After Hours Report

Updated: 31-Oct-24 17:25 ET
Amazon, Apple, Intel make moves following earnings - AAPL inching lower while AMZN and INTC pop

The major indices logged losses across the board. The Dow Jones Industrial Average fell 0.9%, the S&P 500 dropped 1.9%, and the Nasdaq Composite registered a 2.8% decline.

Losses in Microsoft (MSFT 406.46, -26.06, -6.0%) and Meta Platforms (META 567.58, -24.22, -4.1%) weighed down the equity market after their earnings reports. Other mega caps were also influential in index performance and led the Vanguard Mega Cap Growth ETF (MGK) to close 3.0% lower.

Weakness in chipmakers was another limiting factor for equities. The PHLX Semiconductor Index (SOX) declined 4.0%. Monolithic Power (MPWR 759.30, -160.51, -17.5%) was the worst performer in the SOX Index even though the company beat Q3 expectations due to softer guidance than the market hoped for.

The S&P 500 information technology sector was weighed down by weakness in some of the aforementioned names. It was the worst performing sector by a wide margin, logging a 3.6% decline.

The consumer discretionary sector was the next worst performer, dropping 1.8%. Mega cap constituents contributed to the downside move, along with sharp earnings-related declines in Aptiv (APTV 56.83, -12.24, -17.7%), MGM Resorts (MGM 36.87, -4.54, -11.0%), and eBay (EBAY 57.51, -5.12, -8.2%).

Ongoing volatility in the Treasury market was another sticking point for equities today. The 10-yr yield, which hit 4.33% in response to this morning's economic data, settled at 4.28%. The 2-yr yield hit 4.21% in response to the data before settling at 4.16%.

The data included initial jobless claims, which were a low 216,000 and the Q3 Employment Cost Index, which was up 0.8%. Also, the fed's preferred gauge on inflation, the core-PCE Price Index, stuck at 2.7% year-over-year for the third straight month. Personal income was up 0.3% month-over-month in September and personal spending increased 0.5%.

Rate cut expectations did not changed much following the aforementioned reports, which were supportive of a soft landing scenario for the economy. The fed funds futures market sees a 96.7% probability of a 25 basis points rate cut at the November FOMC meeting next week versus 95.2% yesterday, according to the CME FedWatch Tool.

Market participants will be focused on the October Employment Situation report tomorrow at 8:30 ET and potential implications for Fed policy. 

  • Nasdaq Composite: +20.5% YTD
  • S&P 500: +19.6% YTD
  • Dow Jones Industrial Average: +10.8% YTD
  • S&P Midcap 400: +11.4% YTD
  • Russell 2000: +9.4% YTD

Reviewing today's economic data:

  • Initial jobless claims for the week ending October 26 decreased by 12,000 to 216,000 (Briefing.com consensus 229,000). On an unadjusted basis, they totaled 200,132, a decrease of 3,349 from the prior week when seasonal factors expected an increase of 7,292. Continuing jobless claims for the week ending October 19 decreased by 26,000 to 1.862 million; however, the four-week moving average of 1,869,250 is the highest since November 27, 2021.
    • The key takeaway from the report is that layoff activity remains fairly subdued, yet it has been more challenging for laid-off workers to find new employment.
  • The Q3 Employment Cost Index increased 0.8% (Briefing.com consensus 1.0%), seasonally adjusted, for the 3-month period ending in September 2024. Wages and salaries increased 0.8% and benefit costs increased 0.8% from June 2024.
    • The key takeaway from the report is that compensation costs for civilian, private, and state and local government workers decelerated versus the 12-month period ending in September 2023, reflecting a moderation in wage inflation.
  • Personal income increased 0.3% month-over-month in September (Briefing.com consensus 0.4%) following a 0.2% increase in August. Personal spending increased 0.5% (Briefing.com consensus 0.4%) following an upwardly revised 0.4% increase (from 0.3%) in August. The PCE Price Index was up 0.2%, as expected, and up 2.1% year-over-year versus 2.3% in August. The core PCE Price Index, which excludes food and energy, was up 0.3% (Briefing.com consensus 0.2%) and up 2.7% year-over-year for the third straight month.
    • The key takeaway from the report is the stickiness in core PCE inflation, which is running comfortably above the Fed's 2% target. That will wash out any expectation for another aggressive rate cut by the Fed anytime soon and it will keep the debate alive as to whether the Fed should keep cutting rates.
  • October Chicago PMI dropped to 41.6 (Briefing.com consensus 47.5) from 46.6
  • Weekly EIA Natural Gas Inventories showed a build of 78 bcf after last week's build of 80 bcf

Friday's economic calendar features the Employment Situation Report for October at 8:30 ET. Other data include:

  • 9:45 ET: Final October S&P Global U.S. Manufacturing PMI (prior 47.8)
  • 10:00 ET: September Construction Spending (Briefing.com consensus 0.0%; prior -0.1%) and October ISM Manufacturing Index (Briefing.com consensus 47.6%; prior 47.2%)

Overseas:

  • Europe: DAX -1.0%, FTSE -0.6%, CAC -1.1%
  • Asia: Nikkei -0.6%, Hang Seng -0.3%, Shanghai +0.4%

