Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.
1. STOCK NEWS:
- Nike (NKE) reported upbeat Q4 results, but its FY23 guidance was below consensus and market expectations [more]
- Big banks like Bank of America (BAC), Morgan Stanley (MS), Wells Fargo (WFC), and Goldman Sachs (GS) announced dividend increases following Fed stress tests [more]
- Occidental Petroleum (OXY) disclosed that its major shareholder Berkshire Hathaway (BRK.A) bought more shares of common stock in transactions valued at $44M [more]
- Walgreens Boots Alliance (WBA) has opted to retain ownership of its Boots business [more]
- II-VI (IIVI) has obtained all regulatory approvals to complete its acquisition of Coherent (COHR) [more]
2. WALL STREET CALLS:
- Snowflake (SNOW) upgraded to Buy from Hold at Jefferies [more]
- Boston Beer (SAM) downgraded to Sell from Neutral at Goldman Sachs [more]
- Molson Coors (TAP) upgraded to Neutral from Sell at Goldman Sachs [more]
- UBS cuts eBay (EBAY) to Neutral, sees GMV falling 17% this year [more]
- Microchip (MCHP) upgraded to Buy from Hold at Stifel [more]
3. AROUND THE WEB:
- Diageo (DEO) will wind down its Russia operations, Reuters reports [more]
- Volkswagen (VWAGY) CEO Herbert Diess believes the company can overtake Tesla (TSLA) in electric vehicles by 2025, FT reports [more]
- Reckitt Benckiser (RBGLY) is considering shelving the sale of its infant formula unit, Bloomberg reports [more]
- Exxon Mobil (XOM) CEO Darren Woods expects a resurgence in fossil fuel production, FT says [more]
- Disney (DIS) will reopen Shanghai Disneyland on June 30, Bloomberg reports [more]
4. MOVERS:
- Kezar Life Sciences (KZR) rises after announcing phase 2 results from Zetomipzomib trial [more]
- Nutrien (NTR) higher in New York after BofA added the company to its "US 1 List" [more]
- Li Auto (LI) lower in New York after announcing an at-the-market offering for up to $2B in ADSs [more]
- Playtika (PLTK) declines in New York after disclosing in a regulatory filing that it entered into a stock purchase agreement with Joffre [more]
- Nio (NIO) lower after short-seller Grizzly accused the company of an "audacious scheme" to inflate revenue [more]
5. EARNINGS/GUIDANCE:
- Trip.com (TCOM) reported in-line Q1 earnings [more]
- Cognyte (CGNT) reported downbeat Q1 earnings and revenue [more]
- InterDigital (IDCC) raised its Q2 revenue guidance [more]
- TD Synnex (SNX) reported upbeat Q2 results [more]
- Enerpac Tool (EPAC) reported Q3 results and narrowed its FY22 revenue guidance [more]
INDEXES:
Near midday, the Dow was down 204.53, or 0.65%, to 31,233.73, the Nasdaq was down 229.21, or 1.99%, to 11,295.34, and the S&P 500 was down 45.28, or 1.16%, to 3,854.83.