After Hours Report

Updated: 09-Dec-25 17:26 ET

GE Vernova higher after raising multi-year outlook, doubling dividend, and hiking buyback

The stock market registered its second consecutive session of muted action this week as investors await the results of tomorrow's FOMC decision, which is widely expected to produce a 25-basis point rate cut along with guidance that the Fed is unlikely to ease again in the near term.

The S&P 500 (-0.1%), Nasdaq Composite (+0.1%), and DJIA (-0.4%) spent the entirety of the session in a tight range near their unchanged levels, while the Russell 2000 (+0.2%) furthered its stretch of outperformance in December.

Advancers outpaced decliners by a roughly 5-to-4 clip on the NYSE and Nasdaq, an improvement from yesterday's negative breadth figures that reflects the subdued back-and-forth action that has defined the market over the past several sessions.

Five S&P 500 sectors finished higher, which was also an improvement from yesterday's action that saw only the information technology sector notch a gain. However, relatively subdued performances across the market's largest names limited the size of gains today.

The information technology sector (+0.2%) managed a more modest gain today, shaking off an opening loss. NVIDIA (NVDA 184.92, -0.64, -0.34%) traded lower despite President Trump stating via Truth Social that the company will be allowed to sell its advanced H200 chips in China, though the U.S. government will take 25% of the profits.

The consumer discretionary sector (+0.2%) also shook off an early loss, supported by Tesla (TSLA 445.18, +5.60, +1.27%) taking back some of yesterday's 3.4% slide. The stock was a standout across a quiet day for the mega-caps that saw the Vanguard Mega Cap Growth ETF finish flat.

The sector is also home to today's worst-performing S&P 500 name, AutoZone (AZO 3493.36, -273.60, -7.26%). The stock moved sharply lower after posting its sixth consecutive EPS miss.

Meanwhile, the energy sector (+0.7%) captured the widest gain despite crude oil futures settling today's session $0.58 lower (-1.0%) at $58.26 per barrel. Exxon Mobil (XOM 118.23, +2.25, +1.94%) captured a solid gain after updating its 2030 outlook, now targeting $25 billion of earnings growth and $35 billion of cash flow growth.

As for today's retreating sectors, losses were relatively modest, with only the health care sector (-1.0%) closing with a loss of 1.0% or wider. A majority of the sector's components traded lower, though CVS Health (CVS 78.22, +1.69, +2.21%) notched a nice gain after raising its FY25 outlook.

While the financials sector (-0.3%) did not finish with one of the widest losses, it was subject to one of the more notable intraday swings, moving lower after JPMorgan Chase (JPM 300.47, -14.74, -4.68%) disclosed projected 2026 firmwide expenses of approximately $105 billion. That figure represents roughly 11% growth over the projected 2025 expense base of about $95 billion and lands about 3.6% above current Wall Street expectations for 2026.

While today's action featured some notable stock-specific moves in reaction to earnings and guidance, things remained relatively quiet at the index level as the market awaits tomorrow's FOMC meeting. Several recent sessions of similar narratives leave the major averages mixed for the month of December, with all three indices within 1.0% of their unchanged month-to-date levels, reflecting a market in search of new catalysts heading into the end of the year.

U.S. Treasuries were lacking buyers today, who exercised restraint in front of the FOMC decision tomorrow. The 2-year note yield settled up three basis points to 3.61%, and the 10-year note yield settled up one basis point to 4.18%.

Nasdaq Composite: +22.1% YTD
S&P 500: +16.3% YTD
Russell 2000: +13.3% YTD
DJIA: +11.8% YTD
S&P Mid Cap 400: +5.7% YTD

Reviewing today's data:

The October JOLTS report showed 7.670 million job openings versus estimates that were closer to 7.200 million. Job openings in the year-ago period were 7.615 million. Job openings for September were estimated to be 7.658 million based on partial data for businesses that self-reported during the government shutdown and data collected in November after the shutdown.
The September Leading Economic Index registered a 0.3% decline following an upwardly revised 0.3% decline (from -0.5%) for August.

