Early Look

Thursday, October 22, 2026

U.S. stock futures are broadly lower, as a spike in oil/energy prices amid escalating conflict in the Middle East raises renewed inflation/borrowing costs concerns, with Nasdaq futures down -1.6% and S&P futures down around 1% ahead of another busy day of earnings. What looked like it was going to be a strong start for markets this morning after Tesla (TSLA), Meta (META), IBM and Texas Instruments (TXN) all reported earnings/guidance results that lifted shares after the close last night, has quickly turned negative, with many of those names now lower as macro concerns have taken center stage. Meta Platforms beat Wall Street's expectations, reported record combined revenue, and raised the lower end of its capital expenditure range, but also announced a new class of stock to fund its AI push, sending shares lower. The NY Times reported the U.S., and Israeli militaries have developed specific plans for renewed strikes against Iran after the American midterm elections, according to U.S. officials and other people briefed on the deliberations. As planning for a short but intensive operation progresses, the U.S. and Israeli militaries have stepped up exercises, flying planes over Iraq to practice strike maneuvers. In Asian markets, The Nikkei Index tumbled -1,713 points or 2,65% to 62,907, the Shanghai Index fell -55 points to 3,658, the Kospi fell -3.7% to 858 and the Hang Seng Index dropped 0717 points or over 3% to 22,934. In Europe, the German DAX is down -275 points to 25,370, while the FTSE 100 is down -50 points to 10,703. Brent crude futures up 2.8% at $111.88/barrel, after touching their highest since May, while US West Texas Intermediate crude rises 2.4% to $99.48/barrel after more Houthi attacks in Saudi Arabia stoked concerns over a broader escalation of conflict and further disruptions to crude oil supplies from the world's key exporting region

• The Dow Jones Industrial Average rose 360.21 points, or 0.69%, to 52,856.09
• The Nasdaq Composite gained 278.04 points, or 1.05%, to 26,702.86
• The Russell 2000 Index advanced 7.61 points, or 0.27% to 2,781.03

• 8:30 AM ET                   Continuing Claims…est. 1.72M
• 10:00 AM ET                 Leading Index M/M for September…est. (-0.1%)
• 10:30 AM ET                 Weekly EIA Natural Gas Inventory Data
• 11:00 AM ET                 Kansas City Fed Manufacturing for October…prior 20

• Earnings After the Close: ABCB AMTB APPF ASB BBD BE BY BYD COLB CUBI DECK EBC ENVA FIBK GBCI HTH JAKK KN KNSL KRC MRTN MXL NEM ORC PINE REXR RNG SAM SIGI SLM SPFI SRCE SSNC USCB UVE VRSN WDC WSFS

• Las Vegas Sands (LVS) Q3 EPS $0.48 vs. est. $0.69; Q3 revs fell -3.45% y/y to $3.22B missed consensus $3.33B; Q3 operating profit $618M vs. est. $731.1M; Q3 adj Ebitda $1.12B; raises dividend to $0.36.
• Rollins Inc. (ROL) Q3 adj EPS $0.34, in-line with consensus on revs $1.1B, also in-line; Q3 adj Ebitda $257M vs. est. $260.5M; said disappointed with Q3 performance and are acting with urgency to address challenges impacting our results; residential customer acquisition remained under pressure.
• Southwest Airlines (LUV) Q3 adj. EPS $0.66 vs. est. $0.57 (beat); revenue $8.422B vs. est. $8.250B (beat); adj. operating Income $452Mm vs est $365.61Mm; capacity -0.4% Y/Y; traffic -0.4%; load factor 79.8%; fuel cost $3.92/gallon; Q4 adj. EPS outlook $0.55-0.80 vs. est. $0.81 (below); Q4 RASM growth 19%-21% Y/Y, CASM-X 4.0%-4.5%, capacity growth 3%-4% and assumed fuel cost approximately $4.55/gallon; FY adj. EPS outlook $2.60-2.85 vs. est. $2.83 (midpoint below).
• Wyndham Hotels (WH) Q3 adj EPS $1.43 vs. consensus $1.31 and revs $410M vs. est. $407.96M; raises FY26 adjusted EPS view to $4.84-$4.92 from $4.71-$4.83; raises FY26 RevPAR growth view to 0.5%-1% from 0%-1%; sees FY26 y/y rooms growth about 4% vs. prior view of 4%-4.5%.

• CSX Corp. (CSX) Q3 adj. EPS $0.44 vs est $0.53; revenue $4.020B vs. est. $3.962B (beat); operating Income $1.57B; sees FY CAPEX below $2.4B and FCF growth greater than 80%; sees FY revs +high-single digit % vs est +8.39%.
• Dow Inc. (DOW) Q3 operating EPS $0.71 vs. est. $0.64; Q3 revs $11.27B vs. est. $11.22B; Quarterly net sales from its packaging and specialty plastics segment rose over 18% to $5.8B y/y.
• Element Solutions (ESI) Q3 adj EPS $0.50 vs. est. $0.48; Q3 revs $995.3M vs. est. $957.21M; now expects full year 2026 adjusted EBITDA to be approximately $720M, inclusive of full year contributions from the Micromax and EFC acquisitions and assuming stable exchange rates and metal prices, and an adjusted EPS growth rate of over 20% for the full year.
• Graco Inc. (GGG) Q3 adj EPS $0.81 vs est $0.82 on revs $586.4Mm vs est $588.04Mm; sees Q4 revenue $610M-$640M, vs. consensus $642.41M.
• Hexcel (HXL) Q3 EPS $0.50, in-line with consensus while revs rose 9% y/y to $496M below consensus $502.1M; affirms FY26 EPS view of $2.30-$2.40, vs. consensus $2.09 and affirms FY26 revenue view of $2.025B-$2.125B, vs. consensus $2.09B; share repurchase raised to $750M
• Honeywell Technologies (HON) Q3 adj EPS $2.27 tops consensus $2.16; Q3 revenue $4.99B, vs. consensus $5.01B; Q3 operating margin of 14.8%, up 640 basis points; raises FY26 adjusted EPS view to $8.40-$8.45 from $8.05-$8.35, boosts FY26 revenue view to $20B-$20.1B from $19.8B-$20B, vs. consensus $20.15B and backs FY26 operating cash flow view $2.1B.
• Kaiser Aluminum (KALU) Q3 adj EPS $1.89 vs. consensus $2.37 on in-line revs $1.2B; backs FY26 adjusted EBITDA growth view 45%-55% as results are now expected toward the lower end of the range due to planned operational outages, execution performance, customer year-end inventory alignment and metal-related headwinds.
• Kinder Morgan (KMI) Q3 adj. EPS $0.35 vs. est. $0.32 (beat); revenue $4.531B vs. est. $4.377B (beat); adj. EBITDA $2.18B vs est $2.077B; operating Income $1.16B; expansion project backlog $14.4B with $5.4B of additions announced; quarterly dividend $0.2975/share; FY adj. EPS outlook maintained at $1.36 vs. est. $1.54 (below); FY adj. EBITDA outlook $8.6B vs est $9.049B.
• Knight-Swift Transport (KNX) Q3 adj. EPS $0.83 vs. est. $0.76 (beat); revenue $2.20B vs. est. $2.16B (beat), +14% Y/Y; adj. operating Income $198.5Mm; Q4 adj. EPS outlook $0.78-0.84 vs. est. $0.82 (midpoint below).
• Lockheed Martin (LMT) Q3 EPS $7.97 vs. est. $7.52; Q3 revs $20.7B vs. est. $20.46B; boosts FY26 EPS view to $30.35-$30.75 from ~$29.95-$30.65 (est. $30.45) and raises FY26 revenue view to $80B-$82B from $79.75B-$81.75B, vs. consensus $81B; also raises FY26 free cash flow view to $7.8B-$8B from $7B-$7.2B.
• Reliance Steel (RS) Q3 adj. EPS $8.02 vs. est. $6.66 (beat); sales $5.213B vs. est. $4.658B (beat); adj. gross margin 28%; FCF $133Mm; Q4 adj. EPS outlook $7.40-7.60 vs. est. $5.87 (above).
• Valero (VLO) Q3 adj EPS $23.90, tops consensus $21.18 on revs $46.1B, well above consensus $41.74B; posted its highest-ever quarterly profit, beating Wall Street expectations, as disruptions caused by the Middle East conflict sent refining margins soaring during the third quarter.
• Waste Connections (WCN) Q3 adj EPS $1.58 vs. est. $1.52; Q3 revs $2.64B vs. est. $2.61B; raised dividend by 10% and repurchased over $1B in shares year to date; said strong execution, improving solid waste landfill volumes and further strength in commodity-related rev drive results and increase to full-yr outlook; sees 2026 capex around $1.25B.

