Early Look

Wednesday, October 28, 2026

U.S. markets are looking higher on this Fed day following a round of mixed earnings overnight/this morning. All eyes are on the Federal Reserve’s interest rate decision, set for 2 p.m. ET on Wednesday, along with the accompanying policy statement and press conference from Fed Chair Kevin Warsh. Expectations are for no rate hikes today, but likely a call for hikes at the December meeting to slow inflation. Traders will also be closely watching big tech earnings, with Microsoft (MSFT) and Alphabet (GOOGL) both set to report their latest results after the closing bell on Wednesday. Last night was a mixed bag of earnings in the tech space as the AI trade looks to continue to recover after a rough 1^st half of October. Shares of Vertiv (VRT) and SK Hynix (SKHY) are rising post results while other semi plays NXPI, TER and STX in HDD drives slide on results (but off overnight lows). Sentiment in the tech trade has markedly improved this week, with the S&P 500 and Nasdaq posting back-to-back gains. Semiconductor stocks drove the rally on Tuesday. In Asian markets, The Nikkei Index advanced 685 points to 63,954, the Shanghai Index rises 33 points to 3,681, the Korean Kospi jumps 7.4% to 946, and the Hang Seng Index rises 53 points to 23,094. In Europe, the German DAX is down -14 points to 25,576, while the FTSE 100 slips -33 points to 10,652. WTI crude +1.7% to $101.62 per Barrel after the WSJ reported the U.S. warns Gulf of Possible Short, intense renewal of Iran war after midterms. There are new signs that the American and Israeli militaries are preparing a potential Wave of strikes to muscle Tehran to the negotiating table

• The Dow Jones Industrial Average rose 15.99 points, or 0.03%, to 52,377.57
• The Nasdaq Composite gained 308.43 points, or 1.18%, to 26,477.81
• The Russell 2000 Index advanced 32.45 points, or 1.16% to 2,818.87

• 8:30 AM ET                   Advance Goods Trade Balance for September
• 10:30 AM ET                 Weekly EIA Inventory Data
• 2:00 PM ET FOMC Interest rate decision, no rate change expected

• Earnings After the Close: AEM AGI AIN ALGN ALKT ALRS AM AMRZ AR AUR AWK AXS BELFA BHC BHE BN BNL CBAN CCS CHDN CLB CLPT CMG CMPR CNMD CNXN COHU CP CSL CVNA CYH EBAY EFOR EG EGO EHC EPAC EPR EQIX F FCPT FDX FLS FORM FTNT GEN GFL GKOS GOOGL HDSN HLI HONA INVH KGC KLAC KREF LXU MAA MAZ MGM MGRC MORN MSFT MTH MUSA MYRG NEO NNBR NOW NXT OLED ORLY PBI PFS PI PLXS PPC PRCH PTEN QTWO QUAD RJF RM RSI SCI SFM SIMO STRL TDOC TENB THG TMUS TYL UFPI VICI WEX WFG WHD

• The stock market's best 6 months of the year start Monday. Since 1950, the Dow Jones Industrial Average has gained an average of about 7% from November through April, versus less than 1% from May through October, according to the Stock Trader's Almanac. Put $10,000 into only the good half each year, and it grew to about $1.3M. Put it into only the bad half, and it shrank to about $4,300 https://tinyurl.com/455mu8u4

• Cheesecake Factory (CAKE) Q3 revs $1.03B vs. est. $1.0B; Comparable restaurant sales at The Cheesecake Factory restaurants increased 15.2% y/y in Q3.
• VF Corp. (VFC) Q2 EPS $0.71 v. est. $0.54; Q2 revs $2.7B vs. est. $2.67B; reaffirms its FY27 sales forecast of 2% or better growth in constant currency; adjusted OM of approximately 8%; Normalized free cash flow flat to up vs. LY of $405M; actual free cash flow to be $515M or higher.

• EnerSys (ENS) to acquire Ultralife Corporation (ULBI) in a $320M all-cash transaction where Ultralife shareholders to receive $16 in cash per share.
• Enphase Energy (ENPH) Q3 adj. EPS $0.41 vs. est. $0.51 (miss); revenue $293.3Mm vs. est. $304Mm (miss); adj. gross margin 45%; adj. operating Income $53.6Mm vs est $58.04Mm (miss); Q4 revenue guidance $225-$255Mm vs. est. $299.8Mm (below); adj. gross margin guidance 40%-43%.
• EQT Corp. (EQT) Q3 EPS $0.44 vs. est. $0.36; and revs $1.77B vs. est. $1.82B; raises dividend by 3%; Q3 capital expenditures were 10% below guidance, attributed to reduced upstream and midstream spending and operational efficiency gains; sees Q4 sales volume at 550–600 Bcfe, including 10–20 Bcfe curtailments; expects Q4 maintenance capex of $540–$610M, growth capex of $185–$225M.
• Expand Energy (EXE) Q3 adj. EPS $1.46 vs. est. $1.27 (beat); revenue $3.286B vs. est. $2.609B (beat); adj. EBITDAX $1.23B vs est $1.165B; FY26 production guidance 7.45-7.55 Bcfe/d; capital investment guidance approximately $3B; expects 11-12 rigs.
• First Energy (FE) Q3 revs $4.6B vs. est. $4.25B; reaffirms core earnings compound annual growth rate near top end of 6% - 8% through 2030; expects at least 25% increase in $19 bln transmission investment plan for 2027–2031.
• GE Vernova (GEV) reports Q3 EPS $4.81 topping consensus $4.01; Q3 revenue $12.64B, above consensus $12B; reports orders of $29B, up 96% organically. announced that it has signed an agreement to acquire Trench Group, a global leader in high-voltage grid equipment, from investment firm Triton Partners for $9B; raises FY26 revenue view to $46.5B-$47.5B from $45.5B-$46.5B (est. $46.32B); now sees adjusted EBITDA margin of 13.5%-14.5%, up from 12%-14%, and free cash flow of $16-$17B, up from $11.5-$12.5B. Segment guidance is: Power: 19%-21% organic revenue growth, up from 18%-20%, and 19%-21% segment EBITDA margin, up from 17%-19%.
• ONEOK (OKE) Q3 adj EPS $2.13 vs. est. $1.57 and Ebitda $2.24B vs. est. $21.5B; raised 2026 financial guidance after strong year-to-date performance and Brazos acquisition; said Q3 results driven by higher NGLs, refined products, and natural gas volumes, plus increased optimization; raises 2026 net income guidance to $4.09B-$4.27B and lifts 2026 adjusted EBITDA outlook to $8.5B-$8.6B.

