Get caught up quickly on the top news and calls moving stocks with these Top Fives, as compiled by the editors of The Fly.
1. STOCK NEWS:
- Eyes are on Apple (AAPL) as its Worldwide Developers Conference begins this week [more]
- The FDA approved Biogen's (BIIB) Alzheimer's drug, saying the benefits outweigh the risks [more]
- Blackstone (BX) agreed to acquire QTS Realty Trust (QTS) for $78 per share in cash [more]
- Vulcan Materials (VMC) will acquire U.S. Concrete (USCR) for $74 per share in cash [more]
- Moderna (MRNA) filed for authorization of its COVID-19 vaccine in adolescents in the EU and Canada [more]
2. WALL STREET CALLS:
- Piper Sandler upgrades Visa (V) to Overweight, citing "favorable" U.S. travel trends [more]
- Goldman Sachs double upgrades C.H. Robinson (CHRW), saying asset-based truckload sector fundamentals are "very robust right now" [more]
- Atlantic Equities initiates coverage of Etsy (ETSY) with an Overweight rating [more]
- Goldman downgrades Werner (WERN) to Sell, sees underperformance potential [more]
- Goldman downgrades ArcBest (ARCB) to Neutral and estimates earnings declines in 2022 [more]
3. AROUND THE WEB:
- Amazon (AMZN) founder Jeff Bezos said in an Instagram post that he will be traveling into outer space on July 20 [more]
- The SEC told Bloomberg it is scrutinizing markets for signs of manipulation as AMC (AMC), GameStop (GME), BlackBerry, and other "meme stocks" continue to move higher [more]
- Pershing Square's Bill Ackman said that an Empire Research report saying Pershing Square Tontine Holdings (PSTH) should be a $30-plus stock is "worth a read" [more]
- Samsung (SSNLF) is expected to see a non-memory chip sales increase in 2021, DigiTimes reports [more]
- Google (GOOGL) will pay $270M to settle an advertising practices case in France, WSJ says [more]
4. MOVERS:
- Magnite (MGNI) gains after Truist analyst Matthew Thornton upgraded the stock to Buy from Hold with an unchanged $37 price target and after its subsidiary SpotX partnered with IRIS.TV [more]
- ChromaDex (CDXC) rises after launching its product Tru Niagen in Walmart (WMT) [more]
- Macquarie Infrastructure (MIC) increases after signing a definitive agreement to sell its Atlantic Aviation business to KKR (KKR) for $4.48B in cash [more]
- Transocean (RIG) lower after agreeing with Sembcorp (SMBMF) Marine’s subsidiary, Jurong Shipyard, on the delayed delivery of the ultra-deepwater drillships Deepwater Atlas and Deepwater Titan [more]
- MoneyGram (MGI) declines after announcing $100M at-the-market equity offering program [more]
5. EARNINGS/GUIDANCE:
- G-III Apparel (GIII) rises after reporting upbeat Q1 earnings and revenue [more]
- Concrete Pumping (BBCP) gains after reporting better than expected preliminary Q2 revenue [more]
- Tyler Technologies (TYL) higher after raising its fiscal 2021 earnings guidance [more]
- Hurco Companies (HURC) falls after reporting Q2 results [more]
- Hywin Holdings (HYW) lower after reporting results [more]
INDEXES:
Near midday, the Dow was down 114.83, or 0.33%, to 34,641.56, the Nasdaq was up 22.14, or 0.16%, to 13,836.63, and the S&P 500 was down 9.33, or 0.22%, to 4,220.56.