Early Look

Tuesday, November 10, 2026

U.S. stock futures look mixed as the tech heavy Nasdaq looks lower after outperforming broader markets on Monday, while the S&P 500 is flat following a 2.35% surge as investors await the latest data on inflation with the October consumer price index (CPI) on tap at 8:30 am et. US stocks rebounded sharply on Monday as falling oil prices helped ease inflation concerns and encouraged investors to step back into a market coming off its worst week since April 2025. The rally followed last week's selloff, which was sparked in part by worries that Democrats' sweeping midterm election victory could lead to regulations that undermine the staying power of the AI trade.

The Dow and S&P 500 both gained more than 2% Monday, while the Nasdaq climbed more than 2.5%. Strength extended well beyond big-cap stocks, with the Russell 2000 surging more than 3%. In fact, all 11 S&P 500 sectors ended higher led by Industrials (XLI) with a gain of 3.8%, followed by Tech (XLK +3.68%), while energy (XLE) and consumer staples (XLP) were the only groups to post a gain of less than 1%. Inside of tech, the heavily beaten semi index (SOX) jumped nearly 7%, while the PHLX Gold/Silver Index (XAU) rose more than 4.5% as lower oil prices eased inflation fears. The VIX dumped 22.3% on Monday, its biggest single-day loss of 2026 to move below 20 level.

Also, reports indicate Anthropic (ANT) IPO to raise as much as $64.4 billion, latest draft prospectus shows, and with investments from other cornerstones (GOOGL, NVDA, AMD, AVGO, TSM, MU) the Anthropic share offering will raise a total of up to $90.4B. The US company and some of its investors plan to sell shares in the IPO in an indicative price band of between $70 and $78 per share, the prospectus shows. Anthropic plans to start trading Thursday, Friday next week, the WSJ reported.

In Asian markets, The Nikkei Index jumped 1,6784 points to 60,459, the Shanghai Index edged higher 2 points to 3,663, the Korean Kospi spiked 35 points or 4.62% to 814, and the Hang Seng Index climbed 108 points to 24,557. In Europe, the German DAX is surging 358 points to 26,625, while the FTSE 100 is up 52 points to 10,835. Crude benchmarks slip further after tumbling yesterday (-5.85% Brent) and last week (-16%) as trilateral talks between US-Russia-Ukraine take place & on US-Iran diplomacy hopes; Fed's Waller strikes a hawkish tone ahead of CPI today. Speaking of the CPI, Market expectations are for a 0.3% MoM rise in headline CPI vs Sept 0.6% increase. Core CPI is expected to rise 0.2% vs 0.3% the month before. Note that because government shutdown in 2025, there will be no YoY data released this month.

• The Dow Jones Industrial Average rose 1,104.02 points, or 2.15%, to 52,389.75
• The Nasdaq Composite jumped 673.71 points, or 2.74%, to 25,253.14
• The Russell 2000 Index advanced 86.71 points, or 3.15% to 2,840.81

• 7:45 AM ET ICSC Weekly Retail Sales
• 8:30 AM ET                   Consumer Price index (CPI) headline M/M for Oct…est. +0.3% (prior +0.6%)
• 8:30 AM ET                   Consumer Price index (CPI) headline Y/y for Oct…(prior +3.7%)
• 8:30 AM ET CPI core – Ex: Food & Energy M/M for Oct…est. +0.2% (prior +0.3%)
•  8:30 AM ET CPI core – Ex: Food & Energy Y/Y for Oct…(prior +2.6%)
• 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

• China trade surplus tops $1 trillion, a month earlier than last year; October exports +35.2% YoY (Est. +33.5%); Imports +41.6% (Est. +32%); semiconductor exports +111.1% YoY YTD; Trade surplus with the US $32.7B in October.

• Lucid (LCID) Q3 adj. EPS ($2.30) vs. est. ($2.28), revenue $350.3Mm vs. est. $407.3Mm, up 4% Y/Y; FCF ($1.04B), cash consumption down 30% Q/Q; pro forma liquidity $3.75B including $1.75B PIF facility increase, with runway into Q4 2027; achieved $0.8B of savings toward FY26 cash-flow improvement target of $1.4B; sees Q4 production below deliveries/midsize production in H2 2027.
• On Holding (ONON) Q3 sales of 931.4 million Swiss francs ($1.14B), compared with analysts' estimates of 929.3 million Swiss francs; Quarterly net sales rose 17.8% on a constant currency basis, compared to a 34.5% rise a year ago; stuck to its annual sales forecast of 3.47B Swiss francs and 3.56B Swiss francs; now expects fiscal 2026 gross profit margin to be around 67.5%, or about 66%, excluding US tariff refunds, compared with its previous forecast of at least 65%.

• Lineage Inc. (LINE) Q3 adj. FFO/share $0.73 vs est $0.70 (above); revenue $1.361B vs. est. $1.364B (miss); adj. EBITDA $317Mm vs. est. $298.6Mm (beat); sees FY26 adj. FFO/share $2.86-$2.98 vs est $2.92 (in line) and adj. EBITDA $1.25B-$1.27B vs est $1.208B (above).
• Occidental Petroleum (OXY) Q3 diluted earnings more than doubled y/y to $1.61 per share while net sales rose 19% y/y to $6.57B; operating cash flow from continuing operations climbed 69% year over year to $4.13B; Q3 global production averaged 1,427 MBoed, exceeding guidance’s midpoint, while principal debt fell to $10 billion; said plans to add more than $4 billion in annual sustainable cash flow by 2030.
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• H&R Block (HRB) Q1 adj. EPS ($1.40) vs est ($1.43); revenue $224.3Mm vs. est. $212.3Mm, beat, up 10% Y/Y; repurchased $100Mm of shares; sees FY27 adj. EPS $6.04-$6.24 vs. est. $6.14, in line, revenue $4.11B-$4.16B vs. est. $4.13B, in line, and adj. EBITDA $1.11B-$1.14B vs est $1.12B.
• PaySign (PAYS) Q3 EPS $0.11 vs. est. $0.09 (beat); revenue $30.8Mm vs. est. $29Mm (beat), up 42.6% Y/Y; adj. EBITDA $10.98Mm, up 118%; gross margin 64.7%, up 840bps; Pharma revenue $16.62Mm, up 109.8%; customer transitioning 113 plasma Centers to another provider in Q4; sees FY26 EPS $0.37-$0.38 vs est $0.35.

