After Hours Report

The stock market took a breather after a solid run since the election results last week. Losses were muted, though, compared to gains since last Tuesday's close. The Russell 2000 fell 1.8% today, which leaves the index up 5.8% since the election. 

Downside moves were fueled by profit-taking, along with rising market rates. The 10-yr yield settled 12 basis points higher at 4.43% and the 2-yr yield settled nine basis points higher at 4.34%.

Many stocks moved lower due to broad selling interest. The Invesco S&P 500 Equal Weight ETF (RSP) declined 0.8% and nine S&P 500 sectors registered losses. The consumer discretionary sector (-1.1%) was among the worst performers, clipped by losses in Tesla (TSLA 328.49, -21.51, -6.2%) and Home Depot (HD 403.08, -5.21, -1.3%). TSLA shares fell under consolidation efforts and HD shares responded to earnings news. 

Gains in some mega cap names provided some offsetting support to the broader equity market. Microsoft (MSFT 423.03, +5.02, +1.2%) and NVIDIA (NVDA 148.29, +3.03, +2.1%) were standouts in that respect.

The New York Fed released its Survey of Consumer Expectations for October was released this morning, but received a muted response from equities. It showed that year-ahead inflation expectations dipped to 2.9% from 3.0% while the three-year outlook decreased to 2.5% from 2.7%, and the five-year expectations dipped to 2.8% from 2.9%.

Today's economic data was limited to the NFIB Small Business Optimism survey, which rose to 93.7 in October from 91.5 in September. Wednesday's calendar features the October Consumer Price Index and core-Consumer Price Index at 8:30 ET. 

• Nasdaq Composite: +28.5%
• S&P 500: +25.5%
• S&P Midcap 400: +18.4%
• Russell 2000: +18.0%
• Dow Jones Industrial Average: +16.5%

Overseas:

• Europe: DAX -2.1%, FTSE -1.2%, CAC -2.7%
• Asia: Nikkei -0.5%, Hang Seng -2.8% Shanghai -1.4%

Commodities:

• Crude Oil +0.16 @ 68.23
• Nat Gas -0.02 @ 2.90
• Gold -13.00 @ 2605.50
• Silver +0.11 @ 30.76
• Copper -0.09 @ 4.14

After-Hours Spotlight:

• CAVA Group (CAVA) beats by $0.04, beats on revs; comps +18.1%... CAVA up 13.5%
• Instacart (CART) beats by $0.20, reports revs in-line... CART down 3.8%
• Integral Ad Science (IAS) beats by $0.02, misses on revs; guides Q4 revs below consensus... IAS down 13.6%
• Paymentus (PAY) beats by $0.05, beats on revs; guides Q4 revs above consensus... PAY up 27.6%
• Rocket Lab USA (RKLB) misses by $0.01, beats on revs; guides Q4 revs above consensus; signs a multi-launch agreement with a confidential commercial satellite constellation operator for its new medium-lift rocket Neutron... RKLB up 19.9%
• Spotify (SPOT) misses by €0.24, reports revs in-line, exceeds MAU guidance; guides Q4 revs below consensus, expects 665 mln MAUs... SPOT up 8.4%
• ZoomInfo (ZI) beats by $0.06, beats on revs; guides Q4 EPS in-line, revs in-line... ZI down 10.0%

Fair Value for Wednesday, Nov 13:

• S&P 500: 6,010
• Nasdaq 100: 21,173
• DJIA: 44,053

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

• Earnings/Guidance (Full Earnings Calendar):
  • Alcon (ALC) reported Q3 results with lower sales / narrowed EPS outlook
  • Angi (ANGI) beats by $0.07, reports slight beat on revs; IAC is considering a spin-off of its ownership stake in Angi
  • Archrock (AROC) beats by $0.01, beats on revs; guides FY24 revs in-line
  • Assured Guaranty (AGO) beats by $1.08, beats on revs; $250 mln increase to its share repurchase authorization
  • AstraZeneca (AZN) beats by $0.04, beats on revs; raises guidance
  • Bayer (BAYRY) reports Q3 results
  • BeiGene (BGNE) misses by $0.04, beats on revs
  • Camtek (CAMT) beats by $0.06, beats on revs; guides Q4 revs above consensus
  • CG Oncology (CGON) beats by $0.06, misses on revs
  • Chunghwa Telecom (CHT) reports October sales +3.5% yr/yr to NT 20.12 bln
  • Cogent Biosciences (COGT) misses by $0.07
  • Disc Medicine (IRON) beats by $0.15
  • EchoStar (SATS) misses by $0.13, reports revs in-line
  • First Advantage Corp. (FA) beats by $0.01, misses on revs; reaffirms FY24 EPS guidance, revs guidance
  • Gatos Silver (GATO) beats by $0.01, reports revs in-line (two ests)
  • Genius Sports (GENI) beats by $0.06, beats on revs; guides Q4 revs in-line; guides FY24 revs above consensus
  • Grab (GRAB) beats by $0.02, beats on revs; raises FY24 revs
  • Hertz Global (HTZ) misses by $0.22, misses on revs
  • Home Depot (HD) beats by $0.13, beats on revs; guides FY25 EPS above consensus, revs above consensus
  • HUYA (HUYA) beats by RMB0.12, reports revs in-line
  • IAC Inc. (IAC) reports Q3 (Sep) results, beats on revs; co is exploring a spinoff of its 85% ownership in Angi
  • IHS Holding Limited (IHS) reports Q3 (Sep) results, beats on revs; reiterates FY24 revs in-line
  • James River Group (JRVR) reports Q3 (Sep) results, beats on revs
  • Lemonade (LMND) will hold its in-person Investor Day November 19; expected to deliver Adjusted EBITDA profitability during 2026
  • Live Nation (LYV) beats by $0.05, misses on revs
  • Luminar Technologies (LAZR) misses by $0.01, misses on revs; expects Q4 revs to grow moderately relative to Q3
  • Mirum Pharmaceuticals (MIRM) beats by $0.15, beats on revs
  • Monolithic Power (MPWR) confirmed the company has no performance issues and remains in NVIDIA Corporation’s (NVDA) bill of materials for its next generation systems; Q4-2024 guidance remains unchanged
  • Mosaic (MOS) misses by $0.18, misses on revs
  • NET Power (NPWR) provides Q3 operations update
  • Nevro (NVRO) beats by $0.40, beats on revs; guides FY24 revs in-line, raises adjusted EBITDA guidance
  • Northwest Natural (NWN) beats by $0.08, beats on revs; reaffirms FY24 EPS guidance
  • Novavax (NVAX) beats by $0.07, beats on revs; guides FY24 revs below consensus; FDA removes clinical hold on IND application for COVID-19-Influenza combination and stand-alone influenza vaccine candidates
  • On (ONON) misses by CHF0.04, beats on revs; raises sales outlook
  • Pactiv Evergreen (PTVE) beats by $0.01, misses on revs
  • Repligen (RGEN) beats by $0.09, reports revs in-line; guides FY24 EPS above consensus, revs above consensus
  • Rockwell Medical (RMTI) reports third quarter 2024 earnings
  • RumbleOn (RMBL) Announces Third Quarter 2024 Earnings Release and Conference Call Schedule
  • Schrodinger (SDGR) misses by $0.24, misses on revs
  • Shoals Technologies (SHLS) misses by $0.02, beats on revs; guides Q4 revs above consensus
  • Shopify (SHOP) beats on revs
  • SpringWorks Therapeutics (SWTX) beats by $0.03, misses on revs
  • Sunstone Hotel (SHO) misses by $0.01, reports revs in-line; lowers FY24 FFO below consensus
  • Surgery Partners (SGRY) misses by $0.06, reports revs in-line; reaffirms FY24 revs guidance
  • Talos Energy (TALO) misses by $0.07, reports revs in-line; improves FY24 production guidance
  • Tencent Music (TME) misses by RMB0.12, reports revs in-line
  • TreeHouse Foods (THS) reports Q3 (Sep) results, misses on revs; guides Q4 revs below consensus
  • Triumph Group (TGI) beats by $0.18, beats on revs; raisesFY25 EPS above consensus, reaffirms FY25 revs in-line
  • Tyson Foods (TSN) beats by $0.20, beats on revs; guides FY25 revs below consensus
  • Universal Corporation (UVV) provided second quarter fiscal year 2025 financial and operational update; filed to delay its 10-Q citing internal investigation
  • Vaalco Energy (EGY) misses by $0.06; beats on revs
  • Valens Semiconductor (VLN) sees FY24 revs in line; sees FY25 revs above consensus
  • Zeta Global (ZETA) misses by $0.03, beats on revs; guides Q4 revs above consensus
• General News
