Early Look

Thursday, November 5, 2026

U.S. futures are looking mixed as the Dow appears on track to build on its 3% jump on Thursday, while Nasdaq futures are down around -0.5%, as weakness in semiconductors carries over with the VanEck Semi ETF (SMH) falls -2.25% premarket to $493 level, falling further below the 200dma of $521 (has been first break of 200dma since May 2025). Semis also lower on QCOM, ARM results and guidance last night after reports MU has suspended plans for a $4.5B memory chip plant in Taiwan due to an extended labor dispute. Wednesday rip roaring stock market was boosted by tumbling oil prices, falling over 8% (small bounce back today) and Treasury yields lower (10-yr flattish around 4.88%) along with the U.S. dollar as Wall Street digested the impact of Tuesday’s midterm election outcome where Democrats swept, seizing control of the Senate and the House in a monster outcome that had wide ranging implications. The midterm election results threaten to significantly disrupt AI data center expansion as voter backlash over soaring utility bills, grid instability, and water usage drive a sharp political pivot toward tighter regulatory oversight, which sunk semis, Ai data center plays and power/industrial names. Lower oil prices boosted shares of airlines, retailers, and other consumer sectors while lower yields boosted mortgage names and housing related sectors. The election results lifted Democrat friendly solar and renewable sectors as well as healthcare related stocks. A wild day on Wall Street Thursday for sure as the Dow Jones Industrials surged 3%!

An absolute onslaught of earnings last night with some of the biggest upside movers from APP, COHR, RPD, SEZL, SEI COHR, and some big downside movers from BROS, CAVA, ZG, FICO, SNAP, DAVE, EXPE, HUBS, MELI, QCOM in a brutal night of earnings. Today is arguably worse in volume both this morning and after the bell. In Asian markets overnight, The Nikkei Index 1,110 points or 1.79% to 61,077, the Shanghai Index rose 3 points to 3,689, the Hang Seng Index gained 877 points or 3.67% to 24,796, and the Korean Kospi fell -51 points or 5.79% to 837 amid another decline in chip stocks. In Europe, the German DAX is up 218 points to 26,655, while the FTSE 100 rises 88 points to 10,917. Another busy day in store for corporate earnings again tonight!

• The Dow Jones Industrial Average surged 1,569.40 points, or 3.03%, to 53,356.12
• The Nasdaq Composite spiked 364.50 points, or 1.44%, to 25,736.51
• The Russell 2000 Index advanced 44.50 points, or 1.58% to 2,856.95

• 8:30 AM ET                   Weekly Jobless Claims…est. 196K
• 8:30 AM ET                   Continuing Claims…est. 1.71M
• 8:30 AM ET                   Nonfarm productivity for Q3-prelim…est. +0.6% (prior 1.2%)
• 8:30 AM ET                   Unit Labor Costs for Q3-prelim…est. +2.8% (prior +1.4%)
• 10:30 AM ET                 Weekly EIA Natural Gas Inventory Data

• Earnings After the Close: AAOI ABNB ABX ACH AEE AFRM AGM AGO AHR AKAM ALLO ALRM AMN AMPH AORT AOSL APLE ARCT ARLO ARRY ASLE ATEN AXON BARK BILL BJRI BL BLNK BTE CABO CARG CART CBL CELC CENX CLAR CLNE CNDT COMP CON CPK CPT CRSR CSTL CTMX CTRE CYRX DBX DIOD DKNG DOCS DVN ED EGAN EOG ETON EVC EVCM EXFY FIGS FIVN FNF FNKO FOXF FROG G GH GMED GPRE GSBD HALO HASI HCAT HHH HNST HY IAG ICFI ICUI INOD INSE IONQ IREN IRTC JHX KINS KRMN KRT KRUS KTOS LASR LIDR LION LITE LOCO LYFT LYVMAIN MAT MC MCHP MNST MP MTD NET NGL NOG NTRA NUS NXH OMDA OPEN OUT PAR PBA PCTY PDFS PRAA PSIX QNT QSI REG REI RGA RILY SG SI SKIN SKWD SMR SOUN SPG SRPT SSP STEP TDC TEAM TMDX TNDM TRUP TXG TXRH UMAC VERA VSTM WEST WHG WK WLDN WPM WSC WYNN XPOF XRAY YELP ZD

• Challenger, Gray & Christmas reports that layoff plans in October fell to the lowest level since 2023 as companies turned their attention to retaining existing employees and adding seasonal help ahead of the holidays. US employers announced 43,994 job cuts in October, up slightly from September but down 71% from a year earlier.

• Amazon (AMZN) is teaming up with Uber Eats (UBER), allowing Prime members to order from restaurants through Amazon.com and the Amazon app. Prime members who order via Amazon will get free delivery on orders of $25 or more. Customers will also get $20 off their first two Uber Eats orders of $25 or more through the first 14 days.
• Dutch Bros (BROS) shares tumble; Q3 revs $549.83M vs. est. $547.4M; guides year rev outlook minimum $21.B vs. est. $2.13B; sees FY outlook for adj EBITDA of $380M and sees FY outlook for capex of $370M-$390M.
• CAVA Group (CAVA) Q3 adj EPS $0.11 vs. est. $0.12; Q3 revs rose 22% y/y to $356.4M vs. est. $358.4M; Q3 comp sales rose +3.1%; now expects same-restaurant sales growth of 6% to 7%, compared with its previous forecast of 4.5% to 6.5%; now expects to open 76 to 78 restaurants for the year.
• E.l.f Beauty (ELF) Q2 sales rose 51% y/y to $520.8M vs. est. $473.5M; Q2 adj EPS $1.21 vs. est. $0.59; raises full-year adj EPS view to $3.82-$3.86 a share on sales of $2B-$2.03B, above prior views of $3.50-$3.55 and sales $1.94B-$1.97B, above consensus; added continues to see conviction in Rhode.
• Expedia Group (EXPE) Q3 adj EPS $9.39 vs. consensus $8.89 and revs $4.94B vs. est. $4.73B; Q3 Booked Room Nights grew 7%, and Total Gross Bookings grew 11%; sees Q4 revenue $3.69B-$3.75B, below midpoint consensus $3.74B; sees Q4 gross bookings $27.9B-$28.4B and adjusted EBIDTA $830M-$880M.
• Kimberly-Clark (KMB) Q3 adj EPS $1.70 vs. est. $1.64 and revs $4.13B vs est. $4.13B; Q3 organic sales down 1.3%, including an about 270 basis point headwind from China Social Media disruption; sees 2026 organic sales growth about 100 bps below weighted average category growth in categories, countries it competes in; 2026 ADJ EPS from cont ops expected to grow high single digits on a constant-currency basis.
• MercadoLibre (MELI) Q3 EPS $8.83 misses consensus $9.27 and sales $10.75B vs. est. $10.66B s heavier spending to expand logistics capacity ahead of the peak holiday shopping season weighed on margins; said it increased fulfillment capacity by about 20% from the previous quarter, compared with 10% in the same period last year, which pushed operating margin down to 6.3% from nearly 10% y/y.
• Toyota (TM) raised its annual outlook and set out a plan to return up to $89 billion to shareholders; reported a 34% rise in July-September income; is now projecting a 3.57 trillion yen profit for the full fiscal year through March 2027, up from an earlier forecast for 3.25 trillion yen. Its profit for the previous fiscal year totaled 3.8 trillion yen.
• Zillow Group (ZG) Q3 adj EPS $0.55 vs. est. $0.67 on revs $724M vs. consensus $754.28M; posted Q3 net loss, compared to net income a year ago; said elevated mortgage rates reduced housing transaction volume, weighing on residential revenue.

• Eversource Energy (ES) Q3 Adj. EPS $0.92 vs. est. $0.90 (beat); revenue $2.978B vs. est. $3.220B (miss); operating Income $629.7M; net Income $346M; sees FY26 adj. EPS $4.62-$4.70 (narrowed from $4.57-$4.72) vs. est. $4.63 (above at midpoint).
• Permian Resources (PR) Q3 Adj. EPS $0.69 vs. est. $0.57 (beat); sales $1.958B vs. est. $1.754B (beat); total production 457.5 Mboe/d (+22% QoQ), oil 208.0 Mbbl/d (+5% QoQ); operating cash flow $1.255B, adj. FCF $846M, cash CAPEX $518M; LOE $5.11/boe (-8% QoQ); sees FY26 oil production 201-204 Mbbl/d, midpoint 202.5 Mbbl/d (raised from 199.0), total production 415-445 Mboe/d.

• Allstate Corp. (ALL) Q3 adj EPS $9.76 vs. est. $6.96; Q3 revs $17.3B vs. est. $15.9B; total policies in force reached 217.6 million, with a 3.3% increase in Property-Liability policies.
• Dave Inc. (DAVE) Q3 revs rose 31% y/y to $198M vs. est. $192M driven by faster MTM growth and continued ARPU expansion,; guides year revs $746M-$750M vs. est. $732M; 3Q adj EBITDA of $82M, 3Q net income of $64M and 3Q adj net income of $60M.
• Fair Isaac (FICO) Adj. EPS $11.10 VS EST $10.71 (beat); revenue $657.0M vs. est. $651.7M (beat); operating Income $266.6M, pretax Income $237.4M and net Income $175.0M.
• MetLife (MET) Q3 adj EPS $2.78 vs. consensus $2.77; Q3 revs $20.52B vs. consensus $19.97B; 3Q Book Value Per Shr $30.73; 3Q Net Investment Income $6.198B.
• Sezzle Inc. (SEZL) Q3 revs rose 42.6% y/y to $166.5M vs. est. $155M; and EPS $1.37 vs. est. $1.29; Active subscribers rose 68.1% yr/yr to 955,000, supporting higher transaction volume and engagement; raises FY2026 guidance to ~42.5% total revenue growth and $190 mln adjusted net income.

