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Top Midday Stories: Air Products Ends Louisiana Clean Energy Project; Patrick Industries, LCI to Merge in All-Stock Deal

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All three major US stock indexes were up in late-morning trading Tuesday, as investors look to end Q2 on a positive note.

In company news, Air Products and Chemicals (APD) said Tuesday it will not proceed with the Louisiana Clean Energy Project due to expected financial returns that do not meet stringent return criteria. The company also said it's finalizing a marketing and distribution agreement with Yara International for renewable ammonia from a green hydrogen project in Saudi Arabia. Air Products shares were up 9.1% around midday.

Patrick Industries (PATK) and LCI Industries (LCII) have entered into a definitive agreement to merge in an all-stock transaction, the companies said Tuesday. Under the deal terms, LCI shareholders will receive 1.2440 shares of Patrick common stock for each LCI share. Upon closing, Patrick shareholders will own about 52% of the combined company. Patrick Chief Executive Andy Nemeth will serve as CEO of the combined entity, with Patrick Director Todd Cleveland and LCI Interim CEO Johnny Sirpilla serving as chair and vice chair, respectively. The deal is expected to close in H1 2027, subject to shareholder and regulatory approvals. Patrick shares were down 7.8%, while LCI shares were up 2.8%.

Super Micro Computer (SMCI) is cooperating with Taiwanese authorities after investigators searched its Taiwan office as part of a probe into suspected exports of Nvidia (NVDA) AI servers to China in violation of trade restrictions, the Financial Times reported Tuesday, citing a person familiar with the matter. Super Micro shares were up 3.5%, while Nvidia shares were up 1.6%.

Micron Technology (MU) said Tuesday it's investing $250 million into 530A Accounts, also known as Trump Accounts. As part of the investment, Micron said it will match employee contributions up to $1,000 per child under 18 and provide a one-time $250 seed deposit for children with Trump Accounts where it operates in Idaho, New York, Virginia, California, Colorado, Minnesota and Texas. Micron shares were down 0.4%.

Price: $296.45, Change: $+25.10, Percent Change: +9.25%

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