After Hours Report

The stock market labored today under the weight of losses in its biggest stocks and ongoing angst about rising Treasury yields.

The 2-yr note yield went as high as 4.09% and the 10-yr note yield went as high as 4.255% with further selling pressure and a disappointing 20-yr bond reopening adding to this week's losses. Those securities settled the cash session at 4.09% and 4.24%, respectively, which helped keep a lid on buy-the-dip interest in the stock market.

Stocks managed to close off their worst levels of the day, which had the Dow Jones Industrial Average down more than 500 points, yet they suffered from a lack of influential leadership and a general lack of interest from buyers that also permeated the commodities market, particularly oil and precious metals.

The weakest links were the consumer discretionary (-1.8%), information technology (-1.7%), and communication services (-1.4%) sectors, all of which house mega-cap components. The Vanguard Mega-Cap Growth ETF (MGK) was down 1.6%.

Tesla (TSLA 213.65, -4.32, -2.0%), which reports after the close today, joined with Amazon.com (AMZN 184.71, -4.99, -2.6%) to keep the consumer discretionary sector under wraps. McDonald's (MCD 298.46, -16.23, -5.2%), which was dealing with reports of an E. coli outbreak, added to the sector's struggles.

Apple (AAPL 230.76, -5.10, -2.2%) got clipped on iPhone 16 demand concerns and joined with NVIDIA (NVDA 139.56, -4.03, -2.8%) to undercut the information technology sector. Other stragglers were Enphase Energy (ENPH 78.47, -13.76, -14.9%) and Seagate Technology (STX 103.52, -9.12, -8.1%), which faced selling pressure after their earnings reports.

Meta Platforms (META 563.69, -18.32, -3.2%) and Alphabet (GOOG 164.48, -2.34, -1.4%), which report their results next week, were the main drivers behind the underperformance of the communication services sector, which had the benefit of a positive response to AT&T (T 22.50, +1.00, +4.6%) following its earnings report.

There were only two sectors -- real estate (+1.0%) and utilities (+1.0%) -- that gained ground on Wednesday. They did so in more of a defensive-oriented trade that also showed up in the 6.7% gain in the CBOE Volatility Index to 19.41.

Losses for the other six sectors ranged from 0.1% to 0.5%. The industrials sector (-0.3%) was in that grouping, pressured by the loss in Boeing (BA 157.06, -2.82, -1.8%) after its earnings report and sobering view from the new CEO that it will take time to return the company to its former legacy.

Breadth figures underscored today's negative disposition. Decliners led advancers by a nearly 3-to-1 margin at the NYSE and Nasdaq.

• Nasdaq Composite: +21.8% YTD
• S&P 500: +21.5% YTD
• Dow Jones Industrial Average: +12.9% YTD
• S&P Midcap 400: +12.3% YTD
• Russell 2000: +9.2% YTD

Reviewing today's economic data:

• Existing home sales decreased 1.0% month-over-month in September to a seasonally adjusted annual rate of 3.84 million (Briefing.com consensus 3.90 million) from an upwardly revised 3.88 million (from 3.86 million) in August. Sales were down 3.5% from the same period a year ago.
  • The key takeaway from the report is that more inventory is becoming available, yet it is still a tight market, evidenced by the ongoing increase in the median home price and a very low mortgage delinquency rate.
• MBA Mortgage Applications Index -6.7% wk/wk with refinance applications -8% and purchase applications -5%

Thursday's economic calendar features:

• 08:30 ET: Weekly Initial and Continuing Jobless Claims
• 09:45 ET: Preliminary October S&P Global U.S. Manufacturing and Services PMIs
• 10:00 ET: September New Home Sales

Overseas:

• Europe: DAX -0.%2, FTSE -0.6%, CAC -0.5%
• Asia: Nikkei -0.8%, Hang Seng +1.3%, Shanghai +0.5%

Commodities:

• Crude Oil -0.86 @ 70.81
• Nat Gas +0.03 @ 2.35
• Gold +29.10 @ 2730.00
• Silver -1.16 @ 33.84
• Copper -0.06 @ 4.33

After-Hours Spotlight:

