Early Look

Tuesday, September 8, 2026

U.S. futures are mixed this morning with Dow Jones futures down over -300 points, S&P 500 futures down slightly and Nasdaq futures up slightly amid a busy morning of news. Brent crude is approaching $100 a barrel as operations at Saudi energy facilities were halted following Houthi attacks that wounded 73 people. The escalation, amid wider Middle East tensions, sent oil prices soaring, with Brent crude futures rising above $98 a barrel, while the 10-year US Treasury yield is trading at 4.80% and the 30-year at 5.27%. Several pharmaceutical stocks are under pressure following two separate failed drug studies from Novartis (NVS) which has shares down -12%, one in neuromuscular study and one on cardiovascular/cholesterol, which is hitting shares of AMGN, LLY, IONS, DYN and SRPT. Several stocks are also moving on S&P index changes announced late Friday as BE, Everpure (P), and IILMN are being added to the S&P 500 index, while TAP, TTD and BLDR are being removed from the S&P 500 index. Also, NKE, HONA, SPG and CL are set to leave the S&P 100 index while technology companies DELL, PANW, ANET and SNDK go into the index. There were also several S&P Smallcap 600 index changes announced (more below). In Asian markets, The Nikkei Index tumbled -1,130 points or 1.7% to 65,269, the Shanghai Index rose 7 points to 3,940, and the Hang Seng Index fell -95 points to 25,317. In Europe, the German DAX is down -63 points to 25,943, while the FTSE 100 is down slightly at 10,818. U.S. stocks fell Friday after surprisingly strong jobs data muddied the outlook for Federal Reserve policy, which sent yields higher. American employers added 162,000 workers to payrolls in August, roughly three times the number that economists had forecast. Yet for the week, the S&P 500 climbed 0.1%, the Dow fell 0.3% and the Nasdaq climbed 0.4%. As Wall Street returns from the 3-day Labor Day holiday weekend, an interesting tidbit as @Bluekurtic noted on X last Friday, “The market is closed Monday for Labor Day. A reminder that the first trading day of Labor Day week hasn’t been kind to the S&P 500. Since 2017, $SPY has fallen on Day 1 every single year, while the full 4-day week finished positive just 3 of 9 times.”

• The Dow Jones Industrial Average fell -272.51 points, or 0.51%, to 53,413.60
• The Nasdaq Composite slipped -77.07 points, or 0.29%, to 26,506.99
• The Russell 2000 Index advanced 7.37 points, or 0.25% to 2,975.65

• 1:00 PM ET US Treasury to sell 3-year notes

• Earnings After the Close: AVO BRZE CASY GME INNV MIND TTAN YQ

• Citigroup 2026 TMT Conference, 9/8-9/10 in New York, NY
• DA Davidson 5th Annual Big Sky Technology Summit, 9/8-9/11, in Big Sky, MT
• Deutsche Bank 16th Annual Aviation Forum, 9/8-9/10 in New York
• Goldman Sachs Communacopia + Technology Conference, 9/8-9/11, in San Francisco, CA
• Wells Fargo 21st Annual Healthcare Conference, 9/8-9/10 in Everett, MA
• China CPI, PPI for August

• Japan's real wages rose 2.4% in July from a year earlier, marking the biggest increase since May 2021 and the seventh consecutive month of gains, government data showed. The growth in real pay was better than June's revised 2.2% gain.
• China's exports jumped 25% in August from a year earlier on strong demand for autos and high-tech goods as its record trade surplus widened further. China's global imports climbed 28.2% in August from a year earlier, up from July's 27.5% rise. Exports grew 23.9% year-on-year in July. The trade surplus expanded in August to $119.1 billion from $112.5 billion in July.

• Nike (NKE), Honeywell Aerospace (HONA), Simon Property Group (SPG), and Colgate-Palmolive (CL) are also set to leave the S&P 100 index before the U.S. market opens on September 21, 2026, while technology companies Dell Technologies (DELL), Palo Alto Networks (PANW), Arista Networks (ANET) and SanDisk (SNDK) into the index.
• Dow Jones Indices is making the following changes to the S&P 600 index effective prior to the open of trading on Monday, September 21, to coincide with the quarterly rebalance. Herc Holdings (HRI), Delek US Holdings (DK), AXT (AXTI), Arcutis Biotherapeutics (ARQT), AtriCure (ATRC), Capri Holdings (CPRI), Boston Beer (SAM), Molson Coors Beverage (TAP), The Trade Desk (TTD), and Builders FirstSource (BLDR) are being added, while N-able (NABL), Shenandoah Telecom (SHEN), Matthews Intl (MATW), Verra Mobility (VRRM), Franklin BSP Realty Trust (FBRT), NexPoint Residential Trust (NXRT), Amerisafe (AMSF), Cogent Communications (CCOI), Corcept Therapeutics (CORT), and Brinker (EAT) are being removed from the S&P 600 index

• Uber (UBER) files for Euro-denominated five Parts Senior notes offering; size not disclosed

• Bombardier (BDRBF): In a post on Truth Social, President Donald Trump wrote, "NO MORE SELLING BOMBARDIER IN THE UNITED STATES! Their products aren't good enough! Over 50% of their revenue comes from the United States - They live off American Buyers, American Companies, American Airports, and American Service - All while Canada blocks our GREAT American Banks, and Companies, throughout the U.S.A. They even blocked Gulfstream Aerospace from doing business in Canada - Completely unjust and unfair! That Era is OVER!

• M&T Bank (MTB) was upgraded to Overweight from Equal Weight at Morgan Stanley and raised tgt to $304 from $253 and also named M&T a top pick saying the bank is gaining momentum and can post upside to Street estimates for both net interest income and buybacks.