Commodities:

  • Crude Oil +0.76 @ 69.35
  • Nat Gas -0.13 @ 2.71
  • Gold +51.80 @ 2749.30
  • Silver -1.29 @ 32.78
  • Copper -0.02 @ 4.34

After-Hours Spotlight:

  • Amazon (AMZN) beats by $0.29, beats on revs; guides Q4 revs in-line... AMZN up 3.8%
  • Apple (AAPL) beats by $0.04, reports revs in-line; iPhones top estimates; Q1 (Dec) revenue to grow low to mid single digits (Q1 FactSet consensus calls for +6.8% growth)... AAPL down -2.1%
  • Atlassian (TEAM) beats by $0.13, beats on revs; guides Q2 revs above consensus; guides FY25 revs above consensus; authorizes up to $1.5 bln for repurchases... TEAM up 17.2%
  • ChromaDex (CDXC) beats by $0.01, beats on revs... CDXC up 18.3%
  • Intel (INTC) misses by $0.44, beats on revs, non-GAAP gross margin down 27.8 ppts; guides Q4 EPS above consensus, revs in-line; to reduce its headcount by 16,500 employees... INTC up 9.6%

Fair Value for Friday, Nov 1:

  • S&P 500: 5,740
  • Nasdaq 100: 20,026
  • DJIA: 42,953
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):
    • 1-800-FLOWERS (FLWS) beats by $0.02, misses on revs
    • Acadia Healthcare (ACHC) beats by $0.01, reports revs in-line; guides FY24 EPS below consensus, revs below consensus
    • Advanced Energy (AEIS) beats by $0.07, reports revs in-line; guides Q4 EPS in-line, revs in-line
    • Aflac (AFL) beats by $0.47
    • Agnico-Eagle Mines (AEM) beats by $0.12, beats on revs
    • Alaska Air (ALK) beats by $0.03, beats on revs
    • Albany Intl (AIN) beats by $0.16, misses on revs; guides FY24 EPS below consensus, revs below consensus
    • Alkami Technology (ALKT) reports Q3 (Sep) results, beats on revs; guides Q4 revs in-line
    • Allegiant Travel (ALGT) misses by $0.15, reports revs in-line; guides Q4 EPS in-line
    • Allstate (ALL) beats by $1.46, beats on revs
    • Alnylam Pharma (ALNY) beats by $0.42, misses on revs, reiterates FY24 guidance
    • Alphatec (ATEC) reports Q3 (Sep) results, beats on revs; guides FY24 revs above consensus
    • Altair Engineering (ALTR) beats by $0.08, beats on revs
    • Altria (MO) beats by $0.03, beats on revs; reaffirms FY24 EPS guidance
    • AmBev (ABEV) misses on top and bottom lines; approves buyback
    • American Superconductor (AMSC) beats by $0.01, beats on revs; guides Q3 EPS below consensus, revs in-line
    • American Water Works (AWK) misses by $0.04, beats on revs; reaffirms FY24 EPS guidance; reaffirms FY25 EPS guidance
    • Amgen (AMGN) beats by $0.47, reports revs in-line; narrows FY24 EPS guidance, revs in-line
    • Anheuser-Busch InBev (BUD) beats by $0.06, misses on revs
    • Antero Midstream (AM) misses by $0.01, misses on revs
    • Aptiv (APTV) beats by $0.15, misses on revs; guides FY24 EPS in-line, revs in-line
    • Arcosa (ACA) beats by $0.07, misses on revs; lowers FY24 revenue guidance, but raises adjusted EBITDA guidance
    • Arrow Electronics (ARW) beats by $0.16, beats on revs; guides Q4 EPS below consensus, revs in-line
    • Bausch Health (BHC) beats by $0.10, beats on revs; guides FY24 revs above consensus
    • Ball Corp (BALL) beats by $0.05, misses on revs
    • Bandwidth (BAND) beats by $0.11, beats on revs; guides Q4 revs above consensus; guides FY24 revs above consensus
    • Benchmark Electronics (BHE) beats by $0.03, beats on revs; guides Q4 EPS in-line, revs in-line
    • BGC Group (BGC) beats on top and bottom lines; sees Q4 revs above consensus
    • Bio-Rad Labs (BIO) beats by $0.85, beats on revs; guides FY24 revs in-line
    • Booking Holdings (BKNG) beats by $6.19, beats on revs
    • BorgWarner (BWA) beats by $0.16, misses on revs; raises FY24 EPS guidance, lowers revenue guidance
    • Bristol-Myers (BMY) beats by $0.31, beats on revs; raises FY24 guidance
    • California Water (CWT) misses by $0.02, beats on revs
    • Canadian Natrl Res (CNQ) beats by CAD0.06
    • Carvana (CVNA) beats by $0.34, beats on revs, for Q4, expects sequential increase in yr/yr growth rate in retail units sold
    • CF Industries (CF) beats by $0.39, beats on revs
    • Clorox (CLX) beats by $0.47, beats on revs; raises FY25 EPS guidance above consensus, reaffirms FY25 revs guidance
    • CMS Energy (CMS) beats by $0.07, misses on revs; reaffirms FY24 EPS guidance; guides FY25 EPS below consensus
    • Cognex (CGNX) beats by $0.02, reports revs in-line; guides Q4 revs in-line
    • Cognizant Tech (CTSH) beats by $0.10, reports revs in-line; raises FY24 guidance
    • Coinbase Global (COIN) misses by $0.17, misses on revs
    • Columbia Sportswear (COLM) beats by $0.20, reports revs in-line; raises low end of FY24 EPS guidance range, lowers FY24 revenue guidance, approved a $600 mln increase to share repurchase authorization on Oct. 24
    • Comcast (CMCSA) beats by $0.05, reports revs in-line
