Early Look

Friday, October 30, 2026

U.S. stocks markets are looking at a “spooky start” to end the week ahead of Halloween as it appears big tech is playing a “trick” instead of “treat” to conclude the week for investors. Another day, another sharp selloff for technology shares as Nasdaq futures are tumbling around -700 points or 2.37% to 28,860, as shares of INTC fall -25% premarket, SNDK -7.6%, AMZN -6.6% TWLO -17%, RDDT -22% and RBLX -17% all tumble in tech after results and guidance last night. After tech underperformed on Wednesday, led by weak results/guides/comments from GOOGL, MSFT, FTNT and NOW, Thursday night delivered another round of generally market disappointing results as INTC shares dropped in semis on guidance, AMZN weighed on consumer and AI space, TWLO was the latest software company to disappoint as shares fell post results, along with a handful of other notables in tech, as well as healthcare (ILMN, SYK), and energy (FSLR). Overall on Thursday however, 8 of 11 S&P sectors did finish higher, but due to the heavy weighting of tech and comm names in the S&P, major averages ended lower. Smallcaps however benefitted on Thursday as the Russell 2000 jumped over 1%, helped by a softer PCE inflation report. In Asian markets, The Nikkei Index tumbled -1,369 points or 2.12% to settle at 63,290, the Shanghai Index fell -52 points to 3,599, the Kospi dropped -36 points or 3.86% to 899 and the Hang Seng Index rose 335 points to 23,294. In Europe, the German DAX is down -148 points to 25,891, while the FTSE 100 edges higher 20 points to 10,742. This morning, shares of oil giants Chevron and Exxon rise initially after earnings results from both.

The apparent big pullback in the AI space is coming from comments and direction by Hyperscalers like AMZN, GOOGL, META, SPCX the past week or so and others for not guiding Wall Street properly on how much they intended to spend this year and next on AI infrastructure. The bills are coming in much larger than expected and the fact that cash flow is drying up from the hyperscalers because of a protracted period of spending is likely the cause for the debt and stock markets to retreat. Amazon's free cash flow decreased to an outflow of $42.4 billion for the trailing twelve months (compared to a free cash flow inflow of $14.8 billion y/y); Google posted negative free cash flow of $9.1 billion in the quarter versus a Wall Street estimate for negative $3.5 billion. Meta dropped a bombshell in its third quarter results last week, posting negative free cash flow for the first time since 2012. SpaceX (SPCX) burned about $9.9 billion in free cash flow in the quarter.

• The Dow Jones Industrial Average fell -132.54 points, or 0.25%, to 52,342.56
• The Nasdaq Composite tumbled -365.13 points, or 1.38%, to 26,184.72
• The Russell 2000 Index advanced 28.71 points, or 1.01% to 2,859.22

• 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

• Floor & Décor Holdings (FND) Q3 sales $1.21B vs. est. $1.22B and Q3 comp sales -1.4%; opened one warehouse store during the quarter, bringing its total to 282; FY26 guidance projects diluted EPS of $2.19–$2.29, with net sales of $4.77 billion–$4.84 billion.
• Mohawk Industries (MHK) Q3 adj EPS $2.72 vs. est. $2.58 and sales $2.8B, in-line with estimates; guides Q4 EPS $1.35-$1.45 vs. est. $1.66; expects low single-digit growth in Q4 2026 adjusted net sales versus prior year; assumes Q4 2026 flooring market conditions will be softer than Q3.
• Mondelez Int’l (MDLZ) shares rise; Q3 adj EPS $0.78 vs. est. $0.71; Q3 revs $9.97B vs. est. $9.99B; attributed third-quarter 2026 organic revenue growth of 2.1% to volume/mix gains of 1.8 percentage points; Emerging markets revenue increased 4.1%, led by India, with volume/mix growth of 2.2%; reaffirms FY26 outlook, sees adjusted EPS flat to up 5%.
• Rivian Auto (RIVN) Q3 adj EPS loss (-$0.48) vs. est. loss (-$0.65); Q3 revs $2.15B vs. est. $1.98B; delivered 19,248 vehicles in Q3, up 46% y/y, led by R2 model; raised 2026 guidance for deliveries and adjusted EBITDA after strong Q3 performance; raises 2026 delivery guidance to 67,000–70,000 vehicles from 65,000–70,000
• Starbucks (SBUX) Q4 adj. EPS $0.80 vs. est. $0.72 (beat); revenue $9.1B (-4% YoY) vs est $9.228B (miss), reflecting the China business transition to a Joint venture; global comps +7.2% vs. est. approximately +6% (beat), with transactions +1.8%; U.S. comps +7.7% vs. est. +6.5% (beat); International comps +0.9% vs. est. +3.2% (miss), as declining traffic offset higher average ticket. North America revenue $7.3B (+6% YoY); International revenue $1.3B (-37% YoY).
• Walmart (WMT) and Symbotic (SYM) expand commercial agreement to support supply chain transformation. Symbotic continues to invest in innovations that use Ai to improve supply chain performance. Under the expanded agreement, Symbotic will bring additional capabilities to Walmart's U.S. distribution network

• ExxonMobil (XOM) beat Wall Street expectations for Q3 profit on Friday, as soaring refining margins driven by the US-Israeli war on Iran and Ukrainian strikes on Russian refineries boosted the largest US oil producer’s earnings; Q3 adj EPS $4.23 topped estimates of $4.08; Q3 adjusted upstream earnings were $7.3B, a 20% decline from the second quarter, as benchmark Brent crude prices were lower than in the previous three months; boosted dividend to $1.07.
• Edison Int’l (EIX) Q3 core EPS $1.92 vs. $2.34 YoY and est $1.81 (beat), revs $4.886B vs est $5.359B (miss); core earnings $738Mm vs. $901Mm YoY; GAAP EPS $1.88 vs. $2.16 YoY; net Income $724Mm vs. $832Mm YoY; reaffirmed FY26 core EPS guidance $5.90-$6.20 vs est $6.13.
• First Solar (FSLR) shares slip; Q3 EPS $5.30 above consensus $4.64, but Q3 revenue of $1.23B misses consensus $1.29B; authorized $500 mln share repurchase program; said Q3 sales fell due to a decrease in the volume of modules sold to third parties; cuts FY26 revenue view to $4.6B-$4.9B from $4.9B-$5.2B and lowers FY26 volume sold est to 16.0-17.0 GW from 17.0-18.2 GW.
• T1 Energy (TE) signed solar module supply contracts totaling more than 1,580 MW, including deals with Avantus subsidiaries; deliveries from its G1_Dallas facility are expected in 2027 and 2028; more than 4,000 MW of its 2027 manufacturing capacity is now under contract.

• Rocket Companies (RKT) Q3 adj. EPS $0.15 vs. $0.07 YoY and est $0.14 (beat); adj. revenue $2.574B vs. $1.873B YoY and est $2.641B (miss); GAAP revenue $3.284B includes $710Mm of favorable MSR valuation-related adjustments, net of hedges, excluded from adj. revenue; adj. EBITDA $748Mm vs. $349Mm YoY; total closed mortgage origination volume $43.6B, net rate lock volume $40.4B, gain-on-sale margin 2.54%; excluding correspondent, closed volume $33.5B and gain-on-sale margin 3.33%; Q4 adj. revenue guidance $2.1B-$2.3B vs est $2.61B (below).
• Strategy (MSTR) Q3 EPS $44.75 and revs $125.4M vs. consensus $129.0M; Q3 results driven by $20.91 bln gain on digital assets; expects preferred equity distributions to be treated as non-taxable return of capital for 10+ yrs; increased bitcoin holdings by 26% year-to-date, supporting asset gains; announces new CFO.

