After Hours Summary: PRGS +4.2% nicely higher on earnings; MTN -2.6% and JEF -1.8% head lower on earnings
After Hours Gainers:
Companies trading higher in after hours in reaction to earnings/guidance: PRGS +4.2%,
Companies trading higher in after hours in reaction to news: GNSS +14.7% ($9 mln order from US Army), ANAB +11.7% (Board approves plans to explore separation into two publicly traded companies), UIS +2.2% (closes agreements with F&G Annuities & Life), KURA +1.5% (first patient dosed in Phase 3 Trial), RKLB +1.3% (10-launch deal with Synspective), BKV +1.2% (closes acquisition of Bedrock Energy Partners' Barnett Shale Assets), MTSR +1% (reports Phase 2b results), OVV +1% (renews share buy-back program), NVCR +0.7% (to present results from Phase 3 trial), ABVX +0.4% (acceptance of late-breaking abstract from Phase 3 induction trials), RTX +0.4% (awarded $5.04 bln Army contract; also $127 modification to MDA contract), LUMN +0.3% (enhances capital structure), NB +0.3% (enters placement agency agreement with Maxim Group), LHX +0.3% (awarded $939.6 mln Navy contract), SOC +0.2% (submits request for approval of restart plans), SPNT +0.1% (to sell AmadaCare to Ambac (AMBC)),
After Hours Losers:
Companies trading lower in after hours in reaction to earnings/guidance: MTN -2.6%, JEF -1.8%,
Companies trading lower in after hours in reaction to news: FLY -12.6% (reports that the booster stage for its Alpha rocket was destroyed during testing mishap, according to Reuters), BTBT -8.4% (convertible notes offering), UUUU -6.8% (convertible notes offering), ATAI -2.6% (mixed securities shelf offering; also stock offering by selling shareholders), CNP -1.9% (10-yr $65 bln investment plan; raises EPS guidance), AMBC -0.9% (to acquire ArmadaCare), SITC -0.5% (sale of Edgewater Towne Center for $53.5 mln), ETSY -0.2% (to transfer listing to NYSE), V -0.1% (elects Bill Ready, CEO of Pinterest (PINS) to its board),
Boeing Has Started Working on a 737 MAX Replacement
While CEO Kelly Ortberg has focused on addressing quality issues and financial concerns, a new narrow-body plane is in development
Boeing BA -1.89%decrease; red down pointing triangle is planning a new single-aisle airplane that would succeed the 737 MAX, according to people familiar with the matter, a long-term bid to recover business lost to rival Airbus during its series of safety and quality problems.
Earlier this year, Chief Executive Kelly Ortberg met with officials from Rolls-Royce Holdings RR -1.61%decrease; red down pointing triangle in the U.K., two of the people said, where they discussed a new engine for the aircraft. Ortberg appointed a new senior product chief in Boeing’s commercial plane business, whose prior role was developing a new type of aircraft.
Boeing has also been designing the flight deck of a new narrow-body aircraft, according to a person familiar with the plans.
This new aircraft is in early-stage development and plans are still taking shape, some of the people said.
Boeing’s plans represent a shift for the company, which had put some new aircraft development work on the back burner while it navigated multiple challenges. They are also a sign that the company is betting that a cutting-edge plane design could power its business for the next few decades.
Ortberg hasn’t publicly detailed any plans for a 737 successor. He has consistently said that fixing Boeing’s long-running quality and manufacturing problems, and shoring up its balance sheet, are his priorities.
At a recent investor conference, Ortberg said the company is looking to finish up various projects, which “will also free up a lot of capital for us to focus on what’s next.”
Boeing said in a statement that it remains focused on its recovery plan, including delivering on a backlog of roughly 6,000 commercial airplanes and certifying already-announced aircraft models.
“Our team evaluates the market, advances key technologies, and improves our financial performance, so that we will be ready when the time is right to move forward with a new product,” the company added.
Boeing’s aircraft-development programs have struggled in recent years. The 737 MAX entered commercial service in May 2017. Two deadly crashes involving the jets resulted in a global grounding of the fleet in 2019 and delayed two new variants. The company later dropped plans to build a new midsize aircraft that it had been trumpeting. It is years behind on a new upgrade for its 777.
The crashes and other safety problems dented customers’ confidence, spurred turnover in Boeing’s senior management and prompted regulatory crackdowns.
As Boeing struggled, rival Airbus didn’t sit still. The European aircraft manufacturer has grown to be the world’s biggest plane maker by total deliveries and order backlog.
