After Hours Report

The S&P 500 (-0.02%) and Nasdaq Composite (+0.04%) settled near their prior closing levels, the Dow Jones Industrial Average closed 0.4% higher, and the Russell 2000 (-0.3%) declined slightly after leading index gains this week.

There was a negative bias under the index surface related to rising market rates and the notion that the Fed won't be as aggressive as previously thought after more solid economic data. Decliners led advancers by an 11-to-10 margin at the NYSE and by a 3-to-2 margin at the Nasdaq. 

This morning's data included September retail sales, which were stronger than expected, and initial jobless claims, which were not as bad as feared. The 10-yr yield, at 4.03% shortly before the data, settled eight basis points higher than yesterday at 4.08%. The 2-yr yield, at 3.95% before 8:30 ET, settled at 3.98% after reaching 4.00%. 

Downside moves in the equity market were somewhat limited due in part to strength in semiconductor stocks. The PHLX Semiconductor Index (SOX) settled 1.0% higher after Taiwan Semiconductor Manufacturing Company (TSM 205.84, +18.36, +9.8%) reported pleasing Q3 results, along with better-than-expected Q4 guidance.

Positive responses to earnings results from the likes of Blackstone (BX 169.73, +10.02, +6.3%) and Dow component Travelers (TRV 264.82, +21.87, +9.0%) also provided a measure of support to the equity market.

Five S&P 500 sectors closed higher led by energy (+0.4%), information technology (+0.4%), and financials (+0.3%). The rate-sensitive utilities (-0.9%) and real estate (-0.7%) sectors closed near the bottom of the pack. 

• S&P 500: +22.5% YTD
• Nasdaq Composite: +22.4% YTD
• S&P Midcap 400: +15.0% YTD
• Dow Jones Industrial Average: +14.7% YTD
• Russell 2000: +12.5% YTD

Reviewing today's economic data:

• Weekly Initial Claims 241K (Briefing.com consensus 270K); Prior was revised to 260K from 258K, Weekly Continuing Claims 1.867 mln; Prior was revised to 1.858 mln from 1.861 mln
  • The key takeaway from the report is that it is muddled by the effects of the hurricanes, yet it is being greeted with a sense of pleasant surprise that initial jobless claims were much better than feared.
• September Retail Sales 0.4% (Briefing.com consensus 0.2%); Prior 0.1%, September Retail Sales ex-auto 0.5% (Briefing.com consensus 0.1%); Prior was revised to 0.2% from 0.1%
  • The key takeaway from the report is that consumer spending on goods accelerated in September with notable increases seen in many discretionary categories like miscellaneous store retailers (+4.0%), clothing and clothing accessories (+1.5%), and food services and drinking places (+1.0%). This is a "no landing" type of report.
• October Philadelphia Fed Index 10.3 (Briefing.com consensus 4.0); Prior 1.7
• September Industrial Production -0.3% (Briefing.com consensus -0.1%); Prior was revised to 0.3% from 0.8%, September Capacity Utilization 77.5% (Briefing.com consensus 77.9%); Prior was revised to 77.8% from 78.0%
  • The key takeaway from the report is that industrial production in September was pressured by two extraordinary factors, which implies a rebound in growth should follow as those extraordinary factors find correction. The Boeing strike held back growth by an estimated 0.3% and the effects of Hurricanes Helene and Milton subtracted an estimated 0.3%.
• August Business Inventories 0.3% (Briefing.com consensus 0.3%); Prior was revised to 0.3% from 0.4%
• October NAHB Natural Gas Inventories 43 (Briefing.com consensus 43); Prior 41

Friday's economic calendar includes the September Housing Starts and Building Permits report at 8:30 ET. 

Overseas:

• Europe: DAX +0.8%, FTSE +0.7%, CAC +1.2%
• Asia: Nikkei -0.7%, Hang Seng -1.0%, Shanghai -1.1%

Commodities:

• Crude Oil +0.26 @ 70.62
• Nat Gas -0.02 @ 2.35
• Gold +17.10 @ 2708.40
• Silver -0.19 @ 31.78
• Copper -0.04 @ 4.33

After-Hours Spotlight:

• Bausch Health (BHC) climbing after rejecting bondholders' debt proposals, exploring sale of Bausch + Lomb (BLCO), according to WSJ... BHC down 4.4%
• Intuitive Surgical (ISRG) beats by $0.20, beats on revs; procedures grew ~18%... ISRG up 7.0%
• MGP Ingredients (MGPI) issues downside Q3 revenue guidance, lowers FY24 revenue and adjusted basic EPS guidance due to soft alcohol spirits category trends and elevated industry-wide whiskey inventories... MGPI down 20.1%
• Netflix (NFLX) beats by $0.28, reports revs in-line; guides Q4 EPS above consensus, revs above consensus; guides FY25 revenue in-line... NFLX up 3.5%
• Western Alliance Bancorp (WAL) misses by $0.09, beats on revs... WAL down 5.2%
• WD-40 (WDFC) misses by $0.11 (two estimates), beats on revs; guides FY25 EPS below two analyst estimate... WDFC down 3.7%

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

• Earnings/Guidance (Full Earnings Calendar):
  • ABB Ltd (ABBNY) reports Q3 results
  • Alcoa (AA) beats by $0.32, misses on revs
  • Allstate (ALL) announced estimated catastrophe losses for September of $889 mln (or $702 mln after-tax); includes $630 mln pre-tax related to Hurricane Helene
  • Avino Silver & Gold (ASM) reports third quarter production of 670,887 silver equivalent ounces
  • Badger Meter (BMI) misses by $0.03, misses on revs
  • Banner Corporation (BANR) reported net income of $45.2 million, or $1.30 per diluted share, for third quarter 2024
  • BHP Group (BHP) reports Q1 production
  • Blackstone (BX) beats by $0.11, beats on revs
  • Cohen & Steers (CNS) beats by $0.03 (two ests), beats on revs (single est)
  • Commerce Bancshares (CBSH) beats by $0.07, reports revs in-line
  • Commercial Metals (CMC) misses by $0.01, reports revs in-line
  • Crown Castle (CCI) beats by $0.05, reports revs in-line; reaffirms FY24 FFO guidance
  • CSX (CSX) misses by $0.03, misses on revs; sees Q4 revs down moderately
  • Delcath Systems (DCTH) announced preliminary third quarter 2024 revenue results
  • Discover Financial Services (DFS) beats by $0.21, net interest income increased 10% yr/yr
  • Elevance Health (ELV) misses by $1.29, beats on revs; guides FY24 EPS below consensus
  • 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
  • FactSet (FDS) provided investor updates in presentation including reaffirmed guidance
  • First Industrial Realty (FR) beats by $0.02, beats on revs; guides FY24 FFO in-line
  • Home Bancshares (HOMB) misses by $0.03, reports revs in-line
  • Huntington Banc (HBAN) beats by $0.03, net interest income increased 3%; Issues FY24 guidance, sees net interest income up 8-9%
  • IAMGOLD (IAG): Orezone reports Q3-2024 gold production
  • Infosys (INFY) reports Q2 EPS of USD 0.19 vs. USD 0.19 FactSet consensus; revs USD 4.894 bln vs. USD 4.866 bln FactSet consensus
  • Insteel Industries (IIIN) misses by $0.07, misses on revs
  • Iridium Communications (IRDM) beats by $0.01, beats on revs; provides FY24 outlook
  • KeyCorp (KEY) beats by $0.02; in slide presentation sees FY24 NIII down 2-5%; sees loans down 7-8%
  • Kinder Morgan (KMI) misses by $0.02, misses on revs; lowers FY24 EPS below consensus
  • Liberty Energy (LBRT) misses by $0.13, reports revs in-line
  • Lucid Group (LCID) sees Q3 revs above consensus
  • M&T Bank (MTB) beats by $0.38
  • Manpower (MAN) reports EPS in-line, revs in-line; guides Q4 EPS below consensus
  • Marsh McLennan (MMC) beats by $0.01, reports revs in-line
  • MDU Resources's (MDU) Everus unit (which is expected to be spun off on October 31) provides guidance; expected to begin trading under the ticker symbol ECG on the NYSE on Nov. 1
  • Mercer Intl (MERC) sees Q3 revs above consensus
  • Merck KGaA (MKKGY) reaffirms guidance at Capital Markets Day
  • Nestle (NSRGY) reports nine-month results; updates FY24 outlook
  • Nokia (NOK) reports EPS in-line, misses on revs
  • PPG Industries (PPG) misses by $0.02, misses on revs; guides FY24 EPS below consensus
  • Proficient Auto Logistics (PAL) provides update on certain expected operating and financial metrics for Q3; Sees estimated unit volumes of flat to a decline of 1% yr/yr
  • Rentokil Initial plc (RTO) provides Q3 trading update; reaffirms FY24 guidance
  • Rexford Industrial Realty (REXR) beats by $0.01, beats on revs; guides FY24 FFO below consensus
  • SL Green Realty (SLG) beats by $0.01, beats on revs
  • Snap-On (SNA) beats by $0.11, reports revs in-line
