Early Look

Thursday, September 10, 2026

After recording a third straight day of declines on Wednesday, U.S. futures are looking mixed as the Dow partially rebounds, the Nasdaq slips and S&P futures are little changed ahead of the first of back-to-back inflation data reports Thursday and Friday. Attention turns to inflation tomorrow morning with the August Producer Price Index data due at 8:30 am et: Estimates are for headline (PPI) headline M/M for August est. +0.4% (prior 0.0%) and Y/Y to rise +5.3% (prior +4.7%). The core PPI data (ex: Food & Energy M/M) for August est. +0.3% (prior +0.2%) and Y/Y for August…est. +4.6% (prior +4.2%). Then we get the Aug CPI data on Friday morning. Also later this morning, the European Central bank (ECB) policy meeting where a rate hike is expected. Ahead of the report, Treasury yields climb further to 3-year highs with the 10-yr yield above 4.85%. Oil prices also remain steadily higher, with Brent crude above $102 per barrel as the U.S./Iran tensions remains high. In Asian markets, The Nikkei Index rose 128 points to 65,270, the Shanghai Index fell -17 points to 3,934, and the Hang Seng Index dropped -320 points to 24,954. In Europe, the German DAX is down -10 points to 25,566, while the FTSE 100 is down -41 points to 10,628. So the S&P 500 (SPX), or SPY fell for a third straight day Wednesday, its 3^rd 3-day losing streak in a month but has only posted one 4-day red streak in 2026 so far — mid-March, right into that ~10% correction. Historically after 3 down days, next day has a positive bias more often than not — but March showed the 4th red can still hit. Today decides if this is just a pause or the start of another flush.

• The Dow Jones Industrial Average fell -405.41 points, or 0.77%, to 52,380.66
• The Nasdaq Composite dropped -168.07 points, or 0.64%, to 26,253.34
• The Russell 2000 Index declined -38.98 points, or 1.32% to 2,921.23

• 8:30 AM ET                   Continuing Claims…est. 1.78M
• 8:30 AM ET                   Producer Price Index (PPI) headline M/M for August…est. +0.4% (prior 0.0%)
• 8:30 AM ET                   Producer Price Index (PPI) headline Y/Y for August…est. +5.3% (prior +4.7%)
• 8:30 AM ET PPI Core – Ex: Food & Energy M/M for August…est. +0.3% (prior +0.2%)
• 8:30 AM ET PPI Core – Ex: Food & Energy Y/Y for August…est. +4.6% (prior +4.2%)
• 10:00 AM ET                 Existing Home Sales M/M for August…est. 3.98M (prior 4.06M)
• 10:00 AM ET                 Wholesale Inventory M/M for July…est. +1.3%
• 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 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
• 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

• The bull-bear spread in the American Association of Individual Investors (AAII) weekly survey was -1.3% vs 2.1% last week. Bulls dropped to 38% to from 39.7% , Neutrals stay the same at 22.7% from 22.7%, Bears rise to 39.3% to from 37.6%.

• Chewy Inc. (CHWY) was downgraded to In Line from Outperform at Evercore after results noting organic growth has decelerated to 5.7%, with the n-t and m-term outlook calling for more of the same – negatively impacted by soft macro conditions, likely competitive Intensity in the pet industry.
• Limoneira (LMNR) shares fell; Q3 adj. EPS $0.02 vs. $0.19 est.; revenue fell -7.8% y/y to $43.8Mm vs. $49.6Mm est.; adj. EBITDA $3.9Mm vs est $7.463Mm; GAAP net loss widened to $3M, or $(0.17) per share, compared to a net loss of $1M.

• Babcock & Wilcox (BW) has received a limited notice to proceed on work for an approximately $130M air quality control project for a U.S. coal-fired power plant.
• Centrus Energy's (LEU) announced 500,000 shares and pre-funded warrants to buy ~2 mln shares at $199.64. Offering includes four series of accompanying warrants to purchase up to ~6.99 mln shares; warrants exercisable at 125%, 150%, 175% and 200% above stock's last close of $181.49.
• Enbridge (ENB) said on Wednesday it will acquire Tallgrass Energy's crude oil business for $2.55 billion in cash, expanding its U.S. liquids pipeline network with the purchase of a majority stake in the Pony Express Pipeline and other assets.
• OPEC oil output fell in August, a Reuters survey found, as Saudi exports faced new disruption due to the war in Iran and a U.S. blockade cut Iran's shipments. Crude output by the 11-member OPEC fell by 640,000 barrels per day month-on-month to 19.71 million bpd, the survey found.
• TotalEnergies (TTE) announced a new oil discovery in Angola and signed agreements to buy a 40% operated interest in two new exploration blocks in the country. The new Acacia-5 discovery will increase production at the company's Block 17 by 6,000 barrels per day. TTE and partners plan to invest $10B in Angola’s oil sector over the next five years to sustain production. The company currently produces ~450,000 barrels/day in Angola, over 40% of the country’s output.

• Wealthfront Corp. (WLTH) Q2 EPS $0.10 vs. $0.08 est.; revenue $91.9Mm vs. $91.5Mm est.; adj. EBITDA $38.1Mm vs. $38.2Mm est. and adj. EBITDA margin 41%.