• DaVita Inc. (DVA) Q3 adj. EPS $3.82 vs. est. $3.61 (beat); revenue $3.578B vs. est. $3.508B (beat), up from $3.420B YoY; adj. operating Income $561Mm; operating cash flow $519Mm; FCF $276Mm. Raised FY26 adj. EPS guidance floor to $14.30-$15.20 vs. est. $14.80 (midpoint $14.75 slightly below; range straddles consensus); also raised the low end of adj. operating Income guidance, while FCF guidance remained unchanged. U.S. dialysis treatments averaged 92,780 per day (+0.1% QoQ).
• DexCom (DXCM) Q3 adj. EPS $0.73 vs. est. $0.67 (beat); revenue $1.344B vs. est. $1.327B (beat); adj. operating Income $339.5Mm vs. est. $314.2Mm (beat); adj. net Income $275Mm vs. est. $256.6Mm (beat); adj. gross profit $875.3Mm; GAAP EPS $0.72; FY26 revenue guidance $5.20B-$5.25B vs. est. $5.23B (midpoint slightly below; range straddles consensus); authorized up to $1B in share repurchases.
• Gilead Sciences (GILD) Q3 adj EPS $2.55 above consensus $1.78 and revs $8.3B vs. est. $7.8B; cuts FY26 EPS view to ($1.20)-(85c) from (65c)-(30c) and raises FY26 product sales view to $31B-$31.3B from $30.1B-$30.4B; said an 18% increase in HIV sales to $6.2B in the quarter was mainly driven by higher prices; said cell therapy sales decreased 18% to $355 million.
• Illumina Corp.(ILMN) shares fall; Q3 adj. EPS $1.62 vs. est. $1.36 (beat; conflicting DJ headline reports $1.44); revenue $1.129B vs. est. $1.154B (miss); adj. gross margin 75.3%; adj. operating margin 28.8%; GAAP gross margin 73.5%; GAAP operating margin 27%; GAAP EPS $1.43; net Income $220Mm; FY26 adj. EPS guidance $5.40-$5.45 vs. est. $5.35 (above).
• ResMed Inc. (RMD) Q1 EPS $2.91 vs. consensus $2.67 and in-line revs at $1.4B, rising 6% y/y driven primarily by strong demand for sleep devices, masks and accessories; sees FY27 non-GAAP EPS $12.00-$12.25, vs. consensus $12.09 and sees FY27 revenue $5.75B-$5.85B vs. consensus $5.8B; Q1 operating cash flow fell 8% y/y to $422M.
• Stryker Corp. (SYK) shares fall; Q3 adj EPS $3.52 vs. est. $3.55 and revs $6.5B vs. est. $6.62B; sees FY26 adjusted EPS $14.80-$14.90, vs. consensus $14.95 and sees FY26 organic net sales growth in the range of 6.5%-7.0%. Stryker's sales guidance includes a modestly positive pricing impact.

• Eastman Chemical (EMN) Q3 adj. EPS $1.84 vs. est. $1.92 (miss), up from $1.14 YoY; revenue $2.385B vs. est. $2.419B (miss), +8% YoY on pricing +7% and volume/mix +1%; adj. EBIT $305Mm vs. $210Mm YoY and est $307.68Mm; operating cash flow $290Mm vs. $402Mm YoY. FY26 adj. EPS guidance $6.00-$6.20 vs. est. $6.31 (below); operating cash flow guidance approximately $850Mm.
• Ingersoll Rand (IR) Q3 adj. EPS $1.07 vs. est. $0.90 (beat); revenue $2.0649B vs. est. $2.053B (beat); adj. EBITDA $584Mm vs est $550.6Mm (beat); adj. net Income $415Mm; GAAP EPS $1.73; operating Income $782.5Mm; gross profit $924.3Mm; pretax profit $725.2Mm.
• MasTec Inc. (MTZ) Q3 adj EPS $2.96 tops consensus $2.02 and revs $5.2B vs. est. $4.94B; guides FY adj EPS $8.92-$9.30 vs. est. $9.27; said both revenue and Adjusted EBITDA were ahead of our expectations, driven by strong Power Delivery results. Strength in Power Delivery was driven by both legacy operations and Superior, with both groups exceeding revenue and EBITDA guidance for the quarter.
• Olin Corp. (OLN) Q3 EPS $0.13 vs. est. $0.11 (beat); revenue $1.7477B vs. est. $1.834B (miss); adj. EBITDA $191.4Mm vs. est. $179.9Mm (beat); operating Income $59.2Mm; Q4 adj. EBITDA guidance $80Mm-$100Mm (down sequentially) vs est $116.5Mm (below).
• Republic Service Group (RSG) Q3 adj EPS $1.94 vs. consensus $1.93 and Q3 revenue $4.56B vs. consensus $4.42B; announces $5B share repurchase authorization; raises FY26 revenue view to $17.425B-$17.475B from prior $17.2B-$17.3B and boosts FY26 adjusted EBITDA view to $5.55B-$5.575B from $5.525B-$5.55B while sees adjusted free cash flow $2.565B-$2.585B.
• Solaris Energy Infrastructure (SEI) subsidiary signed an agreement on October 29, 2026, to supply approximately 900 megawatts of power generation. The customer is an existing client, an investment-grade diversified industrial and technology company. The contract includes associated equipment, operations and maintenance services. Each deployment has an initial 15-year term, with an option for another 15 years.
• Weyerhaeuser (WY) Q3 EPS $0.08 vs. est. $0.04; Q3 revs rose 8% y/y to $1.86B vs. consensus $1.9B; agreed in October 2026 to sell approximately 81,000 acres of non-core timberlands in Arkansas for $146M; Q3 Wood Products net sales climbed 13% to $1.39B.

• SanDisk Corp. (SNDK) Q1 EPS $49.51 tops consensus $46.41 and revs $11.0B vs. consensus $10.70B; announced 8 for 1 stock split effective November 20; sees Q2 EPS $55.00-$57.00 vs. consensus $53.35 and sees Q2 revenue $12.2B-$12.6B vs. consensus $12.29B; sees Q2 gross margin 84.5%-85.5%
• AXT Inc. (AXTI) Q3 revs $73.4M vs. est. $66M; swung to Q3 net income attributable to shareholders of $25.72M from a y/y loss; revenue more than doubled y/y driven by exceptionally strong demand for indium phosphide material; Q3 Gross margin rose to 56% from 22.3% y/y; said indium phosphide capacity surpassed the company's 2026 doubling goal, with productivity gains and expanded high-value, large-diameter product capabilities.
• Digital Realty (DLR) Q3 core FFO/share $2.10 vs. est. $1.98 (beat); revenue $1.902B (+21% YoY) vs. est. $1.749B (beat); reported FFO/share $1.97, total FFO $742Mm; adj. EBITDA $978Mm vs est $957.38Mm (beat); guides FY core FFO/share to $8.30-8.35 vs est $8.19.
• GoDaddy (GDDY) Q3 EPS $2.08 vs. est. $1.85 (beat); revenue $1.34B vs. est. $1.327B; total bookings approximately $1.4B; adj. EBITDA $449.3Mm vs est $441.87Mm (beat); operating Income $362.5Mm; net Income $261.8Mm; FCF $480.8Mm; FY26 revenue guidance $5.215B-$5.255B vs. est. $5.24B (midpoint approximately in line), with management expecting to finish toward the higher end.
• Monolithic Power Systems (MPWR) Q3 adj EPS $8.19 tops consensus $7.75; Q3 revs $1.2B vs. consensus $1.16B; Q3 gross margins 55.4%; guides Q4 revs $1.315B-$1.385B vs. est. $1.22B
• Pinterest (PINS) Q3 adj. EPS $0.46 vs. est. $0.48 (miss); revenue $1.1739B (+12% YoY) vs. est. $1.205B (miss); adj. EBITDA $339.2Mm vs. est. $347Mm (miss), margin 29%; global monthly active users 661Mm (+10% YoY; record); GAAP EPS $0.04; net Income $21.5Mm; Q4 revenue guidance $1.425B-$1.475B vs. est. $1.517B (below), adj. EBITDA $538Mm-$588Mm vs est $612.34Mm (below).
• Reddit Inc. (RDDT) Q3 EPS $1.40 vs. est. $1.35 (beat); revenue $895Mm vs. est. $878.39Mm (beat); adj. EBITDA $402Mm vs. est. $398.8Mm (beat); net Income $283Mm vs. est. $276.7Mm (beat); gross margin 91.5%; FCF $363Mm; daily active uniques 130.3Mm (+12% YoY); Q4 revenue guidance $1.00B-$1.03B vs. est. $1.05B (below), adj. EBITDA $480Mm-$510Mm vs. est. $512.2Mm. Search referral traffic declined meaningfully in Q3, with deterioration accelerating late in the quarter and continuing into early Q4.
• Roblox Corp. (RBLX) Q3 EPS ($0.32) vs. est. ($0.42) (beat); bookings approximately $1.70B vs. est. $1.62B (beat), down 12% YoY; revenue $1.572B (+16% YoY), above prior guidance $1.413B-$1.490B. Average DAUs 138Mm (-9% YoY) vs. est. 145.8Mm (miss); average daily unique payers 1.8Mm vs. 2.3Mm YoY; Q4 revenue guidance $1.470B-$1.580B vs est $2.0B (below)and bookings $1.89B-$2.00B, with negative FCF expected.
• Twilio (TWLO) shares fall; Q3 adj. EPS $1.65 vs. est. $1.47 (beat); revenue $1.560B vs. est. $1.514B (beat); adj. operating Income $326Mm; Q4 revenue guidance $1.595B-$1.605B vs. est. $1.582B (above), adj. EPS $1.48-$1.53 vs. est. $1.49 (midpoint slightly above; range straddles consensus), adj. operating Income $300Mm-$310Mm vs est $297.01Mm (above)

