Sarepta suspends Elevidys shipments, Supernus acquires Sage: Morning Buzz

The major averages were sharply higher near noon, reversing some of Friday’s losses as investors continue to weigh the impacts of the conflict between Iran and Israel. Though the conflict remains in its fourth day after Israel first fired a missile strike into Tehran on Friday, prompting Iran to launch missiles in retaliation, The Wall Street Journal reported that Iran has suggested to intermediaries that it seeks to de-escalate hostilities and discuss an end to the matter.

With geopolitical risks and uncertainty remaining ahead of Wednesday’s Federal Reserve decision, the Fed is widely expected to hold rates steady, but investors are laser-focused on Chair Powell’s language regarding potential rate cuts later this year. Currently, markets are pricing in a roughly 56% chance of a quarter-point cut by September.

Looking to commodities, gold prices are fractionally lower yet still above the $3,400 threshold. Oil prices, meanwhile, are sharply lower, reversing much of last week’s gains.

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

1. STOCK NEWS:

• Sarepta (SRPT) has suspended non-ambulatory Elevidys shipments after a second death
• Supernus (SUPN) agreed to acquire Sage Therapeutitcs (SAGE) for $8.50 per share in cash plus a non-tradable contingent value right
• Victoria’s Secret (VSCO) is being targeted by activist investor Barington Capital, Bloomberg reports
• Amazon Ads (AMZN) and Roku (ROKU) announced a new integration that gives advertisers access to the largest authenticated CTV footprint in the U.S. exclusively through Amazon DSP
• Meta (META) shares were on the rise after announcing ads in WhatsApp

2. WALL STREET CALLS:

• Cisco (CSCO) upgraded at Deutsche Bank, here’s why
• Celsius Holdings (CELH) upgraded to Buy from Hold at TD Cowen
• Stifel upgraded Incyte (INCY) to Buy after “best-case scenario” data
• BofA downgraded CoreWeave (CRWV) to Neutral on valuation after 145% runup
• Hinge Health (HNGE) and MNTN (MNTN) were started with mostly bullish ratings as Wall Street rolled out coverage

3. AROUND THE WEB:

• As Renault (RNSDF) CEO Luca de Meo leaves the French carmaker to pursue a role outside the auto industry, reports are surfacing that he will become the new CEO of Gucci-owner Kering (PPRUY), Reuters says
• The U.S. Justice Department’s antitrust division is reviewing Google’s (GOOGL) planned $32B acquisition of Wiz to determine if it would illegally limit competition in the marketplace, Bloomberg says
• Airbus (EADSY) is testing customers’ appetite for a longer version of its A220-300 jet that would give airlines more seating capacity, but less range, Bloomberg reports
• Honeywell (HON) is open to acquiring more companies in Europe as it looks to increase its portfolio, Bloomberg reports
• Boeing (BA) delivered a new 787-9 aircraft to China’s Juneyao Airlines, Reuters reports

4. MOVERS:

• Metals Company (TMC) increases in New York after announcing an $85.2M investment for Korea Zinc
• Cantaloupe (CTLP) gains after announcing it will be acquired by 365 Retail Markets for $11.20 per share in cash
• EchoStar (SATS) higher after Bloomberg reported President Donald Trump intervened to urge the company and FCC Chairman Brendan Carr to resolve a dispute over its spectrum licenses
• Roivant Sciences (ROIV) lower after Pulmovant announced the publication of Phase 1 PK data following the administration of mosliciguat
• Bristol Myers (BMY) falls after presenting data from its Phase 2 trial of Breyanzi

5. EARNINGS/GUIDANCE:

• Freedom Holdings (FRHC) reported results for FY25, with CEO Timur Turlov commenting that its 2025 results “show that the strategy we’ve been building for years is paying off”
• MGM Resorts’ (MGM) BetMGM joint venture raised its guidance for FY25
• Coda Octopus (CODA) reported Q2 results, with EPS lower year-over-year
• PetMed Express (PETS) reported preliminary Q4 results, with revenue lower year-over-year
• 1933 Industries (TGIFF) reported Q3 results, with CEO Brian Farrell commenting, “the company delivered a strong quarter”

INDEXES:

Near midday, the Dow was up 0.83%, or 349.24, to 42,547.03, the Nasdaq was up 1.44%, or 279.64, to 19,686.47, and the S&P 500 was up 0.99%, or 59.46, to 6,036.43.