Early Look

Friday, November 6, 2026

U.S. futures are bouncing after the Nasdaq 100 closed down -6.4% on Thursday, its worst day since the COVID crash on March 16, 2020, and is now -11.9% below record closing high reached on October 6, confirming it has been in correction since then. Yesterday was the biggest one-day drop of the S&P 500, Nasdaq Comp and Dow Jones Industrials since April 3, 2025, as a Democratic sweep in the election raised fears of tougher AI regulations and a slowdown in the AI buildout. Massive destruction in technology as the PHLX Semiconductor index (SOX) posts largest single-day percentage drop since March 2020 as S&P 500 companies erase about $3 trillion in market cap! Asia and Europe play catch up as the Nikkei Index tumbled -3,643 points or nearly 6% to 57,434, the Shanghai Index fell -40 points to 3,649, the Kospi fell -54 points or 6.51% to 783, and the Hang Seng Index declined -315 points to 24,481. In Europe, the German DAX is down -600 points or 2.3% to25,717, while the FTSE 100 is down -235 points to 10,546. Not to be overshadowed, the Labor Department will release its monthly jobs report at 8:30 a.m. ET, providing an update on the health of the labor market. All signs point to a largely stable jobs environment, and economists expect that the US added 65,000 jobs in October. The Nasdaq Comp remains on track to fall for a 4^th consecutive week. Oil prices were set for a sharp weekly fall after the midterm election ‌losses of US President Donald Trump's Republican Party raised hopes ‌of a de-escalation in the US-Israeli war on Iran. Prices are edging higher this morning, but the Brent contract is on track for a 16% decline ⁠this week, which would be its steepest weekly percentage fall since the start of COVID.

• The Dow Jones Industrial Average sunk-1,833.06 points, or 3.44%, to 51,523.06
• The Nasdaq Composite plunged -1,421.52 points, or 5.52%, to 24,315.00
• The Russell 2000 Index declined -127.06 points, or 4.45% to 2,729.89

• 8:30 AM ET                   Private Payrolls for October…est. +64K (prior +46K)
• 8:30 AM ET                   Manufacturing Payrolls for October…est. +5K (prior +9K)
• 8:30 AM ET                   Unemployment Rate for October…est. 4.2%
• 8:30 AM ET                   Average Hourly earnings M/M for October…est. +0.3% (prior +0.1%)
• 10:00 AM ET                 University of Michigan Confidence, Nov-prelim…est. 48.0
• 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

• CarGurus (CARG) Q3 revs $258M vs. est. $256.5M; Q3 adj Ebitda $89.7M vs. est. $86.7M; guides Q4 revs $258.5M-$263.5M vs. est. $263.5M;
• DraftKings (DKNG) Q3 Adj. EPS -$0.53 vs. est. -$0.39 (miss); revenue $1.329B (+16%) vs. est. $1.398B (miss); GAAP EPS -$0.94 vs. est. -$0.41 (miss); operating loss $493.1M, net loss $468.7M; sees FY26 revenue $6.35B-$6.55B vs. est. $6.66B (below), adj. EBITDA $175M-$275M.
• James Hardie (JHX) Q2 Adj. EBITDA $454.7M (+44%) vs est $427.98M (beat), margin 31.8% (+450 bps); adj. EPS $0.42 (+68%) vs. est. $0.39 (beat); continuing-operations sales $1.428B (+24%) vs. est. $1.469B (miss); adj. net Income $248.5M; North America fiber cement and Deck, Rail & Accessories sell-through grew double digits; sees Q3 sales $1.058B-$1.140B vs est $1.184B, adj. EBITDA $298M-$320M vs est $331.73M.
• Live Nation (LYV) Q3 EPS $1.69 vs. est. $1.57 and sales rose 19% y/y to $10.1B vs. est. $9.59B; aid global fan attendance rose 19% in Q3, with international markets up 29% and North America up 13%, driving revenue growth; expects full-year fan attendance to approach 180 mln, up double digits; expects Venue Nation to host over 75 mln fans in 2026, up more than 15% y/y.
• Lyft Inc. (LYFT) Q3 Revenue $1.822B (+8%) vs. est. $1.920B (miss), including $69.1M revenue reduction from legal/tax/regulatory items; adj. EBITDA $203.9M (+47%) vs. est. $194M (beat), margin 3.6% of gross bookings; gross bookings $5.62B (+17%) vs. est. $5.62B (in line), rides 273.5M (+10%) vs. est. 275.06M (miss), active riders 31.6M (+10%); FCF $294.7M; sees Q4 gross bookings $5.74B-$5.94B vs. est. $5.83B (above at midpoint), adj. EBITDA $188M-$213M vs. est. $199.7M (above at midpoint).
• Mattel (MAT) Q3 Adj. EPS $1.30 vs. est. $0.94 (beat); sales $1.807B (+4% reported, +3% constant currency) vs. est. $1.835B (miss); adj. gross margin 55% (+480 bps), primarily driven by $88M tariff refunds; sees FY26 adj. EPS $1.05-$1.20 (cut from $1.27-$1.39) vs. est. $1.29 (below), constant-currency sales growth 1%-4% (cut from 3%-6%) and adj. gross margin ~48%; names Steve Totzke President and COO
• Monster Inc. (MNST) Q3 EPS $.30, in-line with consensus on revs rising 16.7% y/y to $2.56B vs. consensus $2.49B; net sales to customers outside the United States increased 28.1% in Q3 to approximately 47% of total net sales; Net sales in Latin America increased 49%, primarily due to gains in Brazil.
• Texas Roadhouse (TXRH) Q3 EPS $1.36 vs. est. $1.47 (miss); revenue $1.573B vs. est. $1.584B (miss); operating Income $103.0M, net Income $89.4M; declares $0.75/share quarterly dividend.
• Wynn Resorts (WYNN) Q3 adj EPS $0.33 vs. est. $0.68; Q3 revs $1.69B misses the $1.75B estimate; Q3 adj Ebitda $33.9M vs. est. $97.9M

• Devon Energy (DVN) Q3 core EPS $1.42 vs. est. $1.33; average realized price, including hedges, was $79.54 per barrel (bbl) of oil produced for the quarter, compared with $63.99 per bbl a year earlier; Q3 production rose to 1.66 million barrels of oil equivalent per day from 853,000 boepd a year earlier; for Q4, total production is expected to average between 1,660,000 and 1,700,000 boe per day and oil production is expected to average between 550,000 and 560,000 barrels per day.
• EOG Resources (EOG) Q3 adj EPS $4.87 vs. est. $4.46 and revs $8.54B vs. est. $7.4B; average realized crude oil and condensate price rose to $86.72 per barrel during Q3, compared with $65.95 per barrel y/y; total equivalent production climbed to 1.43 million barrels of oil equivalent per day (boed) from 1.30 million boed a year ago, driven by higher output across crude oil, natural gas liquids, and natural gas; raised its regular quarterly dividend by 8% to $1.10 per share.
• NuScale Power (SMR) Q3 Revenue $0.281M vs. est. $10.1M (miss), down from $8.242M as RoPower FEED Phase 2 work completed in late 2025 had no comparable activity; EPS -$0.11 vs est -$0.22 (beat), operating loss $64.8M and net loss $45.7M; cash and investments $1.9B; signed Doosan Enerbility agreement to fabricate the NuScale Power Module’s upper reactor coolant system, advancing into physical production.

