Medtronic, Palo Alto Networks report quarterly beats: Morning Buzz

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

1. STOCK NEWS:

• Lowe’s (LOW) reported mixed Q2 results and cut its FY24 earnings and revenue guidance 
• Palo Alto Networks (PANW) reported upbeat Q4 earnings and revenue and authorized an additional $500M for share repurchases
• Medtronic (MDT) provided a “beat and raise” report for Q1
• Edgar Bronfman Jr. submitted a $4.3B rival offer for Paramount (PARA), Reuters reports
• Eli Lilly (LLY) reported topline results from the SURMOUNT-1 weigh management drug study

   2. WALL STREET CALLS:

• JPMorgan (JPM) downgraded to Outperform from Buy at Daiwa
• Vornado (VNO) double upgraded to Outperform from Underperform at Evercore ISI
• Bernstein upgraded BioMarin (BMRN) to Outperform
• JPMorgan downgraded AvidXchange (AVDX) to Neutral
• Edward Jones initiated coverage of AMD (AMD) with a Buy rating

3. AROUND THE WEB:

• Alaska Air (ALK) and Hawaiian Airlines (HA) have cleared a major milestone to combine companies after the Justice Department opted against challenging the deal on antitrust grounds, WSJ reports
• Southwest (LUV) CEO Bob Jordan is working to gain investor support while buckling down for a proxy fight as activist hedge fund Elliot Investment seeks to oust him and two-thirds of the board of directors, NY Post reports
• Apple (AAPL) will make the most expensive iPhone Pro and Pro Max models in India for the first time this year, Bloomberg reports
• Acora Holdings is pressing Forward Air (FWRD) to launch a strategic review and consider a sale, Reuters reports
• Boeing (BA) has paused testing and grounded its 777x test fleet after having discovered problems in a structural component between the engine and the plane’s wings in a test flight, Air Current says

4. MOVERS:

• Bit Digital (BTBT) higher after reporting quarterly results and signing a binding term sheet with Boosteroid
• ARS Pharmaceuticals (SPRY) gains after Cantor initiated coverage of the stock with an Overweight rating
• Amer Sports (AS) increases in New York after reporting Q2 results and raising its guidance for FY24
• XPeng (XPEV) falls in New York after reporting Q2 results and providing guidance for Q3
• Emergent BioSolutions (EBS) lower after announcing a collaboration with the WHO

5. EARNINGS/GUIDANCE:

• Fabrinet (FN) reported Q4 results, with EPS and revenue beating consensus
• Vipshop (VIPS) reported Q2 results and provided guidance for Q3
• Workhorse Group (WKHS) announced Q2 results, with EPS lower year-over-year
• Nano-X Imaging (NNOX) reported Q2 results, with EPS and revenue missing consensus
• Navios Maritime Partners (NMM) reported Q2 results, with CEO Angeliki Frangou commenting, “I am pleased with the results for the second quarter”

INDEXES:

Near midday, the Dow was down 40.35, or 0.10%, to 40,856.18, the Nasdaq was down 28.46, or 0.16%, to 17,848.31, and the S&P 500 was down 3.62, or 0.06%, to 5,604.63.