Mid-Morning Look

Friday, October 30, 2026

U.S. stocks are sinking after a wave of disappointing technology earnings and guidance released after Thursday's close. The tech-led selloff follows massive declines in Intel (INTC) which is on track for its worst daily return in its history, SanDisk (SNDK), Amazon (AMZN), Twilio (TWLO), Reddit (RDDT), and Roblox (RBLX) after results last night disappoint. Defensive sectors such as Consumer Staples (XLP), Healthcare (XLV) and Utilities (XLU) are all seeing big gains amid the rotation out of tech, while Energy (XLE) rises with another jump in oil prices as it appears Iran global concerns aren’t going away anytime soon. Some concerns as well heading into next week’s mid-term elections. Another huge story was in the crypto markets as hackers stole $6.3 billion from Binance, the world's biggest cryptocurrency exchange, in a record theft that analysts pinned on North Korea. The news is hitting the crypto industry (MSTR, COIN, HOOD, BTC, ETH, IBIT) hard this morning. At the same time, precious metals are tumbling with gold hitting 52-week lows and silver tumbling sharply as rising crude oil prices and persistent inflation worries reinforced expectations of US interest rate hikes despite the Fed not changing rates this week. There was still pain from the previous day, with Google owner Alphabet shedding almost half a trillion in market value and suffering its worst single-day decline in history. The PHLX Semi index (SOX) -6.15% to 10,800, trying to hold its 200dma support of 10,785. Tech wreck continues on this final day of October trading.

• U.S. Q3 employment cost index +0.8% (consensus +0.8%) vs Q2 +0.9% (prev +0.9%); U.S. Q3 wages/salaries +0.7% vs Q2 +0.9% (prev +0.9%) and U.S. Q3 benefit costs +0.9% vs Q2 +1.0%.

• Large cap energy: shares of CVX and XOM rose initially after both beat estimates as oil refining profits soar. XOM and CVX beat profit expectations as conflicts in the Persian Gulf and Russia roiled energy markets, driving refining results to record highs. ExxonMobil’s adjusted third-quarter earnings of $4.23 a share were 10 cents higher than the average analyst estimate. Chevron’s, at $5.28 a share, were 35 cents higher than expectations.
• E&C and Power sector: MTZ reported Q3 revenue and Adj EBITDA ahead of expectations, driven by strong Power Delivery results, which was driven by both legacy operations and Superior (backlog hit record $24.5B, led by 74% yr/yr growth in Power Delivery), though sees FY26 adjusted EPS view to $8.92-$9.30 vs. consensus $9.27; SEI disclosed in an 8-K an agreement to provide approximately 900 MW of power Generation, balance of plant Equipment and O&M services to an existing investment-grade, diversified industrial and technology customer. The 15-year initial term and a 15-year extension option is the longest contract Sei has inked, and includes deployments from 1H27 scaling through 2028. GEV, PWR (good results day prior), DY, PRIM all active.

• CPRI +16%; shares outperform as Q2 revenue fell 5.5% y/y to $809M but topped analyst expectations of $780.7M on better earnings while guided annual profit of about $2.20 per share, compared with prior forecast of $2.15 per share.
• FDXF +13%; as quarterly revenue rose 8% to $2.44B topping estimates of $2.37B and guided Q4 earnings above estimates citing improvement in volumes (sees Q4 adj EPS $0.65-$0.75 vs. est. $0.53) after posted an adjusted profit of $1.49 per share, above analysts expectation of $1.36.
• MDLZ +3%; shares jumped after earnings beat, driven by easing cocoa costs and price increases in major regions such as North America while Qtrly volumes rose 1.8 percentage points and pricing increased 0.3 points.
• MPWR +4%; reported strong 3Q results and 4Q guidance, which solidly exceeded expectations. Upside was primarily driven by Enterprise Data, which grew +165% y/y and Communications (Optical Networking), which grew +135% y/ y
• MTZ +4%; reported Q3 revenue and Adj EBITDA ahead of expectations, driven by strong Power Delivery results, which was driven by both legacy operations and Superior (backlog hit record $24.5B, led by 74% yr/yr growth in Power Delivery).
• REGN +12%; rises as Q3 adjusted profit of $20.07 per share, above analysts' estimate of $16.24 per share and Q3 revenue of $5.12B, above analysts' estimate of $4.54B boosts shares.
• RIVN +4%; after posting a smaller than expected Q3 loss and revs of $2.15B topped consensus as they 19,248 vehicles in Q3, up 46% y/y, led by R2 model and raises 2026 delivery guidance to 67k-70K vehicles from 65k-70K.

• AGIO -17%; as the FDA extended review of its drug mitapivat for sickle cell disease by three months as sets new action date of February 1, 2027 (from original PDUFA date of 11/1/26).
• COIN -12%; after earnings results last night disappoint, but the broader crypto sector under pressure after hackers stole $6.3B from Binance, the world's biggest Cryptocurrency exchange, in a record theft that analysts pinned on North Korea (MSTR, IBIT, HOOD down)
• INTC -28%; shares tumbled after mixed Q3 results (slight rev miss, EPS above) and guided Q426, well below; most of the miss was due to the memory-induced PC correction as Q3 PC revs missed by $800M and was guided down more than 20% q/q in Q4, which is over $2B below consensus.
• RDDT -25%; after saying U.S. DAUq growth fell -5% Q/Q and warned that Q4 DAUq could fall by low double digits as Google search referrals decline by 1M+ per week; downgraded to Sector Weight at KeyBanc and Citizens noting search traffic is a larger headwind than envisioned.
• SYK -5%; Q3 sales miss as the company pointed to a market slowdown in knees/hips as well as areas of missed execution; Q3 revs $6.52B below consensus of $6.61B while EPS was $3.52, $0.03 below the Street and took down its guide on both lines and is now calling for organic revenue growth of 6.5-7.0% y/y (~200 bps below the prior guide at the midpoint).
• TWLO -20%; delivered ~4pts of organic upside in Q3 and topped consensus, but said expects Q4 organic revenue growth to slow to 11%-12% from 16% in Q3 which weighed on shares; also provided an initial look into 2027, guiding to at least 10% organic growth (~12% Street).

Closing Recap

Friday, October 30, 2026

Ahead of Halloween, Wall Street was spooked by technology stocks, playing a “trick” not a “treat” for investors, and closing out a tumultuous month for the AI related trade. U.S. stock markets tumbled behind a sharp -2.86% drop in the Nasdaq, hitting near 3 month lows as aggressive AI spending plans from Amazon and Intel's cash-burn warning heightened investor concerns over soaring AI buildout costs and the timeline for returns. Intel posted its steepest one-day drop on record with a near 29% slide after saying it would burn cash this year due to a weak PC market, manufacturing hurdles and heavy spending to expand production. The warning from both led to further aggressive selling in semis and the AI chain, with data centers, opticals and infrastructure names extending their monthly declines. Software stocks also added to the bloodbath in tech with TWLO falling on lower guidance, just a day after weak results from NOW crushed the sector. The S&P Tech sector (XLK) fell nearly -5% Friday while the SOX index fell over -7.2%, breaking below key technical support levels (and finished down over -15.3% this month), off the lows of the day. The CBOE Volatility index (VIX) spiked as high as 23.93 this afternoon, taking out Friday 10/16 22.31 high, but ended the day just below 20.

