Market Snapshot
| Dow | 47544.38 | +337.47 | (0.71%) | | Nasdaq | 23637.48 | +432.59 | (1.86%) | | SP 500 | 6875.15 | +83.47 | (1.23%) | | 10-yr Note |
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| | NYSE | Adv 1562 | Dec 1176 | Vol 1.09 bln | | Nasdaq | Adv 2561 | Dec 2161 | Vol 10.83 bln |
Industry Watch
| Strong: Communication Services, Information Technology, Consumer Discretionary |
| | Weak: Consumer Staples, Materials |
Moving the Market
U.S. and China reach framework trade agreement, expected to be finalized Thursday
Mega-cap stocks trade higher ahead of earnings reports this week
Expectations for a 25-basis point rate cut at Wednesday's FOMC meeting
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Trade optimism and mega-cap strength prompts fresh record highs
27-Oct-25 16:30 ET
Dow +337.47 at 47544.38, Nasdaq +432.59 at 23637.48, S&P +83.47 at 6875.15
[BRIEFING.COM] The stock market expanded upon last week's momentum, sending the S&P 500 (+1.2%), Nasdaq Composite (+1.9%), and DJIA (+0.7%) to fresh record highs as mega-cap names led a broad-based advance.
Reports emerged over the weekend that the U.S. and China agreed to a trade deal framework that will avoid an additional 100% tariff on Chinese imports, with President Trump and Chinese President Xi set to finalize the deal on Thursday, according to The Washington Post.
Treasury Secretary Scott Bessent told CBS News that he expects the deal to include a "substantial" purchase of U.S. soybeans, a delay in rare earth export controls, and a resolution of differences regarding the TikTok deal.
The developments signal a markedly more conciliatory tone from both sides, a far cry from just a few weeks ago when President Trump described the situation as a trade war.
Stocks moved higher in response, with sector strength improving throughout the day, ultimately seeing nine S&P 500 sectors close with gains.
Mega-cap names drove the advance, buoying the communication services (+2.3%), information technology (+2.0%), and consumer discretionary (+1.5%) sectors to significant gains, while no other sectors captured a gain wider than 0.6%.
Alphabet (GOOG 269.93, +9.42, +3.62%), which reports its earnings Wednesday after the close, provided strong leadership for the communication services sector, notching a fresh record high. Meta Platforms (META 750.82, +12.46, +1.69%) captured a solid gain ahead of its earnings that also fall on Wednesday afternoon.
The top-weighted information technology sector saw all of its mega-cap components finish with gains of 1.5% or wider. NVIDIA (NVDA 191.49, +5.23, +2.81%) was a top mover after Treasury Secretary Scott Bessent told CBS News that there will be no changes to U.S. export controls on chips.
The stock was unaffected by Qualcomm's (QCOM 187.68, +18.74, +11.09%) unveiling of its new AI200 and AI250 accelerator chips, marking a major push into the high-performance AI infrastructure market dominated by NVIDIA.
Advanced Micro Devices (AMD 259.70, +6.78, +2.68%), which is another leader in the space, briefly dipped below its flat line, though it quickly rebounded after Reuters reported the company and the U.S. Department of Energy have partnered to build two supercomputers.
The PHLX Semiconductor Index finished with a 2.7% gain.
Elsewhere, Tesla (TSLA 452.42, +18.70, +4.31%) rebounded from a 3.4% slide on Friday, providing strong leadership for the consumer discretionary sector.
The Vanguard Mega Cap Growth ETF closed 1.9% higher, as all of the "magnificent seven" names closed at least 1.2% higher. Five of those seven companies will report earnings later this week.
As a result, the market-weighted S&P 500 (+1.2%) considerably outperformed the S&P 500 Equal Weighted Index (+0.5%).
Meanwhile, the consumer staples sector (-0.3%) lagged despite Keurig Dr Pepper (KDP 29.23, +2.07, +7.62%) moving higher after posting a strong Q3 earnings report and raising its FY25 outlook.
The materials sector (-0.3%) also finished in negative territory. Albemarle (ALB 96.21, -9.43, -8.93%) was the worst-performing S&P 500 name after the company announced it will sell a controlling stake in Ketjen Corporation's refining catalyst solutions business to KPS Capital Partners.
Newmont Corporation (NEM 78.60, -4.77, -5.73%) faced pressure as gold and silver deepened their reversals from record highs, returning to levels from early October.
Outside of the S&P 500, the small-cap Russell 2000 (+0.3%) notched record highs of its own despite a sharp reversal from its opening gains. The S&P Mid Cap 400 (+0.3%) followed a similar trajectory and captured a similar gain.
Momentum across the mega-caps ahead of their earnings underscores their outsized influence on index-level performance. Should results top expectations, the market could be set for a continued climb into record territory, supported by improving U.S.-China trade relations and the prospect of additional policy easing beginning with Wednesday's FOMC meeting.
U.S. Treasuries began the week in mixed fashion, as the long bond recorded a slim gain after overcoming some early pressure while shorter tenors finished with slight losses. The 2-year note yield settled up two basis points to 3.50%, and the 10-year note yield settled unchanged at 4.00%.
- Nasdaq Composite: +22.4% YTD
- S&P 500: +16.9% YTD
- Russell 2000: +13.0% YTD
- DJIA: +11.8% YTD
- S&P Mid Cap 400: +6.0% YTD
Major averages well positioned for record closing highs
27-Oct-25 15:30 ET
Dow +252.34 at 47459.25, Nasdaq +393.20 at 23598.09, S&P +71.81 at 6863.49
[BRIEFING.COM] The S&P 500 (+1.1%), Nasdaq Composite (+1.7%), and DJIA (+0.5%) are well positioned to notch record closing highs to go along with today's intraday highs.
While today's gains are relatively broad-based, mega-cap and tech names are driving the index-level advance, as the market-weighted S&P 500 decidedly outperforms the S&P 500 Equal Weighted Index (+0.3%).
