Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.
1. STOCK NEWS:
- Twitter (TWTR) is near a deal to sell itself to Tesla (TSLA) founder Elon Musk, NY Times reports [more]
- Coca-Cola (KO) reported upbeat Q1 results and reiterated its FY22 organic revenue growth guidance [more]
- PS Business Parks (PSB) will be acquired by Blackstone (BX) for $187.50 per share [more]
- Otis Worldwide (OTIS) provided a "beat and raise" report for Q1 [more]
- Activision Blizzard (ATVI) reported downbeat Q1 earnings and revenue [more]
2. WALL STREET CALLS:
- Verizon (VZ) downgraded to Neutral from Buy at Goldman Sachs [more]
- AMD (AMD) upgraded to Strong Buy from Outperform at Raymond James [more]
- Kellogg (K) downgraded to Hold from Buy at Deutsche Bank [more]
- BofA cuts Deere (DE) to Neutral on dealer caution due to fertilizer shortages [more]
- Snowflake (SNOW) initiated with an Outperform at Wolfe Research [more]
3. AROUND THE WEB:
- General Motors (GM) president Mark Reuss told CNBC that the company plans to introduce electric Corvettes [more]
- Apple (AAPL) has increased orders for the iPhone 13 Pro and Pro Max, DigiTimes reports [more]
- Netflix (NFLX) is looking to rein in costs and add fewer new titles, WSJ reports [more]
- The NLRB has issued a complaint against Starbucks (SBUX) firing seven employees, NY Times reports [more]
- Lucid (LCID) employees have described 100-hour workweeks and production snafus, Insider reports [more]
4. MOVERS:
- Nkarta (NKTX) jumps after reporting first-in-human results from its lead NK cell therapy programs in acute myeloid leukemia and non-Hodgkin lymphoma [more]
- Veru (VERU) rises after announcing a presentation of Phase 2 data for oral sabizabulin in patients with severe COVID-19 at high risk for acute respiratory distress syndrome [more]
- Gap (GPS) gains after Guggenheim upgraded the stock to Buy from Neutral [more]
- Gossamer Bio (GOSS) declines after announcing the SHIFT-UC trial of GB004 in patients with mild-to-moderate active ulcerative colitis failed to meet the primary or secondary endpoints at week 12 [more]
- Axsome Therapeutics (AXSM) lower after the FDA said chemistry, manufacturing, and controls issues were identified during its review of the company’s new drug application for AXS-07 [more]
5. EARNINGS/GUIDANCE:
- Philips (PHG) reported a year-over-year increase in Q1 earnings and decrease in revenue [more]
- Northwest Bancshares (NWBI) reported upbeat Q1 results [more]
- Lennox (LII) reported upbeat Q1 results and reiterated its FY22 earnings guidance [more]
- LiveOne (LVO) reaffirmed its FY23 revenue guidance [more]
- Dorman Products (DORM) reported better-than-expected Q1 results [more]
INDEXES:
Near midday, the Dow was down 407.59, or 1.21%, to 33,403.81, the Nasdaq was down 102.86, or 0.80%, to 12,736.43, and the S&P 500 was down 63.63, or 1.49%, to 4,208.15.