China retaliates with tariffs on U.S., Merck falls after earnings: Morning Buzz

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

1. STOCK NEWS:

• The Customs Tariff Commission of the State Council of China issued a notice levying additional tariffs on certain imported commodities originating from the U.S.
• Merck (MRK) fell after reporting Q4 earnings and revenue, with the company saying it will temporarily pause shipments of Gardasil into China
• Pfizer (PFE) reported better-than-expected Q4 results and reiterated its FY25 earnings and revenue outlook
• Palantir (PLTR) reported upbeat Q4 results and provided upbeat FY25 revenue guidance
• PepsiCo (PEP) reported mixed Q4 results and announced a 5% increase to its annualized dividend

2. WALL STREET CALLS:

• Roth MKM upgraded AMC Entertainment (AMC) to Neutral from Sell
• Juniper (JNPR) upgraded to Outperform from In Line at Evercore ISI
• JPMorgan downgraded Nio (NIO) on a more conservative 2025 view
• Jefferies downgraded Ollie’s Bargain Outlet (OLLI) to Hold
• Bernstein initiated coverage of Venture Global (VG) with a Market Perform rating

3. AROUND THE WEB:

• The U.K. government is defending its negotiations with AstraZeneca (AZN) after the pharmaceutical company dropped a planned $558M investment last week, BBC News says
• Salesforce (CRM) is cutting jobs as its latest fiscal year begins, with more than 1,000 roles affected, Bloomberg says
• Tesla (TSLA) supplier Panasonic (PCRFY) is considering overhauling the personnel and cutting underperforming businesses in an effort to reduce fixed costs, Bloomberg reports
• Citigroup (C) CEO Jane Fraser told executives the bank will continue to allow most employees to work remotely at least two days a week, FT reports
• Grab Holdings (GRAB) is debating on a takeover of rival GoTo Group at a valuation of over $7B, Bloomberg reports

4. MOVERS:

• Regeneron (REGN) rises after reporting quarterly results
• BlackSky (BKSY) increases after winning an imagery services contract from Emerging Dynamics
• ATI (ATI) higher after reporting Q4 results and providing guidance for Q1 and FY25
• Atkore (ATKR) lower after reporting Q1 results and cutting its guidance for FY25
• Ball Corp. (BALL) falls after reporting Q4 results, with EPS beating consensus

5. EARNINGS/GUIDANCE:

• PayPal (PYPL) reported Q4 results and authorized a new $15B stock repurchase program
• Spotify (SPOT) reported Q4 results and provided guidance for Q1
• Estee Lauder (EL) reported Q2 results, with EPS and revenue beating consensus
• Fox Corp. (FOXA) reported Q2 results, with CEO Lachlan Murdoch attributing strength in the quarter to a “compelling fall sports schedule combined with a record-breaking presidential election news cycle”
• Cummins (CMI) reported Q4 results, with EPS missing consensus

INDEXES:

Near midday, the Dow was up 0.11%, or 48.89, to 44,470.80, the Nasdaq was up 1.24%, or 240.86, to 19,632.81, and the S&P 500 was up 0.65%, or 38.71, to 6,033.28.