The Fly

What You Missed On Wall Street On Wednesday

Five top five lists with the news and calls moving stocks, powered by The Fly.

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

1. STOCK NEWS:

  • The Federal Reserve raised its interest rate benchmark by 75 basis points for a third straight meeting [more]
  • General Mills (GIS) provided a "beat and raise" report for Q1 [more]
  • Stitch Fix (SFIX) reported downbeat Q4 earnings and revenue [more]
  • Charter (CHTR) announced Tom Rutledge plans to retire as CEO, naming Chris Winfrey as his successor [more]
  • Coty (COTY) announced it expects to double its skincare revenues from FY22 to FY25 [more]

2. WALL STREET CALLS:

  • SMBC Nikko downgraded Block (SQ) to Neutral into "prolonged crypto winter" [more]
  • Barclays downgraded Cisco (CSCO) on stalled cloud growth and enterprise risks while upgrading Arista (ANET) to Overweight on its own sustainable growth [more]
  • Micron (MU) was downgraded to Neutral from Buy at Mizuho and initiated with a Hold rating at Stifel [more]
  • Sotera Health (SHC) was double downgraded to Underweight from Overweight at JPMorgan [more]
  • Estee Lauder (EL) upgraded to Buy from Neutral at Goldman Sachs [more]

3. AROUND THE WEB:

  • SoftBank’s (SFTBY) Masayoshi Son plans to discuss a possible partnership between Arm and Samsung (SSNLF), Bloomberg reports [more]
  • Toyota (TM), Honda (HMC), Stellantis (STLA), and Nissan (NSANY) will pay patent fees to Nokia (NOK), Nikkei Asia reports [more]
  • Hedgeye named Live Nation (LYV) a new best short idea [more]
  • Meta (META) will eliminate jobs as part of a cost cutting plan as it looks to trim its costs by at least 10% within the next few months, WSJ reports [more]
  • DXC Technology (DXC) is working with advisers after receiving takeover interest, Bloomberg says [more]

4. MOVERS:

  • FREYR Battery (FREY) higher after Morgan Stanley made the company its Top Pick among the firm’s North American autos coverage [more]
  • Beyond Meat (BYND) up after announcing its carne asada steak is being launched at Yum‘s (YUM) Taco Bell [more]
  • Alaunos (TCRT) declines after announcing data from the first patient in its TCR-T Phase 1/2 trial [more]
  • XPeng (XPEV) falls in New York after revealing the pricing and specifications for its G9 Flagship SUV in China [more]
  • Aurora Cannabis (ACB) lower in New York after reporting quarterly results [more]

5. EARNINGS/GUIDANCE:

  • iRhythm (IRTC) reiterated its FY22 revenue guidance and provided 2027 financial targets [more]
  • Grainger (GWW) reiterated its FY22 earnings guidance [more]
  • VIA Optronics (VIAO) raised its Q2 revenue guidance [more]
  • EBET (EBET) reported an improvement in adjusted EBITDA for the two months ending in August [more]
  • KeyBanc upgraded KB Home (KBH) to Sector Weight ahead of its quarterly report Wednesday [more]

INDEXES:

The Dow fell 522.45, or 1.70%, to 30,183.78, the Nasdaq lost 204.86, or 1.79%, to 11,220.19, and the S&P 500 declined 66.00, or 1.71%, to 3,789.93.

Keywords: Wall Street, Top Stories, Stocks, Top Five

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