• Beam Therapeutics (BEAM) announces updated clinical data from its phase 1/2 trial evaluating BEAM-302 for Alpha-1 Antitrypsin Deficiency; BEAM-302 continues to demonstrate potential as one-time treatment for both lung and liver manifestations of AATD.
• Boston Scientific (BSX) says 'unlikely' to meet net sales, adjusted EPS guidance after noting that on August 25, the company identified a cybersecurity incident that affected certain of its information technology systems and resulted in a global disruption to the company's operations.
• Guardant Health (GH) announces landmark FDA Approval of Guardant360® CDx as companion diagnostic for AstraZeneca’s (AZN) ETCAMAH™ (Camizestrant) in Advanced Breast Cancer; approval recommends repeat Guardant360 CDx testing every three months during therapy to detect emerging ESR1 mutations before clinical or radiographic disease progression.
• Novartis (NVS) shares tumble after its experimental drug (del-desiran) for a muscle wasting disorder failed in a late-stage study; said late-stage testing of del-desiran for the treatment of myotonic dystrophy failed to meet its primary endpoint. Novartis acquired the treatment as part of its recent $12 billion acquisition of Avidity. Shares of Sarepta (SRPT) and Dyne Therapeutics (DYN) both tumbled on Novartis failure as DYN’s z-basivarsen is also trying to correct DM1 by reducing toxic DMPK RNA while SRPT’s SRP-1003 is also an siRNA that knocks down DMPK, but they use an αvβ6-integrin-targeting Ligand rather than TfR1.
• Novartis (NVS) and Ionis (IONS) said their experimental drug Pelacarsen did not cut the risk of major heart attacks and strokes in patients with a genetic risk factor in a late-stage trial. The drug successfully lowered a dangerous genetic cholesterol, Lp(a), but it did not improve overall heart health outcomes.
• Novo Nordisk (NVO) has halted two trials testing if ziltivekimab, its experimental heart disease medicine, would help patients with heart failure, Bloomberg reported saying the committee found a "low likelihood of a different outcome" in the trials.
• Roivant (ROIV) shares rise after saying an experimental drug for a type of pulmonary hypertension achieved the goals of a mid-stage study. In the 16-week Phase 2 study its drug mosliciguat achieved a statistically significant 56% reduction compared to placebo in pulmonary Vascular resistance.

• Huawei and Xiaomi (XIACF) have launched new foldable smartphones ahead of Apple's (AAPL) product launch later this week, Reuters reported. Huawei unveiled its Mate XT2 series features its Kirin 9050 Pro chip while Xiaomi announces its Xiaomi 18 Fold.
• Nokia (NOK) announced Mobile Core Early Access, a live hosted environment that provides an up-close look at the software driving advanced network connectivity in the AI era. Available globally to telecommunication providers and enterprises, the initiative is designed to shorten the path from technology awareness to informed planning, validation, and adoption.
• Synopsys (SNPS) upgraded to Overweight from Equal Weight at Morgan Stanley with a $500 price target having gained greater confidence in the synergy trajectory from the Ansys integration and in a design IP recovery.

Mid-Morning Look

Tuesday, September 08, 2026

U.S. stocks looking lower to kick off the week that is highlighted by key CPI and PPI inflation data at the tail end of the week, with broad weakness in healthcare, financials and consumer discretionary sectors while energy leads behind another rip in oil and utilities. Oil prices extended gains on reports Yemen's Tehran-backed Houthis attacked four cities in the south of U.S. ally Saudi Arabia, wounding more than 70 people and setting oil installations ablaze in what appeared to be a major expansion of the six-month-old Middle East war. They used ‌drones and missiles to strike a Saudi airbase in the southern city of Khamis Mushait, and targets belonging to Saudi Arabia's state oil company in nearby Abha, Najran on the Yemeni border and Jazan. Healthcare sector (XLV) is down over 2% on the day, led by weakness in Novartis (NVS) after not one but two failed drug trials in different drugs that pressured names AMGN, DYN, SRPT on fears what it could mean to their competitive drugs. On the flip side, strength early in power and utility names, with BE jumping after being added to the S&P 500 index late Friday (along with ILMN/P) while quantum names (IONQ, RGTI, QBTS, INFQ) roaring higher mid several headlines (see below). Gold prices lower, Bitcoin prices lower (still can’t stay above $80K) and the dollar lower.

• Crypto sector: Visa (V) tells CNBC it is expanding data offering for blockchain lenders as demand for stablecoin-linked cards surges. Visa currently operates more than 160 stablecoin-linked card programs for issuers and program managers, a nearly 200% increase year over year. CRCL agreed to acquire Singapore-based cross-border payments platform Tazapay to expand its global payments infrastructure. Tazapay brings more than $25 billion in annualized payment volume, 60+ banking and fintech partners, and local payout rails across 100+ markets. HOOD signed a multiyear deal to bring Crypto.com-backed event contracts onto its platform and will take minority stakes in both https://Crypto.com and its prediction-markets business, OG.
• Trucking/LTL sector: ODFL and CHRW were both upgraded to Buy at Citigroup following their recent pullbacks, as both names represent the leaders in their respective sub-sectors, offering an opportunity to buy quality at a reasonable price and opened a positive catalyst watch on CHRW. With sentiment moderating in recent months, driving shares down more than - 25% from summer highs, Citi sees a more reasonable risk reward, as valuations have moved closer to their historical averages and towards levels that it believes offer solid upside. Macro slowdown remains a potential concern, but both companies offer defensive characteristics (particularly strong balance sheets) with earnings upside on continued tightening of truckload capacity and Freight Cycle inflection.
• Oil E&P sector: CVE and MGY were upgraded to Overweight from Neutral at JP Morgan and downgraded GPOR to Underweight saying at updated strip pricing, E&P oily coverage is trading at 2026-27 FCF yields of 14.1%/13.5% vs 9.3%/10.3% for its Natural gas coverage. Meanwhile, JPM sees 5% and 3% upside to consensus 2026-27 EBITDA estimates for its oily coverage vs -1%/-5% downside for its gas coverage. CVE upgrade reflects an attractive relative valuation and asset footprint that can take full advantage of crude oil and refining margin strength, and MGY upgrade to reflect anticipated accretion from the recent $4.1B WildFire acquisition, which doubles MGY's Giddings position. GPOR downgrade is largely driven by its near-term pessimism on Natural gas fundamentals as well as downside to consensus estimates given the pullback in Natural gas prices.