• Fulton Financial (FULT) Q3 adj EPS $0.59 vs. est. $0.53; Q3 net interest income $290M, net interest margin 3.58%, CET1 capital ratio 12.2% and credit loss provision $4M.
• Globe Life (GL) Q3 adj. EPS $4.84 vs. est. $4.88 (miss); revenue $1.596B vs. est. $1.538B (beat); premium revenue $1.311B vs est $1.313B, +7% Y/Y; FY26 adj. EPS outlook $15.35-15.65 vs. est. $15.71; FY26 planned buybacks $725Mm-775Mm; sees FY27 adj EPS $16.10-17.10 vs est $16.50.
• Pinnacle Financial (PNFP) Q3 adj EPS $2.69 topped consensus $2.62 and reported Q3 revenue $1.31B vs. consensus $1.28B; Q3 net interest Income $986M; Q3 net interest margin 3.4%
• SEI Investments (SEIC) Q3 adj. EPS $1.64 vs. est. $1.55 (beat); revenue $662.043Mm vs. est. $657Mm (beat), +14% Y/Y; adj. operating Income $208.5Mm; board approved $800Mm increase to stock repurchase program, bringing total authorization to $926Mm.
• Texas Capital BancShares (TCBI) Q3 adj EPS $2.35 tops consensus $1.95; Q3 revenue $356.63M, above consensus $339.88M; Q3 CET1 capital ratio 12.2%; Q3 net interest income $275M, net interest margin 3.44% and provision for credit losses $17M.
• United Rentals (URI) Q3 EPS $15.55 above consensus $14.03; Q3 revs $4.89B vs. est. $4.71B; raises FY26 revenue view to $18.0B-$18.2B from $ $17.5B-$17.8B (est. $17.76B) and boosts FY26 adjusted EBITDA view to $8.3B-$8.4B from $7.975B-$8.125B.

• Medpace Holdings (MEDP) Q3 EPS $4.84 vs. est. $4.44 (beat); revenue $716Mm vs. est. $716Mm (in line); EBITDA $172.1Mm vs est $160.5Mm; operating Income $165.5Mm; FY EPS outlook $17.97-18.32 vs. est. $17.61 (above); FY revenue outlook $2.835B-2.855B vs. est. $2.85B (midpoint below); FY EBITDA outlook $638Mm-652Mm vs est $628.27Mm.
• Molina Healthcare (MOH) Q3 adj. EPS $0.89 vs. est. $0.74 (beat); revenue $11.08B vs est $10.808B; premium revenue $10.457B; operating Income $106Mm; FY adj. EPS outlook at least $5.25 vs. est. $5.24; FY premium revenue outlook $42B.

• IBM Corp. (IBM) Q3 adj. EPS $2.95; revenue $17.100B vs. est. $16.822B (beat); adj. gross margin 58.5%, down 20bps; software revenue $7.8B, +8% Y/Y; Consulting revenue $5.34B, flat Y/Y; infrastructure revenue $3.7B, +4% Y/Y; operating cash flow $4.0B; FCF $3.0B; YTD operating cash flow $11.8B and FCF $7.8B; FY constant-currency revenue growth outlook maintained at 4%-5%; now expects FY FCF to increase more than $1B Y/Y.
• Lam Research (LRCX) Q1 adj. EPS $2.20 vs. est. $2.18 (beat); revenue $8.219B vs. est. $8.153B (beat); Q2 adj. EPS outlook $2.18-2.48 vs est $2.31; Q2 revenue outlook $8.2B-9.0B vs est $8.533B.
• Texas Instruments (TXN) Q3 EPS $2.62 vs. est. $2.44 (beat); revenue $6.055B vs. est. $5.920B (beat), +28% Y/Y; operating Income $2.87B; operating cash flow $3.42B; FCF $2.96B; Q4 EPS outlook $2.45-2.79 vs. est. $2.30 (above); Q4 revenue outlook $5.8B-6.3B vs. est. $5.73B (above).
• Crown Castle (CCI) Q3 adj FFO $1.24 and revs $995M; Sees FY outlook for adj EBITDA of $2.72 billion; sees FY outlook for adj FFO per share of $4.60; sees FY outlook for site rental revenues of $3.88 billion and sees FY outlook for adj FFO of $1.98 billion; raises FY26 AFFO view to $4.60 from $4.59, consensus $4.57 and ups FY26 adjusted EBITDA view to $2.72B from $2.69B.
• SAP AG (SAP) Q3 basic earnings per share rose 14% y/y to €1.96, while total revenue climbed 13% to €10.27B; Q3 IFRS operating profit increased 18% to €2.93Bl; Q3 cloud revenue jumped 26% to €6.6B, benefiting mainly from a multi-quarter catch-up from customers; expects 2026 cloud revenue toward the upper end of its EUR 25.8 billion–EUR 26.2 billion guidance at constant currencies; Cloud and software revenue is forecast toward the upper end of the EUR 36.3 billion–EUR 36.8 billion.
• Spotify (SPOT) Q3 revenue of €4.97 billion in the quarter, compared with estimates of €4.98B; guides Q4 operating income of €820 million ($920.53 million), compared with analysts' average estimate of €813.4 million; reported Q3 operating income of €672 million, in line with Visible Alpha-compiled analysts' average estimate of €671.8 million.

Mid-Morning Look

Thursday, October 22, 2026

Stock markets are under pressure this morning as a fresh escalation in Middle East tensions sent oil surging, reviving inflation and growth concerns just as investors digested another heavy round of earnings. But the weakness is mostly relegated to technology (XLK) and communications (XLC) seeing the brunt of selling pressure after mixed commentary in the tech space overnight following mostly better earnings for the likes of META, TSLA, IBM, TXN and LRCX. Industrials (XLI) are also lower, a group that has benefitted from the AI trade over the last year, now falling with tech. Interest rate sensitive names like homebuilders, mortgage stocks, small caps that benefit from lower borrowing costs are seeing early strength as Treasury yields surprisingly tumble ahead of next week’s FOMC meeting with more than 10bps declines for 2s and 10s. More earnings tonight as the busy week continues.

U.S. stocks under pressure as three worries are dominating the market tone: AI, the Middle East/oil prices and European sovereigns. 1) The AI trade is under renewed pressure after mixed megacap signals as Meta announced they are spending more (capex to $135B-$145B vs. prior $130B-$145B), while Tesla is spending less (capex down to $20B from $25B). Nasdaq futures fell almost 2% overnight while Asian markets were broadly lower all night. 2) Middle East risk is feeding directly into the macro picture. Brent is around $112/bbl, European NatGas is firmer and fresh attacks on Saudi infrastructure keep the inflation/stagflation risk alive. 3) In Europe, France remains the fixed-income stress point as a stronger INSEE manufacturing survey could not help French bonds, with 10yr yields now around 5.10%. Overall, the risk-off mood boosted havens, with Treasuries, the Yen and Swiss franc gaining. The 30-year US yield touched its lowest since Sept. 23, and the 10-year yield falls as well.

Brent Crude and WTI are driving higher in early trading as WTI touched $100 and Brent crude climbed to its highest since May (high above $112 per barrel), after deadly attacks in Saudi Arabia and reports that the US and Israel are drawing up plans for renewed strikes on Iran. Here are the latest geopolitical developments fueling the moves: 1) A New York Times report outlined how the U.S. and Israeli militaries have developed plans to renew strikes on Iran after the midterm elections. The Times, citing unnamed U.S. officials, said this would be a “short but intensive” operation. 2) Overnight, the State Department announced it was ordering non-emergency government employees to leave Saudi Arabia amid the Houthi attacks on the kingdom. 3) Iran's IRGC threatened US bases in the region if Washington keeps escorting ships through what it calls an “illegal” Hormuz route, per Bloomberg.