• Cigna (CI) Q3 adj EPS $7.98 vs. consensus $7.51; Q3 revs $73.79B vs. est. $72.45B; raises FY26 adjusted EPS view to $30.60 from $30.45, consensus $30.51; 2026 medical care ratio outlook narrowed to 84.2% plus or minus 25 bps; Q3 revenue growth was driven by increases in both Evernorth Health Services and Cigna Healthcare.
• Edwards Life (EW) Q3 adj. EPS $0.80 vs. est. $0.74 (beat); sales $1.716B vs. est. $1.676B (beat); adj. gross margin 78.7%; sees Q4 adj. EPS $0.61-$0.69 vs. est. $0.71 (below), sales $1.67B-$1.75B vs. est. $1.70B (above at midpoint); sees FY26 adj. EPS $2.97-$3.05 vs est $3.00 and sales growth ~11.5% vs est +11.55%
• McKesson Corp. (MCK) Q2 Adj. EPS $11.68 vs. est. $10.70 (beat); revenue $110.957B vs. est. $109.875B (beat); adj. net Income $1.363B vs. est. $1.252B (beat); GAAP EPS $10.44; sees FY27 adj. EPS $45.60-$46.40 (raised) vs. est. $44.70 (above).
• Revolution Medicines (RVMD) EPS -$1.90 vs. est. -$2.37 (beat); revenue $197.559M vs. est. $23.495M (may not be comparable); operating loss $373.149M; net loss $407.457M.

• Amcor Plc (AMCR) Q1 adj EPS $0.95 vs. est. $0.99; Q1 sales $6.13B vs. est. $5.75B; posted broad-based organic volume growth of 1%, led by 3% volume growth in the focus categories; Energy and distribution costs accelerated late in the quarter, which is creating a headwind in the transition period.
• CF Industries (CF) Q3 EPS $2.87 vs. est. $2.95; Q3 sales $1.86B vs. est. $1.785B; Gross ammonia production for the first nine months and third quarter of 2026 was approximately 7.2 million and 2.4 million tons, respectively. YTD has operated at a 97% utilization rate of available ammonia capacity.
• Coeur Mining (CDE) Q3 Adj. EBITDA $448M vs est $605M (miss); adj. EPS $0.10 vs. est. $0.14 (miss); revenue $983.6M vs. est $1.268B (miss); adj. net Income $97.8M; GAAP EPS $0.11, net Income $109.4M.
• Curtiss Wright (CW) Q3 Adj. EPS $3.94 vs. est. $3.76 (beat); sales $953M vs. est. $935.1M (beat); adj. operating Income $189M vs. est. $182.2M (beat), margin 19.9%; FCF $157M; sees FY26 adj. EPS $15.40-$15.60 (raised) vs. est. $15.35 (above), adj. sales $3.795B-$3.840B, adj. operating Income $731M-$744M vs. est. $731M (above at midpoint), adj. operating margin 19.2%-19.4% and adj. FCF $595M-$615M.
• Nutrien (NTR) Q3 adj EPS $0.61 vs. est. $0.84 on sales beat $6.06B vs. est. $5.75B; to shut down White Springs phosphate facility in 2027 after strategic review; revises 2026 retail adjusted EBITDA guidance to $1.72-$1.85B, raises 2026 potash sales volume guidance to 14.3-14.8 mln tonnes and Phosphate sales volume guidance for 2026 cut to 2.40-2.55 mln tonnes.

• Arm Holdings (ARM) Q2 Adj. EPS $0.52 vs. est. $0.47 (beat); revenue $1.44B vs. est. $1.38B (beat); Royalty revenue $670M, license & other revenue $773M; GAAP gross margin 97.1%, operating margin 13.9%; sees Q3 revenue $1.54B vs. est. $1.53B (above), adj. EPS $0.56 vs. est. $0.55 (above); AGI CPU orders extend through CY27 with first commercial deliveries on track for fiscal Q4; Partners reported >10B Arm-based chips shipped during the quarter.
• Coherent Corp. (COHR) Q1 Adj. EPS $2.09 vs. est. $1.97 (beat); revenue $2.370B (+50% YoY) vs. est. $2.310B (beat); adj. operating Income $550M vs. est. $526.6M (beat), margin 23.2%; adj. gross margin 40.6%; adj. net Income $422M vs. est. $404.1M (beat), sees Q2 adj. EPS $2.28-$2.48 vs. est. $2.21 (above), revenue $2.55B-$2.75B vs. est. $2.54B (above), adj. gross margin 40%-42%.
• Figma Inc. (FIG) Q3 revs rose 43% y/y to $391.4M vs. est. $375.8M and guides year revs $1.497B-$1.499B vs. est. $1.471B; Q3 2026 net loss narrowed 93% to $81.35M; by October 31, 65% of paid customers exceeding $10,000 in ARR were using the Figma agent weekly.
• HubSpot (HUBS) Q3 Adj. EPS $3.81 vs. est. $3.27 (beat); revenue $947.6M vs. est. $924.8M (beat); adj. EBIT $214.2M vs. est. $187.9M (beat), margin 22.6%; GAAP EPS $1.67; sees Q4 adj. EPS $3.85-$3.87 vs. est. $4.09 (below), revenue $945M-$947M vs. est. $964.9M (below), adj. operating Income $216M-$217M; sees FY26 adj. EPS $13.59-$13.61 vs. est. $13.30, revenue $3.685B-$3.687B vs. est. $3.68B.
• Klaviyo (KVYO) Q3 Adj. EPS $0.22 vs. est. $0.17 (beat); revenue $387.2M (+25%) vs. est. $379.9M (beat); adj. operating profit $56.9M; customers >211,000, customers with >$50K ARR 4,725 (+33%), NRR 108%; 22% of ARR from customers using 3+ products, revenue outside Americas +32%; sees Q4 revenue $421M-$425M vs. est. $422.4M; sees FY26 revenue $1.537B-$1.541B (raised) vs. est. $1.530B (above).
• Micron Technology (MU) has suspended plans for a $4.5 billion memory chip plant in Taiwan due to an extended labor dispute, Bloomberg News reported on Thursday, citing people familiar with the matter.
• Qualcomm (QCOM) Q4 Adj. EPS $2.17 vs. est. $2.16 (beat); adj. revenue $10.44B vs. est. $10.11B (beat); handset revenue $5.14B; Q1 FY27 adj. EPS $2.15-$2.35 vs. est. $2.27 (below at midpoint), revenue $10.4B-$11.2B vs. est. $10.48B (above at midpoint), QCT revenue $9.0B-$9.6B; reiterates FY27 data center revenue target $5B, Q1 $650M+ and FY27 exit annualized run rate $7B.
• MKS Inc. (MKSI) Q3 EPS $4.18, tops consensus $3.65 and revs $1.41B vs. est. $1.36B; revenue in each of our end markets was at or above the high end of our guidance, led by 54% y/y growth in Semiconductor and 43% growth in Electronics & Packaging; sees Q4 EPS $5.00, plus or minus 38c, vs. consensus $3.95 and sees Q4 revenue $1.49B, plus or minus $40M, consensus $1.40B; announces share repurchase program up to $500M.
• Motorola Solutions (MSI) Q3 Adj. EPS $4.69 vs. est. $4.42 (beat); sales $3.376B vs. est. $3.263B (beat); FCF $589M; sees Q4 adj. EPS $5.47-$5.52 vs. est. $5.48 (above at midpoint), sales growth 13%; sees FY26 adj. EPS $17.94-$17.99 vs. est. $17.70 (above), sales $13.050B vs. est. $12.996B (above), operating cash flow $3.050B; increases buyback authorization by $2B.
• Rapid 7 (RPD) Q3 adj EPS $0.60 vs. est. $0.46 on sales $212.4M vs. est. $209M; Q3 net income fell 64% to $3.51M; Q3 operating cash flow dropped 21% y/y to $30.12M; previewed Autonomous SOC, combining security experts, threat intelligence and AI agents to move customers from detection to resolution.
• Sinclair Broadcasting (SBGI) Q3 Adj. EBITDA $213M, more than doubled YoY vs est $176.91Mm (beat); revenue $893M vs. est. $871.4M (beat); operating Income $135M, net Income $43M and GAAP EPS $0.60; political Ad revenue $136M (+55% vs. Q3 FY22), preliminary FY26 political Ad revenue ~$455M; will not separate Ventures in a standalone transaction at this time.
• Snap Inc. (SNAP) Q3 Revenue $1.722B (+14%) vs. est. $1.731B (miss); adj. EBITDA $382.6M (+110%) vs. est. $336.9M (beat); GAAP EPS $0.03 vs. est. $0.00 (beat); DAUs 495M (+4%); operating cash flow $210.5M, FCF $164.5M (+76%); sees Q4 revenue $1.950B-$1.985B vs. est. $1.950B (above at midpoint), adj. EBITDA $490M-$525M vs. est. $504.5M (above at midpoint); sees FY26 infrastructure costs $1.65B-$1.66B and other cost of revenue at 16%-17% of revenue; switching to global MAU and MAU-based ARPU as primary metrics beginning Q1 FY27.
• Sony Group (SONY) raised its full-year earnings forecast after reporting a 44% increase in second-quarter net profit; Game & Network Services division reported an 83% jump in operating profit to 220.1 billion yen; Pictures operating profit surged to 92.6 billion yen from 13.9 billion yen; raised its full-year operating profit forecast by 150 billion yen to 1.87 trillion yen and its net profit outlook by 120 billion yen to 1.33 trillion yen.
• VIAVI Solutions (VIAV) Q1 Adj. EPS $0.47 (+213%) vs. est. $0.41 (beat); revenue $469.3M (+56.9%) vs. est. $455.1M (beat); adj. operating Income $136.1M, margin 29% (+1,270 bps), adj. gross margin 64.4%; NSE revenue $376.1M (+74.1%), OSP revenue $93.2M (+12.2%); adj. EBITDA $146.1M, operating cash flow $104.7M; sees Q2 revenue $505M-$515M vs est $467.63M (above) and adj. EPS $0.50-$0.52 vs est $0.40 (above); authorizes new $500M buyback.
• Wolfspeed (WOLF) Q1 Adj. EPS -$2.03 vs est -$1.99; revenue $155M vs. est. $150.2M (beat); adj. gross margin -13%, GAAP gross margin -22%; net loss $143.8M; sees Q2 revenue $155M-$175M vs. est. $153.55M (above), adj. operating expenses $65M-$69M.
• Dan Ives says: Political Backlash Could Prevent 5–10% of U.S. AI Data Centers From Being Built. AI Infrastructure: Ives warns that political opposition could delay or derail 5–10% of planned data center projects. CapEx: A slower buildout could moderate Big Tech's 2027–2028 spending and reduce pressure from massive capital raises.

