After Hours Report

Today's market activity was relatively subdued after yesterday's record highs for the major indices. The S&P 500 (-0.2%), Nasdaq Composite (-0.2%), and Dow Jones Industrial Average (-0.6%) fluctuated around their prior closing levels, with the Russell 2000 trailing behind, closing 1.3% lower.

There was little urgency among sellers, but equally, buyer enthusiasm was muted, resulting in lackluster price action at the index level. In contrast, the cryptocurrency market showed notable strength, with Bitcoin surging above $100,000.

The semiconductor space was also in focus as the PHLX Semiconductor Index (SOX) dropped 1.9% with no specific catalyst driving the selling. The price action here reflected normal profit-taking activity after a solid showing so far this week. The SOX is still 2.0% higher than last Friday. Nearly all the SOX components closed lower, including NVIDIA (NVDA 145.06, -0.07, -0.1%) and Broadcom (AVGO 170.47, -0.09, -0.1%).

In the mega-cap space, stocks traded in mixed fashion, contributing to the overall tepid market sentiment. Tesla (TSLA 369.49, +11.56, +3.2%) and Amazon.com (AMZN 220.55, +2.39, +1.1%) closed with gains, helping to drive the move higher in the S&P 500 consumer discretionary sector (+1.0%).

Retailer components showed relative weakness in the consumer discretionary sector as earnings reports from the space roll in this week. The SPDR S&P Retailer ETF (XRT) dropped 1.6%. Although they're not sector components, American Eagle Outfitters (AEO 17.61, -2.93, -14.3%), Dollar General (DG 79.60, +0.10, +0.1%), and Five Below (FIVE 115.97, +11.00, +10.5%) were among the standouts in the retail space after reporting earnings results. 

Treasury yields retreated from earlier highs, settling slightly mixed. The 10-year yield, which briefly surpassed 4.22%, settled unchanged for the day at 4.18%. The 2-year yield has eased from 4.17% to 4.15%, three basis points higher than yesterday.

In other news, OPEC+ agreed to extend the additional voluntary adjustments of 2.2 million barrels per day announced in November 2023 until the end of March 2025. WTI crude oil futures settled 0.4% lower at $68.30/bbl.

• Nasdaq Composite: +31.2%
• S&P 500: +27.4%
• S&P Midcap 400: +19.7%
• Russell 2000: +18.2%
• Dow Jones Industrial Average: +18.8%

Reviewing today's economic data:

• Weekly Initial Claims 224K (Briefing.com consensus 213K); Prior was revised to 215K from 213K, Weekly Continuing Claims 1.871 mln; Prior was revised to 1.896 mln from 1.907 mln
  • The key takeaway from the report is that the totality of the report isn't signaling any major changes with respect to labor market trends, which have connoted some softening but no real breakage on the employment front.
• October Trade Balance -$73.8 bln (Briefing.com consensus -$75.1 bln); Prior was revised to -$83.8 bln from -$84.4 bln
  • The key takeaway from the report is that it reflects overall weakness in global trade activity in October.

Overseas:

• Europe: DAX +0.7%, FTSE +0.2%, CAC +0.4%
• Asia: Nikkei +0.4%, Hang Seng -0.9% Shanghai +0.1%

Commodities:

• Crude Oil -0.30 @ 68.30
• Nat Gas +0.04 @ 3.08
• Gold -27.40 @ 2648.10
• Silver -0.32 @ 31.55
• Copper -0.02 @ 4.18

After-Hours Spotlight:

• Asana (ASAN) beats by $0.05, beats on revs; guides Q4 EPS in-line, revs in-line... ASAN up 18.7%
• DocuSign (DOCU) beats by $0.03, beats on revs; guides Q4 revs above consensus... DOCU up 15.0%
• lululemon athletica (LULU) beats by $0.16, beats on revs, comparable sales +3% on constant currency basis; guides Q4 EPS in-line, revs in-line; Authorizes $1.0 bln increase in stock repurchase program... LULU up 10.2%
• Smith & Wesson Brands (SWBI) misses by $0.06, misses on revs; reduces expectations for second half of fiscal 2025... SWBI down 13.5%
• Ulta Beauty (ULTA) beats by $0.61, beats on revs; guides FY25 EPS above consensus, revs in-line... ULTA up 12.5%
• Wingstop (WING) approves additional $500 mln for repurchases; anticipates executing $250 mln accelerate share repurchase program commencing in 4Q24... WING up 1.4%

