Boeing machinists announce proposal to end strike: Morning Buzz

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

1. STOCK NEWS:

• The striking machinists at Boeing (BA) announced a proposal to end the strike, with a vote set to occur Wednesday
• Cigna (CI) has revived merger talks with Humana (HUM), Bloomberg reports
• Starboard has a sizable stake in Kenvue (KVUE) and is pushing for changes, WSJ says
• Disney (DIS) has named Morgan Stanley’s (MS) James Gorman as its new chairman of the board, with plans to announced a new CEO in early 2026
• Norfolk Southern (NSC) announced a tentative collective bargaining agreement with the International Brotherhood of Electrical Workers union

2. WALL STREET CALLS:

• Barclays (UPS) to Underweight
• Leerink upgraded Gilead (GILD) to Outperform
• Canada Goose (GOOS) downgraded to Sell at Goldman Sachs, here’s why
• Wedbush upgraded RH (RH) on “building momentum” in product transition
• Morgan Stanley downgraded ServiceNow (NOW) to Equal Weight

3. AROUND THE WEB:

• Samsung (SSNLF) has been unable to obtain Nvidia’s (NVDA) certification for its fifth-generation high-bandwidth memory, the HBM3E, for almost a year, DigiTimes says
• UBS (UBS) will sell the 50% stake in credit card provider Swisscard it acquired last year to joint venture partner American Express (AXP), Reuters says
• Prescriptions for Johnson & Johnson’s (JNJ) Spravato are booming and new clinics are opening that specialize in administering it, WSJ reports
• KKR (KKR) and Bain (BCSF) have entered into a fight over a $4B Japanese software company called Fuji Soft, FT says
• Some at Apple (AAPL) think the company is over two years behind the industry leaders in generative AI, Bloomberg says

4. MOVERS:

• Endeavour Silver (EXK) higher in New York after providing a Q3 construction progress update on Terronera
• Kenvue (KVUE) increases after the WSJ reported Starboard Value has a sizable stake in the company
• Atlantic Union Bankshares (AUB) declines after announcing the pricing of a $350M stock offering
• VF Corp (VFC) lower after JPMorgan placed the stock on the “Negative Catalyst Watch“
• Hertz (HTZ) falls after JPMorgan downgraded the stock to Underweight

5. EARNINGS/GUIDANCE:

• Construction Partners (ROAD) cut its guidance for FY24 and provided its outlook for FY25
• Guaranty Bancshares (GNTY) reported Q3 results, with EPS beating consensus
• Alaska Air (ALK) sees Q3 combined results on the “better end” of its earnings guidance
• Lufax (LU) reported Q3 results, with EPS missing consensus
• Tutor Perini (TPC) sees a negative Q3 EPS and withdraws its FY24 EPS guidance

INDEXES:

Near midday, the Dow was down 298.14, or 0.69%, to 42,977.77, the Nasdaq was down 24.42, or 0.13%, to 18,465.13, and the S&P 500 was down 22.12, or 0.38%, to 5,842.55.