Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.
1. STOCK NEWS:
- Pfizer (PFE) amended its U.S. supply agreement for Paxlovid, launched a cost realignment program, and cut its earnings and revenue guidance for FY23 due to its COVID products [read more]
- Starboard Value has built a stake in News Corp. (NWSA) and plans to seek changes, WSJ reports [read more]
- Market tracker Counterpoint says Apple (AAPL) iPhone 15 off to disappointing start in China, Bloomberg reports [read more]
- Rite Aid (RAD) named Jeffrey Stein CEO and initiated a voluntary court-supervised bankruptcy process under Chapter 11 [read more]
- The EU has delayed approval of Novavax's (NVAX) revised COVID-19 vaccine, FT reports [read more]
2. WALL STREET CALLS:
3. AROUND THE WEB:
- Prothena (PRTA) has been speaking to advisors as it gets ready to explore strategic options that may include a sale or partnership, Bloomberg reports [read more]
- Activist investor Engine Capital said in its Q3 letter to investors that MRC Global (MRC) is "deeply undervalued" and is urging the company to consider exploring a sale, Bloomberg says [read more]
- The U.S. FTC remains focused on its appeal opposing Microsoft's (MSFT) $68.7B Activision (ATVI) acquisition and will "assess" the cloud gaming deal with Ubisoft (UBSFY), Reuters reports [read more]
- Volkswagen brand's (VWAGY) cost-cutting plan is running behind schedule, Reuters says [read more]
- Activist Trian targets insurer Allstate (ALL), Reuters reports [read more]
4. MOVERS:
- E2open (ETWO) rises after Bloomberg reported Elliott Investment Management is considering making a proposal to take the company private [read more]
- Consolidated Communications (CNSL) gains after announcing it will be acquired by Searchlight Capital Partners and British Columbia Investment in an all-cash transaction with a value of approximately $3.1B [read more]
- Indie Semiconductor (INDI) higher after providing guidance for Q3 [read more]
- Ambrx Biopharma (AMAM) falls after reporting safety and efficacy data from its Phase 1/2 APEX-01 trial [read more]
- FuelCell (FCEL) declines after filing to sell common stock [read more]
5. EARNINGS/GUIDANCE:
- Charles Schwab (SCHW) reported Q3 results, with CEO Bettinger commenting that in "a very challenging economic and geopolitical backdrop, investors continued turning to Schwab as a trusted partner and a wealth management leader" [read more]
- Vista Outdoor (VSTO) cut its FY24 outlook [read more]
- Alphatec (ATEC) provided guidance for Q3 and raised its FY23 revenue view [read more]
- CVS (CVS) reaffirmed its FY23 guidance [read more]
- New Fortress Energy (NFE) provided FY23 and FY24 adjusted EBITDA guidance [read more]
INDEXES:
The Dow rose 314.25, or 0.93%, to 33,984.54, the Nasdaq gained 160.75, or 1.20%, to 13,567.98, and the S&P 500 advanced 45.85, or 1.06%, to 4,373.63.