Fair Value for Friday, Dec 6:

• S&P 500: 6,087
• Nasdaq 100: 21,469
• DJIA: 45,855

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

• Earnings/Guidance (Full Earnings Calendar):
  • AeroVironment (AVAV) misses by $0.29, beats on revs; reaffirms FY25 EPS guidance, revs guidance
  • American Airlines (AAL) raises Q4 guidance; extends and expands co-branded Citi (C) card partnership
  • American Eagle (AEO) beats by $0.02, reports revs in-line; guides FY25 revs below consensus
  • America's Car-Mart (CRMT) beats by $0.71, beats on revs
  • Bank of Montreal (BMO) misses by CAD0.49, beats on revs
  • Brown-Forman (BF.B) beats by $0.06, beats on revs; Issues FY25 guidance
  • Buckle (BKE) reports November comparable store net sales +2.5% yr/yr
  • Canadian Solar (CSIQ) misses by $0.10, misses on revs
  • ChargePoint (CHPT) misses by $0.01, beats on revs; guides Q4 revs in-line
  • CIBC (CM) beats by CAD0.02, reports revs in-line; raises dividend
  • Core Scientific (CORZ) announces November 2024 production and operations updates
  • Costco (COST) reports adjusted comps of +4.9% for November
  • Dollar General (DG) misses by $0.05, reports revs in-line; lowers upper end of FY25 EPS guidance, narrows net sales and same-store sales guidance ranges
  • Five Below (FIVE) beats by $0.25, beats on revs, comps +0.6%; guides Q4 EPS in-line, revs in-line; names Winnie Park as CEO
  • GMS (GMS) misses by $0.17, reports revs in-line; share repurchase authorization renewed
  • Greif (GEF) misses by $0.25, reports revs in-line; Issues FY25 adjusted EBITDA, adjusted free cash flow guidance
  • Haleon plc (HLN) confirms Pfizer (PFE) Director stepped down
  • Hon Hai Precision (HNHPF) reports November revenue +3.47% yr/yr to NT 672.585 bln
  • Korn/Ferry (KFY) reports EPS in-line, revs in-line; guides Q3 EPS in-line
  • Kroger (KR) beats by $0.01, misses on revs; narrows FY25 EPS guidance
  • nCino (NCNO) beats by $0.05, beats on revs; guides Q4 EPS in-line, revs below consensus; guides FY25 EPS above consensus, revs below consensus
  • ONE Gas (OGS) issues inline FY25 EPS guidance, provides five-year financial growth rate targets
  • Ooma (OOMA) beats by $0.01, beats on revs; Guides Q4 EPS and revenue above consensus
  • Patterson Companies (PDCO) misses by $0.02, beats on revs; guides FY25 EPS in-line; Also announces that it's evaluating potential strategic alternatives to maximize shareholder value
  • Porch Group (PRCH) releases Investor Day presentation
  • PVH (PVH) beats by $0.44, beats on revs; guides Q4 EPS below consensus, revs below consensus
  • Science Applications (SAIC) beats by $0.45, beats on revs; guides FY25 EPS above consensus, revs above consensus
  • SentinelOne (S) misses by $0.01, reports revs in-line; guides Q4 revs above consensus; guides FY25 revs above consensus
  • Southwest Air (LUV) now expects Q4 unit revenues to increase 5.5-7% yr/yr (up from prior 3.5-5.5%) with capacity down approximately 4%; actively pursuing its fleet strategy; intends to launch an additional $750 mln ASR program
  • Sprinklr (CXM) beats by $0.02, beats on revs; guides Q4 EPS below consensus, revs above consensus
  • Synopsys (SNPS) beats by $0.10, reports revs in-line; guides Q1 EPS below consensus, revs below consensus; guides FY25 EPS in-line, revs below consensus
  • Toronto-Dominion Bank (TD) misses by CAD0.10, beats on revs
  • Tractor Supply (TSCO) unveils "Life Out Here 2030" strategy, announces 5:1 split; guides LT net sales +6% to +8% and LT comparable store sales +3% to +5%
  • United Micro (UMC) reports November revs increased 6.7% yr/yr to ~$NT20.05 bln
  • Verint Systems (VRNT) beats by $0.11, beats on revs; guides FY25 EPS in-line, revs in-line
  • Wiley (WLY) beats by $0.09 (single estimate), beats on revs; guides FY25 EPS in-line (single estimate), revs in-line
