All three major US stock indexes were up in late-morning trading Friday as investors anticipated the US market debut of South Korean chipmaker SK Hynix.
In company news, South Korean semiconductor company SK Hynix has listed its American depositary receipts on the Nasdaq, the company said Friday. The chipmaker set the price of its initial public offering on the Nasdaq at $149 per American depositary share and looks to raise about $26.5 billion, ranking as the largest US stock sale in history by a company based out of the US. SK Hynix sold 177.9 million ADRs, equal to 17.79 million common shares, or about 2.5% of its total issued and outstanding share capital. The offer was seven times oversubscribed, with more than 500 investment firms looking to buy shares, according to a report from the Financial Times. The offering is expected to close on Tuesday.
Meta Platforms (META) is facing a major rollback of its $2 billion acquisition of artificial intelligence start-up Manus as Tencent moves to lead a deal to unwind the takeover after Beijing ordered it reversed, the Financial Times reported Friday, citing sources familiar with the talks. Tencent, together with other entities, are in talks to back a transaction at the same $2 billion valuation, with Tencent expected to take the largest stake while remaining a minority shareholder, the report said. China's move to unwind the deal marks a sharp escalation in efforts to keep leading AI firms and talent under domestic control, according to the report. Meta shares were up 6.7% around midday.
Delta Air Lines (DAL) reported Q2 adjusted earnings Friday of $1.56 per diluted share, down from $2.12 a year earlier and above the FactSet consensus analyst estimate of $1.49. Total operating revenue for Q2 was $19.76 billion, up from $16.65 billion a year earlier and above the FactSet consensus of $17.55 billion. For 2026, the airline reaffirmed its previous guidance of EPS of $6.50 to $7.50. Analysts polled by FactSet expect $6.00. "We delivered $1.4 billion in pre-tax profit while absorbing the highest quarterly fuel expense in our history, reflecting broad demand strength, growing brand preference and momentum across our diversified revenue base," Chief Executive Ed Bastian said in a statement. Adjusted total revenue per available seat mile climbed 12% in the second quarter, with gains across all regions. Passenger revenue rose 13% to $15.61 billion, while cargo revenue jumped 39%. Delta shares were down 2.2%.
Circle Internet Group (CRCL) has obtained approval from the Office of the Comptroller of the Currency to establish First National Digital Currency Bank, which will operate under the name Circle National Trust, the stablecoin issuer said Friday. The company said the national trust bank charter strengthens the federally regulated custody infrastructure supporting USD Coin (USDC-USD), with reserve management planned as a future capability. As a federally regulated national trust bank, Circle National Trust will operate under direct OCC oversight and combine digital asset infrastructure with the fiduciary responsibilities of national trust banks in safeguarding client assets. Circle shares were up 5.9%.
Netflix (NFLX) is exploring live television channels and bundling rival streaming services aiming to revive subscriber engagement, The Wall Street Journal reported Friday. Netflix has discussed adding continuously streaming genre-based channels and selling subscriptions to other streaming platforms, including Comcast's Peacock, through its app, the report said. The company has also expanded lower-cost content offerings and is pursuing partnerships such as its deal with French broadcaster TF1, while exploring similar agreements in Europe and Latin America, according to the report. Netflix shares were down 3.1%.
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