Midday Fly By: AMD sees acceleration, IBM unveils quantum processor

The major averages were mixed near noon, with the Dow Jones Industrial Average hitting a record high as news continues to point toward the U.S. federal government shutdown likely resolving. The U.S. House of Representatives is expected to restore funding after several weeks of stalemate, which had clouded economic visibility and policy clarity.

Looking to commodities, gold prices were up about 2% near noon, bringing the “safe haven” commodity closer to the $4,200 mark. Conversely, oil prices were down about 3% near noon to trade below $59 per barrel.

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

1. STOCK NEWS:

• AMD (AMD) provided long-term growth targets at its financial analyst day, with the company expecting to drive a greater than 35% revenue compound annual growth rate and see adjusted EPS exceeding $20
• Chevron (CVX) outlined its five-year plan to 2030, with EPS annual growth expected to be greater than 10% at $70 Brent
• IBM (IBM) unveiled the Quantum Nighthawk quantum processor
• General Motors (GM) announced leadership changes in an effort to “accelerate growth” of its China business
• Anthropic announced a $50B investment in American computing infrastructure

2. WALL STREET CALLS:

• KeyBanc upgraded AT&T (T) amid “overblown” competitive concerns
• eToro (ETOR) upgraded to Positive at Susquehanna after “very strong” quarter
• Floor & Decor (FND) upgraded to Overweight at Piper Sandler
• Bath & Body Works (BBWI) downgraded to Market Perform at Raymond James
• Wolfe downgraded Intellia (NTLA) to Peer Perform on nex-z safety issue

3. AROUND THE WEB:

• Pharmaceutical companies are investing billions in PD-1/VEGF bispecific antibodies, which combine versions of Merck’s (MRK) Keytruda and Roche’s (RHHBY) Avastin, despite limited evidence that these combinations extend patient survival, Bloomberg reports
• Russian President Vladimir Putin has approved Citigroup’s (C) sale of its Russian bank unit to Renaissance Capital, continuing a series of Kremlin-approved banking exits, Bloomberg says
• Grab (GRAB) and GoTo (GTOFF) are in talks to offer Indonesia’s sovereign wealth fund, Danantara, a “golden share” to secure approval for a potential $29B merger, FT says
• General Motors (GM) has told thousands of its suppliers to remove any parts from China from their supply chains, Reuters reports
• BAE Systems (BAESY) said if the U.S. government shutdown continues, this could lead to delays to contract funding and payments, WSJ says

4. MOVERS:

• On Holding (ONON) increases in New York after reporting Q3 results and raising its guidance for FY25
• Centessa (CNTA) gains in New York after announcing a 11.63M share offering
• Bill (BILL) higher after Bloomberg reported the company is exploring its options, including a potential sale
• Alkermes (ALKS) declines in New York after announcing results from its Vibrance-2 Phase 2 study of alixorexton
• Hyliion Holdings (HYLN) and Autolus Therapeutics (AUTL) lower in New York after reporting quarterly results

5. EARNINGS/GUIDANCE:

• Tencent Music (TME) reported Q3 results, with EPS and revenue higher year-over-year
• SurgePays (SURG) reported Q3 results and reiterated FY26 revenue view
• TransDigm (TDG) reported Q4 results and provided guidance for FY26
• IHS Holding (IHS) reported Q3 results and raised its guidance for FY25, with CEO Sam Darwish commenting, “We delivered another strong quarter”
• Boyd Group (BGSI) reported Q3 results, with EPS higher year-over-year

INDEXES:

Near midday, the Dow was up 0.68%, or 324.30, to 48,252.26, the Nasdaq was down 0.70%, or 164.89, to 23,303.41, and the S&P 500 was down 0.16%, or 11.09, to 6,835.52.