#equities

Innovent Biologics (01801.HK) rose about 11% after Pfizer $PFE agreed to a global oncology collaboration worth up to $10.5B. The package includes a $650M upfront payment and up to $9.85B in milestone payments.

Samsung Electronics (005930.KS) rose as much as 6.5% after shipping 12-layer HBM4E samples to major global customers. The company says the chip reaches up to 16Gbps and targets next-generation AI workloads.

Gap $GAP fell 14% after Q1 net sales of $3.5B missed consensus and management narrowed FY2026 net sales growth to 1%-2%. Adjusted EPS was $0.38, while Old Navy and Athleta kept pressure on the top-line narrative.

Dell $DELL rose 39% after fiscal Q1 revenue reached $43.8B, up 88% year over year, with AI server revenue at $16.1B. The company lifted FY2027 guidance to $165B-$169B in revenue and $17.90 adjusted EPS.

PDD $PDD fell more than 5% premarket after Q1 revenue of RMB106.2B missed consensus estimates near RMB109B and non-GAAP diluted EPS per ADS dropped to RMB9.51.

Zscaler $ZS fell more than 21% premarket after Q3 revenue of $850.5M and adjusted EPS of $1.08 were offset by softer Q4 sales guidance and a lower FY26 free-cash-flow margin target.

Honeywell-backed Quantinuum set IPO terms that would raise about $1B and value the quantum-computing company near $13B. The filing clears the Tier-1 IPO threshold and gives public investors a new benchmark for quantum valuations.

BP $BP fell as much as 9% in London trading after the board removed Chair Albert Manifold with immediate effect. The company cited governance, oversight and conduct concerns, adding a leadership shock to a still-unsettled oil major turnaround.

Delivery Hero confirmed Uber $UBER made an indicative €33/share takeover approach on 23 May. Reuters market data showed $DHER.DE up about 10% on 25 May, with reports pointing to a bid value above €11.5B.

Jardine Matheson agreed to buy 100% of I-MED Radiology Network at an AUD3.4B ($2.4B) enterprise value. The price equals roughly 11.5x projected adjusted EBITDA for the year ending June 2026, with cash and debt funding and 2026 EPS guidance unchanged.

A majority of SpaceX shareholders have approved a board-recommended 5-for-1 stock split, Bloomberg reported, in a move widely read as an IPO preparatory step for one of the world's most valuable private companies. The announcement follows Cerebras's blockbuster +70% IPO debut, intensifying investor anticipation for the SpaceX, OpenAI, and Anthropic public listings.

Greg Abel, Warren Buffett's successor at Berkshire Hathaway ($BRK.B), has invested approximately $2.8 billion in Delta Air Lines ($DAL) despite surging fuel costs pressuring the sector — a direct reversal of Buffett's 2020 pandemic-era exit from all airline positions. On the same day, Appaloosa Management disclosed it had sold its entire positions in Delta, American Airlines ($AAL), and United Airlines ($UAL).