Top Stocks to Watch on Wall Street: American Express Beats Earnings, KKR Acquires Chase, and SLB Reports Mixed Results

(Updated with KKR, Chase, SLB) PARIS, July 21 (Reuters) – Top stocks to watch on Friday on Wall Street, where major index futures suggest a flat open for the Dow Jones .DJI , and up 0.25% for the Standard & Poor’s 500 .SPX and 0.51% for the Nasdaq .IXIC : * AMERICAN EXPRESS AXP.N beat earnings forecasts for the second quarter on Friday, its affluent clientele continuing to spend. The group reported earnings of $2.89 per share, with the average consensus reaching $2.81, according to data from Refinitiv. * KKR KKR.N on Friday announced it is acquiring chemicals maker CHASE CCF.A for approximately $1.3 billion, including debt. Chase shares fell 1.5% ahead of the open. Under the terms of the agreement, KKR will purchase all outstanding shares for $127.50 each, 0.3% below their last close price. * CHWY CHWY.N is up 2.3% before the open, as billionaire investor Steven Cohen said he held a passive 5.8% stake in the company. * WARNER BROS WBD.O and MATTEL MAT.O are on the rise ahead of the opening, with the movie “Barbie” hitting theaters around the world on Friday. The shares are up 1% and 2% respectively in pre-market trading. * SLB SLB.N reported better-than-consensus-expected quarterly results, but said it expected weaker activity in North America for the remainder of the fiscal year. The stock lost more than 1% before the open. * EMERGENT BIOSOLUTIONS EBS.N is up 16% ahead of opening as the U.S. Food and Drug Administration (FDA) approved Emergent’s anthrax vaccine, Cyfendus, for use in adults ages 18-65. * DIGITAL WORLD ACQUISITION DWAC.O rose 18.5% after trading, after ending fraud charges brought against it by the US Securities and Exchange Commission (SEC). The company, a SPAC, was to merge with former US President Donald Trump’s media company, Truth Media. * CSX CSX.O – The US rail operator’s results fell short of Wall Street expectations as the group suffered from lower volumes and higher fuel prices. The stock fell about 5% before the open. * ACTIVISION BLIZZARD ATVI.O – Roth MKM lowers its recommendation from “buy” to “neutral”. * BLACKSTONE BX.N – JP Morgan lowers its recommendation from ‘overweight’ to ‘neutral’. The action lost 1.82% before the opening. * CARVANA CVNA.N Piper Sandler lowers its recommendation from “overweight” to “neutral”. * DISCOVER FINANCIAL SERVICES DFS.N – Piper Sandler lowers its recommendation from “overweight” to “neutral”. (Report Corentin Chapron, edited by Kate Entringer and Zhifan Liu)
2023-07-21 12:22:00


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