Early Look

Tuesday, October 27, 2026

U.S. stock index futures were mixed overnight as investors looked ahead to a busy week of economic data, the Federal Reserve's monetary policy decision, and earnings from major technology companies. However, futures have since bounced and WTI crude pulling back to flat on reports Iran supreme leader calls for meeting conditions to end the war. Earnings season really kicks into gear this week with about 1/3 of the S&P 500 index set to report the remainder of the week, with highlights from AMZN, GOOGL and MSFT later in the week. The Federal Reserve will announce its monetary policy decision on Wednesday after its two-day meeting begins on Tuesday. Investors will assess the central bank's decision for clues about the outlook for interest rates. The economic calendar includes Durable Goods Orders, the Case-Shiller Home Price Index, the FHFA House Price Index, New Home Sales, and Consumer Confidence.

In Asian markets, The Nikkei Index jumped 1,078 points or 1.73% to 63,268, the Shanghai Index fell -49 points to 3,648, the Korean Kospi gained 3.47% to 881 and the Hang Seng Index fell -170 points to 23,041. In Europe, the German DAX is down -17 points to 25,393, while the FTSE 100 falls -99 points to 10,668. Treasury yields are flat ahead of tomorrow’s FOMC rate meeting, but overall, the 10y yield is down more than 30bps in October and set to snap a seven month rising streak, after the AI selloff, the crisis in France and tensions in the Middle East all drew demand into US government debt. Oil prices fell overnight as senior officials from several countries met in Iran in a bid to revive talks and prevent a broader escalation, but have since reversed higher, with Brent above $116 per barrel. Gold futures fell after recovering Monday as softer oil prices eased inflation concerns following last week's sharp losses.

• The Dow Jones Industrial Average rose 146.42 points, or 0.28%, to 52,361.58
• The Nasdaq Composite gained 214.04 points, or 0.82%, to 26,169.38
• The Russell 2000 Index advanced 10.53 points, or 0.38% to 2,786.43

• 8:30 AM ET                   Durable Goods Orders M/M for September…est. +1.7%
• 8:55 AM ET                   Johnson/Redbook Weekly Sales
• 9:00 AM ET                   Monthly Home Prices M/M for August
• 9:00 AM ET                   CaseShiller 20-city index for August…est. +0.3%
• 10:00 AM ET                 Consumer Confidence for October…est. 81.0
• 10:00 AM ET                 New Home Sales M/M for September…est. 650K
• 10:00 AM ET                 Richmond Fed Index for October…prior (-2)
• 1:00 PM ET US Treasury to sell $70B in 5-year notes
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: AAT ACGL APAM BANC BBAI BBNX BKR BOOM BUSE BXP CAKE CHE CR CSGP CTO CZR ENPH EQT ESS EXE EXLS EXR FCF FE FFBC FFIV HAFC HIW HOOD ICLR INTA IVT KIDS LOGI LPLA LSTR LUNG MANH MCRI MIR NBHC NBR NOV NTB NXPI OCFC OI OKE ORN PDS PPG RBBN RNR ROG RRC RUSHA SKHY ST STAG STX TER TRMK UCTT UHS UMBF V VTR WERN WM WPC ZWS

• South Korean GDP printed +1.0% QoQ in Q3 (est. +0.8%, prev. +0.6%), YoY slowed to +3.4% (est. +3.1%, prev. +3.7%). Chip capex and exports led the period. Facilities investment rose +4.1% QoQ (prev. +0.2%) on semiconductor manufacturing equipment, and exports rose +2.3% (prev. +1.3%).
• The United States and Canada are negotiating potential relief from U.S. tariffs on Canadian steel and automobiles, Reuters reported Monday. The discussions cover duties of up to 50% on steel and 25% on autos, with a possible agreement ahead of the November 3 elections. Progress could affect manufacturers and other companies exposed to cross-border trade.

• JetBlue (JBLU) Q3 adj. EPS ($0.60) vs. est. ($0.54) (miss); revenue $2.812B vs. est. $2.83B (miss); operating margin -5.1%; Q4 ASM growth guidance 3%-4%, RASM growth 18%-22%, operating margin expansion 100-200bps YoY, fuel $4.64/gallon and CAPEX $300Mm; FY26 ASM growth guidance 1.5%-2.5%, RASM growth 13.5%-14.5% and fuel $3.95/gallon; targets at least $1 EPS and positive FCF in 2028.
• PriceSmart (PSMT) Q4 EPS $1.21 vs. est. $1.27 (miss); revenue $1.52B vs. est. $1.46B (beat); net merchandise sales $1.48B; operating Income $57Mm; adj. EBITDA $83.5Mm vs est $84.78Mm.
• Royal Caribbean (RCL) Q3 adj EPS $6.57 vs. est. $6.38 and revs $5.59B vs. est. $5.61B; guides Q4 EPS $3.48-$3.58 which is below consensus of $3.65 and guides year EPS $17.85-$17.95 vs. est. $17.79; said 2027 bookings are pacing ahead of historical levels at higher rates; said since last earnings call, booking volumes have increased in mid-teens across all major channels.
• Whirlpool Corp. (WHR) Q3 adj EPS loss (-$0.21) vs. est. $1.01; Q3 revs fell -8.8% y/y to $3.68B vs. est. $3.93B, hurt by an -8.3% decline in 3Q net sales from its North American major domestic appliances segment; announced a 7% Q4 price hike in its North America major domestic appliances segment in its earnings release; cuts its full-year sales guidance by $500M to around $14.5B following the 3Q results.

• Philips Edison (PECO) Q3 core FFO/share $0.71 vs est $0.69; revenue $193.1Mm vs est $191.74Mm; rental Income $188.9Mm; core FFO $100.7Mm; raised FY26 EPS guidance to $1.21-$1.24 vs est $0.90; closed $350Mm three-year unsecured term loan; FY outlook core FFO/SHR $2.75-2.79 vs est $2.77.

• Cincinnati Financial (CINF) Q3 adj. EPS $2.86 vs. est. $1.99 (beat); revenue $3.047B vs. est. $3.029B (beat); combined ratio 90.9%; underwriting profit $240Mm; adj. operating Income $443Mm; quarterly dividend/share $0.94.
• Hartford Financial (HIG) Q3 adj. EPS $3.50 vs. est. $3.18 (beat); revenue $7.22B vs est $7.37B (miss); book value/diluted share $68.31; quarterly common dividend/share increased 12%.
• Northwest Bancshares (NWBI) Q3 adj. EPS $0.35 vs. est. $0.34 (beat); NII $148.95Mm vs est $151.31Mm (miss).
• Principal Financial Group (PFG) net income attributable to shareholders more than doubled y/y to $631.9M and Q3 adj net income $354.8M; Q3 AUM net cash flow swung to an outflow of $10.7 billion from an inflow a year earlier; Q4 common stock dividend rose 8% year over year to $0.85 per share, payable December 18.