Overseas:

Europe: DAX +0.5%, FTSE flat, CAC -0.7%
Asia: Nikkei +0.1%, Hang Seng -1.3%, Shanghai -0.4%

Commodities:

Crude Oil -0.58 @ 58.26
Nat Gas -0.33 @ 4.58
Gold +20.60 @ 4237.30
Silver +2.57 @ 60.94
Copper -0.12 @ 5.32

After-Hours Spotlight:

AeroVironment (AVAV) misses by $0.34, reports revs in-line; guides FY26 EPS below consensus, revs below consensus...AVAV -2.9%
Braze (BRZE) reports EPS in-line, beats on revs; guides Q4 EPS in-line, revs above consensus...BRZE +13.7%
Casey's General (CASY) beats by $0.14, reports revs in-line; inside same-store sales +3.3%; raises FY26 EBITDA growth, narrows FY26 inside same-store sales growth...CASY -2.9%
Cracker Barrel (CBRL) beats by $0.05, reports revs in-line, comparable store restaurant sales decreased 4.7%; lowers FY26 revenue and adjusted EBITDA guidance...CBRL -9.0%
Dave & Buster's (PLAY) misses by $0.17, misses on revs; comp sales -4%...PLAY +2.4%
GameStop (GME) beats by $0.04 (single estimate), misses on revs...GME -5.3%
GE Vernova (GEV) reaffirms FY25 guidance, provides FY26 guidance, and raises multi-year financial outlook; also doubles quarterly dividend to $0.50/share and increases buyback authorization to $10 bln...GEV +5.7%

Fair Value for Wednesday, December 10:

S&P 500: 6,847
Nasdaq 100: 25,699
DJIA: 47,606

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):
- ASE Technology (ASX) reports November revs increased 11.1% yr/yr to ~NT$58.52 bln
- AT&T (T) reaffirms FY25 guidance ahead of tomorrow's UBS Global Media & Communications Conference
- AutoZone (AZO) misses by $1.67, reports revs in-line
- AvalonBay (AVB) provides summary of recent Capital Markets activities through Dec 5; guides Q4 core FFO in-line
- British American Tobacco (BTI) on track for FY25 delivery; reaffirms 2026 guidance and announces £1.3 bln share buy-back
- Brookdale Senior Living (BKD) reports November 2025 occupancy data; Q4-to-date occupancy of 82.6%, representing an 80-bps yr/yr increase
- Campbell Soup (CPB) beats by $0.03, reports revs in-line; reaffirms FY26 EPS guidance
- Compass Minerals (CMP) misses by $0.42 (single analyst estimate), misses on revs; Provides FY26 outlook
- Core & Main (CNM) beats by $0.16, reports revs in-line; reaffirms FY26 revs guidance
- Curbline Properties (CURB) provides quarter-to-date investment and capital markets activity; Q4-to-date, company has acquired 10 properties for $134.5 mln
- CVS Health (CVS) raises FY25 guidance; sees FY26 EPS in line; sees FY26 revs below consensus; provides long term guidance
- Elanco Animal Health (ELAN) outlines new three-year financial outlook, including mid-single digit organic constant currency revenue growth; Also reaffirms Q4 EPS and revenue guidance
- G-III Apparel (GIII) beats by $0.29, misses on revs; raises FY26 EPS guidance, lowers revenue guidance; Introduces first ever quarterly dividend of $0.10/share
- Hess Midstream Partners (HESM) announces 2026 guidance, extends return of capital program
- HF Sinclair (DINO) expects consolidated capital and turnaround cash spending guidance of $775 mln in 2026; also provides investor updates in presentation
- Home Depot (HD) reaffirms FY outlook; sets preliminary targets for next year
- KeyCorp (KEY) provides investor updates in presentation; on pace to meet or exceed all FY financial metrics
- Kinder Morgan (KMI) issues in-line FY26 EPS guidance, projects annualized dividend of $1.19 for 2026
- Korn/Ferry (KFY) beats by $0.02, beats on revs; guides Q3 EPS in-line, revs in-line
- Ligand Pharma (LGND) reaffirms FY25 guidance, guides FY26 revenue in-line, provides update on 5-year outlook
- MarketAxess (MKTX) announces medium-term financial targets, and increases stock repurchase authorization to $505 mln
- Ollie’s Bargain Outlet (OLLI) beats by $0.01, reports revs in-line, comparable stores sales of +3.3%; raises FY26 EPS, revenue, and comparable sales guidance
- Phreesia (PHR) beats by $0.07, reports revs in-line; guides FY26 revs above consensus; guides FY27 revs above consensus
- Toll Brothers (TOL) misses by $0.30, beats on revs; Sees Q1 Deliveries of 1,800-1,900 units, FY26 Deliveries of 10,300-10,700 units
- Yext (YEXT) beats by $0.01, reports revs in-line
General News
- Ukraine President Volodymyr Zelensky rules out ceding territory, which is a key part of President Trump's peace plan, according to Washington Post
- Department of Agriculture announces $12 billion farmer bridge payments for American farmers impacted by unfair market disruptions
- President Trump authorized documentation to impose an additional 5% tariff on Mexico over violation of water treaty
- Mexico will vote this week on increasing tariffs on China, according to Bloomberg
- President Trump, in an interview, was highly critical of Europe and said he could make additional tariff changes to help lower prices, according to Politico
- The House will vote on the defense funding bill on Wednesday, according to Politico
- CMS issues new state guidance on transformative medicaid reforms
- Australia's teen social media ban takes effect, according to Reuters
- EU and Canada strengthen their digital partnership with a focus on artificial intelligence, digital identity wallets and independent media
- Judge rules that President Trump's ban on wind projects is illegal, according to Bloomberg
- The ECB is planning on making bank rules simpler, according to Reuters
- FDA scrutinizing safety of approved RSV therapies for infants, according to Reuters
- China is buying soybeans again, but short of President Trump's target, according to CNBC
- FDA investigating if COVID-19 vaccines are linked to deaths in adults, expanding prior probe that was looking at deaths in children, according to Bloomberg
- SpaceX eyes mid-2026 IPO as Starlink drives valuation toward $1.5 trillion, according to Bloomberg
- AAR Corp (AIR) signs a multi-year extension of its exclusive, global distribution agreement with Arkwin Industries
- AeroVironment (AVAV) awarded $874 mln foreign military sales IDIQ to deliver UAS and C-UAS systems to allied & partner forces
- Alphabet (GOOG/GOOGL): EU Commission opens investigation into possible anticompetitive conduct by Google in the use of online content for AI purposes