Overall though, October has been a great month for most of the other S&P 500 names, with 9 of 11 sectors posting monthly gains and 4 of those 9 racking up for double digit % gains. Communications (XLC) is down over -9% this month while Technology (XLK) is down -7.5%. On the flip side, investors have rotated into Energy (XLE), which is up 13% in October due to surging oil/energy prices, while defensive Healthcare (XLV), Utilities (XLU) and Consumer Staples (XLP) are all on track for monthly gains of over 10%. All three major indexes posted weekly losses after the Nasdaq posts biggest one-day percentage loss since June 5^th (biggest monthly % decline since March 2025). For the week, the S&P 500 fell -0.58%, the Nasdaq declined -2%, and the Dow fell -0.85% while for the month the S&P 500 fell -0.94%, the Nasdaq declined -5.3%, and the Dow climbed 1.7%. S&P 500, Nasdaq fall for third straight week, longest weekly run of declines since March.

The Nasdaq 100 index is on track for a $2 trillion market value wipeout in October as investors scrutinize Big Tech's massive artificial intelligence spending. Companies like Alphabet and Meta are raising concerns about cash burn and capital markets access, while Microsoft and Amazon show AI investments beginning to pay off. Hyperscalers like AMZN, GOOGL, META, SPCX and others have not guided Wall Street properly on how much they intended to spend this year and next on AI infrastructure. The bills are coming in much larger than expected and the fact that cash flow (FCF) is drying up from the hyperscalers because of a protracted period of spending is causing the debt and stock markets to retreat. The prospect of ever-bigger AI outlays has unnerved investors, particularly as rising borrowing costs threaten to make debt-funded investment more expensive and harder to justify. Amazon's free cash flow decreased to an outflow of $42.4 billion for the trailing twelve months (compared to a free cash flow inflow of $14.8 billion y/y); Google posted negative free cash flow of $9.1 billion in the quarter versus a Wall Street estimate for negative $3.5 billion. Meta last week posted negative free cash flow for the first time since 2012. SpaceX (SPCX) burned about $9.9 billion in free cash flow in the quarter.

Another huge story was in the crypto markets as hackers stole $6.3 billion from Binance, the world's biggest cryptocurrency exchange, in a record theft that analysts pinned on North Korea. Cryptocurrency prices fell on the news with Bitcoin down -1.5% to $77,600, while Binance halted withdrawals and said it would cover the losses. About half the stolen assets were quickly frozen by stablecoin issuers such as Tether, Circle and the Trump-backed World Liberty Financial. "This was a complex attack, and we are doing all we can in coordination with law enforcement to resolve it," Binance said in a post on X. The exchange said customer funds were safe and that it was working with partners to freeze some of the affected assets, with about $3 billion located so far. It expects to resume withdrawal services in the next 45 hours. It did not mention the status of the remaining $3.3 billion. Co-CEO Teng said that "and company funds" would cover losses.

• U.S. Q3 employment cost index +0.8% (consensus +0.8%) vs Q2 +0.9% (prev +0.9%); U.S. Q3 wages/salaries +0.7% vs Q2 +0.9% (prev +0.9%) and U.S. Q3 benefit costs +0.9% vs Q2 +1.0%.

• Oil prices added to weekly gains, as WTI crude rose $2.12 or 2.08% to settle at $104.12 per barrel, its highest close since September 15^th and rising over 15% this month alone (up 4 straight months) while Brent crude rose $2.76, or 2.4% to $117.64 per barrel, its highest close since April 29^th
• Global bond yields end October sharply lower as a flight to safety revived demand for government debt, even as markets braced for higher short-term borrowing from the U.S. Treasury. The 10-year Treasury yield traded at 4.913%, down -6 bps today and -36.4 bps this month, its largest monthly decline since December 2023. In Germany, the 10-year Bund yield settled at 3.319%, 26bps this month in its largest monthly decline since April 2025. The 2-year yield fell -7.5bps today to 4.579% and down 30.6 bps in October, snapping a 7-month streak of rising yields; down 5 straight weeks.

• Retail sector: CPRI shares outperform as Q2 revenue fell 5.5% y/y to $809M but topped analyst expectations of $780.7M on better earnings while guided annual profit of about $2.20 per share, compared with prior forecast of $2.15 per share. XPOF shares jumped after Blomberg reported Fund 1 Investments, the third-largest shareholder in Xponential Fitness, is pushing for a take-private deal and is looking to buy them nential, said the sources.
• Consumer Staples: CL raised its annual adjusted EPS view after beating Q3 net sales and profit estimates; now sees FY26 adj EPS growth of 5% to 7%, compared with mid-single-digit growth previously while narrows annual net sales growth forecast to 4%-5% from prior 2%-6%. Had posted Q3 $EPS $0.97/$5.37B sales vs. est. $0.93/$5.33B.
• Restaurant sector: SBUX delivered a strong F4Q print with impressive margin performance driving a meaningful EPS beat, and guided FY27 margins and EPS ahead of expectations. F4Q NA SSS were +7.9%, reflecting broad-based strength across the business, and SBUX expects underlying momentum to continue with FY27 SSS of ~4%.
• Auto sector: electric vehicle maker RIVN was strong after results after posting a smaller than expected Q3 loss and revs of $2.15B topped consensus as they 19,248 vehicles in Q3, up 46% y/y, led by R2 model and raises 2026 delivery guidance to 67k-70K vehicles from 65k-70K.

• Solar sector: FSLR shares pressured early after results as Q3 EPS topped views but Q3 revenue of $1.23B misses consensus $1.29B due to a decrease in the volume of modules sold to third parties; cuts FY26 revenue view to $4.6B-$4.9B from $4.9B-$5.2B and lowers FY26 volume sold estimate. TE signed solar module supply contracts totaling more than 1,580 MW, including deals with Avantus subsidiaries; deliveries from its G1_Dallas facility are expected in 2027 and 2028

• Mortgage sector: RKT reported solid 3Q26 results, although disappointing 4Q26 guidance underscored the increasingly challenging U.S. mortgage market. Adjusted EPS of $0.15 was $0.01 below our estimate but ahead of the $0.13 consensus, as weaker-than-expected origination volumes were partially offset by stronger GOS margins. The primary disappointment was 4Q26 revenue guidance, which implies a meaningful sequential slowdown in mortgage activity and raises questions about the sustainability of operating leverage heading into 2027.

• ABOS shares tumbled after saying its experimental Alzheimer's disease drug sabirnetug failed the main goal of a mid-stage study, showing no meaningful benefit in slowing memory and functional decline versus placebo; key secondary measures also failed to reach statistical significance.
• AGIO shares fall as the FDA extended review of its drug mitapivat for sickle cell disease by three months as sets new action date of February 1, 2027 (from original PDUFA date of 11/1/26). The FDA requested more info to evaluate whether a risk evaluation and mitigation strategy is necessary for the drug for sickle cell.
• INCY was upgraded from Perform to Outperform at Oppenheimer along with its Q3 update, as it believes INCY is increasingly demonstrating a credible path to growth beyond Jakafi 2029 LOE, supported by strong underlying commercial performance and continued pipeline advancement.
• NRXP said the FDA approved its preservative-free ketamine injection ahead of the agency's November 10 target decision date; says ketamine injections have been in shortage since 2018 and remain on the FDA drug shortage list.
• REGN rises as Q3 adjusted profit of $20.07 per share, above analysts' estimate of $16.24 per share and Q3 revenue of $5.12B, above analysts' estimate of $4.54B boosts shares.

• Diagnostics sector: CDNA reported Q3 results that were above consensus, driven by continued expansion in Transplant test volume, and raised FY26 revenue view to $520M-$530M from prior $490M-$500M and adj EBITDA view to $90M-$100M from $66M-$78M.
• Insulin sector: DXCM Q3 adj. EPS $0.73 vs. est. $0.67 (beat); revenue $1.344B vs. est. $1.327B (beat); adj. operating Income $339.5Mm vs. est. $314.2Mm (beat); adj. net Income $275Mm vs. est. $256.6Mm (beat); adj. gross profit $875.3Mm; GAAP EPS $0.72; FY26 revenue guidance $5.20B-$5.25B vs. est. $5.23B; authorized up to $1B in share repurchases.