• Moderna (MRNA) downgraded to Market Perform from Outperform at William Blair citing valuation for the downgrade with the stock up 545% year-to-date. The firm still believes the interim INTERPATH-001 data of intismeran in combination with pembrolizumab in adjuvant melanoma is supportive of a potential new standard of care if the personalized neoantigen vaccine can be rolled out commercially by both Merck (MRK) and Moderna.

• Greenbriar (GBX) Q4 adj. EPS $0.39 vs. est. $0.76 (miss); revenue $591Mm vs. est. $605.1Mm (miss); adj. EBITDA $72.3Mm vs est $77.92Mm (miss); FY27 EPS guidance $2.75-$3.75 vs. est. $3.63 (midpoint below); revenue guidance $2.8B-$3.2B vs. est. $2.682B (above); operating margin guidance 7%-7.5%.
• Nucor Corp. (NUE) Q3 EPS $5.80 vs est $5.92 (miss); sales $11.250B vs. est. $10.834B (beat); EBITDA $2.28B vs est $2.243B (beat(; Steel mills shipments 7.23M tons; total tons shipped to outside customers down 1%.
• Simpson Manufacturing (SSD) Q3 adj EPS $2.68 vs. est. $2.52; Q3 sales rose to $638.1M vs. est. $625.38M; Q3 operating expenses fell 6% y/y to $150.5M; announced a new $1 billion stock repurchase authorization supersedes the prior $200 million authorization; sees FY 2026 operating margin is projected at 20%–20.5%, including an $11 million gain from a vacant-land sale.
• UPS Corp. (UPS) Q3 adj EPS $1.69, vs. consensus $1.62 and revs rose 6.7% y/y to $22.9B vs. est. $22.28B; raises FY26 adjusted EPS view to $7.28 from $7.22 (est. $7.20) and boosts FY26 revenue view to about $92.6B from approximately $91.2B (est. $91.74B); raises FY26 adjusted free cash flow view to $6.1B from $5.5B.

• Brixmor (BRX) Q3 Nareit FFO/share $0.60 vs. est. $0.59 (beat); revenue $359.598Mm vs. est. $354.875Mm (beat); Nareit FFO $184.6Mm; occupancy reached record highs; raised FY26 FFO/share outlook to $2.36-$2.38 vs est $2.36; dividend increased 7.3%; reported Q3 dividend/share $0.33; long-term same-property NOI growth target at least 4%.
• Public Storage (PSA) Q3 core FFO/share $4.34 vs est $4.26 (beat); revenue $1.37B vs est $1.323B (beat); raised FY26 core FFO/share guidance to $16.90-$17.10 vs est $16.92; increased FY26 same-store NOI outlook by 90bps.
• Welltower (WELL) Q3 FFO $1.68, rising 24.6% y/y, Q3 sales $3,716B vs. est. $3.728B, and Q3 same store NOI grew 15.8%, driven by 21% growth in seniors housing operating portfolio; raised 2026 normalized FFO per diluted share guidance to $6.47-$6.53 from $6.36-$6.44, driven by seniors housing operating outperformance and investment activity; Seniors housing same-store NOI growth is forecast at 21%, up from 20%; total portfolio growth guidance increased to 15.6% from 14.9%.

• Amkor Technologies (AMKR) Q3 EPS $0.76 misses the $0.78 consensus and sales $1.99B vs. est. $2.04B; sees Q4 sales $1.9B-$2.0B vs. est. $2.04B and EPS $0.65-$0.75 vs. est. $0.77; guides full year capex view about $2.5B.
• Applied Materials (AMAT) to increase its strategic investment in Be Semiconductor (BESIY) to about 20% of shares; said does not intend to increase  investment beyond 20% or seek board representation.
• Broadcom (AVGO) upgraded to Buy at DA Davidson after Anthropic S1 and raised tgt to $400 from $350 saying reading the Anthropic S1 leads it to believe the IPO will proceed, Anthropic will raise its capital, and next year OpenAI will raise more capital in its own IPO, allowing Broadcom to meet its expectations for the next couple of years.
• Cadence Design Systems (CDNS) Q3 adj. EPS $2.11 vs. est. $2.05 (beat); revenue $1.633B vs. est. $1.613B (beat); adj. operating margin 44.1%; Q4 adj. EPS guidance $2.19-$2.25 vs est $2.03; FY26 adj. EPS guidance $8.37-$8.43 vs. est. $8.15 (above); revenue guidance $6.387B-$6.417B vs. est. $6.32B (above); adj. operating margin guidance 44.2%-45.2%.
• Celestica (CLS) Q3 adj EPS $3.30 vs. est. $2.99; Q3 revs rose 83% y/y to $5.83B vs. est. $5.483B; Q3 adj Ebit margin 8.5%; guides Q4 adj EPS $3.37-$3.57 vs. est. $3.50; sees Q4 revenue $6.275B-$6.575B vs. est. $6.437B due to higher than anticipated customer demand; plans new share buyback program, pending regulatory approval; raises 2026 revenue outlook to $21.0B from $20.5B.
• Cisco Systems (CSCO) expands partner opportunity with new Cisco 360 program updates, high yield customer experience offerings, and Ai-ready innovations
• Intel (INTC) announced that it has entered into a definitive agreement to acquire Classiq, a provider of quantum computing software.
• Meta Platforms (META) said it increased its largest-ever equity fundraising to $97.5 billion as the social media giant aggressively expands its AI infrastructure; said it was increasing the common stock offering it announced on Monday from $22.5 billion to $25 billion, priced at $625.00 per share. Meta also priced its 250 million depositary shares at $50 per share.
• Nvidia (NVDA) and Meta (META) said they would deepen their partnership on the Muse AI assistant and related AI models, with Nvidia investing $3 billion in the Facebook parent's equity offering. Meta's Muse models and agents, which run on Nvidia infrastructure, will work more closely with the chipmaker to improve performance and reduce costs.
• Rambus Inc. (RMBS) Q3 EPS $0.84 vs. est. $0.79; Q3 revs rise 22% y/y to $218.3M vs. est. $213.0M; sees Q4 EPS $0.84-$0.92 vs. est. $0.84 and sees Q4 revenue $227M-$233M vs. consensus $224.8M; sees Q4 product revs $127M-$133M; Product and IP offerings expanded for next-generation AI systems, including power-management chips and data center security IP

Mid-Morning Look

Tuesday, October 27, 2026

U.S. stocks open mixed against a heavy Tuesday earnings slate, with the Nasdaq Composite outperforming early behind Technology (XLK) adding to the prior day gains, but still remains the biggest decliner in the S&P in October still (down -4% this month). Markets are likely to be choppy today and tomorrow morning as investors parse through a glut of earnings results and await tomorrow’s FOMC policy meeting where no changes are anticipated for interest rates. This morning several high profile earnings reports as Boeing (BA) weighs on the blue chip Dow while UPS results help and KO posted better results but shares little changed. Treasury yields are little changed to slightly higher, with the 10-year at 5.00% and the 30-year up half a basis point to 5.306%, while the dollar index (DXY) gains 0.27% to 102.23, gold adds $17.00 to $4,055.40, and bitcoin is flattish around $80K. Technology (XLK +0.72%) and Industrials (XLI +0.26%) lead the S&P sectors while Energy (XLE -0.80%), Real Estate (XLRE -0.67%) and Consumer Staples (XLP -0.54%) lag. Oil prices swung as renewed U.S.-Iran diplomacy raised hopes for a Mideast deal, with Trump weighing negotiation against further military action. In tech, META said it increased its largest-ever equity fundraising to $97.5 billion as the social media giant aggressively expands its AI infrastructure; said it was increasing the common stock offering it announced on Monday from $22.5 billion to $25 billion, priced at $625.00 per share. Meta also priced its 250 million depositary shares at $50 per share. Key earnings on deck tonight include Visa (V), Robinhood (HOOD)  in financials, and a handful of tech names including STX, TER, NXPI, and FFIV.

