Early Look

Tuesday, October 13, 2026

S&P futures are edging lower, but Nasdaq futures are falling notably amid another sharp decline for semiconductors (SOX), led mostly by weak memory stocks (MU, SNDK, WDC, SKHY), adding to the prior day weakness. Recall yesterday, the group was hit after some analysts pointing to China's CXMT making technological advances that would compete with Samsung and Sk Hynix. In Asian markets, The Nikkei Index tumbled -1,253 points or 1.82% to 67,777, the Shanghai Index rose 3 points to 3,800, and the Hang Seng Index rose 74 points to 24,345. The South Korean Kospi sunk -62 points or 6.25% to 942 led by the tech weakness. In Europe, the German DAX is up 130 points to 25,407, while the FTSE 100 rises 79 points to 10,735. The U.S. dollar eases as Treasury yields fall and the global bond selloff loses momentum. Lower oil prices also weigh on the greenback, moderating the inflation impulse that has supported Federal Reserve tightening expectations ahead of key inflation data tomorrow (CPI) and Thursday (PPI). The bond market reopens after being closed for the Columbus Day holiday as yields slip, with the 10-yr down -5bps to 5.19%. Earnigns kicking off the quarter today as JPM falls on results, WFC rises in the bank space; UNH rises on earnings, and JNJ down after its results in Healthcare.

• The Dow Jones Industrial Average rose 195.60 points, or 0.38%, to 51,850.55
• The Nasdaq Composite dropped -120.27 points, or 0.44%, to 27,245.90
• The Russell 2000 Index declined -12.50 points, or 0.45% to 2,794.48

• 7:45 AM ET ICSC Weekly Retail Sales
• 8:55 AM ET                   Johnson/Redbook Weekly Sales
• 10:00 AM ET                 Existing Home Sales M/M for September

• Earnings After the Close: AZZ

• Paris Auto show, 10/12-10/18
• SEMICON West, 10/13-10/14, in San Francisco, CA
• China Imports/Exports/Trade Balance for September
• China PPI, CPI data for September

• Six Flags Entertainment's (FUN) shares fall after CNBC reports that one person was killed, and several others were injured in a deadly roller coaster incident at one of its amusement parks in Georgia, citing local police.

• Northern Oil & Gas (NOG) provides third quarter operational update as expects Q3 capital expenditures of $250M-$253M excluding non-budgeted acquisitions; expects Q3 realized hedge losses of $51M-$52M and reiterates its 2026 capital expenditures guidance.
• The Federal Energy Regulatory Commission rejected most of PJM Interconnection's proposal for connecting data centers and other large electricity users to the grid, Utility Dive reported Monday. FERC raised concerns that proposed interim service and bring-your-own-capacity rules could intrude on state authority over retail rates and discriminate against large loads.

• JPMorgan (JPM) Q3 adj EPS $5.75 below consensus $5.94 and revs rose 8% y/y to $50.2B and managed revenue $50.9B, vs. consensus $51.22B; Q3 net income rose 6% y/y to $15.31B, up 6% from 3Q25; Q3 provision for credit losses fell 19% y/y to $2.74B; Consumer & Community Banking net income increased 13% to $5.67B, Commercial & Investment Bank net income rose 20% to $8.25B and Asset & Wealth Management net income advanced 11% to $1.84B; Q3 FICC sales & trading rev $5.37B, below consensus est. $6B and Q3 investment Banking revenue was $3.1B.
• Visa (V) receives China's approval to prepare for a domestic bank card-clearing business; the news a major step for Visa to enter one of the largest payment markets.
• Wells Fargo (WFC) Q3 EPS $1.87 vs. est. $1.85; Q3 revs rose 2% y/y to $21.87B vs. est. $22.3B; Q3 net interest Income $12.517B vs. est. $12.628B; Q3 credit loss provision rose 51% y/y to $1.029B; Q3 Average loans climbed 11% to $ 1.03 trillion and average deposits increased 11% to $ 1.48 trillion y/y; Q3 Common Equity Tier 1 ratio slipped to 10.0% from 11.0% a year earlier; sees 2026 NII plus or minus $50B, unchanged from prior guidance.

