Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.
1. STOCK NEWS:
- Chinook Therapeutics (KDNY) agreed to be acquired by Novartis (NVS) for $40 per share in cash plus an additional $4 per share that may be payable through a contingent value right [read more]
- An FDA panel voted to confirm the clinical benefit of Biogen (BIIB) and Eisai's (ESALY) Leqembi in Alzheimer's disease [read more]
- Illumina (ILMN) CEO Francis deSouza is leaving the company, with Charles Dadswell named interim CEO [read more]
- Nasdaq (NDAQ) agreed to acquire Adenza from Thoma Bravo for $10.5B in cash and stock [read more]
- Catalent (CTLT) reported mixed Q3 results and cut its FY23 revenue guidance [read more]
2. WALL STREET CALLS:
- Carnival (CCL) was upgraded to Overweight at JPMorgan and to Buy at BofA [read more]
- Tesla (TSLA) upgraded to Outperform from Neutral at KGI Securities [read more]
- Adidas (ADDYY) upgraded at Bernstein, sees Messi in Miami as likely to drive U.S. market share [read more]
- Bill (BILL) downgraded to Equal Weight from Overweight at Morgan Stanley [read more]
- Expensify (EXFY) downgraded to Underweight from Equal Weight at Morgan Stanley [read more]
3. AROUND THE WEB:
- Five senior Credit Suisse (CS) executives have left after the UBS (UBS) takeover, FT reports [read more]
- A Euronav (EURN) takeover rumor was highlighted by Betaville [read more]
- JPMorgan (JPM) will pay $290M as part of the Epstein victim settlement, NY Times reports [read more]
- Kerrisdale said it is short the "insolvent" Carvana (CVNA) and called the stock "worthless" [read more]
- Nio (NIO) will cut prices on all models and end battery swaps for new buyers, Reuters reports [read more]
4. MOVERS:
- Intellia Therapeutics (NTLA) higher after announcing new data from its Phase 1 study of NTLA-2002 [read more]
- XPeng (XPEV) rises after reporting over 25,000 pre-sale orders for the G6 in 72 hours [read more]
- U.S. Bancorp (USB) lower after Citi opened a "90-day negative catalyst watch" on the stock [read more]
- KeyCorp (KEY) falls after saying NII is coming in softer than expected for Q2 [read more]
- CSN (SID) slips after BofA downgraded the stock to Underperform [read more]
5. EARNINGS/GUIDANCE:
- Ecarx (ECX) reported a year-over-year increase inn Q1 earnings and revenue [read more]
- Chart Industries (GTLS) reiterated its 2023 outlook for revenue and adjusted earnings [read more]
- Virco (VIRC) reported downbeat Q1 earnings [read more]
- MGO Global (MGOL) exceeded its 2022 revenue in the first five months of 2023 [read more]
- Acer (ACEYY) reported a 30% month-on-month revenue increase in May [read more]
INDEXES:
Near midday, the Dow was up 29.18, or 0.09%, to 33,905.96, the Nasdaq was up 95.23, or 0.72%, to 13,354.37, and the S&P 500 was up 12.81, or 0.30%, to 4,311.67.