• Harrow Inc. (HROW) Q3 EPS $0.25 vs. est. $0.30; Q3 revs $99.3M vs. est. $98.59M; said VEVYE delivered record quarterly revenue, supported by continued prescription growth, improving economics, and increasing productivity from our expanded sales force. TRIESENCE delivered a record quarter, while IHEEZO unit demand grew 21% y/y; backs FY26 revenue view $350M-$365M, consensus $349.66M while cuts FY26 adj EBITDA view to over $40M from $80M-$100M.
• Hims & Hers Health (HIMS) Q3 EPS ($0.14) vs. est. $0.06 (miss); revenue $890.4Mm vs. est. $892.9Mm (miss), up 49% Y/Y; subscribers nearly 2.8Mm, up 13% Y/Y; adj. EBITDA $82.4Mm vs est $85.09Mm (miss) ; FCF $26Mm; sees Q4 revenue $875Mm-$895Mm vs. est. $953.8Mm (below) and adj. EBITDA $70Mm-$90Mm vs est $106.82Mm (below); sees FY26 revenue $3.13B-$3.15B vs. est. $3.21B (below), range tightened, and adj. EBITDA $257Mm-$277Mm vs est $295.16Mm.
• Life360 (LIF) Q3 revs $174.1M vs. est. $172.1M; Q3 adj Ebitda $34.6M vs. est. $32.1M; Q3 Subscription revenue rose 29% yr/yr to $124.2M, driven by 26% growth in Paying Circles and a 4% increase in average revenue per Paying Circle; Q3 Advertising revenue rose 250% yr/yr to $25.4M; arrows FY'26 consolidated revenue outlook to $665-$681M from $650M-$685M and raises FY'26 subscription revenue guidance to $483-$488M from $475-$480M.
• Xenon Pharma (XENE) Q3 EPS ($1.11) vs. est. ($1.13) (beat); operating loss $120.1Mm; R&D expenses $95.6Mm vs. $77.1Mm Y/Y; cash, equivalents and marketable securities $1.154B, with runway into 2029; azetukalner focal-seizure NDA submitted in September; sees Phase 3 X-NOVA2 depression topline data in December 2026, X-FIRST study initiation in Q1 FY27 and Phase 2 acute-pain studies for XEN1701/XEN1120 in H1 FY27.

• Archer Aviation (ACHR) Q3 EPS loss (-$0.35) vs. est. loss (-$0.34); Q3 revs $5.1M vs. est. $3.57M; sees Q4 revenue $5M-$6M vs. consensus $4.64M and Q4 adj EBITDA expected to be a loss of $185M-$205M; Q3 net loss more than doubled year over year to $274.6M.
• AST SpaceMobile (ASTS) Q3 loss/shr ($0.44) vs est ($0.40) (miss); revenue $42.3Mm vs. est. $45.7Mm (miss), up from $14.7Mm Y/Y, driven by gateway deliveries and U.S. Government milestones; operating expenses $211Mm vs. $329.1Mm Q/Q; cash, equivalents and restricted cash $3.2B; targets approximately 45 BlueBird satellites in orbit by mid-2027, with launch agreements covering more than 100 satellites for 2027-2028 deployment; sees FY26 revenue $150Mm-$200Mm vs. est. $166.2Mm (above), guidance maintained.
• Babcock & Wilcox (BW) shares rise; Q3 revs rose 109% to $291M vs. est. $226M; Q3 net income $13.8M; Sees FY outlook for adj EBITDA of $80M-$105M.
• Casella Waste (CWST) Q3 adj. EPS $0.35 vs est $0.38 (miss); revenue $559.2Mm vs. est. $563.2Mm (miss), up 15.2% Y/Y; adj. EBITDA $133.5Mm vs. est. $135.8Mm (miss), up 11.4% Y/Y; operating Income $15.6Mm; sees FY26 revenue $2.10B-$2.11B vs. est. $2.104B (in line) and adj. EBITDA $475Mm-$481Mm vs est $479.34Mm (in line).
• DHT Holdings (DHT) Q3 EPS $1.68 vs. est. $1.50 (beat), with an alternative headline est. $1.27; adj. revenue $290.3Mm vs. est. $233.7Mm (beat); adj. EBITDA $269.5Mm vs. est. $217.3Mm (beat).
• Rocket labs (RKLB) Q3 EPS loss (-$0.12) vs. est. loss (-$0.07); Q3 revs $267.83M vs. est. $257.18M; said delivered a record $268M in revenue alongside a record backlog which has grown to $3.57B. Nearly $1B of that backlog comes from new launch contracts, signed in Q3 2026 alone, as well as $470M signed for Space Systems; sees Q4 revenue $270M-290M vs. est. $265.42M.
• Steel Dynamics (STLD) announces additional $3B share repurchase program.
• USA Rare Earth (USAR) Q3 adj. EPS ($0.44) vs. est. ($0.10), miss; revenue $3Mm vs. est. $12.9Mm, miss; operating loss $141.4Mm; delivered first yttrium oxide samples from Wheat Ridge demonstration facility.

