After Hours Report

The stock market had a solid showing today. The Russell 2000 continued its recent outperformance, jumping 1.6%, bringing its weekly gain to 2.5%. The S&P 500 (+0.5%), Nasdaq Composite (+0.3%), and Dow Jones Industrial Average (+0.8%) settled with solid gains near their highs of the day.

The influential financial sector (+1.2%) played a leadership role today after earnings news from the space received positive responses. Morgan Stanley (MS 119.51, +7.29, +6.5%), First Horizon (FHN 17.39, +0.68, +4.1%), and Synchrony Financial (SYF 56.52, +3.23, +6.1%) are among the standouts in that respect. 

Rebound action in some semiconductor-related names after yesterday's sharp selling also contributed to the upside bias today, along with buy-the-dip interest in other areas of the market. NVIDIA (NVDA 135.72, +4.12, +3.1%) and Broadcom (AVGO 176.82, +0.84, +0.5%) were top performers from the PHLX Semiconductor Index (SOX), which settled 0.2% higher.

Many stocks participated in today's advance. Advancers led decliners by a 4-to-1 margin at the NYSE and by a nearly 3-to-1 margin at the Nasdaq. The equal-weighted S&P 500 settled 0.7% higher.

The 10-yr yield settled two basis points lower to 4.02% and the 2-yr yield dropped one basis point to 3.94%.

• Nasdaq Composite: +22.4% YTD
• S&P 500: +22.5% YTD
• S&P Midcap 400: +14.8% YTD
• Dow Jones Industrial Average: +14.3% YTD
• Russell 2000: +12.8% YTD

Reviewing today's economic data:

• Weekly MBA Mortgage Applications Index -17.0%; Prior -5.1%
• September Import Prices -0.4%; Prior was revised to -0.2% from 0.8%
• September Import Prices ex-oil 0.1%; Prior was revised to 0.1% from -0.1%
• September Export Prices -0.7%; Prior was revised to -0.9% from -0.7%
• September Export Prices ex-ag. -0.9%; Prior was revised to -0.7% from -0.6%

There's a lot of economic releases to get through tomorrow, including: 

• 08:30 ET: Initial Jobless Claims (Briefing.com consensus 270K; prior 258K) and Continuing Jobless Claims (Prior 1861K); September Retail Sales (Briefing.com consensus 0.2%; prior 0.1%) and Retail Sales Ex-Auto (Briefing.com consensus 0.1%; prior 0.1%); October Philadelphia Fed Index (Briefing.com consensus 4.0; prior 1.7)
• 09:15 ET: September Industrial Production (Briefing.com consensus -0.1%; prior 0.8%) and Capacity Utilization (Briefing.com consensus 77.9%; prior 78.0%)
• 10:00 ET: August Business Inventories (Briefing.com consensus 0.3%; prior 0.4%); October NAHB Housing Market Index (Briefing.com consensus 43; prior 41)
• 10:30 ET: EIA Natural Gas Inventories (Prior +82 bcf)
• 11:00 ET: EIA Crude Oil Inventories (Prior +5.81M)
• 16:00 ET: August Net Long-Term TIC Flows (Prior $135.4B)

Overseas:

• Europe: DAX -0.2%, FTSE +1.0%, CAC -0.4%
• Asia: Nikkei -1.9%, Hang Seng -0.2%, Shanghai +0.1%

Commodities:

• Crude Oil -0.30 @ 70.36
• Nat Gas -0.13 @ 2.37
• Gold +12.10 @ 2691.30
• Silver +0.25 @ 31.97
• Copper +0.04 @ 4.37

After-Hours Spotlight:

• Alcoa (AA) beats by $0.32, misses on revs; Company and IGNIS Equity Holdings progressing toward entering into a strategic cooperation agreement to support continued operation of Aloca's San Ciprián operations... AA up 6.3%
• Cohen & Steers (CNS) beats by $0.03 (two ests), beats on revs (single est)... CNS down 3.2%
• CSX (CSX) misses by $0.03, misses on revs; sees Q4 revs down moderately... CSX down 4.3%
• Discover Financial Services (DFS) beats by $0.21, net interest income increased 10% yr/yr... DFS down 0.4%... DFS down 1.2%
• Equifax (EFX) beats by $0.01, reports revs in-line; guides Q4 EPS below consensus, revs below consensus; guides FY24 EPS below consensus, revs below consensus... EFX down 2.1%
• Kinder Morgan (KMI) misses by $0.02, misses on revs; lowers FY24 EPS below consensus... KMI down 2.9%
• Lucid Group (LCID) announces public offering of 262,446,931 common stocks and corresponding investment by an affiliate of PIF; files mixed shelf securities offering... LCID down 11.3%
• PPG Industries (PPG) misses by $0.02, misses on revs; guides FY24 EPS below consensus... PPG down 0.3%
• Steel Dynamics (STLD) beats by $0.08, beats on revs; is constructive regarding the outlook for 2025, expects steel pricing to recover... STLD up 3.9%

Fair Value for Thursday, Oct 17:

• S&P 500: 5,887
• Nasdaq 100: 20,346
• DJIA: 43,344

For a full rundown of today's market and after hours developments, see Live In Play