  • Steel Dynamics (STLD) beats by $0.08, beats on revs; is constructive regarding the outlook for 2025, expects steel pricing to recover
  • Synovus (SNV) beats by $0.15, beats on revs; provides guidance in slides
  • Taiwan Semiconductor Manufacturing (TSM) beats by $0.15, reports revs in-line; guides Q4 revs above consensus
  • Tevogen Bio Oncology (TVGN) reports top-line revenue forecast of $1 billion in launch year and cumulative 5-year estimate between $10 billion and $14 billion; forecasts for non-oncology therapeutic areas to follow
  • Texas Capital (TCBI) beats by $0.57
  • Travelers (TRV) beats by $1.59, beats on revs, net written premiums up 8%
  • Triumph Financial (TFIN) beats by $0.01, reports revs in-line
  • Truist (TFC) beats by $0.40, reports revs in-line
  • Webster Financial (WBS) reports EPS in-line
  • WNS (WNS) beats by $0.14, reports revs in-line; guides FY25 EPS below consensus, revs below consensus
  • Xcel Energy's (XEL) Public Service Company of Colorado filed resource plans - CPUC decision is expected by the fall of 2025; reaffirms guidance
• General News
  • Vice President Kamala Harris in interview says her presidency will not be a continuation of President Biden, according to Fox News
  • Stan Druckenmiller says markets are pricing in a Donald Trump victory in the November election, according to Bloomberg 
  • Israel likely killed Hamas leader Yahya Sinwar during an airstrike in Gaza, according to Politico
  • Israel Defense Forces confirm death of Hamas Leader Yahya Sinwar
  • Israeli Prime Minister Benjamin Netanyahu says mission in Gaza is not over following death of Hamas leader Yahya Sinwar, according to Bloomberg
  • President Biden issues statement following death of Hamas Leader Yahya Sinwar
  • Vice President Kamala Harris tells reporters that Yahya Sinwar's death is an opportunity to end the war in Gaza
  • ACADIA Pharmaceuticals (ACAD) announces that Health Canada has granted marketing authorization of DAYBUE for the treatment of Rett syndrome in adult and pediatric patients two years of age and older under the Priority Review process
  • Accuray (ARAY): New England Journal of Medicine Study Reaffirms Five Session Radiation Treatment Provides Comparable Rates of Cancer Control, Tolerability and Sexual Functioning to Conventional Radiotherapy Treatment in Men with Localized Prostate Cancer
  • Alcoa (AA) and IGNIS Equity Holdings progressing toward entering into a strategic cooperation agreement to support continued operation of Aloca's San Ciprián operations
  • Alphabet's (GOOG) Google Cloud announced Vertex AI Search for Healthcare and several new features for Healthcare Data Engine are now generally available to global allowlist customers
  • Alphabet (GOOG) will block election ads until after polls close on November 5, according to Axios
  • Alphabet (GOOG) also confirms that Prabhakar Raghavan has left prior role at company; will be replaced by Nick Fox; Raghavan will take on the role of Chief Technologist, Google
  • Alphabet (GOOG): The AI opportunity: Updates to its Gemini and Knowledge & Information teams
  • Amazon (AMZN) Teamsters drivers in California demand union recognition
  • Amicus Therapeutics (FOLD) has entered into a License Agreement with Teva Pharmaceuticals USA, Inc. and Teva Pharmaceuticals, Inc.
  • Anavex (AVXL) announces encouraging preliminary electroencephalography biomarker results from the Part A of the ongoing placebo-controlled Phase 2 clinical study of ANAVEX 3-71 for the treatment of schizophrenia
  • Apple (AAPL) worked with BYD (BYDYY) on longer range battery, according to Bloomberg
  • Assurant (AIZ) expects to record approximately $138 million pre-tax, or $109 million after-tax, of reportable catastrophes for third quarter 2024, primarily within its Global Housing segment
  • Avadel Pharmaceuticals (AVDL) announces FDA approval of LUMRYZ (sodium oxybate) Extended-Release Oral Suspension (CIII) for the treatment of cataplexy or excessive daytime sleepiness in patients 7 years of age and older with narcolepsy
  • Block (SQ): Cash App Pay integrates with Lyft (LYFT) for seamless payments
  • BP (BP) explores sale of minority stake in offshore wind business amid renewables strategy overhaul, according to Reuters
  • Braskem SA's (BAK) Voqen and Petrobras' (PBR) Transportadora Brasileira Gasoduto Brasil-Bolívia S.A. sign contract
