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

1. STOCK NEWS:

• Micron (MU) reported upbeat Q3 results but provided downbeat Q4 guidance [more]
• Deal talks between Franchise Group (FRG) and Kohl's (KSS) have been terminated without an agreement and the latter lowered its Q2 sales view [more]
• General Motors (GM) reported a 15% decline in Q2 U.S. car sales, while Stellantis' (STLA) FCA and Toyota (TM) also reported declines for the month compared to last year [more]
• Electric vehicle makers Li Auto (LI), Nio (NIO), and XPeng (XPEV) reported sharp increases in June vehicle deliveries [more]
• TSMC (TSM) sees customers reducing orders, DigiTimes reports [more]

2. WALL STREET CALLS:

• Micron (MU) downgraded to Neutral from Buy at BofA [more]
• FedEx (FDX) downgraded to Hold from Buy at Berenberg [more]
• Coupang (CPNG) upgraded to Outperform from Neutral at Credit Suisse [more]
• XPeng (XPEV) downgraded to Neutral on short-term cash burn at Nomura [more]
• Daiwa analyst Jonathan Kees initiated coverage of Comcast (CMCSA) with an Outperform rating and started coverage of Paramount (PARA) with a Neutral rating [more]

3. AROUND THE WEB:

• Tesla (TSLA) is facing a new lawsuit over racial abuse, Reuters reports [more]
• Microsoft's (MSFT) Azure is suffering from limited server capacity, The Information reports [more]
• Apple (AAPL) is raising the price of iPhones in Japan, Reuters says [more]
• Citi (C) is in talks with local buyers to sell its Russian operations, FT reports [more]
• Short-seller Marc Cohodes said the latest LFI report points to "major trouble" at Carvana (CVNA) [more]

4. MOVERS:

• Invitae (NVTA) higher after Pacific Biosciences (PACB) disclosed it entered into an amended and restated development and commercialization agreement with the company [more]
• Ginkgo Bioworks (DNA) gains after Cathie Wood’s Ark Investment bought 1.54M shares of the company [more]
• Encompass Health (EHC) lower after completing the spinoff of Enhabit (EHAB), which has begun "regular-way" trading on the NYSE under the symbol "EHAB" [more]
• Borr Drilling (BORR) declines in New York after announcing necessary covenant waivers have been extended by lenders until July 15 [more]
• Zim Integrated (ZIM) falls in New York after BofA downgraded the stock to Underperform from Buy [more]

5. EARNINGS/GUIDANCE:

• Kohl's (KSS) cut its Q2 sales guidance [more]
• General Motors (GM) reaffirmed its FY22 earnings guidance [more]
• Accolade (ACCD) reported downbeat Q1 earnings [more]
• BGC Partners (BGCP) updated its Q2 revenue guidance [more]
• Shaw Communications (SJR) reported a year-over-year decline in quarterly earnings [more]

INDEXES:

The Dow rose 321.83, or 1.05%, to 31,097.26, the Nasdaq gained 99.11, or 0.90%, to 11,127.85, and the S&P 500 advanced 39.95, or 1.06%, to 3,825.33.