    • Compass Pathways (CMPS) announced third quarter 2024 financial results; to reduce workforce and exit activities that are not directly tied to the completion of the trials, regulatory filing and commercialization if approved
    • Confluent (CFLT) beats by $0.05, beats on revs; guides Q4 EPS in-line; guides FY24 EPS above consensus
    • CONMED (CNMD) beats by $0.06, reports revs in-line; guides FY24 EPS above consensus, revs below consensus; CEO to retire; promotes COO to be next CEO
    • ConocoPhillips (COP) beats by $0.13, misses on revs; issues FY24 production outlook; increases dividend by 34% and repurchase program by up to $20 bln
    • Cullen/Frost (CFR) beats by $0.07, reports revs in-line
    • Curtiss-Wright (CW) beats by $0.20, beats on revs; raises FY24 guidance
    • DoorDash (DASH) beats by $0.18, beats on revs
    • Dorian LPG (LPG) misses by $0.14, reports revs in-line
    • Eaton (ETN) beats by $0.04, reports revs in-line; guides Q4 EPS in-line; guides FY24 EPS above consensus
    • eBay (EBAY) beats by $0.01, beats on revs, tops GMV guidance; guides Q4 EPS in-line, revs below consensus
    • Entergy (ETR) beats by $0.05; guides FY24 EPS in-line; announces split
    • Estee Lauder (EL) beats by $0.05, reports revs in-line; guides Q2 EPS below consensus; cuts dividend to $0.35/share
    • Equinix (EQIX) beats by $0.35, reports revs in-line; guides Q4 revs above consensus
    • Ethan Allen (ETD) beats by $0.02, misses on revs
    • Etsy (ETSY) misses by $0.08, beats on revs
    • Federal Signal (FSS) beats by $0.03, misses on revs; guides FY24 EPS above consensus, revs in-line
    • Floor & Decor (FND) beats by $0.05, misses on revs; guides FY24 EPS in-line, revs below consensus
    • FormFactor (FORM) beats by $0.04, beats on revs; guides Q4 EPS below consensus, revs below consensus
    • Fresh Del Monte (FDP) beats by $0.30, beats on revs
    • Generac (GNRC) beats by $0.30, beats on revs; raises FY24 revenue growth guidance
    • Gildan Activewear (GIL) reports EPS in-line, revs in-line; guides FY24 EPS above consensus
    • GoDaddy (GDDY) beats by $0.09, reports revs in-line; guides FY24 revs in-line
    • Grainger (GWW) misses by $0.10, reports revs in-line; guides FY24 EPS in-line, revs in-line
    • Hanover Insurance (THG) beats by $0.52, misses on revs
    • Houlihan Lokey (HLI) beats by $0.15, beats on revs; also announces it has acquired Prytania Solutions
    • Hub Group (HUBG) beats by $0.05, misses on revs; guides FY24 EPS in-line, revs below consensus
    • Huntington Ingalls (HII) reports Q3 (Sep) results, misses on revs; provides FY24 forecasts
    • Hyatt Hotels (H) misses by $0.02
    • IDEXX Labs (IDXX) beats by $0.12, reports revs in-line; guides FY24 EPS in-line, revs below consensus
    • IMAX (IMAX) beats by $0.12, misses on revs
    • Informatica (INFA) misses by $0.02, reports revs in-line; guides Q4 revs in-line; guides FY24 revs in-line; new buyback program up to $400 mln
    • ING Groep (ING) reports Q3 results; provides outlook
    • Insight Enterprises (NSIT) misses by $0.18, misses on revs; guides FY24 EPS below consensus
    • Insperity (NSP) beats by $0.06, reports revs in-line
    • Int'l Paper (IP) beats by $0.18, reports revs in-line
    • InterDigital (IDCC) reports Q3 (Sep) results
    • Invitation Homes (INVH) beats by $0.01, beats on revs; guides FY24 FFO in-line
    • Itron (ITRI) beats by $0.72, beats on revs; guides Q4 mid-point of EPS above consensus, revs above consensus
    • Kellanova (K) beats by $0.06, beats on revs; due to previously disclosed merger with Mars, guidance will not be provided
    • Kontoor Brands (KTB) beats by $0.11, beats on revs; guides Q4 EPS below consensus; guides FY24 EPS above consensus, revs below consensus
    • KLA Corporation (KLAC) beats by $0.29, beats on revs; guides Q2 EPS in-line, revs in-line
    • Lazard (LAZ) misses by $0.01, reports revs in-line
    • Lemonade (LMND) beats by $0.07, beats on revs; guides Q4 revs in-line
    • Li Auto (LI) beats by RMB0.94, beats on revs; guides Q4 revs below consensus
    • Lincoln National (LNC) beats by $0.45, misses on revs
    • Linde plc (LIN) beats by $0.04, reports revs in-line; guides Q4 EPS below consensus
    • LPL Financial (LPLA) beats by $0.45, beats on revs, plans to resume share repurchase program in Q4, with estimated $100 million of repurchases planned
    • MarineMax (HZO) beats by $0.03, misses on revs; guides FY25 EPS below consensus
    • Mastercard (MA) beats by $0.15, beats on revs
    • Matson (MATX) beats by $1.23, reports revs in-line; sees Q4 consolidated operating income meaningfully higher than yr-ago period
    • MediaAlpha (MAX) beats by $0.04, beats on revs; guides Q4 revs above consensus
    • Merck (MRK) beats by $0.09, beats on revs; lowers FY24 EPS guidance; narrows FY24 revenue guidance
    • Merit Medical (MMSI) beats by $0.06, beats on revs; raises FY24 EPS, revs outlook
