Top Midday Stories: Nvidia to Acquire Hugging Face for $12.93 Billion; Broadcom Q3 Adjusted Earnings, Guidance Top Estimates

All three major US stock indexes were up in late-morning trading Thursday, while the rise in Treasury yields eased, after Federal Reserve Governor Christopher Waller said he would be "inclined to support" holding rates steady at the next meeting of the Federal Open Market Committee in September.

In company news, Nvidia (NVDA) has agreed to acquire Hugging Face for $12.93 billion, Chief Executive Jensen Huang said Thursday in a blog post. Nvidia shares were up 1.1% around midday.

Broadcom (AVGO) reported fiscal Q3 adjusted earnings late Wednesday of $3.32 per diluted share, up from $1.69 a year earlier and above the FactSet consensus analyst estimate of $3.22. Fiscal Q3 revenue was $29.59 billion, up from $15.95 billion a year ago and above the FactSet consensus of $29.24 billion. For fiscal Q4, the company expects revenue of about $34.8 billion, above the FactSet consensus of $34.68 billion. Broadcom shares were down 5.4%.

Snowflake (SNOW) reported fiscal Q2 net income late Wednesday of $0.62 per diluted share, up from $0.35 a year earlier and above the FactSet consensus of $0.45. Fiscal Q2 revenue was $1.547 billion, up from $1.145 billion a year ago and above the FactSet consensus of $1.48 billion. For fiscal Q3, the company expects product revenue of $1.588 billion to $1.593 billion, above the FactSet consensus of $1.50 billion. For fiscal 2027, Snowflake expects product revenue of $6.07 billion, up from its prior forecast of $5.84 billion and above the FactSet consensus of $5.85 billion. Snowflake shares were up 21%.

Blackstone (BX) Private Credit Fund received an estimated $4.3 billion of repurchase requests in Q3, representing roughly 10% of shares outstanding, but will fulfill buyback requests representing just 5%, the fund said Thursday in a letter to investors. Blackstone shares were down 0.7%.

Campbell's (CPB) reported fiscal Q4 adjusted EPS Thursday of $0.39, down from $0.62 a year earlier and matching the FactSet consensus. Fiscal Q4 net sales were $2.14 billion, down from $2.32 billion a year ago and matching the FactSet consensus. For fiscal 2027, the company expects adjusted EPS of $1.65 to $1.80 and a decline in net sales of 2% to 4%. Analysts expect adjusted EPS of $1.83. Campbell's also lowered its quarterly dividend to $0.25 per share from $0.39 per share the prior quarter. Campbell's shares were down 10.6%.

Price: $226.81, Change: $+2.40, Percent Change: +1.07%

Ionic Rare Earths Strikes Magnet Recycling Joint Venture Agreement With US Strategic Metals; Shares Rise 10%

Ionic Rare Earths (ASX:IXR) unit Ionic Rare Earths USA struck a joint venture agreement with US Strategic Metals to build magnet recycling facilities at the latter's fully permitted site in Missouri, US, according to a Thursday filing with the Australian bourse.The new term sheet supersedes and "materially advance" the memorandum of understanding the parties struck in November 2025, per the filing.The parties agreed on a non-binding basis to form a 50-50 joint venture to develop an integrated campus for the production of critical minerals and metals at the Missouri site. The proposed joint venture aims to construct one or more magnet and other rare earth recycling facilities, processing recycled permanent neodymium-iron-boron and samarium-cobalt magnets and magnet scrap, and also plans to evaluate the recycling of other heavy rare earth elements.Ionic Rare Earths' Belfast subsidiary, Ionic Technologies, will contribute a non-exclusive license to the joint venture for its magnet recycling technology.The planned venture will be funded with $100 million for the construction of initial recycling facilities, comprised of $95 million in funding from US Strategic Metals and a $5 million equity contribution split equally between Ionic Rare Earths USA and US Strategic Metals.Ionic Rare Earths shares jumped over 10% in recent Thursday trade.

ASX:IXR

Ultragenyx Says Phase 3 Study on Rare Neurogenetic Disorder Missed Primary, Secondary Endpoints; Shares Fall After-Hours

Ultragenyx Pharmaceutical (RARE) said late Wednesday the phase 3 Aspire study of apazunersen in Angelman syndrome, a rare, neurogenetic disorder, did not achieve its primary endpoint or its key secondary endpoint.The late-stage study did not reach the primary endpoint of change from Baseline in Bayley-4 cognitive raw score nor the key secondary endpoint of net response in Multidomain Responder Index, according to a statement.The safety profile for the phase 3 trial remained consistent with phase 1 and phase 2, the company said.Ultragenyx said it will assess the apazunersen program following this outcome and make a decision on its disposition.Shares of Ultragenyx were down about 45% in after-hours trading.

$RARE

ChargePoint Q2 Loss Narrows, Revenue Rises

ChargePoint (CHPT) reported Wednesday Q2 loss of $1.35 per diluted share, compared with a loss of $2.85 a year earlier.Analysts polled by FactSet expected loss of $1.57.Revenue for the quarter ended July 31 was $116.1 million, up from $98.6 million a year ago.Analysts expected $105.2 million.ChargePoint expects Q3 revenue of $105 million to $115 million. Analysts expect $109.3 million.Shares of the company rose over 17% in after-hours trading.

$CHPT

Related Articles

Ionic Rare Earths Strikes Magnet Recycling Joint Venture Agreement With US Strategic Metals; Shares Rise 10%

Ultragenyx Says Phase 3 Study on Rare Neurogenetic Disorder Missed Primary, Secondary Endpoints; Shares Fall After-Hours

ChargePoint Q2 Loss Narrows, Revenue Rises