All three major US stock indexes were up in late-morning trading Wednesday, as traders largely shook off the latest downbeat jobs data.
ADP (ADP) reported that private payrolls declined by 32,000 in November, well below the consensus estimate in a Bloomberg-compiled survey calling for a 10,000-job gain.
In company news, multiple Microsoft (MSFT) divisions have lowered their sales-growth quotas for certain AI products after many of them missed their targets during the fiscal year that ended in June, The Information reported Wednesday, citing two salespeople in Microsoft's Azure cloud unit. Separately, the company is facing a complaint to Ireland's Data Protection Commission alleging that it violated European Union privacy rules in its handling of Israeli military government data, Bloomberg reported Wednesday, citing a filing it reviewed. Microsoft shares were down 1.9% around midday.
Marvell Technology (MRVL) said late Tuesday it will acquire Celestial AI in a cash-and-stock deal valued at around $3.25 billion. Marvell will pay $1 billion in cash and 27.2 million Marvell shares, along with potential additional stock-based payments tied to revenue targets, the company said. The deal is expected to close in early 2026. Separately, Marvell reported fiscal Q3 non-GAAP earnings late Tuesday of $0.76 per diluted share, up from $0.43 a year earlier and above the FactSet consensus analyst estimate of $0.74. Fiscal Q3 net revenue was $2.07 billion, up from $1.52 billion a year ago and in-line with the FactSet consensus. For fiscal Q4, the company said it expects non-GAAP diluted net income of $0.79 per diluted share, plus or minus $0.05. Analysts polled by FactSet expect $0.79. For fiscal Q4 net revenue, Marvell said it expects $2.20 billion, plus or minus 5%. Analysts expect $2.18 billion. Marvell shares were up 4.5%.
Delta Air Lines (DAL) said Wednesday in a regulatory filing it expects its December quarter's pre-tax profitability to show a $200 million hit, or about $0.25 per share, from the federal government shutdown in November. Delta shares were up 2.6%.
Capricor Therapeutics (CAPR) said Wednesday that a late-stage trial evaluating its investigational cell therapy Deramiocel to treat boys and young men with Duchenne muscular dystrophy met its primary and key secondary endpoints. Capricor shares were up 344%.
Macy's (M) reported fiscal Q3 adjusted earnings Wednesday of $0.09 per diluted share, up from $0.04 a year earlier and above the FactSet consensus of a loss of $0.13. Fiscal Q3 revenue was $4.91 billion, up from $4.90 billion a year ago and above the FactSet consensus of $4.55 billion. For fiscal 2025, the company said it expects adjusted EPS between $2 and $2.20, up from its previous guidance range of $1.70 to $2.05. Analysts polled by FactSet expect $2.00. Fiscal 2025 net sales are expected to be between $21.48 billion and $21.63 billion, up from its previous projection of $21.15 billion to $21.45 billion. Analysts polled by FactSet expect $21.31 billion. Macy's shares were up 0.3%.
Price: 480.25, Change: -9.75, Percent Change: -1.99
