Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.
1. STOCK NEWS:
- Apple (AAPL) reported what Goldman Sachs called "a solid iPhone-driven earnings beat in fiscal Q3" with continued Services momentum [read more]
- Amazon (AMZN) reported mixed results, with net sales coming in slightly softer than expected while operating income and margin beat expectations, and gave guidance for Q3 that was slightly below estimates [read more]
- Intel (INTC) "disappointed even against very low expectations," as capital spending is being cut, gross margin was much worse than expected, and the dividend is being fully suspended, UBS told investors following last night's report [read more]
- Exxon Mobil (XOM) reported better-than-expected Q2 revenue and earnings, while peer Chevron (CVX) reported mixed results [read more]
- Following a July employment report that was "not good" and saw the unemployment rate rise to 4.3%, JPMorgan Chief U.S. Economist Michael Feroli now thinks the Fed cuts rates by 50 basis points at both the September and November meetings [read more]
2. WALL STREET CALLS:
3. AROUND THE WEB:
- The U.K.'s AI bill will be narrowly focused on most advanced models, FT reports [read more]
- A U.S. court has blocked the FCC's reinstatement of net neutrality rules, Reuters reports [read more]
- Gildan Activewear (GIL) CEO Glenn Chamanday is finding ways to make shirts for less, WSJ reports [read more]
- Infosys (INFY) has been hit with a $3.9B tax demand from Indian authorities, FT says [read more]
- Samsung's (SSNLF) chip business head Jun Young-hyun has warned of a "vicious cycle" at the company unless changes are made, Bloomberg reports [read more]
4. MOVERS:
- Tandem Diabetes (TNDM) surges after providing a "beat and raise" report for Q2 [read more]
- Cerus (CERS) rises after reporting upbeat Q2 results [read more]
- Procore (PCOR) drops after reporting quarterly results and saying it no long expects cRPO growth to accelerate in Q4 [read more]
- Tutor Perini (TPC) lower after reporting quarterly results and providing FY24 guidance [read more]
- Telus International (TIXT) falls in New York after reporting Q2 earnings and revenue [read more]
5. EARNINGS/GUIDANCE:
INDEXES:
Near midday, the Dow was down 846.01, or 2.10%, to 39,501.96, the Nasdaq was down 402.08, or 2.34%, to 16,792.06, and the S&P 500 was down 112.71, or 2.07%, to 5,333.97.
