Early Look

Monday, November 9, 2026

U.S. stocks are looking higher to kick off the trading week, attempting to rebound after stocks tumbled last week following Thursday's AI-driven selloff, led by semiconductor and AI-related names as the Nasdaq ended lower for a 4^th straight week. Technology stocks are still the focus for Wall Street to start the week after Nvidia's (NVDA) board is launching an independent investigation into reports that a woman CEO Jensen Huang was having an affair with was allegedly spying on him for the Chinese government. "While the Board has no reason to believe that either national security or NVIDIA secrets were compromised, the Board's inquiry will examine all available information," the board said in a statement. Nvidia stock fell 4% before the bell on Monday. Outside of the NVDA story, earnings begin to wind down this week after 440 of the 500 S&P 500 companies have reported, though still some notable names on the calendar with AMAT, CSCO, NBIS, CRWV this week as well as key jobs data.

For last week, it was rough sledding for technology (XLK -8.2% on the week), while the Dow industrials fell -0.94%, the S&P 500 lost -2.68% and the Nasdaq dropped -3.37% for its 4^th straight weekly decline. Tech stocks rebounded Friday following a brutal week of tech driven market selloff. Economic data was strong raising expectations of a Fed rate hike in December as the October nonfarm payrolls surged to 165K vs. 65K expected; prior two months revised higher by a net 84K while average hourly earnings rose 0.4% MoM vs. 0.3% expected; annual wage growth eased to 3.1% but remained above the 2.9% forecast.

Last week, the 10-year Treasury yield rose 2.3 bps Friday to settle at 4.858%, but was down about 7 bps on the week and now down 41.8bps over the last 5 weeks, the longest stretch of falling yields since February 2025. The two-year, which is more sensitive to Fed moves, rose 4.5 bps to 4.52%, but was down -5.9 bps on week and now down 34 bps over the last 6 weeks (longest streak of weekly yield declines since Sept 2025). The 30-yr yield was up slightly today at 5.26%, but down 5bps on the week – also down for 5 straight weeks.

In Asian markets, The Nikkei Index jumped 1,304 point or 2.3% to settle at 58,775, the Shanghai Index edged higher 11 points to 3,660, and the Hang Seng Index declined -32 points to 24,448. In Europe, the German DAX is up 275 points to 26,094, while the FTSE 100 rises 88 points to 10,763. Oil prices are falling further after tumbling -16% last week on media reports that Iran has dropped demand to control Strait of Hormuz and collect transit fees.

• The Dow Jones Industrial Average fell -237.33 points, or 0.46%, to 51,285.73
• The Nasdaq Composite gained 264.43 points, or 1.09%, to 24,579.43
• The Russell 2000 Index advanced 24.22 points, or 0.89% to 2,754.11

• 10:00 AM ET                 Wholesale inventory M/M for September
• 1:00 PM ET US Treasury to sell $58B in 3-year notes

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

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

• China will suspend an additional 24% tariff on US goods for another two months, formalizing a decision by the two countries' leaders to prolong their trade truce until next January. The move will take effect at 1:01 p.m. Beijing time Tuesday, with a 10% blanket tariff retained on US imports.

• The National Highway Traffic Safety Administration on Monday said it opened a preliminary evaluation into more than 1.2 million Ford (F) vehicles over the accidental deployment of seat-mounted side airbags that caused serious burn injuries.
• Molson Coors (TAP) downgraded to Underweight from Neutral at JPMorgan and cut tgt to $37 from $41 following the Q3 report citing softness in the U.S. beer category, competitive environment in the U.K., and incremental cost pressures outpacing cost savings.

• CNH Industrial (CNH) Q3 adjusted EPS $0.16 vs. est. $0.10; Q3 revs $4.4B vs. est. $4.53B; Q3 adj net income $205M vs. est. $129M.

• Unum Group (UNM) was upgraded to Overweight from Neutral at JPMorgan citing the 18% post-earnings selloff to worse than expected disability margins in the U.S. and UK. Unum's risk/reward is now attractive, even on lowered estimates, as stable employment and wage trends should be supportive of the business.

• Charles River Laboratories International, Inc. (CRL) announced it has entered into definitive agreements to acquire Frontage Holdings Corporation's bioanalysis and DMPK operations in Exton, Pennsylvania for approximately $470 million in cash, subject to customary closing adjustments. In addition to the initial purchase price, the transaction includes additional payments of up to $75 million, contingent on future performance of the acquired businesses.
• Edesa Biotech (EDSA) enters collaboration and license agreement with Kyorin Pharmaceutical For Paridiprubart In Japan; Under the terms of the agreement, Kyorin will obtain an exclusive license to further develop and commercialize Edesa's drug candidate, Paridiprubart, in Japan, and Edesa will receive an upfront payment of $12 million and milestone up to approximately $134 million.
• Genmab (GMAB) shares edge higher after drugmaker's partner JNJ FDA approval for head and neck cancer drug Rybrevant Fasbro; Genmab is set to receive royalties of 8–10% of net sales of the drug, which has already been approved for lung cancer.
• Immutep (IMMP) announced positive Phase I results for IMP761 in healthy volunteers, presented at ACR Convergence 2026. A single infusion significantly suppressed T-cell-driven immune responses, with stronger effects at higher drug exposure. IMP761 was well tolerated across all seven dose levels, with no serious or severe adverse events reported.
• Johnson & Johnson (JNJ) reported first-in-human Phase 1 results for the investigational combination of pasritamig and JNJ-9401, two bispecific antibodies designed to work together to enhance the immune system's ability to target advanced prostate cancer. At the recommended dosing regimen, 73% of treated patients achieved a prostate-specific antigen (PSA) reduction of at least 50%, while 47% experienced deep PSA declines of 90% or more.
• Mineralys Therapeutics (MLYS) presented Transform-HTN results November 8, 2026, showing sustained blood pressure reductions with lorundrostat in uncontrolled or resistant hypertension. Blood pressure reductions persisted for nearly a year, with more than half of participants reaching the recommended systolic blood pressure target. Long-term treatment was well tolerated.
• Vir Biotechnology (VIR) shares rise after announced Sunday, expanded phase 2 SOLSTICE Data For Elebsiran, Tobevibart in chronic hepatitis delta, with 100% (28/28) undetectable HDV RNA at week 96, 100% (10/10) sustained viral response after treatment discontinuation.

