BUSINESS

Micron shares rose more than 4% as memory stocks rebounded after last week's sell-off, with investors weighing Chinese competition against strong AI-related demand.

Disc Medicine shares rose sharply after the company reported positive Phase 3 results for bitopertin in erythropoietic protoporphyria, while seeking a renewed FDA review.

Cleveland-Cliffs shares rose nearly 8% after third-quarter adjusted earnings topped estimates, with the steelmaker forecasting stronger fourth-quarter EBITDA and more than $4 billion in 2027 EBITDA.

AXT shares rose more than 8% after an 11% fall, as investors rotated back into AI-related technology stocks despite the company releasing no market-sensitive news.

Applied Digital shares rose after two senior executives bought stock following a sharp decline, although investors remain focused on the company's debt, financing needs and volatile AI infrastructure market.

Sandisk shares rose more than 6% as memory stocks recovered from a sell-off linked to concerns about Chinese competition, while investors awaited the company's quarterly results.

Cleanaway shares rose 20.24% after EQT Infrastructure signed a binding agreement to acquire Australia's largest waste management company for about $6.7 billion, subject to approvals.

Challenger shares jumped nearly 20% after TAL Dai-ichi Life Australia proposed acquiring the annuities provider for about A$7.9 billion, subject to conditions and approvals.

Ingenia shares rose 7.07% as the board faced a deadline to assess Warburg Pincus's $5.25-per-security takeover proposal against its planned acquisition of Peet.

The ASX 200 rose 0.42% as banks, utilities and other defensive stocks outweighed technology losses, while Challenger rallied on Dai-ichi Life's takeover proposal.

Glencore has commenced secondary trading on the ASX through CHESS Depositary Instruments, seeking greater access to Australian institutional capital and a potential boost to its valuation.

The Australian Government has introduced legislation requiring east coast LNG exporters to reserve up to 20% of production for domestic buyers from July 2027, prompting industry concerns about investment and export commitments.

Simon and Kenneth Ip grew Breadtop from a struggling 1994 Melbourne cafe into a bakery franchise with more than 70 stores and products supplied to over 100 Coles supermarkets.

TAL Dai-ichi Life Australia has proposed acquiring the remaining stake in Challenger for A$7.94 billion, but the indicative offer still requires due diligence, regulatory clearance and board approval.

Apple retail staff have reportedly been told to discourage customers without preorders from seeking the iPhone Duo in stores, as production constraints drive delivery estimates into 2027.

The OECD says higher energy prices are fuelling renewed cost-of-living pressures, weakening purchasing power and threatening global growth despite resilient employment and low unemployment.

Bank of America expects Meta's third-quarter revenue to exceed forecasts as AI improves advertising performance, but a one-time $10 billion legal charge is set to hit earnings.

McDonald's will mark the Boo Buckets' 40th anniversary with five Disney villain designs, including Ursula, Scar and Maleficent, available with Happy Meals from 20 October.

Meta shares fell more than 2% as investors assessed rising artificial intelligence spending, broader technology market pressure and the outlook for the company's upcoming quarterly results.

Microsoft shares fell nearly 2% as concerns over inflation, AI infrastructure spending and the company's premium valuation outweighed recent analyst optimism about Azure and enterprise AI demand.

Hyatt shares have risen about 8% in two sessions as investors assess resilient luxury travel demand, positive analyst views and the hotel group's upcoming earnings report.

Alcoa shares rose more than 7% after the aluminium producer exceeded earnings expectations, reported strong cash flow and advanced its planned acquisition of South32 assets.

PayPay shares rose nearly 7% on Nasdaq, possibly aided by an options expiry, as investors await quarterly results and updates on growth, transactions and financial services.

Century Aluminum shares rose 5.6% after stronger-than-expected Alcoa earnings and historically low global aluminium inventories boosted sentiment towards US producers ahead of Century's quarterly results.

Karman Holdings shares rose more than 5% on Friday, extending a two-day rebound after reaching a 52-week low, despite the absence of new company-specific news.

Independent Bank Corp. reported third-quarter profit of $89.7 million, beating analyst forecasts as net interest income, margins and commercial lending improved from the previous quarter.

Bank of America customers reported problems with online banking and CashPro on Friday, but the bank had not confirmed an outage or explained the cause.

Apple's first foldable iPhone sold out within minutes of preorders opening, with delivery estimates extending to January 2027 amid strong demand, limited supply and reported production challenges.

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