Early Look

Thursday, November 12, 2026

Tech giveth (XLK, QQQ, SOX) and tech giveth away as shares of AI poster child Nvidia (NVDA) declines more than -6% overnight amid reports the company’s board is meeting to consider replacing embattled CEO Jensen Huang after an alleged affair with a Chinese spy. The New York Times also reported this morning that Huang was allegedly involved in a second extramarital affair, as he also had a relationship with Nvidia executive Kimberly Powell (vice president of health care, who reports to him), followed by a Wall Street Journal report suggesting the company is preparing to oust him. The drama comes ahead of Nvidia’s quarterly results next week. Nvidia shares were downgraded by at least four Wall Street firms this morning (Opco, Evercore, William Blair and Bernstein) on concerns the investigation could take 5 months or longer with no obvious succession plan. The story is dominating headlines this morning and putting pressure back on the Nasdaq and the AI trade, which had surged notably on Wednesday following better earnings results from neocloud CoreWeave (CRWV) and reports of higher valuations for Anthropic ahead of its IPO next week amid increased demand. This morning we get earnings from rival neocloud Nebius (NBIS) and Applied Materials (AMAT) in semis after the bell in the tech space. In Asian markets, The Nikkei Index declined -429 points to 60,819, the Shanghai Index fell -24 points to 3,655, and the Hang Seng Index dropped -307 points to 24,008. In Europe, the German DAX is up 217 points to 26,880, while the FTSE 100 is up 38 points to 10,874.

• The Dow Jones Industrial Average rose 254.60 points, or 0.49%, to 52,486.49
• The Nasdaq Composite surged 400.31 points, or 1.60%, to 25,466.19
• The Russell 2000 Index advanced 24.88 points, or 0.88% to 2,846.26

• 8:30 AM ET                   Continuing Claims…est. 1.71M (prior 1.718M)
• 10:00 AM ET                 Existing Home Sales M/M for October…est. 3.85M (prior 3.99M)
• 12:00 PM ET                 Weekly EIA Inventory Data (pushed out a day for Veteran’s Day)
• 1:00 PM ET US Treasury to sell $22B in 30-year notes
• 2:00 PM ET                    Federal Budget for October

• Earnings After the Close: AENT AFYA AMAT ARWR AVX BEAT CBRS CDXS CODX CSCO CTSO DLO DMRC FLNT FLO GEMI HAWK HTFL JCAP KLC LFTO MDXH NKTR NMAX SPCE NU OFRM PAL PARK SPCE STN STNE VRCA VUZI WHK WYY XOS YSS

• Stifel Healthcare Conference, 11/11-11/13, in New York
• Truist Securities BioPharma Symposium, 11/12, in New York

• On the economic front, investors will monitor the Existing Home Sales report, initial jobless claims, and the Federal Reserve's balance sheet for fresh indications on the health of the U.S. economy.

• Spectrum Brands (SPB) Q4 adj EPS $1.39, tops consensus $0.90 and revs $713.2M misses consensus $719.67M; said last week Empower Brands Subsidiary announced interest to buy Helen of Troy (HELE) and is disappointed by Helen of Troy's rejection of offer, though remain optimistic; SPB said expects to deliver flat to low single digit growth in reported net sales in fiscal 2027.
• Wolverine Worldwide (WWW) Q3 adj EPS $0.79 vs. est. $0.46; 79c, Q3 revs $505.4M vs. consensus $500.34M; raises 2026 adj EPS view to $1.95-$1.99 from $1.55-$1.65 and sees 2026 revenue $2.00B-$2.01B vs. consensus $2B.
• The European Union and the UK are considering postponing a 10% tariff on electric vehicles, the Financial Times reported. The proposed levy, scheduled to take effect Jan. 1, could expose regional automakers to greater competition from Chinese manufacturers.
• Sales during China's Singles' Day shopping festival rose 4.8% from a year earlier to 1.78 trillion yuan ($267 billion), data provider Syntun said. This year's sales growth compared with a rise of 14.2% for last year's festival (watch BABA, JD).

• Southern Company (SO) to sell 35M equity units in public offering
• T1 Energy (TE) Q3 cont-op EPS loss (-$0.12), in-line with consensus on revs $196.59M vs. consensus $269.86M; T1 had cash, cash equivalents, and restricted cash of $137.0 million, of which $59.5 million was unrestricted cash. Tightening 2026 G1_Dallas production guidance to the high end of prior range, initiating preliminary 2027 production guidance of 5.3GW

• RenaissanceRe (RNR) renews share repurchase program with total authorization of $750M.

• IRhythm (IRTC) announces approval of $200M share repurchase program.
• Moderna (MRNA) will be added to the MSCI World Index, alongside Canada's Aritzia (ATZAF). Moderna is the U.S. addition to the index.
• OptimizeRx (OPRX) Q3 Adjusted EPS $0.20 vs. est. $0.16 (beat); revenue $21.6Mm vs. est. $21.2Mm (beat), down 17% Y/Y; adjusted EBITDA $6.3Mm vs. est. $4.1Mm (beat), up approximately 23% Y/Y with margin expansion over 900bps; net revenue retention 83% vs. 121% Y/Y; sees FY26 revenue $87Mm-$93Mm, cut from $95Mm-$100Mm and below est. $96.23Mm.
• Zealand Pharma (ZELA) has resumed talks with potential partners for rare-disease drug glepaglutide as it focuses investment on its obesity pipeline, the company's finance chief told Reuters on Thursday.
• The US Food and Drug Administration has shelved the fast-track drug review initiative launched during the Trump administration by former Commissioner Marty Makary, Reuters reported, citing sources familiar with the matter and internal documents.

