After Hours Report

Updated: 10-Jun-25 17:07 ET

Dave & Buster's getting some PLAY time after earnings report

The stock market climbed on Tuesday, buoyed by ongoing hope for a positive outcome of trade talks between officials from the U.S. and China. The S&P 500 (+0.6%) finished just behind the Nasdaq (+0.6%) while the Dow (+0.3%) continued this month's underperformance.

The trading day was largely uneventful, though it is worth noting that the market resisted selling efforts that knocked the major averages from highs on two occasions, only to be followed by a push to fresh highs for the day. President Trump's acknowledgement that Iran is becoming "much more aggressive" in nuclear talks with the U.S. was met with a brief mid-morning dip that was reversed quickly. Later in the day, Commerce Secretary Lutnick said that talks with China are going very well and could continue into tomorrow.

Ten sectors finished the day with gains, led by energy (+1.8%) even though crude oil could not sustain its morning gain, ending the pit session lower by 0.5% at $64.96/bbl. Energy was followed by the consumer discretionary sector (+1.2%), which received strong support from an extension of yesterday's bounce in Tesla (TSLA 326.09, +17.51, +5.7%).

Top-weighted technology (+0.5%) kept pace with the broader market, masking strength among chipmakers that helped the PHLX Semiconductor Index (+2.1%) extend this month's gain to 10.2% with Intel (INTC 22.11, +1.63, +8.0%) showing relative strength amid growing optimism surrounding its new fabrication technology.

The industrials sector (-0.4%) was the weakest performer throughout the day due to profit taking among defense stocks after their recent strength. Transport stocks, however, had a strong showing, sending the Dow Jones Transportation Average (+1.3%) back to its May high after Norfolk Southern (NSC 252.92, +2.35, +0.9%) said that its carload growth is up 5% quarter-to-date.

Treasuries finished the day with slim gains in longer tenors and modest losses up front ahead of tomorrow's release of May CPI (Briefing.com consensus 0.2%). The U.S. Treasury sold $58 bln in 3-yr notes to soft demand while tomorrow's session will feature a $39 bln 10-yr note reopening.

Today's economic data was limited to the NFIB Small Business Optimism Index for May, which rose to 98.8 from 95.8 in April.

Tomorrow, the market will receive the weekly MBA Mortgage Index (prior -3.9%) at 7:00 ET, followed by May CPI (Briefing.com consensus 0.2%; prior 0.2%) and Core CPI (Briefing.com consensus 0.3%; prior 0.2%) at 8:30 ET, and May Treasury Budget (prior $258.4 bln) at 14:00 ET.

S&P 500 +2.7% YTD
Nasdaq Composite +2.1% YTD
Dow Jones Industrial Average +0.8% YTD
S&P Midcap 400 -1.8% YTD
Russell 2000 -3.4% YTD

Overseas:

Europe: DAX -0.6%, FTSE +0.2%, CAC +0.2%
Asia: Nikkei +0.3%, Hang Seng -0.1%, Shanghai -0.4%

Commodities:

Crude Oil -0.33 @ 64.96
Nat Gas -0.11 @ 3.53
Gold -11.70 @ 3343.00
Silver -0.17 @ 36.65
Copper -0.02 @ 4.90

After-Hours Spotlight:

US and Mexico are nearing a deal to cut steel duties and cap imports, according to Bloomberg
American Superconductor (AMSC) announces proposed public offering of common stock... AMSC down 12.7%
Dave & Buster's (PLAY) misses by $0.25, reports revs in-line; Reiterates FY25 outlook for capex and pre-opening expense... PLAY up 2.6%
D-Wave Quantum (QBTS) files for $400 mln mixed securities shelf offering... QBTS down 2.8%
GameStop (GME) beats by $0.09 (single estimate), misses on revs... GME down 4.8%
GitLab (GTLB) beats by $0.02, reports revs in-line; guides Q2 EPS in-line, revs in-line; guides FY26 EPS above consensus, reaffirms FY26 revs guidance... GTLB down 11.6%
Stitch Fix (SFIX) beats by $0.06, beats on revs; guides Q4 revs above consensus; guides FY25 revs above consensus... SFIX unchanged
Vitesse (VTS): CEO bought 10000 shares at $23.29 worth ~$233K... VTS unchanged

