The Nasdaq Composite and the S&P 500 were both up in late-morning trading Tuesday, while the Dow Jones Industrial Average was down after Federal Reserve Chair Jerome Powell said the central bank wants to be more confident that inflation is moving down sustainably toward its 2% target before cutting rates.
In company news, Tesla (TSLA) produced 410,831 vehicles and delivered 443,956 in Q2, the company said Tuesday. VisibleAlpha estimated Q2 production of 457,700 and deliveries of 438,900. Tesla produced 386,576 Model 3/Y vehicles during the quarter and delivered 422,405. The company produced and delivered 24,255 and 21,551, respectively, of all other models in Q2. The company said it deployed 9.4 GWh of energy storage products, its highest quarterly deployment to date. Tesla shares were up 8.4% around midday.
General Motors (GM) and its dealers delivered 696,086 vehicles in the US in Q2, up 0.6% year over year, and about 1.3 million in the US in the first half of the year, down 0.4% year over year, the company said Tuesday. Shares of GM were up 0.2%.
Novo Nordisk (NVO) and Eli Lilly (LLY) are charging "unconscionably" high prices for their prescription drugs, President Joe Biden and Sen. Bernie Sanders (I, Vt.) said in a joint op-ed Tuesday in USA Today. Novo Nordisk shares were down 2%, while those of Eli Lilly were down 1.8%.
Warner Bros. Discovery (WBD) has expressed interest in a streaming deal with Paramount Global (PARA), as the latter holds discussions with companies to potentially merge its streaming service, CNBC reported Monday, citing unnamed people familiar with the matter. A structure for a potential joint venture with Warner Bros. has not been discussed in detail, but it would not likely be a 50-50 split in ownership given the existing status of their streaming assets and finances, the sources reportedly told CNBC. Separately, IAC (IAC) is exploring a bid to take control of Paramount, Reuters reported Monday, citing a person familiar with the matter. IAC has entered into non-disclosure agreements with National Amusements, which holds a controlling interest in Paramount, Reuters reported. Shares of Warner Bros. were up 1.3%, while those of Paramount were up 2.2%. Meanwhile IAC shares were up 0.9%.
Robinhood Markets (HOOD) is mulling offering cryptocurrency futures in the US and Europe in the coming months, Bloomberg reported Tuesday, citing people familiar with the company's plans. Shares of Robinhood were down 2.8%.
A Delaware Superior Court judge rejected an appeal from GSK (GSK) and other drugmakers to overturn a ruling that cleared the way for over 70,000 lawsuits alleging that the heartburn medicine Zantac causes cancer to proceed, Reuters reported. In light of the ruling, drugmakers like Pfizer (PFE), Sanofi (SNY) and Boehringer Ingelheim will have to file an appeal directly with the Delaware Supreme Court, the report said. GSK has already submitted its appeal to the higher court, the report added. GSK shares were down 0.8%, while those of Pfizer and Sanofi were down 0.5% and 1.8%, respectively.
A GameStop (GME) investor who filed a proposed class action against Keith Gill, known as "Roaring Kitty" online, dropped the lawsuit within four days of its initial filing, multiple media outlets reported Tuesday. Martin Radev accused Gill of engaging in a "pump-and-dump scheme" of GameStop shares, which were up 1.4% near noon.
IBM (IBM) said Monday it is collaborating with Microsoft (MSFT) to offer advanced cybersecurity capabilities to help clients modernize operations and protect hybrid cloud identities. IBM said its Threat Detection and Response Cloud Native service will be linked with Microsoft's AI-powered security technologies. Separately, Microsoft is consolidating its retail channels in mainland China, Reuters reported Tuesday, citing the US software giant. Microsoft's products will still be available in mainland China through retail partners and its own website, the report said. IBM shares were up 0.5%, while those of Microsoft were down 0.3%.
Blackstone (BX) is leading a 1.35 billion euro ($1.45 billion) private-debt financing for TPG's (TPG) and CDPQ's buyout of Aareon, Bloomberg reported Tuesday, citing people familiar with the matter. The deal includes a 1.1 billion euro funded-term loan and 250-million-euro delayed draw-term loan, the people reportedly told Bloomberg. Separately, Blackstone is closed to a deal to sell Japanese supplement maker Alinamin Pharmaceutical to MBK Partners for 350 billion yen ($2.17 billion), Reuters reported Tuesday, citing a person with knowledge of the matter. Shares of Blackstone were down 0.2%, while those of TPG were also down 0.2%.
Price: 228.81, Change: +18.95, Percent Change: +9.03
Comments