Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.
1. STOCK NEWS:
- Microsoft (MSFT) reported better-than-expected Q3 earnings and revenue, saying Azure took share in Q3 [read more]
- The U.K.'s Competition and Markets Authority has blocked Microsoft's proposed takeover of Activision Blizzard (ATVI), citing competition concerns around cloud gaming [read more]
- Alphabet (GOOGL) reported upbeat Q1 results, with CFO Ruth Porat citing "resilience" in Search and "momentum" in Cloud [read more]
- Fox Corp. (FOX) announced the formation of Tubi Media Group [read more]
- Disney (DIS) is suing Florida Governor Ron DeSantis, alleging "government retaliation" [read more]
2. WALL STREET CALLS:
- Jefferies cuts Tesla (TSLA) to Hold, says Q1 results did not validate demand elasticity [read more]
- Microsoft (MSFT) was upgraded to Outperform at BMO Capital and Macquarie following last night's results [read more]
- Enphase Energy (ENPH) downgraded to Underperform at BofA on demand headwinds [read more]
- Moderna (MRNA) initiated with a Neutral at Guggenheim [read more]
- BofA downgraded Danaher (DHR) to Neutral after the company made "another" cut to its 2023 guidance [read more]
3. AROUND THE WEB:
- Apple (AAPL) is working on AI-powered health coaching service, Bloomberg reports [read more]
- Tencent (TCEHY) boosts investment in overseas gaming studios, FT says [read more]
- Alibaba Cloud (BABA) to cut core product costs by up to 50%, Bloomberg says [read more]
- Stellantis (STLA) plans to offer buyouts to workers amid cost cuts, WSJ reports [read more]
- First Republic (FRC) may face a curb on Federal Reserve borrowings, Bloomberg reports [read more]
4. MOVERS:
- Fisker (FSR) higher after announcing European regulators have certified the Fisker Ocean SUV [read more]
- Tingo Mobile (TIO) increases after signing an exclusive agreement with PCX and AFAN [read more]
- Vertiv Holdings (VRT) gains after reporting Q2 results, providing guidance for Q2, and raising its FY23 view [read more]
- Old Dominion (ODFL) declines after reporting Q1 results [read more]
- Companhia Brasileira de Distribuicao (CBD) falls in New York after BofA double downgraded the stock [read more]
5. EARNINGS/GUIDANCE:
- Visa (V) reported better-than-expected Q2 earnings and revenue, with payments volume up 10% year-over-year [read more]
- Boeing (BA) reported mixed Q1 results and said it plans to ramp up 787 production to five per month in late 2023 [read more]
- Fortive (FTV) provided Q2 guidance and raised its FY23 forecast [read more]
- Extreme Networks (EXTR) reported Q3 results, which President and CEO Ed Meyercord said was “another quarter of record results” [read more]
- Illumina (ILMN) reported Q1 results, which Baird characterized as a “modest beat” [read more]
INDEXES:
The Dow fell 228.96, or 0.68%, to 33,301.87, the Nasdaq gained 55.19, or 0.47%, to 11,854.35, and the S&P 500 declined 15.64, or 0.38%, to 4,055.99.