• U.S. Consumer Confidence Index increased to 91.7 in October vs. 80.4 consensus and 84.2 in September (revised from 81.9). Present Situation Index: 120.4, up by 8.6 points and the Expectations Index at 72.6, up 6.9 points.
• Sept single-family home sales posted a 676K unit ann. Rate vs. consensus 650K; Sept single-family home sales -0.6%; Sept home sales Northeast +28.0%, Midwest -7.3%, south -6.6%, West +21.4%; US Sept new home supply 8.4 months' worth at current pace vs Aug 8.5 months
• House prices rose 0.3% after a downwardly revised 0.2% gain in July, the Federal Housing Finance Agency said on Tuesday. Prices were previously reported to have climbed 0.3% in July. They increased 2.4% in the 12 months through August, after advancing 2.5% year-on-year in July. Monthly house prices increased in five of the nine census regions in August, rising 2.1% in the East South Central region. On a year-over-year basis, prices increased in all nine regions, with the East North Central region posting a 4.4% jump.

• Hotels & Cruise lines sector: HLT shares fall despite a Q3 beat and a raised FY26 systemwide RevPAR growth forecast to 4.0%-4.5% from 3.0%-3.5%, as the CEO flagged the Middle East as "a little more beaten up than we thought" RCL shares rise after Q3 adjusted EPS of $6.57 topped the $6.38 estimate and the company raised FY26 adjusted EPS guidance to $17.85-$17.95, saying 2027 bookings are pacing ahead of historical levels at higher rates.
• Payments & consumer finance sector: SOFI rises after Q3 EPS/revenue beat estimates with a record 1.2M new members added in the quarter and FY26 adjusted revenue guidance of $5.04B raised above the $4.87B estimate; PYPL shares dipped early even after raising its FY26 adjusted EPS view to about $5.60 from about $5.38, as Q3 revenue of $8.58B missed the $8.71B estimate.

• CLS +9%; surges on beat and raise as Q3 adj EPS $3.30 vs. est. $2.99; Q3 revs rose 83% y/y to $5.83B vs. est. $5.483B; and guides Q4 revs $6.275B-$6.575B vs. est. $6.437B due to higher than anticipated customer demand; plans new share buyback program, pending regulatory approval; raises 2026 revenue outlook to $21.0B from $20.5B
• GM +5%; shares bounced after saying it would transfer the listing of its common stock to Nasdaq from the New York Stock Exchange, joining a growing number of companies looking to align themselves with the heavy tech exchange.
• JBLU +20%; as raised its FY seat revenue growth forecast to 13.5%-14.5% from 10%-12.5% previously; expects Q4 margins to expand further despite significantly higher fuel costs, and citing higher fares and co's expansion of flights from Fort Lauderdale, Florida.
• MFIC +22%; as ARCC said it will buy Apollo's MFIC in a stock-and-cash deal with an enterprise value of about $2.6 billion; MidCap shareholders will receive $10.88 per fully diluted share, comprising about $1.21 in cash and $9.67 in Ares Capital stock.
• RCL +5%; on earnings as Q3 adj EPS $6.57 vs. est. $6.38 and revs $5.59B vs. est. $5.61B; guides Q4 EPS $3.48-$3.58 which is below consensus of $3.65 and guides year EPS $17.85-$17.95 vs. est. $17.79; said 2027 bookings are pacing ahead of historical levels at higher rates.
• SOFI +11%; Q3 EPS and revs rose 44% y/y, topping consensus ($0.18/$1.385B vs. est. $0.17/$1.26B); Fee-based revenue reached $570.6 million, representing 42% of total revenue; said it has added a record 1.2Mm members during the quarter, bringing its total count up 35% y/y to 17.1 million members; guides 20206 EPS $0.61 on revs $5.04B above ests. $0.60/$4.87B.
• UPS +2%; beat and raise as Q3 adj EPS $1.69, vs. consensus $1.62 and revs rose 6.7% y/y to $22.9B vs. est. $22.28B; raises FY26 adjusted EPS view to $7.28 from $7.22 (est. $7.20) and boosts FY26 revenue view to about $92.6B from approximately $91.2B (est. $91.74B).

• AWI -6%; after the company cut the upper end of FY26 adj. EPS forecast to $8.30-$8.40, from prior forecast of $8.3-$8.50 and posted Q3 adj. EPS of $2.26, below analysts' estimates of $2.39 saying rising inflationary pressures/timing-related mix headwinds in its mineral fiber sales hurt results.
• HLT -5%; despite a Q3 beat and a raised FY26 systemwide RevPAR growth forecast to 4.0%-4.5% from 3.0%-3.5%, as the CEO flagged the Middle East as "a little more beaten up than we thought"
• SHW -4%; reported Q3 adj EPS $3.63, below consensus of $3.69 while revs rose 7.9% y/y to $6.86B, slightly beating expectations by $80M; Q3 net income fell 1.5% to $821M; Q3 SG&A expenses rise 6% to $2.07B and narrows FY adj EPS view to $11.85-$12.15 from $11.80-$12.20.
• UNF -15%; after Semafor's Rohan Goswami said via X that, "FTC has told Cintas-Unifirst they will sue to block $5b deal (shares of CTAS also pulled back).
• WHR ; as Q3 adj EPS loss (-$0.21) vs. est. $1.01; Q3 revs fell -8.8% y/y to $3.68B vs. est. $3.93B, hurt by an -8.3% decline in 3Q net sales from its North American major domestic appliances segment and cuts its full-year sales guidance by $500M to around $14.5B following the 3Q results.

Closing Recap

Tuesday, October 27, 2026

U.S. stock markets were higher as energy prices slipped and investors positioned themselves ahead of the FOMC rate meeting tomorrow and key earnings releases in the next few days, as tech (XLK, QQQ) rebounded alongside a solid bounce in Smallcaps. The Dow Jones Industrial Average slipped amid weakness in Boeing (BA) after results/commentary, while the other major stock indexes traded higher paced by gains in Tech, Industrials Consumer Discretionary and Materials, while defensive sectors REITs , Consumer Staples lagged and Energy (XLE) fell over 2%. Meanwhile, the Federal Reserve's two-day policy meeting kicked off as consumer confidence came in better than expected on the stock market today. In data today, Consumer confidence jumped in Oct to highest level since Jun as both present situation and expectations indexes rebound on gas prices and inflation expectations easing.

