After Hours Report

Last Updated: 09-Oct-25 16:56 ET | Archive

After hours report provides a review of the day’s stock market and treasury market session performance with a recap of indices, sector, and industry performance, trends, as well as key news items that impacted the markets. Get a run-down of general news events, broker ratings changes, key after hours earnings reports and guidance, and highlights of events scheduled for the next day. On Fridays, the After Hours Report is a recap of the week’s stock market activity.


Applied Digital and Levi Strauss both head lower on earnings despite beating expectations

The stock market's modest opening advance was enough to secure new record highs for the S&P 500 (-0.3%) and Nasdaq Composite (-0.1%), though a broad-based retreat quickly ensued, sending the major averages lower. 

The DJIA (-0.5%) underperformed the group, staying in negative territory for the week. 

While sector strength was split this morning, it deteriorated throughout the session, leaving just the consumer staples sector (+0.6%) in positive territory at the close. 

Other defensive sectors spent considerable amounts of time above their baselines as well, but a handful of corporate developments saw the consumer staples sector maintain its advantage through the close. 

Costco (COST 942.89, +28.09, +3.07%) captured a nice gain after reporting an increase in comparable sales of 6.0% for the month of September. 

PepsiCo (PEP 144.73, +5.89, +4.24%) reported an earnings beat, and Kenvue (KVUE 16.84, +0.76, +4.70%) was one of the best-performing names in the S&P 500, continuing its rebound from recent record lows. 

As for the declining sectors, the materials sector (-1.5) saw the widest loss despite Albemarle (ALB 96.50, +4.81, +5.25%) finishing as the best-performing S&P 500 name. Gold finally saw a pullback from its run to record highs, settling today's session $93.90 lower (-2.3%) at $3,976.50 per ounce. 

The industrials sector (-1.4%) also lagged, even though Delta Air Lines (DAL 59.57, +2.45, +4.29%) captured a nice gain after beating EPS and revenue expectations, which sent United Airlines (UAL 101.34, +3.25, +3.31%) higher as well. 

The sector faced pressure in its defense names after China's Ministry of Commerce announced the tightening of export restrictions on rare earth materials for high-tech products and military applications, sending the iShares US Aerospace and Defense ETF 1.8% lower. 

The energy sector (-1.3%) rounds out the three S&P 500 sectors to close with a loss wider than 1.0%, moving lower as crude oil futures settled today's session $1.15 lower (-1.8%) at $61.42 per barrel. 

This morning's retreat was initially led by the consumer discretionary (-0.2%) and communication services (-0.1%) sectors, which faced early pressure in their mega-cap components, though the market's largest names would go on to finish well off their session lows. 

Tesla (TSLA 435.46, -3.23, -0.74%) narrowed its early loss by nearly two percentage points, while Meta Platforms (META 733.51, +15.67, +2.18%) and Amazon (AMZN 227.74, +2.52, +1.12%) captured nice gains. 

NVIDIA (NVDA 192.57, +3.46, +1.83%) also contributed with a strong performance after receiving a target raise to $300 from $240 at Cantor Fitzgerald. In conjunction with Oracle's (ORCL 297.04, +8.41, +2.91%) advance, the information technology sector (-0.1%) stayed close to its flatline despite a majority of components moving lower. 

The Vanguard Mega Cap Growth ETF (-0.1%) also closed just beneath its baseline after facing a loss of 0.5% earlier in the session. 

Today's action once again featured a lack of notable macro catalysts. The market did not receive any economic data of note due to the ongoing government shutdown, the Senate once again failed to pass a funding bill to end the shutdown, and none of today's FOMC speakers said anything to nudge the market's rate cut expectations in one way or another.

While the lack of drivers made for an uneventful afternoon, a late session pickup in buying among the market's largest names suggests investors may already be looking to capitalize on another buy-the-dip play. 

U.S. Treasuries saw some selling early in the cash session that resulted in yields drifting higher across the curve. The 2-year note yield settled up two basis points to 3.60%, and the 10-year note yield settled up two basis points to 4.15%. 

