After Hours Report

Updated: 11-Dec-25 17:25 ET
Broadcom ticks lower on earnings

The stock market delivered an eventful session, with cyclical and defensive names extending yesterday's rate-cut momentum to lift the DJIA (+1.3%) to a record high. At the same time, weakness in tech and other mega-cap names following Oracle's (ORCL 198.64, -24.37, -10.93%) disappointing results kept the S&P 500 (+0.2%) and Nasdaq Composite (-0.3%) subdued, though the S&P 500 still managed to log a record close. 

The smaller-cap Russell 2000 (+1.2%) and S&P Mid Cap 400 (+1.0%) continued on their run of recent outperformance as the Fed's rate cut and softer policy tone encouraged renewed interest in domestically focused, rate-sensitive names.

The information technology sector (-0.6%) spent the majority of the session as the biggest laggard, as Oracle's revenue miss and lighter-than-expected free cash flow weighed on other mega-cap names across the AI trade. 

NVIDIA (NVDA 180.96, -2.82, -1.53%) finished lower, with the broader PHLX Semiconductor Index closing with a 0.8% loss. Broadcom (AVGO 406.96, -6.01, -1.46%) also traded lower ahead of its earnings report this afternoon, which investors will look to for a boost in AI sentiment. 

While big tech certainly limited gains at the index level, it is worth noting that the information technology sector mounted an impressive intraday move after trading over 2.0% lower this morning, a move that was pivotal in getting the S&P 500 across its flatline and notching a record close. 

The communication services sector (-1.0%) finished with the widest loss, as Alphabet (GOOG 313.75, -7.25, -2.26%) was burdened by today's mega-cap weakness, without a comeback effort this afternoon.

Dow component Walt Disney (DIS 111.48, +2.64, +2.43%) still notched a solid gain after news that the company struck a licensing deal with OpenAI that will allow some 200 Disney characters to be used in the company's short-form generative AI video platform, Sora. As part of the agreement, Disney will also be investing $1 billion in OpenAI. 

The Vanguard Mega Cap Growth ETF finished 0.3% lower, contributing to the underperformance of the market-weighted S&P 500 (+0.2%) relative to the S&P 500 Equal Weighted Index (+0.8%).

Meanwhile, the energy sector (-0.4%) finished with a more modest loss as crude oil futures settled today's session $0.92 lower (-1.6%) at $57.61 per barrel.

While weakness in mega-cap tech names certainly stifled growth in the S&P 500 and Nasdaq Composite, the broader market put up another solid performance in the wake of yesterday's FOMC meeting. 

Cyclical sectors, such as the materials (+2.2%) and financials (+1.8%) sectors, outperformed again as investors rotated into sectors that benefit from a more accommodative monetary policy backdrop.

Mosaic (MOS 25.20, +1.44, +6.08%) captured one of the widest gains across S&P 500 names after reports that a Ukrainian drone strike caused a large fire at a prominent Russian mineral fertilizer plant. 

Visa (V 345.65, +19.92, +6.12%) notched a similar gain, catching an upgrade from Bank of America Securities to Buy from Neutral this morning. 

The defensive health care (+1.0%), utilities (+0.7%), and consumer staples (+0.7%) sectors also caught a solid rotational bid today amid the weakness in tech names. 

Managed care names such as Elevance Health (ELV 360.18, +19.14, +5.61%), Centene (CNC 40.47, +1.80, +4.65%), and Molina Healthcare (MOH 166.94, +6.42, +4.00%) traded sharply higher following headlines that a Republican-backed healthcare plan to redirect Affordable Care Act subsidies from insurance companies to Americans failed by a Senate vote of 51-48.

Eli Lilly (LLY 1009.14, +15.50, +1.56%) also notched a solid gain after announcing positive topline results from its Phase 3 TRIUMPH-4 clinical trial evaluating the weight-loss effects of retatrutide, its investigational "triple G" agonist.

