Midday Fly By: SK Hynix weighs U.S. listing, GE Vernova doubles dividend

The major averages were mixed near noon as investors await the conclusion of the Federal Reserve’s policy meeting, with the results of the meeting set to be released at 2:00 pm ET this afternoon. Markets expect a rate cut, but remain wary about what guidance might come afterward. Equity investors are acting cautiously. With heightened uncertainty about future rate moves and economic growth, trading volume and conviction remain muted.

Looking to commodities, gold was fractitonally lower, with the commodity continuing its up-and-down run. Oil prices were lower as well after the release of crude data.

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

1. STOCK NEWS:

• GE Vernova (GEV) doubled its quarterly dividend, raised its buyback authorization, updated its FY25 revenue guidance, and provided its outlook for FY26
• Cracker Barrel (CBRL) reported lower-than-expected Q1 results and cut its FY26 revenue guidance
• SK Hynix is exploring a U.S. listing to lift its global valuation, Korea Herald reports
• Lakeland Industries (LAKE) reported downbeat Q3 results and withdrew its FY26 guidance
• Amazon (AMZN) will pay Italian tax authorities EUR723M in a settlement, ANSA reports

2. WALL STREET CALLS:

• GE Vernova (GEV) upgraded to Outperform at RBC Capital and Oppenheimer after the company raised its medium-term outlook
• EchoStar (SATS) upgraded to Overweight at Morgan Stanley
• PepsiCo (PEP) upgraded to Overweight at JPMorgan
• Roblox (RBLX) initiated with a Buy at B. Riley
• HSBC downgraded Biogen (BIIB) to Reduce, its sell-equivalent rating

3. AROUND THE WEB:

• After Netflix (NFLX) announced its deal for Warner Bros. Discovery (WBD), Larry Ellison called President Donald Trump to argue it would hurt competition, WSJ says
• Nvidia (NVDA) has built location verification technology to indicate what country its chips are operating in, a move that could help prevent the chips from being smuggled into countries where the export is banned, Reuters reports
• Airbus (EADSY) CEO Guillaume Faury said it was possible Boeing (BA) would win in the annual order race for the first time in six years, Reuters says
• Coupang (CPNG) CEO Park Dae-jun has resigned and is taking responsibility for a massive data breach at the company, Reuters reports
• Elliot Investment Management has increased its stake in Toyota (TM) to 5.01%, increasing pressure on the client as it plans to buy out the forklift manufacturer, Reuters says

4. MOVERS:

• Braze (BRZE) increases after reporting Q3 results and raising its guidance for FY26
• Photronics (PLAB) and Dave & Buster’s (PLAY) gain after reporting quarterly results
• Terns Pharmaceuticals (TERN) higher after announcing a 16.25M share offering
• AeroVironment (AVAV) falls after reporting Q2 results and cutting its guidance for FY26
• Wave Life Sciences (WVE) lower in New York after announcing a 15.8M share offering

5. EARNINGS/GUIDANCE:

• Chewy (CHWY) reported Q3 results, with EPS and revenue beating consensus
• J.Jill (JILL) reported Q3 results and provided guidance for FY25 and Q4, with CEO Mary Ellen Coyne commenting, “We delivered better than expected earnings results with topline at the high end of our expectations”
• Hello Group (MOMO) reported Q3 results, with EPS and revenue lower year-over-year
• REV Group (REVG) reported Q4 results, with EPS and revenue beating consensus
• Daktronics (DAKT) reported Q2 results, with interim CEO Brad Wiemann commenting, “We delivered another solid quarter of revenue and profit expansion”

INDEXES:

Near midday, the Dow was up 0.51%, or 242.04, to 47,802.33, the Nasdaq was down 0.18%, or 41.77, to 23,534.72, and the S&P 500 was up 0.10%, or 7.05, to 6,847.56.