    • Meta Platforms (META) beats by $0.81, reports revs in-line; guides Q4 revs in-line, lowers high end of FY24 total expense guidance range, raises low end of FY24 capex guidance range
    • MetLife (MET) misses by $0.22, misses on revs
    • MGM Resorts (MGM) misses by $0.01, reports revs in-line
    • Microsoft (MSFT) beats by $0.20, beats on revs; Azure +34% CC vs +28-29% CC prior guidance; Guides to DecQ revs slightly below consensus
    • MicroStrategy (MSTR) reports Q3 (Sep) results, misses on revs
    • Mobileye Global (MBLY) reports EPS in-line, beats on revs; guides FY24 revs in-line
    • Monolithic Power (MPWR) beats by $0.09, beats on revs; guides Q4 revs in-line
    • Murphy USA (MUSA) beats by $0.41, misses on revs
    • MYR Group (MYRG) beats by $0.30, misses on revs
    • National Storage Affiliates (NSA) beats by $0.02, misses on revs
    • NETGEAR (NTGR) beats by $0.21, beats on revs; guides Q4 revs in-line
    • Nextracker (NXT) beats by $0.37, beats on revs; guides FY25 EPS above consensus, reaffirms FY25 revs guidance
    • Nikola Corporation (NKLA) misses by $0.51, misses on revs
    • NNN REIT (NNN) beats by $0.01, beats on revs; guides FY24 FFO in-line
    • Norwegian Cruise Line (NCLH) beats by $0.05, beats on revs; guides FY24 EPS above consensus
    • Omega Health (OHI) beats by $0.01, beats on revs; guides FY24 FFO above consensus
    • Parker-Hannifin (PH) beats by $0.06, reports revs in-line; adjusts FY25 guidance
    • Paramount Group (PGRE) beats by $0.01, beats on revs; guides FY24 FFO in-line
    • Patrick Industries (PATX) misses by $0.02, misses on revs
    • Paycom Software (PAYC) beats by $0.06, beats on revs; guides Q4 revs in-line
    • Paylocity (PCTY) beats by $0.25, beats on revs; guides Q2 revs above consensus; guides FY25 revs above consensus
    • Peabody Energy (BTU) beats by $0.16, beats on revs; provides Q4 targets, raises FY24 CapEx guidance
    • Peloton (PTON) beats by $0.15, beats on revs; guides Q2 revs below consensus; guides FY25 revs in-line
    • Pilgrim's Pride (PPC) beats by $0.23, misses on revs
    • PriceSmart (PSMT) misses by $0.09, reports revs in-line
    • Procore Technologies (PCOR) beats by $0.02, beats on revs; guides Q4 revs below consensus; guides FY25 revs below consensus; authorizes up to $300 mln for buybacks
    • Quanta Services (PWR) beats by $0.03, misses on revs; guides FY24 EPS in-line, revs in-line
    • Radware (RDWR) beats by $0.03, beats on revs
    • Regeneron Pharma (REGN) beats by $0.77, beats on revs
    • Riot Platforms (RIOT) reports Q3 (Sep) results, misses on revs
    • Robinhood Markets (HOOD) misses by $0.01, misses on revs
    • Roblox (RBLX) beats by $0.02, misses on revs; guides Q4 revs below consensus
    • Roku (ROKU) beats by $0.26, beats on revs; guides Q4 revs above consensus
    • Rush Street Interactive (RSI) beats by $0.05, beats on revs; raises FY24 revs guidance; authorizes repurchase
    • Ryan Specialty Group (RYAN) reports EPS in-line, revs in-line
    • Sabre (SABR) beats by $0.01, misses on revs; guides Q4 revs below consensus
    • Samsung (SSNLF) reports Q3 results; revs in-line with prelim
    • Service Corp (SCI) beats by $0.02, reports revs in-line; guides Q4 EPS in-line
    • SharkNinja (SN) beats by $0.08, beats on revs; raises FY24 EPS in-line, revs in-line
    • Shell plc (SHEL) beats on top and bottom lines; announces buyback; provides Q4 outlook
    • Silicon Motion (SIMO) beats by $0.08, beats on revs; guides Q4 revs below consensus; appoints Jason Tsai as CFO, effective Oct 28
    • Sleep Number (SNBR) beats by $0.14, misses on revs; guides FY24 revs below consensus
    • Smith & Nephew (SNN) provides Q3 trading update; misses on revs; lowers FY24 revs outlook
    • SolarWinds (SWI) beats by $0.02, beats on revs; guides Q4 EPS above consensus, revs in-line
    • Southern (SO) issues guidance in slides; projects adjusted EPS above consensus
    • Sprouts Farmers Market (SFM) beats by $0.14, beats on revs; guides Q4 EPS above consensus
    • SPX Technologies (SPXC) beats by $0.03, misses on revs; guides FY24 EPS in-line, revs mostly below consensus
    • STAAR Surgical (STAA) reports Q3 (Sep) results, beats on revs; reaffirms FY24 revs guidance
    • Starbucks (SBUX) misses by $0.05, misses on revs
    • Stellantis (STLA) misses Q3 revs; reaffirms outlook
    • STMicroelectronics (STM) beats by $0.05, reports revs in-line; guides Q4 revs in-line
    • Sun Country Airlines (SNCY) reports EPS in-line, revs in-line; guides Q4 revs in-line
    • Teladoc (TDOC) beats by $0.09, beats on revs; guides Q4 revs above consensus
    • Teleflex (TFX) beats by $0.10, reports revs in-line; narrows FY24 EPS in-line, revs below consensus
    • Tenable (TENB) beats by $0.02, beats on revs; ups FY24 EPS, revs guidance; expands repurchase program
