Get caught up quickly on the top news and calls moving stocks with these Top Fives, as compiled by the editors of The Fly.
1. STOCK NEWS:
- Pershing Square Tontin (PSTH) said it agreed to acquire a 10% stake in Universal Music Group from Vivendi (VIVHY) for roughly $4B [more]
- Germany's Federal Cartel Office said it will examine Apple's (AAPL) "digital ecosystem" [more]
- CNH Industrial (CNHI) agreed to acquire Raven (RAVN) for $58 per share [more]
- Clearlake Capital-backed Unifrax will acquire Lydall (LDL) for $62.10 per share [more]
- 51job (JOBS) entered into a definitive agreement for a going-private transaction [more]
2. WALL STREET CALLS:
- Raymond James initiated coverage of ZipRecruiter (ZIP) with a Strong Buy rating and $36 price target, while Evercore ISI rolled out coverage with an Outperform rating and $31 target [more]
- Arcturus Therapeutics (ARCT) downgraded to Underweight from Equal Weight at Barclays [more]
- Bernstein analyst Bob Brackett upgraded Pioneer Natural Resources (PXD), APA Corp. (APA), Kosmos Energy (KOS) and Devon Energy (DVN), all to Outperform from Market Perform, after raising his price deck up to $75 per barrel of Brent oil [more]
- BofA downgrades Range Resources (RRC) and CNX Resources (CNX) to Underperform on oil over gas preference [more]
- Figs (FIGS) initiated with an Outperform at Cowen, an Overweight at Piper Sandler, and a Buy at BofA, but started with an Equal Weight at Morgan Stanley [more]
3. AROUND THE WEB:
- Amazon (AMZN) is in focus as its annual Prime Day deals start today [more]
- In addition, Amazon is in talks to acquire up to a 20% stake in self-driving trucker Plus, Bloomberg reports [more]
- American Airlines (AAL) is cutting some flights to alleviate potential strains, WSJ says [more]
- Ben Harrington's Betaville has issued an "uncooked alert" on Cboe Global Markets (CBOE) [more]
- GlaxoSmithKline (GSK) could unveil a dividend cut this week, Daily Mail reports [more]
4. MOVERS:
- Torchlight Energy Resources (TRCH) soared after Metamaterial and the company agreed to extend the outside date by which the businesses must close their combination transaction to June 30 and after the stock was touted on Reddit's WallStreetBets as a possible short-squeeze target [more]
- Anavex Life Sciences (AVXL) gains after announcing data from its phase 2 trial of ANAVEX 2-73 in adult female patients with Rett syndrome [more]
- Globalstar (GSAT) higher after B. Riley analyst Mike Crawford initiated coverage of the stock with a Buy rating and a price target of $3.25 [more]
- Ashford Hospitality (AHT) lower after filing to sell 40.1M shares for holders [more]
- Amarin (AMRN) declines after the Supreme Court declined to consider a bid made by Amarin to revive six patients on Vascepa, according to media reports [more]
5. EARNINGS:
- AMMO (POWW) lower after reaffirming 2021 revenue guidance [more]
- Everi Holdings (EVRI) gains after providing upbeat Q2 earnings guidance [more]
- Summit Midstream (SMLP) higher after raising fiscal 2021 adjusted EBITDA guide [more]
- RumbleON (RMBL) rises after providing Q2 revenue guidance [more]
- Coming this week are earnings from Nike (NKE), Accenture (ACN) and FedEx (FDX) [more]
INDEXES:
Near midday, the Dow was up 494.04, or 1.48%, to 33,784.12, the Nasdaq was up 95.74, or 0.68%, to 14,126.11, and the S&P 500 was up 50.41, or 1.21%, to 4,216.86.