Early Look

Friday, November 13, 2026

US futures are looking muted as investors assess the fallout from Jensen Huang's exit from Nvidia and awaited October wholesale PPI inflation data. U.S. stocks markets declined on Thursday amid fallout from the announcement of Nvidia CEO Jensen Huang resigning amid scrutiny over reports of two extramarital relationships, while surging Treasury yields and the dollar hitting interest rate sensitive sectors/assets, and weakness in AI stocks came after NBIS guidance. Next up is October PPI data at 8:30 am et where headline M/M for October is expected to rise +0.4% (prior +1.3%) while on a Y/y headline for October est. +6.6% (prior +6.3%). The PPI core – Ex: Food & Energy M/M for October est. +0.3% (prior +0.7%) and Y/Y est. +5.0% (prior +5.0%). The higher inflation/rate hike fears has dented crypto this week as Bitcoin is trading below $70,000 premarket, -5% to $69,162. In Asian markets, The Nikkei Index advanced 322 points to 61,142, the Shanghai Index fell -21 points to 3,634, and the Hang Seng Index dropped -370 points to 23,637. In Europe, the German DAX is up around 7 points to 26,778, while the FTSE 100 is up about 10 points to 10,873.

In technology this morning, Anthropic (ANT) has attracted orders for roughly six times the shares available in its planned IPO next week, Bloomberg reported. The company is seeking to raise up to $64.4B through the offering, alongside a $26B private placement, potentially making it the largest IPO on record. Also shares of chip maker Cerebras (CBRS) rises over 15% last night following earning and guidance, Cisco Systems (CSCO) shares slip on results and Applied Materials (AMAT) is flat after its results.

On Thursday, Treasury yields surged for the second time in three days as the Treasury sold $25B in 30-year bonds Thursday at a high yield of 5.441%, signaling softer investor appetite. The clearing yield landed 0.4 bps above pre-auction expectations. Auction demand weak as Bid-to-cover ratio = 2.36, down from 2.54 while Indirect bidders = 68.1% of the offering, down from 72.3% in the previous auction. The data added to earlier yield strength as the 10-yr rose 11 bps to 5.11%, adding to the 14 bps spike Tuesday after CPI data.

• The Dow Jones Industrial Average fell -189.40 points, or 0.36%, to 52,297.09
• The Nasdaq Composite dropped -100.19 points, or 0.39%, to 25,366.09
• The Russell 2000 Index declined -47.20 points, or 1.66% to 2,799.06

• 8:30 AM ET                   Producer Price index (PPI) headline Y/y for October…est. +6.6% (prior +6.3%)
• 8:30 AM ET PPI core – Ex: Food & Energy M/M for October…est. +0.3% (prior +0.7%)
•  8:30 AM ET PPI core – Ex: Food & Energy Y/Y for October…est. +5.0% (prior +5.0%)
• 10:30 AM ET                 Weekly EIA Natural Gas Inventory Data…
• 1:00 PM ET                    Baker Hughes Weekly rig count data

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

• Flowers Foods (FLO) Q3 Adj EPS $0.10 vs. est. $0.15 (miss); sales $1.169B vs. est. $1.180B (miss), down 4.7% Y/Y as volume fell 7.0% against price/mix up 2.3%; adjusted EBITDA $78.9Mm, down 33.2% Y/Y vs est $97.26Mm (miss), margin 6.8%, down 280bps; sees FY26 adjusted EPS $0.63-$0.68 vs. est. $0.78 (below), cut from $0.75-$0.85, sales $5.016B-$5.063B vs. est. $5.09B (below), cut from $5.070B-$5.142B, and adjusted EBITDA $415Mm-$430Mm cut from $453Mm-$481Mm.
• Keurig Dr Pepper (KDP) 57.97M share Spot Secondary priced at $34.50.
• KinderCare Learning (KLC) cuts FY26 EPS view to $0.02-$0.04 from prior $0.5-$0.15 and lowers FY26 revenue view to $2.64B-$2.66B from $2.66B-$2.7B, vs. consensus $2.68B; cites lower enrollment and higher impairment losses as main drivers of weaker results; said a 5.9% drop in enrollment at early childhood education centers drove revenue decline, partially offset by higher tuition rates.
• Lifeway Foods (LWAY) Q3 EPS $0.02 vs. est. $0.06 (miss), versus $0.23 Y/Y; sales $67.8Mm vs. est. $66.5Mm (beat), a company record up 18.6% Y/Y on higher branded kefir volumes; gross profit $12.164Mm, gross margin 18.0% vs. 28.7% Y/Y on higher milk, packaging, ingredient and transportation costs; operating Income $1.085Mm vs. $5.04Mm Y/Y; sees Q4 cost pressure persisting but 2027 gross margin expansion from planned price increases.

• HawkEye 360 (HAWK) Q3 revenue rose 84% y/y to $59.3M vs. $32.2M YoY; swung to a third-quarter 2026 net loss of $163,000; International revenue climbed 76% y/y to $23.3M; backlog reached $300.3 million at September 30, 2026. Full-year 2026 revenue guidance increased to $225M-$227M; Contracted Backlog: $300.3M vs. $292.2M QoQ
• SpaceX (SPCX) will attempt to land both sections of Starship on Earth intact for the first time on its 15th test flight. It is a pivotal test of the reusable rocket technology central to Elon Musk's space and AI ambitions.

• Nu Holdings (NU) Q3 Revenue $6.26B vs. est. $6.18B (beat); loan book $41.6B; 90-day default ratio 7.3% vs. 6.9% Q/Q, up 40bps; ROE 32%; sees FY26 efficiency ratio 19%-19.5%, improved from around 20%.
• RMR Group (RMR) Q4 Revenue $163.7Mm vs est $154.12Mm (beat); adjusted EBITDA $21.5Mm vs est $20.03Mm (beat), adjusted EBITDA margin 45.9%.
• Robinhood Markets, Inc. (HOOD) reports October 2026 operating data as t Total platform assets at end-October 2026 were $383B, up 12% year-over-year and net deposits in October 2026 were $15.10B, 46% annualized growth rate; crypto trading volume fell 48% year over year and 21% from September to $17 billion in October. Volume on the Robinhood app fell 51% year over year to $6.8 billion, while Bitstamp volume fell 45% to $10.2 billion.
• StoneCo Ltd (STNE) Q3 adj EPS $0.45 missed the $0.49 consensus; Q3 sales $717.13M vs. est. $715M; Q3 net income fell 27% y/y to BRL 521.64 million as total revenue and income from continuing operations rose to BRL 3.69B, while financial income climbed 10% to BRL 2.8B y/y; provision for expected credit losses of loans operations more than doubled y/y to BRL 197.43M.