• Tetra Tech (TTEK) Q4 Adj EPS $0.49 vs. est. $0.47 (beat); net revenue $1.15B vs. est. $1.15B (in line); adjusted EBITDA $194Mm vs est $189.82Mm (beat), operating Income $188Mm; sees Q1 FY27 EPS $0.36-$0.38 vs est $0.38 (below at midpoint) and net revenue $1.04B-$1.08B vs. est. $1.055B (in line); sees FY27 EPS $1.65-$1.80 vs est $1.72 (inline) and net revenue $4.425B-$4.625B vs. est. $4.497B.

• Alphabet (GOOGL) launches s$2.28B four-part Singapore Dollar bond offering, term sheets show; Alphabet launches hk$16B three-part Hong Kong Dollar bond offering.
• Coherent (COHR) CEO Jim Anderson bought about $1 million of company stock, paying about $199 a share, SEC filings show.
• Curiosity Stream (CURI) Q3 Revenue $20.723Mm vs. est. $20Mm (beat), up 13% Y/Y; adjusted EBITDA $4.974Mm vs est $4.018Mm (beat), up 67% Y/Y; operating Income $3.677Mm; gross profit $10.1Mm, gross margin 48.8% vs. 58.7% Y/Y on higher Ai licensing revenue-share expense; sees FY26 revenue $79Mm-$82Mm, raised from $77Mm-$82Mm and vs est $79.27Mm (above at midpoint), and adjusted EBITDA $20Mm-$22Mm, raised from $18Mm-$22Mm.
• Digi International (DGII) Q4 revs $143.31M vs. est. $140.3M; Q4 adj EPS $0.78 vs. est. $0.76 on gross margin 63.7%; guides Q1 revs $140M-$144M vs. est. $140.2M and sees Q1 adj Ebitda $39.5M-$41M; are excited to be approaching $200M in ARR, one of the two five-year goals set at the start of FY24.

Mid-Morning Look

Thursday, November 12, 2026

U.S. major averages open lower, confirming the risk-off tone carried over from the premarket futures picture, as Nvidia's leadership crisis resolved into confirmed reality this morning: Nvidia Corporation (NVDA) announced that CEO Jensen Huang has resigned effective immediately, with CFO Colette Kress named interim CEO and Harvey C. Jones installed as the board's first-ever chair. NVDA shares extending losses after a tumultuous week (taking out 52-week lows of $164.27 in March) as Jensen Huang resigns as President, CEO, and board member effective immediately. The news comes after a head-spinning week of news and allegations around CEO Jensen Huang that included an extra martial affair with Alice Huang, CEO of Nvidia customer Megaspeed and (allegedly) a possible Intelligence asset for China. Also last night the issues broadened with the New York Times reporting that Mr. Huang had an affair with a direct report (allegedly Kimberly Powell, the company's VP of Healthcare). The board acted quickly this morning. In other AI news, neocloud company NBIS shares tumbled around -20% in the neocloud sector after posted big quarterly beat across the board, but said they are doing away with ARR reporting, after posting lighter than expected revenue guidance (trimming ARR guidance to exceed $7B for the month of February 2027, down from prior $7-$9B by December 2026), while they also raised capex (to $40B-$45B from estimate $28.9B). The pullback comes after good news in the space yesterday after CRWV results. Investors rotating back int defensive sectors with Utilities, Healthcare and Consumer names rising. Bitcoin prices down again today, falling -4% to $71,320 and on track for its 6th straight weekly decline; not helped by weakness in MSTR as shares fall -7% after index operator MSCI confirmed that it will remove the company from its Benchmark equity indexes as part of its November 2026 review. Treasury yields jumping again as the 10-yr rises 7 bps to 5.06% (dragging down Smallcaps and other interest rate sensitive names), while oil prices rebound  on a Trump Truth Social post stating: “We don’t need a deal with Iran. Those days have long since passed.” Precious metals prices tumble as December gold down 3.22% to $3,871 an ounce

• Oct Existing Home Sales fell -5.5% to 3.75M unit rate below consensus 3.85M and compared to Sept 3.97M reading; Oct National median home price for existing homes $416,700, +0.4% from Oct 2025; U.S. Oct inventory of homes for sale 1.59M units, 5.1 months' worth.