• Johnson & Johnson (JNJ) announced new Phase 3 data showing consistent combined fistula remission outcomes with TREMFYA across clinically important subgroups of adults with Crohn's disease with perianal fistula.1 The prespecified subgroup analyses from the FUZION study are being presented at the American College of Gastroenterology
• Humana (HUM) has partnered with BlackRock (BLK) to manage nearly 150 CenterWell Senior Primary Care clinics, replacing its existing joint ventures with Welsh, Carson, Anderson & Stowe. BlackRock will acquire WCAS’s equity stake, valued at ~$2.8 billion, in the existing ventures.
• Neurocrine Biosciences (NBIX) cautious comments by Adam F at STAT news. Concerns grow on safety issues tied to Neurocrine Biosciences rare disease drug. Former FDA regulator wants Prader-Willi therapy withdrawn; others urge caution
• Roche (RHHBY) entered into an exclusive worldwide licensing agreement with Chinese biotechnology company Rona Therapeutics for an experimental obesity drug candidate, in a deal worth up to $1.16B. Under the agreement, Rona will receive an upfront payment of $100M and is eligible for up to $1.06B in development, regulatory, and commercial milestone payments, along with tiered royalties on global net sales.
• Syndax (SNDX) announced that the MAXPIRe Phase 2 trial of axatilimab in idiopathic pulmonary fibrosis did not meet its primary endpoint of the annualized rate of decline in forced vital capacity. The safety and tolerability profile observed in MAXPIRe was consistent with previous clinical studies of axatilimab, with no new safety signals identified
• UnitedHealth (UNH) Q3 adjusted EPS $4.69, tops consensus $4.14 on revs $112.69B vs. consensus $111.49B; raises FY26 adjusted EPS view to at least $20.50 from $19.50-$20.00 (est. $19.87); said lower medical care ratio was driven by medical cost management, benefit design changes, pricing discipline and care delivery enhancements; reported a third-quarter medical cost ratio of 88.4%, better than analysts' estimates and the year earlier 89.90%.

• Meta (META) on Monday launched Muse Wonder and Muse Wonder Full, ‌calling them its most capable AI models ‌yet, as the social media firm looks to compete ​more forcefully with OpenAI and Anthropic.
• Navitas Semiconductor (NVTS) announced its latest 24 kW, 800 V-to-12 V DC-DC power delivery board, or PDB, powered by GaNFast technology and developed in collaboration with Nvidia (NVDA), to support the Nvidia MGX ecosystem and advance 800 VDC power architectures for data centers.
• Teradyne (TER) agrees to purchase shares of Formfactor (FORM) common stock as Teradyne to make $300M strategic equity investment in Formfactor.

Mid-Morning Look

Tuesday, October 13, 2026

U.S. stocks open little changed to down slightly, shaking off an overnight scare in chips to trade roughly in line with where Dow futures pointed, even as Nasdaq futures had signaled a much rougher start. Nasdaq futures were down around -0.6% overnight on chip weakness (SOX), and AI related plays such as data centers and neoclouds (NBIS, CRWV, IREN, HUT, CIFR) but strength in hyperscalers and mega cap AAPL, AMZN, META, MSFT and NVDA are helping offset the losses. The Kospi's 6.25% overnight plunge on fears China's CXMT is closing the memory gap is proving less contagious in the cash session, with semis pulling back only modestly rather than collapsing. The real action is in bank earnings: JPMorgan (JPM) is flat after missing on revenue and FICC trading, Wells Fargo (WFC) is down over -2% despite an EPS beat as NII and revenue missed and the CFO flagged slowing trading activity late in September, Citigroup (C) is down 1.5% despite beats on both lines, while Goldman Sachs (GS) is up 1.0% after blowing past Street estimates on equities trading strength. Elsewhere, the 10-year Treasury yield is down 1 basis points to 5.23%, and the 30-year is off 4.3 bps to 5.555%, the dollar index (DXY) is down 0.33% to 102.25, gold is up slightly around $4,200. Health Care (XLV) lags, down 1.2%, dragged by Johnson & Johnson (JNJ) off 4.6% despite raised guidance after its Medtech unit missed, Neurocrine Biosciences (NBIX) down 2.7% on escalating safety scrutiny, and Syndax Pharmaceuticals (SNDX) tumbling 17.9% on a failed IPF trial. Energy (XLE) is bucking the drop in crude, with Brent down $1.15 to $105.50 and WTI off 61 cents to $93.13, as refiners extend their rally to fresh highs and BP (BP) jumps 3.5% after saying net debt already hit its 2027 target on strong trading and refining profits.

• NFIB Small Business Optimism fell 0.8 point to 97.9 in September while weekly Redbook retail sales accelerated to +10.4% Y/Y from +8.6% the prior week.

• Medical technology sector: shares of BSX, ABT, SYK, MDT and others were active after JNJ beat third-quarter earnings expectations and hiked its full-year outlook, though stumbles in its medical technology business. Prescription drug sales fueled strength in the latest quarter as revenue rose 7.7% from the prior year in J&J's pharmaceutical arm, compared to just a 2.5% increase in its medical technology division. But sales in J&J's MedTech unit came in below estimates after revenue in cardiovascular, orthopedics, surgery and vision missed projections.
• Satellite and Telco sector: ASTS downgraded from Overweight to Neutral at Piper and cut PT to $54 from $98 due to lower conviction in the pace of Satellite launches in 2026-2027. Piper is struck by SpaceX's growing ambition in the direct-to-cell (D2C) market, as evidenced by Friday's decision to purchase Mobile spectrum for ~$8B. AT was downgraded to Market Perform from Outperform at Bernstein citing cites pressure from SpaceX's foray into both broadband and wireless for the downgrade. The new competition further exacerbates recent pricing moves by incumbents and expected Q4 seasonality.

