After Hours Report

Updated: 16-Dec-25 17:28 ET
Lennar and Worthington Enterprises head lower on earnings

The stock market traded lower on a broad basis for most of the session, but late-afternoon strength in select technology and mega-cap stocks lifted the Nasdaq Composite (+0.2%), sparing the major averages from an across-the-board decline.

The S&P 500 (-0.2%) and DJIA (-0.6%) spent only a brief amount of time this morning in positive territory before retreating. Participation was weak across the market today, a stark contrast to the broad-market rotational strength seen in recent sessions of tech underperformance. The Russell 2000 (-0.3%) and S&P Mid Cap 400 (-0.5%) also underperformed in today's action.

Eight S&P 500 sectors finished lower, with losses largely modest aside from a few notable laggards. 

The energy sector (-3.0%) faced the widest loss as swelling optimism around a potential Russia-Ukraine peace deal saw oil prices fall as the market anticipates Russia's return to the global oil market. Crude oil futures settled today's session $1.53 lower (-2.7%) at $55.29 per barrel, the lowest finish since early 2021. Phillips 66 (PSX 131.77, -9.74, -6.88%) and Marathon Petroleum (MPC 176.78, -8.73, -4.71%) were among the worst-performing S&P 500 names today. 

The health care sector (-1.3%) was the other outlier, facing some pressure after outperforming in yesterday's trade. Health insurance names such as Humana (HUM 258.14, -16.60, -6.04%) and Centene (CNC 38.96, -1.49, -3.68%) were also S&P 500 laggards. NBC News reported that the House will not vote on an extension of the Affordable Care Act subsidies, which effectively guarantees that they will expire at the end of the year. 

Pfizer (PFE 25.54, -0.89, -3.37%) also had a tough session after the company reaffirmed its FY25 EPS guidance but trimmed its revenue outlook while issuing FY26 EPS guidance that came up short of analyst expectations. 

Losses were contained to 1.0% or narrower in the six other S&P 500 sectors that closed lower, with the majority seeing improvement late in the session. 

In the case of the information technology (+0.3%), consumer discretionary (+0.3%), and communication services (+0.2%) sectors, the late afternoon action could be more accurately described as a modest rally. Each sector had several forays into modestly positive territory today as a handful of mega-cap names traded higher, but a sharp move higher in the last hour or so of today's action reflected a more concentrated buy-the-dip bid effort. 

The information technology sector (+0.3%) saw its seven largest components finish higher, with Oracle (ORCL 188.56, +3.64, +1.97%) and Broadcom (AVGO 341.30, +1.49, +0.44%) finally seeing some relief from last week's post-earnings slide. 

In the consumer discretionary sector (+0.3%), Tesla (TSLA 489.88, +14.57, +3.07%) was a standout across mega-cap names for the second consecutive day, reaching an all-time high this afternoon. 

The communication services sector (+0.2%) also benefitted from strong leadership in one of its largest components, Meta Platforms (META 657.15, +9.64, +1.49%). Elsewhere in the sector, Comcast (CMCSA 29.73, +1.52, +5.39%) finished with the widest gain across mega-cap names after CNBC's David Faber said that swaps trading might indicate there is an activist investor involved. 

The Vanguard Mega Cap Growth ETF (+0.4%) ended the day with a solid gain, helping the market-weighted S&P 500 (-0.2%) outperform the S&P 500 Equal Weighted Index (-0.7%). 

The market's action over the past two sessions highlights a back-and-forth dynamic as investors search for fresh catalysts in the wake of the December FOMC meeting. Yesterday, weakness in technology and mega-cap names contrasted with broad-market strength, while today the opposite was true: tech and select mega-caps provided late-session support even as the broader market struggled. This rotation underscores a market still probing for direction as the end of the year approaches.

On the data front, the market finally received the Employment Situation report for November (64,000; Briefing.com consensus 30,000), which beat expectations by a solid margin, but it also followed the loss of 105,000 nonfarm payrolls in October. The Retail Sales report for October was released at the same time, showing no headline growth (Briefing.com consensus 0.3%) while sales excluding autos increased 0.4% (Briefing.com consensus 0.3%).

