🚀 Hanesbrands, On Holding, Cardinal Health Lead Today’s Stock Market Frenzy

Wall Street's latest rollercoaster ride features some unlikely thrill-seekers—underwear wars, Swiss sneakers, and pharmaceutical logistics? Buckle up.

Hanesbrands: Stretching the Limits (of Investor Patience)

The apparel giant swings wildly as retail traders debate whether 'comfort waistbands' count as a growth sector. Meanwhile, executives quietly offload shares.

On Holding: The Sneaker Bubble That Won't Pop

Switzerland's answer to athletic footwear keeps defying gravity—because nothing says 'peak market' like $200 cloud-tread running shoes for hedge fund managers.

Cardinal Health: Prescribing Volatility

Healthcare distributors play musical chairs with Medicare contracts, because who needs stable fundamentals when you've got government reimbursement roulette?

Elsewhere: The usual suspects of algorithmic trading patterns masquerading as 'market activity.' Remember kids—it's not gambling when you call it 'portfolio allocation.'

Key Takeaways

• U.S. equities were up at midday, with the Nasdaq and S&P 500 both trading at record highs, as consumer inflation rose less than anticipated in July.
• A report that Gildan Activewear has made an nearly $5 billion bid for Hanesbrands sent shares of the undergarment maker soaring.
• Celanese warned about demand for the rest of the year.

U.S. equities gained at midday after the latest report on consumer inflation came in lower than expected, boosting hopes of a Federal Reserve rate cut. The Nasdaq and S&P 500 traded at record highs, and the Dow Jones Industrial Average was up as well.

Hanesbrands (HBI) shares skyrocketed on a report T-shirt Maker Gildan Activewear (GIL) has made a nearly $5 billion bid to buy the undergarment maker. Gildan shares slumped.

Shares of On Holding (ONON) jumped after the high-end sneaker maker backed by tennis great Roger Federer reported better-than-anticipated results and raised its outlook as its direct-to-consumer (DTC) sales grew.

A big increase in circulation of Circle Internet Group's (CRCL) USDC stablecoin boosted the cryptocurrency firm's adjusted earnings and revenue, sending shares higher.

Cardinal Health (CAH) shares slid when the healthcare provider missed revenue estimates and announced it was buying Solaris Health for $1.9 billion to expand its reach in urology.

Shares of BigBear.ai (BBAI) plunged after the artificial intelligence data analytics firm cut its revenue guidance and withdrew its profit outlook on concerns about changes in government contracts, especially by the Army.

Celanese (CE) shares dropped when the chemical manufacturer warned of soft demand for the rest of the year.

Oil and Gold futures fell. The yield on the 10-year Treasury note rose. The U.S. dollar was down versus the euro, pound, and yen. Prices for most major cryptocurrencies were higher.

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