PepsiCo reports mixed Q3, Roblox slips after short report: Morning Buzz

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

1. STOCK NEWS:

• PepsiCo (PEP) reported mixed Q3 results and provided guidance for FY24
• Honeywell (HON) will spin off its Advanced Materials business into a publicly traded company
• Roblox (RBLX) shares were falling following a short report by Hindenburg Research, which called the game creation platform a “pedophile hellscape”
• Boeing (BA) announced Q3 total commercial airplane deliveries of 116 planes
• WeightWatchers (WW) shares jumped after the company added compounded weight loss drugs

2. WALL STREET CALLS:

• Oppenheimer downgraded Microsoft (MSFT) to Perform, says expectations “too high”
• Humana (HUM) upgraded at Bernstein with Medicare Advantage star risks incorporated into expectations
• American Express (AXP) shares slipped after BTIG cut its rating to Sell, HSBC went to Neutral
• Qualcomm (QCOM) downgraded at KeyBanc, here’s why
• TD Cowen downgraded beer brewers Constellation Brands (STZ) and AB InBev (BUD) to Hold

3. AROUND THE WEB:

• Boeing (BA) and the International Association of Machinists and Aerospace Workers are expected to continue contract talks on Tuesday, Reuters reports
• McDonald’s (MCD) has sued four of the biggest beef producers in the U.S., including Cargill, JBS, National Beef, and Tyson Foods (TSN), alleging the producers conspired to drive up the price of meat paid by the company, FT reports
• Tesla’s (TSLA) head of vehicle programs and new product integration Daniel Ho announced his new role as programs director at Alphabet’s (GOOGL) Waymo, TechCrunch says
• Nvidia (NVDA) supplier Foxconn (HNHPF) is building a factory to assemble GB200 Blackwell AI servers in the central Mexican city Guadalajara, FT says
• Pfizer’s (PFE) former chair and CEO Ian Read and former finance chief Frank D’Amelio have pitched at least four board directors on activist investor Starboard Value’s plan for turning around the company, FT reports

4. MOVERS:

• Cassava Sciences (SAVA) higher after announcing it will provide top-line results of its ReTHINK trial before the end of the year
• Soleno (SLNO) rises after announcing the FDA sees no need for an advisory committee meeting for the NDA for DCCR
• DocuSign (DOCU) gains after being named to join the S&P 400
• Scholar Rock (SRRK) falls after announcing a $275M stock offering
• Trip.com (TCOM) lower in New York after HSBC downgraded the stock to Hold

5. EARNINGS/GUIDANCE:

• Accolade (ACCD) reported Q2 results and provided guidance for Q3 and FY25
• Silicon Motion (SIMO) expects Q3 revenue to be above the midpoint of its original guidance
• Village Super Market (VLGEA) reported Q4 results, with EPS and revenue higher year-over-year
• LakeShore Biopharma (LSB) reaffirmed its guidance for FY25
• Eli Lilly (LLY) expects Q3 earnings per share will include acquired IPR&D charges of approximately $3.08 to both GAAP and non-GAAP earnings per share

INDEXES:

Near midday, the Dow was up 76.36, or 0.18%, to 42,030.60, the Nasdaq was up 227.92, or 1.27%, to 18,151.82, and the S&P 500 was up 46.84, or 0.82%, to 5,742.78.