Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.
1. STOCK NEWS:
- Twitter (TWTR) received an unsolicited, non-binding takeover proposal from Tesla (TSLA) founder Elon Musk to buy the company for $54.20 per share in cash [more]
- Citi (C) and Wells Fargo (WFC) both reported better-than-expected Q1 earnings [more]
- Goldman Sachs (GS) also reported better-than-expected Q1 earnings and revenue, while Morgan Stanley (MS) reported year-over-year drops in earnings and revenue for the quarter [more]
- UnitedHealth (UNH) provided a "beat and raise" report for Q1 [more]
- Pfizer (PFE) and BioNTech (BNTX) plan to submit a request for Emergency Use Authorization to the FDA for a vaccine booster dose for children ages 5-11 [more]
2. WALL STREET CALLS:
- Twitter (TWTR) downgraded to Perform at Oppenheimer and cut to Sell at Stifel after Musk takeover bid [more]
- Bed Bath & Beyond (BBBY) downgraded to Underperform at Telsey Advisory [more]
- IBM (IBM) upgraded to Overweight from Equal Weight at Morgan Stanley [more]
- Delta Air Lines (DAL) upgraded to Overweight from Equal Weight at Barclays [more]
- Susquehanna downgraded Seagate (STX) to Negative from Neutral and lowered Western Digital (WDC) to Neutral from Positive [more]
3. AROUND THE WEB:
- Elon Musk said during a TED event that he's "not sure" he'll be able to buy Twitter, but he can afford it [more]
- Peloton (PTON) is cutting prices for three major hardware products and raising subscription rates, Bloomberg reports [more]
- Panasonic (PCRFY) plans to release a bigger EV battery to expand its client base, FT reports [more]
- Cumulus Media receives takeout bid from Warshaw-led group, Reuters reports [more]
- Meta's (FB) Facebook is pulling back its podcasting efforts, Bloomberg reports [more]
4. MOVERS:
- CoreCivic (CXW) rises after Wedbush analyst Henry Coffey upgraded the stock to Outperform from Neutral [more]
- Rite Aid (RAD) higher after reporting quarterly results [more]
- Innovative Industrial (IIPR) falls after Blue Orca Capital named the stock a short idea, prompting the company to call the report "flawed" and "misleading" [more]
- Protagonist (PTGX) declines after receiving an FDA letter to rescind Breakthrough Therapy Designation for PN-943 [more]
- Ericsson (ERIC) lower after reporting quarterly results [more]
5. EARNINGS/GUIDANCE:
- U.S. Bancorp (USB) reported upbeat Q1 results [more]
- State Street (STT) reported better-than-expected Q1 earnings and revenue [more]
- Rent The Runway (RENT) reported upbeat Q4 results but provided conservative FY22 revenue guidance [more]
- Progressive (PGR) reported lower-than-expected Q1 earnings [more]
- Ally Financial (ALLY) reported upbeat Q1 results [more]
INDEXES:
The Dow fell 113.36, or 0.33%, to 34,451.23, the Nasdaq lost 292.51, or 2.14%, to 13,351.08, and the S&P 500 declined 54.00, or 1.21%, to 4,392.59.