• Globe Life (GL) beats by $0.38, reports revs in-line; guides FY24 EPS above consensus; guides FY25 EPS in-line... GL up 6.5%
• IBM (IBM) beats by $0.08, reports revs in-line, guides Q4 CC revenue growth being consistent with Q3, reaffirms FY24 FCF outlook... IBM down 2.4%
• ICON plc (ICLR) misses by $0.50, misses on revs; guides FY24 EPS below consensus, revs below consensus... ICLR down 17.4%
• Lam Research (LRCX) beats by $0.05, beats on revs; guides Q2 EPS in-line, revs in-line... LRCX up 5.1%
• Las Vegas Sands (LVS) misses by $0.09, misses on revs... LVS up 2.9%
• Lending Club (LC) beats by $0.06, beats on revs... LC up 7.2%
• MaxLinear (MXL) misses by $0.04, reports revs in-line; guides Q4 revs in-line... MXL up 7.9%
• Molina Healthcare (MOH) beats by $0.07, beats on revs; reaffirms FY24 EPS guidance... MOH up 11.0%
• O'Reilly Auto (ORLY) misses by $0.12, misses on revs; guides FY24 EPS in-line, revs in-line... ORLY down 3.2%
• T-Mobile US (TMUS) beats by $0.18, reports revs in-line; raises guidance... TMUS up 2.9%
• Tesla (TSLA) beats by $0.12, misses on revs, gross margin up 195 bps; Plans for new vehicles, including more affordable models, remain on track for start of production in 1H25... TSLA up 8.3%
• United Rentals (URI) misses by $0.76, reports revs in-line; guides FY24 revs in-line... URI down 3.7%
• Whirlpool (WHR) beats by $0.23, misses on revs; reaffirms FY24 EPS guidance, revs guidance... WHR up 3.3%