• FRMI +18%; shares jumped after entered a credit support agreement with AMD which will support a lease for phase one of Fermi's flagship Matador project.
• MPC +3%; along with gains in VLO, PBF, DK and other refiners which continue to benefit from crack spread margins as energy/diesel prices remain elevated.
• UNH +1%; reported Q3 adj EPS of $4.69, a material beat versus consensus of $4.06, with adjusted EBIT well above and raises FY26 adjusted EPS view to at least $20.50 from $19.50-$20.00 (est. $19.87); said lower medical care ratio was driven by medical cost management.
• VFC +2%; upgraded at both Piper and Truist o Buy equivalent ratings from Hold and both raised their tgt to $20 as believes Vans is poised to inflect as fashion trends shift away from the long dominant athletic aesthetic and brand momentum builds on the popularity of new launches.

• CIFR -15%; after the AI data center operator announces proposed private offering of convertible senior notes worth $850M, due 2032 as notes carry a 0% coupon, meaning CIFR will pay no regular interest on the debt.
• DPZ -3%; reported Q3 EPS $4.60 vs. est. $4.36 and sales $1.177B vs. est. $1.19B; Q3 US and international same store sales growth misses estimates as consumers cut back on spending amid growing inflationary pressures.
• FUN -8%; after CNBC reports that one person was killed, and several others were injured in a deadly roller coaster incident at one of its amusement parks in Georgia, citing local police
• NBIX -3%; is under mounting scrutiny over its drug, Vykat XR — the first FDA-approved treatment for the insatiable hunger associated with the rare disease called Prader-Willi syndrome. There have been reports of seven deaths associated with the drug, STAT’s Adam Feuerstein writes.
• S -4%; shares fall after announces private offering of $1.25B 0% convertible bonds (CBs) due 2031 as the company intends to use net proceeds for general corporate purposes, stock buybacks, working capital, capex, potential acquisitions.
• SNDX -18%; announced that the MAXPIRe Phase 2 trial of axatilimab in idiopathic pulmonary fibrosis did not meet its primary endpoint of the annualized rate of decline in forced vital capacity.

Closing Recap

Tuesday, October 13, 2026

U.S. stocks finished slightly lower, getting a late day bounce as Federal Reserve Bank of New York President John Williams told Bloomberg in an interview he still sees one more interest-rate hike as appropriate this year, but at the moment does not believe it will be necessary for the central bank to increase rates again in 2027. Williams told Bloomberg News in an interview there are still signs inflation will slow “quite a bit” and approach the Fed’s 2% target next year. Those comments gave a small pop to bonds and metals after falling earlier on a day that was dominated by bank and large cap healthcare earnings as investors await back-to-back days of inflation readings. Tech was also an underperformer, as weakness in semis (SOX), memory names particularly (MU, SNDK, WDC).

Earnings picking up but all eyes on inflation data tomorrow as the September Consumer Price Index (CPI) headline M/M is expected to rise +0.6% (prior +0.4%) and on a Y/Y basis to rise +3.6% (prior +3.4%). The core CPI, or Ex: Food & Energy M/M for September est. +0.2% (prior +0.3%) and Y/Y for September est. +2.5% (prior +2.4%). This morning it was bank earnings highlighting the headlines as GS blew past estimates, JPM missed on revenue and FICC trading, but NII guidance was strong, WFC mixed with EPS beat while NII and revenue missed and the CFO flagged slowing trading activity late in September, and Citi beat on top/bottom line. Tomorrow, bank earnings from MS, BAC, STT and BLK. Healthcare stocks also lagged as large cap pharma declined behind JNJ mixed results as Medtech revs disappointed.

Stock markets are holding not far off record highs for the S&P 500 and the Nasdaq Comp, but in an interesting statistic, @Barchart noted on X, that, the “S&P 500 now has the highest number of stocks with a negative beta in history. This means that individual stocks are doing the opposite of what the index is doing at the highest ever seen.” Meanwhile, @ISABELNET_SA noted on X, “The S&P 500 is setting record highs, but market breadth is still deteriorating. The median stock now trades 16% below its peak, the weakest breadth since the dot-com bubble. Fewer stocks are joining the rally.” Quote of the day came from Paul Tudor Jones on CNBC earlier saying, "I'll Be Short Whole Year. 2027 is going to be really, really challenging for the stock market,": as Paul Tudor Jones Dismisses Goldman's Optimism, warns of looming dot-com style equity supply tsunami.

• NFIB Small Business Optimism fell 0.8 point to 97.9 in September while weekly Redbook retail sales accelerated to +10.4% Y/Y from +8.6% the prior week.