Attention now shifts to Broadcom's earnings, which could influence the tone around chipmakers and AI, while the post-FOMC rotation into cyclicals and defensives continues to shape the market's underlying strength.

U.S. Treasuries extended their midweek bounce on Thursday, though the advance found some intraday resistance, which left yields on 5-year and longer tenors above their opening levels. The 2-year note yield settled down four basis points to 3.53%, and the 10-year note yield settled down two basis points to 4.14%.

  • Nasdaq Composite: +22.2% YTD
  • S&P 500: +17.3% YTD
  • Russell 2000: +16.2% YTD
  • DJIA: +14.5% YTD
  • S&P Mid Cap 400: +8.8% YTD

Reviewing today's data:

  • Weekly Initial Claims 236K; Prior was revised to 192K from 191K, Weekly Continuing Claims 1.838 mln; Prior was revised to 1.937 mln from 1.939 mln
    • The key takeaway from the report is that, on balance, it doesn't point to a material weakening in the labor market.
  • September Trade Balance -$52.8 bln (Briefing.com consensus -$61.7 bln); Prior was revised to -$59.3 bln from -$59.6 bln
    • The key takeaway from the report is that the narrower deficit was the byproduct of exports being $8.4 billion more than August exports and imports being $1.9 billion more than August imports.
  • September Wholesale Inventories 0.5% (Briefing.com consensus -0.2%); Prior -0.1%

Overseas:

  • Europe: DAX +0.6%, FTSE +0.5%, CAC +0.8%
  • Asia: Nikkei -0.9%, Hang Seng -0.0%, Shanghai -0.7%

Commodities:

  • Crude Oil -0.92 @ 57.61
  • Nat Gas -0.36 @ 4.24
  • Gold +88.00 @ 4312.70
  • Silver +3.61 @ 64.62
  • Copper +0.15 @ 5.50

After-Hours Spotlight:

  • Broadcom (AVGO) beats by $0.08, beats on revs; guides Q1 revs above consensus; also increases dividend...AVGO -1.7%
  • Costco (COST) beats by $0.07, reports revs in-line, adjusted comps of+6.4%...COST -0.4%
  • lululemon athletica (LULU) beats by $0.38, beats on revs; guides Q4 EPS below consensus, revs in-line; CEO Calvin McDonald to step down; approves a $1 bln increase to stock repurchase program...LULU +11.1%
  • Netskope (NTSK) beats by $0.15, beats on revs; guides Q4 EPS above consensus, revs above consensus...NTSK -6.8%
  • RH (RH) misses by $0.45, reports revs in-line; guides Q4 revs below consensus...RH +12.2%

Fair Value for Friday, December 12:

  • S&P 500: 6,907
  • Nasdaq 100: 25,712
  • DJIA: 48,745
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):
    • Adobe (ADBE) beats by $0.10, beats on revs; guides Q1 EPS above consensus, revs above consensus; guides FY26 EPS in-line, revs above consensus
    • Andersons (ANDE) hosted its 2025 Investor Day, unveiling its growth plan for achieving a run-rate earnings per share of $7.00 exiting 2028, a 36% compounded annual growth rate from $2.56/share for the trailing twelve months ended September 30, 2025
    • Cenovus Energy (CVE) issues 2026 capital budget and guidance
    • Ciena (CIEN) beats by $0.13, beats on revs; guides Q1 revs above consensus; guides FY26 revs above consensus
    • Gran Tierra Energy (GTE) provides 2026 guidance with focus on free cash flow and disciplined development
    • Lovesac (LOVE) misses by $0.03, misses on revs; guides Q4 EPS below consensus, revs below consensus
    • Manchester United (MANU) reports Q1 EPS of (GBP 1.48) vs. (GBP 0.21) last year; revs -2% yr/yr to GBP 140.3 mln vs. GBP 140.6 mln FactSet consensus; reaffirms FY26 guidance
    • Nordson (NDSN) beats by $0.10, misses on revs; guides Q1 EPS in-line, revs in-line; guides FY26 EPS in-line, revs in-line
    • Oracle (ORCL) beats by $0.62, misses on revs; RPO grew 15% sequentially to $523 bln; Guides Q3 EPS and revs in-line, reaffirms FY26 revs
    • Oxford Industries (OXM) beats by $0.02, reports revs in-line; guides Q4 EPS below consensus, revs below consensus
    • Planet Labs (PL) beats by $0.03, beats on revs; guides Q4 revs above consensus
    • Schneider Electric (SBGSY) hosts Capital Markets Day, outlines 2030 growth and profitability targets
    • Suncor Energy (SU) announces 2026 corporate guidance
    • Synopsys (SNPS) beats by $0.12, reports revs in-line; guides Q1 EPS above consensus, revs below consensus; guides FY26 EPS above consensus, revs in-line
    • Vail Resorts (MTN) misses by $0.04, misses on revs
    • Weyerhaeuser (WY) outlines growth strategy and 2030 financial targets at Investor Day
  • General News
    • President Trump tells reporters that Fed should have cut rates by at least 50 basis points, according to CNBC
    • The U.S. plan for Russia/Ukraine peace would unlock frozen Russian funds held in Europe, according to WSJ
    • House Republicans will vote on healthcare bills next week, without extension of Affordable Care Act subsidies, according to Axios
    • Senate will vote on Democratic plan to extend Affordable Care Act subsidies today, while Republicans will vote on another healthcare plan. Both bills are likely to fail, which means subsidies will expire, according to NBC News
    • Some Republicans signing discharge petition to extend Affordable Care Act subsidies for two years, but it is unclear if Democrats will support that plan, according to Politico
    • The House passes a $900 billion defense bill, sending it to the Senate, according to The Hill
    • Brazil’s central bank leaves rates unchanged at 15%, according to Reuters
    • Mexico approves 5-50% tariffs on several Asian nations, including China, according to Bloomberg
    • ECB confirms simplification of the European prudential regulatory, supervisory and reporting framework
    • EU Commission welcomes political agreement on major reform of EU pharmaceutical rules
    • The EU is considering a 5-year delay on the combustion engine ban, according to Bloomberg
    • Taiwan investigating leaks of chip technology, according to FT
    • IEA issues December oil market report
    • Democratic-backed bill to extend Affordable Care Act subsides for 3 years fails by a Senate vote of 51-48 (required 60 votes to pass)
    • U.S. preparing to seize more tankers off the coast of Venezuela, according to Reuters
