Trump threatens tariffs, Zoom reports Q3 beat: Morning Buzz

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

1. STOCK NEWS:

• President-elect Donald Trump said he plans to sign an executive order on day one of his administration to charge Mexico and Canada a (BBY) reported downbeat Q3 results and narrowed its FY25 earnings guidance
• Zoom Communications (ZM) provided a “beat and raise” report for Q3
• Kohl’s (KSS) reported downbeat quarterly results and announced that CEO Tim Kingsbury plans to step down
• The White House has proposed a new rule expanding Medicare and Medicaid coverage of anti-obesity medications, such as Novo Nordisk’s (NVO) Wegovy and Eli Lilly’s (LLY) Zepbound

2. WALL STREET CALLS:

• Chevron (CVX) upgraded and placed on “positive catalyst watch” at Citi
•  HSBC downgraded Morgan Stanley (MS) and Goldman Sachs (GS) to Hold
• Capri Holdings (CPRI) upgraded to Buy at Guggenheim on portfolio’s intrinsic value
• Zoom Communications (ZM) upgraded at Evercore ISI after earnings
• Cassava Sciences (SAVA) downgraded to Neutral at H.C. Wainwright after Alzheimer’s study miss

 3. AROUND THE WEB:

• Walmart (WMT) is rolling back its diversity, equity, and inclusion policies, AP reports
• Citi (C) is cutting promotions and raises as it seeks to overhaul the bank, FT says
• Starbucks (SBUX) said one of its third-party vendors had an outage beginning late last week that disrupted how employees view and manage their schedules, WSJ reports
• Target (TGT) customers are falling out of love with the company, with many complaining about items missing on shelves, long checkout lines, and locked up products to prevent theft, WSJ reports
• Meta (META) will face a trial in April over the U.S. FTC allegations the platform bought Instagram and WhatsApp to crush its emerging competition, Reuters says

4. MOVERS:

• Poseida Therapeutics (PSTX) increases after entering a merger agreement to be acquired by Roche (RHHBY)
• Arrowhead (ARWR) gains after entering a global licensing and collaboration agreement with Sarepta (SRPT)
• Semtech (SMTC) higher after reporting Q3 results, with EPS and revenue beating consensus
• Leslie’s (LESL) lower after reporting Q4 results and providing guidance for Q1
• ASP Isotopes (ASPI) falls after the company was named a short at Fuzzy Panda, with the research firm believing the company “has all the makings of the next nuclear meltdown”

5. EARNINGS/GUIDANCE:

• Embecta (EMBC) reported Q4 results, with EPS and revenue beating consensus
• American Woodmark (AMWD) announced Q2 results and reaffirmed its guidance for FY25
• Dick’s Sporting (DKS) reported Q3 results and raised its guidance for FY24
• Abercrombie & Fitch (ANF) reported Q3 results, with CEO Fran Horowitz commenting, “This great sales performance led to better-than-expected results”
• J.M. Smucker (SJM) reported Q2 results and raised its guidance for FY25

INDEXES:

Near midday, the Dow was down 0.28%, or 125.84, to 44,610.73, the Nasdaq was up 0.53%, or 101.56, to 19,156.40, and the S&P 500 was up 0.36%, or 21.45, to 6,008.82.