TMTB Morning Wrap

Good morning. Futures +80bps after some seesaw action overnight. Trump out saying talks are going well with a “more reasonable” regime and Iran has decided to let an additional 20 ships exit Hormuz.

Asia mainly in the red overnight: TPX -2.94%, NKY -2.79%, Hang Seng -0.81%, HSCEI -0.65%, SHCOMP +0.24%, Shenzhen flat, Taiwan TAIEX -1.8%, Korea KOSPI -2.97%. Samsung flat; SK Hynix -3%; Softbank -6%. Yields ticking down 5bps. BTC 2%. Oil +1-2%.

PANW +3% higher after $10M purchase from CEO. Memory/Optical leading the way higher in the pre.

Hope everyone had a good weekend. Let’s get straight to it…

---

PANW: CEO Nikesh Arora buys $10M

---

META: Morgan Stanley Adds Top Pick, PT $775; MetaClaw + AI Monetization Drive Re-Rating

Morgan Stanley names Meta Platforms a Top Pick with $775 PT (~50% upside), arguing sentiment has troughed with shares at ~15x ’27 EPS and below historical levels. The firm sees durable core ad growth (28%/21% ’26/’27, above Street) driven by improving engagement and ML-driven monetization. MS highlights emerging agentic opportunity (“MetaClaw”) leveraging Meta’s 3.5B+ user base, commerce graph, and multi-modal surfaces, positioning META to capture agentic shopping and advertiser automation spend. The analyst adds potential workforce reductions could add ~$1+ to ’27 EPS, raising the earnings floor. Net, MS sees multiple catalysts—AI monetization, agent rollout (vs. OpenClaw-type builders), and cost leverage—driving revisions and re-rating.

---

EXPE: Jefferies Upgrades to Buy; AI Fears Create Entry, Margin/EPS Upside Underappreciated