After Hours Report

Last Updated: 15-Dec-25 17:25 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.


Ford ticks higher after raising 2025 adj. EBIT guide as it refocuses EV plans and ramps hybrids

The S&P 500 (-0.2%), Nasdaq Composite (-0.6%), and DJIA (-0.1%) retreated from modest gains this morning amid another weak session for the information technology sector (-1.0%), with losses across mega-cap tech names weighing the major averages down despite strength in the broader market. 

Notably, Broadcom (AVGO 339.86, -20.07, -5.58%) and Oracle (ORCL 184.82, -5.15, -2.71%) continued their post-earnings slide, which prompted a pullback in the AI trade last week.

Apple (AAPL 274.20, -4.08, -1.47%) and Microsoft (MSFT 474.75, -3.78, -0.79%) were among the mega-caps that faced pressure, though NVIDIA (NVDA 176.12, +1.10, +0.63%) captured a nice gain. 

Separately, ServiceNow (NOW 764.67, -100.39, -11.60%) posted the widest loss in the sector (and the S&P 500), trading lower after Bloomberg reported that the company is looking to acquire Armis for approximately $7 billion. The stock was downgraded to Underweight from Sector Weight with a $775 target at KeyBanc.

Elsewhere, the communication services sector (-0.2%) finished with a more modest loss, though it too was a result of mega-cap weakness. Alphabet (GOOG 309.30, -1.22, -0.39%) faced a slight retreat, though headlines surrounding the company spurred much more significant losses elsewhere. Aim Group reported that the company is looking to test real estate listings by including them directly in search results, a prospect that weighed heavily on real estate listing stocks such as Zillow (ZG 66.67, -5.71, -7.89%) and CoStar Group (CSGP 63.73, -4.50, -6.60%).

The energy sector (-0.8%) also closed with a loss as crude oil futures settled today's session $0.64 lower (-1.1%) at $56.82 per barrel. 

While weakness in tech prevented gains at the index level, the broader market found support through continued rotation into other areas.

Defensive sectors such as the health care (+1.3%), utilities (+0.9%), and consumer staples (+0.3%) sectors notched gains as the AI trade widened its pullback. 

The health care sector captured the widest gain today as a majority of its components traded higher. Bristol-Myers (BMY 54.30, +1.88, +3.60%) advanced the furthest after Bank of America Securities upgraded the stock to Buy from Neutral, with a price target of $61. The sector's largest component, Eli Lilly (LLY 1062.71, +35.20, +3.43%), captured a similar gain, extending last week's bounce off its lowest level since early November. 

A handful of cyclical sectors also managed to capture gains, with the consumer discretionary sector (+0.5%) a relative standout. 

Tesla (TSLA 475.12, +16.16, +3.52%) was a rare point of strength across mega-cap names, trading higher after reports that the company is now testing its robotaxi service in Austin, Texas, without the use of a human safety driver. 

The sector was also supported by a particularly strong day for stocks across the travel industry, including cruise lines such as Carnival (CCL 28.59, +0.97, +3.51%), hotels such as Marriott (MAR 308.52, +9.80, +3.28%), and travel services companies such as Expedia Group (EXPE 283.42, +9.21, +3.36%). 

All told, strength in the broader market saw the S&P 500 Equal Weighted Index (+0.1%) scratch out a slight gain and outperform the market-weighted S&P 500. Unlike recent sessions, however, smaller-cap stocks did not benefit from the rotational action today, as the Russell 2000 (-0.8%) and S&P Mid Cap 400 (-0.3%) both closed lower. 

On the policy front, President Trump has stated that his search for the next Fed Chairman nominee is down to National Economic Director Kevin Hassett and former Fed Governor Kevin Warsh. Mr. Hassett had been viewed as the frontrunner in recent weeks but has faced criticism over concerns that he may lack independence from President Trump.

Fed commentary echoed many of the sentiments from last week's FOMC meeting. New York Fed President John Williams (voting FOMC member) said that he expects inflation to decrease and GDP to increase over the next year, remarking that "the economy is poised to return to solid growth and price stability."

Meanwhile, Fed Governor Stephen Miran (voting FOMC member) reiterated his stance that a quicker pace of policy easing is needed to prevent further weakness in the labor market. 

