After Hours Report

The Dow Jones Industrial Average jumped more than 200 points, settling at a fresh record high, and the S&P 500 rose 0.1%, closing 0.6% below its all-time high. The Nasdaq Composite, meanwhile, registered a 0.5% decline.

Mega cap names and semiconductor shares, which outperformed last week, trailed the broader market and clipped the Nasdaq's performance. Apple (AAPL 216.32, -6.18, -2.8%) was a standout amid speculation that iPhone16 Pro demand has been weaker than expected. NVIDIA (NVDA 116.78, -2.32, -2.0%), Amazon.com (AMZN 184.89, -1.60, -0.9%), and Broadcom (AVGO 164.02, -3.67, -2.2%) were also among the influential decliners. 

The S&P 500 information technology sector (-1.0%) had a weak showing due losses in the aforementioned names. Consumer discretionary was the only other sector to log a decline, settling 0.3% lower. 

Broad buying activity elsewhere left nine sectors higher than Friday. The financial sector, which comprises 13.0% of the index, was the top performer with a 1.22% gain. The energy sector was the next best performer, jumping 1.2% amid rising oil prices. WTI crude oil futures settled 2.2%, or $1.54, higher at $70.22/mmbtu.

The Invesco S&P 500 Equal Weight ETF (RSP) closed 0.7% higher and advancers had a 2-to-1 lead over decliners at the NYSE.

Increased expectations of a 50 basis points rate cut at this week's FOMC meeting supported the underlying positive bias in equities through the session. This view followed a weekend article from The Wall Street Journal's Greg Ip arguing for a larger cut and a Bloomberg column penned by former FOMC Vice Chair Dudley calling for a 50 basis points decrease to the fed funds rate. 

The fed funds futures market now sees a 65.0% probability of a 50 basis points cut on Wednesday, up from 50.0% yesterday and 30.0% one week ago, according to the CME FedWatch Tool. The Treasury market and US dollar also reacted to this development.

The 10-yr yield settled three basis points lower at 3.62% and the 2-yr yield settled two basis points lower at 3.56%. The U.S. Dollar Index fell 0.4% to 100.76.

• S&P 500: +18.1% YTD
• Nasdaq Composite: +17.2% YTD
• Dow Jones Industrial Average: +10.4% YTD
• S&P Midcap 400: +9.8% YTD
• Russell 2000: +8.0% YTD

Reviewing today's economic data:

• September NY Fed Empire State Manufacturing 11.5 (Briefing.com consensus -4.1); Prior -4.7

Looking ahead to Tuesday, market participants receive the August Retail Sales report at 8:30 ET. Other data include:

• 9:15 ET: August Industrial Production (Briefing.com consensus 0.1%; prior -0.6%) and Capacity Utilization (Briefing.com consensus 77.9%; prior 77.8%)
• 10:00 ET: July Business Inventories (Briefing.com consensus 0.4%; prior 0.3%) and September NAHB Housing Market Index (Briefing.com consensus 41; prior 39)

Overseas:

• Europe: DAX -0.4%, FTSE +0.1%, CAC -0.2%
• Asia: Nikkei market closed, Hang Seng +0.3%, Shanghai market closed

Commodities:

• Crude Oil +1.54 @ 70.22
• Nat Gas +0.08 @ 2.38
• Gold -3.10 @ 2608.20
• Silver +0.10 @ 31.12
• Copper +0.05 @ 4.27

After-Hours Spotlight:

• Box (BOX) files $400 mln convertible notes offering in a private placement to qualified institutional buyers... BOX down 2.8%
• Church & Dwight (CHD) promotes Richard Dierker to President and CEO, effective March 31; Matt Farrell to continue as Chairman through transition period... CHD down 1.8%
• Intel (INTC) posting strong gains in after-hours trading after a flurry of headlines hit, including a major new collaboration with Amazon Web Services to produce a new AI chip and plans to turn Foundry business into a subsidiary... INTC up 7.9%
• Steel Dynamics (STLD) guides Q3 EPS below consensus... STLD down 0.9%

Fair Value for Tuesday, Sept. 17:

• S&P 500: 5,698
• Nasdaq 100: 19,852
• DJIA: 42,051

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

• Earnings/Guidance (Full Earnings Calendar):
  • ANI Pharma (ANIP) maintains 2024 financial guidance for the standalone Company based on continued momentum across Purified Cortrophin Gel/generics and following completion of Alimera (ALIM) acquisition
  • InterDigital (IDCC) announced targets of $1 billion in annual recurring revenue and $600 million in adjusted EBITDA by 2030; releases Investor Day presentation
  • ModivCare (MODV) provides financial update - does not plan to issue equity at this time; lowers Adjusted EBITDA guidance
• General News
  • Former president Trump safe after second assassination attempt, according to Reuters
  • Former FOMC Vice Chair Dudley expects 50 bps rate cut, according to Bloomberg
  • President Joe Biden releases statement on yesterday's possible assassination attempt of former President Trump
  • British Columbia's largest distributor of natural gas FortisBC Energy received approval to maintain the cost of gas rate for its customers
  • Accenture (ACN) wins $190 mln prime contract from the U.S. Department of State to provide systems engineering support for AIDS Relief
  • Acrivon Therapeutics (ACRV) Reports Positive Endometrial Cancer Data from Ongoing ACR-368 Registrational Intent Phase 2 Study at ESMO, Advancement of ACR-2316 into Clinic Ahead of Timelines, and Progress on its AP3 Interactome for Proprietary Data Analysis
  • Adagene (ADAG) Presents Results at ESMO Congress that Show Best-in-Class Therapeutic Potential for Anti-CTLA-4 SAFEbody® ADG126 (Muzastotug) in Combination with KEYTRUDA® (Pembrolizumab) in Advanced/Metastatic Microsatellite-stable (MSS) Colorectal Cancer
  • Adeia Inc. (ADEA) announces the renewal of its intellectual property (IP) license agreement with LG Electronics
  • Adobe (ADBE) unveils innovations in Adobe Experience Cloud for brands to personalize and measure AI-generated content
  • AeroVironment (AVAV) discloses a protest has been filed with the U.S. Government Accountability Office
  • Affirm (AFRM) flexible pay-over-time options now available to Apple (AAPL) Pay users with iOS 18 and iPadOS 18 or later
  • Air Lease (AL) confirms it was notified by The Boeing Company (BA) that certain union factory workers announced a labor strike
  • Amazon and Walmart violated antitrust laws in India, according to Reuters
  • Amazon (AMZN) announces organizational changes to streamline teams, reinforce culture, and return to office full-time in 2025
  • AMC Entertainment (AMC) Board elects Marcus Glover to serve as a Director of the Company, effective September 12
  • American Express (AXP) reports August card metrics
  • Apple (AAPL) iPhone preorders estimated around 37 mln units, according to Analyst View
  • Apple (AAPL) confirms several releases / updates including iOS 18, watchOS 11, macOS Sequoia, and iPadOS 18
  • Ascendis Pharma (ASND) announces topline data from the pivotal double-blind placebo-controlled ApproaCH Trial of TransCon CNP, which included 84 children with achondroplasia randomized 2:1
  • AstraZeneca (AZN) reports Imfinzi plus Imjudo demonstrated unprecedented overall survival in advanced liver cancer with one in five patients surviving five years in HIMALAYA Phase III trial
