Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.
1. STOCK NEWS:
- Microsoft (MSFT) said OpenAI's Sam Altman and Greg Brockman are joining the company to lead AI research [read more]
- McDonald's (MCD) agreed to acquire Carlyle's (CG) stake in McDonald's China [read more]
- Citi (C) said the next phase of its organizational changes will be "difficult," though the company is taking the "right steps" [read more]
- Amazon (AMZN) is aiming to provide free AI skills training to 2M people by 2025 [read more]
- General Motors (GM) reported that UAW members have ratified a new contract [read more]
2. WALL STREET CALLS:
- Deutsche Bank upgraded Boeing (BA) to Buy with a price target of $270 [read more]
- BofA upgraded Penn Entertainment (PENN) to Buy after stronger than anticipated start for ESPN Bet [read more]
- Chegg (CHGG) downgraded to Underweight from Equal Weight at Morgan Stanley [read more]
- Wells Fargo initiated coverage of Arm (ARM) with an Overweight rating [read more]
- Melius started "AI Halo Effect" beneficiary Dell Technologies (DELL) with a Buy [read more]
3. AROUND THE WEB:
- Workers at two Wells Fargo (WFC) branches in Albuquerque, N.M., and Bethel, Alaska said they plan to hold elections on unionizing [read more]
- Disney (DIS) is suspending its advertising spending on X, NY Times says [read more]
- Starbucks (SBUX) is losing its prime spot among chains competing to meet China's growing demand for coffee, WSJ reports [read more]
- Bayer (BAYRY) faces a payout of $1.56B after a Missouri jury found in favor of the plaintiffs who blamed Roundup weedkiller for causing their cancers, WSJ says [read more]
- Johnson & Johnson (JNJ) and its former consumer healthcare unit, now Kenvue (KVUE), faces lawsuit over failing to flag decongestant issue in its IPO, Bloomberg reports [read more]
4. MOVERS:
- Iovance Biotherapeutics (IOVA) higher after Goldman Sachs initiated coverage of the stock with a Buy rating [read more]
- Sundial Growers (SNDL) increases in New York after announcing it has mutually terminated its implementation agreement with Nova Cannabis [read more]
- CSN (SID) gains in New York after BofA upgraded the stock to a Buy rating [read more]
- Bristol-Myers Squibb (BMY) declines after providing an update with 2seventy bio (TSVT) on the FDA's review of its Abecma sBLA [read more]
- SSR Mining (SSRM) lower after BofA double downgraded the stock to Underperform [read more]
5. EARNINGS/GUIDANCE:
- Enlight Renewable (ENLT) reported Q3 results and provided guidance for FY23, with CEO Gilad Yavetz commenting "Our third quarter results demonstrate continued year over year growth in profitability, as characterized by our Net Income and Adjusted EBITDA" [read more]
- Full Truck Alliance (YMM) reported Q3 EPS and revenue that beat consensus [read more]
- SeaChange (SEAC) reported preliminary Q3 results [read more]
- VBI Vaccines (VBIV) reported Q3 EPS and revenue that missed consensus [read more]
- RGC Resources (RGCO) reported Q4 EPS higher year-over-year [read more]
INDEXES:
Near midday, the Dow was up 115.69, or 0.33%, to 35,062.97, the Nasdaq was up 101.79, or 0.72%, to 14,227.27, and the S&P 500 was up 18.96, or 0.42%, to 4,532.98.