Looking ahead, the market will be particularly attuned to tomorrow's release of the November Employment Situation Report, especially considering Fed Chair Powell stated at last Wednesday's FOMC meeting that there is a possibility that recent employment reports have overstated recent hiring figures. 

U.S. Treasuries began the week on a positive note, though intraday action saw a pullback from morning highs. The 2-year note yield settled down two basis points to 3.51%, and the 10-year note yield settled down one basis point to 4.18%. 

  • Nasdaq Composite: +19.4% YTD
  • S&P 500: +15.9% YTD
  • DJIA: +13.8% YTD
  • Russell 2000: +13.5% YTD
  • S&P Mid Cap 400: +19.4% YTD

Reviewing today's data: 

  • The Empire State Manufacturing Survey fell to -3.9 in December (Briefing.com consensus 10.6) from 18.7 in November.
  • The NAHB Housing Market Index rose to 39 in December (Briefing.com consensus 39) from 38 in November.

Overseas:

  • Europe: DAX +0.3%, FTSE +1.1%, CAC +0.7%
  • Asia: Nikkei -1.3%, Hang Seng -1.3%, Shanghai -0.6%

Commodities:

  • Crude Oil -0.64 @ 56.82
  • Nat Gas -0.10 @ 4.02
  • Gold +7.90 @ 4335.50
  • Silver +1.57 @ 63.61
  • Copper +0.05 @ 5.41

After-Hours Spotlight:

  • B. Riley Financial (RILY) reports second quarter 2025 financial results... RILY +27.9%
  • Ford (F) confirms $19.5 bln charge in special items; no longer plans to produce select larger electric vehicles where the business case has eroded due to lower-than-expected demand, high costs and regulatory changes; raises 2025 adjusted EBIT guidance... F +1.2%
  • Imperial Oil (IMO) provides 2026 guidance; Upstream production forecasted between 441,000 and 460,000 boe/d...IMO +0.0%
  • Navan (NAVN) announces third quarter fiscal year 2026 results... NAVN -7.1%
  • PayPal (PYPL) confirms applications to the Utah Department of Financial Institutions and the Federal Deposit Insurance Corporation to establish PayPal Bank, a proposed Utah-chartered industrial loan company... PYPL +1.4%
  • Pentair (PNR) increases quarterly dividend 8% to $0.27/share; also authorizes new $1 bln share repurchase program... PNR +0.0%
  • Planet Fitness (PLNT) enters into $350 mln accelerated share repurchase agreement with Citibank (C)... PLNT +1.9%

Fair Value for Tuesday, December 16:

  • S&P 500: 6,880
  • Nasdaq 100: 25,333
  • DJIA: 48,819
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):
    • Alpha Metallurgical Resources (AMR) issues 2026 guidance, expects to ship 15.1-16.5 mln tons for the year
    • Westlake Corporation (WLK) releases presentation ahead of call to provide updates on its Performance & Essential Materials
  • General News
    • Several people were killed in an Australia shooting targeting the Jewish community. The police designated the shooting as a "terrorism event", according to ABC News
    • Australia will review gun laws after shooting, according to FT
    • NEC Director Kevin Hassett in an interview says President Trump's voice "would have no weight" in rate decisions if he is Fed chair, according to CBS News
    • ISIS killed two U.S. Army soldiers and a civilian in Syria. President Trump vows to retaliate against the Islamic State, according to NY Times
    • The House Republican healthcare plan will expand association health plans, impose new transparency measures on pharmacy benefit managers, and fund cost sharing reduction programs. House will vote on this bill next week along with an amendment to extend Affordable Care Act subsidies. The amendment is expected to fail, according to Axios
    • The EU is expected to reverse the 2035 ban on sales of new combustion engine cars tomorrow, according to Reuters
    • November China retail sales +1.3% yr/yr vs. 2.9% prior
    • USDA confirms highly pathogenic avian influenza in a dairy herd in Wisconsin
    • The U.S. and Mexico settle water dispute, according to Bloomberg
    • Venezuelan opposition leader María Corina Machado is an interview says she is "absolutely" supportive of President Trump's increased pressure campaign against the Maduro regime, according to CBS News
    • The EU is aiming to crack down on dangerous Chinese parcels, according to FT
    • Former VP Kamala Harris is preparing to run for president in 2028, according to Axios
    • Border Patrol aims to narrow enforcement to illegal immigrants convicted of serious crimes, according to News Nation
    • Nasdaq announces annual Nasdaq-100 reconstitution effective December 22
    • FDA eliminates major barrier to using real-world evidence in drug and device application reviews
    • Russian Deputy Foreign Minister Sergey Ryabkov says Russia and Ukraine "on the verge" of a deal to end war in Ukraine, according to ABC News
    • 3D Systems (DDD) announces that the U.S. Food and Drug Administration has granted 510(k) clearance expanding the indications for its VSP Orthopedics virtual surgical planning and patient-specific instrumentation platform to include skeletally mature adolescents of normal bone stature, in addition to adults
    • Aecom Tech (ACM) has been awarded a position on the U.S. General Services Administration One Acquisition Solution for Integrated Services Plus contract, expanding its ability to support critical government programs
    • Alector (ALEC) appoints Neil Berkley as CFO, effective December 10, 2025; he will continue to serve as CBO
    • Allete (ALE) announces completion of acquisition by CPP Investments and Global Infrastructure Partners
    • Alphabet (GOOG/GOOGL) aiming to test real estate listings, according to Aim Group
    • American Express (AXP) reported November card metrics
    • Amphastar Pharmaceuticals (AMPH) announced FDA approval of its ANDA for teriparatide injection
    • Anavex (AVXL) provides update on regulatory review in the EU for blarcamesine to treat early Alzheimer's disease
    • Apple (AAPL) Music now available natively in GM (GM) vehicles with standard streaming; Cadillac debuts studio-grade Spatial Audio in Dolby Atmos
    • argenx (ARGX) discontinues Phase 3 UplighTED studies of efgartigimod SC in thyroid eye disease
    • AstraZeneca (AZN) also confirms Enhertu plus pertuzumab approved in the US as first new treatment in a decade for the 1st-line treatment of patients with HER2-positive metastatic breast cancer
    • Audiocodes (AUDC) announces a large-scale Voca CIC voice agent deployment with Atento
    • BAE Systems (BAESY) awarded a $12 mln Korea Aerospace Industries contract to equip KF-21 aircraft with new Identification Friend or Foe systems
