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Major Averages Rise as Investors Await Fed Interest Rate Decision
The major averages were higher as investors brace for the Federal Reserve's interest-rate decision and a busy slate of corporate earnings.The Federal Reserve begins its two-day policy meeting with an interest-rate decision due Wednesday. Markets broadly expect policymakers to hold rates steady, although persistent inflation and elevated energy prices have raised expectations for additional tightening next year. Investors will focus on Fed Chair Kevin Warsh's comments for clues about the policy outlook as the central bank balances inflation risks against economic growth.Also of note, the Conference Board Consumer Confidence Index rose by 7.5 points to 91.7 in October, up from 84.2 in September, which the group attributed primarily to improved perceptions of current and expected business conditions.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Nvidiaand AMDwill invest $3B and $1B, respectively, in Meta'sequity offeringCoca-Colaprovided a "beat and raise" report in Q3Boeingreported lower-than-expected Q3 revenue and eased expectations for 737 plane deliveries this yearUPSreported upbeat Q3 results and raised its outlookS&P Globalprovided a "beat and raise" report for Q3 and said it is weighing a spinoff of Capital IQ2. WALL STREET CALLS:Modernadowngraded to Market Perform at William BlairBroadcomupgraded to Buy at DA Davidson after Anthropic S1HubSpotdowngraded to Neutral from Buy at UBSCiti upgraded MercadoLibreto Buy after recent share pullbackAbbottcut to Hold at Argus amid reimbursement uncertainty, competitive pressure3. AROUND THE WEB:General Motorsplans to offer hybrid SUVs as part of a strategic pivot, Reuters reportsJetBlueis not considering debt restructuring, Reuters saysAnthropicis aiming to go public the week of November 16, WSJ saysBleecker Street Research is short Roblox, saying "it has become the prisoner of its failings"A U.S. federal judge granted Alibaba'srequest for a preliminary injunction, ordering the US government to not deny Pentagon contracts to companies engaging in lobbying activities for Alibaba, Reuters says4. MOVERS:MidCap Financialgained after entering into a merger agreement to be acquired by Ares Capital for $2.6BJetBlueincreased after reporting Q3 results and providing guidance for Q4, FY26, and FY27Oraclewas higher after announcing cloud infrastructure partnerships with multiple major companies, including OpenAI, Cerebras, and IntelXylemwas lower after reporting Q3 results and cutting its guidance for FY26Cintasfell after Semafor reported the FTC told Cintas-Unifirstthey will sue to block their $5B deal5. EARNINGS/GUIDANCE:Itronreported Q3 results, provided guidance for Q4, and raised its outlook for FY26Ecolabreported Q3 results, with EPS beating consensusHubbellreported Q3 results, with CEO Gerben Bakker noting the company delivered "strong financial performance"Repligenreported Q3 results and narrowed its outlook for FY26PayPalreported Q3 results, provided guidance for Q4, and raised its outlook for FY26INDEXES:The Dow rose 15.99, or 0.03%, to 52,377.57, the Nasdaq gained 308.43, or 1.18%, to 26,477.81, and the S&P 500 advanced 45.83, or 0.60%, to 7,722.60.
