Disney to own 70% of Fubo, Trudeau to resign as party leader: Morning Buzz

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

1. STOCK NEWS:

• Disney (DIS) plans to combine its Hulu + Live TV business with Fubo (FUBO) and will own 70% of Fubo after the deal
• Canadian Prime Minister Justin Trudeau said he plans to resign as leader of the country’s Liberal Party but remain in his role until a new leader is chosen
• Michael Barr announced he is stepping down as Vice Chair for Supervision at the Federal Reserve Board
• E.W. Scripps (SSP) completed its new affiliation agreement with Comcast’s (CMCSA) NBC
• Scotiabank (BNS) entered into an agreement to transfer certain banking operations to Davivienda

2. WALL STREET CALLS:

• New Street upgraded Tesla (TSLA) to Buy on auto growth, stabilizing margins
• Salesforce (CRM) downgraded to Sell at Guggenheim after Agentforce-driven rally
• Palantir (PLTR) assumed with an Underweight at Morgan Stanley
• T-Mobile (TMUS) downgraded at Wells Fargo, here’s why
• ServiceTitan (TTAN) initiated by Wall Street with a mix of bullish and neutral views

3. AROUND THE WEB:

• The Biden administration issued the final mining permit for Perpetua Resources’ (PPTA) antimony and gold mine in Idaho, Reuters reports
• Content creators have filed two lawsuits against PayPal (PYPL) over its Honey browser extension, The Verge says
• Samsung (SSNLF) and Google (GOOGL) are set to introduce Eclipsa Audio, The Verge reports
• Paychex (PAYX) is in advanced talks to acquire smaller payroll processing rival Paycor HCM (PYCR), Bloomberg says
• New York City became the first U.S. city to launch a congestion charge zone, which may impact Lyft (LYFT) and Uber (UBER), FT reports

4. MOVERS:

• Arbe Robotics (ARBE) higher after partnering with Nvidia (NVDA)
• SolarEdge (SEDG) gains in New York after announcing safe harbor agreements with two of the largest installers and financers of the residential solar installations in the U.S.
• Revance (RVNC) increases after Teoxane submitted a proposal to acquire the company for $3.60 per share in cash
• Quantum-Si (QSI) lower after announcing the pricing of a $50M offering of stock
• Aurora Innovation (AUR) falls after filing an automatic mixed securities shelf

5. EARNINGS/GUIDANCE:

• Commercial Metals (CMC) reported Q1 results, with EPS missing consensus
• Forward Air (FWRD) backed its guidance for FY24
• Healthy Choice Wellness (HCWC) reported Q4 results, with revenue up year-over-year
• Outset Medical (OM) reported Q4 results, with revenue beating consensus
• Lifeway Foods (LWAY) provided guidance for Q4 in addition to reaffirming its rejection of takeover offer by Danone North America (DANOY)

INDEXES:

Near midday, the Dow was up 0.85%, or 364.69, to 43,096.82, the Nasdaq was up 1.70%, or 334.42, to 19,956.10, and the S&P 500 was up 1.24%, or 73.88, to 6,016.35.