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Sectors
Sector Update: Health Care Stocks Mixed Wednesday Afternoon
Health care stocks were mixed Wednesday afternoon, with the NYSE Health Care Index increasing 0.1% and the State Street Health Care Select Sector SPDR ETF (XLV) shedding 0.1%.The iShares Biotechnology ETF (IBB) climbed 1.8%.In corporate news, CVS Health (CVS) raised its full-year earnings outlook after reporting better-than-expected Q1 results driven by improvement in its health-care benefits segment. Its shares gained 6.8%.Novo Nordisk (NVO) expects generic versions of its Ozempic medication to face approval delays in China until next year, Bloomberg reported, citing the drugmaker. The patent for semaglutide, the main ingredient in Ozempic and Wegovy, expired in China in March, but the company said it still has regulatory data protection until April 2027 due to a trade agreement between China and Switzerland, Bloomberg reported. Novo shares rose 2.5%.Eli Lilly (LLY) is looking to raise about $8 billion from an investment-grade bond sale to fund an acquisition spree, Bloomberg reported. Lilly shares added 0.3%.
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Sectors
Sector Update: Consumer Stocks Mixed in Afternoon Trading
Consumer stocks were mixed Wednesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) decreasing 0.1% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) rising 1.5%.In corporate news, Walt Disney's (DIS) fiscal Q2 results came in ahead of market estimates amid revenue gains across all business operations, while the media and entertainment giant reiterated its expectations for growth to accelerate in H2. Its shares climbed 6.6%.Uber (UBER) on Wednesday issued a bookings growth outlook that surpassed Wall Street's estimates, while the ride-hailing company's Q1 profit grew year-on-year. Uber shares popped 7.5%.Sony Group's (SONY) Sony Music is nearing a deal to acquire a music catalog including works by artists such as Justin Bieber and Neil Young from Blackstone (BX), Bloomberg reported. Sony is in discussions to acquire Recognition Music through a joint venture with Singaporean sovereign wealth fund GIC, which will pay from $3.5 billion to $4 billion, the report said. Sony Group shares added 2.9%.
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Sectors
Sector Update: Tech Stocks Gain Wednesday Afternoon
Tech stocks were higher Wednesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 1.9% and the State Street SPDR S&P Semiconductor ETF (XSD) adding 1.6%.The Philadelphia Semiconductor index climbed 3.4%.In corporate news, Advanced Micro Devices (AMD) reported stronger-than-expected Q1 results as demand for AI infrastructure pushed data center revenue higher year-on-year. Its shares jumped past 16%.Nvidia (NVDA) and Corning (GLW) said Wednesday they have entered a multiyear commercial and technology partnership to expand US manufacturing of advanced optical connectivity technology to power AI infrastructure. Nvidia shares gained 4.5%.Alphabet's (GOOGL) Google Cloud is slated to receive about $200 billion over five years from Amazon-backed (AMZN) Anthropic for computing capacity and processors, The Information reported. Alphabet shares climbed 2.4%.
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