All eyes on the Fed tomorrow after the FOMC raised rates in September for the first time in three years to combat higher inflation. Traders are now pricing in an 83% probability of a US rate hike in December, according to the CME's FedWatch Tool, but a very low probability of any changes at tomorrow’s meeting. Investors also await US Personal Consumption Expenditures data, the gauge the Fed watches most closely, due on Thursday as it targets 2% inflation. Earnings reports from hyperscalers Alphabet (GOOGL), Microsoft (MSFT) and Amazon.com (AMZN) are due this week and will be watched for more signs of spending and growth on the AI front. Speaking of, the AI sector rebounded partially after a dreadful October thus far, as the SOX index and key data center plays rallied.

• U.S. Consumer Confidence Index increased to 91.7 in October vs. 80.4 consensus and 84.2 in September (revised from 81.9). Present Situation Index: 120.4, up by 8.6 points and the Expectations Index at 72.6, up 6.9 points.
• Sept single-family home sales posted a 676K unit ann. Rate vs. consensus 650K; Sept single-family home sales -0.6%; Sept home sales Northeast +28.0%, Midwest -7.3%, south -6.6%, West +21.4%; US Sept new home supply 8.4 months' worth at current pace vs Aug 8.5 months
• House prices rose 0.3% after a downwardly revised 0.2% gain in July, the Federal Housing Finance Agency said on Tuesday. Prices were previously reported to have climbed 0.3% in July. They increased 2.4% in the 12 months through August, after advancing 2.5% year-on-year in July. Monthly house prices increased in five of the nine census regions in August, rising 2.1% in the East South Central region.

• Ahead of tomorrow’s FOMC meeting where no rate hike is expected, December gold climbed $36.20, or +0.90%, to settle at $4,074.60 an ounce while December silver rises $0.17, or +0.32%, to finish the day at $54.51 an ounce. Traders are now pricing in an 83% probability of a US rate hike in December, according to the CME's FedWatch Tool. Investors also await US Personal Consumption Expenditures data, due on Thursday as it targets 2% inflation.

• Specialty retailers/Appliances: WHR earnings results/guidance weak as Q3 adj EPS loss (-$0.21) vs. est. $1.01; Q3 revs fell -8.8% y/y to $3.68B vs. est. $3.93B, hurt by an -8.3% decline in 3Q net sales from its North American major domestic appliances segment and cuts its full-year sales guidance by $500M to around $14.5B following the 3Q results (shares fell initially before recovering).
• Building products/homebuilders: AWI shares fell as cut the upper end of FY26 adj. EPS forecast to $8.30-$8.40, from prior forecast of $8.3-$8.50 and posted Q3 adj. EPS of $2.26, below analysts' estimates of $2.39 saying rising inflationary pressures/timing-related mix headwinds in its mineral fiber sales hurt results.
• Uniform sector: shares of UNF tumbled after Semafor reported that the FTC reportedly plans lawsuit to block $5 billion merger with CTAS. The FTC has reportedly informed the companies it intends to sue to block the proposed transaction. The potential legal challenge threatens completion of the $5B deal. https://tinyurl.com/2upstd5a

• Casinos & Gaming: Reuters reported this afternoon that a US regulator is probing whether prediction market operator Polymarket violated a 2022 agreement to bar U.S. users. The Commodity Futures Trading Commission (CFTC) is probing Polymarket' S controls, advertising activity in the United States per the report (DKNG, FLUT shares bounced on headlines).
• Cruise sector: RCL rose on results as Q3 adj EPS $6.57 vs. est. $6.38 and revs $5.59B vs. est. $5.61B; guides Q4 EPS $3.48-$3.58 which is below consensus of $3.65 and guides year EPS $17.85-$17.95 vs. est. $17.79; said 2027 bookings are pacing ahead of historical levels at higher rates; said since last earnings call, booking volumes have increased in mid-teens across all major channels.
• Online travel & Lodging: Keybanc previewed the sector saying they expect 3Q results to come in above consensus across ABNB, BKNG, and EXPE, supported by resilient travel demand despite elevated oil prices and persistent geopolitical tensions. The macro backdrop could drive conservative forward outlooks, putting greater emphasis on company-specific execution. Key areas of focus include ABNB's core homes growth and scaling of hotels, BKNG's Connected Trip progress and marketing efficiency, and EXPE's B2C turnaround, B2B investment.
• Leisure sector: in golf industry (CALY, GOLF), Based on Truist's sample data set, U.S. Golf Equipment retail sales were +2.7% Y/y in September versus August's -6.4% result and July's -2.6%. September's result was more in-line to the LSD-MSD growth Truist saw earlier this year. Two-year Equipment stack sales accelerated 310 bps M/m in September to +8.0%. PII shares jumped on results as Q3 sales $2.043B topped est. $1.902B and adj EPS $1.08 beat est. $0.60; guides FY adj EPS $3.50-$3.60 above est. $3.06.

• Energy sector: oil prices were modestly lower early, weighing on the complex ahead of key earnings later this week (XOM, CVX, COP); refiners were notable laggards, with shares of DINO, DK, MPC, PSX, PBF and VLO all falling sharply (group has been making all time highs for months on surging diesel prices and improving crack spread margins). Weakness today likely a sector-wide reaction to easing US-Iran tensions, falling oil prices, and pressure on the extreme crack spreads that drove their huge 2026 rally. The group remains highly leveraged to crack spreads (especially distillate) and geopolitical risk.

• FinTech sector: PYPL lifted its full-year outlook and reported higher revenue y/y in Q3 to $8.58B but below est. $8.71B (though EPS missed); Q3 Transaction margin dollars were up 2% to $3.95B and total payment volume rose 6% to $487.14B; said it now expects full-year adjusted earnings of around $5.60 a share, up from a previous view of around $5.38 a share. Visa (V) is expected to report earnings after the close (coming off recent all-time highs).
• Lending sector: SOFI Q3 EPS and revs rose 44% y/y, topping consensus ($0.18/$1.385B vs. est. $0.17/$1.26B); Fee-based revenue reached $570.6 million, representing 42% of total revenue; said it has added a record 1.2Mm members during the quarter, bringing its total count up 35% y/y to 17.1 million members; guides 20206 EPS $0.61 on revs $5.04B above ests. $0.60/$4.87B.

• PECO reported 3Q26 Core FFO of $0.71, +$0.02 vs. consensus, and management raised FY26 guidance by $0.01 at the midpoint. Underlying fundamentals strengthened, with SSNOI growth accelerating to 5.3% from 3.8%, healthy leasing, and improved occupancy.
• PSA reported a $0.09 Core FFO beat vs. consensus, and management raised FY26 guidance by 0.6% at the midpoint. More importantly, fundamentals continue to improve, despite a lackluster housing environment, with 3Q trends exceeding PSA’s early September update and move-in rents accelerating. SSREV/SSNOI guidance increased 50bps/90bps, respectively.
• WELL 3Q26 nFFO beat consensus by ~2%, while FY26 guidance increased 1.6%, which is ~1% above consensus, supporting upside to 2026-27 estimates. SHO SSNOI growth rose 21% y/y on continued occupancy gains and improving RevPOR growth, resulting in 100 bps and 75 bps increase to SHO and total SSNOI guidance, respectively.