    • 4D Molecular Therapeutics (FDMT) to implement protocol amendments to the 4FRONT-1 and 4FRONT-2 Phase 3 clinical trials of 4D-150 in wet AMD to increase target enrollment
    • AC Immune (ACIU) reports Interim Phase 2 Data on ACI-7104.056 Support Potential Slowing of Progression of Parkinson’s Disease
    • Allete (ALE) has reviewed the written order from the Minnesota Public Utilities Commission approving the company’s acquisition by Canada Pension Plan Investment Board and Global Infrastructure Partners, two leading global investors in infrastructure and sustainable energy
    • AllianceBernstein (AB) announces that preliminary assets under management decreased to $865 billion during November 2025 from $868 billion at the end of October
    • Alnylam Pharma (ALNY) announces partial repurchase of 1.00% convertible senior notes due 2027
    • Alphabet's (GOOG/GOOGL) Google launches Gemini Deep Research agent, open-sources DeepSearchQA benchmark for advanced multi-step web research
    • Alphabet's (GOOG/GOOGL) Google launches Interactions API, enabling developers to build agentic apps with Gemini models and the new Deep Research agent in public beta
    • Alphabet (GOOG/GOOGL): Google to name Amin Vahdat chief technologist for AI infrastructure, according to Semafor
    • Alphabet (GOOG): Google set for EU antitrust fine next year over alleged self-preferencing, according to Reuters
    • Altria (MO) announces retirement of CEO Billy Gifford and appointment of Sal Mancuso as successor
    • Apollo Global Management (APO) weighs sale or IPO of Invited in deal that could top $3 bln, according to Reuters
    • Apple (AAPL) secures partial reversal of Epic Games related sanctions, according to Reuters
    • Applied Optoelectronics (AAOI) receives its first volume order for its 800G data center transceivers from a major hyperscale customer to support its AI data center growth
    • Astellas Pharma (ALPMY): Autobahn Labs forms strategic partnership with Astellas to accelerate academic discoveries into new medicines
    • atai Life Sciences N.V. (ATAI) announced that the US PTO granted a new patent covering EMP-01 (oral R-MDMA), further strengthening the company’s intellectual property estate and long-term exclusivity for the program
    • Automatic Data (ADP) announces a new integration with Thatch, an Individual Coverage Health Reimbursement Arrangement platform, now embedded within the RUN Powered by ADP payroll platform
    • Balchem (BCPC) increases annual dividend 10.3% to $0.96/share; also approves new share repurchase program up to 4 mln ordinary shares
    • BioCryst (BCRX) Pharma Board elected Vincent J. Milano as the next Chair of the Board, effective as of Nancy J. Hutson's retirement date
    • Biogen (BIIB): Canadian HTA assessments recognize therapeutic value of QALSODY and its potential to modify disease progression in individuals living with SOD1-ALS
    • Biohaven (BHVN) announces that it presented clinical safety and efficacy data for BHV-1510 at the 2025 European Society for Medical Oncology Immuno-Oncology Congress, taking place from December 10-12, 2025, in London, United Kingdom
    • Booking Holdings (BKNG): Maple announces a strategic integration with OpenTable
    • BP (BP) and Shell (SHEL) scaled back clean energy plans, according to FT
    • Brinks (BCO) authorizes new $750 mln share repurchase program; New authorization is in addition to the previous $500 mln program which expires December 31, 2025
    • Bristol-Myers (BMY): U.S. FDA grants priority review to Bristol Myers Squibb's application for Opdivo plus chemotherapy combination for classical hodgkin lymphoma
    • Celcuity (CELC) announces updated results from the randomized, Phase 3 VIKTORIA-1 trial for gedatolisib, a multi-target PI3K/AKT/mTOR inhibitor, in adults with hormone receptor positive, human epidermal growth factor receptor 2 negative, PIK3CA wild-type, advanced breast cancer, following progression on, or after, treatment with a CDK4/6 inhibitor and an aromatase inhibitor
