After Hours Report

Updated: 24-Nov-25 17:25 ET

Keysight and Zoom Communications head higher on earnings beats

The stock market posted a solid start to the holiday-shortened week as renewed optimism around a December rate cut saw stocks advance in broad-based fashion with exceptional leadership from mega-cap names. Strength in mega-cap and tech stocks saw the Nasdaq Composite (+2.7%) outperform the S&P 500 (+1.6%) and DJIA (+0.4%), while the Russell 2000 (+1.9%) and S&P Mid Cap 400 (+1.0%) also secured solid gains.

Fed Governor Christopher Waller (FOMC voting member) said he supports a December cut while emphasizing that any further easing should be determined on a meeting-by-meeting basis—a stance that helped lift sentiment today, much like it did on Friday. San Francisco Fed President Mary Daly (nonvoting FOMC member) also signaled support for a December reduction, according to The Wall Street Journal.

The CME FedWatch Tool now assigns an 85.1% probability to a 25-basis-point cut at the December meeting, up from 71.0% on Friday.

Nine S&P 500 sectors close with gains, with mega-cap leadership pushing the communication services (+3.9%), information technology (+2.5%), and DJIA (+1.9%) to the top of today's leaderboard. The Vanguard mega-cap growth ETF finished 2.5% higher today as all of the "magnificent seven" names secured gains.

Tesla (TSLA 417.50, +26.41, +6.75%) was a mega-cap standout, while Alphabet (GOOG 318.47, +18.82, +6.28%) finished with a similar gain amid positive reception to its Gemini 3 AI model.

NVIDIA (NVDA 182.55, +3.67, +2.05%) captured a much-needed gain after trading lower this morning, though Broadcom (AVGO 377.96, +37.76, +11.10%) and Micron (MU 223.93, +16.56, +7.99%) captured wider gains across the chipmaking cohort that saw some renewed buy-the-dip interest today after recent weakness. The PHLX Semiconductor Index finished with a 4.6% gain, though recent weakness keeps it 7.3% lower for the month of November.

Only the consumer staples (-1.3%) and energy (-0.3%) sectors closed lower. The defensive orientation of the consumer staples sector saw it lag as momentum names garnered more interest, though Tyson Foods (TSN 57.20, +3.53, +6.58%) still managed a nice gain following the company's official confirmation that it will shutter its Lexington, Nebraska, beef facility, a strategic move that validates earlier reporting by The Wall Street Journal.

Today's gains saw the S&P 500 and Nasdaq Composite briefly eclipse their 50-day moving averages, which had been violated on a closing basis last week for the first time since April. The indices would go on to close just beneath the key technical level, reflecting that while the market has certainly seen some confidence restored to mega-cap, AI, and other momentum plays, there is a hesitancy to fully embrace a risk-on posture.

U.S. Treasuries began the week with solid gains in longer tenors while the short end underperformed, ending slightly higher. The 2-year note underperformed, finishing unchanged at 3.51%, but still eked out a slight gain with some assistance from a solid $69 billion 2-year note sale. Meanwhile, the 10-year note yield settled down three basis points to 4.04%.

There were no economic data releases today.

Nasdaq Composite: +18.4% YTD
S&P 500: +14.0% YTD
DJIA: +9.2% YTD
Russell 2000: +8.3% YTD
S&P Mid Cap 400: +3.0% YTD

Overseas:

Europe: DAX +0.7%, FTSE -0.1%, CAC -0.3%
Asia: Nikkei holiday, Hang Seng +2.0%, Shanghai +0.1%

Commodities:

Crude Oil +0.80 @ 58.86
Nat Gas -0.08 @ 4.67
Gold +15.20 @ 4094.50
Silver +0.42 @ 50.30
Copper -0.05 @ 4.97

After-Hours Spotlight:

Agilent (A) beats by $0.01, beats on revs; guides Q1 EPS below consensus, revs above consensus; guides FY26 EPS below consensus, revs above consensus...A -1.3%
Blue Bird (BLBD) beats by $0.21, beats on revs; reaffirms FY26 revs guidance...BLBD +2.9%
Fluence (FLNC) misses by $0.06, misses on revs; guides FY26 revs in-line...FLNC +12.7%
Keysight (KEYS) beats by $0.08, beats on revs; guides Q1 EPS above consensus, revs above consensus; Announces new $1.5 bln share repurchase program...KEYS +13.5%
Semtech (SMTC) beats by $0.04, reports revs in-line; guides Q4 EPS in-line, revs above consensus...SMTC -5.7%
Symbotic (SYM) misses by $0.09, beats on revs; guides Q1 revs in-line...SYM +13.5%
Woodward (WWD) beats by $0.21, beats on revs; guides FY26 EPS in-line, revs in-line...WWD +9.5%
Zoom Communications (ZM) beats by $0.08, beats on revs; guides Q4 EPS above consensus, revs above consensus; increases stock repurchase authorization by $1 bln...ZM +4.2%

Fair Value for Tuesday, November 25:

S&P 500: 6,720
Nasdaq 100: 24,939
DJIA: 46,504

Today's News Summary:

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

Earnings/Guidance (Full E arnings Calendar):
- Eversource Energy (ES) reaffirms FY25 EPS guidance
General News
- President Trump and Chinese President XI had a phone call; President Trump says call with China's Xi was "very good," accepts April visit to Beijing amid ongoing trade and security talks
- A divided Fed looks ready to cut rates in December, based on comments from leading Fed officials and reporting by CNBC; Fed more concerned with labor market versus inflation running too hot - CNBC
- San Francisco Fed President Mary Daly (not a voting FOMC member) says she supports December rate reduction, according to WSJ
- Treasury Secretary Scott Bessent in an interview, says the U.S. is not at risk of recession and there will be "substantial" tax refunds next year, according to NBC News
- MSNow reporter Jake Traylor says "White House to delay healthcare proposal after significant congressional backlash; Trump planned to make an announcement as early as Monday proposing a framework to address health care costs which included an extension of Obamacare subsides"
- The Trump administration is preparing to impose tariffs with other authorities if the Supreme Court strikes down emergency authorization, according to Bloomberg
- The Q3 GDP Report - Advance Estimate, originally scheduled for release on Oct. 30, has been canceled - BEA
- EU not expecting deal on tariffs during first U.S. visit, according to Bloomberg
- Rep. Marjorie Taylor Greene will resign from Congress on January 5, shrinking the Republican majority to 218 members versus 213 Democrats, according to Axios
- White House releases joint statement from U.S. and Ukraine; says "The discussions showed meaningful progress toward aligning positions and identifying clear next steps"
- White House will pause executive order that would have limited state AI laws, according to Reuters
- President Trump will propose healthcare legislation this week that will extend Affordable Care Act subsidies for two years with new eligibility limits, according to Axios
- Airlines predict record Thanksgiving travelers, according to CNBC
- Japan moves to require crypto exchanges to hold liability reserves amid rising hacks, according to Nikkei
- NYC Mayor-elect Zohran Mamdani in an interview says he is open to alternatives to fund his agenda besides increasing taxes on businesses and high earners, according to NBC News
- COP30 failed to secure fossil fuel reduction pledge, according to BBC
- Adaptive Biotechnologies (ADPT) Announces Nearly 90 Abstracts Featuring clonoSEQ MRD Testing Across a Range of Blood Cancers to be Presented at the 67th ASH Annual Meeting
- Alibaba (BABA) says "The Qianwen app has been in public beta for a week and has been downloaded over 10 million times!"
- Alt5 Sigma (ALTS) might have violated SEC rules, according to Forbes
- Alvotech (ALVO) receives EC approval of AVT03, a biosimilar to Prolia and Xgeva
- Amazon (AMZN) sites in Italy raided by authorities, according to Reuters
- Amazon (AMZN) to invest up to $50 billion to expand AI and supercomputing infrastructure for US government agencies
- Apple (AAPL) CEO succession story is false, according to Bloomberg
- AstraZeneca (AZN) plans $2 bln Maryland manufacturing expansion to boost capacity and support 2,600 jobs
- Barrick Mining (B) enters into an agreement which puts an end to all of its disputes with the Government of the Republic of Mali regarding the Loulo and Gounkoto mines
- Bayer (BAYRY) reports Phase III OCEANIC-STROKE results for asundexian in secondary stroke prevention
- Bentley Systems (BSY) extends its stock repurchase program, authorizing the company to repurchase up to $500 mln of BSY Class B common stock and convertible notes from November 21, 2025, through December 31, 2028
- Biogen (BIIB) and Dayra Therapeutics announce research collaboration for oral macrocyclic peptides
- Boeing (BA): NASA, Boeing trim Starliner contract to four firm missions, target uncrewed Starliner-1 in April 2026
- BW LPG Ltd (BWLP) revises dividend payment procedure
- Comstock (LODE) receives notification of eligibility for final permit
- Con Ed (ED): President Trump called on Con Ed to lower rates during a meeting with NYC Mayor-elect Zohran Mamdani, according to Bloomberg
- Google (GOOG, GOOGL) advertising case judge wants a quick monopoly fix, according to Reuters
- Green Dot (GDOT) announces dual transactions reshaping fintech and banking operations
- Grindr (GRND) special committee ceases engagement with respect to unsolicited take-private proposal from large shareholders
- iShares Bitcoin Trust (IBIT) had $2.2 billion in net outflows in November, according to WSJ
- Invivyd (IVVD) announces selection of potential best-in-class RSV Antibody Candidate VBY329; Targeting 2H 2026 IND Readiness
- IonQ (IONQ) appoints Dr. Marco Pistoia as CEO of IonQ Italia to lead strategic quantum initiatives
- IonQ (IONQ) announces partnership with Heven AeroTech to develop quantum-enabled drones
- Keurig Dr Pepper (KDP) discloses court’s denial of class certification in antitrust litigation
- Kohl's (KSS) appoints Michael J. Bender as CEO
- Lenovo (LVNGY) stockpiles PC memory, according to Bloomberg
- Marriott's (MAR) investment in Sonder collapsed due to high-cost leases, according to WSJ
- Merck (MRK): FDA approves KEYTRUDA (pembrolizumab) and KEYTRUDA QLEX (pembrolizumab and berahyaluronidase alfa-pmph), Each with Padcev (enfortumab vedotin-ejfv), as perioperative treatment for adults with cisplatin-ineligible muscle-invasive bladder cancer
- Merck (MRK) recommends rejection of Tutanota’s “Mini-Tender” offer
- Merck (MRK): Kelun-Biotech announces Phase III trial of Sac-TMT in combination with KEYTRUDA as first-line treatment for PD-L1-positive NSCLC met primary endpoint
- Moderna (MRNA) is the most shorted stock in S&P as Americans decide not to get coronavirus vaccines, according to FT
- Novo Nordisk A/S (NVO): Evoke phase 3 trials did not demonstrate a statistically significant reduction in Alzheimer's disease progression
- NVIDIA (NVDA): Commerce Secretary Howard Lutnick in interview says that President Trump will decide if NVDA H200 chips can be sold to China, according to Bloomberg
- Ocular Therapeutix (OCUL) announces first patient randomized in HELIOS-3 Phase 3 registrational program for AXPAXLI in NPDR
- Opendoor (OPEN) distributes special dividend of tradable warrants to shareholders
- Pony AI (PONY) partners with Sunlight Mobility to adopt an asset-light model for accelerated fleet expansion
- Sandoz (SDZNY) launches Afqlir in Europe as an affordable aflibercept biosimilar for retinal diseases
- Sarepta Therapeutics (SRPT) provides progress update for SRP-1003
- Scripps (SSP) confirms receipt of unsolicited proposal from Sinclair, Inc. (SBGI)
- Sibanye-Stillwater (SBSW) confirmed as a taskforce on nature-related financial disclosures adopter
- Six Flags Entertainment (FUN) appoints John Reilly as president and CEO effective Dec. 8
- Snap (SNAP) offers Australia an age verification tool ahead of the teen social media ban, according to Reuters
- SNDL Inc. (SNDL) receives approval from the Canadian Securities Exchange for the renewal of its share repurchase program; Share repurchase program authorizes company to repurchase up to C$100 mln of common stock
- Tesla (TSLA) CEO Elon Musk says "The current version in cars is AI4, we are close to taping out AI5 and are starting work on AI6. Our goal is to bring a new AI chip design to volume production every 12 months"
- Tonix Pharma (TNXP) announces FDA IND clearance for phase 2 study of TNX-102 SL for the treatment of major depressive disorder
- UnitedHealth (UNH) Optum will reduce reauthorizations for an additional 40 drugs
- UPS (UPS) and FedEx (FDX) trying to secure enough freighters, according to Bloomberg
- Zegna Group (ZGN) announces new leadership structure effective January 1, 2026