• GLW +4%; and VZ strike multi-billion dollar fiber deal to expand broadband and build next-gen AI infrastructure through 2032. The multi-use fiber deployment will accelerate broadband expansion for homes and businesses while building the national long-haul backbone required by AI hyperscalers.
• IONQ +12%; amid broad strength in quantum names; also raises FY26 Revenue Outlook to $450M–$460M after SkyWater acquisition and says outlook also removes estimated intercompany revenue under the prior IonQ-SkyWater agreement.
• PHVS +14%; shares rose after Deucrictibant Trial Meets Key Endpoints. Primary endpoint met with 83% attack reduction rate versus placebo. 87% reduction rate observed in people with HAE Type 1 or 2. All secondary efficacy endpoints met with statistical significance. Plans to submit NDA to FDA for prophylaxis of bradykinin-mediated angioedema attacks in 1H 2027.
• QCOM +7%; after announced a collaboration with AMZN to develop custom chips at scale for large-scale AI data centers; QCOM issued a warrant to AMZN, giving it the right to buy an about $4 billion stake, as part of a collaboration to develop custom chips for AI data centers.
• ROIV +13%; shares rise after saying an experimental drug for a type of pulmonary hypertension achieved the goals of a mid-stage study. In the 16-week Phase 2 study its drug mosliciguat achieved a statistically significant 56% reduction compared to placebo in pulmonary Vascular resistance.
• SEI +14%; raises Q4 adj EBITDA to $145M-$180M range, above its prior $100M-$120M and also now sees Q3 adj. EBITDA of $110M-$130M vs. prior range of $90M-$105M citing stronger contributions from core power services and better-than-expected performance from its recently acquired businesses

• BDRBF -5%; after President Trump aid in a social media post that Canada’s Bombardier's aircraft should no longer be sold in the U.S. unless it started manufacturing in the country.
• BSX -2%; says 'unlikely' to meet net sales, adjusted EPS guidance after noting that on August 25, the company identified a cybersecurity incident that affected certain of its information technology systems and resulted in a global disruption to the company's operations.
• DYN -22%; and SRPT shares also tumble on NVS failed drug trial as DYN’s z-basivarsen is also trying to correct DM1 by reducing toxic DMPK RNA while SRPT’s SRP-1003 is also an siRNA that knocks down DMPK, but they use an αvβ6-integrin-targeting Ligand rather than TfR1.
• IONS -2%; and NVS said their experimental drug Pelacarsen did not cut the risk of major heart attacks and strokes in patients with a genetic risk factor in a late-stage trial. The drug successfully lowered a dangerous genetic cholesterol, Lp(a), but it did not improve overall heart health outcomes
• NVS -12%; on two failed drug studies; its experimental drug (del-desiran) for a muscle wasting disorder failed in a late-stage study; said late-stage testing of del-desiran for the treatment of myotonic dystrophy failed to meet its primary endpoint.
• SGML -11%; after a Brazilian court ordered suspension of environmental licenses and mining activities at miner's Grota do Cirilo mine; the Judge ruled on Friday that co's project was within the direct area of influence of the Bau Quilombola community.

Closing Recap

Tuesday, September 08, 2026

U.S. stocks finished lower amid another round of sector rotation as recently strong healthcare stocks led the declines along with financials, while energy, power and technology saw the biggest gains as investors await key CPI and PPI inflation data the latter part of this week. Oil prices jumped, yields edged higher again as stock market inflation concerns rise into next week’s FOMC rate policy meeting (9/15-9/16). While healthcare (XLV) tumbled on Novartis (NVS) announcing two failed drug trial studies, weighing on the cardiovascular, muscular drug companies, there were a few pockets of strength today, led by energy as oil prices hit 6-week highs. Some sectors in tech were strong such as semis (SOX), along with opticals (AAOI, LITE, COHR, CIEN) following commentary around OpenAI’s GPT-6 Astra, which was released September 3, explicitly pointed to 800G/1.6T Optical modules as a direct beneficiary of another compute-scale-up Cycle. The comments also helped neoclouds like CRWV and NBIS while nuclear power names saw strength as well NNE, SMR, LEU, and others. Energy rose behind oil as which rallied on reports Yemen's Tehran-backed Houthis attacked four cities in the south of Saudi Arabia. It was a very quiet afternoon with major averages trading in a narrow range.  Stocks did take a leg lower late after reports Iran launched an attack against U.S. Navy ships on Monday that the U.S. military has yet to acknowledge, the Wall Street Journal reported on Tuesday, citing U.S. officials.

• December gold fell -$37.60, or -0.84%, to settle at $4,439.00 an ounce and December Silver edges higher $0.25, or +0.38%, to finish at $67.00 an ounce.  U.S. Treasury yields edged higher on Tuesday as traders awaited key inflation data due later this week for clues on whether the Federal Reserve is likely to raise interest rates this month. The 2-year note yield rose 1.46 basis points to 4.394%, while the yield on benchmark 10-year notes gained 1.2 basis points to 4.796%. The Japanese yen hovered near a seven-month high, while the dollar steadied against major peers. The move comes after the yen gained nearly 5% since last week, driven partly by expectations of faster BoJ policy tightening.

• Retail sector: BBY was downgraded to Neutral from Buy at Davidson with a $95 price target saying fundamentals remain solid, but the downgrade is primarily driven by profit-taking and valuation after a 35% year-to-date gain, with potential upside from an emerging TV innovation and replacement cycle signaled by the first positive Consumer Electronics comp since 4Q21.

• E&C and Power sector: nuclear/SMR names outperformed with strength in OKLO, SMR, LEU, NNE and others; BE shares rallied after being added to the S&P 500 index effective prior to the open of trading on Monday, September 21, to coincide with the quarterly rebalance; SEI shares gained after raising its Q4 adj EBITDA to $145M-$180M range, above its prior $100M-$120M and also now sees Q3 adj. EBITDA of $110M-$130M vs. prior range of $90M-$105M citing stronger contributions from core power services and better-than-expected performance from its recently acquired businesses; ETN was upgraded from Neutral to Buy at UBS and raised tgt to $515 from $450 on strong sales growth and improving margins as expects the company's margins to meaningfully improve in Q3 and beyond, reflecting proactive pricing actions and better execution. NEE said it has secured a U.S. Department of Energy loan of up to $1.9B to support the restart of its Duane Arnold Energy Center in Iowa, as the country seeks to add reliable power generation capacity to meet rising demand.
• Aerospace sector: GEV said it would buy castings maker Consolidated Precision Products from investment firms Warburg Pincus and Berkshire Partners for $11.75 billion. Bombardier (BDRBF) shares were pressured after President Trump aid in a social media post that Canada’s Bombardier's aircraft should no longer be sold in the U.S. unless it started manufacturing in the country.
• Defense sector: LMT was upgraded to Buy from Neutral at UBS and raise tgt to $674 from $581 saying growth in missiles/munitions - and others like F-35 sustainment, Ch-53K, and Trident - drive a 9% revenue CAGR through 2028; this is above consensus and does not appear priced in.
• Metals, Mining and Materials: SGML shares fell after a Brazilian court ordered suspension of environmental licenses and mining activities at miner's Grota do Cirilo mine; the Judge ruled on Friday that co's project was within the direct area of influence of the Bau Quilombola community

