Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.
1. STOCK NEWS:
- Merck (MRK) is suing the U.S. to challenge Medicare drug price negotiations provisions in the Inflation Reduction Act [read more]
- The SEC has charged Coinbase (COIN) for operating as an unregistered exchange and broker [read more]
- J.M. Smucker (SJM) reported upbeat Q4 results and provided FY24 earnings and net sales guidance [read more]
- Ciena (CIEN) reported better-than-expected Q2 earnings and revenue but cut its FY23 revenue growth outlook [read more]
- Intel (INTC) said it will sell part of its holdings in Mobileye (MBLY) [read more]
2. WALL STREET CALLS:
- DA Davidson downgrades Apple (AAPL) with new headset already priced in [read more]
- McCormick (MKC) double upgraded to Buy from Underperform at BofA [read more]
- AMC Networks (AMCX) downgraded to Underweight from Equal Weight at Morgan Stanley [read more]
- Cigna (CI) upgraded to Buy from Neutral at BofA [read more]
- MoffettNathanson upgraded AT&T (T) to Market Perform from Underperform [read more]
3. AROUND THE WEB:
- Bed Bath & Beyond (BBBY) is in discussions to sell Buybuy Baby to a private equity firm, WSJ says [read more]
- All Nippon Airways CEO Shinichi Inoue told reports that he wants to introduce short-haul and medium-haul aircraft to its fleet, especially the Boeing (BA) 787, Reuters reports [read more]
- Panasonic (PCRFY) will expand electric vehicle battery production at Tesla’s (TSLA) Nevada plant, Nikkei reports [read more]
- TSMC (TSM) defended its overseas expansion plans after shareholders challenged management at its annual meeting, FT reports [read more]
- Twitter’s (TWTR) U.S. advertising sales fell 59% amid “woes,” NY Times says [read more]
4. MOVERS:
- GitLab (GTLB) up after reporting quarterly results and raising its FY24 guidance [read more]
- Luminar (LAZR) rises after partnering with Plus for LiDAR, AI-based assisted driving software [read more]
- Agenus (AGEN) higher after Baird initiated the stock with an Outperform rating [read more]
- Tingo Mobile (TIO) falls after Hindenburg said the company is a “worthless and brazen fraud” [read more]
- Bausch Health (BHC) lower after responding to Norwich’s ANDA tentative approval and FDA suit [read more]
5. EARNINGS/GUIDANCE:
- HealthEquity (HQY) reported Q1 results and raised its outlook for FY23 and FY24 [read more]
- G-III Apparel (GIII) delivered Q1 EPS and revenue that beat consensus [read more]
- Cracker Barrel (CBRL) reported Q3 results that missed consensus, with CEO Sandra Cochran commenting casual dining traffic declined at the end of the quarter [read more]
- Quantum (QMCO) provided guidance for Q1 and FY24 [read more]
- Sprinklr (CXM) reported Q1 results and raised its FY24 guidance [read more]
INDEXES:
Near midday, the Dow was down 9.50, or 0.03%, to 33,553.36, the Nasdaq was up 68.23, or 0.52%, to 13,297.66, and the S&P 500 was up 11.28, or 0.26%, to 4,285.07.