    • The Cigna Group (CI) beats by $0.28, beats on revs; guides FY24 EPS below consensus
    • The Marcus Corporation (MCS) reports record third quarter fiscal 2024 results; completes $10 million in share repurchases
    • TotalEnergies (TTE) reports Q3 results
    • Trupanion (TRUP) beats by $0.09, beats on revs
    • TTM Tech (TTMI) reports EPS in-line, beats on revs; guides Q4 EPS above consensus, revs in-line
    • Twilio (TWLO) beats by $0.16, beats on revs; guides Q4 EPS above consensus, revs mostly above consensus
    • Uber (UBER) beats by $0.83, beats on revs
    • UDR (UDR) misses by $0.08, reports revs in-line; guides Q4 FFO below consensus
    • Uniti Group (UNIT) reports FFO in-line, revs in-line; guides FY24 revs in-line
    • Universal Display (OLED) beats by $0.21, misses on revs
    • Utz Brands (UTZ) beats by $0.01, reports revs in-line; reaffirms FY24 EPS guidance
    • Valaris (VAL) reports Q3 (Sep) results, beats on revs
    • Ventas (VTR) beats by $0.01, beats on revs; guides FY24 FFO in-line
    • Warrior Met Coal (HCC) beats by $0.15, beats on revs
    • Watts Water Tech. (WTS) beats by $0.04, reports revs in-line; guides FY24 revs in-line; CFO to retire
    • Wendy's (WEN) reports EPS in-line, beats on revs; guides FY24 EPS in-line
    • Wesco (WCC) beats by $0.37, reports revs in-line; reaffirms FY24 revs guidance
    • Willis Towers Watson (WTW) beats by $0.21, reports revs in-line; guides FY24 EPS in-line, revs above consensus
    • WillScot Mobile Mini (WSC) misses by $0.07, misses on revs; guides FY24 revs below consensus
    • Xcel Energy (XEL) misses by $0.01, misses on revs; guides FY24 EPS in-line; guides FY25 EPS in-line; introduces five-year, $45 bln investment plan
    • Xylem reports (XYL) EPS in-line, misses on revs; guides FY24 EPS below consensus, revs below consensus
  • General News
    • North Korea conducted an ICBM test, according to CNN
    • China wants automakers to pause European investment in nations that supported tariffs, according to Reuters
    • BOJ will encourage the uncollateralized overnight call rate to remain at around 0.25%
    • Iran preparing major retaliatory strike against Israel from Iraqi territory, according to Axios
    • Alphabet (GOOG): OpenAI launches web-searching ChatGPT, bringing real-time answers and new competition to Google, according to WaPo
    • Avadel Pharmaceuticals (AVDL) announces that yesterday, the U.S. District Court for the District of Columbia ruled in favor of the Food and Drug Administration in a suit brought by Jazz Pharmaceuticals Inc. (JAZZ) under the Administrative Procedure Act regarding the FDA’s approval of LUMRYZ
    • Biogen (BIIB) and Eisai Presents Data on Benefits of Long-Term Administration of Dual-Acting Lecanemab at the 17th Clinical Trials for Alzheimer’s Disease (CTAD) Conference
    • Biomea Fusion (BMEA) presents preclinical data showing icovamenib enhanced the activity of GLP-1-based therapies, along with early preclinical efficacy and pharmacokinetic data for BMF-650, a next-generation, oral small-molecule GLP-1 RA candidate
    • Boeing (BA) provided notice of the termination of all commitments under the $10.0 billion supplemental credit agreement
    • Boeing (BA) passed on China air show participation, according to Bloomberg
    • Boise Cascade (BCC) authorizes the repurchase of an additional 1.4 million shares of our common stock under existing common stock repurchase program
    • Broadcom  (AVGO): Apple may sever ties with Broadcom, plans shift to in-house Wi-Fi chips by 2028, according to TF Int'l's Kuo
    • C3.ai (AI) announces the issuance of a new U.S. patent for its advanced AI agent generative AI technology
    • Check Point Software Technologies Ltd. (CHKP) shareholders approve all 2024 Annual General Meeting Proposals
    • China Yuchai (CYD) Board of Directors has approved to terminate its share buyback plan with immediate effect
    • Coinbase (COIN) releases third quarter 2024 shareholder letter
    • Comtech Telecom (CMTL) names John Ratigan as President and CEO
    • CONMED (CNMD) announces that Curt R. Hartman will retire as President and Chief Executive Officer of the Company, effective January 1, 2025
    • DoorDash (DASH) and Lyft (LYFT) partner to unlock exclusive benefits
    • Evolus (EOLS) announces EU approval of Estyme injectable hyaluronic acid gels under new medical device regulation
    • Etsy (ETSY) Directors approves a new $1b stock repurchase program
    • FirstEnergy's (FE) subsidiary Jersey Central Power and Light has obtained approval from the New Jersey Board of Public Utilities to expand its energy efficiency programs
    • Ford Motor (F) will halt production of F-150 Lightning in Dearborn, MI for weeks, according to Detroit Free Press
    • Ford Motor (F) was notified of the intention of Peter C. Stern, President, Ford Integrated Services, to resign from his position in order to pursue a new opportunity