• Opendoor Technologies (OPEN) Q3 revs $1.02B vs. est. $1.05B and guides Q4 revs to be more than $1.03B vs consensus $1.116B; more than quadrupled homes purchased yr/yr; marketing and operations efficiency improved sharply over the past year.
• Simon Property Group (SPG) Q3 FFO $1.17B; revenue $1.815B; real estate FFO/SHR $3.37 vs est $3.31 (above), GAAP EPS $1.54 vs est $1.70 (miss); sees FY26 GAAP EPS $6.32-$6.42 (cut) vs est $6.57 (below) and raises real estate FFO/share guidance to $13.20-13.30 vs est $13.06 (above); raises quarterly dividend

• Doximity Inc (DOCS) Q2 Adj. EPS $0.36 vs. est $0.42 (beat); revenue $174.5M (+4%) vs. est. $170.8M (beat); adj. EBITDA $88.9M (-12%) vs. est. $81.3M (beat), margin 50.9% vs. 59.8%; FCF $91.3M, operating cash flow $93.3M; sees Q3 revenue $195M-$196M vs. est. $195.1M.
• Guardant Health (GH) Q3 adj EPS loss (-$0.29) vs. est. loss (-$0.31); Q3 revs $361M vs. est. $350.7M; guides year revs $1.36B-$1.37B vs. est. $1.36B; Q3 Oncology revenue of $231.3 million, an increase of 25%, and 117,000 oncology tests, an increase of 58%.
• Halo Therapeutics (HALO) Q3 Adj. EPS $2.39 vs. est. $2.35 (beat); revenue $493.0M (+39%) vs. est. $491.6M (beat), royalties $341M (+44%); adj. EBITDA $336.2M vs est $338.31M (miss), operating Income $295M; sees FY26 adj. EPS $8.75-$9.05 (raised from $8.65-$9.00) vs. est. $8.62 (above), revenue $1.860B-$1.925B (raised from $1.835B-$1.910B) vs. est. $1.88B (above at midpoint), royalties $1.235B-$1.255B (raised from $1.220B-$1.245B) and adj. EBITDA $1.240B-$1.290B (raised from $1.225B-$1.280B).
• Humana (HUM) raises annual profit forecast to a range of at least $9.50 per share, compared with a previous projection of at least $9 per share; its Q3 medical loss ratio or percentage of premiums spent on patient care of 93.7%, compared to analysts' expectations of 94.39%; reported Q3 revs $41.16B vs. est. $40.89B.
• Mettler Toledo (MTD) Q3 adj EPS $12.57 vs. est. $12.09; Q3 revs rise 6% y/y to $1.09B vs. est. $1.07B; attributed higher adjusted EPS to improved sales volume and execution of strategic initiatives; raises 2026 adj EPS forecast to $47.70-$47.90 from $47.15-$47.50.
• Natera Inc. (NTRA) Q3 Revenue $794M vs. est. $704.9M (beat); EPS -$0.42 vs. est. -$0.28 (miss); operating expenses $576.1M, operating loss $68.3M and net loss $59.9M; sees FY26 gross margin 64%-66%; appoints Solomon Moshkevich CEO and board member effective immediately, Steve Chapman steps down and remains consultant/board advisor;.
• Solventum Corp. (SOLV) Q3 Adj. EPS $1.45 (-3.6%) vs. est. $1.35 (beat); sales $1.949B (-7.0% reported, -2.8% organic) vs. est. $1.935B (beat), with organic growth reflecting a 630-bp reversal of Q2 advance orders ahead of Q3 ERP cutover; operating cash flow $177M, FCF $97M, ahead of expectations on tariff refund; exited ~90% of 3M transition service agreements and completed ERP cutovers; sees FY26 adj. EPS $7.20-$7.30 (raised from $7.10-$7.20) vs. est. $7.18.

• Karman Holdings (KRMN) Q3 Adj. EBITDA $61M vs est $56.52M (beat); adj. EPS $0.19 vs. est. $0.15 (beat); revenue $201.6M vs. est. $194.7M (beat); gross profit $86.2M, EBIT $31.8M; GAAP EPS $0.16, net Income $20.9M; sees FY26 revenue $755M-$760M vs. est. $742.2M (above), adj. EBITDA $225M-$227M vs est $218.94M (above).
• Kratos Defense (KTOS) Q3 Adj. EBITDA $50.9M vs. est. $43.4M (beat); adj. EPS $0.24 vs. est. $0.20 (beat); revenue $471.8M vs. est. $471.2M (beat); sees Q4 revenue $480M-$510M vs. est. $490.6M (above at midpoint), adj. EBITDA $48M-$52M vs. est. $54.5M (below); sees FY26 revenue $1.78B-$1.81B vs. est. $1.79B (above at midpoint), adj. EBITDA $176M-$180M vs est $174.62M (above).
• MP Materials (MP) Q3 Adj. EBITDA $41.1M vs. est. $29.4M (beat); adj. EPS $0.04 vs. est. -$0.02 (beat); revenue $147.7M (+176%) vs. est. $117.5M (beat), including $31.6M SEG+ sale, with $8.1M price-protection Income recorded separately; NdPr production 1,018 metric tons (+41%), sales 1,020 metric tons (+94%); Materials adj. EBITDA $47.8M, Magnetics adj. EBITDA $5.3M.

• Akami Technologies (AKAM) Q3 adj EPS $1.77 vs. est. $1.67 and revs $1.1B vs. est. $1.12B; guides Q4 revs $1.145B-$1.17B below consensus of $1.2B and EPS $1.50-$1.70 vs. est. $1.78; narrows FY2026 Adj EPS guidance from $6.40-$7.05 to $6.47-$6.68 vs $6.66 Est; Lowers FY2026 Sales Guidance.
• Applied Optoelectronics (AAOI) Q3 Adj. EPS $0.17 vs. est. $0.14 (beat); revenue $269.9M vs. est. $268.1M (beat); adj. gross margin 28.7%, GAAP gross margin 28.2%; adj. net Income $14.8M; sees Q4 revenue $385M-$420M vs. est. $427.3M (below), adj. EPS $0.48-$0.63 vs. est. $0.55 (above at midpoint) and adj. gross margin 29.5%-31%.
• Atlassian (TEAM) Q1 revs $1.77B vs. est. $1.71B and guides Q2 revs $1.825B-$1.835B vs. est. $1.82B; Q2 outlook data center rev decline -14%; Q2 Cloud revenue of $1.3B, up 31% y/y, Subscription ARR of $6.812B, up 23% y/y and Q1 remaining performance obligations of $4,746 million, up 44% y/y.
• Cloudflare (NET) Q3 EPS $0.38 vs. est. $0.34; Q3 revs rose 39% y/y to $782.5M vs. est. $739.7M; said crossed $3 billion in annualized revenue with revenue of $782 million, up 39% y/y; guides Q4 EPS and revs above views and sees FY26 EPS $1.35, vs. consensus $1.26 and revs $2.963B-$2.964B vs. consensus $2.87B.
• Dropbox Inc. (DBX) Q3 EPS $0.88 vs. est. $0.73; Q3 revs $637.3M vs. est. $629.2M; Q3 total ARR was $2.555 billion, an increase of 0.8% and excluding Form Swift, Total ARR grew 1.9%, and 0.4% on a constant currency basis; Q3 Operating Margin of 27.5% and Non-GAAP Operating Margin of 42.2%
• Five9 Inc. (FIVN) Q3 EPS $0.28 tops $0.80 estimate and revs $323.3M vs. est. $319.04M; guides Q4 EPS below consensus views and sees FY26 EPS $3.17-$3.21, vs. consensus $3.26 and sees FY26 revenue $1.269B-$1.275B, vs. consensus $1.27B; to acquire AI startup Level AI for $325M.
• IONQ Inc. (IONQ) Q3 Revenue $173.8M vs. est. $141.9M (beat); operating loss $433.1M; net Income $563.1M vs. est. -$129.1M (comparability unverified); backlog $1.2B; sees FY26 revenue $505M-$515M (raised) vs est $455.17M (above).
• JFrog Ltd (FROG) Q3 Adj. EPS $0.32 vs. est. $0.23 (beat); revenue $179.2M (+31%) vs. est. $165.9M (beat), Cloud revenue $101.5M (+60%); adj. operating Income $40.7M vs. est. $28.2M (beat), margin 22.7%; NDR 124% vs. 118%, customers with >$1M ARR 112 (+58%), RPO $812.4M (+60%); FCF $66.5M; sees Q4 adj. EPS $0.28-$0.30 vs. est. $0.21 (above), revenue $183M-$185M vs. est. $167.9M (above).
• IREN Ltd (IREN) Q1 Revenue $228M (+66% QoQ) vs est $221.28M (above), Ai Cloud $200M (+182% QoQ), including $135M services and $65M lease revenue; Ai Cloud segment gross margin 86%; adj. EBITDA $66M vs. est. $73.6M (miss); net loss $263M; backlog $20.3B (+22% QoQ), operating ARR ~$1B; sees >$4B fully contracted/funded ARR operational by January 31, 2027, potentially end-February, delayed from year-end by customer-requested Design changes and supplier timing; sees remaining FY27 CAPEX $15B, supported by $9B cash/committed financing/prepayments and $6B targeted funding subject to market conditions
• Microchip Technologies (MCHP) Q3 Adj. EPS $0.97 vs. est. $0.93 (beat); sales $1.622B vs. est. $1.607B (beat); GAAP gross margin 65.9%, operating Income $464.5M, EPS $0.68; adj. net Income $559.2M; sees Q3 adj. EPS $0.87-$0.95 vs. est. $0.94 (below at midpoint), sales $1.573B-$1.638B vs. est. $1.624B (below at midpoint), GAAP EPS $0.47-$0.50 vs. est. $0.56 (below) and CAPEX $35M; sees FY27 CAPEX $100M.
• Softbank (SFTBY) shares fell another 10.8% Friday, extending losses to 59% since early June. The company added $40.4B in debt over 12 months to fund Ai investments, including $64B in OpenAI.
• Lam Research Corporation (LRCX) announces $25B share repurchase authorization and declares quarterly dividend.