• AMD Corp. (AMD) was upgraded to Outperform from Perform with a $600 price target at Oppenheimer saying they see data center revenue surging 135% in 2027, accounting for 85% of sales, as AI GPU revenue overtakes EPYC CPUs. Expects OpenAI, Meta, Anthropic, Oracle and Microsoft to drive growth through 2028.
• Akamai (AKAM) plans $2.2B convertible note offering to refinance debt and fund cloud infrastructure expansion; plans to issue $1.1B in convertible notes due 2028 and another $1.1B due 2031, with option.

Mid-Morning Look

Monday, November 09, 2026

The S&P 500 surges over +130 points, or over 1.7% as dip buyers rotate back into technology stocks after the Nasdaq fell over -5% last week, its fourth straight down week and the Philadelphia Semiconductor Index (SOX) is down 29% over five straight losing weeks, through Nov 6. That’s the fifth-deepest losing streak of 5+ weeks since May 1994. Today’s market rally very broad based with all 11 S&P sectors higher, but Tech (XLK), Industrials (XLI), Communications (XLC) and Consumer Discretionary (XLY) the leaders amid the rotation (for today at least) back into the AI sector. The rally comes despite some uncertainty for the face of AI, as NVDA shares tumble on news the company’s board is launching an investigation into whether CEO Jensen Huang was targeted by a foreign espionage plot after he admitted to employees that he was unfaithful to his wife. Lower oil prices also helping investor sentiment ahead of key monthly jobs data later this week as oil dropped sharply after President Trump downplayed the likelihood of renewed strikes on Iran, though attacks on ships near the Strait of Hormuz kept supply concerns in focus. The Brent benchmark plunged by 16% last week to touch a two-month low of $93.22, marking its steepest weekly drop since the start of the COVID-19 pandemic. So far, a strong start to the week, adding to Friday’s gains but still trying to recover much of Thursday’s tumble.

• Building products sector: Stifel updates its IBP cut to Hold), TREX, SMG, and UFPI FY26E-FY28E following calendar Q326 earnings with HD the remaining companies in its building products coverage yet to report calendar Q326 earnings. Stifel believes its cautious outlook ahead of earnings materialized; not all R&R markets are created equal, but the final verdict suggests a stable/stagnant home improvement market with no signs of a meaningful broad inflection; QXO shares advanced early after earnings results. JHX shares rose after being announced late Friday to replace ROKU in the S&P Midcap 400 index on 11/11.
• Food sector: DOLE Q3 adj EBITDA increased 4.1% but missed analyst expectations; Segment revenue fell 8% due to tariff impacts, lower banana volumes in North America, and lower pineapple volumes in Europe; cuts FY26 adjusted EBITDA view to $380M-$390M from $400M. HAIN Q1 sales fell -29% y/y to $260.3M vs. est. $283M due to divestitures, discontinued brands and exited product categories/organic net sales fell 7%, primarily due to a 7-point decrease in volume/mix, partly offset by 1-point increase in pricing.

• CNH +10%; lifts full-year adjusted profit forecast, reflecting the expected benefit of IEEPA tariff refunds as now sees EPS $0.44-$0.48, above prior $0.41-$0.46. Guidance follows a top and bottom line beat ($0.16/$4.35B vs. $0.10/$4.16B).
• EDSA +54%; as enters collaboration and license agreement with Kyorin Pharmaceutical For Paridiprubart In Japan; Kyorin will obtain an exclusive license to further develop and commercialize Edesa's drug candidate, Paridiprubart, in Japan, and Edesa will receive an upfront payment of $12 million and milestone up to approximately $134 million.
• IMVT +13%; as said IMVT-1402 600 mg met the primary endpoint of ACR20 response at Week 28 (92.5% vs. 75.6% placebo, p=0.0139). The secondary endpoints, change in Clinical Disease Activity Index (CDAI) and Simplified Disease Activity Index (SDAI) from Period 2 baseline to Week 28
• JHX +5%; after being announced late Friday to replace ROKU in the S&P Midcap 400 index on 11/11.
• LINC +23%; reported Q3 revenue of $159.177M vs. $152.5M estimate and adjusted EBITDA of $17.4M vs. $16.6M estimate; issued FY revenue outlook of $600M to $605M and FY EPS outlook of $0.74 to $0.83
• SGRY +11%; shares jumped after HealthSpan Partners, an affiliate of nonprofit hospital system Bon Secours Mercy Health, sweetened its bid to up to $6B, after the receipt of an unsolicited competing proposal from a third party.
• VIR +14%; reported results of pivotal Phase 3 ECLIPSE 1 Trial results for Elebsiran and Tobevibart in Chronic Hepatitis Delta. The trial met its primary endpoint, with a 44% response rate in patients receiving elebsiran and tobevibart achieving undetectable virus.