Although Amazon (AMZN 226.67, +2.46, +1.10%) still holds a solid gain for the day, the stock is charting new session lows after Reuters reported that the company aims to eliminate around 30,000 corporate jobs.
Alphabet reaches new record high
27-Oct-25 14:55 ET
Dow +232.41 at 47439.32, Nasdaq +401.53 at 23606.42, S&P +71.16 at 6862.84
[BRIEFING.COM] The S&P 500 (+1.1%), Nasdaq Composite (+1.8%), and DJIA (+0.5%) maintain their solid early gains as the market enters the final hour of trading.
Eight S&P 500 sectors continue to trade in positive territory, with the communication services sector (+2.3%) extending its leadership as Alphabet (GOOG 269.87, +9.36, +3.59%) extends its push past its previous record high.
The company announced a partnership with NextEra Energy (NEE 85.49, +1.08, +1.28%) to restart a nuclear plant in Iowa, according to Fox Business.
On the trade front, Mexican President Claudia Sheinbaum said that she and President Trump have agreed to extend the previous trade deadline to work out remaining issues, according to Reuters.
S&P 500 climbs 1% as HCA rallies on upbeat guidance; Albemarle sinks after Ketjen stake sale
27-Oct-25 14:25 ET
Dow +224.32 at 47431.23, Nasdaq +403.98 at 23608.87, S&P +70.10 at 6861.78
[BRIEFING.COM] The S&P 500 (+1.03%) is in second place on Monday afternoon, up about 70 points.
Briefly, S&P 500 constituents Dow (DOW 25.90, +1.09, +4.39%), HCA (HCA 462.91, +15.87, +3.55%), and Dollar Tree (DLTR 102.37, +3.32, +3.35%) pepper the top of the average. HCA rises after several analysts raised estimates and price targets following strong Q3 results and higher 2025 guidance, citing improved payor mix, stable labor costs, and solid volume growth that support continued earnings momentum.
Meanwhile, Albemarle (ALB 96.80, -8.84, -8.37%) slides to the bottom of the standings after agreeing to sell a controlling stake in its Ketjen catalyst unit to KPS Capital Partners for $660 million, a move seen as reflecting ongoing financial pressure and a lower-than-expected valuation.
Gold drops 2.9% to $4,019 as trade optimism and rising yields curb safe-haven demand
27-Oct-25 14:00 ET
Dow +232.22 at 47439.13, Nasdaq +398.63 at 23603.52, S&P +69.48 at 6861.16
[BRIEFING.COM] The tech-heavy Nasdaq Composite (+1.72%) is in first place on Monday afternoon, up about 399 points.
Gold futures settled $118.10 lower (-2.9%) at $4,019.70/oz, as optimism over renewed U.S./China trade talks reduced safe-haven demand. A stronger dollar and higher Treasury yields also pressured prices, prompting profit-taking after gold's recent rally.
Meanwhile, the U.S. Dollar Index is down less than -0.1% to $98.89.
Closing Summary: Trade deal optimism and mega-cap strength prompts fresh record highs
The stock market expanded upon last week's momentum, sending the S&P 500 (+1.2%), Nasdaq Composite (+1.9%), and DJIA (+0.7%) to fresh record highs as mega-cap names led a broad-based advance.
Reports emerged over the weekend that the U.S. and China agreed to a trade deal framework that will avoid an additional 100% tariff on Chinese imports, with President Trump and Chinese President Xi set to finalize the deal on Thursday, according to The Washington Post.
Treasury Secretary Scott Bessent told CBS News that he expects the deal to include a "substantial" purchase of U.S. soybeans, a delay in rare earth export controls, and a resolution of differences regarding the TikTok deal.
The developments signal a markedly more conciliatory tone from both sides, a far cry from just a few weeks ago when President Trump described the situation as a trade war.
Stocks moved higher in response, with sector strength improving throughout the day, ultimately seeing nine S&P 500 sectors close with gains.
Mega-cap names drove the advance, buoying the communication services (+2.3%), information technology (+2.0%), and consumer discretionary (+1.5%) sectors to significant gains, while no other sectors captured a gain wider than 0.6%.
Alphabet (GOOG 269.93, +9.42, +3.62%), which reports its earnings Wednesday after the close, provided strong leadership for the communication services sector, notching a fresh record high. Meta Platforms (META 750.82, +12.46, +1.69%) captured a solid gain ahead of its earnings that also fall on Wednesday afternoon.
The top-weighted information technology sector saw all of its mega-cap components finish with gains of 1.5% or wider. NVIDIA (NVDA 191.49, +5.23, +2.81%) was a top mover after Treasury Secretary Scott Bessent told CBS News that there will be no changes to U.S. export controls on chips.
The stock was unaffected by Qualcomm's (QCOM 187.68, +18.74, +11.09%) unveiling of its new AI200 and AI250 accelerator chips, marking a major push into the high-performance AI infrastructure market dominated by NVIDIA.
Advanced Micro Devices (AMD 259.70, +6.78, +2.68%), which is another leader in the space, briefly dipped below its flat line, though it quickly rebounded after Reuters reported the company and the U.S. Department of Energy have partnered to build two supercomputers.
The PHLX Semiconductor Index finished with a 2.7% gain.
Elsewhere, Tesla (TSLA 452.42, +18.70, +4.31%) rebounded from a 3.4% slide on Friday, providing strong leadership for the consumer discretionary sector.
The Vanguard Mega Cap Growth ETF closed 1.9% higher, as all of the "magnificent seven" names closed at least 1.2% higher. Five of those seven companies will report earnings later this week.
As a result, the market-weighted S&P 500 (+1.2%) considerably outperformed the S&P 500 Equal Weighted Index (+0.5%).