• ARTV shares tumbled after the company scrapped development of its experimental cell therapy AlloNK after a review of clinical data and two patient deaths in studies. AlloNK was being evaluated in combination with rituximab in rheumatoid arthritis and other autoimmune diseases; the company is also reducing its workforce by ~94% and evaluating strategic alternatives.
• MRK said patients receiving Sacituzumab tirumotecan, known as sac-TMT, lived a median of 19 months, compared with 12.1 months for those given chemotherapy, according to results from a late-stage study.
• MRNA was downgraded to Market Perform at William Blair citing valuation for the downgrade with the stock up 545% year-to-date. The firm still believes the interim INTERPATH-001 data of intismeran in combination with pembrolizumab in adjuvant melanoma is supportive of a potential new standard of care if the personalized neoantigen vaccine can be rolled out commercially
• NVS recorded about $2.2B in charges related to two drugs that failed in late-stage studies last month, even as it boosted its full-year profit expectations; Q3 operating income fell 61%, hurt by higher research and development costs and a $1.9B partial impairment charge; still raised its full-year core operating income guidance to low single-digit percentage growth, compared with the low single-digit decline previously expected.
• PFE said Elrexfio met the primary endpoint in the Phase 3 MagnetisMM-32 trial, outperforming standard regimens in relapsed or refractory multiple myeloma; treatment reduced the risk of disease progression or death in patients previously treated with anti-CD38 therapy and lenalidomide. No new safety signals emerged, though severe infections were more frequent with Elrexfio than with comparator treatments.
• VNDA announces positive results from study 3601 of Nereus™ (Tradipitant) for prevention of glp-1-induced vomiting; Nereus reduces any vomiting to 43.0% vs 58.5% placebo, 27% relative reduction and was generally well tolerated with no new safety signals observed.

• Managed Care sector: CNC reported 3Q results, with revs of $50.7B (vs. $47B consensus), with HBR 20 bps lower than cons and SG&A 70 bps better, EPS $0.58 (vs. $0.10 consensus). Marketplace MBR missed cons by 190 bps balanced by better MA/PDP performance. Guidance was raised to EPS greater than $5.20 (vs. greater than $4.80 prior), with HBR guidance now expected to be 90.4% to 91.1% (vs. 90.5% to 91.3% prior).
• CRO sector: IQV 3Q results were modestly ahead, with revs of $4.43B (vs. $4.37B consensus) with adj EBITDA of $1.03B (vs. $1.01B est.), book to bill was 1.2x (vs. 1.17x cons) and bookings +15% y/y. The company tweaked guidance higher, now expecting EBITDA of $4.025B to $4.055B (vs. $4B to $4.05B prior) and EPS to $12.90 to $13 (vs. $12.80 to $13 prior). 

• Industrials sector: JCI beats Q4 profit and revenue estimates, driven by strength in its Applied HVAC & Controls business and sustained demand from data centers, while guided FY EPS in the range of $6.15 to $6.30, the midpoint of which is above Wall Street expectations of $6.16; ITW misses Q3 revenue estimates ($4.24B vs. $4.26B estimate) while quarterly net income came in at $855M, above expectations of $847.1M and raises full-year 2026 EPS guidance; PCAR reported both a top and bottom line Q3 beat in heavy duty truckers. HUBB shares fell despite Q3 EPS/rev beat as margin concerns outweigh Q3 earnings/also raises FY26 adjusted EPS outlook to $20.40-$20.60 from $20.25-$20.55
• Aerospace sector: BA shares tumbled after posted a Q3 core loss of (-$0.34) vs. est. loss (-$0.20) while revs $24.19B compared to $24.37B estimate as supply-chain ‌challenges, production delays in its commercial airplane division overshadows bigger margins across rest of the company; Commercial Airplanes' revenue dipped slightly to $10.7B with an operating loss of $697M and a margin of -6.5%; shares of parts suppliers such as CRS, ATI were volatile as well to the downside as Boeing said on its c/c they will be 'shy' of 737 production target.

• Metals & Mining sector: in steel sector, NUE 3Q adj EPS of $5.80 vs. Street $5.84, and the guidance range of $5.55-$5.65 provided in mid-September; posted strong Steel Products (Fabrication) and Raw Materials earnings, while strong Steel Mills earnings were in line; 3Q EBITDA was ~$2.23B vs. our estimate of $2.24B, up ~14% q/q vs. 2Q26's $1.97B and up ~80% y/y.

• DeepSeek's latest Ai model showed stronger safety controls in Independent tests than earlier versions, but could still disable software intended to shut it down, exploit gaps in monitoring and follow deceptive instructions during long tasks, according to a Chinese Ai-safety group. Start-up DeepSeek is one of China's most closely-watched artificial Intelligence companies, and its models have drawn global attention for their performance and relatively low operating costs – Reuters.
• Data Center and Neocloud stocks saw a notable rebound today, helped by commentary out of CLS in EMS sector, with shares of CRWV, NBIS, IREN, HUT, CIFR and others rebounding.

• Optical sector: GLW Q3 core EPS $0.91 tops est. $0.88 on core sales rising 19% y/y to $5.08B vs. est. $5.02B; guides core EPS $0.96-$1.00 above consensus $0.92 and revenue $5.2B-$5.3Bvs. consensus $5.21B; said expect to grow earnings faster than sales, with significantly higher ROIC and substantially more free cash flow.
• Software sector: GWRE agreed to acquire Hyperexponential for a base purchase price of $1.7B in cash, subject to adjustments, and up to an additional $400M in contingent consideration based on achievement of specified recurring revenue targets. HUBS was downgraded to Neutral at UBS as checks point to a more mixed near-term setup, with uneven SMB and new-logo demand, nascent Ai monetization, intensifying competition down-market. Rosenblatt said heading into Q3 2026 earnings season, expects a "slight beat" from FTNT and downgraded OSPN to Neutral. AGYS reported beat and raise as total rev, Sub rev, and EBITDA all topped consensus, but given rally in shares into print, Cantor said guidance was not raised enough to boost shares further.
• EDA sector: CDNS delivered strong Q3 results on broad-based strength and raised its full-year guidance meaningfully ($79M/1.3%) with only one quarter remaining in the year and it comes on the heels of the Company's largest ever guidance increase last quarter. Despite the strong guide raise, Q4 revenue growth still implies a deceleration.

