After Hours Report

The stock market had a mixed showing. The major indices ultimately settled near their best levels of the session thanks to a late afternoon push higher. The S&P 500 closed less than one point higher than yesterday after being down as much as 1.0%. The Nasdaq Composite traded as low as 1.4% and closed only 0.1% lower. The Dow Jones Industrial Average, which traded down as much as 0.4%, closed 0.3% higher than yesterday. 

Many stocks participated in the afternoon improvement, which mostly occurred after the cash session concluded in the bond market. The 10-yr yield settled four basis points higher at 4.41% and the 2-yr yield settled three basis points higher at 4.30%. Treasury yields initially moved lower in response to some geopolitical angst as reports indicated Ukraine had fired UK-made missiles into Russia.

Early safe-haven buying dissipated, though, after Fed Governor Bowman (FOMC voter) indicated that she would like to proceed cautiously in bringing down the policy rate and after today's $16 billion 20-yr bond auction met weak demand. 

Weakness in the mega cap space limited index performance throughout the session. Retailers were also noticeably weak after Target's (TGT 121.72, -33.16, -21.4%) disappointing guidance. 

S&P 500 sector performance was mixed, leaving the health care (+1.2%) and energy (+1.0%) sectors at the top of the leaderboard while the consumer discretionary (-0.6%), financials (-0.3%), and information technology (-0.2%) sectors brought up the rear.

• Nasdaq Composite: +26.4%
• S&P 500: +24.1%
• S&P Midcap 400: +16.2%
• Dow Jones Industrial Average: +15.2%
• Russell 2000: +14.7%

Reviewing today's economic data:

• Weekly MBA Mortgage Applications Index, which increased 1.7% with purchase applications increasing 2% and refinance applications rising 2%
• Weekly EIA crude oil inventories showed a build of 545,000 barrels

Thursday's economic calendar features:

• Weekly Initial Claims at 8:30 ET (Briefing.com consensus 221K; Prior 217K)
• Weekly Continuing Claims at 8:30 ET (Prior 1873K)
• November Philadelphia Fed Index at 8:30 ET (Briefing.com consensus 7.0; Prior 10.3)
• October Existing Home Sales at 10:00 ET (Briefing.com consensus 3.90 mln; Prior 3.84 mln)
• October Leading Home Sales at 10:00 ET (Briefing.com consensus -0.3%; Prior -0.5%)

Overseas:

• Europe: DAX -0.3%, FTSE -0.2%, CAC -0.4%
• Asia: Nikkei -0.1%, Hang Seng +0.2% Shanghai +0.7%

Commodities:

• Crude Oil -0.49 @ 68.76
• Nat Gas +0.20 @ 3.20
• Gold +20.90 @ 2651.90
• Silver -0.22 @ 31.04
• Copper +0.01 @ 4.15

After-Hours Spotlight:

• Jack In The Box (JACK) beats by $0.07, misses on revs... JACK down 5.3%
• NVIDIA (NVDA) beats by $0.06, beats on revs; guides Q4 revs in-line; demand for Blackwell expected to exceed supply for several quarters in FY26... NVDA down 1.5%
• Palo Alto Networks (PANW) beats by $0.08, reports revs in-line; guides Q2 EPS in-line, revs in-line; guides FY25 EPS in-line, revs in-line... PANW down 5.3%
• Snowflake (SNOW) beats by $0.05, beats on revs, product revenue up 29% yr/yr; Issues Q4 product revenue guidance of $906-$911 mln and also agrees to acquire Datavolo... SNOW up 18.0%

Fair Value for Thursday, Nov 21:

• S&P 500: 5,939
• Nasdaq 100: 20,751
• DJIA: 43,538

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

• Earnings/Guidance (Full Earnings Calendar):
  • 360 DigiTech (QFIN) beats by $2.28 (two ests), beats on revs (single est); announces new $450 mln share repurchase program for 2025
  • AZEK (AZEK) beats by $0.02, beats on revs; guides FY25 revs in-line
  • Delta Air Lines (DAL) announces financial targets ahead of investor day; 10% EPS growth average annual; $3-5 bln free cash flow annual; sees mid-teens operating margin
  • Dolby Labs (DLB) beats by $0.16, misses on revs; guides Q1 EPS below two analyst estimate, revs in-line; guides FY25 EPS below two analyst estimate, revs in-line
  • Dycom (DY) beats by $0.37, beats on revs
  • Global-E Online (GLBE) beats by $0.01, beats on revs; guides Q4 revs in-line
  • Golub Capital (GBDC) misses by $0.09, misses on revs
  • Keysight (KEYS) beats by $0.08, beats on revs; guides Q1 EPS above consensus, revs above consensus
  • La-Z-Boy (LZB) beats by $0.07, beats on revs; guides Q3 revs in-line; Increases dividend by 10% to $0.22/share
  • Matson (MATX) provides investor updates in presentation
  • Murphy Oil (MUR) provides investor updates in presentation; sees 2024 CapEx of $920 mln - $1.02 bln
  • NewAmsterdam Pharma (NAMS) announces "positive" topline data from the Company’s Phase 3 TANDEM clinical trial
  • NIO (NIO) misses by RMB0.22, misses on revs; guides Q4 revs below consensus
  • Powell Inds (POWL) beats dual est by $0.22, misses dual est on revs
  • Quad/Graphics (QUAD) lowers FY24 revenue guidance in slide presentation
  • Quad/Graphics (QUAD) releases its Investor Day presentation; reaffirms previously lowered FY24 revenue guidance
  • Qualcomm (QCOM) sets new growth targets; targeting automotive and IoT revs of $22 bln by FY29
  • Sociedad Quimica y Minera (SQM) misses by $0.17, reports revs in-line
  • Sotera Health (SHC) to share next chapter of growth at 2024 investor day
  • Spire (SR) misses by $0.01, misses on revs; guides FY25 EPS in-line
  • STMicroelectronics (STM) provides outlines 2027-2028 financial model and path towards 2030 ambition
  • Target (TGT) misses by $0.45, misses on revs; guides Q4 EPS below consensus
  • TJX (TJX) beats by $0.05, reports revs in-line; guides Q4 EPS below consensus; updates stock repurchase expectations
  • Varex Imaging (VREX) beats by $0.11, beats on revs; guides Q1 EPS in-line, revs above two analyst estimate
  • Voyager Therapeutics (VYGR) has selected a lead development candidate, VY1706, for its tau silencing gene therapy program in Alzheimer’s disease
  • Williams-Sonoma (WSM) beats by $0.19, beats on revs; guides FY25 revs in-line
  • Wix.com (WIX) beats by $0.06, reports revs in-line; guides FY24 revs above consensus
  • XP (XP) misses by $0.01, misses on revs
  • ZIM (ZIM) Reports Financial Results for the Third Quarter of 2024; Raises Full Year 2024 Guidance
  • ZTO Express (ZTO) beats by $0.06, beats on revs; issues FY24 parcel volume guidance
• General News
  • Apollo Global Management (APO) CEO Marc Rowan and former Fed Governor Kevin Warsh will interview with President-elect Trump today for position of Treasury Secretary, according to Bloomberg
  • President-elect Trump nominates Linda McMahon as Secretary of Education
  • President-elect Trump confirms nomination of Dr. Mehmet Oz to lead Centers for Medicare and Medicaid Services
  • ECB issues financial stability report
  • California voters rejected ballot measure that would have increased minimum wage to $18/hour, AP
  • Department of Energy announces awards for up to $2.2 billion for two regional clean hydrogen hubs
  • President-elect Trump is considering creating a new White House office that will be in charge of cryptocurrency policy, according to Bloomberg
  • Amazon (AMZN) launches two new Echo devices including the largest Echo Show ever
  • Anheuser-Busch InBev (BUD) announces a new $14 mln investment in its Houston brewery
  • Apple (AAPL): Counterpoint Research says Singles’ Day 2024: China smartphone sales fall 9% yr/yr
  • argenx (ARGX) Advances Clinical Development of Efgartigimod SC in Idiopathic Inflammatory Myopathies
  • Assurant (AIZ) increases quarterly cash dividend 11% to $0.80/share from $0.72/share
  • Astellas Pharma (ALPMY) enters into an agreement with Desert Oasis Healthcare to pilot DIGITIVA, a non-invasive digital health solution for the management of heart failure patients
  • Banco Latinoamer (BLX) CFO to step down
  • Bassett Furniture (BSET) announces certain work force reductions designed to both streamline operations and better match the Company’s cost structure to the current rate of business
  • Baxter (BAX) alerted health care professionals that a very small proportion of IV fluid bags produced at the North Cove facility before Hurricane Helene may have a defect which causes the bag to leak
  • Boeing (BA) CEO Kelly Ortberg told employees that the company will not be cash flow positive until 737 production increases, according to WSJ
  • Borr Drilling (BORR) received a notice of temporary suspension of operation for its rig 'Arabia II', operating in Saudi Arabia
  • BRF SA (BRFS) signed a binding agreement with Henan Best Foods, a subsidiary of the OSI Group, to acquire a processed foods factory in Henan Province, China
  • Brookfield Corp (BN): Tennessee Valley Authority with Argo Infrastructure Partners, LP and Brookfield Asset Management announce signing of a landmark 10-year power purchase agreement
  • C3.ai (AI) and Capgemini announce an expansion of their partnership
  • Canaan (CAN) Secures Follow-On Order from HIVE (HIVE) for 5,000 Avalon A15-194T Miners; Also expands its Self-mining Footprint in Texas and Pennsylvania
  • Canada Goose (GOOS) announces that the Toronto Stock Exchange approved the renewal of its normal course issuer bid, providing for the purchase for cancellation of up to 4,556,841 subordinate voting shares
  • Capricor Therapeutics (CAPR) announces that the European Medicines Agency has granted both Orphan Drug and Advanced Therapy Medicinal Product designations to its lead asset, deramiocel, for the treatment of Duchenne muscular dystrophy
  • Centrus Energy (LEU) is resuming centrifuge manufacturing activities and expanding its manufacturing capacity at its facility in Oak Ridge, Tennessee
  • Coeur Mining (CDE): CMC Metals options the Silverknife Property to Coeur Mining
  • Comcast (CMCSA) will soon announce spinoff of NBCUniversal's cable networks into a separate company including MSNBC, CNBC, and USA Network, according to the Wall Street Journal
  • Comp Siderurgica (SID) and InterCement reached a new agreement to extend until December 16 the exclusivity rights with respect to a potential acquisition of shares representing 100% of InterCement's capital stock
