After Hours Report

Today's session was disappointing for stocks. The S&P 500 slid 178 points, the Nasdaq Composite was 3.5% lower, and the Dow Jones Industrial Average closed more than 1,100 points lower, logging its tenth consecutive decline.

The major indices traded slightly higher until selling picked at 2:00 ET as investors grappled with the likelihood that the Fed will be pausing its rate-cut campaign and that rates are going to remain higher for longer. This understanding followed the FOMC's decision to cut rates 25 basis points to 4.25-4.50%, as expected. It was not a unanimous vote. Cleveland Fed President Hammack dissented in favor of leaving the target range for the fed funds rate unchanged at 4.50-4.75%.

The Summary of Economic Projections showed that the median estimate for PCE inflation and core PCE inflation was increased for 2024 and 2025, but the estimate for unemployment was decreased for 2024 and 2025.

Additionally, the median estimate for the 2025 fed funds rate was bumped up to 3.9% from 3.4%, signaling an outlook for only 50-basis points of easing in 2025 versus 100-basis points when the September projection was released.

The bond market also reacted strongly to the notion that rates may remain elevated if inflation remains sticky above the Fed's 2.0% target while the labor market remains strong. The 10-yr yield, which is most sensitive to changes in inflation, jumped 11 basis points to 4.49%. The 2-yr yield, which is most sensitive to changes in the fed funds rate, surged 11 basis points to 4.35%. 

Just about everything participated in today's retreat. All 11 S&P 500 sectors registered declines ranging from 1.4% (health care) to 4.7% (consumer discretionary). The equal-weighted S&P 500 fell 3.0%.

• Nasdaq Composite: +29.2% YTD
• S&P 500: +23.1% YTD
• S&P Midcap 400: +11.9% YTD
• Russell 2000: +10.1% YTD
• Dow Jones Industrial Average: +12.3% YTD

Reviewing today's economic data:

• Weekly MBA Mortgage Applications Index -0.7%; Prior 5.4%
• November Housing Starts 1.289 mln (Briefing.com consensus 1.347 mln); Prior was revised to 1.312 mln from 1.311 mln, November Building Permits 1.505 mln (Briefing.com consensus 1.430 mln); Prior was revised to 1.419 mln from 1.416 mln
  • The key takeaway from the report is that single-unit starts were up 6.4%, led by a bounce back in the South (+18.3%) following the hurricanes; however, single-unit permits, a leading indicator, were up just 0.1%.
• Q3 Current Account Balance -$310.9 bln (Briefing.com consensus -$283.0 bln); Prior was revised to -$275.0 bln from -$266.8 bln

Thursday's economic data includes:

• 08:30 ET: Weekly Initial Jobless Claims (Briefing.com consensus 237K; prior 242K) and Continuing Jobless Claims (prior 1886K)
• 08:30 ET: Q3 GDP - Third Estimate (Briefing.com consensus 2.8%; prior 2.8%) and GDP Deflator - Third Estimate (Briefing.com consensus 1.9%; prior 1.9%)
• 10:00 ET: November Existing Home Sales (Briefing.com consensus 4.10M; prior 3.96M)
• 10:00 ET: November Leading Indicators (Briefing.com consensus -0.1%; prior -0.4%)
• 10:30 ET: EIA Natural Gas Inventories (prior -190 bcf)
• 16:00 ET: October Net Long-Term TIC Flows (prior $216.B)

Overseas:

• Europe: DAX +0.1%, FTSE +0.1%, CAC +0.3%
• Asia: Nikkei -0.7%, Hang Seng +0.8% Shanghai +0.6%

Commodities:

• Crude Oil +0.33 @ 69.95
• Nat Gas +0.07 @ 3.38
• Gold -8.70 @ 2653.60
• Silver -0.19 @ 30.76
• Copper +0.01 @ 4.16

After-Hours Spotlight:

• Grocery Outlet (GO) appoints Christopher Miller as CFO, effective January 6; succeeds Lindsay Gray, who has been serving as Interim CFO... GO up 5.2%
• Intel (INTC), NVIDIA (NVDA), and EQTY Lab announce the release of the Verifiable Compute AI framework... INTC up 1.0%; NVDA up 0.5%
• Lennar (LEN) misses by $0.12, misses on revs, new orders decreased 3%; Issues 1Q25 guidance, sees Gross Margin on Home Sales of 19.0-19.25%... LEN down 7.4%
• Micron (MU) beats by $0.03, reports revs in-line; guides Q2 EPS below consensus, revs below consensus... MU down 11.6%
• MillerKnoll (MLKN) beats by $0.02, beats on revs; guides FebQ EPS below consensus, revs in-line; lowers FY25 EPS guidance... MLKN down 9.5%
• Steelcase (SCS) beats by $0.08, reports revs in-line; guides Q4 EPS in-line, revs below consensus... SCS down 3.5%
• Worthington Steel (WS) misses single EPS estimate, reports revs in-line... WS down 9.3%

Fair Value for Thursday, Dec 19:

• S&P 500: 5,950
• Nasdaq 100: 21,519
• DJIA: 43,849

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

• Earnings/Guidance (Full Earnings Calendar):
  • ABM Industries (ABM) beats by $0.03, beats on revs; guides FY25 EPS in-line, raises quarterly cash dividend by 18%
  • Birkenstock Holding Plc (BIRK) beats by EUR 0.03, beats on revs
  • Enersys (ENS) raises its adjusted EPS guidance following incremental benefits from IRA Section 45X tax credits
  • General Mills (GIS) beats by $0.18, beats on revs; Lowers FY25 adjusted EPS growth guidance
  • HEICO (HEI) beats by $0.01, misses on revs; anticipates net sales growth in FY25
  • Jabil (JBL) beats by $0.12, beats on revs; guides FebQ EPS in-line, revs in-line; raises FY25 EPS and revenue guidance
  • Toro (TTC) reports EPS in-line, misses on revs; guides FY25 EPS below consensus, revs below consensus
  • United Micro (UMC) board approved capital budget execution with projected monetary amount of the investment: NT$ 18,498 million
  • Worthington Enterprises (WOR) beats by $0.08, reports revs in-line
• General News
  • Government funding bill includes provision that requires PBMs to fully pass through 100% of drug rebates to health plans, according to The Hill
  • Government funding bill includes $110 bln in disaster and farming aid, according to the Wall Street Journal
  • Elon Musk (key advisor to President-elect Trump) says that the government funding bill should not pass
  • President-elect Trump's transition team is preparing plans to lower EV federal subsidies, according to Bloomberg
  • Canada revealed a $900 mln border security plan in order to prevent tariffs from incoming Trump administration, according to the Wall Street Journal
  • OPEC concerned about President-elect Trump's plan to increase domestic oil production, according to Reuters
  • US considering ban on China produced TP-Link, according to the Wall Street Journal
  • CFPB aiming to investigate credit card reward programs, according to the Washington Post
  • IEA says global coal demand is set to plateau through 2027
  • Brazil investors concerned about fiscal reforms, according to Financial Times
  • CDC confirms 61 total cases of bird flu in the United States
  • EPA grants waiver for California’s advanced Clean Cars II regulations
  • Supreme Court confirms it will hear challenge to law that could ban TikTok by January 19
  • Senate passes $895 bln defense authorization bill; President Biden will sign it
  • California Governor Gavin Newsom declared state of emergency over bird flu, but says risk the public remains low, according to CBS News
  • House Speaker Mike Johnson considering dropping current government funding bill in favor of "clean" funding bill to fund government amid opposition regarding contents of bill, according to Politico
  • Abbott Labs (ABT) announces that the Government of Alberta has added its FreeStyle Libre 2 flash glucose monitoring system to the Alberta Drug Benefit List
  • ADT (ADT) entered into an agreement with a non-affiliate individual to repurchase 15 million shares of common stock at $6.945 for an aggregate purchase price of $104,175,000
