Trump Media slips after presidential debate: Morning Buzz

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

1. STOCK NEWS:

• Trump Media (DJT) shares were sliding after last night’s debate between former President Donald Trump and Vice President Kamala Harris
• Designer Brands (DBI) reported downbeat Q2 results and lowered its earnings and revenue outlook for fiscal 2024
• Amazon Web Services (AMZN) will invest GPB8B in the U.K. over the next five years
• Southwest (LUV) eliminated the Executive Committee structure for its board, adding that it is “confident” in Bob Jordan’s leadership
• The SEC has charged Deere (DE) with FCPA violations for its Wirtgen Thailand subsidiary’s role in a Thai bribery scheme

2. WALL STREET CALLS:

• Williams-Sonoma (WSM) upgraded to Buy at Jefferies
• Charter (CHTR) upgraded to Neutral at Citi
• Goldman downgraded Morgan Stanley (MS) on valuation, less market skew
• Erste downgraded Salesforce (CRM) to Hold on slowing sales growth
• Viking Therapeutics (VKTX) initiated with bullish view at JPMorgan ahead of a Phase 1 data readout for the oral-2735 drug at Obesity Week

3. AROUND THE WEB:

• The New York Times (NYT) Tech Guild of more than 600 staff has authorized a strike after two years of talks without a contract, Axios says
• Samsung (SSNLF) is cutting up to 30% of its overseas staff in some divisions, Reuters reports
• Novo Nordisk’s (NVO) Liraglutide weight loss drug is safe and effective in children as young as six, FT says
• Commerzbank (CRZBY) is open to discussions about a potential tie-up with UniCredit (UNCRY), FT reports
• Bumble (BMBL) is raising its investments in AI and branching out with new features to stay relevant among young users, TechCrunch says

4. MOVERS:

• Petco (WOOF) gains after reporting Q2 results and providing guidance for Q3 and FY24
• PureCycle (PCT) increases after entering a series of transactions with Sylebra Capital Management and Samlyn Capital to raise gross proceeds
• Sunrun (RUN) higher after entering a partnership with Vistra (VST)
• APA Corp. (APA) lower after entering an agreement to sell its non-core producing properties in the Permian Basin for $950M
• Terns Pharmaceuticals (TERN) falls after announcing an 11.919M share offering

5. EARNINGS/GUIDANCE:

• GameStop (GME) reported Q2 results, with EPS beating consensus
• Children’s Place (PLCE) reported Q2 results, with EPS higher year-over-year
• Dave & Buster’s (PLAY) reported Q2 results, with CEO Chris Morris commenting, “We are pleased with the progress we are making on our strategic initiatives”
• Vera Bradley (VRA) reported Q2 results and provided guidance for FY25
• Manchester United (MANU) reported Q4 results, with EPS and revenue lower year-over-year

INDEXES:

Near midday, the Dow was down 399.15, or 0.98%, to 40,337.81, the Nasdaq was up 33.71, or 0.20%, to 17,059.59, and the S&P 500 was down 29.48, or 0.54%, to 5,466.04.