After Hours Report

There was no mistaking that the stock market thought the election outcome will be good for growth. Following the news that Donald Trump won the presidential election, and polling indications that suggest the GOP is likely to hold a majority position in the House and Senate, the major indices operated in rally mode on Wednesday.

There was the relief factor, with participants enthused that this won't be a contested election, and there was the growth factor, with participants thinking president-elect Trump's aim to lower tax rates and decrease regulations will foster economic growth that remains above potential.

That view of policy matters manifested itself in a variety of ways:

• Small-cap stocks soared
• Financial stocks soared
• The U.S. dollar surged against other major currencies
• Bitcoin prices moved noticeably higher
• Cyclical sectors outperformed
• Treasuries were sold, sending yields higher

Today's active buying interest sent the Dow Jones Industrial Average, Nasdaq Composite, S&P 500, and S&P 400 to record highs. The Russell 2000 didn't quite make it to that heady territory, but it led all indices with a material 5.8% gain.

The S&P 500 financial sector (+6.2%) was in good spirits, relishing the thought that regulatory oversight will be reduced and that growth optimism will spur increased capital markets activity. Goldman Sachs (GS 596.29, +69.33, +13.2%), KeyCorp (KEY 19.97, +2.70, +15.7%), and Discover Financial Services (DFS 182.63, +30.78, +20.3%) were laudable proxies capturing that upbeat view.

There were a lot of "big winners" today. Tesla (TSLA 288.53, +37.09) was among them, capitalizing handsomely on the idea that Elon Musk's strong support of Donald Trump will be an added boon for the company. Nucor (NUE 167.74, +23.13, +16.0%) and other steel stocks, which are expected to benefit from tariff protections under a Trump administration, put up some big gains as well.

Tesla's gain fueled a 3.6% increase in the consumer discretionary sector, which joined with the financial, industrials (+3.9%), and energy (+3.5%) sectors to lead the S&P 500. It wasn't a clean sweep for the S&P 500 sectors, however.

The real estate sector (-2.6%) and utilities sector (-1.0%) retreated with market rates rising. The consumer staples sector (-1.6%) lost ground in a risk-on rally that favored cyclical sectors; and it also felt the pinch of concerns about a stronger dollar weighing on earnings prospects for its multinational components and the specter of tariff retaliation that could raise the cost of goods sold. The U.S. Dollar Index was up 1.6% to 105.12.

Treasuries had a tough session. Selling kicked in overnight in response to the election results, sending the 2-yr note yield as high as 4.29% and the 10-yr note yield as high as 4.48% as growth optimism intermingled with worries about inflation and continued deficit spending driving up the national debt. They backed off a bit from those levels, aided by a $25 billion 30-yr bond auction that was met with strong demand. The 2-yr note yield settled the session up six basis points at 4.27% and the 10-yr note yield settled the session up 14 basis points at 4.43%.

The behavior of Treasury yields will remain a focal point Thursday when the FOMC announces its policy decision at 2:00 p.m. Et and Fed Chair Powell holds his press conference at 2:30 p.m. ET. The FOMC is widely expected to cut the target range for the fed funds rate by 25 basis points to 4.50-4.75%.

Today's economic data was limited to the MBA's weekly Mortgage Applications Index, which declined 10.8% with refinance applications down 19% and purchase applications down 5%.

• Nasdaq Composite: +26.5%
• S&P 500: +24.3%
• S&P Midcap 400: +18.2%
• Dow Jones Industrial Average: +15.6%
• Russell 2000: +18.0%

Thursday's economic lineup includes:

• 08:30 ET: Preliminary Q3 Productivity (Briefing.com consensus 2.3%; prior 2.5%) and preliminary Q3 Unit Labor Costs (Briefing.com consensus 0.5%; prior 0.4%)
• 08:30 ET: Weekly Initial Claims (Briefing.com consensus 222,000; prior 216,000) and Continuing Claims (prior 1.862 mln)
• 10:00 ET: September Wholesale Inventories (Briefing.com consensus -0.1%; prior 0.1%)
• 10:30 ET: Weekly natural gas inventories (prior +78 bcf)
• 15:00 ET: September Consumer Credit (Briefing.com consensus $13.5 bln; prior $8.9 bln)