    • Centessa Pharmaceuticals (CNTA) announces CEO transition as company advances strategy to extend orexin leadership into multiple neuroscience indications
    • Certara (CERT) appoints Jon Resnick as its next CEO; reaffirms guidance
    • Cerus (CERS) enters into a group purchasing agreement with Blood Centers of America, the largest blood supply cooperative in the U.S. BCA member blood centers produce approximately half of the U.S. platelet and cryoprecipitate supply
    • Chime (CHYM) promotes Janelle Sallenave to Chief Operating Officer, effective immediately
    • Coca-Cola (KO) Chief Operating Officer Henrique Braun to succeed James Quincy as CEO in 2026
    • Comcast (CMCSA) and Amazon (AMZN) announce the launch of Amazon Luna, a cloud gaming service, on millions of Xfinity TV and streaming devices across the U.S.
    • Community Health (CYH) Appoints Kevin Hammons Chief Executive Officer and Jason Johnson Chief Financial Officer
    • Confluent (CFLT) and Workato partner to power AI agents that detect and act in real time
    • Corbus Pharma (CRBP) reports results from Phase 1a study of Oral CB1 inverse agonist CRB-913 for the treatment for obesity demonstrating favorable safety profile and emerging evidence of weight loss
    • CoreWeave (CRWV) announces that Runway has signed a contract with CoreWeave to provide AI cloud solutions that will scale and accelerate its next generation video generation models
    • CVS Health (CVS) offering measles vaccine to South Carolina residents amid the state's current outbreak
    • Darling Ingredients (DAR) and Tessenderlo Group sign definitive agreement to form new company to accelerate growth in attractive collagen-based health, wellness and nutrition sector
    • DoorDash (DASH), Uber (UBER) sue NYC to block law requiring tip prompts at checkout
    • Eli Lilly (LLY) triple agonist, retatrutide, delivered weight loss of up to an average of 71.2 lbs along with substantial relief from osteoarthritis pain in first successful Phase 3 trial
    • Energy Transfer (ET) had alleged environmental abuses, according to GreenPeace
    • EVgo Inc. (EVGO) announces CFO transition; reaffirms FY25 guidance
    • Figure Technology Solutions (FIGR) brings $YLDS to Solana, expanding regulated RWA utility across the ecosystem
    • FutureFuel (FF) extends previously authorized share repurchase program of up to $25 mln for an additional 24 months to expire in March 2028
    • Gemini Space Station (GEMI) receives US license for prediction markets
    • GlaxoSmithKline (GSK) announces that the U.S FDA has approved a supplemental New Drug Application for gepotidacin as an oral option for adult and paediatric patients from 12 years of age weighing at least 45 kg who have limited or no alternative options for the treatment of uncomplicated urogenital gonorrhoea caused by susceptible strains of Neisseria gonorrhoeae
    • GlobalFoundries (GFS) appoints Sam Franklin as Chief Financial Officer, effective immediately
    • Gogo (GOGO) discloses that it expects to have approximately 300 Galileo HDX and FDX antennas shipped by year-end
    • Google (GOOG/GOOGL): Amin Vahdat will lead AI infrastructure buildout at Google, according to Semafor
    • Grupo Aeroportuario del Pacifico (PAC) announces shareholder approval of the business combination of the Cross Border Xpress and technical assistance services
    • Harley-Davidson (HOG) announces a series of leadership and organizational changes; names CCO, COO
    • IDEAYA Biosciences (IDYA) completes targeted full enrollment in randomized Pivotal Phase 2/3 Trial (OptimUM-02) of Darovasertib in combination with Crizotinib in First-line HLA*A2-Negative Metastatic Uveal Melanoma
