After Hours Report

The major averages finished Thursday's session with a sharply divided performance as substantial selling pressure in technology and AI-related stocks overshadowed strength across much of the broader market. The S&P 500 (-1.2%) and Nasdaq Composite (-2.6%) suffered sizable losses, with both falling below their respective 50-day moving averages, while the DJIA (flat) recovered to finish near unchanged. The contrast was even more pronounced beneath the surface, as the S&P 500 Equal Weighted Index (+0.8%) registered a solid gain despite the decline in its market-cap-weighted counterpart.

The retreat marked a sharp reversal from Wednesday's technology-led advance, with the latest round of earnings reports renewing concerns about the costs and near-term growth prospects of the AI buildout. Investors have become increasingly focused on the substantial capital required to expand computing infrastructure, intensifying competition for financing, and supply chain constraints that could limit companies' ability to meet elevated growth expectations.

The information technology sector (-3.0%) was among the weakest performers, with the PHLX Semiconductor Index (-6.7%) suffering an especially steep decline. Lam Research (LRCX 230.15, -30.66, -11.76%) faced substantial selling pressure after its forward guidance highlighted supply chain constraints, adding to concerns about the semiconductor industry's ability to sustain its recent growth trajectory. The weakness extended to AI infrastructure companies such as CoreWeave (CRWV 55.60, -6.22, -10.06%), reflecting broader skepticism about the pace and financing of continued expansion.

The communication services sector (-3.0%) also struggled, weighed down by a disappointing earnings reaction in Meta Platforms (META 648.85, -48.67, -6.98%). The company reported stronger-than-expected revenue and underlying earnings, supported by continued advertising growth, but investors focused instead on the mounting costs of its AI investments. Quarterly capital expenditures exceeded operating cash flow, resulting in negative free cash flow, while underlying operating margins contracted from a year ago. Bloomberg also reported that a measure of Meta's credit risk reached a record high, underscoring concerns about the financing requirements associated with its expansion plans.

Tesla (TSLA 374.58, -11.89, -3.08%) also declined following its earnings report, contributing to weakness in the consumer discretionary sector (-1.7%). Although the company exceeded adjusted EPS expectations and reported improving automotive margins, declining operating income and a reduction in its FY26 capital expenditure outlook to approximately $20 billion from more than $25 billion raised questions about the pace of investment in its autonomous driving and robotics initiatives.

The selling extended beyond traditional technology companies, with the industrials sector (-0.9%) pressured by sharp declines in electrical equipment and power infrastructure names associated with the AI buildout, including GE Vernova (GEV 827.42, -98.50, -10.64%), Quanta Services (PWR 552.44, -48.70, -8.10%), Eaton (ETN 368.99, -24.95, -6.33%), and Bloom Energy (BE 217.77, -20.76, -8.70%).

However, the sector's losses were moderated by strength in transportation stocks following favorable earnings reports from Ryder System (R 265.53, +25.22, +10.49%) and others.

While the AI-related retreat weighed heavily on the major averages, investors continued to favor lower-beta and defensive stocks. The Vanguard Mega Cap Growth ETF (-2.8%) underperformed significantly, while gains in the consumer staples (+3.1%), utilities (+2.0%), health care (+1.3%), and financials (+1.2%) sectors helped support the broader market. The consumer staples sector led the advance, benefiting from a strong earnings reaction in Procter & Gamble (PG 165.59, +8.75, +5.58%) .

The health care sector also finished higher despite substantial weakness in Moderna (MRNA 202.63, -43.18, -17.57%), which plunged following reports that cancer vaccine data had partially leaked ahead of the European Society for Medical Oncology conference. Moderna and Merck (MRK 147.24, -2.64, -1.76%) subsequently disclosed Phase 3 melanoma results showing that their combination treatment reduced the risk of recurrence or death by 42% compared with KEYTRUDA alone, although overall survival data remain immature.

