Early Look

Wednesday, November 4, 2026

U.S. futures are jumping, as Dow, Nasdaq and S&P futures rise around 1%, erasing sharp declines initially overnight as the Democratic party took back control of both the House and Senate in the midterm elections. The Blue wave occurred in commanding fashion, securing the Senate majority after winning races in historically red states including Texas, South Carolina, and Kansas. The party also took a massive lead in the House, flipping seats from Florida to New Jersey to Kentucky. The Democratic majority will take over in January, raising the odds of legislative gridlock and tougher corporate oversight. Divided government, of course, may also set the stage for political clashes that could be destabilizing to markets and the broader economy. The news sent havens higher as both Treasuries and precious metals are rising this morning while the dollar falls. In Asian markets, The Nikkei Index declined -893 points to 62,188, the Shanghai Index rose 78 points to 3,686, and the Hang Seng Index gained 393 points to 23,919. In Europe, the German DAX is up nearly 400 points or 1.54% to 26,261, while the FTSE 100 rises 130 points to 10,768. In addition to the market reaction from the midterm elections, tech stocks, particularly semiconductors, got solid results from AMD and SMCI overnight to help lift the SOX index back above its 200dma. Another busy day of earnings on tap, along with ADP private payrolls data and ISM Services. Data centers stocks are under pressure after a Democrat (Gina Hinojosa) won the Texas governor's race after promising to halt new data center construction. Hinojosa has pledged to impose a moratorium on data center construction in Texas, which accounts for more than 25% of planned US capacity by 2030. The CBOE Volatility index (VIX) falls -12% to 18.25, after holding above 20 all of last night.

• The Dow Jones Industrial Average fell -197.26 points, or 0.38%, to 51,786.72
• The Nasdaq Composite gained 207.65 points, or 0.83%, to 25,372.01
• The Russell 2000 Index advanced 6.57 points, or 0.23% to 2,812.45

• 8:15 AM ET ADP Private Payrolls for October…est. +69K (prior +90K)
• 8:30 AM ET                   Advance Goods Trade Balance for September…prior (-$134.9B)
• 8:30 AM ET                   International Trade for September…est. (-$108.0B) vs. prior (-$105.6B)
• 9:45 AM ET S&P Global Composite PMI, Oct-final…prior 57.6
• 9:45 AM ET S&P Global Services PMI, Oct-final… prior 57.9
• 10:00 AM ET ISM Non-Manufacturing PMI for October…est. 54.8
• 10:30 AM ET                 Weekly EIA Inventory Data

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

• Eurozone annual inflation accelerated to 4% in October, up from 3.8% in September, according to preliminary estimates. The increase was driven primarily by a sharp surge in energy prices amid continued fighting in the Middle East.

• Booking Holdings (BKNG) Q3 adj EPS $4.66 vs. est. $4.50; Q3 revenue fell to $8.89B vs. est. $9.5B, including a $900 million reduction related to an FTC matter; Q3 gross bookings climbed 10% y/y to $54.5B, while room nights increased 7% to 345M; International travel trends softened toward the quarter’s end, while domestic travel remained resilient.
• Duolingo (DUOL) Q3 EPS $0.54 vs est $0.56 (miss); revenue $309Mm vs. est. $303.2Mm (beat); adj. EBITDA $78.7Mm vs est $75.8Mm (beat), margin 25.5%; bookings $316.1Mm; DAUs 64.9M; gross profit $225.1Mm, margin 72.9%; FCF $75.3Mm; expects FY26 bookings and revenue growth at high end of respective 10-12% and 15-18% targets.
• International Fragrances (IFF) Q3 adj EPS $0.83 vs. est. $0.80 and revs $1.942B vs. est. $1.90B; raises FY2026 sales outlook from $7.4B-$7.6B to $7.5B-$7.6B and vs $7.594B est; Sees FY26 adjusted operating EBITDA is now expected to be in the range of $1.55B-$1.60B.

• SM Energy (SM) Q3 EPS $1.95 vs. consensus $1.97 as net income falls -40% y/y to $93M; Q3 revenue $2.16B vs. consensus $2.01B; Oil, gas, and NGL production revenue more than doubled year over year to $2.16B; net cash provided by operating activities more than doubled year over year to $1.12B; FY26 oil production guidance fell 1% to 220–222 MBbl/d, primarily due to Permian downtime and Uinta takeaway constraints.

• Block Inc. (XYZ) Q3 adj. EPS $1.13 vs. est. $1.03 (beat); revenue $6.72B vs. est. $6.59B (beat); gross profit $3.24B; adj. EBITDA $1.2B vs. est. $1.192B (beat); Q4 adj. EPS outlook $1.15 vs. est. $1.15 (in line), gross profit $3.315B; raised FY26 profit outlook, adj. EPS $4.15 vs. est. $4.04 (above), gross profit $12.626B; FY27 gross profit outlook $14.519B, adj. operating Income $4.575B, up 30% YoY.
• Freshworks (FRSH) Q3 adj EPS $0.22 vs. est. $0.18 and revs $245.4M vs. est. $245M; guides Q4 revenue $253.5M-$254.5M and FY revs $965M-$966M.
• Huron Consulting (HURN) Q3 adj. EPS $2.62 vs. est. $2.47 (beat); revenue $491.451Mm vs. est. $481.386Mm (beat); operating Income $58.83Mm; raised FY26 adj. EPS outlook to $9.20-9.40 from $9.00-9.40 vs. est. $9.20 (in line at low end; midpoint above).
• Jack Henry Associates (JKHY) Q1 EPS $2.28 vs. est. $2.06 (beat); revenue $701.5Mm vs. est. $683.38Mm (beat); operating Income $207.1Mm, margin 29.5%.
• Prudential (PRU) Q3 adjusted EPS $3.77 vs. consensus $3.32; Book value per Common share of $84.88 versus $90.69 per share for the year-ago quarter; adjusted book value per Common share of $102.39 versus $99.25 per share for the year-ago quarter; Assets under management of $1.616 trillion versus $1.612 trillion for the year-ago quarter.
• Toast Inc. (TOST) EPS $0.29 vs est $0.25 (beat); revenue $1.981B vs. est. $1.973B; adj. EBITDA $240Mm vs est $220.62Mm; gross profit $543Mm; operating Income $165Mm; ARR $2.5B; Q4 adj. EBITDA outlook $200-210Mm vs est $204.66Mm; FY26 adj. EBITDA outlook $840-850Mm.
• Unum Group (UNM) Q3 adj. EPS $2.20 vs est $2.16 (beat); revenue $2.5475B vs. est. $2.962B (miss); adj. operating Income $349Mm vs est $498.35Mm (miss); book value/share $68.90.

