12:34 PM EDT, 08/01/2024 (MT Newswires) -- All three major US stock indexes were down in late-morning trading Thursday, as subpar jobless claims and manufacturing data raised concerns over the state of the US economy.

In company news, Meta Platforms ( META ) reported Q2 earnings late Wednesday of $5.16 per diluted share, up from $2.98 a year earlier and above the Capital IQ consensus analyst estimate of $4.76. Second-quarter revenue was $39.1 billion, up from $32 billion in the year-ago period and above the Capital IQ consensus estimate of $38.3 billion. The company said it expects Q3 revenue to be in a range of $38.5 billion to $41 billion, in line with the Capital IQ consensus estimate of $39.2 billion. Shares of Meta were up 6.5% around noon.

Toyota Motor ( TM ) reported fiscal Q1 2025 earnings Thursday of 98.99 yen ($0.66) per share, up from 96.74 yen a year earlier and above the 89.89 yen estimated by three analysts polled by Capital IQ. Revenue for the quarter ended June 30 was 11.838 trillion yen, up from 10.547 trillion yen in the year-ago period and above the Capital IQ consensus estimate of 11.536 trillion yen. Toyota ( TM ) said it now expects fiscal 2025 earnings of 265.04 yen per share, up from its previous guidance of 264.95 yen but below the Capital IQ consensus estimate of 331.83 yen. Toyota ( TM ) shares were down 6.5%.

Shell (SHEL) reported Q2 adjusted earnings Thursday of $0.99 per diluted share, up from $0.75 a year earlier and above the $0.95 expected by four analysts surveyed by Capital IQ. Second-quarter revenue was $74.46 billion, down from $74.58 billion in the year-ago period and below the $90.28 billion expected by two analysts surveyed by Capital IQ. The company said it launched a $3.5 billion share buyback program covering a total contract term of about three months. The program is expected to be completed before the scheduled release of the company's Q3 earnings on Oct. 31. Shares of Shell were down 1.3%.

The US Department of Transportation proposed a new rule that would prohibit airlines from charging so-called junk fees to families seeking to sit together on flights, the regulatory said Thursday. The proposed rule would require airlines to seat parents next to their young children for free when adjacent seating is available at booking. If enacted, the rule would save a family of four as much as $200 per roundtrip if seat fees are $25, the regulator said. Shares of American Airlines ( AAL ) , Delta Airlines (DAL), United Airlines (UAL), Southwest Airlines ( LUV ) , Frontier Airlines (ULCC), JetBlue Airways ( JBLU ) and Spirit Airlines ( SAVE ) were down 3.4%, 3.2%, 4.3%, 1.9%, 4.3%, 4.7% and 7.1%, respectively.

Venu Sports, the streaming service from the joint venture by Walt Disney's ( DIS ) ESPN ( DIS ), Fox (FOX) and Warner Bros. Discovery ( WBD ) will be available for $42.99 per month, the companies said Thursday. Venu is planning to launch in the US in the fall and will offer live sporting events from all the major professional sports leagues and top college conferences, they said. Shares of Disney ( DIS ), Fox and WBD were down 0.5%, 0.4% and 3.3%, respectively.

The arbitration hearing over the right of first refusal regarding the Stabroek Block offshore Guyana involving Hess' (HES) Hess Guyana Exploration unit, Exxon Mobil ( XOM ) and China National Offshore Oil will start in May 2025, adding an element of uncertainty to the completion of Hess' $53 billion merger agreement with Chevron ( CVX ) . Hess and Chevron ( CVX ) said in regulatory filings late Wednesday that the May date is later than they requested and expected. Shares of Hess, Chevron ( CVX ) and Exxon were down 6.8%, 3.6% and 1.1%, respectively.

R1 RCM ( RCM ) said Thursday it has agreed to be acquired by investment funds affiliated with TowerBrook Capital Partners and Clayton, Dubilier & Rice, or CD&R, in an all-cash deal worth about $8.9 billion. Under the terms of the deal, TowerBrook and CD&R will acquire all outstanding common stock of RCM that TowerBrook does not currently own for $14.30 per share, which represents a premium of about 29% to RCM's unaffected closing price on Feb. 23. RCM shares were up 8.9%.

Eli Lilly ( LLY ) said Thursday its phase 3 clinical trial showed that Tirzepatide demonstrated statistically significant improvements in the reduction of heart-failure risks as well as improvements in heart-failure symptoms and physical limitations compared with a placebo. Tirzepatide is a once-weekly glucose-dependent insulinotropic polypeptide receptor and glucagon-like peptide-1 receptor agonist that was approved by the US Food and Drug Administration as Zepbound for adults with obesity and as Mounjaro for adults with type 2 diabetes. Eli Lilly ( LLY ) shares were up 3.2%.

AbbVie ( ABBV ) said Thursday it has completed its acquisition of Cerevel Therapeutics. Under the terms of the deal, AbbVie ( ABBV ) has acquired all outstanding Cerevel common stock for $45.00 per share. The acquisition is expected to be accretive to adjusted diluted earnings per share starting in 2030, AbbVie ( ABBV ) said. Shares of the company were up 2.5%.

Applied Materials ( AMAT ) was notified by US officials that it will not receive Chips Act money for a $4 billion research and development facility, Bloomberg reported Thursday, citing people familiar with the matter. Applied Materials ( AMAT ) shares were down 6.3%.

Starbucks ( SBUX ) received a settlement offer from activist investor Elliott Management that would allow Chief Executive Laxman Narasimhan to keep his job, CNBC reported Thursday, citing people familiar with the matter. The proposed settlement by Elliott, which has amassed a significant stake in the coffee chain, would also include a board expansion and governance enhancements, the people reportedly told CNBC. Starbucks ( SBUX ) shares were down 4.6%.

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