Despite starting production roughly 20 years after its rival, Airbus deliveries of A320 narrow-body jets have caught up to Boeing’s deliveries of its 737s.
Airbus’s gains are bringing it billions of dollars to invest in its own next-generation narrow-body, an aircraft that it wants to deliver to customers in the late 2030s.
Boeing’s previous chief, Dave Calhoun, considered reviving the effort for a midsize aircraft to gradually replace the 737 family and discussed the idea with customers. Those grand plans took a back seat to more-pressing problems following a midair door-plug blowout that exposed persistent manufacturing problems and led to Calhoun’s departure in 2024.
Boeing has historically signaled development plans years in advance to entice airline customers, lock in commitments from suppliers and drum up interest from investors.
Ortberg, who has led Boeing for just over a year, has had an eye on Boeing’s next big play.
Building an all-new aircraft, known as a clean-sheet design, can take over a decade and cost tens of billions of dollars. Manufacturers typically look for at least a 15% jump in fuel efficiency when deciding whether to embark on a major plane program. That could come from new engine architecture, lighter materials or radical changes to the airframe.
In February, Ortberg traveled to Rolls-Royce’s factory in Derby, England, a roughly three-hour drive from London, where he met with the company’s CEO, Tufan Erginbilgic. The Boeing chief heard the company’s pitch to supply an engine for a new narrow-body aircraft.
“We actually hosted Boeing leadership in Derby to talk about narrow-body this year,” Erginbilgic said, according to a transcript of a September investor event viewed by The Wall Street Journal. “That should give you a sense where the conversations are.”
Rolls-Royce, which began testing a prototype of its newest engine in 2023, doesn’t yet have a customer for the technology. The new engine could offer a 10% jump in fuel efficiency compared with engines on Airbus’s A320neo and up to 20% when combined with other upgrades to a new airframe, the Rolls-Royce CEO said at the investor presentation.
In a separate media event, Erginbilgic said the company would need a partner to help manufacture the engines and could begin deliveries as soon as 2035, a faster timeline than what Airbus is planning for its next narrow-body plane.
Any deal with Rolls-Royce would mark a major change for Boeing, which for about 40 years has used engines from CFM International—a joint venture between GE Aerospace and Safran—to power its 737 narrow-body planes. The first 737 aircraft made its debut in the 1960s.
In April, Boeing shifted the focus of a project with the National Aeronautics and Space Administration aimed at developing a radical new and greener aircraft, known as X-66. Instead, the company has retooled that effort to design a lighter and more aerodynamic wing for a new aircraft.
The next month, Ortberg promoted Brian Yutko, boss of its flying-taxi subsidiary Wisk Aero, to a role leading product development within the company’s commercial division. The role would include overseeing any successor to the 737 family of planes.
Boeing executives have said that Wisk technologies would be essential to designing future cockpit avionics, including Boeing’s next airplane.
Ortberg has worked to convince customers and the public that Boeing can overcome its challenges. That has been reflected in comments from airlines, including the discount carrier Ryanair, one of Boeing’s biggest customers and at times, a staunch critic.
Boeing is “doing a really good job at the moment, the aircraft are coming early, quality is excellent,” Ryanair CEO Michael O’Leary said at a press conference in August. He said Ryanair had started recalling engineers it had based at Boeing’s factories to oversee the plane maker’s work.
The Federal Aviation Administration, which will have to approve Boeing’s new plane, is loosening its grip over the company’s aircraft deliveries and production. Regulators expressed tentative satisfaction with the plane maker’s efforts to improve its manufacturing quality.
The company still has major near-term hurdles to clear. Two new 737 MAX models have yet to be certified. Boeing is roughly six years behind schedule in bringing an upgraded 777X, a long-distance aircraft, to market.
Zijin Gold Soars in Hong Kong Debut, Hits Nearly $40 Billion Valuation
Shares jumped 65% early Tuesday to 118.00 Hong Kong dollars
Zijin Gold International’s shares surged in their Hong Kong trading debut, marking the city’s second-largest initial public offering so far this year.
Its shares jumped 65% early Tuesday to 118.00 Hong Kong dollars, giving the company a market capitalization of HK$309.16 billion, equivalent to US$39.72 billion.
The gold-mining arm of China’s Zijin Mining 601899 1.40%increase; green up pointing triangle, the world’s third-largest metals miner by value, raised $3.21 billion in the deal, having raised HK$24.98 billion by selling 349 million shares at HK$71.59 each.