• Metals & Mining: another rough day for shares of precious metal miners (B, CDE, AEM, NEM, HL, PAAS, WPM) with gold and silver prices falling again following the recent Hawkish Fed shift given hotter CPI inflation data earlier in the week raised prospects of a 25bps rate hike in December to almost 100% and now has a 50bps hike potentially now on the table. In steel, CLF was upgraded from Underweight to Equal Weight with $15 tgt at Barclays given the significant increase to its 2027/28 estimates following its Steel-price forecast revisions. RS was upgraded to Overweight at Barclays as well with raised tgt to $507 and upped the company's 2027 and 2028 estimates on expectations will continue to benefit from a tight supply environment.
• Specialty retail: YETI shares fell after posted Q3 adj ES beat but revs of $509.4M rose 4% y/y but missed the estimate of $523M and lowered its adjusted sales growth forecast to about 6% from prior view of 7%-8% previously and lowers top/bottom end of 2026 adj EPS view; says consumer environment will remain cautious and pressure demand in Q4. SPB says it remains optimistic on pursuing HELE after its subsidiary Empower Brands' buyout interest was rejected last week, calling itself disappointed by the rejection. posted Q4 adjusted EPS of $1.39, topping consensus of $0.90, on revenue of $713.2 million that missed estimates of $719.6 million.

• LLY +1%; became the first drugmaker to have a GLP-1 weight-loss pill approved in China, giving it an edge over rival NVO China has until now only approved GLP-1 medications for weight management in the form of injection
• LUNR +13%; Q3 revenue of $269.3M beats estimate of $245.9M and smaller Q3 net loss (-$0.02) vs. est. loss (-$0.11) and posted record backlog of $1.9B at end of Q3, up from $213M at end of 2025 while guides FY26 revenue view to $920M-$950M from $900M-$1B.
• SPB +4%; says it remains optimistic on pursuing HELE after its subsidiary Empower Brands' buyout interest was rejected last week, calling itself disappointed by the rejection; posted Q4 adjusted EPS of $1.39, topping consensus of $0.90.
• TRMK +6%; as HWC to acquire TRMK in all-stock deal valued at $3.20B as deal expected to be 7% accretive to Hancock Whitney's 2028 estimated EPS. Trustmark shareholders to receive 0.7463 Hancock Whitney shares per Trustmark share.
• TTEK +9%; shares jumped after reported Q4 above estimate with beat driven by DOS revenue while FY27 guidance is modestly ahead with NSR guidance of 4% y/y

• CTVA -23%; cut its FY26 adj. EPS forecast to $0.76-$0.80,  below consensus $1.64 and down from the prior range of $3.60-$3.80, driven by challenges in Brazil, including elevated inventory, delayed purchases and high interest rates, leading to a 31% decline in Latin America organic sales.
• ENVX -20%; after the company reported a Y/y decrease in its Q3 adjusted EPS result; announced it decided not to proceed with system-level field testing using the pre Ai-2 units; guided FY27 sales $65M-$85M missing the $77.83M consensus.
• KDP -5%; said it has commenced an underwritten public offering for $2 billion worth of shares of its common stock.
• MSTR -6%; after index operator MSCI confirmed Wednesday that it will remove the company from its Benchmark equity indexes as part of its November 2026 review.
• NBIS -19%; Q3 revs $980.9M topped the $907.5M consensus and projected $12B-$13B in sales for 2027; However, its 2026 revenue forecast range of $3B-$3.4B was slightly lower than market estimates of $3.37B at the midpoint and trims ARR guidance in Feb to $7B (prior $7B-$9B view).
• NVDA -5%; downgraded by at least five Wall Street analysts (OPCO, KeyBanc, Evercore, William Blair and Bernstein) after a head-spinning week of news and allegations around CEO Jensen Huang, and reports overnight that Nvidia's board is reportedly preparing to remove him following reports of a second extra martial affair with a direct report.
• OPRX -25%; as revenue down 18% y/y reflecting known headwinds with LTM NRR falling to 83% versus 90% in 2Q, the lowest level since that metric has been reported (known large client spend reduction beginning 1Q26); cuts FY26 revenue $87M-$93M, from $95M-$100M.
• PEPG -2%; after pricing 25M shares of stock at $5.00 - the move comes after shares surged over 90% on stronger-than-expected mid-stage trial results for its experimental drug, PGN-EDODM1, for myotonic dystrophy type 1.
• YETI -8%; shares fell after posted Q3 adj ES beat but revs of $509.4M rose 4% y/y but missed the estimate of $523M and lowered its adjusted sales growth forecast to about 6% from prior view of 7%-8% previously and lowers top/bottom end of 2026 adj EPS view.

Closing Recap

Wednesday, November 11, 2026

Strong returns on Wall Street as the tech heavy Nasdaq outperforms behind a strong rally in AI, semis and data center plays following better CoreWeave (CRWV) results last night and an improved valuation outlook for Anthropic (ANT) ahead of its highly anticipated IPO next week. The rollercoaster action continued with U.S. futures bouncing back overnight on the S&P 500 and Nasdaq while the Dow lagged.  Moves in both directions have been fairly narrow apart from Monday’s bounce so worth watching breadth today which was in favor of advancers. In sentiment today, the daily Fear & Greed Index registered Fear at 37/100 versus last week’s 35 (also Fear), and a bit below last month’s 53 (Neutral) reading.

