Early Look

Thursday, November 5, 2026

U.S. futures are looking mixed as the Dow appears on track to build on its 3% jump on Thursday, while Nasdaq futures are down around -0.5%, as weakness in semiconductors carries over with the VanEck Semi ETF (SMH) falls -2.25% premarket to $493 level, falling further below the 200dma of $521 (has been first break of 200dma since May 2025). Semis also lower on QCOM, ARM results and guidance last night after reports MU has suspended plans for a $4.5B memory chip plant in Taiwan due to an extended labor dispute. Wednesday rip roaring stock market was boosted by tumbling oil prices, falling over 8% (small bounce back today) and Treasury yields lower (10-yr flattish around 4.88%) along with the U.S. dollar as Wall Street digested the impact of Tuesday’s midterm election outcome where Democrats swept, seizing control of the Senate and the House in a monster outcome that had wide ranging implications. The midterm election results threaten to significantly disrupt AI data center expansion as voter backlash over soaring utility bills, grid instability, and water usage drive a sharp political pivot toward tighter regulatory oversight, which sunk semis, Ai data center plays and power/industrial names. Lower oil prices boosted shares of airlines, retailers, and other consumer sectors while lower yields boosted mortgage names and housing related sectors. The election results lifted Democrat friendly solar and renewable sectors as well as healthcare related stocks. A wild day on Wall Street Thursday for sure as the Dow Jones Industrials surged 3%!

An absolute onslaught of earnings last night with some of the biggest upside movers from APP, COHR, RPD, SEZL, SEI COHR, and some big downside movers from BROS, CAVA, ZG, FICO, SNAP, DAVE, EXPE, HUBS, MELI, QCOM in a brutal night of earnings. Today is arguably worse in volume both this morning and after the bell. In Asian markets overnight, The Nikkei Index 1,110 points or 1.79% to 61,077, the Shanghai Index rose 3 points to 3,689, the Hang Seng Index gained 877 points or 3.67% to 24,796, and the Korean Kospi fell -51 points or 5.79% to 837 amid another decline in chip stocks. In Europe, the German DAX is up 218 points to 26,655, while the FTSE 100 rises 88 points to 10,917. Another busy day in store for corporate earnings again tonight!

• The Dow Jones Industrial Average surged 1,569.40 points, or 3.03%, to 53,356.12
• The Nasdaq Composite spiked 364.50 points, or 1.44%, to 25,736.51
• The Russell 2000 Index advanced 44.50 points, or 1.58% to 2,856.95

• 8:30 AM ET                   Weekly Jobless Claims…est. 196K
• 8:30 AM ET                   Continuing Claims…est. 1.71M
• 8:30 AM ET                   Nonfarm productivity for Q3-prelim…est. +0.6% (prior 1.2%)
• 8:30 AM ET                   Unit Labor Costs for Q3-prelim…est. +2.8% (prior +1.4%)
• 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

• Challenger, Gray & Christmas reports that layoff plans in October fell to the lowest level since 2023 as companies turned their attention to retaining existing employees and adding seasonal help ahead of the holidays. US employers announced 43,994 job cuts in October, up slightly from September but down 71% from a year earlier.

• Amazon (AMZN) is teaming up with Uber Eats (UBER), allowing Prime members to order from restaurants through Amazon.com and the Amazon app. Prime members who order via Amazon will get free delivery on orders of $25 or more. Customers will also get $20 off their first two Uber Eats orders of $25 or more through the first 14 days.
• Dutch Bros (BROS) shares tumble; Q3 revs $549.83M vs. est. $547.4M; guides year rev outlook minimum $21.B vs. est. $2.13B; sees FY outlook for adj EBITDA of $380M and sees FY outlook for capex of $370M-$390M.
• CAVA Group (CAVA) Q3 adj EPS $0.11 vs. est. $0.12; Q3 revs rose 22% y/y to $356.4M vs. est. $358.4M; Q3 comp sales rose +3.1%; now expects same-restaurant sales growth of 6% to 7%, compared with its previous forecast of 4.5% to 6.5%; now expects to open 76 to 78 restaurants for the year.
• E.l.f Beauty (ELF) Q2 sales rose 51% y/y to $520.8M vs. est. $473.5M; Q2 adj EPS $1.21 vs. est. $0.59; raises full-year adj EPS view to $3.82-$3.86 a share on sales of $2B-$2.03B, above prior views of $3.50-$3.55 and sales $1.94B-$1.97B, above consensus; added continues to see conviction in Rhode.
• Expedia Group (EXPE) Q3 adj EPS $9.39 vs. consensus $8.89 and revs $4.94B vs. est. $4.73B; Q3 Booked Room Nights grew 7%, and Total Gross Bookings grew 11%; sees Q4 revenue $3.69B-$3.75B, below midpoint consensus $3.74B; sees Q4 gross bookings $27.9B-$28.4B and adjusted EBIDTA $830M-$880M.
• Kimberly-Clark (KMB) Q3 adj EPS $1.70 vs. est. $1.64 and revs $4.13B vs est. $4.13B; Q3 organic sales down 1.3%, including an about 270 basis point headwind from China Social Media disruption; sees 2026 organic sales growth about 100 bps below weighted average category growth in categories, countries it competes in; 2026 ADJ EPS from cont ops expected to grow high single digits on a constant-currency basis.
• MercadoLibre (MELI) Q3 EPS $8.83 misses consensus $9.27 and sales $10.75B vs. est. $10.66B s heavier spending to expand logistics capacity ahead of the peak holiday shopping season weighed on margins; said it increased fulfillment capacity by about 20% from the previous quarter, compared with 10% in the same period last year, which pushed operating margin down to 6.3% from nearly 10% y/y.
• Toyota (TM) raised its annual outlook and set out a plan to return up to $89 billion to shareholders; reported a 34% rise in July-September income; is now projecting a 3.57 trillion yen profit for the full fiscal year through March 2027, up from an earlier forecast for 3.25 trillion yen. Its profit for the previous fiscal year totaled 3.8 trillion yen.
• Zillow Group (ZG) Q3 adj EPS $0.55 vs. est. $0.67 on revs $724M vs. consensus $754.28M; posted Q3 net loss, compared to net income a year ago; said elevated mortgage rates reduced housing transaction volume, weighing on residential revenue.

• Eversource Energy (ES) Q3 Adj. EPS $0.92 vs. est. $0.90 (beat); revenue $2.978B vs. est. $3.220B (miss); operating Income $629.7M; net Income $346M; sees FY26 adj. EPS $4.62-$4.70 (narrowed from $4.57-$4.72) vs. est. $4.63 (above at midpoint).
• Permian Resources (PR) Q3 Adj. EPS $0.69 vs. est. $0.57 (beat); sales $1.958B vs. est. $1.754B (beat); total production 457.5 Mboe/d (+22% QoQ), oil 208.0 Mbbl/d (+5% QoQ); operating cash flow $1.255B, adj. FCF $846M, cash CAPEX $518M; LOE $5.11/boe (-8% QoQ); sees FY26 oil production 201-204 Mbbl/d, midpoint 202.5 Mbbl/d (raised from 199.0), total production 415-445 Mboe/d.

• Allstate Corp. (ALL) Q3 adj EPS $9.76 vs. est. $6.96; Q3 revs $17.3B vs. est. $15.9B; total policies in force reached 217.6 million, with a 3.3% increase in Property-Liability policies.
• Dave Inc. (DAVE) Q3 revs rose 31% y/y to $198M vs. est. $192M driven by faster MTM growth and continued ARPU expansion,; guides year revs $746M-$750M vs. est. $732M; 3Q adj EBITDA of $82M, 3Q net income of $64M and 3Q adj net income of $60M.
• Fair Isaac (FICO) Adj. EPS $11.10 VS EST $10.71 (beat); revenue $657.0M vs. est. $651.7M (beat); operating Income $266.6M, pretax Income $237.4M and net Income $175.0M.
• MetLife (MET) Q3 adj EPS $2.78 vs. consensus $2.77; Q3 revs $20.52B vs. consensus $19.97B; 3Q Book Value Per Shr $30.73; 3Q Net Investment Income $6.198B.
• Sezzle Inc. (SEZL) Q3 revs rose 42.6% y/y to $166.5M vs. est. $155M; and EPS $1.37 vs. est. $1.29; Active subscribers rose 68.1% yr/yr to 955,000, supporting higher transaction volume and engagement; raises FY2026 guidance to ~42.5% total revenue growth and $190 mln adjusted net income.