  • AstraZeneca (AZN) reports IMFINZI (durvalumab) perioperative regimen reduced the risk of recurrence by 32% and the risk of death by 25% vs. neoadjuvant chemotherapy alone in muscle-invasive bladder cancer in the NIAGARA Phase III trial
  • AstraZeneca (AZN): Updated results from the HIMALAYA Phase III trial showed AstraZeneca’s IMFINZI plus IMJUDO demonstrated a sustained, clinically meaningful overall survival benefit at five years for patients with unresectable hepatocellular carcinoma who had not received prior systemic therapy and were not eligible for localized treatment
  • Bank of America (BAC) reports August card metrics
  • Bayer (BAYRY) reports Darolutamide plus androgen deprivation therapy significantly reduced the risk of radiological progression or death by 46% compared to placebo plus ADT in patients with metastatic hormone-sensitive prostate cancer
  • Bicycle Therapeutics (BCYC) Presents Updated Clinical Results Across Oncology Pipeline at ESMO Congress 2024
  • BlackRock TCP Capital (TCPC) Chief Compliance Officer Ariel Hazzard began parental leave and Charles Park became Interim CCO
  • Boeing (BA) confirms CFO memo distributed to employees; planning to make significant reductions in supplier expenditures, considering the difficult step of temporary furloughs for many employees
  • Boeing (BA) implementing cash preservation measures in midst of strike, according to company CFO memo - CNBC
  • BP (BP) and Apollo (APO) partner in Trans Adriatic Pipeline
  • BP (BP): LAZ collaborates with bp to bring bp pulse ultra-fast public EV charging hubs to 20 cities over next five years
  • Bristol Myers Squibb (BMY) Presents Landmark 10-Year Follow-Up Data from CheckMate -067 Which Showed Continued Durable Long-Term Survival Benefit with Opdivo® plus Yervoy® in Advanced Melanoma
  • Can-Fite BioPharma (CANF) received approval from the Israeli Ministry of Health (MoH) to conduct Phase IIa clinical trial with orally-administered Namodenoson in the treatment of pancreatic carcinoma
  • Capital One (COF) reports August card metrics
  • Checkpoint Therapeutics (CKPT) announces cosibelimab longer-term results in advanced cutaneous squamous cell carcinoma presented at ESMO Congress 2024; Biologics License Application currently under review by U.S. FDA; PDUFA goal date of December 28, 2024
  • Citigroup (C) reports August card metrics
  • Cleveland-Cliffs (CLF) reaffirms commitment to Middletown Works decarbonization project and ongoing partnership with the U.S. Department of Energy
  • Corsair Gaming (CRSR) announces the signing of a definitive agreement to acquire the Fanatec Sim Racing brand and all associated personnel, in an asset purchase from Endor AG
  • Cullinan Management (CGEM) has submitted an Investigational New Drug application to the U.S. FDA to evaluate its CD19xCD3 bispecific T cell engager, CLN-978, for the treatment of systemic lupus erythematosus
  • Duke Energy's (DUK) Piedmont Natural Gas unit reaches rate case agreement with key consumer and industrial groups in North Carolina
  • EHang (EH) announces that its EH216-S pilotless electric Vertical Take-Off and Landing aircraft system has obtained an Experimental Flight Authorization Certificate from Brazil’s National Civil Aviation Agency
  • ESSA Pharma (EPIX) Presents Updated Phase 1/2 Masofaniten (EPI-7386) Clinical Data at the 2024 ESMO Congress