• Transport sector: FDXF shares rose as quarterly revenue rose 8% to $2.44B topping estimates of $2.37B and guided Q4 earnings above estimates citing improvement in volumes (sees Q4 adj EPS $0.65-$0.75 vs. est. $0.53) after posted an adjusted profit of $1.49 per share, above analysts expectation of $1.36.in airlines, Air passenger demand fell 0.5% in September mainly due to the Middle East and North America regions, while Africa, Latin America and the Caribbean grew, according to data from the International Air Transport Association. Demand--measured in revenue passenger kilometers--fell 8% in the Middle East and was 1.6% lower in North America. However, Africa demand rose 5%, while Latin America and the Caribbean rose 4.3%, according to the data. Despite the overall drop, total demand was an improvement compared with the prior month with a return to growth in most international markets, IATA says.
• Shipping/tanker sector (SHIP, DSX, GOGL, SB, SBLK, CTRM): The Baltic Dry Index, which tracks rates for ships carrying dry bulk commodities, was dragged lower by continued weakness in Capesize and Panamax vessel rates. The main index edged higher 2 points today to 2,714 points, its highest since October 13, but was still down for a second straight monthly decline, down more than 12% in October. The Capesize index rose by 36 points to 4,126 points, but down 16% on month while the panamax index fell 32 points, to 1,889 points, lowest level since April 13 and down over -20% this month.
• Building product sector: FND shares slumped on results as Q3 sales $1.21B missed est. $1.22B and Q3 comp sales -1.4%; while MHK Q3 adj EPS $2.72 vs. est. $2.58 and sales $2.8B, in-line with estimates; guides Q4 EPS $1.35-$1.45 vs. est. $1.66; expects low single-digit growth in Q4 2026 adjusted net sales versus prior year; assumes Q4 flooring market conditions will be softer than Q3.

• Chemical sector: EMN posted mixed Q3 results with EBIT of $305M and EPS of $1.84 largely missing consensus of $1.92. Price/cost in A&FP also remained a solid tailwind as the segment handily beat. However, volumes were much weaker at +1% and Q4 EPS guidance is $1.10-$1.30 vs. $1.31 consensus; OLN Q3 EBITDA of $191M came in ahead of the $180M consensus, vs a $160M-$200M guide though weak Q4 guidance of $80M-$100M, was below the $116M consensus.

• More AMZN: AWS revenue reached $46B, up 39% YoY, bringing ARR to $184B. Backlog grew to $578B, up $82B Q/Q from $496B. AWS revenue of $46.0B (+39% Y/Y) accelerated for a sixth straight quarter. Advertising revenue of $19.6B (+12% Y/Y ex-FX) was 6% below consensus on timing. Operating income of $28.1B (13.9% margin) was 6% above the high end of guidance. AWS operating margin expanded ~400 bps Y/Y to 38.7%. CapEx was $75.9B; reiterated ~$220B for 2026 and expects to spend "meaningfully more" in 2027.
• Internet/Socal media sector: RDDT shares tumbled after results, also downgraded to Sector Weight at KeyBanc (and Citizens) saying their thesis is not playing out; search traffic is a larger headwind than envisioned (potential for a LDD% q/q decline in 4Q), and this creates more uncertainty around '27E/'28E revenue and EBITDA. GDDY reported 3Q revenue/NEBITDA/FCF of $1,342M/$449.3M/$480.8M vs. consensus' $1,327M/$440.2M/$461.1M as Airo ARR doubled Q/Q to $100M+ and are now more-than-offsetting headwinds from migrations from legacy products.

• The PHLX Semi Index (SOX) dropped over 7% to below its 200dma support of 10,785 this morning in a broad, aggressive and volatile pullback in semis. The semi space took another leg lower midafternoon after reported Anthropic is expected to receive a “high” junk rating, per a report in The Financial Times.
• SNDK delivered another positive beat / raise in the memory sector, but broader weakness in semi space on INTC lower guide and general AI concerns right now pushing shares lower
• AXTI reported 3Q26, with sales/EPS of $73.4M/$0.41, above consensus of $66.0M/$0.31. Strong beat and raise as InP revenue increased 67% Q/Q to $54M. InP backlog increased to $500M+ from $100M+ in 2Q. InP quarterly capacity expected to be ~$70M in 4Q26, increasing to ~$140M in Q4.
• MPWR reported strong 3Q results and 4Q guidance, which solidly exceeded expectations. Upside was primarily driven by Enterprise Data, which grew +165% y/y and Communications (Optical Networking), which grew +135% y/ y. Accordingly, MPWR increased its ED growth outlook to +150% this year from +130% prior.

Street Recommendations

Friday, October 30, 2026

• LNG Barclays analyst Theresa Chen raised the firm's price target on Cheniere Energy to $328 from $287 and keeps an Overweight rating on the shares. Cheniere's updated 2026 guidance and preliminary 2027 production forecast set the stage for continued strength across its liquefaction platform, the analyst tells investors in a research note.
• COIN Barclays analyst Benjamin Budish lowered the firm's price target on Coinbase to $120 from $149 and keeps an Underweight rating on the shares following the Q3 report. The company's adjusted EBITDA beat consensus, driven by a transaction revenue beat and lower costs, but the revenue run rate into Q4 is trending lower, the analyst tells investors in a research note. The firm adds that Coinbase's costs are expected to come in higher than expected, resulting in a "sizeable downgrade" in Barclays' near-term EBITDA estimates.
• CROX Barclays raised the firm's price target on Crocs to $178 from $139 and keeps an Overweight rating on the shares. The company's Q3 results beat across the board, the analyst tells investors in a research note. The firm says its turnaround thesis for Crocs "is playing out across multiple growth pillars."
• PINS Barclays lowered the firm's price target on Pinterest to $24 from $31 and keeps an Equal Weight rating on the shares following the Q3 report. The firm feels good about Pinterest's fundamental progress measured in usage, engagement and ad stack progress.

• ESNT BofA downgraded Essent Group to Neutral from Buy with a price target of $68, down from $78. The housing Executive Order issued by President Trump on October 22 outlines a policy direction for mortgage insurance cancellation that the firm expects to weigh on sentiment and cap valuations, says the analyst, who also sees soft housing activity and modest revenue growth leaving "limited scope for a re-rating" and warranting "a more conservative sector view."
• NMIH BofA downgraded NMI Holdings to Neutral from Buy with a price target of $44, down from $51. The housing Executive Order issued by President Trump on October 22 outlines a policy direction for mortgage insurance cancellation that the firm expects to weigh on sentiment and cap valuations, says the analyst, who also sees soft housing activity and modest revenue growth leaving "limited scope for a re-rating" and warranting "a more conservative sector view."
• MTG BofA analyst Mihir Bhatia lowered the firm's price target on MGIC Investment to $28 from $31 and keeps an Underperform rating on the shares. The housing Executive Order issued by President Trump on October 22 outlines a policy direction for mortgage insurance cancellation that the firm expects to weigh on sentiment and cap valuations, says the analyst, who also sees soft housing activity and modest revenue growth leaving "limited scope for a re-rating" and warranting "a more conservative sector view."
• RDN BofA lowered the firm's price target on Radian Group to $41 from $48 and keeps a Buy rating on the shares. The housing Executive Order issued by President Trump on October 22 outlines a policy direction for mortgage insurance cancellation that the firm expects to weigh on sentiment and cap valuations, says the analyst, who also sees soft housing activity and modest revenue growth leaving "limited scope for a re-rating" and warranting "a more conservative sector view."
• AMZN BofA lowered the firm's price target on Amazon.com to $317 from $320 and keeps a Buy rating on the shares. AWS growth at 39% accelerated 2 points quarter-over-quarter, but the firm thinks investor expectations "were as high as 42%," the analyst says in a post-earnings note. With strong backlog growth driven by new enterprise contracts, steady gains in custom silicon usage and chip sales coming, and Alexa for Shopping growing usage, the firm thinks Amazon has "strong AI positioning," but trims its sum-of-the-parts based target given recent AI sector multiple compression.

• COLM BTIG analyst Bob Drbul raised the firm's price target on Columbia Sportswear to $83 from $80 and keeps a Buy rating on the shares. The firm cites the company's Q3 revenue beat, with the upside driven primarily by earlier-than-expected delivery of delayed fall 2026 wholesale orders as well as stronger U.S. DTC trends.
• MMSI BTIG analyst Sam Eiber raised the firm's price target on Merit Medical to $110 from $105 and keeps a Buy rating on the shares. The company delivered another broad-based beat in Q3 with growth across Foundational and Therapeutic products as well as across geographies, the analyst tells investors in a research note. Merit also acquired the remaining equity of Solo Pace for about $45M, following a prior minority investment and exclusive distribution relationship, the firm added.
• TYL BTIG raised the firm's price target on Tyler Technologies to $430 from $400 and keeps a Buy rating on the shares. The firm cites the company's sequential SaaS revenue increase while noting that the reduction in SaaS guidance was driven by the timing of several larger deal signings rather than any change in underlying demand, the analyst tells investors in a research note.
• WEC BTIG raised the firm's price target on WEC Energy to $130 from $127 and keeps a Buy rating on the shares after its Q3 earnings beat and guidance raise. The company's 7% to 9% EPS CAGR growth through 2031 was also better than expected, underpinned by the $47.5B capital plan, the analyst tells investors in a research note.
• XEL BTIG analyst Alex Kania raised the firm's price target on Xcel Energy to $92 from $91 and keeps a Buy rating on the share after its Q3 earnings beat. The company also rolled forward its capital plan to $70B over 2027-2030 and is targeting 10% EPS growth over 2027-2030 and 9% EPS growth through 2031, with multiple opportunities for growth beyond the plan that make up its new $10B of potential capex above its base plan, the analyst tells investors in a research note.

