After Hours Report

The stock market closed mostly higher after a soft start to the week. Some buy-the-dip action contributed to the positive bias, which was boosted by surging shares of Tesla (TSLA 260.46, +46.83, +21.9%) after impressive Q3 earnings and a 2025 vehicle growth estimate. 

The upside bias was also related to a drop in market rates. The 2-yr yield settled two basis points lower at 4.07% and the 10-yr yield settled four basis points lower at 4.20%.

The S&P 500 settled 0.2% higher and the Nasdaq Composite closed up 0.8% compared to yesterday. The S&P 500 is still 0.9% lower since Friday and the Nasdaq Composite is 0.4% lower for the week. 

The Dow Jones Industrial Average (-0.3%) underperformed major indices due to losses in IBM (IBM 218.39, -14.36, -6.2%), Honeywell (HON 209.10, -11.24, -5.1%), and Boeing (BA 155.20, -1.86, -1.2%). IBM and Honeywell reported earnings results and Boeing trades down on news that workers voted 64% against accepting the latest contract proposal put forth by their employer.

Other influential names like Whirlpool (WHR 110.37, +11.09, +11.2%), Mattel (MAT 18.57, +0.79, +4.4%), Lam Research (LRCX 76.57, +3.71, +5.1%), and ServiceNow (NOW 956.58, +48.90, +5.4%) settled higher in response to earnings news, providing added support to the broader market. 

Union Pacific (UNP 230.75, -10.60, -4.4%), United Rentals (URI 824.99, -9.19, -1.1%), and Harley Davidson (HOG 31.67, -2.46, -7.2%) were among the names that traded down after reporting earnings results. 

The S&P 500 communication services sector was a top performer, jumping 3.2% thanks to Tesla and Amazon.com (AMZN 186.38, +1.67, +0.9%). The materials sector logged the largest decline, down 1.4% from yesterday.

• Nasdaq Composite: +22.7% YTD
• S&P 500: +21.8% YTD
• Dow Jones Industrial Average: +12.4% YTD
• S&P Midcap 400: +12.5% YTD
• Russell 2000: +9.5% YTD

Reviewing today's economic data: 

• Weekly Initial Claims 227K (Briefing.com consensus 246K); Prior was revised to 242K from 241K, Weekly Continuing Claims 1.897 mln; Prior was revised to 1.869 mln from 1.867 mln
  • The key takeaway from the report is that, while it might still contain some noise from the effects of the hurricanes, the initial claims data from both a seasonally adjusted and unadjusted basis connote a labor market that is still operating on solid ground that is a long way from recession-like territory.
• October S&P Global US Manufacturing PMI - Prelim 47.8; Prior 47.3
• October S&P Global US Services PMI - Prelim 55.3; Prior 55.2
• September New Home Sales 738K (Briefing.com consensus 713K); Prior was revised to 709K from 716K
  • The key takeaway from the report is that new home sales, which are tabulated when contracts are signed, likely enjoyed a tailwind from the drop in mortgage rates seen in September ahead of the FOMC decision, but with rates higher now than they were before the September 18 rate cut, it is reasonable to think October new home sales won't look as good.

Looking ahead, Friday's economic lineup includes:

• 8:30 ET: September Durable Orders (Briefing.com consensus -0.9%; prior 0.0%) and Durable Orders ex-transport (Briefing.com consensus -0.1%; prior 0.5%)
• 10:00 ET: Final October University of Michigan Consumer Sentiment (Briefing.com consensus 68.9; prior 68.9)

Overseas:

• Europe: DAX +0.4%, FTSE +0.1%, CAC +0.1%
• Asia: Nikkei +0.3%, Hang Seng -1.3%, Shanghai -0.7%

Commodities:

• Crude Oil -0.61 @ 70.20
• Nat Gas +0.17 @ 2.52
• Gold +18.30 @ 2748.30
• Silver -0.02 @ 33.82
• Copper +0.03 @ 4.36

After-Hours Spotlight:

• Boston Beer Co (SAM) beats by $0.35, reports revs in-line; guides FY24 EPS in-line... no indication for SAM
• Capital One (COF) beats by $0.74, beats on revs... COF up 4.0%
• Comfort Systems (FIX) beats by $0.12, misses on revs; increases quarterly dividend to $0.35/share from $0.30/share... FIX down 7.0%
• Coursera (COUR) beats by $0.08, beats on revs; guides Q4 revs below consensus... COUR down 13.4%
• Deckers Outdoor (DECK) beats by $0.35, beats on revs; guides FY25 EPS below consensus, revs below consensus... DECK up 9.1%
• Dexcom (DXCM) beats by $0.02, reports revs in-line; guides FY24 revs in-line; CMO to retire at end of year... DXCM down 8.6%
• McGrath RentCorp (MGRC) beats by $0.60, beats on revs; guides FY24 revs above two analyst estimate... MGRC up 11.5%
• Mohawk (MHK) beats by $0.01, reports revs in-line; guides Q4 EPS below consensus... MHK down 9.7%
• Olin (OLN) misses by $0.25, reports revs in-line... OLN down 9.4%
• Skechers USA (SKX) beats by $0.10, beats on revs; guides Q4 EPS below consensus, revs in-line... SKX up 6.1%
• Western Digital (WDC) beats by $0.07, reports revs in-line; guides DecQ EPS in-line, revs in-line... WDC up 9.0%