  • Agios Pharma (AGIO) announces that the European Commission has adopted a positive decision for the designation of mitapivat, an oral, small molecule PK activator, as an orphan medicinal product for the treatment of sickle cell disease
  • Alaska Air (ALK) announces new nonstop service between San Diego International Airport and Ronald Reagan Washington National Airport
  • Amazon's (AMZN) Teamsters in Southern California authorize strike
  • Amazon (AMZN) Teamsters at the DGT8 facility in Atlanta have voted unanimously to authorize a strike
  • American Electric's (AEP) subsidiary, Southwestern Electric Power Co., announces the ongoing development of several new generation projects, pending regulatory approval
  • Apple (AAPL) has stopped efforts to introduce iPhone hardware subscription service & shut down Pay Later offering earlier in 2024, according to Bloomberg
  • Applied Optoelectronics (AAOI) files patent infringement complaint against Accelight Technologies, Inc.
  • Arthur J. Gallagher (AJG) acquires Indianapolis, Indiana-based M.J. Schuetz Insurance Services; financial terms were not disclosed
  • Arthur J. Gallagher (AJG) acquires DMc Insurance Partners; financial terms were not disclosed
  • AstraZeneca (AZN) executives expecting China sales to decline, according to Financial Times
  • AstraZeneca (AZN): Alexion, AstraZeneca rare disease reaches an agreement with the pan-Canadian Pharmaceutical Alliance for Koselugo for the treatment of paediatric patients with neurofibromatosis type 1 who have symptomatic, inoperable plexiform neurofibromas
  • Aurora Mobile (JG) comments on recent GPTBots progress
  • Azul S.A. (AZUL) announces the launch of its debt exchange offers as part of the implementation of its previously announced comprehensive restructuring and recapitalization transactions
  • Barrick (GOLD) seeks fair resolution in Mali through arbitration
  • BIT Mining (BTCM) regains compliance with NYSE continued listing standards
  • Boeing (BA) resumed aircraft production in Seattle, according to Bloomberg
  • Brightcove (BCOV) sharing significant enhancements to its platform through strategic partnerships to enhance the video content creation, distribution and monetization process
  • Bristol-Myers (BMY): insitro receives $25 mln from Bristol Myers Squibb representing both the achievement of discovery milestones and the selection of the first novel target for amyotrophic lateral sclerosis that was identified and validated by insitro
  • C&F Financial Corporation (CFFI) files $100 mln mixed securities shelf offering
  • Canadian Pacific Kansas City Ltd. (CP) completes construction of new international railway bridge span over the Rio Grande from Laredo, Texas, to Nuevo Laredo, Tamaulipas
  • Carlisle Cos (CSL) completes purchase of Plasti-Fab
  • CCC Intelligent Solutions (CCCS) disclosed that Mary Jo Prigge, the Company’s Executive Vice President, Chief Service Delivery Officer mutually agreed to delay Mr. Prigge’s retirement from her role with the Company until no later than May 31, 2025
  • Centrais Electricas Brasileiras (EBR) provided mediation update
  • Coeur (CDE) Provides Silvertip Exploration Update
  • Commscope (COMM) announces closing of a comprehensive refinancing with its first-lien secured lenders, enabling company to address upcoming 2025 and 2026 debt maturities
  • Corvus Pharmaceuticals (CRVS) Announces Interim Data from Placebo-Controlled Phase 1 Clinical Trial of Soquelitinib for Atopic Dermatitis
  • CVS Health (CVS): DOJ confirmed earlier that a nationwide lawsuit was filed alleging CVS knowingly dispensed controlled substances in violation of the Controlled Substances Act and the False Claims Act
  • Diana Shipping (DSX) announces that through a separate wholly-owned subsidiary, it has ntered into a time charter contract with Mitsui O.S.K. Lines, for one of its Capesize dry bulk vessels, the m/v Santa Barbara
  • DoorDash (DASH): Alphabet's (GOOG, GOOLG) Wing says drone delivery set to launch at Brookfield Properties’ Dallas-Fort Worth malls in partnership with DoorDash (DASH)
