Spirit enters into bankruptcy proceedings, CVS names new directors: Morning Buzz

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

1. STOCK NEWS:

• Spirit Airlines (SAVE) has entered into Chapter 11 bankruptcy proceedings and a restructuring support agreement
• New Nvidia (NVDA) AI chips are overheating in servers, The Information reports
• CVS Health (CVS) appointed four new directors following an agreement with Glenview
• Members of President-elect Donald Trump’s transition team are seeking to ease self-driving car rules, which could benefit Tesla (TSLA) and Elon Musk, Bloomberg reports
• Meanwhile, Trump nominated Chris Wright, Liberty Energy’s (LBRT) founder, chairman of the board, director and CEO, for the position of U.S. Secretary of Energy

2. WALL STREET CALLS:

• Wells Fargo upgraded CVS Health (CVS) to Overweight, upped price target to $66
• Robinhood (HOOD) upgraded to Buy at Needham after Trump’s election win
• Roku (ROKU) upgraded at Baird, here’s why
• Needham downgraded Biogen (BIIB) to Hold on lack of share catalysts
• Wall Street rolled out coverage of Ingram Micro (INGM) with mostly bullish views

3. AROUND THE WEB:

• Warner Bros. Discovery (WBD) has settled its breach of contract lawsuit against the National Basketball Association via an agreement that will keep the company in business with the league for at least the next decade, WSJ reports
• HSBC (HSBC) is urging hundreds of managers to reapply for positions in the firm’s newly formed corporate and institutional banking division as CEO Elhedery looks to boost efficiency, Bloomberg reports
• Goldman Sachs (GS) is speaking with potential partners as it plans to spin out its digital-assets platform into a new company, Bloomberg says
• Netflix (NFLX) users reported livestream crashes during the fight between Mike Tyson and Jake Paul, NY Times reports
• Disney (DIS) has pulled an untitled “Star Wars” movie previously slated for a 2026 from its release calendar, Variety says

4. MOVERS:

• Hims & Hers (HIMS) increases after appointing Deb Autor to its board and Janet Stevens as Global Head of Quality & Safety
• Regenxbio (RGNX) gains after initiating its AFFINITY DUCHENNE trial of RGX-202
• Bit Digital (BTBT) lower after reporting Q3 results
• Humacyte (HUMA) declines after presenting preclinical results for its small-diameter ATEV device
• Halozyme (HALO) falls after providing an update on its proposal to combine with Evotec (EVO)

5. EARNINGS/GUIDANCE:

• Target Hospitality (TH) backed its guidance for FY24
• Brady (BRC) reported Q1 results, with EPS and revenue beating consensus
• Twist Bioscience (TWST) reported Q4 results, with CEO Emily Leproust commenting, “we saw another quarter of record revenue and our seventh consecutive quarter of revenue growth”
• Magic Software (MGIC) reported Q3 results, with EPS and revenue higher year-over-year
• EON Resources (EONR) reported Q3 results, with revenue higher year-over-year

INDEXES:

Near midday, the Dow was down 22.89, or 0.05%, to 43,422.10, the Nasdaq was up 124.93, or 0.67%, to 18,805.05, and the S&P 500 was up 24.87, or 0.42%, to 5,895.49.