  • Evaxion Biotech (EVAX) announces positive one-year data from the ongoing phase 2 trial with its lead asset EVX-01, an AI-designed personalized cancer vaccine
  • Exelixis (EXEL) Presents Final Overall Survival Results from Phase 3 CONTACT-02 Pivotal Study Evaluating Cabozantinib in Combination with an Immune Checkpoint Inhibitor in Metastatic Castration-Resistant Prostate Cancer at ESMO 2024
  • FirstEnergy (FE): Settlement reached in FirstEnergy Pennsylvania's Rate review that supports enhanced service reliability and customer assistance programs
  • General Dynamics (GD) receives additional eight-ship contract to build T-AO 10-17
  • General Motors (GM) and Hyundai (HYMTF) sign memorandum of understanding to explore collaboration on vehicles, supply chain and clean-energy technologies
  • Genmab (GMAB) reports Investigational Rinatabart Sesutecan (Rina-S) Shows Promising Anti-Tumor Activity as Single Agent in Heavily Pretreated Patients with Ovarian and Endometrial Cancers in Phase 1/2 Clinical Trial
  • Gilat Satellite (GILT) subsidiary DataPath received contracts in support of the US Department of Defense for core terminal related services, technology insertion and upgrades to systems, cumulatively worth over $5 mln
  • Green Thumb (GTBIF) announces that its Board of Directors has authorized a $50 mln share repurchase program
  • Greenfire Resources (GFR): Waterous Energy Fund agrees to acquire 29,988,854 common shares of Greenfire Resources
  • Hackett Group (HCKT) announces strategic acquisition of LeewayHertz, a provider of advanced Gen AI; financial details not disclosed
  • HSBC Holdings (HSBC) approved a second interim dividend in respect of the financial year ending 31 December 2024 of US$0.10 per ordinary share
  • ICICI Bank (IBN) provided litigation updates
  • Immatics (IMTX) Presents Clinical Proof-of-Concept Data from Ongoing Phase 1 Dose Escalation Trial with TCR Bispecific Molecule TCER IMA401 Targeting MAGEA4/8 at ESMO 2024 and Provides Development Update
  • Immunocore (IMCR) presents Phase 1 data of brenetafusp, an ImmTAC bispecific targeting PRAME, in patients with ovarian cancer
  • Incyte’s (INCY) Retifanlimab Extends Progression-Free Survival in Patients with Squamous Cell Anal Carcinoma (SCAC); Data Featured at ESMO 2024 Presidential Symposium
  • Instil Bio (TIL) and ImmuneOnco announce global registrational strategy for PD-L1xVEGF bispecific antibody, SYN-2510/IMM2510, in non-small cell lung cancer and triple-negative breast cancer
  • Intel (INTC) receives $3.5 bln military contract, according to Bloomberg
  • Intel (INTC) awarded up to $3 bln by the Biden-Harris Administration for Secure Enclave
  • Ipsen (IPSEY) provides update on CONTACT-02 Phase III trial in metastatic castration-resistant prostate cancer following final overall survival analysis
  • Iris Energy (IREN) announced its purchase of an additional 1,080 NVIDIA H200 GPUs to expand its AI Cloud Services business
  • Jazz Pharmaceuticals (JAZZ) Presents Updated Phase 2 Data for Zanidatamab Demonstrating Increased mPFS in HER2-Positive Metastatic Gastroesophageal Adenocarcinoma at ESMO 2024
  • Johnson & Johnson (JNJ) reports Neoadjuvant TAR-200 plus cetrelimab nearly doubles the pathological complete response rate compared to cetrelimab alone in patients with muscle-invasive bladder cancer
  • Johnson & Johnson (JNJ) reports RYBREVANT (amivantamab-vmjw) plus chemotherapy shows positive overall survival trend versus chemotherapy in patients with previously treated EGFR-mutated lung cancer