Participation outside the largest technology companies was considerably healthier than the headline index losses suggested. The Russell 2000 (+0.1%) eked out a gain, while the S&P Mid Cap 400 (-0.8%) posted a more moderate decline. The S&P 500 Equal Weighted Index's 0.8% advance further highlighted the extent to which weakness in a relatively concentrated group of influential growth stocks dictated the performance of the major averages.

Elsewhere, crude oil prices climbed amid heightened geopolitical concerns surrounding potential additional U.S. and Israeli strikes against Iran. WTI crude futures settled $2.29 higher (+2.4%) at $99.45 per barrel, adding another source of uncertainty for investors already contending with the reassessment of AI-related growth expectations. Treasury yields, meanwhile, fell sharply as safe-haven demand and short-covering supported government bonds. The 2-year note yield declined 17 basis points to 4.65%, while the 10-year note yield settled 19 basis points lower at 4.95%, falling below 5.00% for the first time since September 22.

Although lower yields helped support rate-sensitive and defensive stocks, they provided little relief to the technology companies at the center of the selloff. Today's session underscored the increasingly selective nature of the market's recent trading. The sharp retreat in AI-related stocks reflected mounting scrutiny of the costs and returns associated with the industry's expansion, but strength across defensive sectors, transportation stocks, and the equal-weighted S&P 500 indicated that buying interest remained intact elsewhere. With another batch of earnings reports due after the close, investors will have additional opportunities to assess whether the outlook for AI-related growth can justify the market's elevated expectations.

• Russell 2000: +12.2% YTD
• S&P 500: +12.0% YTD
• Nasdaq Composite: +11.9% YTD
• S&P Mid Cap 400: +10.0% YTD
• DJIA: +10.0% YTD

Reviewing today's data:

• Initial jobless claims were down 6,000 for the week ending October 17 to 194,000 (Briefing.com consensus: 200,000). Continuing jobless claims for the week ending October 10 increased by 25,000 to 1.728 million.
  
  • The key takeaway from the report is still the same. Layoff activity is low, which is consistent with a solid demand environment for goods and services.
• Sep Leading Economic Index 0.0% (Briefing.com consensus -0.2%; Prior -0.1%)
  10/17 EIA Natural Gas Inventories +77 bcf (Prior +67 bcf)

Overseas:

• Europe: DAX -1.0%, FTSE -0.3%, CAC -1.4%
• Asia: Nikkei -2.7%, Hang Seng -3.0%, Shanghai -1.5%

Commodities:

• Crude Oil +2.29 @ 99.45
• Nat Gas +0.01 @ 2.80
• Gold -90.10 @ 4060.00
• Silver -2.71 @ 55.01
• Copper -0.18 @ 6.40

After-Hours Spotlight:

• OpenAI getting close to finalizing a $30 billion funding round, valuing the company at $1.25 trillion, according to CNBC
• AppFolio (APPF) beats by $0.03, revs in-line; guides FY26 revs in-line with consensus...APPF -0.2%
• Bloom Energy (BE) beats by $0.25, beats on revs; guides FY26 EPS above consensus, revs above consensus...BE -4.0%
• Boston Beer Co (SAM) beats by $0.16, reports revs in-line; raises FY26 EPS above consensus...SAM flat
• Boyd Gaming (BYD) reports EPS in-line, misses on revs...BYD -3.1%
• Comfort Systems (FIX) beats by $1.06, beats on revs...FIX -7.0%
• Deckers Outdoor (DECK) beats by $0.24, misses on revs; raises FY27 EPS guidance; lowers FY27 revenue guidance...DECK -8.2%
• Kinsale Capital (KNSL) beats by $0.59...KNSL -5.3%
• MaxLinear (MXL) beats by $0.06, beats on revs; guides Q4 revs above consensus...MXL -4.3%
• RingCentral (RNG) beats by $0.05, beats on revs...RNG +13.9%
• Sallie Mae (SLM) misses by $0.36, misses on revs; guides FY26 EPS below consensus...SLM -4.6%
• SpaceX's (SPCX) $40 bln debt raise faces higher borrowing costs, according to Semafor...SPCX +1.0%
• Western Digital (WDC) beats by $0.53, beats on revs; guides Q2 EPS above consensus, revs above consensus; Raises quarterly cash dividend by 17%...WDC -5.2%

