Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.
1. STOCK NEWS:
- Starbucks (SBUX) named Chipotle (CMG) CEO Brian Niccol as its next chairman and CEO [read more]
- Meanwhile, with Niccol out at Chipotle, the burrito chain named Scott Boatwright as its interim CEO [read more]
- Home Depot (HD) reported upbeat Q2 results and raised its FY24 revenue growth guidance [read more]
- Baxter (BAX) will divest its Kidney Care segment to Carlyle (CG) for $3.8B [read more]
- Google (GOOG) unveiled a number of new products today, including a new lineup of Pixel 9 phones, the Pixel Watch 3, and the Pixel Buds Pro 2 [read more]
2. WALL STREET CALLS:
- Barclays upgraded Dell Technologies (DELL) to Equal Weight from Underweight [read more]
- Citi upgraded Hormel Foods (HRL) to Buy from Neutral [read more]
- Bernstein downgraded Warner Bros. Discovery (WBD) to Market Perform from Outperform [read more]
- Cowen downgraded Academy Sports (ASO) to Hold from Buy [read more]
- Wells Fargo initiated coverage of Gartner (IT) with an Underweight rating and $435 price target [read more]
3. AROUND THE WEB:
- Paramount (PARA) is laying off roughly 15% of its U.S. employees, NY Times reports [read more]
- GM (GM) has reduced its China headcount as it resets operations there, Bloomberg reports [read more]
- Reliance and Disney (DIS) have offered to sell some channels to win faster antitrust approval for its India media assets merger, Reuters says [read more]
- Huawei Technologies is close to introducing a new chip for AI use to challenge Nvidia (NVDA) in the Chinese market, WSJ reports [read more]
- Apple (AAPL) has threatened to remove Patreon from the App Store if creators use unsupported third-party billing options or disable transactions on iOS, TechCrunch reports [read more]
4. MOVERS:
- Sea Limited (SE) higher in New York after reporting quarterly results [read more]
- Huya (HUYA) gains in New York after reporting Q2 results and declared a special cash dividend [read more]
- ARS Pharmaceuticals (SPRY) higher after Raymond James upgraded the stock to Strong Buy [read more]
- ViaSat (VSAT) falls after announcing a 11.246M share offering [read more]
- Tencent Music (TME) lower in New York after reporting quarterly results [read more]
5. EARNINGS/GUIDANCE:
- Loar Holdings (LOAR) reported Q2 results and provided guidance for FY24 [read more]
- LiveOne (LVO) reported Q1 results, with CEO Robert Ellin commenting, "We are thrilled to announce another quarter of record growth" [read more]
- PodcastOne (PODC) reported Q1 results, with EPS missing consensus [read more]
- Palisade Bio (PALI) announced Q2 results, with EPS higher year-over-year [read more]
- Evoke Pharma (EVOK) reported Q2 results and lowered its guidance for FY24 [read more]
INDEXES:
The Dow rose 408.63, or 1.04%, to 39,765.64, the Nasdaq gained 407.00, or 2.43%, to 17,187.61, and the S&P 500 advanced 90.04, or 1.68%, to 5,434.43.
