All three major US stock indexes were up in late-morning trading Thursday, a day after the Federal Reserve announced it was raising its benchmark interest rate by 25 basis points, its first hike in three years.
In company news, Generac (GNRC) said Wednesday it has signed a long-term supply agreement with Amazon (AMZN), with initial deliveries of backup power generators for data centers expected to reach $2.4 billion in 2027 and 2028. Generac shares were up 17.8% around midday, while Amazon shares were up 2.3%.
CoreWeave (CRWV) said Thursday it intends to offer $3 billion of its convertible senior notes due 2033 in a private offering. The company plans to grant initial purchasers of the notes an option to buy up to an additional $500 million aggregate principal amount of notes. Separately, CoreWeave signed short-dated customer contracts in Q3 with terms of about three to six months at around $40 million per megawatt. Lastly, the company said it crated an at-the-market offering program to potentially distribute up to 35 million common shares. CoreWeave shares were down 4.7%.
Nebius (NBIS) said late Wednesday it's raising on-demand service rates for certain GPU, CPU and memory resources, effective Oct. 1. Nebius shares were up 1.1%.
Meta Platforms (META) was held liable by a German court for fake advertisements posted by third parties on Facebook and Instagram, Reuters reported Thursday. The court ordered Meta to remove the content, pay damages, and disclose details of the advertisements and revenue generated from them, the report said. Meta shares were up 0.2%.
Apollo Global Management (APO) is in talks with SoftBank to increase the size of a loan to $9 billion from $5.4 billion to support SoftBank's investment in OpenAI, Bloomberg reported Thursday, citing people familiar with the matter. Separately, Apollo has started investing in AI and related hardware startups as it seeks to build relationships that could lead to future financing opportunities, The Information reported Wednesday, citing people familiar with the matter. Also, Apollo is exploring either a full or partial sale of Energos Infrastructure that could value the floating liquified natural gas infrastructure provider at over $3 billion, Reuters reported Thursday, citing people familiar with the matter. Lastly, Apollo said Thursday its funds and affiliates provided $1.25 billion in equity capital to support the completed combination of BMG and Concord. Apollo shares were up 2.1%.
Lucid Group (LCID) Chief Executive Silvio Napoli said Thursday on Bloomberg Television the company has finalized its work with restructuring advisers. Lucid's work with AlixPartners has concluded after the adviser was brought in to help the electric-vehicle maker achieve $1.4 billion in cash savings this year, the report said. Lucid shares were up 9%.
Price: $205.77, Change: $+30.66, Percent Change: +17.51%