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• Middle East tensions continue to weigh on markets, with mortgage REIT AGNC noting that "some form of resolution or easing of tensions in the Middle East" could serve as a positive catalyst for Agency MBS
• Civil unrest in Mexico's Puerto Vallarta impacted Alaska Air's Q1 results
ACGL added $3 billion to its buyback authorization, bringing the total to $3.1 billion (roughly 9% of current market cap) — a substantial capital return commitment that signals management confidence.
AGNC delivered upside on adjusted EPS at 42 cents versus Street expectations of 37 cents, but tangible book value disappointed with a 5.6% quarter-over-quarter decline to $8.38 per share (consensus was around $8.65). Management remains optimistic, noting that "mortgage spreads to benchmark rates widened significantly in March and provide investors with compelling value."
ALK reported Q1 EPS of -$1.68, essentially in line with expectations, though the large loss reflects multiple headwinds including elevated fuel costs, historic Hawaiian rainstorms, and Mexican civil unrest. For Q2, management sees RASM rising as much as 10% year-over-year, but fuel represents a massive $600 million expense headwind (approximately $3.60 per share) — underscoring profitability challenges for smaller airlines.
SNAP announced CFO Derek Andersen's departure "for a new professional opportunity," with his last day expected May 8th.
STLD delivered an uneventful but solid Q1 with EPS and EBITDA in line with consensus. Management struck a bullish tone, citing "underlying steel demand strengthened during the first quarter 2026" and an "improved steel market environment, supported by domestic trade actions, manufacturing onshoring, infrastructure program funding."
ZION beat Q1 EPS expectations at $1.56 versus the Street's $1.42, though the beat was largely driven by provision tailwinds rather than operational strength. Revenue stayed close to expectations and 2026 guidance remained unchanged — decent but not as impressive as the headline suggests.
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