  • Douglas Elliman (DOUG) COO to retire
  • Dow (DOW) and Inneventure (INV) announce plans to collaborate to develop and commercialize new waste-to-value technologies
  • Eli Lilly's (LLY) Kisunla approved in China for the treatment of early symptomatic alzheimer's disease
  • Eli Lilly (LLY): Gan & Lee Pharmaceuticals announces FDA clearance of the IND application for the innovative bi-weekly GLP-1RA GZR18 injection, Bofanglutide, with chronic weight management indication
  • Ensign Group (ENSG) agrees to add its first operations in Alaska and Oregon And announces expansion in Washington and California
  • First Financial (THFF) increases quarterly dividend to $0.51/share from $0.45/share
  • Flutter Entertainment (FLUT): FanDuel Casino launches first co-branded slot game with the NBA
  • Fulton Fincl (FULT) increases quarterly cash dividend ~6% to $0.18/share from $0.17/share; co also announces $125 million repurchase program
  • Gentex (GNTX) announces that Gentex and VOXX International Corporation (VOXX) have entered into a definitive agreement and plan of merger for Gentex to acquire VOXX in an all-cash transaction
  • GFL Environmental (GFL) in discussions to sell environmental unit to Apollo Global (APO), according to Globe & Mail
  • Hologic (HOLX): FDA issues implantable marker recall: Hologic removes BioZorb 3D bioabsorbable markers due to risk for patient complications
  • Honda Motor (HMC): Merger talks between HMC/Nissan (NSANY) to begin as early as Monday, according to Nikkei
  • Hyatt Hotels (H) and The Venetian Resort Las Vegas announce a long-term licensing agreement to make the iconic luxury property on the Las Vegas Strip bookable through Hyatt channels, including Hyatt.com and the World of Hyatt mobile app, in the near future
  • ICON plc (ICLR) announced the appointment of Barry Balfe as COO
  • Johnson & Johnson (JNJ): FDA approves Celltrion's STEQEYMA, a biosimilar to STELARA
  • KBR (KBR) announced that its ammonia technology has been selected by KazAzot for Kazakhstan's first world-scale fertilizer complex
  • Lennar's (LEN) recently formed subsidiary Millrose Properties filed registration statement relating to a planned spin-off consisting of a contribution by Lennar to Millrose of land and cash and a distribution of Millrose's stock to Lennar's stockholders
  • LiveOne (LVO) announced an update with respect to their multi-year partnership with Tesla (TSLA)
  • LPL Financial (LPLA) reports monthly activity for November 2024; Total advisory and brokerage assets increased 5.1% month/month to $1.76 trillion
  • Martin Midstream (MMLP): Glass Lewis joins Institutional Shareholder Services in recommending MMLP unitholders vote for the transaction with MRMC
  • Mastercard (MA) approves new $12.0 bln share repurchase program and increases quarterly cash dividend by 15% to $0.76/share
  • Merck (MRK) enters into exclusive global license agreement with Hansoh Pharma for investigational oral GLP-1 receptor agonist
  • Microsoft (MSFT) purchased twice as many Nvidia (NVDA) artificial intelligence chips as competitors, according to Financial Times
  • Mondelez Int'l (MDLZ) enters into strategic partnership with Amazon Web Services (AMZN) to enhance digital innovation across the company
  • NVIDIA (NVDA) unveils most affordable Gen AI supercomputer the Jetson Orin Nano Super
  • NVIDIA (NVDA) production of Blackwell GPU chips is moving along as expected, according to TrendForce
  • O-I Glass (OI) finalized its plans for the closure of two furnaces in its European segment
  • Oil States (OIS) closes on facility sale and updates share repurchases
  • Oklo Inc. (OKLO) and Switch form landmark strategic relationship to deploy 12 gigawatts of advanced nuclear power
  • Old Second Bancorp Inc. (OSBC) authorized the repurchase of up to $39.1 million of shares of common stock
  • Origin Materials (ORGN) announces transition to single CEO leadership structure under John Bissell
