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S&P 500 Second-Quarter Earnings Growth Reaches 70%, Oppenheimer Says
Wire

S&P 500 Second-Quarter Earnings Growth Reaches 70%, Oppenheimer Says

S&P 500 companies' second-quarter earnings growth reached 70%, driven by the information technology sector, where profits nearly tripled year on year, Oppenheimer Asset Management said in a report Monday.A total of 133 companies, or 27% of the index constituents, have reported second-quarter results, with profit growth accelerating to 70% year over year from about 52% up until a week ago. Revenue growth slowed to 12.6% from 16%, according to the report.Tech earnings soared 190% annually, followed by communications services companies, which reported 168% profit growth. Technology also had the highest annual revenue increase of 45% among 11 sectors, with financials showing a 17% jump.Prior to the start of the second-quarter reporting season, FactSet-polled consensus estimates projected S&P 500 earnings growth of nearly 24% year over year, Oppenheimer said.Another 169 S&P 500 companies are scheduled to report results this week, including four of the so-called Magnificent 7 companies Microsoft (MSFT), Meta Platforms (META), Apple (AAPL) and Amazon (AMZN).ExxonMobil (XOM), Visa (V), Mastercard (MA), AbbVie (ABBV), Chevron (CVX), Coca-Cola (KO) and Procter & Gamble (PG) also report this week."Looking at current valuations and the current earnings season, more factors appear to be getting better than getting worse," Oppenheimer Asset Management Chief Investment Strategist John Stoltzfus said.Oil prices slid Monday as President Donald Trump said the US and Iran were in talks. However, crude has rallied this month due to the apparent collapse of a preliminary US-Iran peace deal.Escalated tensions between the two nations sent the 10-year Treasury yield to 4.68% last week, the highest level since January 2025, Stoltzfus said.Price: $391.06, Change: $+9.36, Percent Change: +2.45%

$AAPL$ABBV$AMZN$CVX$KO$MA$META$MSFT$PG$V$XOM
Wire

Biopharma Pricing Power Seen as Key Swing Factor for Q2 Earnings, BofA Says

Biopharma pricing power will be the key swing factor for Q2 earnings as companies with cleaner growth outlooks continue to outperform peers facing loss-of-exclusivity headwinds, Bank of America said in a note Friday.Merck & Co (MRK), AbbVie (ABBV), Jazz Pharmaceuticals (JAZZ) and Ionis Pharmaceuticals (IONS) remain its top picks.Bank of America raised its price targets on AbbVie to $276 from $234, Johnson & Johnson (JNJ) to $263 from $254 and Eli Lilly to $1,334 from $1,251.The analysts lowered targets on Bristol Myers Squibb (BMY) to $66 from $67, Pfizer (PFE) to $26 from $27 and United Therapeutics (UTHR) to $613 from $620.Price: $123.45, Change: $-1.63, Percent Change: -1.30%

$ABBV$BMY$IONS$JAZZ$JNJ$LLY$MRK$PFE$UTHR
Wire

JPMorgan Adjusts Price Target on AbbVie to $280 From $260

AbbVie (ABBV) has an average rating of overweight and mean price target of $259.84, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)Price: $251.58, Change: $-1.17, Percent Change: -0.46%

$ABBV
Biopharma Companies' Second-Half Performance to be Largely Driven by Fundamentals, Morgan Stanley Says
US Markets

Biopharma Companies' Second-Half Performance to be Largely Driven by Fundamentals, Morgan Stanley Says

