Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.
1. STOCK NEWS:
- Pfizer (PFE) agreed to acquire Biohaven Pharmaceuticals (BHVN) for $148.50 per share in cash plus 0.5 of a share of New Biohaven, a new publicly traded company that will retain Biohaven's non-CGRP development stage pipeline compounds [more]
- Peloton (PTON) reported worse-than-expected quarterly losses and provided much lower than expected Q4 revenue guidance [more]
- Upstart (UPST) reported upbeat Q1 results but provided downbeat Q2 and FY22 revenue guidance [more]
- Match Group (MTCH) is suing Google (GOOGL) over allegedly unlawful billing mandates [more]
- Prologis (PLD) has proposed to acquire Duke Realty (DRE) in an all-stock deal valued at $61.68 per share [more]
2. WALL STREET CALLS:
- Upstart (UPST) was downgraded to Underweight at Stephens following an earnings report analyst Vincent Caintic called "more severe than we anticipated" while the stock was also downgraded to Neutral or equivalent ratings at Citi, Piper Sandler and Goldman Sachs [more]
- Altria Group (MO) downgraded to Market Perform from Outperform at Bernstein [more]
- RBC downgrades Palantir (PLTR) to sell, halves target after "disappointing" Q1 [more]
- Autoliv (ALV) upgraded to Buy at UBS as firm sees attractive entry point [more]
- Tesla (TSLA) initiated with a Hold at Berenberg [more]
3. AROUND THE WEB:
- Tesla (TSLA) halts most Shanghai plant production amid supply issues, Reuters reports [more]
- Quality problems at an Emergent (EBS) plant led to 400M discarded vaccines, WSJ reports [more]
- Citi (C) is overhauling its trading team in London linked to the recent "flash crash" event, Reuters reports [more]
- Netflix (NFLX) has told employees that advertisements could come to the streaming service by year-end, NY Times reports [more]
- Meta (FB) is considering reducing the money it gives to news organizations, Information reports [more]
4. MOVERS:
- Appian (APPN) higher after being awarded $2.036B in damages from Pegasystems (PEGA) [more]
- AdaptHealth (AHCO) higher after reporting quarterly results and authorizing a $200M share repurchase program [more]
- Aurinia (AUPH), Cronos Group (CRON) and UWM Holdings (UWMC) advance after quarterly reports [more]
- Desktop Metal (DM) declines after reporting quarterly results and announcing a proposed convertible senior notes offering [more]
- National Vision (EYE) lower after reporting quarterly results and lowering FY22 revenue guidance [more]
5. EARNINGS/GUIDANCE:
- Bausch Health (BHC) slid after reporting Q1 results and updating its guidance for the full year of 2022 [more]
- Planet Fitness (PLNT) reported upbeat Q1 adjusted earnings [more]
- GoodRx (GDRX) reported better-than-expected Q1 results but warned it is "unlikely" to achieve guidance provided on its Q4 earnings call [more]
- Reynolds Consumer Products (REYN) reported lower-than-expected Q1 revenue [more]
- Fox Corp. (FOXA) reported lower-than-expected Q3 earnings [more]
INDEXES:
Near midday, the Dow was down 174.46, or 0.54%, to 32,071.24, the Nasdaq was up 5.62, or 0.05%, to 11,628.87, and the S&P 500 was down 14.86, or 0.37%, to 3,976.38.