After Hours Report

The S&P 500 and Nasdaq Composite were unable to follow up Friday's record highs with new record highs today. They opened the day lower and never managed to reclaim a posture in positive territory as buyers lacked enthusiasm ahead of several key events this week, including Oracle's (ORCL 190.71, -0.98, -0.5%) earnings report after the close, the November Consumer Price Index on Wednesday, the November Producer Price Index on Thursday, and the ECB policy meeting on Thursday.

Beyond those considerations, buyers were stifled today by a weak showing from NVIDIA (NVDA 138.81, -3.63, -2.6%), which fell on a Bloomberg report of China opening an antimonopoly investigation, and festering valuation concerns that also mixed with chatter of the market being overbought on a short-term basis and due for some consolidation.

Today's retreat was orderly and narrow at first, but it eventually cut across the market. Small-cap stocks and mid-cap stocks had a stronger start to the session. The Russell 2000 was up as much as 0.8% and the S&P Midcap 400 Index was up as much as 0.5% before both gave in to selling interest and closed down 0.7% and 0.5%, respectively.

Shortly after the open, advancers led decliners at the NYSE and Nasdaq by a better than 2-to-1 margin, but by the close decliners held an edge over advancers at both the NYSE and Nasdaq.

There wasn't a news catalyst for the shift in the tape. It simply turned as buyers turned to the sidelines. Buyers didn't abandon the market altogether, though. There was some clear-cut strength in Chinese ADRs and related ETFs after Chinese leaders said fiscal stimulus will be more proactive and monetary policy "moderately loose," as opposed to "prudent," in 2025. The iShares China Large-Cap ETF (FXI) surged 9.5%.

Separately, there were some nice-sized gains in story stocks like Interpublic Group (IPG 30.30, +1.03, +3.6%), which is going to be acquired by Omnicom (OMC 92.82, -10.60, -10.3%) in a stock-swap deal, and in Hershey (HSY 193.65, +18.95, +10.9%), which has garnered takeover interest from Mondelez Intl. (MDLZ 61.44, -1.42, -2.3%), according to Bloomberg.

Hershey was the best-performing stock in the S&P 500 and Omnicom was the worst-performing stock.

Comcast (CMCSA 39.05, -4.10, -9.5%) was nipping at the heels of Omnicom for worst-performing stock after warning that the impact of Hurricanes Helene and Milton will result in a little over 100,000 broadband subscriber losses in the fourth quarter. That view, Omnicom's losses, and weakness in Meta Platforms (META 613.57, -10.20, -1.6%) cast a pall on the communication services sector (-1.3%), which joined the financial (-1.4%) and utilities (-1.3%) sectors as today's weakest areas.

The health care (+0.2%) and real estate (+0.1%) sectors were the only two S&P 500 sectors to eke out a gain in a day of attrition for the stock market.

The Treasury market also saw some losses today that resulted in higher yields. The 2-yr note yield settled the session up three basis points at 4.13% and the 10-yr note yield settled the session up five basis points at 4.20%. Those moves followed President-elect Trump's weekend "Meet the Press" interview in which, among other things, he reiterated his aim to extend the tax cuts, levy tariffs as needed, and deport illegal immigrants.

In related news, the New York Fed's November Survey of Consumer Expectations showed a 0.1 percentage point increase in inflation expectations for the year ahead (to 3.0%), three years ahead (to 2.6%), and five years ahead (to 2.9%).

• Nasdaq Composite: +31.5% YTD
• S&P 500: +26.9% YTD
• S&P Midcap 400: +19.2% YTD
• Russell 2000: +18.0% YTD
• Dow Jones Industrial Average: +17.9% YTD

Reviewing today's economic data:

• October Wholesale Inventories increased 0.2% month-over-month (Briefing.com consensus 0.2%) following a 0.2% decline in September.