• Heartflow (HTFL) Q3 Adjusted EPS ($0.03) vs. est. ($0.10) (beat); revenue $72.857Mm vs. est. $65.264Mm (beat), up 57.4% Y/Y; adjusted EBITDA loss $3.6Mm; adjusted gross margin 83.8%; sees FY26 revenue $262Mm-$264Mm vs. est. $248.778Mm (above), raised from $246Mm-$250Mm, and adjusted gross margin 82.5%.
• LifeMD (LFMD) Q3 revs fell -7% y/y to $44.6M misses estimates $48.9M citing reduced marketing spend and slower partnership ramp-up for revenue decline; lowers 2026 revenue outlook to $188M-$191M from prior view $205.5M-$212.5M; said deliberate cuts to marketing spend weighed on revenue but improved adjusted EBITDA.
• Nektar Therapeutics (NKTR) Q3 EPS ($1.63) vs. est. ($2.07) (beat); revenue $9.386Mm vs est $10.27Mm (miss), entirely non-cash Royalty revenue rather than headline product sales; operating loss $57.802Mm; R&D expense $44.1Mm vs. $27.3Mm Y/Y; cash and investments $952.9Mm; all three Phase 3 ZENITH Ad trials initiated, with ZENITH AA initiation expected in December 2026, initial ZENITH Ad data mid-2028 and first BLA filing targeted for 2029.
• NeuroPace (NPCE) Q3 EPS ($0.10) vs. est. ($0.09) (miss); revenue $23.104Mm vs. est. $27.2Mm (miss); gross profit $19.471Mm; operating expenses $21.551Mm; sees FY26 revenue $91Mm-$92Mm vs. est. $100.3Mm (below), cut from $99.5Mm-$101.5Mm.
• Zevra Therapeutics (ZVRA) announces final CHMP opinion on arimoclomol for the treatment of Niemann-pick disease type C (NPC) in the European union; the CHMP adopts negative opinion on arimoclomol marketing authorization application for NPC.

• Cerebras Systems (CBRS) shares rise as posted Q3 loss of $161.2M, or (-$0.67) vs. loss of $22.2M, or (-$0.41) y/y; Q3 core revs surged 70% to $230.9M topping ests $214.7M and revenue on a non-adjusted basis grew 55% to $210.8M; Core hardware revenue, which includes direct sales of Cerebras's AI inference chips, fell to $86M from $96.8M; raised year rev outlook to $940M-$960M from prior $880M-$890M and boosts margin outlook slightly.
• Cisco Systems (CSCO) shares rise; Q1 adj EPS $1.40 tops ests $1.33 and sales $18.51B vs. est. $18.13B; deferred revenue $30.1B, up 7% in total; Remaining Performance Obligations $46.2B, up 8% in total; product RPO was up 7% and services RPO was up 9%; sees Q2 adjusted EPS $1.34-$1.36 above consensus $1.23 and sees Q2 revenue $18B-$18.2B vs. est. $17.91B; raises FY27 adjusted EPS view to $5.47-$5.53 from $5.05-$5.11 and raises year rev outlook.
• Digimarc (DMRC) Q3 Adjusted EPS ($0.13) vs. est. ($0.13) (inline); revenue $6.446Mm vs. est. $6.25Mm (beat), down 16% Y/Y; subscription revenue $3.2Mm vs. $4.6Mm Y/Y on contract expiration and step-down; ARR $10.8Mm vs. $15.8Mm Y/Y; adjusted gross margin 82% vs. 81% Y/Y; adjusted operating expenses $8.0Mm vs. $8.6Mm Y/Y; free cash flow use $4.3Mm vs. $3.1Mm Y/Y.
• Microsoft (MSFT) said it is working to resolve an outage that has disrupted services including Outlook and Teams since Thursday, with government departments and schools from the U.S. to Australia among those affected. According to outage tracker Downdetector, hundreds of thousands of users have reported problems in more than 70 countries. A company spokesperson said Microsoft was working to address issues affecting Microsoft 365 services, such as artificial-intelligence software Copilot, and restore services as quickly as possible.
• Newsmax (NMAX) Q3 EPS $0.12 vs. est. ($0.01) (beat); revenue $69.032Mm vs. est. $49.833Mm (beat), up 52.5% Y/Y, including a $14Mm nonrecurring customer termination payment, with underlying growth 21.6%; adjusted EBITDA $19Mm, with $5Mm excluding the one-time payment; sees FY26 revenue $226Mm-$230Mm vs. est. $214.767Mm (above), reflecting the $14Mm payment while underlying guidance remains $212Mm-$216Mm.
• Vuzix Corp. (VUZI) Q3 EPS ($0.10) vs. est. ($0.08) (miss); revenue $0.714Mm vs est $1.3Mm (miss), down 38% Y/Y, with product sales down 45%; gross loss $0.868Mm; operating loss $8.477Mm; operating cash use $6.7Mm, cash $9.2Mm and no debt; secured just under $1Mm in new OEM Defense orders so far in Q4; sees Q4 operating expenses in the mid-$6Mm range vs. $7.6Mm in Q3.

