Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.
1. STOCK NEWS:
- Apple (AAPL) investors are reacting after Warren Buffett's Berkshire Hathaway (BRK.A) halved its stake in the tech giant [read more]
- The Information and other sources reported potential delays of the launch of Nvidia's (NVDA) next generation Blackwell AI chips due to issues with the design [read more]
- Snickers maker Mars is exploring an acquisition of Kellanova (K), according to media reports [read more]
- Tyson Foods (TSN) reported upbeat Q3 results and provided FY24 revenue guidance [read more]
- Thoughtworks (TWKS) agreed to be taken private by Apax Partners in a $1.75B transaction [read more]
2. WALL STREET CALLS:
- RBC upgrades Kellanova (K), says Mars takeover "makes so much sense" [read more]
- Five9 (FIVN) double upgraded to Buy at BofA with bear thesis having "run its course" [read more]
- Vertex Pharmaceuticals (VRTX) downgraded at Barclays, here's why [read more]
- RBC downgrades Moderna (MRNA) on "material" short-term headwinds [read more]
- Seaport downgrades six homebuilders, four to sell, citing cyclical risks [read more]
3. AROUND THE WEB:
- A death that occurred at Tesla's (TSLA) Gigafactory in Texas has fueled an investigation from the Occupational Safety and Health Administration, KVUE says [read more]
- JD.com (JD) founder and chair Richard Liu has been quietly leading the company from overseas, FT reports [read more]
- CrowdStrike (CRWD) says it isn't to blame for Delta's (DAL) meltdown following the tech outage caused by the company, WSJ says [read more]
- Meta Platforms (META) is in talks with celebrities, actors, and influencers for the right to incorporate their voices into a digital assistant product called MetaAI, NY Times reports [read more]
- Fannie Mae (FNMA) and Freddie Mac (FMCC) plan to impose stricter rules for commercial-property lenders and brokers, WSJ reports [read more]
4. MOVERS:
- Rocket Companies (RKT) gains after Keefe Bruyette upgraded the stock to Market Perform from Underperform [read more]
- AST SpaceMobile (ASTS) increases after the U.S. FCC granted an initial license for space-based operations in the United States [read more]
- Valley National (VLY) higher after Morgan Stanley upgraded the stock to Equal Weight from Underweight [read more]
- Core Scientific (CORZ) falls amid bitcoin pullback [read more]
- TeraWulf (WULF) lower after announcing it mined 195 bitcoin in July [read more]
5. EARNINGS/GUIDANCE:
- AMC Entertainment (AMC) reported Q2 results, with CEO Adam Aron commenting, "the quarter finished with incredible strength" [read more]
- Freshpet (FRPT) reported Q2 results and raised its guidance for FY24 [read more]
- Carlyle (CG) reported Q2 results with EPS missing consensus [read more]
- Sotera Health (SHC) reported Q2 results and provided guidance for FY24 [read more]
- Sonic Automotive (SAH) reported Q2 results, with CEO David Smith commenting, "I'm pleased to report that we continued to make great progress in our EchoPark Segment performance in Q2" [read more]
INDEXES:
Near midday, the Dow was down 860.19, or 2.16%, to 38,877.07, the Nasdaq was down 467.79, or 2.79%, to 16,308.38, and the S&P 500 was down 127.80, or 2.39%, to 5,218.76.