• Biohaven (BHVN) shares fell after the FDA issued a partial clinical hold on Sept. 4, 2026, pausing new enrollment in the BHV-7000 program over a rodent metabolite risk question. Already randomized patients can continue dosing across the program; more than 600 patients remain on treatment. BHV7000-303 stays on track for second-half 2026 topline data
• Cooper Companies (COO) shares fall; Q3 adj. EPS $1.15 vs. $1.12 est.; revenue $1.07B vs. $1.10B est.; gross margin 67%; adj. operating margin 26%; FY26 revenue guidance $4.229B-$4.252B vs. $4.31B est. and adj. EPS guidance $4.51-$4.55 vs. $4.63 est.
• Lakeland Industries (LAKE) Q2 EPS $(0.50) vs. $(0.07) est.; sales $50.1Mm vs. $51.4Mm est.; adj. EBITDA excluding FX $2.7Mm; gross profit $18.5Mm.
• David Samra, managing director at Artisan Partners and founding partner of International Value Group and a major shareholder in Novartis (NVS) has called for a shake-up of the co’s board to improve corporate governance after its shares suffered a record fall this week following back-to-back trial misses.
• Tempus AI (TEM) announced that it has been selected by the Advanced Research Projects Agency for Health, an agency within the U.S. Department of Health and Human Services, to receive an award of up to $9.5M to build the first autonomous clinical AI agent capable of providing safe and effective care to patients suffering from heart failure.

• Huawei Technologies Co. has notified some clients that it's significantly increasing the prices of its most advanced AI accelerators. The suggested price for Huawei's Ascend 950DT jumped roughly 60% to 250,000 yuan ($37,300) apiece over the past three months – Bloomberg.
• Meta (META) AI researcher Andrew Tulloch, who came over from Thinking Machine Lab as one of the highest paid employees last year, is leaving the company, Semafor reported.
• Motorola (MSI) board approves $2 bln increase to share repurchase program.
• Naven Inc. (NAVN) Q2 adj. EPS $0.05 vs. $0.04 est.; revenue $232.8Mm vs. $220.5Mm est.; gross booking volume $3.0B; acquired Ai-powered meetings and events platform BoomPop, with no material impact expected on prior guidance; Q3 revenue guidance $253Mm-$255Mm vs. $248.3Mm est. and adj. operating Income guidance $35.5Mm-$36.5Mm vs est $30.43Mm; FY27 revenue guidance raised to $927Mm-$933Mm vs. $911.3Mm est. and adj. op income guide $82Mm-$86Mm vs est $63.02Mm.
• Skillsoft Corp. (SKIL) Q2 EPS $(1.67); revenue $98.2Mm vs. $99.0Mm est.; adj. EBITDA $33.0Mm vs est $27Mm; FY27 revenue guidance $380Mm-$390Mm vs est $397.53Mm and adj. EBITDA guidance $108Mm-$116Mm vs est $112.23Mm.
• Taiwan Semiconductor Manufacturing Co. (TSM) reported a 53.3% increase in monthly sales, with the company struggling to meet overwhelming demand from the global AI infrastructure buildout. Revenue in August reached NT$514.8B ($16.3B) vs analysts expecting 46.8% sales growth for the current quarter.

Mid-Morning Look

Thursday, September 10, 2026

U.S. stocks are extending their recent declines as the S&P 500 is trying to avoid its longest losing streak since March (of 4 days) as surging Treasury yields and oil prices following a hot inflation report weighs on investor confidence into next week’s FOMC policy meeting. U.S. 10-year Treasury yield jumps above 4.92%, its highest level since July 2023 while the 30-year Treasury yield is surging, now within 1% of its 2007 peak (at 5.34%) as stocks are now competing with the highest risk-free return in almost two decades. Gold and silver prices pulling back again, feeling the impact of surging oil prices while robust U.S. inflation data (PPI) increased bets for a Federal Reserve rate hike next week. U.S. producer prices increased in line with expectations in August amid a rebound in the cost of energy products, but came in higher than the prior month. Traders are now pricing a 70% chance of a rate hike next week, up from 62% before the data, according to the CME FedWatch Tool. Oil prices jumped 4% on Thursday with benchmark Brent crude hitting $105 a barrel, after the biggest spike in attacks on shipping since the start of the U.S.-Iran war spurred supply disruption concerns. This morning in central bank news, the European Central Bank (ECB), as expected, raised interest rates for the second time this year hoping to tame an inflation rise. Surging oil and natural gas prices pushed inflation well past 3% across the 21-country euro zone last month, far exceeding the ECB's 2% target. The ECB also lifted its 2026 economic growth projection to 0.9% from 0.8% and now sees inflation averaging 3.0% this year and 2.5% in 2027. In corporate news, oracle (ORCL) earnings results are expected after the close tonight in software.

