Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.
1. STOCK NEWS:
- Dell Technologies (DELL) will reduce its workforce by 5% [more]
- Public Storage (PSA) proposed to acquire Life Storage (LSI) in an all-stock transaction [more]
- Newmont (NEM) submitted a proposal to acquire Newcrest Mining (NCMGY) [more]
- Tyson Foods (TSN) reported downbeat Q1 results [more]
- ON Semiconductor (ON) reported better-than-expected Q4 results and announced a $3B stock buyback [more]
2. WALL STREET CALLS:
- T-Mobile (TMUS) downgraded at MoffettNathanson amid "great deceleration" [more]
- PayPal (PYPL) downgraded to Market Perform from Outperform at Raymond James [more]
- Spotify (SPOT) upgraded to Overweight from Equal Weight at Wells Fargo [more]
- IBM (IBM) downgraded to Hold from Buy at Edward Jones [more]
- KeyBanc upgraded Splunk (SPLK) to Overweight [more]
3. AROUND THE WEB:
- Danaher (DHR) has expressed takeover interest in Catalent (CTLT), Bloomberg reports [more]
- The U.S. is planning a 200% tariff on Russian aluminum, Bloomberg says [more]
- Chevron (CVX) is looking to seal an energy exploration deal with Algeria, WSJ reports [more]
- AbbVie (ABBV) is looking for a next hit drug after competitors target Humira, WSJ says [more]
- Microsoft (MSFT) expects the U.K.'s CMA to oppose Activision (ATVI) deal, NY Times reports [more]
4. MOVERS:
- TJX (TJX) rises after JPMorgan raised its price target on the stock [more]
- Faraday Future (FFIE) higher after announcing $135M in convertible notes [more]
- Riot Blockchain (RIOT) declines after reporting 740 BTC produced in January [more]
- Canoo (GOEV) falls after announcing a $52.5M direct offering [more]
- Nordstrom (JWN) lower, giving back some of Friday's gains, tells Fox it is open to Ryan Cohen’s views [more]
5. EARNINGS/GUIDANCE:
- Cummins (CMI) reported mixed Q4 results [more]
- Energizer (ENR) reported downbeat Q1 results [more]
- Timken (TKR) reported better-than-expected Q4 earnings [more]
- Children's Place (PLCE) cut its Q4 earnings and revenue guidance [more]
- RH (RH) sees FY22 revenue growth at the low end of its prior outlook [more]
INDEXES:
Near midday, the Dow was down 92.69, or 0.27%, to 33,833.32, the Nasdaq was down 91.72, or 0.76%, to 11,915.23, and the S&P 500 was down 25.74, or 0.62%, to 4,110.74.