  • President-elect Trump will likely name Senator Marco Rubio (R-FL) as Secretary of State and will select Rep. Mike Waltz (R-FL) as National Security Advisor. These picks signal Mr. Trump's intention to be aggressive towards China (FXI), according to CNN
  • President-elect Trump will select South Dakota Governor Kristi Noem as Secretary of Homeland Security, according to CNN
  • Germany will hold federal elections on February 23, according to CNN
  • US aiming to triple nuclear power by 2050, according to Bloomberg
  • John Paulson drops out of running to be President-elect Trump's Treasury Secretary because of his "complex financial obligations", according to WSJ
  • President-elect Trump is expected to place a halt on pending TikTok ban when he takes office, according to Washington Post
  • President-elect Trump's transition spokeswoman Karoline Leavitt confirms that Mike Waltz (R-FL) will be appointed as National Security Advisor
  • Alibaba (BABA): Taobao and Tmall’s 11.11 shopping festival records robust growth
  • Amazon (AMZN) aiming to build AI chips to challenge Nvidia (NVDA), according to Financial Times
  • Amedisys (AMED): Justice Department confirmed lawsuit to block UnitedHealth Group’s (UNH) acquisition of AMED
  • Apple (AAPL) aiming to introduce smart security camera by 2026, according to Verge
  • Apple (AAPL): EU Commission and national authorities call on Apple to stop geo-blocking practices on Apple Media Services
  • Apple (AAPL): China court will hear lawsuit challenging Apple's application store practices, according to Bloomberg
  • Arcturus Therapeutics (ARCT) Receives Clearance from FDA to Begin H5N1 Pandemic Flu Vaccine Clinical Trial
  • Artisan Partners Asset Mgmt (APAM) reports that its preliminary assets under management as of October 31, 2024 totaled $162.8 billion
  • AstraZeneca (AZN) reports KOMET Phase III trial met primary endpoint
  • AstraZeneca (AZN): Datopotamab Deruxtecan new BLA Submitted for Accelerated Approval in the U.S.
  • Autoliv (ALV) raises dividend and extends share repurchase
  • Baidu (BIDU) aiming to introduce artificial intelligence smart glasses, according to Financial Times
  • BitFuFu (FUFU) Secures $100 Million Credit Line From Antpool Technologies
  • Banco Bilbao Vizcaya Argentaria (BBVA)/ /SABADELL (BNDSF) merger requires further analysis by authorities -- moved to second phase
  • Banco Santander Chile (BSAC) announces Patricia Perez as its new CFO, becoming the first woman to hold this position in the local subsidiary
  • Boeing (BA) reports 335 YTD to orders after cancellations and conversions
  • Boeing (BA) receives order for up to 80 Boeing 737 MAX Jets from Avia Solutions Group
  • Cameco (CCJ) files $2 bln mixed securities shelf offering
  • Cheesecake Factory (CAKE) activist has prepared list of private equity buyers for some smaller brands, according to Axios
  • Cohen & Steers (CNS) reports preliminary assets under management of $89.7 billion as of October 31, 2024, a decrease of $2.0 billion from assets under management of $91.8 billion at September 30, 2024
  • Dyne Therapeutics (DYN) filed a prospectus supplement relating to the offer and sale of a total of up to $300,000,000 of shares of the Company’s common stock
  • Enstar Group (ESGR) announces that one of its wholly-owned subsidiaries has entered into an adverse development cover reinsurance agreement with certain subsidiaries of James River Group Holdings (JRVR)
  • Exxon Mobil (XOM) aiming to sell older Permian assets, according to Reuters
  • Exxon Mobil (XOM) discloses it intends to release details about its corporate plan, including its capital plans to 2030 and a detailed discussion of its Upstream business; This information is expected to be posted at 6:00 a.m. U.S. Central time on Wednesday, December 11, 2024
  • Franklin Resources (BEN) reports preliminary month-end assets under management of $1.63 trillion at October 31, 2024, compared to $1.68 trillion at September 30, 2024
  • First Watch Restaurant Group (FWRG) announces the pricing of its previously announced underwritten secondary offering by certain funds managed by Advent International, L.P. of 8,000,000 shares of the Company’s common stock
  • GE HealthCare (GEHC) announces an initiative with AMN Healthcare aimed at helping address the critical shortage of radiologic technologists in the healthcare industry
  • GE Vernova (GEV) execs will not search for new offshore wind turbine orders at this time, according to Financial Times
  • GlaxoSmithKline (GSK): Ojjaara (momelotinib) approved in Canada for the treatment of myelofibrosis in adults who have moderate to severe anemia