Mid-Morning Look

Friday, November 06, 2026

U.S. stocks rebound after posting their worst trading day of the year on Thursday, as concerns over tech and AI have crushed high beta tech stocks and semiconductors, putting pressure on major averages this week. A small bounce thus far after nearly $3 trillion in market cap was wiped out on Wall Street Thursday, as disappointing earnings and the recent Democratic sweep in the midterm elections raised fears of tougher AI regulations and a slowdown in the AI buildout. The Nasdaq Composite logged its steepest one-day decline in 19 months on Thursday, confirming it had entered correction territory. The index was also headed for a fourth straight weekly fall. Chip stocks staged a recovery, with broader semiconductor index SOX rising over 5%, after plunging over 12% in the previous session.

U.S. Treasury yields rose further on Friday after monthly jobs data showed the U.S. created far more jobs than expected last month (165K vs. est. +65K), reinforcing expectations that the Federal Reserve will raise interest rates at the December policy meeting. The rising rate expectations pushed gold lower by more than 1% last down 1.3% at $4,037.36/oz while US Treasury yields continue climb after jobs data; 10-year yield last up 6.3 bps at 4.898% and the 2-yr up about 6 bps to 4.537% as the dollar rebounds.

Oil prices are up slightly with WTI crude +0.5% at $91 per Barrel and Brent +0.17% at $98.45, but were set for a sharp weekly fall after the midterm election losses of US President Donald Trump's Republican Party raised hopes of a de-escalation in the US-Israeli war on Iran. The Brent contract is on track for a 16% decline ⁠this week, which would be its steepest weekly percentage fall since the start of COVID.

Last night marked the last onslaught of earnings this quarter with more than 85% of S&P 500 companies having now reported with only a few off calendar big tech names left (NVDA namely) and the large cap and apparel retail. Some big earnings winners last night include ABNB, FROG, IREN, KRMN, MRNA, NET and VST while some of the biggest morning losers are AXON, CHTR, DKNG, FIVN, IRTC, MCHP, and TEAM.

• U.S. October average workweek all private workers 34.4 hours (consensus 34.4 hours) and U.S. October average hourly earnings +3.1% from year earlier (consensus +2.9%).
• University of Michigan surveys of consumers sentiment prelim Nov 51.0 (consensus 48.0) vs final Oct 48.0. University of Michigan surveys of consumers current conditions index prelim Nov 51.0 (consensus 48.0) vs final Oct 46.7. University of Michigan surveys of consumers expectations index prelim Nov 50.9 (consensus 49.5) vs final Oct 48.8.
• University of Michigan surveys of consumers 1-year inflation outlook prelim Nov 4.3% vs final Oct 4.7% and University of Michigan surveys of consumers 5-year inflation outlook prelim Nov 3.4% vs final Oct 3.5%.

• E&C and Power sector: group rebounds after being pummeled this past week (MTZ, PWR, ETN, VRT, CAT, GNRC, GEV, BE) as a Democratic sweep in the election raised fears of tougher AI regulations and a slowdown in the AI buildout. SEI was upgraded to Strong Buy at Raymond James saying its multiyear story continues to strengthen, though views the stock as one of the more misunderstood names in power. Following a ~25% five-day selloff, RAJA sees the recent weakness as a greater Tactical buying opportunity.
• Medtech/Devices: group under pressure on a wave of guidance cuts and downgrades as CVRX craters after slashing FY26 revenue guidance on worsening Medicare Advantage payer denials, downgraded to Market Perform at William Blair and to Hold at Canaccord; IRTC falls over 30% on Zio AT purchasing delays, downgraded to Neutral at Citi with Needham cutting its tgt to $165; GMED was downgraded to Market Perform at BMO ($78 PT, from $94) on a revenue miss and FY26 guide cut; NTRA falls on a surprise CEO transition, after results.

• FLY +14%; as ASTS announced plans to develop Blacklift, a 20-ton reusable rocket designed to carry up to five BlueBird satellites per launch, with operations targeted for late 2028. The company has signed a $1.3B+ agreement with FLY
• FROG +28%; shares rose as reported meaningfully better 3Q results, posting the biggest top-line beat in company history, as total revenue growth accelerated to 31% y/y, driven by very strong Cloud growth of 60%.
• GOGO +34%; after reporting Q3 adjusted EBITDA of $41M on revenue of $213.2M and a net loss of $3.2M, and completing the amendment and extension of its ~$600M term loan B.
• HIMS +8%; after LLY said that it struck a deal to allow the telehealth company to sell obesity drugs Zepbound and Foundayo directly on its platform. The Lilly drugs were previously available to patients on HIMS only if they left the site and went to Lilly's own platform LillyDirect.
• IREN +23%; reported better-than-expected revenue last night while cut its capital expenditure outlook; said demand for compute is not a problem. CEO Daniel Roberts said on the call that they just Re-contracted Nvidia H100s at double the original pricing.
• MRNA +3%; beats Q3 EPS at $0.38 per share, $1.48 better consensus of ($1.10) as revenues rose 29.2% Y/y to $1.31B vs the estimate $885M; also raised its total revenue to grow 15% to 25% in 2026, above its previous forecast of up to 10% growth; also reduced its FY26 R&D expense outlook
• NET +13%; delivered a strong F3Q, with key metrics above guidance and street expectations (including Y/Y revenue growth accelerating over 330bps Q/Q to +39.2% Y/Y) and management raising FY guidance by more than the beat.
• SEI +9%; upgraded to Strong Buy at Raymond James saying its multiyear story continues to strengthen, though views the stock as one of the more misunderstood names in power (seeing broad rebound in beaten up power names today (MTZ, PWR, ETN, VRT, CAT, GNRC, GEV, BE
• SLVM +24%; after announcing a binding offer to sell its European business, including the Saillat, France and Nymolla, Sweden mills, to Midas Atlantic Partners in partnership with The Najafi Companies in exchange for 20% of future distributions, alongside Q3 results/