• DBX -2%; offered privately $1B in convertible bonds due 2031 and said it intends to use net offering proceeds to repay, along with cash on hand, at least $750M of borrowings under credit facility.
• GT -3%; shares slipped after appoints Roger Wood as interim CEO; he has served on Goodyear's board since 2023 and says Mark Stewart steps down as CEO, president and board member effective immediately.
• MNDY -3%; shares fell in software despite earnings beat as revenue outlook signals slowing growth; sees Q4 revenue $380M-$382M, below consensus $385.65M and Q4 non-GAAP operating income $68M-$70M and guides FY26 revenue $1.473B-$1.475B, consensus $1.47B.
• MPAA -18%; shares tumbled as cut annual net sales outlook to between $715 M-$740M from prior $780M-$800M view due to delays in customer order placements across both existing business and recently awarded contracts.
• NVDA -5%; shares weak and dragging semi/data center weakness early after the company’s board is launching an investigation into whether CEO Jensen Huang was targeted by a foreign espionage plot after he admitted to employees that he was unfaithful to his wife.
• PLCE -27%; shares tumbled after Chapter 11 bankruptcy headlines.
• SOC -75%; after saying they are looking at options to resolve near-term working capital constraints caused by the downstream purchaser disruption; the move follows results as Q3 net loss widened to $269.3 million, compared to $110.4 million a year ago.
• ZURA -74%; shares plunge after saying its experimental drug tibulizumab failed the main goal of a 247-patient study in hidradenitis suppurativa, while the drug also missed key secondary goals, including measures of at least 50% and 75% reductions in skin lesions.

Closing Recap

Friday, November 06, 2026

U.S. stocks posted modest rebounds on Friday, reversing course after trillions of dollars of world stock market value was wiped out on Thursday over fears that Democratic midterm election victories this week would bring tighter US regulations for the AI industry. Benchmark S&P 500 and the Nasdaq were trading higher with technology (XLC), and communication services (XLC) stocks driving gains while consumer staples (XLP), healthcare (XLV) and financials (XLF) pulled back after hitting all-time highs earlier this week. All three indexes posted weekly losses following a brutal selloff in the prior session (Nasdaq down a 4^th straight week). After falling around -12% on Thursday, its biggest one-day drop since April 2025, the PHLX semi index (SOX) bounced about 4% today. Next week attention turns to Fed speakers after this month’s better jobs data and CPI inflation on Tuesday. A few key tech earnings on deck next week with AMAT, NBIS, CRWV and CSCO, but 440 of the S&P 500 have reported this quarter, so bulk behind us. For the week, the Dow industrials fell -0.94%, the S&P 500 lost -2.68% and the Nasdaq dropped -3.37%.

It was a rough week specifically for tech as the XLK fell -8% on the week and energy (XLE) went down -12%. The Nasdaq 100 closed down -6.4% on Thursday, its worst day since the COVID crash on March 16, 2020, and is now -11.9% below record closing high reached on October 6 (coming into today), confirming it has been in correction since then. Yesterday was the biggest one-day drop of the S&P 500, Nasdaq Comp and Dow Jones Industrials since April 3, 2025, as a Democratic sweep in the election raised fears of tougher AI regulations and a slowdown in the AI buildout.

Interesting stats: @OddStats noted on X, “There have been 9 times in history that QQQ gapped up at least +1% the morning after a -6% drop. Here's how QQQ did *FROM THE OPEN TO THE CLOSE* that day (so, this does *not* include the overnight gap-up movement): +3.8%, +2.8%,+1.5%, +3.4%, +1.9%, -3.3%, +3.9%, +2.3%, +8.5%”. Also, US options hit an all-time record on Thursday; 112 million contracts traded, 53% above October’s daily average.

• U.S. October average workweek all private workers 34.4 hours (consensus 34.4 hours) and U.S. October average hourly earnings +3.1% from year earlier (consensus +2.9%).
• University of Michigan surveys of consumers sentiment prelim Nov 51.0 (consensus 48.0) vs final Oct 48.0. University of Michigan surveys of consumers current conditions index prelim Nov 51.0 (consensus 48.0) vs final Oct 46.7. University of Michigan surveys of consumers expectations index prelim Nov 50.9 (consensus 49.5) vs final Oct 48.8.
• University of Michigan surveys of consumers 1-year inflation outlook prelim Nov 4.3% vs final Oct 4.7% and University of Michigan surveys of consumers 5-year inflation outlook prelim Nov 3.4% vs final Oct 3.5%.

• December gold falls -$38.60, or -0.94%, to settle at $4,074.90 an ounce, pulling back today as the dollar and Treasury yields rebounced on economic data; December silver slips -$0.43, or -0.83%, to settle at $51.94 an ounce. Stronger-than-expected US payrolls data reinforced expectations that the Fed could keep interest rates higher for longer, boosting the dollar and Treasury yields. Spot gold was up 5.2% for the week, on track for its best week since August.

• The U.S. dollar strengthened, with the DXY dollar index rising +0.75% to 102.32, on pace for its highest close in more than a week.  The jobs data supported expectations of an interest rate increase by the Federal Reserve in December. Next up, the October consumer price index (CPI) inflation report is due Tuesday.