- Alphabet (GOOG): Google Cloud launches AlphaEvolve as new ai agent to boost efficiency in data centers chip design and cloud services
- Alphabet (GOOG): Google Cloud announces that the Chief Digital and Artificial Intelligence Office selected Google Cloud's Gemini for Government to serve as the first enterprise AI deployed on the U.S. Department of War's GenAI.mil to 3 mln civilian and military personnel
- Asbury Automotive (ABG) announces that effective following the Company’s 2026 Annual Meeting of Stockholders expected to be held in May, David Hult, President and CEO of Asbury, will transition to the role of Executive Chairman
- Ascentage Pharma (AAPG) presents first dataset from Phase III POLARIS-1 study of Olverembatinib in newly diagnosed Ph+ ALL shows a best MRD-negativity CR rate exceeding 60%
- Ascentage Pharma (AAPG) presents four-year follow-up data from registrational Phase II Study of Olverembatinib, reaffirming differentiated long-term efficacy and safety in TKI-Resistant/Intolerant CML-CP
- Assembly Biosciences (ASMB) reports positive interim results from Phase 1b clinical studies of long-acting helicase-primase inhibitor candidates ABI-1179 and ABI-5366 showing reductions in viral shedding rate and virologically confirmed genital lesion rate in recurrent genital herpes
- AT&T (T): Servify announces a collaboration with AT&T, to launch AT&T Business Protect Enterprise Plans as an extension of the Business Protect portfolio of device protection products
- BHP Group (BHP) enters $2 bln infrastructure deal with GIP on WAIO inland power
- BioNTech (BNTX) and Bristol Myers Squibb (BMY) present first global Phase 2 Data for PD-L1xVEGF-A Bispecific Antibody Pumitamig Showing Encouraging Efficacy in Advanced Triple-Negative Breast Cancer
- Boeing (BA) reports 164 orders for November 2025, delivered 44 aircraft; YTD orders total 1,000, deliveries of 537 vs. 318 deliveries a year ago
- Bristol Myers Squibb (BMY) advances lymphoma research with new targeted protein degradation and cell therapy data at ASH 2025
- Brookfield Corp. (BN) and Qai form $20 billion strategic investment partnership for AI infrastructure
- Camping World (CWH) announces that Matthew Wagner, the Company’s President, will succeed Marcus Lemonis as CEO upon his retirement on January 1
- Core & Main (CNM) announces $500 million increase to share repurchase authorization
- Eli Lilly (LLY) plans to invest more than $6 bln in a new manufacturing facility in Huntsville, Alabama
- Exodus Movement (EXOD) November 2025 treasury update and monthly metrics
- Exodus Movement (EXOD) announces Exodus Pay, the first step in Exodus’ evolution from a self-custodial digital asset wallet into a single app for holding, spending, and sending digital dollars, without compromising self-custody
- Exxon Mobil (XOM) confirms Neil A. Hansen elected as Chief Financial Officer upon Kathryn A. Mikells' retirement
- Fed Agricult Mortg (AGM) announces the appointment of Matthew Pullins as its Executive Vice President, CFO, and Treasurer, starting December 1
- Flutter Entertainment (FLUT): FanDuel announces an exclusive partnership with Zoo 55, part of ITV Studios to bring the record-breaking reality franchise Love Island to FanDuel Casino
- Ford (F) announces next phase of European Strategy: New strategic partnership, product offensive, and call for policy alignment
- Genmab (GMAB) Announces New Data from Phase 1b/2 EPCORE® CLL-1 Highlighting Potential of Epcoritamab as Monotherapy and in Combination for Patients with Richter Transformation
- GoldMining Inc. (GLDG) announces renewed at-the-market equity program
- Google's (GOOG, GOOGL) tensor processing unit is key to increased performance of Gemini 3 AI models, according to FT
- Gorilla Technology Group (GRRR) files litigation against Sigma and Bradbury to protect the company from stock manipulation
- Graphic Packaging (GPK) undertaking a review of support functions and corporate expenses and now expects savings of approximately $60 mln in 2026; Also lowers FY25 EPS guidance, reaffirms revenue guidance
- Graphic Packaging (GPK) announces that Robbert Rietbroek has been appointed as CEO, effective January 1
- Grid Dynamics (GDYN) has entered into a multi-year strategic collaboration agreement with Amazon Web Services
- Hackett Group (HCKT) announces final results of its $40 mln Dutch Auction tender offer
- Heartland Express (HTLD) that the Company plans to integrate the U.S. operations of Contract Freighters, into Heartland Express, effective December 31
- Incyte (INCY) Presents Updated Positive Data at ASH 2025 Reinforcing the Potential of INCA033989, its First-in-Class mutCALR-Targeted Monoclonal Antibody, in Patients with Essential Thrombocythemia
- Johnson & Johnson (JNJ) announces new data from the investigational Phase 3 MajesTEC-3 study that demonstrate the potential of TECVAYLI plus DARZALEX FASPRO as early as second line for patients with relapsed/refractory multiple myeloma
