Qualcomm, Eli Lilly report quarterly earnings beats: Morning Buzz

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

1. STOCK NEWS:

• Qualcomm (QCOM) reported better-than-expected Q1 results and provided upbeat guidance for Q2
• Ford (F) reported upbeat Q4 earnings and revenue, but gave a FY25 outlook that was softer than expectations
• Eli Lilly (LLY) reported better-than-expected Q4 results and provided upbeat FY25 guidance
• Becton Dickinson (BDX) reported upbeat Q1 results and announced it will separate its biosciences and diagnostic solutions business
• Honeywell (HON) reported better-than-expected Q4 results and said it will pursue a full separation of Automation and Aerospace Technologies

2. WALL STREET CALLS:

• Evercore upgraded CarMax (KMX) to Outperform on favorable industry backdrop
• Skyworks (SWKS) was downgraded at Stifel, Mizuho, Rosenblatt and B. Riley after the company said it has lost additional content at its largest customer, Apple (AAPL)
• Cigna (CI) downgraded to Market Perform from Outperform at Bernstein
• Match Group (MTCH) downgraded at Evercore on lower conviction in recovery path
• Reddit (RDDT) initiated with neutral view at Seaport Research

3. AROUND THE WEB:

• BlackRock (BLK) plans to hire about 1,200 people to build its AI teams in India and will inherit around 500 staff in Bengaluru through its proposed Preqin acquisition, Bloomberg says
• Citi (C) promoted over 8,500 staff as of January 1 as part of its year-end process, Reuters reports
• Sonos (SONO) laid off roughly 200 staff, The Verge reports
• Paysafe (PSFE) is exploring a sale after receiving takeover interest, Bloomberg reports
• Amazon (AMZN) is looking to “automated reasoning” to provide mathematical proof that AI’s models’ tendency to make up answers can be stopped, WSJ reports

4. MOVERS:

• Digital Turbine (APPS) higher after reporting Q3 results, with revenue higher year-over-year
• AMSC (AMSC) increases after reporting Q3 results and providing guidance for Q4
• Altus Power (AMPS) gains after announcing it will be acquired by TPG for $5 per share in cash
• SunCar Technology (SDA) lower in New York after reporting a 7.14M share offering
• Lightspeed (LSPD) falls in New York after reporting quarterly results and announcing that a full transformation plan as a public company is the “best available path”

5. EARNINGS/GUIDANCE:

• Arm (ARM) reported Q3 results and provided guidance for Q4 and FY25
• Roblox (RBLX) reported Q4 results, with EPS beating consensus
• Under Armour (UAA) reported Q3 results, with CEO Kevin Plank commenting that “quarterly results exceeded expectations”
• Bristol Myers (BMY) reported Q4 results, with EPS and revenue beating consensus
• Arrow Electronics (ARW) reported Q4 results, with CEO Sean Kerins saying the company “executed well relative to our original expectations”

INDEXES:

Near midday, the Dow was down 0.31%, or 137.02, to 44,736.26, the Nasdaq was up 0.08%, or 16.19, to 19,708.52, and the S&P 500 was up 0.15%, or 9.39, to 6,070.87.