• Crypto sector: Visa (V) tells CNBC it is expanding data offering for blockchain lenders as demand for stablecoin-linked cards surges. Visa currently operates more than 160 stablecoin-linked card programs for issuers and program managers, a nearly 200% increase year over year. CRCL agreed to acquire Singapore-based cross-border payments platform Tazapay to expand its global payments infrastructure. Tazapay brings more than $25 billion in annualized payment volume, 60+ banking and fintech partners, and local payout rails across 100+ markets. HOOD signed a multiyear deal to bring Crypto.com-backed event contracts onto its platform and will take minority stakes in both https://Crypto.com and its prediction-markets business, OG.

• 1) NVS and partner IONS shares fell after saying their experimental drug Pelacarsen did not cut the risk of major heart attacks and strokes in patients with a genetic risk factor in a late-stage trial (HORIZON study). The drug successfully lowered a dangerous genetic cholesterol, Lp(a), but it did not improve overall heart health outcomes. AMGN and LLY drugs "lower Lp(a) more than Pelacarsen" and could now face greater scrutiny. Pelacarsen is a subcutaneous injection given once a month that lowers lipoprotein (a) or Lp(a)– a type of genetically inherited cholesterol that has been linked to higher heart risk. Other experimental Lp(a)-lowering drugs in development include AMGN’s olpasiran and LLY lepodisiran, while shares of NAMS falls on read-through/implications for PREVAIL study.
• 2) NVS also announced this morning negative top-line data from the Phase 3 HARBOR trial evaluating del-desiran in patients with myotonic dystrophy type 1 (DM1), with the study failing to achieve a statistically significant improvement on the primary endpoint of video hand opening time (vHOT) through Week 54 versus placebo, although some evidence of clinical activity was noted in the secondary endpoints. Shares of SRPT and DYN both declined on NVS failed drug trial as DYN’s z-basivarsen is also trying to correct DM1 by reducing toxic DMPK RNA while SRPT’s SRP-1003 is also an siRNA that knocks down DMPK, but they use an αvβ6-integrin-targeting Ligand rather than TfR1.
• AMGN was downgraded to Market Perform from Outperform at BMO Capital citing valuation, saying Amgen's commercial execution "is now the base case" with the shares up 34% year-to-date. Also, shares pressured after NVS cholesterol drug failed in a closely watched study, raising concerns for Amgen's experimental cholesterol drug olpasiran. J.P. Morgan says Novartis' Pelacarsen study results lower expectations for Amgen's olpasiran ahead of late-stage data
• AZN said its cancer drug Imfinzi combined with AMGN’s targeted immunotherapy Imdelltra significantly improved overall survival in first-line extensive-stage small cell lung cancer.
• BHVN was downgraded from Outperform to Sector Perform at RBC Capital and lower tgt to $19 from $23 saying they had been looking for the Kv7 program to provide an upside catalyst and Bridge the Gap to additional data from the degraders, helping balance the overall risk profile. With shares up ~100% since the lows earlier this year, RBC thinks this has largely occurred.
• BMY said its experimental cell therapy arlocabtagene autoleucel, or arlo-cel, for a type of blood cancer had met the main goal of a mid-stage trial; study met its main goal, showed significant improvement in the percentage of patients who responded to the treatment as well as secondary point
• BNTX was downgraded to market perform at BMO Capital and reducing its target to $105/share based on 1) stronger-than-expected future erosion of Comirnaty; 2) a lack of de-risking data for pumitamig until 2028, and 3) reduced expectations for the company's mRNA-based iNEST program.
• GPCR shares fell in obesity sector after trial data announcement is disconnected from the datasets with no fundamental issues emerging from either the trial readout or the public call. Jefferies said the company's shares were potentially affected by broader pullback following recent heart-health trial disappointments along with a lack of deal signal as investors await more data.
• INBX announced the primary endpoint results from the randomized and controlled Phase 2 portion of the HexAgon study, which is evaluating the safety and efficacy of INBRX-106, in combo w/pembrolizumab vs. pembrolizumab monotherapy as the control arm in first-line patients with treatment-naive, PD-L1 positive metastatic or unresectable recurrent HNSCC.
• NTLA said the U.S. FDA accepted its application seeking approval of lonvoguran ziclumeran, or lonvo-z, as an experimental treatment for hereditary angioedema (HAE), and granted it priority review; the FDA set a target action date of March 10 next year for its review of the therapy.
• PHVS shares rose after Deucrictibant Trial Meets Key Endpoints. Primary endpoint met with 83% attack reduction rate versus placebo. 87% reduction rate observed in people with HAE Type 1 or 2. All secondary efficacy endpoints met with statistical significance. Plans to submit NDA to FDA for prophylaxis of bradykinin-mediated angioedema attacks in 1H 2027.
• ROIV shares rise after saying an experimental drug for a type of pulmonary hypertension achieved the goals of a mid-stage study. In the 16-week Phase 2 study its drug mosliciguat achieved a statistically significant 56% reduction compared to placebo in pulmonary Vascular resistance.
• Medical Devices: BSX said it is unlikely to meet net sales, adjusted EPS guidance after noting that on August 25, the company identified a cybersecurity incident that affected certain of its information technology systems and resulted in a global disruption to the company's operations. SYK shares fell after their CFO said at the Wells Fargo conference they are seeing manufacturing issues in peripheral Vascular business beyond Q3 as now expect it to continue a little bit into the fourth quarter as well.