Fair Value for Friday, Oct 25:

• S&P 500: 5,848
• Nasdaq 100: 20,378
• DJIA: 42,599

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

• Earnings/Guidance (Full Earnings Calendar):
  • ADT (ADT) beats by $0.03, beats on revs; guides FY24 EPS above consensus, revs in-line
  • Align Tech (ALGN) beats by $0.04, misses on revs; guides Q4 revs below consensus; expect to repurchase up to $275 mln beginning in Q4
  • Alkermes Plc (ALKS) beats by $0.03, reports revs in-line; reiterates FY24 outlook
  • Allegion (ALLE) beats by $0.18, reports revs in-line; raises FY24 EPS above consensus, reaffirms FY24 revs guidance
  • AllianceBernstein (AB) beats by $0.05, beats on revs
  • American Airlines (AAL) beats by $0.14, beats on revs; guides Q4 EPS in-line
  • Ameriprise Financial (AMP) beats by $0.09, beats on revs
  • Anglo American (NGLOY) reports Q3 trading statement/production; raises Nickel production guidance
  • Applied Industrial (AIT) beats by $0.11, beats on revs; guides FY25 EPS in-line, reaffirms FY25 revs guidance
  • ASGN Incorporated (ASGN) beats by $0.08, reports revs in-line; guides Q4 EPS below consensus, revs in-line
  • Barclays PLC (BCS) reports Q3 results; provides outlook/targets for FY24 and FY26
  • Beyond, Inc. (BYON) beats by $1.73, misses on revs
  • Braskem (BAK) reports Q3 production
  • Bread Financial (BFH) misses by $0.11, reports revs in-line, expects 2024 average credit card and other loans to be down low-single-digits
  • Brunswick (BC) misses by $0.03, misses on revs; lowers FY24 EPS below consensus, revs below consensus
  • CACI Intl (CACI) beats by $0.89, beats on revs; raises FY25 guidance
  • Calumet Specialty Products (CLMT) sees Q3 Adj EBITDA of $45-55 mln
  • Canadian Pacific Kansas City Ltd. (CP) misses by $0.02, misses on revs
  • Carpenter Tech (CRS) beats by $0.15, misses on revs
  • Carrier Global (CARR) reports Q3 (Sep) results, misses on revs
  • CBRE Group (CBRE) beats by $0.14, beats on revs; guides FY24 EPS above consensus
  • Celestica (CLS) beats by $0.11, beats on revs; guides Q4 EPS in-line, revs in-line; guides FY25 EPS above consensus, revs in-line
  • Century Communities (CCS) beats by $0.16, reports revs in-line; Raises FY24 home deliveries and home sales revenue guidance
  • ChampionX (CHX) misses by $0.01, misses on revs; previously announced SLB merger to close in 1Q25
  • Churchill Downs (CHDN) beats by $0.01, reports revs in-line
  • City Holding Co (CHCO) beats by $0.10
  • CNX Resources (CNX) beats by $0.04, beats on revs
  • Community Health (CYH) misses by $0.11, reports revs in-line; guides FY24 EPS below consensus, revs below consensus
  • Core Labs (CLB) beats by $0.01, reports revs in-line; guides Q4 EPS in-line, revs in-line
  • Danone (DANOY) reports Q3 trading update; sales up 4% yr/yr; reaffirms FY24 guidance
  • Dover (DOV) beats by $0.09, reports revs in-line; guides FY24 EPS below consensus
  • Dow (DOW) beats by $0.01, beats on revs
  • DTE Energy (DTE) beats by $0.34; guides FY24 EPS in-line
  • Equinor (EQNR) beats on top and bottom lines
  • Essential Properties Realty Trust (EPRT) misses by $0.05, beats on revs; reaffirms FY24 FFO guidance; guides FY25 FFO below consensus
  • Expro Group (XPRO) misses by $0.02, misses on revs; refines FY24 revs guidance
  • First American Financial (FAF) beats by $0.24, misses on revs
  • First Merchants (FRME) beats by $0.05
  • FirstCash (FCFS) beats by $0.05, reports revs in-line
  • FirstService (FSV) beats by $0.21, beats on revs
  • FTI Consulting (FCN) misses by $0.21, misses on revs; Lowers FY24 EPS guidance below consensus, lowers high end of FY24 revenue guidance range, still inline
  • Globe Life (GL) beats by $0.38, reports revs in-line; guides FY24 EPS above consensus; guides FY25 EPS in-line
  • Goosehead Insurance (GSHD) beats by $0.05, misses on revs; guides FY24 revs in-line
  • Graco (GGG) misses by $0.05, misses on revs; reaffirming FY24 guidance
  • Halozyme Therapeutics (HALO) reiterates FY24 royalty revenue guidance
  • Harley-Davidson (HOG) beats by $0.10, beats on revs
  • Hasbro (HAS) beats by $0.44, misses on revs
  • Honeywell (HON) beats by $0.07, misses on revs; Raises low end of FY24 EPS guidance range, lowers revenue guidance range below consensus
  • IBM (IBM) beats by $0.08, reports revs in-line, guides Q4 CC revenue growth being consistent with Q3, reaffirms FY24 FCF outlook
  • ICON plc (ICLR) misses by $0.50, misses on revs; guides FY24 EPS below consensus, revs below consensus