• Hedge fund manager and notable commodity trader Paul Tudor Jones says oil is set to take another leg higher because of the U.S.-Iran conflict. Paul Tudor Jones said that oil could rally as much as $20 to $25 higher in the near-term. He comes to that belief with a lack of resolution to the U.S.-Iran conflict likely ahead of the midterm elections in November.
• Precious metal prices erased earlier gains as December gold fell -$13.30, or -0.32%, to settle at $4,177.30 an ounce while silver falls -$0.99, or -1.63%, to finish at $59.53 an ounce. Prices had been higher earlier amid a pullback in the dollar and lower oil prices, but erased gains ahead of tomorrow’s key US inflation data and remarks from the Federal Reserve Chair later this week to gauge future monetary policy. Longer-dated  Treasury yields were slightly lower following the path of their European counterparts, while short-dated 2-year yields rose ahead of CPI data.

• Mattress retail sector (SGI, PRPL, SNBR): Piper said the September 2026 PSC Mattress Retailer Survey (with ~15 retailers representing >600 stores) accelerated to +12.0%/+5.0% Y/Y on a mean/median basis, respectively. Retailers reported Q3 sales +4.2%/+4.0% Y/y (vs. Q2 +6.8%/+4.0%) and forecast Q4 sales to remain solidly +MSD % with expectations for +5.5%/+5.0%.
• Retail sector: VFC was upgraded at both Piper and Truist o Buy equivalent ratings from Hold and both raised their tgt to $20 as believes Vans is poised to inflect as fashion trends shift away from the long dominant athletic aesthetic and brand momentum builds on the popularity of new launches. OLLI announces $500M share buyback
• Leisure sector: theme park operator FUN shares fall after CNBC reports that one person was killed, and several others were injured in a deadly roller coaster incident at one of its amusement parks in Georgia, citing local police

• Utility sector: Keybanc noted the utility sector endured a brutal Q3, finishing the quarter as the worst performing sector in the S&P. The sector declined roughly 12%, pressured by a challenging macro backdrop that included volatile energy prices, election related noise, and, above all, a resurgence in interest-rate concerns as the Fed reinforced its inflation-fighting posture. Today, the firm upgraded AEP to Overweight from Sector Weight and EXC upgraded to Sector Weight from Underweight with $41 PT, but lower PT’s for many of the name.

• Earnings outcomes in the bank space today: Big Q3 prints across the group send shares in opposite directions as JPM reversed an early -3% drop on a revenue and FICC trading miss ($50.2B vs. $51.2B est.) as better NII guidance perked shares up; WFC dropped as an EPS beat was overshadowed by NII miss and the CFO flagged trading activity 'slowed meaningfully' in late September; Citi beats on EPS and revenue as advisory and debt underwriting activity softened, while GS posts blowout $18.68B revenue beat led by equities trading strength.

• Insurance sector: ACGL was downgraded to Equal Weight from Overweight at Morgan Stanley as it waits for pricing and loss conditions to evolve. Despite the pressured valuation, market unlikely to turn for the better; this likely keeps valuation under pressure. In P&C sector (ALL, TRV, CB, AIG, HIG, PGR), data analytics firm Verisk said Insured industry losses from Hurricane Isaias is expected to be between $1B and $2B.
• Payment/FinTech sector: MA and Visa (V) extended recent winning streaks to 8 and 9 days respectively ahead of earnings season. Visa receives China's approval to prepare for a domestic bank card-clearing business; the news a major step to enter one of the largest payment markets.
• Asset Managers: AB preliminary assets under management decreased to $900 billion during September 2026 from $919 billion at the end of August. The 2% decline in month-end AUM was primarily driven by market depreciation, coupled with net outflows during the month.

• BNTX shares slipped as disclosed its AHEAD-MERIT Phase 2/3 trial studying BNT113 as an mRNA immunotherapy candidate as a 1L treatment for HPV16+ HNSCC did not meet its first dual primary endpoint of PFS. The trial will continue to evaluate the second dual primary endpoint of OS.
• GOSS was initiated as new Buy and $160 tgt at Chardan saying the bull case: FDA approves seralutinib, an inhaled PDGFRα/β, CSF1R and C-KIT inhibitor for add-on PAH therapy, on the totality of evidence despite Phase 3 PROSERA's narrow statistical miss. The bear case: FDA holds Gossamer to PROSERA's prespecified threshold and issues a CRL.
• NBIX cautious comments by Adam F at STAT news. Concerns grow on safety issues tied to Neurocrine Biosciences rare disease drug. Former FDA regulator wants Prader-Willi therapy withdrawn; others urge caution
• RHHBY entered into an exclusive worldwide licensing agreement with Chinese biotechnology company Rona Therapeutics for an experimental obesity drug candidate, in a deal worth up to $1.16B. Under the agreement, Rona will receive an upfront payment of $100M and is eligible for up to $1.06B in development, regulatory, and commercial milestone payments.
• SNDX announced that the MAXPIRe Phase 2 trial of axatilimab in idiopathic pulmonary fibrosis did not meet its primary endpoint of the annualized rate of decline in forced vital capacity. The safety and tolerability profile observed in MAXPIRe was consistent with previous clinical studies of axatilimab, with no new safety signals identified

