Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.
1. STOCK NEWS:
- Oracle (ORCL) reported lower-than-expected headline Q1 results, with CEO Safra Catz saying she expects Cerner to "positively impact" revenue and earnings in the coming quarters [more]
- AppLovin (APP) will not submit a revised proposal to combine with Unity (U) [more]
- Eastman Chemical (EMN) reported downbeat preliminary Q3 adjusted earnings [more]
- Planet Labs (PL) reported upbeat Q2 results [more]
- Braze (BRZE) provided a "beat and raise" report for Q2 [more]
2. WALL STREET CALLS:
- Dow Inc. (DOW) downgraded to Hold from Buy at Jefferies [more]
- Oatly Group (OTLY) downgraded to Neutral from Outperform at Credit Suisse [more]
- Adobe (ADBE) was downgraded for a second day in a row ahead of the company's fiscal Q3 report later this week [more]
- Exane BNP Paribas initiated coverage of Micron (MU) with an Outperform rating and Western Digital (WDC) with an Underperform rating [more]
- Goldman Sachs double upgraded Wipro (WIT) to Buy from Sell while downgrading Infosys (INFY) to Sell from Buy and removing that stock from the firm's Conviction List [more]
3. AROUND THE WEB:
- Honda (HMC) is considering a separate listing for its electric motorcycle business, WSJ reports [more]
- Argo (ARGO) has relaunched a sale process after its Lloyd's syndicate sale, Inside P&C reports [more]
- Meta (META) is merging its business integrity and central integrity units, Axios reports [more]
- Bayer (BAYRY) has quietly started a search for a new CEO, Bloomberg reports [more]
- Uber (UBER) will pay $100M in New Jersey in a dispute over drivers' employment status, NY Times reports [more]
4. MOVERS:
- Akero Therapeutics (AKRO) higher after releasing data from its HARMONY Phase 2b study evaluating efruxifermin [more]
- VNET Group (VNET) rises in New York after announcing a non-binding acquisition proposal from its founder [more]
- Catalyst Pharmaceuticals (CPRX) gains after being named to join the S&P 600 [more]
- Relay Therapeutics (RLAY) falls after announcing an 11.3M share offering [more]
- Peloton (PTON) declines after announcing the resignation of co-founder John Foley as Executive Chair [more]
5. EARNINGS/GUIDANCE:
- Rent The Runway (RENT) reported upbeat Q2 results but cut its FY23 revenue guidance [more]
- Avantor (AVTR) provided downbeat Q3 revenue guidance [more]
- PayPal (PYPL) says EPS "looks to be coming in a bit stronger" than expected [more]
- Core & Main (CNM) provided a "beat and raise" report for Q2 [more]
- Viavi (VIAV) affirmed its Q1 earnings and revenue guidance [more]
INDEXES:
Near midday, the Dow was down 868.10, or 2.68%, to 31,513.24, the Nasdaq was down 480.77, or 3.92%, to 11,785.64, and the S&P 500 was down 125.81, or 3.06%, to 3,984.60.