Early breadth favored advancers by 7:5 as small caps underperformed but still gained with IWM (+0.46%) versus SPY (+0.77%) and QQQ (+1.68%). SPY breadth favored decliners by 5:4 while QQQ breadth favored advancers by 8:5 so the rally certainly is more broad than recent moves but clearly not showing overwhelming participation. Sector performance was tilted negative but again nothing dramatic with 5 sectors gaining versus 6 declining. Technology (+2.65%), Energy (+1.45%) and Industrials (+0.64%) were early outperformers among S&P sector ETFs, while Real Estate (-0.37%), Consumer Staples (-0.59%) and Health Care (-0.80%) paced the underperformers.

Heading into the final hour of trading, markets continued to enjoy a nice bounce with breadth expanding and in favor of advancers broadly and for SPY and QQQ individually. QQQ led at almost 4:1 as it crossed back above its 200dma around $681.70 after faltering the last two days. Sector performance also had improved with nearly all of 11 in the green. Only Consumer Discretionary, Real Estate and Health Care underperformed, with all three near the flat line, while Tech (XLK) jumped around 3.5%. Meanwhile, earnings continue to wind down, so should be somewhat less impactful though a few big names remain including Nebius (NBIS) in neoclouds tomorrow AM and Applied Materials (AMAT) in semis tomorrow night.

• WTI crude futures bounced back a bit overnight after yesterday’s decline as Iran once again began listing what/where it may attack if the US launches further military action. The uncertainty around talks to end wars in both Ukraine and Iran contributed to the rise, as did some potential technical buying off the recent slide. December WTI crude settled +$0.49/bbl, or +0.57%, at $86.53.
• OPEC+ crude oil production jumped in October, led by a sharp increase in output from Saudi Arabia despite continued disruption to shipments through the Strait of Hormuz caused by the Iran war. OPEC+ pumped 41.23 million barrels per day in October, OPEC said in a monthly report on Wednesday, up about 2.04 million bpd from September. Saudi Arabia told OPEC it pumped 10.563 million bpd in October, the report said, up from 8.372 million bpd in September. That was its highest output since February, when it reported production of 10.882 million bpd.

• US 10-year Treasury yields will trade close to 5% in coming months, according to bond strategists polled by Reuters this week who mostly stuck to long-held views yields will drift downwards in the midst of market turmoil. Hot inflation data on Tuesday and concurrent warnings from Federal Reserve officials about rates needing to rise in coming months whipsawed bond markets and put inflation worries back at front and centre for investors and households.
• Since peaking at 5.36% in early October, the benchmark yield fell nearly 50 basis points with the tumble in crude oil prices, the root of inflation concerns since the US-Israeli war with Iran began in late February. But on Tuesday the 10-year yield climbed back to around 5%. The rate-sensitive 2-year yield jumped about 20 basis points on Tuesday to 4.75%, completely reversing the sharp decline since the last monthly poll was published in October.

• Food sector: BGS reported a surprise 3Q beat and raised guidance, citing volume momentum continuing in 4Q as the beat largely came from utilizing slack manufacturing capacity for "thoughtful" opportunities in the institutional, private label, and club channels; said sees fiscal 2026 revenue $1.76B-$1.80B, vs. consensus $1.74B. GO shares fell as Q3 results topped estimates on EPS/revs narrowly, but the co lowers the upper-end of its annual adj. EBITDA forecast to $225M-$229M from the previous range of $225-$235M.

• Solar & Renewables: GEVO shares jumped after record Q3 as adj EPS $0.12 tops est. $0.02 and revs $82.95M vs. est. $54.5M saying Q3 revenue included $29.4M from sales of Canadian Clean Fuel Regulation credits while raises FY26 adjusted EBITDA view to greater than $90M from $60M.

• Fintech sector: TOST was downgraded to Market Perform at Bernstein while cuts its price tgt to $38 from $45 saying that one of its biggest thesis points behind its February upgrade - Toast being an AI winner, not a loser - has already played out, and Bernstein is incrementally watching competition and cost of growth. The departure of the CFO is also not ideal as well.
• Financial Services: WU announced that it has delivered a notice of termination of its agreement to acquire IMXI after the companies failed to secure the approvals needed to complete the deal. Western Union said final conditions of approval for the merger from California's Department of Financial Protection & Innovation were "unacceptable.”
• Consumer Finance: Goldman Sachs reviews renewed regulatory risk for COF, AXP, SYF, and BFH around potential credit-card interest-rate caps and lower late fees. A 10%-18% APR cap would create significant earnings pressure and likely force issuers to tighten credit, while a 36% cap appears more manageable at roughly 2%-3% EPS downside, with BFH most exposed and AXP least exposed. On late fees, a hypothetical 35% reduction would imply roughly 9% average EPS downside across the major issuers, again with BFH carrying the greatest sensitivity.