• Cerebras (CBRS) selected by Bilt to Power AI Platform Serving Over 8 Million Members. Cerebras will provide high-speed AI inference infrastructure for Bilt's new Neighborhood OS platform and Bilt Concierge assistant. The platform serves more than 8 million members and 50,000 merchants, supporting AI-powered reservations, travel planning, shopping and rewards.
• Digital Turbine (AAPS) Q2 adj. EPS $0.18 vs. est. $0.17 (beat); revenue $178.7Mm vs. est. $166.7Mm (beat), up 27% Y/Y; adj. EBITDA $39.8Mm vs. est. $38.2Mm (beat), up 46% Y/Y; On Device Solutions revenue $115.6Mm, up 20%, and App Growth Platform revenue $63.5Mm, up 42%, both before intercompany eliminations; adj. FCF $10.5Mm; sees FY27 revenue $670Mm-$690Mm vs. est. $665.3Mm (above) and adj. EBITDA $145Mm-$155Mm vs est $152.36Mm.
• Marathon Holdings (MARA) Q3 EPS $1.28 vs. est. ($0.10) (beat), driven by an $885.3Mm unrealized Bitcoin mark-to-market gain vs. $343.1Mm Y/Y; revenue $164.2Mm vs. est. $176.1Mm (miss), down 34.9% Y/Y, as a 37% drop in the average price of Bitcoin mined reduced revenue $94.8Mm; Bitcoin production 24.4 Btc/DAY vs. 23.3 Y/Y, adding $11.7Mm.
• Microsoft (MSFT) is urging the Trump administration to abandon plans to ban Chinese optical transceivers, warning that supply disruptions could severely delay US AI infrastructure projects, Reuters reports. Microsoft currently has 35 US data centers under construction and another 134 planned, while China controls roughly 67% of the global optical transceiver market. Coherent (COHR) and Lumentum (LITE) lack the production scale to replace Chinese suppliers.
• Onto Innovation (ONTO) Q3 adj. EPS $2.44 vs. est. $2.30 (beat); record revenue $409.7Mm vs. est. $392Mm (beat); gross margin 54.8%; operating Income $95.4Mm; sees Q4 adj EPS $2.59-2.79 vs est $2.48 (above).
• PubMatic (PUBM) Q3 adj. EPS $0.25 vs. est. ($0.02) (beat); revenue $79.6Mm vs. est. $76.1Mm (beat), up 17% Y/Y; adj. EBITDA $26Mm vs. est. $17.2Mm (beat), up 133%, margin 33%; gross margin 70%; CTV, Mobile app and emerging revenues approximately 64% of revenue; sees Q4 revenue $91Mm-$93Mm vs. est. $91.4Mm (in line) and adj. EBITDA $31Mm-$33Mm vs est $31.58Mm (in line); authorized additional $150Mm buyback.
• Qualys, Inc. (QLYS) Q3 adj. EPS $2.12 vs. est. $1.96 (beat); revenue $188Mm vs. est. $186.7Mm (beat), up 11% Y/Y; adj. EBITDA $89.9Mm vs. est. $83.7Mm (beat); adj. operating Income $87.1Mm vs. est. $80.6Mm (beat); sees Q4 adj. EPS $2.05-$2.12 vs est $1.95 (above) and revenue $191Mm-$193Mm vs est $190.96M (above); sees FY26 adj. EPS $8.07-$8.14 vs. prior $7.74-$7.88 and est $7.84 (above) and revenue $736.9Mm-$738.9Mm vs. prior $732Mm-$738Mm.
• Quantum Corp. (QMCO) Q2 revs  rose 42.9% y/y to $89.63M vs. est. $82.3M; said strong secondary-storage demand, including major Scalar i7 Raptor and ActiveScale orders, helped lift revenue and backlog to nearly $100M; Q2 GAAP net loss narrowed y/y to $44.85M.
• Quantum Computing (QUBT) Q3 EPS ($0.07) vs. est. ($0.05) (miss); revenue $9.5Mm vs. est. $7.21Mm (beat), compared with $0.384Mm Y/Y and $9.2Mm for H1 FY26; gross profit $0.428Mm, gross margin 4.5%; operating expenses $29Mm vs. $10.5Mm Y/Y, including approximately $1Mm in acquisition-related expenses; cash, equivalents and investments approximately $1.3B.
• Sanmina Corp. (SANM) shares jump; Q4 adj. EPS $4.43 vs. est. $3.27, beat; revenue $3.858B vs. est. $3.478B, beat; adj. operating Income $348.1Mm, margin 9.0%; FCF $83Mm; sees Q1 adj. EPS $3.50-$3.85 vs est $2.82 (above), revenue $3.8B-$4.1B vs est $3.421B (above) and adj. operating margin 7.0%-7.5%; sees FY27 adj. EPS $15.50-$17.50 vs est $14.07 (above), revenue $17.5B-$19.5B vs est $16.56B (above)and adj. operating margin 7.0%-7.5%.
• Skydance Corp. (SKYD) said it plans Monday to slash at least $6 billion in annual costs following its combination of Paramount and Warner Bros. Discovery as it grapples with a massive debt load from the deal; Q3 revs rose 5% y/y to $7.03B vs. est. $7.04B and TV Media revenue slid 7% due to a decline in advertising sales; Q3 direct-to-consumer revenue rose 11% in the quarter, reflecting 6% subscriber growth and higher average revenue per user
• SoftBank (SFTBY) swung to a $7B net loss in July-September, missing every analyst forecast. The loss included a $3.7B charge on advance payments for power equipment after it revised procurement plans for its US AI data centers. Financing costs also more than doubled, while SoftBank raised $5B in September by expanding a margin loan backed by its Arm shares. The 1.1 trillion yen ($7 billion) second-quarter net loss far exceeded analysts' forecasts and compares with a 2.5 trillion yen profit in the same period a year earlier.
• Take-Two Interactive (TTWO) Q2 revs $1.5B vs. est. $1.578B; guides year revs $7.98B-$8/18B vs. est. $8.50B and sees FY EPS $0.57-$0.75 vs. st. $1.66; reported Q2 net bookings $1.6B and sees FY net bookings $8.0B-$8.2B.
• Trade Desk (TTD) shares jump; Q3 adj. EPS $0.33 vs. est. $0.25, beat; revenue $736Mm vs. est. $650.3Mm, beat; adj. EBITDA margin 36%; sees Q4 revenue at least $755Mm vs. est. $688.3Mm, above, and adj. EBITDA at least $280Mm vs est $190.71M (above).
• Zeta Global (ZETA) Q3 revs $492.7M vs. est. $474M; Q3 adj EBITDA vs. est. $121.0M; guides Q4 revs $521M-$525M, above expectations of $505M and adj EBITDA $135.2M-$136.3M (from $131.9M); guides FY revs $1.853B-$1.857B, above expectations of $1.82B on better FCF $270.6M-$271.6M (from $255.3M).

Mid-Morning Look

Tuesday, November 10, 2026

U.S. stocks open lower as a “hotter-than-expected” consumer price index (CPI) this morning stoked inflation concerns and pushed market odds on a 25 bps Federal Reserve interest rate hike up to 86% and introduced a 14% chance of a half-point move. After U.S. stocks tumbled the worst in years last Thursday following a Democratic “Blue wave” midterm election win, taking back the House and the Senate, markets have recovered the last two days in a generally broad based rally. A lower close in stocks today post CPI data would mark a sharp break from back-to-back gains. Not helping today, bond yields rose (10-yr +12 bps back near 5%) on the CPI release along with a bounce in the dollar, pressuring precious metals. The Nasdaq 100 ETF (QQQ) fell below $670 this morning, down from $679.35 close after topping/but failing to hold its 200dma resistance yesterday of $681.20 as tech slides on rate fears/NVDA headlines which collide with Anthropic's (ANT) blockbuster IPO plans now set for next week. Anthropic's draft prospectus targets up to $64.4 billion from its public offering and $90.4 billion in total including a $26 billion private placement with cornerstone investors GOOGL, NVDA, AMD, MU, MSFT and TSM, pricing shares between $70 and $78 as the company targets a $1 trillion valuation. Oil prices extended losses from the previous session on Tuesday after US President Donald Trump downplayed the need for additional military action against Iran, easing fears of sustained Middle East supply disruptions, with prospects of oversupply also in focus. While stocks opened lower, major averages have bounced nicely off lows despite CPI data, with technology (XLK) and Financials (XLF) leading, though breadth is weak.

• Quantum sector: big day for earnings as three companies out with results: 1) QMCO rises as Q2 revs  rose 42.9% y/y to $89.63M vs. est. $82.3M; said strong secondary-storage demand, including major Scalar i7 Raptor and ActiveScale orders, helped lift revenue and backlog to nearly $100M; 2) QUBT shares dipped after Q3 EPS loss ($0.07) misses est. ($0.05), while revenue $9.5Mm vs. est. $7.21Mm (beat), compared with $0.384Mm Y/Y and $9.2Mm for H1 FY26; 3) QBTS posted a slight Q3 rev beat of $4.51M vs. est. $4.33M.
• Optical sector active after reports that MSFT is urging the Trump administration to abandon plans to ban Chinese optical transceivers, warning that supply disruptions could severely delay US AI infrastructure projects, Reuters reports. Microsoft currently has 35 US data centers under construction and another 134 planned, while China controls roughly 67% of the global optical transceiver market. COHR, LITE lack the production scale to replace Chinese suppliers.
• Software sector: ZETA delivered 29.7% organic ex-political revenue growth, with free cash flow up 73.0% y/y, outpacing total revenue growth, and raised full-year guidance across revenue, adjusted EBITDA, free cash flow, and earnings per share. TTWO reported Q2 bookings slightly below the low end of guidance and both ours/consensus estimates, as a softer NBA 2K27 launch offset GTA outperformance. FY27 bookings guidance was reiterated, however, management noted that GTA VI preorders are tracking "far in excess" of initial expectations. APPS shares tumbled a quarterly revenue of 178.7M and Adjusted EBITDA of $39.8M both easily beat the Street, and management raised the fiscal 2027 revenue guide by $20M at both ends, yet left Adj EBITDA guidance exactly where it sat last quarter, at $145M to $155M.