• July's headline and core PPI inflation numbers were also revised higher. The M/M totals showed Core PPI rose +0.2% M/M vs. +0.3% consensus and +0.3% in July while headline M/M PPI final demand +0.4% (vs. consensus +0.4%).
• Weekly Jobless Claims fell to 206,000 from 207,000 prior week and vs. consensus 205,000; the 4-week moving average fell to 206,000 from 207,500 prior week; continued claims fell to 1.774M from 1.775M vs. est. 1.78M (previous 1.779M).
• Aug Existing Home Sales reported at 3.98M unit rate, down -2% but in line with consensus 3.98M and down from July 4.06M (prev 4.06M); the national median home price for existing homes $429,100%, +1.6% from Aug 2025; Aug inventory of homes for sale 1.62M units, 4.9 months' worth (highest since 2015).
• U.S. July wholesale inventories unrevised at +1.3%, but in line with consensus; U.S. July wholesale sales +0.8% vs June -2.9% (prev -3.0%); U.S. July stock/sales ratio 1.20 months' worth vs June 1.19 months.

• Rental suppliers: HRI was upgraded to Overweight from Neutral at JP Morgan saying its valuation discount vs its larger peers is wider than the historical average and there's potential for earnings upside from the recapture of market share lost during the HEES integration. The firm downgraded URI to Neutral from Overweight as considers URI to be best-in-class considering its dominant market share, margin profile, and balance sheet optionality, but its valuation premium over SUNB reflects this, in its view.

• ELV +4%; as money rotating out of technology and into other sectors today with managed care among the top leaders in the S&P 500 (UNH, CNC, HUM).
• META +1%; upgraded to overweight at JP Morgan noting shares are up +20% from their recent lows (vs. SPX -1%), but still down -1% YTD and believes there's still meaningful upside as Meta is in the early stages of releasing Frontier models and Ai-driven products beyond advertising, notably Muse Ai agent.
• RDDT +5%; among top performers in the S&P 500 this morning

• AXGN -6%; after announcing public offering of $208.7M at discounted price of $42.5 per share; Co to buy Biocircuit for $200M
• BHVN -15%; shares fell after the FDA issued a partial clinical hold on Sept. 4, 2026, pausing new enrollment in the BHV-7000 program over a rodent metabolite risk question. Already randomized patients can continue dosing across the program.
• COO -14%; shares fell as Q3 revenue of $1.07B was below consensus of $1.1B, which mgmt primarily attributed to inventory headwinds in the Americas region for CVI and reduced its FY26 outlook for organic revenue growth and EPS as the incremental inventory headwinds are expected to persist into Q4.
• FCX -8%; along with weakness in other copper producers SCCO, TECK after reports the White House has not ​yet made a decision on refined copper tariffs as officials juggle concerns that higher prices could raise manufacturing costs against ‌the potential benefits of encouraging more domestic mining.
• LMNR -7%; shares fell as Q3 adj. EPS $0.02 missed the $0.19 est.; revenue fell -7.8% y/y to $43.8Mm vs. $49.6Mm est.; adj. EBITDA $3.9Mm vs est $7.463Mm; GAAP net loss widened to $3M, or $(0.17) per share, compared to a net loss of $1M.
• LOVE -8%; after guides FY27 net sales of $690M-$710M, below analysts' avg est. of $715.3M and guides Q3 sales of $140M-$150M, below est. of $160M citing uneven industry conditions
• SKIL -25%; as lowered FY27 revenue outlook by $12M at the midpoint, reflecting accelerating consumer pressure; cost management enabled management to maintain adj. EBITDA and FCF outlook ($108-$116M/$14-$22M); reported revenue ($98.2M) below estimates.

Closing Recap

Thursday, September 10, 2026

The S&P 500 (SPX), Dow Jones Industrials Average and Nasdaq Comp ended lower for a 4^th straight day, the longest decline for the S&P 500 index since early March (3/10-3/13) ahead of another important inflation data point tomorrow morning in CPI. Stocks dropped after U.S. WTI oil prices topped $100 a barrel, amid growing fears of higher inflation from a prolonged war in the Middle East and as Treasury yields continue their climb to multi year highs. USO hit 52-week highs in energy while TLT hit 52-week lows in bonds. Not helping stock markets midday, the WSJ reported Iran has resumed its production of ballistic missiles using stockpiled components and working in underground facilities, officials from the U.S. and Middle East familiar with the matter said. While today’s Producer Price (PPI) inflation report was in line with consensus and above the prior month, weighing on stock prices today/metals (and lifting yields), tomorrows consumer price index (CPI) at 8:30 am et will likely carry more weight and then of course next week’s FOMC Policy meeting is key.

After leading markets yesterday, tech (XLK) was better for sale, particularly the semis (SOX) as more AI doom/safety restriction news gets around and DeepSeek V4.1 out looking strong & cheap. The semi/AI and data center trade that saw strength just a few days ago was under pressure again today while software bounced ahead of Oracle (ORCL) earnings tonight (which was down on AI concerns). Consumer Staples (XLP) was one of the few bright spots for the S&P today despite weakness in food stocks while materials (XLB) tumbled on weak gold/silver prices and copper names hit. Rising Treasury yields also impacted interest rate sensitive sectors.  For the CBOE Volatility index (VIX), after having closed between 14 and 17 for 28 straight days, the VIX broke as high as 18.17 today closing above the 17 level.

Stats of the day: market breadth has been negative and standing out despite major averages remaining not far off record highs. Two interesting stats: 1) @Bluekurtic noted on X, Wednesday was “ the 3rd worst breadth day of 2026 for the S&P 500, with 60%+ of $SPX stocks down. Yet 2026 has seen just 3 such days so far. The least since 2010. This is one of the best years for breadth in over two decades.”2) Bluekurtic tweets on X,  "Market breadth is deteriorating. The S&P 500 McClellan Oscillator fell below -72, its lowest level in 5+ months. After similar signals, $SPX was lower 10 of 13 times 5 days later. Not a good sign heading into next week’s FOMC."

