After Hours Report

Updated: 07-Nov-24 17:36 ET
The Trade Desk attracting many sellers despite upbeat Q3 report and Q4 guidance

The S&P 500 (+0.7%) and Nasdaq Composite (+1.5%) moved further into record territory while the Dow Jones Industrial Average closed little changed from yesterday. The Russell 2000 declined 0.4% after yesterday's 6% surge. 

The S&P 500 and Nasdaq Composite were higher through the whole session, hitting session highs in response to Fed Chair Powell's press conference, which followed the unanimous FOMC vote to cut the target range for the fed funds rate by 25 basis points to 4.50-4.75%, as expected.

The positive response in equities wasn't related so much to anything the Fed Chair said about policy, but rather more about what he didn't say -- or imply. Specifically, he didn't implicitly remove the possibility of another rate cut at the December FOMC meeting. Mr. Powell reiterated, as we thought he might, that policy is not on a preset course and that decisions will be made on a meeting-by-meeting basis.

The Fed chair seemed to be marveling at the strength of the economy and the Fed's policy settings, both of which he thinks are in a very good place. He deferred answering questions about how president-elect Trump's policy proposals might affect the Fed's decision-making, noting simply the Fed can't really model for them because it doesn't know any of the specifics yet.

As an aside, he sounded terse indicating he wouldn't resign his position if president-elect Trump asked him to, and said simply that the president firing or demoting him is not permitted under the law.

The major indices ultimately settled below session highs while Treasury yields, which moved to session lows during the press conference, settled near intraday lows. The 10-yr yield dropped nine basis points to 4.34% and the 2-yr yield dropped five basis points to 4.22%.

The initial upside bias in stocks was related to momentum from yesterday's post-election rally, along with a fear of missing out on further gains. A batch of economic data that was mostly in line with expectations also helped the positive bias. Today's releases featured a smaller than expected uptick in weekly jobless claims (to 221,000 from 218,000; Briefing.com consensus 222,000) and a preliminary reading of the Q3 Productivity/unit labor costs report that featured a smaller than expected increase in productivity (2.2%; Briefing.com consensus 2.3%) and a bigger than expected rise in labor costs (1.9%; Briefing.com consensus 0.5%)

  • Nasdaq Composite: +28.4%
  • S&P 500: +25.2%
  • S&P Midcap 400: +18.0%
  • Dow Jones Industrial Average: +16.0%
  • Russell 2000: +17.5%

Reviewing today's economic data:

  • Weekly Initial Claims 221K (Briefing.com consensus 222K); Prior was revised to 218K from 216K, Weekly Continuing Claims 1.892 mln; Prior was revised to 1.853 mln from 1.862 mln
    • The key takeaway from the report is essentially the same as last week. Layoff activity remains calm, but for employees who do get laid off it is more challenging to find a new job, which is a reality consistent with a softening labor market.
  • Q3 Productivity-Prel 2.2% (Briefing.com consensus 2.3%); Prior was revised to 2.1% from 2.5%, Q3 Unit Labor Costs-Prel 1.9% (Briefing.com consensus 0.5%); Prior was revised to 2.4% from 0.4%
    • The key takeaway from the report is that productivity growth is helping to keep labor costs in check.
  • September Wholesale Inventories -0.2% (Briefing.com consensus -0.1%); Prior was revised to 0.2% from 0.1%

Friday's economic calendar features the preliminary November University of Michigan Consumer Sentiment survey at 10:00 ET. 

Overseas:

  • Europe: DAX +1.7%, FTSE -0.3%, CAC +0.8%
  • Asia: Nikkei -0.1%, Hang Seng +2.0% Shanghai +2.6%

Commodities:

  • Crude Oil +0.68 @ 72.39
  • Nat Gas -0.06 @ 2.69
  • Gold +29.50 @ 2706.20
  • Silver +0.54 @ 31.88
  • Copper +0.18 @ 4.43

After-Hours Spotlight:

  • Agilon Health (AGL) misses by $0.19, misses on revs; guides Q4 revs above consensus... AGL down 28.7%
  • Airbnb (ABNB) misses by $0.01, reports revs in-line; guides Q4 revs in-line... ABNB down 3.3%
  • Bill.com (BILL) beats by $0.12, beats on revs; guides Q2 EPS above consensus, revs in-line; guides FY25 EPS above consensus, revs above consensus... BILL up 12.6%
  • Block (SQ) reports EPS in-line, misses on revs; issues Q4 outlook and prelim FY25 outlook... SQ down 3.6%
  • Doximity (DOCS) beats by $0.04, beats on revs; guides Q3 revs above consensus... DOCS up 37.5%
  • Evolent Health (EVH) misses by $0.55, reports revs in-line; guides Q4 revs in-line, no longer expects to exit 2024 at an Adjusted EBITDA run rate of $300 million... EVH down 34.7%
  • Expedia Group (EXPE) beats by $0.08, misses on revs; Also announces that CFO Julie Whalen will step down from her role upon appointment of her successor... EXPE up 3.4%
  • FIGS, Inc. (FIGS) reports EPS in-line, misses on revs; guides FY24 revs below consensus... FIGS down 15.5%
  • Five9 (FIVN) beats by $0.08, beats on revs; guides Q4 EPS in-line, revs above consensus... FIVN up 21.9%
  • Lumentum (LITE) beats by $0.06, beats on revs; guides Q2 EPS above consensus, revs above consensus... LITE up 18.1%
  • Pinterest (PINS) beats by $0.06, reports revs in-line; guides Q4 revs in-line... PINS down 11.5%
  • Redfin (RDFN) misses by $0.08, reports revs in-line; guides Q4 revs in-line... RDFN down 14.2%
  • Sweetgreen (SG) misses by $0.05, misses on revs, comps up +6%; guides FY24 revs in-line, comps of +6-7%... SG down 6.7%
  • The Trade Desk (TTD) beats by $0.02, beats on revs; guides Q4 revs above consensus... TTD down 14.8%
  • Toast (TOST) reports Q3 results, beats on revs and adjusted EBITDA... TOST up 14.9%
  • Upstart (UPST) beats by $0.08, beats on revs; guides Q4 revs above consensus... UPST up 11.8%
  • WEBTOON Entertainment (WBTN) beats by $0.60, beats on revs; guides Q4 revs in-line... WBTN up 11.9%

Fair Value for Friday, Nov 8:

  • S&P 500: 6,003
  • Nasdaq 100: 21,220
  • DJIA: 43,889
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):
    • ACI Worldwide (ACIW) beats by $0.35, beats on revs; raises FY24 guidance
    • ACM Research (ACMR) beats by $0.25, beats on revs; guides FY24 revs in-line
    • Acushnet (GOLF) beats by $0.10, reports revs in-line; reaffirms FY24 revs guidance, raises low end of adjusted EBITDA guidance range
    • Airbus (EADSY) reports 62 October deliveries
    • Air Products (APD) beats by $0.08, reports revs in-line; guides Q1 EPS below consensus; guides FY25 EPS below consensus
    • Albemarle (ALB) misses by $1.11, reports revs in-line; provides update on operating structure review; announces a 6-7% workforce reduction
    • AMC Entertainment (AMC) beats by $0.05, beats on revs
    • Amedisys (AMED) misses by $0.19, reports revs in-line
    • Ameren (AEE) misses by $0.03, reports revs in-line; guides FY24 EPS in-line; guides FY25 EPS in-line
    • ANSYS (ANSS) beats by $0.80, beats on revs
    • Anywhere Real Estate (HOUS)  reports Q3 (Sep) results, misses on revs
    • Appian (APPN) beats by $0.24, beats on revs; guides Q4 EPS below consensus, revs in-line
    • Applied Therapeutics (APLT) misses by $0.32, beats on revs
    • AppLovin (APP) beats by $0.37, beats on revs; guides Q4 revs above consensus
    • ArcelorMittal (MT) beats by $0.10, reports revs in-line
    • Arm Holdings plc (ARM) beats by $0.04, beats on revs; guides Q3 EPS in-line, revs in-line; reaffirms FY25 EPS guidance, revs guidance
    • Ashland (ASH) misses by $0.02, reports revs in-line; guides FY25 revs below consensus
    • Aurinia Pharma (AUPH) beats by $0.09, beats on revs; reaffirms net product revenue guidance for FY24
    • Aveanna (AVAH) beats by $0.03, beats on revs; raises FY24 revenue guidance
    • Axcelis Tech (ACLS) beats by $0.06, reports revs in-line; guides Q4 EPS below consensus, revs below consensus
    • BCE Inc (BCE) reports Q3 results; provides FY24 guidance
    • Becton Dickinson (BDX) beats by $0.04, beats on revs; guides FY25 EPS in-line, revs above consensus
    • Berry Petroleum (BRY) misses by $0.01, beats on revs
    • Beyond Meat (BYND) beats by $0.07, beats on revs; guides FY24 revs in-line
    • Bombardier (BDRBF) reports Q3 results, revenue up 12%
    • Bumble Inc. (BMBL) reports Q3 (Sep) results, revs in-line; guides Q4 revs in-line; guides FY24 revs in-line
    • Burford Capital (BUR) also reports third quarter 2024 results
    • Cameco (CCJ) misses by CAD 0.03, beats on revs; raises FY24 guidance
    • Carlyle Group (CG) beats by $0.07, misses on revs
    • Cars.com (CARS) misses by $0.04, reports revs in-line; reaffirms FY24 revs guidance
    • Cassava Sciences (SAVA) beats by $0.15
    • Ceva (CEVA) beats by $0.04, beats on revs; guides FY24 revs in-line
    • Chord Energy (CHRD) misses by $0.32, misses on revs; new $750 mln share repurchase program
    • Clear Secure (YOU) misses by $0.03, beats on revs; guides Q4 revs above consensus
    • Coherent (COHR) beats by $0.13, beats on revs; guides Q2 EPS in-line, revs in-line
    • Corteva (CTVA) misses by $0.19, misses on revs; lowers FY24 EPS below consensus, revs below consensus; guides FY25 revs below consensus
    • Costco (COST) reports October adjusted comparable sales of +6.5%
    • Coty (COTY) misses by $0.03, reports revs in-line; guides FY25 EPS in-line
    • CRH Plc. (CRH) misses by $0.13; revs in-line; sees FY24 EPS in-line
    • CSG Systems (CSGS) reports EPS in-line, beats on revs; guides FY24 EPS above consensus, reaffirms FY24 revs guidance
    • Daimler Truck Holding (DTRUY) reports Q3 results; reaffirms FY24 outlook
    • Datadog (DDOG) beats by $0.06, beats on revs; guides Q4 EPS above consensus, revs in-line
    • Deluxe (DLX) beats by $0.08, reports revs in-line; guides FY24 EPS above consensus, revs in-line
    • DoubleVerify (DV) reports Q3 (Sep) results, revs in-line; guides FY24 revs below consensus
    • Ducommun (DCO) beats by $0.07, beats on revs
    • Duolingo (DUOL) beats by $0.14, beats on revs; guides Q4 revs above consensus
    • Dutch Bros (BROS) beats by $0.04, beats on revs; raises FY24 revenue and same shop sales growth guidance
    • Dynatrace (DT) beats by $0.05, beats on revs; guides Q3 EPS in-line, revs above consensus; guides FY25 EPS above consensus, revs above consensus
    • Endeavor Group (EDR) reports Q3 (Sep) results, misses on revs
    • Edgewell Personal Care (EPC) beats by $0.05, misses on revs; guides FY25 EPS in-line, revs in-line
    • Elanco Animal Health (ELAN) beats by $0.01, reports revs in-line; guides Q4 EPS in-line, revs in-line