Overseas:

• Europe: DAX -1.1%, FTSE -0.1%, CAC -0.5%
• Asia: Nikkei +2.2%, Hang Seng -2.2% Shanghai -0.1%

Commodities:

• Crude Oil -0.21 @ 71.71
• Nat Gas +0.07 @ 2.75
• Gold -75.50 @ 2676.70
• Silver -1.43 @ 31.34
• Copper -0.22 @ 4.25

After-Hours Spotlight:

• AppLovin (APP) beats by $0.37, beats on revs; guides Q4 revs above consensus... APP up 27.2%
• Cardlytics (CDLX) beats by $0.42, beats on revs; guides Q4 revs below consensus... CDLX down 30.9%
• Corteva (CTVA) misses by $0.19, misses on revs; lowers FY24 EPS below consensus, revs below consensus; guides FY25 revs below consensus... CTVA down 9.7%
• Dutch Bros (BRO) beats by $0.04, beats on revs; raises FY24 revenue and same shop sales growth guidance... BRO down 2.6%
• Freshworks (FRSH) beats by $0.03, beats on revs; guides Q4 EPS above consensus, revs in-line; announces a $400 mln share repurchase authorization... FRSH up 14.2%
• Guardant Health (GH) beats by $0.28, beats on revs; guides FY24 revs above consensus... GH up 14.7%
• Lyft (LYFT) beats by $0.10, beats on revs, Gross Bookings up 16% yr/yr, guides for Q4 Gross Bookings growth of 15-17%... LYFT up 19.5%
• Match Group (MTCH) beats by $0.03, reports revs in-line; guides Q4 revs below consensus... MTCH down 11.6%
• MercadoLibre (MELI) misses by $2.17, reports revs in-line... MELI down 8.6%
• Qualcomm (QCOM) beats by $0.13, beats on revs; guides Q1 EPS above consensus, revs in-line... QCOM up 4.8%
• SolarEdge Technologies (SEDG) reports Q3 (Sep) results, misses on revs; guides Q4 revs below consensus... SEDG down 18.6%
• Upwork (UPWK) beats by $0.03, beats on revs; guides Q4 EPS above consensus, revs above consensus; to acquire Objective AI, announces new $100 mln share repurchase program authorization... UPWK up 8.2%
• Wolfspeed (WOLF) beats by $0.09, misses on revs; guides Q2 EPS in-line, revs below consensus... WOLF down 17.2%
• Zillow (ZG) beats by $0.07, beats on revs; guides Q4 revs in-line... ZG up 11.2%

Fair Value for Thursday, Nov 7:

• S&P 500: 5,958
• Nasdaq 100: 20,896
• DJIA: 43,879

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

• Earnings/Guidance (Full Earnings Calendar):
  • American Electric (AEP) beats by $0.05, reports revs in-line; guides FY24 EPS in-line; targets +6-8% long-term operating earnings growth
  • American Fincl (AFG) misses by $0.16, beats on revs; declares $4.00/share special dividend
  • Amicus Therapeutics (FOLD) beats by $0.10, beats on revs; guides FY24 revs above consensus
  • Archer-Daniels (ADM) discloses additional restatement related information
  • Ardmore Shipping (ASC) beats by $0.04, beats on revs
  • Assurant (AIZ) beats by $0.48, reports revs in-line; issues FY24 adjusted EPS guidance ex. reportable catastrophes; expects $300 mln in buybacks in 2024
  • Astec Industries (ASTE) reports EPS in-line, misses on revs
  • ATS Corp (ATS) beats by $0.01, beats on revs
  • Audiocodes (AUDC) misses on top and bottom lines
  • Autohome (ATHM) beats by $0.39, reports revs in-line
  • AvidXchange (AVDX) reports EPS in-line, beats on revs; guides FY24 EPS in-line, revs in-line
  • Avista (AVA) beats by $0.10, misses on revs; guides FY24 EPS in-line
  • B&G Foods (BGS) misses by $0.07, misses on revs; lowers FY24 EPS and revenue guidance
  • BigBear.ai (BBAI) beats by $0.02, misses on revs; reaffirms FY24 revs guidance
  • Brinks (BCO) misses by $0.28, misses on revs; guides FY24 EPS below consensus
  • Brookfield Infrastructure (BIP) misses by $0.01, beats on revs
  • California Resources Corp (CRC) beats by $0.24, beats on revs
  • Cellebrite DI (CLBT) beats by $0.07, beats on revs; guides Q4 revs in-line
  • Celsius (CELH) misses by $0.02, reports revs in-line
  • Cencora (COR) beats by $0.11, beats on revs; guides FY25 EPS above consensus, revs above consensus; raises dividend
  • Centuri Holdings (CTRI) misses by $0.25, misses on revs; reaffirms FY24 revs guidance
  • CGI Group (GIB) beats by CAD0.01, beats on revs
  • Charles River (CRL) beats by $0.17, beats on revs; guides FY24 EPS above consensus, revs above consensus
  • Clarivate (CLVT) reports EPS in-line, misses on revs; removes outlook for 2024
  • Conduent (CNDT) beats by $0.01 (two ests), misses on revs; guides FY24 revs below consensus
  • Coupang (CPNG) beats by $0.05, beats on revs
  • CVS Health (CVS) misses by $0.35, beats on revs
  • Dave, Inc. (DAVE) guides Q3 revs above consensus
  • Delek US Holdings (DK) provides Q4 estimates in earnings presentation; sees op expenses $177-188 mln, total throughput 265,000-276,000 bpd
  • Devon Energy (DVN) beats by $0.01, beats on revs
  • Dine Brands (DIN) beats by $0.10, misses on revs
  • Eos Energy (EOSE) misses by $0.24, misses on revs
  • Ero Copper (ERO) reports Q3 (Sep) results
  • Exact Sciences (EXAS) misses by $0.01, misses on revs; guides FY24 revs below consensus
  • Frontier Communications Parent (FYBR) misses by $0.15, beats on revs; note: co previously agreed to be acquired by Verizon
  • Globus Medical (GMED) beats by $0.18, beats on revs; guides FY24 EPS above consensus, revs above consensus
  • Grocery Outlet (GO) beats by $0.01, reports revs in-line; lowers FY24 EPS below consensus, revs in-line; approves new buyback program up to $100 million
  • Helios Technologies (HLIO) beats by $0.05, reports revs in-line; guides FY24 EPS below consensus, revs below consensus
  • Honda Motor (HMC) misses by JPY43.91; beats on revs; guides FY25 EPS and revs below consensus
  • Howmet Aerospace (HWM) beats by $0.16, reports revs in-line; guides Q4 EPS above consensus, revs in-line; guides FY24 EPS above consensus, revs below consensus
  • Infinera (INFN) misses by $0.07, misses on revs; Company entered into agreement and plan of merger with Nokia (NOK) on June 27, 2024
  • Innospec (IOSP) reports EPS in-line, revs in-line, increases dividend for full year by 10%