Major US biopharmaceutical companies' performance in the second half of the year is likely to be driven largely by fundamentals, as the focus shifts away from economic factors, Morgan Stanley said in a note e-mailed Wednesday.The investment firm revised its price targets for several biopharma stocks it covers ahead of the latest earnings season."The macro has been a key driver of large-cap biopharma performance over the first half of the year," the brokerage said in a note to clients. "Looking into the second half, we expect fundamentals to be more of a driver. We prefer stocks with upside from product cycles and/or pipeline catalysts."Morgan Stanley raised its price target for Eli Lilly (LLY) to $1,347 from $1,344. It expects second-quarter earnings per share of $9.06 for the pharmaceutical giant, compared with Wall Street's estimate of $8.80. The firm projects revenue of $20.78 billion, while the Street is looking for $20.47 billion.The firm expects Johnson & Johnson (JNJ) to deliver a second-quarter beat, with EPS projected at $2.90 and sales at $25.46 billion. Morgan Stanley raised its price target on the stock to $284 from $283.Pfizer's (PFE) second-quarter EPS is seen at $0.69, while the Street is looking for $0.68, according to the note. Revenue is projected at $14.29 billion, while the Street is eyeing $14.44 billion.Moderna's (MRNA) new price target is $39, up from $33 previously. The drugmaker is expected to report a second-quarter loss of $1.85 a share on revenue of $172 million versus the Street's views for a $2.06 loss and sales of $102 million, according to Morgan Stanley.The price target for the Abbvie (ABBV) stock moved to $279 from $278, with Morgan Stanley expecting the company's second-quarter revenue to be ahead of consensus and guidance at $16.88 billion, while EPS is seen at $3.71 versus the Street's forecast of $3.76.Morgan Stanley lowered its price target for Gilead Sciences (GILD) to $166 from $168. The brokerage is projecting a second-quarter loss per share at $7.34, while the Street is looking for a $7.31 loss. Revenue is expected at $7.36 billion, below the $7.41 billion consensus, according to the note.Price: $1228.54, Change: $-7.02, Percent Change: -0.57%

$ABBV$GILD$JNJ$LLY$MRNA$PFE
Wire

Biopharma Sector Seen Shifting to Fundamentals From Macro in H2, Morgan Stanley Says

Biopharma sector's performance in H2 is expected to be driven more by company fundamentals rather than macroeconomic factors, Morgan Stanley said in a note Tuesday.As of July 6, the NYSE Arca Pharmaceutical Index has gained 11% and the Nasdaq Biotechnology Index has added 18%, compared with a 10% gain for the S&P 500 Index, with recent stock performance driven more by changes in valuation multiples than by earnings estimate revisions, the investment bank said.Morgan Stanley said its US Equity Strategy team expects the sector to benefit from broader market leadership. Biotech remains one of the most rate-sensitive sectors, and historically, the sector has delivered nearly 20% annualized returns during falling-rate environments, according to the note.In addition, merger and acquisition activity remains healthy, with several $5 billion to $10 billion deals recently announced, including AbbVie (ABBV) purchasing Apogee (APGE), and Vertex Pharmaceuticals (VRTX) buying Crinetics Pharmaceuticals (CRNX), the investment bank said.Morgan Stanley adjusted its price targets on Biogen (BIIB) to $222 from $224, Amgen (AMGN) to $333 from $340, Gilead Sciences (GILD) to $166 from $168, AbbVie to $279 from $278, Moderna (MRNA) to $39 from $33, BioNTech (BNTX) to $119 from $126, Regeneron Pharmaceuticals (REGN) to $730 from $788, Johnson & Johnson (JNJ) to $284 from $283, and Eli Lilly (LLY) to $1,347 from $1,344.Shares of Biogen, Amgen, Gilead, AbbVie, Moderna, BioNTech, Regeneron, Johnson & Johnson, and Eli Lilly were down 2%, 0.1%, 0.8%, 0.4%, 7%, 1.9%, 1.9%, 0.4%, and 0.5% respectively, in Wednesday trading.Price: $201.67, Change: $-4.03, Percent Change: -1.96%

$ABBV$AMGN$APGE$BIIB$BNTX$CRNX$GILD$JNJ$LLY$MRNA$REGN$VRTX
Sectors

Sector Update: Healthcare Stocks Gain Late Afternoon

Healthcare stocks were higher late Thursday afternoon, with the NYSE Healthcare Index and the State Street Health Care Select Sector SPDR ETF (XLV) each adding 2.3%.The iShares Biotechnology ETF (IBB) climbed 2.1%.In corporate news, AbbVie (ABBV) and other healthcare stocks were rising after the Trump administration reportedly proposed a new rule to curb hospital drug markups in Medicare. According to The Associated Press, the rule targets hospitals in the 340B program, which allows them to buy outpatient drugs at reduced prices for low-income patients but often bill insurers at higher rates and keep the difference. AbbVie rose 3.8%, Johnson & Johnson (JNJ) was up 3.2%, Bristol-Myers Squibb (BMY) climbed 3.4%, and Merck (MRK) added 2.7%.Crinetics Pharmaceuticals (CRNX) shares jumped 9% after UBS started coverage of the stock with a buy rating and a price target of $55 per share.Ensign (ENSG) shares rose 1.4% after the company said it has purchased the real estate and operations of two skilled nursing facilities in Texas.DarioHealth (DRIO) shares jumped 5.9% after it said Thursday that a health insurer in the US extended its agreement with the company and expanded the scope by adding its AI-powered hypertension offering.