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

• Earnings/Guidance (Full Earnings Calendar):
  • Allegion (ALLE) beats by $0.10, beats on revs; raises FY26 EPS guidance above consensus
  • American Airlines (AAL) beats by $0.08, revs in-line; guides FY26 EPS in-line with consensus
  • Ardagh Metal Packaging (AMBP) S.A. reports EPS in-line, beats on revs
  • Ballard Power (BLDP) targets 30% revenue CAGR through 2028; sees adjusted EBITDA profitability by end of 2027
  • Barclays (BCS) Q3 profit before tax rises 12% yr/yr; maintains 2026 targets; launches £500 mln share buyback
  • Blackstone (BX) reports Q3 (Sep) results, misses on revs
  • Bread Financial (BFH) beats by $0.50, reports revs in-line; guides FY26 revs above consensus
  • CACI Intl (CACI) beats by $1.09, misses on revs; guides FY27 EPS in-line with consensus, revs in-line with consensus
  • Carpenter Tech (CRS) beats by $0.21, misses on revs
  • Cathay Bancorp (CATY) misses by $0.02, beats on revs
  • CBRE Group (CBRE) beats by $0.09, misses on revs
  • Comcast (CMCSA) beats by $0.08, reports revs in-line
  • Crown Castle (CCI) beats by $0.03, misses on revs; guides FY26 FFO in-line
  • CSX (CSX) beats by $0.04, beats on revs
  • Curbline Properties (CURB) beats by $0.25, beats on revs
  • CVB Financial (CVBF) beats by $0.03
  • Dover (DOV) beats by $0.03, reports revs in-line; guides FY26 EPS in-line, revs in-line
  • Dow (DOW) beats by $0.07, reports revs in-line
  • EastGroup (EGP) beats by $0.02, revs in-line; guides Q4 FFO in-line with consensus; guides FY26 FFO above consensus
  • Element Solutions (ESI) beats by $0.02, beats on revs
  • Ermenegildo Zegna Group (ZGN) reports Q3 results
  • Essential Properties Realty Trust (EPRT) misses by $0.03, reports revs in-line; guides FY26 FFO below consensus; guides FY27 FFO below consensus
  • First American Financial (FAF) misses by $0.03
  • First BanCorp (FBP) announces earnings for the quarter ended September 30, 2026
  • FirstCash (FCFS) beats by $0.05, beats on revs; increases dividend
  • First Industrial Realty (FR) misses by $0.01, reports revs in-line; guides FY26 FFO in-line
  • FirstService (FSV) beats by $0.02, beats on revs
  • Fulton Financial (FULT) beats by $0.09, net interest margin of 3.58%; provides 2026 operating guidance
  • Gentherm (THRM) misses by $0.31, reports revs in-line; guides FY26 revs above consensus
  • Getty Realty (GTY) Corp. beats by $0.02, beats on revs; guides FY26 AFFO in-line with consensus
  • Globe Life (GL) misses by $0.06, beats on revs
  • Graco (GGG) misses by $0.02, revs in-line; guides Q4 revs below consensus at midpoint
  • Hexcel (HXL) beats by $0.01, misses on revs; guides FY26 EPS below consensus, revs in-line with consensus; Board authorizes $750 mln buyback program
  • Honeywell (HON) beats by $0.10, reports revs in-line; raises FY26 EPS above consensus, revs in-line
  • Huntington Banc (HBAN) beats by $0.03, NII up 1% qtr/qtr
  • IBM (IBM) beats by $0.10, beats on revs; maintains FY26 constant currency revenue growth of 4-5%
  • Insteel Industries (IIIN) misses by $0.09, beats on revs
  • Intercontinental Hotels Group (IHG) reports Q3 global RevPAR rises 5.3%; sees FY26 adjusted EPS growth near top of 12-15% target range
  • Ipsen S.A. (IPSEY) raises FY26 sales growth outlook to 23%, lifts core operating margin guidance to 39%