  • InnovAge (INNV) reports EPS in-line, revs in-line; guides FY25 revs in-line
  • Intl Flavors (IFF) misses by $0.03, beats on revs; raises FY24 revenue guidance
  • Ionis Pharma (IONS) beats by $0.17, beats on revs; co also announces pivotal Phase 3 trial design for ION582 in Angelman Syndrome
  • iRobot (IRBT) beats by $0.09, misses on revs; guides Q4 EPS below two analyst estimate, revs below two analyst estimate; guides FY24 EPS below two analyst estimate, revs below two analyst estimate
  • Iron Mountain (IRM) beats by $0.02, reports revs in-line; guides FY24 FFO in-line, revs in-line
  • Jack Henry (JKHY) beats by $0.02, reports revs in-line; reaffirms FY25 EPS guidance, revs guidance
  • Johnson Controls (JCI) beats by $0.72, beats on revs; guides Q1 EPS below consensus; guides FY25 EPS in-line
  • Jones Lang LaSalle (JLL) beats by $0.76, beats on revs
  • Kennametal (KMT) beats by $0.03, reports revs in-line; guides Q2 EPS in-line, revs in-line
  • Kinross Gold (KGC) beats by $0.05, beats on revs (two ests); remains on track to meet 2024 production guidance
  • Kornit Digital (KRNT) beats by $0.04, reports revs in-line; guides Q4 revs in-line
  • Lantheus Holdings (LNTH) beats by $0.14, beats on revs; guides FY24 EPS in-line, revs in-line
  • LGI Homes (LGIH) reports 525 home closings for October 2024; as of October 31, the Company had 138 active selling communities
  • Limbach (LMB) beats by $0.10, beats on revs; guides FY24 revs above two analyst estimate
  • Lineage (LINE) reports Q3 (Sep) results, revs in-line
  • Lumen Technologies (LUMN) misses by $0.04, reports revs in-line
  • LXP Industrial Trust (LXP) beats by $0.01, beats on revs; guides FY24 FFO in-line
  • Macerich (MAC) misses by $0.01, beats on revs
  • Masimo (MASI) beats by $0.14, reports revs in-line; guides FY24 EPS above consensus, revs in-line
  • MasterCraft (MCFT) beats by $0.09, beats on revs; guides Q2 EPS below consensus; guides FY25 EPS in-line, revs in-line
  • Mayville Engineering Company (MEC) misses by $0.03, misses on revs
  • Mercury (MRCY) beats by $0.12, beats on revs
  • MFA Financial (MFA) reports Q3 (Sep) results
  • Microchip (MCHP) beats by $0.03, reports revs in-line; guides Q3 EPS below consensus, revs below consensus
  • MRC Global (MRC) beats by $0.03, reports revs in-line
  • National Cinemedia (NCMI) reports Q3 results; guides Q4 revs below consensus
  • National Health (NHI) misses by $0.08, misses on revs; guides FY24 FFO below consensus
  • National Vision (EYE) beats by $0.06, reports revs in-line; reaffirms FY24 EPS guidance, revs guidance
  • NewAmsterdam Pharma (NAMS) reports Q3 EPS of ($0.18) vs. ($0.50) FactSet consensus; revs $29.1 mln
  • Noble Corporation (NE) misses by $0.24, beats on revs; guides Q4 revs in-line; increases share repurchase authorization by $400 mln
  • Northern Oil & Gas (NOG) beats by $0.20, beats on revs; reaffirms production guidance
  • Novo Nordisk (NVO) reports nine-month results; narrows outlook
  • ODP Corporation (ODP) beats by $0.15, misses on revs; guides FY24 EPS below consensus, revs in-line
  • Owens Corning (OC) beats by $0.33, reports revs in-line; guides Q4 revs below consensus
  • PACS Group (PACS) provides preliminary third quarter operational metrics
  • Pan Am Silver (PAAS) beats by $0.12, beats on revs
  • Pembina Pipeline (PBA) misses by CAD0.14, misses on revs
  • Performance Food Group (PFGC) misses by $0.06, beats on revs; guides Q2 revs above consensus; guides FY25 revs above consensus
  • Perion Network (PERI) beats by $0.03, beats on revs; guides FY24 revs in-line
  • Perrigo (PRGO) reports EPS in-line, misses on revs; reaffirms FY24 EPS guidance
  • Pinnacle West (PNW) misses by $0.12, beats on revs; guides FY24 EPS above consensus; guides FY25 EPS below consensus
  • Prudential Plc (PUK) reports Q3 business update
