Arcadium confirms Rio approach, Apollo funds to acquire Barnes: Morning Buzz

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

1. STOCK NEWS:

• Arcadium Lithium (ALTM) confirmed it has been approached by Rio Tinto (RIO) about a potential takeover
• Barnes Group (B) agreed to be acquired by Apollo Global (APO) funds for $3.6B in cash
• Duckhorn Portfolio (NAPA) agreed to be acquired by Butterfly for $11.10 per share in cash
• Starboard has established a $1B stake in Pfizer (PFE) and is seeking changes, WSJ reports
• Mantle Ridge has an over $1B stake in Air Products (APD) and intends to push for changes, WSJ says

2. WALL STREET CALLS:

• Amazon.com (AMZN) downgraded at Wells Fargo, here’s why
• Apple (AAPL) assumed with a Hold from Buy at Jefferies
• Netflix (NFLX) was upgraded at Piper Sandler and downgraded at Barclays
• Air Products (APD) was upgraded at several firms after a report that activist Mantle Ridge has gotten involved
• Macquarie upgraded Alibaba (BABA) to Outperform

3. AROUND THE WEB:

• Obesity drugmaker Rivus is weighing an IPO as soon as this year, Bloomberg reports
• Samsung (SSNLF) isn’t interested in spinning off its foundry unit, Reuters reports
• Concerns have been raised about 23andMe’s (ME) genetic data, NY Times reports
• Apple (AAPL) intends to launch iOS 18.1 and Apple Intelligence on October 28, Bloomberg says
• Google’s (GOOGL) grip on Search slips as TikTok and Perplexity mount a challenge, (SRRK) soars after announcing that SAPPHIRE achieved its primary endpoint
• Algorhythm (RIME) rises after its SemiCab unit was awarded a service contract with a global CPG company
• Trevena (TRVN) sinks after receiving a Nasdaq delisting notification
• Galecto (GLTO) lower after determining it will not further advance GB2064
• Expion360 (XPON) falls after announcing a 1-for-100 reverse stock split

5. EARNINGS/GUIDANCE:

• LOBO (LOBO) expects 80% year-over-year revenue growth for 2024
• T2 Biosystems (TTOO) provided Q3 revenue guidance
• Prenetics (PRE) reported a year-over-year decline in Q2 earnings
• Cerence (CRNC) reaffirmed its Q4 revenue outlook
• Mullen Automotive (MULN) provided revenue guidance for the next six months

INDEXES:

Near midday, the Dow was down 218.48, or 0.52%, to 42,134.27, the Nasdaq was down 64.65, or 0.36%, to 18,073.20, and the S&P 500 was down 19.81, or 0.34%, to 5,731.26.