Tesla lower after ‘underwhelming’ robotaxi launch event: Morning Buzz

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

1. STOCK NEWS:

• Tesla (TSLA) CEO Elon Musk introduced a robotaxi “CyberCab” as well as high-density “robo-van” with 20-person capacity at the highly-anticipated “We, Robot” event on Thursday evening
• JPMorgan (JPM) reported better-than-expected Q3 results, with CEO Jamie Dimon saying the firm reported strong underlying business
• Wells Fargo (WFC) reported upbeat Q3 earnings, with CEO Charlie Scharf calling the results “solid”
• BlackRock (BLK) reported better-than-expected Q3 results, with CEO Laurence Fink saying the company’s strategy is “ambitious” and “working”
• BNY Mellon (BK) reported upbeat Q3 earnings and revenue

2. WALL STREET CALLS:

• Affirm (AFRM) upgraded at Wells Fargo, here’s why
• Seaport downgraded General Dynamics (GD) to Neutral ahead of Q3 report
• JPMorgan upgraded Ferrari (RACE) on “high visibility earnings growth”
• Mobileye (MBLY) downgraded at Mizuho, here’s why
• Qorvo (QRVO) cut to Equal Weight at Morgan Stanley on weaker supply chain and markets

3. AROUND THE WEB:

• JFrog (FROG) has attracted preliminary takeover interest from potential suitors, Bloomberg says
• Amazon (AMZN) is adding Apple (AAPL) TV+ to its channels store in the U.S., Bloomberg reports
• China has detained four employees at Apple supplier Foxconn’s (HNHPF) iPhone factory in Zhengzhou, WSJ reports
• Google (GOOGL) EMEA President Matt Brittin is planning to step down, Reuters says
• A federal judge determined that Johnson & Johnson (JNJ) did not wrongly manipulate bankruptcy rules when it filed an insolvency case in Texas as opposed to its home state in New Jersey, Bloomberg reports

4. MOVERS:

• Capricor Therapeutics (CAPR) higher after announcing long-term data from its HOPE-2 OLE study
• PacBio (PACB) gains after announcing a research collaboration with the National Cancer Centre of Singapore
• Perspective Therapeutics (CATX) falls after presenting initial results from its Phase 1/2a study of VMT01
• Polestar (PSNY) lower in New York after announcing 11,900 cars were delivered in Q3
• Stellantis (STLA) declines in New York after naming Ostermann as new CFO and Filosa as North America COO

5. EARNINGS/GUIDANCE:

• Fastenal (FAST) reported Q3 results, with EPS and revenue beating consensus
• Gibraltar Industries (ROCK) reported preliminary Q3 results and cut its guidance for FY24
• Bank7 (BSVN) reported Q3 results, with CEO Thomas Travis commenting, “We are pleased to announce another record quarter of net income and EPS”
• A.O. Smith (AOS) reported preliminary Q3 results and cut its guidance for FY24
• Aehr Test Systems (AEHR) reported Q1 results and backed its guidance for FY25

INDEXES:

Near midday, the Dow was up 346.20, or 0.82%, to 42,800.32, the Nasdaq was up 65.73, or 0.36%, to 18,347.78, and the S&P 500 was up 34.74, or 0.60%, to 5,814.79.