- Latham Group (SWIM) appoints Sean Gadd as CEO, effective January 5
- Leonardo DRS (DRS) SIGNS a Memorandum of Intent with the Kingdom of Saudi Arabia’s Ministry of Defense to explore opportunities for MOD ground combat vehicles and dismounted forces in support of the country’s Vision 2030 defense modernization roadmap
- Lilly's (LLY) Jaypirca (pirtobrutinib) significantly improved progression-free survival, reducing the risk of progression or death by 80%, versus chemoimmunotherapy in patients with treatment-naïve CLL/SLL
- Masco Corporation (MAS) announces new executive committee to accelerate growth
- Meta Platforms (META) reboots AI strategy, bets on Avocado model after Llama stumbles, according to CNBC
- NextEra Energy (NEE) and Exelon (EXC) power Pennsylvania and West Virginia's energy future
- Noble Corporation (NE) announces planned divestment of six jackups
- Novartis (NVS) reports Phase III ianalumab data showing durable disease control in immune thrombocytopenia
- Novartis AG (NVS) reports that 1 in 4 metastatic breast cancer patients treated with Novartis Kisqali remain progression-free beyond 4 years
- NVIDIA (NVDA) follow-up; moving higher on report that Trump greenlights Nvidia H200 AI chip sales to China, according to CNBC
- NVIDIA (NVDA) Follow Up: President Trump allows NVDA H200 chips to sold in China; says U.S. government will receive 25% of revenue from sales; says The Department of Commerce is finalizing the details, and the same approach will apply to AMD (AMD) and Intel (INTC)
- NVIDIA (NVDA) H200 chips will undergo security review before exporting to China, according to WSJ
- OBOOK Holdings Inc. (OWLS) collaborates with Visa (V) to launch OwlPay cash app for remittances
- OpenAI could pause side projects to focus on making improvements to ChatGPT, according to WSJ
- PACCAR (PCAR) declares an extra cash dividend of $1.40/share, payable on January 7, 2026, to stockholders of record at the close of business on December 19, 2025
- PepsiCo (PEP) announces priorities to enhance shareholder value; reaffirms FY25 guidance and provides FY26 guidance
- Pfizer (PFE) entered into an exclusive global collaboration and license agreement with YaoPharma, a subsidiary of Shanghai Fosun Pharmaceutical
- Postal Realty (PSTL) increases full-year 2025 acquisition volume guidance to 'meets or exceeds $120 million' from 'meets or exceeds $110 million'
- PubMatic (PUBM) agrees to deal with Kontext to inject ads into AI chatbots, according to Ad Week
- Reddit (RDDT) issues blog titled "Expanding age assurance to Australia"
- Roche Hldg (RHHBY): Genentech presents Lunsumio data showing potential across earlier treatment lines in indolent and aggressive lymphomas
- Roche Hldg (RHHBY) receives European Commission approval of Gazyva/Gazyvaro for lupus nephritis
- Rockwell Automation (ROK) leads new era of manufacturing with elastic mes offerings, unifying ot and it on cloud-based, resilient platform
- Rogers Comms (RCI) first to launch satellite-to-mobile service with must-have apps
- SEALSQ Corp (LAES) announces its strategic decision to reinforce Europe’s leadership in Quantum Security, Post-Quantum technologies, and sovereign Quantum computing by increasing Quantum Investment Fund from $35 million to over $100 million
- Shell plc (SHEL) nears $3 bln deal for LLOG to expand deepwater Gulf portfolio, according to Reuters
- Spotify (SPOT) expands music-videos to US & Canada, premium users now get in-app official video content
- STAAR Surgical (STAA): Broadwood Partners responds to Alcon’s increase to proposed acquisition price of STAAR Surgical
- TechnipFMC (FTI) awarded a significant contract by Ithaca Energy for flexible risers on the Captain development in the U.K. North Sea
- Teck Resources (TECK) reported voting results from Special Meeting of Shareholders; merger of equals with Anglo American plc (NGLOY) approved by both classes of Teck shareholders
- Teradyne (TER) announces that it will open a new U.S. Operations Hub in Wixom, Metro Detroit, Michigan in 2026
- TotalEnergies (TTE) enters as operator in Namibia’s prolific PEL 83 license, including the Mopane discovery
- Transocean (RIG) announces the execution of a six-well contract in Australia with an undisclosed operator for the Deepwater Skyros
- Udemy (UDMY) and Mila announce a new partnership to accelerate responsible AI skill development for the global workforce
- United Comm Banks (UCB) approves a common stock repurchase program, authorizing the repurchase of up to $100 million of its outstanding common stock on the open market, in privately negotiated transactions, or in any other manner that complies with the provisions of the Securities Exchange Act of 1934
- Warner Bros. Discovery (WBD): President Trump told advisors he wants new ownership and programming changes at CNN if Paramount (PSKY) buys WBD, according to WSJ

