Market Snapshot
| Dow | 48296.26 | +368.51 | (0.77%) | | Nasdaq | 23402.95 | -65.37 | (-0.28%) | | SP 500 | 6853.10 | +6.50 | (0.09%) | | 10-yr Note |
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| | NYSE | Adv 1472 | Dec 1224 | Vol 533.33 mln | | Nasdaq | Adv 2095 | Dec 2221 | Vol 6.90 bln |
Industry Watch
| Strong: Financials, Health Care, Industrials, Materials, Utilities |
| | Weak: Communication Services, Energy, Consumer Discretionary, Information Technology, Real Estate |
Moving the Market
Advanced Micro Devices (AMD) higher following impressive growth projections at yesterday's financial analyst day
Mega-caps continue trend of relative weakness
Broader market mixed
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Major averages remain mixed amid uneventful afternoon
12-Nov-25 15:30 ET
Dow +368.51 at 48296.26, Nasdaq -65.37 at 23402.95, S&P +6.50 at 6853.10
[BRIEFING.COM] The S&P 500 (+0.1%), Nasdaq Composite (-0.3%), and DJIA (+0.7%) remain seated in a mixed seating as the afternoon has passed in a relatively uneventful fashion.
Investors have another modest batch of earnings reports to look forward to tomorrow, though it does feature a few high-profile names.
Walt Disney (DIS 116.54, +1.70, +1.48%) trades higher ahead of its earnings report before the open tomorrow, holding above its 200-day moving average (110.16) as of late.
Meanwhile, Alibaba (BABA 157.46, -3.34, -2.08%) trades lower, with the company set to report at an unspecified time tomorrow.
Rate cut expectations holding steady despite lack of October data
12-Nov-25 15:00 ET
Dow +343.53 at 48271.28, Nasdaq -94.51 at 23373.81, S&P -0.55 at 6846.05
[BRIEFING.COM] The S&P 500 (flat), Nasdaq Composite (-0.4%), and DJIA (+0.7%) remain seated in a mixed fashion as the market enters the final hour of today's session.
A handful of macro headlines have crossed the wires this afternoon, though none have had a significant impact on the major averages.
White House Press Secretary Karoline Leavitt said that the October jobs and CPI reports will likely never be released due to the government shutdown and added that Q4 GDP will likely be 200 basis points lower due to the shutdown.
Some investors looked forward to the end of the shutdown with hopes that data releases would show further softening in the labor market and prompt the FOMC to cut rates again in December.
The CME FedWatch Tool currently assigns a 65.4% probability of a 25-basis-point rate cut at the December FOMC meeting, holding steady from 66.9% yesterday.
National Economic Council Director Kevin Hassett told Bloomberg that he believes rates could be "a lot lower" and added he would accept the Fed Chair nomination if offered by President Trump.
S&P 500 flat as AI/data stocks slide; Albemarle jumps on lithium demand optimism
12-Nov-25 14:25 ET
Dow +325.96 at 48253.71, Nasdaq -87.46 at 23380.86, S&P +0.78 at 6847.38
[BRIEFING.COM] The S&P 500 (+0.01%) is now up less than a point on Wednesday afternoon, having spent time in both positive and negative territory for a bit of time today.
Briefly, S&P 500 constituents Palantir Technologies (PLTR 181.59, -9.37, -4.91%), Oracle (ORCL 226.71, -9.44, -4.00%), and Datadog (DDOG 190.07, -7.79, -3.94%) dot the bottom of the standings amid broader weakness in AI/data infrastructure stocks.
Meanwhile, Albemarle (ALB 109.15, +5.27, +5.07%) is outperforming after Jefferies analysts cited renewed confidence in accelerating lithium demand -- driven by energy storage, drones, and robotics -- and ALB's strong leverage to lower rates and earnings growth potential.
Gold surges 2.4% to record $4,213 as weak data spurs Fed cut bets, safe-haven demand
12-Nov-25 14:00 ET
Dow +397.55 at 48325.30, Nasdaq -64.21 at 23404.11, S&P +8.68 at 6855.28
[BRIEFING.COM] The tech-heavy Nasdaq Composite (-0.27%) is in last place on Wednesday afternoon, down almost 65 points.
