Adobe reports Q2 beat, Meta invests in Scale AI: Morning Buzz

The major averages were lower near noon, with the Dow falling about 400 points after Israel carried out airstrikes on Iran’s nuclear program sites in a major escalation of tensions in the Middle East. Following the news, gold prices shot up as investors looked to safe-haven assets on rising tensions in the region. Oil prices also jumped to near multi-month highs, surpassing $70 per barrel amid worries about disrupted crude supplies.

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.

1. STOCK NEWS:

• Israel struck Iran’s nuclear facilities on Thursday night in the biggest attack on Tehran since the Iran-Iraq war
• Adobe (ADBE) provided a “beat and raise” report for Q2
• Meta (META) has invested in Scale AI, valuing it at $29B
• MasterCard (MA) and Visa (V) were sliding after The Wall Street Journal reported that merchants are exploring stablecoins
• U.K. Prime Minister Keir Starmer said he sees “no obstacles” in finalizing a trade deal with the U.S., upgraded to Overweight at JPMorgan
• BMO Capital (ORCL) to Outperform from Market Perform 
• Klaviyo (KVYO) upgraded to Overweight from Equal Weight at Wells Fargo
• Argus downgraded McDonald’s (MCD) to Hold from Buy
• Wells Fargo downgraded ZoomInfo (GTM) to Underweight from Equal Weight

 3. AROUND THE WEB:

• Nippon Steel’s (NPSCY) planned takeover of U.S. Steel (X) may not proceed if the Japanese company has insufficient freedom of management, Nikkei Asia says
• Tesla (TSLA) upgraded its Model S and Model X cars in the U.S. and raised the prices of all configurations of the two models by $5,000, Reuters reports
• Nearly all iPhones (AAPL) exported by Foxconn from India were sent to the U.S. between March and May, which is much more than the 2024 average of 50% and a sign of Apple’s efforts to bypass high U.S. tariffs imposed on China, Reuters says
• Lyft (LYFT) is scaling its ad business with new formats, with three new formats: Sponsored Map Vehicles, Sponsored Rides by Mode, and Vertical Video, Axios reports
• Kenvue (KVUE) is mulling the sale of some of its skin health and beauty brands as the management looks to prune some of its underperforming business assets to focus on core products, Reuters reports

4. MOVERS:

• Enliven (ELVN) gains after announcing updated data from its ELVN-001 trial
• ViaSat (VSAT) higher after its subsidiary agreed to a binding term sheet with Ligado
• Capricor (CAPR) decreases after the FDA sent a letter related to its advisory meeting for deramiocel
• SharpLink Gaming (SBET) lower after filing to sell 58.7M shares of common stock
• Archer Aviation (ACHR) falls after raising $850M following an Executive Order by President Trump

5. EARNINGS/GUIDANCE:

• MoneyHero (MNY) reported Q1 results, with EPS higher year-over-year
• Perma-Pipe International (PPIH) reported Q1 results, with EPS and revenue higher year-over-year
• RH (RH) reported Q1 results and provided guidance for Q2
• Zedge (ZDGE) announced Q3 results, with CEO Jonathan Reich commenting, “Our core business demonstrated strong momentum”
• Coffee Holdings (JVA) reported Q2 results, with CEO Andrew Gordon commenting, “We are pleased to report another quarter of strong results”

INDEXES:

Near midday, the Dow was down 0.94%, or 404.63, to 42,562.99, the Nasdaq was down 0.48%, or 94.95, to 19,567.53, and the S&P 500 was down 0.41%, or 24.83, to 6,020.43.