Gap Inc. shares surge 7% after UBS upgrade, Alphabet surpasses Apple to become second-most valuable company

Gap Inc's shares rose 7% after an upgrade from UBS, citing the company's turnaround under CEO Richard Dickson. Constellation Brands' shares increased 4% despite declines in sales and operating income, while Alphabet surpassed Apple to become the world's second-most valuable company. Defense stocks gained as President Trump proposed raising the US military budget to $1.5 trillion by 2027. Santhera Pharmaceuticals' shares rose 7.4% after a licensing deal worth up to $205 million plus royalties for its Duchenne muscular dystrophy drug. Shell's shares fell 2.26% after the company issued an update to its fourth quarter outlook, flagging softer trading.