$ABBV$BMY$CRNX$DRIO$ENSG$JNJ$MRK
Sectors

Sector Update: Healthcare Stocks Gain Thursday Afternoon

Healthcare stocks were higher Thursday afternoon, with the NYSE Healthcare Index rising 2% and the State Street Health Care Select Sector SPDR ETF (XLV) adding 2.1%.The iShares Biotechnology ETF (IBB) advanced 1.6%.In corporate news, AbbVie (ABBV) and other healthcare stocks were rising after the Trump administration reportedly proposed a new rule to curb hospital drug markups in Medicare. According to The Associated Press, the rule targets hospitals in the 340B program, which allows them to buy outpatient drugs at reduced prices for low-income patients but often bill insurers at higher rates and keep the difference. AbbVie rose 3.2%, Johnson & Johnson (JNJ) was up 2.9%, Bristol-Myers Squibb (BMY) gained 2.4%, and Merck (MRK) added 2.2%.Ensign (ENSG) shares rose 1.7% after the company said it has purchased the real estate and operations of two skilled nursing facilities in Texas.Exelixis (EXEL) offers balanced risk-reward ahead of several key catalysts, with its Zanzalintinib therapy well positioned for success in a non-clear cell renal cell carcinoma, or nccRCC, trial readout in the second half of 2026 that could lift the stock, UBS Securities said. The firm raised its price target on Exelixis to $52 from $43 and reiterated its neutral rating. Exelixis shares added 1.8%.

$ABBV$BMY$ENSG$EXEL$JNJ$MRK
Wire

Sector Update: Healthcare

Healthcare stocks were higher Thursday afternoon, with the NYSE Healthcare Index rising 2.3% and the State Street Health Care Select Sector SPDR ETF (XLV) adding 2.1%.The iShares Biotechnology ETF (IBB) advanced 1.5%.In corporate news, AbbVie (ABBV) and other healthcare stocks were rising after the Trump administration reportedly proposed a new rule to curb hospital drug markups in Medicare. According to The Associated Press, the rule targets hospitals in the 340B program, which allows them to buy outpatient drugs at reduced prices for low-income patients but often bill insurers at higher rates and keep the difference. AbbVie rose 3.4%, Johnson & Johnson (JNJ) was up 2.8%, Bristol-Myers Squibb (BMY) gained 2.6%, and Merck (MRK) added 2.2%.

$ABBV$BMY$JNJ$MRK
Wire

AbbVie, Other Healthcare Stocks Rise as Trump Administration Reportedly Targets Hospital Drug Markups

AbbVie (ABBV) and other healthcare stocks were rising in recent Thursday trading after the Trump administration reportedly proposed a new rule to curb hospital drug markups in Medicare.According to The Associated Press, the rule targets hospitals in the 340B program, which allows them to buy outpatient drugs at reduced prices for low-income patients but often bill insurers at higher rates and keep the difference.The move could save consumers about $1.1 billion next year, according to estimates obtained by The Associated Press.AbbVie rose 3.1%, Johnson & Johnson (JNJ) was up 2.5%, Bristol-Myers Squibb (BMY) gained 2.8%, and Merck & Co. (MRK) rose 2.1% in the session.The White House didn't immediately reply to' request for comment.Price: $259.00, Change: $+7.94, Percent Change: +3.16%