    • Frontdoor (FTDR) is expanding its exclusive agreement with Moen to install Moen Flo Smart Water Monitor and Shutoff, a water shut-off valve, in seven new states for customers who purchase Flo as part of certain marketing programs with home insurance providers
    • Granite Constr (GVA) announces an ~$42 mln design-build contract by Naval Facilities Engineering Systems Command for a sitework and infrastructure project related to the Relay Ground Station-Asia program at Naval Base Guam
    • Huntington Ingalls' (HII) Mission Technologies division was awarded a $3 bln contract to provide strategic-level support to the U.S. Department of Defense and its mission partners to enhance joint force capabilities and accelerate the application of solutions
    • HUTCHMED (HCM) to receive first commercial milestone payment after over $200 million in FRUZAQLA (fruquintinib) sales by Takeda (TAK)
    • Integral Ad Science (IAS) aims to increase prices, according to AdWeek
    • iRhythm (IRTC) receives FDA 510(k) clearance for design modifications to Its Zio AT Device
    • Marathon Petroleum (MPC) increases quarterly cash dividend 10% to $0.91/share from $0.825/share
    • Mastercard (MA) discloses it received a formal request for information from the European Commission seeking documents and information in connection with an investigation into alleged anti-competitive behavior
    • Micron (MU) announces that Robert Switz, its current Board Chair, will retire at the annual shareholders meeting on Jan. 16, 2025
    • NJ Resources Natural Gas (NJR) receives approval for its largest ever energy-efficiency program
    • ONEOK (OKE) announces the successful completion of its acquisition of Medallion Midstream from Global Infrastructure Partners, for a total cash consideration of approximately $2.6 billion
    • Peloton (PTON) announces that Peter Stern, who currently serves as President of Ford Integrated Services and before that held leadership roles at Apple and Time Warner Cable, has been appointed to serve as Peloton’s CEO and President effective January 1, 2025
    • Pulse Biosciences (PLSE) announces "positive" preliminary results from its first-in-human feasibility study using Nanosecond Pulsed Field Ablation for the treatment of benign thyroid nodules
    • Roche Hldg (RHHBY): New England Journal of Medicine Publishes Landmark Phase III Results for Genentech’s Itovebi, showing more than doubling of progression-free survival in certain type of HR-positive advanced breast cancer
    • Roche Hldg (RHHBY) presents new data demonstrating its growing momentum in diagnostics for Alzheimer’s disease at CTAD
    • Root, Inc. (ROOT) announces the successful refinancing of its term loan facility with funds and accounts managed by BlackRock Capital Investment Advisors, LLC and its affiliates
    • Sleep Number (SNBR) Chair, president and CEO Shelly Ibach announces retirement, effective no later than the 2025 Annual Meeting of Shareholders; co engages in an independent executive search firm to help identify CEO succesor
    • Southwest Air (LUV): Elliott aiming to increase economic exposure to 11.3% on LUV, according to Bloomberg
    • Spirit Airlines (SAVE) aiming to furlough about 330 pilots, according to Reuters
    • Starbucks (SBUX) announces removal of extra charge for non-dairy milk starting Nov. 7
    • Supernus Pharma (SUPN) released new data from its exploratory open-label Phase 2a clinical study of SPN-820 in adults with major depressive disorder
    • TD Synnex (SNX) announces its exclusive distribution agreement with IBM (IBM) across 23 countries in the Caribbean
    • Tevogen Bio (TVGN) expands on Microsoft (MSFT) partnership to integrate machine learning and AI into preclinical processes, accelerating drug development and reducing Costs
    • The Baldwin Group (BWIN) details certain provisions of a stockholders agreement
    • Toyota Motor (TM) and Nippon Telegraph and Telephone Corporation have agreed to a joint initiative in the field of mobility and AI/telecommunications with the aim of realizing a society with zero traffic accidents
    • Valero Energy (VLO) announces that Joseph Gorder has chosen to retire as Executive Chairman, CEO and President Lane Riggs to assume Chairman position; effective on Dec 31
    • Walt Disney (DIS) agrees to pay over $500 mln over ten years to air the Grammys, according to Wall Street Journal
    • Watts Water Tech. (WTS) announces retirement of CFO Shashank Patel on March 15, 2025; co has initiated a comprehensive search to identify a successor, which will include both internal and external candidates
    • Westlake Corporation's (WLK) Westlake Royal Building Products has announced a strategic investment initiative to enhance operations and capacity of Newpoint Concrete Roof Tile

