After Hours Report

Today's session featured a broad rally on below-average volume at the NYSE. The S&P 500 (+0.8%) and Dow Jones Industrial Average (+0.5%) extended further into record territory and the Nasdaq Composite (+0.9%) closed about 170 points below its all-time high. 

There wasn't a lot of conviction on either side of the tape in the early going. Mega caps and chipmakers were showing strength initially, which drew in buying interest in other stocks. The Invesco S&P 500 Equal Weight ETF (RSP) closed 0.7% higher. 

NVIDIA (NVDA 138.07, +3.27, +2.4%) and Apple (AAPL 231.30, +3.75, +1.7%) were among the top performers in the mega cap space, contributing to the gain in the S&P 500 information technology sector (+1.4%). The utilities sector (+1.3%) was the next best performer followed by real estate (+0.7%).

The energy sector (-0.1%) was alone in negative territory at the close, responding to falling commodity prices. WTI crude oil futures settled 2.1% lower at $73.87/bbl and natural gas futures fell $2.49/mmbtu. Oil prices were pressured by demand concerns after China's Ministry of Finance underwhelmed with a lack of details at the press briefing on economic stimulus.

The Treasury market was closed for Columbus Day and there was no US economic data of note today.

Overseas:

• Europe: DAX +0.7%, FTSE +0.5%, CAC +0.3%
• Asia: Nikkei market closed, Hang Seng -0.8%, Shanghai +2.1%

Commodities:

• Crude Oil -1.59 @ 73.87
• Nat Gas -0.14 @ 2.49
• Gold -10.70 @ 2665.10
• Silver -0.42 @ 31.32
• Copper -0.10 @ 4.39

After-Hours Spotlight:

• Bit Digital (BTBT) acquires tier 3 HPC datacenter company for CAD $62.8 mln; 280+ MW pipeline in major metro areas... BTBT up 3.6%
• Coty (COTY) announces prelim Q1 results; reiterates FY25 adjusted EBITDA outlook of +9-11%... COTY down 5.1%
• PHX Minerals (PHX): WhiteHawk Energy reiterates proposal to acquire PHX Minerals, Inc. for $4.00 per share in an all-cash transaction... PHX up 6.1%

Fair Value for Tuesday, Oct 15:

• S&P 500: 5,906
• Nasdaq 100: 20,619
• DJIA: 43,346

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

• Earnings/Guidance (Full Earnings Calendar):
  • Boeing (BA) issues downside Q3 revenue guidance; making important strategic decisions to restore the company
  • Enlight Renewable Energy (ENLT) receives full commencement of commercial operation of the Solar & Storage Cluster in Israel
  • Nurix Therapeutics (NRIX) beats by $0.02, misses on revs
• General News
  • Hezbollah conducted a drone attack on northern Israel, according to CNN
  • Former US Trade Representative Robert Lighthizer told Wall Street firms that former President Trump will institute additional tariffs quickly after assuming office, if he wins re-election, according to CNBC
  • China's finance ministry briefing disappointed investors as it failed to quantify how much additional support will be provided, according to Bloomberg
  • China conducting large military exercises near Taiwan, according to FT
  • US will send Israel anti-missile system, according to The Wall Street Journal
  • UK announces major investment deals as PM vows to ‘remove needless regulation’ declaring Britain open for business
  • OPEC says the global oil demand growth forecast for 2024 is revised down by 106 tb/d to 1.9 mb/d, yr/yr, still well above the historical average of 1.4 mb/d seen before the COVID-19 pandemic
  • Accenture (ACN) acquired Joshua Tree Group, a supply chain consulting firm specializing in distribution center performance; terms of the deal were not disclosed
  • Adobe (ADBE) makes several product announcements
  • AGBA Group Holding (AGBA) and Triller Corp. merger approval from Nasdaq received on October 11; now expected to be completed on October 15
  • Alphabet (GOOG) will support construction of 7 smaller US nuclear power reactors to help power artificial intelligence, according to WSJ
  • Alphabet's (GOOG) Google and Kairos Power confirm Master Plant Development Agreement
  • Amazon (AMZN) aiming to streamline grocery and pharmacy brands, according to The Information
  • AMC Networks (AMCX): Millennium Management increases passive stake to 5.7% (prior 4.8%)
  • American Intl (AIG) moves effective date for new CFO to Nov 6 from Oct 21
  • Apple (AAPL) aiming to compete in smart home market, according to Bloomberg
  • AstraZeneca (AZN) reports Enhertu approved in China as first HER2-directed therapy for patients with HER2-mutant metastatic non-small cell lung cancer
  • Bausch + Lomb (BLCO) receives FDA approval for full range of enVista Envy
  • BigBear.ai (BBAI) awarded a five-year, $165.15 million sole source prime contract for Global Force Information Management Production Services
  • Boeing (BA) to reduce the size of its total workforce by roughly 10%; expects 777x first delivery in 2026
  • Calix Networks (CALX) announces ManagedBiz to address complex business use cases requiring secure connectivity, management, and analytics
  • Centene (CNC) announces that its subsidiary, Meridian Health Plan of Michigan, has been selected by the Michigan Department of Health and Human Services to provide highly integrated Medicare and Medicaid services for dually eligible Michiganders through a Highly Integrated Dual Eligible Special Needs Plan
  • CME Group (CME) reports international ADV reached new record of 8.4 million contracts in Q3
  • Discover Financial Services (DFS): credit card total delinquency rate at 1.70% as of September 30
  • Eli Lilly (LLY) reports one-year histologic outcomes in Phase 3 study of mirikizumab compared to ustekinumab for Crohn's disease
  • Ericsson (ERIC) has received new 5G contract from Bharti Airtel, according to Reuters
  • Flex (FLEX) announces liquid-cooled rack and power solutions for AI Data Centers at 2024 OCP Global Summit
  • Freshworks (FRSH) develops CloudVerse in collaboration with AWS (AMZN), an enterprise-grade GenAI
  • GlaxoSmithKline (GSK) reports phase III results from ANCHOR trials for depemokimab meets primary endpoints
  • Gogo (GOGO) is seeing unprecedented demand for Gogo Galileo HDX, the new global broadband Low-Earth-Orbit (LEO) satellite service
  • Innate Pharma (IPHA) names Jonathan Dickinson as CEO and Chairman
  • Kroger (KR) announces that its Family of Companies are seeking to hire more than 25,000 associates as it readies for the holiday season and beyond
  • Lockheed Martin (LMT) JASSM and LRASM ramps up production
  • Sirius XM (SIRI) 10% owner Berkshire Hathaway's (BRK.A / BRK.B) Warren Buffett bought 3,564,059 shares at $22.96 - $25.14 worth approx. $86.7 mln
  • Sphere Entertainment Co. (SPHR) and Abu Dhabi announced that they will work together to bring the world's second Sphere to Abu Dhabi, United Arab Emirates
  • SpartanNash (SPTN) announces its acquisition of Fresh Encounter Inc., a 49-store supermarket chain serving Ohio, Indiana and Kentucky
  • Sphere Entertainment Co. (SPHR) discloses it continues to pursue a refinancing of its Term Loan through a work-out with its existing syndicate of lenders
  • Starbucks (SBUX) aiming to remove some discounts and promotions, according to The Wall Street Journal
  • Tesla (TSLA) had its Optimus robots controlled by remote at CyberCab event, according to Bloomberg
  • Treace Medical Concepts (TMCI) files patent infringement and unfair competition suit to protect Lapiplasty Bunion technology
  • TSMC (TSM) to build more chip plants in Europe, according to Bloomberg
  • UMH Properties (UMH) reports on impact of Hurricane Milton, says that communities in Florida had relatively minor damage
  • Universal Health (UHS) disclosed update on Illinois lawsuit; trial court ordered a remittitur of punitive damages from $475 million to $120 million
  • Vanda Pharma (VNDA) confirms that it received a second unsolicited, non-binding proposal from Cycle Group Holdings to acquire the Company for $8.00/share in cash
  • Vera Bradley's (VRA) Board of Directors unanimously approves the adoption of a limited duration shareholder rights to guard against "abusive tactics so that no person, entity or group can gain a control or control-like position"
  • Visa (V) announced new conversion rates applicable to the class B-1 and B-2 common stock resulting from its September 26, 2024 deposit of $1.5 billion into the U.S. litigation escrow account
  • XPeng (XPEV) Motors introduced its new P7+ EV at Paris Auto Show, according to Electrek

Ratings Changes (see Upgrades/Downgrades calendar for full list):