  • GlaxoSmithKline (GSK) and Vesalius Therapeutics announced a multi-target strategic alliance with GSK to discover and develop novel treatments for Parkinson's disease and another undisclosed neurodegenerative indication
  • H & R Block (HRB): FTC action stops H&R Block’s unfair downgrading practices and deceptive promises of 'free' filing
  • Healthcare Realty (HR) announced that Todd Meredith will step down as President and CEO and as a member of the Board of Directors effective immediately
  • Invesco (IVC) reports preliminary month-end assets under management of $1,772.0 billion, a decrease of 1.3% versus previous month-end
  • Johnson & Johnson (JNJ) announces that the U.S FDA has granted nipocalimab Breakthrough Therapy designation for the treatment of adults living with moderate-to-severe Sjögren's disease, a debilitating and chronic autoantibody disease with high prevalence, for which no approved advanced treatments are available
  • Kingsoft Cloud (KC) entered into a finance lease agreement in order to accelerate its investment into AI infrastructure
  • LivaNova (LIVN) announces OSPREY clinical study meets primary safety and efficacy endpoints
  • Merck (MRK) to Present New Data From GARDASIL9 Studies Reinforcing the Importance of Gender-Neutral HPV Vaccination in Adults Up to Age 45 at the International Papillomavirus Conference (IPVC) 2024
  • Neurogene (NGNE) Reports Positive Interim Efficacy Data from First Four Low-Dose Pediatric Participants in NGN-401 Gene Therapy Clinical Trial for Rett Syndrome
  • NexGen Energy (NXE) announces best hole to date (RK-24-222) and high-grade expansion at Patterson Corridor East concluding a successful 2024 drilling program
  • Nu Holdings' (NU) Nubank surpassed 100 mln customers in Brazil
  • NY Times (NYT) workers to end strike, according to the New York Times
  • Organogenesis (ORGO) Reports Positive Interim Analysis of Second Phase 3 Clinical Trial of ReNu for Knee Osteoarthritis
  • Owens & Minor (OMI): FDA releases warning letter against OMI
  • Pfizer (PFE) considering sale of its hospital drug unit, according to Reuters
  • Philip Morris International (PM): FDA Reauthorizes Swedish Match’s General snus as a Modified Risk Tobacco Product
  • Plains All American (PAA): The California State Lands Commission announces a $72.5 million settlement with Plains All American Pipeline LP
  • Robinhood Markets (HOOD) reports October 2024 operating data; Assets Under Custody up 5% from September
  • Sagimet Biosciences (SGMT): Ascletis Pharma announces completion of enrollment of 480 patients for Phase III clinical trial of ASC40 (denifanstat) once-daily oral tablet for treatment of moderate to severe acne
  • Schrodinger (SDGR) announced a research collaboration and license agreement with Novartis (NVS) to advance multiple development candidates into Novartis’s portfolio
  • Sibanye-Stillwater (SBSW) concludes one-year wage agreement with unions at its SA gold operations
  • Simmons First National (SFNC) announced executive changes before the open; CEO Bob Fehlman set to retire at the end of 2024
  • Spirit Aerosystems (SPR): Airbus (EADSY) also nearing funding deal, according to Reuters
  • Spirit Aerosystems (SPR) announces an Advance Payments Agreement with Boeing (BA), in which Boeing has committed to pay Spirit, as advance payments, up to a total of $350,000,000.00 to produce Boeing products at the rates required by Boeing
  • Spirit Airlines (SAVE) plane was hit by gunfire while attempting to land in Haiti, according to the Wall Street Journal
  • Stanley Black & Decker (SWK) provided several updates ahead of Baird conference
  • Strattec Security (STRT) appoints Matthew Pauli as Senior Vice President, Chief Financial Officer effective November 13, 2024
  • Syndax (SNDX) announces "positive" pivotal topline results from relapsed or refractory mNPM1 AML cohort in AUGMENT-101 trial of revumenib
  • Target (TGT) reveals store hours for Black Friday, announces extended shopping hours
  • Taiwan Semiconductor Manufacturing (TSM) approved long-term capacity plans and the distribution of a NT$4.50 per share cash dividend for the third quarter of 2024
  • Teradyne (TER) increases share repurchase plan for 2024
  • Trane (TT) and Autodesk (ADSK) announced a strategic collaboration aimed at optimizing commercial building design for sustainability
  • VinFast Auto (VFS) delivered more than 11,000 electric vehicles to domestic customers in October; to reorganize certain of its subsidiaries to create a leaner structure
  • Visa (V) announced that the Flexible Credential is expanding to the U.S. and will be rolling out with Affirm (AFRM) and in the United Arab Emirates with Liv
  • Walt Disney (DIS) mulling additional CEO candidates, according to WSJ