Mid-Morning Look

Wednesday, November 04, 2026

U.S. stocks surging in an absolute wild string of events in the last 12 hours, with massive gains in some of the biggest tech companies of the world (AAPL, AMZN, GOOGL, META, MSFT) propelling the S&P 500 and Nasdaq, along with huge gains in consumer staples (XLP), Healthcare (XLV), REITs (XLRE) and Materials (XLB), while Energy (XLE) tumbles as markets react to the Midterm Election results. Oil prices are now down -12% over the last 4 days! Midterm elections having profound impacts on Wall Street today as Democrats are projected to take control of both the House and the Senate, flipping seven Senate Seats (including TX and OH) and five governorships (TX, GA, Nv, OH and IA). This was not entirely a surprise as we have now seen six midterms in a row now with a change in power in Congress and you have to go all the way back to 2002 the last time things stayed the same. But the magnitude in which they did it and taking predominant “red” states and turning them “blue” as did in some races in Texas, South Carolina, Kansas is noteworthy. The biggest focus for Wall Street today was the governor and Senate seat in Texas going “Blue” and with data Centers a Central theme in several of these campaigns, we are seeing a broad sell off in Ai related names (semis, power stocks, infrastructure and data centers), though the rest of the S&P 500 sectors (outside of energy) is seeing broad strength today. Precious metals and gold miners rise with spot gold surging around 3%, bolstered by a weaker US dollar after Democrats seize control of both the Senate and House in US midterm elections. Bond markets rise as well.

• S&P Global October final services PMI at 56.1 and S&P Global October final composite PMI at 55.9.
• ISM report on U.S. non-manufacturing sector shows PMI 54.5 in October (consensus 54.8) vs 54.9 in September; business activity index 53.8 in October vs 56.5 in September; ISM non-manufacturing new orders index 55.9 in October vs 59.8 in September; employment index 51.4 in October vs 50.1 in September and prices paid index 73.0 in October vs 74.0 in September.
• U.S. Sept trade deficit $105.0B (consensus $108.0B) vs Aug deficit $105.7B (prev $105.6B); U.S. Sept goods deficit $135.91B, services surplus $30.87B. Sept exports +1.9% vs Aug +1.6%, imports +1.2% vs Aug +4.4%. Sept exports $321.51B vs Aug $315.67B, imports $426.56B vs Aug $421.40B.

• Auto sector: Ford (F) total U.S. vehicles sales 174,123 units in October, and total U.S. electrified vehicles sales 15,173 units in October, down 31.7%. In auto dealers: AN and GPI were downgraded to Neutral from Overweight and to underweight from Neutral respectively at JP Morgan saying expects unfavorable estimate revisions in the near-to-medium term for Group 1 amid a challenging parts and service backdrop. Auto parts, MOD shares fell as reported Q2 EPS below consensus on better revs, but shares fall as Keybanc noted while topline and order strength is well appreciated and continues unabated, Modine continues to struggle with multiple headwinds on margin.
• Health insurers, hospitals rally after sweeping midterm win for Democrats. Shares of Medicaid names CNC, MOH and hospitals HCA, THC, UHS rose as Democrats' sweep of the Senate and House of Representatives in the midterm elections fueled hopes of sector-friendly policy changes. Analysts said the Democratic win could delay implementation of Parts of President Donald Trump's One Big Beautiful Bill (OBBBA) that are expected to reduce Medicaid enrollment and constrain certain State Healthcare payments, easing pressure on Medicaid and Affordable Care Act insurers and hospital operators.
• E&C sector: among the hardest hit sectors today from the midterm elections was power infrastruture names with PWR, MTZ, CAT, ETN, GEV, VRT and others tumbling on data center buildout concerns. In earnings, PRIM Q3 revenue and backlog were in line, EBITDA of $134M was higher than consensus on better margins while guidance range narrowed for EBITDA, but midpoint stayed at $300M despite Q3 beat. Data centers the other heavily impacted sector on the Texas governor and Senate wins by Democrats, with CIFR, CLSK, HUT, IREN down the most.

• AMZN +7%; along with strong gains in other hyperscalers MSFT, GOOGL, META while the data center names fall on potential slowdown of building due to midterm election results. Note slowing the buildout could actually be very good for the stocks of well-entrenched companies.
• ANET +10%; rises as Q3 revenue, operating margin, and EPS all beat, and fourth-quarter guidance was also well above consensus. Fervent demand for networking switches. Arista is also pushing into "scale-up" networking within server rack.
• BKNG +8%; Q326 results beat expectations and came in at the high end of guidance, as resilient travel demand offset some moderation late in the period; Gross Bookings/Adj. Revenue/Adj. EBITDA were 4%/3%/3% ahead of consensus.
• HELE +20%; as Empower brands announces proposal to acquire Helen of Troy Ltd. for $37.00 per share in cash; proposal values Helen of Troy at $1.60B enterprise value,
• MMM +7%; as announced it would commit nearly $7.35B over nine years to settle PFAS "forever chemicals"-related personal-injury claims saying the settlement addresses about 99% of current personal-injury claims inside and outside the AFFF multi-district litigation.
• QCOM +4%; and SPCX announced a collaboration that will see the chipmaker power Starlink Mobile's nationwide terrestrial 5G network in the U.S. Qualcomm will provide its Dragonwing QRU100 radio units, Dragonwing QDU100 baseband units, and Layer 1
• XYZ +15%; after raising its full-year gross profit outlook to $12.63B from $12.51B view prior and forecast 2027 gross profit of $14.52B; follows better Q3 results as adj operating income rose to $923M from $480M y/y and above consensus.

• DDOG -10%; good results/mixed guide as Q3 beat but flat sequential growth. Datadog posted Q3 revenue of $1.197B, up 35% Y/y and ahead of the ~$1.146B Street estimate; raised year guidance but Q4 revenue outlook of $1.19B-$1.20B landed roughly in line with the $1.202B estimate.
• FIS -21%; shares tumble as Q3 EPS/revs narrowly beat estimates but lowered FY26 adj EPS of $5.82-$5.89, implying 1.2%-2.4% growth, vs prior forecast of 7%-8.5% growth and cuts FY pro forma revenue growth forecast to 3.1%-3.6% from 4.5%-5.0% and lowers FY pro forma adjusted EBITDA growth forecast to 2.9%-3.6% from 5.9%-6.9%; also announces CFO to step down.
• GEO -3%; Prison REITs CXW, GEO shares declined on mid-term election results; The two stocks have rallied sharply since Trump won the presidency two years ago, as his clampdown on illegal immigration boosted the need for detention facilities.
• MOD -21%; reported Q2 adj EPS below consensus on better revs but shares fall as Keybanc noted while topline and order strength is well appreciated and continues unabated, Modine continues to struggle with multiple headwinds on margin.
• NRIX -41%; after SNY announced it has discontinued development of SAR448272, an oral STAT6 degrader. Sanofi recently initiated the Phase I study of SAR448272, triggering a $10M milestone payment to Nurix in August. Nurix did not disclose the rationale for the discontinuation
• SWKS -7%; posted solid FQ4 results, but shares fell as guided FQ1 (Dec) below. Much of the weakness, particularly in the guidance, was attributed to QRVO's ACG revs related to Samsung smartphones in the China market.

