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BP Chairman Albert Manifold out over governance and oversight concerns. (0:15) BofA boosts Apple target on growing agentic AI opportunities. (0:52) China restricts overseas travel for AI experts. (2:32)

This is an abridged transcript of the podcast:

Our top story so far, BP (BP) has ousted Chairman Albert Manifold with immediate effect over what the company called “serious concerns” related to governance standards, oversight and conduct.

Manifold was appointed less than a year ago to lead a turnaround effort at the oil and gas giant.

“The board has been surprised and disappointed to learn of governance oversight and conduct issues it deems unacceptable and has taken decisive action,” the company said.

Shares are down following the announcement.

BP appointed Ian Tyler as interim chair while it begins the search for a permanent replacement. Manifold had been appointed to the role in October.

BP’s leadership still has “deep conviction in the strategic direction we have laid out, and the company is moving at pace to deliver it,” Tyler said.

Among active stocks, BofA raised its price target on Apple (AAPL) to $380 from $330 and reiterated their Buy rating, citing a potential boost from agentic artificial intelligence.

Analyst Wamsi Mohan said: “If AI assistants become the new front door to search, apps, commerce, scheduling, payments, and workflow completion, we think Apple should have meaningful leverage over model providers, app developers, merchants, advertisers, and payment networks.”

AutoZone (AZO) reported an 8.4% increase in Q3 sales on strong demand from both do-it-yourself customers and professional mechanics. But shares are trading defensively on concerns about the impact of inflation on inventory costs and margin compression.

And Micron (MU) is surging after UBS raised its price target to $1,625 from $535 and reiterated its Buy rating.

At that valuation, Micron would be worth nearly $1.8 trillion.

Analyst Timothy Arcuri said “the market will start to put a more 'normal' multiple on the stock and MU will continue to re-rate higher as more details emerge about the structural changes AI has driven to the entire memory complex.”

Looking to the markets, the semiannual rebalancing of the indexes is underway, and FTSE Russell has unveiled its preliminary list of changes for the broad-market Russell 3000 Index (IWV).

Expected additions include Ocugen (OCGN), Senseonics (SENS), Nektar Therapeutics (NKTR), Agenus (AGEN) and CytomX Therapeutics (CTMX).

They are set to replace Nano-X Imaging (NNOX), Tvardi Therapeutics (TVRD), Fate Therapeutics (FATE), Quantum-Si Incorporated (QSI) and Cardiff Oncology (CRDF).

It’s also the 130th anniversary of the debut of the Dow Jones Industrial Average, which closed at 40.94 on this day in 1896.

The Dow opened today at 50,686.15.

In other news of note, China is reportedly restricting overseas travel for top AI professionals at private firms including Alibaba Group (BABA) and DeepSeek (DEEPSEEK), suggesting an escalation in efforts to safeguard sensitive technology and close the gap with the U.S.

Government agencies have begun imposing restrictions on individuals involved in advanced AI work who are considered strategically important to the country, according to Bloomberg.

That means they now need approval from relevant authorities before traveling overseas.

And in the Wall Street Research Corner, Morgan Stanley says the conflict in the Middle East has tightened U.S. financial conditions by the equivalent of about a 35-basis-point increase in the federal funds rate.

The bank’s FRB/US-based financial conditions index tracks how changes in asset prices are likely to weigh on future economic activity.

The model includes five daily variables: the 10-year Treasury yield (US10Y) (TBT) (TLT), S&P 500 (SPY) (IVV) (VOO) returns, BBB corporate credit spreads (LQD) (JNK), the U.S. dollar (DXY), and oil prices (USO) (BNO).

Those inputs are then converted into a fed funds rate equivalent.

Morgan Stanley said that since hostilities began on Feb. 28, the tightening in financial conditions has effectively reversed all the easing seen earlier this year.

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