  • Daktronics (DAKT) amends and extends Shareholder Rights Agreement
  • DT Midstream (DTM) announces the pricing of its previously announced underwritten registered public offering
  • Dun & Bradstreet (DNB) announces the availability of D&B Ask Procurement, its generative artificial intelligence assistant built in collaboration with IBM (IBM)
  • Exxon Mobil (XOM) and LG Chem (LGCLF) have signed a non-binding memorandum of understanding (MOU) for a multiyear offtake agreement for up to 100,000 metric tons of lithium carbonate
  • Flex (FLEX) completes acquisition of Crown Technical Systems for $325 mln
  • Foghorn Therapeutics (FHTX) announces two new agreements with Ampersand Biomedicines and Montai Therapeutics under its strategic partnership with Pfizer (PFE)
  • Ford Motor (F): BlueOval SK workers launch campaign to join UAW, driving momentum for unionization in EV battery industry
  • GCM Grosvenor (GCMG): AGT Food and Ingredients Inc. announces sale of shortline rail and bulk handling infrastructure; partnership with GCM Grosvenor and Mobil Grain Ltd.
  • GlobalFoundries (GFS) and the U.S. Department of Commerce have announced an award of up to $1.5 bln in direct funding to GF through the CHIPS and Science Act
  • Google (GOOG, GOOGL) Chrome could be worth $20 bln if judge orders a sale, according to Bloomberg
  • Harrow (HROW): Melt Pharmaceuticals Reports Positive Phase 3 Topline Efficacy Results for MELT-300, Its Lead Product Candidate for Opioid-Free, Sublingual Procedural Sedation in Patients Undergoing Cataract Surgery
  • Hewlett Packard Enterprise (HPE) and Deloitte collaborate to deliver private cloud AI capabilities
  • Hewlett Packard Enterprise (HPE) advances hybrid cloud leadership with unified virtualization management, fast object storage and disconnected private clouds
  • HSBC (HSBC) aiming to reintroduce its 'Premier' wealth brand, according to Reuters
  • HSBC Holdings (HSBC) and the National Community Reinvestment Coalition announce a four-year, $25 mln community growth initiative today, as part of HSBC’s broader strategy to drive responsible banking practices and promote financial equity across its U.S. footprint and designed to address concerns raised by NCRC
  • Intuitive Machines (LUNR): NASA intends to award Blue Origin and SpaceX additional work under their existing contracts to develop landers
  • Johnson & Johnson (JNJ) and Merk (MRK) aiming to eliminate some jobs in China, according to Bloomberg
  • Keysight (KEYS) expanded its financial capital markets portfolio through a partnership with Instrumentix to introduce a cutting-edge trade solution
  • KKR (KKR) commences second tender offer scheme for FUJI SOFT
  • Lantheus Holdings (LNTH) authorizes $250 mln share repurchase program
  • LendingTree (TREE) and Coverdash announce a partnership to provide LendingTree customers with access to business insurance for the very first time
  • Lucid Group (LCID) aiming to begin Gravity deliveries next year, according to Eetric-Vehicles.com
  • Marriott (MAR) signs an agreement with New Development Group to bring the second EDITION Hotels to Shanghai, set to open in 2026
  • McDonald's (MCD) plans new "McValue" value deals for 2025 amid rising costs and sluggish sales, according to CNBC
  • Navios Maritime Partners (NMM) shareholder Sherwood sends letter to the Board; sale or privatization of a NMM would be possible at more than double its current market price