• Cigna (CI) Q3 adj EPS $7.98 vs. consensus $7.51; Q3 revs $73.79B vs. est. $72.45B; raises FY26 adjusted EPS view to $30.60 from $30.45, consensus $30.51; 2026 medical care ratio outlook narrowed to 84.2% plus or minus 25 bps; Q3 revenue growth was driven by increases in both Evernorth Health Services and Cigna Healthcare.
• Edwards Life (EW) Q3 adj. EPS $0.80 vs. est. $0.74 (beat); sales $1.716B vs. est. $1.676B (beat); adj. gross margin 78.7%; sees Q4 adj. EPS $0.61-$0.69 vs. est. $0.71 (below), sales $1.67B-$1.75B vs. est. $1.70B (above at midpoint); sees FY26 adj. EPS $2.97-$3.05 vs est $3.00 and sales growth ~11.5% vs est +11.55%
• McKesson Corp. (MCK) Q2 Adj. EPS $11.68 vs. est. $10.70 (beat); revenue $110.957B vs. est. $109.875B (beat); adj. net Income $1.363B vs. est. $1.252B (beat); GAAP EPS $10.44; sees FY27 adj. EPS $45.60-$46.40 (raised) vs. est. $44.70 (above).
• Revolution Medicines (RVMD) EPS -$1.90 vs. est. -$2.37 (beat); revenue $197.559M vs. est. $23.495M (may not be comparable); operating loss $373.149M; net loss $407.457M.

• Amcor Plc (AMCR) Q1 adj EPS $0.95 vs. est. $0.99; Q1 sales $6.13B vs. est. $5.75B; posted broad-based organic volume growth of 1%, led by 3% volume growth in the focus categories; Energy and distribution costs accelerated late in the quarter, which is creating a headwind in the transition period.
• CF Industries (CF) Q3 EPS $2.87 vs. est. $2.95; Q3 sales $1.86B vs. est. $1.785B; Gross ammonia production for the first nine months and third quarter of 2026 was approximately 7.2 million and 2.4 million tons, respectively. YTD has operated at a 97% utilization rate of available ammonia capacity.
• Coeur Mining (CDE) Q3 Adj. EBITDA $448M vs est $605M (miss); adj. EPS $0.10 vs. est. $0.14 (miss); revenue $983.6M vs. est $1.268B (miss); adj. net Income $97.8M; GAAP EPS $0.11, net Income $109.4M.
• Curtiss Wright (CW) Q3 Adj. EPS $3.94 vs. est. $3.76 (beat); sales $953M vs. est. $935.1M (beat); adj. operating Income $189M vs. est. $182.2M (beat), margin 19.9%; FCF $157M; sees FY26 adj. EPS $15.40-$15.60 (raised) vs. est. $15.35 (above), adj. sales $3.795B-$3.840B, adj. operating Income $731M-$744M vs. est. $731M (above at midpoint), adj. operating margin 19.2%-19.4% and adj. FCF $595M-$615M.
• Nutrien (NTR) Q3 adj EPS $0.61 vs. est. $0.84 on sales beat $6.06B vs. est. $5.75B; to shut down White Springs phosphate facility in 2027 after strategic review; revises 2026 retail adjusted EBITDA guidance to $1.72-$1.85B, raises 2026 potash sales volume guidance to 14.3-14.8 mln tonnes and Phosphate sales volume guidance for 2026 cut to 2.40-2.55 mln tonnes.

• Arm Holdings (ARM) Q2 Adj. EPS $0.52 vs. est. $0.47 (beat); revenue $1.44B vs. est. $1.38B (beat); Royalty revenue $670M, license & other revenue $773M; GAAP gross margin 97.1%, operating margin 13.9%; sees Q3 revenue $1.54B vs. est. $1.53B (above), adj. EPS $0.56 vs. est. $0.55 (above); AGI CPU orders extend through CY27 with first commercial deliveries on track for fiscal Q4; Partners reported >10B Arm-based chips shipped during the quarter.
• Coherent Corp. (COHR) Q1 Adj. EPS $2.09 vs. est. $1.97 (beat); revenue $2.370B (+50% YoY) vs. est. $2.310B (beat); adj. operating Income $550M vs. est. $526.6M (beat), margin 23.2%; adj. gross margin 40.6%; adj. net Income $422M vs. est. $404.1M (beat), sees Q2 adj. EPS $2.28-$2.48 vs. est. $2.21 (above), revenue $2.55B-$2.75B vs. est. $2.54B (above), adj. gross margin 40%-42%.
• Figma Inc. (FIG) Q3 revs rose 43% y/y to $391.4M vs. est. $375.8M and guides year revs $1.497B-$1.499B vs. est. $1.471B; Q3 2026 net loss narrowed 93% to $81.35M; by October 31, 65% of paid customers exceeding $10,000 in ARR were using the Figma agent weekly.
• HubSpot (HUBS) Q3 Adj. EPS $3.81 vs. est. $3.27 (beat); revenue $947.6M vs. est. $924.8M (beat); adj. EBIT $214.2M vs. est. $187.9M (beat), margin 22.6%; GAAP EPS $1.67; sees Q4 adj. EPS $3.85-$3.87 vs. est. $4.09 (below), revenue $945M-$947M vs. est. $964.9M (below), adj. operating Income $216M-$217M; sees FY26 adj. EPS $13.59-$13.61 vs. est. $13.30, revenue $3.685B-$3.687B vs. est. $3.68B.
• Klaviyo (KVYO) Q3 Adj. EPS $0.22 vs. est. $0.17 (beat); revenue $387.2M (+25%) vs. est. $379.9M (beat); adj. operating profit $56.9M; customers >211,000, customers with >$50K ARR 4,725 (+33%), NRR 108%; 22% of ARR from customers using 3+ products, revenue outside Americas +32%; sees Q4 revenue $421M-$425M vs. est. $422.4M; sees FY26 revenue $1.537B-$1.541B (raised) vs. est. $1.530B (above).
• Micron Technology (MU) has suspended plans for a $4.5 billion memory chip plant in Taiwan due to an extended labor dispute, Bloomberg News reported on Thursday, citing people familiar with the matter.
• Qualcomm (QCOM) Q4 Adj. EPS $2.17 vs. est. $2.16 (beat); adj. revenue $10.44B vs. est. $10.11B (beat); handset revenue $5.14B; Q1 FY27 adj. EPS $2.15-$2.35 vs. est. $2.27 (below at midpoint), revenue $10.4B-$11.2B vs. est. $10.48B (above at midpoint), QCT revenue $9.0B-$9.6B; reiterates FY27 data center revenue target $5B, Q1 $650M+ and FY27 exit annualized run rate $7B.
• MKS Inc. (MKSI) Q3 EPS $4.18, tops consensus $3.65 and revs $1.41B vs. est. $1.36B; revenue in each of our end markets was at or above the high end of our guidance, led by 54% y/y growth in Semiconductor and 43% growth in Electronics & Packaging; sees Q4 EPS $5.00, plus or minus 38c, vs. consensus $3.95 and sees Q4 revenue $1.49B, plus or minus $40M, consensus $1.40B; announces share repurchase program up to $500M.
• Motorola Solutions (MSI) Q3 Adj. EPS $4.69 vs. est. $4.42 (beat); sales $3.376B vs. est. $3.263B (beat); FCF $589M; sees Q4 adj. EPS $5.47-$5.52 vs. est. $5.48 (above at midpoint), sales growth 13%; sees FY26 adj. EPS $17.94-$17.99 vs. est. $17.70 (above), sales $13.050B vs. est. $12.996B (above), operating cash flow $3.050B; increases buyback authorization by $2B.
• Rapid 7 (RPD) Q3 adj EPS $0.60 vs. est. $0.46 on sales $212.4M vs. est. $209M; Q3 net income fell 64% to $3.51M; Q3 operating cash flow dropped 21% y/y to $30.12M; previewed Autonomous SOC, combining security experts, threat intelligence and AI agents to move customers from detection to resolution.
• Sinclair Broadcasting (SBGI) Q3 Adj. EBITDA $213M, more than doubled YoY vs est $176.91Mm (beat); revenue $893M vs. est. $871.4M (beat); operating Income $135M, net Income $43M and GAAP EPS $0.60; political Ad revenue $136M (+55% vs. Q3 FY22), preliminary FY26 political Ad revenue ~$455M; will not separate Ventures in a standalone transaction at this time.
• Snap Inc. (SNAP) Q3 Revenue $1.722B (+14%) vs. est. $1.731B (miss); adj. EBITDA $382.6M (+110%) vs. est. $336.9M (beat); GAAP EPS $0.03 vs. est. $0.00 (beat); DAUs 495M (+4%); operating cash flow $210.5M, FCF $164.5M (+76%); sees Q4 revenue $1.950B-$1.985B vs. est. $1.950B (above at midpoint), adj. EBITDA $490M-$525M vs. est. $504.5M (above at midpoint); sees FY26 infrastructure costs $1.65B-$1.66B and other cost of revenue at 16%-17% of revenue; switching to global MAU and MAU-based ARPU as primary metrics beginning Q1 FY27.
• Sony Group (SONY) raised its full-year earnings forecast after reporting a 44% increase in second-quarter net profit; Game & Network Services division reported an 83% jump in operating profit to 220.1 billion yen; Pictures operating profit surged to 92.6 billion yen from 13.9 billion yen; raised its full-year operating profit forecast by 150 billion yen to 1.87 trillion yen and its net profit outlook by 120 billion yen to 1.33 trillion yen.
• VIAVI Solutions (VIAV) Q1 Adj. EPS $0.47 (+213%) vs. est. $0.41 (beat); revenue $469.3M (+56.9%) vs. est. $455.1M (beat); adj. operating Income $136.1M, margin 29% (+1,270 bps), adj. gross margin 64.4%; NSE revenue $376.1M (+74.1%), OSP revenue $93.2M (+12.2%); adj. EBITDA $146.1M, operating cash flow $104.7M; sees Q2 revenue $505M-$515M vs est $467.63M (above) and adj. EPS $0.50-$0.52 vs est $0.40 (above); authorizes new $500M buyback.
• Wolfspeed (WOLF) Q1 Adj. EPS -$2.03 vs est -$1.99; revenue $155M vs. est. $150.2M (beat); adj. gross margin -13%, GAAP gross margin -22%; net loss $143.8M; sees Q2 revenue $155M-$175M vs. est. $153.55M (above), adj. operating expenses $65M-$69M.
• Dan Ives says: Political Backlash Could Prevent 5–10% of U.S. AI Data Centers From Being Built. AI Infrastructure: Ives warns that political opposition could delay or derail 5–10% of planned data center projects. CapEx: A slower buildout could moderate Big Tech's 2027–2028 spending and reduce pressure from massive capital raises.