While the data was the first comprehensive look at the labor market since last week's FOMC meeting, it did little to change the market's expectations for additional easing in the near term. 

U.S. Treasuries continued their upbeat start to the week with a Tuesday advance that endured some early volatility before a finish near session highs. The 2-year note yield settled down three basis points to 3.48%, and the 10-year note yield settled down three basis points to 4.15%. 

  • Nasdaq Composite: +19.7% YTD
  • S&P 500: +15.6% YTD
  • DJIA: +13.1% YTD
  • Russell 2000: +13.0% YTD
  • S&P Mid Cap 400: +6.5% YTD

Reviewing today's data:

  • November Nonfarm Payrolls 64K (Briefing.com consensus 30K); Prior -105K,November Nonfarm Private Payrolls 69K (Briefing.com consensus 34K); Prior 52K, November Unemployment Rate 4.6% (Briefing.com consensus 4.4%); Prior 4.4%, November Avg. Hourly Earnings 0.1% (Briefing.com consensus 0.3%); Prior 0.4%, November Average Workweek 34.3 (Briefing.com consensus 34.3); Prior 34.2
    • The key takeaway from the employment report will be the bump in the official unemployment rate and the softening in the U-6 unemployment rate. Both have helped substantiate the Fed's concerns about downside risk to employment that served as the basis for the December cut.
  • October Retail Sales 0.0% (Briefing.com consensus 0.3%); Prior was revised to 0.1% from 0.2%, October Retail Sales ex-auto 0.4% (Briefing.com consensus 0.3%); Prior was revised to 0.1% from 0.3%
    • The key takeaway from the report is that there were solid increases in spending across many discretionary spending categories. The notable exceptions were building material and garden equipment and supplies dealers sales (-0.9%) and food services and drinking places (-0.4%). Department store sales (+4.9%), on the other hand, had a big month along with furniture and home furnishings (+2.3%), sporting goods (+1.9%) and nonstore retailers (+1.8%).
  • September Housing Starts DELAYED (Briefing.com consensus 1.320 mln); Prior 1.307 mln, September Building Permits DELAYED (Briefing.com consensus 1.348 mln); Prior 1.312 mln
    • The key takeaway from the report is the weakness in single-unit starts (-7.0% month-over-month) and single-unit permits (-2.2%), which is a reflection of affordability constraints for builders and prospective homeowners alike. Strikingly, single-unit starts in the South—the nation's largest homebuilding region—plunged 17.0% in August.
  • December S&P Global U.S. Manufacturing PMI - Prelim 51.8; Prior 52.2
  • December S&P Global U.S. Services PMI - Prelim 52.9; Prior 54.1
  • September Business Inventories 0.2% (Briefing.com consensus 0.1%); Prior 0.0%

 

Overseas:

  • Europe: DAX -0.6%, FTSE -0.7%, CAC -0.2%
  • Asia: Nikkei -1.6%, Hang Seng -1.5%, Shanghai -1.1%

Commodities:

  • Crude Oil -1.53 @ 55.29
  • Nat Gas -0.13 @ 3.89
  • Gold -3.60 @ 4331.90
  • Silver -0.23 @ 63.38
  • Copper -0.05 @ 5.36

After-Hours Spotlight:

  • Boeing (BA) awarded a $930 mln Navy contract...BA -0.1%
  • Coherent (COHR) files for 9,775,846 share common stock offering by selling shareholders...COHR -1.3%
  • Fulton Fincl (FULT) increases quarterly dividend to $0.19/share from $0.18/share; also announces new $150 mln share repurchase program...FULT +1.0%
  • Lennar (LEN) misses by $0.18, beats on revs, deliveries increased 4% yr/yr to 22,034 homes; Guides 1Q26 Deliveries below consensus...LEN -4.5%
  • Scripps (SSP) board determines the Sinclair proposal is not in the best interests of the company and its shareholders...SSP -3.4%
  • The Children’s Place (PLCE) Reports Third Quarter 2025 Results...PLCE -26.9%
  • Worthington Enterprises (WOR) misses by $0.05, beats on revs; also to acquire LSI Group...WOR -8.5%

Fair Value for Wednesday, December 17:

  • S&P 500: 6,862
  • Nasdaq 100: 25,391
  • DJIA: 48,504
Today's News Summary:

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

  • Earnings/Guidance (Full Earnings Calendar):
    • Canadian Natrl Res (CNQ) announces 2026 budget
    • Electronic Arts (EA) provides certain financial forecasts in filing
    • Ford (F) confirms $19.5 bln charge in special items; no longer plans to produce select larger electric vehicles where the business case has eroded due to lower-than-expected demand, high costs and regulatory changes; raises 2025 adjusted EBIT guidance
    • Imperial Oil (IMO) provides 2026 guidance; Upstream production forecasted between 441,000 and 460,000 boe/d
    • Independent Bank (INDB) provides investor updates in presentation
    • Pembina Pipeline (PBA) issues 2026 guidance, signs Cedar LNG capacity agreement, and provides business update
    • Pfizer (PFE) updates FY25 and releases FY26 guidance
    • Vital Farms (VITL) lowers FY25 revenue guidance; sees FY26 EPS in line; provides long term guidance
  • General News
    • The U.S., Ukraine, and Europe agree to NATO-like security guarantees for Ukraine, but territory is still an issue, according to NY Times
    • FDA Chief says the agency is not planning to add a boxed warning to COVID-19 vaccines, according to Bloomberg
    • Bipartisan senators discussing a two-year Obamacare extension with limits. The plan also includes cost-sharing reductions and more flexibility for health savings accounts. Senators hope for a vote next week, according to Politico
    • U.S. suspends technology deal with UK, according to FT 
    • EU Commission takes action for clean and competitive automotive sector; This will allow for plug-in hybrids, range extenders, mild hybrids, and internal combustion engine vehicles to still play a role beyond 2035
    • House will not vote on extension of Affordable Care Act subsidies, but will vote on Republican healthcare plan tomorrow, according to NBC News
    • 16 states and DC file lawsuit against the Trump administration to restore EV funds, according to Bloomberg
    • The Trump administration threatens retaliation against EU over digital services tax; could target Accenture (ACN), Siemens (SIEGY) and Spotify (SPOT), according to Bloomberg
    • USTR confirms it will begin using every tool at its disposal to counter EU fines
    • President Trump will interview Fed Governor Chris Waller tomorrow for position of Fed Chair, according to WSJ
    • China aiming to introduce new rules to get faster certifications for eVTOL aircraft, according to Caixin Global
    • Abercrombie & Fitch (ANF) promoted Robert J. Ball from Senior Vice President and Chief Financial Officer to Executive Vice President and Chief Financial Officer
    • Accenture (ACN) signed an agreement to acquire a majority stake in US-based AI data center engineering and consulting firm DLB Associates and its affiliated companies
    • Accuray (ARAY) announces first phase of comprehensive strategic, operational, and organizational transformation plan; company expects first phase to improve annualized operating profitability by approximately $25 mln and set the stage for renewed growth
    • Adagene (ADAG) receives FDA Fast Track designation for ADG126 in colorectal cancer
    • Aldeyra Therapeutics (ALDX) announces FDA extension of reproxalap PDUFA date for dry eye disease
    • Allogene Therapeutics (ALLO) reports favorable result for Servier in Arbitration with Cellectis (CLLS)
    • Alvotech (ALVO) launches offering of $100 mln senior unsecured convertible bonds due 2030; reaffirms guidance
    • Amtech Systems (ASYS) Board approved the appointment of Mr. Mark Weaver as the Company’s Interim Chief Financial Officer, effective December 16, 2025
    • Apollo (APO) considering the sale of Atlas Air Worldwide, according to Bloomberg
    • Apple (AAPL) could revive high-end iMac Line in 2026 with next-gen M5 Max processor, according to Apple Insider
    • Apple (AAPL) considering foldable screens for iPhones, according to The Information