Closing Recap

Wednesday, November 04, 2026

U.S. stocks surged in remarkable fashion as investors bet a divided Washington after the Democrats' midterm sweep of the Senate and the House could limit sharp policy shifts, though data center stocks were under pressure as concerns over tighter AI regulation weighed heavily on semis and data centers. Apple (AAPL) and Microsoft (MSFT) both traded at record highs today as large cap tech (Mag 7) were among the biggest gainers on the day, massive boosts for AAPL, AMZN, MSFT, GOOGL, META. Energy stocks tumbled with oil falling over 8% on hopes a change in Congress can end the war with Iran; beneficial for several sectors as airlines, cruise stocks, leisure and lodging and retailers were among the biggest moves to the upside on Wednesday. Consumer goods companies have struggled with higher costs of packaging and transport as a fallout from the US war in Iran, which has pushed oil prices higher. NYSE market breadth was more than 3:1 advancers leading decliners with Discretionary (XLY) up over 4.26%, Communications (XLC) up 3.5% the biggest winners while Financials (XLF), Healthcare (XLV) and Consumer Staples (XLP) all making new all-time highs in a very broad based market rally. Overall it feels like this market has become a runaway train…run away from whatever isn’t working, find a new narrative, and pile aboard whatever is, as markets constantly rotate keeping broader averages higher.

Bottom line: story of the day was Democrats retaking the House and Senate, while victories in key governor races could reshape the AI data center buildout. Early losers on the mid-term election on tech/AI for now seems to be semis (SOX) as less buildout = less demand for chips although the debate is how much of this restrictive environment is reflected in multiples already; SPCX tumbles given Elon Musk had focused the buildout of DCs and Terafab in Texas although some will say this makes orbital compute more likely. Slower permitting generally bad for Data Cener/HPC miners and Neoclouds. The hyperscalers saw the biggest moves (AMZN, GOOGL, META, MSFT) on thought slowing spending can help ease debt fears. In other sectors, solar stocks, healthcare were among outperformers on the Democrats taking control of Congress, while defense stocks, crypto, and AI space underperformed.

Interesting stats: @bespokeinvest noted on X. “The Dow's 3% gain today would be its best since April 9th, 2025, when it gained 7.9%.  4/9/25 was the day President Trump announced the 90-day pause on reciprocal tariffs that were announced a few days prior.” Also, @bespokeinvest noted on X, "There have only been two other days that the Nasdaq was up 1%+ and the Philadelphia SOX was down more than it is today (-4.0%) 0 3/30/01 (-4.4%) and 7/22/08 (-4.5%)."

• S&P Global October final services PMI at 56.1 and S&P Global October final composite PMI at 55.9.
• ISM report on U.S. non-manufacturing sector shows PMI 54.5 in October (consensus 54.8) vs 54.9 in September; business activity index 53.8 in October vs 56.5 in September; ISM non-manufacturing new orders index 55.9 in October vs 59.8 in September; employment index 51.4 in October vs 50.1 in September and prices paid index 73.0 in October vs 74.0 in September.
• U.S. Sept trade deficit $105.0B (consensus $108.0B) vs Aug deficit $105.7B (prev $105.6B); U.S. Sept goods deficit $135.91B, services surplus $30.87B. Sept exports +1.9% vs Aug +1.6%, imports +1.2% vs Aug +4.4%. Sept exports $321.51B vs Aug $315.67B, imports $426.56B vs Aug $421.40B.

• Big day and rebound for precious metals as the US dollar sunk on results of midterm elections as December gold jumped +$132.60, or +3.37%, to settle at $4,073.00 an ounce while silver rises +$2.53, or +5.08%, to finish at $52.28 an ounce.

• The yield on the benchmark US 10-year Treasury note fell 6.2 basis points to 4.89% after earlier rising to 4.9642%. The yield on the 30-year bond fell 3.4 basis points to 5.29% after earlier hitting 5.3448%, which was its highest level since October 29.

• Food & Beverage sector: STZ was upgraded to Neutral from Underperform at Bank America saying near-term estimates are unchanged, but it now believes Democratic control of Congress reduces the risk of further tightening in the immigration backdrop, which has been a key headwind to Constellation's beer business. KHC said it would divest its North American coffee business in a deal that values the unit at $650 million.
• Housing retailers: Wayfair (W) shares rose after Q3 revenue, profit tops estimates on more customers, orders; attributes growth to strong U.S. order volume and higher active customers; said Q3 revenue growth was driven by a 12% increase in orders delivered and a 4.7% rise in active customers; said double-digit U.S. revenue growth reflected share gains in a flat category.
• Retailers: were among the biggest winners today amid the sharp drop in oil prices, as consumer goods companies have struggled with higher costs of packaging and transport as a fallout from the US war in Iran, which has pushed oil prices higher (shares of NKE, LULU, MAT, M, GAP, DECK, ANF and many others posted big returns today).
• Specialty retail: HELE shares rose after M&A headlines as the confirmed that its Board of Directors has unanimously rejected an unsolicited, non-binding proposal to acquire Helen of Troy for $37.00 per share in cash from Empower Brands Holdings Group, LLC, which is owned by Spectrum Brands Holdings, Inc. (SPB) and Oaktree Capital Management, L.P.

• Auto sector: Ford (F) total U.S. vehicles sales 174,123 units in October, and total U.S. electrified vehicles sales 15,173 units in October, down 31.7%. In auto dealers: AN and GPI were downgraded to Neutral from Overweight and to underweight from Neutral respectively at JP Morgan saying expects unfavorable estimate revisions in the near-to-medium term for Group 1 amid a challenging parts and service backdrop. Auto parts, MOD shares fell as reported Q2 EPS below consensus on better revs, but shares fall as Keybanc noted while topline and order strength is well appreciated and continues unabated, Modine continues to struggle with multiple headwinds on margin.
• Trave/lodging sector: the sector among biggest beneficiaries today amid the plunge in oil prices with airlines AAL, DAL, LUV, JBLU, ALK, UAL all surging on the day; BKNG Q326 results beat expectations and came in at the high end of guidance, as resilient travel demand offset some moderation late in the period; Gross Bookings/Adj. Revenue/Adj. EBITDA were 4%/3%/3% ahead of consensus. 4Q26E guidance, however, was conservative and below expectations, although full-year guidance remained intact (EXPE repots after the bell).

• Energy stocks stumbled (APA, COP, CVX, BKR, HAL, SLB, OXY, XOM) as oil prices fall for a 4^th day, down over -15% during that stretch on Iran peace talks hopes. Election results for midterm also weighing as Democrats capture control of the US Congress from President Donald Trump's Republicans in the midterm elections, denting the risk premium for a further escalation of the ongoing war with Iran. Refiners DINO, DK, VLO, MPC, PBF, PSX among hardest hit in energy.

• Credit card issuers SYF, COF, BFH declined after Democrats seized control of both the Senate and House of Representatives, scoring stunning wins in Republican strongholds for the first time in generations. TD Cowen says victory raises potential for increased traction on some areas where the President and progressive Democrats share common ground such as potential cap on credit card interest rates. Trump earlier this year called for a one-year cap on credit card interest rates at 10%, only for the issue to fade away quickly. Trump and Sen. Warren agree on capping interest rates.

• DEI reported 3Q26 FFO that beat cons. (+$0.01) and mgmt. affirmed FY26 FFO guidance, which is in line with consensus. Fundamentals were mixed, with cash SSNOI declining to -3.1% and cash rent spreads stable at -9.2%, though leasing was strong at 997ksf (959ksf prior).Occupancy increased 110bps q/q to 76.7%, while the leased rate rose 10bps to 80.4%.
• DRH Q3 Adj. EBITDA beat consensus by ~5% and Adj. FFO was slightly above the Street’s expectation. Management increased 2026 Adj. EBITDA/FFO guidance to account for better 3Q results and better 4Q outlook, but implied 4Q guidance fell short of consensus. RevPAR growth increased ~7% y/y in 3Q, contributing to ~13% hotel EBITDA growth.
• INN reported a 3Q Adj. EBITDA/FFO beat, while management increased ’26 guidance by ~3%/~6%. The revised outlook is in line to slightly above the Street. RevPAR growth exceeded 7% y/y in 3Q, primarily driven by ADR growth, resulting in continued margin expansion and mid-teens hotel EBITDA growth. RevPAR outperformance drove a 150 bps increase in growth guidance.
• LTC cFFO beat consensus, but management reaffirmed ’26 cFFO guidance, and implied 4Q guidance is below the Street’s expectation. Management decreased pro forma SHOP NOI growth for 27 of 46 SHOP assets (as of 9/30) by ~100 bps to 13%, as last quarter’s RevPOR vs. occupancy growth trade-off fell short of projections prior.

• KURA and SNDX shares fell after JNJ’s ASH abstract raises competitive pressure. JNJ’s bleximenib, seen as a "stronger-than-anticipated competitor" and a "credible threat" to Kura's Komzifti in relapsed/refractory acute myeloid leukemia (AML), Leerink Partners said. Komzifti won FDA approval last year to treat relapsed/refractory NPM1-mutant AML.
• NRIX shares tumbled after SNY announced it has discontinued development of SAR448272, an oral STAT6 degrader. Sanofi recently initiated the Phase I study of SAR448272, triggering a $10M milestone payment to Nurix in August. Nurix did not disclose the rationale for the discontinuation.
• NVO reported 3Q26 results, with reported revenue +8%/DKK5.9bn vs company consensus (includes c.DKK2bn in positive GTN adjustments), and adjusted operating profit +12%/DKK3.3bn vs company consensus. By product, Wegovy pill revenue was +17%/DKK779m above company consensus. The results lifted shares as well as rival obesity drug maker LLY.