Major Averages Rise as Investors Await Fed Interest Rate Decision
The major averages were higher near noon as investors brace for the Federal Reserve's interest-rate decision and a busy slate of corporate earnings.The Federal Reserve begins its two-day policy meeting with an interest-rate decision due Wednesday. Markets broadly expect policymakers to hold rates steady, although persistent inflation and elevated energy prices have raised expectations for additional tightening next year. Investors will focus on Fed Chair Kevin Warsh's comments for clues about the policy outlook as the central bank balances inflation risks against economic growth.Also of note, the Conference Board Consumer Confidence Index rose by 7.5 points to 91.7 in October, up from 84.2 in September, which the group attributed primarily to improved perceptions of current and expected business conditions.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Nvidiaand AMDwill invest $3B and $1B, respectively, in Meta'sequity offeringCoca-Colaprovided a "beat and raise" report in Q3Boeingreported lower-than-expected Q3 revenue and eased expectations for 737 plane deliveries this yearUPSreported upbeat Q3 results and raised its outlookS&P Globalprovided a "beat and raise" report for Q3 and said it is weighing a spinoff of Capital IQ2. WALL STREET CALLS:Modernadowngraded to Market Perform at William BlairBroadcomupgraded to Buy at DA Davidson after Anthropic S1HubSpotdowngraded to Neutral from Buy at UBSCiti upgraded MercadoLibreto Buy after recent share pullbackAbbottcut to Hold at Argus amid reimbursement uncertainty, competitive pressure3. AROUND THE WEB:Anthropicis aiming to go public the week of November 16, WSJ saysToyotais working on becoming a global robotics powerhouse, hoping to modernize its production lines to compete with China and diversify beyond the auto industry, FT reportsBleecker Street Research is short Roblox, saying "it has become the prisoner of its failings"A U.S. federal judge granted Alibaba'srequest for a preliminary injunction, ordering the US government to not deny Pentagon contracts to companies engaging in lobbying activities for Alibaba, Reuters saysGSKis seeing its return to oncology start to pay off, STAT reports4. MOVERS:MidCap Financialgains after entering into a merger agreement to be acquired by Ares Capital for $2.6BJetBlueincreases after reporting Q3 results and providing guidance for Q4, FY26, and FY27SoFi Technologiesand Pentairhigher in New York after reporting quarterly resultsXylemlower after reporting Q3 results and cutting its guidance for FY26Cintasfalls after Semafor reported the FTC told Cintas-Unifirstthey will sue to block their $5B deal5. EARNINGS/GUIDANCE:Itronreported Q3 results, provided guidance for Q4, and raised its outlook for FY26Ecolabreported Q3 results, with EPS beating consensusHubbellreported Q3 results, with CEO Gerben Bakker noting the company delivered "strong financial performance"Repligenreported Q3 results and narrowed its outlook for FY26PayPalreported Q3 results, provided guidance for Q4, and raised its outlook for FY26INDEXES:Near midday, the Dow was up 63.51, or 0.12%, to 52,425.09, the Nasdaq was up 327.23, or 1.25%, to 26,496.61, and the S&P 500 was up 53.02, or 0.69%, to 7,729.79.
U.S. Stock Futures Rise as Investors Await Fed Rate Decision
Stock futures are higher as investors brace for the Federal Reserve's interest-rate decision and a busy slate of corporate earnings. Oil prices remain elevated despite easing for a second session, with geopolitical tensions in the Middle East continuing to threaten energy supplies.The Federal Reserve begins its two-day policy meeting with an interest-rate decision due Wednesday. Markets broadly expect policymakers to hold rates steady, although persistent inflation and elevated energy prices have raised expectations for additional tightening next year. Investors will focus on Fed Chair Kevin Warsh's comments for clues about the policy outlook as the central bank balances inflation risks against economic growth.Earnings take center stage, with Coca-Cola, Boeing, UPS and PayPal among the major companies that reported before the opening bell. Visa, Robinhood and other companies are scheduled to report after the close. Investors are particularly focused on Alphabet, Microsoft and Amazon, which report later this week, looking for evidence that substantial AI investments are translating into revenue growth and profitability.In pre-market trading, S&P 500 futures rose 0.38%, Nasdaq futures rose 0.53% and Dow futures rose 0.25%.Check out this morning's top movers from around Wall Street, compiled by The Fly.HIGHER -MidCap Financialup 23% after entering into a definitive merger agreement under which Ares Capital will acquire MFIC in a stock-and-cash transaction for a total enterprise value of approximately $2.6BUP AFTER EARNINGS -JetBlueup 14%Celesticaup 11%Royal Caribbeandown 5%Johnson Controlsup 4%Corningup 1%Freeport-McMoRanup 1%Cadence Designup 1%DOWN AFTER EARNINGS -Watscodown 10%Whirlpooldown 7%HSBCdown 6%Boeingdown 2%Coca-Coladown 1%PayPaldown 1%UPSdown 1%