Mid-Morning Look

Thursday, November 05, 2026

How quickly things changed from overnight as U.S. futures were positive for the Dow and modestly higher for the S&P coming into the day with modest losses in the Nasdaq overnight amid continued weakness in the semi space (SOX) as data center/AI slowing fears hit the industry. However, as markets opened this morning, it was a quick race for the gates in broader tech as another round of mixed earnings results in the tech space (QCOM, ARM, HUBS), coupled with the impact of the midterm elections, led to a sharp decline on the open as software, semis and other tech related AI sectors tumble dragging broader markets with it. Philadelphia Se Semiconductor index (SOX) tumbles 8.7% to lowest since April 20 around 9,400. Economic data today was positive on improved productivity and lower jobless claims, but the tech wreck is dominating all of this mornings action thus far.

Consumer staples (XLP), financials (XLF), and healthcare (XLV) sectors are doing well again, as all three sectors hit all-time highs on Wednesday. The same can’t be said for tech, and artificial-intelligence names in particular as the Nasdaq is giving back a chunk of Wednesday’s gains as the weakness in semiconductors (SOX), Ai data center names along with industrial related “picks and shovel” names overpowers the big jump in hyperscalers yesterday (AMZN, META, GOOGL, MSFT). Both Apple (AAPL) and Microsoft (MSFT) hit record highs yesterday, helping the QQQ’s which recently fell to correction territory (down -10% off recent ATH). The decline is heavily linked to the political pressure on data centers following the Democrat sweep, especially in Texas where 25% of data center growth is. In tech overnight, QCOM adds to the pressure on the semiconductor sector after warnings its chip margins were getting squeezed, while ARM also falls in results. Software has also been hit with HUBS the latest guidance warning hitting the sector.

• Weekly Jobless Claims fell to 189,000 from 195,000 prior week and matched the lowest level of claims in 57-years, and below consensus 196,000; the 4-week moving average fell to 194,750 from 197,000 prior week (previous 196,750); continued claims climbed to 1.718M Oct 24 week (con. 1.710M) from 1.695M prior week (prev 1.701M).
• Challenger, Gray & Christmas reports that layoff plans in October fell to the lowest level since 2023 as companies turned their attention to retaining existing employees and adding seasonal help ahead of the holidays. US employers announced 43,994 job cuts in October, up slightly from September but down 71% from a year earlier.

• Semiconductors sector: a brutal day across chips as QCOM falls along with ARM after earnings and dragging down other semi leads AMD, INTC, MU, SNDK, NVDA next tier tech lower post earnings last night, dragging the VanEck Semiconductor ETF (SMH) further below its 200-day moving average of $521 for the first such break since May 2025; Qualcomm's FQ1 guide pushed out its gross-margin recovery, Micron suspended a $4.5B Taiwan memory plant over a labor dispute per Bloomberg, and Nvidia (NVDA) falls 5.0% after Bloomberg reported ~600,000 advanced AI chips are sitting in Hong Kong awaiting Chinese import approval.
• Restaurant sector: CAVA shares fell as delivered comp sales of +3.1% (below est. +3.3%), ~flat traffic, and adj. EBITDA of $42M (below ests $44M) as Q3 trends were pressured from food safety concerns (~150 bps impact) and macro (higher gas prices); BROS shares fell as Q3 results were generally in line with expectations, including system wide SSS of +4.4%, but revised 2026 guidance—which pointed to the low end of prior SSS guidance, and EBITDA below the prior range—and concerns of moderating traffic weighed on shares; PZZA and SHAK also reported quarterly results; WEN said it had rejected a $1.4B take-private offer from activist investor Nelson Peltz's Trian Fund Management and its partners (Trian and related parties own a 16.3% stake).

• FUN +15%; reported Q3 adjusted EBITDA of $493.2M vs. $485.1M est. and revenue of $1.170B vs. $1.158B est., while launching a comprehensive review of ride safety across its portfolio following the Georgia incident and lowering 2026 capex guidance to $350M-$375M.
• JOBY +5%; raised its FY26 revenue guidance to $135M-140M (from prior $115M-125M), after reporting Q3 revenue of $55.1M, beating our estimate/Visible Alpha consensus of $36.7M/$40.0M, driven mostly by Blade Air Mobility revenue.
• SEZL +23%; shares surge after better earnings results and raises FY26 revenue growth forecast to 42.5% from prior 35% while guides FY adj EPS of $5.45-$5.50 from $5.25 seen earlier
• SONY +8%; raised its full-year earnings forecast after reporting a 44% increase in second-quarter net profit; Game & Network Services division reported an 83% jump in operating profit to 220.1B Yen; Pictures operating profit surged to 92.6B Yen from 13.9B Yen; raised its full-year operating profit forecast by 150B Yen to 1.87 trillion Yen and its net profit outlook by 120B Yen.
• TM +8%; as raised its annual outlook and set out a plan to return up to $89B to shareholders; reported a 34% rise in July-September Income; is now projecting a 3.57 trillion Yen profit for the full fiscal year through March 2027, up from an earlier forecast for 3.25 trillion Yen
• TPR +13%; Q1 revenue rose 11%, beating analyst expectations on better EPS while raised FY27 EPS view $8.25-$8.35 from $7.80-$7.90 (est.) and raises FY27 revenue outlook to $8.5-$8.6B from $8.4-$8.5B prior; said Coach revenue rose 16%, driven by increased handbag sales.

