Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.
1. STOCK NEWS:
- Foot Locker (FL) reported downbeat Q1 results, lowered its FY23 outlook, and named Mike Baughn as its new CFO [read more]
- Deere (DE) reported better-than-expected Q2 earnings and revenue, with DA Davidson saying results were well ahead of estimates [read more]
- Ross Stores (ROST) reported upbeat Q1 earnings, but provided a lower-than-expected Q2 outlook [read more]
- Applied Materials (AMAT) reported better-than-expected Q2 results and provided Q3 earnings and revenue guidance [read more]
- Morgan Stanley (MS) CEO James Gorman said he plans to step down within the next 12 months and become the executive chairman when a new CEO is named [read more]
2. WALL STREET CALLS:
- Macquarie downgraded Disney (DIS) to Neutral from Outperform [read more]
- Morgan Stanley upgraded Shake Shack (SHAK) to Equal Weight [read more]
- JPMorgan upgraded Bloom Energy (BE) to Overweight from Neutral [read more]
- Citi initiated coverage of nine alternative asset managers, including seven with Buy ratings [read more]
- Credit Suisse downgraded Amphenol (APH) to Neutral [read more]
3. AROUND THE WEB:
- IFF (IFF) is considering $1B sale of Lucas Meyer cosmetics unit, Bloomberg reports [read more]
- China’s competition regulator has suspended its review of MaxLinear’s (MXL) proposed acquisition of Silicon Motion Technology (SIMO), Dealreporter says [read more]
- Lazard (LAZ) CEO Ken Jacobs poised to step down, WSJ says [read more]
- Meta (META) is readying an Instagram text-based app to compete with Twitter (TWTR), Bloomberg says [read more]
- American Airlines (AAL) and its pilots struck a preliminary labor agreement, CNBC reports [read more]
4. MOVERS:
- DXC Technology (DXC) increases after reporting quarterly results [read more]
- Grab Holdings (GRAB) rises after HSBC raised its price target on the stock [read more]
- Canada Goose (GOOS) decreases in New York after Baird lowered its price target on the stock [read more]
- Applied Digital (APLD) lower after announcing a $50M loan to accelerate growth [read more]
- Nike (NKE), Under Armour (UAA) among decliners after Foot Locker guidance cut [read more]
5. EARNINGS/GUIDANCE:
- Catalent (CTLT) asked for more time to file 10-Q [read more]
- Farfetch (FTCH) delivered Q1 EPS and revenue that beat consensus, with CEO Jose Neves saying the quarter demonstrated the company’s “strong execution in the face of continued macro headwinds” [read more]
- Flowers Foods (FLO) cut its FY23 guidance [read more]
- RBC Bearings (RBC) reported Q4 revenue and EPS that beat consensus [read more]
- Globant (GLOB) reported Q1 results that KeyBanc said were “better than feared” [read more]
INDEXES:
The Dow fell 109.28, or 0.33%, to 33,426.63, the Nasdaq lost 30.94, or 0.24%, to 12,657.90, and the S&P 500 declined 6.07, or 0.14%, to 4,191.98.