• Arch Capital (ACGL) Q3 EPS $2.67, vs. consensus $2.30; Q3 net income available to common shareholders fell 24% y/y to $1.03 billion; Q3 Net premiums earned declined 6% y/y to $4.01B; Q3 net investment income rose 11% y/y to $451 million.
• CoStar Group (CSGP) Q3 adj. EPS $0.38 vs. est. $0.34 (beat); revenue $952Mm vs. est. $946.2Mm (beat); adj. EBITDA $229Mm vs est $204.79Mm (beat); gross profit $741Mm; Q4 adj. EPS guidance $0.46-$0.50 vs. est. $0.49 (midpoint below), revenue $976-$996Mm vs. est. $985.1Mm (midpoint above), adj. EBITDA $275-$295Mm vs est $287.23Mm; raised FY26 adj. EPS guidance to $1.38-$1.41 vs. est. $1.37 (above), revenue to $3.75B-$3.77B vs. est. $3.755B (midpoint above), adj. EBITDA to $820-$840Mm vs est $807.83Mm (above); agreed to acquire Vexcel for approximately $730Mm cash
• ExlService Holdings (EXLS) Q3 adj. EPS $0.62, +28.5% YoY, vs. est. $0.57 (beat); revenue $634Mm, +19.7% YoY and +6.6% QoQ, vs. est. $615.4Mm (beat); constant-currency revenue +19.9% YoY; adj. operating margin 19.3% vs. 19.4% YoY and 19.7%; raised FY26 adj. EPS guidance to $2.34-$2.36 from $2.25-$2.29 vs est $2.29 (above) and revenue to $2.430B-$2.440B from $2.390B-$2.415B vs est $2.41B
• LPL Financial (LPLA) Q3 adj. EPS $5.97 vs. est. $5.74 (beat); revenue $5.34B vs. est. $5.35B (miss); gross profit $1.662B; EBITDA $415Mm.
• Robinhood Markets (HOOD) Q4 EPS of $0.60 topped $0.56 consensus estimate as revs rose 12% y/y to $1.42B vs. est. $1.43B; Q3 ARPU increased 5% y/y to $200; Q3 Expenses climbed 16% to $739M, driven by higher marketing costs; Crypto transaction revenue dropped 55%, while total transaction revenue climbed 19% to $867M; Net Deposits were $15.7B, an annualized growth rate of 17%.
• Ventas (VTR) Q3 normalized FFO/share $0.99 vs. est. $0.98 (beat); revenue $1.832B vs. est. $1.757B (beat); FY26 FFO/share guidance $3.83-$3.86 vs est $3.88.
• Visa Inc. (V) Q4 adj EPS $3.48 vs. est. $3.44; Q4 revs rose 13% y/y to $12.1B, in-line with consensus; quarterly cash dividend increased 16% to USD 0.780 per share; Q4 payments volume up 9 % on constant-dollar basis; Q4 total cross-border volume up 14% on constant dollar basis and Q4 processed transactions up 10 % on constant dollar basis.
• WP Carey (WPC) Q3 AFFO/share $1.33, +6.4% YoY, vs. est. $1.30 (beat); revenue including reimbursable costs $468.3Mm, +8.6% YoY, vs. est. $446.5Mm (beat); AFFO $308.2Mm; raised and narrowed FY26 AFFO/share guidance to $5.23-$5.29 from $5.19-$5.27 vs est $5.40; raised investment-volume guidance low end by $100Mm to $1.8B-$2.1B; Q3 investments $181.9Mm and subsequent investments $143.2Mm; quarterly dividend/share $0.950, +4.4% YoY.

• Boston Scientific (BSX) Q3 adj EPS $0.73 vs. est. $0.72; Q3 revs $5.14B vs. est. $5.05B; cuts FY26 adjusted EPS view to $3.16-$3.18 from $3.28-$3.32 and cuts FY26 revenue view to up 4.25% from up 5.5%-6.5%; now estimates net sales growth for the full year 2026, versus the prior year period, to be approximately 4.25% on a reported basis and approximately 3.75% on an organic basis.
• Dyne Therapeutics (DYN) downgraded to Perform from Outperform with a price target of $15, down from $40. Although the firm views Dyne's DM1 therapy as superior to Novartis' (NVS) which failed, its conviction in ACHIEVE-REC is tempered by its new DM1 natural-history analysis that suggests placebo vHOT variability could lower REC's power to 55%;
• GE HealthCare (GEHC) raises FY26 adjusted EPS view to $4.95-$5.05 from $4.80-$5.00 vs. FY26 consensus $4.92. Raises FY26 organic revenue growth view to about 4% from 3%-4% compared to consensus $21.72B.
• Rapport Therapeutics (RAPP) prices $175 mln common stock offering at $21 per share and prices $25 mln pre-funded warrants at $21 per warrant.
• Universal Health Services (UHS) Q3 revs rose 5.3% y/y to $4.73B vs. est. $4.71B; Q3 Ebitda was $640.4M, as compared to $684.2M during the third quarter of 2025.

• Landstar Systems (LSTR) Q3 EPS $1.42 misses consensus of $1.66 on sales rising 25% y/y to $1.51B vs. est. $1.47B; Truck revenue rose 29% y/y, with van and platform equipment revenue each up over 30%; Q3 results were negatively impacted by elevated insurance and claim costs, including adverse actuarial adjustments and prior year settlements.
• PPG Industries (PPG) Q3 adj EPS $2.25 vs. est. $2.12; Q3 revs rose 7% y/y to $4.35B vs. est. $4.29B; raises full-year adjusted EPS guidance to $7.90-$8.10; said expects Q4 organic sales growth of a low single-digit percentage; sees Q4 adjusted EBITDA margin flat to up 100 basis points y/y.
• Waste Management (WM) Q3 adj EPS $2.15 vs. est. $2.18 and revs $6.85B vs. est. $6.81B; Q3 adj Ebitda margin 31%; guides FY revs $26.275B-$26.475B vs. est. $26.4B.
• Werner Enterprises (WERN) Q3 adj EPS $0.16, in-line with consensus on revs $950.5M vs. est. $956.6M; adj net income $9.5M vs. est. $13.5M; Revenue growth driven by TTS segment gains and FirstFleet acquisition, offset by higher fuel costs.

• Google (GOOGL) rises after the Information reported OpenAI planning to purchase AI chips from Google. The report notes that OpenAI has been a long-time customer of Nvidia (NVDA)
• Intapp (INTA) Q1 EPS $0.44 vs. est. $0.40; Q1 revs $161.3M vs. est. $159.6M; raises FY27 EPS view to $1.64-$1.68 from $1.58-$1.62, consensus $1.60 and boosts FY27 revenue view to $658.2M-$662.2M from $656.5M-$660.5M, vs. consensus $659.1M.
• Manhattan Associates (MANH) Q3 adj. EPS $1.55 vs. est. $1.46 (beat); revenue $306.2Mm vs. est. $297.1Mm (beat); elects Juan Perez to BoD.
• NXP Semiconductor (NXPI) Q3 adj. EPS $4.20 vs. est. $4.09; revenue $3.786B vs. est. $3.760B; adj. gross margin 58.6%; adj. operating Income $1.41B vs est $1.373B and margin 37.1%; Q4 revenue outlook $3.75-3.95B vs. est. $3.86B and adj. EPS $4.14-4.58 vs est $4.32; board authorized $5B share repurchase program in October.
• Onsemi (ON) is in talks to acquire 16-Year old, AI power-management startup Ferric for nearly $1B, The Information reports.
• Seagate Technologies (STX) Q1 adj. EPS $7.68 vs. est. $7.42 (beat); revenue $4.233B vs. est. $4.138B (beat); gross margin 57.3%; operating margin 48.8%; Q2 adj. EPS guidance $9.00-$9.40 vs. est. $8.58 (above); revenue guidance $4.7B-$4.9B vs. est. $4.527B (above); dividend/share $0.74.
• Sensata Tech (ST) Q3 adj. EPS $1.13 vs. est. $0.97 (beat); organic revenue +6.8%, including 260bps from termination payment; adj. operating Income $215.3Mm; operating cash flow $225.3Mm; FCF $198.3Mm; Q4 adj. EPS guidance $0.95-$0.99 vs. est. $0.97, revenue $942-$972Mm vs. est. $968.97M
• SK Hynix (SKHY) shares rise; will return about $75 billion to shareholders this year, it said on Wednesday, after reporting a more than seven-fold jump in quarterly profit; reported operating profit of 83.3 trillion won for July to September, a quarterly record, versus 11.4 trillion won in the same period a year earlier (vs. 76.7 trillion won Estimate); revenue rose 328% to 104.6T won.
• China’s CXMT plans to start limited HBM3E production within two months despite yields of just 20%–30%, versus around 70% at SK Hynix. The move reflects China’s shortage of advanced memory needed to scale domestic AI chip production. CXMT has already sent samples to several Chinese AI chip designers.
• Teradyne (TER) Q3 adj. EPS $2.29 vs. est. $2.08 (beat); revenue $1.306B vs. est. $1.265B (beat); gross profit $771.3Mm; Q4 adj. EPS guidance $1.95-$2.25 vs. est. $2.06 (midpoint above); revenue guidance $1.25B-$1.35B vs. est. $1.265B (midpoint above).
• Ultra Clean Holdings (UCTT) Q3 adj. EPS $1.15 vs. est. $0.94 (beat); revenue $759Mm, +49% YoY and +18% QoQ, vs. est. $728.1Mm (beat); adj. gross profit $131.5Mm; adj. gross margin 17.3% vs. 16.7% QoQ; adj. operating Income $68.6Mm vs est $60.52Mm (beat); adj. operating margin 9.0% vs. 7.0% QoQ; Q4 adj. EPS guidance $1.11-$1.35 vs. est. $1.16 (midpoint above); revenue guidance $800-$860Mm vs. est. $816.5Mm (midpoint above).
• Vertiv (VRT) shares jump; Q3 adj EPS $2.21 tops est. $1.82 and revs $4.31B above consensus $3.76; sees Q4 EPS $2.22-$2.28, vs. consensus $2.21 and raises FY26 adjusted EPS view to $7.10-$7.20 from $6.65-$6.75 (est. $6.73), raises FY26 revenue view to $14.45B-$14.85B from $13.8B-$14.2B (est. $14B) and raises FY26 adjusted free cash flow view to $2.6B-$2.8B from $2.4B-$2.6B.