  • Otsuka (OTSKY) and Lundbeck LLC announce that the full results of a Phase 3 trial of brexpiprazole in combination with sertraline for the treatment of PTSD in adults have been published in JAMA Psychiatry
  • PENN Entertainment (PENN) announces the launch of its stand-alone Hollywood Casino app in Pennsylvania
  • Perion Network (PERI) announces the integration of Experian’s identity graph into its proprietary solutions; a strategic enhancement to Perion’s cross-channel and cross-device targeting and attribution capabilities
  • Power (POWI) integrations targets 800 V automotive applications with new wide-creepage switcher IC
  • Prudential (PRU) announces a new strategic relationship with Empathy that will provide beneficiaries with access to an enhanced suite of resources to help them cope with loss and navigate the challenges throughout the grieving journey
  • Roche Hldg (RHHBY) transforms mass spectrometry diagnostics with launch of cobas Mass Spec solution
  • RTX (RTX) completed a successful missile flight test for the U.S. Army; key milestone for the rapid development of affordable, long-range precision munitions
  • Saia (SAIA) announces that Saia LTL Freight has partnered with Tesla (TSLA) to introduce two of the company’s first Tesla Semi trucks to its fleet
  • Seadrill Ltd (SDRL) awarded a contract in Brazil by Petrobras (PBR) which will contribute approximately $493 mln to its order backlog
  • Sensata Tech (ST) appoints Stephan von Schuckmann as its new CEO, effective January 1; succeeds Martha Sullivan, who stepped into the CEO role on an interim basis
  • Solid Power (SLDP) and and Ford Motor (F) amended Joint Development Agreement
  • Sotera Health (SHC): Firstlight Management Calls on the Board of Directors of Sotera Health Company to Launch Sale Process for Nelson Labs
  • Stellantis (STLA) made the decision to pull launch timing of its range-extended Ram 1500 Ramcharger ahead of Ram 1500 REV, its first battery-electric light duty pickup truck
  • Structure Therapeutics (GPCR) Announced Selection of Lead Oral Small Molecule Amylin Receptor Agonist ACCG-2671 for the Treatment of Obesity
  • TechnipFMC (FTI) awarded a substantial contract by Shell Nigeria Exploration and Production Company Limited to supply Subsea 2.0 production systems for the Bonga North development in Nigeria
  • The Cigna Group (CI): Express Scripts awarded $670 mln U.S. Defense Health Agency contract
  • Toyota Engineering & Manufacturing (TM) North America selected to receive $4.5 million in funding from the U.S. Department of Energy to support a circular domestic supply chain for electric vehicle batteries
  • Transocean (RIG) announces $111 mln ultra-deepwater drillship contract with Reliance Industries Limited in India
  • Trident Digital Tech Holdings Ltd (TDTH) announces the signing of a landmark collaboration agreement with the Democratic Republic of Congo, represented by the President of the Republic via the National Intelligence Agency, to drive digital transformation in the DRC for effective, accountable, and transparent governance
  • U.S. Steel (X): Nippon Steel deal for US Steel still expected to be blocked, according to Reuters
  • UL Solutions (ULS) has been selected by the U.S. Federal Communications Commission to help lead the implementation of the new U.S. Cyber Trust Mark program, which will equip qualifying smart products
  • United Micro (UMC) signed Corporate Power Purchase Agreement with Fengmiao I Offshore Wind Farm
  • Verastem Oncology (VSTM) Provides a Clinical Update for RAMP 203 Trial in Advanced KRAS G12C Mutant Non-Small Cell Lung Cancer
  • Viatris (VTRS) Announces Publication of Phase 2b CARE Study Data for Cenerimod in Lancet Rheumatology
  • Volkswagen AG (VWAGY) will invest ~C$69 million to acquire 9.9% of Patriot’s (PMETF) issued and outstanding common shares
  • VOXX Intl (VOXX) to be acquired by Gentex Corporation (GNTX) in all-cash transaction for $7.50 per common share
  • Vuzix (VUZI) enters into an agreement with Augmex, a one-stop-shop solutions provider for increasing productivity with smart glasses

