Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.
1. STOCK NEWS:
- United Airlines (UAL) reported upbeat Q1 earnings and revenue and reiterated its FY24 earnings guidance [read more]
- Abbott (ABT) reported better-than-expected Q1 results and revised its FY24 outlook [read more]
- The FTC is preparing to sue to block Tapestry's (TPR) $8.5B takeover of Capri (CPRI), according to The New York Times [read more]
- The New York Times also reported that Tesla (TSLA) will again ask shareholders to vote on CEO Elon Musk's pay package, with the company also saying it has asked shareholders to move the state of incorporation to Texas [read more]
- Take-Two (TTWO) announced a cost reduction plan and will reduce its workforce by 5% [read more]
2. WALL STREET CALLS:
- Northcoast cut Boeing (BA) to Sell in anticipation of structural issues [read more]
- TD Cowen upgraded "structural growth story" e.l.f. Beauty (ELF) to Buy [read more]
- Urban Outfitters (URBN) downgraded to Underperform from Hold at Jefferies [read more]
- Maxim initiated coverage of Amazon (AMZN) with a Buy rating and $218 price target [read more]
- Maxim also initiated coverage of Apple (AAPL) with a Hold rating and $178 price target [read more]
3. AROUND THE WEB:
- MGM Resorts (MGM) is suing the FTC to stop an investigation into a 2023 cyberattack, Bloomberg reports [read more]
- Volkswagen (VWAGY) workers at its Chattanooga, Tennessee plant will be voting on whether to join United Automobile Workers, NY Times reports [read more]
- Baidu's (BIDU) Ernie Bot now has 200M users, WSJ reports [read more]
- U.S. lawmakers have sent a letter raising concerns about the sports-streaming joint venture proposed by Disney (DIS), Fox (FOXA), and Warner Bros. Discovery (WBD), Variety says [read more]
- Envestnet (ENV) is exploring options that could include a potential sale after receiving takeover interest, Reuters reports [read more]
4. MOVERS:
- Vanda Pharmaceuticals (VNDA) higher after rejecting several unsolicited proposals from Future Pak [read more]
- Alcoa (AA) gains after Biden proposed a higher tariff on Chinese steel and aluminum, Bloomberg reports [read more]
- Autodesk (ADSK) lower after providing an update on its internal investigation [read more]
- Sage (SAGE) falls after announcing Phase 2 study of dalzanemdor did not meet its primary endpoint [read more]
- ASML (ASML) declines in New York after reporting quarterly results [read more]
5. EARNINGS/GUIDANCE:
- Travelers (TRV) reported Q1 results, with CEO Alan Schnitzer commenting, ""We are very pleased to report excellent top- and bottom-line results for the first quarter" [read more]
- J.B. Hunt (JBHT) reported Q1 results, with EPS missing consensus [read more]
- U.S. Bancorp (USB) reported Q1 results and cut its FY24 guidance [read more]
- Knight-Swift (KNX) cut its Q1 and Q2 guidance [read more]
- 1847 Holdings (EFSH) reported Q4 results, with revenue higher year-over-year [read more]
INDEXES:
Near midday, the Dow was down 83.16, or 0.22%, to 37,715.81, the Nasdaq was down 93.48, or 0.59%, to 15,771.77, and the S&P 500 was down 18.05, or 0.36%, to 5,033.36.