• Global semiconductor sales fell in July from a record high in the previous month, with memory sales posting a sharper decline, UBS noted. Global chip sales fell 9.8% in July from June, says UBS based on Semiconductor Industry Association data. Memory sales dropped 16.3% month-on-month, while ex-memory integrated circuit sales rose 0.9%. The memory decline was led by lower shipments. While DRAM and NAND average selling prices increased 8.3% and 9.8%, respectively. UBS expects DDR prices to rise 22% quarter-on-quarter in the third quarter and NAND contract prices to increase 20%. "We now expect both DRAM and NAND to continue to be undersupplied into 2027."
• Optical stocks were broadly higher led by names like AAOI, LITE, COHR, CIEN, and others with the catalyst being commentary around OpenAI’s GPT-6 Astra, released September 3. Copper reach and power become limiting at 800G and 1.6T, so hyperscalers need more high-speed optical transceivers, lasers, and related photonics. AAOI, LITE, and COHR are among the main U.S. suppliers of those parts. Commentary after Astra explicitly pointed to 800G/1.6T optical modules as a direct beneficiary of another compute-scale-up cycle. That thematic bid is what is lifting the group today, on top of the existing AI-optics capacity-constrained story. VZ and GLW strike multi-billion dollar fiber deal to expand broadband and build next-gen AI infrastructure through 2032.
• Quantum sector: shares of RGTI, QBTS, QNT shares were active after signs a $100-million agreement with U.S. government to accelerate superconducting quantum computing R&D. U.S. Department of Commerce to receive a minority equity stake in Rigetti under the deal; IONQ raises FY26 Revenue Outlook to $450M–$460M after SkyWater acquisition and says outlook also removes estimated intercompany revenue under the prior IonQ-SkyWater agreement.
• Robotics sector: XPEV has commissioned the world’s first automated production line for advanced general-purpose humanoid robots, with more than 80% of core manufacturing processes automated. Its IRON humanoid is now being built using automotive-grade production systems. XPENG targets mass production by the end of 2026, with initial deployments in its own stores and campuses before commercial deliveries begin in China and overseas markets in 2027. ARBE radar chipset selected for a Level 3 automated-driving passenger vehicle program in China at one of the world’s largest automotive groups. Hirain will supply the imaging radar across multiple brands under the group, handling development, manufacturing, integration, validation, and quality.
• Industrial Technology sector: ST was upgraded to Overweight at Barclays and raised price targets for MANH to $239, CDW to $150, SNX to $287 & lower SYM's to $38 in Industrials Tech & Distribution sector saying 2026 CAPEX Growth est. +19% (vs. July +15%); Short-Cycle & Long-Cycle CAPEX drives Industrial Tech OSG to +12% (prior +10%). Valuations imply shortest recovery in a Generation. Barclays expects ST to outperform global production given its improving content per vehicle trends, raise price targets for MANH, CDW, SNX & lower SYM's.

Street Recommendations

Tuesday, September 8, 2026

• RRC Barclays raised the firm's price target on Range Resources to $42 from $40 and keeps an Equal Weight rating on the shares. The company's "consistent through-cycle execution has created substantial operating and capital flexibility," the analyst tells investors in a research note.

• AMGN BMO Capital downgraded Amgen to Market Perform from Outperform with an unchanged price target of $450. The firm cites valuation for the downgrade, saying Amgen's commercial execution "is now the base case" with the shares up 34% year-to-date. Despite its commercial performance, Amgen continues to face a significant loss of exclusivity headwinds, the analyst tells investors in a research note. BMO adds that while MariTide is an important product, clarity is needed on its competitive profile before the firm can get comfortable with the consensus peak sales estimate.
• CMS BMO Capital analyst James Thalacker lowered the firm's price target on CMS Energy to $77 from $82 and keeps an Outperform rating on the shares. CMS Energy's 20-year investment runway, driven by significant clean-energy and battery additions to meet Michigan's clean-energy mandates, supports sustained EPS growth near the high end of 6%-8%, while the state's favorable FCM mechanism could provide incremental earnings upside, the analyst tells investors in a research note.
• IONS BMO Capital lowered the firm's price target on Ionis Pharmaceuticals to $54 from $61 and keeps a Market Perform rating on the shares. Ionis is expected to face near-term pressure following pelacarsen's HORIZON failure, prompting removal of the program from the firm's model, with the stock's outlook now centered primarily on the Tryngolza sHTG launch, the analyst tells investors in a research note.

• APP BTIG lowered the firm's price target on AppLovin to $396 from $408 and keeps a Buy rating on the shares. The price target reduction reflects a more conservative forward outlook and a rebalancing of the firm's gaming vs. non-gaming estimates, the analyst tells investors in a research note.
• NOW BTIG raised the firm's price target on ServiceNow to $170 from $150 and keeps a Buy rating on the shares. ServiceNow's near-term AI monetization should be driven primarily by customer upgrades to its new AI-native SKUs, with meaningful incremental upside from consumption-based Now Assist packs as adoption scales, the analyst tells investors in a research note.

• CHRW Citi upgraded C.H. Robinson to Buy from Neutral with a price target of $185, down from $196. Citi also added an "upside 90-day catalyst watch" on C.H. Robinson. The firm cites valuation for the upgrade following the stock's recent pullback. Current share levels provide an "opportunity to buy quality at a reasonable price," the analyst tells investors in a research note. Citi expects more favorable conditions for C.H. Robinson in Q3 with spot rates moderating in recent weeks.
• ODFL Citi upgraded Old Dominion to Buy from Neutral with a price target of $223, down from $231. he firm cites valuation for the upgrade following the stock's recent pullback. Current share levels provide an "opportunity to buy quality at a reasonable price," the analyst tells investors in a research note. The firm sees potential for earnings upside on tightening of truckload capacity and a freight cycle inflection.
• SAIA Citi analyst Ariel Rosa lowered the firm's price target on Saia to $417 from $423 and keeps a Buy rating on the shares. The firm believes mid-quarter updates in the trucking space show the freight cycle inflection remains on track. It cites macro concerns for the target cut.
• PATH Citi initiated coverage of UiPath with a Buy rating and $23 price target. The firm believes the company is turning into a "control plane" for enterprise AI. The recent post-earnings selloff provides an attractive entry point into the company's investor day, the analyst tells investors in a research note.
• HOG Citi analyst James Hardiman raised the firm's price target on Harley-Davidson to $31 from $27 and keeps a Neutral rating on the shares. The firm believes Harley could "finally be seeing some stabilization" of demand ahead of cost savings in 2027. Citi estimates the company's U.S. retail unit sales were up mid-single digits in both July and August. Harley's growth continued into Q3 with dealers "uncharacteristically bullish," the analyst tells investors in a research note.

