Expedia reports Q2 beat, Paramount to cut staff: Morning 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 (read more)
• General Dynamics (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:

• 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)
• Citi (C) confirmed to Barron’s that the bank is close to a deal to sell its trust business (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)
• Boeing (BA) CEO Kelly Ortberg plans to meet on Thursday with U.S. staff who make the company’s 737 MAX aircraft and promised to be closer to production lines, Reuters 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:

Near midday, the Dow was up 10.95, or 0.03%, to 39,457.44, the Nasdaq was up 12.84, or 0.08%, to 16,672.86, and the S&P 500 was up/down 10.29, or 0.19%, to 5,329.60.