Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.
1. STOCK NEWS:
- Amazon (AMZN) CEO Andy Jassy confirmed a plan to eliminate just over 18,000 jobs [more]
- Walgreens Boots Alliance (WBA) reported upbeat Q1 results [more]
- T-Mobile (TMUS) said it expects to post its highest ever postpaid account net adds in 2022 [more]
- Constellation Brands (STZ) reported mixed Q3 results [more]
- Bed Bath & Beyond (BBBY) warned of a "substantial doubt" about remaining a "going concern" [more]
2. WALL STREET CALLS:
- Ally Financial (ALLY) double downgraded to Underperform at BofA [more]
- Capital One (COF) downgraded to Underweight at Stephens on auto lending concerns [more]
- American Express (AXP) also cut to Underweight at Stephens on growth and capital worries [more]
- Cowen downgrades Coinbase (COIN) on low visibility into trading recovery [more]
- UBS cuts Gap (GPS) and Victoria's Secret (VSCO) to Sell, sees earnings outlooks deteriorating in 2023 [more]
3. AROUND THE WEB:
- Western Digital (WDC) and Kioxia are said to revive merger discussions, Bloomberg reports [more]
- Foxconn (HNHPF) source says December iPhone (AAPL) orders "unchanged," Reuters reports [more]
- Samsung's (SSNLF) profit could plunge nearly 50% in Q4, CNBC reports [more]
- Elon Musk lays off Twitter (TWTR) engineers working on advertising, The Information reports [more]
- Slack (CRM) will cut 10% of its product and engineering organization, Insider says [more]
4. MOVERS:
- Novocure (NVCR) and Zai Lab (ZLAB) increase in New York after announcing the LUNAR study met its primary endpoint [more]
- Lamb Weston (LW) higher after reporting quarterly results and raising FY23 guidance [more]
- Stitch Fix (SFIX) rises after announcing Spaulding will step down as CEO [more]
- Silvergate Capital (SI) declines after providing a business update and announcing plans to reduce its headcount by 40% [more]
- AppLovin (APP) lower after Benchmark initiated coverage of the stock with a Sell rating [more]
5. EARNINGS/GUIDANCE:
- Simply Good Foods (SMPL) reported upbeat Q1 results [more]
- AngioDynamics (ANGO) reported better-than-expected Q2 results [more]
- SelectQuote (SLQT) provided upbeat Q2 revenue guidance and raised its FY23 revenue outlook [more]
- Bionano Genomics (BNGO) also provided upbeat Q4 and FY22 revenue guidance [more]
- Conagra Brands (CAG) issued a "beat and raise" report for Q2 [more]
INDEXES:
The Dow fell 339.69, or 1.02%, to 32,930.08, the Nasdaq lost 153.52, or 1.47%, to 10,305.24, and the S&P 500 declined 44.87, or 1.16%, to 3,808.10.