Meanwhile, the consumer staples sector (-0.3%) lagged despite Keurig Dr Pepper (KDP 29.23, +2.07, +7.62%) moving higher after posting a strong Q3 earnings report and raising its FY25 outlook.
The materials sector (-0.3%) also finished in negative territory. Albemarle (ALB 96.21, -9.43, -8.93%) was the worst-performing S&P 500 name after the company announced it will sell a controlling stake in Ketjen Corporation's refining catalyst solutions business to KPS Capital Partners.
Newmont Corporation (NEM 78.60, -4.77, -5.73%) faced pressure as gold and silver deepened their reversals from record highs, returning to levels from early October.
Outside of the S&P 500, the small-cap Russell 2000 (+0.3%) notched record highs of its own despite a sharp reversal from its opening gains. The S&P Mid Cap 400 (+0.3%) followed a similar trajectory and captured a similar gain.
Momentum across the mega-caps ahead of their earnings underscores their outsized influence on index-level performance. Should results top expectations, the market could be set for a continued climb into record territory, supported by improving U.S.-China trade relations and the prospect of additional policy easing beginning with Wednesday's FOMC meeting.
U.S. Treasuries began the week in mixed fashion, as the long bond recorded a slim gain after overcoming some early pressure while shorter tenors finished with slight losses. The 2-year note yield settled up two basis points to 3.50%, and the 10-year note yield settled unchanged at 4.00%.
- Nasdaq Composite: +22.4% YTD
- S&P 500: + 16.9% YTD
- Russell 2000: +13.0% YTD
- DJIA: +11.8% YTD
- S&P Mid Cap 400: +6.0% YTD
Overseas:
- Europe: DAX +0.3%, FTSE +0.1%, CAC +0.2%
- Asia: Nikkei +2.5%, Hang Seng +1.1%, Shanghai +1.2%
Commodities:
- Crude Oil -0.14 @ 61.33
- Nat Gas +0.14 @ 3.45
- Gold -116.80 @ 4020.50
- Silver -1.76 @ 46.83
- Copper +0.05 @ 5.17
Spotlight Comment: Keurig Dr Pepper Brews Up a Strong Q3: Investors React Positively to Coffee and $7B Investment
Keurig Dr Pepper (KDP 29.23, +2.07, +7.6%) is nicely higher today after posting a strong Q3 and raising its FY25 outlook. Revenue rose 10.7% yr/yr to $4.31 bln, above expectations, while EPS was in line. The company now expects high-single-digit FY25 sales growth, up from mid-single digits, reflecting broad-based strength.
- U.S. Refreshment Beverages jumped 14.4% to $2.7 bln, driven by market share gains in soft drinks, energy, and hydration — and boosted by KDP's 60% stake in Ghost Energy.
- U.S. Coffee grew 1.5% to $991 mln, as price gains offset weaker volume/mix.
- International sales increased 10.5% to $580 mln, led by growth in Mexico mineral water and Canadian single-serve coffee.
- The Q3 report comes on the heels of big news announced in August when KDP announced plans to acquire Amsterdam-based JDE Peet's for €15.7 bln, which includes a plan to separate into two independent, yet to be named, US-listed publicly traded companies: Beverage Co. and Global Coffee Co.
- Investors do not seem too excited as the stock has since fallen more than 20%. KDP concedes that there has been a slowdown in the global coffee category post-COVID as category volume trends bottomed out in 2022. However, they have been stabilizing ever since and KDP is beginning to see signs of recovery.
- Besides the positive comments on coffee, investors are also bidding up shares on an announcement today of a $7 bln strategic investment co-led by Apollo and KKR to reduce projected net leverage at acquisition close. Taking on debt was another reasons investors were not excited about the JDE Peet deal, but this lessens those concerns.
Briefing.com Analyst Insight:
KDP's Q3 results and outlook hit the right notes for a stock that had been under pressure since the JDE Peet's deal announcement. The top-line acceleration, confident tone on coffee demand recovery, and the $7 bln equity injection to ease leverage concerns collectively reset sentiment. The proposed split into two focused public companies could unlock value if executed cleanly, though integration and separation risks remain. Still, this is a step in the right direction.
Today's News Summary:For a full rundown of today's market and after hours developments, see Live In Play
- Earnings/Guidance ( Full E arnings Calendar):
- Alliance Resource (ARLP) reports third quarter financial and operating results and updates 2025 guidance
- Bank of Hawaii (BOH) beats by $0.03
- Carter's (CRI) beats by $0.01, misses on revs
- Core Scientific (CORZ) reports Q3 results, misses on revenue; Entered into merger agreement with CoreWeave (CRWV) on July 7, 2025
- Daqo New Energy (DQ) beats by $0.64, beats on revs
- Easterly Government Properties (DEA) beats by $0.01, beats on revs; guides FY25 FFO above consensus; guides FY26 FFO in-line
- Keurig Dr Pepper (KDP) reports EPS in-line, beats on revs; raises sales growth guidance; reaffirms EPS outlook
- Lakeland Financial (LKFN) misses by $0.01, reports revs in-line
- Petrobras (PBR) reports Q3 production
- Revvity (RVTY) beats by $0.04, reports revs in-line; guides FY25 EPS above consensus, revs in-line; Authorizes new $1 billion share repurchase program
- Toyota Motor (TM) announces its sales, production, and export results for September 2025