Looking ahead, Tuesday's economic calendar includes:

• 06:00 ET: November NFIB Small Business Optimism Index (prior 93.7)
• 08:30 ET: Revised Q3 Productivity (Briefing.com consensus 2.2%; prior 2.2%) and Unit Labor Costs (Briefing.com consensus 1.9%; prior 1.9%)

Overseas:

• Europe: DAX -0.2%, FTSE +0.5%, CAC +0.7%
• Asia: Nikkei +0.2%, Hang Seng +2.8% Shanghai -0.1%

Commodities:

• Crude Oil +1.29 @ 68.46
• Nat Gas +0.10 @ 3.18
• Gold +26.60 @ 2685.40
• Silver +1.05 @ 32.60
• Copper +0.07 @ 4.27

After-Hours Spotlight:

• Braze (BRZE) beats by $0.03, beats on revs; guides Q4 EPS above consensus, revs in-line... BRZE down 5.5%
• C3.ai (AI) beats by $0.10, beats on revs; guides Q3 revs in-line; guides FY25 revs in-line... AI up 10.8%
• Casey's General (CASY) beats by $0.56, misses on revs, inside same-store sales of +4.0%; Sees FY25 EBITDA increasing by at least 10%, inclusive of Fikes acquisition... CASY down 0.5%
• MongoDB (MDB) beats by $0.48, beats on revs; guides Q4 EPS above consensus, revs above consensus... MDB up 6.5%
• Oracle (ORCL) misses by $0.01, reports revs in-line; sees Q3 EPS below consensus, revs below consensus... ORCL down 7.5%
• Planet Labs (PL) beats by $0.03, misses on revs; guides Q4 revs below consensus... PL down 11.4%
• Toll Brothers (TOL) beats by $0.29, beats on revs, Delivered homes up 25%; Guides for Q1 Deliveries of 1,900-2,100 units... TOL down 3.0%
• Yext (YEXT) reports EPS in-line, revs in-line; guides FY25 revs in-line... YEXT down 11.1%

Fair Value for Tuesday, Dec 10:

• S&P 500: 6,061
• Nasdaq 100: 21,473
• DJIA: 44,468

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

• Earnings/Guidance (Full Earnings Calendar):
  • Hello Group (MOMO) beats by RMB0.96, beats on revs; guides Q4 revs in-line
  • MaxCyte (MXCT) streamlines operations; raises revenue guidance
  • Porch Group (PRCH) reiterates $32 mln Q4’24 Adj EBITDA guidance and shares investor day highlights
  • Post (POST) provided information regarding an avian influenza incident at one of Michael Foods' third-party contracted egg-laying facilities; affirmed 2025 outlook for Adjusted EBITDA
  • SL Green Realty (SLG) will provide updated FY24 and FY25 guidance at meetings with investors
  • Sunoco LP (SUN) provides FY25 financial and operational guidance; Sees adjusted EBITDA of $1.90-$1.95 bln
  • TXNM Energy (TXNM) to reaffirms guidance at investor meetings
  • WEC Energy Group (WEC) in slide presentation reaffirms FY25 EPS guidance; provides FY27-29 sales growth guidance
• General News
  • President-elect Trump in interview says he plans sweeping actions when he takes office including extending tax cuts, large deportations, and tariffs. He said he would not fire Fed Chairman Jerome Powell, according to NBC News
  • President-elect Trump says he would say in NATO as long as they pay their bills and Ukraine should prepare to receive less aid, according to NBC News
  • Ukrainian President Volodymyr Zelenskyy says he had a "good and productive" meeting with President-elect Trump. Mr. Trump called for an "immediate ceasefire" and told Russian President Putin it is "time to act", according to Politico
  • Syria President Bashar al-Assad resigns and leaves the country as rabels took control of Syria's capital, according to the New York Times
  • Chinese leaders change stance on monetary policy to "moderately loose" from "prudent", according to Financial Times
  • China resumes gold purchases, according to Bloomberg
  • South Korean President Yoon Suk Yeol survived impeachment vote, according to the New York Times
  • President-elect Trump says he would consult governors about increasing minimum wage, according to NBC News
  • President-elect Trump says RFK will investigate discredited links between vaccines and autism. Mr. Trump was also critical of PBMs, according to NBC News
  • Los Angeles area could have power cuts due to wildfires, according to Bloomberg
  • NRF released Global Port Tracker - says import cargo rising as higher tariffs and potential port strike approach
  • TikTok asks Supreme Court to halt forced ban or sale, citing irreparable harm and incoming Trump Administration, according to Bloomberg
  • ADC Therapeutics (ADCT) announces The Lancet Haematology publication of data from investigator-initiated trial evaluating ZYNLONTA in combination with rituximab to treat relapsed/refractory follicular lymphoma
  • Advanced artificial intelligence chips were cleared for export to UAE, according to Axios
  • AbbVie (ABBV) reports Investigational Epcoritamab (DuoBody CD3xCD20) Combination Therapy Shows High Response Rates in Clinical Trial of Patients With Relapsed or Refractory (R/R) Follicular Lymphoma
  • AbbVie (ABBV): Two data analyses from clinical trials show epcoritamab (DuoBody CD3xCD20) induces durable complete reponses as monotherapy and combination treatment in patients with diffuse large B-Cell lymphoma
  • Adaptive Biotechnologies (ADPT) Announces New Data at the 66th ASH Annual Meeting Highlighting Advances in MRD Testing with clonoSEQ® and Its Impact on Blood Cancer Treatment Decisions
  • Agios (AGIO) Presents Positive Results from Phase 3 ENERGIZE-T Study of Mitapivat at ASH 2024 and Provides Regulatory Update on Mitapivat
  • Alphabet (GOOG): CFPB orders federal supervision of Google following contested designation
  • Alphabet (GOOG): Google’s Quantum AI team unveiled Willow, a state-of-the-art quantum computing chip that has demonstrated the ability to not only exponentially correct errors
  • Alstom (ALSMY) to provide operations and maintenance services for Metrolink in Southern California
  • Amazon (AMZN): India wants Supreme Court hearing on Amazon / Flipkart issues, according to Reuters
  • Amgen (AMGN): BLINCYTO (blinatumomab) added to chemotherapy significantly improves survival in newly diagnosed pediatric patients with B-cell precursor acute lymphoblastic leukemia
  • AngioDynamics (ANGO) receives FDA clearance for The NanoKnife System for prostate tissue ablation
  • Apple (AAPL) mulling bringing cell phone service to Macs for the first time, according to Bloomberg
  • Apple (AAPL) and Sony (SONY) discussed partnership on gaming controllers, according to Bloomberg
  • Arcellx (ACLX) Announces New Positive Data for Its iMMagine-1 Study in Patients With Relapsed or Refractory Multiple Myeloma to be Presented During an Oral Presentation at the 66th ASH Annual Meeting and Exposition