  • JPMorgan Chase (JPM) reports August card metrics
  • KBR (KBR) receives $140 million follow-on task order supporting the Air Force Life Cycle Management Center
  • L3Harris (LHX) receives an Indefinite Delivery, Indefinite Quantity contract worth up to $182 million from the U.S. Air Force to deliver advanced situational awareness capabilities
  • L3Harris (LHX) wins US Navy contract
  • Lantheus (LNTH) Presents Results from the Primary Analysis of Phase 3 Pivotal SPLASH Trial in PSMA-Positive Metastatic Castration-Resistant Prostate Cancer During ESMO Congress 2024
  • Lantronix (LTRX) announces resignation of CFO Jeremy Whitaker; Brent Stringham, currently the company’s Controller, is appointed interim CFO
  • Lexicon Pharma (LXRX) and Jeffrey L. Wade determined that his employment as president and chief operating officer would terminate as of September 30, 2024
  • Liquidia Technologies (LQDA) announces that the United States District Court for the District of New Jersey has found that the interference by United Therapeutics Corporation (UTHR) with the launch of generic Treprostinil Injection caused losses in excess of $137 mln
  • Masimo (MASI) issues statement following Court’s Order Holding Politan and Quentin Koffey in Contempt
  • Mastercard (MA) provides update on Chief Financial Officer, Sachin Mehra
  • MaxCyte (MXCT) signs strategic platform license with Kamau Therapeutics
  • Merck (MRK) reports KEYTRUDA (pembrolizumab) Plus Chemotherapy Before Surgery and Continued as Single Agent After Surgery Reduced Risk of Death by More Than One-Third (34%) Versus Neoadjuvant Chemotherapy in High-Risk Early-Stage Triple-Negative Breast Cancer
  • Merck (MRK) reports KEYTRUDA (pembrolizumab) Plus Chemotherapy Before Surgery and Continued as Single Agent After Surgery Reduced Risk of Death by More Than One-Third (34%) Versus Neoadjuvant Chemotherapy in High-Risk Early-Stage Triple-Negative Breast Cancer
  • Merck’s (MRK) KEYTRUDA (pembrolizumab) Plus Chemoradiotherapy (CRT) Reduced Risk of Death by 33% Versus CRT Alone in Patients With Newly Diagnosed High-Risk Locally Advanced Cervical Cancer
  • Merck (MRK): Antennova releases latest data of CD73 Inhibitor ATN-037, including a DCR of 89.5%, in a Mini Oral at ESMO Congress 2024
  • Microsoft (MSFT) 365 Copilot Wave 2: Pages, Python in Excel, and agents
  • Natera (NTRA) Announces Three New Signatera Publications; Includes Groundbreaking Overall Survival Data Published in Nature Medicine and also Released at ESMO
  • New Gold (NGD) announces continued growth at New Afton's K-Zone and HW Zone
  • Novartis (NVS) reports Kisqali shows deepening benefit in new analysis
  • NuCana (NCNA) Presents Encouraging Data on NUC-7738 in Combination with Pembrolizumab in PD-1 Inhibitor Refractory and Resistant Melanoma Patients at the ESMO Congress 2024
  • Pagaya (PGY) disclosed Castlelake update
  • PDS Biotech (PDSB) Announces Updated Results from VERSATILE-002 Phase 2 Clinical Trial Presented at ESMO 2024
  • Penumbra (PEN) receives CE Mark for Computer Assisted Vacuum Thrombectomy Technologies
  • Puma Biotech. (PBYI) provides AstraZeneca (AZN) litigation updates
  • R1 RCM (RCM) merger required waiting period under the HSR Act on September 13, 2024; expected to close by the end of the year
