Jobs data surprise to upside: Morning Buzz

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

1. STOCK NEWS:

• U.S. nonfarm payrolls rose 254,000 in September from the prior month, with the unemployment rate falling to 4.1%
• Rivian Automotive (RIVN) announced a “production disruption” and revised its annual production view
• Spirit Airlines (SAVE) is in discussions over the terms of a bankruptcy filing, WSJ reports
• Coeur Mining (CDE) agreed to acquire SilverCrest Metals (SILV) in an $11.34 per share transaction
• Meta (META) unveiled Meta Movie Gen, a new generative AI-powered video creator

2. WALL STREET CALLS:

• TD Cowen (CVS) to Buy
• HSBC upgraded Morgan Stanley (MS) to Buy, says underperformance may be ending
• UBS downgraded Mobileye (MBLY) to Neutral
• GE Vernova (GEV) downgraded at HSBC, here’s why
• Dine Brands (DIN) downgraded to Hold from Buy at Truist

3. AROUND THE WEB:

• Tencent (TCEHY) and the Guillemot family are considering options including a potential buyout of Ubisoft (UBSFY) after the company lost more than half its market value this year, Bloomberg says
• At least two dozen B. Riley Financial (RILY) brokers, almost half of the roster at its wealth’s branch office in Boca Raton, Florida, moved this week to Kestra Advisory Services, Bloomberg reports
• The Supreme Court said it will hear Smith & Wesson Brands (SWBI) efforts to toss out a lawsuit filed by the Mexican government accusing the company of facilitating firearm sales to people connected to Mexico’s drug cartels, Bloomberg says
• Stellantis (STLA) is taking “drastic measures” to shore up finance, WSJ reports
• Apollo Global (APO) is in talks to acquire Barnes Group (B) and prevail over other buyout firms that were also vying for the company, Reuters reports

4. MOVERS:

• Miniso (MNSO) higher in New York after Citi initiated coverage of the stock with a Buy rating
• Albemarle (ALB) and Arcadium (ALTM) gains in New York after The Australian reported Rio Tinto (RIO) may be looking at M&A in the lithium space and these companies are the two targets thought to be in the company’s sight
• TeraWulf (WULF) falls after reporting production and operating highlights for September
• Warner Music (WMG) lower after BofA downgraded the stock to Underperform
• ZIM Integrated (ZIM) declines after WSJ reported dockworkers have agreed to end a three-day strike after port employers offered a 62% increase in wages over six years

5. EARNINGS/GUIDANCE:

• AbbVie (ABBV) provided guidance for Q3 and FY24
• Conmed (CNMD) reported preliminary Q3 results
• Lifecore (LFCR) reported Q1 results and reiterated its guidance for FY25
• Apogee Enterprises (APOG) reported Q2 results and raised its guidance for FY25
• Phoenix Motor (PEV) announced Q1 results, with EPS higher year-over-year

INDEXES:

Near midday, the Dow was up 112.84, or 0.27%, to 42,124.43, the Nasdaq was up 125.44, or 0.70%, to 18,043.91, and the S&P 500 was up 22.78, or 0.40%, to 5,722.72.