All three major US stock indexes were up in late-morning trading Wednesday thanks in part to a slew of stronger-than-expected earnings reports from big companies.

In company news, ASML (ASML) reported fiscal Q3 earnings Wednesday of 5.48 euros ($6.37) per diluted share, up from 5.28 euros per share a year earlier. Fiscal Q3 net sales were 7.52 billion euros, up from 7.47 billion euros a year ago but below the FactSet consensus analyst estimate of 7.76 billion euros. For Q4, the company said it expects sales of 9.2 billion euros to 9.8 billion euros, while analysts expect 9.33 billion euros. ASML said it expects full-year 2025 net sales growth of around 15%, and it said it doesn't expect sales to decline in 2026 from 2025. ASML shares were up 3.6% around midday.

Bank of America (BAC) reported Q3 diluted EPS Wednesday of $1.06, up from $0.81 a year earlier and above the FactSet consensus estimate of $0.95. Third-quarter revenue was $28.09 billion, up from $25.35 billion a year ago and above the FactSet consensus of $27.52 billion. Bank of America shares were up 4.9%.

Morgan Stanley (MS) reported Q3 diluted EPS Wednesday of $2.80, up from $1.88 a year earlier and above the FactSet consensus of $2.08. Third-quarter net revenue was $18.22 billion, up from $15.38 billion a year ago and above the FactSet consensus of $16.69 billion. Morgan Stanley shares were up 5.6%.

Hillenbrand (HI) said Wednesday it has agreed to be bought by a Lone Star Funds affiliate in an all-cash deal valued at about $3.80 billion, or $32 per share. Once the deal is closed, expected to occur by the end of Q1 2026, Hillenbrand will become a privately held company, it said. Hillenbrand shares were up 18.0%.

Abbott Laboratories (ABT) reported adjusted diluted EPS Wednesday of $1.30, up from $1.21 a year earlier and matching the FactSet consensus estimate. Third-quarter net sales were $11.37 billion, up from $10.64 billion a year ago but below the FactSet consensus of $11.39 billion. The company narrowed its 2025 adjusted diluted EPS guidance range to $5.12 to $5.18 from $5.10 to $5.20. Abbott shares were down 3.5%.

Progressive (PGR) reported net income Wednesday of $4.45 per diluted share, up from $3.97 a year earlier but below the FactSet consensus of $5.02. Third-quarter net premiums written totaled $21.38 billion, up from $19.46 billion a year ago. Progressive shares were down 8.2%.

First Horizon (FHN) reported Q3 adjusted earnings Wednesday of $0.51 per diluted share, up from $0.42 a year earlier and above the FactSet consensus of $0.45. Third-quarter revenue was $889 million, up from $828 million a year ago and above the FactSet consensus of $847.3 million. On the earnings call, Chief Executive Bryan Jordan said the bank is open to acquiring other banks as opposed to being acquired. First Horizon shares were down 13%.

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