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:
- Kansas City Southern (KSU) determined that the Canadian Pacific (CP) takeover proposal was superior and terminated the Canadian National (CNI) agreement [more]
- Microsoft (MSFT) raised its quarterly dividend, approved a new $60B share buyback, and named Brad Smith vice chair [more]
- Ford (F), Argo Ai and Walmart (WMT) are working to launch an autonomous vehicle delivery service [more]
- Goldman Sachs (GS) agreed to acquire GreenSky (GSKY) in an all-stock transaction valued at $2.24B [more]
- Workhorse (WKHS) announced withdrawal of USPS bid protest [more]
2. WALL STREET CALLS:
- Chevron (CVX) downgraded to Neutral on higher spending at JPMorgan [more]
- Stifel upgrades Sea Limited (SE) to Buy with $400 price target [more]
- JPMorgan downgrades six Macau casino gaming stocks, citing Hong Kong's plans to increase direct supervision [more]
- BofA calls Lucid (LCID) the 'Tesla/Ferrari of new EV automakers,' starts at Buy [more]
- Mizuho starts SoFi (SOFI) with Buy amid "powerful transition" to "neo-bank" [more]
3. AROUND THE WEB:
- Facebook (FB) knows Instagram is bad for teens' mental health, WSJ reports [more]
- Pfizer (PFE) is seeking FDA approval in November for use of its COVID-19 vaccine in children aged six months to five years, FT reports [more]
- Citrix (CTXS) is considering a potential sale, Bloomberg reports [more]
- Amazon (AMZN) will hold a three week beauty sales event in October, CNBC says [more]
- Rivian, which is backed by Amazon, Ford, and T. Rowe Price (TROW), is seeking to raise between $5B-$8B via IPO, Reuters reports [more]
4. MOVERS:
- Ampio Pharmaceuticals (AMPE) higher after reporting results from AP-013, its Phase III clinical study evaluating the efficacy of Ampion in adults [more]
- SM Energy (SM) rises after JPMorgan analyst Arun Jayaram upgraded the stock to Overweight from Neutral with a $27 price target [more]
- Theravance Biopharma (TBPH) falls after reporting its Phase 3 study assessing the safety and efficacy of ampreloxetine did not meet its primary endpoint and after announcing it plans to reduce the company’s headcount by 75% [more]
- Electronic Arts (EA) declines after GamesRadar reported "Battlefield 2042," the company’s new video game set to release October 22, is rumored to be facing a delay [more]
- Danimer Scientific (DNMR) slides after Muddy Waters announced a short position in the stock [more]
5. EARNINGS/GUIDANCE:
- Weber (WEBR) reported downbeat Q3 revenue [more]
- Skillsoft (SKIL) reported upbeat Q2 results [more]
- JinkoSolar (JKS) reported better than expected Q2 earnings and revenue [more]
- Yum China (YUMC) expects its Q3 adjusted operating profit to be reduced by 50%-60% due to the Delta variant [more]
- Steel Dynamics (STLD) provided upbeat Q3 adjusted earnings guidance [more]
INDEXES:
The Dow rose 236.82, or 0.68%, to 34,814.39, the Nasdaq gained 123.77, or 0.82%, to 15,161.53, and the S&P 500 advanced 37.65, or 0.85%, to 4,480.70.