After Hours Report

Updated: 02-Dec-25 17:22 ET

Marvell powers ahead on earnings and Celestial AI acquisition

The S&P 500 (+0.3%), Nasdaq Composite (+0.6%), and DJIA (+0.4%) captured modest gains as tech and mega-cap names traded higher, though action was choppy throughout the session and stocks finished well off of their morning highs.

The top-weighted information technology sector (+0.8%) provided solid leadership from the open, supported by strength across its mega-cap components. NVIDIA (NVDA 181.29, +1.37, +0.76%) saw its second consecutive day of strength, while Apple (AAPL 286.19, +3.09, +1.09%) and Microsoft (MSFT 490.00, +3.26, +0.67%) also captured nice gains.

Meanwhile, Intel (INTC 43.47, +3.46, +8.65%) finished with the widest gain in the sector, contributing to a 1.8% advance in the PHLX Semiconductor Index.

Gains in mega-cap and tech stocks were crucial to today's index-level advance. A late-morning slide in equities saw the technology sector's gain eroded to just 0.3%, which briefly sent the S&P 500 below its flatline before recovering nicely.

Mega-cap strength also underpinned the gains in the communication services (+0.4%) sector and dictated the standing of the consumer discretionary sector (flat). Both sectors oscillated around their flatlines following swings in their mega-cap components. Meta Platforms (META 647.10, +6.23, +0.97%) was a standout, while Amazon (AMZN 234.42, +0.54, +0.23%) was particularly volatile, trading over 2.0% higher before finishing with just a modest gain.

All told, the Vanguard Mega Cap Growth ETF (+0.5%) notched a solid gain, though the gap between the market-weighted S&P 500 (+0.3%) and the S&P 500 Equal Weighted Index (+0.1%) wound up being much slimmer than it was when the major averages were at session highs.

Meanwhile, the industrials sector (+0.9%) was more resilient to volatility today and ended up with the widest gain of the three S&P 500 sectors that finished in positive territory. Boeing (BA 205.41, +18.95, +10.16%) was the best-performing S&P 500 name today, capturing a double-digit gain after positive commentary from its investor presentation at a UBS conference this morning. The company expects increased deliveries for both its 737 and 787 models and expects low single-digit growth in free cash flow in FY26.

The financials sector (-0.1%) traded higher for much of the session but slipped below its flatline just before the close. Robinhood Markets (HOOD 125.95, +2.71, +2.20%) and Coinbase Global (COIN 263.26, +3.42, +1.32%) both traded higher as Bitcoin recovered from yesterday's sell-off, reaching a peak above $92,000 this afternoon.

Losses in the five other retreating S&P 500 sectors were relatively modest, with the exception of the energy sector (-1.1%), which faced pressure amid a falling price of oil that saw crude oil futures settle today's session $0.71 lower (-1.2%) at $58.67 per barrel.

While not components of the S&P 500, MongoDB (MDB 401.99, +73.12, +22.23%) and Credo Technology Group (CRDO 188.44, +17.31, +10.12%) traded sharply higher after solid beat-and-raise earnings reports, which added to the positive sentiment across the technology sector and bodes well for other tech names set to report earnings this week.

Though stocks finished well off of their session highs from this morning, the major averages were able to notch a modestly higher finish after stocks retreated to start the month yesterday. The information technology sector was back in the driver's seat today, and its ability to maintain a gain through to the close despite some intraday volatility was a positive sign given recent uneasiness in the sector amid valuation and AI expenditure concerns.

U.S. Treasuries finished Tuesday with modest gains across the curve, halting their two-day slide from one-month highs. The 2-year note yield settled down two basis points to 3.52%, and the 10-year note yield settled down one basis point to 4.09%.

The market did not receive any domestic data, but tomorrow will feature a full slate of data, including the November ADP Employment Change (Briefing.com consensus 20,000; prior 42,000) at 8:15 ET and November ISM Services (Briefing.com consensus 52.4%; prior 52.4%) at 10:00 ET.