• CHTR -5%; continued to lose internet and video subscribers in Q3, dragging on its overall results; internet subscribers fell by 233,000 on a pro-forma basis, including a decline of 156,000 customers at Charter and 77,000 at Cox.;
• DKNG -23%; shares tumbled after reported a substantial ~$250M Q3 Adj. EBITDA miss, $575M FY26 Adj. EBITDA guidance cut, and initial FY27E Adj. EBITDA guidance -20% below Consensus, while also announced a $1B Predictions market investment.
• FIVN -19%; shares tumbled as 3Q fell short of expectations as investors were looking for more upside to the 4Q guide; Q3 results were fine, but failed to accelerate, which weighed on shares and guidance drives peak growth fears NT on an organic basis.
• MCHP -8%; reported better Q2 results but guided FQ3 lower, partly reflecting 53M of one-time FQ2 items and supply constraints pushing shipments out. Management flagged an Ai DC bubble, but sees limited impact to MCHP given its early DC ramp and broad non-DC exposure.
• NTRA -14%; after the company announced the transition of its CEO from Steve Chapman to Solomon Moshkevich today as well as announced a plan to drive revenue to $6B in 2029; also posted beat and raised again in 3Q.
• TEAM -12%; reported strong FQ1, with subscription ARR growth of 22.5% and Cloud growth of 30.5% while revs posted a 3.4% total beat, but was smaller vs the 5-6% beats over the past two quarters.

Closing Recap

Thursday, November 05, 2026

No doubt, it was an ugly day. US equity futures were split overnight with S&P futures up small but Nasdaq futures fading on the heels of yesterday’s bounce. But that was early pre-mkt.  It was downhill from there and both were deep in the red shortly after the open. Data center build-out concerns remain the big boogeyman following Tuesday’s election results and the ripple effect is broad. Meanwhile, earnings continue to be mixed with both big beats and big misses, but generally not bad with an 84% beat rate in the S&P 500 vs 86% last year and an average beat of 23% vs 21% last year. Average year/year earnings growth also have outpaced last year at 30% vs 20% with median growth of 14% vs 10%. We have hit the 400 mark in S&P names but plenty of big players remain, so there is much yet to digest.

In sentiment today, the daily Fear & Greed Index registered Fear at 27/100 versus last week’s 30 (also Fear), and a bit below last month’s 43 (Fear) reading. Separately, today’s bull-bear spread in the American Association of Individual Investors (AAII) weekly survey dipped to -14.7% vs -3.6% last week. Bulls fell to 34.1% from 37.8% while Bears rose to 48.4% from 41.4%.

By mid-morning, breadth favored decliners by 3:1 as small caps outperformed with IWM (-2.74%) versus SPY (-3.16%) and QQQ (-5.47%). SPY breadth favored decliners by 10:7 while QQQ breadth favored decliners by 2:1. Clearly concentration at the top of the indices works both ways. Sector performance also was tilted negative but still with 4 sectors gaining versus 7 declining. Consumer Staples (+1.20%), Energy (+0.96%) and Utilities (+0.25%) were outperformers among S&P sector ETFs, while Industrials (-2.52%), Consumer Discretionary (-3.84%) and Technology (-6.53%) led the underperformers.

Heading into the final hour of trading, markets were looking generally hideous.  Breadth was about 5:1 decliners over advancers and QQQ breadth was even worse at 7:1. Sector performance had rolled with all 11 in the red. Perhaps this was capitulation day, and hopes are that we can recover from here as the blood spilled in the AI space The VIX just surged 60% in its biggest one-day jump since 2024 to above 27, while the Nasdaq 100 tumbled -6% and the PHLX semi index (SOX) fell around -11%, its worst day since March 2020. Very few places to hide though bonds and precious metals were higher. Brent crude futures settled up almost 4% after tumbling more than 8% on Wednesday. The monthly jobs report is tomorrow morning, but little attention at this point.

• Weekly Jobless Claims fell to 189,000 from 195,000 prior week and matched the lowest level of claims in 57-years, and below consensus 196,000; the 4-week moving average fell to 194,750 from 197,000 prior week (previous 196,750); continued claims climbed to 1.718M Oct 24 week (con. 1.710M) from 1.695M prior week (prev 1.701M).
• Challenger, Gray & Christmas reports that layoff plans in October fell to the lowest level since 2023 as companies turned their attention to retaining existing employees and adding seasonal help ahead of the holidays. US employers announced 43,994 job cuts in October, up slightly from September but down 71% from a year earlier.

• WTI crude futures bounced back a bit overnight after yesterday’s sell-off with no new Iran/US negotiation news. There were, however, stories of two new oil tankers colliding with mines and catching fire in the “insecure” area east of the Strait of Hormuz. December WTI crude settled +$2.40/bbl, or +2.72%, at $90.52.

• Apparel & Footwear retail: NKE was downgraded to Sell from Hold at Truist with $29 PT noting shares are up 19% over the past ~month (vs S&P flat), which Truist believes reflects positive sector rotations rather than an improvement in underlying fundamentals.
• Discount retail sector: DLTR downgraded to hold from Buy at Loop Capital based on current valuation levels as opposed to a more bearish view of the company's fundamentals. Loop believes its bullish fundamental outlook on Dollar Tree is largely priced in at current levels and thinks OLLI provides a more compelling long opportunity for investors seeking exposure to the deep discount.
• Online retail: MELI shares fell as the company delivered strong GMV and TPV growth exceeding 30% and 50% once again in 3Q. However, OI margin compressed Q/Q by 40bps due to incremental investments in logistics and marketing, despite nice leverage in R&D.
• Food & Beverages sector: CELH Q3 EPS of $0.41 beating expectations of $0.35 and Q3 revenue of $847.2M beating expectations of $800M; TAP Q3 net sales, adj EPS miss estimates now sees 2026 net sales declining 1% to 2%, on constant currency, compared with prior view of 1% to -1% range and revises FY underlying EPS decline view to 16%-19% from 11%-15% seen earlier while saying global beer volume trend softness of Q2, Q3 to persist in Q4; DEO posts unexpected sales rise as sales declines at North American unit slow; posted organic net sales growth of 0.6% for the three months ended September 30, compared with a 0.4% decline expected while Organic net sales declined 3.6% in North America, but that was less than the 6.7% drop expected by analysts.
• Restaurant sector: CAVA shares fell as delivered comp sales of +3.1% (below est. +3.3%), ~flat traffic, and adj. EBITDA of $42M (below ests $44M) as Q3 trends were pressured from food safety concerns (~150 bps impact) and macro (higher gas prices); BROS shares fell as Q3 results were generally in line with expectations, including system wide SSS of +4.4%, but revised 2026 guidance—which pointed to the low end of prior SSS guidance, and EBITDA below the prior range—and concerns of moderating traffic weighed on shares; PZZA and SHAK also reported quarterly results; WEN said it had rejected a $1.4B take-private offer from activist investor Nelson Peltz's Trian Fund Management and its partners (Trian and related parties own a 16.3% stake).

• Mortgage, housing services: ZG shares tumbled after Q3 rev rose 7% y/y to $724M, missing the $754M consensus citing "one of the toughest housing markets in a generation", while adj Ebitda of $182M missed $193.7M estimate and said traffic to its apps and sites fell -3% to 215M average monthly unique users while visits during qtr fell 5% to 2.3B

• Online travel: after stellar day post BKNG results and guidance and oil prices tumbling helping support the sector, shares of EXPE and TRIP decline today following earnings results. EXPE reported strong Q3 results with gross bookings coming in 4% above consensus and EBITDA coming in 9% ahead of consensus, although moderating travel demand and higher investments weighed on its 4Q outlook which weighed on shares; TRIP announces management departures and transition plan as Matt Goldberg to depart as President, CEO, and board member, while Q3 revenue falls 11% to $436.4M, below est. of $458.4M on EPS miss ($0.37 misses est. of $0.44).

