Palantir, Dell Technologies named to join S&P 500: Morning Buzz

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

1. STOCK NEWS:

• Boeing (BA) has reached a pay agreement with the union representing Seattle workers
• Palantir (PLTR) and Dell Technologies (DELL) were named to join the S&P 500 on September 23
• Summit (SMMT) shares were soaring after its lung cancer drug showed benefits compared to Merck’s (MRK) Keytruda
• Starboard Value sent a letter to News Corp (NWSA) shareholders that proposed a dual-class share structure
• Apple (AAPL) appears set to unveil its latest iPhone during its “Glowtime” event on Monday, according to media reports

2. WALL STREET CALLS:

• New Street starts Block (SQ) at Neutral with turnaround seen as not likely in 2024
• Seaport downgrades Fox Corp. (FOXA) to Neutral with shares likely already reflecting political advertising spend enthusiasm
• JetBlue (JBLU) upgraded to Neutral at BofA on improving backdrop
• JPMorgan upgraded U.S. Steel (X) to Overweight, while GLJ Research also double upgraded the shares to Buy from Sell
• Deutsche Bank downgraded Colgate-Palmolive (CL) to Hold

3. AROUND THE WEB:

• Intel (INTC) has refuted claims that its expansion plan in Penang, Malaysia has been “partially delayed,” DigiTimes reports
• Alibaba’s (BABA) Hong Kong-listed shares will be added to the southbound channel of China’s Stock Connect cross-border investment scheme from Tuesday, SCMP reports
• Volkswagen’s (VWAGY) $5B tie-up with Rivian (RIVN) has sparked dismay among staff of the company’s Cariad division, FT says
• Elon Musk’s AI startup xAI has discussed a deal where it would get some Tesla (TSLA) revenue in exchange for providing the carmaker access to its technology and resources, WSJ reports
• Chrysler parent Stellantis (STLA) is recalling 1.46M vehicles worldwide, Reuters says

4. MOVERS:

• Planet Labs (PL) gains after its Planet Federal subsidiary was selected for a $476M On-Ramp1 Multiple Award contract from NASA
• Relay Therapeutics (RLAY) higher after announcing interim data for RLY-2608
• Terns Pharmaceuticals (TERN) increases after announcing results for its Phase 1 trial of TERN-601
• Pinterest (PINS) lower after Verb Technology (VERB) completed and launched a technology integration and strategic vendor relationship with the company
• Immunovant (IMVT) falls after Roivant Sciences (ROIV) provided an update on its Graves’ Disease development program

5. EARNINGS/GUIDANCE:

• Progress Software (PRGS) reiterated its Q3 guidance
• Intelligent Bio Solutions (INBS) reported Q4 results, with revenue higher year-over-year
• Virco (VIRC) reported Q2 results, with CEO Robert Virtue commenting, “I’m very proud of our performance… over the last four year”
• Interactive Strength (TRNR) provided guidance for Q3
• Oracle (ORCL) will report Q1 results on September 9

INDEXES:

Near midday, the Dow was up 582.19, or 1.44%, to 40,927.60, the Nasdaq was up 167.02, or 1.00%, to 16,857.85, and the S&P 500 was up 60.47, or 1.12%, to 5,468.89.