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12/13/2021 12:12pm
Wall Street in Fives - Must Read Lists at Midday

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: 

  • A tornado tore through an Amazon (AMZN) warehouse in Edwardsville, Illinois, leaving six dead [more]
  • Arena Pharmaceuticals (ARNA) surges after agreeing to be acquired by Pfizer (PFE) for $100 per share in an all-cash deal with a total equity value of approximately $6.7B [more]
  • R.R. Donnelley's (RRD) board determined that Chatham's acquisition proposal is superior [more]
  • Rivian Automotive's (RIVN) R1T won MotorTrend's truck of the year award [more]
  • SPX Flow (FLOW) will be acquired by Lone Star Funds for $3.8B [more]


2. WALL STREET CALLS: 

  • JPMorgan upgrades Coca-Cola (KO) on building sales momentum into 2022 [more]
  • Merck (MRK) downgraded to Neutral, Pfizer (PFE) upgraded to Buy at UBS [more]
  • JPMorgan ups Apple (AAPL) price target, reiterates as top pick into 2022 [more]
  • Wall Street rolls out bullish coverage of Braze (BRZE) [more]
  • SAP (SAP) upgraded to Buy from Neutral at UBS [more]


3. AROUND THE WEB: 

  • The U.S. Supreme Court did not agree to hear a Johnson & Johnson (JNJ) appeal related to talc cancer lawsuits, Bloomberg reports [more]
  • A Starbucks (SBUX) investigation showed that expired ingredients were used in China, SCMP reports [more]
  • Chris Wallace is leaving Fox News (FOXA) for CNN's (T) streaming service, NY Times reports [more]
  • MGM Resorts (MGM) aims to reduce staff churn with VR, Insider reports [more]
  • A climate activist group is targeting Exxon Mobil (XOM) with a shareholder climate resolution, Reuters reports [more]


4. MOVERS: 

  • Bristol-Myers (BMY) higher after raising quarterly dividend 10% and adding $15B to its stock buyback plan [more]
  • Foghorn Therapeutics (FHTX) jumps after entering into a novel oncology collaboration with Eli Lilly (LLY) [more]
  • Harley-Davidson (HOG) higher after announcing an agreement with AEA-Bridges Impacg Corp. (IMPX) under which AEA-Bridges Impact will combine with LiveWire, Harley-Davidson's electric motorcycle division, to create a new publicly traded company [more]
  • IGM Biosciences (IGMS) drops after presenting clinical results from the company's Phase 1 trial evaluating IGM-2323, a novel bispecific IgM antibody targeting CD20 x CD3, at the 63rd American Society of Hematology Annual Meeting and Exposition [more]
  • Dollar Tree (DLTR) lower after issuing a statement regarding recent interactions with Mantle Ridge and its notice seeking to nominate a full slate of 11 directors to the company's board of directors at its 2022 annual meeting [more]


5. EARNINGS/GUIDANCE: 

  • Azure Power (AZRE) reported year-over-year earnings and revenue growth in Q2 [more]
  • Clear Channel Outdoor (CCO) raised its Q4 revenue guidance [more]
  • Archer Daniels (ADM) provided its EPS target for 2025 [more]
  • Sonoco Products (SON) provided 2021 and 2022 base EPS targets [more]
  • Journey Medical (DERM) reported upbeat Q3 results [more]


INDEXES: 

Near midday, the Dow was down 313.20, or 0.87%, to 35,657.79, the Nasdaq was down 166.60, or 1.07%, to 15,464.00, and the S&P 500 was down 30.16, or 0.64%, to 4,681.86.

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