On this episode of Stock Movers:
- Apple (APPL) shares are moving on news that Chief Operating Officer Jeff Williams is retiring with the company's longtime No. 2, with Sabih Khan replacing him as COO. Williams will step down as COO this month and retire from the company later in the year, continuing to oversee the design team and manage health initiatives until his departure. Khan, a 30-year veteran of Apple, will report to Chief Executive Officer Tim Cook and likely add divisions like AppleCare to his existing operations, contending with challenges such as tariff costs and slowing iPhone growth.
- UnitedHealth Group (UNH) is lower this morning after the DOJ's criminal healthcare fraud unit intensified its investigation into the company's Medicare billing practices, focusing on how it leveraged doctors and nurses to boost government payments. The probe began at least a year ago and is now drawing fresh scrutiny as former employees speak with federal investigators. The Wall Street Journal reported that former UnitedHealth employees told investigators that the company encouraged the capture of certain lucrative diagnoses during patient assessments.
- Meta (META) shares are moving after it bought a minority stake in EssilorLuxottica SA, deepening the US tech giant's commitment to the smart glasses industry, according to people familiar with the matter. The deal aligns with Meta CEO Mark Zuckerberg's commitment to AI and gives Meta the advantage of having more detailed manufacturing knowledge and global distribution networks, fundamental to turning its smart glasses into mass-market products.

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On this episode of Stock Movers:
- Freeport-McMoRan (FCX) is higher this morning as President Trump announced a 50% tariff on copper imports, causing a record spike in New York futures and a drop in the global benchmark. The plan, announced in an apparently off-the-cuff comment to reporters, marks the latest twist in a tumultuous period for industrial commodities, as the US leader aims to encourage more mining and smelting at home. He’s already raised fees on steel and aluminum imports, while probes into flows of multiple other metals are in train.
- Starbucks (SBUX) is gaining after it received proposals from prospective investors in its China business, with most eyeing a controlling stake in the operation, said people familiar with the matter. The company may consider selling a larger holding based on valuation and other factors, although its preferred option was to sell a minority stake to a partner, the people said. Starbucks said it sees "significant long-term potential in China" and wants to "retain a meaningful stake in the business", according to a statement.
- Merck (MRK) shares are higher after it agreed to buy UK biotech Verona Pharma Plc for about $10 billion to offset the looming loss of exclusivity for its top-selling cancer drug. Shares of Verona Pharma (VRNA), for its part, are jumping on the news.
- T-Mobile (TMUS) is lower this morning after getting a downgrade from KeyBanc. KeyBanc Capital Markets cut it to underweight from sector weight, saying the telecom company’s stock underperformance is set to continue and that its “premium valuation is just too high.”

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On this episode of Stock Movers:
- WPP shares drop as much as 15%, to the lowest since 2009, after the advertising agency reduced its organic growth guidance for the year, citing continued macro uncertainty weighing on client spending. The profit warning came about a month after reports that WPP has lost Mars’ $1.7 billion ad portfolio, reflecting continued struggles for the firm to revive growth. Peer Publicis drops 1.6%.
- Meta Plaforms Inc. bought a minority stake in the world’s largest eyewear manufacturer, EssilorLuxottica SA, deepening the US tech giant’s commitment to the fast-growing smart glasses industry, according to people familiar with the matter. Shares of EssilorLuxottica surged the most in three months in Paris, up by 5.5% The growing ties with Meta should be seen as a vote of confidence in the eyewear maker and the opportunity for the smart-glasses category, according to analysts at Bernstein.
- European drugmakers may be active in Wednesday trading after US President Donald Trump yesterday said his administration “will be announcing something very soon on pharmaceuticals.” While any tariffs could be around one year away, the tariffs could be set at “like 200%,” he said. Denmark's NovoNordisk is down 1%.

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