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AbbVie Trims Full-Year Profit Outlook Due to Apogee Acquisition
Wire

AbbVie Trims Full-Year Profit Outlook Due to Apogee Acquisition

AbbVie (ABBV) lowered its full-year earnings guidance on Friday to account for the expected dilution from its planned acquisition of Apogee Therapeutics (APGE), despite reporting stronger-than-expected second-quarter results.The biopharmaceutical company now expects earnings per share of $13.87 to $14.07 for 2026, compared with its prior estimate of $13.91 to $14.11. The updated guidance's midpoint of $13.97 falls short of the FactSet-polled consensus of $14.06.AbbVie expects the proposed acquisition of Apogee, which was announced last month and is expected to close in the third quarter, to be $0.14 dilutive this year. The all-cash transaction valued at about $10.9 billion will give AbbVie access to Apogee's portfolio of clinical-stage candidates currently in development for the treatment of inflammatory and immunological diseases, including potential atopic dermatitis therapy zumilokibart."That is more than offsetting our underlying overperformance," Chief Financial Officer Scott Reents said at an earnings call, according to a FactSet transcript, referring to the anticipated dilution.AbbVie's stock was down 1.3% intraday, trimming the year-to-date gain to about 11%.Adjusted EPS for the June quarter rose to $3.65 from $2.97 a year earlier, surpassing the consensus of $3.60. Net revenue grew 10% to $16.99 billion, while analysts expected $16.78 billion."AbbVie delivered another excellent quarter, marked by outstanding execution and pipeline advancement," Chief Executive Robert Michael said in the earnings release. "Based on our substantial momentum, AbbVie's long-term outlook remains very strong."Earlier this month, Johnson & Johnson (JNJ) raised its full-year outlook after reporting better-than-expected second-quarter results, driven by growth in its innovative medicine and medical device businesses. On Thursday, Bristol-Myers Squibb (BMY) also raised its full-year guidance after reporting second-quarter results.AbbVie's immunology portfolio generated $8.79 billion in global sales during the second quarter, up 15% year over year, with Skyrizi and Rinvoq both delivering more than 20% growth in revenue to offset weak Humira sales.Global sales from the neuroscience segment jumped 20% to $3.23 billion, while revenue in the aesthetics portfolio increased 0.3% to $1.28 billion. Oncology portfolio sales fell 1.5% to $1.65 billion.The company expects third-quarter revenue of $17.2 billion, lower than the FactSet-polled consensus of $17.35 billion. Adjusted EPS for the ongoing quarter is expected between $3.84 and $3.88, compared with Wall Street's estimate of $3.87.Price: $253.60, Change: $-3.82, Percent Change: -1.48%

$ABBV$APGE$BMY$JNJ
Sectors

Sector Update: Healthcare Stocks Mixed Premarket Friday

Healthcare stocks were mixed premarket Friday, with the State Street Health Care Select Sector SPDR ETF (XLV) declining by 0.7% and the iShares Biotechnology ETF (IBB) 0.3% higher.Novo Nordisk (NVO) shares were down more than 7% after the company said its ziltivekimab drug candidate did not reduce major adverse cardiovascular events in people with atherosclerotic cardiovascular disease, chronic kidney disease and inflammation compared with placebo in a phase 3 trial.AbbVie (ABBV) stock was down more than 3% after the company cut its guidance for 2026 adjusted earnings per share.Moderna (MRNA) shares were up more than 3% after the company posted a narrower Q2 net loss as revenue increased during the period.

$ABBV$IBB$MRNA$NVO$XLV
Asia Markets

Update: Amazon Overperformance Lifts US Equity Futures Pre-Bell Amid Potential Expansion of Middle East Conflict to Egypt