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

• Upgrades:
  • argenx (ARGX) upgraded to Outperform from Peer Perform at Wolfe Research; tgt $697
  • Avidbank Holdings (AVBH) upgraded to Buy from Neutral at Janney; tgt $26
  • Bristol-Myers (BMY) upgraded to Outperform from Market Perform at Leerink Partners; tgt $73
  • Buckle (BKE) upgraded to Neutral from Sell at UBS; tgt raised to $46
  • Canadian Nat'l Rail (CNI) upgraded to Buy from Neutral at Citigroup; tgt raised to $130
  • Carter's (CRI) upgraded to Neutral from Sell at Citigroup; tgt $50
  • C.H. Robinson (CHRW) upgraded to Buy from Neutral at Citigroup; tgt raised to $127
  • iHeartMedia (IHRT) upgraded to Neutral from Underperform at BofA Securities; tgt raised to $3
  • Intl Flavors (IFF) upgraded to Overweight from Equal-Weight at Morgan Stanley; tgt lowered to $110
  • SentinelOne (S) upgraded to Buy from Hold at Deutsche Bank; tgt raised to $32
  • South Atlantic Bancshares (SABK) upgraded to Buy from Neutral at Janney; tgt $17.25
  • Twilio (TWLO) upgraded to Overweight from Equal Weight at Wells Fargo; tgt raised to $120
  • Viking Holdings Ltd (VIK) upgraded to Overweight from Equal-Weight at Morgan Stanley; tgt raised to $49
• Downgrades:
  • AeroVironment (AVAV) downgraded to Hold from Buy at Jefferies; tgt $240
  • Airbnb (ABNB) downgraded to Reduce from Neutral at Phillip Securities
  • Alnylam Pharma (ALNY) downgraded to Underperform from Peer Perform at Wolfe Research
  • Asbury Automotive (ABG) downgraded to Neutral from Buy at Seaport Research Partners
  • Atlas Energy Solutions (AESI) downgraded to Equal Weight from Overweight at Barclays; tgt lowered to $19
  • First Mid-Illinois Bancshares (FMBH) downgraded to Neutral from Buy at DA Davidson; tgt raised to $47
  • Five9 (FIVN) downgraded to Equal Weight from Overweight at Wells Fargo; tgt lowered to $40
  • GlaxoSmithKline (GSK) downgraded to Hold from Buy at Jefferies; tgt lowered to $39.50
  • Horace Mann (HMN) downgraded to Mkt Perform from Outperform at Keefe Bruyette; tgt raised to $44
  • Hudson Pacific Properties (HPP) downgraded to Hold from Buy at Jefferies; tgt lowered to $5
  • Knight-Swift (KNX) downgraded to Sell from Neutral at Citigroup; tgt $56
  • Okta (OKTA) downgraded to Hold from Buy at Deutsche Bank; tgt lowered to $85
  • Phunware (PHUN) downgraded to Neutral from Buy at H.C. Wainwright; tgt lowered to $6
  • Ross Stores (ROST) downgraded to Neutral from Buy at Citigroup; tgt lowered to $152
  • RXO, Inc. (RXO) downgraded to Neutral from Buy at Citigroup; tgt $33
  • Schneider National (SNDR) downgraded to Sell from Neutral at Citigroup; tgt lowered to $30
  • Sprinklr (CXM) downgraded to Underweight from Equal Weight at Wells Fargo; tgt lowered to $6
  • TriCo Bancshares (TCBK) downgraded to Neutral from Buy at DA Davidson; tgt raised to $53
• Others:
  • Allegro Microsystems (ALGM) initiated with a Buy at Loop Capital; tgt $30
  • Altimmune (ALT) initiated with a Buy at UBS; tgt $26
  • Cadence Design (CDNS) initiated with a Buy at Loop Capital; tgt $360
  • Illumina (ILMN) resumed with an Equal-Weight at Morgan Stanley; tgt $156
  • Inventiva (IVA) initiated with a Neutral at UBS; tgt $3
  • Marvell (MRVL) initiated with a Hold at Loop Capital; tgt $95
  • Monday.com (MNDY) resumed with a Neutral at DA Davidson; tgt $300
  • Monolithic Power (MPWR) initiated with a Hold at Loop Capital; tgt $660
  • NVIDIA (NVDA) initiated with a Buy at Redburn Atlantic; tgt $178
  • NXP Semi (NXPI) initiated with a Buy at Loop Capital; tgt $300
  • ON Semiconductor (ON) initiated with a Buy at Loop Capital; tgt $95
  • Qorvo (QRVO) initiated with a Hold at Loop Capital; tgt $73
  • Qualcomm (QCOM) initiated with a Hold at Loop Capital; tgt $180
  • Rambus (RMBS) initiated with a Buy at Loop Capital; tgt $70
  • Sagimet Biosciences (SGMT) initiated with a Buy at UBS; tgt $12
  • Skyworks (SWKS) initiated with a Hold at Loop Capital; tgt $90
  • Synopsys (SNPS) initiated with a Buy at Loop Capital; tgt $675
  • VEON (VEON) initiated with a Buy at The Benchmark Company; tgt $48