• Utility sector: ES reported an in-line quarter and modestly raised FY26 guidance, while maintaining its capital plan with potential upside; NWE reported 3Q26 results below expectations while reaffirming both its NT and LT guidance.
• Solar sector: RUN reported above consensus revenue but reduced FY26 guidance with Aggregate Subscriber Value lowered to ~$4.6B and Cash Generation reduced to ~$200M. 3Q Aggregate Subscriber Value increased to $1.27B, while record 75% storage attach rates, improved pricing, and higher ITC realization drove Upfront Net Subscriber Value to $3,718 per subscriber; FSLR was upgraded First Solar to Outperform at Willaim Blair citing the Democrats sweeping the midterm elections saying this will unlock support at a local level for more utility-scale solar procurement.
• Aerospace & Defense: JOBY raised its FY26 revenue guidance to $135M-140M (from prior $115M-125M), after reporting Q3 revenue of $55.1M, beating our estimate/Visible Alpha consensus of $36.7M/$40.0M, driven mostly by Blade Air Mobility revenue (now a wholly owned subsidiary of Joby).

• FinTech sector: SEZL shares surge after better earnings results and raises FY26 revenue growth forecast to 42.5% from prior 35% while guides FY adj EPS of $5.45-$5.50 from $5.25 seen earlier
• Financial services: FICO was downgraded from Outperform to Sector Perform at RBC after earnings and noted the uncertainty with the mortgage score pricing transition, mortgage inquiry headwinds due to elevated rates and affordability constraints, potential market share losses to VantageScore. LZ was double downgraded to Underperform from Buy at Bank America and cut PT to $6 from $9 noting LegalZoom reported revenue of $195.1M vs Street at $193.6M, with Formations at 110k (below Street at 113k) due to Ai still pressuring top-of-funnel formations.

• MSFT has decided not to expand an existing agreement with British Ai Cloud provider Nscale to Rent additional Computing capacity at a Texas data center, according to Media reports. The potential extension would have been worth tens of billions of dollars to Nscale, the Financial Times reported on Thursday.

• Optical & Photonics sector: it’s been a busy week for the group with the MRVL acquisition announcement of LITE earlier in week and lots of earnings in the space, while overnight COHR the latest as they reported Q1 revenue/EPS of $2.37B/$2.09 vs est. of $2.31B/$1.99, with gross margin of 40.6% broadly in line; 2Q midpoint of $2.65B/$2.38 sits ~4%/~8% above consensus.
• Robotics sector: China has blocked Softbank's (SFTBY) $5.4B acquisition of ABB's Robotics unit, a sting for the giant global tech investor that comes as Beijing is clamping down on exports of high-value technology to foreign rivals. ABB said Thursday that Softbank told it about the decision by a Chinese government Office that reviews foreign investment.
• Social media/Internet sector: SNAP Q3 revenue grew 14% Y/Y to $1.72B, led by 84% growth in other revenue while ad growth slowed to 4% from 9% in 2Q, as direct response strength was offset by softer upper-funnel brand ads. 4Q guidance implies modest acceleration to ~15% growth at the midpoint on easier comps before getting more difficult in 1H27.
• Hardware & Component sector: SONY shares rose raised its full-year earnings forecast after reporting a 44% increase in Q2 net profit; Game & Network Services division reported an 83% jump in operating profit to 220.1B Yen; Pictures operating profit surged to 92.6B Yen from 13.9B Yen; raised its full-year operating profit forecast by 150B Yen to 1.87 trillion Yen.
• Software sector: HUBS shares fall after results beat but guidance was weak as the company effectively guided Q4 CC growth down to 12% from 14% previously and said now expects NRR to decline 2 pts Y/y in 2026 to ~101%, and NNARR will be down for the full year; KVYO delivered a solid beat-and-raise quarter on strong momentum in multi-product selling, up-market expansion, traction in its AI products, and the value of the Klaviyo Data Platform and rev growth of 25% y/y beat consensus by 250bps; FIG shares fell as continues to report Stellar top-line growth of +42.8% Y/y, though the Q3 beat magnitude of 4.7% was slightly lighter as the benefits from pricing and Figma Make Ai credit monetization wane, while gross margins miss

• ARM posted solid FQ2 results and FQ3 guidance, which slightly exceeded expectations on revs/EPS, but Q2 royalties missed expectations as smartphone royalties (flat Y/y) remain weak and unable to offset strong growth in Data Center (doubled Y/y) and Physical Ai (+50% Y/y).
• CRUS posted solid Q2 results and guided Q3 lower, reflecting iPhone timing/pull-forward into FQ2 vs weaker demand. AAPL content outlook remains encouraging, but PCs continue to deteriorate as memory shortages pressure C26/C27 units and OEMs push out higher-content models.
• MKSI a better-than-expected beat, with growth led by Semis and E&P (note Specialty Industrial most above guide, followed by E&P, then Semis). The 4Q revenue guide of $1.49B at the midpoint was above and GMs were guided to 47.5% (vs. cons. 47.3%).
• QCOM posted solid 4Q results and provided mixed 1Q guidance which hit shares, as revs were slightly above, while EPS was slightly below due to lower GM. This was due to higher costs and the initial ramp of DC revs ($650M), which is dilutive. Q127 guidance was mixed once again ($10.8B/$2.25 vs Street $10.55B/$2.31) with higher revenues offset by weaker margins.

Street Recommendations

Friday, November 6, 2026

• FTS Barclays downgraded Fortis to Equal Weight from Overweight with a price target of $61, up from $56. The firm thinks the company's Q3 update was positive and that Canadian utilities warrant premium multiples. However, Fortis trades at a peak historical valuation versus peers, and its growth prospects are now fully reflected in the shares, the analyst tells investors in a research note.
• IT Barclays analyst Manav Patnaik downgraded Gartner to Underweight from Equal Weight with a price target of $185, up from $150. The firm says that with a decelerating and low-single-digit exit contract growth rate, Gartner's setup into next year is unattractive. The company's research model exposure is already too high for a world in which the macro pressures are likely to continue, the analyst tells investors in a research note.
• AFRM Barclays analyst Nik Cremo lowered the firm's price target on Affirm to $100 from $105 and keeps an Overweight rating on the shares. The company reported a "beat and raise" quarter led by Affirm Card, but higher provisions overshadow the Q1 results, the analyst tells investors in a research note.
• ABNB Barclays analyst Ross Sandler raised the firm's price target on Airbnb to $195 from $150 and keeps an Equal Weight rating on the shares following the earnings report. The firm says the company's lead on the broader group continues to widen, with nights accelerating across geographies and new users coming onto the platform.
• COMP Barclays analyst Matthew Bouley lowered the firm's price target on Compass to $14 from $16 and keeps an Overweight rating on the shares post the Q3 report. The company continues to meaningfully outperform the market despite the expected Q4 organic decline given the reality of U.S. pending home sales, the analyst tells investors in a research note.
• MTW Barclays analyst Adam Seiden raised the firm's price target on Manitowoc to $20 from $16 and keeps an Underweight rating on the shares following the Q3 report. The company's backlog and order momentum provide visibility, but the issue remains the stock's valuation, the analyst tells investors in a research note.
• FUN Barclays analyst Brandt Montour lowered the firm's price target on Six Flags to $13 from $22 and keeps an Overweight rating on the shares post the Q3 report. The firm says recent events complicate, but are unlikely to derail, what has been a stabilizing year for Six Flags. The stock "still implies much worse," the analyst tells investors in a research note.
• TRIP Barclays analyst Ross Sandler lowered the firm's price target on TripAdvisor to $8 from $9 and keeps an Underweight rating on the shares following the earnings report. The company faces the same structural headwinds that most search engine exposed publishers face, namely that Google cutting off referral traffic at 100% margin hurts financial performance until it's at a manageable level, which looks like 2028, the analyst tells investors in a research note.
• WYNN Barclays lowered the firm's price target on Wynn Resorts to $120 from $128 and keeps an Overweight rating on the shares post the Q3 report. The company reported a "quarter to forget" in Las Vegas but October appears more stable, the analyst tells investors in a research note.