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

• Earnings/Guidance (Full Earnings Calendar):
  • Agree Realty (ADC) beats by $0.01, reports revs in-line; guides FY24 FFO above consensus
  • Amphenol (APH) beats by $0.05, beats on revs; guides Q4 EPS in-line, revs above consensus
  • AT&T (T) beats by $0.03, reports revs in-line; guides FY24 EPS in-line
  • AVANGRID (AGR) beats by $0.18 (two ests), beats on revs (two ests)
  • Avery Dennison (AVY) beats by $0.01, reports revs in-line; guides FY24 EPS in-line
  • Baker Hughes (BKR) beats by $0.06, misses on revs
  • Baker Hughes (BKR) expects fourth quarter total EBITDA of approximately $1.26 billion at the midpoint of its guidance range; co expects fourth quarter results to benefit from continued productivity enhancements
  • Bank of N.T. Butterfield & Son (NTB) beats by $0.03, reports revs in-line
  • Boeing (BA) misses by $0.09, reports revs in-line, co says it will take time to return to its former legacy
  • Boston Scientific (BSX) beats by $0.04, beats on revs; guides Q4 EPS in-line, revs above consensus
  • Brandywine Realty (BDN) misses by $0.01; lowers FY24 FFO guidance
  • Canadian Nat'l Rail (CNI) beats by $0.02, reports revs in-line
  • CME Group (CME) beats by $0.03, reports revs in-line
  • Coca-Cola (KO) beats by $0.02, beats on revs; reaffirms FY24 EPS guidance
  • Constellium (CSTM) misses by €0.35, misses on revs
  • CoStar Group (CSGP) beats by $0.06, reports revs in-line; guides Q4 EPS below consensus, revs below consensus; guides FY24 EPS in-line, revs below consensus
  • Deutsche Bank (DB) reports Q3 results; beats on revs; on track to meet FY24 guidance
  • East West Banc (EWBC) beats by $0.08, reaffirms FY24 guidance
  • Enphase Energy (ENPH) misses by $0.13, misses on revs; guides Q4 revs below consensus
  • Evercore (EVR) beats by $0.04, beats on revs
  • First Bancorp (FBP) beats by $0.04, misses on revs
  • General Dynamics (GD) misses by $0.13, reports revs in-line
  • General Dynamics (GD) lowers FY24 EPS guidance
  • GE Vernova (GEV) reports Q3 (Sep) results, beats on revs; reaffirms FY24 revs guidance
  • Healthcare Services Group (HCSG) misses by $0.02, reports revs in-line; guides Q4 revs in-line
  • Heineken (HEINY) reports Q3 trading update
  • Heritage Insurance (HRTG) announces third quarter estimated catastrophe losses
  • Highwoods Prop (HIW) beats by $0.02, reports revs in-line; raises FY24 FFO in-line
  • Hilton (HLT) beats by $0.08, misses on revs; guides Q4 EPS below consensus; guides FY24 EPS mostly below consensus
  • Ipsen S.A. (IPSEY) reports nine-month trading update; raises guidance
  • JBT Corp (JBT) beats by $0.09, beats on revs; reaffirms FY24 EPS guidance, revs guidance
  • KBR (KBR) reports EPS in-line, revs in-line; guides FY24 EPS in-line, revs in-line
  • Knight-Swift (KNX) beats by $0.02, misses on revs; guides Q4 EPS in-line; guides Q1 (Mar) EPS below consensus
  • Lennox Int'l (LII) beats by $0.66, beats on revs; guides FY24 EPS above consensus, revs above consensus
  • LG Display (LPL) reports Q3 net income of (KRW 338 mln) vs. (KRW 775 mln); revs +43% yr/yr to KRW 6.821 bln vs KRW 7.264 bln FactSet consensus
  • Lithia Motors (LAD) beats by $0.61, misses on revs
  • Lloyds Banking (LYG) reports nine-month results; reaffirms guidance
  • MAG Silver (MAG) reports production from Juanicipio and MAG, for the third quarter ended September 30, 2024
  • MakeMyTrip (MMYT) reports Q2 results
  • Manhattan Assoc (MANH) beats by $0.29, beats on revs; guides FY24 EPS above consensus, revs in-line
  • Matador Resources (MTDR) beats by $0.23, beats on revs; increases FY24 CapEx guidance
  • Mr. Cooper Group (COOP) reports Q3 (Sep) results, beats on revs
  • Nabors Industries (NBR) misses by $4.87, misses on revs
  • National Bank (NBHC) beats by $0.12; increases dividend
  • New Oriental Education & Technology (EDU) beats by $0.13, reports revs in-line; guides Q2 revs below consensus; expands buyback
  • NextEra Energy (NEE) beats by $0.05, misses on revs; reaffirms FY24 EPS guidance; reaffirms FY25, FY26, and FY27 EPS guidance
  • NextEra Energy Partners (NEP) reports Q3 (Sep) results, misses on revs; increases wind repowering target to approximately 1.9 gigawatts through 2026
  • Northern Trust (NTRS) beats by $0.48, beats on revs
  • Old Dominion (ODFL) beats by $0.01, misses on revs
  • Packaging Corp (PKG) beats by $0.15, beats on revs
  • PennyMac (PFSI) reports Q3 (Sep) results, misses on revs
  • Popular (BPOP) misses by $0.14, misses on revs
  • PROG Holdings (PRG) misses by $0.03, reports revs in-line; guides Q4 EPS in-line, revs in-line
  • Prosperity Bancshares (PB) beats by $0.03
  • Range Resources (RRC) beats by $0.11, reports revs in-line
  • Renasant (RNST) misses by $0.07; announces $100 mln stock repurchase program
  • Retail Opportunity Investments (ROIC) misses by $0.01, beats on revs
  • Robert Half (RHI) beats by $0.02, beats on revs
  • Roche Hldg (RHHBY) reports Q3 sales increased 9% yr/yr; reaffirms outlook
  • Roper (ROP) beats by $0.09, beats on revs; guides Q4 EPS below consensus; raises FY24 revenue guidance
  • Seagate Tech (STX) beats by $0.10, beats on revs; guides Q2 EPS in-line, revs in-line
  • Starbucks (SBUX) projects Q4 revenue and earnings below consensus; global comps fell -7%; suspends FY25 guidance; increases quarterly dividend
  • Stifel Financial (SF) misses by $0.10, beats on revs
