The S&P 500 and Nasdaq Composite were up, while the Dow Jones Industrial Average was down slightly in late-morning trading Thursday after Axios reported that US and Iranian negotiators have reached an agreement on a 60-day memorandum of understanding that extends the ceasefire and launches negotiations on Iran's nuclear program. The deal is waiting the final approval of President Donald Trump, the report said.
The personal consumption expenditures index rose by 0.4% in April, below the 0.5% gain expected, lifting the year-over-year rate to 3.8% from 3.5%. The core PCE price index, which excludes gas and food prices, increased by 0.2%, below the 0.3% gain expected and following a 0.3% gain in March. The year-over-year rate accelerated to 3.3% from 3.2% in the previous month.
In company news, Caesars Entertainment (CZR) has agreed to be acquired by Fertitta Entertainment in an all-cash deal valued at $17.6 billion, including the assumption of around $11.9 billion of outstanding debt, Caesars said Thursday. Under the terms of the deal, Caesars shareholders will receive $31 in cash for each share owned, the company said. Caesars shares were up 1.3% around midday.
Snowflake (SNOW) reported fiscal Q1 adjusted net income late Wednesday of $0.39 per diluted share, up from $0.24 a year earlier and above the FactSet consensus analyst estimate of $0.32. Fiscal Q1 revenue was $1.39 billion, up from $1.04 billion a year ago and above the FactSet consensus of $1.32 billion. For fiscal Q2, the company said it expects product revenue of $1.415 billion to $1.420 billion, above the FactSet consensus of $1.37 billion. Snowflake shares were up 34.0%.
Salesforce (CRM) reported fiscal Q1 adjusted earnings late Wednesday of $3.88 per diluted share, up from $2.58 a year earlier and above the FactSet consensus of $3.13. Fiscal Q1 revenue was $11.13 billion, up from $9.83 billion a year ago and above the FactSet consensus of $11.05 billion. For fiscal Q2, the company said it expects adjusted EPS of $3.25 to $3.27 on revenue of $11.27 billion to $11.35 billion. Analysts polled by FactSet expect $3.25 and $11.35 billion, respectively. Separately, Salesforce will deploy its AI-driven Agentforce Health platform to improve efficiency at CVS Health (CVS) call centers, the companies said Thursday. Salesforce shares were up 0.4%, while CVS shares were up 1.3%.
Marvell Technology (MRVL) reported fiscal Q1 adjusted earnings late Wednesday of $0.80 per diluted share, up from $0.62 a year earlier and in line with the FactSet consensus. Fiscal Q1 revenue was $2.42 billion, up from $1.9 billion a year ago and above the FactSet consensus of $2.41 billion. For fiscal Q2, the company said it expects adjusted EPS of $0.93, plus or minus $0.05, on revenue of $2.7 billion, plus or minus 5%. Analysts polled by FactSet expect $0.90 and $2.6 billion, respectively. Marvell shares were down 1.3%.
Canadian Imperial Bank of Commerce (CM) reported fiscal Q2 adjusted earnings Thursday of 2.54 Canadian dollars ($1.83) per diluted share, up from CA$2.05 a year earlier and above the FactSet consensus of CA$2.46. Fiscal Q2 revenue was CA$8.01 billion, up from CA$7.02 billion a year ago. The bank said it plans to buy for cancellation up to 30 million shares, representing about 3.3% of total outstanding shares. Also, the company has agreed to sell its 91.7% stake in CIBC Caribbean Bank to Bank of N.T. Butterfield & Son (NTB) for a total consideration of about $1.6 billion, the acquiring company said. CIBC shares were down 4.6%.
Best Buy (BBY) reported fiscal Q1 adjusted earnings Thursday of $1.28 per diluted share, up from $1.15 a year earlier and above the FactSet consensus of $1.23. Fiscal Q1 revenue was $8.94 billion, up from $8.77 billion a year ago and above the FactSet consensus of $8.83 billion. The company reiterated its fiscal 2027 guidance for adjusted EPS of $6.30 to $6.60 and revenue of $41.20 billion to $42.10 billion. Best Buy shares were up 16.3%.
Eli Lilly's (LLY) weight-loss drugs secured coverage from the three largest US pharmacy benefit managers, the drugmaker said Thursday. Coverage for Foundayo through CVS Health's CVS Caremark Commercial Template plans will begin Monday, while access for existing Zepbound patients will continue without interruption and expand further by Oct. 1, the company said. Eli Lilly shares were up 4.1%.
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