Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.
1. STOCK NEWS:
- Gap's (GPS) Q1 miss and guidance cut prompted analysts at JPMorgan and Morgan Stanley to downgrade the stock to Sell-equivalent ratings [more]
- Workday (WDAY) reported what several analysts called a "solid quarter," but the focus of the earnings call was the slippage of several deals, which has weighed on the shares [more]
- Ulta Beauty (ULTA) issued a "beat and raise" report that prompted a number of target raises and an upgrade at Jefferies [more]
- Dell Technologies (DELL) reported Q1 revenue and EPS that beat estimates and gave FY23 guidance that was ahead of the Street view [more]
- Costco (COST) reported "another solid quarter," which Citi analyst Paul Lejuez said alleviates the concern that Costco might be similarly pressured by supply chain as peers Walmart (WMT) and Target (TGT) [more]
2. WALL STREET CALLS:
- Boot Barn (BOOT) upgraded to Outperform from Neutral at Baird [more]
- Morgan Stanley upgraded Macy's (M) to Equal Weight [more]
- Citi and Benchmark upgraded iQIYI (IQ) to Buy [more]
- Bernstein downgraded UnitedHealth (UNH) to Market Perform [more]
- Canopy Growth (CGC) cut to Sell at Benchmark after "disappointing" quarter [more]
3. AROUND THE WEB:
- White House considering plan to forgive $10,000 in student debt per borrower, Washington Post says [more]
- Reckitt Benckiser (RBGLY) kicked off a sale process for its infant formula business last month, WSJ reports [more]
- China FAW considers buying major stake in Didi Global (DIDI), Bloomberg reports [more]
- SEC looks into Elon Musk's early Twitter (TWTR) stake, Reuters reports [more]
- Delta (DAL) cutting flights to relieve pressure on operations, Bloomberg reports [more]
4. MOVERS:
- Shares of Siga Technologies (SIGA) continued higher on Friday amid concerns about monkeypox outbreaks [more]
- Farfetch (FTCH) shares are rising after a Q1 miss that Wells Fargo analyst Ike Boruchow said "demonstrated more long-term good than bad" [more]
- PMV Pharmaceuticals (PMVP) higher after the online publication of the abstract for its lead program, PC14586, was accepted as an oral presentation at the 2022 American Society of Clinical Oncology annual meeting [more]
- Iovance Biotherapeutics (IOVA) lower after the company announced additional clinical results from the C-144-01 pivotal study evaluating lifileucel in patients with advanced melanoma who failed prior anti-PD-1/L1 treatment [more]
- Mirati Therapeutics (MRTX) slides after announcing results from the Phase 2 cohort of the KRYSTAL-1 study evaluating adagrasib in patients with non-small cell lung cancer harboring the KRASG12C mutation [more]
5. EARNINGS/GUIDANCE:
- Zscaler (ZS) reported Q3 results and gave guidance for next quarter and next fiscal year [more]
- Marvell (MRVL) issued a "beat and raise" report for fiscal Q1 [more]
- Big Lots (BIG) reported Q1 losses and revenue that missed expectations [more]
- Wendy's (WEN) affirms FY22 EPS view, postpones investor day [more]
- Hibbett (HIBB) reported worse than expected Q1 results, backed its FY23 EPS view [more]
INDEXES:
The Dow rose 575.77, or 1.76%, to 33,212.96, the Nasdaq gained 390.48, or 3.33%, to 12,131.13, and the S&P 500 advanced 100.40, or 2.47%, to 4,158.24.