All three major US stock indexes were in the red around midday Thursday, with the Nasdaq Composite leading the way down, trading below negative 1%, as President Donald Trump threatened a significant tariff on alcohol products coming from the EU in response to levies it imposed on US whiskey.
Trump said Thursday in a social media post that the US will impose a 200% tariff on all alcohol products coming from the EU if the European tariff on US whiskey is not rescinded.
In company news, Intel (INTC) appointed semiconductor industry veteran Lip-Bu Tan as its new chief executive, effective March 18. Tan, who previously served as CEO of Cadence Design Systems (CDNS), will succeed interim co-CEOs David Zinsner and Michelle Johnston Holthaus, Intel said in a statement late Wednesday. Shares of the company jumped the most in five years on Thursday following the announcement, Bloomberg reported. Intel shares were up nearly 15% around midday.
Adobe (ADBE) reported fiscal Q1 non-GAAP net income late Wednesday of $5.08 per diluted share, up from $4.48 a year earlier and above the consensus estimate of analysts polled by FactSet of $4.97. Fiscal Q1 revenue was $5.71 billion, up from $5.18 billion in the year-ago period and above the FactSet consensus of $5.66 billion. For fiscal Q2, the company projects non-GAAP EPS of $4.95 to $5.00 on revenue of $5.77 billion to $5.82 billion. Analysts are looking for $5.00 EPS on $5.8 billion in revenue. For fiscal 2025, Adobe projects non-GAAP EPS of $20.20 to $20.50 on revenue of $23.30 billion to $23.55 billion. Analysts are looking for $20.39 and $23.49 billion, respectively. Shares of the company were down about 13%.
State Street (STT) will continue to manage a 46 billion-franc ($52 billion) Swiss pension fund after legislators there rejected a bid to remove the company and reassert domestic control, according to media reports. State Street shares were down 1.3%.
Canadian Imperial Bank of Commerce (CM) said Thursday that Victor Dodig intends to retire as Chief executive and president, effective Oct. 31. The company has named Harry Culham as chief operating officer, effective April 1, and he will succeed Dodig as CEO and president, effective Nov. 1. CIBC shares were down 1.1%.
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