Upgrades:
- Alignment Healthcare (ALHC) upgraded to Overweight from Neutral at JPMorgan, tgt $20
- Baidu (BIDU) upgraded to Overweight from Neutral at JPMorgan, tgt $188
- Barrick Mining (B) upgraded to Buy from Neutral at BofA Securities, tgt $48
- Booking Holdings (BKNG) upgraded to Buy from Neutral at BofA Securities, tgt $6,000
- Carvana (CVNA) upgraded to Outperform from Neutral at Wedbush, tgt $400
- Cipher Mining (CIFR) upgraded to Overweight from Neutral at JPMorgan, tgt $18
- CleanSpark (CLSK) upgraded to Overweight from Neutral at JPMorgan, tgt $14
- Cummins (CMI) upgraded to Buy from Hold at Truist, tgt $628
- Eversource Energy (ES) upgraded to Buy from Neutral at Janney
- Flutter Entertainment (FLUT) upgraded to Buy from Hold at HSBC, tgt $228
- Inspire Medical Systems (INSP) upgraded to Buy from Hold at Stifel
- International Paper (IP) upgraded to Outperform from Underperform at BNP Paribas Exane, tgt $44
- Magnera Corporation (MAGN) upgraded to Overweight from Equal Weight at Wells Fargo, tgt $16
- Merck (MRK) upgraded to Overweight from Equal Weight at Wells Fargo, tgt $125
- MP Materials (MP) upgraded to Outperform from Market Perform at BMO Capital, tgt $75
- RB Global (RBA) upgraded to Outperform from Sector Perform at National Bank, tgt $124
- Tractor Supply (TSCO) upgraded to Buy from Hold at Jefferies, tgt $64
- Vornado (VNO) upgraded to Neutral from Underweight at JPMorgan, tgt $41
Downgrades:
- Argenx (ARGX) downgraded to Peer Perform from Outperform at Wolfe Research
- BASF (BASFY) downgraded to Hold from Buy at Deutsche Bank
- Brandywine Realty (BDN) downgraded to Underweight from Neutral at JPMorgan
- JFrog (FROG) downgraded to Neutral from Buy at UBS, tgt $65
- Jazz Pharmaceuticals (JAZZ) downgraded to Neutral from Buy at UBS, tgt $188
- Kimbell Royalty Partners (KRP) downgraded to Sector Weight from Overweight at KeyBanc
- PureCycle Technologies (PCT) downgraded to Hold from Buy at TD Cowen, tgt $9
- QuantumScape (QS) downgraded to In Line from Outperform at Evercore ISI, tgt $12
Others:
- Airbnb (ABNB) initiated with a Neutral at BNP Paribas Exane
- Adagene (ADAG) initiated with a Buy at Guggenheim, tgt $9
- Amazon (AMZN) initiated with an Outperform at BNP Paribas Exane
- Cadence Design (CDNS) initiated with a Buy at Citigroup, tgt $385
- Clean Harbors (CLH) initiated with a Neutral at Goldman, tgt $228
- eBay (EBAY) initiated with a Neutral at BNP Paribas Exane
- Enlight Renewable Energy (ENLT) initiated with a Buy at UBS, tgt $47
- Etsy (ETSY) initiated with a Neutral at BNP Paribas Exane
- Expedia (EXPE) initiated with a Neutral at BNP Paribas Exane
- GFL Environmental (GFL) initiated with a Neutral at Goldman, tgt $50
- Granite Construction (GVA) initiated with a Neutral at Goldman, tgt $109
- Hyatt Hotels (H) initiated with an Overweight at JPMorgan, tgt $178
- Jacobs Engineering (J) initiated with a Buy at Goldman, tgt $158
- Marvell (MRVL) initiated with a Hold at HSBC, tgt $85
- MeiraGTx (MGTX) initiated with a Buy at H.C. Wainwright, tgt $20
- Meta Platforms (META) initiated with an Outperform at BNP Paribas Exane, tgt $800
- Navan (NAVN) initiated with an Outperform at Mizuho, tgt $25
- Navan (NAVN) initiated with an Overweight at Morgan Stanley, tgt $19
- Navan (NAVN) initiated with a Buy at Needham, tgt $25
- Navan (NAVN) initiated with an Outperform at Oppenheimer, tgt $25
- Navan (NAVN) initiated with a Buy at Goldman, tgt $29
- Navan (NAVN) initiated with a Buy at Citigroup, tgt $26
- Navan (NAVN) initiated with an Outperform at Citizens JMP, tgt $25
- Navan (NAVN) initiated with a Buy at Jefferies, tgt $25
- Passage Bio (PASG) initiated with a Buy at Lucid Capital, tgt $68
- Primoris Services (PRIM) initiated with a Sell at Goldman, tgt $117
- Qnity Electronics (Q) initiated with a Buy at Deutsche Bank, tgt $92
- Regeneron Pharma (REGN) initiated with a Buy at HSBC, tgt $890
- Republic Services (RSG) initiated with a Buy at Goldman, tgt $255
- Shopify (SHOP) initiated with a Neutral at BNP Paribas Exane
- Silgan Holdings (SLGN) initiated with a Neutral at UBS, tgt $42
- Synopsys (SNPS) initiated with a Buy at Citigroup, tgt $580
- Stellantis (STLA) initiated with a Neutral at Goldman, tgt $10
- T1 Energy (TE) initiated with a Buy at Roth Capital, tgt $7
- Voyager Technologies (VOYG) reinstated with an Overweight at JPMorgan, tgt $43
- Volkswagen (VWAGY) initiated with a Neutral at Goldman
- Waste Connections (WCN) initiated with a Buy at Goldman, tgt $202
- Waste Management (WM) initiated with a Buy at Goldman, tgt $256

