AMD to acquire ZY Systems, Estee Lauder reports Q4 beat: Morning Buzz

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

1. STOCK NEWS:

• AMD (AMD) agreed to acquire ZY Systems for $4.9B in cash and stock
• Estee Lauder (EL) reported upbeat Q4 results and said that CEO Fabrizio Freda will retire at the end of FY25
  
• TiVo (TIVO) and an Xperi (XPER) unit said that TiVo Broadband has added five new operators to its portfolio
• B. Riley (RILY) said its board received an unsolicited proposal to be taken private
• Ten additional states have joined the U.S. Justice Department’s lawsuit against Live Nation-Ticketmaster (LYV)

2. WALL STREET CALLS:

• Apple (AAPL) initiated with neutral view at MoffettNathanson
• Wall Street initiated coverage of OneStream (OS) with mostly bullish views
• HP Inc. (HPQ) downgraded at Morgan Stanley
• Shake Shack (SHAK), Sweetgreen (SG) and Dutch Bros (BROS) were downgraded to Neutral at Piper on a more tempered fast casual view
• Gordon Haskett gets more bullish on Burlington Stores (BURL), upgrades shares

3. AROUND THE WEB:

• APA Corp. (APA) is exploring the sale of its oil and gas drilling properties across parts of the Permian basin of Texas and New Mexico in a deal that could be valued at roughly $1B, Reuters says
• Pfizer (PFE) is betting much of its future on cancer drugs, believing they can earn billions in sales, WSJ reports
• General Motors (GM) is laying off more than 1,000 salaried employees globally, CNBC reports
• Diageo’s (DEO) Indian unit has submitted financial documents sought by New Delhi anti-corruption police in an investigation related to billing and discount practices, Reuters says
• Comcast’s (CMCSA) Universal Destinations & Experiences theme park is in talks with U.K. officials about tax and other infrastructure incentives to secure a multibillion-pound resort in England’s eastern region of Bedford, FT says

4. MOVERS:

• Planet Labs (PL) higher after entering a deal with NATO agency for its APSS program
• Banco Bradesco (BBD) gains in New York after Goldman Sachs upgraded the stock to Buy
• Liquidia (LQDA) falls after the FDA delayed the full approval of Yutrepia
• Nikola (NKLA) lower after filing a $500M mixed securities shelf
• Icahn Enterprises (IEP) declines after confirming its settlement agreements with the SEC

5. EARNINGS/GUIDANCE:

• Sunshine Biopharma (SBFM) reported Q2 revenue that was higher year-over-year
• Ituran (ITRN) reported Q2 results and backed its guidance for FY24
• Freightos (CRGO) reported Q2 results, with CFO Ran Shalev commenting, “Our second quarter results highlight robust performance across all key metrics”
• ZIM Integrated (ZIM) reported Q2 results, with EPS beating consensus
• Singing Machine (MICS) reported Q2 results, with EPS lower year-over-year

INDEXES:

Near midday, the Dow was up 146.21, or 0.36%, to 40,805.97, the Nasdaq was up 53.91, or 0.31%, to 17,685.63, and the S&P 500 was up 19.96, or 0.36%, to 5,574.21.