SAP under DOJ probe, Adobe sees record holiday season sales: Morning Buzz

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

1. STOCK NEWS:

• Boeing (BA) has offered to extend the timeline for a union agreement vote, Reuters reports
• SAP (SAP) is under investigation by the U.S. Department of Justice for potential price-fixing, Bloomberg says
• Flutter Entertainment (FLUT) introduced its FY27 outlook and authorized an up to $5B share repurchase program
• Adobe (ADBE) has forecast a record $240.8B in U.S. holiday season online sales
• Stitch Fix (SFIX) reported downbeat Q4 earnings

2. WALL STREET CALLS:

• Morgan Stanley downgraded General Motors (GM) to Underweight, while cutting Ford (F) and Rivian Automotive (RIVN) to Equal Weight and downgrading its U.S. auto industry view to In-Line from Attractive
• TD Cowen downgraded Expedia (EXPE) to Hold on longer than expected turnaround
• KeyBanc upgraded DoorDash (DASH) to Overweight following the firm’s Q3 mobility survey
• HP Enterprise (HPE) upgraded to Overweight at Barclays
• Macquarie initiated Riot Platforms (RIOT), MARA (MARA), Cipher (CIFR), CleanSpark (CLSK) and Core Scientific (CORZ) as the firm started coverage on five bitcoin mining datacenter companies, all with Outperform ratings

3. AROUND THE WEB:

• The city of Baltimore has filed a lawsuit accusing Biogen (BIIB) of striking an “unlawful” scheme with the largest pharmacy benefit managers to block generic competition of a multiple sclerosis treatment, STAT reports
• Southwest Airlines (LUV) is planning to reduce service to and from Atlanta next year, CNBC says
• HP (HPQ) and Wex (WEX) informed the U.S. District Court for the District of Maine that they have settled a trademark dispute over HP’s alleged misuse of the “Wex” name to brand its software, Reuters reports
• Blue Orca goes short Sun Communities (SUI), claims disclosure manipulation
• Meta (META) is rejecting the European Union’s voluntary AI safety pledge that is planned as a stopgap measure before the bloc’s AI Act rules go fully into effect in 2027, Bloomberg says

4. MOVERS:

• Eightco Holdings (OCTO) soars after regaining compliance with Nasdaq
• Denison Mines (DNN) increases after BMO Capital upgraded the stock to Market Perform
• KB Home (KBH) falls after reporting quarterly results
• Celldex (CLDX) lower after reporting 52-week results from its Phase 2 study of barzolvolimab
• Fortrea (FTRE) declines after Jefferies downgraded the stock to Hold

5. EARNINGS/GUIDANCE:

• Progress Software (PRGS) reported Q3 results and raised its guidance for FY24
• Post Holdings (POST) reaffirmed its FY24 guidance
• Cintas (CTAS) reported Q1 results, with EPS beating consensus
• Masimo (MASI) backed its guidance for Q3
• Worthington (WOR) announced Q1 results, with EPS and revenue lower year-over-year

INDEXES:

Near midday, the Dow was down 227.32, or 0.54%, to 41,980.90, the Nasdaq was up 20.12, or 0.11%, to 18,094.64, and the S&P 500 was down 4.46, or 0.08%, to 5,728.47.