  • Impinj (PI) beats by $0.08, beats on revs; guides Q4 EPS above consensus, revs above consensus
  • Integer Holdings (ITGR) beats by $0.07, misses on revs; guides FY24 EPS in-line, revs below consensus
  • Kaiser Alum (KALU) misses by $0.14, misses on revs
  • Keurig Dr Pepper (KDP) reports EPS in-line, revs in-line; reaffirms FY24 EPS and CC revenue guidance
  • Labcorp Holdings Inc. (LH) beats by $0.02, reports revs in-line; guides FY24 EPS in-line
  • Ladder Capital (LADR) beats by $0.04
  • Lam Research (LRCX) beats by $0.05, beats on revs; guides Q2 EPS in-line, revs in-line
  • Las Vegas Sands (LVS) misses by $0.09, misses on revs
  • Lear (LEA) beats by $0.35, beats on revs; guides FY24 revs below consensus
  • Lending Club (LC) beats by $0.06, beats on revs
  • Life Time (LTH) reports EPS in-line, beats on revs; raises FY24 revs above consensus
  • Lindsay Corp (LNN) beats by $0.16, beats on revs
  • LKQ (LKQ) reports EPS in-line, misses on revs; lowers FY24 EPS below consensus; announces $1.0 billion increase to share repurchase program
  • Mattel (MAT) beats by $0.19, reports revs in-line; reaffirms FY24 EPS guidance
  • MaxLinear (MXL) misses by $0.04, reports revs in-line; guides Q4 revs in-line
  • Moelis (MC) beats by $0.03, reports revs in-line
  • Molina Healthcare (MOH) beats by $0.07, beats on revs; reaffirms FY24 EPS guidance
  • Monarch Casino & Resort (MCRI) beats by $0.10, beats on revs
  • MSC Industrial (MSM) misses by $0.04, reports revs in-line
  • NASDAQ (NDAQ) beats by $0.05, misses on revs
  • NetScout Systems (NTCT) beats by $0.02, beats on revs; guides FY25 EPS in-line, revs in-line
  • Newmont Corporation (NEM) misses by $0.05, misses on revs
  • Northrop Grumman (NOC) beats by $0.92, misses on revs; guides FY24 EPS above consensus, reaffirms FY24 revs guidance
  • Novartis' (NVS) ribociclib recognized as Category 1 preferred breast cancer adjuvant treatment by NCCN Clinical Practice Guidelines in Oncology
  • Oceaneering Intl (OII) misses by $0.07, misses on revs; provides FY24 and FY25 guidance
  • O'Reilly Auto (ORLY) misses by $0.12, misses on revs; guides FY24 EPS in-line, revs in-line
  • OSI Systems (OSIS) beats by $0.18, beats on revs; guides FY25 EPS above consensus, revs above consensus
  • Pacific Premier (PPBI) misses by $0.01
  • Patterson-UTI (PTEN) misses by $0.01, beats on revs
  • Pathward Financial (CASH) beats by $0.09, reports revs in-line
  • Pegasystems (PEGA) beats by $0.04, reports revs in-line
  • Plexus (PLXS) beats by $0.30, beats on revs; guides Q1 EPS in-line, revs below consensus
  • Pool (POOL) beats by $0.10, beats on revs; reaffirms FY24 adjusted EPS guidance
  • Radius Recycling (RDUS) beats by $0.18 (two ests), beats on revs (single est)
  • Raymond James (RJF) beats by $0.54, beats on revs
  • Reliance, Inc. (RS) misses by $0.02, beats on revs; guides Q4 EPS below consensus; announces buyback
  • Rogers Comms (RCI) beats by $0.41, beats on revs
  • Rollins (ROL) misses by $0.01, reports revs in-line; John F. Wilson to succeed Gary W. Rollins as Executive Chairman
  • Ryder System (R) beats by $0.03, misses on revs; reaffirms FY24 EPS guidance, revs guidance
  • S&P Global (SPGI) beats by $0.25, beats on revs; guides FY24 EPS above consensus, revs above consensus
  • Sallie Mae (SLM) reports Q3 (Sep) results
  • SEI Investments (SEIC) beats by $0.12, reports revs in-line
  • ServiceNow (NOW) beats by $0.27, beats on revs
  • Simply Good Foods (SMPL) beats by $0.01, reports revs in-line; guides FY25 revs below consensus
  • Simulations Plus (SLP) beats by $0.01, misses on revs; guides FY25 EPS above consensus, revs in-line
  • Sonic Automotive (SAH) beats by $0.70, misses on revs; raises dividend
  • South State (SSB) beats by $0.30, reports revs in-line
  • Southwest Air (LUV) beats by $0.09, beats on revs
  • Spirit Aerosystems (SPR) misses by $2.42, misses on revs
  • Stewart Info (STC) beats by $0.11, beats on revs
  • TechnipFMC (FTI) beats by $0.25, reports revs in-line; increases buyback
  • Teck Resources (TECK) beats by CAD0.21, beats on revs
  • Teradyne (TER) beats by $0.12, beats on revs; guides Q4 EPS in-line, revs in-line
  • Tesla (TSLA) beats by $0.12, misses on revs, gross margin up 195 bps; Plans for new vehicles, including more affordable models, remain on track for start of production in 1H25
  • Textron (TXT) misses by $0.09, misses on revs; lowers FY24 EPS guidance below consensus