Nasdaq Composite: +21.3% YTD
S&P 500: + 16.1% YTD
DJIA: +11.6% YTD
Russell 2000: +10.5% YTD
S&P Mid Cap 400: +5.1% YTD

Overseas:

Europe: DAX +0.5%, FTSE flat, CAC -0.3%
Asia: Nikkei flat, Hang Seng +0.2%, Shanghai -0.4%

Commodities:

Crude Oil -0.71 @ 58.67
Nat Gas -0.08 @ 4.84
Gold -54.70 @ 4220.10
Silver -0.41 @ 58.74
Copper -0.06 @ 5.24

After-Hours Spotlight:

Acadia Healthcare (ACHC) updates PLGL reserves following annual actuarial review; lowers FY25 EPS below consensus...ACHC -24.2%
American Eagle (AEO) beats by $0.09, reports revs in-line; comp sales +4%; raises Q4 comp sales guidance...AEO +11.4%
Asana (ASAN) beats by $0.01, beats on revs; raises FY26 EPS and revenue guidance above consensus...ASAN +4.0%
CrowdStrike (CRWD) beats by $0.02, beats on revs, net new ARR growth of 73%; guides Q4 EPS above consensus, revs in-line...CRWD +0.0%
GitLab (GTLB) beats by $0.05, beats on revs; guides Q4 EPS in-line, revs in-line; names new CFO...GTLB -7.1%
Marvell (MRVL) beats by $0.02, reports revs in-line; guides Q4 EPS in-line, revs in-line; to acquire Celestial AI...MRVL +9.8%
Microchip (MCHP) raises Q3 EPS and revenue guidance...MCHP +1.9%
Okta (OKTA) beats by $0.06, beats on revs; raises FY26 EPS and revenue guidance above consensus...OKTA -3.6%
Pure Storage (PSTG) reports EPS in-line, revs in-line; guides Q4 revs in-line...PSTG -7.0%

