Dell and HP forecasts spark selloffs: Morning Buzz

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

1. STOCK NEWS:

• Dell (DELL) traded down post earnings as reported revenue and guidance missed expectations in Q3
• HP Inc. (HPQ) also traded down after earnings as guidance missed expectations on a more muted PC recovery than expected
• Cybersecurity company CrowdStrike (CRWD) raised its annual revenue and profit forecasts and beat Q3 revenue expectations
• Chinese autonomous mobility company Pony AI (PONY) opened for trading at $15 after its initial public offering priced at $13 per share
• Microsoft-backed (MSFT) OpenAI is allowing employees to sell roughly $1.5B worth of shares in a new tender offer to Japan’s SoftBank (SFTBY) Group, Reuters says

2. WALL STREET CALLS:

• UBS upgraded Dick’s Sporting (DKS) to Buy
• Piper Sandler downgraded Workday (WDAY) to Neutral
• Citi upgraded Urban Outfitters (URBN) to Buy
• Baird downgraded Kohl’s (KSS) to Neutral
• Baird initiated coverage of Booking Holdings (BNKG) and Expedia (EXPE) with Outperform ratings

3. AROUND THE WEB:

• UnitedHealth (UNH) is paying many of its own physician practices significantly more than it pays other doctor groups in the same markets for similar services, which is driving up costs for consumers and businesses, STAT reports
• Google (GOOGL) has proposed adjustments to Search in the EU to comply with the DMA, Reuters reports
• Meta’s (META) Threads has had 35M new signups since November 1, Axios reports
• Apple (AAPL) faces an uphill battle to release its AI models for iPhones and other products in China, FT says
• Xiaomi (XIACF) has begun preparations for a self-designed chip for its smartphones to reduce its reliance on Qualcomm (QCOM), Bloomberg says

4. MOVERS:

• Iris Energy (IREN) rises after reporting Q1 results
• Arrowhead (ARWR) gains after reporting FY24 results, with CEO Christopher Anzalone commenting that “Arrowhead is well positioned… to advance and ultimately commercialize important new medicines”
• SolarEdge (SEDG) higher in New York after announcing it will cease all Energy Storage division activities to focus on core solar
• Nordstrom (JWN) lower after reporting Q3 results and backing its guidance for FY24
• Grifols (GRFS) falls after Brookfield said it was “not in a position to continue with” a potential offer for the company

5. EARNINGS/GUIDANCE:

• Urban Outfitters (URBN) reported Q3 results, with EPS and revenue beating consensus
• Workday (WDAY) reported Q3 results, provided guidance for Q4, and revised its outlook for FY25
• Electrovaya (ELVA) reported preliminary FY24 results and provided guidance for FY25
• Golden Ocean (GOGL) reported Q3 results, with EPS missing consensus
• Autodesk (ADSK) reported Q3 non-GAAP EPS and revenue that topped estimates

INDEXES:

Near midday, the Dow was down 0.11%, or 51.44, to 44,808.87, the Nasdaq was down 1.14%, or 218.90, to 18,956.68, and the S&P 500 was down 0.54%, or 32.44, to 5,989.19.