• Transport sector: in airlines, AAL reported a Q3 EPS loss of (-$0.41) vs. loss of (-$0.17) y/y  while forecasts 4Q adj loss per share of (-$1.10–$0.50) and FY 2026 adj loss of (-$1.60–$1.00) as anticipates an ​average fuel price ​of ​approximately $4.70 ​per gallon in Q4, nearly double the price paid in ​the fourth ​quarter of ​2025. In railroads, CSX Q3 revenue rose 12% y/y, beating analyst expectations driven by higher fuel surcharges, volume, and pricing across segments while reported total volume up 5% y/y in Q3; UNP Q3 EPS and revs topped consensus citing 6% volume growth, pricing gains, and operational execution for record results and said expects reported EPS growth of high-single digit, in line with 3-year CAGR target; NSC also reported results this morning in rails. In trucking/freight, KNX q3 EPS $0.83 tops est $0.76, driven primarily by the Truckload segment, consistent with our expectations heading into the quarter/mgmt guided 4Q EPS to $0.78-$0.84
• Homebuilding sector: the group (LEN, TOL, PHM, KBH) advanced along with home related names (RH) and mortgage stocks (RKT, COMP, ZG) after Treasury yields tumbled, taking some pressure off mortgage rates for the time being ahead of the FOMC meeting next week. PHM Q3 EPS and revs missed consensus as revs fell -11% y/y to $3.97B vs. the consensus $4.15B; Home sales revenue fell to $3.9B; said closing volumes declined 9% to 6,876 homes, while the average sales price slipped 1% to $561,000. Pulte received new orders for 6,208 homes during the quarter.
• Semiconductor Equipment & Memory sector: LRCX shares tumble after its December-quarter guide missed Street expectations on industry-wide supply-chain constraints in gas delivery subsystems, even as management reiterated a $200B+ 2027 WFE outlook (shares of equipment names AEIS, AMAT, ASML, KLAC, ONTO, MKSI, ENTG all falling sharply); BofA cut its PT to $345 from $385 and Needham to $290 from $385, both staying Buy, while Texas Instruments (TXN) is a relative bright spot, up slightly after a Q3 beat-and-raise on Data Center and Industrial strength.

• BHVN +38%; as the FDA accepts Biohaven's resubmitted new drug application for Vyglxia for review. Resubmission includes new positive supportive analyses for treating spinocerebellar ataxia. Last year, the FDA declined to approve the treatment.
• CSX +5%; Q3 revenue rose 12% y/y, beating analyst expectations driven by higher fuel surcharges, volume, and pricing across segments while reported total volume up 5% y/y in Q3.
• LMT +8%; posted Q3 EPS and sales above consensus, said backlog rises 27% sequentially to record $292B, boosted by $52.5B multi-year PAC-3 MSE award, and raised its FY EPS and sales outlook.
• NDAQ +5%; Q3 EPS beat and revs rose 13% y/y to $1.48B as record net inflows and new product launches contributed to 39% index revenue growth.
• PG +5%; beats estimates for Q1 revenue on the back of demand for its beauty and home care products, rising 4% y/y to $23.28B vs. estimates of $22.80B on better core EPS while sticks to FY27 targets for organic sales growth 1%-3% and core earnings of $7 per share.
• SPOT +8%; posted Q3 EPS of €2.48 on revenue of €4.97B, just shy of the €4.98B estimate, with monthly active users of 788M beating the 758.12M consensus and premium subscribers at 306M; Q4 revs seen €5.2B versus €5.23B estimated, operating income of €820M versus €813.36M.

• CRS -19%; shares declined after Q1 sales $798M fell short of consensus $830M while saying is well positioned for continued growth beyond FY27.
• HXL -10%; reported in-line Q3 EPS, but sales of $496M missed the $502M consensus and EBITDA $84M missed the $90M est. as Commercial Aerospace sales increased >20% Y/y above views but Defense Space, and other revenue missed expectations.
• KALU -19%; shares fall after reported adjusted Q3 EBITDA of ~$84M vs. ~$99M estimate and EPS miss while EBITDA margin (as a % of conversion revenue) was 19.1%, missing estimates.
• LRCX -7%; shares tumbled as Q1 (Sept) results essentially in line, underscored by +35% sequential system revenue growth, while guidance for Q2 fell short of consensus expectations, with the revenue mid-pt +5% QQ (vs consensus +6% QQ) amid supply chain constraints.
• LVS -2%; Q3 misses in Macau and Singapore on high end softness, while analysts note absence of key customer visits during the quarter, coupled with the ongoing mix shift in Macau, continues to pressure results; Q3 revenue declined y/y and missed ests.
• META -6%; reported strong Q3 results with revenue ~2% above consensus and ahead of the high end of guidance, and profitability excluding the legal charge solidly ahead of expectations; shares fell on higher capex spending and higher CDS debt.
• TSLA ; posted flat Q3 revenue of $28B y/y as auto sales fell -3%, with net income down -43% to $787M, operating margin contracting to 2.6% from 5.8%, and FCF -62% to $1.5B as capex surged 110% to $4.7B; also lowered its 2026 capital spending forecast to about $20B from over $25B.

Closing Recap

Thursday, October 22, 2026

Another brutal showing for the tech sector overall, as the Nasdaq 100 tumbled over 3% late day and the S&P 500 (SPX) dropped over 1%, led primarily by the heavily weighted tech names, while the Smallcap Russell 2000 outperformed given a surprising tumble in Treasury yields as investors fled riskier bets for safer havens. The FOMC rate decision is next week, and expectations are for them to hold rates steady. But until then, the focus remains on earnings and macro events as more concerns in the Middle East took oil prices to their highest levels in 5 months, while investors sold the AI/semi/optical space again. The PHLX Semi Index (SOX) fell over -7% at 10,690, holding just above its 200dma 10,677 (hasn't breached the 200dma since June 2025). META, IBM, TXN, and TSLA all reported better results overnight while LRCX was mostly in-line, but mixed commentary and guidance led to a broad pullback in the space. Volatility was high today as the CBOE Volatility index (VIX) hit a high of 20.30 today, up over 21% at one point but below the Friday 10/16 hi above at 22.31. Interest rate sensitive sectors such as housing and improvement related names rallied, along with dividend paying sectors and mortgage related names as Treasury yields tumbled sharply. There is also concern ahead of the mid-term elections in just 2 weeks. Weakness was relegated mostly to Tech (XLK -3.3%) and Communications (XLC -1.42%) while six of eleven S&P sectors rose led by Consumer Staples (XLP up over 3%), Utes, Healthcare, REITs and Financials all up around 1% or better.

U.S. stocks were pressured today (and lately) on concerns: AI debt, the Middle East/oil and European sovereigns. 1) The AI trade is under renewed pressure after mixed megacap signals as Meta announced they are spending more (capex to $135B-$145B vs. prior $130B-$145B), while Tesla is spending less (capex down to $20B from $25B). Nasdaq futures fell over 2.5%. 2) Middle East risk is feeding directly into the macro picture. Brent is around $112/bbl, European NatGas is firmer and fresh attacks on Saudi infrastructure keep the inflation/stagflation risk alive. 3) In Europe, France remains the fixed-income stress point as a stronger INSEE manufacturing survey could not help French bonds, with 10yr yields now around 5.10%. Overall, the risk-off mood boosted havens, with Treasuries, the Yen rising.

Asian markets have been weak as China's Benchmark stock index, the China Securities Index (CSI) 300, closed in a bear market on Thursday, 20.2% below its 22nd June peak, per Reuters. It ended at 4,036.30, the lowest close since July 2025. The index tracks 300 large companies listed in Shanghai and Shenzhen. It had already fallen for a record 10 straight weeks through last Friday, per Bloomberg.

Max bearishness for markets as Hedge funds have loaded up on bearish positions in global equities, with the short-to-buy ratio reaching about five times and short leverage climbing to the 99th percentile of readings over the past five years, according to Goldman Sachs. The charts showed net selling in 2026 bottoming near about 4% of total global gross market value three times in April, late July, and October, although the latest reading has partially rebounded to about 3.7%. https://tinyurl.com/2a6zbbab . Separately, BofA Securities equity and quant strategist said clients pulled a net $14.8 billion from single stocks, the largest outflow on record in the firm's data. At the same time, clients bought $2.8 billion of equity ETFs after selling them the previous week.

