📈 Markets

Dell Technologies (DELL) is riding high on the AI wave, while Devon Energy (DVN) expands its Delaware Basin position, and Garmin (GRMN) receives an analyst target boost.

Dell Technologies (DELL) is surging after reporting stellar fiscal Q1 FY2027 results, driven by booming demand for AI-optimized servers. The stock rose over 3% in pre-open trading, extending the prior session's gains, as investors digested the company's record revenue of $43.8 billion, an 88% year-over-year increase. Diluted EPS also hit a record $5.24, up 282%. The Infrastructure Solutions Group (ISG) was a key driver, with AI-optimized server revenue reaching $16.1 billion, a staggering 757% increase. Dell now expects FY27 AI server revenue to reach $60 billion. Analysts are reacting positively, with Susquehanna upgrading Dell to Positive and raising its price target to $700. Barclays and JPMorgan also raised their price targets. Dell also secured a $9.7 billion Pentagon contract.

In the energy sector, Devon Energy (DVN) is expanding its footprint in the Delaware Basin with a $2.6 billion acquisition of 16,300 net undeveloped acres in New Mexico. The company also announced a capital return package, including an $8.0 billion share repurchase authorization and a 33% increase in the quarterly fixed dividend to $0.320 per share. Zacks Research raised its Q2 2026 earnings estimate for Devon Energy to $1.25 per share. Mizuho also raised its price target on Devon Energy, citing support from higher oil prices.

Garmin (GRMN) is experiencing a boost in investor confidence, with shares climbing following upbeat analyst sentiment and strong recent earnings. Tigress Financial raised its price target on Garmin to $325 and reiterated its strong-buy rating. Garmin also launched new Signal VHF marine radios. Garmin's Q1 2026 results showed revenue of $1.75 billion, a 14% year-over-year increase, and EPS of $2.08.

In other company news, Textron (TXT) announced a multi-aircraft fleet purchase agreement with Hamburg-based charter operator Platoon Aviation, positioning it to become Europe's largest Cessna Citation Longitude fleet owner. Deliveries are expected to begin in 2027.

Live cattle futures were lower on Friday, with June down $1.05 this week. Cash trade picked up on Friday to $255-258 across the country.

This is news reporting, not financial advice.