• Healthcare Services: CVS confirms plan to split into two publicly traded companies, separating its ~9,000 retail pharmacies from Aetna & Caremark; raises FY26 adjusted EPS view to 'at least' $8.20 from $7.90-$8.10 after Q3 EPS and revs topped consensus.
• Ortho sector: SNN cut its full-year revenue and profit forecast while also confirmed that talks about a potential merger with JNJ’s Orthopaedics unit have ended; the cut follows weaker-than-expected Q3 growth in its biggest orthopedics business; ZBH raises annual adjusted profit forecast to $8.50-$8.60 per share from prior forecast of $8.47-$8.59 after posted a beat on Q3 top and bottom line.

• Industrials sector: MMM announced it would commit nearly $7.35B over nine years to settle PFAS "forever chemicals"-related personal-injury claims saying the settlement addresses about 99% of current personal-injury claims inside and outside the AFFF multi-district litigation (also announced a $6B share buyback). EMR posted Q4 EPS and sales above consensus but guided Q1 below and said sees FY2027 adj EPS of ~$7.25, below analysts' avg. est. of $7.27, but higher FCF views. Heavy duty trucking (CMI, PCAR) data as monthly Class 8 Oct Orders, reported at 13.5K, which compares to Sept 18.7K and the Aug Class 8 orders of 18.2K and July's Class 8 actual orders of 22,430
• Defense sector: saw large decline in large cap defense names like GD, LHX, LMT, NOC and RTX as well as consulting and gov’t IT service names CACI, LDOS, PSN and SAIC were among the most prominent losers this morning, as investors weigh the potential impact of Democrats' sweeping gains in the midterm elections.
• Aerospace sector: TSLA and SPCX shares fell after Democrats sweep Congress in US midterm elections and fears they will target his companies. Democrats scored a historic breakthrough in Republican stronghold Texas, home to both companies. The Republican loss in Texas threatens to weaken Musk's political influence in his adopted home state, where he has expanded his business interests and cultivated ties with GOP leaders. A Democratic shift could complicate plans, particularly amid Democratic calls for tighter data-centre regulation and an end to tax incentives.

• Paper & Packaging sector: the two leading global Aluminum can producer, BALL and CCK were both downgraded at JPMorgan to Neutral from Overweight based on valuation. Ball is higher by 19% year to date versus Crown up 17% and the S&P Index up 11%.
• Precious metals and gold miners rise with spot gold surging around 3%, bolstered by a weaker US dollar after Democrats seize control of both the Senate and House in US midterm elections. Mining stocks suck as AEM, NEM, GOLD, AU and silver miners, B, CDE, WPM posted big gains. A sweeping victory by Democrats in the US midterm elections sent the dollar to a more than one-month low

• CIFR and CLSK shares among biggest decliners as both were downgraded to MP from Outperform at KBW this morning following Gina Hinojosa's win as Texas Governor as the firm now expects greater regulatory uncertainty to weigh on data center lease timing and the probability of reaching definitive agreements across the companies' Texas-heavy pipelines.
• HUT Q3 Net Income $189.494M and revs $71.071M vs. est. $78M (and down from $83.51M y/y) while adj EBITDA rose to $33.03M during Q3 from $30.48M in the same period a year ago.
• RIOT shares jumped as executed a 15-year, 910 critical IT MW triple-net powered land lease with a leading Frontier AI Lab at Corsicana, representing approximately $28B in total contract value and approximately $1.8B in average annual rent over the initial term and also posted Q3 revs rose 1% y/y to $181.4M vs. est. $160.75M. Riot has now leased 1,151 MW of critical IT capacity, representing approximately $38 billion of long-term contracted revenue
• Cantor said from a stock perspective, believes this outcome likely materially increases the probability that the next lease is signed outside of Texas. Cantor would point to WULF (1 GW Muskie site), HUT (potentially 1 GW Riverbend expansion), and KEEL (multiple sites in PA) as being relative winners from this midterm result. Cantor sees RIOT being more insulated amongst the Texas names given it is not dependent upon ERCOT/ TCEQ, while CIFR's largely ERCOT-dependent catalyst path has been pushed out the most. Cantor is still optimistic that conditional base load projects move forward, but it will not have full clarity on this until December.
• Hyperscalers: AMZN, MSFT, GOOGL, META saw big gains this morning while the data center names fall on potential slowdown of building due to midterm election results. Note slowing the buildout could actually be very good for the stocks of well-entrenched companies. META launched its debut euro bond offering Wednesday with the aim of seeking to raise more than $9 billion. META is aiming to raise 8.25 billion euros ($9.23 billion) through the sale of four-year, six-year, eight-year, 12-year, 18-year and 38-year euro bonds. The six-part offering follows the Facebook and Instagram owner's $15 billion, five-part dollar bond issuance on Tuesday.

• Comm & Networking sector: ANET rises as Q3 revenue, operating margin, and EPS all beat, and fourth-quarter guidance was also well above consensus. Fervent demand for networking switches. Arista is also pushing into "scale-up" networking within server rack.

• AMD delivered a Q3 beat-and-raise and materially stronger 2027 framework. Q3 revenue of $13.37B (+45% Y/y, +16% q/q) came in above the high end of guidance on better EPS and adj-GM of 56% (+190bps Y/y) and adj-OM of 29% (+510bps Y/y). Data Center revenue of $8.5B (+97% Y/y) reached 64% of revenue, and Q4 is guided to ~$17.0B (+66% Y/y, +27% q/q) on ~50% sequential Data Center growth, with Data Center Ai surpassing server for the first time. Now expects 2027 revenue to grow more than 80%, with server roughly doubling and D.C. Ai more than doubling.
• QCOM and SPCX announced a collaboration that will see the chipmaker power Starlink Mobile's nationwide terrestrial 5G network in the U.S. Qualcomm will provide its Dragonwing QRU100 radio units, Dragonwing QDU100 baseband units, and Layer 1
• SMCI Q1 results were above pre-announced levels, and the FY27 revenue outlook was raised to $72B-$82B, above expectations.
• SWKS posted solid FQ4 results, but shares fell as guided FQ1 (Dec) below. Much of the weakness, particularly in the guidance, was attributed to QRVO's ACG revs related to Samsung smartphones in the China market. Conversely, iPhone demand was characterized as stable, while Broad Markets, not Diversified Growth Markets (DGM), continues to see stable growth.

Street Recommendations

Wednesday, November 4, 2026

• ANET Barclays lowered the firm's price target on Arista Networks to $236 from $289 and keeps an Overweight rating on the shares. The company reported a "strong" Q3 beat and "impressive" initial fiscal 2027 outlook of 38%-40% growth and 49% operating margins, the analyst tells investors in a research note. Barclays increased Arista's estimates meaningfully and remains positive on the stock.
• BKNG Barclays lowered the firm's price target on Booking Holdings to $170 from $210 and keeps an Overweight rating on the shares. The company beat the high end of Q3 across metrics but guided conservatively for Q4, the analyst tells investors in a research note.
• DD Barclays analyst Aleksey Yefremov raised the firm's price target on DuPont to $176 from $156 and keeps an Overweight rating on the shares following the Q3 report. The firm says DuPont is building a track record of both organic growth as well as well as productivity and mix upgrade.
• DUOL Barclays raised the firm's price target on Duolingo to $133 from $115 and keeps an Equal Weight rating on the shares following the Q3 report. Duolingo "appears to have weathered the storm" around the free user tier and various other factors impacting daily active growth in recent periods, the analyst tells investors in a research note.
• PLTR Barclays raised the firm's price target on Palantir to $273 from $265 and keeps an Overweight rating on the shares post the Q3 report. The company reported a "beat and raise" quarter and concerns around bookings are overblown, the analyst tells investors in a research note.
• THC Barclays raised the firm's price target on Tenet Healthcare to $297 from $271 and keeps an Overweight rating on the shares. The company "demonstrated positively differentiated hospital performance" in Q3, signaling strength into 2027, the analyst tells investors in a research note.
• EL Barclays raised the firm's price target on Estee Lauder to $126 from $108 and keeps an Overweight rating on the shares. The company's fiscal Q1 results included broad-based sales growth by geography and category and earnings upside driven by favorable operating leverage, the analyst tells investors in a research note.
• DRVN Barclays downgraded Driven Brands to Underweight from Equal Weight with a price target of $11, down from $14. The firm says the company's latest accounting errors could reduce investor confidence its financials and make the stock more difficult to won. Driven Brands' 2027 estimates likely need to come down and its guidance implies soft same-store growth in Q4, the analyst tells investors in a research note. Barclays also believes oil costs and supply remain a risk for Driven.

