Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.
1. STOCK NEWS:
- Microsoft (MSFT) reported upbeat Q2 earnings and revenue, with Cloud revenue increasing 24% [read more]
- Alphabet (GOOGL) reported better-than-expected Q4 results, with CEO Sundar Pichai saying the "best is yet to come" as the company enters its "Gemini era" [read more]
- Boeing (BA) reported better-than-expected Q4 results, though it suspended its forecast for 2024 and said it is pausing 737 production for one day to refocus employees on quality [read more]
- Tesla (TSLA) shares slid after CNBC reported that a Delaware judge voided CEO Elon Musk's $56B pay package [read more]
- Byron Allen has made a $14.3B offer to buy all outstanding shares of Paramount Global (PARA), Bloomberg reports [read more]
2. WALL STREET CALLS:
- Plug Power (PLUG) was upgraded to Buy at Roth MKM with issues at Georgia plant seen being handled [read more]
- 2seventy Bio (TSVT) was downgraded to Market Perform at TD Cowen, but upgraded to Outperform at Leerink on its acquisition potential [read more]
- SoFi Technologies (SOFI) downgraded to Underweight at Morgan Stanley [read more]
- Canaccord upgraded Stryker (SYK) to Buy after the company delivered "a strong Q4" [read more]
- Argus downgraded UPS (UPS) to Hold, calling the outlook for earnings and dividend growth over the next few quarters "tepid at best" [read more]
3. AROUND THE WEB:
- Universal Music Group (UMGNF) plans to cease licensing content to TikTok, Variety reports [read more]
- PayPal (PYPL) plans to cut its workforce by roughly 9% this year, Bloomberg reports [read more]
- Block (SQ) will be laying off a "large number" of its workers, Business Insider reports [read more]
- Activist investor Nelson Peltz has been pushing for representation on Disney's (DIS) board, Bloomberg says [read more]
- The CEOs of the top five social media platforms, including Meta (META), X, Snap (SNAP), TikTok, and Discord, will be questioned by Congress on their perceived failure to protect children online, FT says [read more]
4. MOVERS:
- Teva (TEVA) higher in New York after reporting quarterly results, with CEO Richard Francis commenting, "2023 has been a year of significant advances for Teva" [read more]
- LendingClub (LC) increases after reporting quarterly results [read more]
- Stryker (SYK) gains after reporting quarterly results and providing guidance for FY24 [read more]
- New York Community Bancorp (NYCB) and Extreme Networks (EXTR) fall after reporting quarterly results [read more]
- AMSC (AMSC) declines after announcing a 5.4M share offering [read more]
5. EARNINGS/GUIDANCE:
- AMD (AMD) reported Q1 results and provided guidance for Q1 [read more]
- MasterCard (MA) reported Q4 results, with CEO Michael Miebach commenting, "We delivered strong earnings and revenue growth for the full year of 2023" [read more]
- Starbucks (SBUX) reported Q1 results and backed its FY24 guidance [read more]
- Electronic Arts (EA) reported Q3 results and provided guidance for Q4 and FY24 [read more]
- Brinker (EAT) reported Q2 results, with EPS beating consensus [read more]
INDEXES:
Near midday, the Dow was up 5.58, or 0.01%, to 38,468.13, the Nasdaq was down 220.09, or 1.42%, to 15,289.81, and the S&P 500 was down 42.21, or 0.86%, to 4,881.83.