  • Stride (LRN) beats by $0.72, beats on revs; guides Q2 revs above consensus; guides FY25 revs above consensus
  • Taylor Morrison Home (TMHC) beats by $0.30, beats on revs
  • Teledyne Tech (TDY) beats by $0.13, beats on revs; guides FY24 EPS in-line
  • Texas Instruments (TXN) beats by $0.06, reports revs in-line; guides Q4 EPS below consensus, revs below consensus
  • Thermo Fisher (TMO) beats by $0.04, reports revs in-line; guides FY24 EPS in-line, reaffirms FY24 revs guidance
  • TransUnion (TRU) beats by $0.03, beats on revs; guides Q4 EPS in-line, revs in-line
  • Travel + Leisure Co (TNL) beats by $0.10, misses on revs
  • Travelzoo (TZOO) reports third quarter 2024 results; authorized new program to repurchase up to 1,000,000 shares of outstanding common stock
  • Trustmark (TRMK) misses by $0.16, Net interest margin up 31 bps from prior quarter; provides FY24 outlook commentary in slides
  • UniFirst (UNF) beats by $0.34, reports revs in-line; guides FY25 revs below consensus
  • United Comm Banks (UCB) misses by $0.01
  • Upwork (UPWK) announces organizational changes including 21% workforce reduction; provides preliminary Q3 results above financial guidance
  • Valmont (VMI) beats by $0.11, reports revs in-line; reaffirms FY24 EPS, revs guidance
  • Veritex Holdings (VTBX) beats by $0.01, beats on revs
  • Vertiv (VRT) beats by $0.07, beats on revs; guides Q4 EPS above consensus, revs in-line
  • Vicor (VICR) beats by $0.13, beats on revs
  • Volaris Aviation (VLRS) beats on top and bottom lines
  • Wabtec (WAB) beats by $0.12, reports revs in-line; guides FY24 EPS in-line, revs in-line
  • Weatherford (WFRD) beats by $0.39, misses on revs
  • Winnebago (WGO) misses by $0.61, reports revs in-line; guides FY25 EPS below consensus, revs in-line
  • WPP plc (WPP) reports Q3 trading update; beats on revs; reaffirms guidance
• General News
  • Vice President Kamala Harris' top advisers are worried that her campaign is an underdog as it struggles with key voting demographics, according to the Wall Street Journal
  • Vice President Kamala Harris supports $15 minimum wage, according to Bloomberg
  • North Korea sends troops to Russia to fight war with Ukraine, according to New York Times
  • US government releases notice of Initiation of changed circumstances reviews related to crystalline silicon photovoltaic cells
  • Alto Neuroscience (ANRO) announces that the Phase 2b study of ALTO-100 in patients with major depressive disorder did not meet its primary endpoint, assessed by a change from baseline in Montgomery-Åsberg Depression Rating Scale, compared to placebo
  • American Electric (AEP) increases quarterly cash dividend to $0.93/share from $0.88/share
  • Apple (AAPL) CEO Tim Cook promised more China investment, according to Bloomberg
  • Apple (AAPL) could release MacBook Airs with M4 chips in early 2025, according to Bloomberg
  • Apple (AAPL): TF Int'l analyst Ming-Chi Kuo posts on X, "iPhone 16 orders cut by around 10 million units for 4Q24–1H25; no evidence yet that Apple Intelligence could boost iPhone shipments in the near term"
  • AptarGroup (ATR) awarded a contract valued at ~$4.8 mln from the U.S. Federal Government to advance development of its ActivShield technology
  • Arm Holdings (ARM) aiming to cancel Qualcomm (QCOM) chip design license, according to Bloomberg
  • AstraZeneca (AZN): Eccogene receives milestone payment of $60 million from AstraZeneca Following Dosing of the first patient in global Phase 2b Program of ECC5004/AZD5004 for the treatment of obesity and Type 2 Diabetes
  • Avery Dennison (AVY) will begin working with The Kroger Co. (KR) to build a better associate and customer experience through RFID inventory automation technology
  • Berry Global (BERY) and Glatfelter (GLT) provide update for anticipated completion of spin-off and subsequent merger of Berry’s Health, Hygiene and Specialties Global Nonwovens and Films business with Glatfelter
  • Beyond, Inc. (BYON) approves a reduction in force affecting approximately 20% of its workforce; to be substantially implemented in 4Q24
  • Bicycle Therapeutics (BCYC) announces first human imaging data from European Association of Nuclear Medicine 2024 Congress and outlines strategy for leadership in next-generation radiopharmaceuticals
  • Boeing (BA) communications satellite exploded in space, according to the New York Post
  • Canadian Nat'l Rail (CNI): Binding arbitration meetings to start in March 2025 between CN and the TCRC
  • Capital One (COF): New York AG launches antitrust probe into COF's proposed acquisition of Discover Financial Services (DFS), according to Bloomberg
  • CareDx (CDNA) and Dovetail Genomics announce a strategic partnership to drive the next wave of innovation in HLA genotyping for organ and stem cell transplant matching
  • CEMEX S.A (CX): A consortium comprised of Cemex and Linde has been selected to receive €157 million in funding from the EU Innovation Fund for a pioneering CO2 capture project at Cemex’s Rüdersdorf Cement Plant in Germany
  • Cogent Biosciences (COGT) announces the addition of a potent and selective KRAS inhibitor to its pipeline
  • Comerica (CMA) entered into an accelerated share repurchase agreement to repurchase $100 million of Comerica's common stock
  • CrowdStrike (CRWD) and Omnissa announce partnership to enhance cybersecurity and productivity for hybrid work environments
  • Douglas Elliman (DOUG) CEO and Chairman Howard M. Lorber to retire; Michael Liebowitz appointed successor
