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TCOM Events
Major Averages Surge at Noon, Nasdaq Up 1.34%
The major averages were sharply higher near noon as Treasury yields pulled back after Federal Reserve Governor Christopher Waller said he would be "inclined to support" maintaining interest rates where they are, barring any major development from upcoming inflation data.Meanwhile, geopolitical tensions in the Middle East remain, as the war between the U.S. and Iran featured new attacks around the Persian Gulf, pushing crude prices higher. Oil prices were up about 1% near noon.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:NvidiaHugging Face for $12.9BBroadcomreportedand provided its outlook for Q4 and FY27HP Enterpriseprovided areport for Q3Snowflakealso provided areport for Q2Campbell'sreportedand reduced its quarterly dividend2. WALL STREET CALLS:Modernato Sell from Neutral at Rothschild & Co RedburnBroadcomto Outperform at MacquarieUltragenyxby at least seven firms after Angelman syndrome study missEnvistato Overweight at JPMorganPG&Eto Hold at Truist3. AROUND THE WEB:Amazonis projecting that it could deliver nine out of every 10 U.S. packages through its own delivery network by 2029, Business Insider reportsSamsung Life is seeking to acquire a 15% stake in Principal Financial, Korea Economic Daily saysActivist Elliott Investment Management has built a "sizeable" stake in Deutsche Telekomand is said to oppose a potential merger of the German telecommunications giant with its American unit, T-Mobile, Bloomberg saysGlobal companies including Volkswagen, Tesla, Nokiaand Amazonhave named businesses blacklisted by western authorities as potentially present in their supply chains, FT reportsThe Trump administration implemented tariffs of up to 100% on drones as it seeks to hinder the Chinese drone industry and bolster domestic manufacturing, NY Times says4. MOVERS:Currence Capitalgains in New York afterwith Mint Incorporationto support the issuer-sponsored tokenizationGalaxy Digitalincreases after Morgan Stanleyon the stock to $48Cienalower after, providing guidance for Q4, and raising its outlook for FY26Trip.comfalls in New York after HSBCthe stock to HoldFluence Energydeclines after Barclaysthe stock to Underweight5. EARNINGS/GUIDANCE:Tyson Foodsfor FY26Toro Companiesand raised its outlook for FY26Land's End (LE)and provided guidance for Q3 and FY26Wileyand reaffirmed its outlook for FY27Victoria's Secretand raised its outlook for FY26, with CEO Hillary Super calling it "another strong quarter"INDEXES:Near midday, the Dow was up 608.57, or 1.15%, to 53,670.52, the Nasdaq was up 351.36, or 1.34%, to 26,569.18, and the S&P 500 was up 75.35,or 0.98%, to 7,741.95.
Dow Rises, Nasdaq Falls as Market Focuses on Economic Data
The major averages had a mixed day, with the Dow and the S&P 500 higher and Nasdaq in decline amid weakness in tech stocks as the market has reacted positively to easing geopolitical tensions and a steep decline in oil prices.Investor attention is focused on a week that includes the Federal Reserve's July policy meeting, second-quarter GDP data, the June personal consumption expenditures price index, and earnings from four of the "Magnificent Seven" companies. The combination of major economic data and heavyweight earnings is expected to drive market direction through the end of the week.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Appleis lobbying the Trump administration to let it use Chinese memory chips, while U.S. supplier Micronis pushing to block the move,ArgenxForte Biosciencesfor $77 per share in cashNaver, Nvidia, and Brookfieldannounced a proposed expansion of, with planned investments that will grow the initial Nvidia DSX AI factory deployment to 200 megawattsMeanwhile, Nvidia is in talks to provide a $250B backstop for OpenAI,Baker Hughesreported2. WALL STREET CALLS:JefferiesFordand General Motorsto BuyRivianto Overweight at Piper SandlerStellantisto Underweight from Overweight at Piper SandlerJPMorganCheck Pointon weaker competitive positionWall Streetcoverage of Bending Spoonswith a mix of Buy and Hold-equivalent ratings3. AROUND THE WEB:Fordhas entered the competition to build the U.S. Army's next-generation tactical truck, WSJ reportsA Chinese state-backed company has begun manufacturing immersion deep ultraviolet lithography machines, a key type of equipment used by chipmakers like TSMCin producing chips, The Information saysParamount Skydanceand Warner Bros. Discoveryremain in limbo as their $81B merger faces an antitrust review that could delay the deal into 2027, limiting strategic moves while the companies focus on legal proceedings and competitors continue to expand, WSJ saysUniCreditCEO Andrea Orcel sees room for an agreement over the bank's proposed takeover of Commerzbank, signaling confidence discussions with the government and stakeholders could lead to a deal, Bloomberg saysTrip.comhas been fined $765M by Chinese regulators after it was concluded that the company abused its market dominance, Bloomberg reports4. MOVERS:D-Wave Quantumgained afterwith AT&TOmerosincreased after AstraZenecareportedof ultomirisGenius Sportswas higher in New York after Goldman Sachscoverage of the stock with a Buy ratingCapricor Therapeuticswas lower after the FDAMapLight Therapeuticsfell after announcing results from its5. EARNINGS/GUIDANCE:AstraZenecaand reaffirmed its guidance for FY26, with CEO Pascal Soriot commenting on "strong performance and continued pipeline delivery" in the first halfEnsign Groupand raised its outlook for FY26Bank of Marin, with EPS beating consensusBank of Hawaii, with CEO Jim Polk calling them "solid"Sierra Bancorp, with EPS missing consensusINDEXES:The Dow rose 262.83, or 0.51%, to 52,210.08, the Nasdaq lost 43.74, or 0.18%, to 24,932.08, and the S&P 500 advanced 1.20, or 0.02%, to 7,413.18.
