After Hours Report

The stock market showed resilience today as strength in the broader market propelled the major averages to a mixed finish despite weakness across tech names. 

The DJIA (+1.2%) outperformed from the open, while the S&P 500 (+0.2%) managed a modest gain, and pressure in the information technology sector (-0.7%) kept the Nasdaq Composite (-0.3%) pinned beneath its baseline. 

Some profit-taking across the mega-caps was not unlikely considering yesterday's rally, though headlines of Softbank (SFTBY 75.00, +2.60, +3.59%) selling its entire stake in NVIDIA (NVDA 193.16, -5.89, -2.96%) for $5.8 billion added fuel to the sell-off. Even though Softbank is set to put the proceeds towards a $22.5 billion investment in OpenAI, chipmakers were unable to shake their early sluggishness. 

Advanced Micro Devices (AMD 237.52, -6.46, -2.65%) moved lower despite making some impressive claims at its financial analyst day event. The company projects $100 billion in data center revenue over the next three to five years, with the total addressable data center market increasing to $1 trillion by 2030. The PHLX Semiconductor Index closed with a 2.5% loss. 

While pressure across chipmakers kept NVIDIA lower for the day, several of the technology sector's other mega-cap names posted solid performances. 

Apple (AAPL 275.25, +5.82, +2.16%) was a standout among the group, trading higher as President Trump said the U.S. is nearing a trade deal with India, one of the largest manufacturers of iPhones.

Meanwhile, Microsoft (MSFT 508.68, +2.68, +0.53%) shook off its early sluggishness, rising above its flatline with the S&P 500 shortly after midday. 

The consumer discretionary (+0.2%) and communication services (+0.5%) sectors also reversed earlier losses as mega-cap performance improved. The Vanguard Mega Cap Growth ETF finished just 0.1% lower. 

With the AI trade taking a backseat in today's action, the market relied on broad participation to facilitate gains at the index level, with nine S&P 500 sectors finishing higher. The S&P 500 Equal Weighted Index (+0.6%) finished with a solid gain as a result. 

Investors continued this month's trend of bargain hunting within the health care sector (+2.3%), which now holds a 4.5% gain for the month, the best among S&P 500 sectors. 

The sector also benefitted from the FDA's move to lift "black box" warnings from hormone replacement therapy products while also approving two new drugs to treat menopausal symptoms.

Viatris (VTRS 11.20, +1.03, +10.13%) captured the widest gain in the S&P 500 today, while Moderna (MRNA 26.41, +1.65, +6.66%), Merck (MRK 90.95, +4.20, +4.84%), and Amgen (AMGN 338.45, +14.79, +4.57%) also posted solid performances. 

Elsewhere, the energy sector (+1.3%) moved higher as crude oil futures settled today's session $0.88 higher (+1.5%) at $61.02 per barrel, and the consumer staples (+1.2%), materials (+1.1%), and real estate (+1.1%) sectors captured gains wider than 1.0%. 

Macro developments were relatively slim today.

The Senate passed a bill to fund the government through January 30, with a House vote expected on Wednesday. While an end to the government shutdown will likely be viewed as a tailwind for the markets, airlines warn that it will take time for flight schedules to return to normal when the government reopens later this week, potentially impacting Thanksgiving travel, according to The Washington Post. United Airlines (UAL 94.95, -1.19, -1.24%), Delta Air Lines (DAL 57.73, -0.83, -1.42%), and Southwest Air (LUV 31.98, -0.68, -2.08%) all traded lower today, keeping the industrials sector (flat) from closing with a gain. 

Q3 earnings are also winding down, though Paramount Skydance (PSKY 16.74, +1.49, +9.77%) moved sharply higher despite missing earnings estimates. The company's core DTC business is scaling profitably, and substantial cost reductions, plus boosted synergy forecasts, are improving margin outlook and investor confidence.

Outside of the S&P 500, the Russell 2000 (+0.1%) and S&P Mid Cap 400 (flat) reversed earlier losses.

Although weakness in tech and mixed performances across mega-cap names kept the major averages from closing higher across the board, the market benefited from its second consecutive day of broad-based participation this week, helping to limit downside pressure even as leadership rotated away from tech. While high beta names underperformed today, the retreat is modest in comparison to yesterday's advance, leaving the major averages heading into the midweek session with solid week-to-date gains. 

