Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.
1. STOCK NEWS:
- Oracle (ORCL) reported lower-than-expected Q4 earnings and revenue, but shares are moving higher this morning as analysts note that Oracle's "position in the public cloud market continues to get stronger" [read more]
- Rubrik (RBRK) reported better-than-expected Q1 results and provided its outlook for Q2 and FY25 [read more]
- Alphabet's (GOOG) Waymo issued a software recall after one of its self-driving cars hit a telephone pole, according to The Verge [read more]
- Caterpillar (CAT) boosted its quarterly dividend 8% and increased its stock buyback authorization by $20B [read more]
- American Express (AXP) CFO Christophe Le Caillec said he was "disappointed" an agreement couldn't be reached with eBay (EBAY) [read more]
2. WALL STREET CALLS:
- PagerDuty (PD) assumed at Buy from Hold at Craig-Hallum [read more]
- Birkenstock (BIRK) downgraded to Neutral at Goldman Sachs [read more]
- Paramount (PARA) downgraded to Underweight from Equal Weight at Wells Fargo [read more]
- Academy Sports (ASO) was downgraded to Neutral or equivalent ratings at UBS, Wells Fargo and BofA after the company's "disappointing" Q1 report [read more]
- AMD (AMD) initiated with a Buy at Edward Jones [read more]
3. AROUND THE WEB:
- Samsung (SSNLF) is combining two of its North American research centers focused on AI technology, Bloomberg reports [read more]
- A two-year legal battle between Arm (ARM) and Qualcomm (QCOM) threatens to disrupt the emerging wave of new personal computers powered by AI, Reuters says [read more]
- Nelson Peltz's Trian Fund Management has amassed a significant stake in Rentokil Initial (RTO) and is now among the company's top 10 shareholders, Bloomberg reports [read more]
- Best Buy (BBY) enacted another round of job cuts and restructurings last week, Verge reports [read more]
- The European Commission will impose extra duties of up to 38.1% on imported Chinese electric cars beginning in July, Reuters reports. Publicly traded companies that operate in the space include Nio (NIO), Xpeng (XPEV), Li Auto (LI) and Tesla (TSLA). [read more]
4. MOVERS:
- Avidity Biosciences (RNA) higher after announcing data from its Phase 1/2 FORTITUDE trial [read more]
- Element Solutions (ESI) increases after providing guidance for FY24 and raising its Q2 outlook [read more]
- Mereo BioPharma (MREO) gains in New York after announcing with Ultragenyx Pharmaceutical (RARE) results from its Phase 2/3 Orbit study [read more]
- Celsius Holdings (CELH) falls after the company's CEO and CFO presented at the Evercore conference [read more]
- Moderna (MRNA) lower after director Afeyan sold $30.1M in the company's stock [read more]
5. EARNINGS/GUIDANCE:
- Casey's General Stores (CASY) reported Q4 results, with EPS and revenue beating consensus [read more]
- Affimed (AFMD) reported Q1 results, with revenue lower year-over-year [read more]
- PetMed Express (PETS) reported Q4 results, with CEO Sandra Campos commenting, "Our results were negatively impacted by a challenging macro environment and industry dynamics" [read more]
- Coda Octopus (CODA) announced Q2 results, with EPS and revenue higher year-over-year [read more]
- Vera Bradley (VRA) reported Q1 results and provided guidance for FY25 [read more]
INDEXES:
Near midday, the Dow was up 103.40, or 0.27%, to 38,850.82, the Nasdaq was up 310.26, or 1.79%, to 17,653.81, and the S&P 500 was up 59.82, or 1.11%, to 5,435.14.