• July's headline and core PPI inflation numbers were also revised higher. The M/M totals showed Core PPI rose +0.2% M/M vs. +0.3% consensus and +0.3% in July while headline M/M PPI final demand +0.4% (vs. consensus +0.4%).
• Weekly Jobless Claims fell to 206,000 from 207,000 prior week and vs. consensus 205,000; the 4-week moving average fell to 206,000 from 207,500 prior week; continued claims fell to 1.774M from 1.775M vs. est. 1.78M (previous 1.779M).
• Aug Existing Home Sales reported at 3.98M unit rate, down -2% but in line with consensus 3.98M and down from July 4.06M (prev 4.06M); the national median home price for existing homes $429,100%, +1.6% from Aug 2025; Aug inventory of homes for sale 1.62M units, 4.9 months' worth.
• U.S. July wholesale inventories unrevised at +1.3%, but in line with consensus; U.S. July wholesale sales +0.8% vs June -2.9% (prev -3.0%); U.S. July stock/sales ratio 1.20 months' worth vs June 1.19 months.

• Precious metal prices slid as December gold fell -$53.40 or 1.2% to settle at $4,407.30 an ounce while December silver tumbled -$3.72 or 5.42% to finish at $64.93 an ounce after robust U.S. inflation data and rising oil prices increased bets for a Federal Reserve rate hike next week. PPI for final demand rose 0.4% last month after an upwardly revised 0.1% gain in July. Traders are now pricing in a 70% chance of an increase in U.S. interest rates next week, up from 62% before the data. A majority of economists polled by Reuters expect the Fed to hold rates steady at its September 15-16 meeting and for the rest of the year ahead of mid-term elections.

• The U.S. producer price index (PPI) increased in line with expectations in August on a monthly basis amid a rebound in the cost of energy products. And in the 12 months through August, the PPI advanced 5.4% compared with consensus expectations for 5.3%. Energy prices increased 4.2% over the month after declining for two straight months and wholesale food prices edged up 0.1% after dropping 0.9% in July. After the data, traders were betting on a roughly 70% chance the Fed would raise rates by 25 basis points at its September 15 to 16 meeting, up from 62% earlier.
• Yields had climbed on Wednesday after the U.S. Treasury Department said it will buy up to $6 billion in 10- to 20-year Treasury bonds during its buyback operation later on Thursday. This was triple the size of its last long-dated operation but disappointed investors who had expected a bigger buyback announcement. But yields had pared their advance on Wednesday after the Treasury Department saw very strong demand for a $39 billion sale of 10-year notes.

• Department stores: Macy’s (M) raised its annual sales and profit forecasts after stronger performance at its upmarket Bloomingdale's and Bluemercury chains; now expects FY26 sales $21.68B-$21.83B above prior view $21.5B-$21.75B and better EPS view of $2.15-$2.35; Q2 sales rose 1.1% y/y to $4.87B, topping analysts' estimate of $4.83B; Bloomingdale's comp sales rose 11.3%.
• Housing related sector/retail: LOVE shares fell after guides FY27 net sales of $690M-$710M, below analysts' avg est. of $715.3M and guides Q3 sales of $140M-$150M, below est. of $160M citing uneven industry conditions; COST shares come into the day with a 7 day losing streak and down 10 of last 11 to around $900 a share, lowest since the beginning of the year
• Food sector: LMNR shares fell as Q3 adj. EPS $0.02 missed the $0.19 est.; revenue fell -7.8% y/y to $43.8Mm vs. $49.6Mm est.; adj. EBITDA $3.9Mm vs est $7.463Mm; GAAP net loss widened to $3M, or $(0.17) per share, compared to a net loss of $1M. Food stocks were broadly lower along with general consumer staples with GIS falling for an 8^th straight day and CHD down 10 straight days.

• Towables & RV sector (THO, WGO, CWH, PATK, LCII): North American industry Retail RV Sales in July, after Truist's assumed revisions, were likely down high-single digits Y/y, a decel from June's revised -6.3% result but approx. in line with May's -7.9%. Wholesale RV Unit Shipments in July at-12% Y/y was similar to June's -13% and a "less bad" vs May's-19%. Wholesale shipments continue to track below RVIA's FY26 forecast for a high-single digit decline at the mid-point. CWH's Foot traffic continued to soften sequentially, with August -17% Y/y vs. July's -16% and June's -15%.

• Energy sector: TTE announced a new oil discovery in Angola and signed agreements to buy a 40% operated interest in two new exploration blocks in the country. The new Acacia-5 discovery will increase production at the company's Block 17 by 6,000 barrels per day.
• Nuclear & Utility sector: LEU announced 500,000 shares and pre-funded warrants to buy ~2 mln shares at $199.64. Offering includes four series of accompanying warrants to purchase up to ~6.99 mln shares; warrants exercisable at 125%, 150%, 175% and 200% above stock's last close of $181.49
• Pipelines & MLP sector: ENB said it will acquire Tallgrass Energy's crude oil business for $2.55 billion in cash, expanding its U.S. liquids pipeline network with the purchase of a majority stake in the Pony Express Pipeline and other assets. In research, Morgan Stanley upgraded shares of DTM, TRP to Overweight saying with questions around near-term data center development, Natural gas pipeline stocks have pulled back on potential risk to commercializing growth projects. The firm said they view these headwinds as temporary and unlikely to derail near-term project announcements.

