Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.
1. STOCK NEWS:
- PepsiCo (PEP) provided a "beat and raise" report for Q3 [more]
- Merck (MRK) exercised its option to jointly develop a personalized cancer vaccine with Moderna (MRNA) [more]
- KnowBe4 (KNBE) agreed to be acquired by Vista Equity Partners for $24.90 per share [more]
- Intel (INTC) is planning thousands of job cuts, according to Bloomberg [more]
- Philips (PHG) provided an updated Q3 revenue outlook it says was "largely impacted by continued supply chain challenges that were more significant than anticipated in the quarter" [more]
2. WALL STREET CALLS:
- UBS upgrades Norwegian Cruise Line (NCLH) to Buy on improved bookings [more]
- Cinemark (CNK) double downgraded to Underperform from Outperform at Credit Suisse [more]
- Gordon Haskett upgrades Lyft (LYFT) to Buy on "overly negative" sentiment [more]
- AIG (AIG) upgraded to Buy at Jefferies on "underappreciated" P&C momentum [more]
- Morgan Stanley downgraded Stanley Black & Decker (SWK) to Equal Weight [more]
3. AROUND THE WEB:
- Spruce Point put a "Strong Sell" on MGP Ingredients (MGPI), sees 35%-55% downside [more]
- Blue Orca announced its shorting Enviva (EVA), claims EBITDA is inflated [more]
- Netflix (NFLX) is near a deal to build a production complex in New Jersey, NY Times reports [more]
- Bed Bath & Beyond (BBBY) creditors are looking to boost standing in bond swap, Bloomberg reports [more]
- Viatris (VTRS) is weighing a sale of its $3B European OTC assets, Bloomberg says [more]
4. MOVERS:
- Grindrod (GRIN) rises in New York after entering a $21 per share transaction implementation agreement with TMI [more]
- Cango (CANG) advances in New York after announcing a special cash dividend of 50c per share [more]
- Farfetch Limited (FTCH) up after Wells Fargo named the company a "Top Pick" [more]
- Cameco (CCJ) falls after agreeing to acquire Westinghouse Electric in partnership with Brookfield Renewable Partners and concurrently announcing plans to sell $650M worth of stock priced at $21.95 a share [more]
- Rocket Lab (RKLB) lower after Credit Suisse initiated coverage of the stock with an Underperform rating and $3 price target [more]
5. EARNINGS/GUIDANCE:
- Owens & Minor (OMI) cut its FY22 earnings outlook [more]
- Sientra (SIEN) backs FY22 revenue guidance [more]
- T2 Biosystems (TTOO) provided Q3 and 2022 revenue guidance [more]
- Superior Drilling (SDPI) also provided Q3 and 2022 revenue guidance [more]
- Wipro (WIT) reported downbeat Q2 results [more]
INDEXES:
Near midday, the Dow was up 166.50, or 0.57%, to 29,405.69, the Nasdaq was up 43.46, or 0.42%, to 10,469.65, and the S&P 500 was up 14.26, or 0.40%, to 3,603.10.