• EXPE -12%; reported strong Q3 results with gross bookings coming in 4% above consensus and EBITDA coming in 9% ahead of consensus, although moderating travel demand and higher investments weighed on its 4Q outlook which weighed on shares.
• FIG -12%; shares fell as continues to report Stellar top-line growth of +42.8% Y/y, though the Q3 beat magnitude of 4.7% was slightly lighter as the benefits from pricing and Figma Make Ai credit monetization wane, while gross margins miss.
• HUBS -2%; shares fall after results beat but guidance was weak as the company effectively guided Q4 CC growth down to 12% from 14% previously and said now expects NRR to decline 2 pts Y/y in 2026 to ~101%, and NNARR will be down for the full year.
• MELI 14%; shares fell as the company delivered strong GMV and TPV growth exceeding 30% and 50% once again in 3Q. However, OI margin compressed Q/Q by 40bps due to incremental investments in logistics and marketing, despite nice leverage in R&D.
• TRIP -20%; announces management departures and transition plan as Matt Goldberg to depart as President, CEO, and board member, while Q3 revenue falls 11% to $436.4M, below est. of $458.4M on EPS miss ($0.37 misses est. of $0.44).
• VCYT -54%; after Q3 revenue and EPS beat consensus but management lowered 2026 revenue guidance on slower Decipher volume growth and issued preliminary 2027 guidance well below consensus; Leerink downgraded to Market Perform with a $35 tgt.
• ZG -7%; Q3 rev rose 7% y/y to $724M, missing the $754M consensus citing "one of the toughest housing markets in a generation", while adj Ebitda of $182M missed $193.7M estimate and said traffic to its apps and sites fell -3% to 215M average monthly unique users.

Closing Recap

Wednesday, November 04, 2026

U.S. stocks surged in remarkable fashion as investors bet a divided Washington after the Democrats' midterm sweep of the Senate and the House could limit sharp policy shifts, though data center stocks were under pressure as concerns over tighter AI regulation weighed heavily on semis and data centers. Apple (AAPL) and Microsoft (MSFT) both traded at record highs today as large cap tech (Mag 7) were among the biggest gainers on the day, massive boosts for AAPL, AMZN, MSFT, GOOGL, META. Energy stocks tumbled with oil falling over 8% on hopes a change in Congress can end the war with Iran; beneficial for several sectors as airlines, cruise stocks, leisure and lodging and retailers were among the biggest moves to the upside on Wednesday. Consumer goods companies have struggled with higher costs of packaging and transport as a fallout from the US war in Iran, which has pushed oil prices higher. NYSE market breadth was more than 3:1 advancers leading decliners with Discretionary (XLY) up over 4.26%, Communications (XLC) up 3.5% the biggest winners while Financials (XLF), Healthcare (XLV) and Consumer Staples (XLP) all making new all-time highs in a very broad based market rally. Overall it feels like this market has become a runaway train…run away from whatever isn’t working, find a new narrative, and pile aboard whatever is, as markets constantly rotate keeping broader averages higher.

Bottom line: story of the day was Democrats retaking the House and Senate, while victories in key governor races could reshape the AI data center buildout. Early losers on the mid-term election on tech/AI for now seems to be semis (SOX) as less buildout = less demand for chips although the debate is how much of this restrictive environment is reflected in multiples already; SPCX tumbles given Elon Musk had focused the buildout of DCs and Terafab in Texas although some will say this makes orbital compute more likely. Slower permitting generally bad for Data Cener/HPC miners and Neoclouds. The hyperscalers saw the biggest moves (AMZN, GOOGL, META, MSFT) on thought slowing spending can help ease debt fears. In other sectors, solar stocks, healthcare were among outperformers on the Democrats taking control of Congress, while defense stocks, crypto, and AI space underperformed.

Interesting stats: @bespokeinvest noted on X. “The Dow's 3% gain today would be its best since April 9th, 2025, when it gained 7.9%.  4/9/25 was the day President Trump announced the 90-day pause on reciprocal tariffs that were announced a few days prior.” Also, @bespokeinvest noted on X, "There have only been two other days that the Nasdaq was up 1%+ and the Philadelphia SOX was down more than it is today (-4.0%) 0 3/30/01 (-4.4%) and 7/22/08 (-4.5%)."

• S&P Global October final services PMI at 56.1 and S&P Global October final composite PMI at 55.9.
• ISM report on U.S. non-manufacturing sector shows PMI 54.5 in October (consensus 54.8) vs 54.9 in September; business activity index 53.8 in October vs 56.5 in September; ISM non-manufacturing new orders index 55.9 in October vs 59.8 in September; employment index 51.4 in October vs 50.1 in September and prices paid index 73.0 in October vs 74.0 in September.
• U.S. Sept trade deficit $105.0B (consensus $108.0B) vs Aug deficit $105.7B (prev $105.6B); U.S. Sept goods deficit $135.91B, services surplus $30.87B. Sept exports +1.9% vs Aug +1.6%, imports +1.2% vs Aug +4.4%. Sept exports $321.51B vs Aug $315.67B, imports $426.56B vs Aug $421.40B.

• Big day and rebound for precious metals as the US dollar sunk on results of midterm elections as December gold jumped +$132.60, or +3.37%, to settle at $4,073.00 an ounce while silver rises +$2.53, or +5.08%, to finish at $52.28 an ounce.

• The yield on the benchmark US 10-year Treasury note fell 6.2 basis points to 4.89% after earlier rising to 4.9642%. The yield on the 30-year bond fell 3.4 basis points to 5.29% after earlier hitting 5.3448%, which was its highest level since October 29.

• Food & Beverage sector: STZ was upgraded to Neutral from Underperform at Bank America saying near-term estimates are unchanged, but it now believes Democratic control of Congress reduces the risk of further tightening in the immigration backdrop, which has been a key headwind to Constellation's beer business. KHC said it would divest its North American coffee business in a deal that values the unit at $650 million.
• Housing retailers: Wayfair (W) shares rose after Q3 revenue, profit tops estimates on more customers, orders; attributes growth to strong U.S. order volume and higher active customers; said Q3 revenue growth was driven by a 12% increase in orders delivered and a 4.7% rise in active customers; said double-digit U.S. revenue growth reflected share gains in a flat category.
• Retailers: were among the biggest winners today amid the sharp drop in oil prices, as consumer goods companies have struggled with higher costs of packaging and transport as a fallout from the US war in Iran, which has pushed oil prices higher (shares of NKE, LULU, MAT, M, GAP, DECK, ANF and many others posted big returns today).
• Specialty retail: HELE shares rose after M&A headlines as the confirmed that its Board of Directors has unanimously rejected an unsolicited, non-binding proposal to acquire Helen of Troy for $37.00 per share in cash from Empower Brands Holdings Group, LLC, which is owned by Spectrum Brands Holdings, Inc. (SPB) and Oaktree Capital Management, L.P.

• Auto sector: Ford (F) total U.S. vehicles sales 174,123 units in October, and total U.S. electrified vehicles sales 15,173 units in October, down 31.7%. In auto dealers: AN and GPI were downgraded to Neutral from Overweight and to underweight from Neutral respectively at JP Morgan saying expects unfavorable estimate revisions in the near-to-medium term for Group 1 amid a challenging parts and service backdrop. Auto parts, MOD shares fell as reported Q2 EPS below consensus on better revs, but shares fall as Keybanc noted while topline and order strength is well appreciated and continues unabated, Modine continues to struggle with multiple headwinds on margin.
• Trave/lodging sector: the sector among biggest beneficiaries today amid the plunge in oil prices with airlines AAL, DAL, LUV, JBLU, ALK, UAL all surging on the day; BKNG Q326 results beat expectations and came in at the high end of guidance, as resilient travel demand offset some moderation late in the period; Gross Bookings/Adj. Revenue/Adj. EBITDA were 4%/3%/3% ahead of consensus. 4Q26E guidance, however, was conservative and below expectations, although full-year guidance remained intact (EXPE repots after the bell).

• Energy stocks stumbled (APA, COP, CVX, BKR, HAL, SLB, OXY, XOM) as oil prices fall for a 4^th day, down over -15% during that stretch on Iran peace talks hopes. Election results for midterm also weighing as Democrats capture control of the US Congress from President Donald Trump's Republicans in the midterm elections, denting the risk premium for a further escalation of the ongoing war with Iran. Refiners DINO, DK, VLO, MPC, PBF, PSX among hardest hit in energy.