• Hardline/Broadline sector: shares of COST, TGT, WMT pullback as investors rotate (for today at least) into beaten up tech stocks; BJ was downgraded to Neutral at Citigroup in US Retailing - Broadlines and Hardlines Q3 preview on balanced risk/reward, as recommends defending OLLI on any comp store sales miss vs market expectations, and it stills view HD as the incremental sector to lean into if rates decline.
• Restaurant sector: SG Q3 sales/EBITDA coming in ahead of Street ests but also said is now on track in the Q4 to deliver its first positive quarter of SSS growth since Q424; TXRH posted a 3Q miss of $1.36 vs. the Street's $1.46, on SSS of +4.3% (vs. consensus +4.9%); BJRI reported Q3 results that beat all elements, but the stock sold off as some were rattled by the FY26 guidance increase that implies ~1.8% SSS in 4Q; KRUS Q4 operating results saw meaningful pressure to SSS as traffic fell.

• Casinos & Gaming: DKNG shares tumbled after reported a substantial ~$250M Q3 Adj. EBITDA miss, $575M FY26 Adj. EBITDA guidance cut, and initial FY27E Adj. EBITDA guidance -20% below Consensus, while also announced a $1B Predictions market investment. WYNN shares were weak initially, largely on LV headwinds including unfavorable hold and a soft event calendar (which is expected to improve in Q4) while Macau was a similar story for Q3 with a soft September. GENI beat 3Q revenue and AEBITDA consensus by 3.4% and 2.5%, raising FY26 guidance midpoints by $10M and $2M, largely passing through the upside.

• Energy sector: US energy firms this week added rigs for the first time in four weeks, pushing the number to the highest since May 2024, energy services firm Baker Hughes said. The total oil and gas rig count, an early indicator of future output, rose by one to 604 in the week. It also said the number of oil rigs rose by one to 463 this week, the highest level since May 2025, while the gas rig count rose by one to 131, its highest since mid-October. EOG Q3 results exceeded US and consensus on Natural gas and NGL volume/pricing, while returning 73% of FCF and announcing an 8% dividend increase.

• MRNA beats Q3 EPS at $0.38 per share, $1.48 better than consensus of ($1.10) as revenues rose 29.2% y/y to $1.31B vs the estimate $885M; also raised its total revenue to grow 15% to 25% in 2026, above its previous forecast of up to 10% growth; also reduced its FY26 R&D expense outlook to approximately $2.7B from $2.9B and lowered its capex forecast.
• NVS says tumors found in children given SMA gene therapy - Bloomberg News.
• SRPT raised the lower end of FY26 product revenue guidance by $50mn to $1.25-1.3bn (consensus $1.27bn) given PMO durability and their view that Elevidys demand has stabilized, albeit not yet realized the benefits of the company's expanded commercial initiatives.

• DOCS reported a solid beat, F3Q revenue guidance above consensus, and FY rev guidance that was raised, but adj. EBITDA guidance narrowed.
• GH put up a solid Q3 beat, albeit a smaller one than seen in Q1 and Q2 as Oncology volumes were above consensus - as were Shield volumes, though the 83k tests (Stifel: 78k) for the qtr was shy of some bullish numbers; with the guidance raise, rev growth should touch ~40% for the year.
• GMED downgraded to MP from Outperform (PT to $78 from $94) at BMO until there is clearer evidence that new launches and competitive recruiting can reaccelerate U.S. Spine growth.
• HIMS shares rose early after LLY said that it struck a deal to allow the telehealth company to sell obesity drugs Zepbound and Foundayo directly on its platform. The Lilly drugs were previously available to patients on HIMS only if they left the site and went to Lilly's own platform LillyDirect. Self-pay prices start at $149/month for Foundayo and $299/month for Zepbound.
• HUM raises annual profit forecast to a range of at least $9.50 per share, compared with a previous projection of at least $9 per share; its Q3 Medical loss ratio or percentage of premiums spent on patient Care of 93.7%, vs. expectations of 94.39%; reported Q3 revs $41.16B vs. est. $40.89B.
• NTRA shares fell after the company announced the transition of its CEO from Steve Chapman to Solomon Moshkevich today as well as announced a plan to drive revenue to $6B in 2029 while also posted beat and raised again in 3Q.

• Aerospace sector: ASTS announced plans to develop Blacklift, a 20-ton reusable rocket designed to carry up to five BlueBird satellites per launch, with operations targeted for late 2028. The company has signed a $1.3B+ agreement with FLY and will pay approximately $800M upfront, consisting of $400M in cash and 10M–14M ASTS shares, plus $500M for engines and support. GE says it signs record $12.9 billion deals at China expo. SPCX shares jumped after Musk said he still expects annualized revenue to exceed $500B by Dec 2027, sees Q4 revenue rising ~70% QoQ.
• Defense sector: KTOS reported Q3 revenue in line with Street expectations and Adj EBITDA comfortably above prior guidance as revs rose 35.7% Y/y (+23.2% organic) to $471.8M, adj EBITDA increased to $50.9M, with margins expanding ~190 bps Y/y and raised low end of guidance.  AXON shares fell after reported a mixed Q3 with revenue below consensus, while the company lowered total revenue guidance as $130mm in DE drone revenue is now not expected.

