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FRG, KSS, CMCSA...
6/22/2022 16:06pm
What You Missed On Wall Street On Wednesday

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.

1. STOCK NEWS:

  • Moderna (MRNA) said its bivalent COVID booster candidate showed antibody response against omicron subvariants [more]
  • ProFrac Holding (PFHC) agreed to acquire U.S. Well Services (USWS) in a stock-for-stock transaction [more]
  • OneWater Marine (ONEW) agreed to acquire Ocean Bio-Chem (OBCI) for $13.08 per share in cash [more]
  • La-Z-Boy (LZB) reported better-than-expected Q4 results and provided upbeat Q1 revenue guidance [more]
  • The FDA will order Juul to take e-cigarettes off the U.S. market, WSJ reports [more]

2. WALL STREET CALLS:

  • Nike (NKE) downgraded to Neutral from Buy at Seaport Global [more]
  • Kraft Heinz (KHC) upgraded to Outperform from Market Perform at BMO Capital [more]
  • Airbnb (ABNB) downgraded to Market Perform from Outperform at JMP Securities [more]
  • Credit Suisse downgrades Dow Inc. (DOW) to Underperform, lowers price target to $49 [more]
  • Coinbase (COIN) trading patterns show potential "crypto fatigue," says Mizuho [more]

3. AROUND THE WEB:

  • Franchise Group (FRG) is considering lowering its Kohl's (KSS) bid nearer to $50 per share, CNBC reports [more]
  • NBCUniversal (CMCSA) and Google (GOOGL) are among contenders to partner with Netflix (NFLX) for its ad-supported tier, WSJ reports [more]
  • Tesla (TSLA) will suspend most of its Shanghai output for two weeks for a site upgrade, Reuters reports [more]
  • JPMorgan (JPM) is laying off hundreds in its mortgage business amid rising mortgage rates, Bloomberg says [more]
  • Toshiba (TOSYY) bidders could offer up to $51.41 per share in a buyout, Reuters reports [more]

4. MOVERS:

  • Shopify (SHOP) gained after TechCrunch reported the company is partnering with Twitter (TWTR) to bring its products to Twitter Shopping [more]
  • Ambarella (AMBA) rose after announcing a partnership with Inceptio Technology on Level 3 automated driving [more]
  • Crispr (CRSP) slid after Stifel and Chardan lowered their respective price targets on the stock [more]
  • ArcelorMittal (MT) declined in New York after JPMorgan downgraded the stock to Neutral [more]
  • APA Corp. (APA) falls after Raymond James removed the company from its Analyst Current Favorites list [more]

5. EARNINGS/GUIDANCE:

  • Korn/Ferry (KFY) reported upbeat Q4 results [more]
  • Winnebago (WGO) reported better-than-expected Q3 results [more]
  • Central Garden & Pet (CENT) said it was "disappointing" to not deliver on its original FY22 EPS outlook [more]
  • Chefs' Warehouse (CHEF) raised its FY22 revenue guidance [more]
  • Sonoco (SON) increased its Q2 base earnings outlook [more]

INDEXES:

The Dow fell 47.12, or 0.15%, to 30,483.13, the Nasdaq lost 16.22, or 0.15%, to 11,053.08, and the S&P 500 declined 4.90, or 0.13%, to 3,759.89.

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