    • e.l.f. Beauty (ELF) beats by $0.34, beats on revs; raises FY25 EPS and revenue guidance, still inline
    • Enersys (ENS) beats by $0.05, reports revs in-line; guides Q3 EPS below consensus, revs below consensus; guides FY25 EPS in-line, revs in-line
    • EPAM Systems (EPAM) beats by $0.42, beats on revs; guides Q4 EPS mostly above consensus, revs above consensus; guides FY24 EPS above consensus, revs above consensus
    • Evergy (EVRG) beats by $0.08, misses on revs; guides FY24 EPS in-line; guides FY25 EPS in-line
    • EVERTEC (EVTC) beats by $0.13, reports revs in-line; guides FY24 EPS above consensus, revs below consensus; has acquired Grandata
    • EyePoint Pharmaceuticals (EYPT) beats by $0.01, beats on revs
    • Fastly (FSLY) beats by $0.07, beats on revs; guides Q4 EPS below consensus, revs in-line; guides FY24 EPS above consensus, revs above consensus
    • Fidelity National (FNF) misses by $0.09, beats on revs
    • First Watch Restaurant Group (FWRG) misses by $0.01, misses on revs; guides FY24 revs above consensus
    • Fortuna Silver Mines (FSM) beats on top and bottom lines
    • Fortune Brands Innovations (FBIN) beats by $0.01, misses on revs; guides FY24 revs below consensus
    • Franco-Nevada (FNV) misses by $0.03, misses on revs
    • Freshworks (FRSH) beats by $0.03, beats on revs; guides Q4 EPS above consensus, revs in-line; announces a $400 mln share repurchase authorization
    • Gilead Sciences (GILD) beats by $0.51, beats on revs; raises FY24 guidance
    • Guardant Health (GH) beats by $0.28, beats on revs; guides FY24 revs above consensus
    • Haemonetics (HAE) beats by $0.05, reports revs in-line; guides FY25 EPS in-line, revs in-line
    • Hain Celestial (HAIN) misses by $0.03, reports revs in-line; reaffirms outlook
    • Halliburton (HAL) misses by $0.02, misses on revs
    • Hanesbrands (HBI) beats by $0.03, reports revs in-line; guides Q4 EPS above consensus, revs above consensus
    • Hershey Foods (HSY) misses by $0.22, misses on revs; guides FY24 EPS below consensus, revs below consensus
    • Hilton Grand Vacations (HGV) misses by $0.08, beats on revs
    • Host Hotels (HST) reports FFO in-line, beats on revs; guides FY24 FFO below consensus, revs above consensus
    • HubSpot (HUBS) beats by $0.27, beats on revs; guides FY24 EPS above consensus, revs above consensus
    • Installed Building Products (IBP) misses by $0.13, reports revs in-line; increases Q4 dividend by 6%
    • Intellia Therapeutics (NTLA) beats by $0.05, beats on revs
    • IonQ (IONQ) misses by $0.02, beats on revs; guides FY24 revs in-line
    • Ironwood Pharma (IRWD) misses by $0.05, reports revs in-line; guides FY24 revs in-line
    • Jazz Pharma (JAZZ) beats by $1.11, beats on revs; guides FY24 EPS in-line, reaffirms FY24 revs guidance
    • Kelly Services (KELYA) misses by $0.15, misses on revs
    • Kenvue (KVUE) beats by $0.01, reports revs in-line; guides FY24 EPS in-line, revs below consensus
    • Keros Therapeutics (KROS) reports Q3, provides update
    • Klaviyo (KVYO) beats by $0.04, beats on revs; guides FY24 revs above consensus
    • Kodiak Gas Services (KGS) reports Q3 (Sep) results, beats on revs
    • Krispy Kreme, Inc. (DNUT) misses by $0.02, reports revs in-line; guides FY24 EPS below consensus, revs below consensus
    • LandBridge (LB) reports EPS in-line, misses on revs
    • LegalZoom.com (LZ) beats by $0.02, reports revs in-line; guides Q4 revs in-line; guides FY24 revs in-line
    • Lightspeed (LSPD) beats by $0.02, beats on revs; guides DecQ revs in-line; guides FY25 revs in-line
    • LiveRamp (RAMP) beats by $0.14, beats on revs; guides Q3 revs above consensus; raises FY25 guidance
    • Lyft beats by $0.10, beats on revs, Gross Bookings up 16% yr/yr, guides for Q4 Gross Bookings growth of 15-17%
    • MACOM Tech (MTSI) reports EPS in-line, misses on revs; guides Q1 EPS above consensus, revs above consensus
    • Marathon Oil (MRO) beats by $0.01, beats on revs
    • Marriott Vacations (VAC) beats by $0.23, beats on revs; guides FY24 EPS above consensus
    • Match Group (MTCH) beats by $0.03, reports revs in-line; guides Q4 revs below consensus
    • McKesson (MCK) beats by $0.19, beats on revs; guides FY25 EPS above consensus
    • MDU Resources (MDU) beats single est by $0.01, beats on revs
    • Medical Properties Trust (MPW) misses by $0.03, misses on revs
    • MKS Instruments (MKSI) beats by $0.27, beats on revs; guides Q4 EPS above consensus, revs in-line
    • Moderna (MRNA) beats by $1.97, beats on revs; Reiterates FY24 net product sales guidance from its respiratory franchise
    • ModivCare (MODV) misses by $0.17, misses on revs; reaffirms FY24 revs guidance