• BHVN shares fell after the FDA issued a partial clinical hold on Sept. 4, 2026, pausing new enrollment in the BHV-7000 program over a rodent metabolite risk question. Already randomized patients can continue dosing across the program; more than 600 patients remain on treatment. BHV7000-303 stays on track for second-half 2026 topline data
• CAMP receives authorization in the United Kingdom for phase 1/2 human clinical trial of cmp-002 in patients with syngap1-related disorder; to initiate cmp-002 clinical trial in Q4 2026; submits regulatory filings in EU for cmp-002 trial.
• NVS major shareholder, David Samra, managing director at Artisan Partners called for a shake-up of the co’s board to improve corporate governance after its shares suffered a record fall this week following back-to-back trial misses.
• Medical device sector: COO shares fell as Q3 revenue of $1.07B was below consensus of $1.1B, which mgmt primarily attributed to inventory headwinds in the Americas region for CVI and reduced its FY26 outlook for organic revenue growth and EPS as the incremental inventory headwinds are expected to persist into Q4 (FY26 revenue guidance $4.229B-$4.252B vs. $4.31B est.)

• Industrials and Machinery: PCAR was upgraded to Outperform at RBC Capital and raise tgt to $150 saying shares underperformed since late July despite Paccar's positive earnings momentum, and sees an attractive entry point for a stock highly geared to the nascent North American recovery.
• Aerospace & Defense sector: AVAV shares outperformed after results as Q1 adj. EPS of $0.59 topped the consensus estimate $0.25 on revs $480.5M beating the $456M consensus saying results were driven by increased product sales and higher service revenue.
• Metals & Mining sector: shares of copper producers FCX, SCCO, TECK declined after reports the White House has not yet made a decision on refined copper tariffs as officials juggle concerns that higher prices could raise manufacturing costs against ‌the potential benefits of encouraging more domestic mining; gold and precious metal miners giving up some recent gains as prices slide.
• Chemical sector: CC, DD and CTVA reached a $455 million settlement with North Carolina and 11 local entities over PFAS contamination claims tied to Chemours' Fayetteville Works plant and other historical discharges. Payments will be made over 15 years, beginning within 30 days of the agreement's execution, and Chemours expects to pay about $50M over the next 12 months, Chemours said on Thursday.

• Data Center & Neoclouds sector: CRWV CEO told Yahoo Finance from the Goldman Sachs Communacopia & Tech Conference that the firm is “struggling to meet demand every day". "Every GPU we have could be sold to multiple different clients. It is a unique moment, and it continues to be." NBIS was initiated at Buy and $355 tgt at Truist as views Nebius as an opportunity to invest in a scaling Ai-native hyperscaler still building out its infrastructure and believes consensus forecasts for 2027E ARR are conservative.
• Software sector: a bright spot in tech today ahead of ORCL earnings (though those shares were down), with MDB, MNDY, TWLO, TEAM showing strength; TENB announces proposed $650M convertible Senior notes due 2031; SKIL lowered FY27 revenue outlook by $12M at the midpoint, reflecting accelerating consumer pressure; cost management enabled management to maintain adj. EBITDA and FCF outlook ($108-$116M/$14-$22M); reported revenue ($98.2M) below estimates.
• Semiconductor sector: broad weakness in the semi space as recent gloom and doom reports of AI and safety restrictions weighed on prices (SNDK, MU, AMD, INTC, NVDA);  TSM reported a 53.3% increase in monthly sales and said revs in August reached NT$514.8B ($16.3B) vs analysts expecting 46.8% sales growth for the current quarter. Huawei Technologies Co. has notified some clients that it's significantly increasing the prices of its most advanced AI accelerators. The suggested price for Huawei's Ascend 950DT jumped roughly 60% to 250,000 yuan ($37,300) apiece over the past three months – Bloomberg reported. Memory stocks were pressured (MU, SNDK, SKHY) on DeepSeek news: DeepSeek V4.1-flash cuts agent memory costs fourfold with new architecture.

Street Recommendations

Thursday, September 10, 2026

• JAZZ Barclays raised the firm's price target on Jazz Pharmaceuticals to $271 from $270 and keeps an Overweight rating on the shares after the FDA approved Ziihera and Tevimbra for the first-line treatment of adult patients with unresectable locally advanced or metastatic HER2-positive gastric, gastroesophageal junction, or esophageal adenocarcinoma
• LFST Barclays raised the firm's price target on LifeStance to $15 from $13 and keeps an Overweight rating on the shares. The company's share offering continues to reduce the private equity ownership overhang, the analyst tells investors in a research note. The firm believes LifeStance continues to execute.