• PEPG +158%; as announces positive phase 2 FREEDOM2-DM1 10 mg/kg results demonstrating highest reported splicing correction and improvements across multiple functional measures.
• PXLW +25%; as announced a new multi-year partnership and device certification agreement with META, including Meta's VR devices, including the upcoming Meta VR Glasses.
• SANM +6%; as Q4 EPS $4.43, easily topping est of $3.27 and revs of $3.86B topped ests $3.48B saying results reflected broad-based demand, benefits from ZT Systems integration that bolstered SANM's cloud and AI infrastructure business; sees FY27 EPS $15.50-$17.50, above est of $14.07.
• TTWO +4%; reported Q2 bookings slightly below the low end of guidance and both ours/consensus estimates, as a softer NBA 2K27 launch offset GTA outperformance. FY27 bookings guidance was reiterated, however, management noted that GTA VI preorders are tracking "far in excess" of initial expectations

• GSHD -14%; reported prelim Q3 results instead of full due to pending restatements due to a SEC comment letter. Both total revenue and the bottom line result were better than we expected, but core revenues grew less quickly than hoped.
• HIMS -12%; mixed Q3 results, in which revs and adj. EBITDA came in below consensus as a pullback in marketing spend, as well as a deferral of weight loss revenues proved to be the culprit of the weaker than expected quarter for HIMS, translating into a seq. decline in subscriber count.
• NVDA -3%; after President Trump said last night that the FBI is investigating CEO Jensen Huang's affair with a suspected Chinese spy. Wells Fargo acknowledged the "key man" risk that the Huang ordeal poses to Nvidia, given the CEO's importance to the company.
• QLYS -8%; posted top and bottom line beats for Q3 as well as adj. EBITDA $89.9Mm and adj. operating Income $87.1Mm above views; QLYS raised its FY26 guidance across the board but was overshadowed by the significant slowdown in Q4 billings q/q.
• SKYD -8%; reported Q3 results and said it plans to slash at least $6 billion in annual costs following its combination of Paramount and Warner Bros. Discovery; Q3 revs rose 5% y/y to $7.03B vs. est. $7.04B and TV Media revenue slid 7% due to a decline in advertising sales.

Closing Recap

Tuesday, November 10, 2026

U.S. stocks gave back a small portion of the prior day gains, as a further pullback in shares of AI poster child NVDA (-5.53% today after -4.27% Monday) amid its ongoing CEO drama dragged shares near 52-week lows and took the AI supply chain lower in sympathy. Meanwhile, an increase in consumer prices (CPI) inflation in October pushed Treasury yields sharply higher, raising the prospect of potential aggressive rate hikes by the Fed at the December meeting. NVDA shares tumbled a second day after founder and CEO Jensen Huang announced his extramarital affair this weekend, which allegedly was with a possible spy for China, raising all sorts of concerns, and potentially putting the entire industry at risk due to NVDA’s close relationship with so many AI companies. The CEO's relationship with Alice Huang facilitated the shipment of at least $7.5 billion worth of the company's chips through Chinese firms, The Information reported.

Outside of the continued fallout from the NVDA scandal the last 2 days, Anthropic IPO day will be Thursday, November 19 after the company formally filed its updated S1 this morning. The IPO details showed they will sell ~825M in total shares during the upcoming offering, including ~800MM from the company itself and ~24MM from existing investors, for a total of ~$61B (vs. $70-78 indicated range). In addition, the company aims to take in an additional ~$26B by selling stock to cornerstone investors (such as AMD, Broadcom, Google, Nvidia, Micron, Microsoft, TSMC, etc.), which means the total raised would be ~$85-90B (the market had been assuming ~$90B, so this is approximately inline). Another story that didn’t get as much play was SoftBank Group disclosing a $3.7 billion charge tied to power equipment procurement, that weighed heavily on power names like BE, GEV and others. JP Morgan noted the news is a negative, as it marks a major Datacenter developer re-thinking its plans for power Equipment.

Higher Treasury yields also hurt markets: Along with technology weakness, the surge in yields really following the CPI data put a damper on interest rates sensitive stocks and asset classes as precious metal prices tumbled along with crypto assets as Bitcoin dropped over 2%. The 10-yr yield rose over 14 bps topping 5% while the shorter term 2-yr yield, which is more impacted to near term rate moves, rose over 20bps early after U.S. consumer prices increased more than expected in October, rising 0.4% from the previous month. Homebuilders such as DHI, KBH, MTH, PHM, LEN all tumbled as well as mortgage related companies as the sharply higher move in Treasury yields on CPI/rate hike fears hit interest rate sensitive sectors. Dallas Fed President Lorie Logan said today that the Fed may need to pick up the pace of interest-rate increases after a report showed inflation was firmer than expected in October.

• NY Fed reported Q3 total household debt climbs $334B to $19.1 trillion, while Q3 mortgage debt climbs $257B to $13.4 trillion, overall Q3 delinquency rate climbed relative to Q2 and Q3 credit card debt climbs $22B to $1.3 trillion.  Q3 overall flow into “serious” delinquency down from Q3 2025. Q3 share of student loans 90 days or more past due little changed at 10.9%

• The U.S. gas price average finally fell below $4 today, according to AAA as the U.S. average gas price today $3.97; the lowest price since July 16 and the first time below $4 since July 19.
• @FreightWaves noted on X, “The benchmark diesel price used for most fuel surcharges fell 16.5 cents per gallon to $6.127, according to the Department of Energy/EIA average weekly retail price. It is the second straight weekly decline and the lowest level since Oct. 12.
• US crude production is expected to hit a record high for the fourth straight year in 2026, at 13.9 million barrels per day, the Energy Information Administration said on Tuesday. In 2025, output was 13.7 million bpd. US crude output is then set to rise again in 2027, to 14.3 million bpd.
• December gold tumbled -$84.30, or -2.05%, to settle at $4,030.20 an ounce while December silver declined -$1.47, or -2.79%, to finish the day at $51.23 an ounce, pressured by a bounce in the dollar and a spike in Treasury yields following the October CPI data.