• LRCX got big bounce after announces $25B share repurchase authorization and declares quarterly dividend.
• MCHP reported better Q2 results but guided FQ3 lower, partly reflecting 53M of one-time FQ2 items and supply constraints pushing shipments out. Management flagged an Ai DC bubble, but sees limited impact to MCHP given its early DC ramp and broad non-DC exposure.
• SYNA reported F1Q revenue of $294M, below consensus est of $316M; EPS of $1.26 was above est of $1.25. Gross margin of 54.3% was above consensus est of 53.8%. Guidance was not provided given its pending acquisition by ON, which is expected to close in mid-2027.

• IREN reported better-than-expected revenue last night while cut its capital expenditure outlook; said demand for compute is not a problem. CEO Daniel Roberts said on the call that they just Re-contracted Nvidia H100s at double the original pricing.
• ORCL shares fell mid-afternoon after MSFT ends its deal to rent AI cloud capacity from the company after declining to renew the contract. Oracle is now down -68% from its record high.
• WULF bitcoin mining revenue plunged 69% y/y to $13.2M in the third quarter, while AI-focused high-performance computing lease revenue surged 774% to $63M; HPC leasing now accounts for approximately 83% of the company's total revenue, up from 14% a year earlier.
• Data Center sector: Susquehanna this morning addressed the outlook of possible AI data center build out implications following the midterm election sweep of Democrats who now control Congress. The firm said analysis estimates that 60GW (about 40%) of the 148GW of training-focused Ai DC projects planned for 2025-2030 are at risk of delay from pending regulatory approval, and that in a worst case about 12GW (8% of the total, 20% of pending projects) could be canceled post 2026 midterms. N-T disruption looks limited since most 2027 projects are already permitted, so the risk is concentrated in 2028-2030, with 2027 still the peak year in installation.

• FROG shares rose as reported meaningfully better 3Q results, posting the biggest top-line beat in company history, as total revenue growth accelerated to 31% y/y, driven by very strong Cloud growth of 60%.
• TEAM reported strong FQ1, with subscription ARR growth of 22.5% and Cloud growth of 30.5% while revs posted a 3.4% total beat, but was smaller vs the 5-6% beats over the past two quarters.
• Unity (U) shares add to Thursday gains post earnings after Reuters reported Silver Lake, PIF held talks in recent weeks to acquire Unity. Valuation of about $25B was discussed before Unity's latest earnings report, which lifted its market capitalization to around $21.5B, Reuters reports.
• Rough two weeks of disappointing earnings and/or guidance in software with shares of NOW, TEAM, HUBS, DDOG and FTNT all tumbling post results.

• In Telecom and Cable sector: CHTR continued to lose internet and video subscribers in Q3, dragging on its overall results; internet subscribers fell by 233,000 on a pro-forma basis, including a decline of 156,000 customers at Charter and 77,000 at Cox; Video customers dropped by 77,000 in the third quarter on a pro-forma basis, to a total of 13.8 million; Q3 revs increased 9.1% to $14.92B, compared with analyst estimates of $13.5B, driven by the addition of Cox.

Street Recommendations

Monday, November 9, 2026

• CMI Barclays lowered the firm's price target on Cummins to $600 from $675 and keeps an Overweight rating on the shares following the Q3 report. The firm says the company has less earnings growth in 2027 than expected as engine transition costs and power capacity push upside into 2028. While disappointing, the stock's "opportunity remains intact while the multiple has reset," the analyst tells investors in a research note.
• LIVN Barclays raised the firm's price target on LivaNova to $120 from $105 and keeps an Overweight rating on the shares. The firm says the company's "strong" Q3 report increases confidence in the sustainability of its growth trajectory.
• UI Barclays raised the firm's price target on Ubiquiti to $537 from $489 and keeps an Underweight rating on the shares. The company's fiscal Q1 revenue beat meaningfully on both enterprise and service provider strength, the analyst tells investors in a research note.
• ZBH Barclays raised the firm's price target on Zimmer Biomet to $115 from $100 and keeps an Equal Weight rating on the shares. The company showed encouraging progress excluding knees in Q3, the analyst tells investors in a research note.

• GLW Bernstein lowered the firm's price target on Corning to $120 from $140 and keeps a Market Perform rating on the shares. Despite solid short-term results, the Networking & Communications Equipment stocks covered by the firm are now navigating what it describes as the second-steepest SOX drawdown since ChatGPT's launch. Although Bernstein remains constructive on the long-term outlook and does not view the bear case as especially convincing, it acknowledges that those concerns will be difficult to either prove or disprove in the near term. With a relatively light catalyst calendar until January, the firm sees scope for a technical rebound in the names, but expects a more meaningful recovery to take time.
• LITE Bernstein analyst Daniel Zhu lowered the firm's price target on Lumentum to $635 from $900 and keeps an Outperform rating on the shares. Despite solid short-term results, the Networking & Communications Equipment stocks covered by the firm are now navigating what it describes as the second-steepest SOX drawdown since ChatGPT's launch. Although Bernstein remains constructive on the long-term outlook and does not view the bear case as especially convincing, it acknowledges that those concerns will be difficult to either prove or disprove in the near term. With a relatively light catalyst calendar until January, the firm sees scope for a technical rebound in the names, but expects a more meaningful recovery to take time.
• CRWD Bernstein raised the firm's price target on CrowdStrike to $177 from $132 and keeps a Market Perform rating on the shares. CrowdStrike's September analyst day left the firm with continued optimism for the company's future. Not only are they at the cutting edge securing enterprise AI deployments and protecting from inbound AI-enabled threats, but legacy anti-virus modernization appears to be accelerating from AI-induced cyber anxiety, Bernstein notes. This latter part creates a multi-stage expansion opportunity, as customers may initially focus on EDR/AIDR modernization, and then would naturally set up for expansion into other priority topics like Identity and CloudSecurity. It strikes the firm that this isn't a short-term demand bump, but the type of traction that lasts for several years.
• MNST Bernstein raised the firm's price target on Monster Beverage to $51 from $50 and keeps a Market Perform rating on the shares following quarterly results. The firm says the negative market reaction highlights a growing tension, namely if Monster does not have a growth problem, but earnings conversion is becoming harder. International is increasingly the growth engine, but its lower margin profile creates a structural mix headwind alongside near-term input cost pressure. Despite gross margin improvement across international regions, about 42 bps of headwinds in the U.S. were compounded by the dilutive effect of faster international growth, resulting in a 100-bps decline in companywide gross margin, Bernstein adds.