• KURA Q3 EPS ($0.78) vs. est. ($0.82) (beat); KOMZIFTI net product revenue $13.9Mm, up 53% Q/Q; collaboration revenue $8.9Mm vs. $20.8Mm Y/Y; new patient starts approximately 150, up 30% Q/Q, and total prescriptions above 420, up 65%.
• PRME 35.7M share Spot Secondary priced at $3.50.
• STIM 18.75M share Spot Secondary priced at $1.60

• Electrical Equipment: JP Morgan resumed coverage on VRT, ETN and JCI all with Neutral ratings in the space saying they are not "brimming with enthusiasm" on the electrical equipment and multi-industry sector. However, they do expect a bounce in the AI-linked stocks given the magnitude and longevity of the recent selloff.
• Aerospace & Satellite sector: SPIR reported Q3 revenue of ~$18M and adj. EBITDA of -$8.6M, both coming in below consensus and FY26 guidance was modestly reduced as sees FY26 revs $75M-$80M vs. est. $80M and adj. EBITDA loss $27.4M-$32.4M vs est loss $24.21M. SATL shares jumped on results after record Q3 revenue of $16M, rising 342% y/y and topping consensus $12.57M while Q3 adj. EBITDA of $1.17M compared with a loss of -$4.93M y/y. FLY Q3 revs beat and raised bottom end 2026 revenue guidance $20M, +175-180% y/y.
• Defense sector: MRCY was upgraded to Overweight at JP Morgan as views the Q3 report as a proof point for Mercury, saying the company delivered on its adjusted EBITDA margin target. Mercury's strong bookings increased its backlog, providing visibility into double-digit sales growth.

• Underwriters led by Goldman Sachs and Morgan Stanley are considering raising Anthropic's (ANT) proposed IPO price range following strong investor demand, the Financial Times reported. The initial $70-$78 range implied a fully diluted valuation of $1.26T-$1.41T, but revised pricing could push the target valuation to $1.5T or higher. https://tinyurl.com/444utux8  
• OpenAI's quarterly revenue rose about 50% to $10 billion in the third quarter, but the ChatGPT maker continued to post steep operating losses, the Wall Street Journal reported. OpenAI told investors its adjusted operating margin improved to -109% from -150% in the prior quarter. The company's operating losses widened to $10.9 billion from $10.1 billion, the WSJ report said

• Semi equipment sector: Jefferies initiated FORM a Buy and $102 tgt saying Texas probe-card capacity expansion, volume GPU qualification and HBM4/4E test intensity underpin a 2027 revenue forecast near $1.36B, approximately 5% ahead of consensus; also initiated TER at Buy and $284 tgt saying AI compute testing expands the automated-test-equipment opportunity; greater dual sourcing and custom-ASIC demand could lift SoC test share from roughly 27% toward 34% by 2030.
• IT Services: GLOB was downgraded to Neutral at Guggenheim saying while remains constructive on the shift to Ai Pods, which it views as the right model for the business going forward, incremental softness in the Middle East, soft bookings, concerns around a potential ramp-down at a large Gaming client, and a Q4exit rate roughly flat Y/y leave the growth debate unanswered.

Street Recommendations

Thursday, November 12, 2026

• RS Barclays analyst Richard Garchitorena upgraded Reliance to Overweight from Equal Weight with a price target of $507, up from $445. The firm upped the company's 2027 and 2028 estimates on expectations it will continue to benefit from a tight supply environment. Reliance is the largest metals distributor in the U.S. with shipment growth and margins above industry averages, the analyst tells investors in a research note. Barclays sees the company growing volumes ahead of the market in 2027.
• CLF Barclays upgraded Cleveland-Cliffs to Equal Weight from Underweight with a price target of $15, up from $12. The firm cites its significantly increased 2027 and 2028 estimates following its steel price revisions for the upgrade. Cleveland-Cliffs is well positioned to reduce leverage, which removes the primary concern, the analyst tells investors in a research note.
• CARS Barclays analyst John Babcock initiated coverage of Cars.com with an Equal Weight rating and $14 price target. The company has a new CEO and could benefit from self-help initiatives and cyclical upside, but the stock's valuation upside is limited, the analyst tells investors in a research note. The firm says Cars.com's business turnaround has shown good progress.
• DORM Barclays initiated coverage of Dorman Products with an Overweight rating and $165 price target. The company offers "solid" growth, cyclical upside, and steady free cash flow that can support acquisitions and buybacks, the analyst tells investors in a research note. The firm says Dorman looks well positioned to grow revenues 4%-5% or more annually through 2028, outpacing most of the auto retail group and at the upper end of the auto aftermarket retailers.
• CMC Barclays analyst Richard Garchitorena raised the firm's price target on Commercial Metals to $77 from $72 and keeps an Equal Weight rating on the shares. The firm says tight domestic steel market fundamentals continue, which should support higher prices in 2027. The steel sector has underperformed the broader metals and mining universe on concerns that a Democrat controlled House and Senate could result in a reversal of President Trump's policies, the analyst tells investors in a research note. Barclays believes these concerns are overdone, noting tight steel fundamentals and rising spot prices led to increased steel price forecasts for 2027 and 2028. It sees opportunities in the sector selloff.
• NUE Barclays raised the firm's price target on Nucor to $345 from $320 and keeps an Overweight rating on the shares. The firm says tight domestic steel market fundamentals continue, which should support higher prices in 2027. The steel sector has underperformed the broader metals and mining universe on concerns that a Democrat controlled House and Senate could result in a reversal of President Trump's policies, the analyst tells investors in a research note. Barclays believes these concerns are overdone, noting tight steel fundamentals and rising spot prices led to increased steel price forecasts for 2027 and 2028. It sees opportunities in the sector selloff.
• STLD Barclays raised the firm's price target on Steel Dynamics to $300 from $280 and keeps an Overweight rating on the shares. The firm says tight domestic steel market fundamentals continue, which should support higher prices in 2027. The steel sector has underperformed the broader metals and mining universe on concerns that a Democrat controlled House and Senate could result in a reversal of President Trump's policies, the analyst tells investors in a research note. Barclays believes these concerns are overdone, noting tight steel fundamentals and rising spot prices led to increased steel price forecasts for 2027 and 2028. It sees opportunities in the sector selloff.

