

All times in GMT. Powered by Onclusive and Dow Jones.

   
 
 

Expected Earnings for Thursday

23andMe Holding Co (ME) is expected to report for 4Q.

ASA Gold & Precious Metals Ltd (ASA) is expected to report for 1Q.

Almaden Minerals Ltd (AAU,AMM.T) is expected to report for 1Q.

American Woodmark Corp (AMWD) is expected to report $1.07 for 4Q.

Aurora Cannabis Inc (ACB,ACB.T) is expected to report for 3Q.

Autodesk Inc (ADSK) is expected to report $0.77 for 1Q.

Best Buy Co Inc (BBY) is expected to report $1.09 for 1Q.

Build-A-Bear Workshop (BBW) is expected to report $1.01 for 1Q.

Burlington Stores Inc (BURL) is expected to report $0.92 for 1Q.

CSW Industrials Inc (CSWI) is expected to report $1.46 for 4Q.

Canadian Imperial Bank of Commerce (CM,CM.T) is expected to report $1.63 for 2Q.

Columbus McKinnon Corp (CMCO) is expected to report $0.54 for 4Q.

Computer Modelling Group Ltd (CMG.T) is expected to report $0.07 for 4Q.

Corvel (CRVL) is expected to report for 4Q.

Costco Wholesale Corp (COST) is expected to report $3.29 for 3Q.

DATATRAK International Inc (DTRK) is expected to report for 1Q.

Deckers Brands (DECK) is expected to report $2.84 for 4Q.

Destination XL Group Inc (DXLG) is expected to report $0.12 for 1Q.

Dollar Tree Inc (DLTR) is expected to report $1.53 for 1Q.

Domo Inc (DOMO) is expected to report $-0.67 for 1Q.

Gap Inc (GPS) is expected to report $-0.18 for 1Q.

Genesco Inc (GCO) is expected to report for 1Q.

Hamilton Lane Inc (HLNE) is expected to report $0.74 for 4Q.

IMPAC Mortgage Holdings Inc (IMPM) is expected to report for 1Q.

Lions Gate Entertainment Corp - A Share (LGFA,LGFB) is expected to report $-0.42 for 4Q.

Medtronic plc (MDT) is expected to report $1.22 for 4Q.

Mesa Labs (MLAB) is expected to report $0.37 for 4Q.

Movado Group Inc (MOV) is expected to report $0.27 for 1Q.

NetEase Inc - ADR (https://urldefense.com/v3/__http://K3MD.SG__;!!F0Stn7g!EOtGrqEy1oX18dOMqRwf6Yce8VpIy4hMXQUYXIXA_Zufb8zYQd3POr76_ap4T3RLGybh8iUiva_cE1DXeV8c5HepyxFWMdmqICnphLJCHv4$ ,NTES) is expected to report $1.77 for 1Q.

Ralph Lauren Corp (RL) is expected to report $0.66 for 4Q.

Rex American (REX) is expected to report for 1Q.

Royal Bank of Canada (RY,RY.T) is expected to report $2.72 for 2Q.

Silvercorp Metals (SVM,SVM.T) is expected to report $0.03 for 4Q.

Statera Biopharma Inc (STAB) is expected to report for 4Q.

Thermon Group Holdings Inc (THR) is expected to report $0.36 for 4Q.

Titan Machinery (TITN) is expected to report $1.02 for 1Q.

Toronto-Dominion Bank (TD,TD.T) is expected to report $1.93 for 2Q.

Ulta Beauty Inc (ULTA) is expected to report $6.88 for 1Q.

VMware (VMW) is expected to report $0.70 for 1Q.

Workday Inc (WDAY) is expected to report $-0.27 for 1Q.

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ANALYST RATINGS ACTIONS

Accolade Raised to Buy From Neutral by B of A Securities

Agilent Cut to Sector Weight From Overweight by Keybanc

Apexigen Cut to Hold From Buy by EF Hutton

Berry Global Group Raised to Buy From Hold by Truist Securities

Camping World Holdings Raised to Outperform From Market Perform by BMO Capital

Integra LifeSciences Cut to Underweight From Neutral by JP Morgan

Organogenesis Holdings Raised to Buy From Neutral by BTIG

Owens Corning Raised to Overweight From Equal-Weight by Barclays

PDC Energy Cut to Neutral From Buy by Mizuho

(MORE TO FOLLOW) Dow Jones Newswires

May 25, 2023 06:07 ET (10:07 GMT)

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