• General News
  • Republicans on key tax committees have concerns that moving immigration/energy legislation first could make it more challenging to pass tax legislation later in 2025, according to Politico
  • President-elect Trump will be interviewed on NBC's Meet The Press on Sunday. This will be his first interview since winning the election, according to The Hill
  • Ukraine begins talks with President-elect Trump's incoming administration on ending war with Russia, according to the Wall Street Journal
  • FDIC aiming to directly monitor financial technology firms, according to Bloomberg
  • Billionaire Frank McCourt leads U.S. investor consortium for "people's bid" to buy TikTok amid ban deadline, according to Axios
  • North America Class 8 orders were 37,200 units, higher by 21% month/month, according to Act Research
  • China aiming to approve 100 new nuclear reactors over the next decade, according to Semafor
  • Magnitude 7.0 earthquake hits 99km WSW of Ferndale, California, according to USGS
  • French President Emmanuel Macron says that he will complete his term as President of France (which lasts to July 2027); he plans to name new Prime Minister
  • Abercrombie & Fitch (ANF) announces new multi-year, franchise partnership with Myntra Jabong India Private, Ltd., expanding reach of brands into India
  • Academy Sports + Outdoors (ASO) announces new $700 million share repurchase program
  • Adeia Inc. (ADEA) announces that Sharp Corporation, a global smart TV and consumer electronics manufacturer, has agreed to renew a multi-year worldwide license for Adeia's media intellectual property portfolio
  • Agenus (AGEN) Announces Strategic Realignment to Focus on Core Programs and Significantly Reduce Costs
  • Airbus (EADSY) aiming to eliminate 2000 jobs, according to the Wall Street Journal
  • Air Products (APD) provides Mantle Ridge udates
  • Air Products (APD): Mantle Ridge reaffirms commitment to Air Products Board restructuring, nominates six independent directors to drive change
  • Alaska Air (ALK) named as the official airline of Coachella and Stagecoach Festivals
  • Alphabet (GOOG): Key leaders behind NotebookLM are leaving to create their own startup, according to TechCrunch
  • Alphabet (GOOG) releases "new AI model provides more accurate weather results, faster"
  • Alphabet (GOOG): EU official believes split of Google (GOOG, GOOGL) is still possible, according to Bloomberg
  • Alphabet (GOOG) announces that Waymo One will be expanding to Miami
  • Amazon (AMZN) founder Jeff Bezos expressed optimism about working with President-elect Trump & Google, according to the New York Times
  • Amgen (AMGN) announces a $1 billion expansion to establish a second drug substance manufacturing facility in North Carolina
  • ANSYS (ANSS) and Cummins enter into a definitive agreement to extend their long-standing engagement
  • Assoc Banc-Corp (ASB) announces balance sheet repositioning to support organic growth strategy; co sold ~$1.3 billion of investment securities and has agreed to sell ~$0.7 billion in mortgage loans, primarily in single-product relationships
  • AstraZeneca (AZN) receives FDA approval for Imfinzi for limited-stage SCLC
  • AstraZeneca's (AZN) IMFINZI has been approved in the US for the treatment of adult patients with limited-stage small cell lung cancer whose disease has not progressed following concurrent platinum-based chemotherapy and radiation therapy
  • Avalo Therapeutics (AVTX) provides investor updates in presentation
  • Bank of Montreal (BMO) increases common share dividend by 4 cents from the prior quarter, up 5 per cent from the prior year
  • Barrick (GOLD): Mali has issued an arrest warrant for GOLD CEO Mark Bristow, according to Reuters
