Midday Fly By: Micron reports Q1 beat, Trump Media to merge with TAE

The major averages were broadly higher near noon as investors react to the release of the delayed November Consumer Price Index inflation report and other key economic data. Traders are closely watching not only CPI but also jobless claims and regional manufacturing surveys, all of which could influence how the Federal Reserve views inflation and growth heading into 2026.

Globally, other central banks are making moves as well. Just a week after the U.S. Federal Reserve cut its federal funds rate, the Bank of England lowered its Bank rate by 0.25 percentage points. The European Central Bank, however, maintained its three key interest rates, saying that its updated assessment reconfirms that inflation should stabilize at the 2% target in the medium term.

Looking to commodities, gold hit new a new record high, with the “safe haven” asset hovering around the $4,400 mark. Oil prices were also surging as the commodity rebounds from sharp declines this week.

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

1. STOCK NEWS:

• Micron (MU) reported better-than-expected Q1 results and provided upbeat Q2 earnings and revenue guidance
• Trump Media (DJT) agreed to a merger with TAE Technologies in an over $6B transaction
• Elliott has built a position of over $1B in Lululemon (LULU), WSJ reports
• Darden (DRI) reported mixed Q2 results and reiterated its FY26 outlook
• The Bank of England lowered its Bank Rate by 0.25 percentage points to 3.75%, while the European Central Bank kept its three key interest rates unchanged

2. WALL STREET CALLS:

• Merck (MRK) upgraded to Outperform at BMO Capital
• PayPal (PYPL) downgraded to Underweight at Morgan Stanley
• Rivian (RIVN) upgraded to Outperform at Baird
• Jefferies upgraded GE Vernova (GEV) on gas pricing, services visibility
• Lennar (LEN) downgraded to Underperform at RBC Capital, Evercore ISI and BofA after weaker than anticipated fiscal Q4 results and Q1 guidance

3. AROUND THE WEB:

• Over three dozen state attorneys general are urging Meta (META) to strengthen enforcement of its policies against misleading weight loss drug ads on Instagram and Facebook, including AI-generated content, STAT says
• Apple (AAPL) is in preliminary talks with India-based CG Semi, which offers chip assembly and testing services, to assemble and package chips for the iPhone, Economic Times reports
• Google (GOOGL) is suing Darcula, a Chinese-speaking cybercriminal group, claiming it is responsible for a massive amount of scam text messages sent to Americans over the past year, NBC News reports
• Warner Bros. (WBD) urged its shareholders to reject Paramount Skydance’s (PSKY) hostile takeover bid, arguing Paramount was inadequate compared to Netflix (NFLX), Reuters says
• The U.S. Federal Trade Commission is investigating Instacart (CART) as the retail platform grapples with criticism of its AI-powered pricing tool, Reuters reports

4. MOVERS:

• Sable Offshore (SOC) increases after the U.S. DOT’s PHMSA confirmed the company’s pipeline connecting the Santa Ynez Unit to the Pentland Station terminal in Kern County, California is an interstate pipeline facility
• Redwire (RDW) gains after announcing it will provide two International Docking System Standard compliant docking systems for The Exploration Company’s spacecraft
• FuelCell (FCEL) higher after reporting Q4 results, with EPS higher year-over-year
• Insmed (INSM) falls after announcing its Phase 2b BiRCh study of brensocatib did not meet its primary or secondary endpoint
• Birkenstock (BIRK) lower in New York after reporting Q4 results and providing guidance for FY26

5. EARNINGS/GUIDANCE:

• Accenture (ACN) reported Q1 results and backed its guidance for FY26
• CarMax (KMX) reported Q3 results, with EPS and revenue beating consensus
• Cintas (CTAS) reported Q2 results and raised its guidance for FY26
• FactSet (FDS) reported Q1 results, with CEO Sanoke Viswanathan commenting, “FactSet’s strong start to the year underscores the quality of our data and products”
• Kamada (KMDA) reiterated its guidance for FY25

INDEXES:

Near midday, the Dow was up 0.65%, or 312.84, to 48,198.81, the Nasdaq was up 1.92%, or 436.13, to 23,129.46, and the S&P 500 was up 1.24%, or 83.34, to 6,804.77.