Ares Capital to Acquire MidCap Financial for $2.6 Billion
Ares Capital Corporation (ARCC) and MidCap Financial Investment Corporation (MFIC) announced that they have entered into a definitive merger agreement under which Ares Capital will acquire MFIC in a stock-and-cash transaction for a total enterprise value of approximately $2.6B. The Transaction is expected to further strengthen Ares Capital's position as the largest publicly traded business development company and Ares Management Corporation's (ARES) broader position as a leading direct lending platform to U.S. middle-market companies, the companies said. The Transaction has been unanimously approved by the Board of Directors of Ares Capital and the Board of Directors of MFIC, which did so on the unanimous recommendation of the Special Committee of MFIC independent directors. Under the terms of the Transaction, MFIC stockholders are expected to receive total consideration of $10.88 per fully diluted share of MFIC common stock, consisting of approximately $1.21 per share in cash, provided by a subsidiary of Ares Management, and approximately $9.67 per share in Ares Capital common stock, as adjusted for the cash received from MFIC's special dividend. Prior to closing, MFIC expects to declare and pay a special dividend to distribute to its stockholders all of its undistributed taxable income estimated to remain as of the closing of the Transaction, which is expected to be meaningful. The Ares Capital stock consideration will be reduced dollar-for-dollar to account for the special dividend, and the number of shares will be calculated based on an exchange ratio using a value for the Ares Capital common stock equal to the greater of (i) Ares Capital's NAV per share prior to closing and (ii) Ares Capital's share price. In addition, MFIC stockholders will share in 50% of any premium of Ares Capital's share price in excess of NAV, up to 104.5% of NAV, which represents a maximum of 102.25% of NAV. The consideration of $10.88 per MFIC share represents a premium of approximately 30.1% to MFIC's closing share price on October 26, 2026, the last trading day prior to the announcement of the Transaction, and a premium of approximately 25.8% to MFIC's 30-day volume-weighted average share price for the period ending October 26, 2026. MFIC's preliminary estimate of net asset value per share as of September 30, 2026, is approximately $12.86. "We believe the financial merits of this transaction are compelling," said Scott Lem, Chief Financial Officer and Treasurer of Ares Capital. "We expect the transaction to be accretive to core earnings and supportive of our future dividends, while preserving the balance sheet strength and financial flexibility that have been central to Ares Capital's long-term performance. Importantly, the financial support from Ares Management will provide MFIC stockholders with additional cash value alongside attractive equity in Ares Capital's industry-leading business." Prior to the closing of the Transaction, MFIC will operate its business in the ordinary course.In connection with the Transaction, Apollo Principal Holdings A, L.P. and MidCap Financial Trust, each an affiliate of Apollo Management and which together beneficially own 5.2% of MFIC's outstanding common stock, have entered into voting and support agreements with Ares Capital. As part of the Transaction, Ares Capital may issue up to approximately 41 million shares of common stock to MFIC stockholders; however, it is expected that the total number of shares will be lower due to an adjustment in the exchange ratio for the MFIC special dividend. Following completion of the Transaction, and without taking into account the impact of the MFIC special dividend, existing Ares Capital stockholders are expected to own approximately 95% and existing MFIC stockholders are expected to own approximately 5% of the combined company. Wells Fargo (WFC) has also agreed, subject to customary conditions, to provide $750M of additional secured financing that can be used to support the Transaction. The Transaction is expected to close in the first half of 2027, subject to approval of MFIC's stockholders, applicable regulatory approvals and the satisfaction of other customary closing conditions.
Ares Capital to Acquire MidCap Financial for Total Enterprise Value of $2.6B
Ares Capital to acquire MidCap Financial for total enterprise value of $2.6B
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