All three major US stock indexes were up in late-morning trading Thursday, rallying from Wednesday's selloff after the Federal Reserve announced it would hold interest rates steady.
In company news, Microsoft (MSFT) reported fiscal Q4 adjusted earnings late Wednesday of $4.74 per diluted share, up from $3.86 a year ago and above the FactSet consensus estimate of $4.24. Fiscal Q4 revenue was $90.0 billion, up from $76.44 billion a year earlier and above the FactSet consensus of $87.62 billion. Microsoft shares were up nearly 14% around midday Thursday.
Meta Platforms (META) reported Q2 diluted EPS late Wednesday of $6.18, down from $7.14 a year earlier and below the FactSet consensus of $7.19. Second-quarter revenue was $60.8 billion, up from $47.52 billion a year ago and above the FactSet consensus of $60.22 billion. For Q3, Meta said it expects revenue of $61 billion to $64 billion, compared with the FactSet consensus of $63.14 billion. Meta shares were down 9% in Thursday trading.
Intercontinental Exchange (ICE) said Thursday it has entered into a definitive agreement to acquire MarketAxess (MKTX) for $167 per share in cash, representing an enterprise value of about $5.7 billion and an equity value of about $6 billion. The transaction has been approved by both companies' boards and is expected to close in H1 of 2027. Separately, Intercontinental Exchange reported Q2 adjusted EPS of $1.90, up from $1.81 a year earlier and above the FactSet consensus of $1.84. Second-quarter revenue was $2.67 billion, up from $2.54 billion a year ago and above the FactSet consensus of $2.63 billion. Intercontinental Exchange shares were down 1.8%, while MarketAxess shares were up 29.7%.
SpaceX (SPCX) is keeping Chinese firms out of its operations and supply chains to secure the production of technologies critical to US national security, Nikkei Asia reported Thursday, citing sources familiar with the matter. SpaceX shares were up 2%.
Ferrari (RACE) reported Q2 diluted EPS Thursday of 2.62 euros ($3.00), up from 2.38 euros a year earlier and above the FactSet consensus of 2.50 euros. Second-quarter revenue was 1.94 billion euros, up from 1.79 billion euros a year ago and above the FactSet consensus of 1.87 billion euros. For full-year 2026, the company said it expects adjusted diluted EPS of at least 9.68 euros, up from its prior guidance of at least 9.45 euros and above the FactSet consensus of 9.66 euros. Ferrari said full-year net revenue is expected to be about 7.6 billion euros, up from its prior guidance of about 7.5 billion euros and above the FactSet consensus of 7.56 billion euros. Ferrari shares were up 2.5%.
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