The S&P 500 and Nasdaq Composite rose in midday trading, erasing earlier declines, and the Dow Jones Industrial Average eased.

In company news, Merck (MRK) agreed to acquire Cidara Therapeutics (CDTX) for $9.2 billion, or $221.50 a share in cash. The transaction is expected to close in Q1 2026. Merck shares rose 1.5% at midday, and Cidara more than doubled.

Walmart (WMT) said its board elected John Furner as president and chief executive officer, effective Feb. 1, 2026. Furner will succeed Doug McMillon, who will retire on Jan. 31 and remain on the board until the next annual shareholders meeting. Furner has served as president and CEO of Walmart US since 2019. Walmart shares fell 1.4%.

Applied Materials (AMAT) reported fiscal Q4 adjusted earnings late Thursday of $2.17 per diluted share, down from $2.32 a year earlier. Analysts polled by FactSet expected $2.11. Revenue in the three months ended Oct. 26 fell to $6.8 billion from $7.05 billion. Analysts projected $6.68 billion. The company expects Q1 adjusted EPS of $2.18 on revenue of $6.85 billion. Analysts forecast EPS of $2.14 on revenue of $6.79 billion. Applied Materials shares edged up 0.1% at midday.

StubHub Holdings (STUB) reported a Q3 loss late Thursday of $4.27 per diluted share, widening from the loss of $0.15 a year earlier. Analysts polled by FactSet expected a loss of $2.87. Revenue rose to $468.1 million from $433.8 million. Analysts projected $451.8 million. StubHub shares tumbled 20% at midday after the company withheld guidance.

Price: 94.29, Change: +1.35, Percent Change: +1.46