• Corcept Therapeutics (CORT) Q3 EPS $1.01 vs. est. $0.79 (beat); revenue $340.472Mm vs. est. $336.4Mm (beat); FY26 revenue outlook $1.1-1.2B vs. est. $1.146B (in line).
• CVS Corp. (CVS) confirms plan to split into two publicly traded companies, separating its ~9,000 retail pharmacies from Aetna & Caremark; raises FY26 adjusted EPS view to 'at least' $8.20 from $7.90-$8.10 after Q3 EPS and revs topped consensus.
• Omega Health (OHI) Q3 FFO/share $0.82 vs. est. $0.80 (beat); revenue $340.554Mm vs. est. $297.016Mm (beat); adj. FFO $262Mm; EPS $0.27; raised FY26 AFFO/share outlook to $3.28-3.30 from $3.22-3.26 vs. est. $3.26 (above); completed $182Mm of investments in Q3 and $946Mm since quarter-end, bringing YTD investments to approximately $1.5B.
• Smith & Nephew (SNN) cut its full-year revenue and profit forecast while also confirmed that talks about a potential merger with Johnson & Johnson's (JNJ) Orthopaedics unit have ended; the cut follows weaker-than-expected Q3 growth in its biggest orthopedics business.
• Ultragenyx Pharma (RARE) Q3 EPS ($1.16) vs. est. ($1.12) (miss); revenue $173Mm vs. est. $183.1Mm (miss); reaffirmed FY26 revenue $730-760Mm excluding new launches vs. est. $762.256Mm (below); cutting workforce approximately 20%; expects Q4 restructuring charges approximately $25Mm; terminating UX701; reaffirmed profitability in 2027.

• Defense stocks are among the most prominent losers this morning, as investors weigh the potential impact of Democrats' sweeping gains in the midterm elections. Shares in European contractors such as BAE Systems and Thales are all down, while U.S. defense companies RTX, Lockheed Martin and Northrop Grumman are among the biggest losers in premarket trading.
• Everus Construction (ECG) Q3 EPS $1.79 vs est $1.31; revenue $1.38B vs. est. $1.189B (beat); EBITDA $140.2Mm vs est $104.78Mm, margin 10.1%; operating Income $122.4Mm; gross profit $205Mm, margin 14.8%; raised FY26 revenue outlook to $5.0-5.1B from $4.5-4.7B vs. est. $4.6B (above); FY26 EBITDA outlook $485-495Mm vs est $421.73Mm (above).
• Grief Inc. (GEF) Q4 EPS $0.87 misses the consensus $1.16 and revs $1.14B vs. consensus $1.11B; said increased average selling prices contributed to net sales growth in Customized Polymer Solutions, Durable Metal Solutions, Sustainable Fiber Solutions and Innovative Closure Solutions segments; sees FY27 adjusted EBITDA at least $645M.
• GXO Logistics (GXO) Q3 adj EPS $0.89 vs. est. $0.86 and revenues rose 5.7% y/y to $3.59B vs. est. $3.54B; Year-to-date new business wins of more than $1 billion and a record sales pipeline of $3.1 billion, up more than 30% y/y; reaffirms FY26 guidance for organic rev growth and adj Ebitda.
• Modine Manufacturing (MOD) Q2 adj EPS $1.35 misses consensus $1.45 on revs $994.4M vs. est. $978.26M; said Q2 Data Centers and Commercial HVAC delivered strong quarters, with revenue growth of 95% and 23%, respectively; sees FY27 revenue $3.1B-$3.2B vs. consensus $3.54B and sees FY27 adjusted EBITDA $470M-$500M.
• Mosaic Company (MOS) Q3 adj EPS loss (-$0.19) vs. est. loss (-$0.02); Q3 revs $3.1B vs. est. $3.05B; Q4 sales volumes are expected to be in the range of 2.3 to 2.6M tonnes; sees year capex $1.2B and FY27 capex below $1B.
• Primoris Services (PRIM) Q3 adj. EPS $1.20 vs. est. $0.78 (beat); revenue $1.95B vs. est. $2B (miss); adj. EBITDA $134.4Mm vs. est. $94.7Mm (beat); FY26 adj. EPS outlook $2.10-2.25 vs. est. $2.16 (in line); adj. EBITDA outlook $290-310Mm vs est $277.34Mm (above).

• Arista Networks (ANET) Q3 adj EPS $1.20 tops consensus $1.08; Q3 revs $3.66B vs. est. $3.33B; sees Q4 adj EPS $1.26-$1.30 above consensus $1.15 and revs $3.9B-$4B also above consensus $3.6B while sees Q4 adjusted operating margin 48%-49%.
• Astera Labs (ALAB) Q3 adj. EPS $1.32 vs. est. $1.19 (beat); revenue $584.9Mm vs. est. $550.8Mm (beat); adj. operating Income $261.6Mm vs. est. $232.6Mm (beat); adj. gross margin 72.4%; Q4 adj. EPS outlook $1.62-1.66 vs. est. $1.42 (above), revenue $730-750Mm vs. est. $656.3Mm.
• Coupang Inc. (CPNG) Q3 EPS excluding Incheon fulfillment-center Fire costs ($0.18) vs est ($0.03) (miss); revenue $9.962B vs. est. $9.704B (beat), up 7% YoY and 11% constant currency; adj. EBITDA $116Mm, down 72% YoY vs est $126.82Mm (miss), margin 1.2%; gross profit excluding Fire costs $2.656B, margin 26.7%; Product Commerce revenue $8.374B, adj. EBITDA $385Mm, active customers 25.2M, up 2%; Developing Offerings revenue $1.588B, adj. EBITDA loss ($269M).
• Cipher Mining (CIFR) and CleanSpark (CLSK) shares fall both were downgraded to MP from Outperform at KBW this morning following Gina Hinojosa's win as Texas Governor as the firm now expects greater regulatory uncertainty to weigh on data center lease timing and the probability of reaching definitive agreements across the companies' Texas-heavy pipelines.
• Google (GOOGL) will invest $15 billion in Malaysia from 2027 to 2028 with the spending going towards data centre campuses, clean energy, bolstering water security and upskilling workers, the unit of Alphabet said on Wednesday.
• Navitas Semiconductor (NVTS) Q3 adj. EPS ($0.03) vs. est. ($0.04) (beat); revenue $13.991Mm vs. est. $13.2Mm (beat); Q4 revenue outlook $15.5-16.5Mm vs. est. $14.74Mm (above); adj. gross margin outlook 40.5%.
• Ouster Inc. (OUST) Q3 EPS ($0.20) vs. est. ($0.25) (beat); revenue $59.325Mm vs. est. $56.3Mm (beat), up 50% YoY and 9% QoQ; adj. EBITDA loss ($3Mm); adj. gross margin 47%, flat YoY; operating loss ($19.26Mm); product revenue $56.032Mm, up 42% YoY, driven by industrial and Robotics demand; shipped over 27,000 sensors, approximately 27% lidar, with record Stereolabs camera shipments; Q4 revenue outlook $61-64Mm vs est $62.03Mm (brackets est).
• Procore Technologies (PCOR) Q3 adj. EPS $0.51 vs. est. $0.45 (beat); revenue $402.313Mm vs. est. $383.9Mm (beat); adj. gross margin 84%; Q4 revenue outlook $420-422Mm vs. est. $396.039Mm (above); raised FY26 revenue outlook to $1.557-1.559B from $1.489-1.494B vs. est. $1.514B.
• Skyworks Solutions (SWKS) Q4 adj. EPS $1.28 vs. est. $1.27 (beat); revenue $1.05B vs. est. $1.036B (beat); Q1 FY27 adj. EPS outlook $1.25 vs. est. $1.52, revenue $1.8-1.9B vs. est. $1.99B; targets annual cost synergies of at least $500Mm.
• Super Micro Computer (SMCI) Q1 EPS $1.81 tops consensus $1.23 and revs $19.9B above consensus $16.26B; sees Q2 EPS $1.66-$1.90, vs. consensus $1.14 on better revs $19.5B-$21.5B vs. consensus $17.51B and raises FY27 revenue view to $72.0B-$82.0B, consensus $70.27B.
• Chinese AI developers reportedly expect to receive just a small fraction of the advanced Nvidia (NVDA) chips they’ve ordered over the next several months, as the US tech giant struggles to boost production to meet soaring demand. Alibaba Group Holding (BABA), Tencent Holdings (TCEHY), ByteDance, and other Chinese AI and cloud firms have in total ordered about 6 million of Nvidia’s RTX Pro 5500 chips, according to Bloomberg