Mid-Morning Look

Friday, November 13, 2026

U.S. stocks turn lower to end a wild week as heavy selling on the open in the technology space (QQQ, XLK, SOX), especially names leveraged to the AI trade such as semis, neoclouds, data centers and optical names are seeing the biggest declines as the fallout from NVDA CEO Jensen resignation after revelations of extramarital affairs, including one involving a suspected Chinese spy has weighed heavily on investor sentiment (CFO Colette Kress will take over as interim CEO). NVDA shares are set for a sixth straight weekly decline, a streak last seen in October 2012; shares down almost 11% this week. Apple (AAPL) shares rise to fresh all-time highs as investors looking to invest in tech moving away from AI space.

A cooler PPI inflation report than expected (and better than the CPI report Tuesday) failing to boost markets early amid the heavy tech selling. Higher Treasury yields and a surging U.S. dollar this week on rising rate hike expectations are also not helping sentiment.  The U.S. Dollar is set for best week in two months, while the yen tests 160 and the dollar index (DXY) hitting 19-month highs (April 2025). “Hotter” CPI inflation data this past Tuesday has lifted interest rate hike expectations for December (including possibility of a more aggressive 50 bps rate hike). Any relief faded quickly this morning as Fed's Goolsbee said inflation is "broad-based and going the wrong way" and reiterated the Fed "has work to do," while Bank of America added a January hike to its Fed call, now looking for three straight 25bp moves to a 4.5%-4.75% terminal rate. Despite early strength to kick off the week, markets look to be ending on a sour note. Still as of this writing, all 11 S&P sectors are currently set to close the week in positive territory!

• Home Improvement Retail sector: LOW was downgraded to Sell from Hold at Stifel ahead of earnings and outline a cautious approach to HD shares ahead of results. Stifel cites the weaker housing backdrop in the second half of 2026, expected operating margin pressure in fiscal 2027 and 2028, structural issues including known do-it-yourself weakness, housing category uncertainty, and increased competition requiring investments. Evercore downgraded TSCO to In Line from Outperform saying their latest home survey suggests the discretionary recovery needed to drive stronger earnings at Tractor Supply remains elusive. The firm also downgraded FND to Underperform from In Line noting the stock's multiple has extended on 2027 estimates, but the Street's numbers remain too optimistic.
• REIT Sector: Bank America with a few ratings changes as they downgraded ARE to Underperform and cut the company's estimates post the Q3 report believes its earnings will continue to decline through at least 2027; KRG downgraded to Neutral from Buy as expects FY27 earnings growth of less than 3% y/y, which remains below peers, and NHI downgraded to Underperform (tgt to $67 from $86), following weaker-than-expected SHOP execution and a cut to FY26 guidance. Separately, Piper is upgrading COLD to Overweight from Neutral noting while shares are up ~23% YTD, the stock's relative multiple versus industrial peers is still depressed versus historical, which gives them comfort there is more revaluation upside. The positives include declining new supply, food producers restraining prices to focus on volume, and no debt maturing until 2029.

• HAWK +17%; as Q3 revs of $59M rose 84% y/y and topped consensus of $56M while GAAP EPS was $0.0, above consensus loss (-$0.05) and raised 2026 revenue guidance to $225-$227M (vs. prior $215-$220M) and adj. EBITDA to $38-40M (vs. prior $30-$36M).
• LFMD +28%; upgraded to Buy at Jefferies with PT raised to $305 from $232, saying investors can now buy a steady double-digit EPS grower below its average multiple with headwinds behind it.
• MOD +32%; shares jumped after Bloomberg News reported Samsung Electronics is in talks to acquire Modine, a US-listed maker of cooling systems for data centers, as the companies are discussing a potential deal that could come together as soon as the coming weeks.
• NMAX +34%; after results and guidance beat; Q3 EPS $0.12 vs. est. ($0.01) and revenue $69.032Mm vs. est. $49.833Mm, with underlying growth 21.6%; adjusted EBITDA $19Mm, with $5Mm excluding the one-time payment; sees FY26 revenue $226Mm-$230Mm vs. est. $214.767Mm.
• STE +3%; upgraded to Buy from Hold at Jefferies with PT raised to $305 from $232, saying investors can now buy a steady double-digit EPS grower below its average multiple with headwinds behind it

• CSCO -5%; reported Q1 revs of $18.5B rising 24% Y/Y and EPS of $1.40 rising 40%, both above the top of guidance and raised its FY27 revenue guide to $74.8B-$75.8B from $72.2B-$73.4B but shares fell on concerns around orders growth ex-Hyperscalers decelerating again to 14%, and gross margin pressure.
• KLC -25%; shares declined after cuts FY26 EPS view to $0.02-$0.04 from prior $0.5-$0.15 and lowers FY26 revenue view to $2.64B-$2.66B from $2.66B-$2.7B, vs. consensus $2.68B; cites lower enrollment and higher impairment losses as main drivers of weaker results.
• MSTR -3%; as the crypto sector continues to fall; Bitcoin (BTC) remains on track for its 6th straight weekly decline and traded below $70,000 for the first time since late August as rising interest rate hike fears after hotter CPI inflation this week dented crypto appetite.
• NPCE -51%; downgraded at Leerink following the company's commercial setbacks in Q3 as RNS sales growth of just +1.4% Y/y was ~16% below consensus; NPCE reduced its FY26 guidance, implying RNS growth of +4% Y/y in Q4, and provided preliminary FY27 RNS growth guidance of ~15% Y/y.
• VIR -17%; after 15M share Spot Secondary priced at $10.00 (from $12.12 prior close).

Closing Recap

Friday, November 13, 2026

U.S. stocks finished lower on Friday led by a second straight decline in technology stocks (XLK -2%) but most other S&P sectors finished higher on the day, closing out what was actually a solid week for major averages overall despite higher CPI inflation and drama in tech land with NVDA CEO resigning. All eleven S&P sectors finished higher this week led by Energy (XLE +5.37%), Communications (XLC +3.72%), Industrials (XLI +3.73%), and Technology (XLK +3.3%) as the S&P 500 gained 2.51%, the Nasdaq climbed 2.27%, and the Dow climbed 2.07%. The S&P 500 and Nasdaq both snapped four-week losing streaks.

