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:
- Pershing Square Tontine (PSTH) said it agreed to acquire a 10% stake in Universal Music Group from Vivendi (VIVHY) for roughly $4B [more]
- Germany's Federal Cartel Office said it will examine Apple's (AAPL) "digital ecosystem" [more]
- CNH Industrial (CNHI) agreed to acquire Raven (RAVN) for $58 per share [more]
- Uber (UBER) agreed to buy the remaining 47% stake in grocery delivery start-up Cornershop [more]
- Steven Spielberg's Amblin Partners has formed a film partnership with Netflix (NFLX) [more]
2. WALL STREET CALLS:
- Raymond James initiated coverage of ZipRecruiter (ZIP) with a Strong Buy rating and $36 price target, while Evercore ISI rolled out coverage with an Outperform rating and $31 target [more]
- Arcturus Therapeutics (ARCT) downgraded to Underweight from Equal Weight at Barclays [more]
- Bernstein analyst Bob Brackett upgraded Pioneer Natural Resources (PXD), APA Corp. (APA), Kosmos Energy (KOS) and Devon Energy (DVN), all to Outperform from Market Perform, after raising his price deck up to $75 per barrel of Brent oil [more]
- BofA downgrades Range Resources (RRC) and CNX Resources (CNX) to Underperform on oil over gas preference [more]
- Figs (FIGS) initiated with an Outperform at Cowen, an Overweight at Piper Sandler, and a Buy at BofA, but started with an Equal Weight at Morgan Stanley [more]
3. AROUND THE WEB:
- Amazon (AMZN) is in focus as its annual Prime Day deals start today [more]
- In addition, Amazon is in talks to acquire up to a 20% stake in self-driving trucker Plus, Bloomberg reports [more]
- American Airlines (AAL) is cutting some flights to alleviate potential strains, WSJ says [more]
- GlaxoSmithKline (GSK) could unveil a dividend cut this week, Daily Mail reports [more]
- Lordstown Motors (RIDE) CEO Angela Strand said that the company is "evaluating strategic partners," Reuters says [more]
4. MOVERS:
- Torchlight Energy Resources (TRCH) soars after Metamaterial and the company agreed to extend the outside date by which the businesses must close their combination transaction to June 30 and after the stock was touted on Reddit's WallStreetBets as a possible short-squeeze target [more]
- Anavex Life Sciences (AVXL) gains after announcing data from its phase 2 trial of ANAVEX 2-73 in adult female patients with Rett syndrome [more]
- Lydall (LDL) surges after Clearlake Capital-backed Unifrax agreed to acquire the company for $62.10 per share [more]
- Ashford Hospitality (AHT) lower after filing to sell 40.1M shares for holders [more]
- Amarin (AMRN) declines after the Supreme Court declined to consider a bid made by Amarin to revive six patients on Vascepa, according to media reports [more]
5. EARNINGS:
- AMMO (POWW) lower after reaffirming 2021 revenue guidance [more]
- Everi Holdings (EVRI) gains after providing upbeat Q2 earnings guidance [more]
- Summit Midstream (SMLP) higher after raising fiscal 2021 adjusted EBITDA guide [more]
- RumbleON (RMBL) rises after providing Q2 revenue guidance [more]
- Coming this week are earnings from Nike (NKE), Accenture (ACN) and FedEx (FDX) [more]
INDEXES:
The Dow rose 586.89, or 1.76%, to 33,876.97, the Nasdaq gained 111.10, or 0.79%, to 14,141.48, and the S&P 500 advanced 58.34, or 1.4%, to 4,224.79.