Mid-Morning Look

Tuesday, November 03, 2026

U.S. stocks open mixed and largely confirm the overnight split from the heavy slate of mega-cap tech earnings, with the Dow falling behind weakness in Apple (AAPL) post earnings/commentary about costs and margins, while the S&P 500 adds small gains and the Nasdaq outperforms early after tumbling 1% on Monday on more semi/AI related stock weakness. Apple (AAPL) shares pare their premarket slide, but still down after mixed December-quarter guidance and warned that rising memory costs would squeeze gross margins. Technology (XLK) leads the tape at +1% after falling about -3% Monday, followed by Industrials (XLI), Health Care (XLV) and Communication Services, while Consumer Staples (XLP) lags at -1.65%, pulling back from all-time highs alongside Materials (XLB) and Energy (XLE). The 10-year Treasury yield is back up to 4.93% after slipping overnight, the 30-year adds 3.8 basis points to 5.307%, the dollar index is little changed at 101.79, gold has bounced off its premarket lows but still down.

Oil prices have sharply reversed their overnight spike, with Brent down $1.39 to $103.38 a barrel and WTI off $0.61 to $95.85, giving back most of the early gains tied to the U.S. strike on Iran's Qeshm Island after headlines crossed that Washington has approved a draft memorandum of understanding and that mediators have briefed Saudi Arabia and the UAE, who have signed off on it, fueling hopes of a near-term de-escalation; Energy (XLE) is accordingly among today's weakest sectors.

Note the Nasdaq-100 closed more than 10% below its all-time closing high on Monday, confirming that the tech-heavy index has entered a correction as investors grow wary of Big Tech's soaring AI spending and little evidence of adequate returns. Chip stocks were among top gainers, bouncing back after the SOX fell well below its 200dma technical support Monday ahead of AMD results tonight.

• September U.S. job openings 7.523M vs. 7.160M consensus and 7.190M in August (revised from 7.079M); Number of quits: 3.365M vs. 3.044M (revised from 3.066M).
• US factory orders rose 1.8% in September, exceeding the 1.2% consensus forecast and accelerating from August's upwardly revised 0.3% gain.
• Orders excluding transportation increased 1.3%, while orders excluding defense jumped 2.0%, signaling broad-based manufacturing strength.
• Durable goods orders were revised higher to +1.9%, and core capital goods orders improved to +0.6%, with shipments rising 1.2%.

• Semiconductor sector: AI-exposed chipmakers extend gains on blowout quarters, with LSCC surging after management guided FY27 revenue growth of 60%-plus with backlog visibility into 2028; AEIS jumps 10.0% after a beat-and-raise quarter with Semi and data-center share gains; ON rises after results on accelerating AI data-center revenue (now seen doubling again in CY27); NVDA active even as the Financial Times reports it is directing data-center partners to cut exposure to Chinese customers; AMD on deck with earnings.
• Networking/Optical components sector: rebound in the broader sector as Wall Street digests the more than $100B all-stock tie-up between MRVL; TD Cowen downgraded shares of MRVL to Hold from Buy ($175 PT, from $350) on dilution and cyclical-peak concerns, while RBC Capital Markets kept Outperform but cut its target to $250 from $425; shares of AAOI, CIEN, COHR look to rebound; shares of FN help boost the sector after better results and guidance.
• Refiners sector: CVI tumbles 9.3% after launching a $750M common stock offering (alongside a related $500M CVI/$250M IEP Energy Holding share sale) to help fund its $4.20B acquisition of MPC St. Paul Park, Minnesota and Mandan, North Dakota refineries and marketing business; MPC slips 1.9% after topped Q3 estimates, as the market weighs the divestiture terms ($3.45B to MPC, $750M to MPLX at a 9x forward EBITDA multiple on the midstream assets).

• BLZE +34%; shares jump on results/guidance as sees Q4 revs $49.8M-$50.2M vs. est. $47M and raises year sales view to $177.8M-$178.2M from prior $172M-$174M; said broad-based customer momentum drove 47% yr/yr growth in B2 Cloud Storage revenue.
• ETN +7%; said Q3 results were driven by 19% organic sales growth, with broad end-market strength across Electrical Americas, Electrical Global and Aerospace and raises full-year 2026 organic growth guidance to 13-15% and better EPS view.
• FISV +6%; reported earnings and revs that topped consensus, raised its Project Elevate savings target, and said it cut its employee and contractor base by 3,000 since June, including a reduction of senior management by more than 10%.
• FN +12%; results and guidance are better; Q1 adj EPS $4.34 vs. est. $4.20 and Q1 revs $1.47B vs. est. $1.41B; guides Q2 adj EPS $4.77-$4.92 vs. est. 44.43 and revs $1.6B-$1.65B vs. est. $1.48B.
• GPK +14%; after reporting Q3 sales of $2.192B (vs. $2.171B est.) and adj. EPS of $0.23 (vs. $0.22 est.), with FY2026 guidance of $0.68 EPS on $8.63B revenue.
• RVTY +11%; after Q3 revenue of $729M beat the $698.2M estimate and adj. EPS of $1.37 topped the $1.30 estimate, with FY revenue guidance raised to $2.860B and adj. EPS guided to $5.40-$5.45, shares hitting their highest levels since April 2022.

• ADEA -16%; after lowers FY revenue forecast to $375M-$415M from prior view $395M-$435M and cuts FY adjusted net income forecast to $136.7M-$164.3M from prior $144.2M-$168.7M.
• BALL -6%; shares fell after swinging to Q3 loss after $475M non-cash pension settlement charge; Q3 net loss of $94M, compared with year-ago net income of $321M; did beat Q3 net sales, adj profit est on strong demand for beverage cans, higher shipments, favorable pricing.
• CVI -11%; after announcing a $750M common stock offering tied to its $4.2B MPC refinery acquisition.
• DT -14%; shares slide after results and lowered its FY27 adj. EPS forecast to $1.88-$1.90, down from prior forecast of $1.97-$1.99 and guides FY27 adj. cash flow of $600M-$605M, down from previous forecast of $610M-$615M, which followed weaker Q3 guide.
• KDP -6%; beats Q3 revenue and profit estimates, helped by steady demand for its energy drinks and carbonated soft beverages and reaffirmed guidance but said reduced prices in certain regions and products to reflect lower coffee costs during Q3.
• LDOS -5%; shares fall after the defense supplier trims FY26 revenue forecast to $18B-$18.2B from $18.2B-$18.4B prior (est. $18.26B) after Q3 revs misses (beat on EPS and guidance).
• MNDY -4%; was downgraded from Buy to Hold at TD Cowen and trim tgt to $105 saying top-of-funnel headwinds are growing & MNDY is pivoting more aggressively up-market, likely to result in greater pressure on its down-market business (~40% of ARR).
• SHOP -8%; after Q3 GMV of $119.145B, revenue of $3.742B and adj EPS of $0.49, with guidance for Q4 2026 gross profit dollars to grow at a high-twenties percentage rate YoY and free cash flow margin consistent with Q4 2025; the company also filed for a mixed shelf of undisclosed size.