  • Calumet Specialty Products (CLMT) announces that the U.S. Department of Energy Loan Programs Office has awarded a conditional commitment for a loan guarantee up to $1.44 bln to its subsidiary, Montana Renewables
  • Canopy Growth (CGC) Further Improves Balance Sheet with Early Prepayment to Reduce Term Loan by US$100 Million and Ensures Maturity Extension to at Least December 2026
  • CeriBell (CBLL): New clinical evidence links ceribell point-of-Care EEG to shorter hospital stays and better functional outcomes compared to conventional EEG
  • Cerus (CERS) provides updates on INTERCEPT red blood cell programs in the U.S. and Europe
  • Compass Diversified (CODI) announces $100 million share repurchase program
  • Darling Ingredients (DAR) announces agreement to bring sustainable aviation fuel supply to Chicago Midway Airport through Diamond Green Diesel Joint Ventur
  • Deere (DE): FTC discloses DE civil investigative demand
  • EchoStar's (SATS) Dish Network announces Netflix (NFLX) is now included with DISH TV subscriptions at no additional cost for two years
  • Eisai (ESAIY) to request reconsideration of initial decision for lecanemab in Australia
  • Eli Lilly (LLY): ASCO posts study "Pharmacodynamic Activity of [18F]-Fluorthanatrace Poly(ADP-ribose) Polymerase Positron Emission Tomography in Patients With BRCA1/2-Mutated Breast Cancer Receiving Talazoparib"
  • Equinox Gold (EQX) provides operations update on Greenstone Gold Mine
  • Ero Copper (ERO) confirms that full power has been restored at its Tucumã Operation following a temporary disruption
  • Domino's Pizza (DPZ) announces the promotion of Kate Trumbull to Executive Vice President, Chief Marketing Officer, effective Nov. 1, 2024
  • Duke Energy (DUK) Florida restores power for over 99% of customers impacted by Hurricane Milton; crews continue working to restore remaining outages
  • General Motors (GM) and Foxconn (HNHPF) plan to swap out imports to Mexico for local production, according to Reuters
  • Gevo (GEVO) received a conditional commitment for a loan guarantee with disbursements totaling $1.46 billion from U.S. Department of Energy Loan Programs Office for its Net-Zero 1 project
  • Glaukos (GKOS) announces positive topline outcomes in Phase 3 confirmatory trial for Epioxa, achieving primary efficacy endpoint and demonstrating favorable tolerability and safety
  • Globe Life (GL) recently received communications from an unknown threat actor seeking to extort money from the Company
  • Gold Fields (GFI): Osisko Mining (OBNNF) shareholders overwhelmingly approve acquisition by Gold Fields; expected to become effective on or about October 25
  • Great Lakes Dredge & Dock (GLDD) awarded a $115 mln US Army contract for beach nourishment
  • Hannon Armstrong Sust. Infr (HASI): Vision RNG secures $207 million in financing from HASI to construct two LFG-to-RNG projects in Ohio
  • HCI Group (HCI) provides hurricane season update
  • Healthcare Services Group (HCSG) identifies a cybersecurity incident, which involved unauthorized activity within some of its systems; co immediately activated its Cybersecurity Incident Response Process to investigate such activity with the assistance of leading third-party cybersecurity experts
  • Humacyte (HUMA): FDA provides update on inspection of HUMA factory in NC
  • Incyte (INCY): Health Canada approves OPZELURA (ruxolitinib) cream for the treatment of atopic dermatitis and nonsegmental vitiligo
  • Infinera (INFN) Signs Non-Binding Preliminary Memorandum of Terms to Receive Up to $93 Million in CHIPS Act Funding
  • Leidos (LDOS) was recently awarded a follow-on contract by the Naval Information Warfare Center Pacific to support unmanned and automated systems for maritime intelligence, surveillance, and reconnaissance
  • Lexicon (LXRX) Announces Exclusive Licensing Agreement With Viatris for Sotagliflozin in All Markets Outside of the U.S. and Europe
  • Lockheed Martin (LMT): Biden Administration eases export restrictions for U.S. commercial space industry, boosting sales to allies, according to Reuters
  • MAXIMUS (MMS) awarded a spot on a Blanket Purchase Agreement with the Internal Revenue Service for Non-IT Consulting Services
  • Microsoft (MSFT): Bain & Company announces expanded partnership with OpenAI to accelerate delivery of AI solutions and meet fast-growing client needs
  • Microsoft (MSFT): OpenAI and Bain & Co. expand partnership to develop tailored AI solutions for businesses, according to WSJ