  • Qualys (QLYS) beats by $0.22, beats on revs; mid-point of Q4 EPS guidance above consensus, revs above consensus
  • Revolve Group (RVLV) beats by $0.05, beats on revs
  • Rhythm Pharmaceuticals (RYTM) beats by $0.07, beats on revs
  • Royalty Pharma (RPRX) reports Q3 and raises 2024 guidance
  • Schneider National (SNDR) misses by $0.05, misses on revs; guides FY24 EPS below consensus
  • Scotts Miracle-Gro (SMG) misses by $0.35, beats on revs
  • Select Water Solutions (WTTR) beats by $0.01, beats on revs
  • Sempra Energy (SRE) misses by $0.16, misses on revs; reaffirms FY24 EPS guidance; reaffirms FY25 EPS guidance
  • Six Flags Entertainment (SIX) reports Q3 results; beats on revs; provides Oct update; established 2027 targets
  • Six Flags Entertainment (SIX) releases earnings presentation; long-term targets include attendance greater than 55 mln guests in FY27, modified EBITDA margin of greater than 35% in FY27
  • SmartRent (SMRT) misses by $0.03, misses on revs
  • Southwest Gas (SWX) misses by $0.07, misses on revs (two ests)
  • Spirit Aerosystems (SPR) releases projected free cash flow (previously confidential investor material)
  • Sunoco LP (SUN) reports Q3 (Sep) results, misses on revs
  • Super Micro Computer (SMCI) sees Q1 EPS above consensus; Q1 revs below consensus; sees Q2 EPS and revs below consensus
  • Syndax Pharmaceuticals (SNDX) beats by $0.09, beats on revs
  • Tango Therapeutics (TNGX) also reports third quarter 2024 financial results and provides business highlights
  • Ternium S.A. (TX) misses by $0.54, reports revs in-line
  • Teva Pharma (TEVA) beats by $0.03, beats on revs; guides FY24 EPS in-line, revs in-line
  • Toronto-Dominion Bank (TD) expects catastrophe claims of approximately CAD 388 mln in Q4
  • Toyota Motor (TM) reports Q2 results; misses on top and bottom lines; sees FY25 EPS and revs below consensus
  • Treace Medical Concepts (TMCI) beats by $0.02, beats on revs; guides FY24 revs in-line
  • Trimble (TRMB) beats by $0.21, beats on revs; guides Q4 EPS in-line, revs in-line
  • Tutor Perini (TPC) announces that the Company, in a joint venture with O&G Industries, has been identified as the Apparent Selected Proposer by the New York City Department of Design and Construction for the new Manhattan Jail Facility
  • Ultragenyx Pharma (RARE) beats by $0.08, beats on revs; reaffirms FY24 revs guidance; provides DTX401 Phase 3 follow-up data
  • U.S. Physical Therapy (USPH) beats by $0.01, beats on revs
  • Vaxcyte (PCVX) beats by $0.27, beats on revs
  • Vertex (VERX) beats by $0.02, beats on revs; guides Q4 revs above consensus
  • Vishay (VSH) misses by $0.06, misses on revs; guides Q4 revs below consensus
  • VSE Corp (VSEC) misses by $0.14, misses on revs
• General News
  • Donald Trump elected the 47th President of the United States, according to New York Times
  • Republicans take control of Senate (GOP has 51 Senate seats locked up with 6 more races yet to be called, all held by Democratic incumbents), according to the Wall Street Journal
  • Voters have so far elected Republicans to 195 House Seats and Democrats to 174 House Seats (218 needed for majority), according to the Wall Street Journal
  • Republican Tim Sheehy wins Montana Senate race, bringing Republicans to 52 Senate seats with 5 races still yet to be called, according to the New York Times
  • China hack enabled spying on officials, according to the Wall Street Journal
  • Florida voters reject referendum to legalize recreational cannabis, according to NBC News
  • Bitcoin surges on election results
  • Hurricane Rafael will enter Gulf of Mexico later this week
  • DOJ exploring ways to wind down two criminal cases against President-elect Trump before he takes office, according to NBC News
  • Democratic Senator Tammy Baldwin wins Wisconsin Senate race; Democrats now have 43 Senate seats and Republicans have 52, according to NY Times