• AMGN Bernstein raised the firm's price target on Amgen to $400 from $345 and keeps a Market Perform rating on the shares. The firm notes Amgen delivered a 3.4% revenue beat and 12.1% EPS beat, raising FY26 guidance despite continued Prolia/XGEVA erosion. Growth assets are delivering, although legacy-product benefits and spending timing supported the outperformance, Bernstein adds.
• CIFR Bernstein lowered the firm's price target on Cipher Mining to $15 from $23 and keeps an Outperform rating on the shares. Gina Hinojosa defeated Greg Abbott in a historic Democrat win in Texas, a battleground state for AI data centers. Across the firm's coverage miners-turned AI developers have over 50% concentration of power portfolio in Texas. Bernstein believes, under Abbott, the market was expecting a restoration of normalcy post elections, which would mean the data center pause would be lifted subject to certain audit conditions. However, with the Democrat win, the firm would expect the data center pause to continue and any data center potential legislation to remain in gridlock.
• WULF Bernstein analyst Gautam Chhugani lowered the firm's price target on TeraWulf to $20 from $36 and keeps an Outperform rating on the shares. Gina Hinojosa defeated Greg Abbott in a historic Democrat win in Texas, a battleground state for AI data centers. Across the firm's coverage miners-turned AI developers have over 50% concentration of power portfolio in Texas. Bernstein believes, under Abbott, the market was expecting a restoration of normalcy post elections, which would mean the data center pause would be lifted subject to certain audit conditions. However, with the Democrat win, the firm would expect the data center pause to continue and any data center potential legislation to remain in gridlock.

• SWKS BofA analyst Vivek Arya lowered the firm's price target on Skyworks to $72 from $78 and keeps an Underperform rating on the shares. December quarter combined guidance reset legacy Qorvo lower versus "potentially stale consensus," which overshadowed in-line standalone Skyworks September quarter results, the analyst tells investors.
• STZ BofA upgraded Constellation Brands to Neutral from Underperform with a price target of $160, up from $120, after U.S. Democrats were reported to have won majorities in the House of Representatives and the Senate. The firm's near-term estimates are unchanged and its call is "solely valuation multiple based," but it now believes Democratic control of Congress reduces the risk of further tightening in the immigration backdrop, which has been a key headwind to Constellation's beer business, the analyst tells investors.
• SMCI BofA raised the firm's price target on Super Micro to $39 from $38 and keeps an Underperform rating on the shares. There were "several positives" from the fiscal Q1 earnings call, though the firm remains cautious on margins given pressure from competition in the AI server/rack space, component cost increases and investments in additional engineering support and services, the analyst tells investors in a post-earnings note.
• BKNG BofA lowered the firm's price target on Booking Holdings to $219 from $232 and keeps a Buy rating on the shares. The Q3 beat shows potential for nights and flights acceleration, says the analyst, who lowered the firm's target based on sector multiple compression, but sees Booking with "the best 2027 setup in the OTA group."
• TOST BofA analyst Matthew O'Neill raised the firm's price target on Toast to $43 from $40 and keeps a Buy rating on the shares. The firm, which updated estimates following the Q3 report, continues to believe in the durability of Toast's location growth across both new and existing verticals and the breadth of its acquisition funnel.
• DD BofA raised the firm's price target on DuPont to $168 from $159 and keeps a Neutral rating on the shares. The multiple could ultimately be capped below management's target comparables until sustained pricing power is seen, the analyst tells investors in a post-earnings note.

• ATRC BTIG analyst Marie Thibault raised the firm's price target on AtriCure to $70 from $63 and keeps a Buy rating on the shares. The firm cites the company's better-than-expected Q3 revenue driven by US outperformance with the highest US sales growth since late 2023, led by Open Ablation, Pain Management, and Appendage Management, the analyst tells investors in a research note.
• FLYW BTIG raised the firm's price target on Flywire to $22 from $20 and keeps a Buy rating on the shares. The firm cites the company's sizable top- and bottom-line beat as revenue less ancillary services grew 26% compared to guidance of 16%-22%, the analyst tells investors in a research note. Management did not give a formal outlook for FY27, but did point investors towards mid-teens growth, the firm added.
• TTWO BTIG analyst Clark Lampen lowered the firm's price target on Take-Two to $262 from $313 and keeps a Buy rating on the shares. Ahead of the company's Q2 results next Monday, the firm is trimming its Q2 estimates to reflect softer Mobile data and a reduction of its NBA 2K forecasts per soft reviews and flat user data vs. the prior release, the analyst tells investors in a research note. The firm adds however that shares approaching a level where valuation appears more reasonable even when excluding pipeline titles.

• GLPI Cantor Fitzgerald analyst Richard Anderson lowered the firm's price target on Gaming and Leisure Properties to $42 from $48 and keeps a Neutral rating on the shares. Gaming REITs' Q3 results highlighted tenant-credit risks and a greater focus on capital allocation amid a high cost of equity, the analyst tells investors in a research note.
• XMTR Cantor Fitzgerald analyst Troy Jensen raised the firm's price target on Xometry to $114 from $110 and keeps an Overweight rating on the shares. Xometry delivered a strong Q3, setting records for revenue, gross profit, Marketplace margin and adjusted EBITDA, reaching a $1B+ revenue run rate and reporting its first GAAP profit, the analyst tells investors in a research note.. It raised 2026 revenue growth guidance to at least 37% and expects to sustain incremental adjusted EBITDA margins of at least 20% as it scales, the firm says.
• SHOP Cantor Fitzgerald lowered the firm's price target on Shopify to $150 from $158 and keeps a Neutral rating on the shares. Shopify delivered largely in-line Q3 revenue and gross profit, an 8% operating income beat and over 30% GMV growth, while product adoption and early agentic-platform traffic support durable growth, the analyst tells investors in a research note.
• BKNG Cantor Fitzgerald lowered the firm's price target on Booking Holdings to $150 from $170 and keeps a Neutral rating on the shares. Booking Holdings beat Q3 estimates by 2%-3% across room nights, gross bookings and EBITDA, but weakening macro trends, particularly in EMEA, drove below-consensus Q4 guidance, while early AI-agent benefits and new in-house agentic experiences support its long-term growth framework despite near-term pressure, the analyst tells investors in a research note.

• ADBE Citi analyst Tyler Radke downgraded Adobe to Sell from Neutral with a price target of $207, down from $250. The firm sees downside risk to Adobe's growth estimates into fiscal 2027. Incoming CEO Anil Chakravarty's strategic changes to the company's Creative business could come at the expense of near-term growth, the analyst tells investors in a research note. Citi says industry data points suggest Adobe is seeing intensifying AI and small business pressure. According to TipRanks, Citi has a 4-star analyst on Adobe. [https://www.tipranks.com/experts/analysts]:[https://www.tipranks.com/experts/analysts/tyler-radke]
• BKNG Citi lowered the firm's price target on Booking Holdings to $220 from $236 and keeps a Buy rating on the shares. The firm says softening travel demand trends pressured Booking's Q4 guidance. However, Citi left the earnings report "incrementally positive" on the company's long-term positioning given its "differentiated global lodging supply."
• ZBRA Citi analyst Piyush Avasthy lowered the firm's price target on Zebra Technologies to $398 from $400 and keeps a Neutral rating on the shares. The firm says that while memory inflation is pressuring Zebra's margins, the post-earnings selloff underappreciates the company's "increasingly broad-based demand strength and improving growth visibility."
• DUOL Citi raised the firm's price target on Duolingo to $152 from $140 and keeps a Neutral rating on the shares. The company's daily active user growth accelerated in Q3, the analyst tells investors in a research note. Citi believes the investor focus now shifts to Duolingo's monetization in 2027 across its core subscription, growing advertising business, and newer initiatives.

• AMGN Goldman Sachs raised the firm's price target on Amgen to $536 from $481 and keeps a Buy rating on the shares following the "strong" Q3. The strong commercial momentum is "encouraging," and Goldman remains positive on the longer-term outlook heading into a catalyst rich YE26+, the analyst tells investors in a research note.
• RARE Goldman Sachs lowered the firm's price target on Ultragenyx to $17 from $19 and keeps a Neutral rating on the shares following the Q3 results. Goldman is focused on execution on the path to profitability in 2027, as well as future pipeline levers, the analyst tells investors in a research note.
• TEVA Goldman Sachs raised the firm's price target on Teva to $55 from $50 and keeps a Buy rating on the shares. Austedo sales are expected to face near-term volatility from inventory reductions and IRA-negotiated Medicare pricing in 2027, but these headwinds are viewed as well understood, with management reaffirming its $2.5B+ FY27 target and sales expected to bottom in 1Q27 before returning to growth, while the company's long-term earnings outlook remains intact, the analyst tells investors in a research note.

• DT Jefferies lowered the firm's price target on Dynatrace to $65 from $75 and keeps a Buy rating on the shares. The company missed fiscal Q2 expectations as deals slipped to the second half of the year, the analyst tells investors in a research note. The firm says Dynatrace's larger enterprise deals remain lumpy, skewing its pipeline heavily to the second half. It reduced estimates citing ongoing execution concerns.
• NVTS Jefferies analyst Blayne Curtis lowered the firm's price target on Navitas Semiconductor to $10 from $13 and keeps a Hold rating on the shares. The firm views the company's quarter and outlook as strong. Navitas' AI power opportunity is moving from design activity into revenue, the analyst tells investors in a research note.
• CNM Jefferies initiated coverage of Core & Main with a Buy rating and $53 price target. The company is one of two national water distributors, the analyst tells investors in a research note. The firm says municipal water and remove and replace give Core & Main a "durable base," as utilities buy pipe, valves, hydrants and meters to replace failing mains and cut water loss. Jefferies sees the company's organic sales growth rising to 4.5% in fiscal 2027 with double-digit earnings growth.

