Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.
1. STOCK NEWS:
- Qualcomm (QCOM) reported better-than-expected Q1 results and provided Q2 earnings and revenue guidance [read more]
- Merck (MRK) reported Q4 results and provided upbeat FY24 earnings guidance [read more]
- Tesla (TSLA) investors will vote "immediately" on moving the company's incorporation to Texas, said CEO Elon Musk [read more]
- Etsy (ETSY) has named Elliott partner Marc Steinberg to its board of directors as Bloomberg reported that Elliott is now Etsy's largest shareholder with a 13% stake [read more]
- Short-seller The Bear Cave said that B. Riley's (RILY) "diminishing credibility" is not fully recognized by the market [read more]
2. WALL STREET CALLS:
- AT&T (T) upgraded to Overweight at JPMorgan [read more]
- Amplitude (AMPL) downgraded to Underweight at Morgan Stanley [read more]
- Deutsche Bank upgraded Cigna (CI) to Buy after what it calls a "value unlocking-transaction" [read more]
- Citi downgraded Qualcomm (QCOM) to Neutral following last night's quarterly report [read more]
- Compass Point initiated coverage of Beyond (BYON), formerly Overstock.com (OSTK), with a Buy rating [read more]
3. AROUND THE WEB:
- GM's (GM) Cruise does not expect to see its robotaxis on city streets again until Q4 of 2024, Reuters says [read more]
- TuSimple (TSP) is being probed by the Commerce Department over one of its chip shipments, WSJ says [read more]
- Amazon (AMZN) may be held responsible for the third-party products sold on its platform, WSJ reports [read more]
- Formula One driver Lewis Hamilton is close to completing a switch from Mercedes-Benz (MBGYY) to Ferrari (RACE) in 2025, ESPN says [read more]
- An investor group led by Ancora has acquired a large stake in Norfolk Southern (NSC), WSJ says [read more]
4. MOVERS:
- SunPower (SPWR) gains after providing an update on discussions with its financial partners [read more]
- Corteva (CTVA) increases after reporting quarterly results [read more]
- Nextracker (NXT) higher after reporting quarterly results and raising its guidance for FY24 [read more]
- Hesai (HSAI) falls in New York after being added to the U.S. Department of Defense's "Chinese Military Companies" list [read more]
- Rocket Lab (RKLB) declines after announcing a $275M notes offering [read more]
5. EARNINGS/GUIDANCE:
- Honeywell (HON) reported Q4 results and provided guidance for FY24, with CEO Vimal Kapur commenting, "Honeywell once again demonstrated its resilience by delivering on our commitments and finishing strong" [read more]
- Altria Group (MO) reported Q4 results and announced its outlook for FY24 [read more]
- Sirius XM (SIRI) announced Q4 results [read more]
- Tractor Supply (TSCO) reported Q4 results, with EPS beating consensus [read more]
- Peloton (PTON) reported Q2 results, and provided its guidance for Q3 and FY24 [read more]
INDEXES:
Near midday, the Dow was up 115.90, or 0.30%, to 38,266.20, the Nasdaq was up 88.15, or 0.58%, to 15,252.16, and the S&P 500 was up 25.01, or 0.52%, to 4,870.66.