Dell, Marvell get AI boost to beat expectations: Morning Buzz

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.

1. STOCK NEWS:

• Dell Technologies (DELL) provided a “beat and raise” report for Q2
• Marvell (MRVL) reported upbeat Q2 revenue, with CEO Matthew Murphy saying that AI demand has been “extremely strong”
• Intel (INTC) is considering options, including a foundry split, Bloomberg reports
• Alibaba (BABA) was praised by China’s market regulator as its antitrust review ends, SCMP reports
• Lululemon (LULU) reported mixed Q2 results and provided guidance for Q3 and FY24

2. WALL STREET CALLS:

• Citi upgraded Abercrombie & Fitch (ANF) to Buy with selloff seen bringing opportunity
• Crowdstrike (CRWD) upgraded to Buy at HSBC
• Dollar General (DG) downgraded at Morgan Stanley and Telsey Advisory
• TD Cowen downgraded Kohl’s (KSS) on challenges in core business
• Elastic (ESTC) was downgraded at BofA and Baird

3. AROUND THE WEB:

• Shell (SHEL) is planning to eliminate roughly 20% of its workforce, Bloomberg reports
• Tencent (TCEHY) and NetEase (NTES) are reconsidering or cutting back on many of their investments in Japanese game developers, Bloomberg reports
• Amazon (AMZN) is using Anthropic’s AI for its updated Alexa model, Reuters says
• Nvidia (NVDA) has discussed joining a funding round for OpenAI that would value the AI startup at more than $100B, Bloomberg reports
• China’s market regulator said Tesla Motors (TSLA) Beijing will have to recall 870 imported Model X vehicles, Reuters says

4. MOVERS:

• Intuitive Machines (LUNR) gains after securing a $116.9M NASA Lunar contract award
• YPF (YPF) increases in New York after Jefferies upgraded the stock to Buy
• Affirm (AFRM) continues higher after reporting Q2 results and providing guidance for FY25 yesterday
• Talos Energy (TALO) lower after announcing Tim Duncan has stepped down as CEO
• Alnylam (ALNY) falls after announcing results from the HELIOS-B Phase 3 study of vutrisiran

5. EARNINGS/GUIDANCE:

• Autodesk (ADSK) reported Q2 results and raised its guidance for FY25
• MongoDB (MDB) reported Q2 results, with CEO Dev Ittycheria commenting, “MongoDB delivered healthy second quarter results”
• Ulta Beauty (ULTA) reported Q2 results and cut its guidance for FY24
• JinkoSolar (JKS) announced Q2 results, with EPS beating consensus
• HashiCorp (HCP) reported Q2 results, with CEO Dave McJannet commenting the “team delivered another solid performance in Q2”

INDEXES: 

Near midday, the Dow was down 64.34, or 0.16%, to 41,270.71, the Nasdaq was up 61.18, or 0.35%, to 17,577.61, and the S&P 500 was up 10.24, or 0.18%, to 5,602.20.