Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.
1. STOCK NEWS:
- Salesforce (CRM) provided a "beat and raise" report for Q1 [read more]
- Macy's (M) reported upbeat Q1 earnings but slashed its FY23 earnings and revenue guidance [read more]
- Dollar General (DG) reported downbeat Q1 results and cut its FY23 outlook [read more]
- NRG Energy (NRG) agreed to sell a 44% equity interest in STP to Constellation Energy (CEG) for $1.75B [read more]
- Palantir (PLTR) is an "imposter" engaging in "games" to inflate books, said The Bear Cave's Edward Dorsey [read more]
2. WALL STREET CALLS:
- Target (TGT) downgraded to Neutral at JPMorgan, which says share loss could accelerate and linger given consumer pressures and "recent company controversies" [read more]
- RBC Capital upgraded Chevron (CVX) to Outperform and downgraded Exxon Mobil (XOM) to Sector Perform [read more]
- Wedbush upgraded C3.ai (AI) to Outperform after earnings, while DA Davidson downgraded the stock to Neutral [read more]
- Advance Auto Parts (AAP) was downgraded at BofA, JPMorgan, Goldman Sachs and Raymond James as fallout continues from its quarterly report and guidance cut [read more]
- Okta (OKTA) was downgraded at both BMO Capital and JPMorgan after earnings [read more]
3. AROUND THE WEB:
- JPMorgan (JPM) plans to close 21 First Republic (FRC) branches by the end of 2023, Reuters reports [read more]
- Amazon (AMZN) is using A.I. to screen items for damage prior to shipping them to customers, WSJ reports [read more]
- Tesla (TSLA) is opening its charging network to rival vehicles, FT says [read more]
- UBS (UBS) has repaid its government-backed liquidity lifeline, Reuters says [read more]
- Stanley Black & Decker (SWK) is seeking a buy for its IES unit, Bloomberg report [read more]
4. MOVERS:
- Chewy (CHWY) up after raising its FY23 revenue view [read more]
- Pure Storage (PSTG) rises after reporting quarterly results [read more]
- Kingsoft Cloud (KC) higher in New York after Goldman Sachs upgraded the stock to Neutral [read more]
- Lexicon (LXRX) declines after announcing a 23.9M share offering [read more]
- Lucid Group (LCID) falls after announcing a 173.5M share offering [read more]
5. EARNINGS/GUIDANCE:
- Nordstrom (JWN) CEO Erik Nordstrom said he is “encouraged” by the company’s momentum as the company reported Q1 results [read more]
- Victoria’s Secret (VSCO) reported Q1 results and cut its FY23 revenue view, with CEO Martin Waters calling the quarter “challenging” [read more]
- C3.ai (AI) provided initial guidance for FY24 [read more]
- Hormel Foods (HRL) reported Q2 results and backed its FY23 guidance [read more]
- Crowdstrike (CRWD) delivered Q1 results and raised its FY24 guidance, with MoffettNathanson saying the report “looked good” [read more]
INDEXES:
Near midday, the Dow was up 161.27, or 0.49%, to 33,069.54, the Nasdaq was up 118.68, or 0.92%, to 13,053.96, and the S&P 500 was up 31.59, or 0.76%, to 4,211.42.