• AMKR shares rose early after mixed results for Q3 and guided Q4 slightly below the Street. While 2.5D/HDFO programs remain on track, smartphone/consumer demand further downticked, as one major customer further cut production over the past quarter due to component shortages. Management remains upbeat on 2.5D/HDFO programs and expects to raise CAPEX next year
• AVGO was upgraded to Buy at DA Davidson after Anthropic S1 and raised tgt to $400 from $350 saying reading the Anthropic S1 leads it to believe the IPO will proceed, Anthropic will raise its capital, and next year OpenAI will raise more capital in its own IPO, allowing Broadcom to meet its expectations for the next couple of years.
• AMAT said to increase its strategic investment in Be Semiconductor (BESIY) to about 20% of shares; said does not intend to increase  investment beyond 20% or seek board representation.
• SMCI backed neocloud Computing firm Argentum Ai is in talks to secure a $5B financing deal for Ai chips with a major private credit firm, according to two people familiar with the matter, reported Reuters. Argentum has secured more than $12B in contracted revenue, the person said

Street Recommendations

Tuesday, October 27, 2026

• VZ Barclays lowered the firm's price target on Verizon to $44 from $46 and keeps an Equal Weight rating on the shares following the Q3 report. Verizon's operating momentum continues but growth mix changes will come with potential trade-offs in 2027, the analyst tells investors in a research note.

• TJX BofA lowered the firm's price target on TJX to $170 from $175 and keeps a Buy rating on the shares. The firm, which is cutting off-price retailer estimates to reflect higher freight costs that will pressure FY27 margins as contracts renew, is reducing FY27 estimates for TJX by 3%, for Ross by 3%, and for Burlington by 6% to reflect 60 basis points of incremental gross margin pressure.
• ROST BofA lowered the firm's price target on Ross Stores to $258 from $265 and keeps a Buy rating on the shares. The firm, which is cutting off-price retailer estimates to reflect higher freight costs that will pressure FY27 margins as contracts renew, is reducing FY27 estimates for TJX by 3%, for Ross by 3%, and for Burlington by 6% to reflect 60 basis points of incremental gross margin pressure.
• BURL BofA analyst Lorraine Hutchinson lowered the firm's price target on Burlington Stores to $344 from $365 and keeps a Buy rating on the shares. The firm, which is cutting off-price retailer estimates to reflect higher freight costs that will pressure FY27 margins as contracts renew, is reducing FY27 estimates for TJX by 3%, for Ross by 3%, and for Burlington by 6% to reflect 60 basis points of incremental gross margin pressure.
• CLW BofA analyst George Staphos lowered the firm's price target on Clearwater Paper to $21 from $25 and keeps a Neutral rating on the shares. Given guidance, higher maintenance cost in Augusta, increased interest expense, and a continued assumption that the second price hike doesn't fully reach $60/ton, the firm trimmed its 2026 EBITDA and EPS forecasts, the analyst tells investors.

• CDNA BTIG analyst Mark Massaro raised the firm's price target on CareDx to $81 from $74 and keeps a Buy rating on the shares as part of a broader research note previewing Q3 for Life Science and Diagnostic Tools. Trading volatility has been elevated in recent weeks and months, but the industry has been one of the strongest-performing areas within healthcare year-to-date, driven by strong fundamentals - including volumes, average sales prices, and improving profitability - as well as growing appreciation for the role that diagnostics plays with innovative therapeutics, some premium M&A, and some belief in an AI trade, the analyst tells investors in a research note.
• GH BTIG analyst Mark Massaro raised the firm's price target on Guardant Health to $210 from $195 and keeps a Buy rating on the shares as part of a broader research note previewing Q3 for Life Science and Diagnostic Tools. Trading volatility has been elevated in recent weeks and months, but the industry has been one of the strongest-performing areas within healthcare year-to-date, driven by strong fundamentals - including volumes, average sales prices, and improving profitability - as well as growing appreciation for the role that diagnostics plays with innovative therapeutics, some premium M&A, and some belief in an AI trade, the analyst tells investors in a research note.
• NTRA BTIG raised the firm's price target on Natera to $430 from $320 and keeps a Buy rating on the shares as part of a broader research note previewing Q3 for Life Science and Diagnostic Tools. Trading volatility has been elevated in recent weeks and months, but the industry has been one of the strongest-performing areas within healthcare year-to-date, driven by strong fundamentals - including volumes, average sales prices, and improving profitability - as well as growing appreciation for the role that diagnostics plays with innovative therapeutics, some premium M&A, and some belief in an AI trade, the analyst tells investors in a research note.

• PAYC Citi analyst Steven Enders raised the firm's price target on Paycom to $279 from $194 and keeps a Neutral rating on the shares. The firm updated models in the application software group as part of a Q3 earnings preview. Citi says sentiment across payroll software has improved due to easing AI disintermediation and labor market concerns. However, the recent share "raises the bar into earnings," the analyst tells investors in a research note. Citi continues to prefer Paylocity and remains cautious on Paycom.
• PCTY Citi raised the firm's price target on Paylocity to $208 from $168 and keeps a Buy rating on the shares. The firm updated models in the application software group as part of a Q3 earnings preview. Citi says sentiment across payroll software has improved due to easing AI disintermediation and labor market concerns. However, the recent share "raises the bar into earnings," the analyst tells investors in a research note. Citi continues to prefer Paylocity and remains cautious on Paycom.
• MELI Citi upgraded MercadoLibre to Buy from Neutral with a price target of $2,050, down from $2,100. The recent share selloff creates an attractive entry point, the analyst tells investors in a research note. Citi expects MercadoLibre to grow "materially faster" than the local consumer markets and believes competitors will be hindered by higher interest rates in Brazil. According to TipRanks, Citi has a 4-star analyst on MercadoLibre. [View TipRanks Star Ranking]:[https://www.tipranks.com/experts/analysts/joao-soares]
• HUBS Citi analyst Tyler Radke raised the firm's price target on HubSpot to $287 from $210 and keeps a Neutral rating on the shares ahead of the Q3 earnings report. Citi its channel checks on HubSpot have been mixed throughout the quarter. Partners continue to show caution on scaled deployments, the analyst tells investors in a research note. The firm cites stronger profitability expectations post HubSpot's analyst day targets for the target boost.
• DOCN Citi sees a "compelling" risk/reward setup for DigitalOcean into the Q3 earnings report on November 3 with the shares down 25% in October. Citi believes DigitalOcean is in a "fundamentally different operating position" relative to neoclouds. DigitalOcean has an improved balance sheet, limited customer concentration, and shorter-duration contracts, the analyst tells investors in a research note. Citi keeps a Buy rating on the shares with a $190 price target.