  • Democratic Senator Elissa Slotkin wins Michigan Senate race (Republicans have 52 Seats and Democrats have 44 with 4 races yet to be called), according to NY Times
  • Alterity Therapeutics (ATHE) announced that the peer-reviewed journal, Metallomics has published data on the importance of iron and iron-targeting agents like ATH434 to treat neurodegenerative diseases
  • Amazon (AMZN) Exec Chair/Founder Jeff Bezos sold 1,068,452 shares pursuant to a Rule 10b5-1 trading plan at $200.00 - $200.49 worth more than $214 mln
  • American Express Business Travel (AXP), operated by Global Business Travel (GBTG) confirms that the U.K. Competition and Markets Authority has published its interim report regarding Amex GBT’s proposed acquisition of CWT, a global business travel and meeting solutions provider
  • Apple (AAPL) wants Foxconn (HNHPF) to produce servers in Taiwan, according to Nikkei
  • Apple (AAPL) believes future products will not be as profitable as iPhone, according to Financial Times
  • Bitdeer Technologies (BTDR) announces October 2024 production and operations update; mines 174 Bitcoins
  • Blend Labs (BLND) and Covered Insurance Solutions have announced a new strategic partnership to further streamline the home insurance shopping experience
  • Braskem SA (BAK) discloses contract for the purchase by Braskem and sale by Petrobras (PBR) of light hydrocarbons from refineries from the Capuava Refinery and Henrique Lage Refinery
  • Cango (CANG) enters into agreements to purchase on-rack crypto mining machines with an aggregate hashrate of 50 Exahash per second for total considerations valued at approximately US$400 million from a group of sellers
  • Castle Biosciences (CSTL) announces the latest data from its prospective, multicenter DECIDE study exploring the impact of integrating DecisionDx-Melanoma test results into SLNB decision-making for patients recently diagnosed with melanoma
  • Cisco (CSCO) routers, among others, were used by hackers in Chinese intrusions, according to the Wall Street Journal
  • Comerica (CMA) approves the authorization to purchase up to an additional 10 million shares of Comerica Incorporated outstanding common stock
  • Commercial Metals (CMC) issues statement regarding Pacific Steel Group v. Commercial Metals Co. litigation
  • Dave, Inc. (DAVE): FTC takes action against online cash advance app Dave for "deceiving consumers, charging undisclosed fees"
  • DXP Enterprises (DXPE) completes the acquisitions of Burt Gurney & Associates and MaxVac
  • Eldorado Gold (EGO) announced this morning that the Toronto Stock Exchange has accepted for filing Eldorado’s Notice in respect of a normal course issuer bid
  • Ero Copper (ERO) announces leadership succession: David Strang to become executive Chairman, Makko DeFilippo to be appointed President & CEO, effective Jan 1, 2025
  • GlaxoSmithKline (GSK): Legal Bay presettlement funding reports settlement agreements reached in Zantac lawsuits
  • Grupo Aeroportuario Del Sureste (ASR) announces that passenger traffic for October 2024 reached a total of 5.3 million passengers, representing a decrease of 2.4% compared to October 2023
  • Huntington Ingalls (HII) announces that its Mission Technologies division was awarded a $197 mln contract to support the U.S. Army Combat Capabilities Development Command’s Ground Vehicle Systems Center
  • I-Mab (IMAB) confirmed jury trial verdict related to a portion of the ongoing litigation against Inhibrx (INBX) and Dr. Eckelman
  • Integral Ad Science (IAS): KKR (KKR) in discussions to acquire IAS, according to Business Insider
  • Ionis Pharma (IONS) announces the pivotal Phase 3 study design following successful alignment with the U.S. Food and Drug Administration on ION582, an investigational medicine for the treatment of people living with Angelman syndrome