The U.S. Treasury market was closed today in observance of Veteran's Day. 

• Nasdaq Composite: +21.5% YTD
• S&P 500: +16.4% YTD
• DJIA: +12.7% YTD
• Russell 2000: +10.2% YTD
• S&P Mid Cap 400: + 4.6% YTD

Reviewing today's data:

• October NFIB Small Business Optimism 98.2 (Briefing.com consensus 98.3); Prior 98.8

Overseas:

• Europe: DAX +0.6%, FTSE +1.2%, CAC +1.3%
• Asia: Nikkei -0.1%, Hang Seng +0.2%, Shanghai -0.4%

Commodities:

• Crude Oil +0.88 @ 61.02
• Nat Gas +0.20 @ 4.76
• Gold -6.30 @ 4116.00
• Silver +0.46 @ 50.75
• Copper -0.03 @ 5.07

After-Hours Spotlight:

• Alcon (ALC) beats by $0.03, reports revs in-line; reaffirms FY25 EPS guidance, revs guidance...ALC +4.6%
• AMD (AMD) unveils strategy to lead the $1 trillion compute market and accelerate next phase of growth...AMD +3.4%
• Amdocs (DOX) beats by $0.01, reports revs in-line; guides Q1 EPS below consensus, revs in-line; guides FY26 EPS below consensus, revs in-line; increases dividend; also announces several expanded and extended managed services agreements...DOX +0.0%
• Black Rock Coffee Bar, Inc. (BRCB) reports third quarter 2025 results...BRCB -6.5%
• CAE (CAE) beats by CAD $0.03, beats on revs; Also announces organizational changes to simplify structure, including elimination of Chief Operating Officer role...CAE +6.4%
• LightPath Technologies (LPTH) reports fiscal 2026 first quarter financial results...LPTH +7.7%
• Oklo Inc. (OKLO) misses by $0.07; also expands collaboration with Idaho National Laboratory on advanced fuels and materials...OKLO -1.1%

Fair Value for Wednesday, November 12:

• S&P 500: 6,869
• Nasdaq 100: 25,634
• DJIA: 48,017

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

• Earnings/Guidance (Full Earnings Calendar):
  • AST SpaceMobile (ASTS) misses by $0.24, misses on revs
  • Avidity Biosciences (RNA) misses by $0.18, beats on revs
  • Beyond Meat (BYND) reported third quarter 2025 financial results; pursuing further and sizable cost reductions, gross margin expansion investments and targeted strategic growth initiatives
  • BigBear.ai (BBAI) beats by $0.04, beats on revs; reaffirms FY25 revs guidance; also announces definitive agreement to acquire Ask Sage
  • Cannae Holdings (CNNE) reports Q3 (Sep) results, beats on revs
  • Centene (CNC) reaffirms guidance ahead of UBS 2025 Global Healthcare Conference on Tuesday, November 11
  • ChipMOS TECHNOLOGIES (IMOS) beats on top and bottom lines
  • CoreWeave (CRWV) reports Q3 (Sep) results, beats on revs; guides FY25 revs below consensus
  • Elevance Health (ELV) expects to reaffirm guidance at upcoming meetings
  • Fermi America (FRMI) reports Q3 results
  • Getty Images (GETY) reports EPS in-line, revs in-line
  • Green Dot (GDOT) beats by $0.15, beats on revs; guides FY25 EPS in-line, reaffirms FY25 revs guidance
  • Interpublic (IPG) reports EPS in-line, misses on revs
  • Jamf Holding (JAMF) beats by $0.02, beats on revs
  • Life360 (LIF) reports Q3 (Sep) results, beats on revs; raises FY25 revenue outlook
  • Occidental Petro (OXY) beats by $0.13, reports revs in-line; sees Q4 total company production of 1,440-1,480 mboed
  • Paramount Skydance (PSKY) reports Q3 (Sep) results, misses on revs; guides Q4 revs above consensus; guides FY26 revs above consensus
  • Plug Power (PLUG) reports EPS in-line, revs in-line
  • Rigetti Computing (RGTI) beats by $0.02, misses on revs
  • Rocket Lab USA (RKLB) beats by $0.07, beats on revs; guides Q4 revs in-line
  • Sea Limited (SE) misses by $0.29, beats on revs
  • SFL Corporation (SFL) beats by $0.10, beats on revs
  • Softbank (SFTBY) reports six-months results
  • Sony (SONY) reports Q2 (Sep) results, beats on revs; guides FY26 revs in-line
  • StandardAero (SARO) reports EPS in-line, beats on revs; guides FY25 revs in-line
  • TechTarget (TTGT) reports Q3 (Sep) results, revs in-line
  • TeraWulf (WULF) reports Q3 (Sep) results, misses on revs
  • The RealReal (REAL) misses by $0.02, beats on revs; guides Q4 revs above consensus
  • Tidewater (TDW) reports Q3 (Sep) results, beats on revs; guides FY25 revs in-line; guides FY26 revs below consensus
  • Vaalco Energy (EGY) misses on top and bottom lines
  • Vodafone PLC (VOD) reports H1 results; updates outlook
• General News
  • Senate passes bill 60-40 to fund government through January 30; House expected to vote Wednesday at 4 PM ET
  • Some congressional Democrats and progressive organizations are calling on Senate Minority Leader Chuck Schumer to step down following the government funding deal, according to CBS News
  • President Trump says he is getting close to a deal to lower tariffs on India, according to Bloomberg
  • China plans to ease flow of rare earths to U.S., but will exclude companies with connections to U.S. military, according to WSJ
  • The Trump administration wants to open up offshore oil drilling in California, according to Washington Post
  • The Trump administration will impose large antidumping duties on Italian pasta brands, according to WSJ
  • EU plans to soften privacy rules, according to Politico
  • Airlines cancelled 1500 flights today due to government shutdown, according to FlightAware
  • Psychedelics will get a dedicated session at "Make America Healthy Again" event tomorrow, according to Politico
  • China accused U.S. of $13 bln bitcoin hack, according to Bloomberg
  • Acadia Healthcare (ACHC) disclosed settlement and reaffirmed guidance
  • Advanced Micro Devices (AMD) at analyst day expects $100 bln in data center revenue over the next 3-5 years, which translates into 60% CAGR
  • Aflac (AFL) increases quarterly dividend 5.2% to $0.61/share from $0.58/share
  • Alphabet (GOOG) confirms €5.5 billion investment in Germany, including AI Infrastructure, through 2029
  • Ambac (AMBC) announces it has rebranded to Octave Specialty Group; co will begin trading under its new ticker symbol “NYSE: OSG” on November 20
  • AMD (AMD) expected to outline chip business plans at analyst day, according to Reuters
  • ArcelorMittal (MT) & IDC fail to reach deal over South Africa, according to Bloomberg
  • Baidu's (BIDU) Apollo Go and K2's AutoGo announce fleet expansion plan in Abu Dhabi
  • Baker Hughes (BKR): Glenfarne, Baker Hughes announce definitive agreements to advance Alaska LNG
  • Boeing (BA) reports YTD deliveries of 493
  • Braskem (BAK) signs R$1.2 bln settlement agreement with State of Alagoas
  • CapsoVision (CV) submits an application to the U.S FDA requesting Breakthrough Device Designation to accelerate development of the Company’s CapsoCam UGI capsule endoscopy system for use in early-stage pancreatic cancer detection