The listing came against a backdrop of record-high gold prices, supported by safe-haven demand amid market volatility and strong central-bank buying.
Spot gold has gained 47% so far this year to US$3846.38 a troy ounce.
Investor appetite for Hong Kong offerings has also been robust, boosting the city’s IPO market and making it the world’s top listing venue so far in 2025.
Zijin Gold’s IPO is second in size only to Chinese battery giant Contemporary Amperex Technology’s nearly US$4.6 billion listing in May.
The company consolidates the overseas gold assets of state-backed Zijin Mining Group, which has said the spinoff is aimed at building a leading publicly listed international gold company while enhancing its own valuation.
Jefferies analysts called the spinoff a landmark move for Zijin Mining, saying it fuels growth potential with limited dilution.
Zijin Gold reported revenue of US$2.99 billion last year, up 32%, while net profit more than doubled to US$481.4 million. It plans to use the net proceeds to fund its acquisition of the Raygorodok gold mine in Kazakhstan, as well as upgrades and construction projects at existing mines.
Jefferies analysts expect Zijin Gold’s overseas mines to deliver higher output in the second half of this year and in 2026, as newly acquired assets in Ghana and Kazakhstan are fully consolidated.
They added that firmer gold prices could provide additional upside for both Zijin Gold and its parent.
Trump slaps new tariffs on furniture imports as US widens blacklist of Chinese companies
Duties of up to 200% threaten Asian furniture exporters while Washington also expands ‘entity list’ in a move Beijing calls ‘malicious’
US President Donald Trump has declared his administration will start slapping steep tariffs on countries that export furniture to America, putting China in the crosshairs of his efforts to bring manufacturing back to his country again, even amid ongoing high-level efforts between Washington and Beijing aimed at resolving their trade differences.
In a separate move, Chinese companies and their subsidiaries will be targeted by an expansion to the reach of a US Commerce Department trade blacklist.
“In order to make North Carolina, which has completely lost its furniture business to China, and other Countries, GREAT again, I will be imposing substantial Tariffs on any Country that does not make its furniture in the United States. Details to follow!!! President DJT,” Trump vowed in one of a flurry of posts on Truth Social platform on Monday morning.
Trump’s tariff policy stems from his promises to help the furniture industry “return” to states like North Carolina, South Carolina and Michigan.
In August, Trump already suggested at a cabinet meeting that duties could reach 100 or even 200 per cent, while signalling that the measures would be implemented “pretty quickly”.
“That [furniture] business was stolen from us by others, not only China,” he said. “All of a sudden, you’re ordering furniture from China.”
China is the world’s largest furniture producer, with its output accounting for more than a quarter of the global share, and it is also the largest furniture exporter.
Popular with American families for its competitiveness in cost and diverse range of styles, Chinese furniture and wood products and those from other Asian countries have for years dominated the market, crowding out domestic manufacturers.
Trump spoke with his Chinese counterpart Xi Jinping on September 19 to discuss trade issues in a dialogue both sides described as constructive. Both also expressed hope for a trade agreement, as the world’s two largest economies have extended their tariff war ceasefire until November.
The call came after US and Chinese trade officials held their fourth round of talks in recent months in Madrid earlier this month.
In 2024, the US imported US$25.5 billion worth of furniture, up 7 per cent year on year and 60 per cent of the total came from Vietnam and China.
Data from the China National Furniture Association show total furniture exports were US$34.9 billion in the first half of 2025 and that the US remained the largest export destination with a share of US$8 billion despite tariffs.
Since 2018, Section 301 tariffs imposed during Trump’s first term have pushed import costs on Chinese furniture as high as 34 per cent.
America’s furniture-and-fixtures manufacturing sector employs about 269,000 workers and generated roughly US$104 billion in sales from March 2024 to March 2025, according to data provider IndustrySelect. The industry is notably concentrated in Southern states, which account for 33 per cent of all domestic manufacturers.
Trump’s renewed threat to impose tariffs on imported furniture could erode some of China’s exports while doing little to bring manufacturing back home as he promised, said an analyst.
“The measures are likely broad-based with the intention to reshore furniture manufacturing rather than directly target China,” said Lynn Song, chief economist for Greater China at ING.
“China’s furniture exports and production have already been under pressure this year after the US tariff hikes,” he added. “Given that the margins tend to be thin and these products are often competing on the low price segment of the market, further tariff hikes will worsen the competition.”
But he said such reshoring back to the US would be complex and take time.
