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:
- U.S. President Joe Biden and Vice President Kamala Harris announced support for a newly proposed $1.2T bipartisan infrastructure bill [more]
- eBay (EBAY) plans to sell an 80.01% stake in its Korean business to Esmart for $3B in cash proceeds [more]
- Clover Health (CLOV) is planning an expansion into 101 new markets [more]
- BuzzFeed plans to go public via a merger with 890 5th Avenue Partners (ENFA) [more]
- Microsoft (MSFT) unveiled Windows 11 with direct Teams and Xbox Game Pass integration [more]
2. WALL STREET CALLS:
- Piper downgrades Dollar Tree (DLTR) to Neutral on inability to pass on inflation pressures [more]
- Deutsche Bank upgrades GlaxoSmithKline (GSK) to Hold on "obviously improving" story [more]
- Deutsche upgrades MGM Resorts (MGM) to Buy on margin upside potential [more]
- Ericsson (ERIC) downgraded to Sell from Neutral at UBS [more]
- MoffettNathanson analyst Clay Griffin initiated coverage of Electronic Arts (EA) with a Neutral rating, Activision Blizzard (ATVI) with a Buy rating and Take-Two Interactive (TTWO) with a Buy rating [more]
3. AROUND THE WEB:
- Citi (C) has officially launched a crypto unit in its wealth management division, The Block reports [more]
- ChromaDex (CDXC) is "pure hype," JCapital Research says in short report [more]
- Volkswagen (VWAGY) has confirmed a potential bid for a majority stake in Europcar (EURMF), Bloomberg reports [more]
- AmerisourceBergen (ABC) and private equity groups are showing takeover interest in Parexel, Bloomberg says [more]
- Pfizer (PFE) halted distribution of Chantix last month, according to media reports [more]
4. MOVERS:
- Arcus (RCUS) rises after reporting its Phase 2 ARC-7 study showed “encouraging” clinical activity [more]
- Trade Desk (TTD), Criteo (CRTO), and LiveRamp (RAMP) gain after Google (GOOGL) delayed a plan to phase out third-party cookies [more]
- Eli Lilly (LLY) advances after receiving breakthrough therapy designation for its Alzheimer's drug from the FDA [more]
- Talos Energy (TALO) declines after announcing a 5M share secondary offering priced at $17.50 [more]
- Beyond Meat (BYND) falls after JPMorgan analyst said Dunkin’ Donuts recently discontinued its breakfast sandwich offering that featured Beyond Meat’s Beyond Sausage [more]
5. EARNINGS:
- Accenture (ACN) rises after "beat and raise" report [more]
- Rite Aid (RAD) slips after providing downbeat FY22 earnings guidance [more]
- KB Home (KBH) falls after reporting lower than expected Q2 revenue [more]
- Carnival (CCL) lower after guiding for another quarter of net loss [more]
- Darden (DRI) higher after reporting upbeat Q4 results [more]
INDEXES:
The Dow rose 322.58, or 0.95%, to 34,196.82, the Nasdaq gained 97.98, or 0.69%, to 14,369.71, and the S&P 500 advanced 24.65, or 0.58%, to 4,266.49.