MORNING NEWS

ABB announced today that it is investing around $200 million in its medium-voltage manufacturing capabilities across Europe over the next three years to expand production capacity, accelerate the transition to next-generation technologies for power distribution and strengthen supply for customers that are modernizing their power infrastructure. This includes utilities, industry, and rapidly growing data center markets. According to the International Energy Agency, electricity's share of final energy consumption is expected to rise from around 20 percent today to nearly 30 percent by 2030, highlighting the urgency and scale of grid expansion. This program builds on recent investments in ABB's UK and Hungary operations.

Airbnb raised its full-year outlook, as strong global travel demand helped offset an influx in cancellations around the Iran war. The short-term rental company said it now anticipates annual sales will increase by a low- to midteen percentage.

Wegovy maker Novo Nordisk lifted full-year guidance on surging demand for its new weight-loss pill. The Danish drugmaker said total prescriptions for the Wegovy pill reached around 1.3 million in the first quarter and now exceed 2 million since it launched.

Advanced Micro Devices logged higher profit and revenue in its latest quarter as its data center business continues to boost results. The chip maker posted a first-quarter profit of $1.38 billion, or 84 cents a share, compared with $709 million, or 44 cents a share, a year earlier. Adjusted earnings per share were $1.37, compared with estimates of $1.29 a share, according to analysts polled by FactSet. Revenue jumped 38% to $10.25 billion, compared with analyst estimates of $9.9 billion.

Chip startup Cerebras Systems will offer 28 million shares in its planned initial public offering at a price of $115 to $125 a share. The IPO would raise $3.5 billion at the upper end of the pricing range. Cerebras will grant the underwriters of the offering a 30-day option to purchase up to an additional 4.2 million shares. Morgan Stanley, Citigroup, Barclays, and UBS Investment Bank will act as lead book-running managers for the offering. Cerebras, a chip startup that makes processors customized for running advanced artificial-intelligence models, filed paperwork last month to go public.

GameStop submitted a non-binding proposal to acquire 100% of eBay Inc. at $125.00 per share in cash and stock. The offer represents a 46% premium to eBay's unaffected closing price on February 4, 2026, the day GameStop started accumulating its position in eBay. GameStop has built a 5% economic stake in eBay through derivatives and beneficial ownership of common stock. The proposed offer is $125.00 per share, comprising 50% cash and 50% GameStop common stock, with full shareholder election rights as to consideration type and pro-rata allocation.

Building materials manufacturer Amrize reported higher revenue in the first quarter of 2026. Profitability, however, declined slightly. The company has confirmed its full-year forecast and will pay a quarterly dividend for the first time. Revenue rose 4.7 percent to $2.18 billion from January to March, the former Holcim subsidiary announced on Wednesday evening. The larger Building Materials segment grew by 12.9 percent, while the smaller Building Envelope segment shrank by 9.8 percent. Operating profit adjusted for special costs (Adj. EBITDA) fell by 10.3 percent to $192 million.

UBS Group has reported an increase in net profit. A surge in investment banking revenue helped boost the group’s revenue and earnings. The Swiss bank announced on Wednesday that net profit for the first quarter amounted to $3.04 billion, compared with $1.69 billion in the same period last year. According to consensus estimates provided by the bank, analysts had expected a net profit of $2.33 billion. UBS emphasized that strong momentum in client business had led to inflows of funds and brisk trading activity.

As expected, Novartis felt the significant impact of generic drugs at the start of the year. Nevertheless, management confirmed its forecast for the rest of the year on Tuesday. Revenue for the first quarter came in at $13.1 billion. This represents a 1 percent decline compared to the same period last year. On a constant currency basis (cc), revenue declined by 5 percent. By comparison, revenue had risen by 1 percent in the fourth quarter of 2025 and by 8 percent in the third quarter. According to its own earlier statements, the pharmaceutical company will face the greatest impact from generic drugs in its history in the coming months, as the billion-dollar drugs Entresto, Promacta, and Tasigna have lost their patent protection.

India’s Sun Pharmaceutical Industries has agreed to acquire U.S.-listed healthcare company Organon in a deal valuing the company at $11.75 billion, putting the Indian drugmaker on track to become one of the top three global players in women’s health. Sun Pharma has offered to pay $14.00 a share for New Jersey-based Organon in an all-cash deal, the two companies said in a joint statement late Sunday. Upon completion, Sun Pharma said the acquisition will make it one of the seven largest players in the global market for biosimilars.