The latest Market Talks covering Equities. Published exclusively on Dow Jones Newswires throughout the day.

1914 ET - Charter Hall Long WALE REIT's completion of its asset-sale program doesn't persuade Citi to turn bullish on its stock. While asset sales may have resolved gearing concerns, they were done at large discounts to book values, analyst Suraj Nebhani says in a note. "Downward valuation movements will likely move gearing up again at June 2024, but we believe that Charter Hall Long WALE REIT should now be relatively well protected from a covenants perspective," Citi says. "Valuation is attractive, but we do see scope for downside to earnings in FY 2026 as debt costs reset to market levels." The bank retains a "neutral" call on the stock. (david.winning@wsj.com; @dwinningWSJ)

1913 ET - Dexus' latest office transaction sends a bearish signal to investors who thought valuation write-downs would soon be a thing of the past, suggests Citi. According to the Australian Financial Review Dexus and CPPIB sold joint half stake in 5 Martin Place for A$310 million, representing a 6.1% cap rate. It comes just days after Dexus signaled the weighted average cap rate for its office portfolio expanded by some 48 basis points, to 6.01%, at end-June. "We see this transaction as sufficient evidence, alongside the recent 255 George Street transaction, for potential portfolio valuation write-downs across our office REIT coverage in June 2024 and potentially December 2024," analyst Howard Penny says. (david.winning@wsj.com; @dwinningWSJ)

1909 ET - Australia's S&P/ASX 200 looks set to retreat further at the open despite a positive lead by U.S. equities. ASX futures are down by 1.1%, suggesting that the benchmark index will add to Wednesday's 0.7% loss. That fall came as hotter-than-expected inflation data led traders to increase bets that the next move in local interest rates could be up rather than down. Ahead of the open, Lynas said its Malaysia business is targeting first production of two separated heavy rare-earth products in 2025. In the U.S., the Nasdaq Composite rose 0.5%, the S&P 500 added 0.2%, and the Dow Jones Industrial Average edged less than 0.1% higher. (stuart.condie@wsj.com)

1906 ET - LaCroix maker National Beverage, not the kind of company to drone on about "adjusted Ebitda" in its earnings releases, says there are "Corporate Endorphins at Work." It reports a 4Q sales increase to $297.3 million from $286.7 million, with earnings per share rising to 47 cents from 39 cents. The company reports a favorable response for its new LaCroix variety Mojito and its Rip It energy drinks. Two weeks after announcing a special dividend of $3.25, National Beverage says, "As endorphins stimulate the human body, philosophy and strategy are endorphins for a corporate entity. These endorphins are reflected in what is written on the checks of the recently announced dividend." Shares rise 2% after hours to $45. (josh.beckerman@wsj.com)

1856 ET - Paladin Energy's planned $833 million acquisition of Fission Uranium removes an obstacle that had prevented Bell Potter from turning bullish on the stock. Analyst Regan Burrows had been concerned about the lack of viable near-term growth options available to Paladin. But acquiring Fission's Paterson Lakes project in Saskatchewan, Canada, resolves that. "By the turn of the decade, Paladin could be producing 15 million lbs U3O8 annually (13.5 million lbs attributable) across two sites," Bell Potter says. So, what is the new business worth? "On a enterprise value/lb of production value, we would argue it's significantly more than the current implied combined market capitalization. On a discounted cash flow basis, it sits somewhere in between," Bell Potter says. "Either way, we argue the new Paladin is bigger and better." (david.winning@wsj.com; @dwinningWSJ)

1719 ET - SpaceX wins a contract potentially worth $843 million to develop a spacecraft capable of deorbiting the International Space Station, NASA says. The US wants to continue operating the station through 2030, though Russia, a partner in operating the facility, has committed to continuing it through 2028. NASA has been looking to procure a vehicle to safely bring down the station, avoiding risks to populated areas. (micah.maidenberg@wsj.com; @MicahMaidenberg)

1700 ET - Micron Technology expects to post record revenue in fiscal 2025. The memory-chip maker in prepared markets for its 3Q earnings call says demand for AI personal computers and AI smartphones and the continued growth of AI in the data center offer a favorable setup. CEO Sanjay Mehrotra says it can deliver in fiscal 2025 with improved profitability underpinned by its portfolio's ongoing shift to higher-margin products. Shares slip 5% to $135.42 in afterhours trading on 4Q guidance fails to dazzle Wall Street. (denny.jacob@wsj.com; @pennedbyden)

1651 ET - Levi Strauss product expansion is working, the company says as it reports a swing to a profit and higher revenue in the 2Q. The jeans maker has expanded its product portfolio through an amplified focus on women's and denim lifestyle that is increasing its total addressable market, according to finance chief Harmit Singh. The female-aimed product market is expected to be above men's in the future, Singh tells WSJ.(sabela.ojea@wsj.com; @sabelaojeaguix)

1604 ET - Major U.S. stock averages edge higher as big gains by Tesla and Amazon help offset losses spread across most other S&P 500 sectors. Amazon, rises 3.9%, becoming the 5th U.S. company to reach the $2 trillion market cap milestone and helping the Nasdaq to outperform. FedEx shares jump 16% after the delivery company posted stronger-than-expected revenue and Rivian surges 23% after Volkswagen says it planned to invest up to $5 billion in the EV maker. DJIA gains 16 points, or less than 0.1%, to 39127, the S&P 500 rises 0.2% to 5477 and the Nasdaq adds 0.5% to 17805. (patrick.sullivan@wsj.com)

1559 ET - The slate of data being issued tomorrow -- GDP estimate, jobless claims and durable good orders -- sent SPDR Gold shares down on position squaring ahead of the end of the month and quarter. Gold has fallen for two consecutive sessions, but longer-term is expected to return to a positive direction. "With the quarter-end approaching there may be some position-squaring, which could put prices under light pressure, but the fundamentals remain positive for both gold and silver overall," StoneX says in a note. SPDR Gold is down 1%, while front-month gold futures settled down 0.8% to $2,299.20 an ounce. (kirk.maltais@wsj.com; @kirkmaltais)

1513 ET - Arcadium Lithium's expected production growth will drive earnings and returns, say analysts at RBC Capital Markets in a research note. The lithium chemicals production company's key differentiators include vertically integrated lithium exposure, lithium chemistry diversity which should secure returns regardless of the battery chemistry, and exposure to downstream chemicals. "[Arcadium] provides compelling production growth namely from a world-class asset base of high quality brine operations," say the analysts. Shares rise 12% to $3.59 as the analysts initiate coverage of Arcadium at outperform and set a $4 a share price target. (denny.jacob@wsj.com; @pennedbyden)

1318 ET - U.S. Senator Sherrod Brown and leaders from United Steel Workers union and Cleveland-Cliffs are turning up the pressure on the Biden Administration to take a tougher approach to curbing steel imports from Mexico. Brown wants tariffs on Mexican steel reinstated in response to what he says is Mexico's repeated violation of a 2019 deal requiring Mexico to hold steel exports to the US steady in exchange for the US lifting a 25% duty on Mexican steel. "Its steel imports are at an unsustainable level and they show no signs of slowing down," the Ohio Democrat says. Cleveland-Cliffs CEO Lourenco Goncalves says the US should not renew its free trade agreement with Mexico when the trade pact between the US, Mexico and Canada comes up for review in 2026. (robert.tita@wsj.com)

(END) Dow Jones Newswires

June 26, 2024 19:14 ET (23:14 GMT)