DAILY UPDATE: Bristol Myers Squibb Pays BioNTech as Stock Markets End Mixed

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Stat: $11.1 million. That’s how much Bristol Myers Squibb is paying biotech company BioNTech to license a new cancer drug. (MarketWatch)

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🟢 What’s up

  • Reddit climbed 6.63% after it announced it’s suing AI startup Anthropic for using the social media site’s content without permission.
  • ON Semiconductor rose 6.14% after its CEO touted a recovery in demand for its chips.
  • Guidewire Software popped 16.41% thanks to strong earnings for the insurance provider last quarter, including a 22% increase in revenue.
  • Thor Industries climbed 4.25% on better-than-expected earnings from the world’s biggest RV manufacturer.
  • HealthEquity jumped 8.96% after the health savings account custodian boosted its fiscal guidance for the year ahead.

What’s down

  • Tesla tumbled 3.55% on weak sales data from China and Germany.
  • Apple fell 0.22% thanks to a downgrade from Needham analysts, who think the company’s valuation is way too high.
  • Wells Fargo lost 0.36% after the Federal Reserve lifted its 2018 cap on the bank’s assets.
  • What goes up must come down: Constellation Energy sank 4.31% after Citigroup downgraded the nuclear power provider, warning it’s not getting its money’s worth with Meta Platforms.
  • Asana plunged 20.47% after the work management software maker announced fiscal forecasts that came in below Wall Street’s expectations.
  • Flowserve lost 6.27% and Chart Industries dropped 9.46% after the two industrial manufacturers agreed to an all-stock merger of equals.

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Visualize: How private equity tangled banks in a web of debt, from the Financial Times.

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DAILY UPDATE: Markets & Economy USA

By Staff Reporters

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  • Markets: Wall Street life was looking good last week as all the major indexes clinched their third consecutive winning week. Stocks were a mixed bag for Friday, but the Dow Jones scored another record close. Bristol Myers Squibb rose after the FDA approved its schizophrenia drug as the first new treatment for the condition in decades.
  • Economy: The FOMC’s favorite inflation gauge came in lower than expected for last month, likely clearing the way for Jerome Powell and the Federal Reserve to keep cutting interest rates.

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