Closing Recap

Tuesday, November 03, 2026

U.S. stocks finished mostly higher as the tech heavy Nasdaq recouped some its prior day losses, while the Dow Jones Industrial Average was dragged lower by Apple (AAPL) shares after earnings beat, but warned that rising memory costs would squeeze gross margins. Stocks slipped late in the day while the CBOE Volatility index (VIX) stayed above the 20 level throughout the trading session ahead of another busy evening of earnings highlighted by semiconductor giant AMD, and midterm elections on Tuesday where prediction markets pushed the odds of a Democratic sweep of Congress above 75% early Tuesday, as voters head to the polls. Bothe the Nasdaq and S&P 500 remain not far off all-time highs, thanks in large part to outperformance in sectors such as Consumer Staples (XLP), Energy (XLE), Healthcare (XLV) and Materials (XLB) this year, while tech (XLK) remains +22% this year, but fell over 6% in October. It appears the last few weeks has been more of a rotation out of crowded AI, not a broken tape with the NDX in its third correction of the year (still +11% YTD), SOX gave back ~12% in three days into today, and beats are getting sold (see AAPL). The market quit paying for the story and wants cash flow now while tech credit spreads have continued to widen. In Central bank action, the RBA raised cash rate target 25bps to 4.85% as expected; policy decision was by majority, 6 voted for hike, 3 voted for unchanged; inflation remains elevated and recent data indicate that it is broadly based; board will continue to do what it considers necessary to bring inflation sustainably back to target. Meanwhile the Bank of England (BoE) this week is expected to raise rates by 25 bps. Lots of hopes in tech on AMD tonight to revive the AI trade which has been lagging for weeks. As of this morning, of 337 S&P 500 companies reporting thus far vs 336 LY (per Reuters), we have seen an 83% beat vs 85% LY with the avg beat 25% vs 22% LY, avg miss -11% vs -12% LY and avg yr/yr earnings growth 31% vs 16% LY.

• September U.S. job openings 7.523M vs. 7.160M consensus and 7.190M in August (revised from 7.079M); Number of quits: 3.365M vs. 3.044M (revised from 3.066M).
• US factory orders rose 1.8% in September, exceeding the 1.2% consensus forecast and accelerating from August's upwardly revised 0.3% gain.
• Orders excluding transportation increased 1.3%, while orders excluding defense jumped 2.0%, signaling broad-based manufacturing strength.
• Durable goods orders were revised higher to +1.9%, and core capital goods orders improved to +0.6%, with shipments rising 1.2%.

• December gold prices failed to rally off Monday’s advance, falling -$29.20 or 0.74% to settle at $3,940.40 an ounce while silver prices dropped -$1.14, or 2.23% to $49.75 an ounce, unable to maintain any upward momentum for months now after hitting year to date losses last Friday.
• US 10-year Treasury yield rises around 6 basis points to 4.951% as investors waited for US midterm election results while monitoring economic data and watching for progress in Middle East diplomacy. US Treasury yields pared gains briefly as oil futures turned lower after US President Donald Trump said he would cut funding for Israel after year end, in an interview with Fox News. The British Pound held near 6-week highs vs. the US dollar ahead of this week’s Bank of England policy meeting where a 25bps rate hike is expected

• Online retail: SHOP shares tumbled after Q3 GMV of $119.145B, revenue of $3.742B and adj EPS of $0.49, with guidance for Q4 2026 gross profit dollars to grow at a high-twenties percentage rate YoY and free cash flow margin consistent with Q4 2025; the company also filed for a mixed shelf of undisclosed size.
• Food & Beverage sector: KDP beats Q3 revenue and profit estimates, helped by steady demand for its energy drinks and carbonated soft beverages and reaffirmed guidance but said reduced prices in certain regions and products to reflect lower coffee costs during Q3. SYY shares fell after lowering its annual sales growth in the lower end of its prior 6% to 7% and maintains adjusted EPS growth in the range of 9% to 11% following a Q1 sales miss.
• Consumer Products: CLX beats estimates for Q1 sales, and also tops quarterly profit expectations, aided by higher sales volume and cost savings; maintains adjusted EPS forecast for fiscal year 2027, but management says they now expect results to come in toward the low end of the range.
• Towable & RV sector: CWH shares fell after posted top- and bottom-line misses; reiterated lowered FY26 view issued 10/5. CWH delivered adj. EBITDA -$30.2M vs. consensus, on revenue -$67.5M vs. consensus, including Vehicles (-$86.2M) and F&I (-$16.7M).
• Auto sector: BMWYY shares fell after cutting its 2026 automotive EBIT margin w forecast to be between negative 0.5% and positive 0.5%, down from up 1-3% citing one offs related to job cuts and restructuring measures outlined earlier this year; auto supplier APTV shares fell after missing earnings and cut 2026 adjusted profit between $5.60- $5.80, below analysts' average estimate of $5.82 per share.

• Crypto sector: Goldman Sachs said they view the $6.3B Binance cybersecurity breach as a negative for digital-asset coverage near term through potentially lower crypto balances, trading volumes and stablecoin balances, partially offset over time by a potential flight to regulated platforms. Approximately $19.9bn, or 14%, of Binance platform assets have left since the incident, while total crypto market capitalization has declined ~4%. The firm said they see BTGO, COIN and GEMI as the most directly exposed given their custody, staking and trading businesses, with ETOR GLXY, HOOD and SQN less directly exposed.
• Insurance sector: EVER reported strong Q3 results, with revenue and adj. EBITDA both coming in well above consensus and the upper end of guidance/auto revenue grew in the low twenties Y/y as continued strong underwriting profitability supported broad-based Carrier demand. In multi-line insurance brokers, AON was upgraded to Outperform at BMO Capital saying they prefer the insurance brokers with exposure to large-employers which will exhibit organic growth that's less correlated with property and casualty pricing-power, while downgraded AJG to Market Perform from Outperform but raise tgt to $295 citing valuation.