    • Bally's Corporation (BALY): NY State Gaming Commission approved Bally’s casino license
    • Bank of America (BAC) reports November card metrics
    • Berry Petroleum (BRY) announces that, at its Special Meeting of Stockholders held earlier today, Berry stockholders voted to approve its combination with California Resources Corporation (CRC)
    • Bitdeer Technologies (BTDR) provides mining and operations updates for November 2025; Self-mined 526 Bitcoins
    • Bunge (BG) announces that co-COO David Mattiske will step down; co-COO Julio Garros will assume the position of COO, effective December 12
    • Caesars Entertainment (CZR) announces a partnership with Rampart Casino at The Resort at Summerlin to open a Caesars Sportsbook inside the property, pending Nevada Gaming Commission approval
    • Capital One (COF) reports November card metrics
    • Chaince Digital Holdings (CD) completes $6.14 million market-priced private placement reflecting institutional investor confidence
    • Citigroup (C) reports November card metrics
    • Corebridge Financial (CRBG) to join S&P MidCap 400
    • Critical Metals Corp. (CRML) announces another set of outstanding rare earth elements results from its 2024 drilling program at Tanbreez
    • Critical Metals (CRML) enters into three non-binding term sheets for the offtake of rare-earth concentrate
    • Cummins (CMI) awarded a $500 mln US Army contract for 500-kilowatt skid mobile electric power generator sets and power plants
    • Daiichi Sankyo (DSNKY) and Lunit announce collaboration to advance AI-Driven biomarker discovery and translational oncology research
    • Daiichi Sankyo's (DSNKY) ENHERTU in combination with pertuzumab has been approved in the U.S. as a first-line treatment for adult patients with unresectable or metastatic HER2 positive breast cancer, as determined by a U.S Food and Drug Administration-approved tes
    • Enterprise Products (EPD) announced that the closing of ExxonMobil’s (XOM) acquisition of a 40% undivided joint interest in Enterprise’s Bahia natural gas liquids pipeline has been completed
    • Farmland Partners (FPI) has declared a one-time dividend of $0.20/share of common stock
    • First Financial Bancorp (FFBC) received regulatory approval from the Federal Reserve and the Ohio Department of Financial Institutions to complete its previously announced acquisition of BankFinancial
    • FMC Corp (FMC) announces its Board approved comprehensive plan "Project Foundation" to optimize cost structure and organizational operations
    • Franklin Resources (BEN) provided Western Asset Management Company updates
    • Freshworks (FRSH) has signed a definitive agreement to acquire FireHydrant, a provider of AI-powered Incident Management software
    • GlaxoSmithKline (GSK) announces Exdensur (depemokimab) approved in the UK for treatment of asthma with type 2 inflammation and chronic rhinosinusitis with nasal polyps
    • Greenwich LifeSciences (GLSI) announces preliminary analysis showing 80% recurrence rate reduction in the open label arm of FLAMINGO-01
    • GXO Logistics (GXO) announces that Brad Jacobs will step down as Non-Executive Chairman of the Board, effective December 31, 2025
    • Hain Celestial (HAIN) announces that Alison E. Lewis has been appointed President and Chief Executive Officer, effective immediately
    • Humacyte (HUMA) terminated Revenue Interest Purchase Agreement
    • Immunome (IMNM) reports topline results from Phase 3 RINGSIDE Trial of Varegacestat in Patients with Desmoid Tumors
    • Infosys (INFY): President Trump's $100,000 fee for new H-1B workers is impacting INFY's outsourcing and staffing, according to Bloomberg
    • Invesco (IVZ) in partnership with Galaxy Asset Management (GLXY) announces the launch of the Invesco Galaxy Solana ETP
    • Ipsen S.A. (IPSEY) has completed the acquisition of ImCheck Therapeutics
    • iRobot (IRBT) enters strategic transaction through court-supervised chapter 11 process
    • Johnson & Johnson (JNJ) receives FDA approval of AKEEGA
    • Jones Lang LaSalle (JLL) and PIF announce that JLL is acquiring a significant stake in the Saudi Facility Management Company
