Midday Fly By: Apple new F1 broadcast partner, CSX reports Q3 beat

The major averages were higher near noon as the U.S. government shutdown enters its seventeenth day with no end in sight. Concerns continue to mount over regional banks’ exposure to bad loans and broader credit quality risks, while Fed rate cut bets have accelerated on the back of the resurgence of fears of a widening trade war with China.

Looking to commodities, gold prices are falling after weeks of consistently hitting record highs, though the “safe haven” commodity remains above $4,200. Oil prices were also edging lower near noon.

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

1. STOCK NEWS:

• Multiple analysts raised their price targets on Oracle (ORCL) after the company shared its margin expectations for AI infrastructure projects and its long-term guidance at its financial analyst meeting
• Apple (AAPL) announced a five-year deal to become the U.S. broadcast partner for Formula 1
• Shares of Eli Lilly (LLY) and Novo Nordisk (NVO) were slipping after President Trump said the price of GLP-1 weight loss drugs will come down “pretty fast” based on negotiations with the federal government with the drugmakers
• American Express (AXP) provided a “beat and raise” report for FY25
• CSX (CSX) reported better-than-expected Q3 results

2. WALL STREET CALLS:

• UBS (ASTS) double downgraded to Underweight at Barclays as stock valuation “has become excessive”
• Oppenheimer upgraded Jefferies (JEF) on upbeat investor day
• TD Cowen downgraded Booz Allen (BAH) to Hold from Buy, here’s why
• Zions Bancorp (ZION) upgraded to Outperform from Neutral at Baird

3. AROUND THE WEB:

• Microsoft (MSFT) aims to produce most of its new products, such as servers and Surface laptops, outside of China beginning in 2026, Nikkei Asia says
• Coca-Cola (KO) is considering taking its Indian bottling unit public in a deal that may fetch $1B, Bloomberg reports
• Nvidia (NVDA) is partnering with Firmus Technologies to create a fleet of AI data centers powered by renewable-energy across Australia, Bloomberg says
• CME Group (CME) intends to debut financial contracts tied to sports games and economic indicators by the end of the year, Bloomberg reports
• Intel (INTC) has “at least one volume foundry customer for their 18a/ap process,” SemiAccurate says

4. MOVERS:

• Sealsq (LAES) gains in New York after announcing the development of QASIC
• Liberty Energy (LBRT) increases after reporting Q3 results and providing an update on its industry outlook
• Disc Medicine (IRON) higher after receives CNPV from FDA for Bitopertin
• Standard Lithium (SLI) lower in New York after announcing a $120M share offering
• I-Mab (IMAB) falls after announcing its intention to pursue a Hong Kong IPO

5. EARNINGS/GUIDANCE:

• Ally Financial (ALLY) reported Q3 results and provided guidance for FY25
• State Street (STT) reported Q3 results, with CEO Ron O’Hanley commenting, “Our third-quarter financial results reflect strong performance, driven by disciplined execution against our strategic priorities”
• Huntington Bancshares (HBAN) reported Q3 results, with EPS beating consensus
• Regions Financial (RF) reported Q3 results, with CEO John Turner commenting, “Our third quarter results highlight the strength of our franchise and the impact of disciplined execution across our businesses”
• Autoliv (ALV) reported Q3 results, with EPS beating consensus

INDEXES:

Near midday, the Dow was up 0.51%, or 235.06, to 46,187.30, the Nasdaq was up 0.21%, or 48.22, to 22,610.75, and the S&P 500 was up 0.32%, or 21.24, to 6,650.31.