• GMED BMO Capital analyst Vik Chopra downgraded Globus Medical to Market Perform from Outperform with a price target of $78, down from $94. The firm wants to see clearer evidence that the company's new launches and competitive recruiting can reaccelerate its U.S. Spine growth. Globus Medical's Q3 revenue missed by $29M and its fiscal 2026 revenue guide was cut below consensus, the analyst tells investors in a research note.

• MCHP BofA lowered the firm's price target on Microchip to $80 from $100 and keeps a Buy rating on the shares. September quarter sales and EPS came in modestly ahead of the Street view, but December quarter guidance came in below the Street, notes the analyst, who adjusted the firm's estimates following the report.
• FROG BofA raised the firm's price target on JFrog to $120 from $115 and keeps a Buy rating on the shares after the company reported "strong" Q3 results above BofA and Street estimates and raised the FY26 total revenue guidance at the midpoint more than the $14M Q3 beat.
• TEAM BofA lowered the firm's price target on Atlassian to $225 from $252 and keeps a Buy rating on the shares. Atlassian reported "solid results" above BofA and Street forecasts and raised FY27 guidance, but the results "likely fell short of elevated expectations," says the analyst, who adds that "nothing in the report changes our long-term bull thesis."
• ABNB BofA analyst Justin Post raised the firm's price target on Airbnb to $205 from $195 and keeps a Neutral rating on the shares. The firm raised its 2026 and 2027 revenue forecasts by 2% and EBITDA by 3%, adding that it thinks an unchanged 2027 EBITDA multiple is "reasonable given our outlook for 15% EBITDA growth next year."
• AKAM BofA analyst Tal Liani lowered the firm's price target on Akamai to $155 from $185 and keeps a Buy rating on the shares. The company reported a "solid" Q3, but the CIS delay weighs on Q4, notes the analyst, who adds that the major cloud contracts remain intact and the multi-year CIS revenue ramp remains on track to reach $1.2B in FY27.
• IFF BofA downgraded IFF to Underperform from Buy with a price target of $91, down from $95. While stating that IFF reported a "strong" Q3, the firm argues that the risk/reward has shifted as the stock has repriced and margin pressure mounts. While organic growth may have duration in the Taste portfolio, the firm sees softness in other businesses, the analyst tells investors.

• DUK BTIG analyst Alex Kania raised the firm's price target on Duke Energy to $139 from $135 and keeps a Buy rating on the shares. The company's Q3 results exceeded estimates and narrowed 2026 guidance to the upper end, the analyst tells investors in a research note. While its long-term outlook remained unchanged, multiple buckets of upside capex imply a sizeable capital refresh on the Q4 call in February, BTIG added.
• EVRG BTIG analyst Alex Kania raised the firm's price target on Evergy to $100 from $94 and keeps a Buy rating on the shares. The firm cites the company's Q3 earnings beat while also noting the management announced amendments to existing ESAs - Electric Service Agreements- totaling nearly 1.7 GW of incremental peak load, the analyst tells investors in a research note.
• NWN BTIG raised the firm's price target on Northwest Natural Gas to $59 from $56 and keeps a Buy rating on the shares. The company's Q3 results showed that it is executing on the plan, with the name being one of the stocks in the green during a risk-off day yesterday, the analyst tells investors in a research note.

• AORT Canaccord lowered the firm's price target on Artivion to $30 from $40 and keeps a Buy rating on the shares. The firm updated its model following Q3 results where the company tightened its guidance. While the quarter was solid, and major catalysts will provide building contribution, they lowered their overall numbers to reflect both the roll-off of PERCLOT and slower growth in core stent graft business.
• DOCS Canaccord raised the firm's price target on Doximity to $40 from $36 and keeps a Buy rating on the shares. The fim said 2QFY27 results were solid, with revenue 2.4% above our estimate and 2% above the high end of guidance, while adjusted EBITDA was the standout, beating our estimate by 9.1% and the high end of guidance by 9%.
• CVRX Canaccord downgraded CVRx to Hold from Buy with a price target of $2, down from $5. Though Q3 revenue was roughly in line, CVRx cut FY26 guidance and noted that its headwinds are more impactful and more persistent than expected, says the analyst, who adds that "the new information presented on the Q3 call makes it clear to us that the headwinds facing the company are increasingly outside its control, and there is no clear timeline for relief."
• EVCM Canaccord analyst David Hynes lowered the firm's price target on EverCommerce to $9 from $13 and keeps a Buy rating on the shares. The firm thinks EverCommerce's Q3 print left a little to be desired as revenue came in below forecast and management cut full-year guidance while its payments momentum held steady.

• DDOG Citi analyst Fatima Boolani says the 15% selloff in Datadog is "likely missing forest-for-the-trees." The firm recommends buying the selloff and keeps a Buy rating on the shares with a $290 price target.
• ABNB Citi raised the firm's price target on Airbnb to $227 from $193 and keeps a Buy rating on the shares following the Q3 report. The firm says the company's product velocity is accelerating. The "durability" of Airbnb's Q3 results can continue, the analyst tells investors in a research note.
• BJ Citi downgraded BJ's Wholesale to Neutral from Buy with a price target of $113, up from $111, ahead of the Q3 report. The firm says a "lot of optimism" is now priced into the shares. BJ's risk/reward looks more balanced at current levels, the analyst tells investors in a research note.
• IRTC Citi analyst Joanne Wuensch downgraded iRhythm to Neutral from Buy with a price target of $124, down from $157, following the Q3 report. The company's increased 2026 revenue outlook includes $16M from VitalConnect, implying organic revenue growth up 10% in Q4, a steep quarter-over-quarter decline, the analyst tells investors in a research note. Citi cites iRhythm's "messy" quarter for the downgrade.

• U Goldman Sachs analyst Eric Sheridan raised the firm's price target on Unity to $62 from $50 and keeps a Neutral rating on the shares. Unity delivered strong Q3 results, with Strategic revenue growth accelerating to 59% and EBITDA margins expanding 1,800bps, driven by Vector's 126% growth, while Create platform expansion, Unity Spark and disciplined spending support sustained operating leverage and profitability, the analyst tells investors in a research note.
• EPAM Goldman Sachs raised the firm's price target on Epam Systems to $140 from $100 and keeps a Neutral rating on the shares.
• IREN Goldman Sachs lowered the firm's price target on Iren to $30 from $50 and keeps a Neutral rating on the shares.

