Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.
1. STOCK NEWS:
- Apple (AAPL) reported upbeat Q2 results and raised its quarterly dividend, but said on its quarterly call that it is facing a $4B to $8B headwind from COVID shutdowns in China and silicon shortages [more]
- Amazon (AMZN) reported a quarterly loss, impacted by its investment in Rivian Automotive (RIVN), and provided worse-than-expected Q2 guidance [more]
- Elon Musk sold over $8B of Tesla (TSLA) shares following his Twitter (TWTR) bid [more]
- Intel (INTC) reported upbeat Q1 results and reaffirmed its FY22 revenue guidance [more]
- Chevron (CVX) reported upbeat Q1 earnings and revenue while Exxon Mobil (XOM) reported downbeat quarterly results [more]
2. WALL STREET CALLS:
- Accolade (ACCD) was downgraded by at least five Street firms after news that Accolade lost its "marquee customer," Comcast (CMCSA) [more]
- MasterCard (MA) downgraded to Underweight from Neutral at Piper Sandler [more]
- Comcast (CMCSA) downgraded to Neutral from Buy at BofA [more]
- MoffettNathanson upgraded Roku (ROKU) to Neutral from Sell with a $100 price target [more]
- BofA upgraded Fortune Brands (FBHS) to Neutral from Underperform after the company announced plans to spinoff its cabinets business, while KeyBanc downgraded the shares to Sector Weight from Overweight [more]
3. AROUND THE WEB:
- China is planning to "pause" its campaign against domestic tech companies, WSJ reports [more]
- A top HSBC (HSBC) shareholder supports a breakup of the bank, Bloomberg reports [more]
- Netflix (NFLX) has laid off a number of Tudum editorial staff, TechCrunch reports [more]
- Tesla (TSLA) is recalling about 48,000 Model 3 Performance vehicles in the U.S., Reuters reports [more]
- Authorities have searched Deutsche Bank's (DB) headquarters in Frankfurt as part of a money laundering probe, Reuters says [more]
4. MOVERS:
- Zymeworks (ZYME) rises after receiving a $10.50 per share non-binding acquisition proposal from ABF [more]
- TAL Education (TAL) jumps after reporting quarterly results and extending its share repurchase program [more]
- Olin (OLN), Mohawk Industries (MHK), and Avantor (AVTR) higher after reporting quarterly results [more]
- LianBio (LIAN) lower after partner Bristol Myers Squibb (BMY) announced the FDA approved Camzyos [more]
- Accolade (ACCD), Western Union (WU), and Eldorado Gold (EGO) lower after reporting quarterly results [more]
5. EARNINGS/GUIDANCE:
- Honeywell (HON) provided a "beat and raise" report for Q1 [more]
- AbbVie (ABBV) reported upbeat Q1 results [more]
- Wipro (WIT) reported lower-than-expected Q4 results [more]
- Carlyle Group (CG) reported a year-over-year rise in Q1 earnings [more]
- Clearwater Paper (CLW) reported upbeat Q1 earnings and revenue [more]
INDEXES:
The Dow fell 939.18, or 2.77%, to 32,977.21, the Nasdaq lost 536.89, or 4.17%, to 12,334.64, and the S&P 500 declined 155.57, or 3.63%, to 4,131.93.