• 1) A New York Times report outlined how the U.S. and Israeli militaries have developed plans to renew strikes on Iran after the midterm elections. The Times, citing unnamed U.S. officials, said this would be a “short but intensive” operation.
• 2) Overnight, the State Department announced it was ordering non-emergency government employees to leave Saudi Arabia amid the Houthi attacks on the kingdom.
• 3) Iran's IRGC threatened US bases in the region if Washington keeps escorting ships through what it calls an “illegal” Hormuz route, per Bloomberg.
• Another day and another brutal selloff in precious metals as December gold fall -$89.60, or -2.16%to settle at $4,060.40 an ounce and silver falls -$2.70, or -4.68%, to settle at $55.01 an ounce. Gold fell to its lowest level in more than two months on Thursday as higher oil prices fueled inflation concerns, reinforcing expectations that interest rates could remain elevated for longer, while investors looked ahead to next week's Federal Reserve meeting.

• Restaurant sector: BROS was downgraded from Outperform to Sector Perform at RBC Capital and cut tgt to $46 from $70 as intensifying competition and underlying comp sales growth deceleration lowers conviction in comps reaccelerating in 2027, which could limit multiple upside.
• Luxury retail sector: Kering (PPRUY), the Gucci owner Q3 revenue declined 4% as reported, 6% on a comparable basis and luxury goods group's Q3 2026 revenue stable as reported, down 1% on a comparable basis; said reduced store traffic was the main constraint on Q3 revenue
• Consumer Services: ROL reported Q3 organic growth of +4.4% fell short of Street (+5.7%).

• Construction Material sector: BLDR was downgraded from Outperform to Market Perform at William Blair saying with housing starts likely down 3%-5% in 2027, mortgage rates at 12-month highs, and inflation risks to the upside, the firm lacks confidence that BLDR shares can outperform over the next 12 months.

• Lodging, Casino & Gaming sector: LVS Q3 misses in Macau and Singapore on high end softness, while analysts note absence of key customer visits during the quarter, coupled with the ongoing mix shift in Macau, continues to pressure results; Q3 revenue declined y/y and missed ests.

• Refining sector: VLO reported record quarterly results as adj EPS $23.90, tops consensus $21.18 on revs $46.1B, well above consensus $41.74B as posted its highest-ever quarterly profit, beating Wall Street expectations, as disruptions.
• Utility sector: Punchbowl reported the Trump admin is easing its blockade on wind projects as it looks to motivate Democrats to support the Senate’s bipartisan permitting reform bill. A White House official told me DOD has advanced 2  projects in Maine & SD with more to come (shares of NEE, DUK, D, GEV, TTE, DNNGY, RWEOY, ENGIY among names leveraged to news).

• Bank sector: BBT Q3 adjusted EPS missed analyst expectations ($0.77 vs. est. $0.79), operating earnings held steady/Net interest income improved, but loan growth slowed due to macro uncertainty and higher rates; CATY reported $1.43; core EPS was $1.30 vs. consensus $1.45 as the downside stemmed from a larger provision, reflecting higher loss assumptions given recent charge-offs as well as to cover robust loan growth. Beyond that, NII was better than expected, as the NIM rose 4 bps to 3.52% vs. us at 3.48%. TCBI reported a sizable beat driven by better NII (+$0.24/ sh.), higher fees (+$0.14/sh.), a lower tax rate (+$0.05/sh.), and lower provision (+$0.03), while fee Income reached record levels. FULT reported core EPS of $0.60, above consensus of $0.55, driven by stronger PPNR and lower provisioning.
• Brokers & Exchanges: CME was double upgraded to Overweight from Underweight at JP Morgan and raised tgt to $367 from $250 saying they favor market structure / exchange investment ideas, and it sees CME well-positioned to outperform in the current environment. NDAQ Q3 EPS beat and revs rose 13% y/y to $1.48B as record net inflows and new product launches contributed to 39% index revenue growth; said strong growth in Capital Access Platforms and Financial Technology drove solutions revenue higher.
• Private Credit/Equity: BX reports $63B in Q3 Inflows, Highlights Strong Performance Across AI and Energy Infrastructure Investments; Flagship investment strategies outperformed comparable public market indices despite a volatile environment.

• Insurance sector: GL reported a Q3 miss compared to consensus, due to higher severity claims at Evry and elevated Medicare supplement claims. Piper noted this ultimately lowered the 2026 EPS guide by about 1.6% at the mid-point. (The new 2026 guidance is $15.35 to $15.65 and is down from $15.55 to $15.95). In mortgage insurance, shares of RDN, ESNT, MTG dipped late day after reports the Trump administration is drafting an executive order to lower mortgage costs through changes to mortgage insurance, refinancing, manufactured housing, and USDA and VA loan rates
• Rental sector: Ryder (R) Q3 adj EPS $4.33 tops est $4.15 on revs $3.4B saying results driven by strategic initiatives and improving freight market conditions; raises FY26 adjusted EPS view to $14.85-$15.05 from $14.40-$14.80; URI reported 3Q adj EBITDA of $2.33B, above consensus of $2.17B with EBITDA margins of 47.6% 140 bps higher than the Street, primarily reflecting stronger rental gross margins, stronger SG&A leverage, and benefits from stronger mix/updated guide implies stronger revenue and margins in 4Q26 vs. consensus, with the raise in the full-year guide being larger than the 3Q26 beat.

• FRs 3Q26 results were modestly disappointing, with a $0.01 FFO miss and limited development leasing, despite healthy underlying portfolio trends, including 5.6% cash SSNOI growth that moderated less than expected and strong rent spreads. FY26 guidance increased $0.01 at the midpoint, largely from tightening the range, but was underwhelming, with the revised midpoint still $0.01 below consensus.
• GTY reported 3Q26 AFFO in line vs. consensus and raised its FY26 AFFO guidance by 0.2% (reflecting +4.3% y/y AFFO growth). Investment activity accelerated to $297M at an initial cash yield of 6.9% ($128M at 7.4% prior), largely driven by the previously announced $261M Refuel transaction.
• NTST reported 3Q26 AFFO in line with cons. and maintained FY26 AFFO guidance of $1.37-$1.39 (+5.3% y/y) despite raising net investment guidance by 6.7% to at least $800M ($700M-$800M prior). Net investment activity moderated to $205M from $230M, while yields held at 7.4%. Lower expected TSM dilution was offset by dilution from settling 24M forward shares, reducing unsettled forward equity by 56%.

• ARGX reported another strong quarter of commercial execution with Vyvgart revenues coming in 6% ahead of consensus, aided by the seronegative MG launch. Whilst one off transaction costs distorted opex in the quarter resulting in guidance for $4bn opex in 2026, underlying margin expansion continues.
• AVTX shares tumble after ABBV’s Phase 3 lutikizumab data in hidradenitis suppurativa, where HiSCR75 response was a modest 31% vs. 23% placebo, raising concerns over whether abdakibart's Phase 2 efficacy of 42.9% vs. 25.6% placebo will translate into Phase 3.
• BHVN shares jump as the FDA accepts Biohaven's resubmitted new drug application for Vyglxia for review. Resubmission includes new positive supportive analyses for treating spinocerebellar ataxia. Last year, the FDA declined to approve the treatment, citing concerns over study design, potential bias, and data limitations.
• BNTX and GILD advance pumitamig in combination with Gilead's Trodelvy (Sacituzumab govitecan) into the Phase 3 Rosetta Breast-01 trial for first-line triple-negative breast cancer, with BioNTech continuing to sponsor and lead the study while Gilead supplies the Trop2-directed ADC.
• IONS was upgraded to Outperform at BMO Capital and raise its tgt to $66 from $54, as the story now Centers on Tryngolza with pipeline updates behind. Cardio-TTRansform and Lp(a)HORIZON misses have pushed the stock down ~46% YTD, which underappreciates the sHTG opportunity.
• MRNA shares tumbled over -20% following an alleged leak of embargoed Phase 3 data for its personalized mRNA melanoma vaccine (ahead of ESMO conference this weekend), intismeran autogene, developed with MRK, in combination with Keytruda.
• RCUS 14.3M share Spot Secondary priced at $17.50.