• Earnings/Guidance (Full Earnings Calendar):
  • Abbott Labs (ABT) beats by $0.01, reports revs in-line; guides Q4 EPS in-line, reaffirms FY24 organic sales growth guidance
  • Aspen Aerogels (ASPN) sees Q3 revs above consensus; confirms it has received a conditional commitment from the U.S. Department of Energy for a proposed loan of up to $670.6 million
  • Barrick (GOLD) reports Q3 preliminary production results; Gold production was inline with Q2, company continues to expect materially stronger Q4
  • Fulton Fincl (FULT) reports Q3 (Sep) results, revs in-line
  • Hancock Whitney (HWC) beats by $0.03, reports revs in-line; provides 2024 guidance in slides
  • Interactive Brokers (IBKR) misses by $0.07, beats on revs
  • J.B. Hunt Transport (JBHT) beats by $0.10, beats on revs
  • Morgan Stanley (MS) beats by $0.29, beats on revs
  • OFG Bancorp (OFG) misses by $0.02, misses on revs
  • Omnicom (OMC) reports EPS in-line, beats on revs
  • Penguin Solutions (PENG) misses by $0.03, misses on revs; guides FY25 EPS below consensus, revs in-line
  • Prologis (PLD) beats by $0.06, reports revs in-line; raises FY24 core FFO guidance
  • Rio Tinto (RIO) provides Q3 operations update
  • Silvaco Group (SVCO) lowers FY25 revenue, gross bookings, operating income guidance as company saw a decline in orders from Asia during Q3 primarily driven by economic challenges and the ongoing strain in U.S.-China trade relations
  • Stellantis (STLA) reports Q3 shipments declined 20% yr/yr
  • Toronto-Dominion Bank (TD) comments on expected impact of the Charles Schwab (SCHW) corporation's third quarter earnings
  • Ulta Beauty (ULTA) reaffirms FY25 (Jan) guidance; approved a new share repurchase authorization of $3.0 billion
  • United Airlines (UAL) beats by $0.16, reports revs in-line; guides Q4 EPS in-line; Authorizes new share repurchase program for up to $1.5 bln of outstanding shares of common stock and warrants
  • United Airlines (UAL) CEO Scott Kirby on CNBC says corporate revenue is up 13% and got stronger in October; says holiday bookings look good for Q4; says 2025 looks good as well
  • United Natural Foods (UNFI) releases Grocery Wholesale Distribution Business presentation; provides 3-Year Financial Objectives
  • Vale S.A. (VALE) reports Q3 production
  • VSE Corp (VSEC) issues prelim Q3 results; sees revs ahead of consensus
  • Woodside Energy Group (WDS) reports Q3 production; also to delist from the London Stock Exchange
• General News
  • US warns Israel it could face penalties if it does not allow more humanitarian aid into Gaza, according to the New York Times
  • Supreme Court greenlights EPA's stricter power plant emission limits, delivering key win for Biden's climate agenda, according to Bloomberg
  • Adicet Bio (ACET) announces that the U.S. FDA has agreed to an amendment to the Company’s Investigational New Drug application to evaluate ADI-001 in idiopathic inflammatory myopathy and stiff person syndrome as part of the ongoing Phase 1 trial in autoimmune diseases
  • Alibaba (BABA) and Baidu (BIDU) aiming to invest in Horizon Robotics in China, according to the Wall Street Journal
  • Altus Power (AMPS) announces that a formal review of strategic alternatives has been underway by its Board of Directors
  • Amazon (AMZN) will display ads in India Amazon Prime Video, according to Bloomberg
  • Amazon (AMZN) launches entirely new Kindle lineup, including reimagined Kindle Scribe and first-ever color Kindle
  • Amwell (AMWL) announces that Mark Hirschhorn will become CFO effective Oct 21, succeeding Robert Shepardson
  • Angi Inc. (ANGI) appoints Baily Carson as COO, effective immediately
  • Anglo American (NGLOY): BHP (BHP) met with South African officials last week which increased speculation for NGLOY bid, according to FT
  • Applied Digital Corporation (APLD) approved a change in management
  • Autolus Therapeutics (AUTL) presents clinical data update at the 2024 Lymphoma, Leukemia & Myeloma Congress
  • Beyond, Inc. (BYON) and The Container Store Group (TCS) announce strategic partnership to improve customer experience
  • Blue Owl Capital (OWL): Eldridge Industries aiming to purchase 10% stake of Blue Owl Capital's Third GP stakes fund, according to Bloomberg
  • Blue Owl Capital (OWL): Eldridge Industries confirms the acquisition of a 10% interest from Blue Owl GP Stakes Fund III
  • Boeing (BA): Emirates to order additional 777F freighters, according to Reuters
  • Boeing (BA) inching lower after judge seeks additional information before plea deal ruling, according to Bloomberg
  • Boeing (BA) nearing deal to for $15 bln in financing via stock and hybrid bonds, according to Reuters
  • Bright Minds Biosciences (DRUG): Firefly Neuroscience (AIFF) announces collaborating with Bright Minds Biosciences to analyze the data from its first-in-human Phase 1 study of its lead compound, BMB-101
  • Bright Minds Biosciences (DRUG) announces positive data from the preclinical testing of BMB-201 completed with National Institute of Health pain screening program
  • Brown & Brown (BRO): Cylinder announces it entered a partnership with Brown & Brown
  • Castle Biosciences (CSTL) announces the publication of two recent studies that provide further support for the clinical need of its MyPath Melanoma gene expression profile test (
  • CGI Group (GIB) signed an agreement with the Swedish Tax Agency to deliver e-identification and electronic signature services
  • Cognizant Tech (CTSH) and telecom firm du partner in five-year strategic deal to accelerate digital transformation and enhance telecom services in the UAE
  • Comcast (CMCSA): Regional sports (like Boston Celtics and Philadelphia Phillies) could be added to Peacock next year, according to WSJ
  • Comp Siderurgica (SID) approved a Non-Binding Proposal with Itochu Corporation (ITOCY) for the sale of a minority stake of up to 11% in its subsidiary CSN Mineração
  • CSL Seqirus (CSLLY) presents data at IDWeek 2024 highlighting the urgent need to increase influenza vaccination rates and the benefits of cell-based influenza vaccine
  • Cullinan Therapeutics (CGEM) announces that the U.S. Food and Drug Administration cleared the Company’s Investigational New Drug Application for CLN-978 and its global Phase 1 clinical trial may proceed in the U.S. to assess CLN-978 in patients with moderate to severe systemic lupus erythematosus
  • Deutsche Lufthansa AG (DLAKY): Department of Transportation penalizes Lufthansa $4 million for violating passengers’ civil rights
  • Diana Shipping (DSX), through a separate wholly-owned subsidiary, enters into a time charter contract with Raffles Shipping International Pte. Ltd., for one of its Panamax dry bulk vessels, the m/v Selina
  • Dominion Energy (D) and Amazon (AMZN) to explore advancement of Small Modular Reactor nuclear development in Virginia
  • DuPont (DD) announces a collaboration with Aero Tec Laboratories to bring long-term innovation to the racing industry
