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DELL, AVGO, AMZN...
6/2/2023 12:06pm
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) reported upbeat Q1 results, with co-COO Chuck Whitten saying the company "executed well against a challenging economic backdrop" [read more]
  • Broadcom (AVGO) reported better-than-expected Q2 earnings and revenue and provided upbeat Q3 revenue guidance [read more]
  • Amazon (AMZN) told Reuters it doesn't have plans to add wireless service at this time in response to a Bloomberg report saying it is in talks to offer a low-cost or free Prime phone service [read more]
  • Stratasys (SSYS) received an unsolicited takeover proposal from 3D Systems (DDD), which 3D believes is "superior" to the Desktop Metal (DM) offer [read more]
  • JetBlue (JBLU) agreed to divest all holdings of Spirit Airlines (SAVE) at LaGuardia Airport to Frontier (ULCC) in connection with JetBlue's planned merger with Spirit [read more]

2. WALL STREET CALLS:

  • Morgan Stanley upgrades "ad tech's best-in-class" Trade Desk (TTD) to Overweight [read more]
  • Piper Sandler downgraded Dollar General (DG) after 10 years at Overweight while Atlantic Equities also downgraded the shares with low income consumers retrenching [read more]
  • SentinelOne (S) was downgraded by no less than five firms after the company cut its FY24 guidance [read more]
  • BMO Capital double upgraded Kinsale Capital Group (KNSL) to Outperform from Underperform [read more]
  • Atlantic Equities downgraded Warner Music (WMG) to Neutral from Overweight [read more]

3. AROUND THE WEB:

  • Boeing (BA) and NASA have delayed the launch of the Starliner spacecraft’s first crewed flight after discovering issues with its parachute and tape covering internal wiring, NY Times says [read more]
  • Exxon (XOM) and Chevron (CVX) are in advanced talks on a deal that would allow the companies to drill gas in Algeria, WSJ reports [read more]
  • Meta (META) will require its workers to return to an office three days a week, WSJ says [read more]
  • Nvidia’s (NVDA) next-generation AI chip will be manufactured by TSMC (TSM), DigiTimes reports [read more]
  • Foxconn (HNHPF) plans to make 20M Apple (AAPL) iPhones a year in Karnataka, India, DigiTimes says [read more]

4. MOVERS:

  • Samsara (IOT) increases after reporting quarterly results and raising its FY24 guidance [read more]
  • Chemours (CC) jumps after DuPont (DD), Corteva (CTVA) and the company reached a PFAS settlement with U.S. water systems [read more]
  • Zscaler (ZS) higher after reporting quarterly results [read more]
  • Ginkgo Bioworks (DNA) declines after Goldman Sachs downgraded the stock to Sell [read more]
  • Xcel Energy (XEL) falls after JPMorgan downgraded the stock to Neutral from Overweight [read more]

5. EARNINGS/GUIDANCE:

  • Lululemon (LULU) reported Q1 results and provided guidance for Q2 and FY23 [read more]
  • PagerDuty (PD) reported Q1 results that beat consensus and adjusted its FY24 guidance, with Craig-Hallum saying this was a “rocky start” to 2023 for the company [read more]
  • MongoDB (MDB) reported Q1 EPS and revenue that beat consensus, with CEO Dev Ittycheria saying these were “strong first quarter results” [read more]
  • SentinelOne (S) cut its FY24 revenue guidance [read more]
  • Five Below (FIVE) delivered Q1 EPS and revenue that came in higher than estimates [read more]

INDEXES:

Near midday, the Dow was up 597.76, or 1.81%, to 33,659.33, the Nasdaq was up 129.53, or 0.99%, to 13,230.51, and the S&P 500 was up 56.07, or 1.33%, to 4,277.09.

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