• PPL BTIG analyst Alex Kania raised the firm's price target on PPL Corp. to $43 from $41 and keeps a Buy rating on the shares. The company reported solid Q3 results but more importantly boosted its EPS CAGR through 2030 to 7%-9%, targeting the upper end of the range, the analyst tells investors in a research note. Importantly this CAGR doesn't include incremental upside from new generation in Kentucky which could push growth to over 9% through 2030, the firm added.
• VEEV BTIG analyst David Larsen raised the firm's price target on Veeva to $360 from $340 and keeps a Buy rating on the shares. The company's annual Investor Day event had a constructive and confident tone as the management raised its total addressable market by $10B to $30B, driven entirely by the continuously emerging opportunities from AI, the analyst tells investors in a research note.
• DKNG BTIG lowered the firm's price target on DraftKings to $23 from $26 and keeps a Buy rating on the shares. Modeling the next few years of results for DraftKings has become more challenging when considering a few cross-currents: the impact of declining user acquisition spend in FY28 - a period where there may be a temporary spike in profitability pre-regulation - as well as rising core market competitive intensity and the national marketing burden falling entirely on core business, the analyst tells investors in a research note.

• ESS Cantor Fitzgerald analyst Richard Anderson lowered the firm's price target on Essex Property Trust to $305 from $316 and keeps an Overweight rating on the shares. Multifamily REIT recovery remains delayed by lingering supply pressures, but proactive management strategies and favorable long-term housing fundamentals support the sector's attractiveness and eventual return to rent growth, the analyst tells investors in a research note.
• MAA Cantor Fitzgerald analyst Richard Anderson lowered the firm's price target on MAA to $127 from $140 and keeps a Neutral rating on the shares. Multifamily REIT recovery remains delayed by lingering supply pressures, but proactive management strategies and favorable long-term housing fundamentals support the sector's attractiveness and eventual return to rent growth, the analyst tells investors in a research note.
• UDR Cantor Fitzgerald lowered the firm's price target on UDR to $39 from $41 and keeps a Neutral rating on the shares. Multifamily REIT recovery remains delayed by lingering supply pressures, but proactive management strategies and favorable long-term housing fundamentals support the sector's attractiveness and eventual return to rent growth, the analyst tells investors in a research note.

• UBER Citi analyst Ronald Josey resumed coverage of Uber with a Buy rating and $105 price target. The firm is "incrementally positive" on the shares following the Q3 report and meetings with management. Citi believes Uber's autonomous vehicle strategy is going from planning to commercialization in 2027.
• GM Citi analyst Michael Ward views General Motors' move to the Nasdaq from the New York Stock Exchange on November 17 as positive for the shares. GM and the auto sector "have largely been ignored by the NYSE," the analyst tells investors in a research note. Citi believes the possibility of GM joining the Nasdaq 100 could bring attention to the company's structural improvements and its non-auto revenue opportunities. The firm has a Buy rating on GM with a $131 price target.
• LHX Citi analyst John Godyn resumed coverage of L3Harris Technologies with a Buy rating and $348 price target following a period of suspension. The target offers 34% upside. The company is "uniquely well-exposed" to defense "megatrends," including munition replenishment, space, and international rearmament, the analyst tells investors in a research note.
• ALNY Citi lowered the firm's price target on Alnylam to $250 from $320 and keeps a Buy rating on the shares. The firm cites reset of Amvuttra's net price for the target cut. The 340B rule reform likely brings disruption to Amvuttra's commercial outlook, the analyst tells investors in a research note.

• MRNA Goldman Sachs analyst Salveen Richter raised the firm's price target on Moderna to $195 from $137 and keeps a Neutral rating on the shares. Moderna delivered a significant Q3 beat and raised FY26 revenue guidance, while growing optimism around intismeran's cancer pipeline, particularly upcoming RCC data and potential near-term commercial opportunities in melanoma, the analyst tells investors in a research note.

• LLY Jefferies analyst Akash Tewari raised the firm's price target on Eli Lilly to $1,700 from $1,610 and keeps a Buy rating on the shares. The firm thinks the Street underestimates the GLP-1 opportunity outside the U.S. and believes outside of the U.S. could eventually become about half of Lilly's long-term GLP-1 business, the analyst tells investors.