Mid-Morning Look

Wednesday, October 28, 2026

U.S. stocks open higher as better earnings results from semi/memory maker SKHY helped the tech space overnight, and the  AI infrastructure group got a bounce from cooling company VRT on its beat and raise as tech continues to recover after a bumpy start to October pushed the XLK down sharply. Next up in earnings is GOOGL and MSFT after the close to give another picture in the AI sector. However, before that, this afternoon's Federal Reserve interest rate decision at 2:00 PM ET and Chairman Warsh press conference. The Fed is expected to hold rates steady, but will we get any clues about December where expectations are for a hike. Higher oil and bond yields are not negatively impacting markets so far this morning. Crude moved higher after reports that the US has advised Gulf allies to prepare for the possibility of a short but intense military campaign against Iran after next week's midterm elections. While diplomacy remains active and no final decision has reportedly been taken, the story reinforced concerns around Gulf energy infrastructure, shipping routes and potential Iranian retaliation.

Central Bank News: Wall Street awaits the FOMC rate meeting this afternoon, with expectations for rates to hold steady but a more hawkish outlook for the December meeting. The Bank of Canada hiked its key policy rate for the first time in more than three years and said further increases might be needed to prevent soaring energy costs from fueling broader inflation. The bank lifted the rate by 25 basis points to 2.5%, as widely expected, and also ramped up its inflation forecast for 2027 to 3.1% from the 2.0% it had predicted in July. Growth this year is set to be 1.0%, higher than the 0.7% seen in July. Lastly, the major surprise came out of New Zealand from the RBNZ, which left the OCR unchanged at 2.75% despite markets pricing around a 95% chance of a hike. However, Governor Breman subsequently stressed that further tightening is still likely and may ultimately take rates into restrictive territory if inflation persists.

• Paper & Packaging sector: earnings weighing on the sector as IP reported Q3 sales fell to $6.197B from, missing the $6.27B consensus on softer demand while recorded $1.38B non-cash goodwill impairment for EMEA segment, driving net loss; Higher sales prices in North America supported segment revenue, though partially offset by lower sales volumes due to softer demand; shares of SW also declined on results as Q3 adj EPS $0.45 misses the $0.59 consensus on sales $8.16B, also below consensus $8.26B as adj Ebitda falls -7% to $1.21B; Management expects the full benefits of price increases intended to more than offset higher costs to materialize into 2027.
• Oil Services & Equipment: BKR delivered stronger-than-expected Q326 results bolstered by upside in both IET and Oilfield Services & Equipment, posted another very strong order quarter including a major power award, guided Q426 essentially in line; PUMP shares jumped following Q3 revenue beat; EXE saw a modest earnings/production beat vs consensus, but another 2026 CAPEX increase. NBR reported $246mm adjusted EBITDA, ahead of $239mm consensus with topline expanding q/q to $872mm vs. $859mm consensus. NOV EBITDA beat was driven by EE EBITDA of $187mm, +7% ahead of Piper $175mm estimate, with margins contracting 109 bps q/q to 15.3%.
• Restaurant sector: WEN shares jumps after a regulatory filing showed Nelson Peltz's Trian Fund Management has offered to take Wendy's private in a deal valuing the burger chain at about $1.4 billion. Trian is leading a group that has offered $7.35 per share in cash for the fast-food chain. CAKE delivered an across the board beat in Q326, as Cheesecake Factory comps and traffic ran ahead of expectations, while guidance moved higher, with the Q4 revenue outlook and initial FY27 sales framework both above the Street. EAT rises as Q4 revenue rose 8.1% y/y to $1.46B to match the consensus estimate and comp sales rose 9.1% vs. the +7.6% consensus, including a 10.1% increase for Chili's against a tough comp. WING Q3 EPS $1.08 beats by $0.06 and revs of $185.1M rise +5.4% y/y, missing consensus; Q3 domestic same store sales decreased 5.4% vs. Q3 2025.
• EMS Sector: the sector saw a big move higher on Tuesday after CLS posted a strong beat and raise, while FLEX today adds to early strength as raises its FY 2027 adjusted EPS forecast to $4.84-$5.16 from $4.42-$4.74 previously, above consensus estimate of $4.67 which followed a Q2 EPS beat of $1.18 (est. $1.05) and revs $8.49B (est. $8.14B) – shares of SANM, BHE, PLXS also in space.

• PPG +3%; delivered a strong Q3 beat with adj. EPS of $2.25 vs consensus of $2.12, driven by better price/cost, better volumes, and likely productivity actions; adj. EBITDA of $793M was above on major outperformance in Architectural and Performance Coatings.
• SKHY +9%; reported operating profit of 83.3 trillion won for July to September, a quarterly record, versus 11.4 trillion won in the same period a year earlier (vs. 76.7 trillion won Estimate); revenue rose 328% to 104.6T won and also said they will return about $75 billion to shareholders this year.
• ULBI +144%; shares surged after ENS agree to acquire the company in a $320M all-cash transaction where Ultralife shareholders to receive $16 in cash per share.
• VRT +12%; after solid beat and raise; posted top and bottom line beat for Q3 while raises FY26 adjusted EPS view to $7.10-$7.20 from $6.65-$6.75 (est. $6.73), raises FY26 revenue view to $14.45B-$14.85B from $13.8B-$14.2B (est. $14B) and raises FY26 adjusted free cash flow view.
• WEN +15%; shares jumps after a regulatory filing showed Nelson Peltz's Trian Fund Management has offered to take Wendy's private in a deal valuing the burger chain at about $1.4 billion. Trian is leading a group that has offered $7.35 per share in cash for the fast-food chain.
• WING +8%; Q3 Non-GAAP EPS of $1.08 beats by $0.06 and revs of $185.1M rise +5.4% y/y, missing consensus; Q3 domestic same store sales decreased 5.4% vs. Q3 2025.

