Wire
Top Midday Stories: US, Iran Seal Memorandum to Reopen Hormuz; Intel Gains After Trump Cites Apple Chip Partnership
All three major US stock indexes rose in midday trading Thursday as investors assessed the signing of the peace deal between the US and Iran and the potential for an interest-rate increase by the end of 2026 after the Federal Reserve's meeting.President Donald Trump and Iranian President Masoud Pezeshkian digitally signed a memorandum of understanding aiming to reopen the Strait of Hormuz, lift the US blockade of Iranian ports, and pursue a permanent peace deal to end the war. Amid criticism that Iran got the better end of the deal, Trump said in a post on Truth Social that people who thought he was not tough enough were "either jealous, bad people, or stupid."Intel (INTC) shares rose 8% after Trump said Apple (AAPL) has "agreed to work with Intel to design and build its Chips in America." In a Truth Social post, Trump cited Nvidia (NVDA) and Tesla's (TSLA) partnerships with Intel as examples of his success in bringing manufacturing back to the US.Apple's deal with Intel to design and build chips in the US may strengthen the iPhone maker's efforts to diversify its supply chain and secure domestic semiconductor capacity ahead of a multiyear AI-driven device cycle, Wedbush Securities said. Apple shares were little changed.Accenture (ACN) reported fiscal Q3 earnings of $3.80 per diluted share, up from $3.49 a year earlier and above the FactSet consensus analyst estimate of $3.69. Revenue rose to $18.7 billion from $17.7 billion, trailing the consensus of $18.8 billion. Full-year revenue is anticipated to increase by 3% to 4% in local currency for fiscal 2026, reflecting a lower top end versus the previous guidance for a 5% rise.Accenture also agreed to acquire a majority stake in Dragos and full ownership of runZero and NetRise in a deal with a combined enterprise value of about $4.18 billion. Accenture said the acquisitions significantly expand its position in the broader operational technology cybersecurity market. Accenture shares slumped 17%.Kroger (KR) reported fiscal Q1 adjusted earnings of $1.58 per diluted share, up from $1.49 a year earlier and narrowly missing the FactSet consensus of $1.59. Sales rose to $46.12 billion from $45.12 billion, trailing the consensus of $45.59 billion. Kroger shares fell 5.8%.Pfizer (PFE) said Chief Financial Officer Dave Denton will step down on Aug. 15 after accepting a position in the consumer-goods sector. The company named Cecile Guegan, currently senior vice president of finance for its global biopharmaceutical business, as interim CFO while it conducts a search for a permanent successor. Pfizer shares fell 3.2%.Price: $130.76, Change: $+9.66, Percent Change: +7.98%
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