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

  • Upgrades:
    • Banc of California (BANC) upgraded to Overweight from Equal Weight at Barclays; tgt raised to $18
    • Danaher (DHR) upgraded to Outperform from Peer Perform at Wolfe Research; tgt $285
    • Envista (NVST) upgraded to Market Perform from Underperform at Leerink Partners; tgt raised to $23
    • KLA Corporation (KLAC) upgraded to Outperform from Perform at Oppenheimer; tgt raised to $850
    • L3Harris (LHX) upgraded to Buy from Neutral at BofA Securities; tgt $300
    • Meritage (MTH) upgraded to Buy from Neutral at Goldman; tgt raised to $235
    • Omega Health (OHI) upgraded to Outperform from Neutral at Exane BNP Paribas; tgt $49
    • Regions Fincl (RF) upgraded to Outperform from Mkt Perform at Keefe Bruyette; tgt raised to $28
    • Smurfit Westrock plc (SW) upgraded to Outperform from Sector Perform at RBC Capital Mkts; tgt raised to $58
    • Valley National (VLY) upgraded to Equal Weight from Underweight at Barclays; tgt raised to $10
    • Wingstop (WING) upgraded to Buy from Neutral at BTIG Research; tgt $370
  • Downgrades:
    • Arm Holdings plc (ARM) downgraded to Underperform from Mkt Perform at Bernstein; tgt $100
    • Biogen (BIIB) downgraded to Equal-Weight from Overweight at Morgan Stanley; tgt lowered to $204
    • Blackbaud (BLKB) downgraded to Neutral from Outperform at Robert W. Baird; tgt lowered to $80
    • Brinker (EAT) downgraded to Market Perform from Outperform at BMO Capital Markets; tgt raised to $105
    • Brinker (EAT) downgraded to Neutral from Overweight at JP Morgan; tgt raised to $100
    • FirstEnergy (FE) downgraded to Neutral from Buy at Seaport Research Partners
    • First Interstate Bancsystem (FIBK) downgraded to Underweight from Equal Weight at Barclays; tgt lowered to $30
    • GlaxoSmithKline (GSK) downgraded to Neutral from Buy at Guggenheim
    • Kraft Heinz (KHC) downgraded to Hold from Buy at Deutsche Bank; tgt lowered to $35
    • Option Care Health (OPCH) downgraded to Hold from Buy at Jefferies; tgt lowered to $26
    • TE Connectivity (TEL) downgraded to Reduce from Hold at HSBC Securities; tgt $137
    • Trane (TT) downgraded to Hold from Buy at HSBC Securities; tgt $405
  • Others:
    • Alumis (ALMS) initiated with an Outperform at Robert W. Baird; tgt $25
    • Enliven Therapeutics (ELVN) initiated with a Buy at JonesResearch
    • ORIC Pharmaceuticals (ORIC) initiated with an Overweight at Wells Fargo; tgt $20
    • ORIC Pharmaceuticals (ORIC) initiated with a Buy at JonesResearch
    • Terns Pharmaceuticals (TERN) initiated with an Outperform at Oppenheimer; tgt $82
    • Vanda Pharma (VNDA) initiated with a Buy at H.C. Wainwright; tgt $18
  • Econ Data (Friday):
    • 8:30 ET: October Nonfarm Payrolls (Briefing.com consensus 120,000; prior 254,000), Nonfarm Private Payrolls (Briefing.com consensus 105,000; prior 223,000), Average Hourly Earnings (Briefing.com consensus 0.3%; prior 0.4%), Unemployment Rate (Briefing.com consensus 4.1%; prior 4.1%), and Average Workweek (Briefing.com consensus 34.2; prior 34.2)
    • 9:45 ET: Final October S&P Global U.S. Manufacturing PMI (prior 47.8)
    • 10:00 ET: September Construction Spending (Briefing.com consensus 0.0%; prior -0.1%) and October ISM Manufacturing Index (Briefing.com consensus 47.6%; prior 47.2%)