• IONQ Jefferies analyst Kevin Garrigan lowered the firm's price target on IonQ to $65 from $80 and keeps a Buy rating on the shares after earnings. The beat-and-raise reinforces the firm's view that quantum demand is moving from experimentation toward commercial deployment, says the analyst, who adds that "profitability is now entering the discussion" with scale building.
• AIP Jefferies analyst Kevin Garrigan lowered the firm's price target on Arteris to $40 from $50 and keeps a Buy rating on the shares after earnings. The beat and raise reinforces the firm's view that Arteris is emerging as a key system-IP supplier for AI and chiplet designs, says the analyst, who adds that positive non-GAAP operating income next quarter "marks a major milestone."
• NET Jefferies lowered the firm's price target on Cloudflare to $315 from $320 and keeps a Hold rating on the shares following earnings. While stating that Cloudflare "remains a clear AI winner" with multiple sustainable revenue drivers, its premium valuation keeps the firm at Hold.
• TEAM Jefferies analyst Brent Thill lowered the firm's price target on Atlassian to $190 from $245 and keeps a Buy rating on the shares following earnings. Forward looking metrics "suggest healthy fundamentals despite migration noise," the analyst tells investors.
• MCHP Jefferies analyst Blayne Curtis lowered the firm's price target on Microchip to $85 from $100 and keeps a Buy rating on the shares. The outlook is "a bit weaker than we've seen from others," but margins were "the bigger reset," says the analyst, who calls this "an uninspiring quarter," but adds that "much of the cyclical tailwinds are in the rearview mirror."
• IPAR Jefferies analyst Sydney Wagner raised the firm's price target on Interparfums to $156 from $145 and keeps a Buy rating on the shares. Q3 sales and EPS beat, and management raised fiscal year sales guidance, but held EPS steady as tariff refunds are reinvested, the analyst noted. The firm remains constructive on long-term growth given still-healthy fragrance demand and improving FY27 visibility, the analyst added.

• Z Keefe Bruyette analyst Ryan Tomasello lowered the firm's price target on Zillow to $33 from $34 and keeps a Market Perform rating on the shares. While the accelerated Preferred transition could strengthen Zillow's integrated offering, Keefe remains cautious on the magnitude and timing of the financial payoff, the analyst tells investors in a research note.
• THG Keefe Bruyette raised the firm's price target on The Hanover to $248 from $223 and keeps a Market Perform rating on the shares. The Hanover's underwriting results have been consistent and strong in recent years, but Keefe Bruyette expects decelerating small and middle-market commercial P&C pricing to limit near-term upside, the analyst tells investors in a research note.

• AKAM KeyBanc analyst Jackson Ader lowered the firm's price target on Akamai to $175 from $195 and keeps an Overweight rating on the shares. The CIS miss that had the firm worried in its immediate reaction was explained as a "punchcard" type of list of delays at a couple data center sites and which have all now been remediated. This, along with some increased disclosure on returns on the AI deals signed in the last few quarters and the expectation that outside funding for the build-out in order to meet those contracts will be fairly limited, adds KeyBanc.

• IONQ Morgan Stanley lowered the firm's price target on IonQ to $40 from $43 and keeps an Equal Weight rating on the shares. Q3 revenue topped estimates, management raised FY26 revenue guidance and Superion 256 is sold out for 2027, says the analyst after what the firm calls a "strong demand quarter."
• TXRH Morgan Stanley analyst Brian Harbour lowered the firm's price target on Texas Roadhouse to $218 from $221 and keeps an Overweight rating on the shares. Q3 and Q4-to-date "about aligned with expectations" after "a recent blip," the analyst tells investors.
• PLTK Morgan Stanley lowered the firm's price target on Playtika to $3.65 from $4.25 and keeps an Equal Weight rating on the shares. While improving profitability and DTC penetration are "encouraging," revenue growth remains uncertain, the analyst tells investors in a post-earnings note.

• AXON Piper Sandler analyst James Fish lowered the firm's price target on Axon to $540 from $561 and keeps an Overweight rating on the shares. The firm notes Axon missed Q3 bookings and revenue by about 3% given the push-out of Dedrone bookings, which also played a role on Q4 guide as these bookings were pushed into 2027. Additionally, there was weakness at Taser, and Prod GPM were less than 50%. This was arguably Axon's worst quarter as a public company following Q3 2025's debacle. However, this is a lumpy business and given Piper's inputs, the firm does not believe Axon has lost business, and that management will be taking a more conservative approach to guide going forward that could result in larger beats when the big-deals across drone, enterprise, or international close.
• NET Piper Sandler raised the firm's price target on Cloudflare to $337 from $330 and keeps an Overweight rating on the shares. The firm notes Cloudflare showed an even better than anticipated acceleration, besting expectations by 6%, adding an impressive amount of total and large customers, and showing that Act 3 monetization is going well from customers of all sizes.
• AFRM Piper Sandler analyst Bill Carcache lowered the firm's price target on Affirm to $105 from $115 and keeps an Overweight rating on the shares. After reporting Q1 results and hosting its earnings call, shares were down roughly 8% in after-hours trading despite a top-line driven beat and in-line 2027 guide, the firm notes. Piper is raising 2027 estimate to $1.92 from $1.82 to reflect this quarter's beat, and maintaining 2028 / 2029 at $2.63 / $4.10.
• MNST Piper Sandler analyst Michael Lavery raised the firm's price target on Monster Beverage to $53 from $50.50 and keeps an Overweight rating on the shares. The firm continues to like Monster for its pricing power, including newly-implemented Q4 pricing, and its sustainable category momentum, supported demographically by its teen survey. Piper would be a buyer on pullbacks.
• PLMR Piper Sandler analyst Paul Newsome raised the firm's price target on Palomar to $174 from $165 and keeps an Overweight rating on the shares. The firm says the story remains the same for Palomar where it is able to grow through its other lines while commercial earthquake competition remains a headwind, although it did return to growth which was a positive. Crop and Casualty remain the growth drivers management seems to highlight most moving forward. Piper thinks the quarter may have alleviated some investor concerns over potential further contraction of the earthquake book.
• COLL Piper Sandler analyst David Amsellem lowered the firm's price target on Collegium Pharmaceutical to $28 from $43 and keeps a Neutral rating on the shares following quarterly results. The firm notes the company continues to guide to 2026 total revenue of $825M-$855M. With uncertainty surrounding the extent of the erosion of the Nucynta franchise beyond this year, as well as uncertainty as to whether Belbuca generic competition will materialize next year, Piper says it is difficult to get constructive on Collegium shares at present, though it acknowledges that the company's ADHD franchise has good visibility into sizable longer-term growth.
• BL Piper Sandler analyst Billy Fitzsimmons lowered the firm's price target on BlackLine to $30 from $35 and keeps a Neutral rating on the shares. The firm says its concerns over the last several quarters surrounded crowding out of budget priority as AI-related projects push out other enterprise projects, which in its view was poised to drive meaningful headwinds to the growth trajectory and timing for BlackLine. These fears were reinforced once again in Q3 as several 7-figure deals that had customer approval did not close in September and slipped deals that used to close in weeks are increasingly extending further.
• FROG Piper Sandler raised the firm's price target on JFrog to $95 from $90 and keeps a Neutral rating on the shares. The firm notes the company delivered strong Q3 results, with cloud growth accelerating to 60% as security demand and large customer commitments supported another quarter of outperformance. As a result, cloud expectations were raised to 53% year-over-year growth along with raises to the rest of the 2026 guide midpoints.

• TXRH TD Cowen analyst Andrew Charles raised the firm's price target on Texas Roadhouse to $213 from $195 and keeps a Buy rating on the shares. The firm is "pleased" with the trajectory of Texas Roadhouse's sales improvement quarter-to-date and says it faces easing comparisons over the balance of Q4.