  • Nasdaq Composite: +19.2% YTD
  • S&P 500: +14.5% YTD
  • Russell 2000: +10.7% YTD
  • DJIA: +9.0% YTD
  • S&P Mid Cap 400: +4.3% YTD

Overseas:

  • Europe: DAX +0.2%, FTSE -0.4%, CAC -0.2%
  • Asia: Nikkei +1.8%, Hang Seng -0.3%, Shanghai +1.3%

Commodities:

  • Crude Oil -1.15 @ 61.42
  • Nat Gas -0.06 @ 3.27
  • Gold -93.90 @ 3976.50
  • Silver -1.76 @ 47.24
  • Copper -0.01 @ 5.09

After-Hours Spotlight:

  • Apogee Enterprises (APOG) beats by $0.13 (two estimates), reports revs in-line...APOG +6.4%
  • Applied Digital (APLD) beats by $0.10, beats on revs...APLD -1.0%
  • Levi Strauss (LEVI) beats by $0.03, beats on revs; raises FY25 EPS and revenue guidance...LEVI -6.1%
  • OrthoPediatrics (KIDS) announces preliminary Q3 revenue; revises FY25 revenue guidance below consensus...KIDS -7.3%
  • USANA (USNA) issues downside guidance for Q3, primarily due to softer-than-expected sales and Brand Partner productivity during the rollout of enhanced Brand Partner compensation plan...USNA -11.2%

Fair Value for Friday, October 10:

  • S&P 500: 6,782
  • Nasdaq 100: 25,299
  • DJIA: 46,609
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):
    • APA Corp. (APA) provides third-quarter 2025 supplemental information with production update; Egypt payments and impact on net debt and free cash flow
    • ASE Technology (ASX) reports increased 9.0% yr/yr to NT$60.56 bln
    • AZZ (AZZ) misses by $0.02, misses on revs; reaffirms FY26 EPS guidance, revs guidance
    • Bassett (BSET) Reports Fiscal Year 2025 Third Quarter Results
    • Buckle (BKE) reports September comparable store net sales +6.9%
    • ChipMOS TECHNOLOGIES (IMOS) reports Sept revs increased 10.5% yr/yr
    • Costco (COST) reports September adjusted comparable sales growth of +6.0%
    • Delta Air Lines (DAL) beats by $0.18, beats on revs; guides Q4 EPS in-line, revs above consensus; guides FY25 EPS above consensus
    • Exodus Movement (EXOD) provides September 2025 Treasury update and monthly metrics
    • First Majestic Silver (AG) reports Q2 production
    • Helen of Troy (HELE) beats by $0.06, beats on revs; guides Q3 EPS below consensus, revs in-line; guides FY26 EPS below consensus, revs in-line
    • Main Street Capital (MAIN) reports Q3 loan portfolio activity
    • Neogen (NEOG) beats by $0.11, beats on revs; reaffirms FY26 revs guidance
    • PepsiCo (PEP) beats by $0.03, reports revs in-line
    • Polestar Automotive Holding UK PLC (PSNY) reports 36% retail sales growth for the first nine months of 2025
    • Resources Connection (RGP) Reports Financial Results for First Quarter Fiscal 2026
    • Richardson Electronics (RELL) Reports First Quarter Results; Declares Quarterly Cash Dividend
    • Taiwan Semiconductor Manufacturing (TSM) reports September revs increased 31.4% yr/yr
    • Tata Steel (TATLY) reports Q2 FY26 output and delivery growth driven by improved operations and domestic demand
    • Tilray Brands (TLRY) Reports First Quarter Fiscal 2026 Results
  • General News
    • President Trump says Israel and Hamas have signed off on first phase of Gaza peace plan
    • President Trump in an interview says he might travel to The Middle East in the coming days following Gaza deal, according to Axios
    • The Supreme Court will hear a case next week challenging a key section of the Voting Rights Act. If it is overturned, it could allow Republicans to draw up to 19 new House seats in their favor, all but guaranteeing them control of the lower chamber, according to Politico
    • President Trump is considering invoking the Insurrection Act, according to NBC News
    • Some Republicans are against the White House conducting mass firings during shutdown, according to WSJ
    • President Trump expected to exclude generic drugs from pharmaceutical tariffs, according to WSJ
    • China tightened control over rare earth metals, according to WSJ
    • NY Fed President John Williams (voting FOMC member) in interview says he favors additional rate reductions amid concerns over labor market, according to NY Times
    • President Trump says will be making permanent cuts to Democrat programs (White House Cabinet meeting ongoing)
    • Senate fails to pass government funding bills again; shutdown continues
    • DOJ expected to launch investigation into First Brands Group, according to FT
    • ALT5 Sigma Corporation (ALTS) issues letter to stockholders
    • Aramark (ARMK) and University of Pennsylvania Health System announce systemwide partnership
    • ARKO Corp. (ARKO) announces that Jordan Mann, the Company’s Senior Vice President of Corporate Strategy, Capital Markets and Investor Relations, has been appointed Interim Chief Financial Officer, effective October 10, 2025
    • Ascendis (ASND) Submits Marketing Authorisation Application to the European Medicines Agency for TransCon® CNP for Treatment of Children with Achondroplasia
    • ASML (ASML) names Marco Pieters as CTO
    • AstraZeneca (AZN) plans to increase investment and scope of its Virginia manufacturing facility to $4.5 billion, creating 3,600 new jobs
    • Autoliv (ALV) announced its intent to form a new joint venture with Hangsheng Electric Co., Ltd.
    • AutoZone (AZO) authorizes an additional $1.5 bln to its share repurchase program
    • AutoZone (AZO) announces its Board approved the transition of William C. Rhodes from Executive Chairman to Chairman, effective January 2026
    • Banco Macro (BMA) authorizes share buyback program
    • Baytex Energy Corp. (BTE) considering sale of Ranger Oil to focus on Canadian operations, according to Bloomberg
    • BP (BP) has safely started up its sixth major upstream oil and gas project of 2025 with production from the Murlach field in the UK North Sea
    • British American Tobacco (BTI) appoints Goldman Sachs (GS) to execute next phase of share buyback
    • Broadwind Energy (BWEN) receives $11 million in new tower orders
    • Brookdale Senior Living (BKD) reports September 2025 occupancy: Weighted average occupancy of 82.5% increased 330 basis points year-over-year and 70 basis points sequentially
    • BTQ Technologies (BTQ) forms collaboration with the University of Cambridge to advance quantum photonic device research and commercialization
    • Cabaletta Bio (CABA) presents initial dose data from the RESET-PV trial evaluating rese-cel at 1 x 106 cells/kg without preconditioning in three evaluable patients with pemphigus vulgaris