Fair Value for Wednesday, June 11:

S&P 500: 6,044
Nasdaq 100: 21,965
DJIA: 42,902

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):
- AAON (AAON) provides outlook at investor day; affirms 3-year targets
- ASE Technology (ASX) reports May revs increased 3.2% yr/yr to NT$49.03 bln
- AT&T (T) reiterates FY25 financial and operational guidance ahead of investor conference tomorrow
- Calavo Growers (CVGW) misses by $0.13, misses on revs (two estimates)
- Casey's General (CASY) beats by $0.68, beats on revs, provides FY26 outlook; increases dividend
- ChipMOS TECHNOLOGIES (IMOS) reports May revs increased 0.1% yr/yr to NT$2.025 bln
- Chunghwa Telecom (CHT) reports May 2025 revenue
- Core & Main (CNM) reports EPS in-line, beats on revs; reaffirms FY26 revs guidance
- East West Banc (EWBC) provides investor updates in presentation; expects 2025 net charge offs of 25-35 bps, net interest income and revs trending above 6%
- eToro (ETOR) reports first quarter 2025 results
- Fifth Third (FITB) provides investor updates in presentation; reaffirms Q2 guidance
- Fortive (FTV) reaffirms Q2 EPS guidance ahead of Investor Day today
- J.M. Smucker (SJM) beats by $0.07, misses on revs; guides FY26 EPS below consensus, revs in-line
- Taiwan Semiconductor Manufacturing (TSM) reports May revs declined 8.3% m/m to NT$320.5 bln
- United Natural Foods (UNFI) beats by $0.22, beats on revs; guides FY25 EPS in-line, revs in-line
General News
- Commerce Secretary Howard Lutnick tells reporters that China trade talks are going "really really well"; talks could continue tomorrow, according to Reuters
- President Trump ordered 700 Marines to Los Angeles to support National Guard. Marines will not participate in law enforcement activities unless the Insurrection Act is invoked, according to Politico
- Trade talks between U.S. and China will resume today. Commerce Secretary Howard Lutnick says talks are going well, according to Reuters
- White House official tells Reuters that Bloomberg reporting is "false" that Treasury Secretary Scott Bessent is being considered for Fed Chair
- President Trump told Israeli Prime Minister Benjamin Netanyahu that he believes there is a chance of Iranian nuclear deal and is opposed to military action against Iran right now, according to Axios
- Human Services Secretary Robert F. Kennedy Jr. is retiring all members of CDC panel advising US on vaccines, according to CNBC
- The White House wants Texas to redraw its congressional map, potentially creating 4 new Republican U.S. House seats after 2026 midterms, but it could also endanger some Republican incumbents, according to the New York Times
- The Trump administration will soon repeal Biden-era restrictions on power plant pollution, according to Bloomberg
- FTC wants information from advertising agencies, according to the Wall Street Journal
- Alvaro Bedoya says he is stepping down as FTC commissioner to comply with ethics rules
- ACADIA Pharmaceuticals (ACAD): U.S. Court of appeals for the federal circuit affirms prior Delaware District Court rulings in favor of Acadia in NUPLAZID (pimavanserin) composition of matter patent
- AT&T (T) achieves key network expansion milestone ahead of schedule
- Avis Budget (CAR) announces appointment of Daniel Cunha as Chief Financial Officer, effective July 1, 2025; Izzy Martins leaving the company to pursue another opportunity
- Avista (AVA) reaches settlement in Idaho general rate cases
- Blackstone (BX) aiming to invest $500 bln in Europe over next 10 years, according to Bloomberg
- Civeo (CVEO) awarded a four-year, A$250 contract renewal with a leading metallurgical coal producer to provide rooms and hospitality services from the Company’s existing Coppabella, Moranbah and Nebo villages in the Australian Bowen Basin
- FedEx (FDX) increases quarterly cash dividend 5% to $1.45/share from $1.38/share
- FingerMotion (FNGR) subsidiary JiuGe Technology forms strategic collaboration with Zhejiang Jincheng Automotive to co-develop advanced emergency response vehicles
- Flutter Entertainment (FLUT) response to Illinois Transaction Fee
