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:
- STB rejects use of voting trust in proposed merger between Canadian National (CNI) and Kansas City Southern (KSU) [more]
- Zoom (ZM) share slide despite company reporting better than expected quarterly results and raising its FY22 earnings guidance [more]
- Yandex (YNDX) is restructuring its joint venture ownership with Uber (UBER) in $1B deal [more]
- Johnson & Johnson (JNJ) will discontinue its Imbokodo HIV vaccine study [more]
- Jana is pushing Vonage (VG) for a sale or a break up, Bloomberg reports [more]
2. WALL STREET CALLS:
- Jefferies bullish on Virgin Galactic (SPCE) as space travel market seen reaching $120B [more]
- Jefferies upgrades Funko (FNKO) to Buy on confidence in 10%-plus growth [more]
- Digital Turbine (APPS) upgraded to Buy from Hold at Canaccord and initiated with Neutral rating, $60 target at Macquarie [more]
- Mesoblast (MESO) downgraded to Hold from Buy at Jefferies and price target lowered to $6.50 from $7.50 at Chardan [more]
- Textron (TXT) upgraded to Outperform on business jet momentum at Cowen [more]
3. AROUND THE WEB:
- Apple (AAPL) Watch 7 production delayed on quality issues, Nikkei reports [more]
- TSMC (TSM) is in talks with suppliers to reduce prices, DigiTimes says [more]
- Google (GOOGL) has delayed its mandatory return to the office amid a surge in COVID-19, Bloomberg reports [more]
- Amazon (AMZN) may be developing a live audio feature with a focus on music, Engadget says [more]
- Wells Fargo (WFC) is risking a new regulatory action over pace of restitution, Bloomberg reports [more]
4. MOVERS:
- AC Immune (ACIU) surges after announcing data from its Lauriet Phase 2 study of semorinemab [more]
- Sonnet BioTherapeutics (SONN) jumps after it selected a novel development candidate for melanoma [more]
- Eagle Pharmaceuticals (EGRX) higher after Endo's (ENDP) Par Pharmaceuticals lost a trial court ruling in its bid to prevent Eagle Pharmaceuticals from selling a generic version of Vasostrict [more]
- Globalstar (GSAT) and Iridium (IRDM) slip after Bloomberg said that Apple's (AAPL) push to bring satellite capabilities to the iPhone will be focused on emergency situations [more]
- ReneSola (SOL) lower after reporting quarterly results [more]
5. EARNINGS/GUIDANCE:
- American Woodmark (AMWD) reported downbeat Q1 results [more]
- Designer Brands (DBI) reported upbeat Q2 results [more]
- Destination XL (DXLG) provided upbeat 2021 revenue guidance [more]
- NetEase (NTES) reported lower-than-expected Q2 earnings [more]
- Chico's (CHS) reported upbeat Q2 earnings and revenue [more]
INDEXES:
The Dow fell 39.11, or 0.11%, to 35,360.73, the Nasdaq lost 6.65, or 0.044%, to 15,259.24, and the S&P 00 declined 6.11, or 0.13%, to 4,522.68.