Broadcom AI results fail to enthuse the Street: Morning Buzz

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

1. STOCK NEWS:

• United Kingdom’s CMA objects to Google’s (GOOGL) ad tech practices
• Salesforce (CRM) to acquire data security vendor Own Company for $1.9B in cash
• Broadcom (AVGO) reported Q3 results that were “solid, without any material soft points,” but its AI business lacked the clear upside momentum the Street was looking for, according to Benchmark
• Smartsheet (SMAR) reported what Barclays called “a likely softer quarter than investors were expecting” hours after Reuters said a private equity consortium is in talks to acquire the workplace collaboration software maker
• Cleveland-Cliffs (CLF) CEO Lourenco Goncalves said the company is open to buying any assets U.S. Steel (X) shuts down

2. WALL STREET CALLS:

• RadNet (RDNT) upgraded at Barclays on greater conviction in artificial intelligence use cases for radiology
• Piper upgraded Intra-Cellular (ITCI) on potential in major depressive disorder
• Bloom Energy (BE) downgraded to Hold from Buy at Jefferies
• MicroStrategy (MSTR) initiated with bullish view at Barclays, here’s why
• Barclays upgraded Coinbase (COIN) and Robinhood (HOOD) to Equal Weight on the view that both of their business models have matured over the past year

3. AROUND THE WEB:

• TSMC (TSM) achieved production yields at its Arizona facility on par with established plants in Taiwan and plans to commence mass production in Arizona in 2025, Bloomberg says
• Morgan Stanley (MS) agreed to pay $2M to settle an investigation by the Massachusetts Securities Division that determined the bank failed to properly monitor the stock sales of First Republic’s then-Executive Chairman James Herbet, WSJ reports
• Qualcomm (QCOM) has examined the possibility of buying parts of Intel’s (INTC) design business to bolster the company’s product portfolio, Reuters says
• Intel (INTC) is weighing options for its stake in its struggling automated driving systems provider Mobileye Global (MBLY), Bloomberg says
• Shari Redstone is set to receive more than $500M in severance, stock, and benefits from the sale of Paramount (PARA) to the Ellison family, FT reports

4. MOVERS:

• Guidewire (GWRE) gains after reporting Q4 results and providing guidance for Q1 and FY25
• Travere Therapeutics (TVTX) higher after receiving full approval from the FDA for Filspari
• Core Scientific (CORZ) declines after announcing CFO Denise Sterling will step down from her role
• Planet Labs (PL) lower after reporting Q2 results and providing guidance for Q3
• Supermicro (SMCI) falls after JPMorgan downgraded the stock to Neutral

5. EARNINGS/GUIDANCE:

• Samsara (IOT) reported Q2 results and raised its guidance for FY25
• Braze (BRZE) reported Q2 results and increased its outlook for FY25
• UiPath (PATH) announced Q2 results, with CEO Daniel Dines commenting, “We are pleased with our second quarter results”
• Bowlero (BOWL) reported Q4 adjusted EBITDA higher year-over-year
• DocuSign (DOCU) reported Q2 results and provided guidance for Q3 and FY25

INDEXES:

Near midday, the Dow was down 356.00, or 0.87%, to 40,399.75, the Nasdaq was down 413.32, or 2.41%, to 16,714.34, and the S&P 500 was down 85.84, or 1.56%, to 5,417.57.