The Dow Jones Industrial Average was down, while the S&P 500 and the Nasdaq Composite were up in late-morning trading Monday thanks to a big tech deal.
In company news, Advanced Micro Devices (AMD) will supply Microsoft-backed (MSFT) OpenAI with 6 gigawatts of graphics processing units as part of a multiyear deal, the companies said Monday. The first 1 gigawatt supply of AMD's Instinct MI450 GPUs will commence in H2 2026, the companies said. Under the terms of the deal, AMD has issued OpenAI a warrant for up to 160 million AMD common shares, structured to vest upon the achievement of certain milestones, including specific share-price targets. That would reflect a stake of up to 10%, according to MT Newswires' calculations. AMD shares were up more than 28% around midday, while those of Microsoft were up 1.3%.
Fifth Third Bancorp (FITB) has agreed to acquire Comerica (CMA) in an all-stock deal valued at $10.9 billion, the companies said Monday. Under the terms of the deal, Comerica shareholders will receive 1.8663 Fifth Third shares for each Comerica share, valuing the transaction at $82.88 per share, representing a 20% premium over Comerica's 10-day volume-weighted average stock price, the companies said. The deal is expected to close in Q1 2026. Fifth Third shares were up 0.1%, while those of Comerica were up roughly 16%.
Carlyle Group (CG) is nearing a deal to acquire BASF's coatings business for roughly 7 billion euros ($8.17 billion), the Financial Times reported Monday, citing sources familiar with the plan. Carlyle is in exclusive discussions with BASF after topping other private capital groups in an auction, the report said. Carlyle shares were up 0.1%.
Verizon Communications (VZ) said Monday its board appointed independent lead director Dan Schulman as chief executive, effective immediately. The former PayPal (PYPL) CEO succeeds Hans Vestberg, who will serve as special adviser to the company until Oct. 4, 2026, while remaining on the board until the 2026 annual meeting, the company said. Verizon shares were down 4.3%.
Price: 208.71, Change: +44.04, Percent Change: +26.74