Top Midday Stories: Akamai's $11.6 Billion Anthropic Deal; Scholastic Q1 Loss Widens; Nektar Awarded $90 Million in Eli Lilly Case

MT Newswires Live00:05

All three major US stock indexes were edging higher in midday trading Friday as Treasury yields remained elevated and oil prices declined.

In economic news, the University of Michigan consumer sentiment index was revised upwards to a reading of 48.1 for September from 47.8 in the preliminary estimate. That was still below the final reading of 51.7 in August.

In company news, Akamai Technologies (AKAM) shares rose 5.6% after the company signed an $11.6 billion, seven-year commitment with Anthropic to support its CPU workload demands using Akamai Cloud's infrastructure.

Scholastic (SCHL) was down 11.2% after it reported a fiscal Q1 adjusted loss of $3.63 per diluted share, widening from a loss of $2.52 a year earlier. Revenue was $216.8 million, down from $225.6 million a year earlier.

Nektar Therapeutics (NKTR) said in a Securities and Exchange Commission filing that a jury awarded it $90 million in damages against Eli Lilly (LLY), finding that Lilly breached the implied covenant of good faith and fair dealing under an agreement related to the development and commercialization of rezpegaldesleukin. Shares of Nektar were down 1.7% and Eli Lilly fell 1.4% in the session.

Microsoft-backed (MSFT) OpenAI and Amazon.com (AMZN)-backed Anthropic were asked by the White House to withhold new AI models from a UK agency until US authorities review them first, news outlets reported. Shares of Microsoft rose 3.4%, and Amazon.com added 0.1%.

Pharming (PHAR) rose 0.5% after it said the US Food and Drug Administration accepted its supplemental new drug application seeking approval of lower doses of Joenja for children aged four and older who weigh between 13 kg and 27 kg and have activated phosphoinositide 3-kinase delta syndrome.

Costco Wholesale (COST) gained 2.7% after it reported fiscal Q4 earnings of $6.75 per diluted share, up from $5.87 a year earlier. Analysts polled by FactSet expected $6.54. Revenue for the 16 weeks ended Aug. 30 was $95.72 billion, up from $86.16 billion a year earlier. Analysts expected $94.97 billion.

Price: 116.60, Change: +6.19, Percent Change: +5.61

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment