Stellantis cuts 2024 targets, TPG acquires AT&T’s DirecTV stake: Morning Buzz

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

1. STOCK NEWS:

• Stellantis (STLA) cut its 2024 net income and cash flow targets amid industry “deterioration”
• TPG (TPG) agreed to acquire AT&T‘s (T) 70% stake in DirecTV, with DirecTV then agreeing to acquire EchoStar’s (SATS) video distribution business
• The International Association of Machinists and Aerospace Workers said that talks with Boeing (BA) have broken off without progress to end a strike
• Apple (AAPL) is no longer in discussions to join OpenAI’s upcoming investment round, WSJ reports
• Glenview Capital plans to push for changes at CVS (CVS), WSJ says

2. WALL STREET CALLS:

• Seaport upgraded Disney (DIS) to Buy on better macroeconomic outlook
• TD Securities upgraded Accenture (ACN) to Buy
• Barclays downgraded Procter & Gamble (PG) on exposure to slowing markets
• Morgan Stanley downgraded JPMorgan (JPM) to Equal Weight
• Wolfe Research downgraded Charter (CHTR) to Underperform

3. AROUND THE WEB:

• SoftBank’s (SFTBY) Vision Fund will invest $500M in OpenAI’s latest funding round, Information says
• Google Cloud (GOOGL) has signed a multiyear deal with Dagang NeXchange Berhad to provide sovereign cloud services in Malaysia, Reuters reports
• Bumble (BMBL), Muzz, and Match Group (MTCH) are pushing their friend-finding and community-building products, FT says
• A judge is allowing a defamation lawsuit against Netflix’s (NFLX) “Baby Reindeer” to move forward, Business Insider says
• Amazon (AMZN) Prime Video is in talks with Brian Williams to host a live Election Night special, Variety reports

4. MOVERS:

• Prime Medicine (PRME) higher after announcing a collaboration and license agreement with Bristol Myers Squibb (BMY)
• SelectQuote (SLQT) gains after Craig-Hallum initiated coverage of the stock with a Buy rating
• Nio (NIO) increases in New York after announcing a RMB3.3M investment in Nio China from strategic investors
• New Fortress Energy (NFE) falls after determining to delay the payment of the company’s previously declared 10c per share stock dividend
• Serve Robotics (SERV) lower after filing a $200M mixed securities shelf

5. EARNINGS/GUIDANCE:

• Carnival (CCL) reported Q3 results and provided guidance for Q4 and FY24
• Crown Electrokinetics (CRKN) provided guidance for Q4
• AudioEye (AEYE) raised its guidance for FY24
• Captivision (CAPT) reported results for 1H of 2024, with CEO Gary Garrabrant commenting, “We are pleased with the strong growth of sales”
• LOBO EV (LOBO) reported 1H of 2024, with EPS lower year-over-year

INDEXES:

Near midday, the Dow was down 119.36, or 0.28%, to 42,193.64, the Nasdaq was up 16.35, or 0.09%, to 18,135.94, and the S&P 500 was up 1.39, or 0.02%, to 5,739.56.