Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.
1. STOCK NEWS:
- Qualcomm (QCOM) reported upbeat Q2 revenue but provided lower-than-expected Q3 earnings and revenue guidance [read more]
- Arconic (ARNC) reported mixed quarterly results and agreed to be acquired by funds managed by affiliates of Apollo Global (APO) for $30 per share in cash [read more]
- PacWest (PACW) is exploring strategic asset sales [read more]
- Western Alliance (WAL) denied a Financial Times report saying the company is exploring options, including a sale [read more]
- TD Bank (TD) and First Horizon (FHN) have terminated their merger agreement [read more]
2. WALL STREET CALLS:
- Guggenheim upgraded Neurocrine (NBIX) to Buy on Ingrezza strength, pipeline potential [read more]
- Verisk Analytics (VRSK) upgraded to Buy from Underperform at BofA [read more]
- Wingstop (WING) downgraded to Neutral from Buy at Citi [read more]
- Upwork (UPWK) downgraded to Neutral at BofA on recession and AI disruption risks [read more]
- Craig-Hallum and Barrington downgraded QuinStreet (QNST) after earnings [read more]
3. AROUND THE WEB:
- UBS (UBS) is considering options for Credit Suisse’s (CS) Swiss bank, Reuters reports [read more]
- Albertsons (ACI), Kroger (KR) deal opposed by biggest grocery union, WSJ reports [read more]
- Blackstone (BX) is weighing options for Cirsa, including a possible IPO, Reuters says [read more]
- Novo Nordisk (NVO) to limit starter-dose supplies of Wegovy, WSJ reports [read more]
- AMD (AMD) and Microsoft (MSFT) are working on an Nvidia (NVDA) AI processor alternative, Bloomberg reports [read more]
4. MOVERS:
- Aspen Aerogels (ASPN) higher after reporting quarterly results and backing FY23 guidance [read more]
- Lemonade (LMND) up after reporting quarterly results and providing guidance for Q2 and FY23 [read more]
- Allogene Therapeutics (ALLO) and Datadog (DDOG) gain after reporting quarterly results [read more]
- Enviva (EVA) plunges after reporting quarterly results and cutting its FY23 guidance [read more]
- Zynex (ZYXI) lower after announcing a 2M share offering [read more]
5. EARNINGS/GUIDANCE:
- AB InBev (BUD) reported Q1 results that CEO Michel Doukeris said “reinforce… confidence in the resilience of the beer category” [read more]
- Etsy (ETSY) reported Q1 results, which Evercore ISI noted was “a beat almost across the board” [read more]
- Zillow (Z;ZG) delivered Q1 revenue that topped consensus and provided guidance for Q2 [read more]
- Paramount (PARA) reported Q1 EPS and revenue that missed consensus [read more]
- Shopify (SHOP) reported upbeat Q1 results, agreed to divest logistics assets and announced a reduction in its workforce [read more]
INDEXES:
The Dow fell 286.50, or 0.86%, to 33,127.74, the Nasdaq lost 58.93, or 0.49%, to 11,966.40, and the S&P 500 declined 29.53, or 0.72%, to 4,061.22.