  • Centene (CNC): Wellcare will offer Medicare Advantage to over 51 million beneficiaries in 32 states and Prescription Drug Plan products to more than 8 million members across all 50 states
  • Centuri Holdings (CTRI) appoints Dustin DeMaria to Board of Directors; enters into cooperation agreement with Icahn Enterprises (IEP)
  • CNH Industrial (CNH) provides several CNH technologies updates ahead of conference
  • Cohen & Steers (CNS) reports preliminary assets under management of $90.6 billion as of October 31, 2025, a decrease of $312 million from assets under management of $90.9 billion at September 30,2025
  • Coinbase Global (COIN) ends plans to acquire stablecoin startup BVNK, according to Fortune
  • Compass Diversified (CODI) entered into a Fourth Forbearance Agreement and Fourth Amendment to Credit Agreement
  • Comtech Telecom (CMTL) announces the rebranding of its Terrestrial & Wireless Networks segment as Allerium, a Comtech segment
  • Dover (DOV) established an accelerated share repurchase program
  • enGene Holdings (ENGN): Detalimogene Demonstrates Improved Complete Response Rate of 62% at 6 Months
  • FuelCell Energy (FCEL) provided an update with respect to recent sales of its common stock
  • General Dynamics (GD) NASSCO awarded $1.7 billion for the construction of T-AO 215 and T-AO 216
  • General Motors (GM) announces leadership changes to support the continued turnaround of the GM China business, further drive the resurgence of Cadillac, and grow exports around the glob
  • Goldman (GS) earned $110 mln from Electronic Arts (EA) deal, according to FT
  • Google (GOOG, GOOGL) aiming to invest $6 bln in Germany, according to Reuters
  • Honda Motor (HMC) announced a planned $9.658 million investment to modernize its North Carolina manufacturing plant
  • Ingevity (NGVT) and CHASM expand partnership through license agreement to secure local CNT supply chain for north
  • Intel (INTC) names Dr. Craig H. Barratt to Board of Directors
  • Intel (INTC) AI exec Sachin Katti moves to OpenAI
  • Jazz Pharmaceuticals (JAZZ) showcases new clinical and translational data for Modeyso in H3 K27M-mutant Diffuse Midline Glioma at SNO 2025
  • Marriott (MAR) accelerates branded residential growth in Europe, Middle East & Africa
  • MDU Resources (MDU) joins North Plains Connector utility consortium
  • Mercedes-Benz Group AG (MBGYY) Formula 1 chief Toto Wolff in discussions to sell portion of his stake, which is valued at $6 bln, according to FT
  • Merck (MRK): FDA approves Promega OncoMate MSI Dx Analysis system as companion diagnostic for KEYTRUDA in combination with LENVIMA In advanced endometrial carcinoma
  • Merck (MRK): The U.S. Food and Drug Administration has approved the Promega OncoMate MSI Dx Analysis System as a companion diagnostic designed to identify patients with microsatellite stable endometrial carcinoma who may benefit from treatment with KEYTRUDA plus LENVIMA
  • Merck (MRK) exhibits strength following FDA approval for companion diagnostic for KEYTRUDA, positive Phase 3 trial readouts for cholesterol-lowering drug
  • OpenAI: A court in Germany says OpenAI cannot use lyrics without a license, according to Reuters
  • Paramount Skydance (PSKY) plans to eliminate 1600 jobs after conducting a comprehensive strategic review
  • Profound Medical (PROF) regains exclusive distribution rights for TULSA-PRO in Canada from Knight
  • Shell (SHEL) aiming to challenge Venture Global's arbitration decision, according to Reuters
  • Sight Sciences (SGHT): New Peer-Reviewed Publications Highlight Effectiveness of OMNI Surgical System with TruSync Technology in Reducing IOP and Medication Usage in Cataract Combination Procedures, Standalone Procedures, and in African Americans
  • Soleno Therapeutics (SLNO) authorizes a share repurchase and that it has entered into an Accelerated Share Repurchase Agreement with Jefferies LLC (JEF) to repurchase $100 mln of Soleno’s common stock
  • Spotify (SPOT) and NMPA announce agreement to expand direct-licensing audiovisual opportunities for independent publishers
  • SSR Mining (SSRM) unveils 12-year mine plan for CC&V With $824 mln NPV and 100%+ IRR
  • Stereotaxis (STXS) receives U.S. FDA clearance for its latest generation robotic system, GenesisX
  • Target (TGT) announces price reductions on food and essentials and nationwide food donation to support families this holiday season
  • Tesla (TSLA) China sales reach a 3-year low, according to CNBC
  • Texas Roadhouse (TXRH): BlackBird Financial has officially revealed that it has secured a "meaningful stake" in Texas Roadhouse
  • Tilray Brands (TLRY) condemns misguided prohibitionist measures and champions responsible hemp regulations that keep consumers safe and businesses thriving
  • TotalEnergies SE (TTE) becomes operator with a new offshore exploration license
  • Uxin (UXIN) formed a strategic partnership with the local government authorities in Yinchuan
  • XPeng (XPEV) shares seeing strength pre-market; attributed to social media post from yesterday on humanoid robots