• ACRS Canaccord raised the firm's price target on Aclaris Therapeutics to $13 from $10 and keeps a Buy rating on the shares. The firm said Aclaris reported positive data from two Phase Ib studies for ATI-052, a TSLPxIL-13Ralpha bsAb, in atopic dermatitis (AD) and asthma, respectively, and announced the plan to move the clinical development of ATI-052 for the treatment of eosinophilic esophagitis (EoE) with a Phase IIb/III seamless trial initiation in early 2027.
• BHVN Canaccord analyst Sumant Kulkarni raised the firm's price target on Biohaven to $32 from $21 and keeps a Buy rating on the shares. The firm updated its model followng Q3 results where they view the key to the stock the evolving story around Vyglxia (troriluzole) for spinocerebellar ataxia (SCA), as they view that product, if approved, has the potential to be a meaningful near- to mid-term contributor that could help BHVN pursue its pipeline plans in an optimal way.
• COIN Canaccord lowered the firm's price target on Coinbase to $275 from $300 and keeps a Buy rating on the shares. The firm said they remain encouraged by Coinbase's execution as the business continues to broaden beyond crypto spot trading. Q3 revenue held roughly flat despite softer activity, while a leaner cost base supported a meaningful improvement in profitability.
• MMSI Canaccord raised the firm's price target on Merit Medical to $121 from $94 and keeps a Buy rating on the shares. The firm said they reported a clean beat-and-raise Q3. They believe the company continues to execute on its core playbook, expanding operating margins and profitability while using M&A to support top-line growth and long- term margin improvement.
• VKTX Canaccord raised the firm's price target on Viking Therapeutics to $118 from $106 and keeps a Buy rating on the shares. The firm said they reported financial results and business highlights for 3Q26, highlighting the initiation of the oral VK2735 Phase III registrational SUNRISE program, as well as Part 2 of the Phase I Maintenance study with both oral and subQ formulations of VK2735.
• SYK Canaccord analyst Caitlin Roberts downgraded Stryker to Hold from Buy with a price target of $300, down from $385. After signaling weakness at a conference last month, Stryker delivered a Q3 sales miss as the company pointed to a market slowdown in knees/hips as well as areas of missed execution, the analyst tells investors. While "supportive" of Stryker's long-term strategy of leveraging to higher-growing end markets, particularly via M&A, the firm is taking a wait-and-see approach to improved execution and growth, the analyst added.

• BA Citi added an "upside 90-day catalyst watch" on Boeing while keeping a Buy rating on the shares with a $260 price target. The firm believes the company's reduced free cash flow guidance sets the "foundation of a rally into 2027." Following estimates cuts, risk to the guidance "now skews favorably to the upside," the analyst tells investors in a research note.
• INTC Citi lowered the firm's price target on Intel to $100 from $130 and keeps a Buy rating on the shares. The company reported a "strong beat" in Q3 but provided "weak" Q4 guidance due to an accident causing Fab 28 shutdown in Israel and weaker PC demand, the analyst tells investors in a research note. Citi cut estimates sharply for Intel to reflect the outlook.
• SAIA Citi analyst Ariel Rosa raised the firm's price target on Saia to $434 from $429 and keeps a Buy rating on the shares post the Q3 report. The firm says the company is building density in an expanded network, which offers visibility for margin gains and earnings growth into 2027.

• INTC DA Davidson analyst Gil Luria lowered the firm's price target on Intel to $70 from $100 and keeps a Neutral rating on the shares. Intel reported "mixed" Q3 earnings that were highlighted by strong growth in their Foundry and Data Center segments, but significant weakness in their Client Computing division, the analyst tells investors. While the firm understands the PC market is being impacted at the industry level, it is "hard to justify the current multiple when weakness is so significant," the analyst added.

• FR JPMorgan downgraded First Industrial Realty to Neutral from Overweight with a price target of $60, down from $74. The Q3 earnings call indicates that First Industrial's cash rent spreads are "hitting a wall" in 2027 and dropping fairly dramatically compared to what it had been achieving in 2026, the analyst tells investors in a research note. The firm says management noted that 68% of its 2027 expirations are peak vintage comps, which raises the question of what 2028 spreads look like. The steep spread decline dynamic will likely limit the stock's ability to outperform, contends JPMorgan.
• LLY JPMorgan analyst Chris Schott raised the firm's price target on Eli Lilly to $1,650 from $1,500 and keeps an Overweight rating on the shares post the Q3 report. The firm upped Lilly's estimates citing continued strong momentum in the outside the U.S. Mounjaro business as well as Zepbound.
• COIN JPMorgan analyst Kenneth Worthington lowered the firm's price target on Coinbase to $187 from $189 and keeps an Overweight rating on the shares post the Q3 report. The firm says the transaction environment continues to struggle. Prediction markets growing for Coinbase, but it is hard to ascribe value, the analyst tells investors in a research note.

• ALHC KeyBanc analyst Matthew Gillmor downgraded Alignment Healthcare to Sector Weight from Overweight without a price target. The company's EBITDA baseline for 2027 is "somewhat unclear" given the higher costs that developed in Q3, the analyst tells investors in a research note. KeyBanc now has limited confidence in Alignment's Stars for BY2029, which it believes may depend on successful litigation.

• RIVN Mizuho lowered the firm's price target on Rivian to $10 from $13 and keeps an Underperform rating on the shares. The firm views the company's Q3 report as solid. Rivian posted good deliveries but faces a still challenged electric vehicle market into 2027, the analyst tells investors in a research note. Mizuho believes R2 could potentially cannibalize some R1 demand.

• GDYN Needham analyst Mayank Tandon raised the firm's price target on Grid Dynamics to $15 from $10 and keeps a Buy rating on the shares. The company's Q3 results came in well ahead of consensus expectations, with record revenue beating the high end of guidance and record EBITDA driven by structurally richer AI and fixed-price mix, the analyst tells investors in a research note. Grid Dynamics also pointed to a return to double-digit growth in 2027 on longer-duration contracts, the firm added.
• TWLO Needham lowered the firm's price target on Twilio to $240 from $280 and keeps a Buy rating on the shares. The firm notes that sentiment was overly bullish heading into the Q3 print ,and a bit of a softer beat on revenue led to a sharp decline in shares after results, the analyst tells investors in a research note. Needham adds, however, that it remains a buyer of the stock and sees growth trends remaining intact more difficult comparisons in 2027.
• ENTG Needham raised the firm's price target on Entegris to $185 from $170 and keeps a Buy rating on the shares. The company reported strong results with both revenue and adjusted gross margin topping the high- end of guidance, driven by strong execution to convert backlog into revenue, the analyst tells investors in a research note.

• ALNY Raymond James analyst Martin Auster downgraded Alnylam to Outperform from Strong Buy with a price target of $315, down from $420, post the Q3 report. The firm cites limited visibility into near-term Amvuttra trends for the downgrade. Raymond James moderated growth expectations for Alnylam's TTR franchise, saying investments in commercial execution likely will take time to offset access and pricing uncertainty.