• SAIA Bernstein initiated coverage of Saia with an Outperform rating and $439 price target. The core call is a structural supply reset, not a demand recovery. The firm notes the trucking industry operated below fully allocated cost for roughly 40 months, supported by cheaper used equipment and owner-operators paying themselves below market. Those funding sources are now exhausted. At the same time, the non-domiciled CDL rule is expected to remove approximately 6% to 7% of the for-hire driver stock over several years, while insurance, broker vetting, training constraints and equipment economics are making re-entry harder. The result is a higher and more durable industry cost floor even if freight demand remains only flat to modestly positive, Bernstein says. The firm believes Saia offers the higher-beta alternative.
• XPO Bernstein analyst David Vernon initiated coverage of XPO with an Outperform rating and $244 price target. The core call is a structural supply reset, not a demand recovery. The firm notes the trucking industry operated below fully allocated cost for roughly 40 months, supported by cheaper used equipment and owner-operators paying themselves below market. Those funding sources are now exhausted. At the same time, the non-domiciled CDL rule is expected to remove approximately 6% to 7% of the for-hire driver stock over several years, while insurance, broker vetting, training constraints and equipment economics are making re-entry harder. The result is a higher and more durable industry cost floor even if freight demand remains only flat to modestly positive, Bernstein says. XPO is the firm's preferred LTL idea.
• ODFL Bernstein analyst David Vernon initiated coverage of Old Dominion with a Market Perform rating and $200 price target. The core call is a structural supply reset, not a demand recovery. The firm notes the trucking industry operated below fully allocated cost for roughly 40 months, supported by cheaper used equipment and owner-operators paying themselves below market. Those funding sources are now exhausted. At the same time, the non-domiciled CDL rule is expected to remove approximately 6% to 7% of the for-hire driver stock over several years, while insurance, broker vetting, training constraints and equipment economics are making re-entry harder. The result is a higher and more durable industry cost floor even if freight demand remains only flat to modestly positive, Bernstein says. The firm acknowledges Old Dominion is the best business but says the outlook is largely priced.

• CASY BMO Capital lowered the firm's price target on Casey's General Stores to $810 from $950 and keeps a Market Perform rating on the shares. The Q1 results beat EPS expectations and maintained healthy traffic and two-year comp trends, the analyst tells investors in a research note. The resulting pullback appears to reset elevated expectations and creates an attractive opportunity, the firm says.

• CCAP BofA analyst Derek Hewett downgraded Crescent Capital BDC to Neutral from Buy with a price target of $10.25, down from $13. The firm views the current discount to net asset value as "justified rather than an entry point" with credit deteriorating, earnings power fading and self-help levers limited, the analyst tells investors.
• SIG BofA analyst Lorraine Hutchinson raised the firm's price target on Signet Jewelers to $115 from $102 and keeps a Neutral rating on the shares. While "encouraged" by solid Q2 results and an improved profitability outlook from the credit agreement renewal, the firm stays at Neutral until it can gain more confidence in the sustainability of sales growth, the analyst tells investors.
• AAPL BofA analyst Wamsi Mohan lowered the firm's price target on Apple to $370 from $380 and keeps a Buy rating on the shares, stating that the first major product launch under new CEO John Ternus helped "showcase his focus on Apple's core values and continuing to create products that delight customers." Pricing on the new iPhones came in lower than the firm had expected, which can drive higher units but put some pressure on gross margins given higher memory and component costs, adds the analyst, who adjusted estimates accordingly.
• DRVN BofA resumed coverage of Driven Brands with an Underperform rating and $12 price target. The owner of Maaco, Take 5 and Auto Glass Now auto service brands is facing slowing comps, rising pressure on low-income consumers, says the analyst, who argues that investors could be underestimating the magnitude and duration of consumer headwinds.
• CASY BofA lowered the firm's price target on Casey's General Stores to $875 from $975 and keeps a Buy rating on the shares. The firm views Casey's as "a top tier convenience/retail operator," but it is fine-tuning EPS estimates and trimming its price target for "near-term noise" and a category re-rating.

• JILL BTIG raised the firm's price target on J.Jill to $25 from $18 and keeps a Buy rating on the shares. Q2 marked a clear inflection under new leadership, with positive comps, improving regular-price selling, stabilizing customers, and stronger acquisition momentum, while reinvestment of tariff refunds into marketing and IT may constrain near-term earnings but should support growth and SG&A leverage in 2027 and beyond, the analyst tells investors in a research note.
• DLR BTIG raised the firm's price target on Digital Realty to $220 from $215 and keeps a Buy rating on the shares. Despite macro and regulatory uncertainty, hyperscaler CapEx, cloud growth, utility large-load backlogs, and supplier trends collectively point to a meaningful acceleration in data center demand through 1H26, supporting a constructive outlook for data center REITs, the analyst tells investors in a research note.
• EQIX BTIG analyst Thomas Catherwood raised the firm's price target on Equinix to $1,240 from $1,210 and keeps a Buy rating on the shares. Despite macro and regulatory uncertainty, hyperscaler CapEx, cloud growth, utility large-load backlogs, and supplier trends collectively point to a meaningful acceleration in data center demand through 1H26, supporting a constructive outlook for data center REITs, the analyst tells investors in a research note.

• DRVN Canaccord raised the firm's price target on Driven Brands to $18 from $17 and keeps a Buy rating on the shares. The firm updated its model following its survey of oil change and collision locations and came away continuing to believe it will take a significant amount of time for the company to regain the market's trust, but the underlying business is simply too good to give up on.

