Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.
1. STOCK NEWS:
- The Federal Reserve raised its interest rate benchmark by 75 basis points [more]
- Alphabet (GOOGL) reported lower-than-expected Q2 earnings and revenue, but several analysts described the results as "better than feared" [more]
- Microsoft (MSFT) reported lower-than-expected quarterly results, but provided upbeat FY23 revenue guidance [more]
- Boeing (BA) also reported lower-than-expected Q2 results [more]
- Teva (TEVA) reported upbeat Q2 results and announced a $4.25B opioid settlement agreement in principle with states and Native American tribes [more]
2. WALL STREET CALLS:
- Carvana (CVNA) upgraded to Market Perform from Underperform at Raymond James [more]
- McDonald's (MCD) downgraded to Hold from Buy at Deutsche Bank [more]
- Bank of America downgraded TransUnion (TRU) to Neutral from Buy [more]
- GLJ Research double-downgraded Cleveland-Cliffs (CLF) to Sell from Buy [more]
- Raymond James initiated coverage of Archer Aviation (ACHR) with an Outperform rating and $8 price target [more]
3. AROUND THE WEB:
- Elliott is building a PayPal (PYPL) stake and is looking to speed cost cuts, Bloomberg reports [more]
- The Justice Department has opened a criminal investigation into Cassava (SAVA), Reuters says [more]
- Spirit Airlines (SAVE) will go ahead and vote on its proposed sale to Frontier (ULCC), with shareholders expected to vote against the deal, Reuters says [more]
- Visa (V) and MasterCard (MA) are targets of new legislation from U.S. Senators, WSJ reports [more]
- Billtrust owner BTRS Holdings (BTRS) is exploring a potential sale, Reuters reports [more]
4. MOVERS:
- Enphase Energy (ENPH) up after reporting quarterly results and after providing guidance for Q3 [more]
- New York Community Bancorp (NYCB) and Cameco (CCJ) rise in New York after reporting quarterly results [more]
- Sherwin-Williams (SHW) falls after reporting quarterly results, lowering its FY22 guidance [more]
- Kraft Heinz (KHC) declines after reporting quarterly results and raising its FY22 guidance [more]
- Agilon (AGL) lower after Citron put a $5 target on the stock in a new short report [more]
5. EARNINGS/GUIDANCE:
- Visa (V) reported upbeat Q3 earnings and revenue [more]
- Texas Instruments (TXN) reported upbeat Q2 results [more]
- Chipotle (CMG) reported better-than-expected Q2 earnings [more]
- Shopify (SHOP) reported lower-than-expected Q2 results [more]
- T-Mobile (TMUS) reported Q2 losses, raised its FY22 adjusted EBITDA guidance [more]
INDEXES:
The Dow rose 436.05, or 1.37%, to 32,197.59, the Nasdaq gained 469.85, or 4.06%, to 12,032.42, and the S&P 500 advanced 102.56, or 2.62%, to 4,023.61.