  • Eli Lilly (LLY): Alzheimer's drug donanemab facing NHS block over cost, according to The Telegraph
  • Eli Lilly (LLY) receives Marketing Authorization in Great Britain for Kisunla
  • Eli Lilly (LLY): UK says Donanemab licensed for early stages of Alzheimer’s disease in adult patients who have one or no copies of apolipoprotein E4 gene
  • Ferrari (RARE) announces the multi-year renewal of its partnership with Shell (SHEL); the agreement takes effect on 1 January 2026 and encompasses Scuderia Ferrari HP, Ferrari Hypercar, and the Ferrari Challenge Series
  • GE Vernova (GEV) and Vineyard Wind provide update on incident and response action plan
  • Goldman Sachs (GS) will be required to pay tens of millions of dollars in fines over handling of credit card business, according to the Wall Street Journal
  • Gyre Therapeutics (GYRE) announces that the last patient in Gyre Pharmaceuticals’ pivotal Phase 3 trial in the People’s Republic of China evaluating F351 for Chronic Hepatitis B-associated liver fibrosis has completed the 52-week study
  • Harmony Gold (HMY) confirmed final delivery has been made into the streaming agreement between Franco-Nevada (FNV) and Mine Waste Solutions
  • IAMGOLD (IAG) announces assay results from the 2024 drilling program completed at its Nelligan Project
  • Joby Aviation (JOBY) welcomes the release of new rules designed to enable the operation of Joby’s revolutionary aircraft in the United States
  • Kura Oncology (KURA) to present new data supporting combination of KO-2806 with KRAS G12C and Pan-RAS Inhibitors
  • Lee Enterprises (LEE): Billionaire David Hoffmann bets big on local newspapers, aims to revitalize Lee Enterprises, according to NYT
  • Lockheed Martin (LMT): State Department approves a possible foreign military sale to the Government of Poland of F-16 Viper Midlife upgrade
  • McDonald's (MCD): CDC confirms E. coli Outbreak Linked to McDonald’s quarter pounders
  • Minerals Tech (MTX) expands its partnership with AIM Intelligent Machines, a technology company specializing in AI-enabled safety, productivity, and analytics for mining equipment
  • NextEra Energy (NEE) interested in reviving Iowa plant, according to Bloomberg
  • Novo Nordisk (NVO) asked FDA to ban compounders from making copies of Ozempic, according to Stat News
  • Novo Nordisk A/S (NVO) to present new cardiometabolic and renal data, including with semaglutide, at Kidney Week 2024, ObesityWeek, The Liver Meeting, and AHA Scientific Sessions 2024
  • O-I Glass (OI) finalized its plans for the closure of a furnace in its Americas segment
  • Olema Pharmaceuticals (OLMA) announces results from three preclinical studies that will be presented during poster sessions at the 36th EORTC-NCI-AACR Symposium on Molecular Targets and Cancer Therapeutics
  • ORIC Pharmaceuticals (ORIC) presents data further supporting potential best-in-class profile of ORIC-114 to treat EGFR Exon 20 insertions and other atypical mutations at the EORTC-NCI-AACR Symposium on Molecular Targets and Cancer Therapeutics
  • Owens & Minor (OMI) entered into a receivables purchase agreement
  • Pfizer (PFE) announces that the U.S FDA has approved ABRYSVO for adults aged 18 to 59 at increased risk for disease
  • Primega Group Holdings Limited (PGHL) announces that Mr. Man Wing Pong has tendered his resignation as CFO with effect from October 23, 2024
  • Qualcomm (QCOM) and Mistral AI partner to bring new generative AI models to edge devices
  • Repare Therapeutics (RPTX) presents updated data highlighting the benefits of its individualized schedule for the management of anemia in the Phase 1 MYTHIC clinical trial treating patients with the combination of lunresertib and camonsertib
  • Revolution Medicines (RVMD) presents updated data from RMC-6236 monotherapy study in patients with advanced pancreatic ductal adenocarcinoma
  • Roblox (RBLX) plans to implement parental controls and new safety measures amid child-safety criticism, according to Bloomberg
  • RTX's (RTX) Collins Aerospace is expanding its executive aircraft seating facility in Medley, Florida
  • Schrödinger (SDGR) presents SGR-3515 preclinical data at 2024 EORTC-NCI-AACR Symposium
  • SEI Investments (SEIC) increase in its stock repurchase program by an additional $400 mln, increasing the available authorization under the program to ~$429 mln
  • TreeHouse Foods (THS) announces expansion of voluntary recall to include all waffle and pancake products due to the potential for listeria monocytogenes contamination
  • UiPath (PATH) announces that Banco Azteca is transforming its operations and achieving significant efficiency gains with the strategic implementation of AI and automation from UiPath
  • Viomi Technology (VIOT) announces that as part of the Company’s continuous commitment to enhancing shareholder value, its board of directors has approved an extension of its existing share repurchase plan for an additional 12 months
  • Walt Disney (DIS): ESPN notes that Game 5 of WNBA Finals most-viewed in 25 years across all networks
  • Wheels Up Experience (UP) announces fleet modernization strategy; reaches agreement with Gogo Business Aviation (GOGO)
  • Zoom Video (ZI) launches Zoom AI Companion 2.0; the next generation of the company’s AI assistant that can surface important information, prioritize what matters most, and turn interactions across Zoom Workplace into action to help users get more done throughout the workday, all at no added cost