$ABBV$BMY$JNJ$MRK
Sectors

Sector Update: Healthcare Stocks Softer Late Afternoon

Healthcare stocks were lower late Tuesday afternoon, with the NYSE Healthcare Index decreasing 0.9% and the State Street Health Care Select Sector SPDR ETF (XLV) shedding 1.1%.The iShares Biotechnology ETF (IBB) rose 0.2%.In corporate news, Pacira Biosciences (PCRX) has agreed to sell its Iovera cold-therapy pain relief system to Zimmer Biomet (ZBH) for up to $140 million. Pacira shares rose 1%, and Zimmer fell past 6%.Unicycive Therapeutics (UNCY) shares tumbled 40% after it said Tuesday it has received a Complete Response Letter from the US Food and Drug Administration over its resubmitted new drug application for oxylanthanum carbonate for treating hyperphosphatemia in people with chronic kidney disease on dialysis.AbbVie (ABBV) and Merck (MRK) are facing investigations by the China Select Committee of the US House over whether clinical trials conducted in China may have contributed to the country's military capabilities, Reuters reported. AbbVie shares were down 1.3%, and Merck shed nearly 1%.Align Technology (ALGN) shares fell 3% after the European Commission said Tuesday it has opened an antitrust probe to determine whether the company has violated EU competition rules by tying its dental clear aligners to its intra-oral scanners in the European Economic Area.

$ABBV$ALGN$MRK$PCRX$UNCY$ZBH
Sectors

Sector Update: Healthcare Stocks Decline Tuesday Afternoon

Healthcare stocks were lower Tuesday afternoon, with the NYSE Healthcare Index falling 1.1% and the State Street Health Care Select Sector SPDR ETF (XLV) shedding 0.9%.The iShares Biotechnology ETF (IBB) rose 0.6%.In corporate news, AbbVie (ABBV) and Merck (MRK) are facing investigations by the China Select Committee of the US House over whether clinical trials conducted in China may have contributed to the country's military capabilities, Reuters reported. AbbVie shares were down 0.6%, and Merck shed 0.7%.Align Technology (ALGN) shares fell 2.9% after the European Commission said Tuesday it has opened an antitrust probe to determine whether the company has violated EU competition rules by tying its dental clear aligners to its intra-oral scanners in the European Economic Area.PetMed Express (PETS) shares surged 10% after it said Tuesday it received an unsolicited, non-binding and conditional proposal from SilverCape Investments to buy the company for $3 per share in cash.

$ABBV$ALGN$MRK$PETS
Wire

Genmab Says Epcoritamab Combination Boosts Progression-Free Survival in Phase 3 Lymphoma Trial

Genmab (GMAB) said that a Phase 3 study of epcoritamab combined with lenalidomide met its primary objective, helping adults with relapsed or refractory diffuse large B-cell lymphoma stay progression-free longer than those receiving standard therapy.The regimen cut the risk of disease progression or death by 60% under US censoring rules and 56% under censoring rules used outside the US, with both results statistically significant, Genmab said Monday in a statement.Genmab said the safety profile was consistent with what's known for each drug. The company and its partner, AbbVie (ABBV), plan to discuss the findings with global regulators.The ongoing Phase 3 trial is enrolling adults who received at least one prior systemic therapy and were not eligible for stem-cell transplant or CAR-T treatment.Genmab shares rose 2.2% in after-hours trading, and AbbVie eased 0.2%.

$ABBV$GMAB
Sectors

Sector Update: Healthcare Stocks Higher Late Afternoon

Healthcare stocks rose late Tuesday afternoon, with the NYSE Healthcare Index adding 1.5% and the State Street Health Care Select Sector SPDR ETF (XLV) increasing 1.3%.The iShares Biotechnology ETF (IBB) advanced 0.7%.In sector news, the US Justice Department is expected to charge about 450 defendants in alleged healthcare fraud schemes worth more than $6.5 billion, marking its largest coordinated antifraud operation to date, The Wall Street Journal reported, citing federal officials.In corporate news, AbbVie (ABBV) shares gained 1.8% after it said Tuesday that the European Commission approved its therapy Maviret to treat acute hepatitis C virus infection in adults and children aged three years and older.Merck (MRK) shares rose 3.1%. The company said Monday its investigational antibody tulisokibart met primary and secondary endpoints in a phase 3 trial of people with moderately to severely active ulcerative colitis.GE HealthCare Technologies (GEHC) is positioned for accelerating growth, driven by improving innovation, order momentum, and backlog, RBC Capital Markets said in a note. RBC started coverage of the company with an outperform rating and an $80 price target. GE HealthCare shares climbed 4.8%.Boundless Bio (BOLD) shares surged 80% after the company said it signed a definitive merger agreement with privately held biotech firm Serapha Bio.

