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Midday Movers: Karuna Jumps on Deal With Bristol Myers Squibb, Nike Falls on Sales Outlook


U.S. equities headed into the long holiday weekend with gains at midday, amid a broad-based rally fueled by enthusiasm over the possibility of several Fed interest rate cuts next year. The Dow, S&P 500, and Nasdaq were all up.

Bristol Myers Squibb (BMY) shares advanced after it paid $14 billion to buy Karuna Therapeutics (KRTX) to strengthen its neuroscience portfolio. Karuna shares soared to an all-time high.

Shares of Nemont Corporation (NEM) rose, as did shares of rival gold miners, as the price of gold hit a three-week high.

ANSYS (ANSS) shares also jumped on a report the engineering software firm is considering options, including a sale, following takeover interest.

Nike (NKE) shares were the biggest drag on the Dow and S&P 500 after the athletic apparel retailer warned about full-year sales and planned spending cuts, citing softness in demand. The Nike news sent shares of Foot Locker (FL), a major seller of Nike sneakers, tumbling.

Shares of Cummins (CMI) sank as the engine maker agreed to pay $1.675 billion in penalties over charges by regulators that it altered pickup truck engines to circumvent air pollution rules. 

Oil futures were little changed. The yield on the 10-year Treasury climbed. The U.S. dollar increased versus the yen but fell to the euro and pound. Major cryptocurrencies traded higher.

 
 

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