  • Elanco Animal Health (ELAN) presented the abstract titled “Serologic response to core booster vaccinations in dogs treated with a novel JAK inhibitor” at the International Society for Companion Animal Infectious Diseases (ISCAID) symposium
  • Enerpac Tool Group (EPAC) appoints Darren Kozik as CFO, effective Oct 28
  • EnLink Midstream (ENLC) confirmed changes to Board of Directors to reflect new ONEOK (OKE) controlling interest
  • Enovix (ENVX) entered into a Contract Extension Agreement with former CFO Kyle McClure, which extends the term to November 8, 2024
  • Exscientia plc (EXAI) announces the advancement of two additional discovery programmes within its collaboration with Sanofi (SNY), with Exscientia receiving an aggregate of $15 mln in milestone payments
  • FirstEnergy's (FE) Mon Power and Potomac Edison subsidiaries are on track to complete five projects by the end of 2024 that will enhance electric service reliability for nearly 8,700 customers in rural communities by reducing the number and duration of outages they experience, particularly during severe weather
  • Gladstone Investments (GAIN) appointed Taylor Ritchie to serve as the Chief Financial Officer and Treasurer of the Company, with such appointment effective November 8, 2024
  • GlaxoSmithKline (GSK) receives FDA acceptance of NDA for gepotidacin
  • GlaxoSmithKline (GSK): ViiV Healthcare announced the presentation of new real-world evidence and implementation data showing the effectiveness, adherence, and quality-of-life improvement of Apretude for HIV pre-exposure prophylaxis
  • HUTCHMED (HCM) Announces that TAGRISSO plus ORPATHYS demonstrated high, clinically meaningful response rate in lung cancer patients with high levels of MET overexpression and/or amplification in SAVANNAH Phase II trial
  • IAMGOLD (IAG) provides update on Côté Gold Mine operations
  • Intel (INTC): China wants review of Intel products sold in China, according to Reuters
  • JP Morgan (JPM) wants to expand in Africa, according to Reuters
  • Jumia (JMIA) announced the planned closure of its operations in South Africa, operated under the brand name Zando, and Tunisia
  • KLA Corporation (KLAC) introduces process control and process-enabling solutions for IC substrate manufacturing
  • LATAM Airlines (LTM) paid and extinguished its obligations under the US$450 million notes, which had a scheduled maturity date in 2027
  • Lithium Americas (LAC): General Motors (GM) to contribute combined $625 million in cash and letters of credit to new joint venture with Lithium Americas
  • MARA Holdings Inc. (MARA) secures a $200 million line of credit, collateralized by a portion of its bitcoin holdings
  • Matador Resources (MTDR) increases quarterly cash dividend to $0.25/share; revised dividend policy
  • Merck (MRK): CAPVAXIVE demonstrates positive immune responses in adults with increased risk for pneumococcal disease
  • Myriad Genetics (MYGN) and Jscreen announce strategic partnership to advance health equity and genetic testing access
  • Nano Dimension (NNDM) announces 2024 Annual General Meeting (AGM) of shareholders
  • New York Community (NYCB) changes name to Flagstar Financial; stock symbol change to "FLG"
  • NovoCure (NVCR): FDA approves Optune Lua for concurrent use with PD-1/PD-L1 inhibitors or docetaxel for the treatment of metastatic non-small cell lung cancer
  • Novo Nordisk (NVO) accused of halting insulin pen production, according to Guardian
  • NVIDIA (NVDA) and TSMC (TSM) alliance is showing some indications of stress, according to The Information
  • Rigel Pharma (RIGL): Optime Care announces an expanded arrangement with Rigel Pharmaceuticals, Inc, effective October 14, to include commercial distribution of TAVALISSE (fostamatinib)
  • Royal Caribbean (RCL) and Alaska Native Corporation Goldbelt partner to explore co-developing a new port aimed at strengthening the city's infrastructure while improving traffic congestion downtown and enhancing the local and visitor experience
  • RTX (RTX) will pay fines to resolve US foreign bribery investigation, according to Reuters
  • RTX (RTX): DOJ confirms RTX to pay over $950 mln in connection with defective pricing, foreign bribery, and export control schemes
  • Sanofi (SNY): FLUBLOK (Influenza Vaccine) US label updated with one of Sanofi's largest flu vaccine safety studies in pregnant individuals
  • Serve Robotics (SERV) unveils third-generation autonomous delivery robot, which has entered manufacturing with 2,000 new units on track to be deployed in 2025 on Uber Eats platform
  • Service Properties Trust (SVC) announces actions to improve liquidity and reduce leverage
  • Southwest Gas (SWX) and Carl C. Icahn enter into an Amended and Restated Cooperation Agreement
  • Stellantis' (STLA) Ram aiming to build its bestselling truck in Mexico, according to the Wall Street Journal
  • Stride (LRN) responds to false and misleading allegations made by short seller
  • Tredegar (TG) announces that Brazil’s Administrative Council for Economic Defense approved a merger control agreement allowing Tredegar to proceed with the sale of Terphane, its flexible packaging business headquartered in Brazil, to Oben Group
  • The Children's Place (PLCE) files for non-transferable subscription rights to purchase up to $90,000,000 in shares of common stock, representing shares of common stock in the aggregate
  • Union Pacific Railroad (UNP) announces a four-year partnership with US Speedskating, the organization dedicated to supporting speed skaters from local clubs to the Olympics
  • UroGen (URGN) Announces FDA Acceptance of its New Drug Application for UGN-102
  • Valneva SE (VALN) and LimmaTech Biologics AG announce that the U.S. FDA has granted Fast Track designation to Shigella4V, ), the world’s most clinically advanced tetravalent bioconjugate shigellosis vaccine candidate, for which Valneva obtained an exclusive worldwide license from LimmaTech
  • Verra Mobility (VRRM) announces the approval from the San Francisco Municipal Transportation Agency Board of Directors to design, build, operate and maintain a speed safety program across the city and county of San Francisco
  • Viasat (VSAT): State Department made a determination approving a possible foreign military sale to the Government of the Netherlands of radio equipment and related equipment for an estimated cost of $1.42 billion
  • Vishay (VSH) extends voltage rating options for four-terminal snap-in aluminum electrolytic capacitors
  • Wave Life Sciences (WVE) was notified that Takeda (TAK) did not intend to exercise and therefore elected to terminate its option for the Huntingtin target Collaboration and License Agreement
  • Winmark (WINA) announces a special dividend of $7.50/share that will be paid on December 2, to shareholders of record on the close of business on November 13