$ABBV$BOLD$GEHC$MRK
Sectors

Sector Update: Healthcare

Healthcare stocks rose late Tuesday afternoon, with the NYSE Healthcare Index adding 1.5% and the State Street Health Care Select Sector SPDR ETF (XLV) increasing 1.3%.The iShares Biotechnology ETF (IBB) advanced 0.7%.In corporate news, AbbVie (ABBV) shares rose 1.6% after it said Tuesday that the European Commission approved its therapy Maviret to treat acute hepatitis C virus infection in adults and children aged three years and older.

$ABBV
Wire

Apogee Therapeutics' Acquisition by AbbVie Fairly Values Zumilokibart, UBS Says

Apogee Therapeutics (APGE) proposed $10.9 billion acquisition by AbbVie (ABBV) represents a "full and fair" valuation of its lead asset, zumilokibart, and the "long-acting IL-13" antibody is largely de-risked, entering Phase III development and has "mega-blockbuster potential" in atopic dermatitis and asthma, UBS Securities said in a note Tuesday.AbbVie's "leading dermatology franchise" and commercial capabilities could help maximize the value of zumilokibart, while Apogee's broader immunology portfolio further supports the "strategic value" of the platform. The transaction is expected to close in Q3 and is seen facing limited antitrust risk due to minimal "overlap" between the companies, according to the report.UBS downgraded Apogee Therapeutics to neutral from buy following the acquisition announcement, and raised the price target to $135.11 from $100, reflecting the "implied value of the transaction," and noted that few significant clinical catalysts are expected for the remainder of the year.Price: $132.76, Change: $+0.20, Percent Change: +0.15%

$ABBV$APGE
Japan

Update: US Equity Indexes Mixed as Communication Services Sector Slides, Treasury Yields Surge

(Updates with index/price moves and political news from the first paragraph.)US equity indexes traded mixed ahead of Monday's close amid steep declines in communication services and rising government bond yields.The Nasdaq Composite dropped 1.4% to 26,160.44, with the S&P 500 down 0.5% to 7,465.9, while the Dow Jones Industrial Average rose 0.2% to 51,654.7. Communication services sank 4%, and consumer discretionary dropped 2%.Alphabet's (GOOG, GOOGL) Google DeepMind data scientist and Nobel Prize winner John Jumper is leaving to join Amazon (AMZN) and Alphabet-backed Anthropic, he said Friday. Shares of Alphabet slumped 5.5%, one of the steepest decliners on the S&P 500 and the Nasdaq.Netflix (NFLX) is looking to pursue additional partnerships with traditional broadcasters following the launch of its agreement with French broadcaster TF1, Chief Executive Officer Greg Peters told the Financial Times on Friday. Shares of Netflix dropped 5.8%, among the worst performers on the Nasdaq and the S&P 500.In geopolitical news, the US issued a 60-day license allowing Iran to sell oil on the international market, giving Tehran an economic lifeline as the two adversaries continued talks for a permanent peace deal, Bloomberg reported Monday.Vice President Vance and US officials claimed progress on multiple fronts, according to the Associated Press. It included the establishment of "mechanisms" to ensure the Strait of Hormuz stays open and to address fighting between Israel and Iranian-backed Hezbollah militants in southern Lebanon, the news report added.Front-month global benchmark North Sea Brent slumped 3.1% to $78.04 per barrel. The US West Texas Intermediate dropped 2.4% to $74.04 per barrel.Most US Treasury yields jumped, with the 10-year up 5.8 basis points to 4.51%. The two-year rate advanced 5.7 basis points to 4.23%.

Dow JonesNasdaq CompositeS&P 500$ABBV$ACA$AMZN$APGE$CRH$CVX$GOOG$GOOGL$MSFT$NFLX
Sectors

