Deere, Cisco dip after quarterly reports: Morning Buzz

Stocks are moving lower this morning, giving back a bit of the recent strong gains that lifted the S&P 500 and Nasdaq to record highs, after a stronger-than-anticipated inflation reading spurred a rise in bond yields as traders trim bets that the Federal Reserve will cut interest rates next month.

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

1. STOCK NEWS:

• Deere (DE) shares slipped after the agricultural-equipment giant trimmed the high end of its full-year net income outlook
• Cisco (CSCO) reported Q4 results and FY26 guidance that were slightly better than expectations, but “lacked a major spark,” in the words of BofA’s analyst
• Tapestry (TPR) shares declined after the mid-point of the handbag maker’s FY26 EPS outlook missed analysts’ forecasts due in part to tariffs
• Ulta Beauty (ULTA) and Target (TGT) mutually agreed not to renew their shop-in-shop partnership
• The producer price index final demand reading surged 0.9% in July and the core rate was up 0.9% as well, which were much stronger than forecast

2. WALL STREET CALLS:

• uniQure (QURE) upgraded to Outperform from Neutral at Mizuho
• BofA downgraded Ibotta (IBTA) to Underperform after “big miss” while three other firms cut shares to Neutral-equivalent ratings
• Baird upgraded CVS Health (CVS) to Outperform on confidence in earnings power
• Scotiabank upgraded BP (BP) to Outperform after Bumerangue discovery in Brazil
• Kratos Defense (KTOS) upgraded to Buy at BTIG on Valkyrie drone growth potential

3. AROUND THE WEB:

• Peloton Interactive (PTON) is planning its biggest product upgrades in years, with refreshed hardware, new accessories and artificial intelligence, Bloomberg says
• Eli Lilly (LLY) has raised the price of its weight loss drug Mounjaro in the UK by as much as 170%, FT reports
• Insurance broker Aon (AON) is being sued by a trust representing creditors to the bankrupt technology company Vesttoo for alleged fraud over its role in marketing insurance-linked securities, FT says
• UBS (UBS) is set to miss an internal target to cut its headcount by 85,000 by the time it fully integrates Credit Suisse next year, FT reports
• Following its merger with Skydance Media, Paramount (PSKY) revealed plans to retain and develop its entertainment brands Nickelodeon, MTV, and BET while also increasing its feature film production, Reuters reports

4. MOVERS:

• TerraWulf (WULF) rises after entering two 10-year high-performance computing colocation agreements with Fluidstack at its Lake Mariner campus, anchored by Google’s (GOOGL) $1.8B backstop and equity stake
• DLocal (DLO) gains after reporting Q2 results and appointing Guillermo Lopez Perez as CFO
• Galiano Gold (GAU), Weibo (WB), and Airo Group (AIRO) fall in New York after reporting quarterly results
• Bumble (BMBL) lower after filing to sell 18.055M shares
• Coherent (COHR) falls after reporting Q4 results and announcing plans to sell its aerospace and defense business for $400M

5. EARNINGS/GUIDANCE:

• SpartanNash (SPTN) reported Q2 results, with EPS beating consensus
• McGraw Hill (MH) reported Q1 results and provided guidance for FY26
• Cellebrite (CLBT) reported Q2 results that CEO Thomas Hogan said “delivered a strong balance of top-line growth, profitability and cash flow”
• Advance Auto Parts (AAP) reported Q2 results and cut its guidance for FY25
• Dillard’s (DDS) reported Q2 results, with CEO William Dillard II “encouraged” by strengthening sales trends in July

INDEXES: 

Near midday, the Dow was down 0.33%, or 148.84, to 44,773.43, the Nasdaq was down 0.12%, or 25.09, to 21,688.05, and the S&P 500 was down 0.14%, or 9.00, to 6,457.58.