• TROX JPMorgan analyst Jeffrey Zekauskas upgraded Tronox to Neutral from Underweight without a price target. Demand for titanium dioxide is constrained by negative paint industry volumes in the U.S. and Europe, and the titanium dioxide industry is oversupplied, the analyst tells investors in a research note. However, JPMorgan says TiO2 prices moved higher by about 3%-4% sequentially in Q3 with sulfur prices climbing. The firm cites valuation for the upgrade but says Tronox's business conditions remains "uncertain and negative."
• DKNG JPMorgan analyst Daniel Politzer downgraded DraftKings to Neutral from Overweight with a price target of $21, down from $30. JPMorgan also the stock from its Analyst Focus List. Following the Q3 report, the firm has little conviction in DraftKings' fiscal 2027 and 2028 EBITDA. As such, it is "increasingly difficult to recommend the stock," the analyst tells investors in a research note. JPMorgan says the online sports betting ecosystem is becoming less rational as peers look to drive growth via promotions. It believes DraftKings' earnings visibility is deteriorating.
• UNM JPMorgan upgraded Unum Group to Overweight from Neutral with a price target of $90, down from $98. The firm attributes the 18% post-earnings selloff to worse than expected disability margins in the U.S. and UK. Unum's risk/reward is now attractive, even on lowered estimates, as stable employment and wage trends should be supportive of the business, the analyst tells investors in a research note. The shares are "too undervalued to ignore," contends JPMorgan.
• IREN JPMorgan analyst Richard Choe lowered the firm's price target on Iren to $55 from $65 and keeps an Overweight rating on the shares. The firm views the company's fiscal Q1 report as strong with a large increase in AI cloud revenue from the delivery and partial contribution of Horizon I. The firm says Iren's contract pricing continues to improve.
• DVN JPMorgan raised the firm's price target on Devon Energy to $68 from $65 and keeps an Overweight rating on the shares. While the company's portfolio review ended in a disappointing outcome for most bulls, it does "importantly turn the page and should refocus market attention on the company's Delaware Basin franchise asset," the analyst tells investors in a research note. The firm believes Devon has an attractive capital efficient program in 2027.
• GENI JPMorgan recommends buying shares of Genius Sports on the post-earnings selloff. The firm views the company's Q3 report as solid. Genius is executing well, the analyst tells investors in a research note. JPMorgan maintains an Overweight rating on the shares with an $8 price target.
• META JPMorgan analyst Doug Anmuth added Meta Platforms to the firm's Analyst Focus List as a growth strategy while keeping an Overweight rating on the shares with a $940 price target. JPMorgan expects continued strong revenue growth for Meta on AI-driven advertising improvements. The analyst is also bullish on Muse's expansion and monetization potential.

• BEN Keefe Bruyette analyst Alex Bond raised the firm's price target on Franklin Resources to $38 from $37 and keeps a Market Perform rating on the shares. Management provided improved guidance on expenses, operating margins and a number of five-year plan targets that were well received by the market, the analyst tells investors in a research note.
• BRK Keefe Bruyette raised the firm's price target on Berkshire Hathaway to $765,000 from $735,000 and keeps an Underperform rating on the shares. The shares should trade higher on Monday on the earnings beat and bigger-than-expected share repurchases, the analyst tells investors in a research note.

• OLLI KeyBanc raised the firm's price target on Ollie's Bargain Outlet to $120 from $98 and keeps an Overweight rating on the shares. The firm remains a buyer of Ollie's, given its value-oriented offering and long-term store growth, with valuation that we believe still reflect concerns associated transitory/weather-related challenges in Q2. KeyBanc believes Q3 is ahead of Street expectations, and also sees increased probability that pressures from high gasoline prices could reverse in 2027. With an increasingly positive outlook on the second half of 2026 and 2027, the firm raises its price target.

• JD Morgan Stanley analyst Eddy Wang lowered the firm's price target on JD.com to $23 from $25 and keeps an Underweight rating on the shares. China's e-commerce industry is entering a phase of structurally lower growth and "running out of growth - but not competitors," the analyst tells investors in a note on the group. Platforms continuing to chase growth at questionable returns puts earnings and valuations at risk, the analyst added.
• TCOM Morgan Stanley raised the firm's price target on Trip.com to $53 from $52 and keeps an Overweight rating on the shares. China's e-commerce industry is entering a phase of structurally lower growth and "running out of growth - but not competitors," the analyst tells investors in a note on the group. Platforms continuing to chase growth at questionable returns puts earnings and valuations at risk, the analyst added.

• WULF Needham lowered the firm's price target on TeraWulf to $25 from $33 and keeps a Buy rating on the shares. The firm cites the company's Q3 adjusted EBITDA miss but also notes that TeraWulf is one of the most de-risked operators from a site geographic standpoint coming out of the US midterm elections.
• VSAT Needham lowered the firm's price target on ViaSat to $85 from $105 and keeps a Buy rating on the shares. The firm points to the company's Q2 revenue miss and notes that it is concerned about the continued commercial Communications Services decline, adding however that ViaSat's strong spectrum assets and productive Defense and Advanced Technologies business provide a valuation floor.

