Palantir, Uber report Q2 beats: Morning Buzz

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

1. STOCK NEWS:

• Palantir (PLTR) provided a “beat and raise” report for Q2 (read more)
• Uber (UBER) reported better-than-expected Q2 earnings and revenue (read more)
• Caterpillar (CAT) reported upbeat Q2 results but said it expects FY24 revenue to be “slightly lower” than FY23 (read more)
• CSX (CSX) reported reported better-than-expected Q2 earnings (read more)
• Netflix (NFLX) is lowering prices for advertising, Adweek reports (read more)

2. WALL STREET CALLS:

• Nvidia (NVDA) upgraded to Buy at New Street after 26% pullback (read more)
• Crowdstrike (CRWD) upgraded to Overweight at Piper Sandler (read more)
• Carlyle (CG) downgraded to Neutral at JPMorgan (read more)
• BofA downgraded ZoomInfo (ZI) to Underperform from Buy (read more)
• BofA upgraded Apollo Global (APO) to Buy (read more)

3. AROUND THE WEB:

• WPP (WPP) is close to an agreement to sell its controlling stake in FGS Global to KKR (KKR) for about $800M, FT reports (read more)
• Tesla (TSLA) plans to recall 1.68M vehicles in China due to safety concerns in the front trunk latch system, CCTV says (read more)
• Management at Warner Bros. Discovery (WBD) wants to avoid breaking up the company, FT says (read more)
• Unionized workers at Samsung Electronics (SSNLF) in South Korea have returned to work after failing to win concessions from the global tech giant, NY Times reports (read more)
• Elliott Management told investors in a letter that Nvidia (NVDA) is in a “bubble” and the AI technology driving the giant’s share price is “overhyped,” FT reports (read more)

4. MOVERS:

• Yum China (YUMC) gains in New York after Macquarie double upgraded the stock to Outperform (read more)
• TG Therapeutics (TGTX) increases after reporting quarterly results (read more)
• Lumen (LUMN) higher after Citi upgraded the stock to Neutral (read more)
• Jumia Technologies (JMIA) falls in New York after reporting Q2 results and announcing plans to reduce cash utilization (read more)
• AdaptHealth (AHCO) lower after reporting Q2 results and providing guidance for FY24 (read more)

5. EARNINGS/GUIDANCE:

• Avis Budget (CAR) reported Q2 results, with EPS and revenue missing consensus (read more)
• Hims & Hers (HIMS) reported Q2 results and raised its guidance for FY24 (read more)
• Yum! Brands (YUM) reported Q2 results and provided guidance for FY24 (read more)
• Celsius (CELH) reported what its CEO called the company’s “best Q2 financial results ever” (read more)
• Kenvue (KVUE) reported Q2 results and backed its FY24 guidance (read more)

INDEXES:

Near midday, the Dow was up 415.84, or 1.07%, to 39,119.11, the Nasdaq was up 267.36, or 1.65%, to 16,467.44, and the S&P 500 was up 84.52, or 1.63%, to 5,270.85.