Upgrades:
BCE Inc (BCE) upgraded to Sector Outperform from Neutral at CIBC
Colgate-Palmolive (CL) upgraded to Outperform from Sector Perform at RBC Capital, tgt $88
Eaton (ETN) upgraded to Outperform from Peer Perform at Wolfe Research, tgt $413
Intel (INTC) upgraded to Outperform from Hold at KGI Securities, tgt $52
Lyell Immunopharma (LYEL) upgraded to Buy from Neutral at H.C. Wainwright, tgt $45
Otis Worldwide (OTIS) upgraded to Outperform from Neutral at BNP Paribas Exane, tgt $105
RELX (RELX) upgraded to Buy from Hold at Deutsche Bank
RPM International (RPM) upgraded to Outperform from Sector Perform at RBC Capital, tgt $132
Synopsys (SNPS) upgraded to Buy from Neutral at Rosenblatt, tgt $560
Viking Holdings (VIK) upgraded to Buy from Neutral at Goldman, tgt $78
WAVE Life Sciences (WVE) upgraded to Outperform from Sector Perform at RBC Capital, tgt $27
Downgrades:
- Alibaba (BABA) downgraded to Neutral from Buy at Arete, tgt $172
- Alexander & Baldwin (ALEX) downgraded to Neutral from Overweight at Piper Sandler, tgt $21
- FMC (FMC) downgraded to Underweight from Equal Weight at Barclays, tgt $13
- JD.com (JD) downgraded to Neutral from Buy at Arete, tgt $32
- Norwegian Cruise Line (NCLH) downgraded to Neutral from Buy at Goldman, tgt $21
- PDD Holdings (PDD) downgraded to Neutral from Buy at Arete, tgt $130
- Sanofi (SNY) downgraded to Neutral from Buy at Guggenheim
- SLM Corp. (SLM) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $31
- Vertiv (VRT) downgraded to Peer Perform from Outperform at Wolfe Research
- Volvo (VLVLY) downgraded to Hold from Buy at Deutsche Bank
- Warner Bros. Discovery (WBD) downgraded to Neutral from Buy at Seaport Research
Others:
- Affirm (AFRM) initiated with a Peer Perform at Wolfe Research
- Agilent (A) initiated with a Buy at Goldman, tgt $170
- AerCap (AER) initiated with a Buy at Truist, tgt $159
- Align Technology (ALGN) initiated with an Equal Weight at Barclays, tgt $170
- Alvotech (ALVO) initiated with an Underweight at Barclays, tgt $5
- Amneal Pharmaceuticals (AMRX) initiated with an Overweight at Barclays, tgt $15
- Amer Sports (AS) initiated with an Overweight at Barclays, tgt $49
- Amphastar Pharmaceuticals (AMPH) initiated with an Equal Weight at Barclays, tgt $30
- American Airlines (AAL) initiated with a Market Perform at BMO Capital, tgt $16.75
- Bausch Health (BHC) initiated with an Equal Weight at Barclays, tgt $8
- Bruker (BRKR) initiated with a Sell at Goldman, tgt $40
- Cardinal Health (CAH) initiated with an Overweight at Barclays, tgt $243
- Cencora (COR) initiated with an Overweight at Barclays, tgt $400
- Collegium Pharmaceutical (COLL) initiated with an Overweight at Barclays, tgt $58
- Danaher (DHR) initiated with a Buy at Goldman, tgt $265
- Dentsply Sirona (XRAY) initiated with an Underweight at Barclays, tgt $12
- Delta Air Lines (DAL) initiated with an Outperform at BMO Capital, tgt $80
- Doximity (DOCS) initiated with an Overweight at Barclays, tgt $63
- Elanco (ELAN) initiated with an Overweight at Barclays, tgt $30
- Envista (NVST) initiated with an Overweight at Barclays, tgt $24
- Galaxy Digital (GLXY) initiated with an Outperform at Citizens JMP, tgt $60
- GoodRx (GDRX) initiated with an Underweight at Barclays, tgt $3