• MTZ Piper Sandler lowered the firm's price target on MasTec to $269 from $313 and keeps an Overweight rating on the shares. Backlogs give the firm's EPC coverage more 2027 visibility than the selloff implies. The group fell 12%-15% on November 4 as investors priced data center moratoria in Texas, Georgia and Ohio.
• PRIM Piper Sandler analyst Dimple Gosai lowered the firm's price target on Primoris to $80 from $90 and keeps a Neutral rating on the shares. Backlogs give the firm's EPC coverage more 2027 visibility than the selloff implies. The group fell 12%-15% on November 4 as investors priced data center moratoria in Texas, Georgia and Ohio.
• PWR Piper Sandler lowered the firm's price target on Quanta Services to $701 from $714 and keeps an Overweight rating on the shares. Backlogs give the firm's EPC coverage more 2027 visibility than the selloff implies. The group fell 12%-15% on November 4 as investors priced data center moratoria in Texas, Georgia and Ohio, and Quanta lost more market value than its annual data center revenue.
• GNRC Piper Sandler lowered the firm's price target on Generac to $266 from $279 and keeps an Overweight rating on the shares. A Democratic congress post November 4 puts tax credit extensions back on the table, though every provision still needs a signature from a White House that has opposed solar subsidies. Piper models no extension, so any that passes are upside to its numbers. Piper thinks 2027 returns are set at the company level, with delayed projects converting at reset PPA prices, consolidation into platforms, grid access and three December trade rulings.
• NXT Piper Sandler analyst Dimple Gosai raised the firm's price target on Nextpower to $115 from $110 and keeps an Overweight rating on the shares. A Democratic congress post November 4 puts tax credit extensions back on the table, though every provision still needs a signature from a White House that has opposed solar subsidies. Piper models no extension, so any that passes are upside to its numbers. Piper thinks 2027 returns are set at the company level, with delayed projects converting at reset PPA prices, consolidation into platforms, grid access and three December trade rulings.

• BKD Stephens analyst Raj Kumar lowered the firm's price target on Brookdale Senior Living to $12 from $17 and keeps an Overweight rating on the shares. Slower-than-expected occupancy growth weighed on RevPAR growth during Q3 and the Q4 outlook, the analyst tells investors in a post-earnings note.

• SBUX Stifel resumed coverage of Starbucks with a Buy rating and $115 price target. The firm, which estimates FY27 global same-store sales growth of 4% with similar contribution from North American and International growth, believes Starbucks' earnings recovery is becoming increasingly self-funding as sales leverage and cost savings help offset investments in labor and the coffeehouse experience.

• AAP TD Cowen raised the firm's price target on Advance Auto Parts to $47 from $45 and keeps a Hold rating on the shares. The company reported a mixed Q3 with softer comps but better than feared margins, the analyst tells investors in a research note.

• PATK Wells Fargo initiated coverage of Patrick Industries with an Overweight rating and $95 price target. The company offers a strong growth track record and diversified end market exposure, the analyst tells investors in a research note. Wells believes Patrick is seeing growth in powersports despite the "choppy demand backdrop."
• CWH Wells Fargo initiated coverage of Camping World with an Overweight rating and $6 price target. The company's new management is "taking steps in the right direction," the analyst tells investors in a research note. Wells believes Camping World is better-positioned to monetize a value-seeking consumer while its deleverage "could be meaningfully accretive."
• WGO Wells Fargo analyst Anthony Bonadio initiated coverage of Winnebago with an Underweight rating and $27 price target. The company is being pressured by poor recreational vehicle demand, the analyst tells investors in a research note. Wells views Winnebago as "poorly positioned as the premium player in a value-centric market."
• KNTK Wells Fargo raised the firm's price target on Kinetik Holdings to $56 from $54 and keeps an Overweight rating on the shares. The firm notes the company is tracking towards the high-end of 2026 EBITDA guidance with incremental upside tied to higher commodity prices. Wells sees Kinetik as a key beneficiary of rising GORs in the Permian.
• AVNT Wells Fargo analyst Abigail Eberts raised the firm's price target on Avient to $55 from $48 and keeps an Overweight rating on the shares. The firm cites its continued organic sales growth and its ability to offset raw material cost inflation. Wells expects Avient's new CEO will maintain a disciplined approach to capital allocation.
• ROL Wells Fargo analyst Jason Haas raised the firm's price target on Rollins to $30 from $26 and keeps an Underweight rating on the shares after hosting an investor meeting with recently appointed CFO Will Harkins and VP of IR Lyndsey Burton. They continue to see a path to improving inbound leads while planning for a range of potential near-term outcomes, Wells notes.
• ASH Wells Fargo raised the firm's price target on Ashland to $80 from $75 and keeps an Equal Weight rating on the shares. The firm remains on the sidelines on concerns regarding lingering operational issues at Hopewell and as the outlook for raw material and freight costs appears volatile. That said, Wells is encouraged by growth in Life Sciences and Personal Care.

• SLDB William Blair analyst Alethia Young assumed coverage of Solid Biosciences with an Outperform rating and valuation of $11 per share. Solid is a clinical stage company focused on advancing next-generation genetic medicines for Duchenne muscular dystrophy and Friedreich's ataxia, the analyst tells investors in a research note. The firm says the totality of the SGT-003 biomarker evidence looks supportive of showing functional benefit, which should increase the chance of accelerated approval. Blair believes Solid has improved nearly every part of the gene therapy.

Rating abbreviations…

***OP = Outperform

***SP = Sector Perform

***UP = Underperform

***OW = Overweight

***EW = Equal-weight

***UW = Underweight

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

What’s on Tap Weekly Calendar

• 10:00 AM ET                 Wholesale inventory M/M for September
• 1:00 PM ET US Treasury to sell $58B in 3-year notes

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

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

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

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

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

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

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

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

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

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

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

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

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