Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.
1. STOCK NEWS:
- Kellogg (K) will separate its North American cereal and plant-based foods businesses and break up into three public companies [more]
- JetBlue (JBLU) raised its offer to acquire Spirit (SAVE) to $33.50 per share [more]
- Mondelez (MDLZ) will acquire energy bar maker Clif Bar & Company for $2.9B [more]
- Pfizer (PFE) took an 8.1% stake in Valneva (VALN) for $95M and updated their license agreement for Lyme disease vaccine candidate VLA15 [more]
- FedEx (FDX) is investing in freight-tracking software company FourKites [more]
2. WALL STREET CALLS:
- Adobe (ADBE) downgraded to Equal Weight from Overweight at Morgan Stanley [more]
- Exxon Mobil (XOM) upgraded to Outperform from Neutral at Credit Suisse [more]
- Palantir (PLTR) initiated with a Buy at BofA [more]
- UBS downgraded Boston Beer (SAM), Keurig Dr Pepper (KDP) and Molson Coors (TAP) to Neutral from Buy as part of a broader research note on U.S. beverages [more]
- Citi downgraded WestRock (WRK) and International Paper (IP) to Neutral from Buy amid evidence of slowing demand [more]
3. AROUND THE WEB:
- Paya (PAYA) is working with an advisor to explore a sale, Bloomberg reports [more]
- President Biden is planning a move to reduce nicotine in cigarettes, Washington Post reports [more]
- Magnite (MGNI) and Google (GOOGL) are emerging as possible ad partners for Netflix (NFLX), AdAge reports [more]
- The U.S. Supreme Court has rejected Bayer's (BAYRY) bid to end Roundup suits, Bloomberg reports [more]
- Activision Blizzard (ATVI) shareholders approved a proposal requesting the company publicly report its efforts to stop workplace discrimination, Washington Post says [more]
4. MOVERS:
- Symbiotic (SYM) rises after Cowen initiated coverage of the stock with an Outperform rating and $18 price target [more]
- Mullen Automotive (MULN) higher after extending the maturity of its senior secured convertible notes [more]
- ACADIA Pharmaceuticals (ACAD) declines after an FDA Advisory Committee voted against backing Nuplazid for Alzheimer's disease psychosis [more]
- Meta (META) falls after announcing it will "hold off" on revenue sharing on Facebook and Instagram until 2024 [more]
- DaVita (DVA) declines after the Supreme Court ruled in favor of Marietta Memorial Hospital Employee Health Benefit Plan in a fight with the company and remanded the case back to the lower courts [more]
5. EARNINGS/GUIDANCE:
- Lennar (LEN) reported upbeat Q2 results [more]
- Reservoir Media (RSVR) also reported better-than-expected Q4 results [more]
- LiveOne (LVO) reiterated FY23 revenue guidance [more]
- Autoliv (ALV) backed its FY22 organic sales growth guidance [more]
- Janus International Group (JBI) reiterated its FY22 revenue outlook [more]
INDEXES:
The Dow rose 641.47, or 2.15%, to 30,530.25, the Nasdaq gained 270.95, or 2.51%, to 11,069.30, and the S&P 500 advanced 89.95, or 2.45%, to 3,764.79.