Gold futures settled $97.30 higher (+2.4%) at $4,213.60/oz, as weak U.S. economic data fueled expectations of imminent Fed rate cuts, boosting demand for non-yielding assets. A softer dollar and renewed safe-haven buying amid global uncertainty further supported the metal's rally.
Meanwhile, the U.S. Dollar Index is down about -0.1% to $99.43.
Dow jumps 390 points led by UnitedHealth and Goldman; Chevron lags
12-Nov-25 13:30 ET
Dow +392.93 at 48320.68, Nasdaq -62.80 at 23405.52, S&P +9.49 at 6856.09
[BRIEFING.COM] The Dow Jones Industrial Average (+0.82%) is in first place on Wednesday afternoon, up more than 390 points.
A look inside the DJIA shows that UnitedHealth (UNH 340.11, +12.66, +3.87%), Goldman Sachs (GS 831.97, +21.66, +2.67%), and 3M (MMM 171.27, +2.60, +1.54%) show solid gains.
Meanwhile, Chevron (CVX 153.29, -2.95, -1.89%) is underperforming.
The DJIA stands +2.84% higher week-to-date.
Elsewhere, U.S. Treasuries trade just below their best levels of the day, having seen some light recent pressure after the U.S. Treasury followed Monday's solid 3-yr note offering with a weak sale of $42 bln in 10-yr notes. The 10-yr note auction drew a high yield of 4.074%, which tailed the when-issued yield by 0.6 basis points while the bid-to-cover ratio (2.43x vs 2.56x average) and indirect takedown (67.0% vs 70.1% average) were below average.
Amdocs edges past Q4 EPS, but heavy AI spending dims outlook and sends shares lower (DOX)
Amdocs (DOX) edged past Q4 EPS expectations and delivered in-line revenue of $1.15 bln, but the stock is trading sharply lower following the earnings release. That weakness is largely tied to the company's disappointing EPS guidance for 1Q26 ($1.73-$1.79) and FY26 ($7.27-$7.55), both of which missed analysts' expectations.
- The downside EPS guidance is related to DOX's plan to accelerate its generative AI investments in order to open new pathways for future growth. The company stated it is also monitoring for impacts from the uncertain global macroeconomic environment.
- Generative AI investments will focus on developing a “Cognitive Core” platform -- an advanced agentic layer that integrates agent-to-agent capabilities into core BSS/OSS systems, promising new automation, improved agility, and cost efficiencies for telecom customers.
Despite the conservative guidance, DOX posted a flurry of positives:
- Cloud-related activities grew double digits and accounted for over 30% of total revenue, 12-month backlog increased 3% yr/yr to $4.19 bln, and the company ended FY25 with robust sales momentum and a healthy book of business.
- Non-GAAP operating margin expanded by 290 bps to a record 21.6% as phase-out of non-core, low-margin businesses improved overall profitability.
- The quarterly cash dividend was hiked by 8% to $0.569/share, supporting total shareholder return. Free cash flow remained strong, with a 90% conversion rate and healthy capital allocation, including significant share repurchases.
- New wins included a multi-year strategic expansion with PLDT, Google Cloud migration awards at TELUS and Lumen Technologies, and a digital transformation/IT operations agreement with Fidium, while managed services revenue reached a record 66% of annual total.
Briefing.com Analyst Insight:
DOX delivered a solid finish to FY25, maintaining its leadership in managed services and cloud transformation. However, the tempered FY26 EPS outlook and intentional AI spending shift reflect a pivot toward "future growth engines" at the expense of near-term earnings momentum. Investments in Cognitive Core generative AI are ambitious and could position DOX for a new growth wave, but the timing and scale of monetization remain to be proven. Positive backlog trends and margin improvements help buffer investor concerns, though caution around macro and client spending is warranted. With FY26 guidance implying modest growth and margin accretion balanced against elevated R&D, more evidence of AI-driven operational disruption may be needed before the market assigns a premium multiple.
GlobalFoundries Dips Despite Solid Q3 as Investors Wait on AI Photonics, Reshoring Payoff (GFS)
GlobalFoundries (GFS), a specialty semiconductor foundry focused on differentiated process technologies like RF, power, and silicon photonics, is trading lower today after reporting Q3 results this morning. The company beat EPS expectations, while revenue declined 3% yr/yr to $1.69 bln, in line with estimates. For Q4, GFS guided revenue to $1.775-1.825 bln (midpoint above estimates) and EPS of $0.42-0.52, roughly in line.
