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

1. STOCK NEWS:

• AppLovin (APP) submitted a proposal to combine with Unity (U) contingent on the latter giving up its deal to combine with ironSource (IS) [more]
• Micron (MU) warned its Q4 revenue may come in at or below the low end of its prior guidance and announced that it will invest $40B to build memory manufacturing in phases in the U.S. [more]
• GlobalFoundries (GFS) reported upbeat Q2 results [more]
• Novavax (NVAX) reported downbeat Q2 results and cut its FY22 revenue guidance [more]
• Ralph Lauren (RL) reported mixed Q1 results and reiterated its FY23 revenue outlook [more]

2. WALL STREET CALLS:

• Palantir (PLTR) downgraded to Sell from Hold at Deutsche Bank [more]
• Bed Bath & Beyond (BBBY) downgraded to Underperform from Neutral at Baird after 86% two-day rally [more]
• Nike (NKE) downgraded to Neutral at Exane BNP Paribas on concerns about FY25 targets [more]
• Restaurant Brands (QSR) upgraded to Buy at Argus on earnings upside [more]
• Tandem Diabetes (TNDM) downgraded to Underweight from Overweight at Wells Fargo [more]

3. AROUND THE WEB:

• Blue Owl Capital's (OWL) Dyal is in talks to buy a stake in PAI Partners, Bloomberg reports [more]
• Tesla (TSLA) sold over 28,000 Chinese-made vehicles in July, Reuters reports [more]
• Microsoft (MSFT) told staff to rein in business expenses, WSJ reports [more]
• CBS (PARA) is near a deal for Big Ten rights as Disney's (DIS) ESPN walks away, Bloomberg says [more]
• Walmart (WMT) is weighing a streaming deal with Paramount, Disney, and Comcast (CMCSA), NY Times reports [more]

4. MOVERS:

• Verona Pharma (VRNA) surges in New York after announcing results from its Phase 3 ENHANCE-2 trial [more]
• Mersana (MRSN) higher after announcing a global collaboration with GSK (GSK) and after reporting quarterly results [more]
• Atara Biotherapeutics (ATRA) increases after reporting quarterly results [more]
• Quanterix (QTRX) falls after reporting quarterly results and announcing the resignation of executive chairman Krusovsky [more]
• Vertex Energy (VTNR) declines after reporting quarterly results [more]

5. EARNINGS/GUIDANCE:

• Bausch Health (BHC) reported downbeat Q2 results and lowered its FY22 revenue guidance [more]
• Norwegian Cruise Line (NCLH) reported lower-than-expected Q2 results [more]
• Upstart (UPST) reported downbeat Q2 earnings and revenue [more]
• GoodRx (GDRX) reported upbeat Q2 results [more]
• Sysco (SYY) reported upbeat Q4 results [more]

INDEXES:

The Dow fell 58.13, or 0.18%, to 32,774.41, the Nasdaq lost 150.53, or 1.19%, to 12,493.93, and the S&P 500 declined 17.59, or 0.42%, to 4,122.47.