• AAPL Citi keeps a Buy rating on Apple with a $365 price target after the company launched a new foldable iPhone. The Duo is Apple's biggest new hardware category since the watch and Airpods, the analyst tells investors in a research note. Citi adds that Apple repriced the iPhone 16 and 17 by at least $100 to offset higher memory component prices. It views the iPhone 18 specifics and foldable phone selling price as in-line with expectations.
• COO Citi analyst Joanne Wuensch lowered the firm's price target on Cooper Companies to $60 from $80 and keeps a Neutral rating on the shares. The company's decision to maintain ownership of CooperSurgical may be a disappointment to investors, the analyst tells investors in a research note. Citi adds that inventory management is weighing on Cooper's fiscal Q3 results.

• WLTH Goldman Sachs raised the firm's price target on Wealthfront to $10 from $9.50 and keeps a Neutral rating on the shares.

• AMGN HSBC analyst Morten Herholdt last night downgraded Amgen to Hold from Buy with a price target of $425, down from $445. After re-rating on Amgen's strong execution and positive estimate revisions, the stock is trading around fair value, the analyst tells investors in a research note. The firm believes Amgen can work through a patent cliff given its rare disease exposure, new launches and a growing biosimilar portfolio. However, the shares offer limited near-term upside, contends HSBC. It sees a balanced risk/reward at current share levels.

• URI JPMorgan analyst Tami Zakaria downgraded United Rentals to Neutral from Overweight with a price target of $1,170, down from $1,235. The company is "best-in-class" given its "dominant" market share and margin profile, but the stock's valuation premium over peers reflects this, the analyst tells investors in a research note. JPMorgan says that while United Rentals has been a growth compounder through acquisitions, there is debate as to whether the pace of deals is set to slow, given that not too many large general rental acquisition targets remain.
• HRI JPMorgan upgraded Herc Holdings to Overweight from Neutral with a price target of $175, up from $165. Herc's s valuation discount relative to its larger peers is wider than the historical average, the analyst tells investors in a research note. JPMorgan sees potential for earnings upside from the recapture of market share lost during the H&E Equipment Services integration. Herc's current 2026 EBITDA estimates are still 10% below its pro-forma EBITDA before acquiring H&E last year, the firm adds. JPMorgan believes Herc is past the initial setbacks in the integration process and should see sequential utilization improvement going forward.
• AAPL JPMorgan says Apple's fall product launch was largely inline with expectations. Apple's pricing is inline with JPMorgan's base case of a $100 like-for-like increase, taking the iPhone 18 Pro and 18 Pro Max to $1,199 and $1,299, the analyst tells investors in a research note. However, the numbers are below the larger increases some investors had anticipated on account of memory cost inflation, contends JPMorgan. The firm believes Apple "walks the fine balance" of absorbing memory costs while keeping the opportunity for a positive volume cycle. It keeps an Overweight rating on the shares.

• COIN Morgan Stanley initiated coverage of Coinbase with an Equal Weight rating and $250 price target. The company's scale, liquidity, regulatory infrastructure and product breadth position it to remain a central access and infrastructure provider as digital assets move further inside the regulated financial system, the analyst tells investors in a research note. Morgan Stanley sees "meaningful strategic value" in Coinbase's positioning and believes the company is positioned to participate as crypto and traditional finance converge. However, the company's earnings profile remains highly cyclical, while incremental growth increasingly comes from businesses that are less proven, adds the firm.
• ONON Morgan Stanley analyst Alex Straton resumed coverage of On Holding with an Overweight rating and $39 price target. Morgan Stanley names On its preferred name in the sportswear brand space. The stock's 40% year-to-date decline overstates the company's fundamental deterioration, the analyst tells investors in a research note. The firm believes consensus estimates are underestimating both On's growth durability and margin maturation.
• UAA Morgan Stanley resumed coverage of Under Armour with an Equal Weight rating and $4 price target. The company's turnaround traction remains limited, making the Street's return-to-growth assumptions look premature, the analyst tells investors in a research note. The firm sees downside risk to both Under Armour's estimates and valuation.
• RVMD Morgan Stanley initiated coverage of Revolution Medicines with an Overweight rating and $255 price target. The firm says the companyis the leading RAS-targeted oncology franchise. Revolution is now positioned to compound value through front-line expansion, mutant-selective assets, the analyst tells investors in a research note. Morgan Stanley models $12B in peak risk-adjusted sales by 2036.

• META Oppenheimer says that while investors cheered release of "Muse from Meta," the company's task AI agent for consumers, the firm remains skeptical of the financial benefits and reiterates a Perform rating on Meta. Oppenheimer sees three problems, namely not enough consumers expected to pay, payers already subscribing to Gemini or ChatGPT, and not enough consumers trusting Meta with passwords. The firm does not see Muse as useful without full password sharing for e-commerce/online services, while new Siri via Gemini and next version of ChatGPT could support such activity. Overall, Oppenheimer doesn't see "Muse Agent as a game changer."