• Auto sector: TM raised its annual profit forecast by 20% as now sees full-year operating profit forecast to 780 billion yen ($4.94 billion) from 650 billion yen, as it expected robust demand for hybrid vehicles and a boost from a weaker yen to help offset slumping sales in China. Operating profit for the July-to-September quarter fell 39% from a year earlier to 118 billion yen, well below the 250 billion yen median forecast.
• Lodging & Leisure: online travel stocks have benefited from a roll in oil over the past week, but shares of BKNG, EXPE, ABNB, TRIP rolled slightly this afternoon after a report in The Information said OpenAI acquires Ai Travel Agent Odessia. The news was confirmed by Odessia CEO saying in a post on X, formerly Twitter, "I'm thrilled to announce that Odessia was acquired by OpenAI, and that I will be joining the team to focus on the future of travel.

• Insurance sector: GSHD reported prelim Q3 results instead of full due to pending restatements due to a SEC comment letter. Both total revenue and the bottom line result were better than we expected, but core revenues grew less quickly than hoped driven (in part) as bigger than expected price policy price declines in Texas were offset less than hoped by improving customer retention

• HIMS reported mixed Q3 results, in which revs and adj. EBITDA came in below consensus as a pullback in marketing spend, as well as a deferral of weight loss revenues proved to be the culprit of the weaker than expected quarter for HIMS, translating into a seq. decline in subscriber count.
• JNJ announced that a second late-stage pivotal trial for its atypical antipsychotic Caplyta met its primary and key secondary endpoints in adults with manic episodes associated with bipolar I disorder. The once-daily therapy is already approved in the U.S. for adults with bipolar I or II disorder and major depressive disorder as monotherapy or as adjunctive therapy.
• PEPG announces positive phase 2 FREEDOM2-DM1 10 mg/kg results demonstrating highest reported splicing correction and improvements across multiple functional measures.
• SRPT was upgraded to Hold from Sell at Deutsche Bank and raise tgt to $18 from $14 after Q3 results saying they are more confident that a large downside move in the shares over the next term is unlikely. Sarepta's setup into 2027 "looks decent" on potential for improved fundamentals.

• Industrial sector: AAON reported 3Q26 adj. EPS of $0.83, ahead of $0.56 consensus, driven by significantly higher sales (up ~+84% y/y) and margins (GPM of 26.7%), particularly in ACP. Although BASX backlog again declined q/q (down ~-5%; albeit up ~+51% y/y); GFL shares fell after the Canadian waste management firm said it rejected buyout proposals and will stay public. The Board is unanimous in its conviction that GFL's standalone growth plans offer far superior risk-adjusted returns for shareholders," the chair of the board’s special committee, said.
• Aerospace sector: aircraft parts maker TDG reported a Q4 top and bottom line beat ($12.44/$2.99B in revs vs. est. $12.32/$2.95B), but forecasts FY27 adjusted EPS of $47.09-$47.94, which was below the Street est of $49.17, but better sales of $11.95B-$12.15B vs. est. $11.8B. RKLB reported record Q3 revs of $268M (up 73% Y/Y), beating ests $258M, while GAAP EPS loss of ($0.12) was wider than ests at (-$0.07), partly reflecting a $27M loss on debt extinguishment. GAAP operating cash flow turned positive at $7.2M, and backlog hit a record $3.57B (52% Q/Q).
• Satellite sector: VSAT said it has been awarded an indefinite delivery/indefinite quantity contract with a ceiling of $450M by the U.S. Space Force's Space Systems Command. ASTS reported revenue of $42.3M, up 34% sequentially and an EBITDA loss of -$91.2M versus 79.5M estimate.

• SoftBank (SFTBY) swung to a $7B net loss in July-September, missing every analyst forecast. The loss included a $3.7B charge on advance payments for power equipment after it revised procurement plans for its US AI data centers. Financing costs also more than doubled, while SoftBank raised $5B in September by expanding a margin loan backed by its Arm shares. The 1.1 trillion yen ($7 billion) second-quarter net loss far exceeded analysts' forecasts and compares with a 2.5 trillion yen profit in the same period a year earlier.
• Nscale, a British cloud provider backed by chip giant Nvidia, is considering delaying a $35 billion stock market listing, the Telegraph reported on Tuesday. Executives at the data centre developer are assessing whether to pause efforts to go public until next year, the report added.
• HIVE reported a $78.7M quarterly net loss, as mining revenue fell 7.4% to $76M. Its Ai Computing revenue rose 70.7% to $8.8M, with contracted GPU Cloud annualized revenue reaching $185M.
• MARA Q3 EPS $1.28 vs. est. ($0.10) (beat), driven by an $885.3Mm unrealized Bitcoin mark-to-market gain vs. $343.1Mm Y/Y; revenue $164.2Mm vs. est. $176.1Mm (miss), down 34.9% Y/Y, as a 37% drop in the average price of Bitcoin mined reduced revenue $94.8Mm.
• RIOT was upgraded from Hold to Buy and raise tgt to $28 from $13 saying on its own, with no value after the lease ends, Corsicana is worth about $16 per share at a 10% discount rate. That is close to the ~$17 share price, before counting Rockdale or AMD. Catalysts are credit support at Rockdale, the Corsicana financing in 2027, and first Rent in September 2027.

• EMS Sector: SANM shares jumped on earnings results as the manufacturing solutions firm posted Q4 EPS $4.43, easily topping consensus est of $3.27 and revs of $3.86B topped ests $3.48B saying results reflected broad-based demand, benefits from ZT Systems integration that bolstered SANM's cloud and AI infrastructure business; sees FY27 EPS $15.50-$17.50, above est of $14.07.
• Security software sector: QLYS posted top and bottom line beats for Q3 as well as adj. EBITDA $89.9Mm and adj. operating Income $87.1Mm above views; QLYS raised its FY26 guidance across the board but was overshadowed by the significant slowdown in Q4 billings q/q.
• Optical sector active after reports that MSFT is urging the Trump administration to abandon plans to ban Chinese optical transceivers, warning that supply disruptions could severely delay US AI infrastructure projects, Reuters reports. Microsoft currently has 35 US data centers under construction and another 134 planned, while China controls roughly 67% of the global optical transceiver market. COHR, LITE lack the production scale to replace Chinese suppliers.
• Quantum sector: big day for earnings as three companies out with results: 1) QMCO rises as Q2 revs  rose 42.9% y/y to $89.63M vs. est. $82.3M; said strong secondary-storage demand, including major Scalar i7 Raptor and ActiveScale orders, helped lift revenue and backlog to nearly $100M; 2) QUBT shares dipped after Q3 EPS loss ($0.07) misses est. ($0.05), while revenue $9.5Mm vs. est. $7.21Mm (beat), compared with $0.384Mm Y/Y and $9.2Mm for H1 FY26; 3) QBTS posted a slight Q3 rev beat of $4.51M vs. est. $4.33M.
• Software sector: ZETA delivered 29.7% organic ex-political revenue growth, with free cash flow up 73.0% y/y, outpacing total revenue growth, and raised full-year guidance across revenue, adjusted EBITDA, free cash flow, and earnings per share. TTWO reported Q2 bookings slightly below the low end of guidance and both ours/consensus estimates, as a softer NBA 2K27 launch offset GTA outperformance. FY27 bookings guidance was reiterated, however, management noted that GTA VI preorders are tracking "far in excess" of initial expectations. APPS shares tumbled a quarterly revenue of 178.7M and Adjusted EBITDA of $39.8M both easily beat the Street, and management raised the fiscal 2027 revenue guide by $20M at both ends, yet left Adj EBITDA guidance exactly where it sat last quarter, at $145M to $155M.