  • Earnings:
    • Monday (Oct 28)
      • Pre-Market: AKR BOH CNP HOPE ON PHG PRCT SJW
      • After-Hours: AGYS AMKR AESI BOOT BRX BRO CDNS CALX CWH CSWC CCCS CDP CR CVI PLOW ESI EHC FFIV FLS F HLIT NARI KFRC KRC LEG LTC NWE PCH RMBS REG SAFE SBAC SKY TRNS TMDX TREX UFPI UCTT VFC WM WELL
    • Tuesday (Oct 29)
      • Pre-Market: AMT AWI ABG ATI BP CBZ CECO CHKP CVLT CROX GLW CTS DHI DTM EXP ECL EPD ESAB FELE ULCC GPK HEES HRMY HAYW HNI HUBB INCY IPGP ITT JBI JBLU KNSA LDOS MAS MCD MSCI NWBI NVS PAG PYPL PFE PSX PJT RITM RCL STNG SSTK SOFI SWK SYY THC XRX ZBRA
      • After-Hours: ATRC TXG ATGE AMD ALHC ALSN GOOG AMH APAM BMRN BXP CZR CAKE CHE CMG CB DVA EIX EA ENVX EQT ESS EXEL EXLS EXE EXR FCF FSLR FE FMC HURN IEX NGVT KAI LSTR LFUS MTH MIR MOD MDLZ NRDS OI OKE PK PRO PFS QRVO RDDT RSG SAGE SKWD SNAP STAG SXI SYK UDMY UMBF UIS UNM VRNS V WPC WERN ZWS
    • Wednesday (Oct 30)
      • Pre-Market: ABBV AER ALE ARCC ARVN ADP AVNS AVT AXTA BLCO BHC BIIB BLKB BPMC EAT BG CAT CDW CHEF CLH CWEN CMCO CRTO DAN DAY LLY EXC EXTR FVRR FLEX FTV GRMN GTES GEHC THRM ROCK GSK GPN GPI HR HES HESM HUM ITW IMAX INMD ITCI JKS KEX KHC DRS LIVN MLM MTRN MNRO NAVI NBIX NI NVCR OIS OMCL OMF OSW OPCH OSK OTIS PSN PUMP REYN SHAK SLGN SITE SCL TEX TECH COCO TW TT TTMI UTHR VRSK VMC WING XPO ZBH
      • After-Hours: ACHC AEIS AFL AIN ALKT ALGT ALL ATEC ALTR AWK AMGN AM AR ACGL ACA AXS AX BECN BHE BIO BKNG CHRW WHD CVNA CWST CF CLX CGNX CTSH COIN COLM CODI CRK CFLT CNMD CORT CACC CW CTOS DASH EBAY EIG ERII NVST EPR EQIX EQR ETD ETSY EG FRT FND FORM FCPT FTAI GEN GDDY GRBK THG HLF HTGC HLI HUBG IRT INFA INVH IRTC KLAC LMND LPLA MGY MTW MATX MAX MMSI META MET MGM MSFT MSTR MAA MCW MPWR MUSA MYRG NSA NTGR NMFC NXT NVEE OHI PGRE PAYC PCTY PEN PPC PSMT PCOR PRU PSA RELY RIOT HOOD ROKU ROOT RSI RIG RYAN SIMO SCI SRI SNBR SFM SPXC STAA SBUX SNCY STEM RGR SUM NOVA TNK TDOC TENB TRUP TWLO UDR UMC OLED VTR HCC WTS WSC
    • Thursday (Oct 31)
      • Pre-Market: FLWS AGIO ALGM ALNY MO AME BUD APG APTV ARW AVNT BALL BAND BDC BWA BMY CWT CNQ LNG CNK CMS COP CFR DFIN LPG DRVN DNB ETN ECVT EME ETR NVRI EL FSS FDP GNRC GEL GWW GVA GPRE DINO HII H IDA IDXX NSP IP ICE IDCC IQV ITRI INSM JHG K KIM KTB KYMR LANC LAUR LAZ TREE LI LECO LNC LIN MDGL MBUU HZO MA MRK MGPI MBLY NCLH NKLA OTEX OGN PATK PBF BTU PTON PHIN PWR RDWR PACK REGN RBLX SABR SN SWI SO SIRI STM SXC TFX CI TRN UBER UNIT UPBD UTZ VNT WEC WCC WEN WTW XEL XYL
      • After-Hours: ACCO AEM AES ALNT AMZN AMCR AAPL ARDX ASUR TEAM BJRI CPT CNO COHU CON CTRA CUBE CUBI DORM EMN LOCO FOXF GDYN HALO ICFI IR INTC JNPR LMAT MTZ MERC MKL ONTO KWR RGA SBRA SEM SKYW SM SON TNC X VRRM VIAV VICI VIR ACCO AEM LNT AMZN AMCR AAPL ARDX ASUR TEAM BJRI CPT CNO COHU CON CTRA CUBE CUBI DORM EMN LOCO FOXF GDYN HALO ICFI IR INTC JNPR LMAT MTZ MERC ONTO KWR RGA SBRA SEM SKYW SM SON TNC X VRRM VIAV VICI VIRI
    • Friday (Nov 1)
      • Pre-Market: AMR ARCB ARES BTSG CAH CBOE GTLS CHTR CVX CHD DBRG D ENB ESNT XOM FUBO IMO TILE LYB MGA NVT MD PPL PRLB RBC TROW TXNM WAT W
      • After-Hours: None
    • General Motors: 5,000 members at GM's Arlington, TX assembly plant join UAW strike
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