• CSGP -11%; shares fell after announcing $730 million deal to buy Vexcel Group, a survey-grade aerial imagery programs operator; while Q3 EPS and revs topped consensus at $0.38/$952M above the $0.34/$946.2M consensus.
• ENPH -15%; shares tumbled after posting Q3 adj. EPS $0.41, below consensus est. $0.51 on revenue $293.3Mm, missing the $304Mm consensus and adj. operating Income $53.6Mm vs est $58.04Mm; also guides Q4 revenue guidance $225-$255Mm vs. est. $299.8Mm.
• FFIV -16%; shares fell despite Q4 revenue rising 13% to $917M and product revenue growing 23% while FY27 revenue growth is guided to 8%–9%, versus 11% in FY26, with the hardware refresh cycle expected to contribute less in the second half.
• HOOD -3%; shares declined after missed EPS estimates; Crypto revenue fell 55% YoY to $120M, and net interest revenue declined 9% to $415M. Options revenue grew 31% to $399M, while equities revenue increased 41% to $121M.
• LII -7%; Q3 revs $1.57B misses estimate $1.58B amid competitive pressure and inflation while cuts 2026 adj profit forecast to between $21-$21.50 from prior forecast of $23-$24 which followed a Q3 ES miss of $6.84 vs. est. $7.36.
• NXPI -3%; reported solid Q3 results and guided Q4 in line as growth was mostly driven by Industrials and Data Center as Industrial & IOT grew +38% Y/y, while Comm Infra & Other grew +54% Y/y. DC is expected to exceed $500M in '26 and grow to over $1B in 2028.
• RAPP -14%; after prices $175M common stock offering at $21 per share and prices $25M pre-funded warrants at $21 per warrant.
• WM -3%; reported mixed 3Q26 results while raising its FY revenue/FCF outlook and implying 4Q revenue/EBITDA above the Street. Post-collection business lines paced C&D organic growth, while resi led on yield, reflecting profitability focus.

Closing Recap

Wednesday, October 28, 2026

US equity futures followed yesterday’s rise with incremental overnight gains.  Earnings thus far have been mixed with both big beats and big misses, but generally good enough with an 83% beat rate in the S&P 500 vs 87% last year and an average beat of 8% vs 18% last year. Average year/year earnings growth, though, has outpaced last year at 28% vs 17% with median growth of 11% vs 10%. So, the expectations game seems fully in play with better growth not translating into a higher beat percentage. We have yet to hit even the halfway point in S&P reports so it’s a bit early to draw any firm conclusions.

In sentiment today, the daily Fear & Greed Index registered Fear at 35/100 versus last week’s 30 (also Fear), and similar to last month’s 32 (Fear) reading. That fear crept into markets early today and pulled futures back toward flat. By mid-morning, breadth favored decliners by 7:6 as small caps underperformed with IWM (-0.04%) versus SPY (+0.10%) and QQQ (+0.04%). SPY breadth favored decliners by 6:5 while breadth favored decliners by 5:4. Sector performance also had tilted negative with 4 sectors gaining versus 7 declining. Health Care (+1.04%), Energy (+0.43%) and Financials (+0.21%) were outperformers among S&P sector ETFs, while Materials (-0.67%), Communications (-0.68%) and Real Estate (-1.11%) paced the underperformers.

Heading into the final hour of trading, markets were moderately higher following an expected no-change decision from the Fed and generally in-line press conference.  Though there was a short period of volatility following the decision, stocks recovered, then moved higher during Warsh’s comments. Breadth recovered back to neutral with small caps remaining down on the day and sector performance remained slightly negative with 6 of 11 in the red.  Tomorrow likely will hinge more on earnings with MSFT, GOOGL, CAT and LLY among names reporting tonight or pre-open in the morning.

Quick summary of today’s FOMC meeting: Fed leaves interest rates unchanged at 3.75-4.0% after September hike in a 10-2 decision with Cook and Hammack dissenting in favor of a rate hike. The Fed says economic activity is "expanding at a strong pace" while saying inflation "remains elevated" and seeks more information. The Fed notes that "geopolitical developments" are contributing to uncertainty and reasserts that "The Committee will deliver price stability." Overall it seems higher for longer remains on the horizon.

• WTI crude futures gained overnight as the US warned of possible new Iran strikes following midterm elections.  In some cases, headlines described a possible short, intense renewal to force Iran back to new negotiations.  Futures extended gains following inventory data showing a 1.892M bbl draw versus a flat forecast. December WTI crude settled +$2.88/bbl, or +2.88%, at $102.78. 

• Retail sector: VFC exceeded guidance in fiscal second-quarter 2027 results, declared a quarterly dividend of $0.09 per share, and affirmed its full-year 2027 guidance.
• Auto sector: STLA Q3 net loss narrowed to €453M from €4.5B a year earlier, with net revenue up 1% to €37.6B, above the €36.5B consensus estimate, and adjusted operating income of €256M beating estimates of €191M; the automaker confirmed full-year 2026 guidance and reaffirmed its 2027 positive industrial free cash flow forecast.

• Refiners out with earnings: DINO appoints Steve Ledbetter as CEO after posts its highest-ever quarterly profit as elevated refining margins boost earnings; Q3 EPS of $11.75 crushed estimates of $7.65 as Q3 adjusted refinery gross margin per barrel at $54.22, compared with $19.16 a year earlier with revs $10.86B. PSX Q3 results handily topped estimates as Q3 adj EPS $14.08 on revs $5.62B crushing ests of $11.73/$4.61B saying achieved 98% refining utilization and higher realized refining margins, while targets returning over 50% of net operating cash flow to shareholders.
• Oil Services & Equipment: BKR delivered stronger-than-expected Q326 results bolstered by upside in both IET and Oilfield Services & Equipment, posted another very strong order quarter including a major power award, guided Q426 essentially in line; PUMP shares jumped following Q3 revenue beat; EXE saw a modest earnings/production beat vs consensus, but another 2026 CAPEX increase. NBR reported $246mm adjusted EBITDA, ahead of $239mm consensus with topline expanding q/q to $872mm vs. $859mm consensus. NOV EBITDA beat was driven by EE EBITDA of $187mm, +7% ahead of Piper $175mm estimate, with margins contracting 109 bps q/q to 15.3%.
• Solar sector: ENPH shares tumbled after posting Q3 adj. EPS $0.41, below consensus est. $0.51 on revenue $293.3Mm, missing the $304Mm consensus and adj. operating Income $53.6Mm vs est $58.04Mm; also guides Q4 revenue guidance $225-$255Mm vs. est. $299.8Mm.
• Utility sector: FE reported 3Q26 results ahead of expectations and reaffirmed its NT and LT outlook. The Company also highlighted a meaningful expansion in its growth opportunities, including a planned ~25% increase in transmission investments.

• Payments sector: Dow component Visa (V) reported top and bottom line Q3 beat but FY27 guidance was tempered due to a higher than normal amount of renewals expected in FY27 (25% of book vs normal 15%-20%) which led to FY27 guidance of low double-digit adj. cc net revenue growth and low double-digit to low-teens adj. EPS growth.
• Real Estate sector: CSGP shares fell after announcing $730 million deal to buy Vexcel Group, a survey-grade aerial imagery programs operator; while Q3 EPS and revs topped consensus at $0.38/$952M above the $0.34/$946.2M consensus.

• BXP reported a 3Q26 FFO beat (+0.08 vs. cons.) and raised FY26 guidance by $0.05 to $7.06-$7.08. Excluding incremental termination income, the beat and raise were ~$0.06 and ~$0.03, respectively. Leasing remained solid at 1.2msf and lease commencements drove occupancy higher by 100 bps to 89.4% and leased percentage increased 60 bps, while net rents improved 9.3%.
• ESS 3Q nFFO slightly missed consensus, and management’s modest 2026 nFFO guidance increase was also below Street expectations. SSRev. and SSNOI growth guidance increased 10 bps and 20 bps, respectively. New lease rate growth moderated 80 bps to -0.2%, largely offset by a 50 bps acceleration in renewals to 5.3%.
• IVT reported a 3Q26 beat, with NAREIT and Core FFO exceeding consensus by $0.02 and $0.01, respectively. Management raised FY26 Core FFO guidance 0.5% at the midpoint and lifted the low end of SPNOI guidance 50 bps, though revisions appear largely in line with consensus. SPNOI growth moderated 100 bps sequentially to 3.1%, leased occupancy increased 20 bps to 96.4%.
• VTR reported a modest 3Q26 nFFO beat and raised FY26 nFFO guidance following stronger-than-expected investment activity, with YTD investments increasing to $5.2B gross. However, SHOP SSNOI growth decelerated to 15.5% y/y and management reaffirmed, rather than increased, SHOP guidance, implying acceleration in 4Q26 to reach the midpoint of the 15-17% range.