    • Argo Blockchain Plc (ARBK) announces the closing of its UK restructuring plan and strategic pivot toward AI/HPC
    • AstraZeneca (AZN): ENHERTU (fam-trastuzumab deruxtecan-nxki) plus pertuzumab approved in the US as first new treatment in a decade for the 1st-line treatment of patients with HER2-positive metastatic breast cancer
    • AstraZeneca (AZN) secures EU approval for subcutaneous Saphnelo
    • ATS Corp (ATS) announces Doug Wright as CEO
    • BAE Systems (BAESY) intends to sell global depositary receipts of Air Astana Joint Stock Company which in aggregate represent approximately 8% of the Company's outstanding common shares, with each global depositary receipt of the Company representing four Shares
    • Baker Hughes (BKR) & Hunt announce joint framework for redevelopment of mature oil and gas fields
    • BD expands (BDX) BD MAX System menu with new IVDR-Certified VIASURE Assays in Partnership with Certest Biotec
    • Bicycle Therapeutics (BCYC) establishes strategic partnerships to build end-to-end supply chain for radiopharmaceutical pipeline
    • Block (XYZ): Square has expanded its partnership with Thrive to give sellers a seamless way to manage their catalogs, sales, and stock between their in-store and e-commerce platforms, including Shopify (SHOP)
    • Booz Allen Hamilton (BAH) discloses that CFO Matthew A. Calderone has decided to resign, effective February 1
    • Brookfield Renewable Partners (BEP) announces renewal of normal course issuer bids
    • BRP Inc. (DOO) names Denis Le Vot as President and CEO
    • Cellectis (CLLS) announces that the Arbitral Tribunal has issued its decision in the arbitration proceedings against Les Laboratoires Servier and Institut de Recherches Internationales Servier IRIS SARL, relating to the License, Development and Commercialization Agreement entered into between Servier and Cellectis on March 6, 2019, as amended
    • ChipMOS TECHNOLOGIES (IMOS) discloses administrative fine assessed due to violation of Water Pollution Control Act
    • Cisco (CSCO) aiming to introduce new framework for securing AI, according to Axios
    • Coinbase Global (COIN) state of incorporation changed from the State of Delaware to the State of Texas
    • Community Health's (CYH) wholly owned subsidiary, CHS/Community Health Systems, completed the redemption of all $13,749,000 in outstanding principal amount of its 5.625% Senior Secured Notes due 2027 and $222,500,000 in outstanding principal amount of its 10.875% Senior Secured Notes due 2032
    • Constellation Energy (CEG): The Nuclear Regulatory Commission has approved a 20-year initial license renewal for Constellation’s Clinton Clean Energy Center and a 20-year subsequent license renewal for its Dresden Clean Energy Center, following a rigorous review of maintenance activities, plant equipment and safety systems at the two Illinois facilities
    • CoreWeave (CRWV) lost $33 billion due to AI bubble concerns, according to WSJ
    • CSW Industrials (CSW) announces expansion of current share repurchase program authorization to $250 million
    • DigitalOcean (DOCN) & Persistent announce strategic partnership to advance accessible, scalable and secure AI
    • Edison (EIX) confirms first payment made in Southern California Edison’s Wildfire Recovery Compensation Program
    • Ellomay Capital (ELLO) provides update regarding Legal Proceeding in connection with the Dorad 2 Project
    • ExlService (EXLS) announces share repurchase of 1,551,970 shares
    • Ferrari (RACE) announces completion of the multi-year share buyback program announced in 2022 and announcement of the first tranche of the new multi-year share buyback program
    • First Majestic Silver (AG) reports continued exploration success at Santa Elena
    • Frontier Group Holdings (ULCC) announces that James G. Dempsey, currently the Company's President, has been appointed as Interim Chief Executive Officer, effective as of December 15
