Nvidia receives DOJ subpoena, Dick’s posts Q2 beat: Morning Buzz

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

1. STOCK NEWS:

• Nvidia (NVDA) has received a DOJ subpoena in an antitrust probe, Bloomberg reports
• The Nordstrom family has offered to acquire Nordstrom (JWN) for $23 per share in cash
• Dick’s Sporting (DKS) provided a “beat and raise” report for Q2
• Dollar Tree (DLTR) reported downbeat Q2 earnings and revenue and cut its FY24 guidance
• U.S. Steel (X) employees will host a rally in support of the Nippon Steel (NPSCY) transaction

2. WALL STREET CALLS:

• BofA gets more bearish on Amphenol (APH), downgrades shares on possible impact of Nvidia (NVDA) design change
• Airbnb (ABNB) cut to Hold at Argus on slowing room nights growth
• Booking Holdings (BKNG) downgraded at Jefferies, here’s why
• Supermicro (SMCI) downgraded to Equal Weight at Barclays
• Nasdaq (NDAQ) double upgraded to Buy at BofA with IPO flywheel returning

3. AROUND THE WEB:

• HP Enterprise (HPE) intends to pursue the $4B damages claim in London against the estate of the recently deceased Mike Lynch, Bloomberg reports
• Snap (SNAP) CEO Evan Spiegel is working to rally the company’s employees amid a 48% drop in stock price this year, Bloomberg says
• Intel’s (INTC) contract manufacturing business has suffered a setback after tests with Broadcom (AVGO) using Intel’s advanced 18A chipmaking process failed, Reuters reports
• Volkswagen (VWAGY) management is set to confront workers about possible cuts that could include domestic factory closures, CNBC reports
• Targa Resources (TRGP) rebuffed informal takeover interest from Williams Cos. (WMB) in recent months, Bloomberg says

4. MOVERS:

• Clover Health (CLOV) gains after announcing its subsidiary entered a multi-year agreement with The Iowa Clinic
• Sweetgreen (SG) increases after TD Cowen upgraded the stock to Buy
• AST SpaceMobile (ASTS) higher after providing an interim business update on its upcoming orbital launch
• Core & Main (CNM) falls after reporting Q2 results and cutting its FY24 guidance
• REV Group (REVG) lower after reporting Q3 results and lowering its guidance for FY24

5. EARNINGS/GUIDANCE:

• Zscaler (ZS) reported Q4 results, with EPS and revenue beating consensus
• Asana (ASAN) reported Q2 results, provided guidance for Q3, and announced its outlook for FY25
• PagerDuty (PD) reported Q2 results and raised its guidance for FY25
• GitLab (GTLB) announced Q2 results and provided guidance for Q3 and FY25
• Ciena (CIEN) reported Q3 results, with CEO Gary Smith commenting, “We delivered strong results for the fiscal third quarter that reflect growing momentum with cloud providers”

INDEXES:

Near midday, the Dow was up 54.22, or 0.13%, to 40,991.15, the Nasdaq was down 15.34, or 0.09%, to 17,120.96, and the S&P 500 was down 0.95, or 0.02%, to 5,527.98.