• Semi equipment sector: ENTG authorizes $500M share repurchase authorization, 10% dividend increase, and provides long term outlook at CMD; ONTO beat revenue and guidance expectations, with strong growth amid accelerating WFE demand supporting expectations for continued market outperformance through 2028 and significant gross and operating margin expansion; posted Q3 adj. EPS $2.44 vs. est. $2.30 (beat); record revenue $409.7Mm vs. est. $392Mm (beat).
• Ad Tech sector: results for both TTD and PUBM solid but shares fell as results potentially skewed by political spending; PUBM 3Q revenue +17% y/y vs. 2Q +11%, but included ~6 points of political spend, with guide 1% above Street, +15% y/y, a 2% deceleration on a 2-year basis; TTD reported better Q3 results/Q4 guide, partially driven by one-time benefit and stronger political spending
• Media sector: SKYD reported Q3 results and said it plans to slash at least $6 billion in annual costs following its combination of Paramount and Warner Bros. Discovery; Q3 revs rose 5% y/y to $7.03B vs. est. $7.04B and TV Media revenue slid 7% due to a decline in advertising sales; Q3 direct-to-consumer revenue rose 11% in the quarter, reflecting 6% subscriber growth.
• Internet sector: WIX was double downgraded to Underperform from Buy at Bank America and lowers revenue growth to 12% from 14%, and lower EBITDA margin to 15% from 18% citing core deceleration, especially in the Partners segment.

Street Recommendations

Tuesday, November 10, 2026

• KTOS Barclays lowered the firm's price target on Kratos Defense to $80 from $90 and keeps an Overweight rating on the shares following the Q3 report. The company's merchant supplier strategy is playing out, with fiscal 2027 revenue expected to grow 20% and includes conservative assumptions, the analyst tells investors in a research note.
• MNDY Barclays analyst Raimo Lenschow lowered the firm's price target on Monday.com to $91 from $100 and keeps an Equal Weight rating on the shares following the Q3 report. The company's AI adoption and enterprise momentum remain encouraging, but down-market pressure, longer buying cycles and go-to-maket disruption point to a potentially prolonged growth transition into 2027, the analyst tells investors in a research note.
• NESR Barclays lowered the firm's price target on National Energy Services to $37 from $41 and keeps an Overweight rating on the shares following the earnings report. The company's revenue held up better than feared despite September's regional setback, while freight costs held back margins and slower collections pushed free cash flow negative, the analyst tells investors in a research note. The firm views this as temporary.
• RKLB Barclays lowered the firm's price target on Rocket Lab to $82 from $85 and keeps an Overweight rating on the shares post the Q3 report. The company reported record bookings and higher selling prices on Neutron despite the launch delay, the analyst tells investors in a research note.

• WIX BofA analyst Michael McGovern downgraded Wix.com to Underperform from Buy with a price target of $68, down from $75, after the company reported "mixed" Q3 results and gave Q4 guidance that implies a slight deceleration in revenue growth. Given core deceleration, especially in the Partners segment, the firm thinks a lower multiple is warranted, the analyst tells investors.
• IONS BofA lowered the firm's price target on Ionis Pharmaceuticals to $63 from $91 and keeps a Buy rating on the shares. While it is "not a surprise" that Ionis didn't provide 2027 guidance, the lack of clarity on Q4 and the FY27 outlook was "the main driver behind our estimate reduction," the analyst tells investors in a post-earnings note.
• LDI BofA lowered the firm's price target on LoanDepot to 50c from $1.25 and keeps an Underperform rating on the shares. Q3 results show some traction, but not yet resulting in sustainable profitability, says the analyst, who adds that upcoming debt maturities create significant uncertainty for equity holders.

• ARDX BTIG lowered the firm's price target on Ardelyx to $11 from $14 and keeps a Buy rating on the shares after hosting its management team following the company's Q3 results. The firm states it has left the meetings more confident that IBSRELA can grow without a broad net-pricing reset, but expects access improvements to translate into revenue more gradually than previously modeled, the analyst tells investors in a research note.

• GPCR Canaccord lowered the firm's price target on Structure Therapeutics to $107 from $111 and keeps a Buy rating on the shares. The firm said Structure reported financial results and business highlights for 3Q26. The company ended the quarter with cash and cash equivalents of $1.24B. Management believes the cash on hand is sufficient to fund planned operations through 2028, beyond the anticipated data read-out from the ongoing Phase III ACCOMPLISH program of Structure's lead asset, aleniglipron.
• IONS Canaccord lowered the firm's price target on Ionis Pharmaceuticals to $72 from $85 and keeps a Buy rating on the shares. The firm said 3Q had overall top-/bottom-line beats, but key focus was Tryngolza's ramp in sHTG starting slower than expected driving a shortfall in 3Q and a guidance cut for that product.
• OFIX Canaccord lowered the firm's price target on Orthofix to $11 from $13 and keeps a Buy rating on the shares. The firm said they delivered a mixed Q3 as strength in Limb Recon and Therapeutic Solutions were offset by weaker US Spine performance. On the bright side, its Biologics business continued to stabilize despite other companies calling out competitive impacts, while Limb Recon delivered solid growth driven by OUS demand and adoption of FITBONE and TRUELOK Elevate.
• QLYS Canaccord raised the firm's price target on Qualys to $220 from $190 and keeps a Buy rating on the shares. The firm said current billings were strong once again, growing 14%, a second straight mid-teens quarter. However, management credited the strength to a record federal quarter and guided Q4 billings growth to just about 8%. It also said it doesn't see sales cycles, close rates or spending by existing customers changing.

• NVDA Citi lowered the firm's price target on Nvidia to $285 from $315 and keeps a Buy rating on the shares ahead of the October quarter earnings report on November 17. Citi expects a "modest" earnings beat with higher sales offset by lower gross margins due to memory price increases. It thinks Nvidia will reiterate its prior fiscal 2028 revenue outlook of 70% year-over-year growth. Citi cites lower market multiples and long-term CEO sustainability risk amid the board investigation for the target cut. According to TipRanks, Citi has a 5-star analyst on Nvidia. [View TipRanks Star Ranking]:[https://www.tipranks.com/experts/analysts/atif-malik]
• TTD Citi analyst Ronald Josey raised the firm's price target on Trade Desk to $12 from $11 and keeps a Sell rating on the shares. The company reported better than expected Q3 results and Q4 guidance on improving operations, the analyst tells investors in a research note. Citi is encouraged by the earnings report but sys Trade Desk's turnaround remains early.
• V Citi raised the firm's price target on Visa to $490 from $440 and keeps a Buy rating on the shares after meeting with management. The firm continues to see "durable" sales growth momentum for Visa amid "disciplined" investment returns. Citi cites improving fundamentals and higher peer group multiples for the target boost.
• MA Citi raised the firm's price target on MasterCard to $800 from $675 and keeps a Buy rating on the shares after meeting with management. Citi cites higher peer multiples for the target boost. MasterCard is well positioned to benefit from its "technology moat" in emerging payment flows, the analyst tells investors in a research note.

