Midday Fly By: Intel eyes SambaNova, Cencora to acquire OneOncology

The major averages were lower near noon as markets enter the final full trading week of 2025, with investors responding to recent rally attempts and bouts of tech selloff pressure. Of note, certain AI stocks, including Broadcom and Oracle, were weighing down the broader market.

Last week’s mixed performance and rotation suggests investors are beginning to weigh earnings fundamentals more heavily than lofty growth multiples. Treasury yields have moved sideways after recent volatility, and risk appetite seems to be stabilizing, but only tentatively, as incoming economic indicators and central-bank decisions in both the U.S. and Europe remain key catalysts.

Looking to commodities, gold prices were fractionally higher as the “safe haven” asset once again reaches for record highs. Oil was over 1% lower.

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

1. STOCK NEWS:

• Intel (INTC) is in discussions to acquire SambaNova for $1.6B, Bloomberg reports
• ServiceNow (NOW) is close to a $7B deal for Armis, Bloomberg says
• Cencora (COR) agreed to acquire OneOncology from TPG (TPG) for $6B
• iRobot (IRBT) entered into a Restructuring Support Agreement to be acquired by Picea
• Luminar (LAZR) initiated voluntary Chapter 11 bankruptcy proceedings and agreed to sell its photonics business to Quantum Computing (QUBT) for $110M

2. WALL STREET CALLS:

• Texas Instruments (TXN) downgraded to Sell from Buy at Goldman Sachs
• Akamai (AKAM) upgraded to Overweight from Underweight at KeyBanc
• Adobe (ADBE) downgraded to Underweight at KeyBanc
• ServiceNow (NOW) downgraded to Underweight at KeyBanc
• Goldman Sachs upgraded Las Vegas Sands (LVS), Marriott (MAR) and Hilton (HLT) to Buy as the firm adjusted ratings in the gaming and lodging group as part of its 2026 outlook

3. AROUND THE WEB:

• Nvidia (NVDA) has told some Chinese clients that it is evaluating adding production capacity for its H200 AI chips after orders exceeded its output levels, Reuters reports
• Coca-Cola (KO) is holding last-ditch discussions with TDR Capital as it attempts to salvage its proposed sale of Costa Coffee, FT says
• JPMorgan (JPM) advised on and financed a $7.4B deal for Korea Zinc to build the largest zinc smelter in the U.S., aligning with the bank’s national security funding strategy, WSJ says
• TPG (TPG) has exited most of its $600M stake in Anastasia Beverly Hills as part of a debt restructuring, Bloomberg reports
• U.S. District Judge George Wu in California ruled Live Nation (LYV) and its subsidiary Ticketmaster must face a class action for allegedly overcharging its customers for events at major venues across the country, Reuters says

4. MOVERS:

• Kyverna Therapeutics (KYTX) increases after announcing data from its KYSA-8 trial
• Immunome (IMNM) gains after announcing its RINGSIDE trial met primary and secondary endpoints
• ZIM (ZIM) higher in New York after announcing Glass Lewis recommended shareholders to vote ‘FOR’ all eight of the company’s director nominees
• Critical Metals (CRML) falls after announcing REE results from its 2024 drilling program at the Tanbreez Rare Earth Project
• Rocket Lab (RKLB) lower after launching its first mission for JAXA

5. EARNINGS/GUIDANCE:

• Quipt Home Medical (QIPT) reported Q4 results, with CEO Gregory Crawford commenting, “Our fiscal 2025 performance underscores both the durability of our model and the accelerating momentum”
• Highway Holdings (HIHO) reported Q2 results, with EPS and revenue lower year-over-year
• Ocean Power (OPTT) reported results for Q2
• Edesa Biotech (EDSA) reported results for FY25, with EPS missing consensus
• EnWave (NWVCF) reported Q4 results, with EPS and revenue higher year-over-year

INDEXES:

Near midday, the Dow was down 0.13%, or 64.76, to 48,393.29, the Nasdaq was down 0.29%, or 67.88, to 23,127.30, and the S&P 500 was down 0.06%, or 3.90, to 6,823.51.