Ratings Changes (see Upgrades/Downgrades calendar for full list):

• Upgrades:
  • AptarGroup (ATR) upgraded to Buy from Hold at DBS Bank
  • Cisco (CSCO) upgraded to Buy from Neutral at Citigroup; tgt raised to $62
  • Cognex (CGNX) upgraded to Overweight from Equal-Weight at Stephens; tgt raised to $55
  • Corteva (CTVA) upgraded to Buy from Neutral at BofA Securities; tgt raised to $67
  • Grainger (GWW) upgraded to Outperform from Neutral at Robert W. Baird; tgt raised to $1230
  • NovoCure (NVCR) upgraded to Buy from Neutral at H.C. Wainwright; tgt raised to $30
  • Universal Health (UHS) upgraded to Buy from Hold at TD Cowen; tgt raised to $283
  • Wesco (WCC) upgraded to Outperform from Neutral at Robert W. Baird; tgt raised to $550
  • Westlake Corporation (WLK) upgraded to Neutral from Underperform at BofA Securities; tgt raised to $159
• Downgrades:
  • Carrier Global (CARR) downgraded to Equal-Weight from Overweight at Stephens; tgt raised to $85
  • CF Industries (CF) downgraded to Underperform from Neutral at BofA Securities; tgt $83
  • Eastman Chemical (EMN) downgraded to Neutral from Buy at BofA Securities; tgt raised to $119
  • Emerson (EMR) downgraded to Equal-Weight from Overweight at Stephens; tgt lowered to $120
  • Enphase Energy (ENPH) downgraded to Neutral from Positive at Susquehanna; tgt lowered to $104
  • Estee Lauder (EL) downgraded to Hold from Buy at HSBC Securities; tgt $100
  • L'Oreal (LRLCY) downgraded to Underweight from Neutral at JP Morgan
  • Omnicom (OMC) downgraded to Equal Weight from Overweight at Wells Fargo; tgt raised to $110
  • Piedmont Lithium (PLL) downgraded to Underperform from Neutral at Macquarie; tgt $7.80
  • Sitio Royalties Corp. (STR) downgraded to Sector Weight from Overweight at KeyBanc Capital Markets
  • Yum! Brands (YUM) downgraded to Hold from Buy at TD Cowen; tgt lowered to $145
• Others:
  • Antero Resources (AR) initiated with a Neutral at UBS; tgt $33
  • Apellis Pharmaceuticals (APLS) initiated with an Outperform at William Blair
  • Asure Software (ASUR) initiated with an Overweight at Stephens; tgt $13
  • Autodesk (ADSK) initiated with an Overweight at Wells Fargo; tgt $340
  • Benitec Biopharma (BNTC) initiated with an Outperform at Oppenheimer; tgt $35
  • Brookdale Senior Living (BKD) initiated with a Buy at Jefferies; tgt $8
  • Burke & Herbert Financial Services Corp. (BHRB) initiated with a Buy at DA Davidson; tgt $76
  • California Resources Corp (CRC) initiated with a Buy at UBS; tgt $68
  • Chord Energy (CHRD) initiated with a Buy at UBS; tgt $168
  • Civitas Resources (CIVI) initiated with a Neutral at UBS; tgt $60
  • Freshworks (FRSH) initiated with an Equal Weight at Wells Fargo; tgt $11
  • Instacart (CART) initiated with a Hold at Jefferies; tgt $43
  • Klaviyo (KVYO) initiated with an Equal Weight at Wells Fargo; tgt $37
  • Larimar Therapeutics (LRMR) initiated with an Outperform at Oppenheimer; tgt $26
  • O'Reilly Auto (ORLY) resumed with a Buy at ROTH MKM; tgt $1337
  • Paycor (PYCR) initiated with an Overweight at Stephens; tgt $18
  • Qualcomm (QCOM) added to 30-day negative catalyst watch at Citigroup
  • Qualys (QLYS) initiated with a Hold at Jefferies; tgt $135
  • Rapid7 (RPD) initiated with a Buy at Jefferies; tgt $50
  • RLI Corp (RLI) initiated with a Perform at Oppenheimer
  • Tenable (TENB) initiated with a Hold at Jefferies; tgt $45
  • Veracyte (VCYT) initiated with a Buy at UBS; tgt $43
  • Voyager Therapeutics (VYGR) initiated with an Outperform at Leerink Partners; tgt $15
  • Walt Disney (DIS) initiated with a Neutral at Piper Sandler; tgt $95