While Tech rallied overall on the week, there has been mass exodus the last two days (QQQ, XLK, SOX) especially in the AI related sectors after NVDA’s CEO resignation and ahead of Anthropic IPO. Shares of memory stocks (SNDK, MU, SKHY, WDC), data centers (IREN, HUT, WULF), neoclouds (NBIS, CRWV), opticals (LITE, COHR, AAOI), servers (SMCI, DELL), nuclear/power (BE, GEV, NRG, VST), water cooling names (VRT, ETN), and other data infrastructure names, have all cooled in recent weeks/months into the largest IPO in history coming next week with Anthropic (ANT) expected to price. The NVDA news this week of CEO Jensen Huang resigning Thursday after revelations of extramarital affairs, including one involving a suspected Chinese spy has weighed heavily on investor sentiment and the AI supply chain since NVDA is tied to so many companies regarding investments and partnerships. @knowledge_vital noted on X, “The Nvidia narrative is very mixed – people are actually fairly sanguine in the immediate term, hoping that earnings are at least OK on Tues and that mgmt. reaffirms its 70% sales growth guidance, but increasingly nervous about the medium and long-term implications of Jensen’s departure (many think Nvidia will dial back the amount of financial support offered to customers and face a dramatic escalation in Washington restrictions, both of which could crimp revenue going forward).

Anthropic is expected to price its initial public offering (IPO) on Wednesday, Nov. 18, the company announced this week. It will begin trading under the ticker symbol "ANT" on Thursday, Nov. 19. In an amended S-1 filing released Tuesday, Anthropic said it expects to sell 825 million shares priced between $70 and $78. That would give the company a market valuation of between $1.3 trillion and $1.45 trillion. Anthropic was initially projected to hit the market with a valuation as high as $2 trillion, but recent market turmoil in the AI sector has knocked that down significantly. For the first nine months of the year ending Sept. 30, Anthropic said revenue grew $1,206% to $33.2 billion.

Fed speakers have been increasingly “hawkish” this past week after CPI inflation data: 1) Fed Governor Christopher Waller said on 11/10 he supports at least a 25 bp December hike even if CPI cools as hoped. A 50 bp hike should be considered if core CPI is ~0.3% or higher (which it was). Inflation is too high and broadening; further tightening is needed sooner rather than later to protect credibility. 2) Dallas Fed President Lorie Logan said on 11/10, at least two more 25 bp hikes are needed (current rate is at least 50 bp below a modestly restrictive level). It may be possible to move more rapidly this winter. After those two, pause to assess. 3) Bostin Fed President Susan Collins said today “additional policy tightening is warranted soon; it is possible the Fed may have to raise rates more than expected. Price stability is the priority (even if higher rates pressure housing affordability in the near term).

Is Wall Street buying the dip? @KobeissiLetter tweeted overnight on X: "Investors buying the dip in US equity ETFs at an unprecedented pace: The S&P 500 ETF, $VOO, attracted +$16.9B in inflows over 5 trading days ending November 10th, the most among major US equity ETFs. This was followed by the Nasdaq 100 ETF, $QQQ, and the total US stock market ETF, $VTI, at +$5.3B and +$3.3B, respectively. At the same time, the S&P 500 ETF, $SPYM, and the Nasdaq 100 ETF, $QQQM, attracted +$2.6B and +$2.2B. Meanwhile, the 3x Leveraged Long Semiconductor ETF, SOXL, and the 3x Leveraged Long Nasdaq 100 ETF, $TQQQ, saw +$2.1B and +$1.4B in inflows. In total, 10 major US equity ETFs attracted a massive +$37.5B over 5 trading days ending Tuesday. Investors are aggressively buying the dip."

• Precious metals were mixed with December gold prices up $1.00 to $3,886.30 an ounce, snapping a 3 day losing streak, while Dec silver prices slid -$0.94 or 1.89% to settle at $49.12 an ounce. Note silver has now plunged 59% since its January all-time high. Gold prices sold off nearly -3% on Thursday and were down around -4% this week, hitting new 52-week lows in the process as oil prices climbed, spurring fears of higher inflation and elevated interest rates. Markets see an 88% chance of a 25-bps US rate hike in December, while the probability of a larger 50-bps move is priced at 12%.

• Treasury yields surged on the week as several Fed officials this week warned that US inflation remains stubbornly elevated, with some signaling openness to a 50-bps rate increase if price pressures fail to ease. Traders are pricing in a roughly 12% chance of such a hike next month, up from 0% last week.
• Two-year Treasury yields jumped 35.2 bps this week to 4.872%, their biggest weekly jump since September 2024 and rising five straight days, snapping a streak of six straight weeks of falling yields. Today's yield is the sixth highest this year and just 5 bps off 52-week high of 4.922% on Sept 28. The 10-yr yield, the key benchmark for mortgages, auto loans and credit card debt jumped 29.4 bps this week to end at 5.152% (rose 5.1bps today) and snapped a five week streak of falling yields. The 10-yr posted its largest one-week yield gain since Friday, April 11, 2025 (15.8 bps off 5.31% 52-week high).

• Education Services: KLC shares declined after cuts FY26 EPS view to $0.02-$0.04 from prior $0.5-$0.15 and lowers FY26 revenue view to $2.64B-$2.66B from $2.66B-$2.7B, vs. consensus $2.68B; cites lower enrollment and higher impairment losses as main drivers of weaker results; said a 5.9% drop in enrollment at early childhood Education Centers drove revenue decline

• Building products sector: IBP was upgraded to Buy from Hold at Deutsche Bank with higher $260 tgt following the acquisition of Old Dominion Group. The firm views the deal favorably and sees compelling upside driven by Old Dominion's robust backlog.

• Pipeline sector: Goldman Sachs stays constructive on natural gas pipelines, despite recent underperformance (-5% 6m vs. AMZ -1%). They look for 1) lower beta exposure to broader gas demand growth, 2) high level of contracting, 3) solid 3Q26 earnings updates and 4) progress towards permit reform in DC to improve return profiles, even as new risks to pre-FID backlog prevail following the midterm elections. Best positioned: Buy-rated WMB, TRP and KMI and upgrade DTM to Neutral following recent underperformance, a reset in 2030 EBITDA expectations, and a likely larger backlog.