• GERN said it would discontinue a late-stage trial testing its treatment for patients with a form of rare blood cancer as DMC advises trial unlikely to meet primary endpoint of overall survival.
• GMAB phase 3 liger-hn1 trial meets both primary endpoints, reduces risk of death by 50%; plans to engage global regulatory authorities and will submit full results for presentation at a future Medical meeting.
• LLY said that its investigational drug retatrutide was more effective at lowering blood sugar and cutting weight than NVOs’ Ozempic in a large diabetes study. This adds to multiple datasets showing that retatrutide is a highly efficacious treatment for diabetes and obesity.
• RAPP shares tumbled after prices $175M common stock offering at $21 per share and prices $25M pre-funded warrants at $21 per warrant.
• MedTech: BSX posted a slightly Q3 EPS/revenue beat but cuts 2026 adjusted profit forecast to a range of $3.16 to $3.18 per share, from its previous projection of $3.28 to $3.32 and cuts FY26 revenue view to up 4.25% from up 5.5%-6.5%. BBNX shares fell after reported Q3 results that beat slightly on the topline but mixed on the GM and EBITDA lines, while guidance for the year was largely reiterated
• Medical Equipment: BLCO raises FY26 revenue view to $5.450B-$5.550B from $5.440B-$5.540B vs. consensus of $5.49B. Raises FY26 Full-Year Adjusted EBITDA view Excluding Acquired IPR&D $1.090B-$1.140B from $1.025B-$1.075B.

• Waste sector: WM reported mixed 3Q26 results while raising its FY revenue/FCF outlook and implying 4Q revenue/EBITDA above the Street. Post-collection business lines paced C&D organic growth, while resi led on yield, reflecting profitability focus. Higher fuel and risk management costs drove headline margin contraction; revised outlook implies 120bps q/q margin expansion for 4Q.
• Transport sector: in trucking, CHRW Q3 revenue rose 29.5%, beating analyst expectations and adj EPS for Q3 increased 28.6%, beating analyst expectations citing market share gains and Lean AI strategy for earnings growth; said Q3 revenue growth was driven by higher pricing in truckload, ocean, LTL and air services and increased volume in truckload services; LSTR reported solid Q3 revenues with accelerated truckload pricing and volumes extending into October, but elevated insurance and claims expenses weighed on profitability; WERN Q3 adj EPS $0.16, in-line with consensus on revs $950.5M vs. est. $956.6M; adj net Income $9.5M vs. est. $13.5M.

• Chemical sector: PPG delivered a strong Q3 beat with adj. EPS of $2.25 vs consensus of $2.12, driven by better price/cost, better volumes, and likely productivity actions; adj. EBITDA of $793M was above on major outperformance in Architectural and Performance Coatings, while Industrial was short of its forecast; midpoint guidance raised by $0.10 to 8.00.

• SMID-cap advertising sector: Keybanc previewed the sector saying they expect a mixed Q3 reporting season as it does not see material changes in fundamentals and see potential for narrative overhangs to persist into 2027E (E.G., agentic, competition for incremental Ad budgets). The firm is more upbeat toward OW-rated PINS and RDDT due to product tailwinds, and more cautious toward AdTech names like TTD and PUBM, where potential tailwinds from the Google-DOJ trial are now partially mitigated by Apple's privacy crackdown. Also sees SNAP and CRTO having more limited downside due to corporate actions (E.G., Snap on SPECS optionality, CRTO on redomiciling).

• EMS Sector: the sector saw a big move higher on Tuesday after CLS posted a strong beat and raise, while FLEX today adds to early strength as raises its FY 2027 adjusted EPS forecast to $4.84-$5.16 from $4.42-$4.74 previously, above consensus estimate of $4.67 which followed a Q2 EPS beat of $1.18 (est. $1.05) and revs $8.49B (est. $8.14B) – shares of SANM, BHE, PLXS also in space.
• Software sector: INTA shares fell following a mixed FQ1, as subscription growth accelerated and margins remain strong, but a smaller beat and softer FQ2 guidance temper the quarter's positives.
• Storage sector: DBX announces reduction of global workforce by about 9%; says expects to recognize $20M-$25M of incremental expense from workforce reduction; estimates cash expenditures of $27M-$33M from workforce reduction.

• Analog semi sector: NXPI reported solid Q3 results and guided Q4 in line as growth was mostly driven by Industrials and Data Center as Industrial & IOT grew +38% Y/y, while Comm Infra & Other grew +54% Y/y. DC is expected to exceed $500M in '26 and grow to over $1B in 2028. While global SAAR is down 2%, Auto grew 13% Y/y. Cyclically, B2B is well above 1, backlog is improving with viz into '27. Separately, ON is in talks to acquire 16-Year old, AI power-management startup Ferric for nearly $1B, The Information reports.
• CBRS shared tumbled midday after Culper Research revealed a short call, claiming that CBRS systems have a 1.5–2-year product Life, which would imply replacing 70%–90% of systems sold to G42 in 2022–2025. The analyst also noted that CBRS has been renting back G42 systems to support OpenAI's ramp-up, while forecasting gross margins above 58% by 2029.

Street Recommendations

Wednesday, October 28, 2026

• GLW Barclays raised the firm's price target on Corning to $132 from $129 and keeps an Equal Weight rating on the shares following the earnings report. The firm says optical drove the majority of overall growth this quarter with enterprise outperformance and softer carrier.
• FFIV Barclays analyst Tim Long raised the firm's price target on F5 to $428 from $397 and keeps an Equal Weight rating on the shares. The company reported a fiscal Q4 beat but its fiscal 2027 outlook is mixed, the analyst tells investors in a research note. Barclays says F5's Q1 and 2027 guidance points to lower margins and lower systems growth.
• HOOD Barclays analyst Benjamin Budish lowered the firm's price target on Robinhood to $115 from $132 and keeps an Overweight rating on the shares. While the company's adjusted EBITDA beat estimates handily on lower spending in Q3, the outlook commentary was mixed with October net new assets showing a nice pickup and volumes elsewhere declining, the analyst tells investors in a research note.
• RCL Barclays analyst Brandt Montour raised the firm's price target on Royal Caribbean to $350 from $337 and keeps an Overweight rating on the shares post the Q3 report. The firm says cruise demand continues to show sequential strength, with

• PCAR BofA analyst Michael Feniger lowered the firm's price target on Paccar to $120 from $150 and keeps a Buy rating on the shares following what the firm calls "a mixed set of results." A lower multiple is "warranted" as the cycle moves up off "trough" into 2027, the analyst tells investors.
• HRI BofA raised the firm's price target on Herc Holdings to $145 from $135 and keeps an Underperform rating on the shares, which finished up 23% on results that were 3% above consensus, which suggests "expectations were very low into the print," the analyst tells investors. The firm calls this "a reassuring print after several challenging quarters," adding that it looks for a consistent track record build.

• KIDS BTIG raised the firm's price target on OrthoPediatrics to $30 from $29 and keeps a Buy rating on the shares. The firm cites the company's Q3 revenue beat and notes that the quarter represents continued inflection for the company as its growing top line, improving cash generation, and a deep pipeline of launches remain ahead.
• RBLX BTIG raised the firm's price target on Roblox to $42 from $41 and keeps a Sell rating on the shares ahead of its Q3 results tomorrow. Sign-up activity has been in line to slightly below seasonal patterns, though concurrency data has been healthier, which suggests that while new user growth remains a challenge, Roblox is doing a better job of re-engaging and retaining existing users, the analyst tells investors in a research note.
• CSGP BTIG lowered the firm's price target on CoStar Group to $35 from $42 and keeps a Buy rating on the shares. The company missed on bookings for the fifth consecutive quarter while its organic growth is slowing to mid-single digits, the analyst tells investors in a research note. Persistent misses on new bookings put double-digit organic growth target out of reach, the firm added.