  • Arthur J. Gallagher (AJG) announces $8.5 billion common stock offering
  • Artivion (AORT) provides cybersecurity update
  • Ashford Hospitality Trust (AHT) announced that its Crowne Plaza La Concha Hotel has completed the conversion to a Marriott Autograph Collection property
  • AstraZeneca (AZN) reports Fixed-duration CALQUENCE plus venetoclax demonstrated superior PFS vs. standard of care in previously untreated CLL, with 77% of patients progression free at three years in AMPLIFY Phase III trial
  • AstraZeneca (AZN) reports Datopotamab Deruxtecan granted Breakthrough Therapy Designation in U.S. for Patients with previously treated advanced EGFR-mutated non-small cell lung cancer
  • AstraZeneca (AZN) reports Fixed-duration Calquence plus venetoclax demonstrated superior progression-free survival vs. standard of care in previously untreated chronic lymphocytic leukaemia, with 77% of patients progression free at three years in AMPLIFY Phase III trial
  • BAE Systems (BAESY): DARPA awards BAE $12M contract to develop next-generation high-temperature sensors for extreme environments
  • Beam Therapeutics (BEAM) Presents New Non-human Primate (NHP) Data Demonstrating Proof-of-concept for ESCAPE, a Non-genotoxic, Antibody-based Conditioning Approach to Treating Sickle Cell Disease, at American Society of Hematology (ASH) Annual Meeting
  • Costco (COST) decided to replace Kimberly-Clark Corp (KMB) as supplier of Kirkland brand of diapers, according to Bloomberg
  • BioAge Labs (BIOA) Announces Discontinuation of STRIDES Phase 2 Clinical Trial Evaluating Azelaprag in Combination with Tirzepatide for the Treatment of Obesity
  • Boeing (BA) whistleblower says company did not keep track of non-conforming parts, according to 60 Minutes
  • Boeing (BA): Washington State WARN notice website says BA will layoff 396 employees starting Feb. 21, 2025
  • BYD Company (BYDDY) eyes hybrid tech as key to European expansion amid soft EV demand, according to Reuters
  • C4 Therapeutics (CCCC) Presents Cemsidomide Phase 1 Data at the American Society for Hematology (ASH) Annual Meeting that Demonstrated Potential to Become Best-in-Class IKZF1/3 Degrader
  • Canadian Nat'l Rail (CNI) announces that a new tentative four-year collective agreement has been reached with Unifor
  • Charles Schwab (SCHW) Trading Activity Index increased to 49.22 in November, up from its score of 48.37 in October
  • Cogent Biosciences (COGT) announces updated clinical results from SUMMIT, showcasing powerful symptomatic improvement in nonadvanced systemic mastocytosis patients
  • Concord Medical Services (CCM) announces approval granted to the application for the Proton Therapy Equipment Registration Certificate
  • CRISPR Therapeutics (CRSP) presents data at the 2024 American Society of Hematology (ASH) Annual Meeting
  • Dada (DADA) increases the pool size of its share incentive plan and provides class action update
  • Dell (DELL) and CoreWeave extend relationship to deliver AI at scale
  • Devon Energy (DVN) President and CEO, Rick Muncrief, to retire March 1, 2025; Clay Gaspar, Devon Chief Operating Officer, to succeed Muncrief
  • Disc Medicine (IRON) Presents Positive Updated Results from Phase 1b Trial in Patients with Myelofibrosis (MF) and Anemia in an Oral Presentation at the 66th American Society of Hematology (ASH) Annual Meeting
  • Disc Medicine (IRON) presents positive clinical and translational data across portfolio at the 66th American Society of Hematology Annual Meeting
  • Dow (DOW) partners with Macquarie Asset Management to launch Diamond Infrastructure Solutions
  • Editas Medicine (EDIT) reports updated clinical data from the RUBY Trial of reni-cel in patients with severe sickle cell disease at the American Society of Hematology Annual Meeting
  • Eli Lilly (LLY): The Global Alzheimer’s Platform Foundation is pleased to welcome Eli Lilly and Company to the Bio-Hermes-002 study
  • Enanta Pharmaceuticals (ENTA) announces positive topline results from first-in-pediatrics phase 2 study evaluating Zelicapavir for the treatment of respiratory syncytial virus
  • Fortis (FTS) to renew at-the-market equity program
  • Galapagos NV (GLPG) reports new results from ongoing Phase 1/2 Study of CD19 CAR T-Cell Therapy, GLPG5101, in Patients with relapsed/refractory non-hodgkin lymphoma
  • Genmab (GMAB) reports Investigational Epcoritamab (DuoBody CD3xCD20) Combination Therapy Demonstrates High Response Rates in Clinical Trial of Patients With Relapsed or Refractory (R/R) Follicular Lymphoma
  • Genmab (GMAB) announces new long-term results from two ongoing clinical trials evaluating epcoritamab, a T-cell engaging bispecific antibody administered subcutaneously, in adult patients with diffuse large B-cell lymphoma
  • Gilead Sciences (GILD) unit Kite Presents New Data Underscoring Curative Potential of Yescarta® in Relapsed/Refractory Large B-cell Lymphoma at ASH