  • The Shyft Group (SHYF) beats by $0.02, misses on revs; reaffirms FY24 EPS guidance; lowers FY24 revenue guidance
  • T-Mobile US (TMUS) beats by $0.18, reports revs in-line; raises guidance
  • Tractor Supply (TSCO) reports EPS in-line, revs in-line; guides FY24 EPS in-line, revs in-line
  • TRI Pointe Homes (TPH) beats by $0.11, beats on revs
  • Tyler Tech (TYL) beats by $0.09, reports revs in-line; guides FY24 EPS above consensus, revs in-line
  • Union Pacific (UNP) misses by $0.03, reports revs in-line
  • Unilever (UL) reports Q3 trading statement; reaffirms FY24 outlook
  • Union Pacific (UNP) misses by $0.03, reports revs in-line
  • United Bankshares (UBSI) beats by $0.03
  • United Rentals (URI) misses by $0.76, reports revs in-line; guides FY24 revs in-line
  • UPS (UPS) beats by $0.13, reports revs in-line; guides FY24 revs below consensus
  • Valero Energy (VLO) beats by $0.16, beats on revs
  • Veralto (VLTO) beats by $0.04, reports revs in-line; guides Q4 EPS in-line
  • Viking Therapeutics (VKTX) beats by $0.02
  • Vista Energy (VIST) reports Q3 with total production +47% yr/yr
  • Visteon (VC) beats by $0.43, beats on revs; guides FY24 revs in-line
  • Western Union (WU) beats by $0.02, reports revs in-line; reaffirms FY24 EPS guidance, revs guidance
  • West Fraser (WFG) reports Q3 (Sep) results, beats on revs
  • West Pharm (WST) beats by $0.35, beats on revs; guides FY24 EPS above consensus, revs above consensus; raises dividend
  • WEX (WEX) misses by $0.06, misses on revs; guides Q4 EPS below consensus, revs below consensus
  • Whirlpool (WHR) beats by $0.23, misses on revs; reaffirms FY24 EPS guidance, revs guidance
  • Wyndham Hotels & Resorts (WH) beats by $0.01, misses on revs; guides FY24 EPS in-line
• General News
  • Israel conducted strikes in southern Lebanon, according to the New York Times
  • Turkey struck targets in northern Iraq, according to Financial Times
  • Medical insurance companies got $4.2 bln from home visit diagnoses that were questionable, according to the Wall Street Journal
  • Justice Department and Department of Transportation launch broad public inquiry into the state of competition in air travel
  • AbbVie (ABBV) and Gedeon Richter announce new collaboration for the discovery and development of novel targets for neuropsychiatric conditions
  • Abbott Labs (ABT) announces a new, first-of-its-kind clinical trial designed to improve outcomes in patients with worsening heart failure who could benefit from advanced therapy options
  • Acuity Brands (AYI) to acquire QSC for $1.215 bln, or $1.1 bln net of approx. $100 mln in present value of expected tax benefits; Expected to close in Q2 2025 and be accretive to 2025 adj EPS
  • Acuity Brands (AYI): QSC, LLC announces that they have reached a definitive agreement to be acquired by Acuity Brands
  • Allianz SE (ALIZY) mulling options for AllianzGI business, according to Reuters
  • Allison Transmission (ALSN) expands market share of wheeled defense vehicles outside North America
  • American Electric (AEP) files a settlement agreement that addresses the extreme power needs of Ohio's growing data center industry while protecting AEP Ohio's other customers
  • Amerisafe (AMSF) declares special dividend of $3.00/share payable on December 13, 2024, to shareholders of record as of December 6
  • Andersons (ANDE) has signed a long-term lease agreement for its operations at Port Houston and will be expanding the facility to support the export of soybean meal among other bulk grains
  • AST SpaceMobile (ASTS) selected by Space Development Agency to compete for upcoming prototype demonstration projects under the Hybrid Acquisition for proliferated Low-earth Orbit (HALO) program
  • AVANGRID (AGR) has achieved a joint certification in ISO 14001 and ISO 45001 for its Onshore Renewables business, becoming one of the first businesses within the Iberdrola Group to do so
  • Baxter (BAX) provides Hurricane Helene update
  • Baxter Healthcare (BAX) updates use instructions for Life2000 ventilation system due to risk of no low gas pressure alarm
  • Blue Bird (BLBD) has delivered its first fleet of propane-powered buses to the School District of Philadelphia, the largest school district in Pennsylvania
  • Boeing's (BA) Millennium Space Systems, awarded an other transaction agreement with the U.S. Space Force Space Systems Command to deliver an additional plane of six Missile Track Custody, or MTC, satellites in support of its resilient missile warning and tracking medium earth orbit Epoch 1 program
