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:
- Pfizer (PFE) provided a "beat and raise" report for Q3 [more]
- Tesla (TSLA) CEO Elon Musk said that "no contract has been signed yet" with Hertz (HTZZ) [more]
- BP (BP) reported quarterly results and announced plans for an additional $1.25B share buyback [more]
- Under Armour (UAA) also provided a "beat and raise" report for Q3 [more]
- DuPont (DD) reported quarterly results and agreed to acquire Rogers Corporation (ROG) in all-cash deal valued at $5.2B [more]
2. WALL STREET CALLS:
- Chegg (CHGG) downgraded by no less than seven Street firms after Q4 guidance and fiscal 2022 commentary [more]
- Exxon Mobil (XOM) downgraded to Sell from Hold at Truist [more]
- Nomura downgrades Ford (F) to Reduce, calls premium valuation "hard to justify" [more]
- Expedia (EXPE) downgraded to Neutral on valuation at Atlantic Equities [more]
- Joyy (YY) downgraded to Sell from Neutral at Goldman Sachs [more]
3. AROUND THE WEB:
- Apple (AAPL) is cutting back iPad production to allocate chips to the iPhone 13, Nikkei reports [more]
- Frances Haugen, the former Facebook (FB) employee who leaked internal research, believes Mark Zuckerberg should step down as CEO, CNBC reports [more]
- BlackRock (BLK) has raised $673M for a climate-focused infrastructure fund, Reuters reports [more]
- Nintendo (NTDOY) will make 20% fewer Switch consoles amid chip shortages, Nikkei reports [more]
- J&J (JNJ), Teva (TEVA), Endo (ENDP) and AbbVie's (ABBV) Allergan won a $50B opioid case in California, Bloomberg says [more]
4. MOVERS:
- Avis Budget (CAR) skyrockets after the company reported a strong quarter, plans to add more EVs to fleet [more]
- Switchback II (SWBK) rises after shareholders approved its business combination with Bird Rides [more]
- Kiniksa (KNSA) higher after JPMorgan analyst Anupam Rama added the stock to the firm's Analyst Focus List [more]
- Triterras (TRIT) slips after an "unanticipated delay" of its audit finalization [more]
- Global Payments (GPN) lower after quarterly report [more]
5. EARNINGS/GUIDANCE:
- Gartner (IT) raises FY21 revenue view [more]
- Simon Property (SPG) provided a "beat and raise" report for Q3 [more]
- Estee Lauder (EL) reported upbeat Q1 results [more]
- Clorox (CLX) also reported upbeat Q1 results [more]
- Arista Networks (ANET) reported better than expected Q3 earnings and revenue [more]
INDEXES:
Near midday, the Dow was up 123.59, or 0.34%, to 36,037.43, the Nasdaq was up 16.53, or 0.11%, to 15,612.45, and the S&P 500 was up 14.16, or 0.31%, to 4,627.83.