• OXY Goldman Sachs raised the firm's price target on Occidental to $76 from $69 and keeps a Buy rating on the shares. Energy stocks have outperformed ahead of Q3 earnings, with oil E&Ps rising 14% as 2027-28 WTI futures climb, while valuations based on $73/bbl mid-cycle oil imply an average 12% free cash flow yield, supporting further upside potential and stronger medium-term cash generation if oil prices remain elevated, the analyst tells investors in a research note.
• MUR Goldman Sachs raised the firm's price target on Murphy Oil to $44 from $36 and keeps a Neutral rating on the shares. Energy stocks have outperformed ahead of Q3 earnings, with oil E&Ps rising 14% as 2027-28 WTI futures climb, while valuations based on $73/bbl mid-cycle oil imply an average 12% free cash flow yield, supporting further upside potential and stronger medium-term cash generation if oil prices remain elevated, the analyst tells investors in a research note.
• TALO Goldman Sachs raised the firm's price target on Talos Energy to $22 from $20 and keeps a Buy rating on the shares.
• KOS Goldman Sachs analyst Neil Mehta raised the firm's price target on Kosmos to $2.75 from $2.50 and keeps a Sell rating on the shares.
• AMKR Goldman Sachs lowered the firm's price target on Amkor Technology (AMKR) to $56 from $65 and keeps a Neutral rating on the shares. Amkor shares are expected to remain range-bound following a tepid quarter and below-consensus guidance, despite muted investor positioning and continued execution on advanced packaging, with strong Computing and Auto/Industrial momentum and longer-term catalysts from its CPU program, Nvidia (NVDA) partnership and Arizona campus expansion, the analyst tells investors in a research note.

• BRBR JPMorgan lowered the firm's price target on BellRing Brands to $15 from $18 and keeps an Overweight rating on the shares ahead of the fiscal Q4 report in the second half of November. The firm reduced the company's estimates citing headwinds from inflation and elevated promotional intensity.

• ALC KeyBanc lowered the firm's price target on Alcon to $84 from $88 and keeps an Overweight rating on the shares. While the firm remains confident in visibility toward Alcon's 2026 organic guidance range of 6%-7%, a beat and raise scenario appears less likely. KeyBanc believes this is generally reflected in current valuation as shares have pulled back over the past few months.

• CTSH Morgan Stanley raised the firm's price target on Cognizant to $70 from $51 and keeps an Equal Weight rating on the shares. The firm cites sector multiple expansion for a higher target, but argues that pricing and competition warrant a relative valuation discount for Cognizant.
• AMKR Morgan Stanley lowered the firm's price target on Amkor Technology to $63 from $70 and keeps an Equal Weight rating on the shares. Amkor delivered continued margin expansion in Q3, though results and Q4 guidance slightly missed Street and firm estimates, the analyst tells investors.
• VZ Morgan Stanley lowered the firm's price target on Verizon to $50 from $52 and keeps an Equal Weight rating on the shares. Q3 results demonstrated the positive impact on wireless subscriber growth from the company's strategic repositioning, though the firm contends that Verizon "remains a show-me story" while it executes on its strategic transformation.

• AGYS Needham raised the firm's price target on Agilysys to $145 from $135 and keeps a Buy rating on the shares. The company delivered a strong Q2, beating on both the top and bottom line and setting records for bookings, revenue, and profitability, the analyst tells investors in a research note. Guidance was also strong, with management raising its FY27 revenue, subscription growth, and adjusted EBITDA margin targets, all landing above consensus on faster-than-expected backlog deployment, the firm added.
• CDNS Needham analyst Charles Shi raised the firm's price target on Cadence Design to $430 from $400 and keeps a Buy rating on the shares. The company reported a solid beat-and-raise quarter and is now guiding 2026 top-line growth to exceed 20%, the highest y/y growth in recent years, the analyst tells investors in a research note. The most important update from the company was Maestro Model Portfolio, which consists of open-weight models post-trained on CDNS tools and data that can be further trained by customers, the firm added.
• AMKR Needham lowered the firm's price target on Amkor Technology to $55 from $90 and keeps a Buy rating on the shares. The company reported mixed results for Q3 and guided Q4 slightly below the Street, and while 2.5D/HDFO programs remain on track, smartphone/consumer demand further down-ticked, as one major customer further cut production over the past quarter due to component shortages, the analyst tells investors in a research note. The firm adds that its price target cut for Amkor reflects sector-wide multiple compression.

• PBF Piper Sandler initiated coverage of PBF Energy with a Neutral rating and $94 price target. The firm says the stock's relative valuation already reflects PBF's balance sheet improvement.
• COP Piper Sandler assumed coverage of ConocoPhillips with a Neutral rating and $157 price target. The firm says the company is in the midst of a "heavy period of long-cycle investment." Piper believes ConocoPhillips' free cash flow inflection will be back end loaded.
• DK Piper Sandler analyst John Royall assumed coverage of Delek US with a Neutral rating and $90 price target. The firm says the company is in the "late innings" of a multi-year process around unlocking sum-of-the-parts value.
• DINO Piper Sandler assumed coverage of HF Sinclair with an Overweight rating and $152 price target. Piper views HF as a "high quality operator" within the smid-cap group with a well diversified stream of cash flows. Piper says 45% of the company's mid-cycle earnings come from "steadier businesses" outside of refining and renewables.
• PARR Piper Sandler assumed coverage of Par Pacific with a Neutral rating and $94 price target. The company returns only a modest portion of its cash flows back to shareholders and does not pay a dividend, the analyst tells investors in a research note.
• AGYS Piper Sandler raised the firm's price target on Agilysys to $140 from $120 and keeps an Overweight rating on the shares. The firm notes the company delivered solid results, with Q2 revenue of $93.4M, a modest 2.6% beat. Piper continues to like Agilysys given scarcity value in accelerating revenue growth and potential for additional catalysts in the yrs ahead.

• MSBI Stephens raised the firm's price target on Midland States to $36 from $34 and keeps an Equal Weight rating on the shares. Midland States had a positive Q3, says the analyst, who adds that while nonperforming assets remain elevated, the firm is "pleased to see" the provision normalizing.
• FULT Stephens analyst Matt Breese lowered the firm's price target on Fulton Financial to $25 from $26 and keeps an Overweight rating on the shares following what the firm calls "another solid quarter."
• OVV Stephens raised the firm's price target on Ovintiv to $77 from $75 and keeps an Equal Weight rating on the shares. The firm views the acquisition of Logan Energy's Montney assets as "positive," noting that the transaction is expected to be accretive across all financial metrics.
• SSD Stephens analyst Trey Grooms lowered the firm's price target on Simpson Manufacturing to $205 from $215 and keeps an Equal Weight rating on the shares. Q3 results beat on better-than-expected volume and operating leverage, says the analyst, who remains "encouraged" by Simpson's strong execution in a tough operating environment, but also remains cautious on an incrementally softer calendar 2027 housing backdrop.

• RMBS Susquehanna raised the firm's price target on Rambus to $103 from $100 and keeps a Positive rating on the shares. The firm raised estimates following its Q3 results and noted its thesis is playing out. The maintain their view that upside to the share price at current levels is limited to less than 15% but that could change if expansion beyond the current $2.5B forecast, and higher content per system from share gains.
• CSX Susquehanna analyst Harrison Bauer raised the firm's price target on CSX to $60 from $55 and keeps a Positive rating on the shares. The firm adjusted targets in the rail space as part of a Q3 earnings preview. U.S. rails maintained volume momentum through the quarter, with industrial growth and intermodal conversions supporting a stronger 2027 pricing opportunity, the analyst tells investors in a research note.
• UNP Susquehanna analyst Christopher Stathoulopoulos raised the firm's price target on Union Pacific to $345 from $333 and keeps a Positive rating on the shares. The firm adjusted targets in the rail space as part of a Q3 earnings preview. U.S. rails maintained volume momentum through the quarter, with industrial growth and intermodal conversions supporting a stronger 2027 pricing opportunity, the analyst tells investors in a research note.

