Judge blocks Tapestry-Capri deal, Centene reports Q3 beat: Morning Buzz

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

1. STOCK NEWS:

• A U.S. judge has blocked the proposed merger of Tapestry (TPR) and Capri Holdings (CPRI) in a victory for the FTC
• Western Digital (WDC) reported better-than-expected Q1 earnings and provided Q2 guidance
• Centene (CNC) reported upbeat Q3 results and raised its revenue outlook for FY24
• Sanofi (SNY) reported upbeat Q3 earnings and provided guidance for FY24
• Meta Platforms (META) has entered into a multi-year AI deal with Reuters (TRI), Axios reports

2. WALL STREET CALLS:

• Apple (AAPL) downgraded to Underweight at KeyBanc
• Tesla (TSLA) upgraded to Reduce from Sell at Phillip Securities
• T-Mobile (TMUS) downgraded to Market Perform following recent rally at Raymond James
• Beyond (BYON) downgraded to Underperform at BofA after “disappointing” Q3 results
• Home builders Toll Brothers (TOL) and Taylor Morrison (TMHC) upgraded to Outperform at Wedbush

3. AROUND THE WEB:

• Boeing (BA) workers voted to reject an improved contract proposal, largely because the agreement would not restore the company’s pension, NY Times reports
• Microsoft (MSFT) has placed an “assessment in investing in bitcoin” on the voting ballot ahead of its 2024 annual shareholder meeting, The Block says
• DigitalBridge (DBRG) is exploring a sale of Brazil’s Scala Data Centers, Bloomberg reports
• Rick Cassidy, TSMC’s (TSM) U.S. division president, said yield in Arizona are 4 percentage points higher than similar facilities in Taiwan, Bloomberg says
• Restaurant Brands’ (QSR) Burger King has pulled onions at 5% of its locations and says the affected stores get their onions from Taylor Farms, Bloomberg reports

4. MOVERS:

• Newell Brands (NWL) higher after reporting Q3 results and raised its guidance for FY24
• Summit Materials (SUM) gains after disclosing the receipt of a non-binding acquisition proposal
• Tyra Biosciences (TYRA) lower after announcing proof-of-concept data for TYRA-300
• Joby Aviation (JOBY) declines after announcing a 40M share offering
• New York Community Bancorp (NYCB) declines after reporting Q3 results

5. EARNINGS/GUIDANCE:

• Deckers Outdoor (DECK) reported Q2 results, with EPS and revenue beating consensus
• Capital One (COF) reported Q3 results, with Chairman and CEO Richard Fairbank commenting, “Strong third quarter results included top-line growth in our domestic card and auto businesses and stable consumer credit results”
• HCA Healthcare (HCA) reported Q3 results and backed its guidance for FY24
• Digital Realty (DLR) reported Q3 results and narrowed its guidance for FY24
• Piper Sandler (PIPR) announced Q3 results, with EPS and revenue missing consensus

INDEXES:

Near midday, the Dow was down 77.27, or 0.18%, to 42,297.09, the Nasdaq was up 203.49, or 1.10%, to 18,618.98, and the S&P 500 was up 28.01, or 0.48%, to 5,837.87.