    • Molson Coors Brewing (TAP) beats by $0.13, misses on revs; Lowers FY24 net sales growth guidance, narrows underlying EPS guidance to high end of prior range
    • MoneyLion (ML) beats by $0.05, reports revs in-line; guides Q4 revs above consensus
    • MoonLake Immunotherapeutics (MLTX) misses by $0.12
    • Murphy Oil (MUR) beats by $0.10, reports revs in-line
    • Nova Measuring (NVMI) beats by $0.06, beats on revs; guides Q4 EPS above consensus, revs above consensus
    • ODDITY Tech Ltd. (ODD) beats by $0.12, beats on revs; guides Q4 EPS above consensus, revs in-line
    • Ormat Tech (ORA) beats by $0.05, misses on revs; guides FY24 revs in-line
    • Oscar Health (OSCR) misses by $0.05, beats on revs; raises FY24 revenue guidance
    • Papa John's (PZZA) reports EPS in-line, beats on revs
    • Paycor (PYCR) beats by $0.02, beats on revs; guides Q2 revs in-line; guides FY25 revs above consensus
    • Permian Resources (PR) beats by $0.21, reports revs in-line; increases FY24 oil production target
    • Planet Fitness (PLNT) beats by $0.07, beats on revs; reaffirms FY24 guidance
    • Power Integrations (POWI) beats by $0.04, reports revs in-line; guides Q4 revs below consensus
    • Prestige Consumer (PBH) beats by $0.01, reports revs in-line; reaffirms FY25 EPS guidance, revs guidance
    • Privia Health (PRVA) beats by $0.15, beats on revs; sees FY24 revenue and adjusted EBITDA at high end of prior guidance ranges
    • PTC (PTC) beats by $0.09, beats on revs; guides Q1 EPS below consensus; guides FY25 EPS in-line
    • Q2 Holdings (QTWO) misses by $0.56, reports revs in-line; guides FY24 revs above consensus
    • Qiagen (QGEN) beats by $0.03, beats on revs; guides FY24 EPS above consensus, reaffirms FY24 revs guidance
    • Qualcomm (QCOM) beats by $0.13, beats on revs; guides Q1 EPS above consensus, revs in-line; authorizes a new $15.0 bln stock repurchase plan
    • Radian Group (RDN) beats by $0.12, beats on revs
    • Ralph Lauren (RL) beats by $0.12, beats on revs; provides Q3 and FY25 constant currency revenue growth guidance
    • Rapid7 (RPD) beats by $0.14, beats on revs; guides Q4 EPS below consensus, revs in-line
    • Royal Gold (RGLD) beats by $0.15, beats on revs
    • ScanSource (SCSC) beats by $0.06, reports revs in-line (two ests); guides FY25 revs in-line
    • Sinclair Broadcast (SBGI) beats by $0.36, reports revs in-line; guides Q4 revs below consensus
    • SpartanNash (SPTN) misses by $0.01, reports revs in-line; guides FY24 EPS below consensus, reaffirms FY24 revs guidance
    • Sportradar Group AG (SRAD) beats by $0.08, beats on revs; guides FY24 revs above consensus
    • Stagwell (STGW) beats by $0.01, beats on revs; guides FY24 EPS mostly above consensus
    • Steris (STE) beats by $0.02, reports revs in-line; reaffirms FY25 EPS guidance
    • Taboola (TBLA) CORRECTION: Co misses by $0.03; beats slightly on revs
    • Take-Two (TTWO) misses by $2.50, beats on revs; guides Q3 EPS below consensus, revs below consensus; lowers FY25 EPS guidance; reaffirms FY25 revenue guidance
    • Tanger Factory (SKT) beats by $0.01, beats on revs; guides FY24 FFO in-line
    • Tecnoglass (TGLS) beats by $0.08, reports revs in-line
    • TEGNA (TGNA) beats by $0.07, beats on revs; guides Q4 revs below consensus
    • Tempur Sealy Int'l (TPX) beats by $0.01, reports revs in-line; guides FY24 EPS in-line
    • Tenaris (TS) beats by $0.15, beats on revs; approves a $700 mln follow-on share buyback program
    • The Real Brokerage (REAX) beats by $0.02, beats on revs
    • Thryv (THRY) reports Q3 (Sep) results, revs in-line; guides Q4 revs below consensus
    • Transdigm Group (TDG) beats by $0.57, beats on revs; guides FY25 EPS below consensus, revs in-line
    • TripAdvisor (TRIP) beats by $0.05, reports revs in-line
    • Turning Point Brands (TPB) misses by $0.01, beats on revs; increases repurchase authorization to $100 mln
    • Upstream Bio (UPB) reports Q3 (Sep) results, beats on revs
    • Upwork (UPWK) beats by $0.03, beats on revs; guides Q4 EPS above consensus, revs above consensus; to acquire Objective AI, announces new $100 mln share repurchase program authorization
    • Under Armour (UAA) beats by $0.20, beats on revs; guides FY25 EPS above consensus
    • Veeco Instruments (VECO) beats by $0.01, beats on revs; guides Q4 EPS below consensus, revs in-line
    • Vera Therapeutics (VERA) misses by $0.21, provides clinical update
    • Vericel (VCEL) beats by $0.03, beats on revs; reaffirms FY24 revs guidance
    • Vista Outdoor (VSTO) beats by $0.05, reports revs in-line
