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Oil remained sharply lower amid a diplomatic push by the US to end the war with Iran, though pared an earlier slide after Iranian media reported that a ceasefire is not viable at the moment.

Brent was trading near $100 a barrel after earlier shedding as much as 7%, while West Texas Intermediate was near $88. The US drafted a 15-point plan to help bring the conflict to a close, according to people familiar with the matter. The proposal was delivered to Iran via Pakistan.

Paychex shares rose about 4% in premarket trading on Wednesday after the company’s fiscal third-quarter results came in better than expected.

The company posted adjusted earnings of $1.71 per share on revenue of $1.81 billion for the period, while analysts polled by FactSet had pencilled in $1.67 in earnings per share and $1.78 billion in revenue.

Paychex also reaffirmed its earnings and revenue growth for the full year.

Merck & Co. agreed to buy Terns Pharmaceuticals Inc. for $6.7 billion, giving the multinational company access to a promising new leukemia treatment as it faces the patent expiration of its bestselling cancer drug.

Merck will pay $53 per share in cash for Terns, according to a statement, a 6% premium to its closing price on Tuesday. The boards of both companies have approved the transaction, which is expected to close in the second quarter. Merck will take a charge of about $5.8 billion, or approximately $2.35 per share, as a result.

Terns’ shares were trading 5.5% higher in premarket trading on Wednesday, while Merck’s shares rose less than 1%.

When Starbucks Corp. landed Brian Niccol, the star CEO who fixed Chipotle and Taco Bell, to turn around its fortunes, it triggered a frenzy on Wall Street. The stock popped 20% in a matter of minutes and racked up its biggest one-day gain ever as investors and analysts, one after another, gushed about the move: “dream hire”; “exceptional”; “hall of fame restaurant CEO.”

A year and a half later, the buzz is all but gone.

Niccol, who scored a pay package worth more than $100 million, has only managed to deliver tepid signs that his makeover of Starbucks is working; the stock rally, unlike at Chipotle, quickly stalled out; and even some of those uber bulls are starting to get anxious.

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