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

• Upgrades:
  • Azenta (AZTA) upgraded to Overweight from Equal-Weight at Stephens; tgt raised to $60
  • Bill.com (BILL) upgraded to Overweight from Sector Weight at KeyBanc Capital Markets; tgt $115
  • Citizens Financial Group (CFG) upgraded to Strong Buy from Mkt Perform at Raymond James; tgt $55
  • Dow (DOW) upgraded to Outperform from In-line at Evercore ISI; tgt $56
  • Expedia Group (EXPE) upgraded to Buy from Neutral at BofA Securities; tgt raised to $221
  • Fiserv (FI) upgraded to Overweight from Equal-Weight at Stephens; tgt raised to $255
  • Formula One Group C (FWONK) upgraded to Overweight from Equal-Weight at Morgan Stanley; tgt raised to $115
  • MSCI (MSCI) upgraded to Buy from Neutral at Goldman; tgt raised to $723
  • Oceaneering Intl (OII) upgraded to Equal Weight from Underweight at Barclays; tgt raised to $26
  • Ollie's Bargain Outlet (OLLI) upgraded to Buy from Sell at Citigroup; tgt raised to $133
  • Packaging Corp (PKG) upgraded to Buy from Hold at Jefferies; tgt raised to $280
  • Principal Fincl (PFG) upgraded to Overweight from Neutral at Piper Sandler; tgt $90
  • Q2 Holdings (QTWO) upgraded to Overweight from Sector Weight at KeyBanc Capital Markets; tgt $126
  • Transocean (RIG) upgraded to Overweight from Equal Weight at Barclays; tgt $4.50
  • Westlake Corporation (WLK) upgraded to Buy from Neutral at Citigroup; tgt lowered to $140
  • Workiva (WK) upgraded to Buy from Hold at Stifel; tgt raised to $130
  • Xometry (XMTR) upgraded to Overweight from Neutral at JP Morgan; tgt raised to $45
• Downgrades:
  • Angi Inc. (ANGI) downgraded to Neutral from Overweight at JP Morgan
  • Antero Midstream (AM) downgraded to Equal Weight from Overweight at Wells Fargo; tgt $16
  • Axalta Coating Systems (AXTA) downgraded to Neutral from Buy at Citigroup; tgt lowered to $41
  • Beyond, Inc. (BYON) downgraded to Sell from Hold at Argus
  • Eastman Chemical (EMN) downgraded to Neutral from Buy at Citigroup; tgt lowered to $104
  • Electronic Arts (EA) downgraded to Hold from Buy at Stifel; tgt $167
  • Enterprise Products (EPD) downgraded to Equal Weight from Overweight at Wells Fargo; tgt $35
  • Fluence (FLNC) downgraded to Neutral from Outperform at Robert W. Baird; tgt lowered to $20
  • Fluor (FLR) downgraded to Neutral from Outperform at Robert W. Baird; tgt raised to $58
  • Getty Images (GETY) downgraded to Underweight from Neutral at JP Morgan
  • Halliburton (HAL) downgraded to Equal Weight from Overweight at Barclays; tgt lowered to $33
  • Match Group (MTCH) downgraded to Neutral from Overweight at JP Morgan; tgt lowered to $33
  • Moderna (MRNA) downgraded to Hold from Buy at Argus
  • ONEOK (OKE) downgraded to Equal Weight from Overweight at Wells Fargo; tgt $107
  • Pactiv Evergreen (PTVE) downgraded to Hold from Buy at Jefferies; tgt raised to $18
  • Plains All American (PAA) downgraded to Equal Weight from Overweight at Wells Fargo; tgt lowered to $20
  • Plains GP (PAGP) downgraded to Equal Weight from Overweight at Wells Fargo; tgt lowered to $20
  • PLAYSTUDIOS (MYPS) downgraded to Underweight from Neutral at JP Morgan
  • RenaissanceRe (RNR) downgraded to Hold from Buy at Jefferies; tgt lowered to $282
  • Rivian Automotive (RIVN) downgraded to Neutral from Outperform at Robert W. Baird; tgt lowered to $16
  • SBA Comm (SBAC) downgraded to Market Perform from Outperform at BMO Capital Markets; tgt lowered to $230
  • Valaris (VAL) downgraded to Equal Weight from Overweight at Barclays; tgt lowered to $49
• Others:
  • Academy Sports + Outdoors (ASO) initiated with a Buy at Citigroup; tgt $65
  • Blend Labs (BLND) initiated with a Mkt Outperform at JMP Securities; tgt $7
  • Box (BOX) initiated with a Buy at DA Davidson; tgt $45
  • Casey's General (CASY) resumed with a Market Perform at BMO Capital Markets; tgt raised to $450
  • CompoSecure (CMPO) initiated with a Buy at TD Cowen; tgt $20
  • DoubleVerify (DV) initiated with an Outperform at Raymond James; tgt $25
  • Esperion Therapeutics (ESPR) initiated with a Neutral at Goldman; tgt $4
  • FinWise Bancorp (FINW) initiated with an Outperform at Raymond James; tgt $21
  • KalVista Pharmaceuticals (KALV) initiated with a Buy at BofA Securities; tgt $22
  • Kosmos Energy (KOS) resumed with a Buy at Jefferies; tgt $5.60
  • Lantheus Holdings (LNTH) initiated with a Buy at Goldman; tgt $143
  • On (ONON) initiated with a Neutral at Citigroup; tgt $65
  • Performance Food Group (PFGC) initiated with a Hold at Melius; tgt $95
  • The Real Brokerage (REAX) initiated with a Buy at BTIG Research; tgt $6
  • Rocket Pharmaceuticals (RCKT) initiated with a Buy at Jefferies; tgt $29
  • SOPHiA GENETICS SA (SOPH) initiated with a Buy at Craig Hallum; tgt $11
  • Strawberry Fields REIT (STRW) initiated with a Buy at Janney; tgt $12.50
  • Sysco (SYY) initiated with a Hold at Melius; tgt $85
  • Target (TGT) added to Tactical Outperform List at Evervore ISI
  • US Foods (USFD) initiated with a Buy at Melius; tgt $12

