Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.
1. STOCK NEWS:
- Lululemon (LULU) provided a "beat and raise" report for Q1 [more]
- Bristol-Myers (BMY) agreed to acquire Turning Point Therapeutics (TPTX) for $76 per share [more]
- Frontier Airlines (ULCC) and Spirit (SAVE) announced an amended merger agreement [more]
- GM's (GM) Cruise was granted a driverless AV Passenger Service Deployment permit in California [more]
- Kohl's (KSS) received bids from Sycamore Partners and Franchise Group, WSJ says [more]
2. WALL STREET CALLS:
- Micron (MU) downgraded to Underweight from Neutral at Piper Sandler [more]
- Apple's (AAPL) weaker May App Store growth poses risk to Q3 estimate, says Morgan Stanley [more]
- Ecolab (ECL) upgraded to Outperform from Neutral at Credit Suisse [more]
- Travelers (TRV) downgraded to Sell from Neutral at Goldman Sachs [more]
- Snowflake (SNOW) initiated with an Outperform at Raymond James [more]
3. AROUND THE WEB:
- Tesla (TSLA) will pause hiring as Elon Musk wants to cut 10% of jobs, Reuters reports [more]
- Revlon (REV) is in talks with lenders to push out debt maturities, WSJ reports [more]
- Apple (AAPL) has agreed to make work schedules at its retail stores more flexible, Bloomberg reports [more]
- Meta's (FB) Sheryl Sandberg quit feeling "burned out" amid an internal probe into her activities, WSJ says [more]
- Citi (C) could record a loss of at least $50M from fat-finger trade, Bloomberg says [more]
4. MOVERS:
- Amylyx (AMLX) surges after announcing an FDA extension of its review timeline for the new drug application for AMX0035 [more]
- Chegg (CHGG) rises after increasing its share repurchase program by $1B [more]
- StoneCo (STNE) higher after reporting quarterly results [more]
- Invitae (NVTA) falls after Piper Sandler analyst David Westenberg initiated coverage on the stock with an Underweight rating [more]
- Zumiez (ZUMZ) lower after reporting quarterly results [more]
5. EARNINGS/GUIDANCE:
- RH (RH) reported upbeat Q1 results and authorized an additional $2B in share repurchases [more]
- Asana (ASAN) reported upbeat Q1 earnings and revenue [more]
- CrowdStrike (CRWD) provided a "beat and raise" report for Q1 [more]
- Joann (JOAN) reported downbeat Q1 results [more]
- Okta (OKTA) also issued a "beat and raise" report for Q1 [more]
INDEXES:
Near midday, the Dow was down 289.13, or 0.87%, to 32,959.15, the Nasdaq was down 291.98, or 2.37%, to 12,024.92, and the S&P 500 was down 62.45, or 1.50%, to 4,114.37.