• Managed care sector: Dow component UNH reported Q3 adj EPS of $4.69, a material beat versus consensus of $4.06, with adjusted EBIT well above, driven by strong performance across both UHC and Optum Health, reflecting lower-than-expected medical costs, favorable reserve development, pricing discipline, benefit design changes, and continued improvement in Optum Health execution; raises FY26 adjusted EPS view to at least $20.50 from $19.50-$20.00 (est. $19.87); said lower medical care ratio was driven by medical cost management.

• Satellite and Telco sector: ASTS downgraded from Overweight to Neutral at Piper and cut PT to $54 from $98 due to lower conviction in the pace of Satellite launches in 2026-2027. Piper is struck by SpaceX's growing ambition in the direct-to-cell (D2C) market, as evidenced by Friday's decision to purchase Mobile spectrum for ~$8B. AT was downgraded to Market Perform from Outperform at Bernstein citing cites pressure from SpaceX's foray into both broadband and wireless for the downgrade. The new competition further exacerbates recent pricing moves by incumbents and expected Q4 seasonality.

• Chemical sector: CC was downgraded from Outperform to Sector Perform Wat RBC Capital in chemical earnings preview and cut tgt to $14 from $22 citing persistent TiO2 weakness despite cost-reduction benefits given construction/coatings challenges, and headwinds in CC's highest multiple, business, TSS, could persist through YE (also lowers ests).

• Internet sector: BMBL shares surged after it had agreed to be taken private by Ithaca Holdings in a deal valued at $1.3 billion, as the dating app pushes forward with its months-long turnaround. The private equity firm has offered $6.05 per share for Bumble.

• Hardware sector: AAPL unveiled a new round of smart home products, including an iPad-like device dubbed the HomeView meant to hang on walls or perch on tabletops that will showcase its AI-upgraded Siri virtual assistant. The HomeView device starts at $299 and starts shipping next month. It will feature a 7-inch screen and face recognition, will help users control doorbells, thermostats and smart locks.

• AMAT shares fell after hosting its Analyst Day today.
• FRMI shares jumped after entered a credit support agreement with AMD which will support a lease for phase one of Fermi's flagship Matador project.
• NVTS announced its latest 24 kW, 800 V-to-12 V DC-DC power delivery board, or PDB, powered by GaNFast technology and developed in collaboration with NVDA, to support the Nvidia MGX ecosystem and advance 800 VDC power architectures for data centers.
• QCOM said it is pleased the jury in its lawsuit against ARM found Arm violated its license agreement with the chipmaker.
• SMCI expands integrated open compute project portfolio to accelerate rack-scale AI data center deployments.
• TER agrees to purchase shares of FORM common stock as Teradyne to make $300M strategic equity investment in Formfactor

Street Recommendations

Tuesday, October 13, 2026

• MSM Barclays analyst Guy Hardwick initiated coverage of MSC Industrial with an Overweight rating and $152 price target. The firm views MSC as an attractive way to gain early and mid-cycle exposure to the recovery in U.S. industrial production and maintenance, repair, and operations demand. The company should benefit from a management-led turnaround that can drive meaningful margin expansion over time, the analyst tells investors in a research note.
• NXT Barclays lowered the firm's price target on Nextpower to $146 from $147 and keeps an Overweight rating on the shares. The company's upcoming capital markets day should clarify how a broader power platform translates into sales growth and margins, the analyst tells investors in a research note.
• VALE Barclays lowered the firm's price target on Vale to $15 from $17 and keeps an Equal Weight rating on the shares. The firm remains constructive on the European miners into earnings citing solid commodity fundamentals.

• LYV Bernstein raised the firm's price target on Live Nation to $220 from $215 and keeps an Outperform rating on the shares ahead of the company's results and November 10th capital markets day. Owned and operated capacity remains the multi-year earnings engine, with international arenas as the primary growth driver, the firm says. Bernstein believes the pull-forward in venue activity supports an attractive near-term fundamental backdrop.

• SO BofA lowered the firm's price target on Southern Company to $92 from $100 and keeps a Neutral rating on the shares. The firm expects Southern to report Q3 operating EPS of $1.65, in line with company guidance and consensus, the analyst tells investors in a preview. The firm also expects Southern to reaffirm its long-term earnings growth guidance.
• APH BofA raised the firm's price target on Amphenol to $104 from $99 and keeps a Buy rating on the shares. The firm is expecting "another strong beat" for calendar Q3 revenue and EPS and modeling Q4 guidance ahead of Street estimates, the analyst tells investors in a preview.
• EFX BofA lowered the firm's price target on Equifax to $200 from $210 and keeps a Buy rating on the shares. Ahead of Equifax reporting Q3 results on October 20, the firm trims estimates to primarily reflect a lower outlook for mortgage revenue with 30-year fixed rates are now well above 7%.