• BALL JPMorgan downgraded Ball Corp. to Neutral from Overweight with an unchanged price target of $65. The firm downgraded the two aluminum beverage can companies on valuation following the good performances in 2026. There is sufficient volatility in quarterly volumes to wait for a better entry point before entering the shares over the coming year, the analyst tells investors in a research note. JPMorgan points out that 2026 was a year of record warm temperatures in the U.S. and in Europe during the summer.
• CCK JPMorgan downgraded Crown Holdings to Neutral from Overweight with an unchanged price target of $121. The firm downgraded the two aluminum beverage can companies on valuation following the good performances in 2026. There is sufficient volatility in quarterly volumes to wait for a better entry point before entering the shares over the coming year, the analyst tells investors in a research note. JPMorgan points out that 2026 was a year of record warm temperatures in the U.S. and in Europe during the summer.
• AN JPMorgan analyst Rajat Gupta downgraded AutoNation to Neutral from Overweight with an unchanged price target of $185. The firm remains "encouraged" by the company's lifecycle economics approach to auto retail and thinks its equity stake in and relationship with Waymo "could furnish a competitive edge" in adapting to autonomous vehicles. However, the firm downgraded AutoNation citing the "sizeable disconnect" in its forward estimates relative to consensus. It also sees risk of multiple compression for the overall sector, particularly versus other auto ecosystem peers.
• GPI JPMorgan downgraded Group 1 Automotive to Underweight from Neutral with a price target of $250, down from $255. The firm expects unfavorable estimate revisions in the near-to-medium term for Group 1 amid a challenging parts and service backdrop. The company's buybacks are expected to resume in the second half of 2027, but this as likely to be pushed out to 2028 based on JPMorgan's organic EBITDA and resultant leverage estimates, the analyst tells investors in a research note. The firm believes improving UK trends and expanding Chinese partnerships could provide "modest growth tailwinds" for Group 1, but says they unlikely to deliver sufficient torque to offset US same-store profit pressures.
• MMM JPMorgan raised the firm's price target on 3M to $210 from $191 and keeps an Overweight rating on the shares after the company announced that it has reached an agreement to settle 99% of the PFAS related personal injury claims. The news is a "clear positive" and underscores that 3M is one of the very few multi-industry stocks with clear "self-help" potential, the analyst tells investors in a research note.
• AMD JPMorgan raised the firm's price target on AMD to $575 from $550 and keeps a Neutral rating on the shares. The firm views the company's Q3 report as strong. AMD issued even stronger guidance that came in ahead of both consensus expectations and the buy-side estimates, the analyst tells investors in a research note.
• ANET JPMorgan raised the firm's price target on Arista Networks to $270 from $250 and keeps an Overweight rating on the shares. The company guided 2027 revenue growth to 38%-40%, above the high end of investor expectations for up 35%, the analyst tells investors in a research note. JPMorgan upped Arista's revenue and earnings estimates post the earnings report.
• CALX JPMorgan analyst Joseph Cardoso lowered the firm's price target on Calix to $50 from $58 and keeps an Overweight rating on the shares post the Q3 report. The firm cites both a lower earnings outlook and target multiple for the target cut. JPMorgan expects Calix's results and outlook to weigh on investor sentiment, saying its initial 2027 revenue commentary points toward the company's long-term growth rate of 15%, despite including the benefits of memory surcharges. Calix's gross margins appear to be stabilizing but recovering more slowly than expected, contends the firm.

• CLSK Keefe Bruyette downgraded CleanSpark to Market Perform from Outperform with a price target of $9.50, down from $11.50. The firm downgraded both Cipher Mining and CleanSpark following Gina Hinojosa's win as Texas Governor. Keefe expects greater regulatory uncertainty to weigh on data center lease timing and the probability of reaching definitive agreements across the companies' "Texas-heavy pipelines."

• TOST Morgan Stanley analyst Josh Baer lowered the firm's price target on Toast to $42 from $45 and keeps an Overweight rating on the shares following a "strong quarter," though CFO succession "may add near-term noise." Shares are "too cheap for the durability of profitable growth here," the analyst added in a post-earnings note.
• UPST Morgan Stanley analyst James Faucette lowered the firm's price target on Upstart to $24 from $35 and keeps an Equal Weight rating on the shares. Q3 demonstrated "solid execution on the factors within management's control," though credit conditions "continue to temper our confidence in the earnings outlook," the analyst tells investors.
• SWKS Morgan Stanley analyst Joseph Moore lowered the firm's price target on Skyworks to $93 from $95 and keeps an Equal Weight rating on the shares. Skyworks' standalone results were as expected, but Android weakness at Qorvo pulled the December guide below the firm's pro forma estimate, the analyst tells investors in a post-earnings note.
• BKNG Morgan Stanley lowered the firm's price target on Booking Holdings to $200 from $230 and keeps an Overweight rating on the shares. Booking delivered "solid" Q3 results and maintained fiscal year guidance despite a mixed macro backdrop, notes the analyst, who sees the company's differentiated supply and early AI traction "positioning it well for the agentic transition."

• AMD Piper Sandler analyst David O'Connor raised the firm's price target on AMD to $650 from $600 and keeps an Overweight rating on the shares. The firm notes AMD reported Q3 beat of 2%-9% on revenues/EPS and guided Q4 2%-4% ahead of consensus, with the beat unsurprisingly led by data center. Following results, Piper raises its FY27 EPS and 2028-2029 estimate on stronger run-rate.
• ANET Piper Sandler analyst James Fish raised the firm's price target on Arista Networks to $261 from $240 and keeps an Overweight rating on the shares. Top pick Arista's shares are up over 10% after-hours following further acceleration that marked one of its largest upsides in recent years and was complemented by strong profitability and better yet, a 2027 initial view from a prudent management team that suggests durability of about 40% growth, the firm says.
• RVLV Piper Sandler lowered the firm's price target on Revolve Group to $26 from $30 and keeps an Overweight rating on the shares. The firm notes the company beat Q3 sales, albeit Revolve also invested the upside, with G&A and Selling & Distro coming in ahead of plan.
• AESI Piper Sandler lowered the firm's price target on Atlas Energy to $13 from $15 and keeps a Neutral rating on the shares after a challenging day. Management addressed the financing concerns early, messaging it expects to raise equity for power projects, but only after the ESA is secured, while targeting 80%-90% leverage, the firm notes. Importantly, Atlas' return targets are unchanged at mid-to-high teens unlevered IRRs with 5-6 year paybacks.

• SWKS Susquehanna analyst Christopher Rolland lowered the firm's price target on Skyworks to $75 from $90 and keeps a Neutral rating on the shares. The firm said Skyworks posted slightly better standalone results but weaker combined company guidance for December due to the continued deterioration in the smartphone market.

• IT Truist downgraded Gartner to Hold from Buy with a price target of $210, down from $235. The company reported weaker Q3 results excluding federal contract value and pulled exit rate target, the analyst tells investors in a research note. The firm says the uncertain macro backdrop and tougher compare in 2027 complicate the contract value re-acceleration narrative, which has driven the stock's recent rally. Truist thinks the stock will not meaningfully re-rate absent faster contract value growth.

• EXR UBS raised the firm's price target on Extra Space Storage to $174 from $152 and keeps a Buy rating on the shares. Self-storage REITs showed continued stabilization in Q3, with average SSRevenue growth accelerating 60 basis points sequentially to 1.4% and 2026 guidance rising, supported by steady demand, moderating supply and resilient consumers, the analyst tells investors in a research note.
• PSA UBS raised the firm's price target on Public Storage to $334 from $294 and keeps a Neutral rating on the shares. Self-storage REITs showed continued stabilization in Q3, with average SSRevenue growth accelerating 60 basis points sequentially to 1.4% and 2026 guidance rising, supported by steady demand, moderating supply and resilient consumers, the analyst tells investors in a research note.
• CUBE UBS analyst Michael Goldsmith raised the firm's price target on CubeSmart to $44 from $38 and keeps a Neutral rating on the shares. Self-storage REITs showed continued stabilization in Q3, with average SSRevenue growth accelerating 60 basis points sequentially to 1.4% and 2026 guidance rising, supported by steady demand, moderating supply and resilient consumers, the analyst tells investors in a research note.
• BKNG UBS raised the firm's price target on Booking Holdings to $267 from $265 and keeps a Buy rating on the shares. Booking's geopolitical and travel-demand headwinds are largely priced in, the analyst tells investors in a research note. While Q3 may not resolve AI-related concerns, potential upside catalysts include stronger room-night growth or progress on its AI travel agent, with faster buybacks modestly lifting EPS estimates, the firm says.
• ANET UBS analyst David Vogt raised the firm's price target on Arista Networks to $291 from $259 and keeps a Buy rating on the shares. Arista delivered a strong quarter and raised its 2026 outlook, while its initial 2027 revenue growth guidance of 38%-40% significantly exceeded expectations, driven by accelerating scale-across and strong scale-out demand, the analyst tells investors in a research note.