• Brokers & Exchanges: SCHW monthly activity highlights showed core net new assets increase 50% to $66.50B in October 2026; total client assets $13.27 trln as of October 2026, up 12% y/y; October daily average trades 10.6M; margin loan balances $196.70B, up 75% from year-end. HOOD Total platform assets at end-October 2026 were $383B, up 12% y/y and net deposits in October 2026 were $15.10B, 46% annualized growth rate; crypto trading volume fell 48% y/y and 21% from Sept to $17B in Oct.

• NKTR Q3 results were ahead of the Street on lower R&D, and YE26 cash guidance moved above $840M with runway into Q328; Q127 off-treatment AtD readout is the only efficacy dataset in the next 12 months; ZENITH-AD remains on track for summer 2028 topline.
• RZLT said its experimental treatment ersodetug met the main goal of a late-stage study in patients with tumor-related hyperinsulinism; the Co said 13 of 16 enrolled patients cut their need for intravenous glucose by at least half, including 12 who were able to stop the treatment entirely; Rezolute also prices 22.04M shares of common stock at $3.87.
• VIR shares fell after 15M share Spot Secondary priced at $10.00 (from $12.12 prior close).

• Medical Equipment: HTFL reported 3Q rev beat of $72.9M (vs. $65M consensus), representing 57% y/y growth with the fastest US growth in 11 quarters up 60%. The company flagged four key drivers – with plaque adoption acceleration, FFRCT utilization remaining durable across existing accounts, new account addition strength/continued ramp of 2025 account adds and CCTA market strength. The company raised total revenue guidance to $262M to $264M (from $246M to $250M prior). LFMD missed on 3Q revenue at $44.6M versus the $48M to $51M guide and $48.8M consensus, and cut its 4Q and full-year outlook; adjusted EBITDA of negative $0.4M beat consensus and rose $3.1M sequentially as marketing spend fell 34%, or $9.5M, while subscribers held nearly flat.
• MedTech and device sector: NPCE shares tumbled following the company's commercial setbacks in Q3 as RNS sales growth of just +1.4% Y/y was ~16% below consensus; NPCE reduced its FY26 guidance, implying RNS growth of +4% Y/y in Q4, and provided preliminary FY27 RNS growth guidance of ~15% Y/y. OWLT shares tumbled after withdrew its full-year outlook, citing headwinds from a safety update it rolled out in response to concerns over exposed camera cables in its infant-monitoring devices.

• Shipping & Tankers: The Baltic Exchange's main Sea Freight index ended a seven-session gaining streak but still recorded its fourth straight week of gains. The Baltic Dry Index tracking Capesize, Panamax and Supramax vessels' rates lost 40 points, or 1.3%, to 2,980 points, after back-to-back gains since November 3. The index posted a 4.4% weekly rise. The panamax index inched up by 1 point to 2,118 points, its highest level since October 22, up 4% on the week and Supramax rose 5 points, or 0.3%, to 1,836 points, its highest since November 3.
• Aerospace & Satellite sector: SPCX is attempting its first double catch on Starship Flight 15 including the upper stage after 22 hours and 14 orbits around Earth. HAWK shares jumped after earnings results as Q3 revs of $59M rose 84% y/y and topped consensus of $56M while GAAP EPS was $0.0, above consensus loss (-$0.05) and raised 2026 revenue guidance to $225-$227M (vs. prior $215-$220M) and adj. EBITDA to $38-40M (vs. prior $30-$36M).

• Semis: ARM shares slipped and NVDA pared losses after the Financial Times reported that the company’s boss Rene Haas was approached in NVDA CEO search. CBRS shares jumped after the AI chipmaker raised its annual sales forecast and posted a surprise profit. Cerebras now expects 2026 adjusted revenue of $940M-$960M, up from its previous forecast of $880M-$890M and above consensus of $887.04M. As of Thursday's close, Cerebras' shares were down 47.2% from their May IPO price of $185 apiece.
• Semi equipment: AMAT reported Q4 revenue grew 14% QoQ to $10.41B, slightly outpacing consensus expectations of $10.30B while Semiconductor Systems Group (SSG) sales grew 14% QoQ to $8.00B primarily due to higher DRAM and NAND related shipments. DRAM shipments grew 44% QoQ to $2.64B and NAND-related shipments grew 46% QoQ to $720M. January quarter (1QFY27) sales are expected to grow 7% sequentially to $11.1B, slightly surpassing consensus of $10.8B.

• Security Software: PANW was upgraded to Overweight at Keybanc with $380 PT following the 20% pullback in shares, while notes they expect Security budgets to accelerate through 2027, Palo a leading beneficiary of the trend toward consolidation with strong product offerings in key areas to secure Ai and defend against the accelerated Ai threat environment. NTSK was downgraded to Equal Weight at Morgan Stanley saying current valuation reflects an improvement in sales balanced by growing SASE competition. Up ~30% YTD, about in-line with ZS's growth adjusted sales multiple, thinks NTSK's valuation is more in-line with where it sees near term value realization.

Street Recommendations

Friday, November 13, 2026

• NIQ Barclays raised the firm's price target on NIQ Global to $25 from $24 and keeps an Overweight rating on the shares. The company's Q3 was ahead of expectations and led to a fiscal 2026 guidance raise, the analyst tells investors in a research note.
• NVDA Barclays analyst Tom O'Malley lowered the firm's price target on Nvidia to $210 from $275 and keeps an Overweight rating on the shares. The firm says Nvidia's period of transition "may increase investor caution and erode industry trust."
• STRO Barclays analyst Lukas Shumway raised the firm's price target on Sutro Biopharma to $57 from $56 and keeps an Overweight rating on the shares post the Q3 report. The firm says the company's wholly-owned STRO-004 and STRO-006 continue to progress.

