Shein reportedly aims for Hong Kong debut
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Welcome to Seeking Alpha's Wall Street Breakfast, where we cover the top news for investors every morning. It's great to have you here on this Wednesday, May 28th. I'm Julie Morgan. Sheehan switches gears, Cruz stocks ride a tariff delay, and Compass hits a rough patch.

Shein is working towards a listing in Hong Kong after the proposed initial public offering in London failed to secure the green light from Chinese regulators, notably the China Securities Regulatory Commission. A source with knowledge of the matter told Reuters that the China-founded company aims to file a draft prospectus with the Hong Kong Stock Exchange in the coming weeks. The report said Shein plans to go public in the Asian financial hub within the year.

Travel booking and cruise stocks rose on Tuesday following President Trump's decision to delay tariffs on the European Union. The development reverberated through the U.S. and European financial markets, fueling substantial gains in Wall Street's major averages as well as sectors with ties to European commerce.

As Western Europeans are the second largest source of cruise passengers, shares of Carnival Corporation, Royal Caribbean, Norwegian Cruise Lines and Viking Holdings close with gains of as much as 6%. Among travel booking platforms, TripAdvisor outperformed with a gain of 4.7%.

followed by Expedia, Booking Holdings, and Airbnb. Gains across the airline sector were led by JetBlue, which recently expanded its service from Boston with flights to Spain and Scotland. Shares closed nearly 10% higher on Tuesday.

Compass Diversified is down 14% pre-market after the private equity company said it's taking steps to boost liquidity. The actions are being taken after it identified irregularities in financing, accounting, and inventory practices at its Lugano Holdings subsidiary. The steps include entering into a forbearance agreement with its lender group to preserve sufficient liquidity to maintain normal operations.

reducing management fees paid by Compass Diversified, restricting investment in Lugano to focus resources on Cody's eight other subsidiaries, and suspending its quarterly cash distribution to preserve cash. And as expected, Compass Diversified received a notice from the New York Stock Exchange on May 20th, stating that Cody is not in compliance with listing rules for failure to file its Form 10Q before May 19th.

The company now has six months to regain compliance with the NYSE listing standards. Now I'd like to point out three other articles that are trending on Seeking Alpha. SpaceX's Starship loses control mid-flight 30 minutes after launch. The governor of Texas signs a law mandating age verification on Apple and Google app stores.

And Box outlines 7% fiscal year 26 revenue growth outlook with strong AI-driven platform momentum. On our Catalyst Watch for the day, Zentalis Pharmaceuticals, Aura Biosciences, and Proterra Therapeutics are some of the companies due to present at the T.D. Cohen's Oncology Innovation Summit.

Other notable investor events include Coherence Investor Day, Performance Food Groups Investor Day, ExxonMobil's Annual Meeting, First Advantages Investor Day, and Chevron's Annual Meeting. Horizon Aircraft, Honeywell, Blade Air Mobility, and Surf Air Mobility are some of the companies confirmed to be participating in the Jeffries F. Tall Summit.

AMD will present at the TD Cohen Technology Media and Telecom Conference. And Visa will present at the Bernstein Strategic Decisions Conference. On Wall Street, ahead of the opening bell, Dow, S&P, and Nasdaq futures are in the red. Crude oil is up 0.5% at $61 a barrel. By the way, that's the exact same as it was yesterday at this time.

Bitcoin is down 0.1% at $108,000. Gold is up 0.4% at $3,323. The FTSE 100 is flat and the DAX is down 0.1%.

Earlier, we mentioned Box. Box is on our list of the biggest movers of the day pre-market. Box is up 13% after the cloud storage company reported Q1 results and guidance that topped expectations.

On today's economic calendar, at 7 a.m., MBA mortgage applications. At 10 a.m., the Richmond Fed Manufacturing Index. At 11 a.m., the Survey of Business Uncertainty. And at 2 p.m., the FOMC Minutes will be released.

That's it for today's Wall Street Breakfast. Thanks for listening. For a full offering of news, analysis, ratings, and data on stocks and ETFs, become a premium subscriber. Learn more at SeekingAlpha.com slash subscriptions. I'm your host, Julie Morgan. Go out and make it a great day.