  • Boeing (BA): Frontline Boeing workers voted 64% against accepting the latest contract proposal put forth by their employer
  • Box (BOX) and AWS partner to bring powerful generative AI models and capabilities to enterprise content
  • BridgeBio Pharma (BBIO) presents positive preliminary data from eleven participants dosed in the CANaspire Phase 1/2 clinical trial of BBP-812, an investigational intravenous adeno-associated virus serotype 9 gene therapy in development for the treatment of Canavan disease
  • Dorian LPG (LPG) declares irregular cash dividend of $1.00/share and provides Q2 guidance update
  • enCore Energy (EU) continues to expand uranium production at the Alta Mesa Plant
  • Endeavor Group (EDR) has commenced a review and potential sale of certain events within its IMG portfolio, including but not limited to the Miami Open and Madrid Open, two legendary ATP Masters 1000 and WTA 1000 tennis tournaments, and Frieze, the world’s leading platform for modern and contemporary art
  • EyePoint Pharmaceuticals (EYPT) announces first patient dosed in Global Phase 3 LUGANO Clinical Trial of DURAVYUTM for the treatment of wet age-related macular degeneration
  • GeneDx (WGS) announces that the Journal of the American Medical Association published peer-reviewed research from the GUARDIAN study, the largest study of its kind to explore the utility of whole genome sequencing to identify 255 early onset genetic conditions in newborns from a diverse population
  • General Dynamics (GD): Gulfstream Aerospace awarded $991 mln ceiling U.S. Air Force contract
  • GlaxoSmithKline (GSK) reports new data for Arexvy showing potential to help protect a broader group of adults at increased risk for RSV disease
  • GlaxoSmithKline (GSK) announces new preliminary data for AREXVY in adults aged 18-49 at increased risk for lower respiratory tract disease caused by respiratory syncytial virus due to certain underlying medical conditions and in adults who are immunocompromised
  • GlaxoSmithKline (GSK) invests up to $800 million in Pennsylvania site, largest manufacturing investment in U.S.
  • GRAIL (GRAL) Presents Initial Results From REFLECTION Real-World Evidence Study of Galleri® Multi-Cancer Early Detection (MCED) Test at the Early Detection of Cancer Conference
  • H & R Block (HRB) extends the term of Pathward, N.A. (f/k/a MetaBank, N.A.) Program Management Agreement by two years, through June 30, 2027
  • Heritage Financial Corp. (HFWA) announces that Nicholas Bley will become the COO of Heritage Bank, effective Oct 28
  • INmune Bio (INMB) announces the publication of a seminal paper in the journal Cell Reports that demonstrates XPro1595 promotes remyelination in an animal model of demyelinating disease
  • Intel (INTC): EU court rules in favor of Intel in antitrust case, according to Reuters
  • Intel (INTC) had poor execution on AI, according to New York Times
  • Inozyme Pharma (INZY) announces positive interim data from Phase 1 SEAPORT 1 trial of INZ-701
  • Karat Packaging (KRT) discovered unauthorized third-party access
  • Kura Oncology (KURA) reports preclinical data supporting the development of the Company’s menin inhibitor, ziftomenib, for the treatment of advanced gastrointestinal stromal tumors
  • Kymera Therapeutics (KYMR) announces that it recently initiated dosing in the Phase 1 clinical trial in the US evaluating KT-621, a potent, selective, oral degrader of STAT6, in adult healthy volunteers
  • L3Harris (LHX) and Palantir Technologies Inc. (PLTR) announce a strategic partnership to propel advanced technology development and accelerate L3Harris’ digital transformation
  • Linde plc (LIN) signs agreements to de-captivate two air separation units and expand supply of industrial gases to Tata Steel Limited in India
  • LKQ (LKQ) authorizes $1 bln increase to its stock repurchase program
  • McDonald's (MCD): Colorado officials say McDonald's E. coli outbreak could have affected all stores in the state, according to Fox 31
  • McDonald's (MCD) supplier Taylor Farms aiming to recall some yellow onion batches, according to Bloomberg
  • MediciNova (MNOV) Announces Update of Phase 2/3 Clinical Trial of MN-166 (ibudilast) in ALS patients (COMBAT-ALS) at the 2024 Annual NEALS Meeting
  • Merck (MRK): CDC’S ACIP Recommends Merck’s CAPVAXIVE (Pneumococcal 21-valent Conjugate Vaccine) for Pneumococcal Vaccination in Adults 50 Years of Age and Older
