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:
- Disney (DIS) quarterly results, including 116M total paid Disney+ subscribers, beat estimates [more]
- Airbnb (ABNB) also reported better than expected earnings and revenue for Q2 [more]
- JBS (JBSAY) offered to acquire the stake it doesn't already owns in Pilgrim's Pride (PPC) for $26.50 per share [more]
- Kansas City Southern's (KSU) board determined that the Canadian Pacific (CP) acquisition proposal was not superior to the Canadian National (CNI) offer [more]
- The FDA has authorized an additional Pfizer (PFE) or Moderna (MRNA) COVID-19 vaccine dose for the immunocompromised [more]
2. WALL STREET CALLS:
- ContextLogic (WISH) downgraded to Underweight at JPMorgan, cut to Underperform at BofA and lowered to Perform ratings at William Blair, Oppenheimer and Cowen after earnings report reveals weaker business trajectory [more]
- Activision Blizzard (ATVI) upgraded to Buy from Neutral at Citi [more]
- Micron (MU) removed from Top Picks list at Evercore ISI, price target lowered to $100 [more]
- Coinbase (COIN) initiated with a Neutral rating and $273 price target at BofA [more]
- GoodRx (GDRX) upgraded to Outperform from Market Perform at Raymond James [more]
3. AROUND THE WEB:
- Cisco (CSCO) will acquire Epsagon for $500M, Globes reports [more]
- Apple's (AAPL) iPhone 13 will launch with a bigger battery and new chipset, AppleInsider reports [more]
- Boeing (BA) confirmed it is working to open Starliner valves [more]
- Nissan (NSANY) will temporarily halt production at its Smyrna plant in Tennessee, Nikkei says [more]
- Facebook (FB) and Amazon (AMZN) are seeking approval to operate an undersea data cable, Reuters reports [more]
4. MOVERS:
- Upstart Holdings (UPST) higher after Barclays analyst Ramsey El-Assal upgraded the stock to Overweight from Equal Weight with a price target of $230, up from $130 [more]
- Virgin Galactic (SPCE) dips after Sir Richard Branson discloses sale of shares [more]
- AbCellera (ABCL), Rocket Companies (RKT), and Pretium Resources (PVG) rise in New York after reporting quarterly results [more]
- Sesen Bio (SESN) plunges after receiving a Complete Response Letter from the FDA regarding its Biologics License Application for Vicineum [more]
- SoFi Technologies (SOFI), SOC Telemed (TLMD), and Tattooed Chef (TTCF) lower after reporting quarterly results [more]
5. EARNINGS/GUIDANCE:
- Honest Company (HNST) reported downbeat Q2 results [more]
- DoorDash (DASH) reported better than expected Q2 revenue [more]
- Cricut (CRCT) reported Q2 results that prompted downgrades at Morgan Stanley and Goldman Sachs [more]
- Boxlight (BOX) provided upbeat Q3 revenue guidance [more]
- 23andMe (ME) provided 2022 revenue guidance [more]
INDEXES:
The Dow rose 15.53, or 0.04%, to 35,515.38, the Nasdaq gained 6.64, or 0.04%, to 14,822.90, and the S&P 500 advanced 7.17, or 0.16%, to 4,468.00.