  • News Corp. (NWSA) statement following the 2024 annual meeting of stockholders
  • Novartis AG (NVS): Vyriad announces strategic collaboration with Novartis to develop in vivo CAR-T cell therapies
  • Nu Holdings (NU) mulling plan to move its legal base to the UK, according to Bloomberg
  • Paramount (PARA): Shari Redstone paid off $186 mln in debt to lenders of Paramount, according to the New York Post
  • Patrick Industries (PATK) announces three-for-two common stock split
  • Pfizer (PFE) receives CE approval for HYMPAVZI
  • Pfizer (PFE) announces new Chief Scientific Officer and President, research & developmemt
  • Puma Biotech. (PBYI) announces the initiation of its ALISertib in CAncer Phase II trial of alisertib in combination with endocrine therapy for the treatment of patients with hormone receptor-positive, human epidermal growth factor receptor 2-negative recurrent or metastatic breast cancer who have been previously treated with CDK 4/6 inhibitors and received at least two prior lines of endocrine therapy in the recurrent or metastatic setting
  • Recursion Pharmaceuticals (RXRX) and and Exscientia (EXAI) have officially combined to advance the industrialization of drug discovery
  • SAGE Therapeutics (SAGE) announced topline results from the Phase 2 DIMENSION Study of dalzanemdor (SAGE-718); does not plan further development of dalzanemdor
  • Saia (SAIA) announces that Saia LTL Freight opened its newest terminal in Warren, Michigan, this week
  • Sangamo Therapeutics (SGMO) announces FDA clearance of IND application for ST-503 for the treatment of idiopathic small fiber neuropathy, a type of chronic neuropathic pain
  • Snowflake (SNOW) & Anthropic in discussions regarding AI partnership, according to The Infomration
  • Solaris Resources Inc. (SLSR) announces final steps to complete its emigration by year-end; Announces appointment of Matthew Rowlinson as President and Chief Executive Officer
  • Spirit Airlines (SAVE) receives approval from U.S. Bankruptcy Court for requested first day relief in support of prearranged Chapter 11 process
  • Takeda Pharma (TAK): Alloy Therapeutics announces a strategic collaboration and license agreement with Takeda Pharmaceutical Company Limited to develop Takeda’s proprietary induced pluripotent stem cell derived CAR-T cell platform and iPSC-derived CAR-NK platform
  • The Trade Desk (TTD) confirms launch of Ventura streaming TV operating system
  • Uber (UBER) introduces UberXXL
  • UCB SA (UCBJY) receives FDA approval for BIMZELX
  • Unilever PLC (UL) abandons €15bn ice cream division sale, shifts focus to spin-off plan amid challenges, according to FT
  • Veritone (VERI) announces launch of Veritone Data Refinery to power AI Technology
  • Viking Therapeutics (VKTX) Presents Results from Phase 2b VOYAGE Study of VK2809 in Biopsy-Confirmed NASH/MASH at the 75th Liver Meeting 2024
  • XP (XP) approves a new share repurchase program up to the amount in dollars equivalent to R$1.0 bln of common shares
  • XPEL (XPEL) and Rivian (RIVN) are expanding their collaboration with a new Paint Protection Film and Window Film customization program
  • YPF Soc. Anonima (YPF) aiming to raise $2 billion in financing for oil pipeline, according to Reuters
  • Zeta Global (ZETA) corrects false and misleading claims about its business
  • Zeta Global (ZETA) confirms forensic review finds company practices sound and financial statements accurate