• DOC 2Q26 FFOA beat consensus. Management increased ’26 FFOA guidance by ~1% at the midpoint, but 4Q implied FFOA guidance is slightly below consensus. Leasing across DOC’s OM and Lab portfolios was strong in 3Q26, with positive net absorption.
• IRT 3Q26 nFFO was in line with cons., while management affirmed ’26 nFFO guidance. SSRev. growth accelerated to +2% y/ y due to strong contribution from its bulk Wi-Fi initiative. With YTD SSRev. growth of +1.4% y/y, guidance implies acceleration to +2.6% growth in 4Q.
• O beat 3Q26 AFFO by $0.02 and raised FY26 guidance by 0.2%, affirming $10B of investments. Investment volumes rose to $2.2B at 6.8%; mix drove yields lower, with a 4Q rebound expected. Spreads and funding execution support growth, but refinancing remains a headwind.
• SBRA reported an in-line 3Q26 result, which excludes a ~$0.02 net benefit from deferred cash rent. Management nudged nFFO guidance higher, which we suspect includes the one-time benefit in 3Q, slightly higher SHOP SSNOI growth, and new investments.
• UDR 3Q26 actual results were consistent with previously reported preliminary results released on October 21, 2026 (see here ). Notably, the Company reported $185M of incremental share repurchases at a weighted average price of $35.48.

• JAZZ reported Q3 beat-and-raise as revenue had a nice beat with upside in Oncology and Oxybate driving another guidance raise, while EPS included a significant IPR&D charge from the Actio deal that was previously disclosed.
• PFE top and bottom line Q3 earnings/revs beat and raises FY rev outlook to $62.0B-$64.0B from prior $60.5B-$62.5B and adj EPS view to $2.95-$3.05, vs est $2.96 and prior $2.80-$3.00.
• VRTX reported 3Q Trikafta revenue of $2.44bn and Alyftrek revenue of $706mn, with Alyftrek beating expectations; mgmt highlighted the pove review is on track and they are fully ready to launch ahead of the Nov 30th PDUFA.

• Defense & Gov’t Services: HWM upgraded to Overweight from Sector Weight with $237 PT at Keybanc post Q3 results and raises its 2026–2027 estimates on Commercial Aerospace and IGT momentum. LDOS shares fall after the defense supplier trims FY26 revenue forecast to $18B-$18.2B from $18.2B-$18.4B prior (est. $18.26B) after Q3 revs misses (beat on EPS and guidance). PLTR shares slid early despite better results while Commercial revenue surpassed USG for the first time on a quarterly basis; with US Comm. now at a $3.94B run rate growing 148% Y/y.

• Paper & Packaging sector: BALL shares fell after swinging to Q3 loss after $475M non-cash pension settlement charge; Q3 net loss of $94M, compared with year-ago net income of $321M; did beat Q3 net sales, adj profit est on strong demand for beverage cans, higher shipments, favorable pricing. GPK shares jump after reporting Q3 sales of $2.192B (vs. $2.171B est.) and adj. EPS of $0.23 (vs. $0.22 est.), with FY2026 guidance of $0.68 EPS on $8.63B revenue

• AAPL results impact: the iPhone maker posted F4Q26 (Sep) iPhone revenue of $57.6B (+17% y/y), above consensus of $56.6B, with strong DD% growth in U.S./ China despite supply constraints. For F1Q, AAPL guided total rev growth of +7-10% y/y, above cons est of +6.5% y/y despite supply constraints. Memory remains a headwind, with costs expected to increase further into F1Q+. Keybanc said they see moderately positive implications for our Apple supply chain coverage (ARM, AVGO, CRUS, QCOM, QRVO, SWKS).
• Internet and Media sector: SIRI was upgraded to Buy from Neutral and raise PT to $37 from $33 at Goldman Sachs citing the improving risk/reward driven by greater durability in the core Satellite business, incremental YouTube monetization, higher spectrum value and stronger FCF conversion. RDDT shares bounced off 52-week lows and snapped its 9 day losing streak/

• Optical and Photonics sector: after a rough pullback yesterday in the space (AAOI, COHR, CIEN) after an M&A deal saw MRVL acquire LITE in a more than $114B deal, but shares fell as the all-stock deal weigh on prices with Marvel shares tumbling, the group gets a small bounce today. FN results and guidance are better helping the sector; Q1 adj EPS $4.34 vs. est. $4.20 and Q1 revs $1.47B vs. est. $1.41B; guides Q2 adj EPS $4.77-$4.92 vs. est. $4.43 and revs $1.6B-$1.65B vs. est. $1.48B.
• Software sector: MNDY was downgraded from Buy to Hold at TD Cowen and trim tgt to $105 saying top-of-funnel headwinds are growing & MNDY is pivoting more aggressively up-market, likely to result in greater pressure on its down-market business (~40% of ARR). Meanwhile, MNDY faces growing Ai competitive challenges & its own Ai product/ pricing initiatives are still immature. TWLO was upgraded from Reduce to Hold at HSBC noting shares are down c32% since 24 September (vs S&P500 down 1.6%), which was about two weeks after Meta launched Muse. PENG shares jumped after SKHY reported a $377M, or 9.1% stake in PENG, as of October 29.

• AEIS shares rose following strong results, guide as sees 30% growth in 2027, called 2028 a growth year; in Semi, it expects a strong cycle and share gains from new products given the current dep and etch environment; sees Q4 revenue $735M, plus or minus $25M, vs. consensus $693.57M.
• LSCC reported strong 3Q results and higher 4Q guidance, with most of the upside driven by AI DC revs, as Compute & Comms grew over 130% y/y. Additionally, both Industrial and Embedded and AMI also exceeded expectations as well. Looking into 2027, LSCC sees 60%+ rev growth (cons +47%) with backlog visibility now extending into 2028.
• ON said it would acquire Ferric for $600M cash, plus up to $175M in contingent consideration and posted solid 3Q results and guided 4Q higher. Upside in the quarter was driven by Industrials (+10% y/y), particularly the AI-related subsegments and AI DC, which has now broken out and grew over 160% y/y. AI DC now expected $620M vs. $500M+ in '26 and expected to double in '27.
• A broad rebound across the group today, with several names posting double-digit gains after tumbling overt the last few weeks with HUT, CIFR, RIOT, WULF, IREN, CLSK among gainers.

Street Recommendations

Tuesday, November 3, 2026

• LIFE Barclays analyst Ross Sandler raised the firm's price target on Ethos to $44 from $37 and keeps an Overweight rating on the shares following the earnings report. Ethos "continues to post impressive growth rates amidst challenges across the end market," the analyst tells investors in a research note. Barclays thinks this can continue for the "foreseeable future."
• FIGS Barclays analyst Adrienne Yih raised the firm's price target on Figs to $24 from $20 and keeps an Overweight rating on the shares. The firm remains positive on Figs, saying its brand heat remains strong given its above average higher-income cohort exposure.
• JAZZ Barclays analyst Etzer Darout raised the firm's price target on Jazz Pharmaceuticals to $275 from $271 and keeps an Overweight rating on the shares. The company's Q3 performance shows a durable neuro base business with Ziihera upside given the strong launch, the analyst tells investors in a research note.
• MAR Barclays raised the firm's price target on Marriott to $409 from $363 and keeps an Equal Weight rating on the shares following the Q3 report. The company posted strong U.S. core growth and sales, which overshadow owner and key-money related risk, the analyst tells investors in a research note.
• PAG Barclays analyst John Babcock raised the firm's price target on Penske Automotive to $212 from $210 and keeps an Overweight rating on the shares post the Q3 report. The company delivered a same-store sales performance at the upper end of peers, the analyst tells investors in a research note.
• BE Barclays upgraded Bloom Energy to Overweight from Equal Weight with a price target of $289, down from $316. The firm says Bloom's accelerating capacity build, rising customer deposits and new supply commitments indicate the company's demand is ramping faster than expected. Barclays says Bloom's demand trends are "getting harder to ignore." According to TipRanks, Barclays has a 1-star analyst on Bloom Energy. [View TipRanks Star Ranking]:[https://www.tipranks.com/experts/analysts/christine-cho]

• AJG BMO Capital analyst Michael Zaremski downgraded Arthur J. Gallagher to Market Perform from Outperform with a price target of $295, up from $255. The firm prefers the insurance brokers with exposure to large-employers. These brokers will exhibit organic growth that's less correlated with property and casualty pricing-power, the analyst tells investors in a research note. BMO expects P&C pricing-power to continue to decelerate in 2027. It adjusted three ratings as a result. The firm cites valuation for the downgrade of Arthur J. Gallagher, recommending taking profits following the recent rally.