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):
- ArcBest (ARCB) discloses an update on the most recent information related to its fourth quarter 2025 financial results and business trends
- Bank of Nova Scotia (BNS) beats by CAD 0.08, beats on revs
- CME Group (CME) hits second-highest monthly volume ever
- Credo Technology Group (CRDO) beats by $0.18, beats on revs; guides Q3 revs above consensus
- Encompass Health (EHC) reaffirms FY25 EPS, revenue, adjusted EBITDA guidance in SEC filing
- Huntsman (HUN) lowers guidance, sees Q4 adjusted EBITDA at low end of prior guidance range of $25-$50 mln due to an unplanned outage at its Polyurethanes facility located in Rotterdam, Netherlands
- JetBlue Airways (JBLU) announced today an operational and financial update of its expected fourth quarter 2025 results
- MongoDB (MDB) beats by $0.51, beats on revs, Atlas revenue growth of 30%; guides Q4 EPS above consensus, revs above consensus
- ONE Gas (OGS) guides FY26 EPS above consensus
- Pan American Silver (PAAS) Provides 2025 Year End Exploration Update
- Philip Morris International (PM) reaffirms FY25 EPS guidance ahead of the Morgan Stanley Global Consumer & Retail Conference
- Saia (SAIA) provides Q4 LTL operating data
- Signet Jewelers (SIG) beats by $0.34, beats on revs; raises outlook
- United Natural Foods (UNFI) beats by $0.16, reports revs in-line; guides FY26 EPS below consensus, revs below consensus
- Vale S.A. (VALE) informs on estimates update
- Vestis (VSTS) misses by $0.03, beats on revs; guides FY26 revs in-line; launches strategic business transformation plan
- XPO, Inc. (XPO) provides North American LTL operating data for November 2025
General News
- President Trump at Cabinet Meeting says he plans to announce his choice for new Fed Chair in early 2026
- Demand for Japanese government bonds was strong despite hawkish comments from the central bank, according to FT
- President Trump gave Venezuela President Nicolas Maduro a deadline of last Friday to leave the country with his family, according to Reuters
- Most Senators believe chances are low for a bipartisan breakthrough on healthcare, according to Politico
- PBS reporter Lisa Desjardins says that House Republicans considering short term extension of ObamaCare subsidies
- President Trump at White House event says "Trump accounts" will be available on July 4th (Treasury will deposit $1000 into an investment account for Americans born from 2025-2028)
- Salesforce.com releases Thanksgiving weekend mobile data; mobile spend up 16% yr/yr
- Adobe reports U.S. Cyber Monday sales +7.1% yr/yr to $14.25 bln
- National Retail Federation says Thanksgiving holiday weekend drew a record 203 million shoppers versus 197 million shoppers last year
- SEC Chairman Paul Atkins on CNBC says that he expects to introduce innovation exemption for cryptocurrencies in the next month of so
- FDA drug regulator Richard Pazdur to resign, according to Stat News
- Trump administration to roll back Biden-era fuel efficiency rules, automaker CEOs to attend White House announcement, according to Bloomberg
- San Francisco will file lawsuit today against ultra processed food companies, according to NY Times
- Chinese rare earth companies are finding ways around export restrictions, according to WSJ
- A vaccine committee plans to make changes to the childhood vaccine schedule, according to NY Times
- FBI released NICS background checks data: November 2025 Total NICS Background Checks were 2,090.072 -19% yr/yr
- Amazon (AMZN) preparing to roll out an ultrafast delivery option in the U.S., according to The Information
- American Coastal Insurance Corporation (ACIC) declares special cash dividend of $0.75/share of common stock
- Amneal (AMRX) announces U.S. FDA approval of cyclosporine ophthalmic emulsion 0.05%
- Apple (AAPL) announces John Giannandrea, Apple’s senior vice president for Machine Learning and AI Strategy, is stepping down from his position and will serve as an advisor to the company before retiring in the spring of 2026
- Apple (AAPL) will not comply with India's order to preload state run applications on iPhones, according to Reuters
- Arrowhead (ARWR) receives FDA breakthrough therapy designation for Plozasiran in severe hypertriglyceridemia
- AstraZeneca (AZN): Baxdrostat New Drug Application accepted under FDA Priority Review in the US for patients with hard-to-control hypertension
- Avadel Pharmaceuticals (AVDL) announces that the Irish High Court made an order directing Avadel shareholders to consider and vote on the scheme relating to Alkermes deal
- Barclays (BCS) reports BOE stress test results
- Bayer (BAYRY) welcomes Solicitor General support for U.S. Supreme Court review; continues to advance multi-pronged strategy to significantly contain the litigation by the end of 2026
