Target reports downbeat Q3, Comcast plans cable TV spinoff: Morning Buzz

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

1. STOCK NEWS:

• Target (TGT) reported downbeat Q3 results and cut its FY24 earnings guidance
• Comcast (CMCSA) intends to spin off a portfolio of NBCUniversal’s cable television networks
• Ford (F) is further reducing its European workforce by 4,000 positions
• TJX (TJX) provided a “beat and raise” report for Q3
• Roku (ROKU) shares were under pressure after Trade Desk (TTD) revealed a downgraded Target (TGT) to Neutral-equivalent ratings after “very poor results” in Q3
• Chewy (CHWY) double upgraded to Buy from Underperform at BofA
• Benchmark downgraded Jacobs (J) on uncertainty from administration change
• Newell Brands (NWL) upgraded at Barclays, here’s why
• JPMorgan (JPM) downgraded to Perform on valuation at Oppenheimer

3. AROUND THE WEB:

• Apple (AAPL) has raised its offer to invest in Indonesia to nearly $100M from about $10M in an effort to persuade the government to lift its iPhone 16 sales ban, Bloomberg reports
• Amazon (AMZN) employees have found that there is too much of a delay between asking the new LLM-based Alexa a question and getting a response or seeing it complete a task, Fortune reports
• Google’s (GOOGL) Chrome browser could be worth as much as $20B if the Justice Department succeeds in convincing a federal judge to order divestment, Bloomberg says
• Palantir (PLTR) has added over $23B to its market capitalization since Trump was elected as U.S. president, FT says
• Johnson & Johnson (JNJ) and Merck (MRK) are cutting jobs in China as they face growing competition from domestic rivals resulting from Beijing’s campaign to drive down medical costs, Bloomberg reports

4. MOVERS:

• Red Cat (RCAT) increases after expanding its partnership with Palladyne AI (PDYN)
• Quantum Computing (QUBT) higher after announcing a second purchase order for its TFLN photonic chip foundry
• Sunnova Energy (NOVA) gains after disclosing its director bought $389.7K in stock
• Endeavour Silver (EXK) lower in New York after announcing a $73M bought deal financing
• XP Inc. (XP) falls in New York after reporting Q3 results and announcing a new share repurchase program

5. EARNINGS/GUIDANCE:

• Williams-Sonoma (WSM) reported Q3 results and narrowed its guidance for FY24
• Global-e Online (GLBE) reported Q3 results, with EPS and revenue higher year-over-year
• Wix.com (WIX) reported Q3 results, with CEO Avishai Abrahami commenting, “The continued momentum and accomplishments achieved this year are a testament to our intense focus on best-in-class innovation”
• La Rosa Holdings (LRHC) reported Q3 results, with EPS lower year-over-year
• Delta Air Lines (DAL) backed its guidance for Q4 and provided its outlook for FY25

INDEXES:

Near midday, the Dow was up 6.54, or 0.02%, to 43,275.48, the Nasdaq was down 73.31, or 0.39%, to 18,914.15, and the S&P 500 was down 18.74, or 0.32%, to 5,898.24.