Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.
1. STOCK NEWS:
- Intel (INTC) announced a new cost structure strategy and is reducing its quarterly dividend by 66% [read more]
- Coinbase (COIN) reported a sharp drop in year-over-year earnings and revenue [read more]
- Palo Alto Networks (PANW) provided a "beat and raise" report for Q2 [read more]
- News Corp (NWSA) is no longer in talks with CoStar (CSGP) over a potential Move deal [read more]
- The Federal Reserve said in its latest FOMC minutes that it wants to see data providing confidence that inflation "on a sustained downward path" before ending its restrictive policy stance [read more]
2. WALL STREET CALLS:
- Alcoa (AA) upgraded to Buy at Citi on "bullish" aluminum view [read more]
- Wolfe upgrades Merck (MRK) with pipeline "big enough to matter" [read more]
- DA Davidson upgrades Shopify (SHOP) after recent pullback in shares [read more]
- Occidental Petroleum (OXY) downgraded to Underperform from In Line at Evercore ISI [read more]
- AbbVie (ABBV) downgraded to Peer Perform on valuation at Wolfe Research [read more]
3. AROUND THE WEB:
- The Washington Post said Meta Platforms (META) plans to cut "thousands" of roles, but a Meta spokesperson said the Post "got this one wrong" [read more]
- JPMorgan (JPM) is restricting the use of ChatGPT among staff, Telegraph reports [read more]
- Harrow Health (HROW) was named a short idea by Bonitas Research [read more]
- Third Point is planning a proxy fight at Bath & Body Works (BBWI), WSJ reports [read more]
- Apple (AAPL) hits breakthroughs in glucose monitoring project, Bloomberg says [read more]
4. MOVERS:
- Luminar (LAZR) gains after announcing expansion of Mercedes-Benz (MBGYY) partnership [read more]
- Brookdale Senior Living (BKD) and Alight (ALIT) rise after reporting quarterly results [read more]
- Indus Realty Trust (INDT) higher after announcing it will be acquired by Centerbridge and GIC for $868M [read more]
- ZipRecruiter (ZIP) lower after reporting quarterly results and providing guidance for FY23 and Q1 [read more]
- Keysight Technologies (KEYS), Transocean (RIG) and Matador (MTDR) decline after reporting quarterly results [read more]
5. EARNINGS/GUIDANCE:
- Baidu (BIDU) reported upbeat Q4 results [read more]
- Chesapeake (CHK) reported upbeat Q4 earnings and confirmed the sale of its remaining Eagle Ford assets [read more]
- Charles River (CRL) reported better-than-expected Q4 results [read more]
- Toll Brothers (TOL) reported upbeat Q1 results [read more]
- TJX (TJX) reported better-than-expected Q4 revenue [read more]
INDEXES:
The Dow fell 84.50, or 0.26%, to 33,045.09, the Nasdaq gained 14.77, or 0.13%, to 11,507.07, and the S&P 500 declined 6.29, or 0.16%, to 3,991.05.