MORNING NEWS

Topic of the day Eli Lilly agreed to acquire Verve Therapeutics for about $1 billion upfront, adding a potential treatment for cardiovascular disease to its portfolio.

Francois-Henri Pinault, the billionaire heir who spent two decades transforming Kering into a luxury powerhouse, is stepping back as chief executive, hoping an auto-industry veteran can pull Gucci and Saint Laurent out of a slump. Kering named outgoing Renault chief Luca de Meo as new CEO.

Some of the biggest merchants are exploring how to issue or use stablecoins, potentially shifting the high volumes of cash and card transactions that they handle outside the traditional financial system and saving them billions of dollars in fees.

Adobe is making big changes to keep up with artificial intelligence, but investors aren’t sold. Chief Financial Officer Dan Durn pinpointed AI developments as the main driver behind the software company’s higher-than-expected revenue in the fiscal second quarter, which allowed management to raise its full-year outlook. “I think it’s a proof point that we’re really leading the creative AI revolution,” Durn said.

Oracle logged double-digit revenue growth in its most recent quarter and set its sights on even bigger gains in the fiscal year ahead, pushing shares higher after hours. Chief Executive Safra Catz said Wednesday the cloud-services company now expects $67 billion in revenue for fiscal 2026, which started this month. That would be a 16% jump from the prior year and more than $1 billion higher than Oracle had previously estimated, she said. The stock jumped 7.6%, to $189.75, in after-hours trading. For the fiscal fourth quarter ended May 31, Oracle’s revenue was up 11%, at $15.9 billion. That topped analyst forecasts for $15.58 billion, according to FactSet.

U.S. and Chinese negotiators wrapped up two days of intense talks in London with what they said was a framework to get their trade truce back on track and ratchet down tensions between the two biggest economies. Representatives from the countries said the framework would essentially restore a pact they agreed to in Switzerland last month, a deal that saw both sides lower tariffs and was premised in part on Beijing's promise to speed up critical mineral-export licenses while the negotiators kept talking.

Qualcomm said it is buying Alphawave IP Group in a $2.4 billion transaction meant to help it move faster into the artificial-intelligence data-center market. In trading Monday, Qualcomm shares were up 3.6%, while Alphawave stock surged by 18.9% in London. Alphawave, based in the U.K., is a leader in high-speed connectivity and custom chip products that enable fast data transfer with lower power consumption.

Broadcom stock fell after the company posted slightly better-than-expected earnings for its April quarter late Thursday. For its fiscal second quarter, the company reported revenue of $15 billion versus the Wall Street consensus of $14.96 billion, according to FactSet.

Remy Cointreau withdrew its targets for fiscal 2030 as it warned that tariff and macroeconomic uncertainty cloud its outlook.

After a difficult start to the year, Hewlett Packard Enterprise achieved better-than-expected results in the second quarter, thanks in particular to its cost-cutting program launched in March.