• Medical Research sector: MEDP 3Q Rev $716M (inline), EBITDA $172M (vs. $160M cons), Bookings $873M (+7% vs. cons), Book-to-Bill of 1.22x (vs. 1.13x cons). 2026 Guidance Raised: EBITDA now $638M to $652M (vs. $618M to $642M prior).
• Diagnostics and Tools sector: DGX 3Q revs were $3.1B (vs. $3.05B cons) and EPS of $3.00 (vs. $2.87 cons), with mgmt. highlighting continued strength across physician, hospital and consumer channels and productivity gains from automation and AI.; raised guidance for rev growth of 9.3% to 9.7% (vs. 8.3% to 9.2% prior) and EPS of $11.25-$11.35 (vs. $11.05-$11.25 prior).

• Multi Industry sector: HON raised full-year adjusted EPS guidance to $8.40-$8.45 after Q3 adjusted EPS of $2.27 topped consensus though Q3 sales missed consensus
• Waste sector: WCN beat 3Q26 top-and bottom-line consensus estimates and raised FY26 revenue/EBITDA guidance above the Street. Organic growth trends showed sequential acceleration, with volumes 70bps better q/q, recycling contributions 50bps better q/q and E&P revs +5.4% q/q, more than offsetting the 30bps q/q decline in yield.
• Industrial sector: ALLE beat Q3 estimates with revenue of $1.1726B vs. $1.137B expected and adjusted EPS of $2.60 vs. $2.50 estimated, and raised FY guidance to adjusted EPS of $9.05-$9.10 vs. $8.98 estimated, with FY organic growth seen at 5%-6%; SNA missed Q3 estimates, posting sales of $1.1837B vs. $1.249B expected and EPS of $4.64 vs. $4.93 estimated, with pretax profit of $319.3M falling short of the $342.1M consensus; CARR will invest more than $600M to expand advanced U.S. manufacturing and engineering capacity, creating 1,500 jobs at a new facility expected to begin operations in 2027.
• Transport sector: in airlines, AAL reported a Q3 EPS loss of (-$0.41) vs. loss of (-$0.17) y/y  while forecasts 4Q adj loss per share of (-$1.10–$0.50) and FY 2026 adj loss of (-$1.60–$1.00) as anticipates an ​average fuel price ​of ​approximately $4.70 ​per gallon in Q4, nearly double the price paid in ​the fourth ​quarter of ​2025. In railroads, CSX Q3 revenue rose 12% y/y, beating analyst expectations driven by higher fuel surcharges, volume, and pricing across segments while reported total volume up 5% y/y in Q3; UNP Q3 EPS and revs topped consensus citing 6% volume growth, pricing gains, and operational execution for record results and said expects reported EPS growth of high-single digit, in line with 3-year CAGR target; NSC also reported results this morning in rails. In trucking/freight, KNX q3 EPS $0.83 tops est $0.76, driven primarily by the Truckload segment, consistent with our expectations heading into the quarter/mgmt guided 4Q EPS to $0.78-$0.84

• Aerospace sector: parts maker HXL shares fell after reported in-line Q3 EPS, but sales of $496M missed the $502M consensus and EBITDA $84M missed the $90M est. as Commercial Aerospace sales increased >20% Y/y above views but Defense Space, and other revenue missed expectations, driving EBIT margin of 11.0% vs its 11.8% estimate. CRS shares declined after Q1 sales $798M fell short of consensus $830M while saying is well positioned for continued growth beyond FY27.

• Chemical sector: DOW Q3 earnings beat, with Q3 net sales of $11.267B vs. estimates of $11.266B and adjusted EPS of $0.71 vs. estimates of $0.64 and said remains on track to achieve an upsized $700M in growth and productivity benefits in 2026 and about $2B uplift by the end of next year.

• META also disclosed in a filing $454.52B of non-cancelable contractual commitments as of September 30, including contingent obligations of up to $14.72B to purchase cloud capacity over five years and $45.85B and $121.41B in commitments due in 2026 and 2027 for cloud capacity, infrastructure, and Reality Labs, while headcount fell 15% year-over-year to 66,775.
• Media sector: SPOT posted Q3 EPS of €2.48 on revenue of €4.97B, just shy of the €4.98B estimate, with monthly active users of 788M beating the 758.12M consensus and premium subscribers at 306M; Q4 revs seen €5.2B versus €5.23B estimated, operating income of €820M versus €813.36M

• IT Services & Consulting: IBM solid EPS upside ($2.95 vs. Street $2.86), driven by higher sales and better pre-tax margins. Software +9% FXN vs. Street +7.5%, Infrastructure +5% vs. +1.4%, while Consulting was a touch light. FCF guidance improved, although full-year sales guidance was only reiterated and GMs were soft.
• Communications & Networking: NOK shares fell despite better results as reported a bigger than expected rise in quarterly earnings but only maintained its full-year financial outlook; Q3 Comparable operating profit rose to 605M euros ($680.20 million), from a y/y 448M euros, and above the average estimate of 453M euros; Group net sales to AI and cloud customers grew by 123% y/y and Comparable net sales rose 10% to 5.15 billion euros; optical stocks were broadly lower with AI supply chain still getting hit (AAOI, CIEN, COHR, LITE, GLW).

• Semi equipment sector: LRCX shares tumbled as Q1(Sept) results essentially in line, underscored by +35% sequential system revenue growth, while guidance for Q2 fell short of consensus expectations, with the revenue mid-pt +5% QQ (vs consensus +6% QQ) as supply chain constraints are impacting Lam's near-term shipment growth (AMAT, KLAC, MKSI, AEIS, ENTG fall in reaction).
• Analog semis: TXN posted sales of $6.06B (above $5.92B estimate), representing a +10.8% q/q increase with all end markets growing sequentially, while guided Q4 above expectations, with revenue midpoint of $6.05B (-0.1% q/q), above consensus $5.73B with strong FCF, with TTM FCF reaching $8.4B (vs. $2.4B in Q325).

Street Recommendations

Thursday, October 22, 2026

• EFX Argus analyst John Eade upgraded Equifax to Buy from Hold with a $200 price target. The company has successfully moved beyond its data breach incident toward a modest growth path, and that growth rate is starting to improve as a new consumer credit scoring model gains market share, the analyst tells investors in a research note. Equifax management has also signaled its confidence in the outlook with a recent double-digit dividend hike, the firm added.

• CLF Barclays raised the firm's price target on Cleveland-Cliffs to $12 from $11 and keeps an Underweight rating on the shares. The firm upped the company's 2027 and 2028 estimates citing the positive steel market environment. However, Cleveland-Cliffs' leverage still remains high, the analyst tells investors in a research note.the analyst tells investors in a research note.
• IBM Barclays analyst Raimo Lenschow raised the firm's price target on IBM to $277 from $262 and keeps an Overweight rating on the shares post the Q3 report. The firm says the key debate from here is how the better Q3 results translate into Q4 and fiscal 2027 expectations. Barclays views IBM's guidance comments as conservative.
• LVS Barclays lowered the firm's price target on Las Vegas Sands to $50 from $57 and keeps an Overweight rating on the shares post the Q3 report. The company reported a miss across both Macau and Singapore, the analyst tells investors in a research note. It sees low visibility towards a recovery but keeps an Overweight rating on the shares due to valuation.
• META Barclays raised the firm's price target on Meta Platforms to $880 from $780 and keeps an Overweight rating on the shares following the Q3 report. The firm says Muse "is off to a great start and represents a game changer" for Meta's narrative. Barclays says Meta is one of the "few mega caps both participating in AI but insulated from the labs, representing a unique uncorrelated opportunity."
• NKE Barclays raised the firm's price target on Nike to $45 from $37 and keeps an Overweight rating on the shares after hosting meetings with management. The firm believes the shares are "near bottom," but will likely be rangebound pending greater clarity on a return to growth. Barclays believes Nike's fiscal 2027 guidance appears achievable while fiscal 2028 estimates "may need an expected sales haircut." According to TipRanks, Barclays has a 4-star analyst on Nike. [View TipRanks Star Ranking]:[https://www.tipranks.com/experts/analysts/adrienne-yih]

