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.
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