Pheton stock soars after completing acquisition of iTonic Corporation

Investing.com-- The S&P 500 closed higher Friday after a relatively benign inflation report kept open the likelihood that the Federal Reserve will cut interest rates next week.

At 4:00 p.m. ET (21:00 GMT), the Dow Jones Industrial Average gained 104 points, or 0.2%, the S&P 500 index gained 0.2%, and the NASDAQ Composite rose 0.3%.

PCE inflation gauge in spotlight

The Fed’s preferred inflation measure, the Personal Consumption Expenditures Price Index (PCE), indicated that inflation remained under control, suggesting that the U.S. central bank can cut interest rates next week to support the slowing economy.

Excluding food and energy, the underlying, or "core," PCE price index fell to 2.8% in the 12 months to September, below the expected 2.9%, and 0.2% month-on-month.

The importance of price stability, the second element of the Fed’s dual mandate, has faded a little of late, but the Fed policymakers will be pleased to see the index falling, further emboldening rate-cut expectations.

Expectations of a 25-basis point reduction at the Federal Reserve’s December 9–10 meeting have been running hot on the back of recent weak labor data and broader signs of economic cooling.

Thursday’s weekly jobless claims plunged by 27,000 to a seasonally adjusted 191,000, the lowest level since September 2022, but economists cautioned that distortions tied to the Thanksgiving holiday may have exaggerated the decline.

Elsewhere, a private-sector payroll report from ADP on Wednesday showed a decline of 32,000 jobs -- the largest drop in over two and a half years, and a report by Challenger, Gray & Christmas stated that announced job cuts dropped sharply in November but hiring intentions remained weak.

Netflix agrees to buy Warner Bros Discovery

In the corporate sector, Netflix (NASDAQ:NFLX) has agreed to acquire Warner Bros Discovery (NASDAQ:WBD) in a cash and stock transaction valued at $27.75 per share, with a total enterprise value of approximately $82.7 billion.

The deal, announced on Friday, follows a weeks-long bidding war where Netflix outbid Paramount Skydance’s (NASDAQ:{{8171’s|PSKY}}) nearly $24-a-share offer with its nearly $28-a-share proposal.

Should the transaction be finalized, it would transform Netflix into a media powerhouse with control over one of the most valuable content libraries in the entertainment industry.

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Elsewhere, Ulta Beauty (NASDAQ:ULTA) shares soared after the cosmetics retailer topped Wall Street estimates for its fiscal third quarter and raised its full-year outlook.

Victoria’s Secret (NYSE:VSCO) stock rose strongly after the lingerie retailer reported better-than-expected third quarter results, raising its full-year outlook as its turnaround strategy shows signs of success.

On the flip side, Hewlett Packard Enterprise (NYSE:HPE) stock slumped after the cloud services and hardware company missed analysts’ revenue expectations for the fourth quarter, posting $9.68 billion versus a consensus estimate of $9.94 billion.

On the geopolitical front, Treasury Secretary Bessent provided a positive update on U.S.-China trade relations, saying that implementation of the agreement between Chinese President Xi Jinping and U.S. Donald Trump is "going well".

Peter Nurse, Ayushman Ojha contributed to this article

SMJ International Holdings Inc. (NYSE American: SMJF) completed its initial public offering, raising $10.8 million in gross proceeds before fees and expenses, according to a company statement.

The Singapore-based flooring distributor sold 2,500,000 Class A ordinary shares at $4.00 per share, generating $10 million in initial gross proceeds. The underwriter exercised a portion of its over-allotment option, purchasing an additional 205,000 shares and bringing total gross proceeds to $10.82 million.

The company’s shares began trading on the NYSE American on December 4, 2025, under ticker symbol "SMJF." US Tiger Securities, Inc. served as the sole bookrunner for the offering.

SMJ distributes premium flooring products including carpet tiles, broadloom carpets and vinyl tiles under its proprietary "SMJ" brand across Singapore and more than 20 countries, primarily in Asia. The company also supplies environmentally certified flooring products to support sustainable building practices.

The offering was conducted under a Form F-1 registration statement that became effective on November 24, 2025. The underwriter retains a 45-day option to purchase up to 375,000 additional shares to cover over-allotments, of which 170,000 shares remain available for purchase.

The Crone Law Group, P.C. acted as U.S. legal counsel to SMJ, while Winston and Strawn LLP represented the underwriter in the transaction.

Investing.com -- Kymera Therapeutics Inc (NASDAQ:KYMR) stock gained 5.1% in after-hours trading on Friday as investors positioned ahead of upcoming clinical trial results for the company’s oral STAT6 degrader treatment.

The clinical-stage biopharmaceutical company will announce results from the BroADen Phase 1b clinical trial of KT-621 in patients with moderate to severe atopic dermatitis on Monday, December 8, 2025. The company will issue a press release at 7:00 a.m. ET followed by a video conference call.

KT-621 is described as a first-in-class, once-daily oral degrader of STAT6, the transcription factor responsible for IL-4/IL-13 signaling and Type 2 inflammation. The drug previously demonstrated complete STAT6 degradation in blood and skin following low daily oral doses in Phase 1 trials with healthy volunteers, along with a safety profile similar to placebo.

The company is simultaneously advancing its KT-621 BROADEN2 Phase 2b trial in moderate to severe atopic dermatitis patients, with data expected by mid-2027. Kymera also plans to begin a BREADTH Phase 2b trial in asthma in the first quarter of 2026.

Kymera is positioning KT-621 as a potential treatment for more than 130 million patients worldwide suffering from Type 2 inflammatory diseases, including atopic dermatitis, asthma, and several other conditions.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Regentis Biomaterials Ltd. (NYSE American: RGNT) completed its initial public offering of 1,250,000 ordinary shares at $8.00 per share, generating gross proceeds of $10 million before underwriting discounts and expenses, according to a company statement.

The Israel-based regenerative medicine company’s shares began trading on the NYSE American on December 4, 2025, under the ticker symbol "RGNT." The company also granted underwriters a 45-day option to purchase up to 187,500 additional shares to cover over-allotments.

Regentis plans to use the net proceeds primarily for development activities, including completion of its pivotal trial and preparation of a PMA submission for GelrinC, its lead product candidate. The funds will also support corporate purposes including debt repayment and deferred compensation payments.

ThinkEquity served as the sole book-running manager for the offering. The company’s registration statement on Form F-1 became effective with the Securities and Exchange Commission on November 12, 2025.

Regentis develops tissue repair solutions using its Gelrin platform based on degradable hydrogel implants. GelrinC is designed as a cell-free, off-the-shelf hydrogel treatment for painful articular knee cartilage injuries. The product received CE mark approval in Europe and the company plans to begin commercialization efforts there while pursuing FDA approval in the United States.