Boeing to cut 10% of workforce, Lundbeck to acquire Longboard: Morning Buzz

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

1. STOCK NEWS:

• Boeing (BA) said it will cut its workforce by roughly 10%, adding it expects the first 777X delivery to happen in 2026
• Elliott called for a Special Meeting of Shareholders in an effort to make changes at Southwest (LUV)
• Lundbeck agreed to acquire Longboard Pharmaceuticals (LBPH) for $60 per share, or $2.6B
• Vanda (VNDA) confirmed receipt of an unsolicited proposal from Cycle for $8 per share
• Treace Medical (TMCI) filed a patent infringement suit against Stryker (SYK)

2. WALL STREET CALLS:

• Morgan Stanley downgraded Caterpillar (CAT) to Underweight
• Goldman Sachs downgraded AutoZone (AZO) to Sell
• VF Corp. (VFC) downgraded to Underweight at Wells Fargo
• Wells also downgraded Canada Goose (GOOS) to Underweight on “plummeting” brand heat
• Flutter Entertainment (FLUT) was upgraded at Wells Fargo and reinstated with a Buy rating and “Street-high” $300 price target at BofA

3. AROUND THE WEB:

• The U.S. FDA said in a court filing that it agreed to reconsider a decision it made last month to bar drug compounders from selling their own versions of Eli Lilly’s (LLY) blockbuster weight loss and diabetes drugs, Reuters reports
• Ericsson (ERIC) has received a “multi-billion dollar” contract from India’s Bharti Airtel to sell 5G equipment, Reuters says
• The Optimus robots seen at Tesla’s (TSLA) in-person Cybercab reveal last week were actually “remote assisted” by humans, The Verge reports
• Starbucks (SBUX) is pulling back on its promotions and discounts in order to reposition the coffee chain, WSJ reports
• TPG and Blackstone (BX) are teaming up to jointly bid for eyecare company Bausch + Lomb (BLCO), FT reports

4. MOVERS:

• BigBear.ai (BBAI) higher after the U.S. Army awarded the company a five year, $165.15M contract
• Upstart (UPST) increases after Wedbush upgraded the stock to Neutral
• SoFi Technologies (SOFI) gains after entering a $2B loan agreement with Fortress Investment
• Snap (SNAP) falls after OTR Global downgraded the stock
• Amer Sports (AS) lower in New York after Wells Fargo downgraded the stock to Equal Weight

5. EARNINGS/GUIDANCE:

• Greenidge Generation (GREE) reported preliminary Q3 results
• Nurix Therapeutics (NRIX) reported Q4 results, with CEO Arthur Sands commenting, “We continue to make great progress and remain focused on execution”
• Hingham Institution (HIFS) reported Q3 results, with EPS higher year-over-year
• TSMC (TSM) will report Q3 results on October 17
• UnitedHealth (UNH) will report Q3 results on October 15

INDEXES:

Near midday, the Dow was up 152.61, or 0.36%, to 43,016.47, the Nasdaq was up 131.14, or 0.71%, to 18,474.07, and the S&P 500 was up 36.99, or 0.64%, to 5,852.02.