  • Kaiser Alum (KALU) misses by $0.48, revs in-line
  • Kinder Morgan (KMI) beats by $0.03, beats on revs
  • Knight-Swift (KNX) beats by $0.07, beats on revs; guides Q4 EPS in-line
  • Lam Research (LRCX) beats by $0.02, reports revs in-line; guides Q2 EPS in-line, revs in-line
  • Las Vegas Sands (LVS) misses by $0.14, misses on revs; 20% increase in recurring common stock dividend for calendar year 2027
  • Lazard (LAZ) misses by $0.06, misses on revs
  • Liberty Energy (LBRT) reports EPS in-line, revs in-line
  • Lindsay Corp (LNN) beats by $0.14, beats on revs
  • Lockheed Martin (LMT) beats by $0.45, beats on revs; raises FY26 EPS in-line, revs in-line
  • Medpace (MEDP) beats by $0.40, revs in-line; guides FY26 EPS above consensus, revs in-line with consensus; Board authorizes $1.0 bln buyback program
  • Meta Platforms (META) beats by $0.86, beats on revs; guides Q4 revs above consensus at midpoint of range, raises 2026 expense outlook and narrows capex outlook; approves new class of publicly traded stock
  • Molina Healthcare (MOH) beats by $0.10, beats on revs; reaffirms FY26 EPS guidance
  • NASDAQ (NDAQ) beats by $0.02, revs in-line
  • Nestle (NSRGY) Q3 organic sales rise 4.0% with volume growth accelerating; maintains FY26 guidance
  • Nokia (NOK) beats by €0.03, beats on revs; maintains FY26 operating profit outlook
  • Oceaneering Intl (OII) misses by $0.09, beats on revs
  • Old Republic (ORI) misses by $0.06
  • Packaging Corp (PKG) beats by $0.11, reports revs in-line; guides Q4 EPS above consensus
  • Pearson (PSO) Q3 underlying revenue rises 6%; narrows FY26 operating profit outlook to £650-675 mln
  • PG&E (PCG) misses by $0.01, misses on revs; guides FY26 EPS in-line; guides FY27 EPS in-line
  • Pool (POOL) beats by $0.04, beats on revs; guides FY26 EPS in-line with consensus
  • Popular (BPOP) beats by $0.26
  • Procter & Gamble (PG) beats by $0.12, beats on revs, organic sales increased 4%; guides FY27 EPS in-line, revs in-line
  • PulteGroup (PHM) misses by $0.12, misses on revs
  • QuantumScape (QS) beats by $0.03, no revs
  • Reliance (RS), Inc. beats by $1.19, beats on revs; Board authorizes $2.5 bln buyback program
  • Roche Hldg (RHHBY) Q3 sales rise 7% at constant exchange rates; confirms FY26 outlook
  • Rollins (ROL) reports EPS in-line, misses on revs
  • Roper (ROP) beats by $0.10, revs in-line; guides Q4 EPS above consensus; guides FY26 EPS above consensus
  • Ryder System (R) beats by $0.18, beats on revs; guides Q4 EPS in-line with consensus; guides FY26 EPS above consensus
  • SAP SE (SAP) beats by EUR0.08, beats on revs
  • SEI Investments (SEIC) beats by $0.06, revs in-line
  • SL Green Realty (SLG) misses by $0.06, misses on revs; raises 2026 FFO guidance
  • Snap-On (SNA) misses by $0.29, misses on revs
  • Sonoco Products (SON) misses by $0.07, misses on revs; guides FY26 EPS below consensus, revs in-line with consensus
  • Southern Missouri Bancorp (SMBC) announces preliminary SepQ results
  • SouthState Bank Corp (SSB) misses by $0.10
  • Southwest Air (LUV) beats by $0.09, beats on revs; guides Q4 EPS below consensus, RASM expected to increase 19-21%
  • Spotify (SPOT) reports Q3 (Sep) results, revs in-line, total MAUs up 11%; guides Q4 revs in-line, expects to add approximately 30 mln total MAUs in Q4
  • Stewart Info (STC) misses by $0.17
  • Tesla (TSLA) beats by $0.03, reports revs in-line