• Upgrades:
  • Affirm (AFRM) upgraded to Neutral from Underperform at Wedbush; tgt $45
  • AptarGroup (ATR) upgraded to Buy from Hold at Jefferies; tgt raised to $215
  • Easterly Government Properties (DEA) upgraded to Buy from Hold at Jefferies; tgt raised to $15
  • Elastic (ESTC) upgraded to Outperform from Mkt Perform at William Blair
  • Equinor (EQNR) upgraded to Equal-Weight from Underweight at Morgan Stanley; tgt $25.80
  • Flutter Entertainment (FLUT) upgraded to Overweight from Equal Weight at Wells Fargo; tgt raised to $295
  • Ibotta (IBTA) upgraded to Buy from Neutral at Goldman; tgt $87
  • NASDAQ (NDAQ) upgraded to Outperform from Mkt Perform at Raymond James; tgt $82
  • SentinelOne (S) upgraded to Overweight from Neutral at Piper Sandler; tgt raised to $32
  • TC Energy (TRP) upgraded to Overweight from Neutral at JP Morgan
  • Upstart (UPST) upgraded to Neutral from Underperform at Wedbush; tgt raised to $45
• Downgrades:
  • Amer Sports (AS) downgraded to Equal Weight from Overweight at Wells Fargo; tgt raised to $19
  • Amgen (AMGN) downgraded to Hold from Buy at Truist; tgt raised to $333
  • AppLovin (APP) downgraded to Neutral from Buy at Goldman; tgt raised to $150
  • ArcBest (ARCB) downgraded to Hold from Buy at TD Cowen; tgt lowered to $114
  • AutoZone (AZO) downgraded to Sell from Buy at Goldman; tgt lowered to $2917
  • BASF AG (BASFY) downgraded to Neutral from Buy at UBS
  • Bridge Investment Group (BRDG) downgraded to Hold from Buy at TD Cowen; tgt raised to $10.50
  • Canada Goose (GOOS) downgraded to Underweight from Equal Weight at Wells Fargo
  • Caterpillar (CAT) downgraded to Underweight from Equal-Weight at Morgan Stanley; tgt lowered to $332
  • Duolingo (DUOL) downgraded to Mkt Perform from Mkt Outperform at JMP Securities
  • Expeditors Intl (EXPD) downgraded to Sell from Hold at TD Cowen; tgt lowered to $106
  • First Busey Corp (BUSE) downgraded to Equal-Weight from Overweight at Stephens
  • Intercontinental Exchange (ICE) downgraded to Outperform from Strong Buy at Raymond James; tgt $185
  • KeyCorp (KEY) downgraded to Neutral from Outperform at Robert W. Baird; tgt lowered to $17
  • Kura Oncology (KURA) downgraded to Hold from Buy at Stifel; tgt lowered to $19
  • Marten Transport (MRTN) downgraded to Mkt Perform from Outperform at Raymond James
  • Triumph Group (TGI) downgraded to Underweight from Neutral at JP Morgan; tgt lowered to $12
  • Turnstone Biologics (TSBX) downgraded to Neutral from Buy at BofA Securities
  • V.F. Corp (VFC) downgraded to Underweight from Equal Weight at Wells Fargo; tgt lowered to $15
  • Yelp (YELP) downgraded to Neutral from Buy at Goldman; tgt lowered to $38
• Others:
  • Adecoagro S.A. (AGRO) initiated with a Neutral at UBS; tgt $12
  • Alpine Income Property Trust (PINE) initiated with a Neutral at UBS; tgt $19
  • Amentum Holdings (AMTM) initiated with a Buy at Truist; tgt $31
  • Apple (AAPL) added to Evercore ISI's Tactical Outperform list
  • Astrana Health (ASTH) initiated with a Buy at TD Cowen; tgt $66
  • Diamondback Energy (FANG) resumed with a Neutral at Citigroup; tgt $195
  • Element Solutions (ESI) initiated with a Buy at Seaport Research Partners; tgt $33
  • FirstEnergy (FE) initiated with a Hold at Jefferies; tgt $46
  • ICU Medical (ICUI) initiated with a Hold at Jefferies; tgt $183
  • Jamf Holding (JAMF) initiated with an Equal-Weight at Morgan Stanley; tgt $20
  • MindMed (MNMD) resumed with an Outperform at Leerink Partners; tgt $20
  • NCR Voyix Corporation (VYX) resumed with a Neutral at Goldman; tgt $14
  • NETSTREIT (NTST) initiated with a Buy at UBS; tgt $19
  • PG&E (PCG) initiated with a Buy at Jefferies; tgt $24
  • Regal Rexnord (RRX) initiated with a Buy at Citigroup; tgt $200
  • Shoals Technologies (SHLS) initiated with an Equal Weight at Wells Fargo; tgt $46
  • Stoke Therapeutics (STOK) resumed with an Outperform at Leerink Partners; tgt $18
  • Surgery Partners (SGRY) initiated with a Buy at UBS; tgt $38
  • Tenax Therapeutics (TENX) initiated with a Buy at Guggenheim; tgt $16
  • Timken (TKR) initiated with a Neutral at Citigroup; tgt $90
  • Vistra Corp. (VST) initiated with an Outperform at Exane BNP Paribas; tgt $231

• Econ Data (Tuesday):
  • 08:30 ET: NY Fed Empire State Manufacturing (Briefing.com consensus 2.0; Prior 11.5)
• Earnings:
  • Monday (Oct 14)
    • Pre-Market: None
    • After-Hours: None
  • Tuesday (Oct 15)
    • Pre-Market: ACI BAC SCHW C ERIC GS JNJ PNC PGR STT UNH WBA
    • After-Hours: FULT HWC IBKR JBHT OMC PNFP SGH UAL
  • Wednesday (Oct 16)
    • Pre-Market: ABT ASML CFG FHN MS OFG PLD SYF USB WAFD
    • After-Hours: AA CNS CCI CSX DFS EFX FR HOMB KMI LBRT PPG REXR SLG STLD SNV
  • Thursday (Oct 17)
    • Pre-Market: BMI BX CMC ELV HBAN IIIN IRDM KEY MTB MAN MMC NOK SNA TCBI TRV TSM TFC WBS WNS
    • After-Hours: OZK CCK FNB ISRG NFLX WDFC WAL
  • Friday (Oct 18)
    • Pre-Market: ALLY ALV AXP CMA FITB PG RF SFNC SLB
    • After-Hours: None
General Motors: 5,000 members at GM's Arlington, TX assembly plant join UAW strike