    • Churchill Downs (CHDN): Everi, an IGT brand (IGT) announces a seven-year agreement with Churchill Downs Incorporated to utilize Everi's CashClub services and additional FinTech solutions
    • Citigroup (C) rejects $9.3 bln buyout offer from Grupo Mexico (GMBXF) for Banamex, sticking to planned IPO, according to Bloomberg
    • Claritev (CTEV) and iO health forge strategic relationship to deliver Optima AI across the Middle East and North Africa
    • Cohen & Steers (CNS) reports preliminary assets under management of $90.9 billion as of September 30, 2025, an increase of $542 million from assets under management of $90.4 billion at August 31
    • Designer Brands (DBI) announces that CFO Jared Poff has decided to resign to pursue a new professional opportunity, effective October 31; SVP Mark Haley has been named Interim Principal Financial Officer, effective November 1
    • Domo (DOMO) announces it has launched on the AWS Asia-Pacific region
    • DoorDash (DASH) aiming to partner with Serve Robotics for autonomous deliveries, according to Bloomberg
    • Editas Medicine (EDIT) reports in vivo proof-of-concept data for EDIT-401 at the European Society of Gene and Cell Therapy (ESGCT) 32nd Annual Congress
    • Ferrari (RACE) provides strategic plan at its Capital Markets Day
    • Fox Corporation (FOXA) Advertising and Mobian announced a strategic partnership
    • General Motors (GM) China sustains growth with strong NEV momentum
    • General Motors (GM) confirms plans to bring back the Chevrolet Bolt with a starting launch model MSRP of $29,990 for a 2027 Bolt LT
    • General Motors (GM) to introduce less expensive version of Chevy Bolt EV, according to Electrek
    • GoodRx, (GDRX) retail pharmacies in talks to join TrumpRx drug discount platform, according to Reuters
    • JP Morgan (JPM) CEO Jamie Dimon warns there is a higher risk of a serious fall in the stock market, according to BBC
    • LATAM Airlines (LTM) increased Sept consolidated capacity, measured in available seat-kilometers (ASK), by 8.7% compared to the same period of 2024
    • Ligand Pharma's (LGND) partner receives FDA approval for Lasix ONYU
    • Lightbridge (LTBR) completes loading of capsules containing Lightbridge fuel material samples into an experiment assembly for irradiation testing in the advanced test reactor
    • lululemon athletica (LULU): LIPO Investments affirmed 8.4% active stake and published letter from founder Chip Wilson
    • Lyft (LYFT) and Tensor plan partnership to make world’s first consumer-owned autonomous vehicles, powered by NVIDIA (NVDA), “Lyft-Ready”
    • Merck (MRK) advances oncology innovation, highlighting progress in new tumor types and earlier stages of disease at ESMO 2025
    • Merck (MRK) to present new data from HIV treatment and prevention pipeline at European AIDS Conference 2025
    • Meta Platforms' (META) Instagram considering introduction of dedication TV app, according to Bloomberg
    • Microsoft (MSFT) aiming to develop its own healthcare artificial intelligence chatbot capabilities and will partner with Harvard, according to WSJ
    • Microsoft (MSFT) data center issues will continue into next year, according to Bloomberg
    • Namib Minerals (NAMM) has re-engaged WSP, one of the world’s leading professional services firms, to conduct comprehensive feasibility studies for the Company’s Redwing and Mazowe Gold mining assets in Zimbabwe
    • Netflix (NFLX) aiming to add video games to TV service, according to Bloomberg
    • Neurogene (NGNE) announces positive regulatory update for NGN-401 gene therapy in Rett syndrome with plans to initiate dosing in Embolden registrational trial in Q4 2025
    • NVIDIA (NVDA): U.S.-approved Nvidia sales to U.A.E, according to Bloomberg
    • PepsiCo (PEP) CFO to retire; names Steve Schmitt as new CFO
    • Redwire (RDW) received notice from BCC Aggregator (Bain Capital) to voluntarily convert all the remaining 28,509.34 shares of the Company's Series A Convertible Preferred Stock
    • Rekor Systems (REKR) announces that the California Department of Transportation and the Texas Department of Transportation, two of the largest transportation agencies in the United States, are now actively using Rekor Discover® through initial installations that pave the way for wider deployment
    • Ryan Specialty Group (RYAN) announced that Steve Keogh, Chief Operating Officer, and Brendan Mulshine, Chief Revenue Officer, have been appointed to the additional roles of Co-Presidents of Ryan Specialty
    • Sempra Energy (SRE): ARM Energy and PIMCO confirmed before the open $2.3 bln investment in Mustang Express Pipeline
    • Shift4 (FOUR) Payments CEO Jared Isaacman could be nominated for NASA Administrator, according to Bloomberg
    • SKYX (SKYX) provides corporate update including an additional $3.25 million investment from leading investor and continued expansion in builder segments
    • Smith & Nephew (SNN) announces that the American Medical Association CPT Editorial Panel has established a Category I Current Procedural Terminology code for procedures involving its CARTIHEAL AGILI-C Cartilage Repair Implant, effective January 1, 2027
