FTC sues to block Cencora 3.5 billion dollar veterinary deal Regulators and thirteen states filed an antitrust lawsuit to stop MWI Animal Health from merging into Covetrus. The deal would unite the two largest distributors to control over half the market, threatening Cencora's planned 1.25 billion dollar cash payout.
Goldman Sachs says the S&P 500 will climb to 8,700 over the next year, about 15% higher, even though it expects company profit growth to drop from 36% to 11% Goldman Sachs, the first big Wall Street bank out with its 2027 forecast, expects the S&P 500 to reach 8,700 in the next 12 months. That's roughly 15% above where it trades today (about 7,535). The twist: Goldman also thinks US company profits will grow far more slowly next year, about 11% instead of this year's 36%. Its case is simple: the recent tech selloff made stocks cheap enough to keep rising anyway.
Microsoft's global outage hits day two: Outlook email, Teams and Copilot are still broken for many people worldwide Since Thursday afternoon, a Microsoft outage has left millions of people unable to reliably open Outlook email, schedule Teams meetings or use the Copilot AI assistant. Governments, hospitals and even a European stock exchange were hit. Microsoft says it wasn't a hack, and its stock is shrugging it off: down about 1% before the open.
Canada threatens Stellantis with lawsuit over factory sale Moving Jeep production to Illinois to avoid US tariffs seemed smart until Canada demanded its factory subsidies back. Ottawa served a 30 day legal ultimatum over the Brampton plant sale, demanding 220 million Canadian dollars from Stellantis.
Cisco just grew at its fastest pace in over 15 years thanks to AI, and the stock barely moved Cisco's sales jumped 24% to a record $18.5 billion last quarter, driven by big cloud companies buying its gear to wire up AI data centers. It also raised its forecast for the year. Yet the stock basically shrugged after hours, as the Nvidia turmoil keeps a lid on anything AI.
US budget deficit hits record $404 billion in October as spending climbs Washington spent $773 billion in October while collecting just $369 billion in taxes, pushing monthly debt interest to $115 billion. Flooding bond markets with fresh debt keeps borrowing yields above 5%, delaying cheaper mortgages and loans for Americans.
Bitcoin just fell below $70,000 for the first time since August, and Strategy's giant Bitcoin pile is now worth about $5.7B less than it paid Bitcoin dropped under $70,000 overnight and was trading around $68,700, its lowest price since mid-August. That's about 20% below its early-October peak. It also puts Strategy, the company that owns more Bitcoin than anyone, roughly 9% underwater on its 850,364 coins.
Gold just fell to its lowest price in over a year, wiping out its whole post-election rally Gold dropped about 3% on Thursday and touched $3,853 an ounce, its lowest price since October 2025. The reason: traders now expect the Fed to keep raising interest rates, and gold pays no interest, so it gets less attractive when rates climb. A week ago gold was having its best day since August. Now it's about 31% below January's record.
Tesla and SpaceX could announce a merger as soon as December, which would be the biggest deal in history at about $3.5 trillion Elon Musk's two biggest companies are making progress on talks to combine, and a deal could be announced as soon as next month, Bloomberg reports. Tesla rose 1.7% to $397.45 on the news. The twist: a merger could give Musk majority voting control over Tesla, something he has wanted for years.
Americans bought homes at the slowest pace since 2010 last month, as mortgage rates topped 7% US home sales just hit a 16-year low. Existing-home sales fell 5.5% in October to a 3.75 million yearly pace, the weakest since August 2010, as the average 30-year mortgage rate hit 7.33%. The wild part: prices still didn't fall, with the typical home selling for $416,700.