    • Vital Farms (VITL) beats by $0.04, reports revs in-line; guides FY24 revs above consensus
    • Vistra Corp. (VST) reports Q3 results, raises / narrows 2024 guidance, and initiates 2025 guidance; authorized an additional $1.0 billion of share repurchases
    • VIZIO (VZIO) beats by $0.02, reports revs in-line
    • Waystar Holding Corp. (WAY) beats by $0.03, beats on revs; guides FY24 EPS above consensus, revs above consensus
    • Williams Cos (WMB) beats by $0.01, beats on revs
    • WK Kellogg Co (KLG) beats by $0.05, beats on revs; reiterates FY24 net sales growth guidance
    • Wolfspeed (WOLF) beats by $0.09, misses on revs; guides Q2 EPS in-line, revs below consensus
    • Wolverine (WWW) beats by $0.06, beats on revs; guides FY24 EPS in-line, revs above consensus
    • Workiva (WK) misses by $0.02, beats on revs; guides FY24 EPS in-line, revs above consensus
    • XPEL (XPEL) reports EPS in-line, revs in-line; guides Q4 revs below two analyst estimate
    • YETI Holdings (YETI) beats by $0.04, beats on revs; guides FY24 EPS above consensus, revs in-line
    • Zillow (ZG) beats by $0.07, beats on revs; guides Q4 revs in-line
    • ZipRecruiter (ZIP) beats by $0.07, beats on revs; guides Q4 revs in-line
  • General News
    • Republicans closer to securing victory in House, according to Bloomberg
    • John Paulson & Scott Bessent are leading contenders for Treasury Secretary job in the second Trump administration. Senator Marco Rubio (R-FL) is being considered for Secretary of State, according to the Washington Post
    • Allbirds (BIRD) has signed agreements with distributors in Europe and Latin America, as the global lifestyle brand continues to expand its international distributor model
    • AngloGold Ashanti (AU) and Gold Fields provide an update on the proposed joint venture between Gold Fields’ Tarkwa Mine and AngloGold Ashanti’s Iduapriem Mine in Ghana
    • AstraZeneca (AZN) executive Leon Wang has been detailed in China, according to Financial Times
    • Boeing (BA): Taiwan's China Airlines will use Boeing and Airbus (EADSY) for major jet order, according to Reuters
    • Bristow Group (VTOL) and Leonardo finalize long-term support and training agreements for AW139 and AW189 helicopters
    • Ceva (CEVA) expands existing share repurchase program
    • Emergent BioSolutions (EBS) announces that brincidofovir will be included in a clinical trial conducted and sponsored by PANTHER, under the leadership of the Africa Centres for Disease Control and Prevention, as part of the ‘MpOx Study in Africa’
    • Enersys (ENS) announces David's Shaffer intention to retire as President and CEO effective May 2025, Shawn O'Conner named succesor
    • IDEXX Labs (IDXX) and Ortho-Clinical Diagnostics amend supply agreement
    • Inspired Entertainment (INSE) appoints James Richardson as new CFO, commencing Jan 1, 2025
    • Mohawk (MHK) announces the planned retirement of Chris Wellborn, President and Chief Operating Officer and the promotion of Paul De Cock to succeed Mr. Wellborn effective February 1, 2025
    • RadNet (RDNT) announces that ONRAD has selected RadNet’s DeepHealth OS to advance its next generation of radiology services
    • Rayonier (RYN) announces completed and pending timberland dispositions totaling ~200,000 acres for an aggregate purchase price of $495 million as part of its previously announced asset disposition and capital structure realignment plan
    • RenaissanceRe (RNR) increases share repurchase authorization to $750 million
    • Seer (SEER) enters into a co-marketing and sales agreement with Thermo Fisher Scientific (TMO)
    • Select Medical (SEM) approved declaration of a special stock distribution to spin-off Concentra (CON); will be made on November 25, record date November 18
    • SolarEdge Technologies (SEDG) announces that the Board of Directors has elected Avery More as Chairman of the Board of Directors, replacing Nadav Zafrir, who will remain on the Board
    • SpringWorks Therapeutics (SWTX) announces that long-term efficacy and safety data from the Phase 3 DeFi trial of nirogacestat in adults with progressing desmoid tumors will be presented as a late-breaking oral presentation at the Connective Tissue Oncology Society 2024 Annual Meeting
    • Sun Communities (SUI) announces restructuring and CEO retirement
    • Telefonica S.A. (TEF) reached an agreement with Vodafone (VOD) ONO, S.A.U. to incorporate a joint company
    • TSMC (TSM) and GlobalFoundries (GFS) will get Chips Act awards, according to Reuters
    • Veeco Instruments (VECO) announces it’s received over $50 mln of orders in 2024 for its WaferStorm system for Advanced Packaging driven by AI