  • Biogen (BIIB) reports LEQEMBI approved for the treatment of early Alzheimer's Disease in Mexico
  • Bitdeer Technologies (BTDR) announces its unaudited mining and operations updates for November 2024
  • BitFuFu (FUFU) announced the launch of BitFuFu Pool, its private-label mining pool offering commission rates starting as low as 0.4%; also announced it owns 1,664 BTC as of today, underscoring the Company’s disciplined treasury management strategy
  • Boeing (BA): Federal judge rejects Boeing's plea deal over 737 Max crashes, cites inadequate accountability and concerns over independent monitor, according to Bloomberg
  • Braskem SA (BAK) announces appointment of Felipe Montoro as new CFO, replacing Pedro Van Langendonck
  • Cango (CANG) announces November 2024 production update for crypto mining business
  • Carriage Services (CSV) announces appointment of John Enwright as Senior Vice President, Chief Financial Officer and Treasurer, effective January 2, 2025; announces appointment of John Enwright as CFO, effective January 2
  • Cboe Global Markets (CBOE) Reports Trading Volume for November 2024
  • Centrais Electricas Brasileiras (EBR) discloses Mediation and Conciliation Chamber of the Federal Public Administration update
  • CG Oncology (CGON): Groundbreaking cretostimogene grenadenorepvec monotherapy data demonstrates sustained, durable complete responses in high-risk BCG-unresponsive non-muscle invasive bladder cancer
  • Chevron (CVX) and Shell (SHEL) in talks to join Argentina's $3 billion shale export project, according to Bloomberg
  • ChromaDex (CDXC) entered into a Supplemental Agreement with the Trustees of Dartmouth
  • Clear Channel Outdoor (CCO) amended Cooperation Agreement with Legion Partners
  • CME Group (CME) declares $2.1 bln annual variable dividend and $3 bln share repurchase program
  • Columbia Financial (CLBK) announces a repositioning of the Company’s balance sheet
  • Conagra (CAG) mulling sale of Chef Boyardee brand, according to Reuters
  • Corvus Pharmaceuticals (CRVS) announces publication of biochemistry and preclinical data demonstrating potential of ITK Inhibition with Soquelitinib as a Novel approach to modulate tumor immunity
  • Edgewise Therapeutics (EWTX) clarifies relationship with Dr. Han Phan following unrelated FDA warning letter
  • Eli Lilly (LLY) obesity drug will be restricted in UK to patients with greatest needs, according to Stat News
  • Eli Lilly (LLY) announces $3 billion expansion of its recently acquired manufacturing facility in Wisconsin
  • Energy Fuels (UUUU) provided Toliara Project update
  • Energy Fuels (UUUU) enters into a Memorandum of Understanding with the Government of Madagascar setting forth certain key terms applicable to the Company's Toliara titanium, zirconium, and REE project, located in southwestern Madagascar
  • Entegris (ENTG) and the U.S. Department of Commerce have entered into a definitive agreement providing for up to $77 million in funding under the CHIPS and Science Act
  • Entergy Louisiana (ETR) announces $10 billion investment in modern power infrastructure to support Meta's (META) largest data center, boosting northeast Louisiana's economy
  • Fiserv (FI): President-elect Trump nominates Frank Bisignano to serve as the Commissioner of the Social Security Administration
  • Galiano Gold (GAU) terminates its gold purchase and sale agreement with Red Kite Opportunities Master Fund Limited for total cash consideration of $13 million
  • Garrett Motion (GTX) announces long-term capital allocation framework, including new quarterly dividend and $250 mln share repurchase program for 2025
  • GlaxoSmithKline (GSK) and Zhifei revise and extend strategic vaccine collaboration in China
  • Hesai Group (HSAI) to be exclusive provider of automotive long-range lidar for Changan Automobile's new intelligent driving platform
