Phaos Technology Announces Closing of Initial Public Offering

Phaos Technology Holdings (Cayman) Limited (NYSE: POAS) said it became aware of unusual trading in its Class A ordinary shares on the NYSE from May 29 to June 1, 2026. In an updated NYSE Guide Section 401(d) response, the company said it has not found any material undisclosed business developments or other known reasons and cannot yet determine if corrective actions are needed.

Galp Energia and Equinor have been awarded an offshore oil block in Brazil's Santos Basin. Galp will own 30% of the Rodocrosita block, with Equinor operating the remaining 70%. The companies may explore synergies with the adjacent Bacalhau project, which is ramping up production and will contribute 40,000 barrels per day to Galp once fully operational.

Pinterest (PINS) appointed Amazon's James Dibbo as its new CFO. The company's stock has shown mixed performance, with a recent 7-day return of 7.52% but a 1-year return of -36.11%. Analysts have varying views on its valuation, with some seeing it as undervalued at $20.31 per share compared to a fair value estimate of $29.05, while others note its high P/E ratio of 46.2x.

Shanghai Allist Pharmaceuticals (SS:688578) shares dropped 20% after its U.S. partner ArriVent Biopharma (NASDAQ:AVBP) reported that a late-stage trial of lung cancer drug firmonertinib failed to meet its primary endpoint. The drug did not show a statistically significant improvement in progression-free survival for patients with non-small cell lung cancer.

Wells Fargo raised its 12-month price target for Meta Platforms (META) to $1,000 from $796, maintaining an 'Overweight' rating. The company reported a 28% revenue increase to $60.8 billion in Q2 2026, but faces risks from high capital expenditure and regulatory pressures.

JP Morgan increased its price target for Equinor to 400 NOK (360 USD) but maintained an underweight rating. Equinor's stock has seen a 5-day change of 403.50 NOK, a 1st Jan change of -1.59%, and a 1-year change of +70.25%.