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:
- The U.S. Federal Reserve maintained its interest rate benchmark at 0%-0.25%, will continue to increase Treasury's holdings by $120B per month, while committee projections point to potential for rate hikes seen in 2023 [more]
- GM (GM) announced it will increase its EV and AV investments from 2020 through 2025 to $35B, while rival Ford (F) said its Lincoln brand will electrify its entire vehicle portfolio by 2030 [more]
- Elanco (ELAN) will acquire Kindred Biosciences (KIN) for $9.25 per share [more]
- Platinum Equity will acquire McGraw Hill from funds managed by Apollo Global (APO) affiliates [more]
- Viavi (VIAV) submitted a proposal to acquire Exfo (EXFO) at $7.50 per share, but chairman Lamonde says he will not support Viavi proposal [more]
2. WALL STREET CALLS:
- Dish (DISH) upgraded to Buy from Hold at Pivotal Research [more]
- Wolfe upgrades "Big 3" cruise stocks Carnival (CCL), Royal Caribbean (RCL) and Norwegian Cruise Line (NCLH) on improving booking momentum [more]
- BioNTech (BNTX) downgraded to Sell from Neutral at Redburn [more]
- Maxar Technologies (MAXR) initiated with a Buy rating and $52 price target at Goldman Sachs [more]
- Jefferies adds Amazon (AMZN) to Franchise Picks list on "discount" valuation despite a fundamental outlook that is "arguably better than ever" [more]
3. AROUND THE WEB:
- Workhorse (WKHS) intends to challenge the U.S. Postal Service's decision to award a 10-year contract to Oshkosh (OSK), Reuters says [more]
- CVS (CVS) inadvertently leaked 1B website records, Forbes reports [more]
- Southwest (LUV) flights were canceled or delayed following technical issues, WSJ reports [more]
- The European Medicines Agency told Reuters that J&J (JNJ) is expected to miss its Q2 COVID-19 vaccine supply target to the EU [more]
- Facebook (FB) will start rolling out its podcast product on June 22, The Verge says [more]
4. MOVERS:
- Sunrun (RUN) rises after Morgan Stanley analyst Stephen Byrd raised the firm’s price target on the stock to $91 from $86 and kept an Overweight rating [more]
- MannKind (MNKD) gains after United Therapeutics (UTHR) and the company announced the FDA accepted for priority review of the New Drug Application for Tyvaso DPI [more]
- 1847 Goedeker (GOED) higher after reporting "record" revenue for the month of May [more]
- TAL Education Group (TAL) lower after Morgan Stanley analyst Sheng Zhong downgraded the stock to Underweight from Overweight with a price target of $21.50, down from $75 [more]
- Roblox (RBLX) slips after reporting a month-over-month decline in daily active users [more]
5. EARNINGS:
- Oracle (ORCL) falls after reporting Q4 results [more]
- La-Z-Boy (LZB) declines after guiding for negative impacts to profit margins [more]
- Freshpet (FRPT) lower after reaffirming its fiscal 2021 sales guidance [more]
- Nucor (NUE) down after providing Q2 earnings guidance [more]
- Centene (CNC) gains after providing fiscal 2022 revenue guidance [more]
INDEXES:
The Dow fell 265.66, or 0.77%, to 34,033.67, the Nasdaq lost 33.17, or 0.24%, to 14,039.68, and the S&P 500 declined 22.89, or 0.54%, to 4,223.70.