• PIPR BofA analyst Gabriel Angelini lowered the firm's price target on Piper Sandler to $69 from $75 and keeps an Underperform rating on the shares. Shares fell sharply intra-day Friday, which the firm would attribute to a disappointing fourth quarter outlook, says the analyst, who reduced the firm's Q4 EPS view to $1.16 from $1.55 and 2027 forecast to $4.63 from $4.99.
• AXSM BofA lowered the firm's price target on Axsome Therapeutics to $264 from $276 and keeps a Buy rating on the shares. Q3 was largely in-line, but shares continue to underperform on concerns about the Alzheimer's disease agitation launch pace and support for 2027 consensus, says the analyst, who views the pullback as overdone given increasingly de-risked major depressive disorder and ADA upside.
• EL BofA raised the firm's price target on Estee Lauder to $126 from $120 and keeps a Buy rating on the shares. The firm raised adjusted EPS estimates by 4%-5% in FY27-28, driven mostly by higher gross margin, which puts its forecasts above the top end of the company's raised guidance, the analyst tells investors.
• TSEM BofA lowered the firm's price target on Tower Semiconductor to $310 from $367 and keeps a Buy rating on the shares after the company reported a Q3 beat, noted capacity expansion plans ahead of schedule, and customer contracts now extending into 2029. However, the firm lowered its FY26-28 revenue estimates by 1%-6% and adjusted margins, driving its price target change.
• CRBG BofA raised the firm's price target on Corebridge to $45 from $44 and keeps a Buy rating on the shares. The firm's EPS estimates "fall modestly" as the Q3 results flow through its model, but it raised its price target on a higher peer multiple for the life insurance peer group.

• TCMD BTIG lowered the firm's price target on Tactile Systems to $31 from $35 and keeps a Buy rating on the shares after its Q3 earnings miss. Lymphedema grew about 13% Y/Y, though Airway Clearance decreased 25% Y/Y due to inventory draw-downs ahead of a next-gen product launch, the analyst tells investors in a research note.

• EVER Canaccord raised the firm's price target on EverQuote to $32 from $28 and keeps a Buy rating on the shares. The firm said EverQuote reported strong Q3 results, with revenue and adj. EBITDA both coming in well above consensus and the upper end of guidance. Auto revenue grew in the low twenties year-over-year as continued strong underwriting profitability supported broad-based carrier demand, with eight of EverQuote's top ten carriers growing sequentially.
• NBIX Canaccord raised the firm's price target on Neurocrine to $220 from $210 and keeps a Buy rating on the shares. The firm updated its model following Q3 results thst showed solid execution contnued whiel awaiting key pipeline catalysts. The feels the shares are undervalued on marketed products as the pipeline builds steamfor next year.

• VRTX Cantor Fitzgerald raised the firm's price target on Vertex Pharmaceuticals to $619 from $595 and keeps an Overweight rating on the shares. Vertex reinforced confidence in povetacicept ahead of its November 30 IgAN PDUFA, downplaying concerns around the Citizen Petition, highlighting on-schedule FDA interactions and reiterating enthusiasm for the clinical data, the analyst tells investors in a research note.
• EPRT Cantor Fitzgerald lowered the firm's price target on Essential Properties Realty Trust to $31 from $37 and keeps an Overweight rating on the shares. Essential Properties raised the low end of its 2026 AFFO guidance and introduced a favorable 2027 outlook for approximately 5% growth despite a tougher capital environment and slower investment pace, supported by $483M in unsettled forward equity, acquisition cap rates above 8% and strong tenant credit, the analyst tells investors in a research note.
• CIFR Cantor Fitzgerald analyst Brett Knoblauch lowered the firm's price target on Cipher Mining to $15 from $19 and keeps an Overweight rating on the shares. Cipher Mining's Q3 results were largely as expected as Bitcoin mining capacity shifts toward AI, while the extended Barber Lake lease is viewed as NPV-positive despite near-term capital costs and lower initial returns, the analyst tells investors in a research note.

• CHTR Citi analyst Michael Rollins lowered the firm's price target on Charter to $140 from $180 and keeps a Buy rating on the shares. The firm updated the company's model to reflect dilution from a higher cost of capital and a tougher operating environment.
• PLTR Citi raised the firm's price target on Palantir to $265 from $250 and keeps a Buy rating on the shares. The company reported "another top-line blowout" in Q3, driven by strength in U.S. commercial and government, the analyst tells investors in a research note. Citi views Palantir's Q3 as strong despite a duration headwind to bookings.
• AAPL Citi keeps a Buy rating on Apple with a $365 price target following the fiscal Q4 report. The quarter beat estimates but the Q1 outlook is mixed relative to expectations with higher product revenues, partially offset by lower Services growth and lower gross margins, the analyst tells investors in a research note. Citi remains constructive on Apple's long-term trajectory despite the mixed outlook. It views Apple as "defensive stock."
• PBR Citi added an "upside 30-day catalyst watch" on Petrobras while keeping a Neutral rating on the shares with a $21.50 price target. The firm sees a favorable operational outlook for the company given high oil and gas production, elevated crack spreads, and ongoing supply disruptions.
• SBAC Citi analyst Michael Rollins lowered the firm's price target on SBA Communications to $225 from $235 and keeps a Buy rating on the shares. The company's domestic leasing results in Q3 slightly missed expectations, the analyst tells investors in a research note.

• MAR Goldman Sachs analyst Lizzie Dove raised the firm's price target on Marriott to $456 from $406 and keeps a Buy rating on the shares. Marriott delivered a broad Q3 beat and meaningfully stronger Q4 guidance, with improved RevPAR translating fully into EBITDA and 2027 systemwide RevPAR growth projected at 3.5%-4.5%, though slower non-RevPAR fee growth and lower owned and leased EBITDA are expected to temper next year's performance, the analyst tells investors in a research note.
• TYL Goldman Sachs raised the firm's price target on Tyler Technologies to $385 from $345 and keeps a Neutral rating on the shares. Tyler's revenue missed Street expectations slightly, margins were in line and FY26 guidance was trimmed, but strong on-premise customer engagement ahead of expected 2027 cloud migration acceleration and early AI traction, with 300 deals year-to-date, support its longer-term positioning, the analyst tells investors in a research note.
• FLNC Goldman Sachs analyst Brian Lee lowered the firm's price target on Fluence Energy to $7 from $9 and keeps a Neutral rating on the shares. Fluence appointed interim CEO Axel Meier and interim CFO Ricardo Roizen and established board-level manufacturing oversight as it works through an operational reset, with backlog intact and Q4 bookings expected to remain strong,the analyst tells investors in a research note.