• HOOD Goldman Sachs raised the firm's price target on Robinhood to $142 from $124 and keeps a Buy rating on the shares. Robinhood's Rothera prediction-market joint venture has quickly reached a top-3 to top-5 global position and about $150M annualized revenue, with further growth potential from deep liquidity, low fees, and expansion to additional brokers and products, the analyst tells investors in a research note.
• SAIC Goldman Sachs analyst Noah Poponak raised the firm's price target on SAIC to $103 from $93 and keeps a Sell rating on the shares. While the quarter was improved versus recent reporting periods, updated guidance implies revenue down and margins lower in the second half of the fiscal year, the analyst tells investors in a research note.
• IONS Goldman Sachs lowered the firm's price target on Ionis Pharmaceuticals to $56 from $69 and keeps a Neutral rating on the shares. The pelacarsen setback removes a roughly $13/share DCF contribution and raises questions around 2028 cash-flow breakeven, but management remains confident in offsetting the impact through disciplined spending and commercial growth, with Tryngolza and 2027 Angelman data now key catalysts, the analyst tells investors in a research note.

• GPOR JPMorgan double downgraded Gulfport Energy to Underweight from Overweight with a price target of $194, down from $240. The firm adjusted ratings in the exploration and production group to reflect its preference for oil versus natural gas. JPMorgan remains "highly constructive" on natural gas fundamentals from 2028 to 2030 on rising liquified natural gas exports and power demand, but sees an "air pocket" in 2027 given the timing of new LNG start-ups that are concentrated in late 2027. The firm cites its "near-term pessimism" on natural gas fundamentals as well as downside to consensus estimates given the pullback in natural gas prices for the double downgrade of Gulfport.
• MGY JPMorgan upgraded Magnolia Oil & Gas to Overweight from Neutral with a price target of $33, up from $32. The firm adjusted ratings in the exploration and production group to reflect its preference for oil versus natural gas. JPMorgan remains "highly constructive" on natural gas fundamentals from 2028 to 2030 on rising liquified natural gas exports and power demand, but sees an "air pocket" in 2027 given the timing of new LNG start-ups that are concentrated in late 2027. The firm cites anticipated accretion from the recent $4.1B WildFire acquisition, which doubles Magnolia's Giddings position, for the upgrade.

• EVLV Ladenburg initiated coverage of Evolv with a Buy rating and $8 price target.