• META BofA raised the firm's price target on Meta Platforms to $845 from $810 and keeps a Buy rating on the shares after a Q3 revenue beat and "solid" Q4 outlook. On the call, Meta provided greater clarity on the Muse business model and offered a 1B user target that the firm thinks will increase confidence in the opportunity.
• BIIB BofA raised the firm's price target on Biogen to $244 from $219 and keeps a Neutral rating on the shares. Q3 is "likely to be relatively quiet" and the firm suspects investors are looking past the print to the upcoming pivotal stretch for the pipeline, the analyst says in a preview.
• URI BofA analyst Michael Feniger raised the firm's price target on United Rentals to $1,325 from $1,300 and keeps a Buy rating on the shares. United is "likely to 'stand out' from the crowd" after an "impressive" Q3 and raising its capex and outlook "again," the analyst tells investors.
• LVS BofA lowered the firm's price target on Las Vegas Sands to $45 from $50 and keeps a Neutral rating on the shares after Q3 misses in Macau and Singapore on high end softness. Management sounded confident that Q3 was an aberration, though the firm's 2027 EBITDA estimate goes down 10% following the report, the analyst tells investors.
• TDY BofA raised the firm's price target on Teledyne to $780 from $770 and keeps a Buy rating on the shares after the company delivered "its strongest quarter ever" in sales and adjusted EPS. Management framed 2027 growth at mid-to-high single digits, above its historical low single digits and consistent with the firm's 7% 2027 sales growth estimate, the analyst tells investors.
• LRCX BofA lowered the firm's price target on Lam Research to $345 from $385 and keeps a Buy rating on the shares. September quarter sales and pro-forma EPS were each 1% above Street forecasts and the December quarter outlook is essentially in line, but would have been higher barring industry supply constraints, the analyst tells investors in a post-earnings note partially titled "supply constrained, not demand constrained."
• ELV BofA analyst Kevin Fischbeck raised the firm's price target on Elevance Health to $500 from $480 and keeps a Buy rating on the shares. Elevance beat on Q3 adjusted EPS by 10% excluding items and the 2026 adjusted baseline was raised 2.9% to $26.75, which implies 2027 EPS of at least $29.96, notes the analyst, who is raising estimates following the report and guidance.
• CME BofA raised the firm's price target on CME Group to $227 from $218 and keeps an Underperform rating on the shares. CME reported a small profit beat driven by data fees and non-operating income, says the analyst, who raised the firm's Q4, 2027 and 2028 EPS estimates following the report.

• ABT BTIG analyst Marie Thibault lowered the firm's price target on Abbott to $125 from $134 and keeps a Buy rating on the shares. The firm is adjusting its model after the company announced a slight top-line beat but a major strategic move to spin off the nutrition business by the end of 2027. The full-year sales guide reduction was driven by two areas, Electrophysiology and Diabetes, both of which management views as temporary, the firm added.

• TSLA Canaccord raised the firm's price target on Tesla to $442 from $410 and keeps a Buy rating on the shares. The firm updated its model upon reflection of comments from Elon Musk abot what the company can ultimately become which in the firm's eyes could be the Berkshire Hathaway of tomorrow's physical technology. A physical world - on earth and beyond - transformed through the tools of artificial intelligence and connectivity.
• EL Canaccord analyst Susan Anderson raised the firm's price target on Estee Lauder to $109 from $90 and keeps a Hold rating on the shares. The fim updated its model ahead of results where growth is expected to be supported by continued strength in Mainland China and travel retail and improving North America trends, with management anticipating stronger organic growth in 1H27 and acceleration in North America and makeup over the course of FY27.
• ELF Canaccord analyst Susan Anderson raised the firm's price target on Elf Beauty to $137 from $123 and keeps a Buy rating on the shares. The firm updated its model ahead of results where they raised their 2027 estimates based on better than expected e.l.f. trends and a strong rhode Europe launch based on LVMH commentary.
• SKIN Canaccord analyst Susan Anderson raised the firm's price target on Beauty Health to $11 from $1 and keeps a Hold rating on the shares. The firm updated its model ahead of quarterly results.

• PLTR Citi raised the firm's price target on Palantir to $250 from $245 and keeps a Buy rating on the shares as part of an earnings preview. The firm expects Palantir to post "strong upside" to estimates on U.S. government and commercial despite much tougher comparisons. Citi's intra-quarter checks were positive across both the company's U.S. commercial and federal units, the analyst tells investors in a research note.
• META Citi analyst Ronald Josey raised the firm's price target on Meta Platforms to $905 from $895 and keeps a Buy rating on the shares. Citi is "incrementally positive" on Meta shares post the Q3 report. The company is entering an "AI product super-cycle with multiple monetization tailwinds," the analyst tells investors in a research note. The firm believes Meta's growing compute capacity will allow it to launch multiple new products.
• PEGA Citi lowered the firm's price target on Pegasystems to $50 from $52 and keeps a Buy rating on the shares. The firm views the company's Q3 report as "disappointing" with misses to core metrics. AI-related headwinds persisted in Q3 but appear to be easing, the analyst tells investors in a research note.
• WGO Citi analyst James Hardiman raised the firm's price target on Winnebago to $28 from $24 and keeps a Neutral rating on the shares. The company reported an inline fiscal Q4 despite continued retail weakness and highlighted progress on motorhome profitability, the analyst tells investors in a research note. Citi still lacks confidence in Winnebago's fiscal 2027 outlook pending an improvement in demand trends.

• TXN Goldman Sachs analyst James Schneider raised the firm's price target on Texas Instruments to $250 from $225 and keeps a Sell rating on the shares. The better-than-expected quarter and guidance reflect improving industrial and automotive demand, but peers may see faster gross-margin recovery and larger earnings revisions due to better inventory management, the analyst tells investors in a research note.
• ABBV Goldman Sachs raised the firm's price target on AbbVie to $294 from $258 and keeps a Neutral rating on the shares. AbbVie's recent outperformance reflects attractive valuation, growing confidence in its immunology pipeline, and potential Skyrizi upside, though crowded positioning raises the bar for next week's results despite expectations for solid commercial performance, the analyst tells investors in a research note.
• ALK Goldman Sachs analyst Catherine O'Brien lowered the firm's price target on Alaska Air to $52 from $59 and keeps a Buy rating on the shares. Alaska Air faces near-term earnings pressure from higher taxes, non-operating costs, capacity-driven revenue headwinds, and potential FY27 losses, though moderating capacity growth and market-share gains could support longer-term margin recovery amid elevated execution risk, the analyst tells investors in a research note.
• ALHC Goldman Sachs analyst Scott Fidel lowered the firm's price target on Alignment Healthcare to $12 from $25 and keeps a Buy rating on the shares. The price target reduction reflects a first rebasing for elevated medical costs, less MLR leverage and growth-related operating pressure, followed by a second rebasing in 2028 for the loss of quality bonus payments associated with Alignment's 2027 Stars decline, the analyst tells investors in a research note.
• IBM Goldman Sachs raised the firm's price target on IBM to $300 from $270 and keeps a Buy rating on the shares. IBM's software beat and improving Consulting trends signal stronger execution and a potential business inflection, which could rebuild investor confidence, though a sustained valuation re-rating will require further proof points, the analyst tells investors in a research note.

• IBM Jefferies analyst Brent Thill raised the firm's price target on IBM to $280 from $270 and keeps a Buy rating on the shares. The company's software sales rebounded in Q3, the analyst tells investors in a research note. Jefferies believes the key question is whether software can sustain the rebound and near double-digit growth in 2027, which it says requires broader execution in organic automation and data.
• CADL Jefferies analyst Maury Raycroft initiated coverage of Candel Therapeutics with a Buy rating and $25 price target. The company's positive Phase III prostate data for CAN-2409 support a Q4 biologics license application and potential 2027 or 2028 launch, the analyst tells investors in a research note. The firm believes the AURORA study and CAN-3110 provide "further upside optionalities."
• LVS Jefferies lowered the firm's price target on Las Vegas Sands to $37 from $40 and keeps a Hold rating on the shares. The absence of key customer visits during the quarter, coupled with the ongoing mix shift in Macau, continues to pressure results, says the analyst, who adds that management's confidence in the long-term growth algorithm and higher multiples "remain difficult to underwrite until execution improves."
• GPRK Jefferies raised the firm's price target on GeoPark to $13.50 from $12 and keeps a Buy rating on the shares. The award of a 95% stake in the Corralera NE block in the northern edge of Vaca Muerta trebles the company's acreage in the basin and adds material medium-term growth options, the analyst tells investors.