  • GlaxoSmithKline (GSK) receives FDA acceptance of Nucala in use in COPD
  • GlaxoSmithKline (GSK) reports Blenrep shows significant overall survival benefit, reducing the risk of death by 42% in multiple myeloma at or after first relapse
  • GlaxoSmithKline (GSK) reports belantamab mafodotin shows significant overall survival benefit, reducing the risk of death by 42% in multiple myeloma at or after first relapse
  • Healthcare Realty (HR) appointed Tom Bohjalian as Independent Chair of the Board; enters into cooperation agreement with Starboard Value
  • HelloFresh (HELFY): Labor department investigating child labor claims at HelloFresh, according to ABC News
  • Honeywell (HON) has selected its portfolio of avionics technologies and mechanical systems for use in its new Airbus A320neo fleet
  • Huntington Ingalls (HII) Shipbuilding division successfully undocked USS Zumwalt (DDG 1000) taking the ship one step closer to testing and returning to the U.S. Navy fleet
  • IDEAYA Biosciences (IDYA) Announces Development Candidate Nomination of IDE892, a Potential Best-in-Class MTA-cooperative PRMT5 Inhibitor
  • IDEXX Labs (IDXX) announces that the Company’s Board of Directors authorized an increase in its ongoing share repurchase program, authorizing the repurchase of up to five mln additional shares of the Company’s common stock
  • Incyte (INCY) Announces Positive Results from Phase 3 Trial Evaluating Retifanlimab (Zynyz®) in Combination with Platinum-Based Chemotherapy in Patients with Non-Small Cell Lung Cancer
  • Johnson & Johnson (JNJ) reports DARZALEX FASPRO (daratumumab and hyaluronidase-fihj) shows 51 percent reduction in risk of progression to active multiple myeloma for patients with high-risk smoldering multiple myeloma
  • Johnson & Johnson (JNJ) reports TECVAYLI (teclistamab-cqyv) demonstrates potential as frontline combination therapy for patients with newly diagnosed multiple myeloma
  • Johnson & Johnson (JNJ) reports DARZALEX FASPRO (daratumumab and hyaluronidase-fihj)-based regimens demonstrate improved rates of minimal residual disease (MRD) negativity and progression-free survival in patients with newly diagnosed multiple myeloma
  • Kura Oncology (KURA) and Kyowa Kirin (KYKOY) Report Positive Combination Data for Ziftomenib at American Society of Hematology Annual Meeting
  • Lamar Advertising (LAMR) declares special cash dividend of $0.25/sh, which is in addition to regular $1.40/sh dividend
  • Lattice Semi (LSCC) authorizes additional $100 million stock repurchase program
  • Lockheed Martin's (LMT) Tactical Satellite is complete and ready for launch in 2025 aboard a Firefly Aerospace Alpha rocket
  • Logility Supply Chain Solutions (LGTY): 2717 Partners sends letter to Logility Board calling for a review of strategic alternatives
  • Macy's (M): Barington Capital Group calls on Macy’s to make changes to its capital allocation plan to improve shareholder value
  • McDonald's (MCD) Canada and Uber Eats (UBER) join forces to deliver enhanced savings for Canadians
  • Merck’s (MRK) Investigational Zilovertamab Vedotin in Combination With R-CHP Demonstrates Complete Response Rate of 100% at 1.75 mg/kg Dose in Phase 2 Trial of Previously Untreated Patients With Diffuse Large B-Cell Lymphoma
  • Merck (MRK) announces phase 3 KEYLYNK-001 trial met primary endpoint of progression-free survival in patients with advanced epithelial ovarian cancer
  • Merus’ (MRUS) Petosemtamab Monotherapy Interim Data Continues to Demonstrate Clinically Meaningful Activity in 2L+ r/m HNSCC
  • Meta Platforms (META): Aides to President-elect Trump have contacted Meta, Snapchat (SNAP), and Google (GOOG, GOOGL) over online sale of drugs, according to The Information
  • Mondelez Int'l (MDLZ): ISN announces that Mondelez Global LLC has selected ISNetworld as its primary contractor information management system for the Give & Go business unit
  • Nektar Therapeutics (NKTR) Announces NKTR-255 Following CD19-directed CAR-T Therapy Enhanced Complete Response Rates in Patients with Relapsed or Refractory Large B-cell Lymphoma at the 66th Annual ASH Meeting
  • Newmont Corporation (NEM) eliminates management positions amid restructuring, according to Bloomberg
  • Novartis AG (NVS) reports longer-term data for Novartis Scemblix reinforce superior efficacy with favorable safety and tolerability profile in adults with newly diagnosed CML
  • Novo Nordisk A/S (NVO) reports Phase 2 data from the ongoing HIBISCUS study shows promise that investigational etavopivat could reduce the incidence of vaso-occlusive crises in people with sickle cell disease
  • NVIDIA (NVDA): China investigating NVDA over anti-monopoly laws, according to Bloomberg
  • Olema Pharmaceuticals (OLMA) announces that the U.S. FDA has cleared its Investigational New Drug application for OP-3136