    • Immatics (IMTX) presents IMA203CD8 PRAME Cell Therapy Data from ongoing dose escalation and shows promising initial anti-tumor activity in PRAME-Positive Tumors at ESMO-IO 2025 Congress
    • Intuitive Surgical (ISRG) announces expanded indications for da Vinci SP
    • JPMorgan Chase (JPM) announces that it has successfully arranged a U.S. Commercial Paper issuance for Galaxy Digital Holdings LP, an affiliate of Galaxy on Solana, purchased by Coinbase Global (COIN) and Franklin Templeton
    • Kanzhun Limited (BZ) announced that Mr. Phil Yu Zhang has resigned as an executive Director and Chief Financial Officer of the company each with effect from December 11, 2025 and has been appointed as the Chief Strategy Officer by the company
    • Keysight (KEYS) announces that in collaboration with KT SAT, it has demonstrated a successful non-terrestrial network handover using the KOREASAT-6A satellite at KT SAT’s Kumsan Satellite Network Operation Center in Korea
    • Kymera Therapeutics (KYMR) receives FDA Fast Track designation for KT-621
    • L3Harris (LHX) hosted U.S. government officials for a first-of-its-kind demonstration of software-defined capabilities that enable separate federal agencies to communicate instantly across domains
    • Leidos (LDOS) awarded a $454.9 mln Air Force contract
    • Lifeway Foods (LWAY): Edward Smolyansky provides critical campaign update- urges withhold on Dorri Mcwhorter, Jason Scher, and CEO Julie Smolyansky
    • Lifezone Metals (LZM) advances Kabanga Nickel Project toward 2026 FID
    • Matador Resources (MTDR) announces successful RBL redetermination and increase in San Mateo Bank commitments
    • McGraw Hill (MH) announces further deleveraging with additional $50 mln of debt reduction
    • Natera (NTRA) reports Phase III PALLAS study shows Signatera MRD Testing provides powerful post-surgical prognostic information in patients with high and intermediate Risk HR+/HER2- Breast Cancer
    • NovaBridge (NBP) presents positive ragistomig Phase 1 dose expansion data at ESMO-IO
    • PENN Entertainment (PENN) disclosed Colorado gaming license update
    • Prudential (PRU) Board of Directors has authorized the repurchase of up to $1.0 billion of its outstanding Common Stock during the period from January 1, 2026 through December 31, 2026
    • Qualcomm (QCOM) Amended and Restated Bylaws enable stockholders with at least 25% net long ownership of the Company’s outstanding common stock to call a special meeting of stockholders
    • Rayonier Adv. Materials (RYAM) announces that President and CEO De Lyle Bloomquist has informed the Board of Directors of his intention to retire by the time of the Company’s 2026 Annual Meeting of Stockholders, expected in May 2026
    • Rezolute (RZLT) announces topline results from its Phase 3 sunRIZE study evaluating ersodetug in patients with congenital hyperinsulinism
    • Rhythm Pharmaceuticals (RYTM) Announces Preliminary Data from Exploratory Phase 2 Trial that showed Setmelanotide Demonstrated Positive Efficacy Signal in Prader-Willi Syndrome
    • Rivian (RIVN) unveils custom silicon, next-gen autonomy platform, and deep AI integration at inaugural Autonomy & AI Day
    • Robinhood Markets (HOOD) reports November 2025 operating data
    • Roblox (RBLX): Florida AG sues Roblox over alleged safety misrepresentation and potential regulatory risk
    • Roche Hldg (RHHBY) secured CE Mark approval for its antibiotics drug-monitoring reagent pack, expanding its automated mass-spec IVD menu
    • Rogers (RCI) announces the launch of Amazon (AMZN) Luna on Rogers Xfinity, bringing cloud gaming to its world-class entertainment platform
    • Salesforce (CRM): U.S. Department of Transportation expands use of Salesforce, adds AI agents to modernize national transportation and safety systems
