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:
- A coalition of 37 attorneys general filed an antitrust suit against Google (GOOGL), which the company calls "meritless" [more]
- Stellantis (STLA) will invest over EUR30B in electrification and software through 2025 [more]
- Beyond Meat (BYND) is lauching Beyond Chicken Tenders at restaurants nationwide [more]
- LendingClub (LC) CTO Bahman Koohestani will leave the company in September [more]
- IBM (IBM) has agreed to acquire BoxBoat Technologies [more]
2. WALL STREET CALLS:
- Goldman gets less bullish on Charles Schwab (SCHW) as meme stock craze cools off [more]
- Aerpio Pharmaceuticals (ARPO) upgraded to Buy from Neutral at H.C. Wainwright [more]
- RBC Capital analyst Mike Dahl downgraded D.R. Horton (DHI) to Sector Perform from Outperform and downgraded TRI Pointe Homes (TPH) to Underperform from Sector Perform [more]
- Franco-Nevada (FNV) and Freeport McMoRan (FCX) were both downgraded to Underweight at Barclays [more]
- Affirm (AFRM) app downloads increased meaningfully after Shopify (SHOP) launch, says Jefferies [more]
3. AROUND THE WEB:
- LinkDoc (LDOC) has shelved its plan for a U.S. IPO amid China's crackdown, Reuters reports [more]
- President Biden is planning an executive order targeting railroads and ocean shipping, WSJ says [more]
- Wells Fargo (WFC) is shutting down all personal lines of credit, CNBC reports [more]
- Samsung (SSNLF) may build a battery cell plant in the U.S. to support the production of electric vehicles, Reuters says [more]
- Visa (V) is partnering with Coinbase (COIN) and others to allow clients to spend cryptocurrency, Business Insider reports [more]
4. MOVERS:
- Concord Acquisition (CND) higher after entering into a definitive business combination agreement with Circle (CRCL) to make it a publicly traded company [more]
- Golden Nugget Online (GNOG) gains after B. Riley analyst David Bain initiated coverage of the stock with a Buy rating and $27 price target [more]
- Range Resources (RRC) rises after MKM Partners analyst John Gerdes upgraded the stock to Buy [more]
- New Oriental Education (EDU) and TAL Education Group (TAL) lower, respectively, in New York after Jefferies analyst John Chou noted Ruiyi News reported the Chaohu and Funing local governments issued orders to ban some types of after school tutoring [more]
- Chewy (CHWY) lower after Needham analyst Anna Andreeva initiated coverage of the stock with a Hold rating and no price target [more]
5. EARNINGS/GUIDANCE:
- WD-40 (WDFC) released a "beat and raise" report [more]
- Helen of Troy (HELE) reported upbeat Q1 results [more]
- Gan Limited (GAN) raised its FY21 revenue guidance [more]
- Tessco (TESS) provided guidance for Q1 and FY22 [more]
- AMMO (POWW) gave Q1 revenue guidance [more]
INDEXES:
Near midday, the Dow was down 222.21, or 0.64%, to 34,459.58, the Nasdaq was down 120.69, or 0.82%, to 14,544.37, and the S&P 500 was down 33.30, or 0.76%, to 4,324.83.