Paramount Surges Amid Deal Buzz, Apple Rises as iPhone 17 Goes on Sale

The buzz reheated Friday around a possible media mega-merger, helping lift shares of the companies involved, while a report from a short seller sent shares of a medical device manufacturer sharply lower.

U.S. equities continued their rally in the wake of this week’s interest-rate cut and as investors eyed progress on U.S.-China trade talks. The S&P 500 added 0.5% to secure a record closing high for the second straight day. The Dow and the Nasdaq also built on the prior session’s records, gaining 0.4% and 0.7%, respectively. For Investopedia’s full coverage of today’s markets, click here. 

Paramount Skydance (PSKY) shares advanced 5.8%, logging the top performance in the S&P 500, as reports outlined some terms that could be included as the company weighs a potential bid for fellow entertainment giant Warner Bros. Discovery (WBD). If it comes to fruition, the massive media deal would preempt WBD’s previously announced plan to separate its streaming and studio operations from its TV business. According to CNBC, the possible offer could be around 70% to 80% cash, with the backing of Oracle (ORCL) co-founder Larry Ellison, father of Paramount Skydance CEO David Ellison. WBD shares were up 3.4%.

Shares of Boston-based utility company Eversource Energy (ES) jumped 4.9%. As colder temperatures approach. Eversource asked the Massachusetts Department of Public Utilities for permission to raise prices by 13% for its natural gas customers in the state. Gov. Maura Healey was critical of the price-hike request, suggesting that it would be difficult for residents to afford and indicating that she would call for scrutiny of the proposal by the DPU.

Newmont (NEM), the world’s largest gold producer, announced that it sold off its full stake in Canada-based Orla Mining (ORLA) for $439 million. The move is part of Newmont’s plan to reduce its debt, lower headcount, and divest non-core assets following its acquisition of Australia’s Newcrest Mining in 2023. Newmont shares advanced 4.3% on Friday, while Orla’s shares were down more than 7%.

Apple (AAPL) stock advanced 3.2% as the iPhone 17 went on sale around the world. Following signals of strong demand for the latest devices—especially the Pro models—analysts at JPMorgan boosted their price target on shares of the tech giant.

Shares of medical device maker DexCom (DXCM) dropped more than any other S&P 500 stock on Friday, falling 11%. The move lower followed a report from short seller Hunterbrook Capital alleging that there are problems with DexCom’s G7 continuous glucose monitors for people managing diabetes. Hunterbrook also raised questions about DexCom’s accounting and flagged the recently announced leave of absence taken by CEO Kevin Sayer.

Companies in the IT services business came under pressure after reports that President Trump intends to initiate a $100,000 application fee for H-1B worker visas. The president is also reportedly exploring changes to prevailing-wage rules as an additional way of discouraging the use of H-1B visas. Shares of global tech consulting firm Cognizant Technology Solutions (CTSH) dropped 4.7%.

Lennar (LEN) shares lost 4.2% after the homebuilding giant reported lower-than-expected sales and profits for its fiscal third quarter. The company cited softness in the housing market and noted that it increased incentives to entice homebuyers who remain hesitant due to elevated mortgage rates.