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:
- Branson beats Bezos to space but Virgin Galactic (SPCE) drops on stock sale plan [more]
- Microsoft (MSFT) acquires RiskIQ, terms not disclosed [more]
- Disney's (DIS) "Black Widow" surpasses $215M between box office and Disney+ Premier Access, driving new pandemic opening record weekend for AMC Entertainment (AMC) [more]
- DouYu (DOYU) terminates merger agreement with Huya (HUYA) after People's Republic of China intervenes [more]
- Barbecue grill maker Weber (WEBR) files registration statement for proposed initial public offering [more]
2. WALL STREET CALLS:
- Charter (CHTR) downgraded to Market Perform from Outperform at Bernstein [more]
- UiPath (PATH) initiated with a Sell at Summit Insights [more]
- Evercore downgrades "tougher story" United Airlines (UAL) to In Line [more]
- Raymond James upgrades Cheesecake Factory (CAKE) and Brinker (EAT) to Outperform [more]
- BMO starts Exxon Mobil (XOM) at Market Perform, Chevron (CVX) at Outperform [more]
3. AROUND THE WEB:
- Broadcom (AVGO) in talks to acquire SAS for $15B-$20B, WSJ reports [more]
- FTC opens "in-depth investigation" of Amazon (AMZN) deal to buy MGM, Information says [more]
- ByteDance put IPO plans on hold after warning from China, WSJ reports [more]
- Tencent Music (TME) to be ordered to give up music label exclusivity, Reuters reports [more]
- Blue Owl's (OWL) Dyal Capital nears deal for stake in Sacramento Kings, WSJ says [more]
4. MOVERS:
- Celldex (CLDX) gains after releasing updated data from the company’s Phase 1b clinical trial of CDX-0159 [more]
- Upstart (UPST) rises after Goldman Sachs initiated coverage of the stock with a Buy rating and $147 price target [more]
- L Brands (LB) higher after its board of directors approved the separation of the Victoria’s Secret business into an independent, publicly traded company [more]
- Prothena Corporation (PRTA) falls after announcing it has entered into a definitive purchase agreement with Novo Nordisk (NVO) under which Novo Nordisk has acquired Prothena’s clinical stage antibody PRX004 and broader ATTR amyloidosis program [more]
- State Auto Financial (STFC) surges after Liberty Mutual agrees to acquire company for $52 per share in cash [more]
5. EARNINGS/GUIDANCE:
- Qiagen (QGEN) slips after updating FY21 outlook for declining COVID-19 test trends and announcing plans for new $100M share repurchase program [more]
- SolarWinds (SWI) reports preliminary Q2 revenue that tops consensus [more]
- Glimpse Group (VRAR) provides preliminary revenue results for fiscal year 2021 [more]
- Alphatec (ATEC) reported "impressive" preliminary Q2 results, says Piper Sandler [more]
- Establishment Labs (ESTA) reports preliminary Q2 revenue, announces CFO Renee Gaeta to step down [more]
INDEXES:
Near midday, the Dow was up 97.58, or 0.28%, to 34,967.74, the Nasdaq was up 8.24, or 0.06%, to 14,710.16, and the S&P 500 was up 10.83, or 0.25%, to 4,380.38.