Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.
1. STOCK NEWS:
- The Biden administration is weighing tougher trading curbs on companies exporting their chipmaking equipment to China, Bloomberg reported, while presidential candidate Donald Trump told Bloomberg Businessweek that Taiwan should pay the U.S. for defense after having taken "about 100%" of America's semiconductor business [read more]
- Five Below (FIVE) CEO Joel Anderson stepped down as the company cut its Q2 earnings and revenue guidance [read more]
- Johnson & Johnson (JNJ) reported upbeat Q2 results, but cut its FY24 earnings guidance [read more]
- GitLab (GTLB) is exploring a sale, with Datadog (DDOG) among potential suitors, according to Reuters [read more]
- In its latest Beige Book, the Federal Reserve said the economy maintained a "slight to modest pace of growth" this reporting cycle [read more]
2. WALL STREET CALLS:
- Five Below (FIVE) was downgraded by no less than seven firms after the company announced a CEO change and cut its Q2 outlook [read more]
- UnitedHealth (UNH) upgraded to Buy from Hold at Jefferies [read more]
- Qualcomm (QCOM) downgraded to Hold on lack of catalyst at HSBC [read more]
- BofA and Jefferies started coverage of Axon (AXON) with Buy ratings [read more]
- Craig-Hallum upgraded MaxLinear (MXL) to Buy, but said the rating change is "not a call on the quarter" [read more]
3. AROUND THE WEB:
- YPF (YPF) is in talks with Energy Transfer (ET) to fund Argentina pipeline, Bloomberg reports [read more]
- LL Bean has been sued by Skechers USA (SKX), which accused the company of illegally copying its shoes, Reuters reports [read more]
- Disney (DIS) is releasing new features on its streaming services to increase the time customers spend on their screens, WSJ reports [read more]
- Sanofi's (SNY) consumer unit has drawn offers from Advent and PAI, Bloomberg says [read more]
- Cipher Mining (CIFR) is exploring a potential sale after receiving takeover interest, Bloomberg reports [read more]
4. MOVERS:
- Bloom Energy (BE) higher after entering a partnership with CoreWeave [read more]
- VF Corp. (VFC) gains after announcing EssilorLuxottica (ESLOY) has entered an agreement to acquire the Supreme brand from VF for $1.5B in cash [read more]
- Eli Lilly (LLY) and Novo Nordisk (NVO) slip after Roche Group's (RHHBY) Genentech announced results of a study of its own under-development weight loss pill [read more]
- Cassava Sciences (SAVA) falls after announcing CEO Remi Barbier has resigned [read more]
- 4D Molecular (FDMT) lower after announcing interim data from PRISM trial [read more]
5. EARNINGS/GUIDANCE:
- Synchrony (SYF) reported Q2 results and provided guidance for FY24 [read more]
- Aehr Test Systems (AEHR) reported Q4 results, with EPS and revenue beating consensus [read more]
- First Horizon (FHN) reported Q2 results, with CEO Bryan Jordan commenting, "We are pleased to report strong second quarter results" [read more]
- Prologis (PLD) reported Q2 results and narrowed its FY24 guidance [read more]
- Omnicom (OMC) reported Q2 results, with EPS and revenue beating consensus [read more]
INDEXES:
The Dow rose 243.60, or 0.59%, to 41,198.08, the Nasdaq lost 512.42, or 2.77%, to 17,996.92, and the S&P 500 declined 78.93, or 1.39%, to 5,588.27.