• IONS Goldman Sachs lowered the firm's price target on Ionis Pharmaceuticals to $41 from $58 and keeps a Neutral rating on the shares. Ionis faces near-term specialty cardiovascular launch headwinds and competitive uncertainty ahead of Redemplo's expected 2H27 launch, with lower Tryngolza peak sales potential and cash breakeven pushed to 2029, while Phase 3 Angelman data in 2H27, pipeline progress and business development offer potential upside, the analyst tells investors in a research note.
• ANF Goldman Sachs analyst Jon Keypour raised the firm's price target on Abercrombie & Fitch to $180 from $160 and keeps a Buy rating on the shares. The firm's estimates improve on stronger Hollister trends, with comps raised to flat while A&F remains at +2%, as investors look for updates on promotions, Back-to-School demand, NFL partnership performance and EMEA momentum ahead of Q3 results, the analyst says.
• ONTO Goldman Sachs analyst James Schneider lowered the firm's price target on Onto Innovation to $350 from $400 and keeps a Buy rating on the shares. Onto Innovation beat revenue and guidance expectations, with strong growth amid accelerating WFE demand supporting expectations for continued market outperformance through 2028 and significant gross and operating margin expansion, the analyst tells investors in a research note.
• ZIP Goldman Sachs analyst Eric Sheridan raised the firm's price target on ZipRecruiter to $5.50 from $5 and keeps a Neutral rating on the shares. ZipRecruiter beat revenue and EBITDA expectations and raised FY26 guidance, with product improvements driving stronger marketplace engagement, employer growth and monetization despite a muted hiring environment, while AI-driven traffic and enterprise adoption provide additional growth opportunities, the analyst tells investors in a research note.

• ZURA Guggenheim lowered the firm's price target on Zura Bio to $8 from $20 and keeps a Buy rating on the shares after the Phase 2 TibuSHIELD program in HS failed to meet all primary and secondary endpoints and the company will discontinue development of Tibulizumab.

• ONTO Jefferies analyst Blayne Curtis lowered the firm's price target on Onto Innovation to $350 from $400 and keeps a Buy rating on the shares. The company reported a "strong beat and raise" quarter with its backlog rising 20% to over $1.3B, the analyst tells investors in a research note. The firm says this provides solid visibility into 2027 for Onto.
• MNDY Jefferies lowered the firm's price target on Monday.com to $90 from $95 and keeps a Hold rating on the shares following the earnings report. Broad headwinds are affecting Monday.com, the analyst tells investors in a research note. Jefferies says stabilization seems a few quarters away.
• MLAB Jefferies raised the firm's price target on Mesa Labs to $150 from $125 and keeps a Buy rating on the shares. 2027 revenue guidance of $250-$255M, or flat to up 2% year-over-year, likely "sets a conservative bar to execute against" in the second half, the analyst tells investors in a post-earnings note.

• FIX JPMorgan initiated coverage of Comfort Systems USA with an Overweight rating and $1,700 price target. The company is in the early innings of a multi-year U.S. infrastructure buildout and the market is currently pricing the stock at attractive valuations relative to its future growth potential and value proposition, the analyst tells investors in a research note. The firm sees Comfort Systems' "core differentiator" as its ability to mobilize skilled labor at scale and move it to wherever demand is hottest.
• EME JPMorgan initiated coverage of Emcor with a Neutral rating and $700 price target. The company is in the early innings of a multi-year U.S. infrastructure buildout, the analyst tells investors in a research note. However, JPMorgan says Emcor's current valuation levels largely reflect the company's strengths.
• RIOT JPMorgan analyst Richard Choe raised the firm's price target on Riot Platforms to $28 from $22 and keeps an Overweight rating on the shares. The company's Corsicana deal was signed at attractive risk-adjusted economics, the analyst tells investors in a research note. The capacity was "notably larger" than the previously discussed 756 MW-IT that the 1 GW-gross site was expected to support, the analyst tells investors in a research note.
• HIMS JPMorgan lowered the firm's price target on Hims & Hers to $24 from $32 and keeps a Neutral rating on the shares. The company reported in-line Q3 results but subscribers declined 100,000 quarter-over-quarter, the analyst tells investors in a research note. The firm says Hims' Q4 guidance came in meaningfully below expectations.
• CEVA JPMorgan lowered the firm's price target on Ceva to $35 from $45 and keeps a Neutral rating on the shares. The company's Q3 results disappointed as a large licensing deal slipped into Q4, the analyst tells investors in a research note. The firm says Ceva's Q4 revenue guidance remained essentially unchanged relative to what was previously implied. This suggests that the Q4 contribution from the slipped deal and better than expected Apple royalties is being offset by weaker demand in memory-sensitive end markets, contends JPMorgan.

• ZURA Oppenheimer analyst Justin Kim lowered the firm's price target on Zura Bio to $5 from $16 and keeps an Outperform rating on the shares. The firm notes the company announced that the Phase 2 trial of tibulizumab in hidradenitis suppurativa failed to meet its primary and key secondary endpoints. The stock remained down about 71% at market close. Management has since announced the termination of the candidate in hidradenitis suppurativa, and Oppenheimer has removed the HS indication from its model.
• CEVA Oppenheimer lowered the firm's price target on Ceva to $35 from $38 and keeps an Outperform rating on the shares. The firm notes the company's Q3 revenue fell below its guidance as a significant connectivity agreement closed days into Q4. Oppenheimer views the miss as a timing issue, not demand weakness or execution.

• GSHD Piper Sandler raised the firm's price target on Goosehead Insurance to $56 from $48 and keeps a Neutral rating on the shares. The firm thinks it is tough to call how investors will interpret its results at the open. The company reported preliminary results instead of full Q3 earnings due to pending restatements due to a SEC comment letter. Both total revenue and the bottom-line result were better than we expected, but core revenues grew less quickly than hoped driven as bigger than expected price policy price declines in Texas were offset less than hoped by improving customer retention. Restatements are not a good sign for financial reporting integrity, but it appears the restatements will largely increase historical revenue and profits, Piper argues.
• VRTS Piper Sandler analyst Crispin Love raised the firm's price target on Virtus Investment to $162 from $146 and keeps an Overweight rating on the shares. The firm notes Virtus posted a core beat, but the net flows picture remained challenging in Q3 as quality-oriented equity strategies continue to lag. However, October performance was positive as quality strategies have begun to outperform, but it is still too early to call it a trend. Following the call, shares were up 10%, which Piper believes was driven by the beat, positive performance quarter-to-date, no major surprises on the forward flow picture, and an overall positive tape. While the stock reaction may be somewhat outsized, the firm still views the valuation as attractive.
• RKLB Piper Sandler lowered the firm's price target on Rocket Lab to $58 from $83 and keeps a Neutral rating on the shares following Q3 results. Despite a reasonably solid quarter, Rocket Lab was nonetheless indicated lower by in the after-hours session. Although launch demand is rising, Piper thinks Neutron timing is the only near-term metric that matters.
• CATX Piper Sandler lowered the firm's price target on Perspective Therapeutics to $8 from $14 and keeps an Overweight rating on the shares after the company reported Q3 earnings and provided a pipeline update. Following the recent updates on bamzireotide navoxetan at ESMO and NANETs, Perspective is now guiding to an EOP2 meeting with the FDA in Q1 2027. With longer follow-up for Cohort 3 and now a fully enrolled frontloading cohort, Piper thinks the company will have better insights of the dosing strategy to potentially optimize outcomes before finalizing the pivotal study design.