• Econ Data (Thursday):
  • 08:30 ET: Weekly Initial Jobless Claims (Briefing.com consensus 237K; prior 242K) and Continuing Jobless Claims (prior 1886K)
  • 08:30 ET: Q3 GDP - Third Estimate (Briefing.com consensus 2.8%; prior 2.8%) and GDP Deflator - Third Estimate (Briefing.com consensus 1.9%; prior 1.9%)
  • 10:00 ET: November Existing Home Sales (Briefing.com consensus 4.10M; prior 3.96M)
  • 10:00 ET: November Leading Indicators (Briefing.com consensus -0.1%; prior -0.4%)
  • 10:30 ET: EIA Natural Gas Inventories (prior -190 bcf)
  • 16:00 ET: October Net Long-Term TIC Flows (prior $216.B)
• Earnings:
  • Monday (Dec 16)
    • Pre-Market: None
    • After-Hours: CMP MITK
  • Tuesday (Dec 17)
    • Pre-Market: None
    • After-Hours: HEI WOR
  • Wednesday (Dec 18)
    • Pre-Market: ABM BIRK GIS JBL TTC
    • After-Hours: LEN MU MLKN SCS WS
  • Thursday (Dec 19)
    • Pre-Market: ACN KMX CTAS CAG DRI FDS LW PAYX
    • After-Hours: FDX AVO NKE
  • Friday (Dec 20)
    • Pre-Market: CCL WGO
    • After-Hours: None
General Motors: 5,000 members at GM's Arlington, TX assembly plant join UAW strike