As part of the latest tariff offensive, Trump announced last week a 50 per cent tariff on imported kitchen cabinets and bathroom vanities and a 30 per cent tariff on upholstered furniture, among others.
“The reason for this is the large scale “FLOODING” of these products into the United States by other outside Countries,” Trump said.
Meanwhile, the US Department of Commerce’s notice published on Monday said expanding an “entity list” to cover subsidiaries of companies already on the list aims to “address diversion concerns”, such as the formation of new foreign companies to evade restrictions.
Under the new rule effective on Tuesday, subsidiaries that are at least 50 per cent owned by one or more listed entities will also be automatically subject to the list’s restrictions. These companies and their subsidiaries will not have access to certain US items and advanced technologies without government authorisation.
While the shift under the Commerce Department’s notice is a broad move affecting global companies, it is likely to have a notable impact on those in China, given that Washington has targeted numerous China-based entities in recent times amid the intensifying tech rivalry between the two countries.
The “entity list” takes aim at companies and others deemed a risk to US national security or foreign policy interests.
In response, a spokesperson for China’s Ministry of Commerce called the latest move by the US Commerce Department a “malicious” act that infringes upon enterprises’ legitimate rights.
The spokesperson called the rule “yet another typical example of the US overstretching the concept of national security and abusing export controls”.
China will take necessary measures to safeguard the rights and interests of its companies, the spokesperson said.
Beijing’s embassy in Washington is yet to respond to a request for comment.
Closing Market Summary: Major averages close modestly higher as early mega-cap strength wanes
The stock market opened to decent gains across its mega-cap names on the heels of Friday's strong session, but a lack of follow-through buying activity saw the S&P 500 (+0.3%) and Nasdaq Composite (+0.5%) close beneath their session highs, though the DJIA (+0.2%) reversed an early loss.
The Vanguard Mega Cap Growth ETF finished with a modest 0.4% gain after holding a gain close to 1.0% early in the session, and the S&P 500 Equal Weighted Index (+0.3%) performed in line with the market-weighted S&P 500 (+0.3%).
The information technology sector (+0.5%) led all S&P 500 sectors for the majority of the session but ended up with a gain similar to that of the financials (+0.5%), consumer discretionary (+0.6%), and materials (+0.4%) sectors.
Chipmakers led the early rally, pushing the PHLX Semiconductor Index to an early 1.4% gain before retreating and closing just 0.2% above its baseline. NVIDIA (NVDA 181.88, +3.69, +2.07%) still closed with a nice gain, moving further past its 50-day moving average (176.74).
The sector also benefitted from strong performances from memory chip names such as Western Digital (WDC 116.74, +9.86, +9.23%) and Seagate Tech (STX 229.14, +11.63, +5.35%), which were among the top performers in the S&P 500 today.
In total, nine S&P 500 sectors closed in positive territory, though only the consumer discretionary sector (+0.6%) advanced more than 0.5%.
Breadth figures were razor thin for the entirety of today's action, reflecting a lack of conviction on the part of both buyers and sellers amid a relatively quiet day from a headlines perspective. Decliners outpaced advancers by a roughly 7-to-6 margin on the NYSE, while advancers held a 6-to-5 edge on the Nasdaq.
The energy sector (-1.9%) was the outlier in today's trade, moving sharply lower as crude oil futures settled the session $2.21 lower (-3.4%) at $63.48 per barrel following reports that OPEC+ will likely increase outputs in November.
The communication services sector (-0.5%) also closed lower due to weakness in Alphabet (GOOG 244.36, -2.82, -1.14%) and Meta Platforms (META 743.40, -0.35, -0.05%) as mega-cap strength waned throughout the session.
The sector was, however, home to one of the more exciting corporate headlines today, as Electronic Arts (EA 202.05, +8.70, +4.50%) announced the company will be taken private in an all-cash deal worth roughly $55 billion. Shareholders are set to receive $210 per share in cash, a 25% premium to EA's unaffected $168.32 close on Sept. 25.
Macro-headlines today were also relatively slim, with much of the focus centering around the looming government shutdown if a funding agreement is not reached.
Senator Majority Leader John Thune says the Senate will vote again tomorrow on a continuing resolution to fund the government for 7 weeks, with Reuters adding that Senate Democrats are weighing short-term funding measures to avert a shutdown ahead of the Tuesday deadline.
According to CNBC, a government shutdown would halt Labor Department operations, preventing the release of Friday's much-anticipated Employment Situation Report. With conflicting views around the appropriate monetary policy path, notable economic data releases take on added significance ahead of the October FOMC meeting.
