Salesforce strength helps market weather Nvidia post-earnings dip: Morning Buzz

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

1. STOCK NEWS:

• Nvidia (NVDA) reported upbeat Q2 results and approved an additional $50B to its stock buyback
• Salesforce (CRM) provided a “beat and raise” report for Q2 and said that CFO Amy Weaver would step down
• HP Inc. (HPQ) reported mixed Q3 results and increased its stock buyback to $10B
• Best Buy (BBY) issued a “beat and raise” report for Q2
• Dollar General (DG) reported downbeat Q2 results and cut its FY24 earnings outlook

2. WALL STREET CALLS:

• Citi moves Apple (AAPL) to top AI pick going into 2025
• Cava Group (CAVA) downgraded at Morgan Stanley, here’s why
• Okta (OKTA) double downgraded to Underperform from Buy at BofA
• JPMorgan downgraded Kohl’s (KSS) to Underweight on core business erosion
• Barclays upgraded Foot Locker (FL) to Overweight on fundamental inflections

3. AROUND THE WEB:

• Apple (AAPL) tells suppliers to prepare for over 10% more initial iPhones, Nikkei says
• Google (GOOGL) is considering building a large data center in Vietnam, Reuters reports
• Yelp (YELP) is suing Google in federal court in San Francisco, alleging the company used its dominance as an all-purpose search engine to gain an unfair advantage in local search services, NY Times reports
• Toyota (TM) is extending the suspension of production at all factories in Japan until Friday, Nikkei reports
• Intel (INTC) receives letter from Republican Senator Rick Scott over the company’s plans to cut over 15,000 jobs, Reuters reports

4. MOVERS:

• Eos Energy (EOSE) gains after achieving performance milestones related to Cerberus investment
• Nutanix (NTNX) increases after reporting quarterly results
• Autozi Internet (AZI) higher in New York after its initial public offering yesterday
• Stratasys (SSYS) lower after reporting Q2 results and cutting its FY24 guidance
• Birkenstock (BIRK) and American Eagle (AEO) fall in New York after reporting quarterly results

5. EARNINGS/GUIDANCE:

• Crowdstrike (CRWD) reported Q2 results and provided guidance for FY25
• Pure Storage (PSTG) announced Q2 results, provided guidance for Q3, and backed its guidance for FY25
• Five Below (FIVE) reported Q2 results, with interim CEO Ken Bull commenting, “our second quarter results fell short of what we know this business is capable of delivering”
• Affirm (AFRM) reported Q4 results, with EPS and revenue beating consensus
• Gap (GAP) reported Q2 results and backed its guidance for FY24

INDEXES:

Near midday, the Dow was up 329.83, or 0.80%, to 41,421.25, the Nasdaq was up 178.30, or 1.02%, to 17,734.33, and the S&P 500 was up 41.21, or 0.74%, to 5,633.39.