  • iRobot (IRBT) will implement an operational restructuring plan
  • iRobot (IRBT) announced that Julie Zeiler, the chief financial officer, and Russ Campanello, the chief human resources officer, will retire, effective December 2, 2024
  • JPMorgan (JPM) Chase CEO Jamie Dimon does not plan to join President-elect Trump's administration, according to Reuters
  • Lancaster Colony (LANC) increases quarterly cash dividend to $0.95/share from $0.90/share
  • Lyft (LYFT): Nexar and Lyf plan to partner, leveraging Nexar's vast cutting-edge video telematics to create data-driven solutions that accelerate the deployment of AV technologies
  • Macerich (MAC) announced that Daniel E. Swanstrom II will be appointed to the role of Senior Executive Vice President, Chief Financial Officer and Treasurer, effective as of November 16, 2024
  • MarketAxess (MKTX) announces that Founder and Executive Chairman Rick McVey will retire at the end of the year
  • Microsoft (MSFT) announces the availability of Azure OpenAI Data Zones and latest updates from Azure AI
  • Navitas Semiconductor (NVTS) has announced the world’s first 8.5 kW power supply unit, powered by GaN and SiC technologies to achieve 98% efficiency, for next-generation AI and hyperscale data centers
  • Novavax (NVAX) discloses UK Health Authority settlement agreement; company agreed to pay a refund of $123.8 mln
  • ODP Corporation (ODP) announces a partnership with a large, growing strategic reseller organization, offering quality office, furniture, print, promotional and facility resource solutions to large multi-site companies
  • Perma-Pipe (PPIH) announces $6 mln in new project awards in the MENA region
  • Redwire Corporation (RDW) announces that its third batch of pharmaceutical drug crystals grown in space have successfully returned to Earth
  • Retail Opportunity Investments (ROIC): Blackstone (BX) Real Estate Partners X will acquire outstanding shares of ROIC for $17.50/share in all-cash transaction valued at approx. $4 bln including outstanding debt (halted)
  • Rio Tinto (RIO) will partner with China’s State Power Investment Corporation to demonstrate battery swap electric haul truck technology at the Oyu Tolgoi copper mine in Mongolia
  • Roper (ROP) increases quarterly cash dividend 10% to $0.825/share from $0.75/share
  • RTX (RTX) Pratt & Whitney to demonstrate hydrogen-fueled turboprop technology under Canadian INSAT program
  • Sanofi (SNY) reports Dupixent approved in the EU as the first and only medicine for young children with eosinophilic esophagitis
  • Sanofi (SNY): Advent International mulling sale of former Sanofi (SNY) unit Zentiva for $5.4 bln, according to Bloomberg
  • Sila Realty Trust (SILA) provides Steward Health Care System and GenesisCare updates
  • Spirit Aerosystems (SPR) in 10-Q filing warns substantial doubt about its ability to continue as a going concern exists
  • Tango Therapeutics (TNGX) reports positive TNG462 clinical data and provides update on PRMT5 development program
  • Territorial Bancorp (TBNK) announces shareholder approval for merger with Hope Bancorp (HOPE)
  • Tradeweb Markets (TW) reports total trading volume for the month of October 2024 of $54.7 trillion
  • Trump Media & Technology Group Corp. (DJT) to continue exploring additional possibilities for growth, including potential mergers and acquisitions with companies
  • TTEC Holdings (TTEC) suspends dividend, changes location of the principal place of business, and closed on the sale of a real estate asset for $45,500,000
  • Visa (V): EU investigating Mastercard (MA) / Visa scheme fees, according to Reuters
  • Weatherford (WFRD) announces two contracts in the Middle East, with Kuwait Oil Company and a National Oil Company in Qatar
  • Weyco Group, Inc. (WEYS) announces that its Board of Directors declared a special one-time cash dividend of $2.00/share

