Target reports Q2 beat, Walmart sells JD.com stake: 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) provided a “beat and raise” report for Q2
• Ford (F) has broadened its electrification strategy and sees up to $1.9B in charges as it canceled plans for an all-electric three-row SUV
• Walmart (WMT) sold its entire JD.com (JD) stake to focus on China operations, Reuters reports
• Macy’s (M) reported mixed Q2 results and reiterated its FY24 outlook
• Arch Resources (ARCH) and Consol Energy (CEIX) agreed to combine in an all-stock merger of equals

2. WALL STREET CALLS:

• Mizuho upgraded Corning (GLW) on optical review, share pullback
• Texas Instruments (TXN) was upgraded at Citi, here’s why
• American Express (AXP) downgraded at BofA on valuation, muted spending backdrop
• Jefferies upgraded BrightView (BV) to Buy
• Morgan Stanley downgraded Altus Power (AMPS) to Equal Weight

3. AROUND THE WEB:

• A U.S. appeals court is reviving a class-action suit by Google (GOOGL) Chrome users who say Google collected personal information even if Chrome was not synced with an account, Reuters reports
• CrowdStrike (CRWD) president Michael Sentonas has hit out as “shady” efforts made by cyber security rivals to scare its customers and steal market share following its botched software update, FT says
• PayPal (PYPL) is set to take advantage of Apple’s (AAPL) iPhone’s opened-up near-field communications capabilities by developing a mobile wallet for its E.U. users, TechCrunch reports
• Musk’s twitter takeover has become the worst merger-finance deal for banks since the 2008-2009 financial crisis, affecting Morgan Stanley (MS), Bank of America (BAC), Barclays (BCS), Mitsubishi UFJ Financial (MUFG), BNP Paribas (BNPQY), Mizuho (MFG) and Societe Generale (SCGLY), WSJ reports
• Alex Cooper reached a multiyear deal with Sirius XM (SIRI) valued at as much as $125M, Variety says

4. MOVERS:

• BigBear.ai (BBAI) higher after announcing the company received an award as a subcontractor to Concept Solutions from the FAA
• GDS Holdings (GDS) gains in New York after reporting Q2 results and providing guidance for FY24
• Vector Group (VGR) increases after entering into a definitive agreement to be acquired by JT Group
• PagBank (PAGS) falls in New York after reporting Q2 results and providing guidance for FY24
• Bitfarms (BITF) lower in New York after entering into a merger agreement to acquire Stronghold (SDIG) in a stock-for-stock transaction

5. EARNINGS/GUIDANCE:

• Dycom (DY) reported Q2 results and provided guidance for Q3
• Keysight Technologies (KEYS) reported Q3 results, with CEO Satish Dhanasekaran commenting, “Keysight delivered revenue and earnings above the high end of our guidance in market conditions”
• Toll Brothers (TOL) reported Q3 results and provided guidance for Q4 and FY24
• Agora (API) reported Q2 results, with CEO Tony Zhao commenting, “I am glad to see both Agora and Shengwang delivered year-on-year revenue growth against a very challenging macro environment”
• TJX (TJX) reported Q2 results and raised its guidance for FY25

INDEXES:

Near midday, the Dow was down 59.10, or 0.14%, to 40,775.87, the Nasdaq was down 16.46, or 0.09%, to 17,800.48, and the S&P 500 was down 2.10, or 0.04%, to 5,595.02.