Dow Rises While Nasdaq Falls; Market Focused on Economic Data
The major averages were mixed near noon, with the Dow higher and the S&P 500 and Nasdaq in decline amid weakness in tech stocks. Still, the market has reacted positively to easing geopolitical tensions and a steep decline in oil prices.Investor attention is focused on a week that includes the Federal Reserve's July policy meeting, second-quarter GDP data, the June personal consumption expenditures price index, and earnings from four of the "Magnificent Seven" companies. The combination of major economic data and heavyweight earnings is expected to drive market direction through the end of the week.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Appleis lobbying the Trump administration to let it use Chinese memory chips, while U.S. supplier Micronis pushing to block the move,ArgenxForte Biosciencesfor $77 per share in cashNaver, Nvidia, and Brookfieldannounced a proposed expansion of, with planned investments that will grow the initial Nvidia DSX AI factory deployment to 200 megawattsMeanwhile, Nvidia is in talks to provide a $250B backstop for OpenAI,Baker Hughesreported2. WALL STREET CALLS:JefferiesFordand General Motorsto BuyRivianto Overweight at Piper SandlerStellantisto Underweight from Overweight at Piper SandlerJPMorganCheck Pointon weaker competitive positionWall Streetof Bending Spoonswith a mix of Buy and Hold-equivalent ratings3. AROUND THE WEB:A Chinese state-backed company has begun manufacturing immersion deep ultraviolet lithography machines, a key type of equipment used by chipmakers like TSMCin producing chips, The Information saysParamount Skydanceand Warner Bros. Discoveryremain in limbo as their $81B merger faces an antitrust review that could delay the deal into 2027, limiting strategic moves while the companies focus on legal proceedings and competitors continue to expand, WSJ saysUniCreditCEO Andrea Orcel sees room for an agreement over the bank's proposed takeover of Commerzbank, signaling confidence discussions with the government and stakeholders could lead to a deal, Bloomberg saysWaymo'srobotaxis have been fined $9,325 in parking tickets in Austin since 2024, WSJ reportsTrip.comhas been fined $765M by Chinese regulators after it was concluded that the company abused its market dominance, Bloomberg reports4. MOVERS:D-Wave Quantumgains afterwith AT&T (T)Omerosincreases afterfrom its Phase 3 study of ultomirisGenius Sportshigher in New York after Goldman Sachsof the stock with a Buy ratingCapricor Therapeuticslower after thefor deramiocelMapLight Therapeutics (MPLT) falls afterfrom its ZEPHYR trial evaluating ML-007C-MA5. EARNINGS/GUIDANCE:AstraZenecaand reaffirmed its guidance for FY26, with CEO Pascal Soriot commenting, "In the first half we saw strong performance and continued pipeline delivery"Ensign Groupand raised its outlook for FY26Bank of Marin (BMRC), with EPS beating consensusBank of Hawaii, with CEO Jim Polk calling them "solid"Sierra Bancorp, with EPS missing consensusINDEXES:Near midday, the Dow was up 90.71, or 0.17%, to 52,037.96, the Nasdaq was down 144.56, or 0.58%, to 24,831.27, and the S&P 500 was down 19.66, or 0.27%, to 7,392.32.
United Airlines Approached Delta Air Lines for Merger
Catch up on the weekend's top five stories with this list compiled by The Fly: 1) United Airlines (UAL) last year approached Delta Air Lines (DAL) about a merger, Alison Sider and Andrew Tangel of Wall Street Journal report, citing people familiar with the matter. United CEO Scott Kirby made a call to Delta CEO Ed Bastian as part of the pitch, sources told the Journal. While Delta discussed the approach and merits of a potential deal, the talks didn't progress and both companies later moved on, they added. 2) Brown-Forman (BF.A) announced that its Board of Directors has received an unsolicited proposal from Sazerac to acquire Brown-Forman, and, taking into consideration Wolf Pen Branch, LP's view as noted below, has concluded that Sazerac's proposal is not actionable. Wolf Pen Branch, LP, a collection of Brown family members representing the majority of Brown-Forman Class A shares, said, "As fourth-, fifth- and sixth-generation shareholders of Brown-Forman, we care deeply about the company - its brands, its people, and its culture. We are confident in the strength and competitive position of the business, and believe the company is well-positioned to deliver long-term value for all shareholders. We have concluded that Sazerac's proposal does not align with this vision for Brown-Forman's future." 3) Trip.com (TCOM) has been fined $765M by Chinese regulators after it was concluded that the company abused its market dominance, Bloomberg reports. 4) Nvidia (NVDA) is in discussions to provide $250B backstop for OpenAI for a data center project, Anissa Gardizy, Amrith Ramkumar, and Corrie Driebusch of The Wall Street Journal reports. This would help OpenAI lease a 10-gigawatt project that Softbank's (SFTBY) subsidiary is developing in southern Ohio, people familiar with the matter told the Journal. 5) Kuwait enters $16B infrastructure deal with Blackstone (BX), Brookfield Asset Management (BAM), and KKR (KKR), with each firm holding an equal share of a 49% stake in a joint venture, Fiona MacDonald of Bloomberg reports.
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