- Automotive rose 20% yr/yr and now makes up about 18% of sales, driven by rising chip content in EVs and smart vehicles, with management expecting roughly $1.5 bln in annual revenue this year.
- Communications Infrastructure and Datacenter climbed 32% yr/yr on strength in optical networking and SATCOM, including three new design wins worth $150 mln.
- Smart Mobile Devices, about 45% of total revenue, was softer, down 13% yr/yr on pricing and shipment timing, though it did increase 10% sequentially.
- Management said hyperscalers are shifting to pluggable and co-packaged optics to meet AI data needs, with GF expecting its optical networking market to grow about 40% annually through 2030 and silicon photonics revenue to double this year toward a $1 bln run rate later in the decade.
- GFS also stands to benefit from reshoring tailwinds as customers seek non-China, non-Taiwan manufacturing, expanding fab investments across the U.S. and Germany with support from customers like Apple (AAPL), AMD (AMD), SpaceX, Qualcomm (QCOM), and NXP Semi (NXPI).
Briefing.com Analyst Insight
GlobalFoundries delivered a solid Q3 anchored by strength in automotive and datacenter, though smart devices, its largest segment by revenue, remains sluggish. While not a direct AI foundry powerplay like TSMC (TSM) or Broadcom (AVGO), management sounded confident about AI-driven optical interconnect and photonics demand, a growing TAM, and continued onshoring momentum. That said, this remains an execution story: Q4 revenue guidance still implies a yr/yr revenue decline, and the faster-growing segments accounted for about 28% of total sales in Q3. For now, the structural tailwinds are clear, but investors appear to be waiting for them to translate into more tangible top-line growth.
On the Run: ONON Races Past Expectations With Powerful Q3 and Upbeat FY25 Outlook (ONON)
On Holding (ONON +19%) is jumping sharply after delivering an impressive Q3 earnings beat and raising guidance. Revenue climbed 24.9% yr/yr to CHF 794.4 mln, well above expectations, as the Swiss athletic footwear maker continued to outpace the broader sportswear market. The company lifted its FY25 revenue outlook to +34% CC from +31% CC prior.
- DTC revenue surged 37.5% CC to CHF 314.7 mln, highlighting the strength of On's full-price strategy. Wholesale sales rose 32.5% CC to CHF 479.6 mln, reflecting sustained demand from key partners.
- Asia Pacific delivered its fourth straight quarter of triple-digit CC growth, led by China, Korea, and Southeast Asia.
- US demand remained robust, fueling optimism for the holiday season.
- Store openings in Tokyo, Palo Alto, and Zurich drew large crowds, underscoring brand momentum.
- The innovation pipeline remains strong, with upcoming launches of Cloudrunner 3, Cloudmonster 3, and LightSpray technology products, including the LightSpray Cloudmonster Hyper in spring/summer 2026.
- Apparel continues to scale rapidly, serving as an entry point for younger customers and driving incremental growth across channels.
Shares are rebounding after a 40% slide from late May to early November, aided by renewed confidence in execution under new sole CEO Martin Hoffmann.
Briefing.com Analyst Insight:
On Holding is proving to be the rare premium athletic brand still running at full speed while others stumble. Its Q3 strength in both DTC and wholesale channels demonstrates that consumer appetite for On's innovation-led, design-driven products remains red hot. The brand's disciplined full-price approach, expanding global footprint, and rapidly scaling apparel business differentiate it sharply from peers like Nike (NKE) and Adidas (ADDYY), which continue to navigate inventory and pricing headwinds. That said, ONON's valuation remains demanding relative to its larger peers, and the 40% pre-earnings selloff this summer shows just how fickle sentiment can be in growth retail. Still, this quarter reaffirms that On is executing well, and with strong product innovation and regional momentum — especially in Asia — we view the risk/reward as turning more favorable.
Circle Internet Group crushes Q3 estimates as USDC circulation doubles, but stock still dives (CRCL)
Circle Internet Group (CRCL) delivered an impressive beat on Q3 EPS and revenue, but shares are sharply lower despite the strong fundamentals. Net income surged by 202% yr/yr to $214 mln, while revenue jumped 66% to $739.8 mln, handily surpassing expectations.