• HLIT Jefferies analyst Blayne Curtis lowered the firm's price target on Harmonic to $13 from $15 and keeps a Hold rating on the shares despite "another strong quarter" and the calendar 2026 outlook being raised again to $550M at the midpoint. Total book-to-bill "bears watching," but the firm views the improving customer mix as reducing concentration risk into calendar 2027, the analyst tells investors.

• VRTX JPMorgan raised the firm's price target on Vertex Pharmaceuticals to $570 from $560 and keeps an Overweight rating on the shares. The firm views the company's Q3 results as solid overall. The firm expects the near-term focus will remain on povetacicep, and it is highly confident in an on-time approval in immunoglobulin A nephropathy.
• SBAC JPMorgan lowered the firm's price target on SBA Communications to $200 from $220 and keeps a Neutral rating on the shares following the Q3 report. The company slightly reduced 2026 guidance for site leasing revenue, tower cash flow, and adjusted EBITDA, reflecting the sale of the company's Chile and Ecuador businesses, as well as currency impacts, the analyst tells investors in a research note.
• CIFR JPMorgan analyst Richard Choe lowered the firm's price target on Cipher Mining to $18 from $22 and keeps an Overweight rating on the shares post the Q3 report. The company is now executing on its signed contracts and has fully funded its development of signed contracts, which will be delivered by mid-2027, the analyst tells investors in a research note. JPMorgan views Cipher shares as "substantially undervalued."
• AAPL JPMorgan lowered the firm's price target on Apple to $355 from $360 and keeps an Overweight rating on the shares following the fiscal Q4 report. The primary investor discussion around Apple shares following the earnings print will likely be around the changing trajectory of hardware versus services growth, the analyst tells investors in a research note. The firm says that despite concerns around supply constraints and price elasticity following significant price increases, Apple product and iPhone revenues have delivered to expectations. On the flip-side, the company has seen a steady moderation in the growth rate for services, which is increasingly going to call into question the long-term services growth rate when faced with mobile gaming headwinds, contends JPMorgan.
• NET JPMorgan analyst Samik Chatterjee upgraded Cloudflare to Overweight from Neutral with an unchanged price target of $350. The firm cites valuation for the upgrade following the stock's 20% pullback over the past month. Cloudflare remains well positioned to benefit from the scaling of Act I and Act II with existing customers and the pace of wins for Workers amid traction from developers, the analyst tells investors in a research note. JPMorgan believes Cloudflare can accelerate revenue growth in the medium term to 35%-plus. According to TipRanks, JPMorgan has a 5-star analyst on Cloudflare. [View TipRanks Star Ranking]:[https://www.tipranks.com/experts/analysts/samik-chatterjee]

• JD Mizuho lowered the firm's price target on JD.com to $37 from $39 and keeps an Outperform rating on the shares. The firm says its latest checks across China internet indicate AI demand continues to broaden while competitive spending is becoming more disciplined.
• HGV Mizuho analyst Ben Chaiken lowered the firm's price target on Hilton Grand Vacations to $60 from $74 and keeps an Outperform rating on the shares. The company's results were lower than expected but the stock's risk/reward remains supportive, the analyst tells investors in a research note.

• PLTR Morgan Stanley analyst Sanjit Singh raised the firm's price target on Palantir to $233 from $205 and keeps an Equal Weight rating on the shares. While "impressive" that revenue growth accelerated for the 13th quarter in a row to 96% year-over-year, a muted stock reaction reflects higher U.S. commercial expectations and a slowdown in bookings metrics attributed to shorter duration contracts, the analyst tells investors.
• GD Morgan Stanley raised the firm's price target on General Dynamics to $480 from $465 and keeps an Overweight rating on the shares following what the firm calls "another strong beat-and-raise quarter." Marine gains, Gulfstream's ramp, and allied demand support multi-year growth, the analyst tells investors.
• JAZZ Morgan Stanley raised the firm's price target on Jazz Pharmaceuticals to $319 from $314 and keeps an Overweight rating on the shares. The oxybate franchise is holding up better than Jazz itself planned, the analyst tells investors in a post-earnings note.
• NBIX Morgan Stanley raised the firm's price target on Neurocrine to $185 from $183 and keeps an Equal Weight rating on the shares. Neurocrine posted record Q3 net product sales on an Ingrezza beat that drove a second FY26 guidance raise, the analyst tells investors in a post-earnings note.
• BMRN Morgan Stanley analyst Sean Laaman lowered the firm's price target on BioMarin to $119 from $122 and keeps an Overweight rating on the shares. BioMarin delivered its first quarter above $1B in revenue, in line with consensus, while cutting FY26 total revenue guidance due to a roughly $70M order deferral by a single international customer attributed to timing rather than patient demand, the analyst tells investors.
• EL Morgan Stanley raised the firm's price target on Estee Lauder to $118 from $112 and keeps an Equal Weight rating on the shares. Moving beyond short-term expectations and investor focus on any risk from weaker consumer spending, the firm continues to be impressed by the turnaround put in place by the company's relatively new management team, the analyst tells investors.
• VRTX Morgan Stanley analyst Terence Flynn lowered the firm's price target on Vertex Pharmaceuticals to $660 from $665 and keeps an Overweight rating on the shares after "generally in line" Q3 results and and 2026 revenue guidance that was "raised a touch" on the inclusion of Palsonify sales following the Crinetics deal. "More importantly," Vertex sounded confident in FDA approval for povetacicep ahead of the PDUFA date of November 30 for immunoglobulin A nephropathy, the analyst tells investors.
• AEIS Morgan Stanley lowered the firm's price target on Advanced Energy to $368 from $375 and keeps an Overweight rating on the shares, which were also named the analyst's Top Pick. Earnings showcased the company's execution, says the analyst, who thinks the stock "presents the best risk-reward in US SPE." The bar for "gaining share" in both SPE and data center power is approximately 40%, and Advanced is "delivering on both fronts," the analyst added.

• PTEN Piper Sandler analyst Derek Podhaizer raised the firm's price target on Patterson-UTI to $15 from $14 and keeps an Overweight rating on the shares. The firm notes the company's management continued to message confidence in the outlook for the business, with activity up significantly.
• WHD Piper Sandler raised the firm's price target on Cactus to $78 from $75 and keeps an Overweight rating on the shares. The firm says the company is seeing strength in its Spoolable Technologies segment with Cactus announcing its plans to build a manufacturing facility in the Middle East, which management highlighted as a strong opportunity and one of the largest potential markets for Spoolable pipe, noting that Steel pipe currently dominates in that region.
• INSP Piper Sandler raised the firm's price target on Inspire Medical to $70 from $60 and keeps a Neutral rating on the shares. The firm notes the company reported a Q3 beat with revenue of $206.7M vs. the Street's $204.5M forecast, while adjusted EPS of 14c compared to the Street's 11c bogey. Management narrowed its FY2026 revenue guidance of $835M-$875M to $850M-$860M.
• NBIX Piper Sandler raised the firm's price target on Neurocrine to $215 from $210 and keeps an Overweight rating on the shares. The firm notes Neurocrine reported Q3 diluted GAAP EPS of $1.96 on revenue of $1.12B, compared to Street estimates of $1.91 and $1.04B, respectively. Piper thinks Neurocrine shares are valued attractively at an EV/2027 EBITDA of about 10-times.