• XYL Citi lowered the firm's price target on Xylem to $130 from $148 and keeps a Buy rating on the shares following the Q3 report. The firm says the company's reduced fiscal 2026 outlook is disappointing and indicates slower near-term revenue conversion than expected. However, Xylem's longer-term positioning remains favorable, the analyst tells investors in a research note.
• STX Citi analyst Asiya Merchant lowered the firm's price target on Seagate to $1,050 from $1,300 and keeps a Buy rating on the shares. The firm updated the company's model post the fiscal Q1 report. Citi says that while Seagate's pricing was "very strong," the quarter came in below its estimates on lower exabyte shipment. The firm cites reduced peer multiples for the target cut despite increasing Seagate's estimates on the company's pricing power and demand visibility.
• NXPI Citi analyst Atif Malik lowered the firm's price target on NXP Semiconductors to $250 from $260 and keeps a Neutral rating on the shares. The firm views the company's Q3 report and Q4 outlook as inline.
• SPGI Citi raised the firm's price target on S&P Global to $520 from $500 and keeps a Buy rating on the shares. The firm says the company showed strong execution in Q3. It cites potential upside from the strategic review for the target boost. The review could unlock value by separating higher-growth data and workflow assets from the broader portfolio, the analyst tells investors in a research note.
• SHOP Citi analyst Tyler Radke raised the firm's price target on Shopify to $216 from $196 and keeps a Buy rating on the shares. The firm adjusted targets in the front office application software group as part of a Q3 earnings preview. It expects strong prints from Figma and Shopify and a "modest beat" from Klaviyo.
• PROK Citi lowered the firm's price target on ProKidney to $8 from $10 and keeps a Buy rating on the shares.

• WHR Goldman Sachs lowered the firm's price target on Whirlpool to $35 from $41 and keeps a Neutral rating on the shares. Whirlpool faces weaker appliance demand and pressured North American volumes and mix as consumers delay purchases, but pricing, $290M in planned productivity savings, disciplined promotions and working capital improvements support profitability and liquidity, the analyst tells investors in a research note.
• TRU Goldman Sachs analyst George Tong raised the firm's price target on TransUnion to $78 from $68 and keeps a Neutral rating on the shares. TransUnion delivered a solid Q3 beat and raised full-year guidance, supported by resilient non-mortgage growth, strong auto and international trends, and insurance momentum, while mortgage weakness, slower underlying margin expansion, legal costs and higher 2027 interest expense temper the outlook, the analyst tells investors in a research note.
• ENPH Goldman Sachs lowered the firm's price target on Enphase Energy to $40 from $47 and keeps a Buy rating on the shares. Enphase Energy's miss and sharply weaker Q4 outlook, driven by softer sell-through, likely trigger further estimate cuts and reset 2027 expectations, potentially allowing the stock to better reflect a residential solar market bottom, the analyst tells investors in a research note.
• XYL Goldman Sachs analyst Brian Lee lowered the firm's price target on Xylem to $138 from $160 and keeps a Buy rating on the shares. Xylem's revenue miss and lowered FY26 revenue and EPS guidance reflect delayed projects and cautious utility spending rather than weak demand, with organic orders up 10%, backlog reaching $5.5B and strong data center momentum supporting the longer-term shift toward higher-growth, higher-margin markets despite near-term conversion challenges, the analyst tells investors in a research note.
• KNSA Goldman Sachs raised the firm's price target on Kiniksa to $101 from $90 and keeps a Buy rating on the shares. Kiniksa delivered a strong Q3 beat-and-raise, with Arcalyst revenue up 58% year-over-year and FY26 guidance lifted on deeper prescriber penetration, broader adoption and durable treatment persistence, while the sizable first-recurrence population offers further growth potential and KPL-387 could support longer-term profitability improvements, the analyst tells investors in a research note.
• CSGP Goldman Sachs lowered the firm's price target on CoStar Group to $36 from $40 and keeps a Buy rating on the shares. CoStar's outlook increasingly depends on rebuilding sales capacity and converting bookings into revenue, as annualized net new bookings fell 56% year-over-year amid Apartments.com and Homes.com weakness and underlying revenue guidance declined $35M, while healthy renewals, LoopNet momentum and planned 2027 sales hiring support a potential recovery, the analyst tells investors in a research note.
• SOFI Goldman Sachs analyst Will Nance raised the firm's price target on SoFi Technologies to $18 from $15 and keeps a Neutral rating on the shares. Shares outperformed on 2027 guidance roughly 10% above consensus and stronger-than-expected originations, with effective interest-rate hedging reducing downside concerns, but capital ratios declining 200 basis points quarterly and capital-intensive lending growth raise risks of slower originations, lower-yielding loan sales and revenue pressure, leaving risk/reward balanced, the analyst tells investors in a research note.

• ARRY Guggenheim analyst Joseph Osha lowered the firm's price target on Array Technologies to $6 from $13 and keeps a Buy rating on the shares. Array is making progress operationally, according to the firm's checks, but management "badly needs to address the issue of the growing preferred stock dividend," the analyst tells investors.
• SHW Guggenheim lowered the firm's price target on Sherwin-Williams to $375 from $400 and keeps a Buy rating on the shares after Q3 results that the firm calls "mixed." The firm still expects 2027 EPS growth to improve off of 2026 levels, the analyst tells investors.

• SMPL Jefferies downgraded Simply Good Foods to Hold from Buy with a price target of $11, down from $15. The firm believes fiscal 2027 is positioned to be an "even tougher year" for Simply. The company's Q1 starts with sales estimates to be down 19%-22% and adjusted EBITDA down 28%-33%, the analyst tells investors in a research note. Jefferies believes management is making the right moves, but says it will take several quarters to know if they work. Simply's sales need to return to growth, and there is limited visibility into when that will happen, adds the firm.
• BA Jefferies lowered the firm's price target on Boeing to $230 from $265 and keeps a Buy rating on the shares following the Q3 report. The company's $10B free cash flow target in 2029 is disappointing, the analyst tells investors in a research note. Jefferies reduced Boeing's delivery and production estimates by 5% following the earnings report. The one year delay of getting back to $10B of free cash flow is a downward revision of deliveries after two years of "(largely) seamless ramps," contends the firm.

• HRI JPMorgan analyst Tami Zakaria raised the firm's price target on Herc Holdings to $230 from $165 and keeps an Overweight rating on the shares. The firm updated the company's model post the Q3 report. It sees positive earnings revision potential amid accelerating fundamentals for Herc. The company spoke to rental price improvement in response to strong demand and rising cost inflation, the analyst tells investors in a research note.
• BA JPMorgan analyst Seth Seifman lowered the firm's price target on Boeing to $240 from $290 and keeps an Overweight rating on the shares following the Q3 report. The company's free cash flow numbers for 2027 through 2029 are meaningfully below the standing consensus, triggering the post-earnings selloff, the analyst tells investors in a research note. JPMorgan believes Boeing's new targets look more achievable.
• JAZZ JPMorgan raised the firm's price target on Jazz Pharmaceuticals to $300 from $214 and keeps an Overweight rating on the shares. The firm updated the company's model to reflect the Ziihera gastroesophageal adenocarcinoma opportunity, the acquisition of Actio Biosciences, and the weekend's date updates including on Ziihera and Zepzelca competition. JPMorgan continues to see Ziihera as a key long-term value driver for Jazz. It models over $1.1B 2030 Ziihera sales and sees a "pipeline in a product."
• SPGI JPMorgan analyst Andrew Steinerman raised the firm's price target on S&P Global to $550 from $520 and keeps an Overweight rating on the shares. JPMorgan also removed S&P Global from its Analyst Focus List. The company reported a "strong beat-abd-raise" in Q3 with the big news being the launch of a strategic review of the Capital IQ and associated data businesses, the analyst tells investors in a research note. JPMorgan cites S&P potentially selling a multi-billion dollar business "at a time when relevant multiples are still near multi-year lows" for the Analyst Focus List removal. It believes S&P performed well across all of its businesses in Q3.

