Starbucks picks new CEO, Google unveils Pixel 9: Tuesday Buzz

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

1. STOCK NEWS:

• Starbucks (SBUX) named Chipotle (CMG) CEO Brian Niccol as its next chairman and CEO (read more)
• Meanwhile, with Niccol out at Chipotle, the burrito chain named Scott Boatwright as its interim CEO (read more)
• Home Depot (HD) reported upbeat Q2 results and raised its FY24 revenue growth guidance (read more)
• Baxter (BAX) will divest its Kidney Care segment to Carlyle (CG) for $3.8B (read more)
• Google (GOOG) unveiled a number of new products today, including a new lineup of Pixel 9 phones, the Pixel Watch 3, and the Pixel Buds Pro 2 (read more)

2. WALL STREET CALLS:

• Barclays upgraded Dell Technologies (DELL) to Equal Weight from Underweight(HRL) to Buy from Neutral (read more)
• Bernstein downgraded Warner Bros. Discovery (WBD) to Market Perform from Outperform (read more)
• Cowen downgraded Academy Sports (ASO) to Hold from Buy (read more)
• Wells Fargo initiated coverage of Gartner (IT) with an Underweight rating and $435 price target (read more)

3. AROUND THE WEB:

• Paramount (PARA) is laying off roughly 15% of its U.S. employees, NY Times reports (read more)
• GM (GM) has reduced its China headcount as it resets operations there, Bloomberg reports (read more)
• Reliance and Disney (DIS) have offered to sell some channels to win faster antitrust approval for its India media assets merger, Reuters says (NVDA) in the Chinese market, WSJ reports (read more)
• Apple (AAPL) has threatened to remove Patreon from the App Store if creators use unsupported third-party billing options or disable transactions on iOS, TechCrunch reports (read more)

4. MOVERS:

• Sea Limited (SE) higher in New York after reporting quarterly results (read more)
• Huya (HUYA) gains in New York after reporting Q2 results and declared a special cash dividend (read more)
• ARS Pharmaceuticals (SPRY) higher after Raymond James upgraded the stock to Strong Buy (read more)
• ViaSat (VSAT) falls after announcing a 11.246M share offering (read more)
• Tencent Music (TME) lower in New York after reporting quarterly results (read more)

5. EARNINGS/GUIDANCE:

• Loar Holdings (LOAR) reported Q2 results and provided guidance for FY24 (read more)
• LiveOne (LVO) reported Q1 results, with CEO Robert Ellin commenting, “We are thrilled to announce another quarter of record growth” (read more)
• PodcastOne (PODC) reported Q1 results, with EPS missing consensus (read more)
• Palisade Bio (PALI) announced Q2 results, with EPS higher year-over-year (read more)
• Evoke Pharma (EVOK) reported Q2 results and lowered its guidance for FY24 (read more)

INDEXES:

The Dow rose 408.63, or 1.04%, to 39,765.64, the Nasdaq gained 407.00, or 2.43%, to 17,187.61, and the S&P 500 advanced 90.04, or 1.68%, to 5,434.43.