- General News
- U.S. and China reach a framework for a trade deal that will avoid additional 100% tariffs (meaning tariffs remain at 30%). President Trump & Chinese President Xi will meet Thursday to finalize the deal, according to Washington Post
- Treasury Secretary Scott Bessent in an interview, says he expects the China trade deal will include a "substantial" purchase of U.S. soybeans, a delay in rare earth export controls, and a resolution of differences regarding the TikTok deal, according to Bloomberg
- Treasury Secretary Scott Bessent in an interview says there will be no changes on U.S. export controls on chips, according to CBS News
- President Trump is considering targeting cocaine facilities and drug trafficking routes inside Venezuela while the US carries out strikes on alleged drug boats in international waters, according to CNN
- Treasury Secretary Scott Bessent expects Fed Chairman decision by the end of the year, according to Bloomberg
- President Trump increases tariffs on Canada by 10% over Ronald Reagan ad; President Trump told reporters that he probably will not meet with Canadian Prime Minister Mark Carney for a while
- President Trump says that Russia should not be testing nuclear weapons and warns there is a nuclear submarine off the coast of Russia, according to Reuters
- President Trump is open to reducing tariffs on Brazil under right circumstances, according to Reuters
- Commerce Secretary Howard Lutnick says half of Japan's $550 bln investment fund will go to electricity and energy development, according to Nikkei
- White House announces framework of a trade agreement between U.S. and Vietnam; United States will maintain at 20% the reciprocal tariffs; Vietnam will provide preferential market access for substantially all U.S. industrial and agricultural exports
- White House issues memorandum of understanding between U.S. and Malaysia concerning cooperation to diversify global critical minerals supply chains and promote investments
- White House issues memorandum of understanding between U.S. and Thailand concerning cooperation to diversify global critical minerals supply chains and promote investments
- White House announces framework of a trade agreement between U.S. and Cambodia; United States will maintain at 19% the reciprocal tariffs; Cambodia commits to eliminate tariffs on 100% of U.S. industrial goods and U.S. food and agricultural products exported to Cambodia and has already implemented this commitment
- White House announces framework of a trade agreement between U.S. and Thailand; United States will maintain at 19 percent the reciprocal tariffs; Thailand will eliminate tariff barriers on approximately 99 percent of goods, covering a full range of U.S. industrial and food and agricultural products
- President Trump will select Michael Selig for CTFC Chairman, according to Bloomberg
- USDA says there will be no SNAP benefits going out as of November 1 due to government shutdown
- Argentina President Javier Milei's party wins the election, more than doubling its representation in Congress, according to WSJ
- President Trump grants regulatory relief from burdensome EPA restrictions to promote american copper security
- President Trump brokered the Kuala Lumpur Peace Accords between Thailand and Cambodia
- 89bio (ETNB): Nasdaq notice says Roche (RHHBY) merger is tentatively scheduled to close prior to the market open on October 30, 2025
- Amazon (AMZN) to invest more than EUR 1.4 billion in the Netherlands
- Amazon (AMZN) aiming to eliminate 30K corporate jobs, according to Reuters
- AMD (AMD) powers U.S. Sovereign AI factory supercomputers, accelerating an open American AI stack
- American Bitcoin Corp. (ABTC) has acquired approximately 1,414 Bitcoin
- Amphastar Pharmaceuticals (AMPH) entered into a Distribution Agreement; Amphastar and Chengong will collaborate to expand distribution of the Company’s nasal powder product, BAQSIMI, in Mainland China, Taiwan, Hong Kong, and Macau
- atai Life Sciences N.V. (ATAI) discloses amendment to share purchase agreement
- Avino Silver & Gold (ASM) reports results of four additional drill holes from La Preciosa which were drilled to twin previous drilling
- Barclays PLC (BCS) strengthens Middle East presence with strategic expansion into the Kingdom of Saudi Arabia
- Biogen (BIIB): Health Canada grants authorization for "LEQEMBI(R)" for the Treatment of Early Alzheimer's Disease
- BioNTech (BNTX): China's NMPA grants Breakthrough Therapy Designation for anti-CTLA-4 antibody candidate Gotistobart (BNT316/ONC-392)
- BlackBerry (BB) and Universiti Kebangsaan Malaysia announce strategic partnership to advance Malaysia's future cyber-defenders and embedded software talent
- BlackLine (BL) follow up to report that SAP (SAP) made a takeover offer to BL, but it was rejected, according to Bloomberg
- Blue Bird's (BLBD) Board of Directors approves the termination of the previously announced joint venture agreement with Generate Capital, relating to the joint venture named Clean Bus Solutions
- Boeing (BA): IAM Union District 837 members reject Boeing’s latest offer as company’s refusal to offer fair contract continues to threaten military readiness
