Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.
1. STOCK NEWS:
- Netflix (NFLX) reported better-than-expected Q4 paid net additions and said it completed its succession process, with Reed Hastings now executive chairman and Ted Sarandos and Greg Peters serving as co-CEOs [more]
- Alphabet (GOOGL) plans to reduce its workforce by about 12,000 roles [more]
- T-Mobile (TMUS) said it may incur "significant expenses" over cyber incident [more]
- Eli Lilly (LLY) said the FDA issued a complete response letter for the donanemab BLA seeking accelerated approval for the treatment of Alzheimer's disease [more]
- Wayfair (W) said it plans to cut 1,750 employees [more]
2. WALL STREET CALLS:
- Salesforce (CRM) downgraded to Market Perform at Cowen with disruption risk elevated [more]
- Domo (DOMO) downgraded to Equal Weight from Overweight at Morgan Stanley [more]
- JPMorgan upgraded Regeneron (REGN) to Overweight [more]
- PagerDuty (PD) upgraded to Overweight from Equal Weight at Morgan Stanley [more]
- MKM Partners downgraded Pinterest (PINS) to Neutral [more]
3. AROUND THE WEB:
- Deutsche Bank (DB) plans to cut its investment banking bonus pool by 40%, FT reports [more]
- Apple (AAPL) is still on track to launch OLED iPad Pro models in 2024, BGR says [more]
- UBS (UBS) will hire M&A dealmakers from banking boutiques, FT says [more]
- Nintendo (NTDOY) plans to increase Switch production next fiscal year to meet demand, Bloomberg reports [more]
- Elon Musk sold Tesla (TSLA) shares before the company acknowledged weak deliveries, WSJ reports [more]
4. MOVERS:
- SVB Financial (SIVB) higher after reporting quarterly results [more]
- PPG Industries (PPG) gains after reporting quarterly results and providing Q1 guidance [more]
- Goldman Sachs (GS) lower after WSJ report on Fed probe of Marcus unit [more]
- Bed Bath & Beyond (BBBY) slides after receiving a non-compliance notice from Nasdaq [more]
- Faro Technologies (FARO) declines after announcing $60M convertible senior notes offering [more]
5. EARNINGS/GUIDANCE:
- Nordstrom (JWN) cut its FY22 adjusted earnings guidance [more]
- State Street (STT) reported upbeat Q4 results [more]
- Ally Financial (ALLY) reported better-than-expected Q4 results [more]
- Huntington Bancshares (HBAN) reported upbeat Q4 results and announced a $1B share buyback [more]
- Ericsson (ERIC) reported a year-over-year decline in Q4 earnings [more]
INDEXES:
Near midday, the Dow was up 74.97, or 0.23%, to 33,119.53, the Nasdaq was up 154.15, or 1.42%, to 11,006.42, and the S&P 500 was up 31.80, or 0.82%, to 3,930.65.