- The surge was fueled by exceptional growth in USDC stablecoin circulation, which doubled (+108% yr/yr) to $73.7 bln and drove market share expansion to 29%, up 643 bps.
- Revenue is generated primarily from interest income on short-term Treasury bills that back USDC. The reserve return rate was 4.15% for Q3, down 96 bps owing to lower SOFR, but dollar volumes were so high that net results were robust.
- A blemish on the report was RLDC margin, which slipped by 270 bps yr/yr to 39%, partially due to higher distribution costs to incentivize partners. Still, sequential margin improvement was noted from Q2, reflecting progress with higher-margin products and partners.
- The Arc Public Testnet launched with participation from over 100 major financial institutions and tech firms - including BlackRock, Visa, HSBC, AWS, and others - signaling strong industry support for CRCL’s enterprise-grade Layer-1 blockchain aimed at programmable finance and real-world economic activity.
- The Circle Payments Network (CPN) continues rapid expansion, with 29 financial institutions currently enrolled, 55 additional institutions undergoing eligibility review, and a pipeline of over 500 prospects.
- CRCL reaffirmed its ambitious long-term goal for USDC 40% CAGR in circulation. It raised FY25 Other Revenue guidance to $90-$100 mln (from $75-$85 mln), citing strong momentum in subscriptions and transaction fees.
- Adjusted operating expense guidance was also raised to $495-$510 mln (from $475-$490 mln), reflecting platform investment and new payroll tax treatments post-IPO.
Briefing.com Analyst Insight:
CRCL’s strong quarter demonstrates solid execution on platform and network expansion, highlighted by the Arc Public Testnet’s rapid institutional adoption and ongoing exploration of a native Arc Token. The Circle Payments Network (CPN) is scaling quickly, even as monetization remains a future focus. Margin compression and heightened expense guidance raise some concerns about sustainable earnings, especially if interest on reserves moderates from here. The sharp pullback in CRCL’s shares reflects both the cost ramp and skepticism about the durability of recent growth tailwinds. Ongoing validation of organic network growth and improved platform economics will be crucial for supporting the stock’s premium narrative going forward.
Life360 Slumps Despite Record Quarter; Slower MAU Growth and Nativo Deal Stir Caution (LIF)
Life360 (LIF) is under pressure today after reporting its Q3 results last night, despite reporting a record quarter. EPS improved 22% yr/yr to $0.11, revenue increased a healthy 34.1% yr/yr to $124.5 mln, above expectations, while it also raised its FY25 revenue guidance to $474-485 mln from $462-482 mln. The mid point of this range sits above analyst estimates.
- Growth was driven by the core subscription engine, with MAUs reaching a record 91.6 mln (+19% yr/yr) and Paying Circles up 23% yr/yr to 2.7 mln, a record 170,000 net additions. Total subscription revenue rose 34% yr/yr to $96.3 mln, also a record.
- International momentum remained solid, with Paying Circles outside the U.S. up 29% yr/yr and ARPPC up 8%, reflecting strong traction in key markets like the UK, Canada, and Australia.
- An emerging bright spot was Pet GPS, which sold out across key markets shortly after launch and is designed to drive higher subscription conversion over time.
- Beyond subscriptions and hardware, Q3 other revenue jumped 82% yr/yr to $16.9 mln, fueled by advertising growth, which management sees as a durable, high-margin opportunity.
- Building on that momentum, Life360 announced plans to acquire Nativo for $120 mln, adding a full-stack ad-tech platform to accelerate its advertising roadmap and broaden reach.
- Management also raised guidance across all major segments, subscription, hardware, and "other" revenue, along with adjusted EBITDA, reflecting solid core momentum, strong early Pet GPS demand, and growing confidence in its ad business.
Briefing.com Analyst Insight
Despite delivering another record quarter, the sharp pullback suggests expectations may have simply been too high. MAU growth slowed from tough comps (19% this quarter vs. 25% in Q2), and the Nativo acquisition adds uncertainty around integration and a pivot toward advertising, a business that's growing but still in the early stages for Life360. The stock had surged more than 200% from April lows, setting a high bar, and even after today's drop, valuation near 52x forward earnings leaves little room for error. Overall, the results highlight solid execution and platform strength, but they weren't quite enough to satiate high growth expectations.
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