  • Replimune (REPL) Presents Primary Analysis Data from IGNYTE Clinical Trial of RP1 Combined with Nivolumab in Anti-PD1 Failed Melanoma at European Society for Medical Oncology (ESMO) Congress 2024
  • Rexel SA (RXEEY) rejected €28.00 to €28.40 per share offer from QXO, Inc (QXO)
  • Roche Hldg (RHHBY) receives FDA approval for OCREVUS ZUNOVO
  • Roche Hldg (RHHBY): Mindpeak announces its collaboration with Roche that will integrate Mindpeak's innovative AI algorithm with Roche’s Digital Pathology Open Environment
  • Samsung (SSNLF): McKool Smith secures $192 Million Patent Infringement Verdict on Behalf of Mojo Mobility Against Samsung, after a jury found Samsung willfully infringed five of Mojo's patents related to wireless charging technology and products
  • Sasol (SSL) appoints Muriel Dube as Chariman
  • SentinelOne (S) and Lenovo (LNVGY) form multi-year collaboration to bring AI-powered security to Lenovo devices
  • Smartsheet (SMAR): Vista Equity Partners and Blackstone in advanced talks to acquire Smartsheet for $56/share in $8 billion deal, according to Reuters
  • Southwest Air (LUV) announces final labor contract ratified
  • State Street (STT) has placed an additional round of deposits through two minority depository institutions and Community Development Financial Institutions, Massachusetts-based Leader Bank and Oklahoma-based Local Bank
  • Stellantis (STLA): UAW filed federal unfair labor practice charges at the National Labor Relations Board for Stellantis’ illegal refusal to provide information about the company’s plans regarding product commitments
  • Stellantis (STLA) Pro One, Stellantis Commercial Vehicles Business Unit, announces the new Stellantis CustomFit program at the IAA Transportation 2024 trade show in Hanover
  • Stratasys (SSYS) authorizes $50 million share repurchase program
  • Summit Therapeutics (SMMT) reports promising anti-tumor activity and safety of Ivonescimab in Combination Therapies in CRC, TNBC, and HNSCC Featured at ESMO 2024
  • Sutro Biopharma (STRO) Announces Updated Data from Phase 1b Study of Luvelta in Combination with Bevacizumab at ESMO 2024
  • Target (TGT) is offering consumers savings all season long starting with Target Circle Week, Oct. 6-12
  • Telos Corporation (TLS) continues to expand locations to enroll consumers in the TSA PreCheck program by opening eight new locations in California, Colorado, Florida, Ohio and Texas; These locations will begin offering enrollment services today
  • Veracyte (VCYT) presents new data at ESMO 2024 Show that Veracyte’s Decipher Prostate Test Predicts Chemotherapy Benefit in Patients with Metastatic Prostate Cancer
  • Voyager Therapeutics (VYGR) announces that the joint steering committee with its collaborator Neurocrine Biosciences (NBIX) has selected a development candidate in a gene therapy program for the potential treatment of an undisclosed neurological disease
  • Zentalis Pharma (ZNTL) confirms the FDA has lifted the partial clinical hold on studies of azenosertib, the Company’s novel, selective, and orally bioavailable inhibitor of WEE1; remains on track to meet all previously disclosed data guidance
  • Zoom Video (ZM) announces that The Federal Risk and Authorization Management Program Joint Authorization Board authorized Zoom AI Companion as a JAB Moderate system, adding to Zoom for Government’s growing list of authorized products, solidifying the company’s commitment to the U.S. government space

