Stock futures rose slightly Wednesday as investors monitor the latest tariff updates from President Donald Trump.
At 8:21 a.m. ET, Futures tied to the Dow Jones Industrial Average added 124 points, or 0.3%. S&P 500 futures moved up 0.2% along with Nasdaq-100 futures.
AES Corp jumped 14% after Bloomberg, citing people familiar with the matter, reported the renewable power company was exploring its options, including a possible sale, amid potential takeover interest from large investment firms. Several major private-equity firms and infrastructure investors have been studying AES after the stock lost about half its value over the past two years, the people said. Coming into Wednesday, AES has declined 37% over the past 12 months.
Starbucks shares of the coffee chain jumped almost 3% after CNBC reported that Starbucks China has drawn bids for a potential stake sale that value the subsidiary at up to $10 billion. While shortlisting could be done in two months, the deal itself likely won’t be completed by the end of this year.
Crypto shares gained in premarket trading on Wednesday as Bitcoin rose above $109K. SharpLink Gaming rose 17%; Upexi, Inc. rose 9%; Canaan Inc. rose 4%.
ProKidney Corp. stock rose 57% in premarket trading on Wednesday after soaring 515% in previous trading day. The cell therapy developer announced positive topline results from a mid-stage trial for its lead candidate, rilparencel, in patients with chronic kidney disease and diabetes.
Freeport-McMoRan rose 2% on Tuesday and was up another 2.4% in premarket trading, rising after copper prices jumped 13% to all-time highs following comments from President Donald Trump that he would be slapping a 50% tariff on copper imports.
Apple's Chief Operating Officer Jeff Williams plans to retire later this year and will transition his role this month to Sabih Khan, Apple's senior vice president of operations. Williams was named operating chief in late 2015 and has served since as the iPhone maker's No. 2 under CEO Tim Cook. Kahn has worked at Apple for 30 years and joined the executive team as senior vice president of operations in 2019, the company said. He has been in charge of Apple's global supply chain for the past six years. Apple shares rose in premarket trading.
Verona Pharma plc was rising 21% after Merck agreed to buy the lung disease-focused biotech company for roughly $10 billion. Under the deal, Merck would pay $107 per American depositary share for Verona. Verona makes Ohtuvayre, a treatment for chronic obstructive pulmonary disease. Merck was up 0.5%.
Chip maker Intel, meanwhile, fell 0.6% in the premarket session. The stock closed Tuesday with a gain of 7.2% on what was little fresh news. "Nothing new or fundamental," said Jordan Klein, Mizuho managing director and technology specialist, adding there has been a rotation into semiconductor stocks, which could give Intel a boost considering it has declined 32% over the past 12 months.
Nvidia, the leading maker of AI chips, was up 0.5% ahead of the opening of trading after rising 1.1% and closing at a record high Tuesday of $160.
WPP PLC shares sank 16% Wednesday on the advertising giant’s second profit warning of the year, as it said clients were spending less and it was attracting fewer new clients than hoped.
WPP, in an unscheduled update, now sees comparable revenue falling 3% to 5% for the year, versus February’s guidance that it would be flat to down 2%, after a second quarter in which sales slumped as much as 6%. WPP said its first-half operating margin will drop between 2.8 and 3.3 percentage points year-over-year.
“In contrast to when we met in April, we were seeing an increasing number of clients across different sectors, cut budgets and spend in reaction to pressure in their businesses from ongoing macro uncertainty,” CFO Joanne Wilson told analysts on a conference call.
The number of customers that use ARM Holdings-based chips in data centers has grown to 70,000, a 14-fold increase since 2021, the company told Reuters.
Under the guidance of Chief Executive Rene Haas, chip technology maker Arm has been working to expand its business into the PC market and has made substantial gains selling its architecture for data center chips as well.
Meta Platforms, Inc. bought a minority stake in the world’s largest eyewear manufacturer, EssilorLuxottica SA, deepening the US tech giant’s commitment to the fast-growing smart glasses industry, according to people familiar with the matter.
Facebook parent Meta acquired just under 3% of the Ray-Ban maker, a stake worth around €3 billion ($3.5 billion) at market prices, said the people, who asked not to be identified because deliberations are private.
"Shut up, Dan," Elon Musk responded after Wedbush Securities' Dan Ives called for Tesla Motors's board of directors to set ground rules for its CEO's political endeavors.
"The Tesla board MUST Act and Create Ground Rules For Musk; Soap Opera Must End," Ives, a long-time Tesla bull, titled a note to clients in which he laid out three recommendations for the board.
These are: a new pay package that would give Musk 25% voting control and clear a path for a merger with xAI, guardrails for the amount of time Musk spends at Tesla, and oversight on his political endeavors.
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