MORNING NEWS

Medical-supplies distributor Medline has raised $6.26 billion in an initial public offering, taking the title of biggest IPO of the year and a valuation of more than $50 billion. The U.S.-based company backed by private-equity giants Blackstone and Carlyle sold 216 million shares at $29.00 each in an upsized offering, it said.

Pfizer issued its 2026 guidance, expecting its adjusted earnings per share to come in below this year’s figures, and revised its 2025 revenue outlook. The company reiterated its 2025 adjusted earnings guidance of $3 to $3.15 a share. It guided for 2025 revenue of $62 billion, compared with its previous forecast of $61 billion to $64 billion.

Ford Motor said it expected to take about $19.5 billion in charges, mainly tied to its electric-vehicle business, a massive hit as the automaker retrenches in the face of sinking EV demand. The sum is among the largest impairments taken by a company and marks the U.S. auto industry’s biggest reckoning to date that it can’t realize its electric-vehicle ambitions anytime soon.

BNP Paribas said it has begun exclusive talks with Holmarcom Group to potentially sell its stake in Moroccan subsidiary BMCI. The French financial services group said Friday that it was in discussions to sell its 67% stake in BMCI to Holmarcom, which already is a shareholder in the Moroccan bank.

Broadcom reported rapid revenue growth on Thursday as demand continues to rise for chips to fill data centers that power artificial-intelligence models. But shares fell in after-market trading as analysts raised questions about the company’s sales forecasts, contracts backlog and anticipated future margins.

Federal Reserve officials cut interest rates for a third straight meeting but signaled they might be done for now in the midst of unusual divisions over the path forward. The decision Wednesday to reduce the benchmark federal funding rate by a quarter point - to between 3.5% and 3.75%, a three-year low - is aimed at protecting against a sharper than anticipated slowdown in hiring. The Fed voted 9-3, the first time in six years that three officials cast dissent.

BMW appointed Milan Nedeljković as its next chief, tapping a company veteran at a rocky time for the global auto industry. The German company said Tuesday that the Serbian executive will become chairman of BMW’s management board - a role akin to chief executive officer in the U.S. - after its annual general meeting next May, succeeding Oliver Zipse. Nedeljković will face the task of steering a business that thrived on globalization through a period of mounting geopolitical tensions, particularly between its two largest markets: the U.S. and China.

President Trump said he would let Nvidia export its H200 chip to China and that the U.S. would receive a 25% cut, his latest bid to make money for the government in an unusual agreement with a private company. “I have informed President Xi of China that the United States will allow Nvidia to ship its H200 products to approved customers in China and other countries under conditions that allow for strong national security,” Trump said on Truth Social. He added: “25% will be paid to the United States of America.”

Netflix has agreed to buy Warner Bros. for $72 billion after the entertainment company splits its studios and HBO Max streaming business from its cable networks, a deal that would reshape the entertainment and media industry. The cash-and-stock transaction was announced Friday after the two sides entered into exclusive negotiations for the media company known for Superman and the Harry Potter movies, as well as hit TV shows such as “Friends.”

Salesforce raised its full-year guidance as its AI product, Agentforce, gained some traction. Agentforce, which has been the main focus for many Salesforce investors, hit $540 million in annual recurring revenue during the third quarter. More companies, including Williams Sonoma and SharkNinja, are adopting the AI agent to use for customer service and internal operations, Chief Executive Marc Benioff told analysts Wednesday. Shares advanced 1.8% to $243 in after-hours trading, a contrast from previous quarters this year when the stock declined following earnings calls.