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Top Midday Stories: Micron's Market Cap Briefly Hits $1 Trillion; Qualcomm Reportedly Strikes AI Chip Deal With ByteDance
The Nasdaq Composite and S&P 500 were up, while the Dow Jones Industrial Average was down slightly to kick off a shortened week of trading due to the holiday weekend.In company news, Micron Technology's (MU) market capitalization eclipsed $1 trillion for the first time Tuesday after several bullish analyst reports. Micron shares were up 16% around midday.Qualcomm (QCOM) is set to supply ByteDance with millions of chips for AI data centers to support the TikTok owner's AI agent software under a new deal the companies struck, Bloomberg reported Tuesday, citing people familiar with the matter. Qualcomm shares were up over 5%.Ferrari (RACE) has launched a new all-electric sports car called Luce, the company said Monday. The four-door model includes four electric motors, a 122 kWh battery and electric all-wheel drive, delivering 0-100 km/h acceleration in 2.5 seconds, the company said. The EV's starting price is 550,000 euros ($640,000), multiple media outlets reported. Ferrari shares were down 4.7%.Eli Lilly (LLY) has agreed to acquire Curevo, LimmaTech Biologics and Vaccine Company in deals worth up to nearly $3.83 billion in total, the company said Tuesday. The deals include potential payments of up to $1.5 billion for Curevo, up to $780 million for LimmaTech and up to $1.55 billion for Vaccine Company, the company said. Eli Lilly shares were up 1.2%.BP (BP) said Tuesday its board unanimously decided to remove Albert Manifold as chair and director, effective immediately. BP shares were down 4.6%.AutoZone (AZO) reported fiscal Q3 net income Tuesday of $38.07 per diluted share, up from $35.36 a year earlier and above the FactSet consensus analyst estimate of $36.21. Fiscal Q3 net sales were $4.84 billion, up from $4.46 billion a year ago but below the FactSet consensus of $4.86 billion. AutoZone shares were down 11.3%.Modine Manufacturing (MOD) on Tuesday said it signed a major long-term agreement with one of its strategic data center customers to supply its Airedale cooling solutions. Under the terms of the agreement, Modine said it will reserve production capacity to supply over $4 billion worth of Airedale by Modine cooling products between 2027 and 2029. The customer has also provided an upfront payment of $165 million to support capacity expansion and other investments required to meet future demand, the company said. Modine shares were up 19%.American Airlines Group (AAL) said Tuesday it is installing SpaceX's Starlink to provide wireless internet on over 500 of its narrowbody aircraft starting in Q1 2027. American Airlines shares were up 6%.Price: $872.85, Change: $+121.85, Percent Change: +16.23%
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