- Borr Drilling (BORR) announces contract terminations
- BridgeBio Pharma (BBIO) reports positive topline results from FORTIFY, the Company’s Phase 3 pivotal study of BBP-418 in individuals living with limb-girdle muscular dystrophy type 2I/R9
- Bristol Myers Squibb (BMY) presents encouraging data from Phase 1 Breakfree-1 Study of CD19 NEX-T CAR T Cell Therapy in three chronic autoimmune diseases at ACR Convergence 2025
- Cabaletta Bio (CABA) presents positive clinical data and development updates for Rese-cel at ACR Convergence 2025
- CAE (CAE) announced the signing of an agreement for the delivery of a state-of-the-art Boeing (BA) 737MAX full-flight simulator to MAB Academy
- Castle Biosciences (CSTL) reports new data at American College of Gastroenterology Annual Meeting Show TissueCypher provides actionable risk insights that influence clinical management and prompt risk-aligned intervention in Barrett’s Esophagus
- Deutsche Telekom (DTEGY) and Nvidia (NVDA) planning to build data center in Germany that will be valued at EUR 1 bln, according to Bloomberg
- DraftKings (DKNG): The NBA gambling scandal is renewing demands for more regulation in sports betting, according to Washington Post
- Edwards Lifesciences (EW): Successful patient outcomes demonstrated with Edwards’ SAPIEN M3 and EVOQUE Systems, new data presented at TCT 2025
- Elanco Animal Health (ELAN): FDA issues emergency use authorization for Elanco's Credelio
- Elanco Animal Health (ELAN) announced label expansions for two of its leading canine prescription parasiticides
- Eli Lilly's (LLY) Omvoh (mirikizumab-mrkz) demonstrated early and sustained improvement in bowel urgency outcomes for patients with ulcerative colitis
- Embraer (ERJ) warns of order delays due to tariffs, according to Bloomberg
- Evotec SE (EVO) announces progress in preclinical neuroscience partnership with Bristol Myers Squibb (BMY)
- Exxon (XOM) files a lawsuit against California, according to Bloomberg
- Fermi America (FRMI) announces historic nuclear deals securing lead position to initiate AP1000s
- General Motors (GM): Regulators looking into engine failure issue on 286,000 GM vehicles, according to Reuters
- Hewlett Packard Enterprise (HPE) to build two systems for Oak Ridge National Laboratory: Next-generation Exascale Supercomputer 'Discovery' and AI Cluster 'Lux'
- HSBC Holdings (HSBC) update on Herald Fund SPC litigation relating to the Madoff fraud
- IdaCorp (IDA) disclosed Idaho Power filed a motion for approval of a settlement stipulation (Settlement Stipulation) with the IPUC related to the Idaho general rate case filing
- Incyte (INCY) announces new data from Phase 3b TRuE-AD4 Trial of Opzelura (Ruxolitinib Cream) in adults with moderate atopic dermatitis
- Intellia Therapeutics (NTLA) temporarily pauses patient dosing and screening for its MAGNITUDE and MAGNITUDE-2 Phase 3 clinical trials
- Johnson & Johnson (JNJ) reports findings published in The Lancet: Nipocalimab significantly decreased Sjögren's disease (SjD) activity and severity through substantial reduction in Sjögren's-related autoantibodies
- Johnson & Johnson (JNJ): TREMFYA (guselkumab), the first and only IL-23 inhibitor with a fully subcutaneous treatment regimen, demonstrates durable remission in Crohn's disease at two years
- Kazia Therapeutics (KZIA) announces its intention to request and hold a follow-up Type C meeting with the U.S. FDA to discuss overall survival findings in newly diagnosed glioblastoma patients treated with paxalisib and to seek agency feedback on a potential regulatory pathway aligned with the FDA Oncology Center of Excellence's Project FrontRunner initiative
- Keurig Dr Pepper (KDP) outlines $7 bln strategic investment and leadership plan ahead of JDE Peet’s acquisition and company split
- Kymera Therapeutics (KYMR) announces the presentation of new preclinical data for KT-579, its potent, selective, oral IRF5 degrader, demonstrating disease-modifying activity across multiple immuno-inflammatory diseases
- Light & Wonder (LNW): Shuffling machines made by Light & Wounder under scrutiny following a betting scandal, according to Bloomberg
- Mastercard (MA) & and PayPal (PYPL) join forces to accelerate secure global agentic commerce
- Medtronic (MDT) reports three-year SPYRAL HTN-ON MED results show sustained, 18 mmHg office-based blood pressure reductions
- Merck (MRK): U.S. FDA approves updated indication for WINREVAIR in adults with pulmonary arterial hypertension based on phase 3 ZENITH study
- Microsoft (MSFT): Australia's ACCC says "Microsoft in court for allegedly misleading millions of Australians over Microsoft 365 subscriptions"
- Neumora Therapeutics (NMRA) announced positive preclinical data for NMRA-215, a potentially best-in-class, highly brain-penetrant, oral NLRP3 inhibitor from three diet-induced obesity (DIO) mouse studies
- Novartis (NVS) showcases significant immunology advancements in ACR congress
- OpenAI wants to generate AI music, according to The Information
- Paramount Global (PARA): Taylor Sheridan to leave Paramount and move to NBC (CMCSA), according to WSJ
- Phathom Pharmaceuticals (PHAT) announces publication of data from Phase 3 pHalcon-NERD-301 Study Showing VOQUEZNA improved nocturnal GERD symptoms in patients with non-erosive reflux disease
