Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.
1. STOCK NEWS:
- Disney (DIS) reported Q2 sales and earnings that missed expectations, though its Disney+ subscriber count rose more than expected [more]
- Tapestry (TPR) reported upbeat Q3 results, approved a new $1.5B stock buyback, and cut its FY22 earnings and revenue guidance [more]
- Beyond Meat (BYND) reported lower-than-expected quarterly results [more]
- Bumble (BMBL) reported upbeat Q1 earnings and revenue [more]
- Jay Powell was confirmed by the U.S. Senate for a second term as Federal Reserve chair [more]
2. WALL STREET CALLS:
- Ford (F) and General Motors (GM) were each downgraded to Underweight from Overweight at Wells Fargo [more]
- Coupa Software (COUP) downgraded to Sell from Buy at Goldman Sachs [more]
- Wolfe downgrades credit card issuers on 80% probability of recession [more]
- Zoom Video (ZM) downgraded to Neutral from Overweight at Piper Sandler [more]
- Warner Bros. Discovery (WBD) upgraded to Outperform from Market Perform at Cowen [more]
3. AROUND THE WEB:
- The SEC is probing Elon Musk's late disclosure of his Twitter (TWTR) stake, WSJ reports [more]
- Meanwhile, Twitter is freezing hiring and cutting costs ahead of the Musk buyout, Bloomberg reports [more]
- House panel investigating USPS plan to acquire gas-powered trucks, Washington Post reports [more]
- General Motors (GM) CEO Mary Barra believes the company can become a leader in electric vehicles, NY Times reports [more]
- Meta Platforms (FB) is set to make cutbacks in its Reality Labs division, Reuters reports [more]
4. MOVERS:
- Cullinan Oncology (CGEM) higher after announcing an agreement with Taiho Pharmaceutical through which Taiho will acquire Cullinan Pearl Corp. as well as co-develop and co-commercialize CLN-081/TAS6417 [more]
- Babylon (BBLN) gains after reporting quarterly results and raising its FY22 revenue view [more]
- Squarespace (SQSP) increases after reporting quarterly results, providing Q2 and FY22 revenue guidance, and authorizing a $200M share repurchase program [more]
- Fluence Energy (FLNC) declines after reporting quarterly results [more]
- ironSource (IS) lower in New York after reporting quarterly results and providing Q2 and 2022 guidance [more]
5. EARNINGS/GUIDANCE:
- Dutch Bros (BROS) reported upbeat Q1 revenue but provided lower-than-expected FY22 revenue guidance [more]
- WeWork (WE) reported downbeat Q1 revenue and narrowed its FY22 revenue guidance [more]
- Yeti (YETI) provided a "beat and raise" report for Q1 [more]
- Coupang (CPNG) reported upbeat Q1 earnings that prompted an upgrade at Citi [more]
- Tufin (TUFN) reported lower-than-expected Q1 results [more]
INDEXES:
The Dow fell 103.81, or 0.33%, to 31,730.30, the Nasdaq gained 6.73, or 0.059%, to 11,370.96, and the S&P 500 declined 5.10, or 0.13%, to 3,930.08.