• EVRG Truist initiated coverage of Evergy with a Buy rating and $97 price target. The firm sees a "compelling" earnings upside and multiple expansion opportunity for Evergy. The company offers "favorable recurring announcement potential" as it secures new data center agreements and advances additional generation to serve these projects, the analyst tells investors in a research note.
• NWN Truist analyst Richard Sunderland initiated coverage of Northwest Natural Gas with a Hold rating and $54 price target. The firm believes the stock's valuation discount to peers is fair with the MX3 potential notice to proceed in the second half of 2027.

• EBAY UBS raised the firm's price target on eBay to $131 from $120 and keeps a Neutral rating on the shares. EBay's 2027 margin expansion may be more resilient than feared despite concerns over increased Depop marketing, as historical marketing costs have remained stable at $1.2B-$1.4B and Depop growth is expected to rely more on existing-user engagement than heavier promotional spending, the analyst tells investors in a research note.
• RVLV UBS analyst Jay Sole lowered the firm's price target on Revolve Group to $27 from $29 and keeps a Neutral rating on the shares. Revolve Group is expected to deliver solid but largely anticipated Q3 results, with forecast revenue growth of 16.3% and EPS of 22c in line with consensus, while maintained FY26 guidance is unlikely to drive meaningful analyst estimate revisions or valuation changes, the analyst tells investors in a research note.
• WCN UBS raised the firm's price target on Waste Connections to $215 from $200 and keeps a Buy rating on the shares.

• EQT Wells Fargo lowered the firm's price target on EQT Corporation to $71 from $79 and keeps an Overweight rating on the shares, due largely to near-term bearish factors in the U.S. gas market, including an El Nino winter forecast. The firm believes near-term weakness in U.S. gas markets, driven by weather and a gap in LNG start ups, represents an attractive accumulation opportunity in EQT shares ahead of merger close in Q1 2027, with leading cost structure and return of capital optionality through the cycle.

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

• 10:30 AM ET                 Dallas Fed manufacturing Index for October
• 1:00 PM ET US Treasury to sell $69B in 2-year notes

• Earnings After the Close: AGYS AMKR ARE BLX BRO BRX CBK CDNS CINF CLS CLW CTOS DORM FLXS FSBC FSUN GBX GGB HIG HTO HWKN KFRC NE NUE NWBI PDM PECO PFG PSA PSMT RMBS SSD TRTX VLRS WELL ZDGE

• 8:30 AM ET                   Durable Goods Orders M/M for September
• 8:55 AM ET                   Johnson/Redbook Weekly Sales
• 9:00 AM ET                   Monthly Home Prices M/M for August
• 9:00 AM ET                   CaseShiller 20-city index for August
• 10:00 AM ET                 Consumer Confidence for October
• 10:00 AM ET                 New Home Sales M/M for September
• 10:00 AM ET                 Richmond Fed Index for October
• 1:00 PM ET US Treasury to sell $70B in 5-year notes
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: AAT ACGL APAM BANC BBAI BBNX BKR BOOM BUSE BXP CAKE CHE CR CSGP CTO CZR ENPH EQT ESS EXE EXLS EXR FCF FE FFBC FFIV HAFC HIW HOOD ICLR INTA IVT KIDS LOGI LPLA LSTR LUNG MANH MCRI MIR NBHC NBR NOV NTB NXPI OCFC OI OKE ORN PDS PPG RBBN RNR ROG RRC RUSHA SKHY ST STAG STX TER TRMK UCTT UHS UMBF V VTR WERN WM WPC ZWS

• 8:30 AM ET                   Advance goods Trade Balance for September
• 10:30 AM ET                 Weekly EIA Inventory Data
• 2:00 PM ET FOMC Interest rate decision, no rate change expected

• Earnings After the Close: AEM AGI AIN ALGN ALKT ALRS AM AMRZ AR AUR AWK AXS BELFA BHC BHE BN BNL CBAN CCS CHDN CLB CLPT CMG CMPR CNMD CNXN COHU CP CSL CVNA CYH EBAY EFOR EG EGO EHC EPAC EPR EQIX F FCPT FDX FLS FORM FTNT GEN GFL GKOS GOOGL HDSN HLI HONA INVH KGC KLAC KREF LXU MAA MAZ MGM MGRC MORN MSFT MTH MUSA MYRG NEO NNBR NOW NXT OLED ORLY PBI PFS PI PLXS PPC PRCH PTEN QTWO QUAD RJF RM RSI SCI SFM SIMO STRL TDOC TENB THG TMUS TYL UFPI VICI WEX WFG WHD

• 8:30 AM ET                   Continuing Claims
• 8:30 AM ET                   Personal Income M/M for September
• 8:30 AM ET                   Personal Spending M/M for September
• 8:30 AM ET PCE Price Index M/M for September
• 8:30 AM ET PCE Price Index Y/Y for September
• 8:30 AM ET                   Core PCE Price Index M/M for September
• 8:30 AM ET                   Core PCE Price Index Y/Y for September
• 8:30 AM ET                   Gross Domestic Product (GDP) Q3-E
• 8:30 AM ET GDP Consumer Spending for Q3-E
• 8:30 AM ET GDP Price Deflator for Q3-E
• 8:30 AM ET GDP PCE Price Index M/M for Q3-E
• 8:30 AM ET GDP Core PCE Price Index Y/Y for Q3-E
• 10:30 AM ET                 Weekly EIA Natural Gas Inventory Data
• 10:30 AM ET                 Dallas Fed PCE for September
• 1:00 PM ET US Treasury to sell $44B in 7-year notes

• Earnings After the Close: ACCO ACIC AJG ALHC AMZN ASUR ATEC ATOM ATR AX AXTI BFAM BVN CDNA CNO COIN COLM COUR CUBE CUZ CVLG DLR DVA DXC DXCM EIX EMN ERIE EXEL EXPO FBIZ FDXF FHI FISI FMC FND FORR FSLR GDDY GDYN GILD GLPI HR HTGC ILMN INBK INGM INTC INVX IR KWR LNT MDLZ MEOH MERC MHK MIAX MMSI MSTR MTX MTZ NEXA OLN OSIS OSPN PEB PFSI PINS PMT PRTTS PTCT RBLX RDDT REAL RIVN RMD RSG RYAN SBUX SKYW SNDK SNDR SPSC SPXC STRZ SUPN SYK TBBK TFII TWLO VALE VLTO WKC WTI WY

• 9:45 AM ET                   Chicago PMI for October
• 1:00 PM ET                    Baker Hughes Weekly rig count data

• China NBS Manufacturing PMI, Composite PMI for October
• China NBS Non-Manufacturing PMI for October

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