    • Salesforce (CRM): The Trump administration planning new corporate tax workaround that would reduce taxes to Salesforce.com (CRM) and Qualcomm (QCOM), according to Bloomberg
    • Salesforce (CRM): Fivetran faces higher costs to access Salesforce data amid app store rules and rising AI competition, according to The Information
    • Sanofi (SNY) receives NMPA approval in China for Qfitlia and Cablivi, expanding its rare-disease portfolio with its fourth and fifth approvals of 2025
    • Stellantis (STLA) trying to recapture market share, according to Reuters
    • STMicroelectronics (STM) and EIB sign €1 bln agreement to strengthen Europe’s semiconductor competitiveness
    • Suzano S.A. (SUZ) updates its shareholders, investors and the market in general on its long-term estimates of operational expenditure in its pulp business
    • Sysco (SYY): More than 1,000 Sysco drivers and warehouse workers across Northern California and Nevada have overwhelmingly ratified the first-ever regional collective bargaining agreement negotiated by the Teamsters at Sysco
    • Taiwan Semiconductor Manufacturing (TSM) considers making more advanced chips at secondary Japan plant, according to Nikkei
    • Uber (UBER) announces new regional additions to the Uber and Uber Eats apps with Stater Bros. Markets, Kowalski's Markets, and Big Red Liquors this month, further expanding the platform's growing network of local grocery and alcohol retailers across the U.S
    • Victory Capital (VCTR) reports Total Assets Under Management of $314.8 billion, other assets of $2.8 billion, and total client assets of $317.7 billion, as of November 30, 2025
    • Walmart (WMT): AXIL (AXIL) brands secures national retail distribution deal with Walmart
    • Weyerhaeuser (WY) and Aymium enter agreement to scale biocarbon production
    • ZIM Integrated Shipping (ZIM) released position statement on behalf of institutional investors and shareholders in advance of the annual and extraordinary general meeting
  • Upgrades:
    • BCE (BCE) upgraded to Outperform from Market Perform at BMO Capital
    • Bausch + Lomb (BLCO) upgraded to Buy from Neutral at Citigroup, tgt $20
    • dLocal Limited (DLO) upgraded to Buy from Hold at Truist, tgt $16
    • Fortrea (FTRE) upgraded to Buy from Neutral at Citigroup, tgt $21
    • HeartBeam (BEAT) upgraded to Buy from Speculative Buy at Benchmark, tgt $8
    • J.B. Hunt Transport (JBHT) upgraded to Buy from Hold at Deutsche Bank, tgt $227
    • Penumbra (PEN) upgraded to Buy from Neutral at Citigroup, tgt $350
    • Pinnacle Finl (PNFP) upgraded to Strong Buy from Market Perform at Raymond James, tgt $120
    • Roku (ROKU) upgraded to Buy from Hold at Jefferies, tgt $135
    • Soluna Holdings (SLNH) upgraded to Buy from Neutral at H.C. Wainwright, tgt $5
    • Synopsys (SNPS) upgraded to Buy from Neutral at BofA Securities, tgt $560
    • Thermo Fisher (TMO) upgraded to Buy from Neutral at Citigroup, tgt $660
    • Unity Software (U) upgraded to Buy from Neutral at BTIG Research, tgt $60
    • Unity Software (U) upgraded to Overweight from Neutral at Piper Sandler, tgt $59
  • Downgrades:
    • ACV Auctions (ACVA) downgraded to Hold from Buy at Jefferies, tgt $9
    • Alcon (ALC) downgraded to Underperform from Buy at BofA Securities, tgt $75
    • Alexander & Baldwin (ALEX) downgraded to Neutral from Buy at Janney, tgt $21
    • Citizens Financial (CFG) downgraded to Neutral from Outperform at Robert W. Baird, tgt $60
    • First Horizon (FHN) downgraded to Neutral from Outperform at Robert W. Baird, tgt $25
    • GE Vernova (GEV) downgraded to Neutral from Buy at Seaport Research
    • Global-e Online (GLBE) downgraded to Hold from Sell at Truist
    • Haemonetics (HAE) downgraded to Neutral from Buy at Citigroup, tgt $88
    • Intuitive Surgical (ISRG) downgraded to Neutral from Buy at Citigroup, tgt $635
    • Norfolk Southern (NSC) downgraded to Hold from Buy at Deutsche Bank