  • Merck (MRK) announces that the European Commission has approved two new indications for KEYTRUDA, Merck’s anti-PD-1 therapy, in gynecologic cancers
  • Monopar Therapeutics (MNPR) has entered into an agreement with Alexion, AstraZeneca (AZN) Rare Disease for an exclusive worldwide license to ALXN-1840, a drug candidate for Wilson disease that Alexion (ALXN) has progressed through a Phase 3 clinical trial that met its primary endpoint
  • Morningstar (MORN) announces that CFO, Jason Dubinsky will step down as CFO at the end of the year to pursue other interest; co has initiated a succession process
  • National Fuel Gas (NFG) announced that Ronald C. Kraemer, COO of National Fuel Gas Company and President of National Fuel’s pipeline and storage subsidiaries, has indicated his intention to retire effective Feb. 1, 2025
  • New Found Gold Corp. (NFGC) intercepts 105 G/T AU over 2.10M & 10.4 G/T AU over 4.45M at "Pistachio" zone at Kingsway, hits 36.7 G/T AU over 2M at Jackpot
  • Norfolk Southern (NSC) is uniting a diverse group of industry leaders and stakeholders to form its Customer Advisory Board
  • Northrop Grumman (NOC) awarded $1.80 bln U.S. Air Force contract modification
  • Pfizer (PFE) announces that the U.S. Centers for Disease Control and Prevention’s Advisory Committee on Immunization Practice voted to expand its recommendation for the use of certain pneumococcal vaccines, including PREVNAR 20 for all adults aged 50 and older
  • Q2 Holdings (QTWO) announces its partnership with Envisant
  • Rhythm Pharmaceuticals (RYTM) and Axovia Therapeutics Ltd. announce a joint research collaboration designed to advance the understanding of Bardet-Biedl syndrome
  • Roper (ROP) files mixed shelf securities offering
  • ServiceNow (NOW) partners with NVIDIA (NVDA) to accelerate enterprise adoption of Agentic AI; co's will use NVIDIA NIM Agent Blueprints to co-develop native AI Agents within the ServiceNow platform, creating use cases fueled by business knowledge that customers simply choose to turn on
  • ServiceNow (NOW) introduces workflow data fabric, forging a new generation of AI-fueled productivity for the enterprise
  • ServiceNow (NOW) partners with Databricks to deliver zero copy integration that supercharges machine learning and AI capabilities
  • Solventum Corporation (SOLV) mulling sale of purification and filtration unit, according to Bloomberg
  • Southwest Airlines (LUV): Elliott and Southwest getting closer to settlement, according to Bloomberg
  • Southwest Air (LUV) confirms appointment of six new independent directors; co enters into cooperation and information sharing agreements with Elliott (
  • Spirit Aerosystems (SPR) disclosed it is in active discussions with Boeing and other customers regarding the timing or amounts of repayment for customer advances
  • Spirit Aerosystems (SPR) mulling hundreds of more furloughs or layoffs if Boeing (BA) strike lasts until after November 25, according to CNBC
  • Taiwan Semiconductor Manufacturing (TSM) Arizona chip production yields have surpassed their Taiwan counterparts, according to Bloomberg
  • TechnipFMC (FTI) authorizes additional share repurchases of up to $1 bln
  • Tesla (TSLA): DOJ writes letter to Tesla CEO Elon Musk regarding $1 million voter lottery, according to the Wall Street Journal
  • TeraWulf (WULF) announces that its Board of Directors approved a share repurchase program authorizing the Company to repurchase up to $200 mln of the Company’s outstanding shares of common stock through December 31, 2025
  • Texas Instruments (TXN) has begun production of gallium nitride-based power semiconductors at its factory in Aizu, Japan
  • Textron (TXT) announces retirement of CFO Frank Connor, effective Feb 28, 2025; David Rosenberg, VP, Investor Relations, to succeed Connor as CFO
  • Verano Holdings Corp. (VRNOF) announces the Company’s Zen Leaf Waterbury dispensary in Connecticut has received all required approvals from municipal and state officials to commence adult use sales
  • Waste Connections (WCN) beats by $0.05, beats on revs; guides FY24 revs above consensus; increases dividend
  • Wolfspeed (WOLF) ends plan to build a semiconductor factory in Germany, according to Reuters
  • Zai Lab (ZLAB): ZL-1310, an Investigational DLL3-Targeted Antibody-Drug Conjugate (ADC), Demonstrates Promising Objective Response Rates and Safety Profile in Extensive-Stage Small Cell Lung Cancer

