After Hours Report

Updated: 05-Nov-24 17:00 ET
Super Micro Computer slides by a double-digit percentage following downbeat Q1 guidance

The stock market had a solid showing on Election Day. The S&P 500 jumped 1.2%; the Nasdaq Composite gained 1.4%; the Dow Jones Industrial Average settled 0.4% higher; and the Russell 2000 rose 1.9%. 

Stocks were already moving higher before buying increased in response to a jump in the ISM Services PMI for October that should bode well for economic and earnings growth. The positive bias was also related to relief that some unknowns about the election will be cleared up before trading begins on Wednesday. 

Buyers were not deterred by the idea that other unknowns around the election may still linger after election night. Some states use extended time to count votes for House races and there is the possibility of recounts.

Still, many stocks participated in upside moves. The equal-weighted S&P 500 jumped 1.2% and 24 of the 30 Dow components closed with gains. All 11 S&P 500 sectors closed higher and seven of them were at least 1.0% higher than yesterday. The consumer discretionary sector (+1.8%) led the pack.

The information technology sector (+1.5%) was among the top performers, benefitting from gains in some mega caps and chipmakers. NVIDIA (NVDA 139.91, +3.86, +2.8%) was a standout from space, passing Apple (AAPL 223.45, +1.44, +0.7%) in terms of market cap.  

Outsized moves are mostly reserved for names with specific catalysts. Palantir Technologies (PLTR 51.13, +9.72, +23.5%), DuPont (DD 85.67, +3.82, +4.7%), GlobalFoundries (GFS 41.37, +5.36, +14.9%) registered big gains in response to earnings.

Treasuries settled in mixed fashion. The 10-yr yield settled two basis points lower at 4.29% and the 2-yr yield settled three basis points higher at 4.21%. This price action followed this morning's economic data and was in response to today's $42 billion 10-yr note sale, which met solid demand.

  • Nasdaq Composite: +22.8% YTD
  • S&P 500: +21.2% YTD
  • Dow Jones Industrial Average: +12.0% YTD
  • S&P Midcap 400: +13.5% YTD
  • Russell 2000: +11.5% YTD

Reviewing today's economic data:

  • The September Trade Balance Report at 8:30 a.m. ET showed a widening in the trade deficit to $84.4 billion (Brieifng.com consensus -$74.0 billion) from a revised $70.8 billion (from -$70.4 billion) in August. That widening was the result of exports being $3.2 billion less than August exports and imports being $10.3 billion more than August imports.
    • The key takeaway from the report is that the imbalance between exports and imports is indicative of a U.S. economy that is running stronger than its global counterparts.
  • The S&P Global US Services PMI declined to 55.0 in the final October reading from 55.2.
  • The ISM Services PMI increased to 56.0% in October (Briefing.com consensus 53.5%) from 54.9% in September. That is the highest reading since July 2022. The dividing line between expansion and contraction is 50.0%, so the October reading reflects services sector activity accelerating from September.
    • The key takeaway from the report is that the pace of expansion in the largest sector of the U.S. economy accelerated to a two-year high with employment activity returning to expansion after a brief contraction in September. The Backlog Index showed a deepening contraction, which could slow the pace of expansion in the coming months.

Looking ahead to Wednesday, market participants receive the following economic data: weekly MBA Mortgage Applications Index at 7:00 ET, weekly EIA Crude Oil Inventories at 10:30 ET. 

 

Overseas:

  • Europe: DAX _0.6%, FTSE -0.1%, CAC +0.5%
  • Asia: Nikkei +1.4%, Hang Seng +2.1% Shanghai +2.3%

Commodities:

  • Crude Oil +0.44 @ 71.92
  • Nat Gas -0.11 @ 2.68
  • Gold +3.90 @ 2750.20
  • Silver +0.17 @ 32.77
  • Copper +0.04 @ 4.47

After-Hours Spotlight:

  • Coupang (CPNG) beats by $0.05, beats on revs... CPNG down 5.7%
  • Exact Sciences (EXAS) misses by $0.01, misses on revs; guides FY24 revs below consensus... EXAS down 28.2%
  • Globus Medical (GMED) beats by $0.18, beats on revs; guides FY24 EPS above consensus, revs above consensus... GMED up 7.7%
  • Microchip (MCHP) beats by $0.03, reports revs in-line; guides Q3 EPS below consensus, revs below consensus; increases quarterly cash dividend to $0.455/share from $0.454/share... MCHP down 4.1%
  • Qualys (QLYS) beats by $0.22, beats on revs; mid-point of Q4 EPS guidance above consensus, revs above consensus... QLYS up 19.0%
  • Super Micro Computer (SMCI) sees Q1 EPS above consensus; Q1 revs below consensus; sees Q2 EPS and revs below consensus... SMCI down 11.6%
  • WillScot Mobile Mini (WSC) spiking by +7% after TOMS Capital Investment Management builds stake in the company, pushes for a strategic review, according to Bloomberg... WSC up 7.0%
Today's News Summary:

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

  • Earnings/Guidance (Full Earnings Calendar):
    • 8x8 (EGHT) beats by $0.01, beats on revs; guides DecQ revs in-line; guides FY25 revs in-line
    • AdaptHealth (AHCO) misses by $0.04, reports revs in-line; guides FY24 revs below consensus, lowers adjusted EBITDA and free cash flow guidance
    • AGCO Corp (AGCO) misses by $0.40, misses on revs; guides FY24 EPS below consensus, revs below consensus
    • Alpha and Omega Semi (AOSL) misses by $0.01, reports revs in-line; guides Q2 revs in-line
    • Altice USA (ATUS) misses by $0.13, reports revs in-line
    • American Express Global Business Travel (GBTG) Reports Strong Q3 2024 Financial Results, Raises 2024 Free Cash Flow Guidance and Announces $300 Million Share Buyback Authorization
    • American Intl (AIG) beats by $0.13
    • Archer-Daniels (ADM) provides preliminary Q3 results below consensus; will restate previously filed FY23 Form 10-k and subsequent Forms 10-q
    • Armada Hoffler Properties (AHH) beats by $0.05, beats on revs; guides FY24 FFO above consensus
    • Aspen Tech (AZPN) misses by $0.68, misses on revs; raises FY25 EPS above consensus, reaffirms FY25 revs in-line
    • Astera Labs (ALAB) beats by $0.06, beats on revs; guides Q4 EPS above consensus, revs above consensus
    • AvalonBay (AVB) beats by $0.02; narrows FY24 FFO outlook
    • Ballard Power (BLDP) reports Q3 (Sep) results, misses on revs
    • Beam Therapeutics (BEAM) beats by $0.01, misses on revs
    • Bioventus (BVS) beats by $0.04, beats on revs; guides FY24 EPS above consensus, revs above consensus
    • Boise Cascade (BCC) reports EPS in-line, revs in-line; provides 2025 commentary
    • Bowhead Specialty Holdings (BOW) beats by $0.02
    • Bright Horizons (BFAM) beats by $0.05, reports revs in-line; guides FY24 EPS above consensus, revs in-line
    • Broadridge Financial (BR) beats by $0.03, misses on revs; reaffirms FY25 EPS guidance
    • Bruker (BRKR) reports EPS in-line, revs in-line; lowers FY24 guidance
    • Builders FirstSource (BLDR) beats by $0.11, misses on revs; guides FY24 revs below consensus
    • BWX Technologies (BWTX) beats by $0.06, beats on revs; raises FY24 EPS above consensus, revs above consensus
    • Cabot (CBT) misses by $0.01, reports revs in-line; guides FY25 EPS below consensus
    • CareDx (CDNA) beats by $0.11, beats on revs; guides FY24 revs above consensus
    • Castle Biosciences (CSTL) beats by $0.08, beats on revs, raises FY24 revenue guidance
    • Catalent (CTLT) misses by $0.18, misses on revs
    • Celanese (CE) misses by $0.41, misses on revs; guides Q4 EPS below consensus
    • ChipMOS TECHNOLOGIES (IMOS) misses by $0.29, misses on revs
    • Cirrus Logic (CRUS) beats by $0.23, beats on revs; guides Q3 revs below consensus
    • Cleveland-Cliffs (CLF) misses by $0.02, misses on revs
    • CONSOL Energy (CEIX) beats on revs with outlook; Merger with Arch Resources (ARCH) continues to progress
    • Consolidated Comms (CNSL) reports Q3 results; expects Searchlight transaction to close in late fourth quarter 2024 or early first quarter 2025
    • Corebridge Financial (CRBG) beats by $0.21
    • CRISPR Therapeutics (CRSP) beats by $0.41, misses on revs; provides business update
    • Cummins (CMI) beats by $1.04, beats on revs; reaffirms FY24 revs guidance
    • Cushman & Wakefield (CWK) beats by $0.02, beats on revs
    • Diamondback Energy (FANG) misses by $0.83, beats on revs, raises FY24 net production guidance
    • Douglas Emmett (DEI) beats by $0.02, beats on revs; guides FY24 FFO above consensus
    • DuPont (DD) beats by $0.15, reports revs in-line; guides FY24 EPS above consensus, revs below consensus
    • Easterly Government Properties (DEA) beats by $0.01, reports revs in-line; reaffirms FY24 FFO guidance; guides FY25 FFO in-line
    • Emerson (EMR) beats by $0.01, beats on revs; guides Q1 EPS in-line; guides FY25 EPS in-line, revs in-line
    • Endeavour Silver (EXK) beats by $0.01, misses on revs
    • Enpro Inc. (NPO) misses by $0.13, misses on revs; guides FY24 EPS below consensus, revs below consensus; approves $50 mln share repurchase authorization
    • Essential Utilities (WTRG) beats by $0.01, beats on revs; reaffirms FY24 EPS guidance
    • EverQuote (EVER) beats by $0.09, beats on revs; guides Q4 revs above consensus
    • Eversource Energy (ES) beats by $0.05, reports revs in-line; narrows FY24 EPS guidance
    • Expeditors Intl (EXPD) beats by $0.31, beats on revs
    • Fabrinet (FN) beats by $0.01, beats on revs; guides Q2 EPS in-line, revs above consensus
    • Ferrari (RACE) beats by EUR0.09, revs in line; guides FY24 EPS below consensus, revs below consensus
    • Fortis (FTS) beats by $0.25
    • Fresenius Medical (FMS) reports Q3 results; confirms its outlook for fiscal 2024 revs
    • Gartner (IT) beats by $0.13, reports revs in-line
    • Glaukos (GKOS) beats by $0.20, beats on revs; guides FY24 revs above consensus
    • GlobalFoundries (GFS) beats by $0.08, reports revs in-line; guides Q4 EPS above consensus, revs in-line
    • Gogo (GOGO) beats by $0.04, beats on revs; reaffirms FY24 revs guidance
    • Goodyear Tire (GT) beats by $0.15, misses on revs
    • GXO Logistics (GXO) beats by $0.02, beats on revs; reaffirms FY24 EPS guidance
    • Henry Schein (HSIC) beats by $0.05, misses on revs; guides FY24 EPS in-line
    • HighPeak Energy (HPK) beats by $0.08, reports revs in-line
    • Hillman Solutions Corp. (HLMN) reports EPS in-line, revs in-line; raises FY24 guidance
    • Hims & Hers Health (HIMS) beats by $0.22, beats on revs; guides Q4 revs above consensus
    • Hologic (HOLX) reports EPS in-line, revs in-line; guides Q1 EPS in-line, revs below consensus; guides FY25 EPS in-line, revs below consensus
    • Hon Hai Precision (HNHPF) reports October revenue +9.8% yr/yr to NT 804.5 bln
    • Howard Hughes Holdings (HHH) reports Q3 (Sep) results, beats on revs
    • Huntsman (HUN) reports EPS in-line, revs in-line
    • ICHOR Corporation (ICHR) beats by $0.01, beats on revs; guides Q4 EPS in-line, revs above consensus
    • Illumina (ILMN) beats by $0.26, reports revs in-line; guides Q4 revs below consensus; guides FY24 EPS in-line, revs above consensus
    • Ingredion (INGR) beats by $0.45, misses on revs; guides FY24 EPS above consensus
    • Intapp (INTA) beats by $0.08, reports revs in-line; guides Q2 EPS above consensus, revs in-line; guides FY25 EPS above consensus, revs in-line
    • JELD-WEN (JELD) misses by $0.08, misses on revs; guides FY24 revs below consensus
    • Lattice Semi (LSCC) reports EPS in-line, revs in-line; guides Q4 EPS below consensus, revs below consensus
    • LGI Homes (LGIH) beats by $0.41, beats on revs; lowers FY24 home closings outlook
    • Louisiana-Pacific (LPX) beats by $0.33, beats on revs
    • Marathon Petroleum (MPC) beats by $0.87, beats on revs; announces additional $5 billion share repurchase authorization
    • Marqeta (MQ) misses by $0.01, reports revs in-line; guides Q4 revs in-line
    • Melco Resorts & Entertainment (MLCO) reports EPS in-line, beats on revs
    • MGIC Investment (MTG) beats by $0.11, reports revs in-line
    • Mission Produce (AVO) sees Q4 revs above two estimate average
    • MPLX LP (MPLX) misses by $0.04, misses on revs
    • Navios Maritime Partners (NMM) misses dual est by $0.18, beats on revs
    • Navitas Semiconductor (NVTS) misses by $0.04, misses on revs; guides Q4 revs below consensus
    • Newmark Group (NMRK) beats by $0.03, reports revs in-line; guides FY24 EPS in-line, revs in-line
    • Nintendo (NTDOY) reports Q2 results; revs down 34% yr/yr; provides outlook
    • Novanta (NOVT) reports EPS in-line, revs in-line; guides Q4 EPS below consensus, revs below consensus; guides FY24 EPS below consensus, revs below consensus
    • NXP Semi (NXPI) beats by $0.02, reports revs in-line; guides Q4 EPS below consensus, revs below consensus
    • OGE Energy (OGE) misses by $0.03, misses on revs; reaffirms FY24 EPS guidance
    • ONE Gas (OGS) misses by $0.05, beats on revs; raises midpoint of FY24 EPS guidance range
    • Otter Tail Power (OTTR) beats by $0.05, misses on revs; guides FY24 EPS in-line
    • Palantir Technologies (PLTR) beats by $0.01, beats on revs; guides Q4 revs above consensus; guides FY24 revs above consensus
    • Palomar Holdings (PLMR) beats by $0.20
    • Par Pacific (PARR) beats by $0.02, beats on revs
    • Payoneer (PAYO) beats by $0.07, beats on revs; guides FY24 revs above consensus
    • Portillo's (PTLO) beats by $0.05, misses on revs; comps -0.9%
    • Premier (PINC) beats by $0.09, beats on revs; guides FY25 EPS in-line, revs in-line
    • Primoris Services (PRIM) beats by $0.20, beats on revs; guides FY24 EPS above consensus
    • QuinStreet (QNST) beats by $0.07, beats on revs; guides Q2 revs above consensus; raises FY25 revs guidance
    • Ramaco Resources (METC) reports Q3 (Sep) results, beats on revs
    • Realty Income (O) misses by $0.02, beats on revs; guides FY24 FFO below consensus
    • Regal Rexnord (RRX) beats by $0.01, misses on revs; lowers FY24 EPS guidance
    • Restaurant Brands Int'l (QSR) misses by $0.02, misses on revs, consolidated comparable sales of +0.3%, reaffirms long-term guidance
    • Ryman Hospitality (RHP) beats by $0.21, reports revs in-line; guides FY24 FFO above consensus, lowers same-store hospitality RevPAR growth guidance, increases quarterly cash dividend by 4.5%
    • Sanmina (SANM) beats by $0.07, beats on revs; guides Q1 EPS below consensus, revs in-line
    • Sensata Tech (ST) reports EPS in-line, revs in-line; guides Q4 EPS below consensus, revs below consensus
    • Sequans Communications (SQNS) reports Q3 results; expects Q4 revs to double
    • Sibanye-Stillwater (SBSW) reports Q3 results
    • Sotera Health (SHC) misses by $0.01, beats on revs; reaffirms FY24 EPS guidance, revs guidance
    • Stevanato Group S.p.A. (STVN) misses by €0.01, beats on revs; guides FY24 EPS in-line, reaffirms FY24 revs guidance
    • Supernus Pharma (SUPN) reports Q3 (Sep) results, beats on revs; raises FY24 revs above consensus; raises adj. operating earnings guidance
    • Targa Resources (TRGP) reports Q3 results; misses on revs; provides outlook; intends to raise dividend
    • Tempus AI (TEM) reports Q3 (Sep) results, revs in-line; reaffirms FY24 revs guidance
    • Teradata (TDC) beats by $0.13, beats on revs; guides Q4 EPS below consensus
    • The Baldwin Group (BWIN) misses by $0.01, misses on revs
    • Thomson Reuters (TRI) beats by $0.03, reports revs in-line; guides FY24 revs in-line; to sell FindLaw business
    • Timken (TKR) misses by $0.15, reports revs in-line; guides FY24 EPS below consensus, revs in-line
    • TopBuild (BLD) beats by $0.07, misses on revs; narrows FY24 guidance
    • UL Solutions Inc. (ULS) beats by $0.10, beats on revs, increases constant currency, organic revenue growth guidance to mid-to-high single digits
    • Vertex Pharma (VRTX) beats by $0.30, beats on revs; ups FY24 revs outlook
    • Verve Therapeutics (VERV) beats by $0.09, beats on revs
    • Vimeo (VMEO) beats by $0.04, beats on revs; guides Q4 revs generally in-line
    • Viper Energy Partners (VNOM) beats by $0.02, reports revs in-line; issues Q4 production guidance
    • Voya Financial (VOYA) beats by $0.11, beats on revs
    • Westlake Corporation (WLK) misses by $0.80, misses on revs
    • WideOpenWest (WOW) misses by $0.17, reports revs in-line; guides FY24 revs below consensus
    • Wynn Resorts (WYNN) misses by $0.14, misses on revs
    • Xometry (XMTR) beats by $0.04, beats on revs; guides Q4 revs in-line
    • Yum! Brands (YUM) misses by $0.04, misses on revs, worldwide comps of -2%
  • General News
    • Final polls show VP Kamala Harris and former President Trump locked in close race on Election Day, according to the Wall Street Journal
    • October North America Class 8 net orders declined 5.2% yr/yr, according to ACT Research
    • ADC Therapeutics (ADCT) announces independent, investigator-initiated study abstracts on ZYNLONTA have been accepted for presentation at the 66th American Society of Hematology Annual Meeting
    • Agios (AGIO) to present new data on mitapivat and tebapivat in rare blood disorders at 66th ASH Annual Meeting and Exposition
    • Allot Comms (ALLT) notified Lynrock Lake Master Fund that it is electing to extend until February 14, 2026 the maturity of the Convertible Promissory Note in aggregate principle amount of $40 mln
    • Amazon's (AMZN) new drone received FAA approval, according to CNBC
    • Apple (AAPL) mulling push into smart glasses, according to Bloomberg
    • Arcellx (ACLX) announces that it will present clinical data in a poster presentation from its Phase 1 study of anitocabtagene autoleucel in patients with relapsed or refractory multiple myeloma
    • Arcellx (ACLX) and Gilead (GILD) early data suggest safety benefit for multiple myeloma, according to Stat News
    • Arcus Biosciences (RCUS) announces results from Part 1 of ARC-10, a randomized, open-label, three-arm study evaluating domvanalimab, an Fc-silent anti-TIGIT monoclonal antibody, plus zimberelimab, an anti-PD-1 monoclonal antibody, versus zimberelimab or chemotherapy in patients with front-line locally advanced or metastatic squamous or non-squamous non-small cell lung cancer with PD-L1 tumor proportion score =50% without the presence of any tumor genomic aberration or driver muta
    • Arthur J. Gallagher (AJG) acquires Peabody Insurance Agency; financial terms were not disclosed
    • AstraZeneca (AZN) comments on share price movement; does not comment on speculative media reports including those related to ongoing investigations in China
    • AstraZeneca (AZN) fraud involves senior execs in China, according to Yicai Global
    • Beam Therapeutics (BEAM) to present data across hematology franchise, including first clinical data for BEAM-101 in sickle cell disease and ESCAPE non-human primate data, at American Society of Hematology (ASH) annual meeting
    • BeiGene (BGNE) will share new data across a range of B-cell malignancies and assets, including best-in-class Bruton’s tyrosine kinase inhibitor BRUKINSA, at the 66th ASH Annual Meeting and Exposition in San Diego
    • Blink Charging (BLNK) to establish a £100 million special purpose vehicle to drive electric vehicle charger investments, engaging Axxeltrova Capital as First funding partner
    • Boeing (BA) releases message from Boeing President and CEO Kelly Ortberg; reached a ratified agreement with IAM 751 & W24 tonight
    • Broadcom (AVGO) Unveils VeloRAIN, an Industry-First for Robust AI Networking Beyond the Data Center
    • Cadeler A/S (CDLR) signs firm contracts with ScottishPower Renewables for East Anglia TWO foundation and turbine transportation and installation
    • Candel Therapeutics (CADL) to present preclinical data at SITC annual meeting showing promise for CAN-3110 in melanoma, signaling potential indication expansion beyond recurrent high-grade glioma
    • CARGO Therapeutics (CRGX) announces that its first abstract on CRG-023 will be presented as a poster at the upcoming 66th American Society of Hematology Annual Meeting and Exposition
    • Centerra Gold (CGAU) announces that the Toronto Stock Exchange has accepted its renewal of a normal course issuer bid to purchase for cancellation up to an aggregate of 18,800,929 common shares in the capital of the Company during the twelve-month period commencing on November 7, 2024 and ending on November 6, 2025
    • CGI Group (GIB) announces that it has signed a 3-year contract with Michelin to develop and maintain its Supply Chain and Planning Production Manufacturing applications
    • Chevron (CVX) aims to expand its exploration acreage in Africa, according to Bloomberg
    • Compugen (CGEN) to present anti-tumor activity and safety data of COM701, COM902 and pembrolizumab combination in patients with platinum resistant ovarian cancer at SITC 2024
    • CureVac (CVAC) appoints Axel Sven Malkomes as Chief Financial Officer, effective November 11, 2024; announced that new and updated data will be shared in two oral presentations and four posters at the 12th International mRNA Health Conference
    • Dollar Tree (DLTR) announced that Rick Dreiling has stepped down from his position as Chairman and Chief Executive Officer, effective as of Nov. 3, 2024; reaffirms FY24 guidance
    • Encompass Health (EHC) announces preliminary plans to build a freestanding, 50-bed inpatient rehabilitation hospital in the master planned community of Wiregrass Ranch in Wesley Chapel, Florida
    • Genmab (GMAB) to showcase strength and breadth of comprehensive epcoritamab-bysp development program at 2024 American Society of Hematology Annual Meeting
    • Geron (GERN) announces the publication of abstracts containing new data highlighting the potential of RYTELO
    • Gilead Sciences (GILD): Kite to highlight industry-leading CAR T-cell therapy portfolio at ASH 2024, including positive survival outcomes in both clinical trials and the real-world
    • Grifols, S.A. (GRFS) follow-up; Brookfield Asset Mgmt (BAM) still pursuing deal, according to Bloomberg
    • Hawaiian Electric (HE) enters into two definitive settlement agreements to settle the tort litigation; HEI and Hawaiian Electric are obligated to contribute a total of $1.99 billion
    • HealthStream (HSTM) has acquired two leading clinical rotation management businesses: Total Clinical Placement System and The Clinical Hub, Inc.
    • Inhibrx Biosciences (INBX) announces a decisive legal victory in a trade secrets case brought by I-Mab Biopharma (IMAB) in the United States District Court for the District of Delaware
    • Intra-Cellular Therapies (ITCI) announces positive topline results in Phase 3 Trial Evaluating CAPLYTA for the prevention of relapse in patients with schizophrenia
    • KKR (KKR) backed NielsenIQ mulling IPO at $10 bln valuation, according to Bloomberg
    • Legend Biotech (LEGN) to unveil minimal residual disease data from landmark CARTITUDE-4 Trial in multiple myeloma
    • Lifeway Foods (LWAY) rejected the unsolicited proposal made on September 23 by Danone (DANOY) North America PBC to acquire all the shares of Lifeway that it does not already own for $25.00/share
    • Longboard Pharmaceuticals (LBPH) received FDA orphan designation for treatment of Lennox-Gastaut Syndrome
    • LPL Financial (LPLA) disclosed it received a request for information from the SEC regarding certain elements of the Company’s cash management program for corporate advisory accounts. The Company has been cooperating with the request
    • Magna (MGA) announces the termination of its existing Normal Course Issuer Bid effective since February 15, 2024 and the Toronto Stock Exchange has accepted its Notice of Intention to establish a new Normal Course Issuer Bid
    • Merus (MRUS) announces that the United States Food and Drug Administration has extended the Prescription Drug User Fee Act goal date for zenocutuzumab Biologics License Application currently under priority review
    • Microsoft (MSFT): OpenAI in discussions to become a for profit company, according to Bloomberg
    • Moderna (MRNA) CEO to drop sales role, while President Stephen Hoge assumes thosse responsibilities, according to Bloomberg
    • Nasdaq (NDAQ) reports October 2024 volumes
    • New Fortress Energy (NFE) discloses it expects to explore with potential strategic partners financings, commercial ventures or asset sales that are intended to enhance the Company’s liquidity and financial flexibilit
    • News Corp. (NWSA): Irenic Capital to support elimination of News Corp’s dual-class share structure (in favor of Starboard proposal)
    • Organon (OGN) announces that the U.S. Food and Drug Administration extended by three months the target action date of its review of the supplemental New Drug Application for VTAMA cream, 1% as a treatment for atopic dermatitis in adults and children two years of age and older
    • Paramount (PARA): Shari Redstone does not plan on staying on Paramount board after Skydance merger, according to Bloomberg
    • Penumbra (PEN): New Late breaking data show patients treated with penumbra's computer assisted vacuum thrombectomy technology for pulmonary embolism experience shorter hospital stays and fewer complications compared to other treatment options
    • PubMatic (PUBM) and SoundCloud announce a new strategic partnership offering SoundCloud’s premium advertising inventory across PubMatic’s suite of tools and solutions
    • Rackspace Technology (RXT) and AI technology services company, announce that it will work with Amazon Web Services (AMZN) company, as part of the company’s new Generative AI Partner Innovation Alliance
    • RCI Hospitality (RICK) announces the decision to permanently close two underperforming leased locations and sell a third
    • Rhythm Pharmaceuticals (RYTM) announces the presentation of new, real-world data showing improvements in hunger scores and body mass index reductions in adult patients in France with acquired hypothalamic obesity who were treated with setmelanotide
    • Rigel (RIGL) announces six poster presentations at the 66th American Society of hematology annual meeting and exposition
    • Roche Hldg (RHHBY): Genentech to present new and encouraging long-term follow-up data across broad hematology portfolio at ASH 2024
    • Royalty Pharma (RPRX) enters into a $350 million synthetic royalty funding agreement with Syndax (SNDX) based on U.S. net sales of Niktimvo
    • Sana Biotechnology (SANA) announces increased focus on Type 1 Diabetes and B-cell mediated autoimmune diseases with the potential to deliver clinical proof of concept data across multiple studies in 2024 and 2025
    • SolarEdge Technologies (SEDG) announces it closed its first transaction for the sale of §45X Advanced Manufacturing Production Tax Credits in consideration for approximately $40 million, net of discounts and fees
    • Spirit Airlines (SAVE) entered into a binding term sheet with GA Telesis for the sale of 23 A320ceo/A321ceo aircraft
    • Sprott Inc. (SII) increases quarterly cash dividend 20% to $0.30/share from $0.25/share
    • Syndax Pharmaceuticals (SNDX) and Royalty Pharma plc (RPRX) announce that Syndax has entered into a $350 mln synthetic royalty funding agreement with Royalty Pharma based on U.S. net sales of Niktimvo
    • Syndax (SNDX)  announces new data from secondary analysis of the pivotal AGAVE-201 trial of niktimvo in chronic graft-versus-host disease to be presented at 66th ASH Annual Meeting
    • Taiwan Semiconductor (TSM): Taiwan's energy issues are impacting TSMC, according to Financial Times
    • Teck Resources (TECK) to present strategy for leading copper growth and shareholder returns
    • TScan Therapeutics (TCRX) announces upcoming oral presentation of data from the ALLOHA Phase 1 Heme Trial at the 66th American Society of hematology annual meeting and exposition
    • Vodafone PLC (VOD): UK CMA provisionally finds Vodafone / Three could address competition concerns through network investment and customer protections
    • Xiao-I Corporation (AIXI) provides update on Shanghai Xiao-I's patent infringement lawsuit against Apple (AAPL)

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

  • Upgrades:
    • Alkermes Plc (ALKS) upgraded to Buy from Hold at Stifel; tgt raised to $36
    • Century Casinos (CNTY) upgraded to Mkt Outperform from Mkt Perform at JMP Securities; tgt $5
    • Chevron (CVX) upgraded to Buy from Hold at DZ Bank; tgt $170
    • Deutsche Lufthansa AG (DLAKY) upgraded to Equal-Weight from Underweight at Morgan Stanley
    • eBay (EBAY) upgraded to Outperform from Mkt Perform at Bernstein; tgt $70
  • Downgrades:
    • Affiliated Managers (AMG) downgraded to Hold from Buy at TD Cowen; tgt lowered to $177
    • Air France-KLM (AFLYY) downgraded to Underweight from Equal-Weight at Morgan Stanley
    • BCE Inc (BCE) downgraded to Hold from Buy at Edward Jones
    • Dollar Tree (DLTR) downgraded to Market Perform from Outperform at Telsey Advisory Group; tgt lowered to $75
    • Marqeta (MQ) downgraded to Equal Weight from Overweight at Wells Fargo; tgt lowered to $5
    • Marqeta (MQ) downgraded to Mkt Perform from Outperform at William Blair
    • Marqeta (MQ) downgraded to Sector Weight from Overweight at KeyBanc Capital Markets
    • Marqeta (MQ) downgraded to Hold from Buy at Deutsche Bank; tgt lowered to $4
    • Neumora Therapeutics (NMRA) downgraded to Neutral from Overweight at JP Morgan; tgt lowered to $15
    • Retail Opportunity Investments (ROIC) downgraded to Sector Weight from Overweight at KeyBanc Capital Markets
    • Sana Biotechnology (SANA) downgraded to Mkt Perform from Mkt Outperform at JMP Securities
    • Tactile Systems (TCMD) downgraded to Neutral from Buy at BTIG Research
    • Verrica Pharmaceuticals (VRCA) downgraded to Sector Perform from Outperform at RBC Capital Mkts<
  • Others:
    • Alarm.com (ALRM) initiated with a Buy at Jefferies; tgt $65
    • CAMP4 Therapeutics (CAMP) initiated with an Overweight at JP Morgan; tgt $23
    • CAMP4 Therapeutics (CAMP) initiated with an Overweight at Piper Sandler; tgt $18
    • CeriBell (CBLL) initiated with an Outperform at William Blair
    • CeriBell (CBLL) initiated with a Buy at TD Cowen; tgt $31
    • CeriBell (CBLL) initiated with an Overweight at JP Morgan; tgt $32
    • CeriBell (CBLL) initiated with a Buy at Canaccord Genuity; tgt $30
    • CMS Energy (CMS) initiated with a Buy at Jefferies; tgt $76
    • Eaton (ETN) initiated with an Outperform at Bernstein; tgt $382
    • Hubbell (HUBB) initiated with an Outperform at Bernstein; tgt $535
    • Krispy Kreme, Inc. (DNUT) resumed with an Equal-Weight at Morgan Stanley; tgt $14
    • MoonLake Immunotherapeutics (MLTX) resumed with an Outperform at Wedbush; tgt lowered to $73
    • MSA Safety (MSA) initiated with a Buy at B. Riley Securities; tgt $200
    • Protagonist Therapeutics (PTGX) initiated with an Outperform at Wedbush; tgt $58
    • Rezolute (RZLT) initiated with an Outperform at Wedbush; tgt $12
    • Upstream Bio (UPB) initiated with a Buy at TD Cowen
    • Upstream Bio (UPB) initiated with an Outperform at William Blair
    • Upstream Bio (UPB) initiated with an Overweight at JP Morgan; tgt $38
    • Upstream Bio (UPB) initiated with an Overweight at Piper Sandler; tgt $75
  • Econ Data (Wednesday):
    • 7:00 ET: Weekly MBA Mortgage Index (prior -0.1%)
    • 10:30 ET: Weekly crude oil inventories (prior -0.515 mln)
  • Treasury Auctions:
    • 13:00 ET: $25 bln 30-yr Treasury bond auction results
  • Earnings:
    • Monday (Nov 4)
      • Pre-Market: AMG BCRX BNTX CC CHH CNA CEG DOCN ENTG FIS FOXA BEN FRPT FTDR IART KNF KRYS MAR NSSC NYT OMI PEG RVTY TPG TRS TGI YUMC ZTS
      • After-Hours: EGHT ADUS AOSL ATUS AIG ANDE AHH AZPN ALAB AVB BCC BFAM BWXT CBT CDNA CE CRUS CLF CRBG CWK FANG DEI ELME EQH WTRG EVER ES FN FWRD GKOS GT GXO HPK HIMS HOLX HMN HHH HUN ICHR ILMN INSP INTA JELD LSCC MQ MTG NVTS NXPI OGS OTTR PLTR PLMR PARR PRAA PRIM QNST METC O RRX RHP SANM ST SLAB SLF SUPN TDC BWIN TBI VVX VRTX VMEO VNOM VNO VOYA WOW WYNN
    • Tuesday (Nov 5)
      • Pre-Market: AHCO AGCO APLS APO ARCH ADM BEAM BOW BR BRKR BLDR CEIX CMI DD DEA EMR EXK NPO EXPD FTS IT GFS HSIC HLMN INGR LGIH LPX MPC MLCO MPLX NEO NMRK NOVT OGE PAYO PTLO PINC QSR SHC STVN TRI TKR BLD ULS WLK XMTR YUM
      • After-Hours: AFG AIZ BGS BBAI CRC IMOS CPNG DVN EXAS GMED GO GPOR HLIO IOSP IFF IRBT JKHY KGC LUMN MASI MRCY MCHP MRC NHI NE NOG OUT PAAS PBA QLYS RVLV RYTM WTTR TSLX SMCI SNDX TX TMCI USPH RARE VTEX
    • Wednesday (Nov 6)
      • Pre-Market: AEP FOLD ASC ASTE ATHM AVDX AVA BCO BIP CLBT CELH COR CTRI GIB CRL CLVT CNDT CVS DK DIN ENOV HLNE HWM IONS IRM JCI JLL KMT KRNT LNTH LINE LXP MAC MKTX MCFT MFA EYE ODP OC PFGC PERI PRGO PNW SNDR SMG SRE SFL SMRT SWX STWD SUN SGHC TEVA TRMB VERX VSH
      • After-Hours: ACAD ADTN AEE ALB AMC AWR ANSS APA APP RCUS ARM ASH ASPN ATO ACLS BTG BALY BBDC BBSI BYND BKH BMBL CDRE CDLX CERT CHRD CLNE CWAN CDE COHR CXW CRSR CTVA COTY CXT CCRN LAW CSGS CYTK DLX APPS DV DUOL BROS ELF ECPG ET ENS ENLC EVTC EOLS FICO FSLY FNF FBIN FNV FRSH FSK GNK GFL GILD LOPE GH HCAT HL HST HUBS IIPR IPAR IONQ JXN JAZZ JOBY KW KNTK KVYO KGS KD LB LZ RAMP LYFT MRO VAC MTCH MCK MELI MEOH MKSI MODV MWA NFG NMIH NTR ODD KAR OSUR ORA PCRX PYCR PR PLYA POWI PRI PTC QTWO QGEN QCOM RDN RPD RYN RGNX RLAY RNR RVMD RLJ RGLD SRPT SBGI SITM STR SEDG STE SUI TTWO TNDM SKT TS TKO COOK TRIP TPC UPWK VECO VCYT VSAT VSTO VTLE VZIO WAY WES WMB WOLF WK XHR ZG ZIP
    • Thursday (Nov 7)
      • Pre-Market: ACIW ACMR GOLF APD AGI AQN COLD APPN MT GOLD BDX BSY BRY BIGC CCJ GOOS CG CARS CEVA YOU CCOI COMM DDOG XRAY DNOW DCO DUK DT EPC EDR ELAN EPAM EVRG FWRG GEO GERN GDRX HAE HAIN HAL HBI HIMX HOUS HSY HGV IBP INSW IRWD KVUE KRP DNUT LCII LCID LFST LGND LSPD MTSI MFC MRX MDU MPW MRNA TAP ML MUR NABL VYX NXST NVMI NTLA OLPX OSCR PZZA PENN PCG PLNT PLTK PBH PRVA RL ROK RXO SCSC SEE SPTN STGW SHOO STRA TBLA TPR TGLS TGNA TPX THR THRY TDG TPB UAA PRKS USFD VCEL VTRS VITL WD WRBY WBD KLG WWW XPEL YETI
      • After-Hours: ATEN AAON ACVA ADPT ADMA ASLE AFRM AGL AL ABNB AKAM ALRM ALLO AMRC AMN AMPL AAOI ALTM ANET ARLO ARRY ASTH AVPT AXON BILL BL BLNK SQ BE BHF CABO CPRI CARG CPK CIVI CLFD NET COLL CPAY CYRX DH DRH DIOD DOCS DKNG DBX DXC ENV EOG ESTA EVH EXPI EXPE FIGS FIVN FLYW FTNT FNKO G GETY GPRO GDOT HRB INDI INGN PODD JAMF FROG KTOS KURA LGF.A LITE MGNI MRVI MLNK MTUS MTD MNST MSI MP MYGN NWSA LASR NUS NVEE OLO OS LPRO OPEN OPK OEC OVV PACB PEB PINS PBI PRA PTCT QDEL RRR RDFN REZI RNG RIVN RXST SVV SOLV SPT STEP RUN SG SYNA TEM TTD TOST U UPST VCTR WTI WBTN WEST WPM XPOF YELP ZD
    • Friday (Nov 8)
      • Pre-Market: WMS ADNT ATSG AMCX AXL ANIP ATMU BAX BLMN CLMT CNH ERJ FLO FLR FTRE FLGT GTN HLLY IMXI KOP LAMR NRG PAR PWP PAA PAL RBA SONY
      • After-Hours: HE PARAA
    • General Motors: 5,000 members at GM's Arlington, TX assembly plant join UAW strike
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