The market's current rate cut expectations held steady amid a lack of data releases today, though Cleveland Fed President Beth Hammack (FOMC nonvoting member) told CNBC that the current environment is "a challenging time for monetary policy."
U.S. Treasuries began the week on a firmly higher note with longer tenors leading the market higher. The 2-year note yield settled down two basis points to 3.63%, and the 10-year note yield settled down five basis points to 4.14%.
- Nasdaq Composite: +17.0% YTD
- S&P 500: +13.3% YTD
- Russell 2000: +9.2% YTD
- DJIA: +8.9% YTD
- S&P Mid Cap 400: + 4.5% YTD
Reviewing today's data:
- Pending Home Sales were up 4.0% in August (consensus 0.4%) after decreasing a revised 0.3% (from -0.4%) in July.
Metsera reports positive Phase 2b results for first- and best-in-class ultra-long acting GLP-1 RA Candidate MET-097i, enabling rapid transition into Phase 3
NEW YORK, Sept. 29, 2025 (GLOBE NEWSWIRE) -- Metsera, Inc. (Nasdaq: MTSR), today announced positive topline data from VESPER-1 and positive data from a planned interim analysis for tolerability of VESPER-3 -- two Phase 2b trials of MET-097i, a first-in-class fully biased, ultra-long acting GLP-1 receptor agonist (RA) with potential for monthly dosing. In VESPER-1, MET-097i demonstrated mean placebo-subtracted weight loss of up to 14.1% after 28 weekly doses. MET-097i demonstrated potentially class-leading tolerability in both trials. At the highest evaluated dose in VESPER-3, there was minimal diarrhea signal and a risk difference from placebo of 13% nausea and 11% vomiting at 12 weeks after two titration steps.
President Trump's press conference with Israel Prime Minister Netanyahu: Netanyahu supports President Trump's proposal to end war in Gaza; President Trump calls on Hamas to accept the deal
- Netanyahu supports President Trump's proposal to end war in Gaza; says this is a critical step towards ending war in Gaza.
- Netanyahu says President Trump was the best friend Israel could have had.
- Netanyahu says if the international body succeeds, there will be a permanent end to war.
- Trump calls on Hamas to accept this proposal, which will end the war and get the hostages back.
- All parties will agree for Israeli forces to withdraw in phases.
- The proposal calls for the immediate release of hostages.
- Trump thanks Netanyahu for agreeing to the plan.
- Netanyahu spoke to Iran and others about ending the war in Gaza.
- Arab and Muslim nations strongly support the plan.
- If Hamas rejects the deal, Israel will be allowed to "finish the job" and the U.S. would back Israel 100%.
- He doesn't think Hamas will reject the deal.
- Former UK Prime Minister Tony Blair will be on the "Board of Peace," which is an international oversight body.
- Netanyahu was clear to opposition of a Palestinian state.
OpenAI’s New Sora Video Generator to Require Copyright Holders to Opt Out
Executives at the startup notified talent agencies and studios over the last week
- OpenAI plans to release a new Sora video generator that uses copyrighted material unless holders opt out.
- The new product will require copyright holders to explicitly request that their material not be included in Sora-generated videos.
- The video generator will not create images of recognizable public figures without their permission, unlike copyrighted characters.
OpenAI is planning to release a new version of its Sora video generator that creates videos featuring copyrighted material unless copyright holders opt out of having their work appear, according to people familiar with the matter.
OpenAI began alerting talent agencies and studios about the forthcoming product and its opt-out process over the last week and plans to release the new version in the coming days, the people said.
The new opt-out process means that movie studios and other intellectual property owners would have to explicitly ask OpenAI not to include their copyrighted material in videos Sora creates.
While copyrighted characters will require an opt-out, the new product won’t generate images of recognizable public figures without their permission, people familiar with OpenAI’s thinking said.
“Our general approach has been to treat likeness and copyright distinctly,” said Jason Kwon, chief strategy officer of OpenAI.
OpenAI declined to comment on any forthcoming products. People familiar with its policies said any new video generator would have similar copyright guardrails to ChatGPT’s image generator tool, which was released in April.
OpenAI has agreements with some studios to keep its tools from surfacing their copyrighted characters, upon their request, according to some of the people.
The Wall Street Journal’s parent company, News Corp, has a content deal with OpenAI.
OpenAI is competing for users with Google’s Veo 3 AI video generator and other tools that produce clips in a range of styles. Google recently connected Veo 3 to its popular YouTube platform, allowing users to incorporate the technology in short-form videos.