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

• Upgrades:
  • Amylyx Pharmaceuticals (AMLX) upgraded to Buy from Neutral at BofA Securities; tgt raised to $10
  • A.O. Smith (AOS) upgraded to Neutral from Sell at UBS; tgt raised to $80
  • BXP, Inc. (BXP) upgraded to Overweight from Neutral at Piper Sandler; tgt raised to $105
  • Quest Diagnostics (DGX) upgraded to Outperform from Neutral at Robert W. Baird; tgt raised to $182
  • Snap (SNAP) upgraded to Mkt Outperform from Mkt Perform at JMP Securities; tgt $17
• Downgrades:
  • Ardmore Shipping (ASC) downgraded to Hold from Buy at Stifel; tgt lowered to $17
  • CoStar Group (CSGP) downgraded to Sector Perform from Outperform at RBC Capital Mkts; tgt lowered to $83
  • Enphase Energy (ENPH) downgraded to Sell from Neutral at Guggenheim; tgt $73
  • Genco Shipping & Trading (GNK) downgraded to Hold from Buy at Stifel; tgt lowered to $17
  • International Seaways (INSW) downgraded to Hold from Buy at Stifel; tgt lowered to $56
  • Interpublic (IPG) downgraded to Underweight from Equal Weight at Wells Fargo; tgt lowered to $26
  • McDonald's (MCD) downgraded to Neutral from Outperform at Robert W. Baird; tgt lowered to $290
  • McDonald's (MCD) downgraded to Neutral from Buy at Guggenheim; tgt lowered to $285
  • Medpace (MEDP) downgraded to Neutral from Outperform at Robert W. Baird; tgt lowered to $349
  • Parsons (PSN) downgraded to Outperform from Strong Buy at Raymond James; tgt $115
  • Scorpio Tankers (STNG) downgraded to Hold from Buy at Stifel; tgt lowered to $65
  • Seagate Tech (STX) downgraded to Hold from Buy at The Benchmark Company
  • Star Bulk Carriers (SBLK) downgraded to Hold from Buy at Stifel; tgt lowered to $21
  • TFI International (TFII) downgraded to Hold from Buy at Stifel; tgt lowered to $142
  • UP Fintech (TIGR) downgraded to Sell from Buy at Citigroup; tgt raised to $5.50
• Others:
  • Artivion (AORT) initiated with a Mkt Outperform at JMP Securities; tgt $33
  • Charles River (CRL) initiated with an Underperform at CLSA; tgt $167
  • Coinbase Global (COIN) initiated with a Neutral at B. Riley Securities; tgt $185
  • Corteva (CTVA) initiated with a Buy at Citigroup; tgt $68 and opens 30-day positive catalyst watch
  • Disc Medicine (IRON) initiated with a Buy at Jefferies; tgt $89
  • FMC Corp (FMC) initiated with a Neutral at Citigroup; tgt $67
  • Gladstone (GLAD) initiated with a Neutral at B. Riley Securities; tgt $23
  • Grab (GRAB) initiated with an Outperform at Daiwa Securities; tgt $4.60
  • Oracle (ORCL) initiated with a Sector Perform at RBC Capital Mkts; tgt $165
  • Smurfit Westrock plc (SW) initiated with a Buy at Citigroup; tgt $57
  • Xos (XOS) initiated with a Buy at ROTH MKM; tgt $15

