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PYPL, DELL, PSA...
2/6/2023 12:02pm
What You Missed On Wall Street This Morning

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

1. STOCK NEWS:

  • Dell Technologies (DELL) will reduce its workforce by 5% [more]
  • Public Storage (PSA) proposed to acquire Life Storage (LSI) in an all-stock transaction [more]
  • Newmont (NEM) submitted a proposal to acquire Newcrest Mining (NCMGY) [more]
  • Tyson Foods (TSN) reported downbeat Q1 results [more]
  • ON Semiconductor (ON) reported better-than-expected Q4 results and announced a $3B stock buyback [more]

2. WALL STREET CALLS:

  • T-Mobile (TMUS) downgraded at MoffettNathanson amid "great deceleration" [more]
  • PayPal (PYPL) downgraded to Market Perform from Outperform at Raymond James [more]
  • Spotify (SPOT) upgraded to Overweight from Equal Weight at Wells Fargo [more]
  • IBM (IBM) downgraded to Hold from Buy at Edward Jones [more]
  • KeyBanc upgraded Splunk (SPLK) to Overweight [more]

3. AROUND THE WEB:

  • Danaher (DHR) has expressed takeover interest in Catalent (CTLT), Bloomberg reports [more]
  • The U.S. is planning a 200% tariff on Russian aluminum, Bloomberg says [more]
  • Chevron (CVX) is looking to seal an energy exploration deal with Algeria, WSJ reports [more]
  • AbbVie (ABBV) is looking for a next hit drug after competitors target Humira, WSJ says [more]
  • Microsoft (MSFT) expects the U.K.'s CMA to oppose Activision (ATVI) deal, NY Times reports [more]

4. MOVERS:

  • TJX (TJX) rises after JPMorgan raised its price target on the stock [more]
  • Faraday Future (FFIE) higher after announcing $135M in convertible notes [more]
  • Riot Blockchain (RIOT) declines after reporting 740 BTC produced in January [more]
  • Canoo (GOEV) falls after announcing a $52.5M direct offering [more]
  • Nordstrom (JWN) lower, giving back some of Friday's gains, tells Fox it is open to Ryan Cohen’s views [more]

5. EARNINGS/GUIDANCE:

  • Cummins (CMI) reported mixed Q4 results [more]
  • Energizer (ENR) reported downbeat Q1 results [more]
  • Timken (TKR) reported better-than-expected Q4 earnings [more]
  • Children's Place (PLCE) cut its Q4 earnings and revenue guidance [more]
  • RH (RH) sees FY22 revenue growth at the low end of its prior outlook [more]

INDEXES:

Near midday, the Dow was down 92.69, or 0.27%, to 33,833.32, the Nasdaq was down 91.72, or 0.76%, to 11,915.23, and the S&P 500 was down 25.74, or 0.62%, to 4,110.74.

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