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

  • Upgrades:
    • Clearwater Analytics (CWAN) upgraded to Overweight from Neutral at JP Morgan; tgt raised to $33
    • McKesson (MCK) upgraded to Outperform from Neutral at Robert W. Baird; tgt raised to $688
    • Sarepta Therapeutics (SRPT) upgraded to Overweight from Neutral at Cantor Fitzgerald; tgt raised to $167
    • Schneider National (SNDR) upgraded to Buy from Underperform at BofA Securities; tgt $34
    • Sinclair Broadcast (SBGI) upgraded to Equal Weight from Underweight at Wells Fargo; tgt raised to $19
    • Super Group (SGHC) upgraded to Outperform from Perform at Oppenheimer; tgt $6
    • Telephone & Data (TDS) upgraded to Outperform from Mkt Perform at Raymond James; tgt $51
    • US Cellular (USM) upgraded to Outperform from Mkt Perform at Raymond James; tgt $86
    • Zymeworks (ZYME) upgraded to Outperform from Market Perform at Leerink Partners; tgt raised to $25
  • Downgrades:
    • Array Tech (ARRY) downgraded to Neutral from Buy at BofA Securities; tgt lowered to $7
    • Array Tech (ARRY) downgraded to Neutral from Buy at Guggenheim
    • Atlas Energy Solutions (AESI) downgraded to Neutral from Buy at Goldman; tgt lowered to $21
    • Coty (COTY) downgraded to Underweight from Equal Weight at Barclays; tgt lowered to $7
    • Crocs (CROX) downgraded to Hold from Buy at Loop Capital; tgt lowered to $110
    • Devon Energy (DVN) downgraded to Hold from Buy at Truist; tgt lowered to $43
    • Dollar Tree (DLTR) downgraded to Sector Weight from Overweight at KeyBanc Capital Markets
    • Duolingo (DUOL) downgraded to Neutral from Buy at Seaport Research Partners
    • D.R. Horton (DHI) downgraded to Mkt Perform from Outperform at Raymond James
    • Enphase Energy (ENPH) downgraded to Underperform from Hold at Jefferies; tgt lowered to $61
    • Essential Utilities (WTRG) downgraded to Hold from Buy at Jefferies; tgt lowered to $41
    • Five Below (FIVE) downgraded to Sector Weight from Overweight at KeyBanc Capital Markets
    • Ford Motor (F) downgraded to Mkt Perform from Outperform at Bernstein; tgt $11
    • HubSpot (HUBS) downgraded to Neutral from Overweight at Piper Sandler; tgt raised to $640
    • JPMorgan Chase (JPM) downgraded to Underperform from Neutral at Robert W. Baird; tgt $200
    • KeyCorp (KEY) downgraded to Neutral from Buy at Citigroup; tgt $19
    • Lemonade (LMND) downgraded to Underperform from Mkt Perform at Keefe Bruyette; tgt raised to $21
    • MacroGenics (MGNX) downgraded to Mkt Perform from Mkt Outperform at JMP Securities
    • Meritage (MTH) downgraded to Mkt Perform from Outperform at Raymond James
    • Nikola Corporation (NKLA) downgraded to Neutral from Buy at Bryan Garnier
    • Palantir Technologies (PLTR) downgraded to Underperform from Hold at Jefferies; tgt $28
    • SolarEdge Technologies (SEDG) downgraded to Underweight from Neutral at Piper Sandler; tgt lowered to $9
    • SolarEdge Technologies (SEDG) downgraded to Underperform from Neutral at BofA Securities; tgt lowered to $14
    • Sunnova Energy (NOVA) downgraded to Neutral from Buy at Guggenheim
    • Sunrun (RUN) downgraded to Neutral from Buy at Guggenheim
    • Sunrun (RUN) downgraded to Sell from Hold at GLJ Research
    • Sun Communities (SUI) downgraded to Neutral from Outperform at Robert W. Baird; tgt lowered to $126
  • Others:
    • Allegro Microsystems (ALGM) initiated with an Equal-Weight at Morgan Stanley; tgt $21
    • Edison (EIX) initiated with a Buy at Jefferies; tgt $93
    • Martin Marietta (MLM) initiated with a Buy at UBS; tgt $730