    • General Dynamics (GD) awarded a $285 million contract by the Commonwealth of Virginia to strengthen its cybersecurity infrastructure
    • GlaxoSmithKline (GSK) receives UK MHRA approval for Exdensur (depemokimab), first ultra-long-acting biologic for asthma and CRSwNP
    • Huntington Ingalls (HII) announces that its Newport News Shipbuilding division has reached a significant construction milestone for Virginia-class submarine Oklahoma
    • ICF International (ICFI) selected as a prime awardee under the state of Maryland's $300 mln ceiling digital experience contract
    • Independent Bank (IBCP) announces that its Board of Directors authorized a 2026 share repurchase plan on December 16, 2025
    • Ivanhoe Electric (IE) closes $200 mln bridge facility for Santa Cruz Copper Project
    • Kraft Heinz (KHC) appoints Steve Cahillane as CEO
    • Labcorp Holdings Inc. (LH) EVP and President, Diagnostics Laboratories and Chief Operations Officer of Labcorp Holdings Mark Schroeder to retire effective on April 1, 2026
    • Lockheed Martin (LMT): State Department has made a determination approving a possible Foreign Military Sale to the Government of Japan for Aegis Class Destroyer Support and related equipment for an estimated cost of $100.2 million
    • LTC Properties (LTC) increased commitments under its credit facility to $800 mln
    • MapLight Therapeutics (MPLT) & SandboxAQ announce strategic collaboration to discover and develop novel CNS therapies
    • Medline (MDLN) considering increasing upcoming IPO to as much as $7.0 bln in proceeds, up from as much $5.4 bln, signaling strong interest for its deal, according to Financial Times
    • Microsoft (MSFT): OpenAI appoints former UK Chancellor George Osborne to lead global Stargate growth initiative, according to Financial Times
    • McEwen Mining (MUX) secures key permit for El Gallo; construction mid-2026, first gold mid-2027
    • MGM Resorts (MGM) has reached a major milestone with its responsible gaming program, GameSense
    • Mitsubishi Financial (MUFG) announces executive and leadership changes
    • Monte Rosa Therapeutics (GLUE) Announces Compelling Clinical Activity of MRT-2359 in Combination with Enzalutamide in Heavily Pretreated Metastatic Castration-Resistant Prostate Cancer Patients with Androgen Receptor Mutations
    • Mosaic (MOS) has started activities to idle single super phosphate production at its Fospar and Araxá facilities in Brazil due to the recent sharp increase in sulfur price
    • Nasdaq (NDAQ) wants to extend trading hours, according to Reuters
    • Nektar (NKTR) to hold conference call to discuss topline results from the 36-week induction treatment period for its REZOLVE-AA Phase 2b Study of Rezpegaldesleukin in Alopecia Areata on December 16, 2025
    • Northrop Grumman (NOC) and 4iG Space and Defence Technologies Ltd. have signed a Memorandum of Understanding to deepen transatlantic cooperation by exploring collaboration in counter-unmanned aerial systems, space and advanced weapons technologies
    • NVIDIA (NVDA) and SK Hynix (HXSCL) plan to co-develop "AI SSD", according to Wccftech
    • Oklo Inc. (OKLO) receives DOE safety approval for Aurora fuel facility as assembly begins
    • OmniAb (OABI) launches its new OmniUltra platform, the industry’s first and only transgenic chicken engineered to express ultralong CDRH3 domains on a human antibody framework, at the 2025 Antibody Engineering & Therapeutics Conference underway in San Diego
    • Oracle (ORCL) secured $150 bln in data centers leases this quarter, according to The Information
    • Organogenesis (ORGO) announces the successful completion of a planned Type-B meeting with the FDA resulting in confirmation to initiate a rolling Biologics Licenses Application for ReNu planned before the end of December
    • OR Royalties (OR) Discloses Select Asset Updates and C$43.9 Million of Recent Share Repurchases Under the Normal Course Issuer Bid
    • Outdoor Holding Company (POWW) settles SEC administrative matter with no monetary penalty