  • Huntington Ingalls (HII) was awarded a $6.7 bln contract to provide electronic warfare engineering and technical services support for the U.S. Air Force
  • IBM (IBM) benefited from Ken Leech’s alleged “cherry-picking” fraud, according to Bloomberg
  • ICL Group (ICL) announced that Mr. Raviv Zoller will be concluding his tenure as ICL’s President and Chief Executive Officer due to personal reasons
  • Insight Enterprises (NSIT) has signed a new Strategic Collaboration Agreement with Amazon Web Services to more effectively help clients manage their cloud roadmap, including data and AI strategy
  • Insulet (PODD) announces that it has successfully defended its intellectual property against EOFlow Co., Ltd. in federal court
  • Interpublic (IPG) has sold the digital company Huge
  • JetBlue (JBLU) removing some unprofitable routes from its network, according to Bloomberg
  • Joby Aviation (JOBY) completed a training program with the U.S. Air Force covering the maintenance of Joby’s electric aircraft
  • Lifezone Metals (LZM) Upgrades High-Grade Nickel Copper and Cobalt Mineral Resources at its Kabanga Nickel Project
  • Matador Resources (MTDR) announces contribution of Pronto Midstream, LLC to San Mateo Midstream
  • Medtronic (MDT): Acutus Medical (AFIB) announces operational downsizing; will reduce operations to a scale designed solely to support the manufacturing and distribution of Medtronic’s left-heart access products
  • Merck (MRK) and Ridgeback Biotherapeutics announce initiation of Phase 3 Study (MOVe-NOW) Evaluating LAGEVRIO (molnupiravir) for the Treatment of COVID-19 in High-Risk Adults
  • Merus (MRUS) Announces FDA Approval of BIZENGRI (zenocutuzumab-zbco) for NRG1+ Pancreatic Adenocarcinoma and NRG1+ Non–Small Cell Lung Cancer (NSCLC) Based on Safety and Efficacy Data From the eNRGy Study
  • Mesoblast (MESO) receives grant from FDA for Revascor Regenerative Medicine Advanced Therapy Designation in children with congenital heart disease
  • Meta Platforms (META): Turkey ends Meta antitrust investigation, according to Reuters
  • Microsoft (MSFT): OpenAI launches ChatGPT Pro: A $200/month plan offering access to advanced models for complex problem solving and enhanced productivity
  • MindMed (MNMD) announces that MM120 ODT, a pharmaceutically optimized form of lysergide D-tartrate, has been granted an Innovation Passport for the potential treatment of GAD under ILAP by the U.K. Medicines and Healthcare products Regulatory Agency
  • Monte Rosa Therapeutics (GLUE) reports an update from its ongoing Phase 1/2 open-label, multicenter study of MRT-2359 in patients with MYC-driven solid tumors
  • NANO Nuclear Energy (NNE) signed a Memorandum of Understanding with the Government of the Togolese Republic
  • Nano-X Imaging (NNOX) reports its Nanox.ARC Imaging System receives FDA Clearance for general use, including pulmonary indication
  • Nelnet (NNI) and Edge Focus deepen partnership
  • Nkarta (NKTX) Announces IND Clearance of Investigator-Sponsored Trial in Myasthenia Gravis and Opening of Enrollment for Ntrust-2
  • NVIDIA (NVDA) agrees to artificial intelligence agreement with Vietnam, according to Reuters
  • NVIDIA (NVDA) to open its first Vietnam research and development center to bolster AI development
  • OGE Energy (OGE) appoints Charles Walworth as CFO, effective Dec 4
  • ONEOK (OKE) announces completion of natural gas liquids fractionator in Texas, increasing fractionation capacity to more than 1 million bpd
  • P&G (PCG) getting more steel sourced from India, according to Reuters
  • Park Hotels & Resorts (PK) Provides Update on Recent Operating Trends and Capital Allocation Highlights
  • Pfizer (PFE): President-elect Trump and HHS nominee RFK Jr. hosted talks with execs from PFE and Eli Lilly (LLY), according to Axios