• COP Bernstein downgraded ConocoPhillips to Market Perform from Outperform with a price target of $122, down from $129. The firm updated its ratings and targets in the oil and gas space post the midterm elections, believing a de-escalation between the U.S. and Iran is more probable than escalation. As such, oil prices should normalize, the analyst tells investors in a research note. Bernstein finds oil companies attractive at oil prices above $75 per barrel, but says oil equities may struggle to appreciate. It is concerned that profit taking into year-end or rotation into beaten-down sectors may occur. The firm prefers gassy exploration and production companies as a result, downgrading the oil and gas E&P stocks.
• FANG Bernstein downgraded Diamondback Energy to Market Perform from Outperform with a price target of $192, down from $221. The firm updated its ratings and targets in the oil and gas space post the midterm elections, believing a de-escalation between the U.S. and Iran is more probable than escalation. As such, oil prices should normalize, the analyst tells investors in a research note. Bernstein finds oil companies attractive at oil prices above $75 per barrel, but says oil equities may struggle to appreciate. It is concerned that profit taking into year-end or rotation into beaten-down sectors may occur. The firm prefers gassy exploration and production companies as a result, downgrading the oil and gas E&P stocks.
• DVN Bernstein analyst Bob Brackett downgraded Devon Energy to Market Perform from Outperform with a price target of $44, down from $49. The firm updated its ratings and targets in the oil and gas space post the midterm elections, believing a de-escalation between the U.S. and Iran is more probable than escalation. As such, oil prices should normalize, the analyst tells investors in a research note. Bernstein finds oil companies attractive at oil prices above $75 per barrel, but says oil equities may struggle to appreciate. It is concerned that profit taking into year-end or rotation into beaten-down sectors may occur. The firm prefers gassy exploration and production companies as a result, downgrading the oil and gas E&P stocks.

• AMD BofA raised the firm's price target on AMD to $700 from $650 and keeps a Buy rating on the shares. AMD remains the firm's top CPU pick on its wide breadth of portfolio and dual leadership, says the analyst, who also highlights AMD's Zen 6/2nm execution and supply visibility.
• NVDA BofA lowered the firm's price target on Nvidia to $280 from $350 and keeps a Buy rating on the shares. Nvidia is ramping Vera CPUs given its full-stack system leadership, though the firm cites higher near-term volatility for its lowered target.
• UNIT BofA lowered the firm's price target on Uniti Group to $4.75 from $7.50 and keeps an Underperform rating on the shares. The company's Q3 update highlighted improving fiber momentum, but elevated leverage and negative free cash flow remain "central constraints," the analyst tells investors.
• ALB BofA analyst Matthew DeYoe lowered the firm's price target on Albemarle to $120 from $131 and keeps a Buy rating on the shares. The firm is lowering its 2026 and 2027 EPS estimates despite the Q3 beat, given the falloff in prices, though the large spodumene headwind in Q4 should balance out into 2027 assuming spodumene flattens, the analyst tells investors.
• RCL BofA raised the firm's price target on Royal Caribbean to $365 from $330 and keeps a Buy rating on the shares. After having the opportunity to sail the company's newest ship, Legend of the Seas, from its winter base in Fort Lauderdale to the company's private island, Perfect Day at CocoCay in the Bahamas, the firm gained a better understanding of the offerings on board as well as management's thoughts around the strength of the consumer, the Sandals acquisition, and other parts of the business, the analyst tells investors.

• KOPN Canaccord analyst Austing Mueller raised the firm's price target on Kopin to $7.50 from $6.50 and keeps a Buy rating on the shares. The firm updated its model following Q3 results as Kopin expects a strong finish to the year and believes GAAP profitability is achievable in Q4/26.

• WVE Citi lowered the firm's price target on Wave Life Sciences to $15 from $19 and keeps a Buy rating on the shares. The firm updated the company's model post the Q3 report. Citi removed Duchenne muscular dystrophy revenue from Wave Life's model given that the program has been prioritized for partnering.
• ESTC Citi raised the firm's price target on Elastic to $132 from $128 and keeps a Buy rating on the shares. The firm expects the company to report "strong" fiscal Q2 results with subscription growth acceleration. Citi's intra-quarter checks indicate improving demand signals for Elastic across search AI and observability.

• NVDA JPMorgan lowered the firm's price target on Nvidia to $215 from $320 and keeps an Overweight rating on the shares. The firm cites uncertainty on leadership and regulatory risks around China for the target cut. However, Nvidia's chip, system, and software product roadmaps have already been laid out for the next three years, the analyst tells investors in a research note. But who will lead the company through that roadmap is now an open question, says JPMorgan. The firm expects Nvidia to maintain its leadership in AI.