    • Qiagen (QGEN) downgraded to Neutral from Buy at Citigroup, tgt $50
    • Telus (TU) downgraded to Market Perform from Outperform at BMO Capital
    • Truist Financial (TFC) downgraded to Neutral from Outperform at Robert W. Baird, tgt $52
    • Union Pacific (UNP) downgraded to Hold from Buy at Deutsche Bank, tgt $245
    • Valero (VLO) downgraded to Neutral from Buy at BofA Securities, tgt $195
  • Others:
    • Abercrombie & Fitch (ANF) initiated with a Buy at Goldman, tgt $120
    • American Eagle (AEO) initiated with a Neutral at Goldman, tgt $25
    • Apollo Global (APO) assumed with a Buy at UBS, tgt $186
    • Ares Management (ARES) assumed with a Neutral at UBS, tgt $201
    • BlackRock (BLK) assumed with a Neutral at UBS, tgt $1,180
    • Blackstone (BX) assumed with a Neutral at UBS, tgt $175
    • Blue Owl Capital (OWL) assumed with a Neutral at UBS, tgt $18
    • Boot Barn (BOOT) initiated with a Buy at Goldman, tgt $225
    • BridgeBio (BBIO) initiated with an Outperform at Bernstein, tgt $94
    • BrightSpring Health (BTSG) initiated with an Overweight at Stephens, tgt $44
    • Carter's (CRI) initiated with a Sell at Goldman, tgt $26
    • Casella Waste (CWST) initiated with a Neutral at JPMorgan, tgt $112
    • Carlyle (CG) assumed with a Buy at UBS, tgt $74
    • Charles Schwab (SCHW) assumed with a Buy at UBS, tgt $119
    • Chime (CHYM) initiated with a Buy at B. Riley, tgt $35
    • D-Wave Quantum (QBTS) initiated with an Outperform at Mizuho, tgt $46
    • Elbit Systems (ESLT) initiated with an Equal Weight at Morgan Stanley
    • Evercore (EVR) assumed with a Neutral at UBS, tgt $340
    • GCT Semiconductor (GCTS) initiated with a Buy at H.C. Wainwright, tgt $3
    • Gorilla Technology (GRRR) initiated with an Overweight at Cantor Fitzgerald, tgt $31
    • Grupo Supervielle (SUPV) initiated with an Outperform at Itau BBA, tgt $15
    • Hamilton Lane (HLNE) assumed with a Buy at UBS, tgt $166
    • Houlihan Lokey (HLI) assumed with a Neutral at UBS, tgt $193
    • IonQ (IONQ) initiated with an Outperform at Mizuho, tgt $90
    • Jefferies Financial (JEF) assumed with a Buy at UBS, tgt $76
    • KKR (KKR) assumed with a Buy at UBS, tgt $176
    • Lazard (LAZ) assumed with a Neutral at UBS, tgt $54
    • LPL Financial (LPLA) assumed with a Neutral at UBS, tgt $406
    • Moelis (MC) assumed with a Neutral at UBS, tgt $70
    • Offerpad Solutions (OPAD) initiated with a Buy at Alliance Global, tgt $3.50
    • Option Care Health (OPCH) initiated with an Overweight at Stephens, tgt $40
    • Oscar Health (OSCR) initiated with an Equal Weight at Stephens, tgt $17
    • Ovid Therapeutics (OVID) initiated with a Buy at Roth Capital, tgt $3
    • PJT Partners (PJT) assumed with a Neutral at UBS, tgt $180
    • Raymond James (RJF) assumed with a Neutral at UBS, tgt $176
    • Rigetti Computing (RGTI) initiated with an Outperform at Mizuho, tgt $50
    • Signet Jewelers (SIG) initiated with a Neutral at Goldman, tgt $96
    • Stifel Financial (SF) assumed with a Buy at UBS, tgt $150
    • TPG (TPG) assumed with a Buy at UBS, tgt $82
    • Trinity Capital (TRIN) initiated with a Buy at Lucid Capital, tgt $17
  • Econ Data (Friday):
    • No U.S. economic data of note. 
  • Earnings:
    • Monday (Dec 8)
      • Pre-Market: None
      • After-Hours: CMP PHR TOL
      Tuesday (Dec 9)
      • Pre-Market: ASO AZO CAL CPB CNM FERG GIII KFY OLLI SAIL
      • After-Hours: AVAV BRZE CASY CBRL PLAY GME
    • Wednesday (Dec 10)
      • Pre-Market: CHWY MOMO PLAB REVG UEC
      • After-Hours: ADBE NDSN ORCL OXM PL SNPS MTN
    • Thursday (Dec 11)
      • Pre-Market: CIEN LOVE
      • After-Hours: AVGO COST LULU NTSK RH
    • Friday (Dec 12)
      • Pre-Market: None
      • After-Hours: None
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