Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.
1. STOCK NEWS:
- Realty Income (O) agreed to acquire Spirit Realty (SRC) in a $9.3B all-stock transaction [read more]
- McDonald's (MCD) reported upbeat Q3 results and raised its quarterly dividend 10% [read more]
- Physicians Realty Trust (DOC) and Healthpeak (PEAK) agreed to combine in an all-stock merger of equals [read more]
- Western Digital (WDC) reported mixed Q1 results and announced plans to separate its HDD and Flash businesses [read more]
- General Motors (GM) and the UAW union reached a tentative deal to end a six-week strike, Bloomberg reports [read more]
2. WALL STREET CALLS:
- Barclays upgraded AbbVie (ABBV) to Overweight, saying Friday's selloff looks like an overreaction [read more]
- Newell Brands (NWL) was downgraded to Neutral at JPMorgan and to Hold at Truist [read more]
- BofA upgraded Chevron (CVX) to Buy [read more]
- Raymond James downgraded Cisco Systems (CSCO) to Market Perform [read more]
- Truist downgraded Krispy Kreme (DNUT) to Hold, sees current GLP-1 overhang on food stocks lingering [read more]
3. AROUND THE WEB:
- Volkswagen's (VWAGY) software unit Caridad will delay the launch of its new software architecture again and cut 2,000 jobs, TechCrunch says [read more]
- Former Marvel Entertainment executive Ike Perlmutter is supporting activist Nelson Peltz's push for Disney (DIS) board seats, WSJ reports [read more]
- Google (GOOGL) is planning to invest up to $2B in AI startup Anthropic, WSJ says [read more]
- New data Cassava Sciences (SAVA) presented at CTAD23 shows "without a doubt" that simufilam does not work, STAT's Feuerstein says [read more]
- TC Energy (TRP) is pursuing a multibillion-dollar asset sale plan to reduce debt and fund new investments, Bloomberg reports [read more]
4. MOVERS:
- Coherus (CHRS) higher after announcing with Junshi Biosciences that the FDA approved Loqtorzi in combination with cisplatin and gemcitabine [read more]
- Sanofi (SNY) gains after announcing it made a $30M strategic investment in MeiraGTx (MGTX) [read more]
- Lumentum (LITE) increases after announcing it will acquire Cloud Light for $750M [read more]
- Revvity (RVTY) falls after reporting quarterly results and lowering its FY23 guidance [read more]
- CommScope (COMM) drops after reporting preliminary Q3 results [read more]
5. EARNINGS/GUIDANCE:
- SoFi Technologies (SOFI) reported Q3 results and raised its FY23 revenue view [read more]
- Check Point (CHKP) reported Q3 revenue and EPS that beat consensus, with CEO Gil Shwed commenting "Our third quarter performance was strong" [read more]
- ON Semiconductor (ON) reported Q3 results and provided guidance for Q4 [read more]
- XPO, Inc (XPO) reported Q3 results, with CEO Mario Harik commenting, "Our third quarter results exceeded expectations" [read more]
- JinkoSolar (JKS) announces results for Q3 and provided guidance for Q4 module shipments [read more]
INDEXES:
Near midday, the Dow was up 348.87, or 1.08%, to 32,766.46, the Nasdaq was up 109.63, or 0.87%, to 12,752.64, and the S&P 500 was up 30.41, or 0.74%, to 4,147.78.