All three major US stock indexes were down in late-morning trading Thursday, as shares of artificial intelligence companies faced renewed pressure.
In company news, Brighthouse Financial (BHF) has agreed to be acquired by an affiliate of Aquarian Capital for $70 per share in an all-cash deal valued at about $4.10 billion, the companies said Thursday. Brighthouse shares were up nearly 27% around midday.
Qualcomm (QCOM) reported fiscal Q4 adjusted net income late Wednesday of $3.00 per diluted share, up from $2.69 a year earlier and above the FactSet consensus analyst estimate of $2.87. Fiscal Q4 revenue was $11.27 billion, up from $10.24 billion a year ago and above the FactSet consensus of $10.77 billion. For fiscal Q1, the company said it expects non-GAAP EPS of $3.30 to $3.50 on revenue of $11.8 billion to $12.6 billion. Analysts polled by FactSet expect $3.32 EPS on $11.58 billion in revenue. Qualcomm shares were down almost 5%.
CoreWeave (CRWV) and VAST Data have signed a $1.17 billion commercial agreement, VAST said Thursday. The expanded partnership will establish VAST's operating system as the main data foundation for CoreWeave's AI cloud, the company said. CoreWeave shares were down 8.3%.
CarMax (KMX) said Thursday that Chief Executive Bill Nash is stepping down from his post and will be replaced by board member David McCreight on an interim basis, effective Dec. 1. The company also said current Board Chair Tom Folliard was appointed interim executive chair of the board. CarMax provided an updated Q3 outlook, saying it expects net earnings per diluted share of $0.18 to $0.36, including $0.09 of non-recurring expenses related to the leadership change and workforce reductions. Third-quarter comparable store sales are forecast to decline 8% to 12%. Analysts surveyed by FactSet expect a 3.4% decline. CarMax shares were down more than 19%.
Marvell Technology (MRVL) was considered as a possible takeover candidate by SoftBank earlier this year, Bloomberg reported Thursday, citing people familiar with the matter. Marvell shares were up 0.4%.
Price: 93.82, Change: +0.92, Percent Change: +0.99