• Credit card issuers SYF, COF, BFH declined after Democrats seized control of both the Senate and House of Representatives, scoring stunning wins in Republican strongholds for the first time in generations. TD Cowen says victory raises potential for increased traction on some areas where the President and progressive Democrats share common ground such as potential cap on credit card interest rates. Trump earlier this year called for a one-year cap on credit card interest rates at 10%, only for the issue to fade away quickly. Trump and Sen. Warren agree on capping interest rates.

• DEI reported 3Q26 FFO that beat cons. (+$0.01) and mgmt. affirmed FY26 FFO guidance, which is in line with consensus. Fundamentals were mixed, with cash SSNOI declining to -3.1% and cash rent spreads stable at -9.2%, though leasing was strong at 997ksf (959ksf prior).Occupancy increased 110bps q/q to 76.7%, while the leased rate rose 10bps to 80.4%.
• DRH Q3 Adj. EBITDA beat consensus by ~5% and Adj. FFO was slightly above the Street’s expectation. Management increased 2026 Adj. EBITDA/FFO guidance to account for better 3Q results and better 4Q outlook, but implied 4Q guidance fell short of consensus. RevPAR growth increased ~7% y/y in 3Q, contributing to ~13% hotel EBITDA growth.
• INN reported a 3Q Adj. EBITDA/FFO beat, while management increased ’26 guidance by ~3%/~6%. The revised outlook is in line to slightly above the Street. RevPAR growth exceeded 7% y/y in 3Q, primarily driven by ADR growth, resulting in continued margin expansion and mid-teens hotel EBITDA growth. RevPAR outperformance drove a 150 bps increase in growth guidance.
• LTC cFFO beat consensus, but management reaffirmed ’26 cFFO guidance, and implied 4Q guidance is below the Street’s expectation. Management decreased pro forma SHOP NOI growth for 27 of 46 SHOP assets (as of 9/30) by ~100 bps to 13%, as last quarter’s RevPOR vs. occupancy growth trade-off fell short of projections prior.

• KURA and SNDX shares fell after JNJ’s ASH abstract raises competitive pressure. JNJ’s bleximenib, seen as a "stronger-than-anticipated competitor" and a "credible threat" to Kura's Komzifti in relapsed/refractory acute myeloid leukemia (AML), Leerink Partners said. Komzifti won FDA approval last year to treat relapsed/refractory NPM1-mutant AML.
• NRIX shares tumbled after SNY announced it has discontinued development of SAR448272, an oral STAT6 degrader. Sanofi recently initiated the Phase I study of SAR448272, triggering a $10M milestone payment to Nurix in August. Nurix did not disclose the rationale for the discontinuation.
• NVO reported 3Q26 results, with reported revenue +8%/DKK5.9bn vs company consensus (includes c.DKK2bn in positive GTN adjustments), and adjusted operating profit +12%/DKK3.3bn vs company consensus. By product, Wegovy pill revenue was +17%/DKK779m above company consensus. The results lifted shares as well as rival obesity drug maker LLY.

• Healthcare Services: 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.
• Ortho sector: SNN cut its full-year revenue and profit forecast while also confirmed that talks about a potential merger with JNJ’s Orthopaedics unit have ended; the cut follows weaker-than-expected Q3 growth in its biggest orthopedics business; ZBH raises annual adjusted profit forecast to $8.50-$8.60 per share from prior forecast of $8.47-$8.59 after posted a beat on Q3 top and bottom line.

• Industrials sector: MMM announced it would commit nearly $7.35B over nine years to settle PFAS "forever chemicals"-related personal-injury claims saying the settlement addresses about 99% of current personal-injury claims inside and outside the AFFF multi-district litigation (also announced a $6B share buyback). EMR posted Q4 EPS and sales above consensus but guided Q1 below and said sees FY2027 adj EPS of ~$7.25, below analysts' avg. est. of $7.27, but higher FCF views. Heavy duty trucking (CMI, PCAR) data as monthly Class 8 Oct Orders, reported at 13.5K, which compares to Sept 18.7K and the Aug Class 8 orders of 18.2K and July's Class 8 actual orders of 22,430
• Defense sector: saw large decline in large cap defense names like GD, LHX, LMT, NOC and RTX as well as consulting and gov’t IT service names CACI, LDOS, PSN and SAIC were among the most prominent losers this morning, as investors weigh the potential impact of Democrats' sweeping gains in the midterm elections.
• Aerospace sector: TSLA and SPCX shares fell after Democrats sweep Congress in US midterm elections and fears they will target his companies. Democrats scored a historic breakthrough in Republican stronghold Texas, home to both companies. The Republican loss in Texas threatens to weaken Musk's political influence in his adopted home state, where he has expanded his business interests and cultivated ties with GOP leaders. A Democratic shift could complicate plans, particularly amid Democratic calls for tighter data-centre regulation and an end to tax incentives.

• Paper & Packaging sector: the two leading global Aluminum can producer, BALL and CCK were both downgraded at JPMorgan to Neutral from Overweight based on valuation. Ball is higher by 19% year to date versus Crown up 17% and the S&P Index up 11%.
• Precious metals and gold miners rise with spot gold surging around 3%, bolstered by a weaker US dollar after Democrats seize control of both the Senate and House in US midterm elections. Mining stocks suck as AEM, NEM, GOLD, AU and silver miners, B, CDE, WPM posted big gains. A sweeping victory by Democrats in the US midterm elections sent the dollar to a more than one-month low

• CIFR and CLSK shares among biggest decliners as 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.
• HUT Q3 Net Income $189.494M and revs $71.071M vs. est. $78M (and down from $83.51M y/y) while adj EBITDA rose to $33.03M during Q3 from $30.48M in the same period a year ago.
• RIOT shares jumped as executed a 15-year, 910 critical IT MW triple-net powered land lease with a leading Frontier AI Lab at Corsicana, representing approximately $28B in total contract value and approximately $1.8B in average annual rent over the initial term and also posted Q3 revs rose 1% y/y to $181.4M vs. est. $160.75M. Riot has now leased 1,151 MW of critical IT capacity, representing approximately $38 billion of long-term contracted revenue
• Cantor said from a stock perspective, believes this outcome likely materially increases the probability that the next lease is signed outside of Texas. Cantor would point to WULF (1 GW Muskie site), HUT (potentially 1 GW Riverbend expansion), and KEEL (multiple sites in PA) as being relative winners from this midterm result. Cantor sees RIOT being more insulated amongst the Texas names given it is not dependent upon ERCOT/ TCEQ, while CIFR's largely ERCOT-dependent catalyst path has been pushed out the most. Cantor is still optimistic that conditional base load projects move forward, but it will not have full clarity on this until December.
• Hyperscalers: AMZN, MSFT, GOOGL, META saw big gains this morning while the data center names fall on potential slowdown of building due to midterm election results. Note slowing the buildout could actually be very good for the stocks of well-entrenched companies. META launched its debut euro bond offering Wednesday with the aim of seeking to raise more than $9 billion. META is aiming to raise 8.25 billion euros ($9.23 billion) through the sale of four-year, six-year, eight-year, 12-year, 18-year and 38-year euro bonds. The six-part offering follows the Facebook and Instagram owner's $15 billion, five-part dollar bond issuance on Tuesday.

• Comm & Networking sector: ANET rises as Q3 revenue, operating margin, and EPS all beat, and fourth-quarter guidance was also well above consensus. Fervent demand for networking switches. Arista is also pushing into "scale-up" networking within server rack.

• AMD delivered a Q3 beat-and-raise and materially stronger 2027 framework. Q3 revenue of $13.37B (+45% Y/y, +16% q/q) came in above the high end of guidance on better EPS and adj-GM of 56% (+190bps Y/y) and adj-OM of 29% (+510bps Y/y). Data Center revenue of $8.5B (+97% Y/y) reached 64% of revenue, and Q4 is guided to ~$17.0B (+66% Y/y, +27% q/q) on ~50% sequential Data Center growth, with Data Center Ai surpassing server for the first time. Now expects 2027 revenue to grow more than 80%, with server roughly doubling and D.C. Ai more than doubling.
• QCOM and SPCX announced a collaboration that will see the chipmaker power Starlink Mobile's nationwide terrestrial 5G network in the U.S. Qualcomm will provide its Dragonwing QRU100 radio units, Dragonwing QDU100 baseband units, and Layer 1
• SMCI Q1 results were above pre-announced levels, and the FY27 revenue outlook was raised to $72B-$82B, above expectations.
• SWKS posted solid FQ4 results, but shares fell as guided FQ1 (Dec) below. Much of the weakness, particularly in the guidance, was attributed to QRVO's ACG revs related to Samsung smartphones in the China market. Conversely, iPhone demand was characterized as stable, while Broad Markets, not Diversified Growth Markets (DGM), continues to see stable growth.

