11:59 AM EDT, 08/07/2025 (MT Newswires) -- The Dow Jones was down, the Nasdaq was up, and the S&P 500 was little changed in late-morning trading Thursday, after President Donald Trump announced late Wednesday that he will impose a 100% tariff on imported semiconductor chips.

In company news, Trump said Thursday on Truth Social that Intel ( INTC ) Chief Executive Lip-Bu Tan is "highly conflicted" and should resign immediately. Intel ( INTC ) shares were down 2.8% around midday.

Eli Lilly ( LLY ) reported Q2 non-GAAP earnings Thursday of $6.31 per diluted share, up from $3.92 a year earlier and above the FactSet consensus estimate of $5.60. Second-quarter net revenue was $15.56 billion, up from $11.30 billion a year ago and above the FactSet consensus of $14.70 billion. For full-year 2025, the company expects non-GAAP EPS of $21.75 to $23, up from its previous guidance of $20.78 to $22.28. Analysts expect $21.94. Full-year revenue is projected to be $60 billion to $62 billion, up from the previous outlook of $58 billion to $61 billion and compared with analyst expectations of $60.23 billion. Separately, Eli Lilly ( LLY ) said Thursday a 36-milligram dose of its glucagon-like-peptide-1, or GLP-1, experimental drug lowered weight by an average of 12.4%, or 27.3 pounds, in adults who are obese or overweight with a weight-related medical problem but without diabetes. Eli Lilly ( LLY ) shares were down more than 14%, while those of its rival Novo Nordisk ( NVO ) were up 6%.

Paramount Global ( PARAA ) and Skydance Media said Thursday they have completed their merger. Paramount class B shares will begin trading Thursday on the Nasdaq under the new ticker PSKY, the company said. Paramount Skydance shares were down over 4%.

Amazon.com's ( AMZN ) Amazon Web Services has reached an agreement with the US General Services Administration to provide up to $1 billion in savings for cloud modernization, adoption and training for federal agencies through Dec. 31, 2028, the GSA said Thursday. Amazon ( AMZN ) shares were up 0.3%.

Fortinet ( FTNT ) reported Q2 non-GAAP earnings of $0.64 per diluted share on Wednesday, up from $0.57 a year earlier and above the FactSet consensus estimate of $0.59. Second-quarter revenue was $1.63 billion, up from $1.43 billion a year ago and in-line with FactSet expectations. For Q3, the company expects non-GAAP diluted EPS of $0.62 to $0.64 and revenue of $1.67 billion to $1.73 billion. Analysts expect $0.61 and $1.71 billion, respectively. For full-year 2025, the company now expects non-GAAP diluted EPS of $2.47 to $2.53 on revenue of $6.68 billion to $6.83 billion. Previously, the company guided for $2.43 to $2.49 on revenue of $6.65 billion to $6.85 billion. Analysts expect $2.47 and $6.76 billion, respectively. Fortinet ( FTNT ) shares were down over 25%.

Crocs ( CROX ) reported Q2 adjusted earnings Thursday of $4.23 per diluted share, up from $4.01 a year earlier and above the FactSet consensus of $4. Second-quarter revenue was $1.15 billion, up from $1.11 billion a year ago and above the FactSet estimate of $1.14 billion. For Q3, the company expects revenue to decline 9% to 11% from the previous year. Crocs ( CROX ) shares were down 25%.

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