12:10 PM EDT, 09/12/2024 (MT Newswires) -- The Nasdaq Composite was up around 0.3% in midday trading Thursday, while the Dow Jones Industrial Average was down 0.2% and the S&P 500 slightly higher, as investors digested one final inflation report ahead of next week's consequential meeting of the Federal Reserve's rate-setting committee.

The US Producer Price Index rose by 0.2% in August following a flat reading in July, faster than the 0.1% gain forecast in a survey compiled by Bloomberg as of 7:35 a.m. ET. Energy prices fell by 0.9% in August, while food prices rose by 0.1%. Core PPI, which excludes food and energy prices, rose by 0.3%, above the 0.2% expected and following a 0.2% decline the previous month.

In company news, Moderna ( MRNA ) said Thursday it is reducing its annual R&D expense by about $1.1 billion beginning in 2027 in light of "recent commercial challenges." As part of its plan to cut R&D expenses, Moderna ( MRNA ) said it has discontinued five programs: Endemic HCoV, RSV for infants, KRAS therapy, Triplet and Relaxin. The company now expects 2025 revenue of $2.5 billion to $3.5 billion. Analysts polled by Capital IQ expect $3.95 billion. Year-end cash and investments for 2025 are expected to be about $6 billion, Moderna ( MRNA ) said. Shares of Moderna ( MRNA ) were down 17% at noon.

Mastercard ( MA ) agreed to buy cyber defense and intelligence company Recorded Future from Insight Partners for $2.65 billion. The transaction is expected to close by the first quarter of 2025, subject to regulatory approval. The companies began collaborating on an AI-supported service earlier this year that alerts financial institutions when a card is likely to have been compromised. Mastercard ( MA ) shares were down 0.4%.

Delta Air Lines ( DAL ) lowered its Q3 revenue growth guidance to a range of flat to 1% from 2% to 4% growth, following disruptions stemming from a faulty software update by CrowdStrike Holdings ( CRWD ) . Full-year earnings per share are "expected to be at or above the midpoint of guidance of $6 to $7, excluding the 45-cent impact" from the IT outage on EPS in the September quarter, Delta said Thursday in an investor update. Delta shares were up 1.2%.

General Mills ( GIS ) said Thursday it has agreed to sell its yogurt businesses in the US and Canada to Lactalis and Sodiaal, respectively for a total of $2.1 billion in cash. The divested brands included Yoplait, Liberte and Go-Gurt, as well as manufacturing sites in Tennessee, Michigan and Quebec. The deals, expected to close next year, are estimated to be about 3% dilutive to adjusted earnings per share in the first 12 months after deal completion, excluding transaction costs and other one-time impacts. Shares of General Mills ( GIS ) were down 0.8%.

General Motors ( GM ) and Hyundai Motor have agreed to explore future collaborations in developing and producing vehicles, the companies said Thursday, adding that they plan to leverage their combined strengths to reduce costs and accelerate the delivery of new vehicles and technologies. Potential joint projects include the development and production of passenger and commercial vehicles, internal combustion engines, and clean-energy, electric and hydrogen technologies. Shares of General Motors ( GM ) were up nearly 3%.

Verizon Communications ( VZ ) , AT&T ( T ) , T-Mobile (TMUS) and Ericsson (ERIC), along with a handful of other telecommunications companies, have formed a new venture to combine and sell network application program interfaces, or APIs, on a global scale, Ericsson said in a Thursday news release. The newly formed company will provide network APIs to a large number of developer platforms, including hyperscalers, communications platform as a service providers, system integrators and independent software vendors, Ericsson said, adding that the deal is expected to close in early 2025, subject to regulatory approvals and other customary closing conditions. Shares of Verizon, AT&T ( T ), T-Mobile and Ericsson were down 0.6%, down 0.5%, up 0.9% and up 0.2%, respectively.

Eli Lilly ( LLY ) said Thursday it is investing $1 billion to expand its manufacturing site in Limerick, Ireland, to increase production of biologic active ingredients, including those used for its treatment of early symptomatic Alzheimer's disease. The company also launched its new $800 million facility expansion in Kinsale, Ireland, which is producing Lilly's diabetes and obesity treatments. Eli Lilly ( LLY ) shares were up 0.6%.

Norfolk Southern ( NSC ) said Wednesday its board has appointed Chief Financial Officer Mark George to the role of chief executive, effective immediately. The announcement follows the board's unanimous decision to terminate CEO Alan Shaw and Chief Legal Officer Nabanita Nag based on preliminary findings from an ongoing investigation into potential violations of company policies. Jason Zampi will serve as acting CFO, the company said. Norfolk Southern ( NSC ) shares were up 0.1%.

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