• HOOD Keefe Bruyette lowered the firm's price target on Robinhood to $105 from $115 and keeps a Market Perform rating on the shares. Robinhood missed EPS estimates, primarily due to $67M in unrealized losses from the de-consolidation of Robinhood Ventures Fund I, with weaker revenue, higher provisions and taxes partly offset by lower expenses and stock-based compensation, the analyst tells investors in a research note.

• V Morgan Stanley raised the firm's price target on Visa to $471 from $416 and keeps an Overweight rating on the shares. Resilient U.S. spending, improving cross-border trends and greater visibility into FY27 VAS growth reinforce the firm's view that Visa's diversified growth algorithm remains underappreciated, the analyst tells investors in a post-earnings note.
• KO Morgan Stanley analyst Dara Mohsenian raised the firm's price target on Coca-Cola to $103 from $100 and keeps an Overweight rating on the shares. "Solid" Q3 results highlight sustained higher organic sales growth than peers, with robust pricing power, sustained share gains, and strong Fairlife growth, the analyst tells investors.
• STX Morgan Stanley lowered the firm's price target on Seagate to $1,148 from $1,200 and keeps an Overweight rating on the shares. Exabyte growth and cost downs "surprised to the downside," driving modest cuts to the firm's estimates post-earnings, the analyst tells investors.
• NVS Morgan Stanley analyst Thibault Boutherin raised the firm's price target on Novartis to $163 from $156 and keeps an Overweight rating on the shares. The firm sees upside to margins over 2026-30 from continued efficiencies and a return to "dynamic top-line growth," says the analyst, who forecasts 6% sales and 7% EBIT growth in 2027.
• BA Morgan Stanley lowered the firm's price target on Boeing to $195 from $225 and keeps an Equal Weight rating on the shares. Boeing's new free cash flow guidance, effectively pushing out its timeline to reach $10B by a year versus consensus expectations, underscores continued challenges around production increases and supply chain dynamics, the analyst tells investors.
• PYPL Morgan Stanley raised the firm's price target on PayPal to $46 from $45 and keeps an Underweight rating on the shares. Cost execution is helping earnings even as Branded Checkout continues to underperform the market, says the analyst, who thinks greater reinvestment is needed to address competitive challenges, likely limiting calendar 2027 earnings growth.
• GLW Morgan Stanley lowered the firm's price target on Corning to $155 from $165 and keeps an Equal Weight rating on the shares. Corning posted a "solid quarter," but Q3 largely played out as expected, with buyside expectations largely staying the same, the analyst tells investors.
• SPGI Morgan Stanley raised the firm's price target on S&P Global to $515 from $477 and keeps an Overweight rating on the shares after the company reported Q3 results, raised FY26 guidance and officially announced its strategic review of Capital IQ and associated data businesses. The strategic review could unlock value as it could help remove the AI disruption overhang on the stock price, the analyst tells investors.
• ENPH Morgan Stanley lowered the firm's price target on Enphase Energy to $16 from $24 and keeps an Underweight rating on the shares. nterest rates are weighing on residential solar demand as expected, notes the analyst, who expects the stock to remain under pressure until there is further evidence of success in new growth initiatives in 2027.

• CLOV Needham initiated coverage of Clover Health with a Buy rating and $6 price target. The firm sees a "compelling" long-term earnings opportunity as the Clover Assistant enabled care model drives improved medical cost performance and higher gross profit as members mature, the analyst tells investors. The firm views Clover's 5-star PPO rating as an incremental catalyst for enrollment and benefit competitiveness, the analyst added.

• DYN Oppenheimer downgraded Dyne Therapeutics to Perform from Outperform with a price target of $15, down from $40.

• SSB Truist analyst John McDonald raised the firm's price target on SouthState Bank to $118 from $113 and keeps a Buy rating on the shares as part of a broader research note adjusting the firm's models on regional banks following Q3 results.
• ABCB Truist raised the firm's price target on Ameris Bancorp to $87 from $84 and keeps a Hold rating on the shares as part of a broader research note adjusting the firm's models on regional banks following Q3 results.
• HOOD Truist lowered the firm's price target on Robinhood to $125 from $134 and keeps a Buy rating on the shares after its Q3 results. The firm is lowering its estimates for transaction-based revenue on lower equity, options and crypto volume assumptions and softer take rates, including prediction markets, though the offsets include stronger net interest income and Gold subscription revenue, the analyst tells investors in a research note.
• LPLA Truist analyst David Smith lowered the firm's price target on LPL Financial to $335 from $354 and keeps a Hold rating on the shares after its Q3 results. Both top line and expenses were marginally worse, and the firm is adjusting its modeled assets lower on slower net new assets growth given the near-term outlook and management commentary on lingering institutional growth headwinds likely until 2028, the analyst tells investors in a research note.

• APP UBS lowered the firm's price target on AppLovin to $414 from $790 and keeps a Buy rating on the shares. The reduced price target reflects slower Consumer growth and intensifying gaming competition, though non-gaming challenges may ease as brand awareness, ad creatives and recommendation engine performance improve over the next 12 months, the analyst tells investors in a research note.
• U UBS raised the firm's price target on Unity (U) to $49 from $48 and keeps a Neutral rating on the shares. Ad checks noted that Unity was striking an offensive stance with advertisers, courting AppLovin (APP) spenders by flagging better inventory pricing, the analyst tells investors in a research note. The firm awaits clarity on Unity's relationship with Meta (META) for VR and early thoughts around migration to the next version of its gaming engine.
• COMP UBS lowered the firm's price target on Compass to $15 from $17 and keeps a Buy rating on the shares. While 100 basis points of higher mortgage rates and slowing luxury activity reduce near-term earnings visibility, UBS continues to see attractive longer-term earnings potential from market share gains, $500M+ of targeted cost savings, and operating efficiencies, with macro weakness pushing out the pace of earnings realization rather than changing the longer-term margin opportunity, the analyst tells investors in a research note.
• ZG UBS lowered the firm's price target on Zillow Group to $48 from $50 and keeps a Buy rating on the shares. The price target reduction reflects the softer housing backdrop. Despite near-term pressure from Preferred, UBS views the impact as largely timing-related and continue to see a path to above-market growth, the analyst tells investors in a research note.
• OPEN UBS lowered the firm's price target on Opendoor Technologies to $2 from $4.50 and keeps a Neutral rating on the shares. Weaker housing conditions increase uncertainty around both the timing and magnitude of profitability, the analyst tells investors in a research note.
• KMB UBS analyst Peter Grom raised the firm's price target on Kimberly-Clark to $113 from $106 and keeps a Neutral rating on the shares. Kimberly-Clark's Q3 results missed on revenue but beat earnings on better SG&A and below-the-line items, while reiterated FY26 guidance was better than feared and drove a share rally likely amplified by positioning, the analyst tells investors in a research note.
• BA UBS lowered the firm's price target on Boeing to $240 from $275 and keeps a Buy rating on the shares. Boeing's path to normalized free cash flow is taking longer than expected despite improving production, certification progress and nearly $750B in backlog, the analyst tells investors in a research note.

