Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.
1. STOCK NEWS:
- FedEx (FDX) announced Q1 earnings before the closing bell, when its report was expected, and laid out cost savings plans, noting it expects to generate total cost savings of $2.2B-$2.7B in FY23 [more]
- Accenture (ACN) reported upbeat Q4 earnings, raised its quarterly dividend, approved an additional $3B share repurchase plan, and agreed to acquire Inspirage [more]
- Darden (DRI) reported downbeat Q1 revenue and reiterated its FY23 guidance [more]
- The SEC will allow payment for order flow deals, according to Bloomberg, sending shares of Robinhood (HOOD) and Virtu Financial (VIRT) higher [more]
- KB Home (KBH) reported reported upbeat Q3 earnings [more]
2. WALL STREET CALLS:
- Block (SQ) downgraded to Neutral from Buy at Mizuho [more]
- Novavax (NVAX) downgraded to Underweight from Neutral at JPMorgan [more]
- UBS upgrades Eli Lilly (LLY) to Buy, says most attractive in big pharma [more]
- Nike (NKE) initiated with an Outperform at RBC Capital [more]
- Evercore ISI and Scotiabank both upgraded Boston Properties (BXP) to Outperform [more]
3. AROUND THE WEB:
- Credit Suisse (CS) told Bloomberg that a report suggesting it may exit the U.S. market is "categorically false" [more]
- Activist Jana plans to push Freshpet (FRPT) to explore sale, WSJ reports [more]
- Elliott would like to see Pinterest (PINS) put up for sale, Barron's says [more]
- Deutsche Bank (DB) on track to reach top end of revenue guidance, Bloomberg reports [more]
- Cano Health (CANO) takeover deal being considered by Humana (HUM), others, WSJ reports [more]
4. MOVERS:
- Trip.com Group (TCOM) advances in New York after reporting quarterly results [more]
- Rio Tinto (RIO) rises in New York after entering an MoU with Shougang Group to explore steel decarbonization solutions [more]
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Merck (MRK) up after saying it was granted a favorable ruling in sitagliptin patent lawsuit against Viatris (VTRS) and confirming the approval of Lynparza in China [more]
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Luminar (LAZR) lower after Northland downgraded the stock to Market Perform [more]
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Alcoa (AA) falls after Wolfe Research downgraded the stock to Peer Perform [more]
5. EARNINGS/GUIDANCE:
- Lennar (LEN) reported upbeat Q3 earnings [more]
- H.B. Fuller (FUL) reported mixed Q3 results and narrowed FY22 EBITDA guidance [more]
- Sportsman's Warehouse (SPWH) provided FY25 targets [more]
- Upwork (UPWK) reiterated its Q3 earnings and revenue guidance [more]
- Steelcase (SCS) reported mixed Q2 results [more]
INDEXES:
The Dow fell 107.10, or 0.35%, to 30,076.68, the Nasdaq lost 153.39, or 1.37%, to 11,066.81, and the S&P 500 declined 31.94, or 0.84%, to 3,757.99.