11:59 AM EST, 11/25/2024 (MT Newswires) -- All three major US stock indexes were up around midday Monday to kick off a shortened trading week due to the looming Thanksgiving holiday.

In company news, Macy's (M) said in a preliminary statement that a former employee attempted to hide about $132 million to $154 million in delivery expenses from fiscal Q4 2021 through the most recent quarter ended Nov. 2. The company said it is delaying its earnings release and conference until as late as Dec. 11 to allow for an independent audit. Macy's also said preliminary revenue for the fiscal quarter was $4.74 billion, down 2.4% from the year-ago period. Macy's shares were down nearly 4%.

Summit Materials ( SUM ) said Monday it agreed to be acquired and taken private by Quikrete Holdings in a deal valued at about $11.5 billion, including debt. Summit shareholders will receive $52.50 per share in cash, reflecting a roughly 29% premium to its stock price on Oct. 23. Summit shares slid 1.6%.

KKR (KKR), Apollo Global Management ( APO ) , Blackstone (BX) and Bain Capital have been approached by Seven and I Holdings about possibly participating in a takeover of the retail company, Nikkei Asia reported Saturday. Separately, EQT Corporation ( EQT ) said Monday it has entered into a definitive agreement with funds management by Blackstone's Blackstone Credit & Insurance to form a midstream joint venture valued at about $8.8 billion. KKR shares were flat, while that of Apollo up 3.8%. Blackstone and EQT were down 1.6% and up 2.2%, respectively.

Nvidia ( NVDA ) on Monday unveiled Fugatto, a generative artificial intelligence model capable of following free-form text instructions with optional audio inputs. The model is designed to generate audio effects and music from a text description, the chipmaker said. Nvidia ( NVDA ) shares were down nearly 3%.

Citigroup's ( C ) wealth division has approved special retention bonuses for dozens of personnel to prevent them from leaving during the company's turnaround, Bloomberg reported Monday, citing an interview with Andy Sieg, head of the wealth unit. Citigroup ( C ) shares were up roughly 1%.

Morgan Stanley ( MS ) received regulatory approval to set up its Middle East headquarters in Riyadh, Saudi Arabia, Bloomberg reported Sunday, citing a statement from Abdulaziz Alajaji, the bank's chief executive for Saudi Arabia. Morgan Stanley ( MS ) shares were down 0.6%.

Price: 15.70, Change: -0.60, Percent Change: -3.68