Venu Sports JV discontinued, Walgreens reports Q1 beat: Morning Buzz

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

1. STOCK NEWS:

• Disney (DIS), Fox (FOXA), and Warner Bros. Discovery (WBD) have discontinued their Venu Sports joint venture
• Walgreens Boots Alliance (WBA) reported upbeat Q1 earnings and revenue and reiterated its FY25 earnings outlook
• Constellation Energy (CEG) agreed to acquire Calpine at an equity purchase price of roughly $16.4B
• Delta Air Lines (DAL) reported upbeat Q4 results and provided earnings guidance for Q1 and FY25
• The U.S. Justice Department sued to block Global Business Travel Group’s (GBTG) proposed takeover of CWT Holdings

2. WALL STREET CALLS:

• Piper Sandler downgraded AMD (AMD) to Neutral
• McDonald’s (MCD) upgraded at Citi, here’s why
• JPMorgan downgraded Joby Aviation (JOBY) and Archer Aviation (ACHR) to Underweight
• Citi downgraded Hims & Hers (HIMS) to Sell

3. AROUND THE WEB:

• Google (GOOGL) is donating $1M to President-elect Donald Trump’s inauguration fund, CNBC reports
• Wall Street’s largest investment banks, such as Bank of America (BAC), Morgan Stanley (MS), JPMorgan (JPM), and Goldman Sachs (GS), are looking to award traders and dealmakers with their largest bonus increases since the pandemic, Bloomberg says
• Apollo Global (APO) is considering taking a substantial stake in a bid by Seven & I’s (SVNDF) founding family to take the store operator private, Bloomberg reports
• Spotify (SPOT) maintained 55M subscribers in the U.S. in Q3 of 2024, Bloomberg reports
• BlackRock (BLK) is exiting the Net Zero Asset Managers initiative, Reuters says

4. MOVERS:

• Microvast (MVST) higher after reporting a “significant milestone” in its All-Solid-State Battery technology
• Intra-Cellular (ITCI) gains after entering a settlement agreement with Sandoz (SDZNY) resolving the patent litigation related to its product Caplyta
• Arhaus (ARHS) increases after raising its revenue guidance for FY24
• Avadel Pharmaceuticals (AVDL) lower in New York after providing guidance for Q4, FY24. and FY25
• Dyne Therapeutics (DYN) falls after presenting new data from its Phase 1/2 ACHIEVE trial of DYNE-101

5. EARNINGS/GUIDANCE:

• Neogen (NEOG) cut its FY25 revenue guidance
• Astronics (ATRO) provided guidance for Q4 and FY25
• BioCryst (BCRX) reported preliminary Q4 results
• Tilray (TLRY) reported Q2 results, with CEO Irwin Simon commenting, “Tilray achieved strong results while making significant progress on our strategic plan”
• TD Synnex (SNX) reported upbeat Q4 results

INDEXES:

Near midday, the Dow was down 1.51%, or 641.67, to 41,993.53, the Nasdaq was down 1.91%, or 372.80, to 19,106.08, and the S&P 500 was down 1.59%, or 93.94, to 5,824.31.