The latest Market Talks covering Equities. Published exclusively on Dow Jones Newswires throughout the day.

0830 ET - Affirm's latest quarterly results shows the company's growth isn't slowing down, JPMorgan says in a note. Before the report, the analysts were concerned that gross merchandise volume would come in short or just in line with Wall Street estimates. However, the metric was ahead of the analysts' expectations and supports their confidence in upside to volume estimates through the rest of the year. Affirm's guidance for revenue less transaction costs margins was also ahead of projections, which indicates GMV momentum will flow through to RLTC and profits, the analysts say. Affirm jumps 12% premarket. (katherine.hamilton@wsj.com)

0814 ET - On-the-go food retailer Greggs is likely to face pressure from changing dietary habits due to the accessibility and lower prices of weight-loss drugs, Jefferies analyst Andrew Wade writes. Jefferies also remains wary of the hot summer and the group's negative volume trajectory, Wade says. "The cornerstone of our more cautious stance on Greggs has been our view that weight-loss drugs have been impacting demand for the last two years," Wade writes. Jefferies has a hold rating on the stock and a 17.40 pound target price. Shares are up 0.5% at 18.56 pounds and are 10% higher over the year to date. (ian.walker@wsj.com)

0811 ET - Take-Two Interactive releases an extended look at Grand Theft Auto VI on Netflix, YouTube and the GTA VI website that features 26 minutes of gameplay. The preview reiterates the game's Nov. 19 launch date and should drive incremental pre-orders, JPMorgan analysts say in a research note. Looking forward, they expect marketing efforts to continue to ramp heading into GTA VI's release. They are also looking for timing updates around the release of GTA VI Online. "We believe a potential GTA VI Online launch into Holiday 2026 would likely support deeper engagement & monetization," they say. JPMorgan remains bullish on Take-Two shares, with the analysts saying the game's upcoming release presents a potential upside for bookings and adjusted EPS estimates over the coming years. Take-Two is up 2.6% premarket.(connor.hart@wsj.com)

0752 ET - Royal Bank of Canada's modest selloff post-3Q beat reflects a backdrop of "elevated expectations and very healthy valuation multiples," says Scotiabank's Mike Rizvanovic. In a report, the analyst notes core cash EPS of C$4.28 was ahead of his estimate of C$4.03 and consensus of C$4.07, driven largely by "a stronger top-line (+$0.13/sh) and lower expenses (+$0.14/sh), which drove a strong beat on PTPP[pre-tax, pre-provision] earnings (+$0.27/sh)." He says the positives were offset by "concerns on the bank's NIM [net interest margin] and NII [net interest income] trajectory that drove a miss in the Personal Banking Segment." (adriano.marchese@wsj.com)

0639 ET - Novo Nordisk has faced immense pricing and competitive pressures, but the share price has baked in more than its fair share of pessimism, AlphaValue analyst Abhishek Raval writes. Oral weight-loss options are likely to be the key vehicles of market expansion, and the Danish drug maker still maintains a massive lead with its Wegovy pill versus Eli Lilly's Foundayo, he says. Novo Nordisk's CagriSema, a next generation obesity/diabetes injection, is expected to launch in 2027, and potential game changer Zenagamtide, an obesity/diabetes drug in both pill and injection form, could launch in 2029. These should fortify Novo Nordisk's already dominant position in the coming years, Raval says. AlphaValue retains its buy rating on the stock and lifts its target price to 466 Danish kroner from 458 kroner. Shares rise 0.7% to 297.20 kroner. (dominic.chopping@wsj.com)

0638 ET - India's economy likely grew 7.5% on year in the April-June period, slowing from the 7.8% expansion in the previous quarter, according to the median estimate of eight economists polled by The Wall Street Journal. DBS's consolidated consumption gauge for India showed strengthening during the quarter, even as sentiment indicators pointed to a more cautious backdrop, while wealth effects remained muted amid subdued capital market performance. India's economy will likely continue to outperform most regional peers, underpinned by strong domestic fundamentals and continued momentum in both services and manufacturing activity, ING economists say. Exports have also been more resilient than expected during global trade headwinds, they add. GDP data is due Monday. (kimberley.kao@wsj.com)

