All three major US stock indexes fell in late-morning trading Tuesday as oil prices climbed and investors monitored developments in the US-Iran war and US trade negotiations with Canada.
In company news, GE Aerospace (GE) agreed to acquire Consolidated Precision Products from Warburg Pincus and Berkshire Partners for $11.75 billion. GE shares rose 0.5% around midday.
Qualcomm (QCOM) issued a warrant to an Amazon.com (AMZN) affiliate last week to acquire up to 25 million shares at $161.26 each, the chipmaker said. Qualcomm is also collaborating with Amazon to produce customized silicon for large-scale AI data centers and optical connectivity products. Qualcomm shares rose 4.6%, and Amazon fell 0.5%.
Novartis (NVS) said its phase 3 Harbor study evaluating delpacibart etedesiran in patients with myotonic dystrophy type 1 failed to meet its primary endpoint of video hand opening time. Separately, Monte Rosa Therapeutics (GLUE) will receive a $50 million milestone payment from Novartis after initiating a phase 2 clinical trial of MRT-6160 to treat Sjogren's disease. Novartis shares slumped 13%, and Monte Rosa rose 1.7%.
Boston Scientific (BSX) identified a cybersecurity incident affecting certain information technology systems that resulted in a global disruption of its operations. The company expects to recover part of the affected revenue but said it is unlikely to meet its net sales growth and adjusted EPS guidance ranges for Q3 and the full year. Boston Scientific shares fell 4.6%.
Meta Platforms (META) has run over 300 paid advertisements allegedly containing child sexual abuse material this year, according to an investigation by the Tech Transparency Project, a nonprofit watchdog organization. Hours after TTP shared its findings with the company, Meta removed about 150 of the ads that were still visible in its database of advertising that has run on its platforms, the group said. Meta shares were little changed.
Amgen (AMGN) said its phase 3 DeLLphi-305 study met its primary endpoint with Imdelltra in combination with AstraZeneca's (AZN) Imfinzi, showing a statistically significant and clinically meaningful improvement in overall survival in patients with extensive-stage small cell lung cancer. Amgen shares still fell 9.6%, and AstraZeneca dropped 0.9%.
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