Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.
1. STOCK NEWS:
- Travelers (TRV) reported better-than-expected Q4 core earnings and revenue [read more]
- Spirit Airlines (SAVE) provided upbeat Q4 revenue guidance and noted that it is assessing options to refinance 2025 debt maturities [read more]
- Ford (F) is cutting F-150 Lightning production, adding that it expects lower-than-anticipated 2024 EV growth [read more]
- Wayfair (W) said it is implementing a 13% workforce reduction, while the Wall Street Journal reported that Macy's (M) will close five stores and cut about 2,350 jobs [read more]
- The European Commission intends to block Amazon's (AMZN) acquisition of iRobot (IRBT), WSJ says [read more]
2. WALL STREET CALLS:
- IBM (IBM) upgraded to Outperform from In Line at Evercore ISI [read more]
- DraftKings (DKNG) was upgraded to Buy at Stifel while being downgraded to Underperform at Exane BNP Paribas [read more]
- AT&T (T) upgraded to Outperform from Perform at Oppenheimer [read more]
- Hertz (HTZ) was downgraded to Hold at Jefferies following Morgan Stanley having upgraded the shares earlier this week [read more]
- Roku (ROKU) upgraded to Neutral from Sell at Seaport Research [read more]
3. AROUND THE WEB:
- The FDA recently found new manufacturing problems at an Eli Lilly (LLY) plant in Branchburg, New Jersey, Reuters reports [read more]
- Citigroup (C) eliminated more leadership roles this week, Reuters reports [read more]
- Silver Lake plans to sell parts of Endeavor Group (EDR) after it takes the company private, Bloomberg says [read more]
- Brookfield (BAM) is in talks to invest in Dubai's GEMS Education, Bloomberg reports [read more]
- The DOJ and FTC are in talks over which agency can investigate Microsoft-backed (MSFT) OpenAI on antitrust grounds, Politico reports [read more]
4. MOVERS:
- Kaman (KAMN) higher after announcing it will be acquired by Arcline Investment for $46 per share in cash [read more]
- Supermicro (SMCI) gains after raising its Q2 guidance [read more]
- State Street (STT) increases after reporting quarterly results and announcing a new $5B share repurchase program [read more]
- Celsius Holdings (CELH) falls after BofA downgraded the stock to Neutral [read more]
- Chegg (CHGG) lower after Goldman Sachs downgraded the stock to Neutral [read more]
5. EARNINGS/GUIDANCE:
- Ally Financial (ALLY) reported Q4 results, with CEO Jeffrey Brown commenting "We ended 2023 with growing momentum and remain positioned for longterm success" [read more]
- SLB (SLB) reported Q4 results, with EPS and revenue beating consensus [read more]
- Comerica (CMA) announced Q4 results [read more]
- J.B. Hunt (JBHT) reported Q4 results, with EPS missing consensus [read more]
- World Acceptance (WRLD) reported Q3 results, with EPS and revenue beating consensus [read more]
INDEXES:
The Dow rose 395.19, or 1.05%, to 37,863.80, the Nasdaq gained 255.32, or 1.70%, to 15,310.97, and the S&P 500 advanced 58.87, or 1.23%, to 4,839.81.