- Pinterest (PINS) trying to market to Generation Z, according to NY Times
- Restaurant Brands Int'l (QSR): Private equity firms from China are interested in Burger King’s China business, according to Bloomberg
- Rio Tinto (RIO) will investigate Oyu Tolgoi copper mine, according to Bloomberg
- Sable Offshore Corp. (SOC) might need $1.7 bln in funding for Santa Ynez project, according to Reuters
- SoftBank (STFBY) approves $22.5 billion in OpenAI investment, according to The Information
- STAAR Surgical (STAA): Yunqi Capital Issues Letter to STAAR Surgical Board Opposing Adjournment of the Special Meeting and Calling for the Company to Move Beyond the Proposed Merger with Alcon
- Stellantis (STLA) is recalling certain 2018-2026 Ram ProMaster vehicles due to engine issue
- Tesla (TSLA): Geely wants to sell 100K cars in UK to compete with Tesla, according to FT
- The Cigna Group's (CI) Evernorth announced a new rebate-free pharmacy benefit model
- TotalEnergies SE (TTE) announces clarification
- Zenas Biopharma (ZBIO) announces positive results from the Phase 2 MoonStone trial of obexelimab in Relapsing Multiple Sclerosis
- Upgrades:
- Booking Holdings (BKNG) upgraded to Buy from Hold at Truist, tgt $5,750
- Doximity (DOCS) upgraded to Buy from Neutral at BofA Securities, tgt $82
- EastGroup Properties (EGP) upgraded to Outperform from Neutral at BNP Paribas Exane, tgt $207
- Fate Therapeutics (FATE) upgraded to Outperform from Neutral at Wedbush, tgt $7
- Five Below (FIVE) upgraded to Overweight from Neutral at JPMorgan, tgt $186
- General Dynamics (GD) upgraded to Buy from Hold at Vertical Research, tgt $400
- Glaukos (GKOS) upgraded to Overweight from Equal Weight at Wells Fargo, tgt $120
- Honeywell (HON) upgraded to Outperform from Sector Perform at RBC Capital, tgt $253
- Life Time Group (LTH) upgraded to Overweight from Equal Weight at Morgan Stanley, tgt $39
- Microsoft (MSFT) upgraded to Buy from Neutral at Guggenheim, tgt $586
- Mister Car Wash (MCW) upgraded to Overweight from Equal Weight at Stephens, tgt $6.25
- Nicolet Bankshares (NIC) upgraded to Outperform from Market Perform at Keefe Bruyette, tgt $160
- Replimune (REPL) upgraded to Buy from Neutral at H.C. Wainwright, tgt $12
- Terex (TEX) upgraded to Outperform from Market Perform at Raymond James, tgt $70
- Thor Industries (THO) upgraded to Market Perform from Underperform at Raymond James
- Victoria's Secret (VSCO) upgraded to Neutral from Sell at Goldman, tgt $32
- Downgrades:
- Berkshire Hathaway (BRK.A) downgraded to Underperform from Market Perform at Keefe Bruyette, tgt $700,000
- First BanCorp (FBP) downgraded to Market Perform from Outperform at Keefe Bruyette, tgt $24
- Harley-Davidson (HOG) downgraded to Underweight from Equal Weight at Morgan Stanley, tgt $25
- MRC Global (MRC) downgraded to Hold from Buy at Loop Capital, tgt $16
- Roper Technologies (ROP) downgraded to Sector Perform from Outperform at RBC Capital, tgt $539
- TXNM Energy (TXNM) downgraded to Hold from Buy at Jefferies, tgt $61.25
- Wolverine World Wide (WWW) downgraded to Hold from Buy at Williams Trading, tgt $27
- Others:
- Amer Sports (AS) initiated with a Buy at Truist, tgt $42
- AngloGold Ashanti (AU) initiated with a Buy at Citigroup, tgt $90
- Array Digital Infrastructure (AD) initiated with an Outperform at RBC Capital, tgt $62
- AstraZeneca (AZN) assumed with a Buy at Jefferies
- AvePoint (AVPT) initiated with a Neutral at Robert W. Baird, tgt $17
- Chefs' Warehouse (CHEF) initiated with an Overweight at Morgan Stanley, tgt $75
- Civista Bancshares (CIVB) assumed with a Buy at DA Davidson, tgt $26
- Commvault (CVLT) initiated with an Outperform at Robert W. Baird, tgt $215
- DoorDash (DASH) reinstated with a Buy at Goldman, tgt $315
- Dime Community (DCOM) assumed with a Buy at DA Davidson, tgt $36
- Fermi (FRMI) initiated with an Overweight at Cantor Fitzgerald, tgt $27
- Fermi (FRMI) initiated with a Buy at Rothschild & Co Redburn, tgt $31
- Fermi (FRMI) initiated with a Buy at Stifel, tgt $29
- Fermi (FRMI) initiated with a Buy at UBS, tgt $30
- Fermi (FRMI) initiated with an Outperform at Mizuho, tgt $27
- Interactive Brokers (IBKR) initiated with an Outperform at CICC, tgt $78
- Keysight Technologies (KEYS) assumed with Hold from Buy at Jefferies, tgt $180
- Neptune Insurance (NP) initiated with a Buy at Deutsche Bank, tgt $29
- Neptune Insurance (NP) initiated with an Outperform at Evercore ISI, tgt $35
- Neptune Insurance (NP) initiated with an Outperform at Raymond James, tgt $30
- Neptune Insurance (NP) initiated with a Buy at TD Cowen, tgt $32
- Neptune Insurance (NP) initiated with an Underperform at BofA Securities, tgt $21
- Neptune Insurance (NP) initiated with an Equal Weight at Morgan Stanley, tgt $26
- Neptune Insurance (NP) initiated with a Neutral at JPMorgan, tgt $25
- Neptune Insurance (NP) initiated with an Underperform at Mizuho, tgt $23
- Neptune Insurance (NP) initiated with a Market Perform at BMO Capital, tgt $25
- Neptune Insurance (NP) initiated with a Buy at Goldman, tgt $30
- Neptune Insurance (NP) initiated with a Market Perform at Keefe Bruyette, tgt $26
- Neptune Insurance (NP) initiated with an Overweight at Piper Sandler, tgt $33
