11:57 AM EDT, 04/30/2025 (MT Newswires) -- All three major US stock indexes were down in late-morning trading Wednesday after the Commerce Department said US economic growth, measured by gross domestic product, fell by 0.3% in the advance estimate for Q1, below a 0.2% decrease expected in a survey compiled by Bloomberg as of 7:35 a.m. ET.

In company news, Nvidia ( NVDA ) and Oracle (ORCL) are rushing to ship chips and servers to data centers outside the US ahead of a new regulation set to take effect in mid-May that will restrict their ability to expand computing capacity abroad, The Information reported Wednesday. Oracle has asked some suppliers to ship incomplete products out of the US for overseas assembly, the report said, citing a person with direct knowledge of the matter. Nvidia ( NVDA ), meanwhile, has urged customers in Asia in recent months to order advanced chips as soon as possible, The Information said, citing two people at Nvidia ( NVDA ) chip distributors. Shares of Nvidia ( NVDA ) were down 2.4% around midday, while those of Oracle were down 1.4%.

Super Micro Computer ( SMCI ) lowered its fiscal Q3 non-GAAP earnings per share guidance late Tuesday to a range of $0.29 to $0.31 from $0.46 to $0.62. The company also cut its fiscal Q3 net sales forecast to $4.5 billion to $4.6 billion from $5.0 billion to $6.0 billion. Super Micro shares were down 14%.

Novartis ( NVS ) has agreed to acquire Regulus Therapeutics ( RGLS ) for an initial payment of $7.00 per share in cash at closing, or $800 million, Regulus said Wednesday. Regulus shareholders will receive a contingent value right of $7.00 per share, contingent on the achievement of regulatory approval of Regulus' farabursen. The total deal consideration, including the contingent payment, would be $1.7 billion, Regulus said, adding that the deal is expected to close in H2, subject to customary closing conditions. Novartis ( NVS ) shares added 0.1%, while those of Regulus were up 131.2%.

Caterpillar ( CAT ) reported Q1 adjusted earnings Wednesday of $4.25 per diluted share, down from $5.60 a year earlier and below the $4.35 consensus estimate of analysts surveyed by FactSet. First-quarter sales and revenue were $14.25 billion, down from $15.8 billion a year ago and below the FactSet consensus of $14.72 billion. Looking ahead, the company said it now anticipates sales and revenue to be flat year over year for 2025, compared with prior projections for a slight decrease. Factoring in tariffs, before any additional mitigation actions, and negative economic growth in H2, Caterpillar ( CAT ) expects sales and revenue to be down slightly year over year, in line with previous guidance. Caterpillar ( CAT ) shares were down 0.7%.

Starbucks ( SBUX ) reported fiscal Q2 non-GAAP net income late Tuesday of $0.41 per share, down from $0.68 a year earlier and below the FactSet consensus estimate of $0.49. Fiscal Q2 net revenue was $8.76 billion, up from $8.56 billion a year ago but below the FactSet consensus of $8.83 billion. Starbucks ( SBUX ) shares were down 7.1%.

State Street (STT) said Wednesday it has appointed John Woods as its chief financial officer, effective in late August. Woods is currently vice chair and CFO at Citizens Financial Group ( CFG ) . He will succeed Mark Keating at State Street, who has served as interim CFO since February. State Street shares were down 1.3%, while those of Citizens Financial were down 1.6%.

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