• MTB Morgan Stanley upgraded M&T Bank to Overweight from Equal Weight with a price target of $304, up from $253. Morgan Stanley also named M&T a top pick. The bank is gaining momentum and can post upside to Street estimates for both net interest income and buybacks, the analyst tells investors in a research note. The firm sees several catalysts for M&T beginning with the Q3 earnings report in October. The company is a "beat-and-raise story" on net interest income as loan growth accelerates, with higher buybacks coming in 2027, contends Morgan Stanley.
• SNPS Morgan Stanley upgraded Synopsys to Overweight from Equal Weight with a $500 price target. Since having moved Synopsys to Equal Weight earlier this year, the firm has gained greater confidence in the synergy trajectory from the Ansys integration and in a design IP recovery, the analyst tells investors. The firm thinks the movement of AI from a digital/cloud world to a physical world supports Synopsys' portfolio, the analyst added.
• PDFS Morgan Stanley analyst Lee Simpson initiated coverage of PDF Solutions with an Overweight rating and $62 price target. PDF's position across manufacturing data, secure connectivity, analytics and workflow orchestration should support durable high-teens to about 20% growth, says the analyst, who sees the stock being increasingly valued as "a vertical software compounder."
• ONTO Morgan Stanley analyst Shane Brett lowered the firm's price target on Onto Innovation to $360 from $383 and keeps an Overweight rating on the shares. After cutting its HBM estimates, but raising advanced-node and specialty-device forecasts, the firm sees "close" to $13 of EPS in calendar year 2027, says the analyst, who sees Onto having "one of the best risk rewards" in the firm's U.S. semiconductor process equipment coverage.
• PNFP Morgan Stanley analyst Ryan Kenny initiated coverage of Pinnacle Financial with an Overweight rating and $137 price target while assuming coverage of 12 midcap banks. Since the 2023 regional banking crisis, midcap banks have strengthened capital, reduced commercial real estate concentration, and improved profitability to levels exceeding those before the Covid-19 pandemic, notes the analyst, who sees see an attractive setup for midcap banks, but also sees "unequal upside" among the group.
• CFR Morgan Stanley upgraded Cullen/Frost to Overweight from Underweight with a price target of $200, up from $141, while assuming coverage of 12 midcap banks. Since the 2023 regional banking crisis, midcap banks have strengthened capital, reduced commercial real estate concentration, and improved profitability to levels exceeding those before the Covid-19 pandemic, notes the analyst, who sees see an attractive setup for midcap banks, but also sees "unequal upside" among the group.
• EWBC Morgan Stanley upgraded East West Bancorp to Overweight from Equal Weight with a price target of $160, up from $131, while assuming coverage of 12 midcap banks. Since the 2023 regional banking crisis, midcap banks have strengthened capital, reduced commercial real estate concentration, and improved profitability to levels exceeding those before the Covid-19 pandemic, notes the analyst, who sees see an attractive setup for midcap banks, but also sees "unequal upside" among the group.
• UMBF Morgan Stanley raised the firm's price target on UMB Financial to $190 from $159 and keeps an Overweight rating on the shares. Midcap banks have strengthened capital, reduced commercial real estate concentration, and improved profitability to levels exceeding those before the Covid-19 pandemic, notes the analyst, who sees see an attractive setup for midcap banks, but also sees "unequal upside" among the group.
• CBSH Morgan Stanley upgraded Commerce Bancshares to Overweight from Equal Weight with a price target of $76, up from $65, while assuming coverage of the bank. Since the 2023 regional banking crisis, midcap banks have strengthened capital, reduced commercial real estate concentration, and improved profitability to levels exceeding those before the Covid-19 pandemic, notes the analyst, who sees see an attractive setup for midcap banks, but also sees "unequal upside" among the group.
• CFG Morgan Stanley analyst Ryan Kenny assumed coverage of Citizens Financial with an Overweight rating and a price target of $90, up from $79, while assuming coverage of 12 midcap banks. Since the 2023 regional banking crisis, midcap banks have strengthened capital, reduced commercial real estate concentration, and improved profitability to levels exceeding those before the Covid-19 pandemic, notes the analyst, who sees see an attractive setup for midcap banks, but also sees "unequal upside" among the group.
• FHN Morgan Stanley analyst Ryan Kenny initiated coverage of First Horizon with an Equal Weight rating and $30 price target. Since the 2023 regional banking crisis, midcap banks have strengthened capital, reduced commercial real estate concentration, and improved profitability to levels exceeding those before the Covid-19 pandemic, notes the analyst, who sees see an attractive setup for midcap banks, but also sees "unequal upside" among the group.
• MBIN Morgan Stanley assumed coverage of Merchants Bancorp with an Equal Weight rating and a price target of $65, up from $49, while assuming coverage of 12 midcap banks. Since the 2023 regional banking crisis, midcap banks have strengthened capital, reduced commercial real estate concentration, and improved profitability to levels exceeding those before the Covid-19 pandemic, notes the analyst, who sees see an attractive setup for midcap banks, but also sees "unequal upside" among the group.
• VLY Morgan Stanley analyst Ryan Kenny assumed coverage of Valley National with an Equal Weight rating and a price target of $17, up from $16, while assuming coverage of 12 midcap banks. Since the 2023 regional banking crisis, midcap banks have strengthened capital, reduced commercial real estate concentration, and improved profitability to levels exceeding those before the Covid-19 pandemic, notes the analyst, who sees see an attractive setup for midcap banks, but also sees "unequal upside" among the group.
• RF Morgan Stanley assumed coverage of Regions Financial with an Equal Weight rating and a price target of $36, up from $35, while assuming coverage of 12 midcap banks. Since the 2023 regional banking crisis, midcap banks have strengthened capital, reduced commercial real estate concentration, and improved profitability to levels exceeding those before the Covid-19 pandemic, notes the analyst, who sees see an attractive setup for midcap banks, but also sees "unequal upside" among the group.
• SFNC Morgan Stanley analyst Ryan Kenny downgraded Simmons First National to Underweight from Equal Weight with a price target of $26, up from $24, while assuming coverage of 12 midcap banks. Since the 2023 regional banking crisis, midcap banks have strengthened capital, reduced commercial real estate concentration, and improved profitability to levels exceeding those before the Covid-19 pandemic, notes the analyst, who sees see an attractive setup for midcap banks, but also sees "unequal upside" among the group.
• CUBI Morgan Stanley downgraded Customers Bancorp to Underweight from Equal Weight with a price target of $89, up from $88. Since the 2023 regional banking crisis, midcap banks have strengthened capital, reduced commercial real estate concentration, and improved profitability to levels exceeding those before the Covid-19 pandemic, notes the analyst, who sees see an attractive setup for midcap banks, but also sees "unequal upside" among the group.
• OZK Morgan Stanley analyst Ryan Kenny downgraded Bank OZK to Underweight from Equal Weight with an unchanged price target of $56 while assuming coverage of 12 midcap banks. Since the 2023 regional banking crisis, midcap banks have strengthened capital, reduced commercial real estate concentration, and improved profitability to levels exceeding those before the Covid-19 pandemic, notes the analyst, who sees see an attractive setup for midcap banks, but also sees "unequal upside" among the group.
• PB Morgan Stanley downgraded Prosperity Bancshares to Underweight from Equal Weight with an unchanged price target of $80 while assuming coverage of 12 midcap banks. Since the 2023 regional banking crisis, midcap banks have strengthened capital, reduced commercial real estate concentration, and improved profitability to levels exceeding those before the Covid-19 pandemic, notes the analyst, who sees see an attractive setup for midcap banks, but also sees "unequal upside" among the group.
• ZION Morgan Stanley downgraded Zions Bancorp to Underweight from Overweight with an unchanged price target of $77 while assuming coverage of 12 midcap banks. Since the 2023 regional banking crisis, midcap banks have strengthened capital, reduced commercial real estate concentration, and improved profitability to levels exceeding those before the Covid-19 pandemic, notes the analyst, who sees see an attractive setup for midcap banks, but also sees "unequal upside" among the group.

• EQBK Piper Sandler raised the firm's price target on Equity Bancshares to $60 from $58 and keeps an Overweight rating on the shares. The firm updated its estimates to incorporate the company's pending acquisition of Lincoln Bancorp that is expected to close in mid-Q4. While Lincoln is expected to weigh on Equity's pro forma ROA and net interest margin, Piper believes this is balanced by greater anticipated EPS growth next year and with low-to-mid-single-digit high-quality organic balance sheet is still doable going forward.

• ABNB Raymond James upgraded Airbnb to Outperform from Market Perform with a $200 price target. The firm's eight-part deep dive reinforces confidence in durable low-double-digit growth, with a low-teens bull case, while its AI opportunity across customers, hosts, and operations builds on a strong moat of first-party traffic, unique inventory, and broad distribution, the analyst tells investors in a research note.

• SHAK RBC Capital analyst Logan Reich initiated coverage of Shake Shack with an Outperform rating and $89 price target. The firm believes the company is "at an inflection point." Increasing scale and "sophistication" in marketing and supply chain can drive upside to Street estimates through at least 2027, the analyst tells investors in a research note. RBC says Shake Shack's new CFO doing away with quarterly guidance could set more conservative expectations, yielding more consistent quarterly beats.