• VVX RBC Capital raised the firm's price target on V2X to $88 from $81 and keeps a Sector Perform rating on the shares. The company reported strong Q3 results with organic growth of 9%, ad V2X continues to call out strength in the Asia Pacific region, even as it continues to face headwinds with its Middle East revenues, the analyst tells investors in a research note.
• EL RBC Capital analyst Nik Modi raised the firm's price target on Estee Lauder to $126 from $120 and keeps an Outperform rating on the shares. The company posted solid results to start its fiscal year, with outperformance across all regions and all major P&L line item, the analyst tells investors in a research note. As the topline is exhibiting positive growth, cost and operational efficiencies from the company's PRGP - Profit Recovery and Growth Plan - plan and the benefit of sales leverage are shining through to margins and ultimately EPS, RBC added.
• ENSG RBC Capital raised the firm's price target on Ensign Group to $239 from $228 and keeps an Outperform rating on the shares. The company delivered another strong quarter and remains among the firm's top picks in post-acute coverage., the analyst tells investors in a research note. Ensign has also entered the Florida market and the firm has come away from its call with management confident in the company's local leadership in the state and its ability to navigate the ramp, RBC added.
• PLTR RBC Capital analyst Rishi Jaluria raised the firm's price target on Palantir to $130 from $90 and keeps an Underperform rating on the shares. The company delivered a solid Q3 result with revenue up 96% y/y, the analyst tells investors in a research note. Palantir FY26 guidance was raised across all metrics, though the firm remains watchful as total RDV - remaining deal value - grew just 2% from Q2, RPO was flat sequentially, and the management acknowledged shorter-than-usual contract durations in Sovereign AI, the firm added.
• NBIX RBC Capital analyst Brian Abrahams raised the firm's price target on Neurocrine to $190 from $187 and keeps an Outperform rating on the shares after its Q3 earnings beat. Strong commercial execution for the core legacy programs being driven by demand, coupled with a nice bounceback quarter for Vykat, should help to begin turning sentiment around and closing a substantial gap vs. fundamental fair value, the analyst tells investors in a research note.

• LSCC Rosenblatt raised the firm's price target on Lattice Semiconductor to $200 from $175 and keeps a Buy rating on the shares. The company reported a strong quarter but the bigger takeaway was its fiscal 2027 revenue growth outlook of 60%-plus, supported by backlog extending into the first half of 2028, the analyst tells investors in a research note. The firm says Lattice is benefiting from rising field programmable gate array content and attach rates in AI servers, as well as a broadening industrial recovery.
• SITM Rosenblatt analyst Sajal Dora raised the firm's price target on SiTime (SITM) to $900 from $750 and keeps a Buy rating on the shares ahead of the company reporting fiscal Q3 results after the close on Wednesday, November 4. The firm expects a strong September quarter and December quarter guidance above consensus estimates as Apple's (AAPL) internal-modem ramp more than offsets iPhone build cuts, the analyst tells investors in a preview.

• CP Susquehanna raised the firm's price target on Canadian Pacific Kansas City to $105 from $98 and keeps a Positive rating on the shares. The Canadian rails sustained volume growth through Q3 on a strong intermodal quarter, the analyst tells investors in a research note.
• CHKP Susquehanna raised the firm's price target on Check Point to $165 from $150 and keeps a Positive rating on the shares. The firm said they posted mixed 3Q results and a 4Q outlook that points to a more gradual recovery, though management believes product revenue has troughed. Improving execution following its GTM changes and continued traction with its emerging product suite are encouraging.

• CYH Wells Fargo analyst Stephen Baxter lowered the firm's price target on Community Health to $1 from $2 and keeps an Underweight rating on the shares. The firm is also lowering estimates after weak Q3 results and lowered guidance.
• CHKP Wells Fargo analyst Richard Poland raised the firm's price target on Check Point to $135 from $130 and keeps an Equal Weight rating on the shares. With Q4 guide-down out the way, the firm expects debate shifts to shape of 2027 recovery on price raise, new logo capacity and sustained 11% subscription growth. Wells struggles to underwrite much upside to 4%-5% growth base case, likely keeping shares range-bound.
• CIFR Wells Fargo lowered the firm's price target on Cipher Mining to $15 from $25 and keeps an Overweight rating on the shares. The firm notes the company's Q3 results came with few surprises, ahead of delivery of its 3 campuses - while Cipher also takes steps to de-risk the next round of leases into its 6 GW pipeline. Wells believes risk/reward still favorable.
• CLX Wells Fargo raised the firm's price target on Clorox to $90 from $85 and keeps an Equal Weight rating on the shares. The firm continues to see EPS within its prior range, albeit at now the lower end, implying profit growth ramps in the second half of the year, especially vs Q2 which is implied to be a challenging quarter. This profit ramp feels like a key debate after today, namely with a new CEO by Q2, Wells adds.
• VRTX Wells Fargo analyst Mohit Bansal raised the firm's price target on Vertex Pharmaceuticals to $650 from $550 and keeps an Overweight rating on the shares. The firm says management sounded positive on Pove CMC and label concerns, making Wells comfortable around November 30th PDUFA. With CF competitor overhang removal and pipeline progress, the firm thinks Vertex is becoming a long-term story to own.
• AEIS Wells Fargo lowered the firm's price target on Advanced Energy to $310 from $360 and keeps an Overweight rating on the shares. The firm notes the company delivered another strong beat / raise driven by continued upside in Semi & data center. While ability to navigate supply constraints will be a focus, Wells believes Advanced Energy can continue to deliver strong growth in 2027.
• ON Wells Fargo lowered the firm's price target on Onsemi to $90 from $100 and keeps an Overweight rating on the shares. The firm notes results were somewhat mixed. Wells believes continued demand acceleration and gross margin percentage leverage remain key drivers of shares.
• OLN Wells Fargo raised the firm's price target on Olin to $17 from $16 and keeps an Equal Weight rating on the shares. The firm remains on the sidelines given challenging near-term chlor alkali fundamentals, coupled with turnaround expenses in CAPV & Epoxy, plus cost headwinds in Winchester.
• INSP Wells Fargo raised the firm's price target on Inspire Medical to $69 from $56 and keeps an Equal Weight rating on the shares. The firm notes the company reported slight Q3 revenue beat and narrowed 2026 guide. Initial 2027 outlook of low single digit growth is slightly below consensus, and year-over-year revenue decline is expected to continue into Q1 2027.

Rating abbreviations…

***OP = Outperform

***SP = Sector Perform

***UP = Underperform

***OW = Overweight

***EW = Equal-weight

***UW = Underweight

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

What’s on Tap Weekly Calendar

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

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

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

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

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

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

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

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

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

• Earnings After the Close: BH HE