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

• Upgrades:
  • AeroVironment (AVAV) upgraded to Buy from Hold at Jefferies; tgt lowered to $230
  • AstraZeneca (AZN) upgraded to Neutral from Sell at UBS
  • Chewy (CHWY) upgraded to Buy from Underperform at BofA Securities; tgt raised to $40
  • Energizer (ENR) upgraded to Neutral from Underweight at JP Morgan; tgt raised to $39
  • Equinor (EQNR) upgraded to Buy from Neutral at Redburn Atlantic
  • Gaming and Leisure Properties (GLPI) upgraded to Buy from Hold at Deutsche Bank; tgt raised to $54
  • Inspire Medical Systems (INSP) upgraded to Buy from Neutral at BofA Securities; tgt raised to $255
  • Lemonade (LMND) upgraded to Equal-Weight from Underweight at Morgan Stanley; tgt raised to $42
  • Newell Brands (NWL) upgraded to Overweight from Equal Weight at Barclays; tgt raised to $10
  • SolarEdge Technologies (SEDG) upgraded to Neutral from Sell at Guggenheim
  • XPeng (XPEV) upgraded to Buy at CMB Int'l
• Downgrades:
  • Block (SQ) downgraded to Neutral from Outperform at Exane BNP Paribas; tgt $88
  • Bloom Energy (BE) downgraded to Hold from Buy at HSBC Securities; tgt $24.50
  • DMC Global (BOOM) downgraded to Hold from Buy at Stifel; tgt lowered to $8
  • Energizer (ENR) downgraded to Equal Weight from Overweight at Barclays; tgt raised to $36
  • Fabrinet (FN) downgraded to Sell from Neutral at B. Riley Securities; tgt lowered to $178
  • Fannie Mae (FNMA) downgraded to Mkt Perform from Outperform at Keefe Bruyette; tgt raised to $3
  • Fidelity Nat'l Info (FIS) downgraded to Underperform from Neutral at Exane BNP Paribas
  • Finance of America (FOA) downgraded to Neutral from Buy at UBS; tgt raised to $24
  • Freddie Mac (FMCC) downgraded to Mkt Perform from Outperform at Keefe Bruyette; tgt raised to $4
  • Galapagos NV (GLPG) downgraded to Reduce from Hold at Kepler
  • JPMorgan Chase (JPM) downgraded to Perform from Outperform at Oppenheimer
  • Northern Oil & Gas (NOG) downgraded to Sector Perform from Outperform at RBC Capital Mkts; tgt raised to $45
  • Oaktree Specialty Lending Corp (OCSL) downgraded to Neutral from Overweight at JP Morgan; tgt lowered to $15
  • Target (TGT) downgraded to Neutral from Buy at Citigroup; tgt $130
  • Toast (TOST) downgraded to Neutral from Outperform at Exane BNP Paribas; tgt $37
  • Weibo (WB) downgraded to Neutral at CCB Int'l
• Others:
  • AppLovin (APP) initiated with an Overweight at Piper Sandler; tgt $400
  • Capri Holdings (CPRI) resumed with an Equal Weight at Barclays; tgt $21
  • CAVA Group (CAVA) initiated with a Mkt Perform at Bernstein; tgt $145
  • EVgo Inc. (EVGO) added to Positive Catalyst Watch at JP Morgan
  • Fidelity Nat'l Info (FIS) initiated with a Buy at Compass Point; tgt $126
  • First Advantage Corp. (FA) resumed with an Overweight at Barclays; tgt $22
  • Fiserv (FI) initiated with a Buy at Compass Point; tgt $278
  • GlobalFoundries (GFS) initiated with a Neutral at UBS; tgt $47
  • ICON plc (ICLR) named Bullish Fresh Pick at Robert W. Baird
  • Ingram Micro Holding Corp. (INGM) initiated with a Neutral at JP Morgan; tgt $28
  • Tapestry (TPR) resumed with an Equal Weight at Barclays; tgt $57
  • Tectonic Therapeutic (TECX) initiated with an Outperform at Raymond James; tgt $65
  • Toast (TOST) initiated with a Buy at Compass Point; tgt $49
  • Urban Outfitters (URBN) added to 30-day positive catalyst watch at Citigroup

• Econ Data (Thursday):
  • 08:30 ET: Weekly Initial Jobless Claims (Briefing.com consensus 221K; prior 217K) and Continuing Jobless Claims (prior 1873K)
  • 08:30 ET: November Philadelphia Fed Index (Briefing.com consensus 7.0; prior 10.3)
  • 10:00 ET: October Existing Home Sales (Briefing.com consensus 3.90M; prior 3.84M)
  • 10:00 ET: October Leading Indicators (Briefing.com consensus -0.3%; prior -0.5%)
  • 10:30 ET: Weekly EIA Natural Gas Inventories (prior +42 bcf)
  • 13:00 ET: $17 bln 10-yr TIPS auction
• Earnings:
  • Monday (Nov 18)
    • Pre-Market: BRC TWST
    • After-Hours: ACM BRBR SYM TCOM
  • Tuesday (Nov 19)
    • Pre-Market: AS ENR GDS J KC LOW MDT OCSL VIK VIPS VVV WMT WB
    • After-Hours: AZEK DLB GBDC KEYS LZB POWL VREX ZTO
  • Wednesday (Nov 20)
    • Pre-Market: BERY DY GLBE NIO SR TGT TJX WSM WIX
    • After-Hours: CPA JACK MMS NVDA PANW SNOW SQM
  • Thursday (Nov 21)
    • Pre-Market: ATKR BIDU BJ DE BEKE SCVL VSTS WMG
    • After-Hours: CPRT ESTC GAP INTU ROST UGI
  • Friday (Nov 22)
    • Pre-Market: BKE
    • After-Hours: None
General Motors: 5,000 members at GM's Arlington, TX assembly plant join UAW strike