  • ORIX Corporation (IX) announced management changes and organizational reform effective as of January 1, 2025
  • Owens & Minor (OMI) awarded a maximum $4.5 bln modification to Defense Logistics Agency contract
  • Pacific Biosciences (PACB) CFO Susan G. Kim resigns; company appoints President and CEO Christian Henry to role of interim CFO
  • Palantir (PLTR) and Anduril to Accelerate AI Capabilities for National Security
  • Piedmont Lithium (PLL) and Patrick Brindle, the Company’s Executive Vice President and Chief Operating Officer, entered into a Separation Agreement
  • Poseida Therapeutics (PSTX) highlights positive interim Phase 1 results for P-BCMA-ALLO1 and preclinical data for dual CAR-T P-CD19CD20-ALLO1 at the 66th American Society of Hematology (ASH) Annual Meeting
  • Progressive (PGR) declares annual common share dividend of $4.50 per share (vs $0.75 last year) and unchanged quarterly common share dividend of $0.10 per share
  • Pulse Biosciences (PLSE) CEO Burke T. Barrett to resign, effective today; also to resign from Board
  • Regeneron Pharma (REGN) reports Novel Combination of Pozelimab and Cemdisiran (Poze-Cemdi) Achieved Greater Control of Intravascular Hemolysis in Patients with Paroxysmal Nocturnal Hemoglobinuria Compared to Ravulizumab
  • Repligen (RGEN) Launches Novel AVIPure dsRNA Resin in OPUS Pre-packed Columns
  • Rigel (RIGL) highlights initial data from ongoing phase 1b study evaluating R289 in LR-MDS at the 66th ASH Annual Meeting and Exposition
  • Roche Hldg (RHHBY) reports Five-Year Results Confirm Genentech’s Polivy Combination Therapy as New Standard of Care for Previously Untreated Aggressive Lymphoma
  • Sanofi (SNY) reports rilzabrutinib demonstrated significant patient benefit in the first positive phase 3 study of a BTK inhibitor in ITP
  • Sanofi (SNY): New data from three oral presentations, which demonstrated significant clinical benefit with Sarclisa-based quadruplets in newly diagnosed multiple myeloma patients were featured at the 66th American Society of Hematology Annual Meeting & Exposition
  • Sibanye-Stillwater (SBSW) agreed to sell its Beatrix 4 shaft; Sibanye-Stillwater will retain exposure to future uranium production
  • Silence Therapeutics (SLN) announces additional results from the Phase 1 open label portion of the SANRECO study of divesiran, a siRNA targeting TMPRSS6, in patients with polycythemia vera were presented at the American Society of Hematology Annual Meeting
  • Syndax (SNDX) Presents Positive Revuforj (revumenib) Data in Acute Leukemias from Multiple Trials, Including the SAVE Combination and AUGMENT-101 Trials, at 66th ASH Annual Meeting
  • Syndax (SNDX) Announces Additional Positive Data for Revuforj® (revumenib) from AUGMENT-101 Trial in Relapsed or Refractory mNPM1 AML and BEAT AML Frontline Combination Trial
  • Tenaris (TS): Brazilian Court Confirms Tenaris’s Obligation to Pay Indemnification in connection with its 2012 Acquisition of a Participation in Usiminas; the Decision is subject to Further Appeals
  • Trane (TT) announces new $5 billion share repurchase program
  • UnitedHealth (UNH): NYPD at press conference says person of interest named Luigi Mangione is in custody for murder of UNH executive Brian Thompson
  • U.S. Steel (X): Nippon Steel (NPSCY) clarified its spending plans in attempt to save deal with US Steel (X), according to Bloomberg
  • U.S. Steel (X): In letter to U.S. Steel employees, Nippon Steel (NPSCY) addresses USW concerns with $2.7 billion investment plan, technology sharing, and job security commitments for U.S. Steel
  • Vertex (VRTX) Presents Positive Long-Term Data On CASGEVY (exagamglogene autotemcel) at the American Society of Hematology (ASH) Annual Meeting and Exposition and Provides Program Update
  • VinFast (VFS) Vietnam plant will start operating by July, according to Bloomberg
  • vTv Therapeutics (VTVT): Cantex Pharmaceuticals announced the FDA granted Orphan Drug Designation to Cantex's azeliragon for the treatment of brain metastasis from breast cancer
  • Wabtec (WAB) authorized an increase of the amount available under the Repurchase Program such that an additional $1.0 billion will be available for repurchases after the current availability of the Repurchase Program is expended
  • Walmart (WMT) Delivers Last-Minute Savings and Convenience with Holiday Grand Finale
  • Walt Disney (DIS): Tickets for Disney's first Asia cruise ship go on sale next week, according to Bloomberg
  • W.R. Berkley (WRB) declares a special cash dividend of $0.50/share
  • Y-mAbs (YMAB) Presents SADA Platform Preclinical Data and Trial in Progress Posters at the 2024 American Society Hematology (ASH) Annual Meeting
  • Zeta Global (ZETA) releases statement on Omnicom’s intent to acquire IPG
  • Zevra Therapeutics (ZVRA) announces organizational changes

