All three major US stock indexes were up sharply in late-morning trading Friday after Federal Reserve Chair Jerome Powell said at the central bank's annual economic symposium in Jackson Hole, Wyoming that the "baseline outlook and the shifting balance of risks may warrant adjusting our policy stance."

In company news, Cenovus Energy (CVE) said Friday it will acquire MEG Energy in a cash-and-stock deal worth 7.9 billion Canadian dollars ($5.68 billion), including assumed debt. Under the terms of the agreement, MEG Energy's shareholders will receive CA$27.25 per share, with 75% paid in cash and 25% paid in Cenovus shares, subject to certain limits. Cenovus shares were up 4.8% around midday.

Workday (WDAY) reported fiscal Q2 non-GAAP net income late Thursday of $2.21 per diluted shar, up from $1.75 a year earlier and above the FactSet consensus analyst estimate of $2.11. Fiscal Q2 revenue was $2.35 billion, up from $2.09 billion a year ago and above the FactSet consensus of $2.34 billion. For fiscal Q3, the company expects subscription revenue of $2.24 billion, in line with expectations. For fiscal 2026, Workday raised its subscription revenue guidance to $8.82 billion from $8.80 billion. The company also said Thursday it signed a definitive agreement to acquire Paradox, a conversational artificial intelligence company. Financial terms of the deal, which is expected to close in Workday's fiscal Q3, were not disclosed. Workday shares were down 3.7%.

Intuit (INTU) reported fiscal Q4 adjusted earnings late Thursday of $2.75 per diluted share, up from $1.99 a year earlier and above the FactSet consensus of $2.66. Fiscal Q4 revenue was $3.83 billion, up from $3.18 billion a year ago and above the FactSet consensus of $3.74 billion. Intuit set fiscal Q1 guidance for adjusted EPS at $3.05 to $3.12. Analysts expect $3.07. For full-year fiscal 2026, adjusted EPS is expected to be $22.98 to $23.18 on revenue of $21 billion to $21.19 billion. Analysts expect EPS of $23.02 on revenue of $21.10 billion. The company also raised its quarterly dividend to $1.20 per share from $1.04, payable Oct. 17. Intuit shares were down 5.5%.

Tesla (TSLA) Chief Executive Elon Musk tried to enlist Meta Platforms (META) CEO Mark Zuckerberg for an unsolicited bid his consortium made to buy Microsoft-backed (MSFT) OpenAI earlier this year, OpenAI said Thursday in a court filing. Tesla shares were up 5.1%, while those of Meta were up 2.1%.

BJ's Wholesale Club (BJ) reported fiscal Q2 adjusted earnings Friday of $1.14 per diluted share, up from $1.09 a year earlier and above the FactSet consensus of $1.09. Fiscal Q2 total revenue was $5.38 billion, up from $5.21 billion a year ago but below the FactSet consensus of $5.49 billion. For fiscal 2025, BJ's said it expects adjusted EPS in a range of $4.20 to $4.35, up from its earlier outlook of $4.10 to $4.30. Analysts expect $4.30. Shares of BJ's were down 7.6%.

JPMorgan Chase (JPM) will pay the Malaysian government 1.4 billion Malaysian ringgit ($330 million) as part of a deal to settle matters tied to its role in the 1MDB multibillion-dollar scandal, according to media reports. JPMorgan shares were up 1.1%.

Price: 15.94, Change: +0.73, Percent Change: +4.77