- Four Corners Property Trust (FCPT) appoints Douglas Hansen as the new Chair of the Board of Directors, effective immediately
- Freeport (FCX) CEO says tariffs could hurt the copper industry, according to Bloomberg
- Geo Group (GEO) provides update on recent court settlement allowing for immediate full intake at company-owned 1,940-bed Adelanto ICE processing center in California
- Google's (GOOG, GOOGL) new AI tools impacting news sites, according to the Wall Street Journal
- HDFC Bank (HDB) discloses "Frivolous FIR against MD & CEO of HDFC Bank"
- IBM (IBM) sets the course to build world's first large-scale, fault-tolerant quantum computer at new IBM Quantum Data Center
- Ibotta (IBTA) authorizes $100 mln increase to share buyback
- Innoviva (INVA) receives FDA new drug application acceptance for Zoliflodacin, a first-in-class oral antibiotic for uncomplicated gonorrhea in adults
- Insmed (INSM) announces positive topline results from phase 2b study of treprostinil palmitil inhalation powder as once-daily therapy in patients with pulmonary arterial hypertension
- Invesco (IVZ) reports May AUM increased 5.6% over April
- Jazz Pharmaceuticals (JAZZ) Presents Late-Breaking Phase 4 Data Showcasing Xywav® (calcium, magnesium, potassium, and sodium oxybates) Oral Solution Treatment Outcomes in Narcolepsy at SLEEP 2025
- Jazz Pharma (JAZZ) announces the U.S. FDA has accepted the supplemental New Drug Application for Zepzelca in combination with atezolizumab as a first-line maintenance treatment for people with extensive-stage small cell lung cancer whose disease has not progressed after first-line induction therapy with atezolizumab, carboplatin, and etoposide for Priority Review
- Lazard (LAZ) reports May AUM of $235.3 bln
- Leonardo DRS (DRS) awarded a $41 mln contract from the Naval Sea Systems Command to continue delivering critical combat management system hardware
- Limoneira (LMNR) announces citrus sales and marketing operations merger with Sunkist Growers
- MacroGenics (MGNX) and Sagard Healthcare Partners enter into ZYNYZ royalty purchase agreement
- MercadoLibre (MELI) withdraws proposal for shareholders to vote on redomestication of MercadoLibre
- Meta (META) wants to create "superintelligence" artificial intelligence team, according to Bloomberg
- Micron (MU) being sued by YMTC over spyware allegations, according to Digitimes
- Monte Rosa Therapeutics (GLUE) announces FDA clearance of iND application for MRT-8102, a NEK7-directed molecular glue degrader for the treatment of multiple inflammatory diseases
- Nebius Group N.V. (NBIS) and WEKA partner to catalyze AI innovation with ultra-high-performance cloud infrastructure solution
- Niagen Bioscience (NAGE) Announces First-Ever Peer-Reviewed Study Highlighting the Potential of Nicotinamide Riboside (NR) for Werner Syndrome, a Rare Genetic Disorder
- Novanta (NOVT) commits to restructuring plan to streamline operations
- Ondas Holdings (ONDS) announces that its subsidiary, Airobotics, secured a $14.3 million purchase order from a major defense customer for multiple units of its Optimus System, the Company's advanced autonomous drone platform
- Orion Group (ORN) announces CFO transition; reaffirms FY25 guidance
- Paramount Global (PARA) announces that CFO Naveen Chopra is departing to pursue other opportunities; Andrew Warren appointed interim CFO
- Paramount Global (PARA) aiming to eliminate 3% of workforce, according to CNBC
- Recursion Pharmaceuticals (RXRX) announced a reduction in personnel and infrastructure
- Roblox (RBLX) appoints Naveen Chopra as its new CFO, effective June 30
- Sezzle (SEZL) files lawsuit against Shopify alleging antitrust violations; Sezzle also reaffirms FY25 guidance
- Symbotic (SYM) announces appointment of Izzy Margins as CFO, effective August 9, 2025; She joins company from Avis Budget Group, where she served as Executive Vice President and CFO
- Toyota Motor (TM), Daimler Truck, Mitsubishi Fuso and Hino conclude definitive agreements on integrating Mitsubishi Fuso and Hino Motors
- ZoomInfo (GTM) announces a 6% workforce reduction; also reaffirms Q2 and FY25 guidance

