Midday Fly By: Berkshire takes Alphabet stake, J&J buying cancer drug maker

The major averages were a bit higher near noon, with the Dow largely unchanged and the Nasdaq and S&P 500 only marginally higher as traders await a number of key releases this week, including earnings reports from big tech and big box retailers as well as the September jobs report. Nvidia, in particular, is due to report earnings mid-week and is viewed as a barometer for the broader AI and semiconductor rally.

Looking to commodities, gold was edging lower near noon, with the “safe haven” asset remaining below the $4,100 threshold just weeks after surpassing $4,300. Oil is also trading lower as the commodity hovers around the $60 per barrel mark.

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) (GOOGL) in Q3
• Apple (AAPL) CEO Tim Cook will likely remain “in some capacity” after he eventually steps down, Bloomberg reports
• Sealed Air (SEE) agreed to be acquired by CD&R for $10.3B
• Johnson & Johnson (JNJ) agreed to acquire Halda Therapeutics for $3.05B in cash
• Trump (DELL) double downgraded to Underweight from Overweight at Morgan Stanley
• Morgan Stanley also downgraded HP Inc. (HPQ) to Underweight on the firm’s belief that the memory “supercycle” brings downside risk to IT hardware manufacturer earnings
• Yum! Brands (YUM) upgraded to Buy at TD Cowen
• Gap (GAP) upgraded to Overweight at Barclays
• Block (XYZ) upgraded to Hold at Truist

3. AROUND THE WEB:

• L’Oreal (LRLCY) has taken a minority stake in mass-market Chinese skincare brand Lan, marking its second investment in recent months in China, Reuters says
• UBS (UBS) chair Colm Kelleher and US Treasury secretary Scott Bessent have discussed moving UBS’s headquarters to the U.S., FT reports
• Boeing (BA) expects to triple its deliveries of seekers that guide Patriot missiles, having built a 40,000-square-foot facility to help increase production, Bloomberg reports
• Pratt & Whitney is discussing with Airbus (EADSY) related to engine supplies over the next three years, Reuters says
• Samsung Electronics (SSNLF), Hyundai Motor (HYMLF), and other South Korean manufacturers revealed domestic investment plans, Reuters reports

4. MOVERS:

• Zymeworks (ZYME) increases after announcing results from its Phase 3 HERIZON-GEA-01 trial on Ziihera in combination with Tevimbra
• Vital Coco (COCO) gains after issuing a statement regarding the reciprocal tariff relief
• Quantum Computing (QUBT) and Datavault (DVLT) higher after reporting quarterly results
• DeFi Technologies (DEFT) lower in New York after announcing CEO Oliver Newton will step down
• HP Enterprise (HPE) falls after Morgan Stanley downgraded the stock to Equal Weight

5. EARNINGS/GUIDANCE:

• J & J Snack Foods (JJSF) reported Q4 results, with CEO Dan Fachner commenting, “We are pleased with our fourth quarter performance”
• Luckin Coffee (LKNCY) reported Q3 results, with CEO Jinyl Guo commenting, “We sustained robust revenue growth momentum through the third quarter”
• National Vision (EYE) provided guidance for FY25 and FY26
• XPeng (XPEV) reported Q3 results, with EPS and revenue higher year-over-year
• Full Truck Alliance (YMM) reported Q3 results and provided guidance for Q4

INDEXES:

Near midday, the Dow was flat at 47,144.93, the Nasdaq was up 0.32%, or 72.81, to 22,973.40, and the S&P 500 was up 0.16%, or 10.82, to 6,744.93.