    • Vulcan Materials (VMC) initiated with a Buy at UBS; tgt $349
  • Econ Data (Friday):
    • 10:00 ET: Preliminary November University of Michigan Consumer Sentiment (prior 70.5)
  • Earnings:
    • Monday (Nov 4)
      • Pre-Market: AMG BCRX BNTX CC CHH CNA CEG DOCN ENTG FIS FOXA BEN FRPT FTDR IART KNF KRYS MAR NSSC NYT OMI PEG RVTY TPG TRS TGI YUMC ZTS
      • After-Hours: EGHT ADUS AOSL ATUS AIG ANDE AHH AZPN ALAB AVB BCC BFAM BWXT CBT CDNA CE CRUS CLF CRBG CWK FANG DEI ELME EQH WTRG EVER ES FN FWRD GKOS GT GXO HPK HIMS HOLX HMN HHH HUN ICHR ILMN INSP INTA JELD LSCC MQ MTG NVTS NXPI OGS OTTR PLTR PLMR PARR PRAA PRIM QNST METC O RRX RHP SANM ST SLAB SLF SUPN TDC BWIN TBI VVX VRTX VMEO VNOM VNO VOYA WOW WYNN
    • Tuesday (Nov 5)
      • Pre-Market: AHCO AGCO APLS APO ARCH ADM BEAM BOW BR BRKR BLDR CEIX CMI DD DEA EMR EXK NPO EXPD FTS IT GFS HSIC HLMN INGR LGIH LPX MPC MLCO MPLX NEO NMRK NOVT OGE PAYO PTLO PINC QSR SHC STVN TRI TKR BLD ULS WLK XMTR YUM
      • After-Hours: AFG AIZ BGS BBAI CRC IMOS CPNG DVN EXAS GMED GO GPOR HLIO IOSP IFF IRBT JKHY KGC LUMN MASI MRCY MCHP MRC NHI NE NOG OUT PAAS PBA QLYS RVLV RYTM WTTR TSLX SMCI SNDX TX TMCI USPH RARE VTEX
    • Wednesday (Nov 6)
      • Pre-Market: AEP FOLD ASC ASTE ATHM AVDX AVA BCO BIP CLBT CELH COR CTRI GIB CRL CLVT CNDT CVS DK DIN ENOV HLNE HWM IONS IRM JCI JLL KMT KRNT LNTH LINE LXP MAC MKTX MCFT MFA EYE ODP OC PFGC PERI PRGO PNW SNDR SMG SRE SFL SMRT SWX STWD SUN SGHC TEVA TRMB VERX VSH
      • After-Hours: ACAD ADTN AEE ALB AMC AWR ANSS APA APP RCUS ARM ASH ASPN ATO ACLS BTG BALY BBDC BBSI BYND BKH BMBL CDRE CDLX CERT CHRD CLNE CWAN CDE COHR CXW CRSR CTVA COTY CXT CCRN LAW CSGS CYTK DLX APPS DV DUOL BROS ELF ECPG ET ENS ENLC EVTC EOLS FICO FSLY FNF FBIN FNV FRSH FSK GNK GFL GILD LOPE GH HCAT HL HST HUBS IIPR IPAR IONQ JXN JAZZ JOBY KW KNTK KVYO KGS KD LB LZ RAMP LYFT MRO VAC MTCH MCK MELI MEOH MKSI MODV MWA NFG NMIH NTR ODD KAR OSUR ORA PCRX PYCR PR PLYA POWI PRI PTC QTWO QGEN QCOM RDN RPD RYN RGNX RLAY RNR RVMD RLJ RGLD SRPT SBGI SITM STR SEDG STE SUI TTWO TNDM SKT TS TKO COOK TRIP TPC UPWK VECO VCYT VSAT VSTO VTLE VZIO WAY WES WMB WOLF WK XHR ZG ZIP
    • Thursday (Nov 7)
      • Pre-Market: ACIW ACMR GOLF APD AGI AQN COLD APPN MT GOLD BDX BSY BRY BIGC CCJ GOOS CG CARS CEVA YOU CCOI COMM DDOG XRAY DNOW DCO DUK DT EPC EDR ELAN EPAM EVRG FWRG GEO GERN GDRX HAE HAIN HAL HBI HIMX HOUS HSY HGV IBP INSW IRWD KVUE KRP DNUT LCII LCID LFST LGND LSPD MTSI MFC MRX MDU MPW MRNA TAP ML MUR NABL VYX NXST NVMI NTLA OLPX OSCR PZZA PENN PCG PLNT PLTK PBH PRVA RL ROK RXO SCSC SEE SPTN STGW SHOO STRA TBLA TPR TGLS TGNA TPX THR THRY TDG TPB UAA PRKS USFD VCEL VTRS VITL WD WRBY WBD KLG WWW XPEL YETI
      • After-Hours: ATEN AAON ACVA ADPT ADMA ASLE AFRM AGL AL ABNB AKAM ALRM ALLO AMRC AMN AMPL AAOI ALTM ANET ARLO ARRY ASTH AVPT AXON BILL BL BLNK SQ BE BHF CABO CPRI CARG CPK CIVI CLFD NET COLL CPAY CYRX DH DRH DIOD DOCS DKNG DBX DXC ENV EOG ESTA EVH EXPI EXPE FIGS FIVN FLYW FTNT FNKO G GETY GPRO GDOT HRB INDI INGN PODD JAMF FROG KTOS KURA LGF.A LITE MGNI MRVI MLNK MTUS MTD MNST MSI MP MYGN NWSA LASR NUS NVEE OLO OS LPRO OPEN OPK OEC OVV PACB PEB PINS PBI PRA PTCT QDEL RRR RDFN REZI RNG RIVN RXST SVV SOLV SPT STEP RUN SG SYNA TEM TTD TOST U UPST VCTR WTI WBTN WEST WPM XPOF YELP ZD
    • Friday (Nov 8)
      • Pre-Market: WMS ADNT ATSG AMCX AXL ANIP ATMU BAX BLMN CLMT CNH ERJ FLO FLR FTRE FLGT GTN HLLY IMXI KOP LAMR NRG PAR PWP PAA PAL RBA SONY
      • After-Hours: HE PARAA
    • General Motors: 5,000 members at GM's Arlington, TX assembly plant join UAW strike
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