    • Ovintiv (OVV) and a subsidiary of Pembina Pipeline Corporation (PBA) announce the signing of a 12-year agreement for 0.5 million tonnes per annumof Pembina's liquefaction capacity at the Cedar LNG facility
    • Palvella Therapeutics (PVLA) receives FDA Fast Track designation for QTORIN rapamycin
    • Paramount Skydance (PSKY): President Trump says he is not friends with the owners at PSKY (who are looking to purchase Warner Brothers (WBD)
    • PayPal (PYPL) confirms applications to the Utah Department of Financial Institutions and the Federal Deposit Insurance Corporation to establish PayPal Bank, a proposed Utah-chartered industrial loan company
    • Pentair (PNR) increases quarterly dividend 8% to $0.27/share; also authorizes new $1 bln share repurchase program
    • PetMed Express (PETS): Cardone Ventures has submitted an unsolicited, non-binding proposal to acquire PetMed Express for $4.25/share in cash, representing an implied equity value of approximately $89 mln (halted for volatility)
    • Petrobras (PBR) updates on potential Braskem (BAK) share transaction
    • Petrobras (PBR) aiming to purchase stake in BP's (BP) Lightsource, according to Bloomberg
    • Planet Fitness (PLNT) enters into $350 mln accelerated share repurchase agreement with Citibank (C)
    • Royalty Pharma (RPRX) has acquired a pre-existing royalty interest in Nuvalent’s (NUVL) neladalkib and zidesamtinib from an undisclosed third party for up to $315 million
    • Sanofi (SNY): ADEL signs $1.04 billion global license agreement with Sanofi for ADEL-Y01, a novel investigational alzheimer's disease therapy
    • Sanofi (SNY): EUROAPI announced that its main shareholders, Sanofi and EPIC Bpifrance, have agreed to extend further the duration of their lock-up until December 18, 2026
    • Scorpio Tankers (STNG) entered into agreements to sell two, 2016 built LR2 product tankers and to purchase two scrubber-fitted LR2 newbuilding product tankers
    • Seadrill Ltd (SDRL) announces series of contract awards for the West Neptune, Sevan Louisiana and Sonangol Quenguela
    • Sezzle (SEZL) authorizes the repurchase of an additional $100 mln of common stock after the completion of its $50 mln stock repurchase program
    • Shell (SHEL) merger executive left the company after failed bid for BP (BP), according to FT
    • Spotify (SPOT) partners with NAVER Corp, a Korea’s digital platform, to bring new integrations and offers to millions of listeners in Korea
    • STAAR Surgical (STAA): Yunqi Capital comments on Proxy Advisors’ updated recommendations, urges shareholders to continue to back the company’s standalone trajectory
    • Target (TGT): FDA sends warning letter to TGT regrading infant botulism linked to ByHeart Whole Nutrition Infant Formula; also sends similar letters to KR and ACI
    • Tesla (TSLA) aiming to increase battery investments at German Gigafactory, according to Reuters
    • Truist (TFC) has authorized a new share-repurchase program of up to $10 bln of the company's outstanding common stock
    • Verastem (VSTM) announces strategic transition plan to accelerate next phase of growth
    • Walmart (WMT): FDA sends warning letter to WMT regarding infant botulism linked to ByHeart Whole Nutrition Infant Formula
    • Walt Disney (DIS): OpenAI's license deal with Disney is in stock, according to Bloomberg
    • Waste Mgmt (WM) increases quarterly cash dividend 14.5% to $0.945/share from $0.825/share and $3 billion share repurchase authorization
    • Willow Lane Acquisition Corp. (WLAC) and Boost Run announce commercial agreements for Boost Run to expand AI infrastructure ecosystem with additional GPU, data center, financing, and customer partnerships as it prepares to merge with Willow Lane Acquisition Corp.
    • Zimmer Biomet (ZBH) announces collaboration with OneStep to provide enhanced mobility data to patients and surgeons
  • Upgrades:
    • Accenture (ACN) upgraded to Overweight from Equal Weight at Morgan Stanley, tgt $320
    • Bunge (BG) upgraded to Overweight from Equal Weight at Morgan Stanley, tgt $120