Street Recommendations

Thursday, November 5, 2026

• BYND Barclays lowered the firm's price target on Beyond Meat to $5 from $10 and keeps an Underweight rating on the shares. The company's "showed tangible turnaround progress," with sales in line, gross margin at a five-year high and lower cash use, the analyst tells investors in a research note. However, Barclays believes further cost reductions are needed to right-size the business.
• CPNG Barclays analyst Jiong Shao raised the firm's price target on Coupang to $32 from $29 and keeps an Overweight rating on the shares. The company's Q3 results were solid and the Q4 growth outlook suggests Coupang is "well on its way bouncing back to the mid-teens growth by mid '27," the analyst tells investors in a research note.
• DDOG Barclays lowered the firm's price target on Datadog to $262 from $300 and keeps an Overweight rating on the shares post the Q3 report. The company's Q4 guidance assumes minimum commitment from the largest customer despite Q3 usage running substantially above that level, the analyst tells investors in a research note.
• FICO Barclays lowered the firm's price target on FICO to $800 from $875 and keeps an Overweight rating on the shares. The firm sees the stock moving lower post the earnings print, saying mortgage origination revenues missed in fiscal Q4 and FICO decided to not provide fiscal 2027 guidance at this point in time.
• MSI Barclays analyst Tim Long raised the firm's price target on Motorola Solutions to $598 from $529 and keeps an Overweight rating on the shares. The company reported broad-based growth in Q3 with double-digit growth in both business segments, the analyst tells investors in a research note.
• PCOR Barclays raised the firm's price target on Procore to $85 from $62 and keeps an Overweight rating on the shares post the Q3 report. The company reported year-over-year organic acceleration in remaining performance obligation and revenue growth, which is coming from gaining wallet share with large customers, the analyst tells investors in a research note.
• QCOM Barclays analyst Tom O'Malley lowered the firm's price target on Qualcomm to $150 from $180 and keeps an Underweight rating on the shares following the earnings report. The firm says early excitement for the company's data center exposure as the business ramps to a $7B annualized run rate exiting fiscal 2027 is offset by weaker handsets.

• PODD Bernstein raised the firm's price target on Insulet to $200 from $175 and keeps an Outperform rating on the shares. The firm notes the company reported a huge Q3 EPS beat. Investor focus, however, was on Insulet's cut to 2027 numbers, as Q3 marked the second consecutive quarter where management lowered 2027 growth expectations. While the team emphasized a "more conservative" approach, they also acknowledged intensifying competition. Lower expectations may start to neutralize the bear thesis, but it remains to be seen whether this is the final cut for FY27, Bernstein adds.
• MCD Bernstein raised the firm's price target on McDonald's to $280 from $250 and keeps a Market Perform rating on the shares. The firm says the company's Q3 earnings update marked an important step forward in its U.S. recovery. Bernstein highlights U.S. comparable sales declined ahead of its decline estimate, while trends improved through the quarter, turned positive in September, and showed further baseline traffic improvement in October.
• RIOT Bernstein analyst Gautam Chhugani raised the firm's price target on Riot Platforms to $30 from $18 and keeps an Outperform rating on the shares following quarterly results. Overall, Riot now has leased 1.15 IT GW against $38B total contracted revenue across 10-20 years deal terms. Execution remains on track for existing Rockdale contracts, with delivery ramping up by June 2028. The firm expects securing the required financing at favorable market terms is the next catalyst for Riot that would demonstrate its ability to convert the signed MWs into billable capacity.

• FIS BofA analyst Matthew O'Neill downgraded FIS to Neutral from Buy with a price target of $33, down from $42, arguing that "a credible trough is not a catalyst." Absent a material asset sale, buybacks sit outside a 12-month horizon and the firm's prior Buy rating rested on capital return in 2028, if not sooner, the analyst tells investors.
• TREX BofA double upgraded Trex Company to Buy from Underperform with a price target of $65, up from $46, as the firm raised its 2026, 2027 and 2028 EPS estimates by 7%, 1% and 2%, respectively. Trex is "one of the few places in housing to get growth into 2027," the analyst tells investors.
• QCOM BofA analyst Vivek Arya lowered the firm's price target on Qualcomm to $170 from $180 and keeps an Underperform rating on the shares. Following the company's Q4 report, the firm lowered its FY27 and FY28 pro-forma EPS estimates 10% and 7%, respectively, citing gross margin headwinds and handset weakness.
• SNAP BofA analyst Justin Post lowered the firm's price target on Snap to $6.50 from $7 and keeps a Neutral rating on the shares after a "mixed" quarter. The outlook suggests potential for improving ad growth, says the analyst, who is slightly lowering the firm's above-Street revenue estimates.

• HUBS BTIG analyst Nick Altmann downgraded HubSpot to Neutral from Buy without a price target. The firm cites the company's "challenging" Q2 report and trimmed fiscal 2026 revenue growth expectations for the downgrade. HubSpot recognized that various incremental headwinds, including rising budget sensitivity and sales cycle elongation, have become more pronounced, the analyst tells investors in a research note.
• APP BTIG raised the firm's price target on AppLovin to $450 from $396 and keeps a Buy rating on the shares. The key update and driver of the company's Q3 report was the partial rollout of a hybrid recsys/LLM model, which lifts the firms FY27 estimates but still leaves room for revisions through future stages of the rollout, the analyst tells investors in a research note.
• MCD BTIG raised the firm's price target on McDonald's to $305 from $295 and keeps a Buy rating on the shares. McDonald's reported a mixed, but still largely encouraging, third quarter this morning as earnings upside and some reassuring trends in the U.S. outweighed low-single-digit comps that were largely inline, the analyst tells investors in a research note.
• PCOR BTIG raised the firm's price target on Procore to $90 from $66 and keeps a Buy rating on the shares. The company has delivered accelerating growth for several quarters, but Q3 marked a more pronounced inflection, as organic growth accelerated 130 bps to 17.1%, well ahead of the firm's expectations for modest growth acceleration, the analyst tells investors in a research note.

• ADMA Canaccord raised the firm's price target on Adma Biologics to $19 from $18 and keeps a Buy rating on the shares. The firm said 3Q delivered a much anticipated quarter with key product Asceniv driving solid upside in revenue and profitability, and an overall improved outlook for the business.
• GOLD Canaccord lowered the firm's price target on Gold.com to $60 from $65 and keeps a Buy rating on the shares. The firm said Q3 results were materially below expectations due to macroeconomic conditions including rising interest rate uncertainty heading into midterms.
• HUBS Canaccord lowered the firm's price target on HubSpot to $250 from $300 and keeps a Buy rating on the shares. The firm said HubSpot's Q3 results made it even clearer that this is now a business in transition, with both its traditional customer-acquisition engine and emerging AI monetization model changing at the same time.
• PCOR Canaccord raised the firm's price target on Procore to $83 from $72 and keeps a Buy rating on the shares. The firm updated its model following Q2 results which cleared the high end of guidance as management credited most of the organic cRPO acceleration to underlying bookings and large strategic expansions under refreshed GTM leadership rather than duration.
• RYTM Canaccord raised the firm's price target on Rhythm Pharmaceuticals to $168 from $154 and keeps a Buy rating on the shares. The firm said they reported 3Q26 earnings, with IMCIVREE revenue of $92.1M up +29% quarter-over-quarter driven by the U.S. acquired HO launch.
• ZBH Canaccord analyst Caitlin Cronin raised the firm's price target on Zimmer Biomet to $111 from $100 and keeps a Hold rating on the shares. The firm said they delivered a solid Q3, posting 3.7% organic xfx growth, comprising 3.6% US and 3.9% xfx OUS growth and ahead of expectations, with growth ex-China 100bps higher at 4.7% xfx. Results were driven by strength particularly across hips, SET, and Technology & Data, Bone Cement and Surgical.
• ZG Canaccord analyst Maria Ripps lowered the firm's price target on Zillow Group to $34 from $40 and keeps a Hold rating on the shares. The firm said reported softer-than-expected Q3 results, with revenue coming in below the guidance range after mortgage rates rose sharply through the quarter, although lower- than-planned expenses largely offset the impact and kept adj. EBITDA just inside guidance.

