11:55 AM EDT, 10/09/2025 (MT Newswires) -- All three major US stock indexes were down in late-morning trading Thursday after Federal Reserve Chair Jerome Powell provided no new insights on interest rates during an appearance at a conference earlier in the day.

In company news, Ferrari (RACE) raised its 2025 adjusted earnings per share target to at least 8.80 euros ($10.23) from its previous guidance of 8.60 euros. The updated guidance still falls below the consensus forecast of analysts surveyed by FactSet, who called for 8.85 euros per share. The company also raised its revenue guidance for the year to at least 7.1 billion euros from 7 billion euros. Analysts polled by FactSet estimate 2025 revenue at 7.07 billion euros. Ferrari shares were down nearly 15% around midday.

Delta Air Lines ( DAL ) reported Q3 adjusted earnings Thursday of $1.71 per diluted share, up from $1.50 a year earlier and above the FactSet consensus estimate of $1.53. Third-quarter revenue was $16.67 billion, up from $15.68 billion a year ago. Adjusted operating revenue rose 4.1% to $15.2 billion, above the FactSet consensus of $15.08 billion. For 2025, the airline expects diluted EPS of $6, toward the upper edge of its previous guidance of $5.25 to $6.25. Delta said it expects full-year revenue growth of 2% to 4%, compared to its previous guidance of 0% to 4%. Delta shares were up 4.9%.

PepsiCo ( PEP ) reported fiscal Q3 core EPS Thursday of $2.29, down from $2.31 a year earlier but above the FactSet consensus of $2.26. Fiscal Q3 revenue was $23.94 billion, up from $23.32 billion a year ago and above the FactSet consensus of $23.83 billion. The company said it is revamping the look and recipes of its Lay's potato chips brand through a redesign and the removal of artificial flavors and colors in the US. Pepsi shares are up 2.4%.

Akero Therapeutics ( AKRO ) said Thursday it will be acquired by Novo Nordisk ( NVO ) in a deal valued at up to $5.2 billion in cash. Under the deal terms, Akero shareholders will receive $54 per share upfront and a non-transferable contingent value right entitling the holder to receive an additional $6 per share if Akero's drug, efruxifermin, receives full US approval to treat cirrhosis due to metabolic dysfunction-associated steatohepatitis by June 30, 2031. Akero shares were up roughly 17%, while those of Novo Nordisk ( NVO ) were down 1.4%.

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