    • Tesla (TSLA) being investigated for alleged full self driving traffic violations, according to Reuters
    • Titan America (TTAM) earns key Miami-Dade approvals, accelerating expansion into precast lintel market
    • UBS (UBS) spreads impacted by First Brands bankruptcy, according to WSJ
    • Wabash (WNC) announced new Trailers as a Service (TaaS) category offerings, designed to transform how trailer capacity is sourced, managed and deployed across North America
    • Warner Bros. Discovery (WBD) ticks modestly lower as Michael De Luca and Pamela Abdy, co-heads of Warner Bros. Pictures, have their contracts renewed for unspecified amount of time, according to Variety
    • Wendy's (WEN) unveils strategic plan to revitalize the brand, reignite growth and accelerate profitability; remains committed to its dividend
  • Upgrades:
    • Cenovus Energy (CVE) upgraded to Strong Buy from Outperform at Raymond James
    • Citizens Financial (CFG) upgraded to Buy from Neutral at BofA Securities, tgt $65
    • DraftKings (DKNG) upgraded to Buy from Hold at Berenberg, tgt $43
    • Harmony Gold (HMY) upgraded to Buy from Hold at HSBC
    • IQVIA (IQV) upgraded to Buy from Hold at HSBC, tgt $235
    • Karat Packaging (KRT) upgraded to Buy from Neutral at BofA Securities, tgt $31
    • LGI Homes (LGIH) upgraded to Buy from Hold at Texas Capital, tgt $60
    • Lloyds Banking (LYG) upgraded to Buy from Hold at Kepler Cheuvreux
    • LPL Financial (LPLA) upgraded to Market Perform from Underperform at Raymond James
    • LVMH (LVMUY) upgraded to Buy from Hold at Deutsche Bank
    • Marsh McLennan (MMC) upgraded to Overweight from Neutral at JPMorgan, tgt $242
    • Pharvaris (PHVS) upgraded to Neutral from Underperform at BofA Securities, tgt $27
    • PNC Financial (PNC) upgraded to Overweight from Neutral at Piper Sandler, tgt $220
    • Roblox (RBLX) upgraded to Neutral from Sell at MoffettNathanson
    • Sealed Air (SEE) upgraded to Outperform from Sector Perform at RBC Capital, tgt $48
    • Supernus (SUPN) upgraded to Overweight from Neutral at Piper Sandler, tgt $65
    • Tractor Supply (TSCO) upgraded to Buy from Neutral at Citigroup, tgt $62
  • Downgrades:
    • Atlas Energy (AESI) downgraded to Sector Perform from Outperform at RBC Capital, tgt $13
    • Bloom Energy (BE) downgraded to Hold from Buy at HSBC, tgt $100
    • Freshpet (FRPT) downgraded to Hold from Buy at Jefferies, tgt $53
    • Graphic Packaging (GPK) downgraded to Neutral from Buy at BofA Securities, tgt $24
    • Graphic Packaging (GPK) downgraded to Sector Perform from Outperform at RBC Capital, tgt $21
    • Green Brick (GRBK) downgraded to Hold from Buy at Texas Capital, tgt $71
    • QCR Holdings (QCRH) downgraded to Neutral from Buy at DA Davidson, tgt $83
    • RenaissanceRe (RNR) downgraded to Neutral from Overweight at JPMorgan, tgt $303
    • Sonoco (SON) downgraded to Neutral from Buy at BofA Securities, tgt $56
  • Others:
    • Amentum (AMTM) initiated with a Neutral at JPMorgan, tgt $30
    • Cava Group (CAVA) initiated with an Outperform at RBC Capital, tgt $80
    • Evercore (EVR) initiated with a Buy at Deutsche Bank, tgt $400
    • First BanCorp (FBP) initiated with a Buy at Truist, tgt $25
    • Houlihan Lokey (HLI) initiated with a Hold at Deutsche Bank, tgt $210
    • Jade Biosciences (JBIO) initiated with a Buy at BTIG Research, tgt $28
    • McDonald's (MCD) initiated with a Sector Perform at RBC Capital, tgt $320
    • Moelis (MC) initiated with a Buy at Deutsche Bank, tgt $80
    • MP Materials (MP) reinstated with a Market Perform at BMO Capital, tgt $76
    • OFG Bancorp (OFG) initiated with a Buy at Truist, tgt $50
    • Oklo (OKLO) initiated with a Buy at Canaccord, tgt $175
    • Oracle (ORCL) initiated with a Buy at Phillip Securities, tgt $350
    • Oracle (ORCL) initiated with an Outperform at Robert W. Baird, tgt $365
    • Ovid Therapeutics (OVID) initiated with an Outperform at Oppenheimer, tgt $7
    • Popular (BPOP) initiated with a Buy at Truist, tgt $153
    • Primoris (PRIM) initiated with a Buy at Roth Capital, tgt $170
    • Scholar Rock (SRRK) initiated with a Buy at BofA Securities, tgt $53
    • Trex Company (TREX) initiated with a Buy at Stifel, tgt $61
    • TXNM Energy (TXNM) resumed with a Neutral at Citigroup, tgt $61.25
    • UFP Industries (UFPI) initiated with a Hold at Stifel, tgt $95
    • Williams Cos (WMB) initiated with a Buy at Jefferies; tgt $72
    • Wingstop (WING) initiated with an Outperform at RBC Capital, tgt $315
    • Yum! Brands (YUM) initiated with a Sector Perform at RBC Capital, tgt $165
  • Econ Data (Friday):
    • 10:00 ET: Preliminary October Univ. of Michigan Consumer Sentiment (Briefing.com consensu: 54.5; prior 55.1)
    • 14:00 ET: September Treasury Budget (Briefing.com consensus: -$83.0B; prior -$344.8B) could be delayed due to government shutdown
  • Earnings:
    • Monday (Oct 6)
      • Pre-Market: None
      • After-Hours: STZ
      Tuesday (Oct 7)
      • Pre-Market: MKC
      • After-Hours: PENG
    • Wednesday (Oct 8)
      • Pre-Market: None 
      • After-Hours: AZZ
    • Thursday (Oct 9)
      • Pre-Market: DAL HELE NEOG PEP
      • After-Hours: APOG APLD LEVI
    • Friday (Oct 10)
      • Pre-Market: None
      • After-Hours: None


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