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Apple Downgraded to Hold with Price Target Cut to $330
Stock futures are lower as renewed weakness in AI-related stocks looks set to erase some of Monday's rebound. Investors remain concerned about the debt and financing costs underpinning the AI infrastructure buildout. Meanwhile, oil prices are climbing, with Brent crude near $111 a barrel and West Texas Intermediate around $100.55, as escalating Middle East tensions and reports of attacks on vessels in the Gulf raise concerns about supply disruptions. Higher energy prices are adding to inflation worries following hotter-than-expected September CPI and PPI readings, while the 10-year Treasury yield is holding near 5.14%. The combination of elevated oil prices and borrowing costs continues to challenge equity valuations, particularly for growth stocks that rely on future earnings to justify current prices.In pre-market trading, S&P 500 futures fell 0.13%, Nasdaq futures fell 0.41% and Dow futures were about flat.Check out this morning's top movers from around Wall Street, compiled by The Fly.HIGHER -Alvotechup 8% after announcing that the FDA has approved a new manufacturing process for Simlandi, the company's biosimilar to HumiraUP AFTER EARNINGS -Equifaxup 6%Halliburtonup 4%RTXup 2%MSCIup 2%3Mup 1%Northrop Grummanup 1%KeyCorpup 1%DOWN AFTER EARNINGS -Genuine Partsdown 9%General Motorsdown 6%Mueller Industriesdown 4%GE Aerospacedown 3%Synchronydown 2%Hasbrodown 1%LOWER -Appledown 1% after Loop Capital downgraded the stock to Hold with a price target of $330, down from $370
Alvotech Receives FDA Approval for New Simlandi Manufacturing Process
Alvotech announced that the FDA has approved a new manufacturing process for Simlandi, Alvotech's biosimilar to Humira. The FDA approval allows Alvotech to introduce Process 2.0 for the manufacture of adalimumab drug substance in its DSM2 manufacturing suite in Reykjavik, Iceland. The new process more than doubles drug substance output per batch without changing the upstream manufacturing scale. The improvement was achieved through targeted process development, effective process transfer and successful process validation, with demonstrated comparability to the previously approved process, maintaining product quality, safety and efficacy.
Alvotech and Lotte Biologics Sign Long-Term Strategic Manufacturing Partnership
Alvotech and Lotte Biologics announced a long-term strategic manufacturing partnership. Under the agreement, Lotte Biologics will manufacture drug substance for multiple antibody biosimilar products at its Syracuse facility in New York for global supply, with the potential to further expand the collaboration over time. The Syracuse facility has 40,000 liters of bioreactor capacity for biologics manufacturing, supported by on-site process development and quality control capabilities. The site has an established track record in commercial biologics manufacturing and recently completed an unannounced FDA inspection with zero observations, further demonstrating its strong quality and regulatory capabilities. The agreement expands Alvotech's US-based manufacturing footprint while strengthening its global supply network. The additional capacity complements Alvotech's existing manufacturing partnerships and its in-house development and manufacturing capabilities, supporting its expanding portfolio and providing greater flexibility to meet demand across international markets.
Nasdaq Rises Nearly 300 Points as Market Digests Jobs Report
The major averages ended broadly higher, led by tech with the Nasdaq up roughly nearly 300 points. The 10-year Treasury yield remains near multiyear highs, but oil prices pulled back to drop below $90 a barrel.The market continues digesting Friday's weaker-than-expected September jobs report, which reduced expectations for another Fed rate hike this month. Traders now see roughly an 80% probability that the Fed holds rates steady in October, although a December hike remains largely priced in.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Schneider Electricagreed to acquire PTCFor $205 per share in cashC.H. Robinsonagreed to acquire RXO Inc.for $30.25 per shareGE Healthcarewill acquire SOFIE Biosciences for $945M in cashTeslaCEO Elon Musk confirmed discussions between his Terafab semiconductor production initiative and TSMCUnitedHealthis under investigation by Texas AG Ken Paxton amid alleged unlawful practices2. WALL STREET CALLS:Melius calls Microsoftthe "adults in charge" of AI, upgrades to BuyDraftKingsupgraded to Buy at BofA following 47% pullbackMorgan Stanley downgraded Group 1 Automotiveto Underweight and AutoNationto Equal WeightWells Fargoupgraded to Overweight at Morgan StanleyCiti