    • JPMorgan (JPM) Asset Management launches its first tokenized money market fund
    • JPMorgan Chase's (JPM) Global Chairman Jamie Grant set to retire, according to Bloomberg
    • JPMorgan Chase (JPM) reports November card metrics
    • KKR (KKR) might bid for Mandom, according to Nikkei
    • Kyverna Therapeutics (KYTX) reports topline data from Registrational KYSA-8 Trial of Miv-cel (KYV-101) in Stiff Person Syndrome
    • LENZ Therapeutics (LENZ) discloses that its aware of a recent adverse event report submitted to the FDA's Adverse Event Reporting System database describing a retinal tear in a patient using VIZZ 1.44%
    • Limbach (LMB) announces $50 million share repurchase program authorization
    • LiveNation (LYV) will have to face class action lawsuits, according to Reuters
    • Lockheed Martin (LMT): Sikorsky unit awarded a $433 mln modification to US Army contract
    • Lockheed Martin (LMT) has completed production of all F-16 Block?70 aircraft for Bulgaria and Slovakia's initial fleets, equipping both air forces with advanced F-16s ready for NATO and allied operations
    • Luminar Technologies (LAZR) has entered into an agreement with Quantum Computing (QUBT) pursuant to which QCi will acquire Luminar Semiconductor, a wholly owned subsidiary of Luminar, in an all-cash transaction valued at $110 mln
    • Mattel (MAT) will not introduce first product with OpenAI this year as previously planned, according to Axios
    • Meta Platforms (META) announces the launch of Disney+ (DIS) on Meta Quest
    • Microsoft (MSFT) AI executive Mustafa Suleyman in an interview, says AI will transform medicine, according to Bloomberg
    • Milestone Pharmaceuticals (MIST) receives FDA approval for CARDAMYST nasal spray in PSVT
    • Mitsubishi Financial (MUFG) responds to media reports on India investment
    • Navios Maritime Partners L.P. (NMM) Announces Senior Leadership Changes
    • Netflix (NFLX) co-CEOs tell employees that position on Warner Brothers (WBD) is unchanged, according to Reuters
    • NeoGenomics (NEO) announces that Natera (NTRA) voluntarily dismissed its appeal of the North Carolina District Court’s August 2025 ruling
    • NeOnc Technologies Holdings (NTHI) announces updated clinical results from its ongoing Phase 1/2a and compassionate-use experience evaluating intranasal NEO100 in patients with recurrent WHO Grade III/IV IDH1-mutant astrocytoma
    • Nerdy (NRDY) Chairman and Chief Executive Officer bought another 180,000 shares of Class A Common Stock worth about $248K
    • Novo Nordisk A/S (NVO): Federal judicial panel will centralize lawsuits against NVO and Eli Lilly (LLY) alleging that weight loss drugs caused blindness, according to Reuters
    • Novo Nordisk A/S (NVO) announced that Health Canada has issued marketing authorization with conditions [Notice of Compliance with Conditions (NOC/c)] for Wegovy (semaglutide injection) for the treatment of non-cirrhotic metabolic dysfunction-associated steatohepatitis (MASH) in adults with moderate to advanced liver fibrosis (consistent with stages F2 to F3 fibrosis)
    • NVIDIA (NVDA): AlphaTON Capital (ATON) secures its first NVIDIA B300 GPUs composed of Supermicro's (SMCI) advanced HGX Systems through its strategic partner Atlantic AI
    • NVIDIA (NVDA) acquires acquires open-source workload management provider, SchedMD, financial terms were not disclosed
    • Opendoor Technologies (OPEN) announcs two executive appointments designed to accelerate the Company's next phase of growth
    • Ovintiv (OVV) Board Chairman Peter Dea to retire; Steven Nance has been elected by the Board to replace Dea as Board Chairman
    • PACCAR (PCAR) promotes Kevin Baney to President
    • Palvella Therapeutics (PVLA) announces positive topline results from phase 2 TOIVA Clinical Trial of QTORIN 3.9% Rapamycin Anhydrous Gel (QTORIN rapamycin) for the treatment of cutaneous venous malformations, a serious, rare genetic disease with no FDA-approved therapies
    • Roche Hldg (RHHBY) announces that the U.S. Food and Drug Administration has approved additional indications for its PATHWAY anti-HER2/neu Rabbit Monoclonal Primary Antibody and VENTANA HER2 Dual ISH DNA Probe Cocktail tests
