Buffett cuts Apple, Tyson 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:

• Apple (AAPL) investors are reacting after Warren Buffett’s Berkshire Hathaway (BRK.A) halved its stake in the tech giant (read more)
• The Information and other sources reported potential delays of the launch of Nvidia’s (NVDA) next generation Blackwell AI chips due to issues with the design (read more)
• Snickers maker Mars is exploring an acquisition of Kellanova (K), according to media reports (read more)
• Tyson Foods (TSN) reported upbeat Q3 results and provided FY24 revenue guidance (read more)
• Thoughtworks (TWKS) agreed to be taken private by Apax Partners in a $1.75B transaction (read more)

2. WALL STREET CALLS:

• RBC upgrades Kellanova (K), says Mars takeover “makes so much sense” (read more)
• Five9 (FIVN) double upgraded to Buy at BofA with bear thesis having “run its course” (read more)
• Vertex Pharmaceuticals (VRTX) downgraded at Barclays, here’s why (read more)
• RBC downgrades Moderna (MRNA) on “material” short-term headwinds (read more)
• Seaport downgrades six homebuilders, four to sell, citing cyclical risks (read more)

3. AROUND THE WEB:

• A death that occurred at Tesla’s (TSLA) Gigafactory in Texas has fueled an investigation from the Occupational Safety and Health Administration, KVUE says (read more)
• JD.com (JD) founder and chair Richard Liu has been quietly leading the company from overseas, FT reports (read more)
• CrowdStrike (CRWD) says it isn’t to blame for Delta’s (DAL) meltdown following the tech outage caused by the company, WSJ says (read more)
• Meta Platforms (META) is in talks with celebrities, actors, and influencers for the right to incorporate their voices into a digital assistant product called MetaAI, NY Times reports (read more)
• Fannie Mae (FNMA) and Freddie Mac (FMCC) plan to impose stricter rules for commercial-property lenders and brokers, WSJ reports (read more)

4. MOVERS:

• Rocket Companies (RKT) gains after Keefe Bruyette upgraded the stock to Market Perform from Underperform (read more)
• AST SpaceMobile (ASTS) increases after the U.S. FCC granted an initial license for space-based operations in the United States (read more)
• Valley National (VLY) higher after Morgan Stanley upgraded the stock to Equal Weight from Underweight (read more)
• Core Scientific (CORZ) falls amid bitcoin pullback (read more)
• TeraWulf (WULF) lower after announcing it mined 195 bitcoin in July (read more)

5. EARNINGS/GUIDANCE:

• AMC Entertainment (AMC) reported Q2 results, with CEO Adam Aron commenting, “the quarter finished with incredible strength” (read more)
• Freshpet (FRPT) reported Q2 results and raised its guidance for FY24 (read more)
• Carlyle (CG) reported Q2 results with EPS missing consensus (read more)
• Sotera Health (SHC) reported Q2 results and provided guidance for FY24 (read more)
• Sonic Automotive (SAH) reported Q2 results, with CEO David Smith commenting, “I’m pleased to report that we continued to make great progress in our EchoPark Segment performance in Q2” (read more)

INDEXES:

Near midday, the Dow was down 860.19, or 2.16%, to 38,877.07, the Nasdaq was down 467.79, or 2.79%, to 16,308.38, and the S&P 500 was down 127.80, or 2.39%, to 5,218.76.