Levi Strauss mulls Dockers strategic alternatives: Morning Buzz

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

1. STOCK NEWS:

• Levi Strauss (LEVI) reported mixed Q3 results and said it has initiated a review of strategic alternatives for its Dockers brand
• The FDA determined that Eli Lilly’s (LLY) weight loss drug shortage is over
• Constellation Brands (STZ) reported upbeat Q2 results and provided FY25 guidance
• The state of Texas is suing insulin manufacturers and pharmacy benefit managers over (NVAX) clarified while it has anticipated the COVID-19 vaccination market in the U.S. will be similar to last year, it has neither updated nor reaffirmed its full year 2024 financial guidance issued on August 8

2. WALL STREET CALLS:

• EVgo (EVGO), which was upgraded at JPMorgan, jumped following the rating change as well as receipt of a conditional commitment for a $1.05B DOE loan guarantee
• Wolfspeed (WOLF) downgraded to Underperform at Mizuho on slower expected global EV sales
• Evercore ISI downgraded Tractor Supply (TSCO) to In Line
• Evercore also downgraded Academy Sports (ASO) to In Line ASO
• Stellantis (STLA) downgraded at Barclays, here’s why

3. AROUND THE WEB:

• Toyota (TM) plans to push back the production of electric vehicles in North America to the first half of 2026, Nikkei says
• TotalEnergies (TTE) CEO said the company will curb its investments in the UK and restructure its operations in the North Sea if the government increases a windfall tax, FT reports
• Google (GOOGL) is considering how to bring electricity from nuclear power plants to its data centers, Nikkei reports
• Miami Dolphins owner Stephen Ross is in advanced discussions with Ares Management (ARES) and billionaire Joe Tsai to sell stakes in the National Football League team and other assets at a valuation of $8.1B, Bloomberg says
• U.S. prosecutors are aiming to investigate business that SAP (SAP) and Carahsoft Technology have done with nearly 100 government agencies as part of a wider examination of potential price-fixing, Bloomberg reports

4. MOVERS:

• Pennant Group (PNTG) higher after announcing a 3.5M share offering
• Supermicro (SMCI) gains after entering a strategic collaboration with Fujitsu Limited (FJTSY)
• Hims & Hers (HIMS) falls after the FDA said the shortage of Eli Lilly’s (LLY) weight loss drug is over
• Equinox (EQX) lower in New York after announcing a convertible note conversion
• Sabre (SABR) declines after signing a long-term distribution agreement with Arajet

5. EARNINGS/GUIDANCE:

• Albany International (AIN) provided guidance for FY24
• AngioDynamics (ANGO) reported Q1 results, with EPS beating consensus
• Nano Dimension (NNDM) reported preliminary Q3 revenue
• BigCommerce (BIGC) reaffirmed its Q3 guidance as part of its CEO change announcement
• Fenbo Holdings (FEBO) reported 1H results, with EPS lower year-over-year

INDEXES:

Near midday, the Dow was down 147.59, or 0.35%, to 42,048.93, the Nasdaq was up 27.68, or 0.15%, to 17,952.80, and the S&P 500 was down 2.67, or 0.05%, to 5,706.87.