Buffett trims Apple stake, delay worries dent Nvidia: Monday 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” (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:

• 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(FNMA) and Freddie Mac (FMCC) plan to impose stricter rules for commercial-property lenders and brokers, WSJ reports (read more)
• A judge has ruled against Google (GOOGL) in a DOJ antitrust suit, Bloomberg reports (read more)
• Tesla (TSLA) CEO Elon Musk has revived his lawsuit against Microsoft-backed (MSFT) OpenAI, Verge 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)
• Actinium Pharmaceuticals (ATNM) lower after receiving an unfavorable FDA response to its Phase 3 lomab-B trial (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:

The Dow fell 1,033.99, or 2.60%, to 38,703.27, the Nasdaq lost 576.08, or 3.43%, to 16,200.08, and the S&P 500 declined 160.23, or 3.00%, to 5,186.33.