- Bayer (BAYRY): The Trump administration wants the Supreme Court to hear Bayer approval, according to Bloomberg
- Blackbaud (BLKB) announces that it has reauthorized, expanded and replenished the company's existing stock repurchase program, raising the total capacity from $800 mln to $1 bln available for repurchases
- Block (XYZ) data indicates Block handled more than 124 million transactions across Square, Cash App, and Afterpay over the four-day shopping period, reflecting a 10% increase from last year
- BP (BP) ends plans for hydrogen hub in northern England, according to WSJ
- Bristol-Myers (BMY) virtually unchanged in after-hours trading after U.S. judge rejected company's bid to dismiss a $6.7 bln lawsuit over delayed cancer drug Breyanzi, according to Reuters
- Costco (COST) sued the Trump administration over tariffs, according to NBC News
- D-Wave Quantum (QBTS) announces formation of U.S. government business unit
- Eisai (ESAIY) reports biomarker data for anti-tau therapy etalanetug at CTAD 2025
- Electronic Arts (EA): Saudi Arabia investment fund will take almost full ownership of EA, according to WSJ
- Empire State Realty Trust (ESRT) to acquire 555-557 Broadway (the Scholastic Building) for $386 mln
- enGene Holdings (ENGN) announces that the FDA has selected detalimogene voraplasmid to participate in the Chemistry, Manufacturing, and Controls (CMC) Development and Readiness Pilot Program
- Eve Holding (EVEX) selects BETA Technologies to supply electric pusher motors for its conforming prototypes and production aircraft
- Fennec Pharmaceuticals (FENC) announces positive topline results from investigator-initiated clinical study of PEDMARK in Japan to reduce cisplatin-induced hearing loss; Study, Which Enrolled 27 Patients, Met Primary Endpoint with a Significant Reduction in Hearing Loss in 3-18 Year Old Patients
- First Commonwealth (FCF) authorizes a new $25 million share repurchase program of the company's common stock
- Fractyl Health (GUTS) reports positive 6-Month REVEAL-1 open-label results showing sustained post-GLP-1 weight maintenance after a single Revita procedure
- Hecla Mining (HL) receives permit for 2026 Polaris Exploration Program in Nevada's Aurora mining district
- Henry Schein (HSIC) expands its agreement with vVARDIS, which grants the Company exclusive U.S. distribution rights for the drill-free Curodont™ Repair Fluoride Plus (“Curodont”) product across all dental market segments, effective January 1
- Ionis Pharma (IONS) receives U.S. FDA Breakthrough Therapy designation for zilganersen for Alexander disease (AxD)
- Janux (JANX) announces encouraging efficacy and safety profile from ongoing phase 1 clinical trial for JANX007 in mCRPC
- Lithia Motors (LAD) updates share repurchases and expands Canadian footprint
- NatWest Group (NWG) clears Bank of England 2025 capital stress test
- Navitas Semiconductor (NVTS) announces the sample availability of its new 3300V and 2300V ultra-high voltage products in power module, discrete and known good die formats
- NVIDIA (NVDA) and AWS (AMZN) expand full-stack partnership, providing the secure, high-performance compute platform vital for future innovation
- OpenAI CEO Sam Altman told employees he is declaring a "code red" effort to improve ChatGPT amid competition from Google, according to WSJ
- Orla Mining (ORLA) discovers high-grade oxide gold beyond pit shells at South Carlin Complex, reinforcing growth trajectory ahead of 2026 construction
- Roche Hldg (RHHBY) receives FDA clearance and CE Mark for point-of-care Bordetella test
- Safe Bulkers (SB) announces a ten million shares of common stock repurchase program
- Samsung (SSNLF) confirms introduction of Galaxy Z TriFold
- Samsung (SSNLF) has completed HBM4 development, according to AJU News
- Seaport Entertainment Group (SEG) announces appointment of Lenah Elaiwat as CFO
- Sibanye-Stillwater (SBSW) reaches a three-year wage agreement at its SA gold operations
- Sleep Number (SNBR) appoints Amy O’Keefe as CFO; reaffirms guidance
- TETRA Tech (TTI) and Magrathea Metals move toward magnesium production joint venture in Arkansas
- Texas Roadhouse (TXRH) names Mike Lenihan as CFO
- TotalEnergies (TTE) and partners advance Nebraska-based Live Oak e-NG project with Japanese utility participation
- TSMC (TSM): Taiwan prosecutors charged Tokyo Electron's Taiwan unit in TSMC trade secret theft case, according to Reuters
- Vale (VALE) Base Metals and Glencore (GLNCY) Canada agree to evaluate development of Sudbury copper deposits
- Ventyx Biosciences (VTYX) provides clinical and corporate updates
- Walmart (WMT) supercharges holiday traditions with biggest, fastest Black Friday and Cyber Monday yet
- Walt Disney (DIS) likely to pick new CEO from within the company, according to WSJ
- Warner Bros. Discovery (WBD): Comcast (CMCSA) wants to merge NBC Universal unit with WBD, according to Bloomberg