  • Minerals Tech (MTX) increases quarterly cash dividend 10% to $0.11/share from $0.10/share and authorizes a new $200 million share repurchase program
  • Nektar Therapeutics (NKTR) announces the publication of the first clinical data from a Phase 1 study evaluating NKTR-255 in combination with an autologous bispecific chimeric antigen receptor-T cell therapy targeting CD19 and CD22 in patients with relapsed or refractory B-cell acute lymphoblastic leukemia in Blood, the peer-reviewed medical journal of the American Society of Hematology
  • Netflix (NFLX): Federal Trade Commission announces final “click-to-cancel” rule making it easier for consumers to end recurring subscriptions and memberships
  • NIKE (NKE) ready for a global push for its outdoor business, All Conditions Gear, according to Bloomberg
  • Nokia (NOK) to eliminate 2000 jobs in China and 350 in Europe, according to Reuters
  • NVIDIA (NVDA): Amazon Web Services' (AMZN) new systems running on Nvidia's Blackwell chip won't be online until next year, according to Bloomberg
  • O-I Glass (OI) provided severance program update
  • Penske Auto (PAG) increases quarterly cash dividend 11% to $1.19/share from $1.07/share
  • Phillips 66 (PSX) announces plans to cease operations at its Los Angeles-area refinery in the fourth quarter of 2025 and will work with the state of California to supply fuel markets and meet ongoing consumer demand
  • Phillips 66 (PSX) confirms a jury returned a verdict against Phillips 66 Company
  • Robinhood Markets (HOOD) is introducing Robinhood Legend, futures trading, and index options
  • Rocket Lab USA (RKLB) adds Electron launch to its launch manifest for a commercial mission that is scheduled to launch in three days
  • RTX (RTX) confirmed DOJ charges; entered into a deferred prosecution agreement
  • S&P Global (SPGI) announced the executive leadership team that will report to Ms. Martina Cheung when she becomes President and CEO on November 1, 2024
  • SAGE Therapeutics (SAGE) announces strategic reorganization to prioritize ZURZUVAE commercialization and focus its development portfolio
  • Select Medical (SEM) and SSM Health announce the formation of a joint venture partnership to own and operate a 50-bed inpatient rehabilitation hospital in Oklahoma City
  • SelectQuote (SLQT) Completes First Phase of Recapitalization with $100 Million Securitization
  • SoFi Technologies (SOFI): President Biden announces over 1 million public service workers have received student debt cancellation
  • Southwest Air (LUV) announces a sustainable aviation fuel supply agreement with Valero's (VLO) Marketing and Supply Company, to bring SAF to Chicago Midway International Airport in the state's largest announced SAF supply agreement
  • Spirit Aerosystems (SPR) discloses certain actions to mitigate the impact of Section 280G in connection with the Boeing (BA) merger
  • Teleflex (TFX): New data presented at ASTRO 2024 further demonstrate the safety and efficacy of Barrigel Rectal Spacer, the first and only sculptable hyaluronic acid rectal spacer, in patients undergoing radiation therapy for prostate cancer
  • Tevogen Bio Oncology (TVGN) reports top-line revenue forecast of $1 billion in launch year and cumulative 5-year estimate between $10 billion and $14 billion; forecasts for non-oncology therapeutic areas to follow
  • Travere Therapeutics (TVTX) and CSL Vifor receive Swissmedic approval of FILSPARI
  • Travere Therapeutics (TVTX) and CSL Vifor announce that Swissmedic has granted temporary marketing authorization for FILSPARI for the treatment of adults with primary IgA nephropathy with a urine protein excretion =1.0 g/day
  • Uranium Energy Corp (UEC) Increases Licensed Production Capacity to 4 Million Pounds of U3O8 per year at the Irigaray Processing Plant
  • Uranium Energy (UEC) powering higher again and breaking out to all-time highs after announcing it received approval from Wyoming Department of Environmental Quality, Uranium Recovery Program, to increase the licensed production capacity at its Irigaray Central Processing Plant to 4.0 mln pounds annually
  • Verastem Oncology (VSTM) Presents Positive Updated RAMP 201 Data for Avutometinib and Defactinib Combination in Recurrent Low-Grade Serous Ovarian Cancer at the International Gynecologic Cancer Society (IGCS) 2024 Annual Meeting