• OSPN Rosenblatt raised the firm's price target on OneSpan to $22 from $18 and keeps a Neutral rating on the shares after what the firm calls "a clean 3Q beat" and FY26 guidance raise.
• SIRI Rosenblatt raised the firm's price target on SiriusXM to $47 from $46 and keeps a Buy rating on the shares. After the company's Q3 earnings report, the firm argues that the core business is durable enough to support the current valuation and thinks "meaningful upside" can come from monetization of spectrum and the ramp-up of YouTube audio ad sales over time.
• STGW Rosenblatt analyst Barton Crockett raised the firm's price target on Stagwell to $13 from $10 and keeps a Buy rating on the shares. The "key issue" with Stagwell is market confidence in its execution, and its placement in the ad agency sector, though the performance of Digital Transformation and The Marketing Cloud is "such that we're willing to assume a degree of separation from the low-multiple ad agency sector," the analyst tells investors.
• INTC Rosenblatt analyst Kevin Cassidy lowered the firm's price target on Intel to $70 from $80 and keeps a Sell rating on the shares. Intel turned in a "respectable" Q3 report, but the outlook for Q4 is "a surprisingly large miss" with management pointing to higher memory prices slowing PC demand more than expected, says the analyst, who has reset the firm's estimates for Intel's CCPG revenue.

• AMZN TD Cowen lowered the firm's price target on Amazon.com to $340 from $350 and keeps a Buy rating on the shares following the Q3 report. Amazon's revenue beat as Web Services beat a slight miss on advertising, the analyst tells investors in a research note. TD views the post-earnings selloff in the shares as overdone.
• HSY TD Cowen analyst Robert Moskow downgraded Hershey to Hold from Buy with a price target of $173, down from $198. The firm views the company's Q3 report as mixed. Management "nudged investors" to the low end of Hershey's 2%-4% organic sales outlook for 2027 and revised earnings to low double-digits from 15%-20%, the analyst tells investors in a research note. TD cites concerns about further downside risk from weaker category trends, market share slippage, and volume declines for the downgrade.
• BSX TD Cowen downgraded Boston Scientific to Hold from Buy with a price target of $46, down from $56. The company guided below consensus for Q4 and made incrementally negative comments about 2027, the analyst tells investors in a research note. TD cites aworsened 2027 outlook and more uncertainty around key launches like Farawave Ultra and Faraflex for the downgrade.
• MBLY TD Cowen analyst Joshua Buchalter downgraded Mobileye to Hold from Buy with a price target of $7, down from $8. The firm says continuously delayed timelines for the company's advanced product conversions and headwinds at Mobileye's Western partners "present a tough catalyst path." The company's "superior technology in a tough market still presents a difficult setup for the stock," the analyst tells investors in a research note.

• XPO UBS lowered the firm's price target on XPO to $232 from $257 and keeps a Buy rating on the shares. XPO's Q3 results showed accelerating momentum, with 5.8% shipment growth and 260 basis points of operating ratio improvement, while October volumes rose 6.5% and Q4 growth is expected to accelerate further, supported by pricing opportunities and ample capacity and labor to sustain growth into 2027, the analyst tells investors in a research note.
• AAPL UBS data show Apple iPhone Duo wait times declining 7 days week over week but remaining elevated at about 89 days, while Pro and Pro Max trends are tracking similarly to prior launches, suggesting demand remains strong and display issues are unlikely to be the primary driver of shorter waits. The firm maintains a Neutral rating and $296 price target on Apple shares.
• ENTG UBS raised the firm's price target on Entegris to $220 from $205 and keeps a Buy rating on the shares. Entegris delivered a strong beat-and-raise as improving demand and backlog conversion drove gross margins 100 basis points above expectations, signaling a return to outgrowing end markets and potential upside to long-term margin and EPS targets, the analyst tells investors in a research note.
• CROX UBS raised the firm's price target on Crocs to $145 from $120 and keeps a Neutral rating on the shares following the better-than-expected Q3 results and raised guidance. Macro uncertainty and emerging cost pressures keep UBS from getting too bullish, the analyst tells investors in a research note.
• INTC UBS lowered the firm's price target on Intel to $80 from $100 and keeps a Neutral rating on the shares. Intel's sharply weaker guidance reflects a challenging PC recovery amid persistent memory cost pressures, but investment in foundry, advanced packaging, server and ASIC capacity supports longer-term growth, with roughly $3 EPS in 2028 and over $4 in 2029 still viewed as achievable despite limited near-term valuation upside, the analyst tells investors in a research note.
• ORLY UBS raised the firm's price target on O'Reilly Automotive to $122 from $120 and keeps a Buy rating on the shares. O'Reilly's Q3 results reinforced the durability of its market-share gains, driven by strong execution, inventory availability, omnichannel capabilities and service levels across DIY and DIFM, shifting focus toward how sales growth translates into earnings, the analyst tells investors in a research note.
• RBLX UBS analyst Christopher Schoell lowered the firm's price target on Roblox to $50 from $53 and keeps a Neutral rating on the shares. The Q3 results beat expectations on bookings and EBITDA margins, but softer Q4 guidance points to 10%-15% bookings declines, while uncertainty around user trends, GTA VI impact and operating leverage tempers expectations for a stronger 2027 recovery, the analyst tells investors in a research note.

• CNC Wells Fargo raised the firm's price target on Centene to $75 from $69 and keeps an Equal Weight rating on the shares. The firm says results in Q3 were fairly strong and Centene increased guidance by the beat. Wells is increasing its 2027 estimate, but notes out-year estimates are generally unchanged.
• GILD Wells Fargo analyst Mohit Bansal raised the firm's price target on Gilead to $190 from $165 and keeps an Overweight rating on the shares. The firm thinks Gilead's Q3 was better than expected as Yeztugo came ahead of consensus with core HIV leading the beat & raise. Wells sees runway for further growth in 2027, especially in PrEP with upcoming weekly oral Yeztugo launch.
• DTM Wells Fargo analyst Praneeth Satish raised the firm's price target on DT Midstream to $167 from $165 and keeps an Overweight rating on the shares. The firm notes Q3 was in line. MIST South Phase 1 reached FID as expected. Wells believes the bigger opportunity is MIST S2, especially following FID of Southeast Connector. The firm's base case is MIST S2 is a $1B project.
• INTC Wells Fargo lowered the firm's price target on Intel to $80 from $120 and keeps an Equal Weight rating on the shares. The firm notes Intel missed expectations on a PC correction / reset. With a strong data center demand backdrop, supply ramp moving through 2027 and visibility into external foundry commitments will remain key drivers of shares, argues Wells.
• PINS Wells Fargo lowered the firm's price target on Pinterest to $23 from $31 and keeps an Overweight rating on the shares. The firm cites Q3 revenue miss and Q4 guide below on worsening China x-border headwinds in the EU. Moreover, pace of UCAN improvement in Q3 well short of our expectations and new initiatives not manifesting as soon as expected.
• SIRI Wells Fargo raised the firm's price target on SiriusXM to $33 from $31 and keeps an Equal Weight rating on the shares. The firm says operating trends remain stable into next year, supported by subscriber and ARPU performance, with Pandora expected to ramp through 2028 on YouTube. Spectrum optionality could provide upside, though a key risk is that mid-band spectrum is no longer viewed as scarce as it once was.
• BLDR Wells Fargo raised the firm's price target on Builders FirstSource to $58 from $55 and keeps an Equal Weight rating on the shares. On Q3, Builders came in ahead of expectations, with Q4 guide implying gross margin percentage closer to 27.8%. The company's 2027 scenario planning rips the band-aid off and brings numbers closer to reality, Wells adds.
• MNRO Wells Fargo analyst David Lantz lowered the firm's price target on Monro to $12 from $15 and keeps an Equal Weight rating on the shares. The firm believes Monro shares deserve to trade lower as Q2 missed, quarter-to-date trends are flat, and FY27's expectations were lowered. Wells remains on the sidelines given limited visibility into comparable-store sales trends and concerns that estimates may face further cuts. Strategic review still a key potential catalyst, it adds.
• INCY Wells Fargo lowered the firm's price target on Incyte to $127 from $128 and keeps an Equal Weight rating on the shares. The firm thought the Q3 update was largely in-line with expectations, with '989's second-line myelofibrosis trial endpoints consistent with its base case. Wells sees little to meaningfully re-rate the stock in the near term.
• ALNY Wells Fargo lowered the firm's price target on Alnylam to $220 from $253 and keeps an Equal Weight rating on the shares. The firm doesn't see investor Amvuttra growth concerns abating, and the near-term 340B ruling could be another de-rating event for the stock. Wells remains cautious, and sees limited paths for upside in the near to medium term.
• MGM Wells Fargo lowered the firm's price target on MGM Resorts to $28 from $29 and keeps an Equal Weight rating on the shares. Las Vegas Non-Gaming weakness is the story, with room revenues down year-over-year on easy comparisons as higher leisure mix, challenging airfare and a compressed booking window drove lower rates during Q3, the firm says.
• TWLO Wells Fargo lowered the firm's price target on Twilio to $275 from $300 and keeps an Overweight rating on the shares. The firm notes Q3 results were solid, but investors wanted more upside to organic growth. Wells believes Twilio's story remains largely unchanged, and thinks investors come back to the name as Twilio remains an "ownable software stock" with a now more reasonable valuation.
• FSLR Wells Fargo analyst Praneeth Satish lowered the firm's price target on First Solar to $260 from $313 and keeps an Overweight rating on the shares. The firm notes the company's Q3 missed expectations and 2026 guidance was trimmed. Bookings were soft, but pricing was set pre-Section 232. Post-232, First Solar noted pricing is higher, but did not quantify, Wells adds.
• COIN Wells Fargo lowered the firm's price target on Coinbase to $174 from $200 and keeps an Equal Weight rating on the shares. Prediction markets and USDC cushioned a weak crypto backdrop, but the quarter did not signal a broader acceleration. With activity still soft and spending moving higher, Wells is taking transaction estimates down despite continued product progress.
• DLR Wells Fargo analyst Eric Luebchow raised the firm's price target on Digital Realty to $225 from $220 and keeps an Overweight rating on the shares. The firm notes the company handily beat FFO/share and posted record bookings, which sets them up well to grow over 10% Core FFO/share in 2027 even at higher capital expenditure levels to support their record backlog. At current multiples, the risk/reward looks favorable, Wells contends.
• RMD Wells Fargo raised the firm's price target on ResMed to $250 from $215 and keeps an Equal Weight rating on the shares. The firm notes Q1 sales and EPS beat, in part due to a devices fleet renewal in France. Management reiterated FY27 sales and EPS guidance.
• AMZN Wells Fargo lowered the firm's price target on Amazon.com to $326 from $329 and keeps an Overweight rating on the shares. The firm would be a buyer on a Q3 AWS miss as capacity timing shift to Q4 resulted in some modest delays. Wells is encouraged by AWS growth framework offered for 2027 and 2028 of over 40%, above Street. The firm notes no changes to its view of AWS growth headed to 50%-plus.