• ELF Citi analyst Filippo Falorni raised the firm's price target on Elf Beauty to $139 from $130 and keeps a Buy rating on the shares. The company reported a large beat in fiscal Q2, the analyst tells investors in a research note. Citi cites Elf's improved sales growth outlook for the target boost.
• RUN Citi analyst Vikram Bagri lowered the firm's price target on Sunrun to $18 from $20 and keeps a Buy rating on the shares. The firm's lowered target accounts for the impact of higher interest rates on 2027 cash generation and volumes, the analyst tells investors in a post-earnings note.

• JBLU Deutsche Bank analyst Michael Linenberg upgraded JetBlue to Buy from Hold with a price target of $5.50, up from $3. The firm upgraded both Frontier Group and JetBlue citing a more favorable backdrop. The near-term backdrop for airline shares have "improved markedly" over the past month, the analyst tells investors in a research note. Deutsche expects the favorable supply environment to stretch into 2027. According to TipRanks, Deutsche Bank has a 4-star analyst on JetBlue.
• AMCR Deutsche Bank downgraded Amcor to Hold from Buy with a price target of $45, down from $50. While the company showed continued progress on organic growth and synergy realization in the September quarter, the firm believes the risk to achieving Amcor's 2027 earnings and deleveraging goals has increased.

• CAR Goldman Sachs raised the firm's price target on Avis Budget to $108 from $94 and keeps a Sell rating on the shares. Avis Budget's Q3 EBITDA miss reflected delayed cost adjustments to softer demand, but fleet right-sizing, easier comparisons and Verra savings should support a Q4 recovery, the analyst tells investors in a research note.. Accelerating RPD and stronger bookings are encouraging, though 2027 EBITDA expectations remain conservative at $896M pending sustained recovery, the firm says.
• ALL Goldman Sachs raised the firm's price target on Allstate to $275 from $250 and keeps a Neutral rating on the shares. Allstate beat Q3 EPS expectations on favorable PYD and stronger NII, offsetting weaker Auto margins and an NPW growth miss, with a modestly negative initial stock reaction expected, the analyst tells investors in a research note.
• SITM Goldman Sachs analyst James Schneider lowered the firm's price target on SiTime to $800 from $900 and keeps a Buy rating on the shares. SiTime is expected to trade higher following strong results and guidance, with improving Datacenter and Consumer & Mobile outlooks supporting better-than-normal seasonality and continued growth momentum, driving confidence in upside to 2027 and beyond estimates, the analyst tells investors in a research note.
• ZG Goldman Sachs lowered the firm's price target on Zillow Group to $32 from $37 and keeps a Neutral rating on the shares. Zillow missed Q3 EBITDA and revenue expectations amid worsening housing conditions, with weak For Sale trends and disappointing Q4 guidance compounded by Preferred transition headwinds, partially offset by resilient Rentals growth and continued progress on AI-driven integration, the analyst tells investors in a research note.
• ELF Goldman Sachs raised the firm's price target on Elf Beauty to $130 from $114 and keeps a Buy rating on the shares. Elf Beauty delivered a significant Q2 beat and raised FY27 guidance, driven by stronger brand performance and improving e.l.f. momentum, with continued strength at rhode, international expansion and new haircare and fragrance launches supporting confidence that guidance could prove conservative and shares could move higher, the analyst tells investors in a research note.
• EW Goldman Sachs analyst David Roman raised the firm's price target on Edwards Lifesciences to $115 from $110 and keeps a Buy rating on the shares. The firm cites the company's clean earnings beat and guidance raise while noting that its TAVR revenue growth is expected to be driven primarily by procedure volumes.

• RPD Jefferies raised the firm's price target on Rapid7 to $18 from $16 and keeps a Hold rating on the shares. A softer decline in Q3 "hints at stabilization," the analyst tells investors.
• VERX Jefferies raised the firm's price target on Vertex to $16 from $14 and keeps a Hold rating on the shares after a Q3 beat and FY26 EBITDA guidance raise.

• MSI JPMorgan raised the firm's price target on Motorola Solutions to $570 from $545 and keeps an Overweight rating on the shares. The firm sees reasons to be "incrementally more positive" on Motorola shares following the "broad-based" Q3 beat. However, the company's "conservative" Q4 guidance and uncertainty around the 2027 gross margin trajectory "may temper enthusiasm heading into year-end," the analyst tells investors in a research note.
• MCD JPMorgan raised the firm's price target on McDonald's to $270 from $250 and keeps an Overweight rating on the shares. The firm updated the company's model post the Q3 report.
• RUN JPMorgan lowered the firm's price target on Sunrun to $11 from $12 and keeps an Overweight rating on the shares. The company reported Q3 volume metrics above expectations but cash generation was slightly lower, the analyst tells investors in a research note. JPMorgan continues to prefer Sunrun relative to its rooftop solar coverage.
• FICO JPMorgan lowered the firm's price target on FICO to $800 from $900 and keeps a Neutral rating on the shares. The company reported a fiscal Q4 earnings miss and held off on issuing 2027 guidance amid a pricing transition, the analyst tells investors in a research note.
• QCOM JPMorgan lowered the firm's price target on Qualcomm to $200 from $215 and keeps a Neutral rating on the shares post the fiscal Q4 report. The firm says the print provides further evidence of Qualcomm's transition toward a more diversified semiconductor company.
• GXO JPMorgan raised the firm's price target on GXO Logistics to $73 from $68 and keeps an Overweight rating on the shares post the Q3 report. The company used its earnings call to largely settle the 2027 bookings debate, guiding to a record level of signed incremental revenue entering next year based on another quarter of strong new business wins expected in Q4, the analyst tells investors in a research note.
• SNAP JPMorgan analyst Doug Anmuth lowered the firm's price target on Snap to $5 from $6 and keeps an Underweight rating on the shares. The company's advertising growth in Q3 slowed to 4% year-over-year and Snap announced it will be moving away from its daily active user disclosure starting in Q1 of 2027, the analyst tells investors in a research note.
• CAR JPMorgan analyst Rajat Gupta lowered the firm's price target on Avis Budget to $85 from $105 and keeps an Underweight rating on the shares. The company's Q3 EBITDA miss reflected an execution misstep compounded by choppy demand, with fleet productivity supported by a less favorable rental mix that constrained pricing realization, the analyst tells investors in a research note. JPMorgan sees an unattractive risk/reward at current share levels.

• HUBS KeyBanc analyst Jackson Ader downgraded HubSpot to Sector Weight from Overweight without a price target post the Q3 report. The company's headwinds are persisting and picking up, the analyst tells investors in a research note. The firm says the company daces down-market customer headwinds of increased budget scrutiny and pricing sensitivity were cited pressures. HubSpot's net new adds fell in Q3 with more downside to come in Q4 and beyond, adds KeyBanc.

• DLTR Loop Capital analyst Anthony Chukumba downgraded Dollar Tree to Hold from Buy with an unchanged price target of $140.

• CNK Morgan Stanley last night upgraded Cinemark to Overweight from Equal Weight with a price target of $50, up from $45. The firm cites the company's expectations for increasing wide release film supply in 2027 versus 2026 for the upgrade. Despite shares being up 70% year-to-date, Cinemark trades at "only" 7-tiimes forward EBITDA, the low end of history, the analyst tells investors in a research note. It believes skepticism that the 2027 and 2028 box office can grow from a robust 2026 is what has held back the valuation.
• AFYA Morgan Stanley last night upgraded Afya to Equal Weight from Underweight with a price target of $12.60, down from $15. The firm remains cautious on the company's seat maturation and market structural trends, but says the stock's valuation is now tied to the merger exchange ratio and already discounts long-term pressures.
• HUBS Morgan Stanley analyst Elizabeth Porter downgraded HubSpot to Equal Weight from Overweight with a price target of $229, down from $287.
• AEIS Morgan Stanley analyst Shane Brett believes in Advanced Energy's execution, but with "meaningful questions on end-demand" the firm needs to react to the facts changing and removed the stock as a Top Pick as the Texas Governor election outcome could increase policy uncertainty for data center development. However, Advanced is "executing on every front and we continue to believe the company will fire on all cylinders," adds the analyst, who keeps an Overweight rating and $368 price target on the shares.

