Get caught up quickly on the top news and calls moving stocks with these Top Fives, as compiled by the editors of The Fly.
1. STOCK NEWS:
- CAI International (CAI) agreed to be acquired by Mitsubishi HC Capital for $56 per share [more]
- Orphazyme (ORPH) received a complete response letter from the FDA following its review of the arimoclomol application [more]
- Athira Pharma (ATHA) CEO Leen Kawas was placed on temporary leave pending a review of actions stemming from research conducted while at Washington State University [more]
- Fox Corp. (FOXA) announced a $2B incremental stock repurchase plan [more]
- Sykes Enterprises (SYKE) agreed to be acquired by Sitel Group for $54 per share [more]
2. WALL STREET CALLS:
- Biogen (BIIB) upgraded to Overweight from Neutral at Piper Sandler [more]
- CuriosityStream (CURI) double-downgraded to Underperform at BofA on valuation [more]
- Wolfe Research upgrades Delta (DAL), Alaska Air (ALK) and United Airlines (UAL) on "pent-up demand scenario" [more]
- BofA ups Nvidia (NVDA) target to $900, sees data center sales tripling by 2025 [more]
- New Oriental Education (EDU) downgraded to Hold from Buy at HSBC [more]
3. AROUND THE WEB:
- eBay (EBAY) is set to sell its South Korea business to a local consortium for $3.1B, FT reports [more]
- A toy shortage is threatening the U.S. holiday sales season amid China shipping woes, NY Post says [more]
- Shell (RDS.A) is backing a roughly $56M project to create Europe's largest battery, NY Times says [more]
- The New York Times (NYT) and sports site The Athletic have ended their merger talks, The Information reports [more]
- Johnson & Johnson's (JNJ) COVID-19 vaccine is not turning out to be the game changer officials had hoped, NY Times reports [more]
4. MOVERS:
- Geron (GERN) rises after publishing data from the IMbark Phase 2 clinical trial [more]
- The GEO Group (GEO) gains after disclosing CEO George Zooley bought 166,600 shares of its common stock [more]
- DocuSign (DOCU) higher after Wedbush analyst Daniel Ives raised the firm’s price target on the stock to $290 and kept an Outperform rating on the shares [more]
- Ares Commercial (ACRE) lower after announcing a 6.5M share offering priced at $15.82 [more]
- Micron (MU) dips after Cleveland Research analyst Chandler Converse downgraded the stock to Neutral from Buy [more]
5. EARNINGS:
- Adobe (ADBE) gains after reporting better than expected Q2 results [more]
- Smith & Wesson Brands (SWBI) rises after upbeat quarterly report [more]
- Codexis (CDXS) higher after raising its FY21 revenue guidance [more]
- U.S. Steel (X) falls after guiding Q2 earnings [more]
- Dynagas LNG (DLNG) lower after reporting better than expected Q1 results [more]
INDEXES:
Near midday, the Dow was down 388.06, or 1.15%, to 33,435.39, the Nasdaq was down 110.58, or 0.78%, to 14,050.78, and the S&P 500 was down 39.21, or 0.93%, to 4,182.65.