• LADR Keefe Bruyette lowered the firm's price target on Ladder Capital to $10 from $10.25 and keeps an Outperform rating on the shares. Higher loan originations, stronger yields on new investments, property gains, or increased conduit originations could provide upside to estimates, the analyst tells investors in a research note.

• NVDA KeyBanc downgraded Nvidia to Sector Weight from Overweight.

• FROG Morgan Stanley raised the firm's price target on JFrog to $114 from $100 and keeps an Equal Weight rating on the shares. Following Q3 results, the firm raise FY27 and FY28 revenue and EPS estimates to reflect stronger cloud growth and operating leverage.

• CI Piper Sandler analyst Jessica Tassan lowered the firm's price target on Cigna to $360 from $370 and keeps an Overweight rating on the shares. The firm notes the company reported a 48c Q3 adjusted EPS beat and raised 2026 guidance, led by Cigna Healthcare where pretax adjusted operating income came in $105.1M ahead of consensus. Piper is optimistic, but not confident, that PBS troughs in 2027.
• JAZZ Piper Sandler raised the firm's price target on Jazz Pharmaceuticals to $330 from $310 and keeps an Overweight rating on the shares. The firm remains bullish on the shares given a particularly inexpensive EV/2027 EBITDA of 9-times. More specifically, Ziihera in gastroesophageal adenocarcinoma should drive a longer-term top-line and EBITDA CAGR for Jazz that is solidly in the double-digits, bearing in mind that we do not envision anything resembling a precipitous decline for Xywav owing to the availability of multiple orexin 2 receptor agonists over time, says Piper.
• TEVA Piper Sandler raised the firm's price target on Teva to $56 from $44 and keeps an Overweight rating on the shares. The firm attended Teva's R&D Day, where the most notable insights that it gleaned were centered on a basket of early-stage and pre-clinical-stage pipeline shots-on-goal, many of which are novel bispecifics that address validated targets across the broader immunology/ inflammation spectrum. What has become clear to Piper is that Teva has a drug discovery/development engine, largely immunology-focused, that positions the company for a wave of new launches not only over the next few years but well into the 2030s.

• MPB Raymond James analyst Steve Moss upgraded Mid Penn Bancorp to Strong Buy from Outperform with a price target of $42, up from $39. Senior management hires from TD Bank are expected to strengthen its commercial franchise and accelerate market share gains in Philadelphia and New Jersey, with near-term investment costs offset by longer term loan and deposit growth, improved profitability and valuation upside, the analyst tells investors in a research note.

• BATRK Rosenblatt raised the firm's price target on Liberty Braves to $91 from $73 and keeps a Buy rating on the shares. The firm target was raised mainly to factor in an assumed higher multiple for the team driven by recent transaction comps following the Padres and Angels sales, the analyst tells investors.

• NVDA Stifel lowered the firm's price target on Nvidia to $205 from $315 and keeps a Buy rating on the shares following reports that the company's board is preparing to remove Jensen Huang as CEO. Stifel now treats a leadership transition as its base case for Nvidia. The company's fundamentals are not the issue but the stock's multiple is, the analyst tells investors in a research note. "With no successor publicly identified, we would focus on who leads and on what timeline, retention of senior leadership, and channel and export-compliance posture," says Stifel.
• ALC Stifel analyst Thomas Stephan lowered the firm's price target on Alcon to $65 from $70 and keeps a Hold rating on the shares.
• OPRX Stifel analyst David Grossman lowered the firm's price target on OptimizeRx to $11 from $12 and keeps a Buy rating on the shares.

• FOUR Truist raised the firm's price target on Shift4 Payments to $43 from $42 and keeps a Hold rating on the shares. The firm notes the company's FY26 guidance cut with preliminary FY27 growth commentary also worse than expected, though Truist is nudging its price target higher due to higher comparable company multiples, the analyst tells investors in a research note.

• NVDA UBS tells investors that Nvidia's board is preparing to oust Jensen Huang as CEO, and while the company would likely find a strong candidate, Jensen has "been a singular force" in many ways so the impact will "likely be felt far and wide." The firm, which has a Buy rating and $300 price target on Nvidia, says the U.S. government could enforce even tighter restrictions that could impact Nvidia's ability to ship products into China, but also into other regions like Singapore or Malaysia.
• MLM UBS analyst Steven Fisher lowered the firm's price target on Martin Marietta to $640 from $662 and keeps a Buy rating on the shares. Martin Marietta's strong execution and pricing power support the outlook despite flat organic volumes in 2027, with nonresidential demand, housing recovery, price cost dynamics and LNA integration remaining key drivers of upside, the analyst tells investors in a research note.

• HUM Wells Fargo analyst Stephen Baxter raised the firm's price target on Humana to $602 from $502 and keeps an Overweight rating on the shares after the company beat Q3 and raised 2026 guidance. Wells remains above consensus on 2027 EPS and thinks trend assumptions set up favorably. Humana sees 2028 ahead of target "across every single line item."
• MTDR Wells Fargo lowered the firm's price target on Matador to $71 from $72 and keeps an Overweight rating on the shares. The firm says Q3 results largely reinforced its sector views outlined in its preview. Commodity prices remain volatile, with the 2027 forward curve moving $11/bbl from peak to trough over the past two weeks, while leading indicators point to higher well costs. Wells reiterates its preference for names with oil hedges for next year, remaining cost synergies to capture, and the ability to convert free cash flow into debt reduction.
• PR Wells Fargo raised the firm's price target on Permian Resources to $28 from $27 and keeps an Overweight rating on the shares. The firm says Q3 results largely reinforced its sector views outlined in its preview. Commodity prices remain volatile, with the 2027 forward curve moving $11/bbl from peak to trough over the past two weeks, while leading indicators point to higher well costs. Wells reiterates its preference for names with oil hedges for next year, remaining cost synergies to capture, and the ability to convert free cash flow into debt reduction.

