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• Kohl’s (KSS) shares rose on the news that the company fired its chief executive officer after the board found he directed the company to do millions of dollars worth of business with someone he had a personal relationship with on “highly unusual terms.” The company said it is starting a search to find a permanent replacement following the departure of Ashley Buchanan and that Chairman Michael Bender would serve as interim CEO, according to a statement.
• Eli Lilly & Co.’s (LLY) shares dropped in morning trading after CVS Health Corp. announced a plan to drop its blockbuster weight-loss drug Zepbound, making rival Wegovy more widely available. The drugmaker also cut its full-year earnings outlook, citing research and development costs.
• Microsoft (MSFT) shares jumped after the company reported stronger-than-expected quarterly sales and profit growth, suggesting customer demand for cloud services has held steady despite a wave of tariffs and economic turbulence. Total revenue in the fiscal third quarter increased 13% to $70.1 billion, while adjusted profit was $3.46 a share, the company said in a statement Wednesday. Analysts on average estimated sales of $68.5 billion and adjusted per-share earnings of $3.21.
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