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:
- Twitter (TWTR) CEO Jack Dorsey said he is stepping down from the role, naming Parag Agrawal the next CEO [more]
- Johnson & Johnson (JNJ) and Moderna (MRNA) are both pursuing omicron-specific COVID-19 vaccines [more]
- Shopify (SHOP) said that merchants broke records with $2.9B in sales on Black Friday [more]
- Chegg (CHGG) will acquire Busuu for $436M in an all-cash transaction [more]
- Walmart (WMT) CFO Brett Biggs will transition out of the role [more]
2. WALL STREET CALLS:
- Adagio (ADGI) shares soar as Morgan Stanley upgrades on antibody's potential against new COVID variant omicron [more]
- Deutsche Bank downgrades UPS (UPS) to Hold, now prefers FedEx (FDX) [more]
- Alibaba (BABA) downgraded to Buy from Conviction Buy at Goldman Sachs [more]
- Merck (MRK) downgraded to Neutral from Buy at Citi [more]
- Affirm (AFRM) initiated with a Neutral at Piper Sandler [more]
3. AROUND THE WEB:
- Citron maintained a $30 price target on RealReal (REAL) and again touted the company as a possible takeover candidate [more]
- Jack Dorsey will not be leaving Square (SQ), a spokesperson told Bloomberg [more]
- Ancora is urging Berry Global (BERY) to commit to a review of strategic alternatives [more]
- Lundin Energy (LNDNF) is working with an adviser to explore a sale, Bloomberg reports [more]
- Amazon (AMZN) asked India's antitrust regulators to revoke its approval of Future Retail's $3.4B asset sale to Reliance, Reuters reports [more]
4. MOVERS:
- Krystal Biotech (KRYS) surges after its GEM-3 trial met its primary and secondary endpoints [more]
- NRx Pharmaceuticals (NRXP) rises after completing an analysis of its Zyesami treatment in COVID-19 [more]
- Hertz (HTZ) higher after announcing a $2B share repurchase program [more]
- Fennec (FENC) falls after saying it expects to to receive a Complete Response Letter from the FDA regarding its New Drug Application for PEDMARK [more]
- Jumia Technologies (JMIA) lower after stock assumed at Underweight at Morgan Stanley [more]
5. EARNINGS/GUIDANCE:
- Li Auto (LI) reported upbeat Q3 results [more]
- Quhuo (QH) reported year-over-year growth in Q3 earnings [more]
- Church & Dwight (CHD) provided FY21 adjusted earnings guidance [more]
- Newegg (NEGG) reaffirmed its FY21 net sales guidance [more]
- Frontline (FRO) reported a quarter-over-quarter decline in Q3 earnings [more]
INDEXES:
Near midday, the Dow was up 246.33, or 0.71%, to 35,145.67, the Nasdaq was up 282.56, or 1.82%, to 15,774.22, and the S&P 500 was up 62.08, or 1.35%, to 4,656.70.