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:
- Square (SQ) agreed to acquire Afterpay (AFTPF) in a $29B all-stock deal [more]
- In other M&A news, Parker-Hannifin (PH) agreed to acquire Meggitt (MEGGF) for GBP6.3B [more]
- Meanwhile, Foot Locker (FL) agreed to acquire WSS for $750M and atmos for $360M [more]
- General Electric (GE) effected a one-for-eight reverse stock split [more]
- Target (TGT) said it will require face coverings for team members, while Home Depot (HD) will require associates, contractors, and vendors to wear masks indoors [more]
2. WALL STREET CALLS:
- Philip Morris (PM), Altria (MO) could possibly revisit combining, says Morgan Stanley [more]
- Estee Lauder (EL) downgraded to Hold from Buy at Deutsche Bank [more]
- Levi Strauss (LEVI) initiated with a Buy at Stifel [more]
- First Solar (FSLR) upgraded to Positive from Neutral at Susquehanna [more]
- JPMorgan upgrades Infinity Pharmaceuticals (INFI) on urothelial cancer opportunity [more]
3. AROUND THE WEB:
- Atlas Technical (ATCX) is a cheap way to play infrastructure spending, Barron's says [more]
- Zoom Video (ZM) has reached an $85M settlement over user privacy, Reuters reports [more]
- Arthur J. Gallagher (ALG) is in advanced talks to acquire Willis Re following "breakneck talks" with parent Willis Towers Watson (WLTW), Insurance Insider says [more]
- Johnson & Johnson (JNJ) is still in talks with India over its COVID-19 vaccine, Reuters reports [more]
- Rivian, backed by Amazon (AMZN) and Ford (F), is in talks with ministers about a U.K. factory, Sky News says [more]
4. MOVERS:
- Autolus Therapeutics (AUTL) increases after announcing an agreement with Moderna (MRNA) that would grant Moderna an exclusive license to develop and commercialize mRNA therapeutics incorporating Autolus’ proprietary binders [more]
- Vaxart (VXRT) rises after its Investigational New Drug application for an S-only oral tablet SARS-CoV-2 vaccine candidate was cleared by the FDA [more]
- Canaan (CAN) higher in New York after appointing James Jin Cheng as Chief Financial Officer [more]
- Immunovant (IMVT) declines after reporting a $200M investment from Roivant Sciences [more]
- Rocket Companies (RKT) gains after announcing plans to launch solar energy offerings [more]
5. EARNINGS/GUIDANCE:
- ON Semiconductor (ON) reported upbeat Q2 results [more]
- Global Payments (GPN) also reported better than expected quarterly earnings and revenue [more]
- Tower Semiconductor (TSEM) reported downbeat Q2 earnings [more]
- Marin Software (MRIN) reported a better-than-expected quarterly loss [more]
- Green Plains (GPRE) reported upbeat quarterly earnings and revenue [more]
INDEXES:
The Dow fell 97.31, or 0.28%, to 34,838.16, the Nasdaq gained 8.39, or 0.057%, to 14,681.07, and the S&P 500 declined 8.10, or 0.18%, to 4,387.16.