Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.
1. STOCK NEWS:
- Best Buy (BBY) reported upbeat Q2 results, but withdrew its FY25 targets [more]
- Tesla (TSLA) CEO Elon Musk told Twitter (TWTR) that new allegations provide additional bases to end his takeover deal [more]
- First Solar (FSLR) will invest up to $1.2B to scale production of PV solar modules [more]
- Exxon Mobil (XOM) will sue if it is not allowed to exit a Russian oil and gas project, according to The Wall Street Journal [more]
- Alibaba (BABA) was selected for audit inspection by U.S. regulators, according to Reuters [more]
2. WALL STREET CALLS:
- Citi sees PHLX Semiconductor Sector Index (SOX) to hit new lows, fall another 25% [more]
- Barclays upgrades Gap (GPS) to Equal Weight, says risks now known [more]
- Azure Power (AZRE) downgraded to Underperform from Outperform at Credit Suisse [more]
- RBC Capital starts General Dynamics (GD) and L3Harris Technologies (LHX) with Outperform ratings, Lockheed Martin (LMT) with a Sector Perform rating [more]
- American Outdoor Brands (AOUT) upgraded to Buy with $11 target at B. Riley [more]
3. AROUND THE WEB:
- Snap (SNAP) to lay off 20% of employees, The Verge says [more]
- Facebook (META) will shut down its standalone gaming app, TechCrunch says [more]
- Gazprom will reduce gas deliveries to France's Engie (ENGIY), Bloomberg says [more]
- TSMC (TSM) will begin 3-nm chip production "soon," Nikkei reports [more]
- Truth Social (DWAC) is not available on Android (GOOGL) via the Play Store due to insufficient moderation, Axios reports [more]
4. MOVERS:
- Avid Technologies (AVID) gains after being named to join the S&P 600 [more]
- Freyr Battery (FREY) higher in New York after signing a joint venture agreement with Nidex for battery energy storage products [more]
- Liquidia (LQDA) lower after a judge denied the company’s request to stay on the decision on the ‘793 patent pending the appeal of the PTAB’s decision [more]
- Nordic American Tankers (NAT) declines in New York after reporting quarterly results [more]
- Nikola (NKLA) falls after commencing an exchange offer to acquire Romeo Power (RMO) [more]
5. EARNINGS/GUIDANCE:
- Big Lots (BIG) reported upbeat Q2 results [more]
- Baidu (BIDU) reported mixed Q2 results [more]
- Kirkland's (KIRK) reported downbeat Q2 earnings [more]
- iQIYI (IQ) reported upbeat Q2 earnings and revenue [more]
- Photronics (PLAB) reported better-than-expected Q3 results [more]
INDEXES:
The Dow fell 308.12, or 0.96%, to 31,790.87, the Nasdaq lost 134.53, or 1.12%, to 11,883.14, and the S&P 500 declined 44.45, or 1.1%, to 3,986.16.