Upgrades:
Albemarle (ALB) upgraded to Neutral from Underperform at Robert W. Baird, tgt $113
Bausch + Lomb (BLCO) upgraded to Overweight from Equal Weight at Morgan Stanley, tgt $21
Belite Bio (BLTE) upgraded to Outperform from Neutral at Mizuho, tgt $194
Darling Ingredients (DAR) upgraded to Buy from Hold at TD Cowen, tgt $45
DexCom (DXCM) upgraded to Overweight from Equal Weight at Morgan Stanley, tgt $75
Pennant Group (PNTG) upgraded to Buy from Hold at Truist, tgt $34
Solventum (SOLV) upgraded to Buy from Neutral at BTIG Research, tgt $100
Teradyne (TER) upgraded to Buy from Hold at Stifel, tgt $225
T-Mobile (TMUS) upgraded to Sector Weight from Underweight at KeyBanc
Downgrades:
- Coca-Cola Femsa (KOF) downgraded to Equal Weight from Overweight at Barclays
- Inspire Medical (INSP) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $130
- Michelin (MGDDY) downgraded to Equal Weight from Overweight at Morgan Stanley
- Symbotic (SYM) downgraded to Sell from Neutral at Goldman, tgt $47
- 10x Genomics (TXG) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $20
Others:
- Agilent (A) initiated with an Overweight at Morgan Stanley, tgt $270
- Adaptive Biotechnologies (ADPT) assumed with an Equal Weight at Morgan Stanley, tgt $21
- Annexon (ANNX) initiated with a Buy at Clear Street, tgt $17
- BlackLine (BL) initiated with a Buy at Rosenblatt, tgt $65
- BrightView (BV) initiated with a Buy at BTIG Research, tgt $15
- C4 Therapeutics (CCCC) initiated with a Buy at TD Cowen
- Caris Life Sciences (CAI) initiated with a Hold at Canaccord, tgt $28
- Camtek (CAMT) initiated with an Equal Weight at Morgan Stanley, tgt $110
- CBRE Group (CBRE) initiated with an Overweight at Barclays, tgt $190
- California Resources (CRC) initiated with an Overweight at Wells Fargo, tgt $58
- Circle Internet (CRCL) initiated with an Underperform at Wolfe Research, tgt $60
- Cloudflare (NET) initiated with an Overweight at Barclays, tgt $235
- Cytek Biosciences (CTKB) assumed with an Equal Weight at Morgan Stanley, tgt $6
- Cushman & Wakefield (CWK) initiated with an Equal Weight at Barclays, tgt $18
- Dream Finders Homes (DFH) initiated with a Neutral at BTIG Research
- D.R. Horton (DHI) initiated with a Buy at BTIG Research, tgt $186
- Danaher (DHR) initiated with an Overweight at Morgan Stanley, tgt $270
- Equinox Gold (EQX) initiated with a Buy at Stifel
- FuboTV (FUBO) initiated with a Market Perform at Raymond James
- Guardant Health (GH) assumed with an Overweight at Morgan Stanley, tgt $130
- Grail (GRAL) assumed with an Equal Weight at Morgan Stanley, tgt $110
- Green Brick (GRBK) initiated with a Neutral at BTIG Research
- ICF International (ICFI) assumed with a Buy at Canaccord, tgt $115
- Iqvia (IQV) assumed with an Overweight at Morgan Stanley, tgt $265
- JLL (JLL) initiated with an Equal Weight at Barclays, tgt $351
- KBR (KBR) initiated with an Outperform at Oppenheimer, tgt $60
- Kinetik Holdings (KNTK) initiated with a Buy at Jefferies, tgt $41
- Liberty Energy (LBRT) initiated with a Buy at UBS, tgt $23
- Lennar (LEN) assumed with a Sell at BTIG Research, tgt $96
- Mettler-Toledo (MTD) initiated with an Equal Weight at Morgan Stanley, tgt $1,550
- Millrose Properties (MRP) initiated with a Buy at BTIG Research, tgt $35
- Newmark (NMRK) initiated with an Overweight at Barclays, tgt $21
- Natera (NTRA) assumed with an Overweight at Morgan Stanley, tgt $265
- Nova (NVMI) initiated with an Equal Weight at Morgan Stanley, tgt $335
- NVR (NVR) initiated with a Buy at BTIG Research, tgt $9,022
- OneStream (OS) initiated with a Buy at Rosenblatt, tgt $26
- PagerDuty (PD) resumed with an Underperform at BofA Securities, tgt $12
- Pfizer (PFE) resumed with a Neutral at Citigroup, tgt $26
- PulteGroup (PHM) initiated with a Neutral at BTIG Research
- Personalis (PSNL) assumed with an Equal Weight at Morgan Stanley, tgt $11
- Smith Douglas Homes (SDHC) initiated with a Neutral at BTIG Research
- Solaris Energy (SEI) initiated with an Overweight at Morgan Stanley, tgt $68
- Stevanato Group (STVN) assumed with an Equal Weight at Morgan Stanley, tgt $24
- T1 Energy (TE) initiated with a Buy at Johnson Rice, tgt $8
- Tamboran Resources (TBN) initiated with an Overweight at Wells Fargo, tgt $35
- Tempus AI (TEM) assumed with an Overweight at Morgan Stanley, tgt $85
- Terra Innovatum (NKLR) initiated with a Buy at B. Riley, tgt $10
- Thermo Fisher (TMO) assumed with an Overweight at Morgan Stanley, tgt $670
- Toll Brothers (TOL) initiated with a Neutral at BTIG Research
- Texas Pacific Land (TPL) initiated with an Overweight at KeyBanc, tgt $1,050
- Upstream Bio (UPB) initiated with an Outperform at LifeSci Capital, tgt $43
- Veracyte (VCYT) assumed with an Underweight at Morgan Stanley, tgt $48
- Waters (WAT) initiated with an Equal Weight at Morgan Stanley, tgt $423
- Workday (WDAY) initiated with a Neutral at Rosenblatt, tgt $235
- Weatherford (WFRD) initiated with a Neutral at UBS, tgt $82
- West Pharmaceutical (WST) initiated with an Equal Weight at Morgan Stanley, tgt $285