- Netskope (NTSK) initiated with an Outperform at Robert W. Baird, tgt $27
- Novo Nordisk (NVO) assumed with an Underperform at Jefferies
- OceanFirst Financial (OCFC) assumed with a Buy at DA Davidson, tgt $19
- Oruka Therapeutics (ORKA) initiated with a Buy at Guggenheim, tgt $60
- Rapt Therapeutics (RAPT) initiated with a Buy at Guggenheim, tgt $70
- SailPoint (SAIL) initiated with an Outperform at Robert W. Baird, tgt $26
- Sky Harbour (SKYH) initiated with a Buy at BTIG Research, tgt $13
- Robinhood Markets (HOOD) initiated with an Outperform at CICC, tgt $155
- Econ Data (Tuesday):
- 9:00 ET: August FHFA Housing Price Index (Briefing.com consensus 0.1%; prior -0.1%) and August S&P Case-Shiller Home Price Index (Briefing.com consensus 1.9%; prior 1.8%)
- 10:00 ET: October Consumer Credit (Briefing.com consensus 94.2; prior 94.2)
- Treasury Auctions:
- 13:00 ET: $44 bln 7-yr Treasury note auction results
- Earnings:
- Monday (Oct 27)
- Pre-Market: BOH CRI DEA KDP LKFN RVTY
- After-Hours: AGYS ARE ABCB AMKR ACGL CAR BBBY BMRN BRX BRO CDNS CLS CINF CFLT CR CTOS DORM FFIV FTAI HIG KRC LEG NE NWBI NOV NUE NXPI OLN PDM PFG METC RMBS SBCF SSD UHS WM WELL WHR
Tuesday (Oct 28)- Pre-Market: AOS ALKS AMT AIT ARCC AWI ABG ATI AXTA BTSG CARR CECO CHKP CVLT GLW CURB DHI ECL FELE GPI HRI HNI HOPE HUBB INCY IVZ IQV JBLU KNSA LH MSCI NEO NVS EDU NEE PYPL PHIN PII REGN RGEN RCL SHW SFD SOFI SYY THC TRS UNH UPS VFC W XYL ZBRA
- After-Hours: AKR AMRZ APAM NTB BE BKNG BXP CZR CWH CAKE CHE CSGP EIX EA ESI ENPH EQR EXLS EXE FCF FLS FCPT FYBR WGS GBX HIW HURN KAI LSTR LOGI MTH MIR MOD MDLZ MSA NBR NBIX OKE PPG RRC RRR REG RNR RNST STX ST LRN TER TX TRMK UCTT UMBF VRNS VLTO V VSEC WPC ZWS
- Wednesday (Oct 29)
- Pre-Market: AER AEP AROC ADP AVTR AVT BLCO BLKB BA EAT CAT CNC GTLS CHEF CLVT CLH CSTM CRTO CVS DAN DFIN ETR ESAB ETSY EVR EXTR FI FLEX FTV FDP GRMN GTES GEHC GNRC GIL GSK HAYW IEX IONS ITT KEX KHC DRS LFUS MAS MTRN MGPI MNRO NAVI NI OGE ODFL OSW OSK OTIS PAG PSX PUMP PB RDWR REYN SLGN SITE SW SCL TEL COCO TKR TNET UTHR UMC VRSK VZ VIRT WSO
- After-Hours: AEM AGI ALGN ALSN GOOG AMH AWK AM AR ATRC AVB AXS BIO BOOT CHRW WHD CALX CP CSL CVNA CBZ CMG CDE CGNX CTSH COHU CVI DVA DAY DHT EBAY EHC EPR EQX ESS ETD EQIX EG EXR FIBK FMC FORM GKOS GRBK GH THG PI IRT INVH KLAC MGY MAX MELI META MTG MGM MSFT MAA MCW MKL MC MUSA MYRG NTGR NWE OPK PPC PBI PFS PRU PSA RRX ROL RSI NOW SKWD SCI SFM STAG SBUX SUI SNCY TNK TS TDOC TENB TMDX RIG TTMI TYL UDMY UDR UFPI VTR VRRM VIAV WAY WEX WOLF
- Thursday (Oct 30)
- Pre-Market: AAP ALGM ALNY MO AMP AME AGIO BUD APLS APG APTV BAX BDC BLDR BIIB BWA BMY CWT CAH CCCS LNG CMS CNX CMCO CMCSA COMM CROX CFR CWK DBRG DTM DTE EXP LLY EME ENTG EPD EL FSS FCFS FOXA GEL ROCK HSY DINO HGV HWM HII IDA NSIT INSM IP IART ICE IDCC ITRI JHG KBR K KMB KIM LHX LAUR LCII LECO LNC LKQ LXP MBUU MA MPW MRK NMRK NVCR OMCL OPCH PATK PBF BTU PWR QSR RBLX RES SPGI SAIA SNDR STNG SHAK SIRI SO CI THRY TW TT TRN UPBD UTZ VAL VNT VMC WNC WEC WCC WLK WTW XEL XRX XPO
- After-Hours: ATGE ALHC ALKT ATEC AMZN APPF AAPL ATR ACA ARDX ARW AJG TEAM AX BJRI BFAM CWST NET COIN COLB COLM CDP CUZ CACC CUBE DXCM DXC EW EIG EXPO FHI FSLR FND FBIN GLPI GILD GDDY GDYN HR HTGC HLI HUBG ICFI ILMN IR IRTC TREE LPLA LUMN NVST MTZ MMSI MPWR MSI OHI OSIS PK PSMT KWR RDDT RGA RSG RMD RKT ROKU RYAN SVV SEM SIMO SKYW SPSC SPXC MSTR SYK TVTX TWLO VICI WERN WDC WY ZG
- Friday (Oct 31)
- Pre-Market: ABBV AGCO AON CNI CBOE CVE CHTR CVX CHD CL D XOM FRT GWW IMO TILE LEA LIN LYB MGA NWL NVT OIS OMF OMI PIPR POR PRLB RBC SXT TROW TEX WT XHR
After-Hours: None
General Motors: 5,000 members at GM's Arlington, TX assembly plant join UAW strike
Carter’s Higher on Q3 EPS Beat; Investors Look Past Tariff Drag to Comp Strength and Cost Cuts (CRI)
Carter's (CRI) is trading higher after reporting its Q3 results this morning. The babies and kids apparel company beat EPS expectations, a nice bounce back after missing in Q2, while revenue was essentially flat at $757.8 mln (-0.1% yr/yr) and a touch short of estimates. The company did not reinstate guidance amid continued tariff uncertainty, but investors appear more focused on the positive shifts underway in the business.
- Q3 is historically its second-largest quarter. U.S. Retail grew 3% yr/yr with +2% comp growth (second straight positive), International also increased, while U.S. Wholesale lagged.
- Baby remained the key driver with a fifth consecutive quarter of growth; Toddler posted its strongest performance of the year vs. 2024.
- Price increases are sticking, with mid-single-digit AUR increases lifting average transaction values low single digits, although not enough to fully offset higher product costs.
- The company is pursuing cost actions including a roughly 15% workforce reduction by the end of 2025, about $35 mln in annualized savings beginning 2026, about $10 mln in further SG&A reductions, and approximately 150 store closures in North America over about three years.
- Gross margin declined 180 bps to 45.1% due to higher costs including tariffs and mix investments, with tariffs weighing about $20 mln in Q3 and expected to impact Q4 by roughly $25-35 mln, contributing to an annualized gross hit of $200-250 mln.
