12:26 PM EDT, 09/16/2024 (MT Newswires) -- The Dow Jones Industrial Average was up, while the S&P 500 Index and Nasdaq Composite were down around midday Monday, as investors look ahead to a consequential meeting of the Federal Reserve's rate-setting committee beginning Tuesday that is expected to result in the first interest rate cut since 2020.

In company news, demand for Apple's ( AAPL ) new iPhone 16 is lower than expected, multiple media outlets reported Monday. Pre-orders are down 12.7% year over year from the first weekend after the iPhone 15 launch, with lower demand for the new phone driving the trend, according to the reports, cited TF Securities analyst Ming-Chi Kuo. Barclays, JPMorgan and Bank of America also said that shipping times could lead to lighter demand for the latest iPhone models. Apple ( AAPL ) shares were down 3%.

Boeing ( BA ) is implementing a hiring freeze and mulling temporary furloughs in the wake of a worker strike, Bloomberg reported Monday, citing an internal memo. The company is also planning to make sizable reductions to its supplier expenditures, including stopping the issuance of the majority of supplier purchase orders for the 737, 767 and 777 programs. In addition, Boeing ( BA ) is halting any travel that isn't for customer, program, regulatory or supply chain purposes and is suspending non-essential capital expenditures and facilities spending. Boeing ( BA ) shares were down 1.4%.

Walt Disney ( DIS ) and DirecTV said Saturday they have reached an agreement to restore Disney ( DIS ) content to DirecTV. Disney ( DIS ) stopped distributing its content to DirecTV due to stalled negotiations. While it has restored service, the two companies are still finalizing a new deal. Disney ( DIS ) shares were up 1%.

CACI International ( CACI ) said Monday it has agreed to purchase Azure Summit Technology in an all-cash deal worth about $1.28 billion. Azure Summit is a radio frequency hardware and software maker. The deal is expected to expand CACI ( CACI ) offerings in intelligence, surveillance and reconnaissance, electronic warfare and signals intelligence, Chief Executive John Mengucci said in a statement. The deal is expected to close in Q2 of fiscal 2025, subject to regulatory approvals. CACI ( CACI ) shares were up over 3%.

Apollo Global Management ( APO ) managed funds have agreed to purchase a non-controlling stake in BP's (BP) BP Pipelines TAP, which holds a 20% in Trans Adriatic Pipeline, for about $1 billion. Trans Adriatic Pipeline owns and operates the final 880-kilometer stretch of the Southern Gas Corridor pipeline that transports natural gas from the BP-operated Shah Deniz gas field in the Caspian Sea to European markets like Greece and Italy. The deal is set to close in Q4. Apollo shares were up 1.6%, while those of BP were up nearly 1%.

Bausch + Lomb ( BLCO ) is exploring a potential sale as it navigates a complex separation from its debt-laden parent, Bausch Health, the Financial Times reported. The eye-care business, valued at over $10 billion, including debt, is working with Goldman Sachs to gauge private equity interest. The sale process may lead to a significant premium, but no deal is guaranteed. Bausch + Lomb ( BLCO ) shares were up 13%.

Intel ( INTC ) has officially qualified for up to $3.5 billion in US government funding to make semiconductors fora secret military program, Bloomberg reported. The program, called Secure Enclave, is meant to produce microchips for military and intelligence applications. Intel ( INTC ) shares were up 3%.

The Committee on Foreign Investment in the US has until Sept. 23 to complete its review of Nippon Steel's proposed $14.9 billion bid to acquire US Steel (X) and make a recommendation, Reuters reported Monday. If CFIUS officials do not extend the 90-day review on that date, they could either approve the deal with proposed measures to address national security concerns or recommend that the White House block it. US Steel shares were up 1%.

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