• BA Wells Fargo analyst David Strauss lowered the firm's price target on Boeing to $210 from $250 and keeps an Overweight rating on the shares. While the firm doubts most will see it this way, it views Boeing's long-awaited out year free cash flow forecast as conservative. However, stock is unlikely to bounce prior to improvement in MAX first flights and/or 777X cert progress, Wells adds.
• FCX Wells Fargo analyst Timna Tanners lowered the firm's price target on Freeport-McMoRan to $79 from $87 and keeps an Overweight rating on the shares. The firm notes that steeper costs detracted from a solid Q3 beat. A looming decision on its U.S. expansion can add to the decade-end growth story, but at a steep capital expenditures bill. Still, Wells likes Freeport-McMoRan's operating leverage to Grasberg's volume recovery.
• NXPI Wells Fargo raised the firm's price target on NXP Semiconductors to $245 from $235 and keeps an Equal Weight rating on the shares. While NXP delivered positive Q3 results, shares are down after-hours given elevated expectations looking for more material upside, the firm notes. Wells views continued content momentum and accelerating shareholder return as key driver of shares.
• HOOD Wells Fargo lowered the firm's price target on Robinhood to $100 from $120 and keeps an Equal Weight rating on the shares. The firm notes the company delivered strong activity, asset growth and new-product momentum, though lower take rates tempered monetization. Despite lower transaction forecasts, higher net interest income, blockchain revenue and lower operating expenses leave out-year EPS estimates largely unchanged, Wells adds.
• STX Wells Fargo lowered the firm's price target on Seagate to $820 from $865 and keeps an Overweight rating on the shares. While nearline capacity ship growth came below expectations, the firm expects Mozaic 4 platform ramp to drive strong sequential growth through FY27. Wells remains a buyer given expanded demand visibility, path to 70%-plus gross margin percentage, and capital return story ahead.
• KO Wells Fargo raised the firm's price target on Coca-Cola to $100 from $90 and keeps an Overweight rating on the shares. The firm says Coca-Cola is entering a "great" debate. After a year in which virtually every key metric was great, and the stock's performance matched, investors are beginning to ask whether "great" this year makes it harder to exceed expectations next year. That narrative is still in its early stages, but becoming the focus of that debate may be the stock's next key challenge, the firm argues.
• HUBB Wells Fargo lowered the firm's price target on Hubbell to $525 from $531 and keeps an Equal Weight rating on the shares. The firm notes Q3 was mixed, with upside in HES on strong data center markets offset by a miss at HUS with Q4 guided below Street on weak meter revenue, price/cost/investments. With little change to 2027/2028 estimates, it's tough to get more positive, despite attractive valuation, Wells adds.
• JCI Wells Fargo raised the firm's price target on Johnson Controls to $200 from $186 and keeps an Overweight rating on the shares. The firm notes Q4 signals a step change in growth and revisions, with key supports to an extension of the earnings growth cycle on both the top and bottom line. Material upside to 2028 estimates justifies the Overweight rating, Wells says.

Rating abbreviations…

***OP = Outperform

***SP = Sector Perform

***UP = Underperform

***OW = Overweight

***EW = Equal-weight

***UW = Underweight

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

What’s on Tap Weekly Calendar

• 10:30 AM ET                 Dallas Fed manufacturing Index for October
• 1:00 PM ET US Treasury to sell $69B in 2-year notes

• Earnings After the Close: AGYS AMKR ARE BLX BRO BRX CBK CDNS CINF CLS CLW CTOS DORM FLXS FSBC FSUN GBX GGB HIG HTO HWKN KFRC NE NUE NWBI PDM PECO PFG PSA PSMT RMBS SSD TRTX VLRS WELL ZDGE

• 8:30 AM ET                   Durable Goods Orders M/M for September
• 8:55 AM ET                   Johnson/Redbook Weekly Sales
• 9:00 AM ET                   Monthly Home Prices M/M for August
• 9:00 AM ET                   CaseShiller 20-city index for August
• 10:00 AM ET                 Consumer Confidence for October
• 10:00 AM ET                 New Home Sales M/M for September
• 10:00 AM ET                 Richmond Fed Index for October
• 1:00 PM ET US Treasury to sell $70B in 5-year notes
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: AAT ACGL APAM BANC BBAI BBNX BKR BOOM BUSE BXP CAKE CHE CR CSGP CTO CZR ENPH EQT ESS EXE EXLS EXR FCF FE FFBC FFIV HAFC HIW HOOD ICLR INTA IVT KIDS LOGI LPLA LSTR LUNG MANH MCRI MIR NBHC NBR NOV NTB NXPI OCFC OI OKE ORN PDS PPG RBBN RNR ROG RRC RUSHA SKHY ST STAG STX TER TRMK UCTT UHS UMBF V VTR WERN WM WPC ZWS

• 8:30 AM ET                   Advance goods Trade Balance for September
• 10:30 AM ET                 Weekly EIA Inventory Data
• 2:00 PM ET FOMC Interest rate decision, no rate change expected

• Earnings After the Close: AEM AGI AIN ALGN ALKT ALRS AM AMRZ AR AUR AWK AXS BELFA BHC BHE BN BNL CBAN CCS CHDN CLB CLPT CMG CMPR CNMD CNXN COHU CP CSL CVNA CYH EBAY EFOR EG EGO EHC EPAC EPR EQIX F FCPT FDX FLS FORM FTNT GEN GFL GKOS GOOGL HDSN HLI HONA INVH KGC KLAC KREF LXU MAA MAZ MGM MGRC MORN MSFT MTH MUSA MYRG NEO NNBR NOW NXT OLED ORLY PBI PFS PI PLXS PPC PRCH PTEN QTWO QUAD RJF RM RSI SCI SFM SIMO STRL TDOC TENB THG TMUS TYL UFPI VICI WEX WFG WHD

• 8:30 AM ET                   Continuing Claims
• 8:30 AM ET                   Personal Income M/M for September
• 8:30 AM ET                   Personal Spending M/M for September
• 8:30 AM ET PCE Price Index M/M for September
• 8:30 AM ET PCE Price Index Y/Y for September
• 8:30 AM ET                   Core PCE Price Index M/M for September
• 8:30 AM ET                   Core PCE Price Index Y/Y for September
• 8:30 AM ET                   Gross Domestic Product (GDP) Q3-E
• 8:30 AM ET GDP Consumer Spending for Q3-E
• 8:30 AM ET GDP Price Deflator for Q3-E
• 8:30 AM ET GDP PCE Price Index M/M for Q3-E
• 8:30 AM ET GDP Core PCE Price Index Y/Y for Q3-E
• 10:30 AM ET                 Weekly EIA Natural Gas Inventory Data
• 10:30 AM ET                 Dallas Fed PCE for September
• 1:00 PM ET US Treasury to sell $44B in 7-year notes

• Earnings After the Close: ACCO ACIC AJG ALHC AMZN ASUR ATEC ATOM ATR AX AXTI BFAM BVN CDNA CNO COIN COLM COUR CUBE CUZ CVLG DLR DVA DXC DXCM EIX EMN ERIE EXEL EXPO FBIZ FDXF FHI FISI FMC FND FORR FSLR GDDY GDYN GILD GLPI HR HTGC ILMN INBK INGM INTC INVX IR KWR LNT MDLZ MEOH MERC MHK MIAX MMSI MSTR MTX MTZ NEXA OLN OSIS OSPN PEB PFSI PINS PMT PRTTS PTCT RBLX RDDT REAL RIVN RMD RSG RYAN SBUX SKYW SNDK SNDR SPSC SPXC STRZ SUPN SYK TBBK TFII TWLO VALE VLTO WKC WTI WY

• 9:45 AM ET                   Chicago PMI for October
• 1:00 PM ET                    Baker Hughes Weekly rig count data

• China NBS Manufacturing PMI, Composite PMI for October
• China NBS Non-Manufacturing PMI for October

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