• Econ Data (Wednesday):
  • 7:00 ET: Weekly MBA Mortgage Index (prior -10.8%)
  • 8:30 ET: October CPI (Briefing.com consensus 0.2%; prior 0.2%) and Core CPI (Briefing.com consensus 0.3%; prior 0.3%)
  • 10:30 ET: Weekly crude oil inventories (prior +2.15 mln)
  • 14:00 ET: October Treasury Budget (prior $64.0 bln)
• Earnings:
  • Monday (Nov 11)
    • Pre-Market: ARMK MNDY SPNS
    • After-Hours: AROC AGO JRVR LAZR NVRO RDNT TALO ZETA
  • Tuesday (Nov 12)
    • Pre-Market: ALIT AZN AVDL CAMT DAVA EVGO FA GENI HTZ HD HUYA IAC IHS IGT LEGN LYV MIRM MOS NMRA NWN NVAX ONON PTVE PGY PLL PLUG RGEN ROIV SRRK SDGR SE FOUR SHLS SDHC SPHR SWTX SHO SGRY SLVM TH TME THS TGI TSN
    • After-Hours: DOX AHR AZTA CNNE CAVA CHGG IMOS CRNX DHT EVCM GRAB HPP ICUI CART IAS LNW MARA NTRA NATL NPCE OXY OUT FNA PAY PRDO PGNY PRTA PUBM RXT RPAY RKLB SDRL SWKS SOUN SPOT SU TTGT MODG XENE ZI
  • Wednesday (Nov 13)
    • Pre-Market: AFCG ARCO CYBR DOLE ENLT GFF JHX LOAR PSFE RSKD SSYS TSEM MRSN
    • After-Hours: BZH BV CSCO DGII DLO HP HI IBTA JJSF KLIC SONO TTEK
  • Thursday (Nov 14)
    • Pre-Market: AAP BILI NTES NICE NOMD SBH TLN OCUL DIS ZK
    • After-Hours: AMAT ESE GLOB POST
  • Friday (Nov 15)
    • Pre-Market: BABA SPB
    • After-Hours: GDS TCOM
General Motors: 5,000 members at GM's Arlington, TX assembly plant join UAW strike