  • Texas Capital (TCBI) beats by $0.39, beats on revs
  • Texas Instruments (TXN) beats by $0.19, beats on revs; guides Q4 EPS above consensus, revs above consensus
  • The Vita Coco Company (COCO) beats by $0.11, beats on revs; guides FY26 revs in-line with consensus
  • Tractor Supply (TSCO) beats by $0.02, beats on revs; reaffirms FY26 EPS guidance, revs guidance
  • TTM Tech (TTMI) beats by $0.21, beats on revs; guides Q4 EPS in-line with consensus, revs in-line with consensus; guides FY26 EPS above consensus, revs above consensus; guides FY27 EPS above consensus, revs above consensus
  • Union Pacific (UNP) beats by $0.06, reports revs in-line
  • United Bankshares (UBSI) beats by $0.02
  • United Rentals (URI) beats by $1.58, beats on revs; raises FY26 revs above consensus
  • Valero Energy (VLO) beats by $2.78, beats on revs
  • Valley National (VLY) beats by $0.03
  • Visteon (VC) misses by $2.09, beats on revs; guides FY26 revs in-line with consensus
  • Waste Connections (WCN) misses by $0.08, beats on revs; guides FY26 revs in-line with consensus
  • WD-40 (WDFC) misses by $0.07, beats on revs; guides FY27 EPS in-line, revs in-line
  • Wyndham Hotels & Resorts (WH) beats by $0.11, revs in-line; guides FY26 EPS above consensus; Board authorizes $400 mln buyback program
• General News
  • SpaceX: President Trump says he was not involved in Starlink slowdown in Ukraine; says he doesn't know who ordered it
  • President Trump told reporters last night that U.S. is not negotiating with Iran right now; says something will happen fairly soon, says "most people think" it will happen after the election, but "we will see what happens"
  • The U.S. and Israel are preparing to strike Iran after the midterm elections. Targets could include Iran's energy infrastructure, nuclear facilities, and missile and drone arsenals (see 6:16 for comments from President Trump on Iran --- USO, XLE). NY Times
  • Iran's shadow tanker fleet has run out of oil amid U.S. blockade. WSJ
  • Houthi militants attacked an airport in Saudi Arabia, killing 1 person. WSJ
  • Positive views on JNJ, LLY, MRK . Barron's
  • Millions of people will receive settlement payments from Amazon credited to "President Trump's FTC." Politico
  • AEVEX (AVEX) Corp says U.S. Navy GARC orders were not halted; contract value increased to approximately $350 mln
  • AEVEX (AVEX) Corp: Disputes Bloomberg report, believe USV opportunity fully intact -- Needham
  • Alphabet (GOOG) stops using NDAs for data centers, according to The Information
  • Armstrong World (AWI) raises quarterly dividend to $0.373/share – 8-K filing
  • AstraZeneca (AZN)'s Ultomiris receives accelerated FDA approval for adults with primary IgA nephropathy
  • Beacon Financial (BBT) raises stock repurchase authorization to $125 mln, subject to regulatory approval – 8-K filing
  • BioNTech advances phase 3 clinical trial of Pumitamig in combination with Gilead’s TROP2-directed ADC sacituzumab govitecan in triple-negative breast cancer (BMY)
  • BlossomHill (BLSM) partners with Foundation Medicine on BH-30643 companion diagnostic in EGFR C797S NSCLC
  • Bread Financial (BFH) raises quarterly common dividend 9% to $0.25/share – 8-K filing
  • Brightstar Lottery (BRSL) signs multi-year ONCE contract extension in Spain
  • Brown & Brown (BRO) announces 9% increase in quarterly cash dividend rate