    • Rocket Lab USA (RKLB) deploys first dedicated launch for JAXA
    • Roper (ROP): Aderant announces a strategic, market-defining partnership with Harvey
    • Ryanair Hldgs (RYAAY) CEO Michael O’Leary intends to hand reins to a successor by 2035, according to FT
    • Sanofi (SNY) updates FDA review timeline for tolebrutinib in nrSPMS
    • SBC Medical Group (SBC) announces final results of tender offer for Waqoo shares
    • Scilex Holding (SCLX) enters into a Non-Recourse Loan and Securities Pledge Agreement with The St. James Bank & Trust Company Ltd., a corporation existing under the laws of the Bahamas, pursuant to which the Lender agreed to loan the Company an aggregate principal amount of up to $50 million in one or more tranches
    • Semler Scientific (SMLR) announces strategic realignment plan; includes 37% headcount reduction
    • Shell plc (SHEL): UK FRC announces investigation regarding an audit of Shell plc by Ernst & Young LLP
    • Sony (SONY): Texas Attor­ney Gen­er­al Ken Pax­ton sues five major TV com­pa­nies, includ­ing some with ties to the CCP, for "spy­ing on Texans"
    • ST Micro (STM) shipments to Starlink could double by 2027, according to Reuters
    • Stellantis (STLA) expands Canadian workforce as Windsor Assembly Plant surpasses 1,000 new hires for third shift
    • Talen Energy (TLN) Announces Strategic Realignment of Executive Management
    • Telus (TU) receives approval for normal course issuer bid
    • Textron (TXT) announces that Civil Air Patrol, the world’s largest operator of Cessna aircraft, is strengthening its national mission capabilities with an order for 15 additional piston-engine aircraft, including seven Cessna Skyhawk 172 and eight Cessna Skylane 182 models scheduled for delivery throughout 2026
    • Tiziana Life Sciences (TLSA) announced that its CEO Ivor Elrifi purchased 163,400 shares of common stock in the open market - brings his current purchased shares total to 357,848
    • Trinity Biotech (TRIB) has secured regulatory clearances in multiple countries, enabling the expanded rollout of its next-generation high-capacity HbA1c column system for the Premier Hb9210 analyzer which is now available in more than 10 countries, including the United States
    • Uber (UBER): FTC and States file amended complaint against Uber for "deceptive billing and cancellation practices"
    • Udemy (UDMY) announces a new partnership with LG CNS, an AI transformation company in Korea
    • Unilever PLC's (UL) Ben & Jerry’s plans term limits for Board, which will remove 3 directors, according to WSJ
    • Union Pacific (UNP) appoints CF Industries CEO Anthony Will to its Board of Directors, effective Jan 6
    • United Airlines (UAL): A United flight to Tokyo had an engine failure and returned to Dulles, according to Bloomberg
    • UPS (UPS): NY Attorney General sues UPS over alleged wage theft of seasonal workers
    • Vanda Pharma (VNDA) submits BLA to FDA for imsidolimab in generalized pustular psoriasis
    • Volkswagen (VWAGY) will stop producing vehicles at its site in Dresden this week, according to FT
    • Westlake Corporation (WLK) approved a plan to cease operation of certain of the Company’s North American chlorovinyl production facilities
    • Whitestone REIT (WSR) received $33.4 mln from Pillarstone Capital REIT Operating Partnership following the Bankruptcy court’s, approval of a settlement agreement under Bankruptcy Rule 9019
    • Xerox (XRX) wants debt financing supported by intellectual property, according to WSJ
    • XPeng (XPEV) launches localized EV production project in Malaysia, advancing ASEAN expansion
    • XPO, Inc. (XPO) announces that Brad Jacobs will step down as Executive Chairman of the Board, effective December 31, 2025; Mario Harik will serve as Chairman of the Board while continuing in his role as CEO
    • Zebra Tech (ZBRA) determined that it would dispose or exit of its robotics automation solutions business in an effort to realign resources
    • Zenas BioPharma’s (ZBIO) Partner, InnoCare Pharma, announces achievement of primary endpoint in Phase 2b Study of orelabrutinib, a BTK inhibitor, for systemic lupus erythematosus