upgraded Harley-Davidsonto Buy after several years of caution3. AROUND THE WEB:Despite being two of Anthropic's largest corporate customers, Metaand Microsoftare looking to lower their employees' use of Claude, The Information reportsStarbucksis being sued by customers who claim the company falsely advertised eight protein drinks as "sugar-free" because they contain lactose, Reuters reportsAppleCEO John Ternus has effectively become the company's design chief, working in the studio several times a week, Bloomberg reportsQualcommand Armwill be facing one another in court, with Qualcomm accusing the company of withholding chip testing tools under contract, Reuters saysStablecoin Developmentappears highly speculative and considers the stock uninvestable at any price above zero, Fugazi Research says in a new research note4. MOVERS:Vaxcytegained after announcing "positive" results from OPUS-1 Phase 3 trial of VAX-31Alvotechincreased in New York after the U.S. FDA approved a supplement to the biologics license application for SimlandiUpstartwas higher after reporting originations for September and Q3Millrose Propertiesfell after Citizens downgraded the stock to Market PerformCapricorwas lower after announcing open-label extension data for Deramiocel5. EARNINGS/GUIDANCE:NeuroOne Medicalprovided guidance for Q4 and FY26Insmedbacked its brinsupri outlook for FY26inTESTprovided guidance for Q3Forum Marketsannounced its outlook for FY27Camping Worldexpects its FY26 adjusted EBITDA guidance to be below the low endINDEXES:The Dow rose 90.94, or 0.18%, to 51,267.90, the Nasdaq gained 286.45, or 1.05%, to 27,477.31, and the S&P 500 advanced 51.23, or 0.66%, to 7,773.95.
Nasdaq Rises Nearly 200 Points, Led by Tech Stocks
The major averages were mixed near noon, with the Nasdaq up nearly 200 points, led by tech names. The 10-year Treasury yield is around 5.28%, near multiyear highs. Oil prices are just fractionally higher but remain above $90 a barrel amid continued tensions between the U.S. and Iran.The market also continues digesting Friday's weaker-than-expected September jobs report, which reduced expectations for another Fed rate hike this month. Traders now see roughly an 80% probability that the Fed holds rates steady in October, although a December hike remains largely priced in.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Schneider Electricagreed to acquire PTCFor $205 per share in cashC.H. Robinsonagreed to acquire RXO Inc.for $30.25 per shareGE Healthcarewill acquire SOFIE Biosciences for $945M in cashTeslaCEO Elon Musk confirmed discussions between his Terafab semiconductor production initiative and TSMCUnitedHealthis under investigation by Texas AG Ken Paxton amid alleged unlawful practices2. WALL STREET CALLS:Melius calls Microsoftthe "adults in charge" of AI, upgrades to BuyDraftKingsupgraded to Buy at BofA following 47% pullbackMorgan Stanley downgraded Group 1 Automotiveto Underweight and AutoNationto Equal WeightWells Fargoupgraded to Overweight at Morgan StanleyCiti upgraded Harley-Davidsonto Buy after several years of caution3. AROUND THE WEB:AppleCEO John Ternus has effectively become the company's design chief, working in the studio several times a week, Bloomberg reportsQualcommand Armwill be facing one another in court, with Qualcomm accusing the company of withholding chip testing tools under contract, Reuters saysKaroline Leavitt, who until August served as President Donald Trump's press secretary and chief spokeswoman, is joining Fox Newsnext month as an on-air contributor, NY Times reportsStablecoin Developmentappears highly speculative and considers the stock uninvestable at any price above zero, Fugazi Research says in a new research noteRenaultplans to continue investing in France's EV industry if this action continues to garner political and social support, Bloomberg reports4. MOVERS:Vaxcytegains after announcing "positive" results from OPUS-1 Phase 3 trial of VAX-31Alvotechincreases in New York after the U.S. FDA approved a supplement to the biologics license application for SimlandiUpstarthigher after reporting originations for September and Q3Millrose Propertiesfalls after Citizens downgraded the stock to Market PerformCapricorlower after announcing open-label extension data for Deramiocel5. EARNINGS/GUIDANCE:NeuroOne Medicalprovided guidance for Q4 and FY26Insmedbacked its brinsupri outlook for FY26inTESTprovided guidance for Q3Forum Marketsannounced its outlook for FY27PepsiCois set to announce Q3 results on October 8INDEXES:Near midday, the Dow was down 8.77, or 0.02%, to 51,168.19, the Nasdaq was up 207.39, or 0.76%, to 27,398.25, and the S&P 500 was up 37.96, or 0.49%, to 7,760.68.
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