• TSN Piper Sandler lowered the firm's price target on Tyson Foods to $66 from $78 and keeps an Overweight rating on the shares. The firm is updating its Q4 estimates to better reflect incremental headwinds. Tyson Foods cut its 2026 guidance, with EBIT now expected to be $1.85B-$2.05B, driven by lower Beef operating profit, Chicken and Pork.
• COCO Piper Sandler lowered the firm's price target on Vita Coco to $83 from $89 and keeps an Overweight rating on the shares. The firm continues to like Vita Coco, with the strongest top-line momentum in its coverage, which is broad based and sustainable. Piper considers the stock's 38% pullback from recent peak levels an attractive buying opportunity and would be a buyer here.

• PCAR RBC Capital upgraded Paccar to Outperform from Sector Perform with a price target of $150, up from $130. The shares have underperformance since late July despite Paccar's positive earnings momentum, the analyst tells investors in a research note. The firm sees an attractive entry point "for a stock highly geared to the nascent North American recovery." RBC believes Paccar's upcycle "has a long way to run" and that consensus estimates look too low.
• CHWY RBC Capital lowered the firm's price target on Chewy to $31 from $34 and keeps an Outperform rating on the shares. Chewy delivered solid Q2 results with market share gains, customer growth, and acquisition contributions supporting a modestly higher 2026 outlook, but softer category demand and limited near-term catalysts temper the upside despite attractive longer-term opportunities, the analyst tells investors in a research note.
• CNM RBC Capital analyst Mike Dahl lowered the firm's price target on Core & Main to $60 from $63 and keeps an Outperform rating on the shares. The surprise gross margin miss and more tempered comments on second half margin trajectory weighed on the stock today, but this is largely mix-related, the analyst tells investors in a research note. The firm would use weakness as a buying opportunity.
• HP RBC Capital raised the firm's price target on Helmerich & Payne to $49 from $44 and keeps a Sector Perform rating on the shares. Helmerich & Payne's new management team is focused on utilizing its global asset base to generate solid free cash flow and repay debt, the analyst tells investors in a research note.
• WLTH RBC Capital lowered the firm's price target on Wealthfront to $11 from $13 and keeps an Outperform rating on the shares. A consistent new product roadmap, targeted incentives, and improving August net deposits and funded-account growth should support continued platform-asset scaling, while the new home-lending product could drive incremental asset growth in 2H27 and more meaningfully into FY28, the analyst tells investors in a research note.

• RELX TD Cowen analyst Nat Puccia initiated coverage of Relx with a Buy rating and 3,500 GBp price target. The firm believes the market has misclassified Relx as an "AI casualty" while its proprietary data, embedded workflows, and trusted decision tools make it an AI beneficiary. AI increases the value of Relx's content and analytics, supporting "durable growth, margin expansion, and a re-rating," the analyst tells investors in a research note.
• DPZ TD Cowen analyst Andrew Charles raised the firm's price target on Domino's Pizza to $320 from $310 and keeps a Hold rating on the shares after meeting with management. The firm expects a "broadly consistent strategic playbook" under the new CEO as Domino's looks to better balance U.S. traffic and ticket growth. The company's push on price-point value promotions should help gain share from competitors with inferior unit economics, the analyst tells investors in a research note.

• AWK UBS raised the firm's price target on American Water (AWK) to $162 from $156 and keeps a Buy rating on the shares. The merger with Essential Utilities (WTRG) remains on track for 1Q27 and should support 8.8% EPS growth through 2030, 5% pre-synergy EPS accretion, a larger growth territory, and potential Peoples Gas optionality, with Illinois and Pennsylvania regulatory decisions the key near-term milestones, the analyst tells investors in a research note.
• BG UBS analyst Manav Gupta raised the firm's price target on Bunge to $155 from $145 and keeps a Buy rating on the shares. The EPA's decision to proceed with 100% small refinery exemption reallocation provides a meaningful degree of demand certainty and removes a key overhang for the broader agricultural value chain, the analyst tells investors in a research note.

• SNPS Wells Fargo analyst Joe Quatrochi upgraded Synopsys to Overweight from Equal Weight with a price target of $475, up from $450. The firm says improving AI demand momentum and accelerating results into fiscal 2027 can drive the shares higher. The company's analyst day on September 30 should bring a positive initial 2027 guidance slightly above Street estimates, the analyst tells investors in a research note. Wells believes that while investor sentiment on Synopsys has improved, further confidence in a reacceleration of demand can drive a "modest re-rate" in the shares.
• AZO Wells Fargo analyst Zachary Fadem lowered the firm's price target on AutoZone to $3,500 from $4,150 and keeps an Overweight rating on the shares. The firm notes AutoZone is expected to miss. Sentiment skews short, Q4 bar closer to 2.5% and about 17-times nearing a three-year low. While Wells cut EPS/price target, it suspects trends improved through Q4. The firm struggles to underwrite another leg lower.
• COO Wells Fargo lowered the firm's price target on Cooper Companies to $61 from $66 and keeps an Equal Weight rating on the shares. The firm says no CSI sale and lower FY26 guidance came as a surprise. Wells expects management to be under more pressure to improve performance, and management credibility likely takes a bigger hit now.
• CNM Wells Fargo lowered the firm's price target on Core & Main to $48 from $65 and keeps an Overweight rating on the shares. The firm notes expectations were low into the print. Wells suspects lower gross margin is weighing on the shares, as are Q4 hockey-stick dynamics. All in, the firm sees opportunity here for patient investors but get this sets the stage for a long wait and see for others.

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

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