Shell denies deal talks with BP, Micron reports Q3 beat: Morning Buzz
The major averages were higher near noon, with the S&P 500 continuing its path towards all-time highs reached earlier this year. Meanwhile, the U.S. dollar is under pressure amid the worst first-half performance in 50 years, falling to its lowest since early 2022 amid speculation that President Trump may replace Fed Chair Powell before his term ends and markets pricing in over 60 basis points of rate cuts by year-end.
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Looking to commodities, the price of gold was fractionally lower, continuing a volatile month for the typically 'safe-haven' asset. Oil prices are more than 2% higher as the commodity claws back from recent declines amid hostilities in the Middle East.
Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.
1. STOCK NEWS:
2. WALL STREET CALLS:
BMO Capital here's why
Citizens JMP upgraded Penn Entertainment (PENN) to Outperform while downgrading MGM Resorts (MGM) to Market Perform
RBC Capital upgraded General Mills (GIS) to Outperform from Sector Perform
BofA reinstated coverage of Unity (U) with an Underperform rating
3. AROUND THE WEB:
Unionized refinery workers at Nexa 's (NEXA) Cajamarquilla Zinc Refinery in Lurigancho, Peru have announced a strike after unsuccessful wage adjustment negotiations, Gestion reports
Meta (META) CEO Mark Zuckerberg has hired three AI researchers from Microsoft-backed (MSFT) OpenAI to help with his superintelligence efforts, WSJ says
BlackRock (BLK) is accelerating its push into private investments, now including them in funds for 401 (k) retirement plans, WSJ reports
Charlie Ergen has asked creditors to EchoStar (SATS) and Dish Network for a reprieve on the company's debt, just days before a 30-day grace period on unpaid interest payments is set to expire, Bloomberg reports
JetBlue's (JBLU) second-biggest stakeholder, Vladimir Galkin, is threatening to sell his nearly 10% interest in the carrier if its cost-cutting plan and broader efforts fail to turn around its performance, Reuters says
Rezolve AI (RZLV) increases in New York after announcing the creation of Rezolve Ai Professional Services
Serve Robotics (SERV) gains after announcing the launch of its autonomous robot delivery service to the Atlanta metro area
Bit Digital (BTBT) declines after announcing a 75M share offering
Centrus Energy (LEU) lower after JPMorgan initiated coverage of the stock with a Neutral rating
Kratos Defense (KTOS) falls after announcing a 12.987M share offering
5. EARNINGS/GUIDANCE:
McCormick (MKC) reported Q2 results and provided guidance for FY25
Jefferies (JEF) reported results for Q2, with EPS missing consensus
MillerKnoll (MLKN) reported Q4 results and provided guidance for Q1
Acuity Brands (AYI) reported Q3 results, with CEO Neil Ashe commenting, 'We delivered strong performance in the third quarter of fiscal 2025'
Steelcase (SCS) reported Q1 results, with EPS and revenue beating consensus
INDEXES:
Near midday, the Dow was up 0.72%, or 308.97, to 43,291.40, the Nasdaq was up 0.73%, or 145.41, to 20,118.96, and the S&P 500 was up 0.67%, or 40.55, to 6,132.71.
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