  • Carrier Global (CARR) planning to invest $600 million in a new Texas plant. WSJ
  • Chinese regulators summoned E-commerce operators amid product quality concerns, according to Bloomberg (FXI)
  • Comcast (CMCSA) planning to eliminate a significant number of jobs due to reorganization. Bloomberg
  • Enterprise Financial (EFSC) raises quarterly common dividend to $0.36/share from $0.35/share – 8-K filing
  • EverQuote (EVER) authorizes $50 mln Class A share repurchase program
  • First BanCorp (FBP) authorizes new $350 mln buyback, raises quarterly dividend 25% to $0.25/share
  • Forgent (FPS) names Amy Ard CFO as Ryan Fiedler steps down
  • Frequency Electronics (FEIM) names Allen Kaplan CFO; reaffirms fiscal 2029 targets
  • Fresenius Medical Care (FMS) launches multiFiltratePRO CKRT system in U.S. after FDA clearance
  • Home Bancshares (HOMB) increases share repurchase program to 20 mln shares
  • KBR (KBR) wins ammonia plant revamp contracts from AGF Nitrogen in Germany, Austria
  • Kontoor Brands (KTB) announced that its Board of Directors has declared a regular quarterly cash dividend of $0.54 per share of its common stock, an increase of $0.01 or 2%
  • Matador Resources (MTDR) increases quarterly cash dividend
  • Meta (META) agrees to keep CEO Mark Zuckerberg in California. FT
  • Meta Platforms (META) CEO Mark Zuckerberg is evaluating leaving California due to wealth tax proposal - CNBC
  • Minerals Tech (MTX) announces increase in quarterly dividend; fourth consecutive year of dividend increases
  • N-able expands SentinelOne (S) partnership to add AI, cloud, identity and FedRAMP security offerings
  • NETSTREIT (NTST) raises quarterly cash dividend to $0.225/share from $0.22/share – 8-K filing
  • Nvidia (NVDA) CEO Jensen Huang discusses concerns around neocloud stocks (CRWV, NBIS). CNBC
  • Nvidia (NVDA) CEO Jensen Huang told Nscale to "work around the clock" to overcome data center issues. Bloomberg
  • Oculis Holding (OCS) reports biomarker data supporting Privosegtor neuroprotective activity in Phase II optic neuritis trial
  • Old Dominion (ODFL) raises quarterly dividend 3.6% to $0.29 per share
  • Pinnacle West (PNW) increases quarterly dividend to $0.925/share from $0.91/share
  • Rentokil (RTO) approves $200 mln share buyback program – 6-K filing
  • Rentokil (RTO) CFO Paul Edgecliffe-Johnson to retire Jan. 31; Sarah Sergeant named interim CFO if needed – 6-K filing
  • Schneider Electric announces collaboration with NVIDIA (NVDA) and Hewlett Packard Enterprise on AI for process industries
  • SEI (SEIC) boosts stock repurchase authorization by $800 mln – 8-K filing
  • Tesla (TSLA) CEO Elon Musk wants to merge Tesla and SpaceX before President Trump leaves office. Bloomberg
  • Texas Capital (TCBI) authorizes new $200 mln share repurchase program through Oct. 31, 2027 – 8-K filing
  • UFP Industries (UFPI) raises quarterly dividend 3% to $0.36/share – 8-K filing
  • United Therapeutics (UTHR) authorizes additional $2 bln share repurchase program
  • Vertiv, Dassault Systemes partner on AI factory design and validation for NVIDIA (NVDA) DSX deployments
  • Vinci (RUMRX) Partners aiming to acquire Austral Resseguradora, according to WSJ
  • Waste Connections (WCN) announced that its Board of Directors has declared a regular quarterly cash dividend on the Company's common shares and approved a 10.0% increase in the dividend