Sector Update: Healthcare Stocks Rise Late Afternoon

Healthcare stocks were higher late Monday afternoon, with the NYSE Healthcare Index rising 0.9% and the State Street Health Care Select Sector SPDR ETF (XLV) adding 0.8%.The iShares Biotechnology ETF (IBB) climbed 1.7%.In corporate news, AbbVie (ABBV) has agreed to acquire Apogee Therapeutics (APGE) in an all-cash deal worth about $10.9 billion, as the drugmaker looks to boost its immunology portfolio and accelerate its clinical presence in the respiratory segment. AbbVie shares jumped past 6%, and Apogee surged 46%.Regenxbio (RGNX) shares jumped 18% after it said the US Food and Drug Administration has agreed on the next steps for a potential accelerated approval of Navsunli, its experimental gene therapy for Mucopolysaccharidosis II, following discussions related to its appeal of a complete response letter issued in February.Jaguar Health (JAGX) shares climbed 16% after the firm said Monday its board has started a process to explore strategic alternatives to maximize shareholder value.Vivos Therapeutics (VVOS) shares fell 14% after it said Monday it has extended its strategic financing agreement with Streeterville Capital through Aug. 31, giving it additional time to complete planned capital-raising efforts.

$ABBV$APGE$JAGX$RGNX$VVOS
Update: Equities Mixed Intraday, Oil Falls as US-Iran Talks Advance
US Markets

Update: Equities Mixed Intraday, Oil Falls as US-Iran Talks Advance

(Updates with latest market prices and developments.)US benchmark equity indexes were mixed intraday, while oil prices fell as markets reacted to progress in fresh talks between Washington and Iran.The Nasdaq Composite was down 1.2% at 26,209.5 after midday Monday, while the S&P 500 fell 0.3% to 7,477.4. The Dow Jones Industrial Average rose 0.4% to 51,762. Among sectors, communication services saw the biggest drop, while real estate paced the gainers.US markets were closed Friday for the Juneteenth National Independence Day holiday.Brent crude oil was down 3.6% at $77.71 a barrel intraday Monday, while West Texas Intermediate fell 2.3% to $73.60.Iran has agreed to admit inspectors from the International Atomic Energy Agency in the country, news outlets reported, citing US Vice President JD Vance."That is a major milestone for the American people, and the first step in permanently denuclearizing or permanently ending a nuclear weapons program in Iran, and that's exactly what we wanted to do," Vance reportedly said."Everybody is fully aware that Iran will agree to have major weapons inspections in order to ensure 'nuclear honesty' long into the future," US President Donald Trump said in a social media post Monday.On the status of the Strait of Hormuz, Vance said the crucial waterway is open, and negotiations with Iran are focused on setting up a "coordination mechanism" for demining and resuming trade, CNN reported.Earlier, Trump threatened further strikes on Iran, if Hezbollah in Lebanon continued attacking Israel."Recent developments show that moving towards a more permanent deal will be challenging, with very real risks of a flare-up in hostilities during the 60-day ceasefire," ING Bank said in a report. "For energy markets, the key factor is still whether oil and LNG flows from the Persian Gulf continue to recover, despite all the rhetoric."US Treasury yields were higher intraday, with the 10-year rate up 5.4 basis points at 4.51% and the two-year rate rising 4.7 basis points to 4.23%.In company news, Space Exploration Technologies (SPCX) agreed to grant Reflection AI access to the rocket and satellite company's computing infrastructure for up to $6.3 billion, CNBC reported.Separately, SpaceX said it launched its first offering of senior unsecured notes to repay outstanding bridge loan debt and cover general corporate expenses.SpaceX shares were down 9.9% intraday.Lucid Group (LCID) outlined plans to cut 18% of its total workforce, including removing the chief operations role, as part of a plan to streamline its structure and boost profitability. The electric vehicle manufacturer's shares were down 4.5%.AbbVie (ABBV) agreed to acquire Apogee Therapeutics (APGE) in an all-cash deal worth about $10.9 billion, as the drugmaker looks to strengthen its immunology portfolio and accelerate its clinical presence in the respiratory segment.AbbVie shares were up 7%, among the top performers on the S&P 500, while Apogee surged 47%.Gold was down 1.2% at $4,195.80 per troy ounce, while silver decreased 1.4% to $65.91 per ounce.