• QGEN JPMorgan downgraded Qiagen to Neutral from Overweight with a price target of $52, down from $55. The firm cites EQT's takeover offer of $52.23 per share in cash for the downgrade.
• CME JPMorgan analyst Kenneth Worthington upgraded CME Group to Overweight from Underweight with a price target of $367, up from $250. The interest rate environment is "constructive" for CME, driving higher trading velocity in interest rate products and greater activity in currency, the analyst tells investors in a research note. JPMorgan also sees the uncertainty in energy and equity markets as constructive for CME's oil and equity contracts. The company's product innovation is "additive to the constructive environment," creating the opportunity for incremental growth, adds the firm. The analyst views CME as well positioned to outperform in the current environment.
• TXN JPMorgan analyst Harlan Sur raised the firm's price target on Texas Instruments to $365 from $340 and keeps an Overweight rating on the shares. The company reported a "decisive beat-and-raise" quarter, the analyst tells investors in a research note. The firm says Texas Instruments is seeing a broadening and acceleration of demand across all three of its key end markets - industrial, auto, and data center.
• T JPMorgan lowered the firm's price target on AT&T to $31 from $33 and keeps an Overweight rating on the shares. The firm views yesterday's post-earnings selloff as overdone. AT&T continued to scale its convergence strategy, adding 350,000 converged relationships, lifting its advanced home internet convergence rate to 42.8%, and raising convergence in the Lumen footprint by 250 basis points since the deal closed in February, the analyst tells investors in a research note. JPMorgan says that while Starlink Mobile will likely remain a sentiment overhang on the shares, it sees limited near-term fundamental impact to AT&T given the capital investments needed to compete with the Big 3.
• META JPMorgan analyst Doug Anmuth raised the firm's price target on Meta Platforms to $940 from $920 and keeps an Overweight rating on the shares. The company reported solid Q3 results with upside across revenue, operating income and earnings, the analyst tells investors in a research note. The firm says Meta's Q4 revenue outlook is $1B above its expectation at the high end as the core advertising business continues to show strong growth, backed by AI ad improvements and video. It believes Meta is seeing early product momentum across Muse Wonder, the Muse AI agent, and enterprise opportunities in Meta Model API and Muse Code.

• CRWD Mizuho raised the firm's price target on CrowdStrike to $275 from $250 and keeps an Outperform rating on the shares. The firm says its recant channel checks bring "encouraging" AI security data points for CrowdStrike. It cites increased confidence in the company's growth outlook for the target boost.
• LVS Mizuho analyst Ben Chaiken lowered the firm's price target on Las Vegas Sands to $54 from $61 and keeps an Outperform rating on the shares. The company's weaker than expected Q3 results are market-related than company-specific, the analyst tells investors in a research note.

• CME Morgan Stanley analyst Michael Cyprys raised the firm's price target on CME Group to $359 from $337 and keeps an Overweight rating on the shares. Record Q3 volumes reinforce CME's defensive earnings, while ew products extend the growth runway, the analyst tells investors in a post-earnings note.
• LVS Morgan Stanley lowered the firm's price target on Las Vegas Sands to $49 from $55 and keeps an Equal Weight rating on the shares after the company reported a miss in Q3 in both segments. Noting that management acknowledged pressure in high end across segments and a tougher near-term backdrop, the firm lowered estimates about 7% for 2027 and 5% in 2028.
• TSLA Morgan Stanley raised the firm's price target on Tesla to $410 from $400 and keeps an Equal Weight rating on the shares. The firm is "incrementally more constructive" as it argues that Tesla's Q3 results offer "encouraging proof points" on Robotaxi scaling and FSD adoption while improving auto and energy fundamentals "strengthen the earnings foundation."
• TXN Morgan Stanley raised the firm's price target on Texas Instruments to $278 from $255 and keeps an Underweight rating on the shares after "another strong quarter," with the company beating estimates and guiding above seasonality. However, the muted stock reaction "wasn't surprising" with expectations already elevated and long positioning crowded, the analyst added.
• LRCX Morgan Stanley lowered the firm's price target on Lam Research to $339 from $385 and keeps an Overweight rating on the shares. A December quarter expectations miss is "undoubtedly a negative," though the firm would argue that "this print represents an important expectations reset for SPE," the analyst tells investors.

• SEIC Piper Sandler raised the firm's price target on SEI Investments to $129 from $127 and keeps an Overweight rating on the shares. The firm notes the company posted another core EPS beat and sales events were strong with the investment managers segment continuing to lead the way. Core margins were 31% and have been above 30% for three consecutive quarters. Management commentary was positive, and Piper believes momentum should continue given sales wins over the past year coming
• CME Piper Sandler raised the firm's price target on CME Group to $330 from $295 and keeps an Overweight rating on the shares. The firm cites an overall solid beat for CME. Market data fees drove the upside, ADV grew 16% year-over-year with double-digit growth across all six asset classes, and management expects a 0.5%-1.0% transaction revenue uplift from recent pricing changes.

• SPCX Pivotal Research analyst Jeffrey Wlodarczak raised the firm's price target on SpaceX to $260 from $230 and keeps a Buy rating on the shares. The company reported better than expected Q3 results, but what stood out was management's Q1 revenue forecast and "much more significantly" Elon Musk's statement that a $500B-$1 trillion exit annual recurring revenue was possible by the end of 2027, the analyst tells investors in a research note.

• BBDC Raymond James lowered the firm's price target on Barings BDC to $9 from $10 and keeps an Outperform rating on the shares. Barings BDC delivered above-median earnings and NAV performance while simplifying its portfolio, supporting an attractive long-term risk/reward and expectations for near-term dividend stability, the analyst tells investors in a research note.
• CGBD Raymond James lowered the firm's price target on Carlyle Secured Lending to $11 from $12 and keeps an Outperform rating on the shares. The firm continues to see an attractive risk/reward with solid credit quality and a new JV that is likely to be accretive to long-term yields, the analyst tells investors in a research note.
• CCAP Raymond James lowered the firm's price target on Crescent Capital BDC to $10 from $12 and keeps an Outperform rating on the shares. Industry multiple compression and lingering credit concerns have weighed on valuation, but the stock's discount to peers could narrow if credit trends improve, the analyst tells investors in a research note.
• MFIC Raymond James lowered the firm's price target on MidCap Financial to $9.50 from $11 and keeps an Outperform rating on the shares. While the portfolio is expected to shrink during deleveraging, there is still a meaningful probability of strategic actions, including a full or partial portfolio sale, to unlock shareholder value, the analyst tells investors in a research note.
• SLRC Raymond James lowered the firm's price target on SLR Investment to $12.50 from $14 and keeps an Outperform rating on the shares. The stock is attractive at current levels, though a discount valuation is likely to persist unless ROEs expand materially, the analyst tells investors in a research note.

• IBM Stifel analyst David Grossman raised the firm's price target on IBM to $260 from $235. Q3 revenue outperformance was driven by mainframe software and infrastructure and implied Q4 revenue guidance suggests trend-line growth for each segment, which is "reasonable," the analyst tells investors.
• LVS Stifel lowered the firm's price target on Las Vegas Sands to $52 from $54 and keeps a Buy rating on the shares. Macau demand and spending pressure has been well known and understood, but now the company has had two consecutive quarters where Singapore results have underwhelmed and "this once great growth story has now turned into a massive show me story," the analyst tells investors.
• MNST Stifel adjusted the firm's price target on Monster Beverage to $52 from $105 and keeps a Buy rating on the shares, citing the stock split. The firm is slightly raising its Q3 revenue and profit estimates to reflect strong consumption growth, partially offset by incremental cost pressure, the analyst added in a preview.

• IBM Susquehanna raised the firm's price target on IBM to $256 from $253 and keeps a Neutral rating on the shares. The fim said Q3 seems to have recovered most of the Q2 shortfall, with an estimated $250 mln of the $400 mln of slipped business now closed and leading to acceleration in Transaction Processing Software from -9% to +10%, a huge turnaround. The firm also sees an upcoming catalyst that may surface the Quantum hidden asset, including the December 10 Quantum Day.
• META Susquehanna analyst Shyam Patil raised the firm's price target on Meta Platforms to $850 from $650 and keeps a Positive rating on the shares. The firm said posted a strong beat and raise across the board and highlighted strong early traction with Muse, which it expects to grow into a large, highly profitable business line over time. They continue to like META's opportunities and positioning and believe the AI investments will pay off over time.