• FOUR BTIG lowered the firm's price target on Shift4 Payments to $50 from $60 and keeps a Buy rating on the shares. The stock is trading near an all-time low valuation multiple as organic growth has decelerated to high single digits in the second half of 2026 from high-teens a year ago, the analyst tells investors in a research note. It will require stable consensus estimates after a few quarters of downward revisions, tangible progress on Shift4 One, and evidence that churn is at healthy levels for Shift4 to regain investor favor, the firm added.

• TMDX Canaccord lowered the firm's price target on TransMedics to $94 from $95 and keeps a Buy rating on the shares. The firm raised its Q3 earnings estimates ahead of results to reflect JetSpy and UNOS data, wit very strong flight volume as the main driver.

• GOSS Chardan analyst Andreas Argyrides initiated coverage of Gossamer Bio with a Buy rating and $160 price target. The firm says the bull case centers around FDA approval of seralutinib. It sees a "highly asymmetric risk/reward" and names Gossamer its top small-cap pick for 2027.

• COIN Citi raised the firm's price target on Coinbase to $230 from $210 and keeps a Buy rating on the shares. The firm adjusted ratings and targets in the digital asset group as part of a Q3 earnings preview. The sector is entering earnings season with a "considerably stronger backdrop" relative to a few months ago, the analyst tells investors in a research note. Citi favors companies positioned around tokenization and market infrastructure, with a preference for "AI-enabled infrastructure stories."
• CWH Citi lowered the firm's price target on Camping World to $7 from $8 and keeps a Buy rating on the shares. The firm lowered estimates in the recreational vehicle group as part of a Q3 earnings preview. Retail weakness amid higher interest rates and gas prices will weigh on demand going into 2027, the analyst tells investors in a research note.
• THO Citi lowered the firm's price target on Thor Industries to $70 from $76 and keeps a Neutral rating on the shares. The firm lowered estimates in the recreational vehicle group as part of a Q3 earnings preview. Retail weakness amid higher interest rates and gas prices will weigh on demand going into 2027, the analyst tells investors in a research note.
• WGO Citi analyst James Hardiman lowered the firm's price target on Winnebago to $24 from $29 and keeps a Neutral rating on the shares. The firm lowered estimates in the recreational vehicle group as part of a Q3 earnings preview. Retail weakness amid higher interest rates and gas prices will weigh on demand going into 2027, the analyst tells investors in a research note.

• RSKD Goldman Sachs analyst Will Nance raised the firm's price target on Riskified to $7.50 from $5.50 and keeps a Sell rating on the shares. Payments stocks enter Q3 earnings with an attractive setup, supported by resilient spending and strong September trends, easing regulatory and competitive risks, agentic commerce as a potential growth driver, relative insulation from higher rates, inflation, and AI disruption, and valuations that remain inexpensive versus historical levels after years of multiple compression, the analyst tells investors in a research note.
• UPST Goldman Sachs lowered the firm's price target on Upstart to $28 from $39 and keeps a Neutral rating on the shares. Payments stocks enter Q3 earnings with an attractive setup, supported by resilient spending and strong September trends, easing regulatory and competitive risks, agentic commerce as a potential growth driver, relative insulation from higher rates, inflation, and AI disruption, and valuations that remain inexpensive versus historical levels after years of multiple compression, the analyst tells investors in a research note.

• EXP JPMorgan lowered the firm's price target on Eagle Materials to $200 from $225 and keeps a Neutral rating on the shares. The firm adjusted targets in the construction materials group as part of a Q3 earnings preview. JPMorgan expects most companies to reduce their fiscal 2026 guidance on persisting margin headwinds. Aggregate producers face an increase diesel fuel costs since Q2 and weak mid-year pricing realization, the analyst tells investors in a research note. While cement operations are more insulated from energy cost headwinds, limited pricing realization and subdued demand are likely to weigh on margins for these names as well, adds the firm.
• CRH JPMorgan resumed coverage of CRH with an Overweight rating with a price target of $115, down from $140, following a period of restriction. JPMorgan expects most construction materials companies to reduce their fiscal 2026 guidance on persisting margin headwinds. Aggregate producers face an increase diesel fuel costs since Q2 and weak mid-year pricing realization, the analyst tells investors in a research note. While cement operations are more insulated from energy cost headwinds, limited pricing realization and subdued demand are likely to weigh on margins for these names as well, adds the firm.
• MLM JPMorgan lowered the firm's price target on Martin Marietta to $650 from $680 and keeps an Overweight rating on the shares. The firm adjusted targets in the construction materials group as part of a Q3 earnings preview. JPMorgan expects most companies to reduce their fiscal 2026 guidance on persisting margin headwinds. Aggregate producers face an increase diesel fuel costs since Q2 and weak mid-year pricing realization, the analyst tells investors in a research note. While cement operations are more insulated from energy cost headwinds, limited pricing realization and subdued demand are likely to weigh on margins for these names as well, adds the firm.