Econ Data (Wednesday):
- 7:00 ET: Weekly MBA Mortgage Index (prior 0.2%)
- 8:15 ET: November ADP Employment Change (Briefing.com consensus 20,000; prior 42,000)
- 8:30 ET: September Import Prices (prior 0.3%), Import Prices ex-oil (prior 0.4%), Export Prices (prior 0.3%), and Export Prices ex-agriculture (prior 0.3%)
- 9:15 ET: September Industrial Production (Briefing.com consensus 0.1%; prior 0.1%) and Capacity Utilization (Briefing.com consensus 77.3%; prior 77.4%)
- 9:45 ET: Final November S&P Global U.S. Services PMI (prior 54.8)
- 10:00 ET: November ISM Services (Briefing.com consensus 52.4%; prior 52.4%)
- 10:30 ET: Weekly crude oil inventories (prior +2.77 mln)

Earnings:Monday (Dec 1)
Pre-Market: None
After-Hours: CRDO MDB VSTS
Tuesday (Dec 2)
Pre-Market: BNG SIG
After-Hours: AEO ASAN BOX CRWD GTLB MRVL OKTA PSTG
Wednesday (Dec 3)
Pre-Market: DLTR M RY CXM
After-Hours: AI DSGX FIVE GWRE HQY NCNO PVH CRM SNOW PATH
Thursday (Dec 4)
Pre-Market: BMO BF.B DOOO CM DG DCI HRL HOV KR SAIC TD WLY
After-Hours: AGX COO DOCU DOMO HPE RBRK IOT S TTAN SWBI SFIX ULTA ZUMZ
Friday (Dec 5)
Pre-Market: VSCO
After-Hours: None