Boeing to offer 90M common shares, Philips reports mixed Q3: 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) will offer 90M shares of common stock and $5B of depositary shares
• McDonald’s (MCD) has ruled out beef patties as the source of a recent E. coli outbreak, Reuters reports
• Philips (PHG) reported mixed Q3 results and provided FY24 adjusted EBITDA margin guidance
• Apple (AAPL) announced a new iMac that features the M4 chip and Apple Intelligence
• Meta Platforms (META) is working on an AI search engine, (ALK) upgraded at Melius Research, here’s why
• Sunrun (RUN) upgraded to Hold at GLJ Research
• Coinbase (COIN) initiated with bullish view at Monness Crespi
• Core Scientific (CORZ) initiated with bullish view at Jefferies
• GlobalFoundries (GFS) downgraded to Equal Weight at Morgan Stanley

 3. AROUND THE WEB:

• Toyota (TM) and Nippon Telegraph (NTTYY) are set to collaborate on developing software that predicts accidents and controls cars automatically, Nikkei says
• Eli Lilly (LLY) expects to start selling its weight loss drug tirzepatide in Hong Kong as early as the end of this year, Bloomberg reports
• U.S. nuclear regulators began a process to consider Constellation Energy’s (CEG) plans to restart its retired Three Mile Island nuclear power plant, Reuters says
• Google (GOOGL) has been pitching a new AI-powered search tool to advertisers, Adweek reports
• Intel (INTC) plans to expand its Chengdu, Sichuan facility to offer server chip packaging services, DigiTimes says

4. MOVERS:

• Monte Rosa Therapeutics (GLUE) increases after announcing a global exclusive development and commercialization license agreement with Novartis (NVS)
• Procept BioRobotics (PRCT) gains after reporting Q3 results and raising its guidance for FY24
• Standard Lithium (SLI) higher in New York after SWA Lithium, the company’s joint venture with Equinor (EQNR), announced it entered a license agreement with Koch Technology Solutions
• Tevogen (TVGN) lower after providing guidance on ExacTcell technology
• ADT Inc. (ADT) falls after announcing a 56M share offering

5. EARNINGS/GUIDANCE:

• On Semiconductor (ON) reported Q3 results and provided guidance for Q4
• Alliance Resource Partners (ARLP) announced Q3 results, with CEO Joseph Craft III commenting, “We delivered sequential improvement in revenue, coal sales, and mineral volumes during the quarter”
• RealReal (REAL) raises revenue view for Q3 and FY24
• Corpay (CPAY) reported preliminary Q3 results
• Bank of Hawaii (BOH) reported Q3 results, with EPS beating consensus

INDEXES:

Near midday, the Dow was up 239.11, or 0.57%, to 42,353.51, the Nasdaq was up 80.84, or 0.44%, to 18,599.44, and the S&P 500 was up 19.44, or 0.33%, to 5,827.56.