Euro falls to a 17-month low as rumors of early elections in Spain increase concerns

October 5th - ** Bristol-Myers Squibb (BMY.N) shares fell 1.9% to $60 in pre-market trading ** ** Leerink Partners downgraded the pharmaceutical company's stock rating from “Outperform” to “Market Perform” and lowered its target price from $73 to $59 ** ** As of the previous trading session's close, BMY had risen 13.4% year to date; the new target price implies about 3.5% downside ** ** The brokerage highlighted uncertainty around three key projects for BMY and noted approaching patent expirations ** ** Leerink warned that the experimental pulmonary drug admilparant may disappoint in terms of efficacy and safety, citing possible liver issues and low blood pressure; it cut 2032 sales forecast by 38% ** ** They questioned whether experimental anticoagulant milvexian can rival Bristol-Myers Squibb’s Eliquis in preventing strokes in patients with atrial fibrillation, and lowered 2032 sales forecast by 25% ** ** Even if the antipsychotic drug Cobenfy is approved for treating Alzheimer’s-related psychosis, demand may still be limited by the availability of lower-priced generic antipsychotics ** ** EPS forecast for 2032 was cut by 11% to $4.96 (For non-native speakers’ convenience, Reuters automatically translates articles into multiple languages; Reuters makes no guarantee of accuracy due to possible automated translation errors or lack of context, and accepts no liability for any damages caused by use of the machine translation. The machine-translated text is provided solely for reader convenience.)

Reuters, October 5 – Freight forwarding company C.H. Robinson Worldwide (CHRW.O) announced on Monday that it will acquire RXO (RXO.N) in a stock-and-cash deal valued at $5.8 billions, aiming to strengthen its position in the North American truck brokerage sector. The merged logistics giant, which will have a combined market capitalization of $25 billions, will primarily integrate the technology-driven truck brokerage firm into C.H. Robinson's North American surface transportation business, a division that accounts for over two-thirds of its revenue. RXO also offers transportation management and last-mile delivery services. Its shares surged about 20% in premarket trading, while C.H. Robinson’s stock dropped nearly 12%. RXO shareholders will receive $17.25 in cash and 0.0856 shares of C.H. Robinson stock for each RXO share, valuing RXO at $30.25 per share, a 29% premium to its closing price last Friday. This transaction will expand C.H. Robinson’s “last mile” delivery coverage in the U.S. and help it win more large enterprise clients, solidifying its position in a highly competitive truck brokerage market. C.H. Robinson CEO Dave Bozeman said the deal will allow the company to “create a larger, more resilient North American third-party logistics provider.” After the transaction is completed, C.H. Robinson expects to achieve $300 millions in net operating cost synergies within two years and expects the deal to boost adjusted earnings per share within nine months. The deal is expected to close in the first half of 2027, at which point RXO shareholders will own 11% of the combined company. Morgan Stanley & Co. LLC is acting as financial advisor for C.H. Robinson, while Goldman Sachs & Co. LLC is advising RXO. RXO shares have outperformed the broader S&P 500 benchmark over the past year. (For the convenience of non-English speakers, Reuters offers its reports in several automated translations. Automated translations may be inaccurate or lack important context; Reuters does not guarantee their accuracy and makes them available solely for reader convenience. Reuters accepts no liability for any damage or loss arising from the use of automated translations.)

Critical Metals' US stock surged by 12% after the company received approval from Greenland for its mining and closure plans for the Tanbreez project.

Kuwait Petroleum Corporation (KPC) CEO: Kuwait's current oil production is about 75% of pre-war levels.