• KRG BofA downgraded Kite Realty to Neutral from Buy with a price target of $28, down from $31. The firm expects FY27 earnings growth of less than 3% year-over-year, which remains below peers, the analyst tells investors. While the firm expects earnings growth to approach peer levels, this is unlikely until 2028 or beyond, the analyst added.
• NHI BofA downgraded National Health Investors to Underperform from Buy with a price target of $67, down from $86, following weaker-than-expected SHOP execution and a cut to FY26 guidance. Recent SHOP assets have underperformed and capital needs have exceeded underwriting, notes the analyst, who lowered the firm's FY27 NFFO per share estimate to $4.63, or nearly 6% below Street estimates.
• AVT BofA lowered the firm's price target on Avnet to $110 from $115 and keeps a Neutral rating on the shares. While Avnet reported "a strong quarter," the firm reiterates a Neutral rating as it remains uncertain on sustainability of end market demand, and higher prices led by memory, the analyst tells investors.
• AMAT BofA analyst Vivek Arya lowered the firm's price target on Applied Materials to $520 from $650 and keeps a Buy rating on the shares following what the firm calls "a modest beat/raise" in fiscal Q4. Following the report, the firm raised its calendar year 2027 and 2028 pro-forma EPS estimates 2% and 9%, respectively, but cites recent semicap multiple compression for its lowered target.
• COST BofA analyst Christopher Nardone raised the firm's price target on Costco to $1,257 from $1,095 and keeps a Buy rating on the shares after having hosted CFO Gary Millerchip and members of his team for an investor meeting and warehouse tour at the company's headquarters. Costco's philosophy of leading with value and having a higher income core consumer gives the firm confidence share gains will continue in a price sensitive backdrop, says the analyst, who cites peer multiple expansion and a roll forward of its valuation base to FY28 for the firm's raised target.
• CATX BofA lowered the firm's price target on Perspective Therapeutics to $1 from $5 and keeps a Neutral rating on the shares. Perspective's Q3 update pushed the bamzireotide pivotal timeline, with an FDA end of Phase 2 meeting now targeted for Q1 of 2027 versus prior guidance for Phase 3 site activation around year-end 2026, the analyst tells investors.

• OBIO BTIG analyst Marie Thibault raised the firm's price target on Orchestra BioMed to $12 from $10 and keeps a Buy rating on the shares. Following the company's R&D Day, the firm has come away with newfound appreciation for the clinical differentiation of Orchestra's atrioventricular interval modulation therapy, the clear commercial appeal, and the broader potential in heart failure, the analyst tells investors in a research note, adding that the event offers greater confidence in the firm's forecasts.

• CADL Canaccord lowered the firm's price target on Candel Therapeutics to $13 from $25 and keeps a Buy rating on the shares. The firm noted Candel announced delayed BLA submission for aglatimagene in intermediate- to high-risk localized prostate cancer and the company now expects a mid-2027 submission vs YE26. The firm believe the delay is related to manufacturing and analytical comparability issues between the Phase 3 clinical data and the commercial product.

• TRP Citi analyst Spiro Dounis raised the firm's price target on TC Energy to C$101 from C$95 and keeps a Neutral rating on the shares. The firm cites a roll-forward of the model and the company's "elevated" growth from the Canadian Power opportunity for the target boost.
• DVN Citi lowered the firm's price target on Devon Energy to $60 from $67 and keeps a Buy rating on the shares. The company reported a Q3 beat on strong realizations and its enhanced buybacks should help narrow the stock's discount, the analyst tells investors in a research note.

• CTSH Deutsche Bank downgraded Cognizant to Hold from Buy with a price target of $66, down from $75. The firm says has less confidence in the company's ability to meaningfully improve its organic growth, saying its Buy thesis has not played out. Following Cognizant's Q3 report, Deutsche sees a more prolonged path toward growth acceleration. The company is exciting 2026 with 2% year-over-year organic growth at the midpoint and limited catalysts for improvement in fiscal 2027, the analyst tells investors in a research note.

• FND Evercore ISI downgraded Floor & Decor to Underperform from In Line with a price target of $45, down from $55. The stock's multiple has extended on 2027 estimates, but the Street's numbers remain too optimistic, the analyst tells investors in a research note. The firm says its latest home survey points to a slower and narrower home project recovery. While Floor & Decor's pro gains and better execution are encouraging, they will not fully offset weak discretionary demand, cost pressures and slower store growth in 2027, contends Evercore.

• AMAT Goldman Sachs lowered the firm's price target on Applied Materials to $580 from $670 and keeps a Buy rating on the shares. The company delivered a solid quarter and above consensus guidance, positioning it for market share gains as WFE growth accelerates in 2027, with potential upside to Street estimates if industry growth approaches 45%, the analyst tells investors in a research note.

• TWST Guggenheim lowered the firm's price target on Twist Bioscience to $150 from $212 and keeps a Buy rating on the shares. Twist beat on revenue and gross margins and achieved adjusted EBITDA profitability on its guided timeline in fiscal Q4, but "this success story has been overshadowed by AI revenue guidance commentary below the Street's expectations," the analyst tells investors in a post-earnings note.

• HAE Jefferies analyst Young Li initiated coverage of Haemonetics with a Buy rating and $150 price target. Haemonetics has become a diversified medical technology company with a "defensible tech moat" in plasma, several recurring growth engines in MedSurg, a clear path to margin expansion, the analyst tells investors in a research note. Jefferies sese "strong" revenue and earnings growth and multiple paths to upside in fiscal 2027.
• AMAT Jefferies analyst Blayne Curtis lowered the firm's price target on Applied Materials to $580 from $770 and keeps a Buy rating on the shares. The company reported a "clean beat and raise" quarter with revenue at the high end of the guided range and January quarter revenue growth guided to nearly 60% year-over-year at the midpoint, the analyst tells investors in a research note. The firm says Applied's gross margins expanded for a 14th consecutive quarter. It sees another year out of outperformance in 2027.

• AMAT JPMorgan lowered the firm's price target on Applied Materials to $500 from $660 and keeps an Overweight rating on the shares. The company reported a modest fiscal Q4 beat and Q1 guidance that was slightly better than Street estimates, but largely in-line with the buy-side expectations, the analyst tells investors in a research note. JPMorgan cites the "severe" multiple compression in semi cap equipment stocks for the target cut.