• Upgrades:
  • Block (XYZ) upgraded to Outperform from Market Perform at BMO Capital, tgt $101
  • Ionis Pharmaceuticals (IONS) upgraded to Outperform from Market Perform at BMO Capital, tgt $66
  • Omega Healthcare Investors (OHI) upgraded to Market Outperform from Market Perform at Citizens, tgt $52
  • Tesla (TSLA) upgraded to Hold from Underperform at CLSA, tgt $400
  • WhiteHorse Finance (WHF) upgraded to Outperform from Market Perform at Raymond James, tgt $9
• Downgrades:
  • Aegon (AEG) downgraded to Neutral from Overweight at JPMorgan
  • Builders FirstSource (BLDR) downgraded to Market Perform from Outperform at William Blair
  • Dutch Bros (BROS) downgraded to Sector Perform from Outperform at RBC Capital, tgt $46
  • Ultrapar (UGP) downgraded to Neutral from Overweight at JPMorgan
• Others:
  • Abercrombie & Fitch (ANF) initiated at Outperform at Wolfe Research, tgt $181
  • Alliant Energy (LNT) initiated at Hold at HSBC, tgt $69.50
  • Ameren (AEE) initiated at Hold at TD Cowen, tgt $114
  • American Eagle Outfitters (AEO) initiated at Peer Perform at Wolfe Research
  • American Electric Power (AEP) initiated at Buy at HSBC, tgt $145.90
  • Atrium Therapeutics (RNA) initiated at Buy at Roth Capital, tgt $15
  • Burlington Stores (BURL) initiated at Outperform at Wolfe Research, tgt $356
  • Candel Therapeutics (CADL) initiated at Buy at Jefferies, tgt $25
  • CenterPoint Energy (CNP) initiated at Buy at HSBC, tgt $44
  • CenterPoint Energy (CNP) initiated at Buy at TD Cowen, tgt $47
  • CleanSpark (CLSK) initiated at Buy at Canaccord, tgt $20
  • CMS Energy (CMS) initiated at Hold at HSBC, tgt $69
  • Consolidated Edison (ED) initiated at Hold at HSBC, tgt $104
  • Constellation Energy (CEG) initiated at Buy at HSBC, tgt $335
  • Deckers Outdoor (DECK) initiated at Peer Perform at Wolfe Research
  • Dick's Sporting Goods (DKS) initiated at Outperform at Wolfe Research, tgt $181
  • DTE Energy (DTE) initiated at Hold at HSBC, tgt $135
  • Duke Energy (DUK) initiated at Hold at HSBC, tgt $123
  • Edison International (EIX) initiated at Hold at HSBC, tgt $56.50
  • Electra Therapeutics (ETRA) initiated at Overweight at JPMorgan, tgt $36
  • Entergy (ETR) initiated at Buy at HSBC, tgt $123.50
  • Evergy (EVRG) initiated at Buy at HSBC, tgt $92
  • Evergy (EVRG) initiated at Buy at TD Cowen, tgt $95
  • Eversource Energy (ES) initiated at Hold at HSBC, tgt $70
  • Exelon (EXC) initiated at Hold at HSBC, tgt $44
  • FirstEnergy (FE) initiated at Buy at HSBC, tgt $50
  • Gap (GAP) initiated at Peer Perform at Wolfe Research
  • Ionic Digital (IOND) initiated at Buy at Canaccord, tgt $119
  • Kardigan (KARD) initiated at Outperform at Baird, tgt $43
  • Lululemon (LULU) initiated at Underperform at Wolfe Research, tgt $75
  • Nike (NKE) initiated at Underperform at Wolfe Research, tgt $28
  • NiSource (NI) initiated at Buy at HSBC, tgt $49.50
  • Northwest Natural Gas (NWN) initiated at Neutral at Mizuho, tgt $51
  • NRG Energy (NRG) initiated at Buy at HSBC, tgt $179
  • On Holding (ONON) initiated at Outperform at Wolfe Research, tgt $47
  • PG&E (PCG) initiated at Buy at HSBC, tgt $15.50
  • Pinnacle West (PNW) initiated at Buy at HSBC, tgt $119.50
  • PPL Corp. (PPL) initiated at Buy at HSBC, tgt $42
  • Public Service Enterprise Group (PEG) initiated at Hold at HSBC, tgt $72.50
  • Ross Stores (ROST) initiated at Outperform at Wolfe Research, tgt $279
  • Sempra Energy (SRE) initiated at Buy at HSBC, tgt $97.50
  • Southern Company (SO) initiated at Buy at HSBC, tgt $99.50
  • Talen Energy (TLN) initiated at Buy at HSBC, tgt $444.30
  • Talen Energy (TLN) initiated at Buy at TD Cowen, tgt $475
  • TJX Companies (TJX) initiated at Peer Perform at Wolfe Research
  • Urban Outfitters (URBN) initiated at Peer Perform at Wolfe Research
  • Vistra Energy (VST) initiated at Buy at HSBC, tgt $190
  • WEC Energy Group (WEC) initiated at Hold at HSBC, tgt $106.50
  • Xcel Energy (XEL) initiated at Buy at HSBC, tgt $89

