Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.
1. STOCK NEWS:
- Dell Technologies (DELL) reported upbeat Q1 results, with co-COO Chuck Whitten saying the company "executed well against a challenging economic backdrop" [read more]
- Broadcom (AVGO) reported better-than-expected Q2 earnings and revenue and provided upbeat Q3 revenue guidance [read more]
- Amazon (AMZN) told Reuters it doesn't have plans to add wireless service at this time in response to a Bloomberg report saying it is in talks to offer a low-cost or free Prime phone service [read more]
- Stratasys (SSYS) received an unsolicited takeover proposal from 3D Systems (DDD), which 3D believes is "superior" to the Desktop Metal (DM) offer [read more]
- JetBlue (JBLU) agreed to divest all holdings of Spirit Airlines (SAVE) at LaGuardia Airport to Frontier (ULCC) in connection with JetBlue's planned merger with Spirit [read more]
2. WALL STREET CALLS:
- Morgan Stanley upgraded "ad tech's best-in-class" Trade Desk (TTD) to Overweight [read more]
- Piper Sandler downgraded Dollar General (DG) after 10 years at Overweight while Atlantic Equities also downgraded the shares with low income consumers retrenching [read more]
- SentinelOne (S) was downgraded by no less than five firms after the company cut its FY24 guidance [read more]
- BMO Capital double upgraded Kinsale Capital Group (KNSL) to Outperform from Underperform [read more]
- Atlantic Equities downgraded Warner Music (WMG) to Neutral from Overweight [read more]
3. AROUND THE WEB:
- Boeing (BA) and NASA have delayed the launch of the Starliner spacecraft’s first crewed flight after discovering issues with its parachute and tape covering internal wiring, NY Times says [read more]
- Exxon (XOM) and Chevron (CVX) are in advanced talks on a deal that would allow the companies to drill gas in Algeria, WSJ reports [read more]
- Nvidia’s (NVDA) next-generation AI chip will be manufactured by TSMC (TSM), DigiTimes reports [read more]
- 3M (MMM) agrees to tentative PFAS settlement of "at least" $10B, Bloomberg reports [read more]
- GM (GM) and Stellantis (STLA) paid $363M in total in U.S. fuel economy fines, Reuters reports [read more]
4. MOVERS:
- Samsara (IOT) increases after reporting quarterly results and raising its FY24 guidance [read more]
- Chemours (CC) jumps after DuPont (DD), Corteva (CTVA) and the company reached a PFAS settlement with U.S. water systems [read more]
- Zscaler (ZS) higher after reporting quarterly results [read more]
- Ginkgo Bioworks (DNA) declines after Goldman Sachs downgraded the stock to Sell [read more]
- Xcel Energy (XEL) falls after JPMorgan downgraded the stock to Neutral from Overweight [read more]
5. EARNINGS/GUIDANCE:
- Lululemon (LULU) reported Q1 results and provided guidance for Q2 and FY23 [read more]
- PagerDuty (PD) reported Q1 results that beat consensus and adjusted its FY24 guidance, with Craig-Hallum saying this was a “rocky start” to 2023 for the company [read more]
- MongoDB (MDB) reported Q1 EPS and revenue that beat consensus, with CEO Dev Ittycheria saying these were “strong first quarter results” [read more]
- SentinelOne (S) cut its FY24 revenue guidance [read more]
- Five Below (FIVE) delivered Q1 EPS and revenue that came in higher than estimates [read more]
INDEXES:
The Dow rose 701.19, or 2.12%, to 33,762.76, the Nasdaq gained 139.78, or 1.07%, to 13,240.77, and the S&P 500 advanced 61.35, or 1.45%, to 4,282.37.