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 Q3 [read more]
- Snowflake (SNOW) reported upbeat Q3 earnings and revenue and increased its product revenue guidance for FY24 [read more]
- Ford (F) said its new U.S. labor agreement with the United Auto Workers union is expected to cost $8.8B [read more]
- AbbVie (ABBV) agreed to acquire ImmunoGen (IMGN) for $31.26 per share in cash [read more]
- Kroger (KR) reported upbeat Q3 earnings and revenue [read more]
2. WALL STREET CALLS:
- Wall Street continues to step to the sidelines on Okta (OKTA), with additional downgrades of the shares made at KeyBanc, Wells Fargo, TD Cowen, Scotiabank and WestPark [read more]
- Jefferies upgraded Snap (SNAP) to Buy [read more]
- Jefferies also upgraded Pinterest (PINS) to Buy [read more]
- Citi upgraded Farfetch (FTCH) to Neutral while BTIG downgraded the shares to the same rating [read more]
- Seaport Research initiated coverage of Nuvei (NVEI) with a Buy rating [read more]
3. AROUND THE WEB:
- Nvidia (NVDA) doesn't see the U.S. achieving chip independence for 10-20 years, Bloomberg says [read more]
- The EU antitrust warning aimed at Adobe's (ADBE) proposed $20B acquisition of Figma will be challenges by the company at a closed hearing, Reuters reports [read more]
- The federal government of Canada and Google (GOOG) have settled their dispute over the country's Online New Act, CBC News says [read more]
- Uber (UBER) could be added to the S&P 500 Friday, Barron's says [read more]
- Xbox (MSFT) is in talks with partners to launch a mobile app store, Bloomberg says [read more]
4. MOVERS:
- Farfetch (FTCH) increases in New York after Citi upgraded the stock to Neutral [read more]
- Spirit Aerosystems (SPR) higher after Baird upgraded the stock to Outperform [read more]
- Xenon Pharmaceuticals (XENE) gains in New York after announcing a $225M share offering [read more]
- Weibo (WB) declines in New York after announcing a 6.23M share offering [read more]
- Fastly (FSLY) falls after Chief Revenue Officer Brett Shirk notified the company of his resignation [read more]
5. EARNINGS/GUIDANCE:
- Victoria's Secret (VSCO) reported Q3 results and provided guidance for Q4 and FY23, with CEO Martin Walters commenting "We delivered third quarter results within our guidance range, and we are encouraged by the improving sales trend as we transition into the all-important holiday season" [read more]
- Pure Storage (PSTG) reported Q3 results and announced its revenue guidance Q4 and FY24 that both missed consensus [read more]
- Nutanix (NTNX) announced its Q1 results, with CEO Rajiv Ramaswami commenting "We delivered a solid first quarter financial performance against an uncertain macro backdrop" [read more]
- Ingersoll-Rand (IR) reaffirmed its FY23 guidance, issued new targets for 2027, and provided guidance for Q4 and FY25 [read more]
- Five Below (FIVE) reported Q3 EPS and revenue that beat consensus and raised its FY23 EPS guidance [read more]
INDEXES:
The Dow rose 520.47, or 1.47%, to 35,950.89, the Nasdaq lost 32.27, or 0.23%, to 14,226.22, and the S&P 500 advanced 17.22, or 0.38%, to 4,567.80.