- HealthEquity (HQY) initiated with an Overweight at Barclays, tgt $118
- Henry Schein (HSIC) initiated with an Overweight at Barclays, tgt $86
- Hims & Hers (HIMS) initiated with an Overweight at Barclays, tgt $48
- IDEXX Laboratories (IDXX) initiated with an Overweight at Barclays, tgt $850
- LifeStance (LFST) initiated with an Overweight at Barclays, tgt $8
- Ligand Pharmaceuticals (LGND) initiated with a Buy at Citigroup, tgt $270
- McKesson (MCK) initiated with an Overweight at Barclays, tgt $960
- Mettler-Toledo (MTD) initiated with a Neutral at Goldman, tgt $1,475
- Micron (MU) initiated with a Buy at HSBC, tgt $330
- NRG Energy (NRG) initiated with a Buy at UBS
- Organon (OGN) initiated with an Underweight at Barclays, tgt $7.50
- Owlet (OWLT) initiated with an Outperform at William Blair
- Pacira (PCRX) initiated with an Equal Weight at Barclays, tgt $27
- Penske Automotive (PAG) resumed with a Buy at BofA Securities, tgt $195
- Phathom Pharmaceuticals (PHAT) initiated with an Equal Weight at Barclays, tgt $16
- Phreesia (PHR) initiated with an Overweight at Barclays, tgt $26
- Progyny (PGNY) initiated with an Overweight at Barclays, tgt $29
- Reddit (RDDT) initiated with a Buy at China Renaissance; tgt $300
- Revvity (RVTY) initiated with a Neutral at Goldman, tgt $105
- Roblox (RBLX) initiated with a Hold at Freedom Capital, tgt $99
- Sarepta (SRPT) initiated with an Outperform at Wedbush, tgt $32
- Southwest (LUV) initiated with a Market Perform at BMO Capital, tgt $43
- Talkspace (TALK) initiated with an Equal Weight at Barclays, tgt $3.50
- Tarsus Pharmaceuticals (TARS) initiated with an Overweight at Barclays, tgt $100
- Teladoc (TDOC) initiated with an Equal Weight at Barclays, tgt $8.50
- T1 Energy (TE) initiated with a Buy at Alliance Global Partners, tgt $8.50
- Teva (TEVA) initiated with an Overweight at Barclays, tgt $35
- Thermo Fisher (TMO) initiated with a Buy at Goldman, tgt $685
- United Airlines (UAL) initiated with an Outperform at BMO Capital, tgt $125
- Urban Outfitters (URBN) initiated with a Neutral at Goldman, tgt $83
- Viatris (VTRS) initiated with an Overweight at Barclays, tgt $15
- Vor Biopharma (VOR) initiated with an Overweight at JPMorgan, tgt $43
- Xeris Biopharma (XERS) initiated with an Overweight at Barclays; tgt $9
- XOMA (XOMA) initiated with a Buy at Lucid Capital, tgt $76
- Zoetis (ZTS) initiated with an Equal Weight at Barclays, tgt $136

Econ Data (Wednesday):
- 07:00 ET: MBA Mortgage Applications Index (prior -1.4%)
- 08:30 ET: Q3 Employment Cost Index (Briefing.com consensus: 0.9%; prior 0.9%)
- 14:00 ET: FOMC Rate Decision (Briefing.com consensus: 3.50-3.75%; prior 3.75-4.00%) and Summary of Economic Projections
- 14:00 ET: November Treasury Budget (Briefing.com consensus: -$223.4B; prior -$284.0B)
- 14:30 ET: Fed Chair Powell press conference

Earnings:Monday (Dec 8)
Pre-Market: None
After-Hours: CMP PHR TOL
Tuesday (Dec 9)
Pre-Market: ASO AZO CAL CPB CNM FERG GIII KFY OLLI SAIL
After-Hours: AVAV BRZE CASY CBRL PLAY GME
Wednesday (Dec 10)
Pre-Market: CHWY MOMO PLAB REVG UEC
After-Hours: ADBE NDSN ORCL OXM PL SNPS MTN
Thursday (Dec 11)
Pre-Market: CIEN LOVE
After-Hours: AVGO COST LULU NTSK RH
Friday (Dec 12)
Pre-Market: None
After-Hours: None