Qualcomm eyes Intel deal while Apollo offers investment: Morning Buzz

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

1. STOCK NEWS:

• After the Wall Street Journal reported that Qualcomm (QCOM) had approached Intel (INTC) about a potential takeover, Bloomberg said that Apollo (APO) will offer a multibillion-dollar investment in Intel
• Tempur Sealy (TPX) said it will sell a number of Sleep Outfitters and Mattress Firm stores as the company’s proposed takeover of Mattress Firm remains challenged by the FTC
• The Fed’s Austan Goolsbee said rates need to drop “significantly”
• Black Diamond (BDTX) announced initial Phase 2 data of BDTX-1535
• Berkshire Hathaway (BRK.A) CEO Warren Buffet is a fan of Sirius XM’s (SIRI) satellite radio service, and investors should be fans of the stock, says Andrew Bary of Barron’s

2. WALL STREET CALLS:

• Microsoft (MSFT) downgraded to Neutral at DA Davidson as AI competition seen catching up
• Citi double upgraded Ciena (CIEN) to Buy from Sell
• Truist cuts Microchip (MCHP), Analog Devices (ADI) ratings as part of semiconductor sector downgrade
• Bernstein downgraded General Motors (GM) to Market Perform
• Raymond James downgraded Palantir Technologies (PLTR) to Market Perform

3. AROUND THE WEB:

• Zoom Video (ZM) is reducing the practice of paying workers with company stock, Bloomberg reports
• A Google (GOOGL) cybersecurity specialist says the hacker behind the Snowflake (SNOW) breach recently broke into a “handful” of new organizations and is likely a male based in Canada in his 20s, Bloomberg says
• Amazon (AMZN) is working to catch Alexa back up in the AI race, WSJ says
• China’s Xiaomi (XIACF) has asked India’s antitrust body to recall its report that found the company and Walmart’s (WMT) Flipkart breached competition laws, Reuters reports
• Hunterbrook has issued a cautious report on Winnebago (WGO)

4. MOVERS:

• Standard Lithium (SLI) gains in New York after announcing with Equinor (EQNR) that its jointly-owned U.S. subsidiary was selected for up to $225M award negotiation from the U.S. Department of Energy
• Biohaven (BHVN) increases after achieving topline results from its study of troriluzole
• Nano Nuclear Energy (NNE) higher after launching a new subsidiary, NANO Nuclear Space
• Miniso (MNSO) falls in New York after acquiring a stake in Yonghui Superstores
• Annaly Capital (NLY) lower after filing for an automatic mixed securities shelf

5. EARNINGS/GUIDANCE:

• Ennis (EBF) reported Q2 results, with EPS lower year-over-year
• Origin Materials (ORGN) backed its FY24 guidance
• Trio-Tech (TRT) reported Q4 results, with EPS and revenue higher year-over-year
• Wearable Devices (WLDS) reported 1H results, with EPS and revenue higher year-over-year
• Oxford Biomedica (OXBDF) provided guidance for 1H of 2024 and FY24

INDEXES:

Near midday, the Dow was up 14.59, or 0.03%, to 42,077.95, the Nasdaq was up 54.17, or 0.30%, to 18,002.49, and the S&P 500 was up 14.78, or 0.26%, to 5,717.33.