• AEP KeyBanc last night upgraded American Electric to Overweight from Sector Weight with a $133 price target. The firm sees the company reported a "constructive" Q3, with potential capital plan and earnings growth upside from Piketon transmission investment and easing election uncertainty in Texas and Ohio. While Queue reductions remain a headline risk, American Electric's advanced projects underpin the plan and limit fundamental exposure, the analyst tells investors in a research note.
• NFLX KeyBanc lowered the firm's price target on Netflix to $85 from $92 and keeps an Overweight rating on the shares. The firm is also lowering its 2026, 2027, and 2028 revenue and EPS estimates to account for FX headwinds and more modest operating margin expansion from content investment. Yet, the bear case on slowing engagement and more modest margin expansion is arguably priced in, argues KeyBanc. The firm believes management is aware of these issues, and expects to see corrective action taken across content investment and expense realignment to bolster growth and earnings, and deliver value.

• AOUT Ladenburg initiated coverage of American Outdoor Brands with a Buy rating and $22 price target.
• YETI Ladenburg initiated coverage of Yeti with a Buy rating and $52 price target.
• CODI Ladenburg analyst Michael Legg initiated coverage of Compass Diversified with a Buy rating and $17 price target.
• MTN Ladenburg analyst Michael Legg initiated coverage of Vail Resorts with a Buy rating and $192 price target.

• FMC Mizuho analyst Edlain Rodriguez lowered the firm's price target on FMC to $12 from $15 and keeps an Outperform rating on the shares. The firm adjusted targets in the chemicals group as part of a Q3 earnings preview. The companies face another quarter being impacted by persistent Middle East supply disruption, the analyst tells investors in a research note.
• MOS Mizuho lowered the firm's price target on Mosaic to $22 from $25 and keeps a Neutral rating on the shares. The firm adjusted targets in the chemicals group as part of a Q3 earnings preview. The companies face another quarter being impacted by persistent Middle East supply disruption, the analyst tells investors in a research note.
• LNTH Mizuho downgraded Lantheus to Neutral from Outperform with a price target of $109, down from $115, after Curium agreed to acquire all of the outstanding shares of Lantheus for $102.50 per share in cash at closing, plus non-transferable contingent value rights providing for up to $12.00 per share in potential additional cash payments. Mizuho says the stock is trading within the its probability-adjusted range of the cash plus CVR present value.

• ASTS Piper Sandler downgraded AST SpaceMobile to Neutral from Overweight with a price target of $54, down from $98. The firm cites lower conviction in the pace of the company's satellite launches in 2026 and 2027 for the downgrade. Piper is "struck" by SpaceX's growing ambition in the direct-to-cellmarket, as evidenced by Friday's decision to purchase mobile spectrum for $8B. If SpaceX makes an effort to disadvantage mobile network operators, the company could theoretically reduce launch availability for partners like AST, the analyst tells investors in a research note.

• OIG RBC Capital initiated coverage of Orion180 Insurance with an Outperform rating and $15 price target. Orion180 is a diversified insurance operation, distributing homeowners insurance across 14 states, the analyst tells investors in a research note. The firm believes the company is "well constructed to deliver partners and customers value from multiple angles."

• ERO Scotiabank downgraded Ero Copper to Sector Perform from Outperform with a C$55 price target. Copper miners should post stronger Q3 results, as higher commodity prices are likely to offset the impact of elevated energy costs and negative FX translation impacts, the analyst tells investors in a research note. The downgrade is based on the shares' strong recent relative outperformance, the firm says.

• PINE Stifel lowered the firm's price target on Alpine Income Property to $21.25 from $22 and keeps a Buy rating on the shares after the company announced an agreement to buy a 13-property industrial portfolio for $117.3M. The firm notes that these are Alpine's first industrial assets.

• H Susquehanna lowered the firm's price target on Hyatt to $180 from $185 and keeps a Neutral rating on the shares. The firm said current valuation are less demanding and 2027 comps are becoming more difficult.with the durability of mid-to-longer-term NRG and FCF conversion increasingly in focus.

• FTNT TD Cowen analyst Shaul Eyal raised the firm's price target on Fortinet to $225 from $215 and keeps a Buy rating on the shares ahead of the Q3 report. TD's channel work indicates Fortinet is positioned for a "beat and raise" Q3 report as I-related investment and date centaur expansion lift demand. The company's growth is healthy across regions, the analyst tells investors in a research note.
• QLYS TD Cowen raised the firm's price target on Qualys to $200 from $170 and keeps a Hold rating on the shares ahead of the Q3 report. The company is on track for an above-consensus report, the analyst tells investors in a research note. TD says post-Mythos tailwinds are accelerating near-term demand for Qualys' non-legacy offering.
• VRNS TD Cowen raised the firm's price target on Varonis to $56 from $53 and keeps a Buy rating on the shares ahead of the Q3 report. The firm expects "at least in-line results" due to healthy security demand, new products, new logos, and AI-related demand. Varonis' Q2 slipped deals should benefit Q3 but are likely fully accounted for in guidance, the analyst tells investors in a research note.