• Econ Data (Thursday):
  • 08:15 ET: ECB Policy Decision
  • 08:30 ET: Initial Jobless Claims (Briefing.com consensus 270K; prior 258K) and Continuing Jobless Claims (Prior 1861K)
  • 08:30 ET: September Retail Sales (Briefing.com consensus 0.2%; prior 0.1%) and Retail Sales Ex-Auto (Briefing.com consensus 0.1%; prior 0.1%)
  • 08:30 ET: October Philadelphia Fed Index (Briefing.com consensus 4.0; prior 1.7)
  • 09:15 ET: September Industrial Production (Briefing.com consensus -0.1%; prior 0.8%) and Capacity Utilization (Briefing.com consensus 77.9%; prior 78.0%)
  • 10:00 ET: August Business Inventories (Briefing.com consensus 0.3%; prior 0.4%)
  • 10:00 ET: October NAHB Housing Market Index (Briefing.com consensus 43; prior 41)
  • 10:30 ET: EIA Natural Gas Inventories (Prior +82 bcf)
  • 11:00 ET: EIA Crude Oil Inventories (Prior +5.81M)
  • 16:00 ET: August Net Long-Term TIC Flows (Prior $135.4B)
• Earnings:
  • Monday (Oct 14)
    • Pre-Market: None
    • After-Hours: None
  • Tuesday (Oct 15)
    • Pre-Market: ACI BAC SCHW C ERIC GS JNJ PNC PGR STT UNH WBA
    • After-Hours: FULT HWC IBKR JBHT OMC PNFP SGH UAL
  • Wednesday (Oct 16)
    • Pre-Market: ABT ASML CFG FHN MS OFG PLD SYF USB WAFD
    • After-Hours: AA CNS CCI CSX DFS EFX FR HOMB KMI LBRT PPG REXR SLG STLD SNV
  • Thursday (Oct 17)
    • Pre-Market: BMI BX CMC ELV HBAN IIIN IRDM KEY MTB MAN MMC NOK SNA TCBI TRV TSM TFC WBS WNS
    • After-Hours: OZK CCK FNB ISRG NFLX WDFC WAL
  • Friday (Oct 18)
    • Pre-Market: ALLY ALV AXP CMA FITB PG RF SFNC SLB
    • After-Hours: None
General Motors: 5,000 members at GM's Arlington, TX assembly plant join UAW strike