-SK Hynix ADRs rose. SK Hynix Inc. unveiled plans to buy back 40 trillion won ($29 billion) of shares and return more profits to investors, moving to stabilize its shares after they fell more than 50% in two months. The memory chipmaker said it will buy back as many as 24 million shares between Aug. 20 and Nov. 19 and cancel them, according to a regulatory filing Wednesday. It also raised its shareholder return pledge to more than 50% of cumulative free cash flow from 2025 to 2027, equivalent to about $170 billion, according to Bloomberg calculations.
-Moderna (MRNA) shares rise. A personalized vaccine developed by Moderna Inc. and Merck & Co. helped reduce the recurrence of melanoma in a large, late-stage trial. The trial met its main goal of showing that the vaccine, combined with Merck’s immune drug Keytruda, reduced melanoma recurrences more than the immunotherapy alone. The companies will discuss filing for approval with regulators and will present the data at an upcoming medical meeting, with Moderna Chief Executive Officer Stéphane Bancel saying the product could be approved as soon as 2027.
-Estee Lauder (EL) shares jumped after its results beat estimates and ended a run of three straight declines in annual revenue. The company reported revenue of $3.6 billion in its fiscal fourth quarter and organic sales growth accelerated to 5%. The company reaffirmed guidance for organic net sales growth of 3% to 5% in its current fiscal year, and raised guidance on its adjusted operating margin.
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