Upgrades:
- ArcBest (ARCB) upgraded to Neutral from Underperform at BofA Securities, tgt $74
- Atlantic Union (AUB) upgraded to Strong Buy from Outperform at Raymond James, tgt $41
- BAE Systems (BAESY) upgraded to Buy from Underperform at BofA Securities
- Eagle Bancorp (EGBN) upgraded to Buy from Neutral at Janney Montgomery Scott, tgt $24
- Macerich (MAC) upgraded to Outperform from Neutral at Mizuho, tgt $18
- QuantaSing (QSG) upgraded to Buy from Neutral at Citigroup, tgt $9.52
- Yum! Brands (YUM) upgraded to Buy from Neutral at Redburn Atlantic, tgt $177
Downgrades:
- Arch Capital (ACGL) downgraded to Hold from Buy at Jefferies, tgt $100
- GAP Airports (PAC) downgraded to Underperform from Outperform at Bradesco BBI, tgt $215
- Keros Therapeutics (KROS) downgraded to Neutral from Buy at BofA Securities, tgt $18
- Manhattan Associates (MANH) downgraded to Neutral from Buy at Redburn Atlantic, tgt $200
- McDonald's (MCD) downgraded to Sell from Buy at Redburn Atlantic, tgt $260
- TechTarget (TTGT) downgraded to Underweight from Neutral at JPMorgan, tgt $8
Others:
- Alumis (ALMS) resumed with a Buy at Guggenheim; tgt $18
- Amentum (AMTM) initiated with a Neutral at BofA Securities, tgt $24
- Antalpha (ANTA) initiated with a Buy at Roth Capital, tgt $18.50
- Bel Fuse (BELFB) initiated with an Outperform at Robert W. Baird, tgt $88
- Chipotle (CMG) initiated with a Neutral at Redburn Atlantic, tgt $55
- Domino's Pizza (DPZ) initiated with a Sell at Redburn Atlantic, tgt $340
- Dynatrace (DT) initiated with an Overweight at KeyBanc, tgt $69
- Elastic (ESTC) initiated with a Sector Weight at KeyBanc
- Harrow (HROW) initiated with an Outperform at William Blair
- Kontoor Brands (KTB) reinstated with a Buy at Goldman, tgt $85
- Methanex (MEOH) initiated with a Neutral at JPMorgan, tgt $33
- NewAmsterdam Pharma (NAMS) initiated with a Buy at Stifel, tgt $44
- NexGen Energy (NXE) initiated with a Buy at Desjardins
- Omeros (OMER) initiated with a Buy at H.C. Wainwright, tgt $9
- Qorvo (QRVO) added to Citigroup's 90-day upside catalyst watch
- SunCar Technology (SDA) initiated with an Outperform at Oppenheimer, tgt $3.50
- Southern First Bancshares (SFST) assumed with an Overweight at Piper Sandler, tgt $43
- VolitionRx (VNRX) initiated with a Buy at JonesResearch, tgt $3
- Zeta Global (ZETA) initiated with a Buy at Needham; tgt $20

Econ Data (Wednesday):
- 07:00 ET: MBA Mortgage Applications Index (prior -3.9%)
- 08:30 ET: May CPI (Briefing.com consensus 0.2%; prior 0.2%) and Core CPI (Briefing.com consensus 0.3%; prior 0.2%)
- 10:30 ET: EIA Crude Oil Inventories (prior -4.30M)
- 14:00 ET: May Treasury Budget (prior $258.4B)
Earnings:Monday (June 9)
Pre-Market: CVGW
After-Hours: CASY
Tuesday (June 10)
Pre-Market: ASO CNM SJM UNFI
After-Hours: PLAY GME GTLB SFIX
Wednesday (June 11)
Pre-Market: CHWY SAIL VSCO
After-Hours: ORCL OXM
Thursday (June 12)
Pre-Market: LOVE
After-Hours: ADBE RH
Friday (June 13)
Pre-Market: None
After-Hours: None