Econ Data (Tuesday):
- 8:30 ET: September PPI (Briefing.com consensus 0.3%; prior -0.1%), Core PPI (Briefing.com consensus 0.2%; prior -0.1%), September Retail Sales (Briefing.com consensus 0.4%; prior 0.6%), and Retail Sales ex-auto (Briefing.com consensus 0.3%; prior 0.7%)
- 9:00 ET: September FHFA Housing Price Index (Briefing.com consensus 0.3%; prior 0.4%) and September S&P Case-Shiller Home Price Index (Briefing.com consensus 1.6%; prior 1.6%)
- 10:00 ET: November Consumer Confidence (Briefing.com consensus 93.3; prior 94.6) and October Pending Home Sales (Briefing.com consensus 0.0%; prior 0.0%)

Earnings:Monday (Nov 24)
Pre-Market: None
After-Hours: A BLBD CENT FLNC KEYS SMTC SYM WWD ZM
Tuesday (Nov 25)
Pre-Market: ANF BABA ADI BBY BURL DKS EMBC SJM KSS NIO
After-Hours: AMBA ARWR ADSK CLSK DELL GES HPQ NTAP NTNX PD WOOF URBN WDAY ZS
Wednesday (Nov 26)
Pre-Market: DE LI
After-Hours: None
Thursday (Nov 27)
Pre-Market: None
After-Hours: None
Friday (Nov 28)
Pre-Market: None
After-Hours: None