• VLO UBS raised the firm's price target on Valero to $450 from $355 and keeps a Buy rating on the shares. Valero is well positioned for sustained value creation as refining margins remain elevated longer than expected and potentially settle at structurally higher mid-cycle levels, supported by disciplined capital allocation and shareholder-friendly returns, the analyst tells investors in a research note.
• DINO UBS analyst Manav Gupta raised the firm's price target on HF Sinclair to $126 from $105 and keeps a Buy rating on the shares. HF Sinclair is positioned for sustained value creation as refining, chemicals/lubes, and renewable diesel margins remain elevated longer than expected, supported by growing midstream and marketing businesses, potentially higher structural refining margins, and disciplined capital returns, the analyst tells investors in a research note.
• PSX UBS analyst Manav Gupta raised the firm's price target on Phillips 66 to $300 from $235 and keeps a Buy rating on the shares. Phillips 66 is well positioned for sustained value creation as refining, chemicals, and renewable diesel margins remain elevated longer than expected, with potentially higher structural refining margins and disciplined capital allocation supporting attractive long-term returns, the analyst tells investors in a research note.
• MPC UBS raised the firm's price target on Marathon Petroleum to $450 from $321 and keeps a Buy rating on the shares. Marathon is well positioned for sustained value creation as refining margins remain elevated longer than expected, best-in-class operations drive strong capture rates, and tight West Coast fundamentals support strong Q3 earnings, alongside disciplined capital allocation and substantial shareholder returns, the analyst tells investors in a research note.
• PTON UBS lowered the firm's price target on Peloton to $10 from $11 and keeps a Buy rating on the shares. The firm's EBITDA outlook is being trimmed modestly due to higher churn, though the $525M upper-end target remains achievable, while a strong balance sheet with just $93M of net debt and over $1.2B of cash provides significant financial flexibility, the analyst tells investors in a research note.

• SPCX Wells Fargo lowered the firm's price target on SpaceX to $212 from $215 and keeps an Overweight rating on the shares. The firm argues that market should take SpaceX U.S. wireless entry ambitions seriously. Wells expects SpaceX to take an asset- and capital expenditure-light approach to network build. The firm sees it as negative for U.S. Telcos on risks to net add share and higher spectrum cost, and positive for partners such as Towers and Cable.

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

• 1:00 PM ET US Treasury to sell 3-year notes

• Earnings After the Close: AVO BRZE CASY GME INNV MIND TTAN YQ

• Citigroup 2026 TMT Conference, 9/8-9/10 in New York, NY
• DA Davidson 5th Annual Big Sky Technology Summit, 9/8-9/11, in Big Sky, MT
• Deutsche Bank 16th Annual Aviation Forum, 9/8-9/10 in New York
• Goldman Sachs Communacopia + Technology Conference, 9/8-9/11, in San Francisco, CA
• Wells Fargo 21st Annual Healthcare Conference, 9/8-9/10 in Everett, MA
• China CPI, PPI for August

• 7:45 AM ET ICSC Weekly Retail Sales
• 8:55 AM ET                   Johnson/Redbook Weekly Sales
• 1:00 PM ET US Treasury to sell 10-yr notes
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: AEO AVAV COO GLOO KEQU LAKE LMNR LSAK NAVN SKIL WLTH

• Bank America Media, Communications & Entertainment Conference, 9/9-9/10, in New York
• Bank America Gaming & Lodging Conference, 9/9-9/10
• Barclay’s Global Consumer Conference, 9/8-9/10, in Boston, MA
• Cantor Healthcare Conference, 9/9-9/11, in New York
• Citigroup 2026 TMT Conference, 9/8-9/10 in New York, NY
• Citigroup 2026 Biopharma Back to School Conference, 9/9-9/10, in New York, NY 
• DA Davidson 5th Annual Big Sky Technology Summit, 9/8-9/11, in Big Sky, MT
• Deutsche Bank 16th Annual Aviation Forum, 9/8-9/10 in New York
• Goldman Sachs Communacopia + Technology Conference, 9/8-9/11, in San Francisco, CA
• Jefferies Global Industrials & Materials Conference, 9/9-9/10 in New York
• Jefferies Renewables, Clean Energy, & Construction Conference, 9/9-9/11, in New York
• Wells Fargo 21st Annual Healthcare Conference, 9/8-9/10 in Everett, MA

• 8:30 AM ET                   Continuing Claims
• 8:30 AM ET                   Producer Price Index (PPI) headline M/M for August
• 8:30 AM ET                   Producer Price Index (PPI) headline Y/Y for August
• 8:30 AM ET PPI Core – Ex: Food & Energy M/M for August
• 8:30 AM ET PPI Core – Ex: Food & Energy Y/Y for August
• 10:00 AM ET                 Existing Home Sales M/M for August
• 10:00 AM ET                 Wholesale Inventory M/M for July
• 10:30 AM ET                 Weekly EIA Natural Gas Inventory Data
• 12:00 PM ET                 Weekly EIA Inventory Data
• 1:00 PM ET US Treasury to sell 30-yr notes

• Earnings After the Close: ADBE CPRT DSGX IBEX ORCL REF ZUMZ

• Bank America Gaming & Lodging Conference, 9/9-9/10
• Barclay’s Global Consumer Conference, 9/8-9/10, in Boston, MA
• B Riley Securities Consumer & TMT Conference, 9/10 in New York
• Benchmark TMT Conference, 9/10 in New York
• Cantor Healthcare Conference, 9/9-9/11, in New York
• Citigroup 2026 TMT Conference, 9/8-9/10 in New York, NY
• Citigroup 2026 Biopharma Back to School Conference, 9/9-9/10, in New York, NY 
• DA Davidson 5th Annual Big Sky Technology Summit, 9/8-9/11, in Big Sky, MT
• Deutsche Bank 16th Annual Aviation Forum, 9/8-9/10 in New York
• Goldman Sachs Communacopia + Technology Conference, 9/8-9/11, in San Francisco, CA
• Jefferies Global Industrials & Materials Conference, 9/9-9/10 in New York
• Jefferies Renewables, Clean Energy, & Construction Conference, 9/9-9/11, in New York
• JP Morgan Global macro Conference, 9/10, in New York
• Lake Street 10th Annual Best Ideas Growth Conference, 9/10 in New York
• Wells Fargo 21st Annual Healthcare Conference, 9/8-9/10 in Everett, MA
• Wolfe Research TMT Conference, 9/10 in San Francisco, CA

• 8:30 AM ET                   Consumer Price Index (CPI) headline Y/Y for August
• 8:30 AM ET CPI Core – Ex: Food & Energy M/M for August
• 8:30 AM ET CPI Core – Ex: Food & Energy Y/Y for August
• 10:00 AM ET                 University of Michigan Confidence, Sept-prelim
• 11:00 AM ET                 Cleveland Fed CPI for August
• 1:00 PM ET                    Baker Hughes Weekly rig count data
• 2:00 PM ET                    Federal Budget for August

• Goldman Sachs Communacopia + Technology Conference, 9/8-9/11

.