Rating abbreviations…

***OP = Outperform

***SP = Sector Perform

***UP = Underperform

***OW = Overweight

***EW = Equal-weight

***UW = Underweight

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

What’s on Tap Weekly Calendar

• 10:00 AM ET                 Construction Spending for September
• 10:00 AM ET ISM Manufacturing PMI for October

• Earnings After the Close: AAPL ADTN AEHR AEIS ALG ALSN APPS BCC BLZE BMRN BRCC BSM BVS BWXT CALX CBT CC CE CERS CLX CRBG CRC CRGY CSR CSWC CWH DHC DOC EBS EQH ESRT EVER FANG FN GAIA HLF HLIT HNGE HSTM HUN ICHR IIPR INSP IRT JAZZ LSCC MSA MTCH NBIX NMFC O OGS ON OPAD OTTR PAY PLOW PLTR PS RHP RIG ROKU RXRX SBAC SBRA SIBN SITC SNDX TBBB TNC TTI TVTX UDR UPWK UTL VAL VNO VNOM VOYA VRTX VTS VVX WAY WMB

• 8:55 AM ET                   Johnson/Redbook Weekly Sales
• 10:00 AM ET                 Durable Goods, M/M for September
• 10:00 AM ET                 JOLTs Job openings for September
• 10:00 AM ET                 Factory Orders M/M for September
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: ACEL ADUS AFG AIG AIZ ALAB ALIT AMD AMGN AMWL ANDE ANET ANGI AQST ARDX ASH ATRC BKNG BXC CAR CBLL CHCT CORT CPNG CRCT CURLF CXDO DEI DOX DRH DUOL EVTC FBIN FLYW FRSH FTEK FTK GEF GOOD GSM GXO HL HMN HURN IFF IOSP IPI ITUB JELD JKHY JXN KODK LMB LTC MCY METC MIRM MOD MOS MQ MTDR MTW NVTS OHI OUST OVV PARR PCOR PRIM PRU PXED QDEL RARE RRR RWT RYAM SAFE SDRL SGHC SKY SM SMCI SPT SU SWIM SWKS TALO TOST TREE TRVG TSLX UFCS UNM USNA VRNS WTRG XYZ ZVRA

• 8:15 AM ET ADP Private Payrolls for October
• 8:30 AM ET                   Advance Goods Trade Balance for September
• 8:30 AM ET                   International Trade for September
• 9:45 AM ET S&P Global Composite PMI, Oct-final
• 9:45 AM ET S&P Global Services PMI, Oct-final
• 10:00 AM ET ISM Non-Manufacturing PMI for October
• 10:30 AM ET                 Weekly EIA Inventory Data

• Earnings After the Close: ACAD ACHC ACT ADPT AEVA AFL AGL AKA ALB ALGT ALL ALNT ALTO AMC AMCR AMH AMPL APA APC APP ARAY ARDT ATNI ATO AWR BBSI BIO BKH BROS BYND CAI CAPL CDE CDRE CF CGNX CHRD CHYM CLOV CODI COHR COOK COTY CPAY CPS CRK CRUS CW CXT CXW CYTK DASH DAVE DDD DHX DLX ECOR EE EGHT EHTH ELF EOLS ERII ES EW EXPE FC FICO FIG FSLY GNK GNL GNW GOLD GPOR GRAL GT GTM HCC HUBS INSG IPAR ITT JOBY KE KVYO LB LEU LILA LOPE LUMN LZ MAC MATX MBI MCK MELI MET MGNI MKSI MRVI MSI MTG MUR MWA MX MYGN NAVI NGVT NTGR MTR NVST NWSA OEC OM ORA PAAS PACB PAHC PAYC PCY PGNY PK PLMR POWI PRI PTC QCOM QGEN QNST RCUS RDN RELY RGLD RGR RLAY RPD RRGB RUN RVMD RYN SBGI SDGR SEI SEZL SITM SKT SNAP STAA STE TBI TDUP TKO TROX TS UHAL UIS UPLD UVV VCTR VECO VIAV VIR VSEC WES WOLF WTS WU XPER XRN Z ZG ZVIA

• 8:30 AM ET                   Weekly Jobless Claims
• 8:30 AM ET                   Continuing Claims
• 8:30 AM ET                   Nonfarm productivity for Q3-prelim
• 8:30 AM ET                   Unit Labor Costs for Q3-prelim
• 10:30 AM ET                 Weekly EIA Natural Gas Inventory Data

• Earnings After the Close: AAOI ABNB ABX ACH AEE AFRM AGM AGO AHR AKAM ALLO ALRM AMN AMPH AORT AOSL APLE ARCT ARLO ARRY ASLE ATEN AXON BARK BILL BJRI BL BLNK BTE CABO CARG CART CBL CELC CENX CLAR CLNE CNDT COMP CON CPK CPT CRSR CSTL CTMX CTRE CYRX DBX DIOD DKNG DOCS DVN ED EGAN EOG ETON EVC EVCM EXFY FIGS FIVN FNF FNKO FOXF FROG G GH GMED GPRE GSBD HALO HASI HCAT HHH HNST HY IAG ICFI ICUI INOD INSE IONQ IREN IRTC JHX KINS KRMN KRT KRUS KTOS LASR LIDR LION LITE LOCO LYFT LYVMAIN MAT MC MCHP MNST MP MTD NET NGL NOG NTRA NUS NXH OMDA OPEN OUT PAR PBA PCTY PDFS PRAA PSIX QNT QSI REG REI RGA RILY SG SI SKIN SKWD SMR SOUN SPG SRPT SSP STEP TDC TEAM TMDX TNDM TRUP TXG TXRH UMAC VERA VSTM WEST WHG WK WLDN WPM WSC WYNN XPOF XRAY YELP ZD

• 8:30 AM ET                   Private Payrolls for October
• 8:30 AM ET                   Manufacturing Payrolls for October
• 8:30 AM ET                   Unemployment Rate for October
• 8:30 AM ET                   Average Hourly earnings M/M for October
• 10:00 AM ET                 University of Michigan Confidence, Nov-prelim
• 10:00 AM ET                 University of Michigan 1-yr and 5-yr inflation expectations
• 1:00 PM ET                    Baker Hughes Weekly rig count data

• Earnings After the Close: BH HE