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

• Upgrades:
  • AstraZeneca (AZN) upgraded to Hold from Sell at Deutsche Bank
  • Beam Therapeutics (BEAM) upgraded to Outperform from Market Perform at Leerink Partners; tgt raised to $39
  • Burberry plc (BURBY) upgraded to Outperform from Sector Perform at RBC Capital Mkts
  • Celanese (CE) upgraded to Buy from Hold at Deutsche Bank; tgt lowered to $110
  • Clorox (CLX) upgraded to Hold from Sell at TD Cowen; tgt raised to $170
  • Enbridge (ENB) upgraded to Equal Weight from Underweight at Wells Fargo
  • Yum China (YUMC) upgraded to Overweight from Neutral at JP Morgan; tgt raised to $60
• Downgrades:
  • Aris Water Solutions (ARIS) downgraded to Neutral from Overweight at JP Morgan; tgt raised to $22
  • Brown-Forman (BF.B) downgraded to Hold from Buy at TD Cowen; tgt lowered to $48
  • Cboe Global Markets (CBOE) downgraded to Underweight from Equal-Weight at Morgan Stanley; tgt $199
  • Choice Hotels (CHH) downgraded to Hold from Buy at Jefferies; tgt $150
  • DigitalBridge (DBRG) downgraded to Mkt Perform from Outperform at Keefe Bruyette; tgt lowered to $14
  • Grocery Outlet (GO) downgraded to Hold from Buy at TD Cowen; tgt lowered to $16
  • MGP Ingredients (MGPI) downgraded to Hold from Buy at TD Cowen; tgt lowered to $50
  • Myers Industries (MYE) downgraded to Sector Weight from Overweight at KeyBanc Capital Markets
  • Portillo's (PTLO) downgraded to Hold from Buy at Stifel; tgt $13
  • Smith & Nephew (SNN) downgraded to Hold from Buy at Berenberg
  • Super Micro Computer (SMCI) downgraded to Underweight from Neutral at JP Morgan; tgt lowered to $23
  • Verrica Pharmaceuticals (VRCA) downgraded to Neutral from Buy at H.C. Wainwright
• Others:
  • BitFuFu (FUFU) initiated with a Buy at H.C. Wainwright; tgt $7
  • Fresenius Medical (FMS) initiated with a Buy at Berenberg; tgt $25.60
  • Insulet (PODD) initiated with an Outperform at Bernstein; tgt $300
  • PACS Group (PACS) resumed with an Overweight at JP Morgan; tgt $40
  • Qualys (QLYS) resumed with a Hold at Needham
  • Rambus (RMBS) initiated with an Overweight at Wells Fargo; tgt $62
  • Ryman Hospitality (RHP) initiated with a Buy at Jefferies; tgt $130
  • Tandem Diabetes Care (TNDM) initiated with an Outperform at Bernstein; tgt $42
  • Tencent Music (TME) initiated with an Overweight at Barclays; tgt $16
  • Vipshop (VIPS) initiated with an Overweight at Barclays; tgt $19

• Econ Data (Thursday):
  • 8:30 ET: Preliminary Q3 Productivity (Briefing.com consensus 2.3%; prior 2.5%), preliminary Q3 Unit Labor Costs (Briefing.com consensus 0.5%; prior 0.4%), weekly Initial Claims (Briefing.com consensus 222,000; prior 216,000), and Continuing Claims (prior 1.862 mln)
  • 10:00 ET: September Wholesale Inventories (Briefing.com consensus -0.1%; prior 0.1%)
  • 10:30 ET: Weekly natural gas inventories (prior +78 bcf)
  • 14:00 ET: November FOMC Rate Decision (prior 4.75-5.00%)
  • 15:00 ET: September Consumer Credit (Briefing.com consensus $13.5 bln; prior $8.9 bln)
• 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