• Econ Data (Friday):
  • 9:45 ET: Flash S&P Global U.S. Manufacturing PMI (prior 55.9) and flash S&P Global U.S. Services PMI (prior 58.8)
  • 10:00 ET: Final October University of Michigan Consumer Sentiment (Briefing.com consensus 46.3; prior 46.3)

• Earnings:
  • Monday (October 19)
    • Pre-Market: CBZ, CLF, FITB
    • After-Hours: BOKF, CCK, FNB, RLI, STLD, WAL, WRB, WTFC, ZION
  • Tuesday (October 20)
    • Pre-Market: ALLY, AUB, EFX, GE, GM, GPC, HAL, HAS, KEY, MMM, MSCI, NOC, PM, RTX, SYF, VICR, VMI
    • After-Hours: ADC, ALK, CB, COF, ELS, EWBC, HWC, LRN, NFLX, OZK, PEGA, SPCX, UAL, WFRD
  • Wednesday (October 21)
    • Pre-Market: ABT, BKU, CME, DHR, ELV, LAD, MCO, MHO, NEE, NTRS, ONB, SF, T, TDY, TMO, UNF, WAB, WGO
    • After-Hours: CATY, CCI, CSX, EGP, EPRT, ESI, FAF, FR, FULT, GGG, GL, GTY, HXL, IBM, KALU, KMI, KNX, LBRT, LRCX, LUV, LVS, MEDP, META, MOH, OII, PKG, PNFP, QS, ROL, RS, SAP, SEIC, SLG, SON, SSB, STC, TCBI, TSLA, TXN, URI, WCN, WDFC, WH
  • Thursday (October 22)
    • Pre-Market: AAL, ALLE, AMBP, BMI, BPOP, BX, CBRE, CMCSA, COCO, CRS, CURB, DGX, DOV, DOW, FSV, HBAN, HON, IIIN, LAZ, LMT, LNN, MSM, NDAQ, NOK, NVR, ORI, PCG, PG, PHM, POOL, R, ROP, SNA, SPOT, TSCO, TTMI, UNP, VC, VLO, VLY
    • After-Hours: ABCB, APPF, ASB, BE, BYD, COLB, CUBI, DECK, ENVA, KN, KNSL, KRC, MXL, NEM, OMC, REXR, RHI, RNG, SAM, SIGI, SLM, SSNC, VRSN, WDC
  • Friday (October 23)
    • Pre-market: ALV, AXP, BAH, FLG, GNTX, HTH, RCI, SLB
    • Afternoon: None