• AMPL Piper Sandler raised the firm's price target on Amplitude to $22 from $18 and keeps an Overweight rating on the shares. The firm says the company has been one of the best acceleration and turnaround stories in its coverage list year-to-date, with several growth drivers layering on top of each other, including better data ingestion and utilization trends, product cross-sells, and Statsig, with more to come on Wave and Agent Analytics.
• ELF Piper Sandler raised the firm's price target on Elf Beauty to $110 from $100 and keeps a Neutral rating on the shares. The firm says the company crushed Q2 sales expectations with 51% growth. Raised guidance for the year implies sales moderation in the second half of 2027 to 7%-10% which should have upside, especially on rhode international, albeit rhode U.S. appears to be slower on top of Sephora launch last September. Looking into next year, Piper expects gross margin to be down as the tariff refund gets lapped, with SG&A leverage on top of the investments this year, and EBITDA margins likely flattish.
• MPC Piper Sandler raised the firm's price target on Marathon Petroleum to $466 from $462 and keeps an Overweight rating on the shares. The firm notes the company delivered a strong Q3 earnings beat, but more importantly announced the sale of two Mid-Con refineries with roughly 175kbpd of combined capacity for about $4.2B.

• VRNS Susquehanna downgraded Varonis to Neutral from Positive with a price target of $49.75, down from $55. The firm cites the company's planned acquisition by Proofpoint for $49.75 per share for the downgrade.

• W TD Cowen raised the firm's price target on Wayfair to $114 from $110 and keeps a Hold rating on the shares following the Q3 report. The firm cites the sales beat and accelerating orders for the target boost.

• PAGS UBS downgraded PagSeguro to Neutral from Buy with a price target of $8, down from $13. The firm cites a more challenging macro backdrop for the downgrade. The outcome of Brazil's presidential runoff diverged from pre-election polling and market expectations, leading the yield curve to steepen by 250 basis points, the analyst tells investors in a research note. Against this backdrop, UBS sees increased macro uncertainty and now incorporates lower volume and credit growth for payment companies.
• MSI UBS raised the firm's price target on Motorola Solutions to $570 from $520 and keeps a Buy rating on the shares. Motorola Solutions beat Q3 estimates, expanded operating margins 200 basis points and issued stronger-than-expected FY27 revenue growth guidance of 9%, with projected margin improvement encouraging despite rising memory costs, the analyst tells investors in a research note.
• UBER UBS raised the firm's price target on Uber to $107 from $106 and keeps a Buy rating on the shares. Uber's mobility growth missed expectations due to driver supply constraints rather than weaker demand, with improving October supply trends supporting a potential recovery into early 2027, the analyst tells investors in a research note.
• AMPL UBS raised the firm's price target on Amplitude to $22 from $13 and keeps a Buy rating on the shares. Amplitude stood out with accelerating organic ARR growth to 18% and solid NNARR, despite stable 105% NRR, the analyst tells investors in a research note. Statsig's contribution offers potential FY27 upside, while revenue guidance and sustained high-teens growth remain key watchpoints, the firm says.
• EW UBS raised the firm's price target on Edwards Lifesciences to $118 from $110 and keeps a Buy rating on the shares. Edwards Lifesciences delivered a strong quarter, with TAVR and TMTT sales beating consensus on procedural strength and meaningful gross-margin and EPS leverage, while surgical sales were slightly light, the analyst tells investors in a research note.
• HUBS UBS lowered the firm's price target on HubSpot to $240 from $310 and keeps a Neutral rating on the shares. HubSpot showed further demand deterioration, with slowing billings growth, declining NRR and fewer new customer adds, the analyst tells investors in a research note. Persistent sales-cycle, budget and AI competition pressures, alongside uncertainty around the new pricing model, could keep shares range-bound until growth stabilizes, UBS adds.
• QCOM UBS analyst Timothy Arcuri lowered the firm's price target on Qualcomm (QCOM) to $180 from $185 and keeps a Neutral rating on the shares. Qualcomm's largely in-line guidance eased smartphone concerns, though higher data center investment may pressure near-term estimates, the analyst tells investors in a research note. Data center, automotive and IoT growth, potential smartphone inventory rebuilding and stable Apple (AAPL) licensing terms support longer-term EPS acceleration as non-handset businesses gain profit share, the firm says.

• FICO Wells Fargo lowered the firm's price target on FICO to $650 from $735 and keeps an Equal Weight rating on the shares. The firm notes the company delivered a Q4 EPS beat, but did not provide FY27 guidance as the company transitions to bespoke mortgage pricing tailored for individual customers, while elevated interest rates and affordability challenges also weigh on the mortgage market.
• FDS Wells Fargo raised the firm's price target on FactSet to $290 from $250 and keeps an Underweight rating on the shares. The firm expects FactSet to guide organic ASV 5%-8% and 50bp of operating margin expansion annually over the medium-term, both modestly above Street. Management will likely emphasize AI as a durable growth tailwind and the company's advantages over AI-native startups.
• EMR Wells Fargo raised the firm's price target on Emerson to $180 from $177 and keeps an Overweight rating on the shares. The firm cites a solid Q4 ops/orders beat. While full year guide was below consensus, it looks conservative with a good setup on stable/defensive MRO, supporting pricing power that drives best in class incremental margins, differentiated versus peers, Wells adds.
• PGNY Wells Fargo analyst Stan Berenshteyn raised the firm's price target on Progyny to $38 from $37 and keeps an Overweight rating on the shares. A record selling season of 1.3M new lives and roughly 16% covered lives growth creates a solid 2027 setup, the firm says. Near term debate is likely to be ART cycle lift needed for Q4, though management cited improving usage trends through October and into November, adds Wells.
• EW Wells Fargo raised the firm's price target on Edwards Lifesciences to $113 from $100 and keeps an Overweight rating on the shares. The firm notes the company reported a broad-based Q3 beat and raised 2026 guidance. With positive PROGRESS data and the updated NCD, Wells sees a strong 2027 and beyond ahead.
• UBER Wells Fargo lowered the firm's price target on Uber to $87 from $92 and keeps an Overweight rating on the shares. The firm sees recent restructuring and insurance tailwinds funding supply investments supporting October Mobility acceleration vs. Q3. Wells prefers additional investment to maintain steady mobility trips growth, which it sees as critical to stave off AV bear narrative.
• HUBS Wells Fargo lowered the firm's price target on HubSpot to $200 from $250 and keeps an Equal Weight rating on the shares. The firm notes the company posted a solid Q3 beat, but Q4 guidance came in below expectations as ongoing headwinds are expected to continue. HubSpot is amid several business transitions, and Wells remains on the sidelines until there's more visibility into its growth trajectory.
• UTHR Wells Fargo raised the firm's price target on United Therapeutics to $703 from $700 and keeps an Overweight rating on the shares. The Tyvaso beat is a clear positive, the firm says, though the pipeline faces execution pressure with uncertainty around the oral ralinepag approval timeline, and the TreSMI delay. Wells thinks TreSMI is important, and expects continued debate on Yutrepia in the meantime.
• FIS Wells Fargo lowered the firm's price target on FIS to $33 from $46 and keeps an Equal Weight rating on the shares. While management suggested weak 2027 outlook embeds some conservatism, the firm thinks shares will remain in the penalty box until signs of improved execution emerge or results of the portfolio review accelerates de-levering and the path to buybacks.
• SMG Wells Fargo raised the firm's price target on Scotts Miracle-Gro to $76 from $71 and keeps an Overweight rating on the shares. Shares closed up 8.7% as the company delivered an EPS beat to close the books on FY26 and, more importantly, outlined a credible path to potentially high-single-digit EPS growth in FY27.

• FSLR William Blair upgraded First Solar to Outperform from Market Perform without a price target. The firm cites the Democrats sweeping the midterm elections for the upgrade. This will unlock support at a local level for more utility-scale solar procurement and siting, the analyst tells investors in a research note. Blair views First Solar as the best positioned utility scale solar panels market in the U.S. to benefit. The state-level tailwinds will be positive for the long-term prospects of First Solar, but it will take time to show up in bookings, contends the firm.

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