• AMSF Truist lowered the firm's price target on Amerisafe to $27 from $32 and keeps a Hold rating on the shares. The firm is reducing its Q3 EPS view by 5c to 42c based on its outlook for Amerisafe operating expenses to be steady sequentially, the analyst tells investors in a research note.
• TTMI Truist analyst William Stein raised the firm's price target on TTM Technologies to $231 from $224 and keeps a Buy rating on the shares. The firm is updating its model to include additional $1.2B of new debt, the acquisition of Epiq, and its assumption for faster organic sales growth in both the defense and datacenter / networking end markets during 2027, the analyst tells investors in a research note. The stock is down 20% since last week while fundamentals appear to be getting stronger, suggesting that Q3 results could be a potential positive catalyst, the firm added.

• OIG UBS initiated coverage of Orion180 Insurance with a Buy rating and $14 price target, implies upside approaching 60%. The firm believes Orion180 offers an attractive combination of high revenue growth, large addressable market, scalable platform and attractive fee economics. In addition, the company owns its fronting carrier, which provides flexibility if the reinsurance markets become capacity constrained, the analyst tells investors in a research note.
• ACAD UBS downgraded Acadia Pharmaceuticals to Neutral from Buy with a price target of $23, down from $49. The firm views remlifanserin's Phase 2 Alzheimer's disease psychosis efficacy results as less compelling than anticipated. The data lower UBS's conviction in the Phase 3 success. The firm cut its probability of success for remlifanserin in Alzheimer's disease psychosis to 10% from 50%, resulting in a peak sales estimate of $329M, down from $1.6B. UBS sees a balanced risk/reward with Acadia shares down 23% following the Phase 2 readout.

• SPXC Wells Fargo lowered the firm's price target on SPX Technologies to $243 from $250 and keeps an Overweight rating on the shares. The firm is cautious into the print on continued margin pressure and Street expectations for D&M that are currently too high.
• GLOB Wells Fargo analyst Tyler DuPont assumed coverage of Globant with an Equal Weight rating with a price target of $39, down from $42. While the firm expects in-line Q3 on November 19, Wells views 2027 estimates as a touch too high given ongoing end-market challenges.

Rating abbreviations…

***OP = Outperform

***SP = Sector Perform

***UP = Underperform

***OW = Overweight

***EW = Equal-weight

***UW = Underweight

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

What’s on Tap Weekly Calendar

• Earnings After the Close: None

• 7:45 AM ET ICSC Weekly Retail Sales
• 8:55 AM ET                   Johnson/Redbook Weekly Sales
• 10:00 AM ET                 Existing Home Sales M/M for September

• Earnings After the Close: AZZ

• Paris Auto show, 10/12-10/18
• SEMICON West, 10/13-10/14, in San Francisco, CA
• China Imports/Exports/Trade Balance for September
• China PPI, CPI data for September

• 8:30 AM ET                   Consumer Price Index (CPI) headline M/M for September
• 8:30 AM ET                   Consumer Price Index (CPI) headline Y/Y for September
• 8:30 AM ET CPI core: Ex: Food & Energy M/M for September
• 8:30 AM ET CPI core: Ex: Food & Energy Y/Y for September
• 10:30 AM ET                 Weekly DOE Inventory Data
• 11:00 AM ET                 Cleveland Fed CPI for September

• Earnings After the Close: EDUC EQBK HOMB

• Paris Auto show, 10/12-10/18
• SEMICON West, 10/13-10/14, in San Francisco, CA

• 8:30 AM ET                   Continuing Claims
• 8:30 AM ET                   Empire Manufacturing for October
• 8:30 AM ET                   Philly Fed Business Index for October
• 8:30 AM ET                   Producer Price Index (PPI) headline M/M for September
• 8:30 AM ET                   Producer Price Index (PPI) headline Y/Y for September
• 8:30 AM ET PPI core: Ex: Food & Energy M/M for September
• 8:30 AM ET PPI core: Ex: Food & Energy Y/Y for September
• 8:30 AM ET                   Retail Sales M/M for September
• 8:30 AM ET                   Retail Sales – Less Autos for September
• 10:00 AM ET                 Business Inventories M/M for August
• 10:30 AM ET                 Weekly EIA Natural Gas Inventory Data
• 12:00 PM ET EIA Weekly Inventory Data

• Earnings After the Close: AA IBKR INDB JBHT SFNC WAFD WSE

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