Powell says ‘time has come’ for Fed to cut: Morning Buzz

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

1. STOCK NEWS:

• Fed Chair Jerome Powell said in his speech at the Jackson Hole economic symposium that “the time has come for policy to adjust”
• Workday (WDAY) reported a fiscal Q2 that was slightly better than expected and gave an updated midterm outlook that outlines a pathway to higher profitability and mid-teens growth
• Intuit (INTU) delivered “a solid Q4” and while there were some puts and takes in the FY25 outlook, this was “largely in line with expectations,” according to analysts
• Cava Group (CAVA) reported what Stifel calls “another solid top-to-bottom beat” in Q2
• Uber Technologies (UBER) and General Motors’ (GM) Cruise announced a multiyear strategic partnership

2. WALL STREET CALLS:

• Guggenheim upgraded Roku (ROKU) to Buy on expected rise in enthusiasm
• UBS downgraded Las Vegas Sands (LVS) on “protracted” Macau recovery
• Nomura upgraded Lyft (LYFT) to Neutral on proof of cash generation
• Raymond James double downgraded Topgolf (MODG) on sales deterioration
• Peloton (PTON) was downgraded at JPMorgan, here’s why

3. AROUND THE WEB:

• Delta Air Lines’ (DAL) Chief Operating Officer Mike Spanos will leave next month to take a role at another company, WSJ says
• Alibaba (BABA) plans to add a primary listing in Hong Kong by the end of August, FT reports
• Samsung (SSNLF) is considering establishing a semiconductor assembly line in Vietnam, DigiTimes says
• AstraZeneca (AZN) has threatened to relocate its vaccine manufacturing site on Merseyside to Philadelphia, FT reports
• PG&E (PCG) is working to confront an uptick in fires ignited by its power lines, WSJ reports

4. MOVERS:

• Warby Parker (WRBY) higher after JMP Securities upgraded the stock to Outperform
• Bilibili (BILI) gains in New York after Barclays upgraded the stock to Overweight
• Hawaiian Electric (HE) increases after Wells Fargo upgraded the stock to Equal Weight
• iQiyi (IQ) falls in New York after Benchmark downgraded the stock to Hold
• Bill (BILL) lower after reporting quarterly results and provided guidance for Q1 and FY25

5. EARNINGS/GUIDANCE:

• Hafnia (HAFN) reported Q2 results, with CEO Mikael Skov commenting, “I am delighted to announce that Hafnia in Q2 has once again delivered strong results”
• Ubiquiti (UI) reported Q4 results, with EPS beating consensus
• Montana Technologies (AIRJ) reported Q2 results, with EPS higher year-over-year
• American Software (AMSWA) reported Q1 results and backed its guidance for FY25
• Red Robin (RRGB) reported Q2 results and provided guidance for FY24

INDEXES: 

Near midday, the Dow was up 389.38, or 0.96%, to 41,102.16, the Nasdaq was up 201.90, or 1.15%, to 17,821.26, and the S&P 500 was up 47.97, or 0.86%, to 5,618.61.