  • Pinduoduo (PDD): Vietnam ordered Temu to suspend operations in the country, according to Reuters
  • PPG Industries (PPG) announces the completion of an on-site solar installation at its Caivano, Italy facility that will enable progress toward the company’s 2030 greenhouse gas emissions reduction targets
  • Protara (TARA) Announces Positive Results from the Ongoing Phase 2 ADVANCED-2 Trial of TARA-002 in Patients with NMIBC
  • Prudential (PRU) announces commencement of second tranche of share buyback program for $800 million
  • QuantumScape Corporation (QS) announced that next-generation heat treatment equipment for its separator production process, Cobra, has been developed, delivered, installed and released for initial separator processing
  • Roche Hldg (RHHBY) receives FDA acceptance of sBLA for Genentech’s Columvi combination for people with relapsed or refractory diffuse Large B-Cell lymphoma
  • RTX's (RTX) Raytheon awarded a $590 million follow-on production contract from the U.S. Navy for the Next Generation Jammer Mid-Band system
  • Shift4 Payments (FOUR) confirmed that its Founder, CEO, and Chairman Jared Isaacman has been nominated by President-elect Donald J. Trump to serve as Administrator of NASA; to remain in his position at the Company until his appointment is confirmed by the U.S. Senate
  • SolarEdge Technologies (SEDG) names Shuki Nir as CEO
  • Stellantis (STLA) and Zeta Energy Corp. announce a joint development agreement aimed at advancing battery cell technology for electric vehicle applications
  • Talen Energy (TLN) has launched an incremental Term Loan B credit facility that will increase the principal Term Loan B balance under its credit facilities from $859 mln to ~$1.459 bln
  • Telecom Argentina (TEO) Board approved the initiation of the process of corporate reorganization by which Telecom Argentina will incorporate by merger Negocios y Servicios S.A.U. and Audiovisual S.A.
  • Tenable (TENB) CEO/Chairman Amit Yoran began a temporary medical leave of absence from his duties as Chief Executive Officer on Dec 5
  • Tradeweb Markets (TW) reports total trading volume for the month of November 2024 of $48.8 trillion
  • Treace (TMCI) Announces First Cases Utilizing RedPoint Intelliguide Patient Specific Instrumentation with the Adductoplasty System for Correction of Midfoot Deformities
  • T. Rowe Price (TROW) approved 15 mln share increase in the Company’s authorization to repurchase shares of its common stock
  • TSMC (TSM) in discussions with Nvidia (NVDA) to produce artificial intelligence chips in Arizona, according to Reuters
  • Tyler Tech (TYL) announces that the Illinois Department of Financial and Professional Regulation has successfully gone live with its new online licensing system, the Comprehensive Online Regulatory Environment, powered by Tyler’s State Regulatory Platform Suite
  • United Healthcare (UNH): Police still do not know if killing of United Healthcare executive was personally or professionally motivated, according to Bloomberg
  • UroGen Pharma (URGN) announces the presentation of the Phase 3 ENVISION trial’s efficacy and safety results at the Society of Urologic Oncology annual meeting in Dallas, TX
  • UroGen Pharma (URGN) highlights results from a long-term follow-up study with JELMYTO for pyelocalyceal solution, which is FDA approved for the treatment of adults with low-grade, upper tract urothelial cancer
  • Verizon (VZ): FCC proposed requiring telecom carriers secure their networks
  • Walt Disney (DIS) declares a cash dividend of $1.00 per share; will be paid in two installments of $0.50 per share
  • Zynex (ZYXI) has completed its clinical verification trial for their NiCO pulse oximeter overseen by anesthesiologist Dr. David MacLeod at Duke University