    • Caterpillar (CAT) upgraded to Mixed from Negative at BWG Global
    • C.H. Robinson Worldwide (CHRW) upgraded to Overweight from Equal Weight at Barclays, tgt $200
    • Cognex (CGNX) upgraded to Buy from Sell at Goldman Sachs, tgt $50
    • Federal Realty (FRT) upgraded to Buy from Hold at Jefferies, tgt $115
    • Gap (GAP) upgraded to Overweight from Equal Weight at Wells Fargo, tgt $30
    • General Dynamics (GD) upgraded to Overweight from Equal Weight at Morgan Stanley, tgt $408
    • IDACORP (IDA) upgraded to Overweight from Equal Weight at Morgan Stanley, tgt $139
    • Jack Henry (JKHY) upgraded to Outperform from Sector Perform at RBC Capital, tgt $210
    • KLA Corp. (KLAC) upgraded to Overweight from Neutral at Cantor Fitzgerald, tgt $1,500
    • L3Harris (LHX) upgraded to Overweight from Equal Weight at Morgan Stanley, tgt $367
    • Lemonade (LMND) upgraded to Equal Weight from Underweight at Morgan Stanley, tgt $85
  • Downgrades:
    • James River Group (JRVR) downgraded to Neutral from Buy at Compass Point, tgt $7
    • Lockheed Martin (LMT) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $543
    • Moelis (MC) downgraded to Market Perform from Outperform at Keefe Bruyette, tgt $80
    • ResMed (RMD) downgraded to Neutral from Outperform at Robert W. Baird, tgt $275
    • Shoals Technologies (SHLS) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $9.50
    • Southern (SO) downgraded to Underweight from Equal Weight at Morgan Stanley, tgt $81
    • Sphere Entertainment (SPHR) downgraded to Neutral from Buy at Seaport Research
    • StubHub (STUB) downgraded to Market Perform from Outperform at Citizens
    • Zimmer Biomet (ZBH) downgraded to Neutral from Outperform at Robert W. Baird, tgt $100
  • Others:
    • Lincoln National (LNC) initiated with an Outperform at Mizuho
    • Magnum Ice Cream (MICC) initiated with a Hold at Deutsche Bank
    • Marsh McLennan (MMC) initiated with an Outperform at Mizuho
    • MetLife (MET) initiated with an Outperform at Mizuho, tgt $101
    • MongoDB (MDB) initiated with a Market Perform at Raymond James
    • MYR Group (MYRG) initiated with a Buy at Clear Street, tgt $295
    • NanoViricides (NNVC) initiated with a Buy at Alliance Global Partners
    • Nuo Therapeutics (AURX) initiated with a Buy at Roth Capital, tgt $3
    • Okta (OKTA) upgraded to Buy from Hold at Jefferies, tgt $125
    • Omnicom Group (OMC) resumed with an Equal Weight at Morgan Stanley
    • Ondas Holdings (ONDS) initiated with a Buy at Stifel, tgt $13
    • Progressive (PGR) initiated with a Neutral at Mizuho, tgt $242
    • PROG Holdings (PRG) initiated with a Buy at B. Riley, tgt $50
    • ProKidney (PROK) initiated with a Buy at H.C. Wainwright, tgt $12
    • Prudential Financial (PRU) initiated with a Neutral at Mizuho
    • RenaissanceRe (RNR) initiated with a Neutral at Mizuho, tgt $281
    • Rigetti Computing (RGTI) initiated with a Hold at Jefferies, tgt $30
    • ServiceNow (NOW) upgraded to Neutral from Sell at Guggenheim
    • Stereotaxis (STXS) initiated with an Outperform at Citizens, tgt $4
    • Travelers (TRV) initiated with a Neutral at Mizuho, tgt $317
    • W. R. Berkley (WRB) initiated with a Neutral at Mizuho, tgt $67
    • WhiteFiber (WYFI) initiated with a Buy at Compass Point, tgt $32
    • Willis Towers Watson (WTW) initiated with an Outperform at Mizuho, tgt $386
  • Econ Data (Wednesday):
    • 7:00 ET: Weekly MBA Mortgage Index (prior 4.8%)
    • 10:30 ET: Weekly crude oil inventories (prior -1.81 mln)
  • Earnings:
    • Monday (Dec 15)
      • Pre-Market: None
      • After-Hours: None
      Tuesday (Dec 16)
      • Pre-Market: None
      • After-Hours: LEN WOR
    • Wednesday (Dec 17)
      • Pre-Market: ABM GIS JBL TTC WS
      • After-Hours: MU MLKN
    • Thursday (Dec 18)
      • Pre-Market: ACN BIRK KMX CTAS DRI FDS
      • After-Hours: BB FDX HEI KBH AVO NKE
    • Friday (Dec 19)
      • Pre-Market: CAG LW PAYX WGO CCL
      • After-Hours: None
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