• Upgrades:
  • Bank of Hawaii (BOH) upgraded to Equal Weight from Underweight at Barclays, tgt $75
    
  • Bullish (BLSH) upgraded to Buy from Hold at Clear Street, tgt $57
    
  • Cintas (CTAS) upgraded to Neutral from Sell at Rothschild & Co Redburn, tgt $184
    
  • eToro Group (ETOR) upgraded to Buy from Hold at Deutsche Bank, tgt $45
    
  • Instacart (CART) upgraded to Outperform from Market Perform at BMO Capital, tgt $58
    
  • Kodiak Sciences (KOD) upgraded to Buy from Neutral at H.C. Wainwright, tgt $24
    
  • Linde (LIN) upgraded to Buy from Neutral at UBS, tgt $500
    
  • Qorvo (QRVO) upgraded to Neutral from Underperform at Mizuho, tgt $93
    
  • Roche Holding (RHHBY) upgraded to Hold from Sell at Deutsche Bank
    
  • Skyworks Solutions (SWKS) upgraded to Neutral from Underperform at Mizuho, tgt $73
    
  • Outfront Media (OUT) upgraded to Buy from Hold at TD Cowen, tgt $24
    
  • ViaSat (VSAT) upgraded to Overweight from Neutral at JPMorgan, tgt $50
• Downgrades:
  • CoreWeave (CRWV) downgraded to Neutral from Overweight at JPMorgan, tgt $110
  • Host Hotels (HST) downgraded to In Line from Outperform at Evercore ISI
    
  • Intellia Therapeutics (NTLA) downgraded to In Line from Outperform at Evercore ISI, tgt $8
    
  • Kite Realty Group (KRG) downgraded to Market Perform from Strong Buy at Raymond James
    
  • Marriott Vacations Worldwide (VAC) downgraded to Neutral from Outperform at Mizuho, tgt $58
    
  • Mosaic (MOS) downgraded to Neutral from Overweight at JPMorgan, tgt $26
    
  • SPS Commerce (SPSC) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $100
• Others:
  • Argan (AGX) initiated with a Buy at Goldman, tgt $397
    
  • Alkermes (ALKS) initiated with a Buy at Truist, tgt $50
    
  • BYD Co Ltd (BYDDY) initiated with a Neutral at Piper Sandler
    
  • CF Industries (CF) assumed with an Overweight at Wells Fargo, tgt $100
    
  • FMC Corp. (FMC) assumed with an Equal Weight at Wells Fargo, tgt $16
    
  • Keysight Technologies (KEYS) initiated with a Buy at UBS, tgt $220
    
  • Kosmos Energy (KOS) initiated with an Equal Weight at Stephens, tgt $1.75
    
  • Li Auto (LI) initiated with a Neutral at Piper Sandler, tgt $19
    
  • Mosaic (MOS) assumed with an Equal Weight at Wells Fargo, tgt $28
    
  • Nebius Group (NBIS) initiated with an Outperform at CICC, tgt $143
    
  • Nutrien (NTR) assumed with an Equal Weight at Wells Fargo, tgt $64
    
  • Signet Jewelers (SIG) initiated with an Overweight at Stephens, tgt $150

• Econ Data (Wednesday):
  • 7:00 ET: Weekly MBA Mortgage Index (prior -1.9%)

• Earnings:
  • Monday (Nov 10)
    • Pre-Market: B BTDR CAMT CEVA DOLE NVRI ETOR EVGO GBTG GSL HHH CART BEKE MNDY PGY RDNT ROIV STWD SGRY TSEM THS TSN VG
    • After-Hours: ASTS BBAI CNNE CRWV GETY GDOT JAMF OXY PSKY RPAY RGTI SARO TTGT WULF TDW
      
    Tuesday (Nov 11)
    • Pre-Market: SE SFL SONY
    • After-Hours: DOX CAE IMOS OKLO LIF
      
  • Wednesday (Nov 12)
    • Pre-Market: ARCO CRCL CRMD GFS HBM HUYA LEGN LOAR MFC MH ONON RSKD TME TDG
      
    • After-Hours: CLBT CSCO DGII DLO FLY FLUT HTFL IBTA KLC PAAS RUM TTEK WBTN
  • Thursday (Nov 13)
    • Pre-Market: ARX BILI CSIQ EPC GAMB JD HZO NIQ PSFE SBH SPB SSYS DIS
    • After-Hours: AMAT BZH FIGR GLOB JBS NMAX SOBO STRZ
  • Friday (Nov 14)
    • Pre-Market: SRRK RR
    • After-Hours: None