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

• Upgrades:
  • Hanmi Financial (HAFC) upgraded to Overweight from Neutral at Piper Sandler; tgt raised to $25.50
  • NextEra Energy Partners (NEP) upgraded to Neutral from Underweight at JP Morgan; tgt lowered to $22
  • Regions Fincl (RF) upgraded to Buy from Hold at Deutsche Bank; tgt raised to $26
  • Steris (STE) upgraded to Overweight from Neutral at Piper Sandler; tgt raised to $260
  • Tesla (TSLA) upgraded to Outperform from Neutral at KGI Securities
  • UP Fintech (TIGR) upgraded to Buy from Hold at China Renaissance
• Downgrades:
  • ATI Inc. (ATI) downgraded to Sector Weight from Overweight at KeyBanc Capital Markets
  • Avery Dennison (AVY) downgraded to Neutral from Overweight at JP Morgan; tgt lowered to $210
  • Constellium (CSTM) downgraded to Hold from Buy at Deutsche Bank; tgt lowered to $12
  • Dyne Therapeutics (DYN) downgraded to Neutral from Overweight at JP Morgan; tgt lowered to $35
  • Helix Energy (HLX) downgraded to Neutral from Buy at BTIG Research
  • Howmet Aerospace (HWM) downgraded to Sector Weight from Overweight at KeyBanc Capital Markets
  • ICON plc (ICLR) downgraded to Neutral from Outperform at Robert W. Baird; tgt $340
  • MAG Silver (MAG) downgraded to Neutral from Buy at ROTH MKM; tgt raised to $17.50
  • OUTFRONT Media (OUT) downgraded to Peer Perform from Outperform at Wolfe Research
  • Seres Therapeutics (MCRB) downgraded to Underweight from Neutral at JP Morgan
  • U.S. Bancorp (USB) downgraded to Hold from Buy at Deutsche Bank; tgt $51
  • Verizon (VZ) downgraded to Sector Weight from Overweight at KeyBanc Capital Markets
  • WillScot Mobile Mini (WSC) downgraded to Neutral from Outperform at Robert W. Baird; tgt $42
• Others:
  • Avalo Therapeutics (AVTX) initiated with a Neutral at H.C. Wainwright
  • Bit Digital (BTBT) initiated with a Buy at B. Riley Securities; tgt $6
  • Blueprint Medicines (BPMC) initiated with a Neutral at UBS; tgt $88
  • California Resources Corp (CRC) initiated with a Buy at Jefferies; tgt $64
  • CG Oncology (CGON) initiated with a Buy at UBS; tgt $60
  • Cullinan Therapeutics (CGEM) initiated with a Buy at UBS; tgt $30
  • Gen Digital (GEN) initiated with an Overweight at Wells Fargo; tgt $35
  • IDEAYA Biosciences (IDYA) initiated with a Buy at UBS; tgt $50
  • Immunocore (IMCR) initiated with a Sell at UBS; tgt $24
  • Iovance Biotherapeutics (IOVA) initiated with a Buy at UBS; tgt $17
  • Janux Therapeutics (JANX) initiated with a Buy at UBS; tgt $69
  • Keros Therapeutics (KROS) initiated with an Overweight at Cantor Fitzgerald
  • Kura Oncology (KURA) initiated with a Buy at UBS; tgt $27
  • Lufax (LU) resumed with a Hold at Jefferies; tgt $3.20
  • Merus (MRUS) initiated with a Buy at UBS; tgt $72
  • Nurix Therapeutics (NRIX) initiated with a Buy at UBS; tgt $35
  • Nuvalent (NUVL) initiated with a Neutral at UBS; tgt $100
  • Perspective Therapeutics (CATX) initiated with a Buy at UBS; tgt $20
  • Q32 Bio (QTTB) initiated with a Strong Buy at Raymond James; tgt $90
  • Retail Opportunity Investments (ROIC) resumed with an Underperform at BofA Securities; tgt $14
  • Sempra Energy (SRE) initiated with a Buy at Jefferies; tgt $98
  • Sirius XM (SIRI) resumed with an Underperform at BofA Securities; tgt $23
  • Syndax Pharmaceuticals (SNDX) initiated with a Buy at UBS; tgt $37
  • Tenax Therapeutics (TENX) initiated with an Outperform at Leerink Partners; tgt $16