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

• Upgrades:
  • Blackstone (BX) upgraded to Buy from Hold at TD Cowen; tgt raised to $230
  • BNY Mellon (BK) upgraded to Overweight from Equal-Weight at Morgan Stanley; tgt raised to $94
  • C.H. Robinson (CHRW) upgraded to Overweight from Equal Weight at Wells Fargo; tgt raised to $130
  • Coca-Cola European Partners (CCEP) upgraded to Overweight from Equal-Weight at Morgan Stanley
  • Cummins (CMI) upgraded to Neutral from Underweight at JP Morgan; tgt raised to $420
  • Dana Inc (DAN) upgraded to Buy from Hold at Deutsche Bank; tgt raised to $19
  • Enhabit Inc. (EHAB) upgraded to Buy from Hold at Jefferies; tgt raised to $9.50
  • Equinor (EQNR) upgraded to Overweight from Underweight at JP Morgan
  • Equitable Holdings (EQH) upgraded to Outperform from Mkt Perform at Keefe Bruyette; tgt raised to $58
• Downgrades:
  • Advanced Micro Devices (AMD) downgraded to Neutral from Buy at BofA Securities; tgt lowered to $155
  • Bank of America (BAC) downgraded to Equal-Weight from Overweight at Morgan Stanley; tgt raised to $55
  • BioAge Labs (BIOA) downgraded to Neutral from Buy at Citigroup; tgt lowered to $7
  • BioAge Labs (BIOA) downgraded to Hold from Buy at Jefferies; tgt lowered to $7
  • Biogen (BIIB) downgraded to Hold from Buy at Jefferies; tgt lowered to $180
  • Capital One (COF) downgraded to Neutral from Buy at BofA Securities; tgt lowered to $200
  • CareTrust REIT (CTRE) downgraded to Market Perform from Outperform at BMO Capital Markets; tgt lowered to $32
  • Cboe Global Markets (CBOE) downgraded to Equal Weight from Overweight at Barclays; tgt lowered to $220
  • HF Sinclair (DINO) downgraded to Equal Weight from Overweight at Wells Fargo; tgt lowered to $45
  • Kanzhun Limited (BZ) downgraded to Mkt Perform from Outperform at Bernstein; tgt $15
  • Shift4 Payments (FOUR) downgraded to Mkt Perform from Outperform at Keefe Bruyette; tgt $112
• Others:
  • Apple Hospitality REIT (APLE) initiated with an Outperform at BMO Capital Markets; tgt $18
  • Atour Lifestyle Hldgs. Ltd. (ATAT) initiated with a Buy at Goldman; tgt $34.40
  • Avista (AVA) initiated with a Hold at Jefferies; tgt $40
  • Bentley Systems (BSY) initiated with a Neutral at JP Morgan; tgt $52
  • eBay (EBAY) initiated with a Neutral at Wedbush; tgt $70
  • Elanco Animal Health (ELAN) initiated with a Buy at UBS; tgt $18
  • First Citizens BancShares (FCNCA) initiated with a Buy at Deutsche Bank; tgt $2600

• Econ Data (Tuesday):
  • 6:00 ET: November NFIB Small Business Optimism Index (prior 93.7)
  • 8:30 ET: Revised Q3 Productivity (Briefing.com consensus 2.2%; prior 2.2%) and Unit Labor Costs (Briefing.com consensus 1.9%; prior 1.9%)
• Treasury Auctions:
  • 13:00 ET: $58 bln 3-yr Treasury note auction results
• Earnings:
  • Monday (Dec 9)
    • Pre-Market: MOMO
    • After-Hours: BRZE AI CASY MDB ORCL PHR TOL MTN YEXT
  • Tuesday (Dec 10)
    • Pre-Market: ASO AZO DBI FERG GIII OLLI UNFI
    • After-Hours: PLAY GME SFIX
  • Wednesday (Dec 11)
    • Pre-Market: CGNT PLAB REVG
    • After-Hours: ADBE NDSN OXM
  • Thursday (Dec 12)
    • Pre-Market: CIEN LOVE
    • After-Hours: AVGO COST RH
  • Friday (Dec 13)
    • Pre-Market: None
    • After-Hours: None
General Motors: 5,000 members at GM's Arlington, TX assembly plant join UAW strike