• CNP TD Cowen initiated coverage of CenterPoint Energy with a Buy rating and $47 price target. The firm says Houston Electric offers "unmatched exposure" to residential and industrial growth, supporting 10 gigawatt of incremental demand by 2031. TD views Houston's economic and population growth as a "powerful catalyst" for rate base and earnings expansion at CenterPoint.
• AEE TD Cowen initiated coverage of Ameren with a Hold rating and $114 price target. The company has a increasingly contractual data center opportunity in Missouri with a "highly constructive" regulatory framework that supports accelerated investments, the analyst tells investors in a research note. TD cites Ameren's premium valuation for the Hold rating.
• EVRG TD Cowen initiated coverage of Evergy with a Buy rating and $95 price target. The company is transitioning into a "differentiated growth story," driven by contracted hyperscale demand, a regulatory framework for large-load customers, and a long-term capital investment opportunity, the analyst tells investors in a research note. TD expects 9.4% annual earnings growth for Evergy through 2030 with growth accelerating beginning in 2028.

• LEU Truist analyst Christopher Souther lowered the firm's price target on Centrus Energy to $178 from $215 and keeps a Buy rating on the shares as part of a broader research note previewing Q3 results for nuclear energy names. Fundamentals across the nuclear fuel cycle have continued to strengthen, supported by favorable pricing trends, growing demand for firm power, and ongoing policy support for domestic fuel supply chains, but the firm's price target adjustments reflect higher interest rates and weaker sentiment toward long-duration growth assets, the analyst tells investors in a research note.
• CCJ Truist analyst Christopher Souther lowered the firm's price target on Cameco to $125 from $130 and keeps a Buy rating on the shares as part of a broader research note previewing Q3 results for nuclear energy names. Fundamentals across the nuclear fuel cycle have continued to strengthen, supported by favorable pricing trends, growing demand for firm power, and ongoing policy support for domestic fuel supply chains, but the firm's price target adjustments reflect higher interest rates and weaker sentiment toward long-duration growth assets, the analyst tells investors in a research note.

• META UBS raised the firm's price target on Meta Platforms to $892 from $884 and keeps a Buy rating on the shares. Meta's AI investments are beginning to drive stronger ad performance and product adoption, with faster Muse monetization potentially accelerating revenue growth and creating upside to 2027-28 forecasts, the analyst tells investors in a research note.
• TXN UBS analyst Timothy Arcuri lowered the firm's price target on Texas Instruments to $360 from $380 and keeps a Buy rating on the shares. Texas Instruments beat expectations on gross margins and saw strengthening auto demand, while elevated capex plans signal management confidence in sustained industrial, data center, and automotive momentum into 2027, the analyst tells investors in a research note.
• IBM UBS analyst David Vogt raised the firm's price target on IBM to $243 from $236 and keeps a Neutral rating on the shares. IBM delivered a mixed Q3, beating revenue and EPS expectations and modestly raising its free cash flow outlook while reiterating CY26 revenue guidance, but several risks cloud estimates heading into 2027, the analyst tells investors in a research note.
• BOOT UBS analyst Jay Sole lowered the firm's price target on Boot Barn to $232 from $272 and keeps a Buy rating on the shares. Boot Barn is expected to deliver in-line Q2 EPS and reaffirm FY27 guidance, leaving the stock's reaction dependent on Q3-to-date comparable sales trends, with a balanced risk/reward ahead of results, the analyst tells investors in a research note.
• CSX UBS raised the firm's price target on CSX to $60 from $54 and keeps a Buy rating on the shares.

• ABT Wells Fargo raised the firm's price target on Abbott to $119 from $112 and keeps an Overweight rating on the shares. The firm notes the company reported a mixed Q3 and took down Q4 guidance and 2027 outlook. Soft spots include EP and outside-U.S. Libre.
• NLY Wells Fargo lowered the firm's price target on Annaly Capital to $22 from $24 and keeps an Overweight rating on the shares. The firm notes October TBV slightly recovered, but is still down about 9.6% from Q2 on interest rate shocks. Capital allocation skewed slightly away from Agency MBS, Wells adds. Dividend yield is 16.5%.
• CME Wells Fargo analyst Daniel Welden raised the firm's price target on CME Group to $333 from $315 and keeps an Overweight rating on the shares. CME's Q3 call reinforced the firm's view that pricing, data and new products can add to a durable core volume story. Compute and single-stock futures are early, while capital efficiencies deepen the moat, Wells adds.
• MCO Wells Fargo analyst Jason Haas lowered the firm's price target on Moody's to $595 from $597 and keeps an Overweight rating on the shares. The firm notes the company delivered Q3 EPS below Street expectations, driven by MIS softness, and FY26 guidance was maintained across all metrics. Management continues to have a constructive issuance outlook as the markets remain open and they see a robust pipeline.
• RS Wells Fargo raised the firm's price target on Reliance to $420 from $391 and keeps an Equal Weight rating on the shares. The firm expects shares to respond well to Q3's beat and raise, although valuation already reflects much of the upside. Most of the earnings beat came from the core business, with the border wall providing incremental support, Wells adds.
• LVS Wells Fargo lowered the firm's price target on Las Vegas Sands to $40 from $44 and keeps an Equal Weight rating on the shares. Optically the Singapore headline EBITDA was worse than expectations, but avoided worst case scenario after adjusting for mass hold, the firm argues. Decline in VIPs is not a trend yet, says Wells, which believes Macau remains challenging on competition.
• META Wells Fargo analyst Ken Gawrelski lowered the firm's price target on Meta Platforms to $995 from $1,000 and keeps an Overweight rating on the shares. The firm notes core ads outperform again powered by fastest UCAN ads growth since Q2 2021. Surprise 2027 revenue commentary suggests consensus moves higher by 1-2pts, says Wells. The firm says uncertainty remains around the timing and size of any capital raise, as well as Meta's FY27 operating expenses and capital expenditures outlook.
• IART Wells Fargo lowered the firm's price target on Integra LifeSciences to $13 from $15 and keeps an Equal Weight rating on the shares. The firm notes Q3 results came in within guide despite the disruption, but the story now turns to the pace of recovery and whether underlying Neuro strength and product relaunch can offset Cincinnati-related HW and the refinancing's incremental interest expense.

Rating abbreviations…

***OP = Outperform

***SP = Sector Perform

***UP = Underperform

***OW = Overweight

***EW = Equal-weight

***UW = Underweight

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

What’s on Tap Weekly Calendar

• Earnings After the Close: AERO AGNC BOKF CCK FNB KARO RBB RLI SFBS STLD WAL WASH WRB WTFC ZION

• 8:30 AM ET                   Housing Starts M/M for September
• 8:30 AM ET                   Building Permits M/M for September
• 8:55 AM ET                   Johnson/Redbook Weekly Sales
• 10:00 AM ET                 Pending Home Sales M/M for September
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: ADC ALK CB COF ELS EWBC HWC ISRG LRN MCB NFLX NLY NP ORRF OZK PEGA QCRH UAL

• 10:30 AM ET                 Weekly DOE Inventory Data
• 1:00 PM ET US Treasury to sell $13B in 20-year notes

• Earnings After the Close: BANR BBT BDN CACI CASH CATY CCI CSX EFSB EGBN EGP EPRT ESI FAF FR FRME FULT GGG GL GSBC GTY HBNC HXL IBM KALU KMI KNX LBRT LOB LRCX LUV MEDP META MMLP MOH NTST OII PKG PNFP Q ROL RS SAP SEIC SLG SON SSB STC TCBI TCBX TFIN TSLA TXN URI WCN WDFC WH WSBC

• 8:30 AM ET                   Continuing Claims
• 10:00 AM ET                 Leading Index M/M for September
• 10:30 AM ET                 Weekly EIA Natural Gas Inventory Data
• 11:00 AM ET                 Kansas City Fed Manufacturing for October

• Earnings After the Close: ABCB AMTB APPF ASB BBD BE BY BYD COLB CUBI DECK EBC ENVA FIBK GBCI HTH JAKK KN KNSL KRC MRTN MXL NEM ORC PINE REXR RNG SAM SIGI SLM SPFI SRCE SSNC USCB UVE VRSN WDC WSFS

• 9:45 AM ET S&P Global Services PMI, Oct-flash
• 9:45 AM ET S&P Global Composite PMI, Oct-flash
• 10:00 AM ET                 University of Michigan Confidence, Oct-final
• 10:00 AM ET                 University of Michigan 1-yr and 5-yr inflation expectations, Oct-final
• 1:00 PM ET                    Baker Hughes Weekly rig count data

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