• Econ Data (Friday):
  • 8:30 ET: September Durable Orders (Briefing.com consensus -0.9%; prior 0.0%) and Durable Orders ex-transport (Briefing.com consensus -0.1%; prior 0.5%)
  • 10:00 ET: Final October University of Michigan Consumer Sentiment (Briefing.com consensus 68.9; prior 68.9)
• Earnings:
  • Monday (Oct 21)
    • Pre-Market: SASR
    • After-Hours: AGNC ARE BOKF CADE CATY ELS HSTM HXL KREF MEDP NUE RBB RLI SAP SIGI SSD WRB WTFC ZION
  • Tuesday (Oct 22)
    • Pre-Market: MMM AOS AUB BANC BKU CBU DHR DENN FI FCX GATX GE GM GPC HRI IPG IVZ KMB LMT MCO ONB PCAR PNR PEBO PM PII PHM DGX RTX SHW VZ
    • After-Hours: ADC AGR BKR NTB BDN CNI CSGP EWBC ENVA ENPH HIW JBT MANH MTDR NBR NBHC NSC PKG PFSI RRC ROIC RHI RNST STX LRN TXN TRMK VMI VBTX VICR
  • Wednesday (Oct 23)
    • Pre-Market: APH T AVY BA BSX CME KO CSTM EVR FBP GEV GD HCSG HLT KBR LII LAD COOP EDU NEE NEP NTRS ODFL BPOP PRG PB ROP SF TMHC TDY TMO TRU TNL UNF UCB VRT WAB WSO WGO
    • After-Hours: ALGN AMP ASGN CACI CP CLS CCS CHDN CYH CLB EGP EQC EPRT FAF GL GSHD GGG GBX IBM ICLR PI KALU KNX LRCX LVS LC MAT MXL MC MOH MSA NEM ORLY OII CASH PTEN PEGA PLXS QS RJF ROL SLM SEIC NOW SLP SSB STC TMUS TER TSLA TYL URI VLTO VKTX WCN WFRD WSBC WU WHR WH
  • Thursday (Oct 24)
    • Pre-Market: ADT ALKS ALLE AB AAL AIT AMBP BHLB BFH BC CRS CARR CBRE COLB DOV DOW DTE EEFT XPRO FRME FSV FCN FCFS HOG HAS HON ITGR KDP KKR LADR LH LEA LTH LNN LKQ MSM NDAQ NTCT NOC OSIS PPBI POOL RDUS RS RCI RES R SPGI SMPL SAH SBSI LUV FTI TECK TXT SHYF TSCO TPH UNP UPS VLO VLY VIRT VC WNC WST WEX
    • After-Hours: ABCB APPF ATR AJG ASB BYON SAM BYD COF CSL CINF COUR CUZ DECK DXCM DLR EW EXPO FHI FFBC FIBK GLPI GBCI HIG HTH DOC KNSL KN LHX MGRC MTX MHK NOV OLN PECO PDM PFG RMD SBCF SKX SPSC SSNC TXRH TROX UHS VRSN WDC WY WKC WSFS ZYXI
  • Friday (Oct 25)
    • Pre-Market: AON AN AVTR BCPC B BAH CNC CL FHB GNTX HCA LKFN NYCB NWL PIPR POR SAIA SNY SXT STEL TNET WT
    • After-Hours: None
General Motors: 5,000 members at GM's Arlington, TX assembly plant join UAW strike