  • Upgrades:
    • Agilent (A) upgraded to Overweight from Equal Weight at Barclays, tgt $165
    • Akamai Technologies (AKAM) upgraded to Overweight from Underweight at KeyBanc, tgt $115
    • AMH (AMH) upgraded to Outperform from Market Perform at Keefe Bruyette, tgt $37
    • Ashland (ASH) upgraded to Outperform from Market Perform at BMO Capital, tgt $71
    • Asana (ASAN) upgraded to Overweight from Sector Weight at KeyBanc, tgt $18
    • Bristol-Myers Squibb (BMY) upgraded to Buy from Neutral at BofA Securities, tgt $61
    • CBRE Group (CBRE) upgraded to Outperform from Market Perform at Keefe Bruyette, tgt $185
    • Charles River Laboratories (CRL) upgraded to Buy from Neutral at BofA Securities, tgt $225
    • CNO Financial Group (CNO) upgraded to Buy from Hold at Jefferies, tgt $47
    • Dollar General (DG) upgraded to Overweight from Neutral at JPMorgan, tgt $166
    • Doximity (DOCS) upgraded to Overweight from Equal Weight at Morgan Stanley, tgt $65
    • EnerSys (ENS) upgraded to Buy from Neutral at BTIG Research, tgt $175
    • Fastenal (FAST) upgraded to Buy from Hold at Jefferies, tgt $52
    • Fastly (FSLY) upgraded to Overweight from Sector Weight at KeyBanc, tgt $14
    • Fortrea (FTRE) upgraded to Equal Weight from Underweight at Barclays, tgt $15
    • Glacier Bancorp (GBCI) upgraded to Outperform from Market Perform at Keefe Bruyette, tgt $55
    • Hershey (HSY) upgraded to Overweight from Equal Weight at Morgan Stanley, tgt $211
    • Hilton (HLT) upgraded to Buy from Neutral at Goldman, tgt $317
    • IMAX (IMAX) upgraded to Overweight from Neutral at JPMorgan, tgt $47
    • KLA Corporation (KLAC) upgraded to Buy from Hold at Jefferies, tgt $1,500
    • Las Vegas Sands (LVS) upgraded to Buy from Neutral at Goldman, tgt $80
    • Marriott International (MAR) upgraded to Buy from Neutral at Goldman, tgt $345
    • Masco (MAS) upgraded to Overweight from Equal Weight at Wells Fargo, tgt $75
    • McCormick & Company (MKC) upgraded to Buy from Hold at Deutsche Bank, tgt $75
    • Mettler-Toledo (MTD) upgraded to Buy from Neutral at BofA Securities, tgt $1,600
    • Neste (NTOIY) upgraded to Buy from Hold at Berenberg
    • Red Robin Gourmet (RRGB) upgraded to Buy from Hold at Jefferies, tgt $7
    • Schrodinger (SDGR) upgraded to Buy from Neutral at BofA Securities, tgt $24
    • South Bow (SOBO) upgraded to Buy from Hold at Jefferies
    • Teradyne (TER) upgraded to Buy from Sell at Goldman, tgt $230
    • Trane Technologies (TT) upgraded to Overweight from Sector Weight at KeyBanc, tgt $500
    • Trex Company (TREX) upgraded to Buy from Hold at Jefferies, tgt $42
    • Viking Holdings (VIK) upgraded to Buy from Hold at Jefferies, tgt $80
    • ZoomInfo Technologies (GTM) upgraded to Sector Weight from Underweight at KeyBanc
  • Downgrades:
    • AB Foods (ASBFY) downgraded to Underperform from Hold at Jefferies
    • Adobe (ADBE) downgraded to Underweight from Sector Weight at KeyBanc, tgt $310
    • Air Products (APD) downgraded to Neutral from Buy at Citigroup, tgt $245
    • AMC Networks (AMCX) downgraded to Neutral from Buy at Seaport Research
    • Arbor Realty Trust (ABR) downgraded to Underperform from Market Perform at Keefe Bruyette, tgt $8.50
    • Arm Holdings (ARM) downgraded to Sell from Neutral at Goldman, tgt $120
    • Avantor (AVTR) downgraded to Neutral from Buy at BofA Securities, tgt $13
    • Banco Macro (BMA) downgraded to Hold from Buy at HSBC, tgt $80
    • BellRing Brands (BRBR) downgraded to Hold from Buy at Deutsche Bank, tgt $35
    • Builders FirstSource (BLDR) downgraded to Hold from Buy at Jefferies, tgt $110
    • Caesars Entertainment (CZR) downgraded to Neutral from Buy at Goldman, tgt $24
    • Choice Hotels (CHH) downgraded to Neutral from Buy at Goldman, tgt $90
    • Costco Wholesale (COST) downgraded to Sell from Neutral at Roth Capital, tgt $769
    • Entegris (ENTG) downgraded to Sell from Neutral at Goldman, tgt $75
    • Freshpet (FRPT) downgraded to Hold from Buy at Deutsche Bank, tgt $62
    • Haemonetics (HAE) downgraded to Hold from Buy at Needham
    • HCA Healthcare (HCA) downgraded to Underweight from Equal Weight at Morgan Stanley, tgt $425