• ONON Wells Fargo initiated coverage of On Holding with an Overweight rating and $48 price target. The company is positioned to reaccelerate growth into 2027, the analyst tells investors in a research note. Wells believes On is "navigating the category disruption well." It is protecting the brand ahead of an innovation cycle and is positioned to benefit from accelerated peer share loss, contends the firm. Wells likes the stock's setup into 2027.
• AMGN Wells Fargo analyst Mohit Bansal raised the firm's price target on Amgen to $460 from $430 and keeps an Equal Weight rating on the shares. The firm says strong commercial momentum supports Q4 EPS upside vs. guidance, while Imdelltra expansion and underappreciated dazodalibep/Sjogren's optionality strengthen the long-term growth outlook.
• AMD Wells Fargo lowered the firm's price target on AMD to $650 from $700 and keeps an Overweight rating on the shares. The firm thinks AMD's above-consensus 2027 revenue outlook, driven by a very strong data center ramp, and backed by solid supply chain execution overshadows expected Client weakness and should catalyze shares higher.
• ANET Wells Fargo lowered the firm's price target on Arista Networks to $245 from $255 and keeps an Overweight rating on the shares. Arista's Q3 results, Q4 guide, and 2027 outlook well exceeded expectations, the firm notes. With extensive efforts to increase supply and strong demand backdrop, Wells expects focus to be on continued upside.
• SHOP Wells Fargo lowered the firm's price target on Shopify to $205 from $208 and keeps an Overweight rating on the shares. The firm revises 2027 operating expenses higher and free cash flow margin flat vs. second half of 2026 levels post elevated Q4 OpEx guide. Management willingness to sacrifice near-term margins to accelerate merchant adoption likely lengthens 30%-plus revenue runway. Wells still sees healthy latent monetization potential.
• ETN Wells Fargo lowered the firm's price target on Eaton to $485 from $503 and keeps an Overweight rating on the shares. The firm notes the company's beat/raise with broadening Electrical demand/orders, strong 2027 outlook, EA margin ramp on plan, Boyd ahead. Wells raises core estimates, removes Mobility; core earnings momentum stays positive.
• RXST Wells Fargo analyst Larry Biegelsen lowered the firm's price target on RxSight to $6 from $9 and keeps an Equal Weight rating on the shares. The firm notes the company reported Q3 revenue of $24.6M, below expectations, citing seasonality, competitive trialing and restructuring disruption. Management sees Q4 LAL sales in line with Q2 and lower operating expenses in 2027.
• RARE Wells Fargo analyst Benjamin Burnett raised the firm's price target on Ultragenyx to $19 from $18 and keeps an Equal Weight rating on the shares. The firm likes the mindset that Ultragenyx is embracing on profitability, as it believes right-sizing expenses while also funding clinical catalysts is more sustainable. Wells remains on the sidelines throughout the transition, and looks to OTC data in the first half of 2027 as a key event.
• NRIX Wells Fargo lowered the firm's price target on Nurix Therapeutics to $20 from $25 and keeps an Equal Weight rating on the shares. The discontinuation is a negative surprise, as it had attributed about $400M of value to NX-3911/SAR448272. With the program gone, Nurix has fewer internal pipeline catalysts to drive upside.
• ALKS Wells Fargo analyst Benjamin Burnett raised the firm's price target on Alkermes to $68 from $65 and keeps an Overweight rating on the shares. The firm likes the potential for idiopathic hypersomnia data to unlock additional value for sleep, but also for its potential to de-risk wake-promoting effects in orexin-normal patients. For Vib-3, Wells thinks split dosing will work, and it likes the pooled placebo statistical design.

Rating abbreviations…

***OP = Outperform

***SP = Sector Perform

***UP = Underperform

***OW = Overweight

***EW = Equal-weight

***UW = Underweight

***Report powered by thefly.com***

What’s on Tap Weekly Calendar

• 10:00 AM ET                 Construction Spending for September
• 10:00 AM ET ISM Manufacturing PMI for October

• Earnings After the Close: AAPL ADTN AEHR AEIS ALG ALSN APPS BCC BLZE BMRN BRCC BSM BVS BWXT CALX CBT CC CE CERS CLX CRBG CRC CRGY CSR CSWC CWH DHC DOC EBS EQH ESRT EVER FANG FN GAIA HLF HLIT HNGE HSTM HUN ICHR IIPR INSP IRT JAZZ LSCC MSA MTCH NBIX NMFC O OGS ON OPAD OTTR PAY PLOW PLTR PS RHP RIG ROKU RXRX SBAC SBRA SIBN SITC SNDX TBBB TNC TTI TVTX UDR UPWK UTL VAL VNO VNOM VOYA VRTX VTS VVX WAY WMB

• 8:55 AM ET                   Johnson/Redbook Weekly Sales
• 10:00 AM ET                 Durable Goods, M/M for September
• 10:00 AM ET                 JOLTs Job openings for September
• 10:00 AM ET                 Factory Orders M/M for September
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: ACEL ADUS AFG AIG AIZ ALAB ALIT AMD AMGN AMWL ANDE ANET ANGI AQST ARDX ASH ATRC BKNG BXC CAR CBLL CHCT CORT CPNG CRCT CURLF CXDO DEI DOX DRH DUOL EVTC FBIN FLYW FRSH FTEK FTK GEF GOOD GSM GXO HL HMN HURN IFF IOSP IPI ITUB JELD JKHY JXN KODK LMB LTC MCY METC MIRM MOD MOS MQ MTDR MTW NVTS OHI OUST OVV PARR PCOR PRIM PRU PXED QDEL RARE RRR RWT RYAM SAFE SDRL SGHC SKY SM SMCI SPT SU SWIM SWKS TALO TOST TREE TRVG TSLX UFCS UNM USNA VRNS WTRG XYZ ZVRA

• 8:15 AM ET ADP Private Payrolls for October
• 8:30 AM ET                   Advance Goods Trade Balance for September
• 8:30 AM ET                   International Trade for September
• 9:45 AM ET S&P Global Composite PMI, Oct-final
• 9:45 AM ET S&P Global Services PMI, Oct-final
• 10:00 AM ET ISM Non-Manufacturing PMI for October
• 10:30 AM ET                 Weekly EIA Inventory Data

• Earnings After the Close: ACAD ACHC ACT ADPT AEVA AFL AGL AKA ALB ALGT ALL ALNT ALTO AMC AMCR AMH AMPL APA APC APP ARAY ARDT ATNI ATO AWR BBSI BIO BKH BROS BYND CAI CAPL CDE CDRE CF CGNX CHRD CHYM CLOV CODI COHR COOK COTY CPAY CPS CRK CRUS CW CXT CXW CYTK DASH DAVE DDD DHX DLX ECOR EE EGHT EHTH ELF EOLS ERII ES EW EXPE FC FICO FIG FSLY GNK GNL GNW GOLD GPOR GRAL GT GTM HCC HUBS INSG IPAR ITT JOBY KE KVYO LB LEU LILA LOPE LUMN LZ MAC MATX MBI MCK MELI MET MGNI MKSI MRVI MSI MTG MUR MWA MX MYGN NAVI NGVT NTGR MTR NVST NWSA OEC OM ORA PAAS PACB PAHC PAYC PCY PGNY PK PLMR POWI PRI PTC QCOM QGEN QNST RCUS RDN RELY RGLD RGR RLAY RPD RRGB RUN RVMD RYN SBGI SDGR SEI SEZL SITM SKT SNAP STAA STE TBI TDUP TKO TROX TS UHAL UIS UPLD UVV VCTR VECO VIAV VIR VSEC WES WOLF WTS WU XPER XRN Z ZG ZVIA

• 8:30 AM ET                   Weekly Jobless Claims
• 8:30 AM ET                   Continuing Claims
• 8:30 AM ET                   Nonfarm productivity for Q3-prelim
• 8:30 AM ET                   Unit Labor Costs for Q3-prelim
• 10:30 AM ET                 Weekly EIA Natural Gas Inventory Data

• Earnings After the Close: AAOI ABNB ABX ACH AEE AFRM AGM AGO AHR AKAM ALLO ALRM AMN AMPH AORT AOSL APLE ARCT ARLO ARRY ASLE ATEN AXON BARK BILL BJRI BL BLNK BTE CABO CARG CART CBL CELC CENX CLAR CLNE CNDT COMP CON CPK CPT CRSR CSTL CTMX CTRE CYRX DBX DIOD DKNG DOCS DVN ED EGAN EOG ETON EVC EVCM EXFY FIGS FIVN FNF FNKO FOXF FROG G GH GMED GPRE GSBD HALO HASI HCAT HHH HNST HY IAG ICFI ICUI INOD INSE IONQ IREN IRTC JHX KINS KRMN KRT KRUS KTOS LASR LIDR LION LITE LOCO LYFT LYVMAIN MAT MC MCHP MNST MP MTD NET NGL NOG NTRA NUS NXH OMDA OPEN OUT PAR PBA PCTY PDFS PRAA PSIX QNT QSI REG REI RGA RILY SG SI SKIN SKWD SMR SOUN SPG SRPT SSP STEP TDC TEAM TMDX TNDM TRUP TXG TXRH UMAC VERA VSTM WEST WHG WK WLDN WPM WSC WYNN XPOF XRAY YELP ZD

• 8:30 AM ET                   Private Payrolls for October
• 8:30 AM ET                   Manufacturing Payrolls for October
• 8:30 AM ET                   Unemployment Rate for October
• 8:30 AM ET                   Average Hourly earnings M/M for October
• 10:00 AM ET                 University of Michigan Confidence, Nov-prelim
• 10:00 AM ET                 University of Michigan 1-yr and 5-yr inflation expectations
• 1:00 PM ET                    Baker Hughes Weekly rig count data

• Earnings After the Close: BH HE