Dow JonesNasdaq CompositeS&P 500$ABBV$APGE$LCID$SPCX
Wire

Top Midday Gainers

Nexentis Technologies (NXTS) said Monday its subsidiary, MitoCareX Bio, has entered into an engagement with Boltz, an AI research lab, to accelerate the identification of novel small-molecule scaffolds targeting selected solute carrier proteins of interest to MitoCareX's pipeline.Shares jumped over 200% as trading volume catapulted to over 55 million from a daily average of about 208,000.AbbVie (ABBV) agreed to acquire Apogee Therapeutics (APGE) for $135.11 per share in cash for a total equity value of $10.9 billion, the companies said Monday.Shares of Apogee soared 47%, with intraday trading volume of over 47.1 million against a daily average of about 975,000.Definium Therapeutics (DFTX) reported positive topline results from a phase 3 Emerge study of DT120 orally disintegrating tablet in major depressive disorder.RBC Capital raised its price target to $57 from $36, while maintaining its outperform rating.Shares surged 52% amid a jump in intraday trading volume to over 16 million from a daily average of roughly 1.9 million.Price: $15.55, Change: $+10.47, Percent Change: +206.08%

$ABBV$APGE$DFTX$NXTS
Asia Markets

Update: US Equity Indexes Mixed Amid Steep Decline in Communication Services, Surging Treasury Yields

(Updates with index/price moves and political/company news from the first paragraph.)US equity indexes traded mixed amid steep declines in communication services and consumer discretionary and rising government bond yields after midday Monday.The Nasdaq Composite dropped 1.2% to 26,194.83, with the S&P 500 down 0.4% to 7,472, while the Dow Jones Industrial Average rose 0.3% to 51,696.7.All sectors, except communication services, consumer discretionary, consumer staples and technology, gained. Real estate and healthcare led the gainers. Communication services sank 4.4%, and consumer discretionary was down 2%.Alphabet (GOOG, GOOGL) Google DeepMind data scientist and Nobel Prize winner John Jumper is leaving to join Amazon (AMZN) and Alphabet-backed Anthropic, he said Friday. Shares of Alphabet slumped nearly 6%, one of the steepest decliners on the S&P 500 and the Nasdaq.Netflix (NFLX) is looking to pursue additional partnerships with traditional broadcasters following the launch of its agreement with French broadcaster TF1, Chief Executive Officer Greg Peters told the Financial Times on Friday. Shares of Netflix dropped 6%, among the worst performers on the Nasdaq and the S&P 500.In geopolitical news, US Vice President JD Vance said Monday that Iran agreed to allow International Atomic Energy Agency inspectors into the country, according to media reports. "That is a major milestone for the American people, and the first step in permanently denuclearizing or permanently ending a nuclear weapons program in Iran, and that's exactly what we wanted to do," Vance was cited as saying.Iran's Foreign Minister Araghchi and the country's top negotiator Mohammad Bagher Ghalibaf are traveling to Oman to discuss the management of the Strait of Hormuz, Al Jazeera reported on Monday. The two are set to discuss consolidating Iranian arrangements for managing the strait and enhancing bilateral coordination, Ghalibaf said on Telegram, according to the news report.Front-month global benchmark North Sea Brent slumped 3.4% to $77.87 per barrel. The US West Texas Intermediate dropped 3% to $73.66 per barrel.Most US Treasury yields jumped, with the 10-year up six basis points to 4.52%. The two-year rate jumped 4.9 basis points to 4.23%. Even as oil prices have been declining since an interim peace deal was signed between the US and Iran, the market is still pricing two interest rate increases -- 25 basis points each -- by the end of this year, according to the CME FedWatch tool, following the hawkish lean seen in the June monetary policy announcement last week.In precious metals, gold futures fell 0.9% to $4,209.1, while silver futures declined 1% to $65.68.In company news, Chevron (CVX) has agreed to build a power plant in West Texas to supply electricity to a data center operated by technology giant Microsoft (MSFT), as part of a 20-year power purchase deal. Shares of Microsoft dropped 2.5%, among the steepest decliners on the Dow.AbbVie (ABBV) agreed to acquire Apogee Therapeutics (APGE) in an all-cash deal of about $10.9 billion, as the drugmaker looks to strengthen its immunology portfolio and accelerate its clinical presence in the respiratory segment. Shares of AbbVie advanced nearly 7%, one of the top gainers on the S&P 500.CRH (CRH) said it agreed to acquire building materials rival Arcosa (ACA) in an all-cash transaction valued at about $8.5 billion, expanding its infrastructure products business and strengthening its position in North America.

Dow JonesNasdaq CompositeS&P 500$ABBV$ACA$AMZN$APGE$CRH$CVX$GOOG$GOOGL$MSFT$NFLX

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