• AON Keefe Bruyette raised the firm's price target on Aon plc to $376 from $342 and keeps an Outperform rating on the shares. Aon's long-term track record of expense management and above-average organic growth, combined with the significant middle-market opportunity embedded in its pending acquisition of USI, should drive outperformance over the next 12 months, the analyst tells investors in a research note.

• LFMD Mizuho analyst Steven Valiquette lowered the firm's price target on LifeMD to $6 from $7 and keeps an Outperform rating on the shares following the Q3 report. The firm cites the timing of delayed branded GLP-1 fulfillment start, curtailed marketing initiatives, and underperforming early-2026 cohorts for the target cut. LifeMD lowered its expected 2026 year-end revenue run rate to $200M from $250M, the analyst tells investors in a research note.

• AMAT Needham lowered the firm's price target on Applied Materials to $470 from $580 and keeps a Buy rating on the shares. The company reported a solid quarter with both revenue and gross margin above guidance, though the firm's reduced price target reflects continued sector-wide multiple compression, the analyst tells investors in a research note.

• COLD Piper Sandler upgraded Americold Realty Trust to Overweight from Neutral with a price target of $19, up from $15, following the Q3 report. The stock's relative multiple versus Americold 's industrial peers is still depressed versus history, the analyst tells investors in a research note. Piper says this brings comfort that there is more revaluation upside. The company's positives include declining new supply, food producers restraining prices to focus on volume, and no debt maturing until 2029, adds the firm.
• HD Piper Sandler lowered the firm's price target on Home Depot to $371 from $378 and keeps an Overweight rating on the shares. While the firm expects inline Q3 results, its channel conversations point to a decline in leading indicators on home project demand such as declining paint sales and room measurements.
• LOW Piper Sandler analyst Peter Keith lowered the firm's price target on Lowe's to $260 from $265 and keeps an Overweight rating on the shares. While the firm expects inline Q3 results, its channel conversations point to a decline in leading indicators on home project demand such as declining paint sales and room measurements.
• CBIO Piper Sandler lowered the firm's price target on Crescent Biopharma to $32 from $35 due to higher operating expenses, while keeping an Overweight rating on the shares. The firm notes the company reported Q3 earnings and reiterated its catalyst calendar. Most notably, the Phase 1/2 APOLLO study has enrolled its first patient to evaluate CR-002, with initial data guided to the second half of 2027.
• CSCO Piper Sandler analyst James Fish lowered the firm's price target on Cisco to $112 from $125 and keeps a Neutral rating on the shares. While estimates come higher and the team sounds upbeat around AI-hyperscaler builds and enterprise refresh, this was a fairly mixed quarter in the firm's view. On the positive-side, Cisco showed upside, refresh still remains "early," AI contribution was unsized, core Security looked good, and the guide was raised for FY27 more than the Q1 beat. However, orders did meaningfully decelerate, Splunk struggled, Q2 guide implies hardware has peaked, and one may have seen the old "peak growth, peak multiple" hit here, just like others in the space.

• ALKT Stephens resumed coverage of Alkami with an Equal Weight rating and $15 price target. Structural growth drivers remain robust, but strategic review-driven new logo weakness will "crimp growth for several quarters," the analyst tells investors.
• IIIV Stephens resumed coverage of i3 Verticals with an Equal Weight rating and $23 price target. A durable government base, growing SaaS, and smart divestitures are "interesting," but budget normalizations and a FY27 mid-single digit reset on services timing "keeps us neutral," the analyst tells investors.
• PAR Stephens resumed coverage of Par Technology with an Equal Weight rating and $25 price target. Par is positioned to win top QSRs if platform and AI outweigh best-of-breed and could expand share, but the firm wants more proof points supporting the 15% near-term growth rate, the analyst tells investors.
• RPAY Stephens resumed coverage of Repay Holdings with an Equal Weight rating and $5 price target. Kubra is "strategically sound diversification," but the company needs more and sustained revenue synergies and cross-sell execution, as well as lower leverage, for the stock to work, the analyst tells investors.

• BBWI TD Cowen lowered the firm's price target on Bath & Body Works to $24 from $25 and keeps a Buy rating on the shares. The firm adjusted targets in the special apparel group as part of a Q3 earnings preview. The holiday season should be strong for specialty retail, the analyst tells investors in a research note.

• WWW UBS analyst Mauricio Serna raised the firm's price target on Wolverine World Wide to $33 from $31 and keeps a Buy rating on the shares. Investor sentiment toward athletic wear stocks remains subdued amid weakness among major players and industrywide promotional pressures, the analyst says in a research note.