• NVDA William Blair downgraded Nvidia to Market Perform from Outperform without a price target following reports that the company's board is preparing to remove CEO Jensen Huang. The firm believes Huang's likely departure and heightened scrutiny of the company "will be a significant overhang" on Nvidia shares in the near term. The potential for a slower AI buildout and more intense competition from other chipmakers will only add to Nvidia's execution risk, the analyst tells investors in a research note. Blair says governance and regulatory pressure, the potential for more serious fallout, and a sudden change in management "are likely to muddle both execution and sentiment."

• JANX Wolfe Research analyst Kalpit Patel downgraded Janux Therapeutics to Peer Perform from Outperform without a price target.

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                 Wholesale inventory M/M for September
• 1:00 PM ET US Treasury to sell $58B in 3-year notes

• Earnings After the Close: AAON ACHR AMCX AMRC APEI APPS ASTS BETR BKKT BTGO BW CCAP CHRS CNNE CSQR CWEN CWST DFTX DHT DJT DSP ETD FWRD GAIN GRPN GSHD HIMS HIVE HPK HRB HROW IHRT JRVR KLTR KMPR LCID LINE MARA MYO NRDY ONTO OSUR OXY PAYS PLUG PUBM QLYS QMCO QUBT RKLB RNGR RPAY RXT SANM SB SIGA SKYD TDW TTD TTWO USAR XENE ZETA ZIP ZYME

• Raymond James 2026 Insurance Conference, 11/9 (virtual)
• Oppenheimer 10th Annual Virtual Internet Bus Tour, 11/9-11/10 (virtual)
• China PPI, CPI, Import/Export data for October
• Wells Fargo EEI Financial Conference, 11/8-11/10, in Arizona

• 7:45 AM ET ICSC Weekly Retail Sales
• 8:30 AM ET                   Consumer Price index (CPI) headline M/M for October
• 8:30 AM ET                   Consumer Price index (CPI) headline Y/y for October
• 8:30 AM ET CPI core – Ex: Food & Energy M/M for October
•  8:30 AM ET CPI core – Ex: Food & Energy Y/Y for October
• 8:55 AM ET                   Johnson/Redbook Weekly Sales
• 10:00 AM ET                 Cleveland Fed CPI for October
• 1:00 PM ET US Treasury to sell $39B in 10-year notes
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: AIRG AMPX ANGX ATEX ATRO BEEP BGS BODI BRCB BV CAPR CLFD CRWV EC ELMD EVLV FLY FOSL GENK GEVO GO GRWG HYLN INO KOPN KURA LAND LMRI LPTH MCHX MRCY NCMI NLST PBR PETS QUIK REZI RGTI SKYH SONO SPIR STUB STXS TELO VIV

• Oppenheimer 10th Annual Virtual Internet Bus Tour, 11/9-11/10 (virtual)
• Raymond James 2026 Texas Bank Symposium, 11/10-11/12, in Dallas, TX
• Wells Fargo EEI Financial Conference, 11/8-11/10, in Arizona

• Earnings After the Close: AGBK AGRO ALVO AVEX CAE CINT CTVA DDI DGII ENS FNV ITRG OPRX PXLW TK TNK XAIR

• Stifel Healthcare Conference, 11/11-11/13, in New York

• 8:30 AM ET                   Continuing Claims
• 10:00 AM ET                 Existing Home Sales M/M for October
• 12:00 PM ET                 Weekly EIA Inventory Data (pushed out a day for Veteran’s Day)
• 1:00 PM ET US Treasury to sell $22B in 30-year notes
• 2:00 PM ET                    Federal Budget for October

• Earnings After the Close: AENT AFYA AMAT ARWR AVX BEAT CBRS CDXS CODX CSCO CTSO DLO DMRC FLNT FLO GEMI HAWK HTFL JCAP KLC LFTO MDXH NKTR NMAX SPCE NU OFRM PAL PARK SPCE STN STNE VRCA VUZI WHK WYY XOS YSS

• Stifel Healthcare Conference, 11/11-11/13, in New York
• Truist Securities BioPharma Symposium, 11/12, in New York

• 8:30 AM ET                   Producer Price index (PPI) headline Y/y for October
• 8:30 AM ET PPI core – Ex: Food & Energy M/M for October
•  8:30 AM ET PPI core – Ex: Food & Energy Y/Y for October
• 10:30 AM ET                 Weekly EIA Natural Gas Inventory Data (pushed out due to Veteran’s Day holiday)
• 1:00 PM ET                    Baker Hughes Weekly rig count data

• Stifel Healthcare Conference, 11/11-11/13, in New York

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