• AWK UBS downgraded American Water to Neutral from Buy with a price target of $162, up from $153. The firm cites valuation for the downgrade following the stock's 21% gain from the late May low. With the merger closing milestone five months away at the end of Q1 2027, UBS sees more balanced risk/reward skew.
• JKS UBS analyst Jon Windham upgraded Jinko Holdings to Buy from Neutral with a price target of $17, down from $24. The firm cites an earnings inflection and attractive valuation for the upgrade. Chinese solar supply rationalization provides an additional catalyst for margin and earnings recovery, the analyst tells investors in a research note.
• MNST UBS raised the firm's price target on Monster Beverage to $50 from $49 and keeps a Neutral rating on the shares. Monster Beverage delivered in-line Q3 EPS on strong international-led organic sales growth offset by weaker margins and softer-than-expected U.S. trends, while solid Q4 momentum supports continued growth, though moderating comparisons and a premium valuation limit upside and leave little room for multiple expansion, the analyst tells investors in a research note.
• U UBS raised the firm's price target on Unity to $56 from $49 and keeps a Neutral rating on the shares. Unity's Vector delivered a strong beat, with sequential growth nearly doubling to 40% and robust advertiser demand supporting higher 2027-28 revenue and EBITDA estimates, the analyst tells investors in a research note.
• VEEV UBS analyst Karl Keirstead raised the firm's price target on Veeva to $325 from $290 and keeps a Neutral rating on the shares. Veeva reaffirmed its CY30 targets of $6B in revenue and 35%+ margins without materially new disclosures, but pre-announced it expects to meet or exceed Q3 guidance across all key metrics, the analyst tells investors in a research note.
• TXG UBS lowered the firm's price target on 10x Genomics to $61 from $90 and keeps a Neutral rating on the shares. 10x Genomics delivered largely in-line results with upside from strong consumables growth and higher Atera placement and revenue guidance, while uncertainty around incremental demand and broader peer multiple compression temper near-term sentiment, with the underlying investment thesis unchanged heading into 2027, the analyst tells investors in a research note.

• MNST Wells Fargo analyst Chris Carey raised the firm's price target on Monster Beverage to $52 from $50 and keeps an Overweight rating on the shares. While the firm expects some debate on flow-through, Wells highlights the sales beat, gross margin growth in each international region, pricing coming, and fundamentals that it believes "have legs."
• HALO Wells Fargo raised the firm's price target on Halozyme to $110 from $95 and keeps an Equal Weight rating on the shares. The firm notes Q3 was in line, as the royalty beat was largely offset by collaboration revenue miss. The modest FY26 guidance raise may also underwhelm. Wells' view remains unchanged, namely that near-term trends are stable, while long-term upside hinges on Hypercon.
• TAP Wells Fargo downgraded Molson Coors to Underweight from Equal Weight with a price target of $36, down from $38. The firm sees over 20% downside risk to the company's consensus earnings estimates and believes the stock's valuation can "track back to lows." This backdrop is "tough for a stock that has rallied of late with the rest of consumer," the analyst tells investors in a research note. Wells says Molson's volumes are tracking down mid-single-digits, which "feels durable, and a level at which valuation is not a catalyst nor floor."
• ABNB Wells Fargo analyst Ken Gawrelski raised the firm's price target on Airbnb to $215 from $185 and keeps an Overweight rating on the shares. Airbnb growth gap is widening vs. peers on accelerated pace of execution, the firm says, adding that Q3 strength is continuing into Q4. Wells also argues that double-digit nights feel durable.
• TEAM Wells Fargo lowered the firm's price target on Atlassian to $200 from $270 and keeps an Overweight rating on the shares. The firm notes Q1 saw a lighter Cloud beat vs. Q4 and expectations were higher after a strong prior print. Cloud growth remains strong, but investors are likely more concerned Cloud growth has peaked as migration commentary for FY27 remains consistent, Wells adds.
• COP Wells Fargo analyst Sam Margolin lowered the firm's price target on ConocoPhillips to $185 from $189 and keeps an Overweight rating on the shares. The best inflation management strategy is growth, and ConocoPhillips' naturally declining reinvestment rate is differentiated in the context of industry cost inflation, the firm says.
• ALL Wells Fargo raised the firm's price target on Allstate to $252 from $236 and keeps an Equal Weight rating on the shares. Shares had a volatile day ending down as better growth offset by continued deterioration in margins. Growth is improving, but margins have room to normalize and reserve releases are not a run rate, the firm says, adding that it still sees a tough backdrop.

• CVRX William Blair downgraded CVRx to Market Perform from Outperform without a price target following the Q3 report. The headwinds the company has been working through since last quarter have worsened, the analyst tells investors in a research note. The firm says worsening denials from CVRx's largest Medicare Advantage payer continue to decline and there uncertainty as to when the situation can improve.

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                 Wholesale inventory M/M for September
• 1:00 PM ET US Treasury to sell $58B in 3-year notes

• Earnings After the Close: AAON ACHR AMCX AMRC APEI APPS ASTS BETR BKKT BTGO BW CCAP CHRS CNNE CSQR CWEN CWST DFTX DHT DJT DSP ETD FWRD GAIN GRPN GSHD HIMS HIVE HPK HRB HROW IHRT JRVR KLTR KMPR LCID LINE MARA MYO NRDY ONTO OSUR OXY PAYS PLUG PUBM QLYS QMCO QUBT RKLB RNGR RPAY RXT SANM SB SIGA SKYD TDW TTD TTWO USAR XENE ZETA ZIP ZYME

• Raymond James 2026 Insurance Conference, 11/9 (virtual)
• Oppenheimer 10th Annual Virtual Internet Bus Tour, 11/9-11/10 (virtual)
• China PPI, CPI, Import/Export data for October
• Wells Fargo EEI Financial Conference, 11/8-11/10, in Arizona

• 7:45 AM ET ICSC Weekly Retail Sales
• 8:30 AM ET                   Consumer Price index (CPI) headline M/M for October
• 8:30 AM ET                   Consumer Price index (CPI) headline Y/y for October
• 8:30 AM ET CPI core – Ex: Food & Energy M/M for October
•  8:30 AM ET CPI core – Ex: Food & Energy Y/Y for October
• 8:55 AM ET                   Johnson/Redbook Weekly Sales
• 10:00 AM ET                 Cleveland Fed CPI for October
• 1:00 PM ET US Treasury to sell $39B in 10-year notes
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: AIRG AMPX ANGX ATEX ATRO BEEP BGS BODI BRCB BV CAPR CLFD CRWV EC ELMD EVLV FLY FOSL GENK GEVO GO GRWG HYLN INO KOPN KURA LAND LMRI LPTH MCHX MRCY NCMI NLST PBR PETS QUIK REZI RGTI SKYH SONO SPIR STUB STXS TELO VIV

• Oppenheimer 10th Annual Virtual Internet Bus Tour, 11/9-11/10 (virtual)
• Raymond James 2026 Texas Bank Symposium, 11/10-11/12, in Dallas, TX
• Wells Fargo EEI Financial Conference, 11/8-11/10, in Arizona

• Earnings After the Close: AGBK AGRO ALVO AVEX CAE CINT CTVA DDI DGII ENS FNV ITRG OPRX PXLW TK TNK XAIR

• Stifel Healthcare Conference, 11/11-11/13, in New York

• 8:30 AM ET                   Continuing Claims
• 10:00 AM ET                 Existing Home Sales M/M for October
• 12:00 PM ET                 Weekly EIA Inventory Data (pushed out a day for Veteran’s Day)
• 1:00 PM ET US Treasury to sell $22B in 30-year notes
• 2:00 PM ET                    Federal Budget for October

• Earnings After the Close: AENT AFYA AMAT ARWR AVX BEAT CBRS CDXS CODX CSCO CTSO DLO DMRC FLNT FLO GEMI HAWK HTFL JCAP KLC LFTO MDXH NKTR NMAX SPCE NU OFRM PAL PARK SPCE STN STNE VRCA VUZI WHK WYY XOS YSS

• Stifel Healthcare Conference, 11/11-11/13, in New York
• Truist Securities BioPharma Symposium, 11/12, in New York

• 8:30 AM ET                   Producer Price index (PPI) headline Y/y for October
• 8:30 AM ET PPI core – Ex: Food & Energy M/M for October
•  8:30 AM ET PPI core – Ex: Food & Energy Y/Y for October
• 10:30 AM ET                 Weekly EIA Natural Gas Inventory Data (pushed out due to Veteran’s Day holiday)
• 1:00 PM ET                    Baker Hughes Weekly rig count data

• Stifel Healthcare Conference, 11/11-11/13, in New York

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