• ALEC Wells Fargo analyst Benjamin Burnett initiated coverage of Alector with an Overweight rating and $7 price target. The stock's negative sentiment following setbacks with the company's progranulin program overlooks the potential upside associated with its brain carrier platform, the analyst tells investors in a research note. Wells likes Alector's approach in Alzheimer's disease, and believe Roche's trontinemab validates the potential for faster and deeper Abeta clearance.
• ECL Wells Fargo upgraded Ecolab to Overweight from Equal Weight with a price target of $380, up from $315. The firm believes the company's pricing surcharge will "remain sticky" into fiscal 2027. In addition, CoolIT and Ovivo shift Ecolab to "more attractive, high-growth end markets," the analyst tells investors in a research note. Wells also believes the company's life sciences end market is seeing strength on easing capacity constraints.
• BJ Wells Fargo raised the firm's price target on BJ's Wholesale to $120 from $110 and keeps an Overweight rating on the shares. Rotation and expectations make for tricky a Q3 set-up, the firm says. The company should check the box with at least some EPS upside across the board, but there are idiosyncratic factors to navigate, Wells adds.
• DKS Wells Fargo raised the firm's price target on Dick's Sporting to $195 from $185 and keeps an Overweight rating on the shares. The firm is a buyer ahead of print. Wells expects Q3 results to come in above lowered expects, but more important, it sees a potential for strategic action on Foot Locker to be positive catalyst for shares.
• ROST Wells Fargo analyst Ike Boruchow lowered the firm's price target on Ross Stores to $242 from $248 and keeps an Equal Weight rating on the shares. While the firm sees numbers as good, it highlights a tough setup. Wells is leaning cautious despite comparison sales momentum. The firm sees Q3 comp upside, but argues that the setup gets harder from here. Trading at roughly 27-times next twelve months, Wells sees risk/reward less favorable from here.
• BURL Wells Fargo lowered the firm's price target on Burlington Stores to $330 from $370 and keeps an Overweight rating on the shares. The firm is more cautious on trajectory into Q4. Wells' 2027 EPS now well below Street, but the firm stays bullish on favorable risk/reward, though near-term setup is clearly tough.
• WMT Wells Fargo raised the firm's price target on Walmart to $135 from $120 and keeps an Overweight rating on the shares. The firm notes Walmart teased potential for new U.S. marketplace gross merchandise value disclosures. Wells sizes the first half of 2026 lift to total/Gen Merch GMV at 130bps/350bps or growth closer to 5.3%/6.1%, respectively. Hard to know the bar, but seems positive to the narrative, it argues.
• TJX Wells Fargo lowered the firm's price target on TJX to $135 from $140 and keeps an Equal Weight rating on the shares. The firm is cautious into Q3. Wells doesn't believe Marmaxx has turned the corner, and sees room for valuation to continue to contract back closer to historic levels given trajectory of the business.
• CSCO Wells Fargo lowered the firm's price target on Cisco to $130 from $150 on broader market compression, while keeping an Overweight rating on the shares. The firm notes results and guide were well above expectations, while product order growth deceleration remains a key investor focus.
• AMAT Wells Fargo lowered the firm's price target on Applied Materials to $500 from $610 and keeps an Overweight rating on the shares. While the company delivered positive results, elevated expectations required a larger beat / raise, the firm says. With relatively as expected 2027 wafer fabrication equipment commentary, Wells Fargo remains positive on Applied Materials' positioning to outperform wafer fabrication equipment looking into next year and remains a buyer of shares.

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

• Earnings After the Close: ACM AYTU BAER BRFH DARE DUOT FTLF INFQ MNTK OMER PAGS PARA POWL RCAT SHAZ STEM TMS TRAK WRAP XP YALA

• RBC Capital Markets Global Industrials Conference 11/16-11/17, in New York
• Roth Capital 13th Annual Solar & Storage Symposium at RE +, 11/16-11/18, Las Vegas
• Supercomputing 2026, 11/15-11/20, in New Orleans

• 8:30 AM ET                   Retail Sales M/M for October
• 8:30 AM ET                   Retail Sales – Less Autos M/M for October
• 8:30 AM ET                   Import Prices M/M for October
• 8:30 AM ET                   Export Prices M/M for October
• 8:55 AM ET                   Johnson/Redbook Weekly Sales
• 9:15 AM ET                   Industrial Production M/M for October
• 9:15 AM ET                   Capacity utilization for October
• 10:00 AM ET                 Business Inventory M/M for September
• 10:00 AM ET NAHB Housing Market Index for November
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: DLB GBDC GLAD IIIV IRIX LZB NVDA SQM WAST ZTO

• Deutsche Bank Residential REIT summit (virtual), 11/17
• Deutsche Bank 5th Annual Global Space Summit, 11/17-11/18, in New York
• Jefferies 5^th Miami Consumer Conference, 11/17-11/18, in Miami, FL
• Piper Sandler Financial Services Conference, 11/16-11/18, in Miami, FL
• RBC Capital Markets Global Industrials Conference 11/16-11/17, in New York
• RBC Capital 2026 Global TIMT Conference, 11/17-11/18, in New York
• Rosenblatt Silicon Valley field trip, 11/17-11/18
• Roth Capital 13th Annual Solar & Storage Symposium at RE +, 11/16-11/18, Las Vegas
• Roth Capital 15th Annual Technology Conference, 11/17-11/18, in New York
• Supercomputing 2026, 11/15-11/20, in New Orleans
• TD Cowen 2026 Financials & Fintech Conference, 11/17-11/18, in New York

• 8:30 AM ET                   Housing Starts M/M for October
• 8:30 AM ET                   Building Permits M/M for October
• 10:00 AM ET                 Pending Home Sales M/M for October
• 10:30 AM ET                 Weekly EIA Inventory Data
• 1:00 PM ET US Treasury to sell $13B in 20-year notes
• 4:00 PM ET                    Net Long-term TIC Flows for September

• Earnings After the Close: CPA HP JOYY KLIC NJR P PANW PCYO RRGB SBLK UGI UTI WWD

• Jefferies 5^th Miami Consumer Conference, 11/17-11/18, in Miami, FL

• Piper Sandler Financial Services Conference, 11/16-11/18, in Miami, FL
• RBC Capital 2026 Global TIMT Conference, 11/17-11/18, in New York
• Rosenblatt Silicon Valley field trip, 11/17-11/18
• Roth Capital 13th Annual Solar & Storage Symposium at RE +, 11/16-11/18, Las Vegas
• Roth Capital 15th Annual Technology Conference, 11/17-11/18, in New York
• Supercomputing 2026, 11/15-11/20, in New Orleans
• TD Cowen 2026 Financials & Fintech Conference, 11/17-11/18, in New York

• 8:30 AM ET                   Continuing Claims
• 8:30 AM ET                   Philly Fed Business Index for November
• 10:00 AM ET                 Leading Index M/M for October
• 10:30 AM ET                 Weekly EIA Natural Gas Inventory Data
• 11:00 AM ET                 Kansas City Fed Manufacturing for November

• Earnings After the Close: BULL CLIR EARN ESE ESTC GAP GLOB INTU KEYS MATW NGVC POST ROST

• Supercomputing 2026, 11/15-11/20, in New Orleans

• 10:00 AM ET                 University of Michigan 1-yr and 5-yr inflation expectation, Nov -Final
• 1:00 PM ET                    Baker Hughes Weekly rig count data

• Supercomputing 2026, 11/15-11/20, in New Orleans

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