Nvidia trades on Dow for first time, Rivian reports downbeat Q3: Morning Buzz

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

1. STOCK NEWS:

• Eyes are on Nvidia (NVDA) during its first day trading on the Dow Jones Industrial Average
• Rivian Automotive (RIVN) reported downbeat Q3 results and affirmed its 2024 delivery outlook of 50,500-52,000 vehicles
• Expedia (EXPE) reported upbeat Q3 earnings but lower-than-expected quarterly revenue
• Airbnb (ABNB) reported mixed Q3 results and provided its Q4 revenue outlook
• DraftKings (DKNG) reported mixed Q3 results and cut its FY24 revenue guidance

2. WALL STREET CALLS:

• Molson Coors (TAP) double upgraded to Overweight at Wells Fargo
• Bank of America (BAC) upgraded to Buy from Neutral at Citi
• Rivian Automotive (RIVN) downgraded to Neutral at BofA on regulatory credit risk
• Bath & Body Works (BBWI) downgraded to Underweight at Barclays
• Telsey Advisory upgraded Home Depot (HD) and Lowe’s (LOW), each to Outperform

3. AROUND THE WEB:

• Stellantis (STLA) plans to cut 1,100 jobs at its factory in Toledo, Ohio, WSJ reports
• Steven Madden (SHOO) will cut approximately half of its China production within the next year as the company braces for tariffs under a second Trump administration, NY Times reports
• Amazon (AMZN) is in discussions for a second multi-billion-dollar investment in AI startup Anthropic, The Information says
• Max (WBD) will start a password-sharing crackdown over the next several months, The Verge says
• IBM (IBM) is facing a proposed class action alleging the company violated federal privacy law, Bloomberg reports

4. MOVERS:

• Upstart (UPST) rises after reporting Q3 results, with JPMorgan, Piper Sandler, and Citi, respectively, upgrading their ratings on the stock
• Innodata (INOD) and Doximity (DOCS) gain after reporting quarterly results
• Porch Group (PRCH) and Indie Semiconductor (INDI) gain after reporting quarterly results and providing guidance for FY24, respectively
• Evolent Health (EVH) lower after reported Q3 results, with EPS and revenue missing consensus
• Maravai Lifesciences (MRVI) and Revance (RVNC) fall after reporting quarterly results

5. EARNINGS/GUIDANCE:

• Pinterest (PINS) reported Q3 results and provided guidance on Q4
• Toast (TOST) reported Q3 results, with CEO Aman Narang commenting, “Toast delivered a strong third quarter”
• Baxter (BAX) reported Q3 results, with EPS beating consensus
• Plains All American (PAA) reported Q3 results, with CEO Willie Chiang commenting, “We delivered solid operational and financial results”
• Bloomin’ Brands (BLMN) reported Q3 results and cut its guidance for FY24

INDEXES:

Near midday, the Dow was up 261.61, or 0.60%, to 43,990.95, the Nasdaq was up 3.54, or 0.02%, to 19,273.00, and the S&P 500 was up 23.75, or 0.40%, to 5,996.85.