Coca-Cola reports Q4 beat, Elliott discloses Phillips 66 stake: Morning Buzz

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

1. STOCK NEWS:

• Coca-Cola (KO) reported upbeat Q4 earnings and revenue and provided guidance for FY25
• Shopify (SHOP) reported better-than-expected Q4 revenue and gave Q1 revenue guidance
• Elliott disclosed an over $2.5B position in Phillips 66 (PSX)
• DuPont (DD) reported upbeat Q4 results and provided its outlook for Q1 and FY25
• Intel (INTC) shares advanced after Vice President JD Vance pledged AI chips will be made in U.S.

2. WALL STREET CALLS:

• Peloton (PTON) upgraded to Buy at Argus amid cost-cutting, home-health demand
• Guggenheim downgraded Snap (SNAP) on spending amid “intense competition”
• Mizuho upgraded First Solar (FSLR) on a “materially improved” sales outlook
• Guggenheim double downgraded Fluence Energy (FLNC) to Sell following the release of the company’s Q1 results, says “not time to step in”
• IBM (IBM) initiated with bullish view at Oppenheimer

3. AROUND THE WEB:

• Meta (META) is in talks to acquire Korean AI chip startup FuriosaAI,
• Microsoft-backed (MSFT) OpenAI is finalizing its first in-house chip’s design in the next few months in an effort to reduce its reliance on Nvidia (NVDA), Reuters reports
• Deutsche Bank (DB) has been fined EUR 100M by Spain’s National Securities Commission over the mis-selling of risky foreign exchange derivatives, FT says
• JD.com (JD) is making a foray into China’s highly competitive food delivery business, Reuters says
• Apple (AAPL) intends to announce a major overhaul of the iPhone SE, Bloomberg reports

4. MOVERS:

• SelectQuote (SLQT) gains after reporting Q2 results, raising its FY25 guidance, and signing a $350M strategic investment
• Travere Therapeutics (TVTX) higher after submitting a sNDA for FILSPARI in FSGS
• Lattice Semiconductor (LSCC) increases after reporting Q4 results and naming Flores as CFO
• FIS (FIS) falls after reporting Q4 results and announcing a partnership with Affirm (AFRM)
• Ceragon Networks (CRNT) lower in New York after reporting Q4 results and providing guidance for FY25

5. EARNINGS/GUIDANCE:

• Vertex Pharmaceuticals (VRTX) announced Q4 results and provided guidance for FY25
• Coty (COTY) reported Q2 results and cut its guidance for FY25
• Ecolab (ECL) reported Q4 results and provided guidance for Q1
• LCI Industries (LCII) reported Q4 results, with EPS and revenue beating consensus
• GlobalFoundries (GFS) reported Q4 results that CEO Thomas Caulfield called “solid”

INDEXES:

Near midday, the Dow was up 0.07%, or 31.91, to 44,502.32, the Nasdaq was down 0.21%, or 42.22, to 19,672.05, and the S&P 500 was down 0.06%, or 3.38, to 6,063.06.