Key Takeaways
- Micron Technology gains >7% after pledging up to $3 billion to bolster the U.S. semiconductor supply‑chain ecosystem, riding a broader semiconductor rally.
- Mara Holdings jumps 15% on news of a land purchase in Matagorda County, Texas that will more than double its power capacity to ~4.8 GW, with renewable‑fuels partner HIF USA retaining a minority stake.
- Paramount Skydance slides 6% after Reuters reports that several U.S. states may file antitrust lawsuits challenging its Warner Bros. Discovery acquisition.
- Qiagen surges ~10% as Bloomberg reveals interest from private‑equity heavyweights EQT, AllianceBernstein and KKR, with potential offers of at least $50 per share under discussion.
- AstraZeneca falls 6% after its heart‑failure drug Wainua misses the primary endpoint in a late‑stage clinical trial.
- PepsiCo posts mixed Q2 results: revenue beats estimates while adjusted EPS falls just shy, prompting a 3% share drop.
- Salesforce declines 2% after KeyBanc downgrades the stock to sector weight, citing limited evidence of future upside.
- Levi Strauss rises 2.3% after beating second‑quarter earnings and revenue forecasts.
- Cerebras Systems climbs 11% following a major European expansion plan that will bring its first data‑center online by year‑end and target 2 GW of capacity by 2027.
- Costco slips 4% as June comparable‑store sales growth decelerates to 8.8% YoY, down from May’s 12.5% gain.
Micron Technology led the midday movers with a more than 7% increase in its share price after announcing a commitment to invest up to $3 billion to “strengthen the U.S. semiconductor supply‑chain ecosystem.” The pledge, aimed at expanding domestic chip manufacturing capacity and reducing reliance on overseas sources, came amid a broader uplift in the semiconductor sector, which has been buoyed by strong demand for AI‑related hardware and government incentives to reshore production. Analysts noted that the move aligns with the Biden administration’s CHIPS Act goals and could provide Micron with both policy support and long‑term market share gains.
Mara Holdings, a bitcoin miner and digital‑infrastructure firm, saw its stock jump 15% after revealing plans to acquire more than 1,200 acres of land in Matagorda County, Texas from renewable‑fuels company HIF USA. The site is slated to become a major power hub for Mara’s mining operations, ultimately boosting the company’s total power capacity to approximately 4.8 gigawatts—more than double its current footprint. HIF will retain a minority interest in the project, underscoring a growing trend of energy‑focused partners collaborating with crypto‑infrastructure firms to secure low‑cost, sustainable power.
In contrast, Paramount Skydance suffered a 6% decline after Reuters reported that several U.S. states are preparing to file antitrust lawsuits challenging the conglomerate’s acquisition of Warner Bros. Discovery. The report cited two unnamed sources familiar with the matter, suggesting that regulators are concerned about heightened market concentration in the media and streaming landscape. Investors reacted cautiously, fearing potential legal costs, divestiture pressures, or forced concessions that could erode the anticipated synergies from the deal.
Qiagen, a molecular‑diagnostics specialist, rose roughly 10% after Bloomberg News disclosed that private‑equity firms EQT, AllianceBernstein and KKR have expressed interest in acquiring the company. Sources indicated that some suitors are contemplating offers of at least $50 per share, a premium that reflects Qiagen’s strong pipeline of diagnostic tests and its positioning in the growing personalized‑medicine market. The news sparked takeover speculation, driving optimism among shareholders about a potential premium buyout.
AstraZeneca’s shares slipped 6% following disappointing clinical‑trial results for its heart‑failure drug Wainua. The late‑stage study failed to meet its primary efficacy endpoint, raising doubts about the drug’s commercial prospects and prompting analysts to reassess the company’s near‑term pipeline outlook. The setback added to investor concerns about AstraZeneca’s ability to replace revenue from aging blockbuster drugs.
PepsiCo delivered a mixed quarterly performance: adjusted earnings of $2.20 per share missed the consensus forecast of $2.21, while revenue of $24.18 billion topped the $23.95 billion estimate. The slight earnings shortfall led to a 3% dip in the stock, as investors weighed the beat on top‑line growth against the miss on profitability and the company’s guidance for the remainder of the year.
Salesforce fell 2% after KeyBanc downgraded the stock from overweight to sector weight. The brokerage cited a lack of convincing evidence of future upside, pointing to checks with customers, consumer conversations, and the company’s own disclosed metrics that failed to reveal strong growth catalysts. The downgrade reflected broader skepticism about SaaS valuations in a macro‑environment marked by tightening IT budgets.
Levi Strauss posted a 2.3% gain after its second‑quarter earnings and revenue both exceeded analyst expectations. The denim maker benefited from stronger‑than‑anticipated demand for its core brands and effective cost‑management initiatives, reinforcing confidence in its ability to navigate a volatile apparel market.
Cerebras Systems, an AI‑infrastructure provider, climbed 11% after announcing a major European expansion. The company said it will bring its first European data‑center capacity online by the end of this year and aims to scale total capacity to 2,000 megawatts by 2027 through additional facilities across the continent. The move signals Cerebras’ intent to capture growing demand for AI compute power in Europe and diversify its geographic risk profile.
Finally, Costco’s shares dropped 4% after reporting a deceleration in comparable‑store sales. June comps rose 8.8% year‑over‑year, down from the 12.5% increase recorded in May. The slowdown raised concerns about consumer spending momentum and the sustainability of the warehouse club’s recent growth trajectory, prompting a modest sell‑off in the stock.
Reporting contributions by CNBC’s Tanaya Macheel, Darla Mercado, Liz Napolitano and Fred Imbert.