Expedia beats, Paramount cuts staff: Friday Buzz

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

1. STOCK NEWS:

• Expedia (EXPE) reported upbeat Q2 results and provided guidance for Q3 revenue and gross bookings growth (read more)
• Paramount (PARA) reported mixed Q2 results, adding that it is cutting its U.S. workforce by about 15% (read more)
• Take-Two (TTWO) reported downbeat Q1 net bookings (read more)
• Iteris (ITI) agreed to be acquired by Almaviva in a $335M all-cash transaction (read more)
• U.S. Senator Elizabeth Warren sent a letter to Tesla’s (TSLA) board over CEO Elon Musk’s “conflicts of interest” (read more)

2. WALL STREET CALLS:

• Daiwa upgraded PayPal (PYPL) with initiatives “quickly generating” results(GD) upgraded at Morgan Stanley in Defense Prime reshuffle (read more)
• Bread Financial (BFH) and Synchrony (SYF) upgraded to Buy at BofA as firm expects credit performance to improve (read more)
• Nerdy (NRDY) was downgraded after earnings by several firms that see “near-term hurdles” (read more)
• Array Technologies (ARRY) downgraded to Neutral at Roth MKM on risk for more pushouts (read more)

3. AROUND THE WEB:

• Netflix (NFLX) has reached a deal to have CBS Sports produce its Christmas NFL games, WSJ reports (read more)
• Cisco (CSCO) will cut thousands of jobs in another round of layoffs, Reuters reports (read more)
• Researchers say a bug in AMD’s (AMD) chips would allow attackers to root into some of the most privileged portions of a computer, Wired reports (read more)
• JetBlue (JBLU) is in talks with banks to sell $1.5B of high-yield bonds that would yield roughly 9.5%-10%, Bloomberg says (read more)
• Amazon (AMZN) has struck a deal with TikTok to enable users of the platform to buy items from Amazon ads without leaving the social media app, The Information reports (read more)

4. MOVERS:

• Doximity (DOCS) increases after reporting Q1 results and providing guidance for Q2 and FY25 (read more)
• Blend Labs (BLND) gains after William Blair upgraded the stock to Outperform (read more)
• Evolent Health (EVH) and Sweetgreen (SG) higher after reporting quarterly results (read more)
• Mitek Systems (MITK) and PubMatic (PUBM) fall after reporting quarterly results (read more)
• Five9 (FIVN) lower after reporting quarterly results and announcing it will acquire Acqueon (read more)

5. EARNINGS/GUIDANCE:

• Unity (U) reported Q2 results and provided guidance for Q3 and FY24 (read more)
• Nikola (NKLA) reported Q2 results, with EPS missing consensus (read more)
• Hour Loop (HOUR) reported Q2 results and raised its guidance for FY24 (read more)
• Getty Images (GETY) reported Q2 results and cut its guidance for FY24 (read more)
• EchoStar (SATS) reported Q2 results, with EPS and revenue missing consensus (read more)

INDEXES:

The Dow rose 51.05, or 0.13%, to 39,497.54, the Nasdaq gained 85.28, or 0.51%, to 16,745.30, and the S&P 500 advanced 24.85, or 0.47%, to 5,344.16.