Most Important News

1. Arabian Pipes's Kuwait Deal Surges Past 5% Revenue
2. Miahona Board Proposes Million Share Buyback
3. LITE Surges 16% Hits Record High, POET and AAOI Soar 24%+
4. Elon Musk Joins Trump China Delegation, Shares Rise

At the close of May 11, the Tadawul All Shares Index(TASI.SA) up by 0.39%, closing at 11158.45 points; the Parallel Market Capped Index (NomuC)(NOMUC.SA) down by 0.04%, closing at 22635.06 points. 

U.S. stock futures slipped early Tuesday as traders looked ahead to the release of April’s consumer price index reading.

S&P 500 futures were 0.16% lower, and Nasdaq 100 futures dropped 0.33%. Futures tied to the Dow Jones Industrial Average were marginally lower.

During the day’s regular session, both the S&P 500 index(SPX.US) and NASDAQ(IXIC.US) rose to fresh intraday and closing highs. The broad market index added 0.19%, while the technology-heavy Nasdaq eked out a 0.1% gain. The Dow Jones Industrial Average(DJI.US) gained 95.31 points, or 0.19%.

Nomura Warns Global AI Rally Pauses

Nomura reports the global AI rally is losing momentum as tech option skew falls toward Oct 2025 lows and quant short-covering exhausts. While the Nikkei 225 target price soars above 66,000, indices face technical pressure. Analysts monitor the 61,500 support level and potential Korean FOMO to signal the next trend phase.

Trump Weighs Expanding Hormuz Freedom Plan

President Trump labeled the ceasefire agreement "precarious" as US-Iran negotiations stall over uranium enrichment and a 14-point proposal. While Iran denies seeking excessive concessions and continues blocking UAE tankers, Saudi Arabian Oil Co.(2222.SA) warned a Hormuz Strait blockade would remove 100 million barrels of weekly supply. Trump suggested potentially expanding maritime security operations.

KSA Stocks

Alarabia Q1 Revenue Plunges 22% Yearly

Arabian Contracting Services Co.(4071.SA) reported a 94.5% plunge in Q1 2026 net profit to 8.9 million riyals as revenues fell 22% to 415.6 million riyals. Regional geopolitical tensions suppressed advertising demand, while operating costs rose significantly following the launch of new sites. Consequently, the firm restated comparative 2025 financial data to align with IFRS 16 lease accounting standards.

Miahona Board Proposes Million Share Buyback

Miahona Co.(2084.SA) announced a Board recommendation to buy back up to 1,000,000 ordinary shares using internal cash resources. This initiative aims to establish an Employee Share Incentive Program to attract key talent. Implementation remains subject to Extraordinary General Assembly approval and a successful solvency report from external auditors.

Saleh Alrashed Q1 Net Profit Plunges 60%

Saleh Abdulaziz Al Rashed and Sons Co.(1324.SA) reported a 60% year-on-year net profit decline to 9.25 million riyals for Q1 2026. Total revenues tumbled 9% to 155.2 million riyals as aggregate volumes dropped 12% and spare parts income fell 47%. Gross margins compressed to 15%, though total shareholder equity increased slightly by 1.9%.

Arabian Pipes's Kuwait Deal Surges Past 5% Revenue

Arabian Pipes Co.(2200.SA) signed a contract with KAC Trading to supply OCTG casing pipes for Kuwait Oil Company. Valued at over 5% of 2025 revenues, the 12-month agreement supports the company's international expansion strategy. Financial impacts are projected to begin in Q4 2026 and continue through Q2 2027.

USA Stocks

LITE Surges 16% Hits Record High, POET and AAOI Soar 24%+

US storage and optical communication sectors soared as QUALCOMM Incorporated(QCOM.US) gained over 8% and Western Digital Corporation(WDC.US) rose 7%, both hitting record closes. Micron Technology, Inc.(MU.US) surged 6.50% to 795.33, while POET Technologies(POET.US) and Applied Optoelectronics, Inc.(AAOI.US) soared 26% and 24% respectively. Gains by Lumentum Holdings, Inc.(LITE.US) at 16%, Credo Technology(CRDO.US) at 11%, and Ciena Corporation(CIEN.US) at 6% underscored massive demand for AI hardware.

Circle Q1 Revenue Soars 20 Percent

Circle(CRCL.US) reported Q1 2026 revenue soared 20% to $694 million, though net income plunged 15% to $55 million. While USDC circulation soared 28% to $77 billion, earnings were pressured by a 76% surge in operating expenses following its public listing. Management maintained annual guidance while advancing AI payment solutions via the Agent Stack platform.

Elon Musk Joins Trump China Delegation, Shares Rise

Tesla Motors, Inc.(TSLA.US) shares rose nearly 4% following reports from Bloomberg that Elon Musk will join President Trump’s official delegation to China. The inclusion of the billionaire CEO signals a strategic focus on trade relations and market access. Analysts anticipate that the high-profile visit will yield positive outcomes for future cross-border electric vehicle industrial cooperation.

Quantum Computing Shares Soar 16 Percent

Quantum Computing Inc.(QUBT.US) shares soared nearly 16% in post-market trading after reporting Q1 2026 revenue of $3.7 million, surging from just $39,000 the previous year. However, the company swung to a $4.1 million net loss, or $0.02 per share, compared to a $17 million profit in 2025. The results highlight a strategic shift toward rapid revenue commercialization.

AST SpaceMobile Shares Plunge After Earnings

AST SPACEMOBILE INC(ASTS.US) shares plunged over 10% in post-market trading following its Q1 2026 earnings report. While the company achieved a massive revenue surge of 1,952% to $14.74 million, its diluted loss per share widened 230% to $0.66 compared to $0.20 last year. Investors prioritized the significant increase in quarterly losses over the satellite firm's record-breaking top-line growth.