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

• Upgrades:
  • Acrivon Therapeutics (ACRV) upgraded to Buy from Neutral at Ladenburg Thalmann; tgt $16
  • Ameren (AEE) upgraded to Outperform from Neutral at Mizuho; tgt raised to $89
  • BHP Group (BHP) upgraded to Outperform from Mkt Perform at Bernstein
  • BioNTech (BNTX) upgraded to Neutral from Underweight at JP Morgan; tgt raised to $125
  • Builders FirstSource (BLDR) upgraded to Buy from Hold at Truist; tgt raised to $220
  • Chart Industries (GTLS) upgraded to Overweight from Equal-Weight at Morgan Stanley; tgt $175
  • Community Healthcare Trust (CHCT) upgraded to In-line from Underperform at Evercore ISI; tgt lowered to $18
  • Compass Therapeutics (CMPX) upgraded to Buy from Neutral at Ladenburg Thalmann; tgt $5
  • Delek US Holdings (DK) upgraded to Neutral from Underperform at Mizuho; tgt lowered to $26
  • EastGroup (EGP) upgraded to Outperform from In-line at Evercore ISI; tgt raised to $204
  • Entegris (ENTG) upgraded to Buy from Neutral at Citigroup; tgt raised to $130
  • Kinder Morgan (KMI) upgraded to Equal-Weight from Underweight at Morgan Stanley; tgt $24
  • ONEOK (OKE) upgraded to Overweight from Equal-Weight at Morgan Stanley; tgt raised to $111
  • Oracle (ORCL) upgraded to Buy from Hold at Melius; tgt $210
  • Simon Properties (SPG) upgraded to Outperform from In-line at Evercore ISI; tgt raised to $172
  • SL Green Realty (SLG) upgraded to In-line from Underperform at Evercore ISI; tgt raised to $66
  • Sprouts Farmers Market (SFM) upgraded to Outperform from In-line at Evercore ISI; tgt raised to $120
  • Zillow (ZG) upgraded to Outperform from Neutral at Wedbush; tgt raised to $80
• Downgrades:
  • Ally Financial (ALLY) downgraded to Neutral from Buy at BTIG Research
  • Colgate-Palmolive (CL) downgraded to Underweight from Equal Weight at Wells Fargo; tgt $100
  • EnLink Midstream (ENLC) downgraded to Equal-Weight from Overweight at Morgan Stanley; tgt $16
  • Kinsale Capital (KNSL) downgraded to Peer Perform from Outperform at Wolfe Research
  • MKS Instruments (MKSI) downgraded to Neutral from Buy at Citigroup; tgt lowered to $120
  • Nestle (NSRGY) downgraded to Underweight from Equal-Weight at Morgan Stanley
  • Nova Measuring (NVMI) downgraded to Neutral from Buy at Citigroup; tgt lowered to $224
  • Regency Centers (REG) downgraded to In-line from Outperform at Evercore ISI; tgt raised to $75
  • Southern (SO) downgraded to Neutral from Outperform at Mizuho; tgt $90
  • Sun Communities (SUI) downgraded to In-line from Outperform at Evercore ISI; tgt raised to $149
  • Synchrony Financial (SYF) downgraded to Neutral from Buy at BTIG Research
  • Western Midstream (WES) downgraded to Equal-Weight from Overweight at Morgan Stanley; tgt $42
  • World Kinect Corporation (WKC) downgraded to Underweight from Equal-Weight at Morgan Stanley; tgt $28
• Others:
  • Arm Holdings plc (ARM) initiated with a Hold at The Benchmark Company
  • Biohaven (BHVN) initiated with a Buy at Jefferies; tgt $57
  • Diamondback Energy (FANG) resumed with a Hold at Jefferies; tgt $185
  • Eaton (ETN) initiated with a Buy at Citigroup; tgt $348
  • GE Vernova (GEV) initiated with an Overweight at Barclays; tgt $250
  • Oruka Therapeutics (ORKA) initiated with a Buy at TD Cowen
  • TriSalus Life Sciences (TLSI) initiated with an Outperform at Oppenheimer; tgt $10
  • Yelp (YELP) initiated with an Underperform at BofA Securities; tgt $30

• Econ Data (Tuesday):
  • 8:30 ET: August Retail Sales (Briefing.com consensus -0.2%; prior 1.0%) and Retail Sales ex-auto (Briefing.com consensus 0.2%; prior 0.4%)
  • 9:15 ET: August Industrial Production (Briefing.com consensus 0.1%; prior -0.6%) and Capacity Utilization (Briefing.com consensus 77.9%; prior 77.8%)
  • 10:00 ET: July Business Inventories (Briefing.com consensus 0.4%; prior 0.3%) and September NAHB Housing Market Index (Briefing.com consensus 41; prior 39)
• Treasury Auctions:
  • 13:00 ET: $13 bln 20-yr Treasury bond auction results
• Earnings:
  • Monday (Sept 16)
    • Pre-Market: None
    • After-Hours: None
  • Tuesday (Sept 17)
    • Pre-Market: FERG
    • After-Hours: None
  • Wednesday (Sept 18)
    • Pre-Market: GIS
    • After-Hours: SCS
  • Thursday (Sept 19)
    • Pre-Market: CBRL DRI DAVA FDS
    • After-Hours: FDX LEN MLKN
  • Friday (Sept 20)
    • Pre-Market: None
    • After-Hours: None
General Motors: 5,000 members at GM's Arlington, TX assembly plant join UAW strike