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

• Upgrades:
  • Bruker (BRKR) upgraded to Neutral from Sell at Goldman; tgt $60
  • ConocoPhillips (COP) upgraded to Overweight from Neutral at JP Morgan; tgt raised to $123
  • Diageo plc (DEO) upgraded to Buy from Hold at Jefferies
  • Gates Industrial (GTES) upgraded to Overweight from Equal Weight at Barclays; tgt raised to $25
  • Hewlett Packard Enterprise (HPE) upgraded to Overweight from Equal-Weight at Morgan Stanley; tgt raised to $28
  • Illinois Tool (ITW) upgraded to Equal Weight from Underweight at Barclays; tgt raised to $270
  • Magna (MGA) upgraded to Peer Perform from Underperform at Wolfe Research
  • Mobileye Global (MBLY) upgraded to Outperform from Peer Perform at Wolfe Research
• Downgrades:
  • AbbVie (ABBV) downgraded to Neutral from Outperform at Daiwa Securities; tgt $180
  • Ally Financial (ALLY) downgraded to Peer Perform from Outperform at Wolfe Research
  • American Eagle (AEO) downgraded to Neutral from Overweight at JP Morgan; tgt lowered to $23
  • Applied Materials (AMAT) downgraded to Underweight from Equal-Weight at Morgan Stanley; tgt lowered to $164
  • CNX Resources (CNX) downgraded to Underweight from Neutral at JP Morgan; tgt raised to $37
  • Devon Energy (DVN) downgraded to Neutral from Overweight at JP Morgan; tgt $43
  • Ford Motor (F) downgraded to Underperform from Peer Perform at Wolfe Research
  • Formula One Group (FWONA) downgraded to Neutral from Buy at Seaport Research Partners
  • Maravai Life Sciences (MRVI) downgraded to Sell from Neutral at Goldman; tgt $4.25
  • Nautilus Biotechnology (NAUT) downgraded to Sell from Neutral at Goldman; tgt $1.75
  • Shift4 Payments (FOUR) downgraded to Hold from Buy at The Benchmark Company
• Others:
  • Assurant (AIZ) initiated with an Equal-Weight at Morgan Stanley; tgt $251
  • Bloomin' Brands (BLMN) initiated with a Sell at Goldman; tgt $13
  • Brinker (EAT) initiated with a Buy at Goldman; tgt $150
  • Brown & Brown (BRO) initiated with an Overweight at Morgan Stanley; tgt $134
  • CarMax (KMX) initiated with an Equal-Weight at Stephens; tgt $86
  • CervoMed (CRVO) initiated with a Buy at H.C. Wainwright; tgt $42
  • Cheesecake Factory (CAKE) initiated with a Buy at Goldman; tgt $56
  • Choice Hotels (CHH) initiated with an Underweight at Wells Fargo; tgt $133
  • Community Financial System (CBU) resumed with a Neutral at Piper Sandler; tgt $70
  • Curtiss-Wright (CW) initiated with a Buy at Deutsche Bank; tgt $452
  • Darden Restaurants (DRI) initiated with a Neutral at Goldman; tgt $183
  • GE Vernova (GEV) initiated with a Buy at TD Cowen; tgt $400
  • Kinsale Capital (KNSL) initiated with an Overweight at Morgan Stanley; tgt $593
  • Walt Disney (DIS) initiated with a Hold at Jefferies; tgt $120

• Econ Data (Friday):
  • 8:30 ET: November Nonfarm Payrolls (Briefing.com consensus 200,000; prior 12,000), Nonfarm Private Payrolls (Briefing.com consensus 200,000; prior -28,000), Average Hourly Earnings (Briefing.com consensus 0.3%; prior 0.4%), Unemployment Rate (Briefing.com consensus 4.2%; prior 4.1%), and Average Workweek (Briefing.com consensus 34.3; prior 34.3)
  • 10:00 ET: Preliminary December University of Michigan Consumer Sentiment (Briefing.com consensus 73.5; prior 71.8)
  • 15:00 ET: October Consumer Credit (Briefing.com consensus $10.5 bln; prior $6.0 bln)
• Earnings:
  • Monday (Dec 2)
    • Pre-Market: None
    • After-Hours: CRDO ZS
  • Tuesday (Dec 3)
    • Pre-Market: CNM DCI
    • After-Hours: BOX BASE MRVL OKTA CRM CURV PSTG
  • Wednesday (Dec 4)
    • Pre-Market: CPB CHWY DLTR FL HRL RY THO
    • After-Hours: AVAV AEO CHPT FIVE GEF NCNO PVH S CXM SNPS VRNT
  • Thursday (Dec 5 )
    • Pre-Market: CRMT BMO BF.B CAL CM CSIQ DG GMS KFY KR PDCO SAIC SIG TD WLY
    • After-Hours: AGX ASAN COO DOCU DOMO GTLB GWRE HCP HPE LULU WOOF RBRK IOT SMAR SWBI PATH ULTA VEEV VSCO ZUMZ
  • Friday (Nov 29)
    • Pre-Market: GCO
    • After-Hours: None
General Motors: 5,000 members at GM's Arlington, TX assembly plant join UAW strike