(Updates with economic data, recent oil price movement, world markets' overview and corporate stock movements.)US equity futures were higher pre-bell Friday as tech stocks, led by Amazon (AMZN), were on the upswing amid a potential expansion of the Middle East conflict to include Egypt.Dow Jones Industrial Average futures were 0.5% higher, S&P 500 futures were up 0.3%, and Nasdaq futures rose 0.9%.Amazon stock was up 10% in premarket activity after the tech giant reported better-than-expected Q2 results that highlighted the strength of its cloud-computing business.Egypt reported that a drone strike hit two vessels at the port of Damietta on Wednesday. No party has claimed responsibility for that attack, which is the first one in the country's territory since the war between the US and Iran began in late February.Iran said it attacked US assets in Kuwait and Bahrain after the recent wave of US strikes this week, CNBC reported Friday, citing state media.Traders digested the latest round of earnings, with Exxon Mobil (XOM) posting higher Q2 adjusted earnings and revenue.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 1.6% at $88.29 per barrel and US West Texas Intermediate crude 1.8% higher at $85.06 per barrel.The Chicago purchasing managers index for July, due at 9:45 am ET, is seen coming in at 56.0, down from its prior value of 56.7, according to estimates compiled by Bloomberg.The final University of Michigan consumer sentiment report for July, scheduled at 10 am ET, is expected to show consumer sentiment index coming in at 54.0, down from 54.4 in the prior period.In other world markets, Japan's Nikkei closed 4% higher, Hong Kong's Hang Seng ended 0.1% higher, and China's Shanghai Composite finished 0.7% higher. Meanwhile, the UK's FTSE 100 was up 0.2%, and Germany's DAX index was 0.3% higher in Europe's early afternoon session.In equities, Micron Technology (MU) stock was up 2.6%, SK Hynix (SKHY) shares rose 5.6%, and Advanced Micro Devices (AMD) stock was 3.4% higher as part of a wider rally in the tech sector.On the losing side, Apple (AAPL) shares fell 7.9% despite the company's strong fiscal Q3 results as it missed estimates for iPad and services revenue. Exxon Mobil stock dropped 1.1% despite posting a Q2 adjusted earnings and revenue beat. AbbVie (ABBV) shares were down 3.3% after the company lowered its full-year 2026 adjusted earnings outlook.

Dow JonesNasdaq CompositeS&P 500$AAPL$ABBV$AMD$AMZN$MU$SKHY$XOM
Stocks Rise Pre-Bell as Amazon Results Lift AI Trade Sentiment
US Markets

Stocks Rise Pre-Bell as Amazon Results Lift AI Trade Sentiment

The benchmark US stock measures were tracking in the green before the open Friday as Amazon's (AMZN) better-than-expected quarterly results improved sentiment around the artificial intelligence trade.The S&P 500 rose 0.4%, the Dow Jones Industrial Average increased 0.5% and the Nasdaq gained 1.1% in premarket activity. The indexes finished the previous trading session up, with the Nasdaq snapping a six-day losing streak and recording its biggest single-day percentage gain since June 15.Shares of Amazon rose 13% pre-bell after the e-commerce giant reported second-quarter earnings above Wall Street's estimates amid a 37% jump in its Amazon Web Services cloud computing business."Amazon's (second-quarter) print was exactly what bulls wanted," RBC Capital Markets said in an emailed client note on Friday. "AWS's accelerating 37% growth beat the bogey, the backlog meaningfully accelerated and AWS's margin flow-through would suggest AI may not be the (return on investment) depressant it's been made out to be."Apple (AAPL) fell 7.1% early Friday as the company missed market estimates for iPad and services revenue in its fiscal third quarter. The tech giant recently increased prices for MacBooks and iPads amid surging memory and storage chip costs.Meta Platforms (META) rose 1.9% while Microsoft (MSFT) was down 0.5% following a 16% jump at the close of Thursday trading. Social media platform Reddit (RDDT) fell 9.3% following its latest quarterly results.Government data on Thursday showed that the US personal consumption expenditure price index decreased 0.1% month over month in June, marking the first decline since April 2020. A separate report showed that US economic growth slowed more than expected in the second quarter, though consumer spending seemed to shrug off intensifying price measures.Treasury yields were trending higher in premarket action, with the two-year rate increasing 2.7 basis points to 4.26% and the 10-year rate adding 0.6 basis points to 4.67%.Iran's army said Friday that it launched strikes on strategic US assets and military bases in Kuwait and Bahrain, following Washington's attack against Iran earlier in the week, CNBC reported, citing state media.Saudi Arabia on Thursday reportedly proposed to form a naval alliance to protect key shipping routes in the Red Sea and Strait of Hormuz, with Iran and its Houthi allies in Yemen continuing to attack vessels amid the ongoing conflict with the US. About 40 countries attended a meeting to discuss strengthening maritime cooperation, the Saudi Defense Ministry reportedly said.West Texas Intermediate crude oil was up 0.4% at $83.93 a barrel before the opening bell, while Brent advanced 0.7% to $89.53.Oil giants ExxonMobil (XOM) and Chevron (CVX) report their latest financial results before the bell, along with AbbVie (ABBV), Colgate-Palmolive (CL), Moderna (MRNA), Magna International (MGA) and AutoNation (AN).Friday's economic calendar has the Chicago purchasing managers' index for July at 9:45 am ET, followed by the final University of Michigan consumer sentiment report for the same month at 10 am. The weekly Baker Hughes oil-and-gas rig count is out at 1 pm.Gold declined 1.2% to $4,113 per troy ounce, while bitcoin shed 1.6% to $63,713.

Dow JonesNasdaq CompositeS&P 500$AAPL$ABBV$AMZN$AN$CL$CVX$META$MGA$MRNA$MSFT$RDDT$XOM
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.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

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