• TTD Rosenblatt analyst Barton Crockett raised the firm's price target on Trade Desk to $15 from $12 and keeps a Neutral rating on the shares after the company "cleared the low bar it set for itself" for Q3. The firm, which adjusted estimates, sees continued low expectations mitigating performance headwinds.
• MARA Rosenblatt analyst Chris Brendler lowered the firm's price target on Mara Holdings to $11 from $15 and keeps a Buy rating on the shares. Q3 matters for what Mara did with its balance sheet, not for the mining results, says the analyst, who cites market conditions for the firm's lowered target.
• LINC Rosenblatt analyst Steve Frankel lowered the firm's price target on Lincoln Educational to $40 from $50 and keeps a Buy rating on the shares. Lincoln rebounded with 14% Start growth in Q3, which drove a beat on both the top and bottom lines, the analyst tells investors.

• TTD Susquehanna analyst Shyam Patil raised the firm's price target on Trade Desk to $17 from $14 and keeps a Neutral rating on the shares. The firm said posted 3Q results and a 4Q outlook well above expectations, even after adjusting for certain items, easing the pace of expected declines and setting the stage for an improvement in the future growth profile.

• TOST Truist raised the firm's price target on Toast to $40 from $38 and keeps a Buy rating on the shares after its Q3 results. The firm states that its recurring gross profit estimates increase in the coming quarters and 2027/2028 as it sees upside to location net adds and SaaS average revenue per user from higher product attach rates, the analyst tells investors in a research note.

• SCCO UBS last night upgraded Southern Copper to Neutral from Sell with an unchanged price target of $180. The shares are down 20% over the last month pressured by the broader AI selloff, the analyst tells investors in a research note. UBS sees a balanced risk/reward at current levels as it remains constructive on the outlook for copper. It cites valuation for the upgrade.
• TTD UBS analyst Stephen Ju raised the firm's price target on Trade Desk to $19 from $15 and keeps a Buy rating on the shares. Trade Desk beat Q3 revenue expectations and issued stronger-than-expected Q4 guidance, although results benefited from one-time and political advertising tailwinds, the analyst tells investors in a research note. Underlying budget declines appear to be moderating, with leadership changes, platform improvements, SMB expansion and agency relationships potentially supporting renewed growth, UBS says.
• DSP UBS lowered the firm's price target on Viant to $18 from $19 and keeps a Buy rating on the shares. Viant's Q4 guidance miss reflects weaker political ad tailwinds rather than fundamental weakness, while advertiser growth and higher take rates support at least 20% revenue ex-TAC growth in 2027-28, the analyst tells investors in a research note.
• TTWO UBS analyst Christopher Schoell lowered the firm's price target on Take-Two to $295 from $300 and keeps a Buy rating on the shares. Take-Two's results were mixed, but unprecedented GTA VI pre-orders and upcoming content and platform launches support expectations for a significant step-up in bookings, earnings and free cash flow following launch, the analyst tells investors in a research note.
• FSLR UBS analyst Jon Windham lowered the firm's price target on First Solar to $295 from $330 and keeps a Buy rating on the shares. Bookings could remain relatively muted in Q4 as developers focus on delivering projects through the 2028 COD vintage in the near-term, the analyst tells investors in a research note.
• ASTS UBS analyst Christopher Schoell lowered the firm's price target on AST SpaceMobile to $43 from $78 and keeps a Neutral rating on the shares. AST SpaceMobile remains a long-term contender in space-to-cellular broadband, supported by differentiated technology and carrier partnerships, but delayed constellation deployment, government spending uncertainty and plans to build a heavy-lift rocket increase execution risk and capital needs, the analyst tells investors in a research note.
• LITE UBS analyst David Vogt lowered the firm's price target on Lumentum (LITE) to $686 from $960 and keeps a Neutral rating on the shares. Lumentum's September quarter met expectations, while stronger December guidance signals accelerating optical demand, though the pending Marvell (MRVL) acquisition remains the primary near-term share price driver, the analyst tells investors in a research note.

• IONS Wells Fargo analyst Yanan Zhu lowered the firm's price target on Ionis Pharmaceuticals to $80 from $95 and keeps an Overweight rating on the shares. Tryngolza launch was more gradual than expected, and the firm is lowering is expectations for the near-term opportunity in sHTG. Focus is on the effectiveness of initiatives to translate demand into sales, where Wells expects greater clarity in 2027.
• PRAX Wells Fargo lowered the firm's price target on Praxis Precision to $343 from $362 and keeps an Equal Weight rating on the shares. The firm thinks the bull/bear debate on EMERALD centers on patient heterogeneity, which it believes is hard to call and therefore remains on the sidelines.
• EE Wells Fargo raised the firm's price target on Excelerate Energy to $40 from $38 and keeps an Equal Weight rating on the shares. The firm notes the company added a new Bahamas growth project, reaffirmed a Q2 2027 Iraq start and extended Sequoia through 2038. Wells remains on the sidelines primarily due to valuation.
• VRDN Wells Fargo raised the firm's price target on Viridian Therapeutics to $39 from $34 and keeps an Overweight rating on the shares. The firm expects further upside as strong VRDN-008 Phase 1 data supports a differentiated Q8W profile. Despite the recent move, the FcRn opportunity remains underappreciated, with room for both pipeline value/multiple expansion, Wells argues.
• IMVT Wells Fargo raised the firm's price target on Immunovant to $47 from $45 and keeps an Overweight rating on the shares. The firm notes difficult-to-treat rheumatoid arthritis data further de-risks IMVT-1402, lifting its probability of success despite questions around the registrational path. With the portfolio narrowing and neonatal Fc receptor competition intensifying, Wells continues to see Graves' disease as the key driver and clearest source of 2027 upside.
• MNDY Wells Fargo lowered the firm's price target on Monday.com to $100 from $120 and keeps an Overweight rating on the shares. The firm notes Q3 came in below investor expectations as the company navigates near-term headwinds while progressing through its product and GTM transition. Overall, Wells remains constructive at current levels, though it recognizes a more meaningful recovery in sentiment may take time.

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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