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

• Upgrades:
  • American Woodmark (AMWD) upgraded to Buy from Hold at Loop Capital; tgt raised to $119
  • Ardagh Metal Packaging S.A. (AMBP) upgraded to Buy from Underperform at BofA Securities; tgt raised to $5.10
  • Avery Dennison (AVY) upgraded to Buy from Underperform at BofA Securities; tgt raised to $250
  • The Baldwin Group (BWIN) upgraded to Outperform from Mkt Perform at William Blair
  • Cohen & Steers (CNS) upgraded to Neutral from Sell at UBS; tgt raised to $102
  • Enphase Energy (ENPH) upgraded to Neutral from Sell at Guggenheim
  • Fortinet (FTNT) upgraded to Positive from Mixed at OTR Global
  • Host Hotels (HST) upgraded to Buy from Neutral at Compass Point; tgt raised to $22
  • Illumina (ILMN) upgraded to Buy from Hold at HSBC Securities; tgt $180
  • Littelfuse (LFUS) upgraded to Outperform from Perform at Oppenheimer; tgt $310
• Downgrades:
  • Brinker (EAT) downgraded to Mkt Perform from Outperform at Raymond James
  • Capri Holdings (CPRI) downgraded to Equal Weight from Overweight at Wells Fargo; tgt $42
  • Fortinet (FTNT) downgraded to Underperform from Neutral at Mizuho; tgt $68
  • Grainger (GWW) downgraded to Perform from Outperform at Oppenheimer
• Others:
  • AbbVie (ABBV) initiated with a Mkt Perform at Bernstein; tgt $203
  • AirSculpt Technologies (AIRS) initiated with a Neutral at BTIG Research
  • Alumis (ALMS) initiated with a Buy at H.C. Wainwright; tgt $30
  • Amgen (AMGN) initiated with an Outperform at Bernstein; tgt $380
  • Apyx Medical (APYX) initiated with a Neutral at BTIG Research
  • Bristol-Myers (BMY) initiated with a Mkt Perform at Bernstein; tgt $56
  • Cheniere Energy Partners (CQP) initiated with an Underperform at BofA Securities; tgt $46
  • Chevron (CVX) resumed with a Buy at BofA Securities; tgt $168
  • Constellation Energy (CEG) initiated with an Overweight at JP Morgan; tgt $342
  • Crane NXT (CXT) initiated with an Outperform at Robert W. Baird; tgt $77
  • Curbline Properties (CURB) initiated with an Overweight at Piper Sandler; tgt $28
  • Delek Logistics Partners (DKL) initiated with an Underperform at BofA Securities; tgt $36
  • Delek US Holdings (DK) resumed with an Underperform at BofA Securities; tgt $15
  • Energy Transfer (ET) resumed with a Buy at BofA Securities; tgt $20
  • Enterprise Products (EPD) resumed with a Buy at BofA Securities; tgt $35
  • Equity Lifestyle Properties (ELS) initiated with a Hold at Jefferies; tgt $72
  • First Watch Restaurant Group (FWRG) initiated with an Overweight at Stephens; tgt $20
  • Formula One Group C (FWONK) initiated with a Neutral at UBS; tgt $85
  • Gilead Sciences (GILD) initiated with an Outperform at Bernstein; tgt $105
  • GRAIL (GRAL) initiated with a Neutral at Guggenheim
  • InMode (INMD) initiated with a Buy at BTIG Research; tgt $25
  • Kinder Morgan (KMI) resumed with a Buy at BofA Securities; tgt $27

• Econ Data (Friday):
  • 08:30 ET: September Housing Starts (Briefing.com consensus 1350K; prior 1356K) and Building Permits (Briefing.com consensus 1455K; prior 1475K)
  • 12:10 ET: Fed Governor Waller (FOMC voter) speaks
• 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