Intel CEO meets with Trump, Cardinal Health to acquire Solaris: Morning Buzz
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Looking to commodities, gold prices were fractionally lower, falling to below $3,400 for the first time in weeks. Meanwhile, oil prices continue their decline ahead of Tuesday's API crude numbers.
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1. STOCK NEWS:
Intel (INTC) said CEO Lip-Bu Tan had a 'candid' and 'constructive' discussion with President Trump, with the president calling the meeting 'interesting'
Meanwhile, Trump said that Goldman Sachs (GS) CEO David Solomon should 'focus on being a DJ' instead of running a bank, tying the criticism to Goldman's previous statement's about tariffs
Cardinal Health (CAH) provided a 'beat and raise' report for Q4 and agreed to acquire Solaris Health for $1.9B in cash
China is urging companies not tot use Nvidia's (NVDA) H20 chips, Bloomberg reports
Sinclair (SBGI) has launched a strategic review for its broadcast business
2. WALL STREET CALLS:
Starbucks (SBUX) upgraded at Baird, here's why
Piper upgraded Chipotle (CMG) to Overweight after 31% selloff
Shopify (SHOP) downgraded to Neutral from Accumulate at Phillip Securities
Palo Alto Networks (PANW) upgraded to Overweight from Neutral at Piper Sandler
PubMatic downgraded to Neutral at B. Riley and Hold at Lake Street after softer than expected Q3 outlook
3. AROUND THE WEB:
Perplexity has offered $34.5B to acquire Google's (GOOGL) Chrome browser, The Wall Street Journal reports
Gildan Activewear (GIL) is weighing a cash and stock offer for Hanesbrands (HBI) that would value the company at about $6 a share, Bloomberg reports
Citigroup (C) Chief Executive Officer Jane Fraser is in Mexico City for talks with President Claudia Sheinbaum that include the potential public listing of her bank's retail unit Banamex, Bloomberg says
Amdocs (DOX) is set to lay off 'hundreds' of employees, including many in Israel, Globes reports
General Motors (GM) seeks to hire back some former employees of its Cruise autonomous vehicle business in a renewed push to develop self-driving cars, Bloomberg reports
4. MOVERS:
WideOpenWest (WOW) increases after announcing it will be taken private by DigitalBridge in a $1.5B deal
Green Dot (GDOT) higher after reporting Q2 results and raised its guidance for FY25
Gevo (GEVO) and 3D Systems (DDD) gains after reporting quarterly results
Fluence Energy (FLNC) lower after reporting Q3 results and backing its guidance for FY25
BigBear. ai (BBAI) and Microvast (MVST) fall after reporting quarterly results
5. EARNINGS/GUIDANCE:
On Holding (ONON) reported Q2 results and raised its guidance for FY25
Celanese (CE) reported Q2 results, with EPS and revenue beating consensus
Smithfield Foods (SFD) reported Q2 results, with CEO Shane Smith commenting, 'Our strong second quarter results demonstrate the agility and resilience of our business'
Venture Global (VG) reported Q2 results and backed its guidance for FY25, with CEO Mike Sabel commenting, 'We are pleased to announce another strong quarter'
Circle Internet (CRCL) reported Q2 results, with revenue beating consensus
INDEXES:
Near midday, the Dow was up/down xxx, or xxx%, to xxx, the Nasdaq was up/down xxx, or xxx%, to xxx, and the S&P 500 was up/down xxx, or xxx%, to xxx.
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