• Econ Data (Thursday):
  • 8:30 ET: Weekly Initial Claims (Briefing.com consensus 246,000; prior 241,000) and Continuing Claims (prior 1.867 mln)
  • 10:00 ET: September New Home Sales (Briefing.com consensus 713,000; prior 716,000)
  • 10:30 ET: Weekly natural gas inventories (prior +76 bcf)
• Earnings:
  • Monday (Oct 21)
    • Pre-Market: SASR
    • After-Hours: AGNC ARE BOKF CADE CATY ELS HSTM HXL KREF MEDP NUE RBB RLI SAP SIGI SSD WRB WTFC ZION
  • Tuesday (Oct 22)
    • Pre-Market: MMM AOS AUB BANC BKU CBU DHR DENN FI FCX GATX GE GM GPC HRI IPG IVZ KMB LMT MCO ONB PCAR PNR PEBO PM PII PHM DGX RTX SHW VZ
    • After-Hours: ADC AGR BKR NTB BDN CNI CSGP EWBC ENVA ENPH HIW JBT MANH MTDR NBR NBHC NSC PKG PFSI RRC ROIC RHI RNST STX LRN TXN TRMK VMI VBTX VICR
  • Wednesday (Oct 23)
    • Pre-Market: APH T AVY BA BSX CME KO CSTM EVR FBP GEV GD HCSG HLT KBR LII LAD COOP EDU NEE NEP NTRS ODFL BPOP PRG PB ROP SF TMHC TDY TMO TRU TNL UNF UCB VRT WAB WSO WGO
    • After-Hours: ALGN AMP ASGN CACI CP CLS CCS CHDN CYH CLB EGP EQC EPRT FAF GL GSHD GGG GBX IBM ICLR PI KALU KNX LRCX LVS LC MAT MXL MC MOH MSA NEM ORLY OII CASH PTEN PEGA PLXS QS RJF ROL SLM SEIC NOW SLP SSB STC TMUS TER TSLA TYL URI VLTO VKTX WCN WFRD WSBC WU WHR WH
  • Thursday (Oct 24)
    • Pre-Market: ADT ALKS ALLE AB AAL AIT AMBP BHLB BFH BC CRS CARR CBRE COLB DOV DOW DTE EEFT XPRO FRME FSV FCN FCFS HOG HAS HON ITGR KDP KKR LADR LH LEA LTH LNN LKQ MSM NDAQ NTCT NOC OSIS PPBI POOL RDUS RS RCI RES R SPGI SMPL SAH SBSI LUV FTI TECK TXT SHYF TSCO TPH UNP UPS VLO VLY VIRT VC WNC WST WEX
    • After-Hours: ABCB APPF ATR AJG ASB BYON SAM BYD COF CSL CINF COUR CUZ DECK DXCM DLR EW EXPO FHI FFBC FIBK GLPI GBCI HIG HTH DOC KNSL KN LHX MGRC MTX MHK NOV OLN PECO PDM PFG RMD SBCF SKX SPSC SSNC TXRH TROX UHS VRSN WDC WY WKC WSFS ZYXI
  • Friday (Oct 25)
    • Pre-Market: AON AN AVTR BCPC B BAH CNC CL FHB GNTX HCA LKFN NYCB NWL PIPR POR SAIA SNY SXT STEL TNET WT
    • After-Hours: None
General Motors: 5,000 members at GM's Arlington, TX assembly plant join UAW strike