Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.
1. STOCK NEWS:
- Amazon (AMZN) will invest an additional $4B in Anthropic as part of a “deepened strategic collaboration”
- Gap (GPS) provided a “beat and raise” report for Q3
- Halozyme (HALO) withdrew its proposal to acquire Evotec (EVO) for EUR 11 per share in cash
- Intuit (INTU) reported better-than-expected Q1 results and reiterated its FY25 guidance
- Tapestry (TPR) announced a $2B Accelerated Share Repurchase program
2. WALL STREET CALLS:
- AbbVie (ABBV) upgraded to Outperform at Leerink
- Barclays downgraded Baidu (BIDU) on ad pressure from generative AI
- BofA double downgraded Grab (GRAB) to Underperform after 70% rally
- Raymond James downgraded Community Health (CYH) to Underperform, cut HCA Healthcare (HCA) to Market Perform and lowered Tenet Healthcare (THC) to Outperform as the firm expects a reduction in the Affordable Care Act exchange population in 2026
- Arm (ARM) initiated with an Overweight at Wells Fargo
3. AROUND THE WEB:
- A federal grand jury indicted Phillips 66 (PSX) on charges of violating the Clean Water Act by dumping almost 800,000 gallons of contaminated waste into the Los Angeles County sewer system, NY Times reports
- Volkswagen (VWAGY) faces potential employee walkouts in December after the latest discussions with union leaders over how to cut costs ended without an agreement, WSJ says
- Allegiant Travel’s (ALGT) Allegiant Air subsidiary amended a delivery agreement with Boeing (BA), WSJ reports
- U.S. government researchers found a widely prescribed asthma drug originally sold by Merck & Co (MRK) may be linked to serious mental health problems, Reuters says
- Square Enix’s (SQNXF) “Dragon Quest III HD-2D Remake” has sold very well in Japan since its release last week, Forbes reports
4. MOVERS:
- Replimune (REPL) increases after submitting a BLA to the FDA for RP1 in combination with nivolumab
- Elastic (ESTC) gains after reporting Q2 results and raised its guidance for FY25
- BGC Group (BGC) declines after CEO Lutnick was nominated for U.S. Secretary of Commerce
- Reddit (RDDT) lower after Bloomberg reported Advance Magazine Publisher is offering 7.8M of the company’s shares
- TransMedics (TMDX) falls after Needham downgraded the stock to Hold
5. EARNINGS/GUIDANCE:
- Destination XL (DXLG) reported Q3 results, with EPS and revenue lower year-over-year
- APi Group (APG) backed its guidance for FY24
- IES Holdings (IESC) reported Q4 results, with CEO Jeff Gendell commenting, “we continued to see strong demand across our key end markets”
- UGI Corporation (UGI) reported Q4 results and provided guidance for FY25
- Matthews (MATW) reported Q4 results, with EPS and revenue beating consensus
INDEXES:
Near midday, the Dow was up 0.63%, or 274.35, to 44,144.70, the Nasdaq was down 0.035%, or 6.71, to 18,965.71, and the S&P 500 was up 0.18%, or 10.55, to 5,959.26.
