Berkshire to acquire OxyChem, OpenAI reaches $500B valuation: Morning Buzz

The major averages were mixed near noon as traders continue to weigh concerns tied to the U.S. government shutdown, which has entered its second day, against softer private sector payroll data that has amplified expectations of further easing from the Federal Reserve. While the three major indices closed in the green on Wednesday, both the Dow Jones and S&P 500 are currently in the red amid hopes the federal funding lapse will be brief.

Looking to commodities, gold prices were pulling back near noon after hitting record highs yesterday. Oil prices were also dropping, adding to yesterday’s declines.

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

1. STOCK NEWS:

• Berkshire Hathaway (BRK.A) agreed to acquire OxyChem from Occidental (OXY) for $9.7B
• Tesla (TSLA) reported Q3 deliveries of 497,099, beating expectations
• OpenAI has reached a $500B valuation, (AAPL) is redirecting resources towards developing smart glasses that can compete with products from Meta (META), Bloomberg reports
• Shares of credit bureaus Equifax (EFX), TransUnion (TRU), and Experian (EXPGY) (FICO) launched its Mortgage Direct License Program, which gives tri-merge resellers the option to calculate and distribute FICO Scores directly to their customers

2. WALL STREET CALLS:

• KeyBanc upgraded Nike (NKE) to Overweight on turnaround story
• Shoals Technologies (SHLS) upgraded at Barclays, here’s why
• Berenberg downgraded Mondelez (MDLZ) to Hold
• RH (RH) downgraded to Market Perform at William Blair
• Bloom Energy (BE) downgraded to Neutral at Mizuho

3. AROUND THE WEB:

• The Bear Cave issued a cautious report on DraftKings (DKNG), with the firm believing investors are underestimating the “long-term threat” posed by prediction markets
• Qualcomm’s (QCOM) chips have adopted the latest generation of Arm Holdings’ (ARM) computing architecture with new features meant to boost AI performance in a move aimed at making the chips better competitors, Reuters reports
• Samsung (SSNLF) and SK Hynix (HXSCL) have signed a letter of intent with Microsoft (MSFT)-backed OpenAI to supply semiconductors for the AI company’s $500M Stargate data center project, FT reports
• Universal Music (UMGNF) and Warner Music (WMG) are close to AI licensing deals, with both companies possibly striking deals with AI companies within the next few weeks, FT says
• Disney (DIS) CEO Bob Iger “bristled” at the suggestion that Josh D’Amaro will succeed him as CEO, saying the board hadn’t made a decision, Bloomberg reports

4. MOVERS:

• Tayasha Gene Therapies (TSHA) gains after the FDA granted a BTD to TSHA-102
• Canaan (CAN) increases in New York after receiving an order for more than 50,000 Avalon A15 Pro mining machines
• Ondas (ONDS) higher after placing an initial order for 500 WASP drones from Rift Dynamics
• Rivian (RIVN) lower after delivering 13,201 vehicles in Q3
• Rocket Companies (RKT) declines after filing a Class A stock offering

5. EARNINGS/GUIDANCE:

• AngioDynamics (ANGO) reported Q1 results and raised its guidance for FY26
• GrabAGun Digital (PEW) provided guidance for Q3
• Mobix Labs (MOBX) reported over 50% year-over-year revenue growth in FY25
• Algoma Steel (ASTL) provided guidance for Q3
• Constellation Brands (STZ) will report Q2 results on October 6

INDEXES:

Near midday, the Dow was down 0.11%, or 53.25, to 46,387.85, the Nasdaq was up 0.23%, or 52.03, to 22,807.19, and the S&P 500 was down 0.08%, or 5.65, to 6,705.55.