11:49 AM EDT, 10/28/2025 (MT Newswires) -- All three major US stock indexes were up in late-morning trading Tuesday, as more large-cap companies turned in impressive earnings results.

In company news, Microsoft ( MSFT ) said Tuesday it has signed a definitive agreement with OpenAI in which it said it supports OpenAI moving ahead with the formation of a public benefit corporation, or PBC, and recapitalization. After recapitalization, Microsoft ( MSFT ) will hold an investment in OpenAI Group PBC valued at $135 billion, representing roughly 27% on an as-converted diluted basis. Under the new agreement, OpenAI will buy an incremental $250 billion of Azure services, while Microsoft ( MSFT ) will no longer have a right of first refusal to be OpenAI's compute provider, Microsoft ( MSFT ) said. Shares of Microsoft ( MSFT ) were up 2.2% around noon.

PayPal ( PYPL ) said Tuesday it will adopt the Agentic Commerce Protocol to expand payments and commerce in OpenAI's ChatGPT, which will allow ChatGPT users to check out instantly using PayPal ( PYPL ). The fintech also reported Q3 non-GAAP earnings Tuesday of $1.34 per diluted share, up from $1.20 a year earlier and above the FactSet consensus analyst estimate of $1.20. Third-quarter net revenue was $8.42 billion, up from $7.85 billion a year ago and above the FactSet consensus of $8.24 billion. For Q4, PayPal ( PYPL ) said it expects non-GAAP EPS of $1.27 to $1.31, compared to the FactSet analyst estimate of $1.31. The company raised it full-year 2025 non-GAAP EPS guidance to a range of $5.35 to $5.39 from $5.15 to $5.30. Analysts polled by FactSet expect $5.25. PayPal ( PYPL ) shares were up 11.1%.

United Parcel Service ( UPS ) reported Q3 non-GAAP earnings Tuesday of $1.74 per diluted share, down from $1.76 a year earlier but above the FactSet consensus of $1.29. Third-quarter revenue was $21.42 billion, down from $22.25 billion a year ago but above the FactSet consensus of $20.84 billion. For Q4, the company said it expects revenue to be about $24 billion, compared to the FactSet consensus estimate of $23.82 billion. UPS said it has realized $2.2 billion in cost savings so far this year by closing 93 buildings and cutting 34,000 jobs. UPS shares were up 8.1%.

Brookfield Asset Management ( BAM ) and Cameco ( CCJ ) said Tuesday they've entered into an $80 billion partnership with the US government to build new Westinghouse Electric nuclear reactors across the US. Brookfield shares were up 1.5%, while those of Cameco ( CCJ ) were up 22.5%.

Skyworks Solutions ( SWKS ) said Tuesday it has agreed to combine with Qorvo ( QRVO ) in a cash-and-stock deal that values the combined entity at about $22 billion. Skyworks shares were up 12.1%, while those of Qorvo ( QRVO ) were up 11.9%.

Blackstone-backed (BX) AirTrunk has agreed to establish a partnership with Saudi Arabia-based artificial intelligence firm Humain to build data centers in Saudi Arabia, Humain said Tuesday. The initial project is a roughly $3 billion investment for a data center campus in Saudi Arabia, the company said. Blackstone shares were down 1.5%.

UnitedHealth Group ( UNH ) reported Q3 adjusted earnings Tuesday of $2.92 per diluted share, down from $7.15 a year earlier but above the FactSet consensus of $2.80. Third-quarter revenue was $113.16 billion, up from $100.82 billion a year ago and above the FactSet consensus of $113.03 billion. The insurance giant said it now expects 2025 adjusted EPS of at least $16.25, up from its previous guidance of at least $16. Analysts polled by FactSet expect $16.21. UnitedHealth ( UNH ) shares were up 0.2%.

Starbucks ( SBUX ) sees Boyu Capital as the frontrunner for its China business, Bloomberg reported Tuesday, citing people familiar with the matter. Starbucks ( SBUX ) shares were down 0.1%.

Amazon.com ( AMZN ) said Tuesday it is conducting an overall corporate workforce reduction of about 14,000 roles. Amazon ( AMZN ) said it will offer most impacted employees about 90 days to look for new roles internally, and those who do not find a new position at Amazon ( AMZN ) will be offered transition support in the form of severance pay and outplacement services. Amazon ( AMZN ) shares were up 0.2%.

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