0632 ET - Palm oil rose in Asian trade. Prices were likely supported by the overnight strength in rival oil prices, as well as a potential of short covering activities ahead of public holiday extended weekend, Kenanga Futures writes in a note. However, weak export demand and concerns over palm oil's reduced competitiveness against soybean oil may have capped the upside, it adds. The Bursa Malaysia Derivatives contract for November delivery was 74 ringgit higher at 4,890 ringgit a ton. (kimberley.kao@wsj.com)

0559 ET - Boliden's acquisition of Nexa Resources will significantly expand the group, creating a global zinc leader with a top three position in mining and smelting, Deustche Bank analyst Liam Fitzpatrick writes. Swedish miner Boliden has reached an agreement to purchase Votorantim's 65% stake in Nexa and has committed to a voluntary tender offer to purchase the remaining 35% of shares owned by minority shareholders. The deal will increase Boliden's consolidated Ebitda by over 35% and expand the number of operating assets from 12 to 20. The deal is expected to be immediately EPS accretive, reflecting Nexa's low multiple, Fitzpatrick adds. Deutsche Bank rates Boliden at hold with a 620 Swedish kronor target price. Shares rise 1.8% to 576.80 kronor. (dominic.chopping@wsj.com)

0535 ET - Nvidia's rack-scale AI systems are expected to generate more than $710 billion in output value in 2027 as demand for increasingly powerful AI infrastructure accelerates, according to TrendForce. The research firm says shipments of NVL72 racks, including GB300 and Vera Rubin platforms, are projected to rise more than 50% in 2027, while higher-priced VR200 systems take a larger share of deployments. TrendForce expects the combined output value of GB300, VR200 and VR300 systems to jump 214% from a year earlier, benefiting server manufacturers and power and cooling suppliers. TrendForce also says Nvidia and Google are expanding beyond chips into data-center infrastructure, using financing and capacity commitments to secure long-term demand for their proprietary AI hardware. (jie.yang@wsj.com)U.K. Treasury chief John Healey is planning to drop defense spending targets at his budget in October, according to a Financial Times report citing unnamed sources. "U.K. Defense Stocks Fall as Government Likely to Drop Spending Targets -- Market Talk," at 0804 GMT, incorrectly sourced the comments to Healey. The correct version follows: 0804 GMT - Shares in U.K. defense companies fall following a Financial Times report that Treasury chief John Healey would drop his defense-spending targets at the budget on Oct. 28. The FT said Healey would shelve his goal of raising U.K. defense spending to 3% of GDP by 2030, postponing tough military funding choices. Confirmation of this move would signal that Healey's tenure may not yield the increased backing for U.K. defense spending that many anticipated, Jefferies analysts say in a note. BAE Systems is down 1.4%, Babcock International falls 1.1% and Cohort is 1% lower. (anthony.orunagoriainoff@dowjones.com)

0409 ET - A recovery for Pernod Ricard is fading further over the horizon, Theodore Duval-Segard at Baader Europe writes in a note. The French spirits group saw its share price lose ground Thursday after the company posted a loss of momentum in fiscal 4Q sales and warned U.S. spirits weakness will cap its revenue growth over the years ahead. "Overall, the release does not materially change the thesis, but pushes the recovery further out," Duval-Segard says, noting a lack of clear signs of a rebound. Shares inch higher in Friday morning trading to 64.62 euros. (joshua.kirby@wsj.com; @joshualeokirby)

0404 ET - Shares in U.K. defense companies fall following a Financial Times report that Treasury chief John Healey would drop his defense-spending targets at the budget on Oct. 28. The FT said Healey would shelve his goal of raising U.K. defense spending to 3% of GDP by 2030, postponing tough military funding choices. Confirmation of this move would signal that Healey's tenure may not yield the increased backing for U.K. defense spending that many anticipated, Jefferies analysts say in a note. BAE Systems is down 1.4%, Babcock International falls 1.1% and Cohort is 1% lower. (anthony.orunagoriainoff@dowjones.com) Corrections & Amplifications

This article was corrected at 04:55 a.m. ET to clarify that U.K. Treasury chief John Healey is planning to drop defense spending targets at his budget in October, according to a Financial Times report citing unnamed sources. An earlier article incorrectly sourced the comments to Healey.