    • ICON plc (ICLR) downgraded to Neutral from Buy at BofA Securities, tgt $195
    • IAC Inc. (IAC) downgraded to Perform from Outperform at Oppenheimer
    • Imperial Oil (IMO) downgraded to Market Perform from Outperform at BMO Capital
    • Ingram Micro (INGM) downgraded to Underweight from Neutral at JPMorgan, tgt $24
    • Keurig Dr Pepper (KDP) downgraded to Hold from Buy at Deutsche Bank, tgt $32
    • LyondellBasell (LYB) downgraded to Underperform from Market Perform at BMO Capital, tgt $36
    • Norwegian Cruise Line (NCLH) downgraded to Hold from Buy at Jefferies, tgt $20
    • Reckitt Benckiser (RBGLY) downgraded to Equal Weight from Overweight at Morgan Stanley
    • Revvity (RVTY) downgraded to Neutral from Buy at BofA Securities, tgt $110
    • ServiceNow (NOW) downgraded to Underweight from Sector Weight at KeyBanc, tgt $775
    • Smith & Nephew (SNN) downgraded to Sector Perform from Outperform at RBC Capital
    • Tesco (TSCDY) downgraded to Hold from Buy at Jefferies
    • Texas Instruments (TXN) downgraded to Sell from Buy at Goldman, tgt $156
    • Wyndham Hotels & Resorts (WH) downgraded to Neutral from Buy at Goldman, tgt $76
    • Zoetis (ZTS) downgraded to Neutral from Buy at BofA Securities, tgt $135
  • Others:
    • Camtek (CAMT) initiated with a Neutral at Goldman, tgt $123
    • Central Bancompany (CBC) initiated with a Buy at BofA Securities, tgt $27
    • Central Bancompany (CBC) initiated with an Overweight at Morgan Stanley, tgt $31
    • Central Bancompany (CBC) initiated with an Overweight at Piper Sandler, tgt $28
    • DBV Technologies (DBVT) initiated with an Overweight at Cantor Fitzgerald, tgt $42
    • Fabrinet (FN) initiated with a Positive at Susquehanna, tgt $550
    • Gloo Holdings (GLOO) initiated with a Buy at Benchmark, tgt $14
    • Gloo Holdings (GLOO) initiated with a Buy at Loop Capital, tgt $12
    • Gloo Holdings (GLOO) initiated with a Buy at Roth Capital, tgt $17
    • Gloo Holdings (GLOO) initiated with a Buy at Texas Capital Securities, tgt $14
    • HudBay Minerals (HBM) initiated with a Buy at Citigroup, tgt $23
    • MACOM Tech (MTSI) initiated with a Neutral at Susquehanna, tgt $200
    • Pony AI (PONY) initiated with an Outperform at Macquarie, tgt $29
    • Septerna (SEPN) initiated with a Buy at Truist, tgt $34
    • Sera Prognostics (SERA) initiated with a Buy at Jefferies, tgt $5
    • SiTime (SITM) initiated with a Buy at Goldman, tgt $420
    • Tenaris (TS) initiated with a Neutral at Goldman, tgt $43.60
    • Unilever (UL) resumed with an Overweight at Morgan Stanley, tgt $60.10
    • Waystar Holding (WAY) initiated with a Buy at UBS, tgt $4
  • Econ Data (Tuesday):
    • 8:30 ET: November Nonfarm Payrolls (Briefing.com consensus 30,000; prior NA), Nonfarm Private Payrolls (Briefing.com consensus 34,000; prior NA), Unemployment Rate (Briefing.com consensus 4.4%; prior NA), Average Hourly Earnings (Briefing.com consensus 0.3%; prior NA), Average Workweek (Briefing.com consensus 34.3; prior NA), September Housing Starts (Briefing.com consensus 1.320 mln; prior 1.307 mln) and Building Permits (Briefing.com consensus 1.348 mln; prior 1.312 mln), October Retail Sales (Briefing.com consensus 0.3%; prior 0.2%) and Retail Sales ex-auto (Briefing.com consensus 0.3%; prior 0.3%)
    • 9:15 ET: November Industrial Production (Briefing.com consensus 0.1%; prior NA) and Capacity Utilization (Briefing.com consensus 77.4%; prior NA)
    • 9:45 ET: Flash December S&P Global U.S. Manufacturing PMI (prior 52.2) and flash December S&P Global U.S. Services PMI (prior 54.1)
    • 10:00 ET: September Business Inventories (Briefing.com consensus 0.1%; prior NA)
  • Earnings:
    • Monday (Dec 15)
      • Pre-Market: None
      • After-Hours: None
      Tuesday (Dec 16)
      • Pre-Market: None
      • After-Hours: LEN WOR
    • Wednesday (Dec 17)
      • Pre-Market: ABM GIS JBL TTC WS
      • After-Hours: MU MLKN
    • Thursday (Dec 18)
      • Pre-Market: ACN BIRK KMX CTAS DRI FDS
      • After-Hours: BB FDX HEI KBH AVO NKE
    • Friday (Dec 19)
      • Pre-Market: CAG LW PAYX WGO CCL
      • After-Hours: None


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