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MSFT, ATVI, CVS...
2/8/2023 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:
- The U.K.'s CMA said that Microsoft's (MSFT) proposed Activision (ATVI) deal "could harm U.K. gamers" [more]
- CVS Health (CVS) agreed to acquire Oak Street Health (OSH) for $39 per share [more]
- Brookfield Reinsurance (BNRE) agreed to acquire Argo Group (ARGO) in a $1.1B transaction [more]
- Uber (UBER) reported upbeat Q4 results [more]
- Chipotle (CMG) reported lower-than-expected Q4 earnings and revenue [more]
2. WALL STREET CALLS:
- American Express (AXP) upgraded to Overweight from Equal Weight at Morgan Stanley [more]
- Discover (DFS) downgraded to Equal Weight from Overweight at Morgan Stanley [more]
- BofA double upgraded TripAdvisor (TRIP) to Buy from Underperform [more]
- United Rentals (URI) initiated with an outperform at Credit Suisse [more]
- Fortinet (FTNT) downgraded to Sector Weight from Overweight at KeyBanc [more]
3. AROUND THE WEB:
- Alibaba (BABA) says it is testing its own ChatGPT-style AI tool, Reuters reports [more]
- Warner Bros. Discovery (WBD) will keep Discovery+ as a standalone service, WSJ reports [more]
- General Motors (GM) is competing for a stake in Vale's (VALE) base metals unit, Bloomberg reports [more]
- Credit Suisse (CS) is planning a $380M bonus pool for executives in overhaul, FT reports [more]
- Google (GOOGL) plans to roll out AI-powered search features, WSJ says [more]
4. MOVERS:
- New Relic (NEWR) rises after reporting quarterly results and providing Q4 and FY23 guidance [more]
- Manchester United (MANU) higher in New York after the Daily Mail reported of an upcoming Qatari bid on the company [more]
- Kyndryl (KD) and New York Times (NYT) higher after reporting quarterly results [more]
- Lumen (LUMN) falls after reporting quarterly results [more]
- Xponential Fitness (XPOF) lower after announcing a 5M share offering [more]
5. EARNINGS/GUIDANCE:
- Under Armour (UAA) provided a "beat and raise" report for Q3 [more]
- Fortinet (FTNT) reported upbeat Q4 earnings [more]
- VF Corp. (VFC) reported better-than-expected Q3 earnings and revenue [more]
- Capri Holdings (CPRI) reported downbeat Q3 results [more]
- Emerson Electric (EMR) reported lower-than-expected Q1 results [more]
INDEXES:
Near midday, the Dow was down 184.74, or 0.54%, to 33,971.95, the Nasdaq was down 181.45, or 1.50%, to 11,932.34, and the S&P 500 was down 42.06, or 1.01%, to 4,121.94.