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: 

• Nike (NKE) reported a Q1 earnings beat but slid after management cut FY22 guidance due to limited inventory availability [more]
• Costco (COST) reported a sales and earnings beat [more]
• China's central bank has reportedly deemed all cryptocurrency transactions illegal, pushing Bitcoin prices down [more]
• Carnival (CCL) guided for Q3 adjusted net losses of ($2B) [more]
• McDonald's (MCD) raised its quarterly dividend and resumed share repurchases [more]

2. WALL STREET CALLS:

• Street Fight: Wells Fargo cuts Roku (ROKU) to Equal Weight day after Guggenheim upgrades to Buy [more]
• Salesforce (CRM) upgraded to Overweight from Neutral at Piper Sandler [more]
• Oppenheimer downgrades Cloudflare (NET) amid competition from Amazon (AMZN), Microsoft (MSFT) [more]
• Jefferies upgrades five casual dining stocks following selloff in the space [more]
• JPMorgan cuts Micron (MU) target to $100 from $140 on DRAM pricing softness [more]

3. AROUND THE WEB:

• China is unlikely to approve Baidu's (BIDU) acquisition off Joyy's (YY) YY Live, Reuters reports [more]
• IAC (IAC) is in talks to acquire Meredith (MDP) in a deal valued at over $2.5B, WSJ reports [more]
• Tesla's (TSLA) Elon Musk sees the chip shortage as a "short-term" issue, CNBC reports [more]
• A Pennsylvania jury determined that J&J's (JNJ) talc-based baby powder did not cause a woman's ovarian cancer, Bloomberg reports [more]
• The Pentagon told Bloomberg that its review of Lockheed's (LMT) proposed takeover of Aerojet (AJRD) is ongoing [more]

4. MAJOR MOVERS:

• vTv Therapeutics (VTVT) jumps after announcing results of a multiple ascending dose study evaluating HPP737, an orally administered phosphodiesterase type 4 inhibitor, in healthy adults [more]
• Aehr Test Systems (AEHR) higher after reporting quarterly results [more]
• Helbiz (HLBZ) drops after filing to sell 11M shares of common stock [more]
• Altice USA (ATUS) continues slide as JPMorgan analyst Philip Cusick cut the firm's price target [more]
• InMed Pharmaceuticals (INM) lower after reporting 2021 results [more]

5. EARNINGS/GUIDANCE:

• CalAmp (CAMP) reported upbeat Q2 adjusted earnings [more]
• Progress Software (PRGS) provided a "beat and raise" report for Q3 [more]
• Trip.com (TCOM) reported upbeat Q2 results [more]
• HNI Corporation (HNI) lowered its Q3 revenue growth view [more]
• Applied Genetic (AGTC) reported upbeat Q4 earnings [more]

INDEXES:

The Dow rose 33.18, or 0.095%, to 34,798.00, the Nasdaq lost 4.55, or 0.03%, to 15,047.70, and the S&P 500 advanced 6.50, or 0.15%, to 4,455.48.