Briefing.com Analyst Insight
There are some cross currents at play, and investors seem willing to look past tariff pressures and focus on the brighter spots in performance. Carter's bounced back from a Q2 EPS miss, delivered another positive comp, and continues to see solid momentum in Baby and Toddler, with consumers accepting higher pricing. The new CEO's restructuring efforts are being viewed as steps that could support a healthier profit profile. That said, near-term challenges remain and are hard to ignore. Tariffs represent a significant earnings headwind, particularly in Q4, and the absence of formal guidance underscores the uncertainty. Management is also planning for a slower pace of spending growth into 2026, so execution on pricing and cost initiatives will be crucial to sustaining this recent improvement in sentiment.
Keurig Dr Pepper Brews Up a Strong Q3: Investors React Positively to Coffee and $7B Investment (KDP)
Keurig Dr Pepper (KDP) is nicely higher today after posting a strong Q3 and raising its FY25 outlook. Revenue rose 10.7% yr/yr to $4.31 bln, above expectations, while EPS was in line. The company now expects high-single-digit FY25 sales growth, up from mid-single digits, reflecting broad-based strength.
- U.S. Refreshment Beverages jumped 14.4% to $2.7 bln, driven by market share gains in soft drinks, energy, and hydration — and boosted by KDP's 60% stake in Ghost Energy.
- U.S. Coffee grew 1.5% to $991 mln, as price gains offset weaker volume/mix.
- International sales increased 10.5% to $580 mln, led by growth in Mexico mineral water and Canadian single-serve coffee.
- The Q3 report comes on the heels of big news announced in August when KDP announced plans to acquire Amsterdam-based JDE Peet's for €15.7 bln, which includes a plan to separate into two independent, yet to be named, US-listed publicly traded companies: Beverage Co. and Global Coffee Co.
- Investors do not seem too excited as the stock has since fallen more than 20%. KDP concedes that there has been a slowdown in the global coffee category post-COVID as category volume trends bottomed out in 2022. However, they have been stabilizing ever since and KDP is beginning to see signs of recovery.
- Besides the positive comments on coffee, investors are also bidding up shares on an announcement today of a $7 bln strategic investment co-led by Apollo and KKR to reduce projected net leverage at acquisition close. Taking on debt was another reasons investors were not excited about the JDE Peet deal, but this lessens those concerns.
Briefing.com Analyst Insight:
KDP's Q3 results and outlook hit the right notes for a stock that had been under pressure since the JDE Peet's deal announcement. The top-line acceleration, confident tone on coffee demand recovery, and the $7 bln equity injection to ease leverage concerns collectively reset sentiment. The proposed split into two focused public companies could unlock value if executed cleanly, though integration and separation risks remain. Still, this is a step in the right direction.
Snowflake jumps to multi-year highs after reaffirming guidance via executive interview (SNOW)
Snowflake (SNOW) reaffirmed its Q3 and FY26 guidance, which was originally provided in its Q2 earnings report on August 27, during an interview with a company executive that was posted on Instagram. The company reiterated expectations for Q3 Product Revenue of $1.125-$1.130 bln and a Non-GAAP operating margin of 9%, along with FY26 Product Revenue of $4.395 bln (+27% yr/yr) and the same 9% operating margin.
- The reaffirmation is giving another boost to SNOW shares, which are already up about 73% year-to-date and are now trading at multi-year highs.
- The confirmation of guidance follows an impressive Q2 report that showed Product Revenue growth accelerating to +32% yr/yr from +26% in Q1, while the net revenue retention rate held strong at 125%, highlighting robust customer expansion.
- The company continues to benefit from surging adoption of its AI-enabled tools, including Cortex AI and Snowpark, which had over 6,100 active weekly accounts and saw about 50% of new customers incorporating AI capabilities into their Snowflake deployments as of the end of Q2.
- Shares of other cloud data and analytics peers, including MongoDB (MDB) and DataDog (DDOG), are also trading higher in sympathy, reflecting renewed optimism in the cloud data platform space.
Briefing.com Analyst Insight:
SNOW’s reaffirmation of its Q3 and FY26 guidance underscores the company’s confidence in its near-term visibility and durable growth trajectory. The strength in Product Revenue and sustained high net revenue retention highlight a business that is successfully deepening customer engagement while broadening its AI-driven offerings. While the reaffirmation doesn’t raise expectations, it does validate the stock’s powerful YTD rally and signals management’s confidence heading into the back half of the fiscal year. The expanding use of Cortex AI and Snowpark indicates SNOW is solidifying its position as a key AI infrastructure player. That said, with the shares now trading at a premium multiple (1-year Forward P/E of 151x) and expectations running high, any slowdown in AI-related workloads could spark volatility.
Deckers Steps Back After Q2 Results; Growth Cools and FY26 Guidance Underwhelms (DECK)
Deckers (DECK) is under pressure today after reporting its Q2 (Sep) results last night. The footwear company delivered a big EPS beat, while revenue was in line, increasing 9.1% yr/yr to $1.43 bln. It was a bit softer than the 17% growth rate seen in Q1, and the company reinstated annual guidance (from quarterly) with revenue below expectations. FY26 EPS is expected to be $6.30-6.39, while revenue is approximately $5.35 bln.
- HOKA brand revenue increased 11.1% to $634.1 mln, supported by a 13% increase in wholesale, though growth eased from the +19.8% revenue and +30% wholesale increases in Q1.
- UGG brand revenue increased 10.1% to $759.6 mln, driven by a 17% increase in wholesale and offset by a 10% decline in DTC, softer than Q1's +19.8% revenue, +30% wholesale, and -1% DTC.
- Growth continues to be supported by international markets, which surged +29% yr/yr, while domestic sales declined 1.7%, reflecting a more cautious U.S. consumer.
- DTC struggled in Q2, down 0.8%, with comps falling 2.9%, as shoppers favored multi-brand stores and earlier wholesale availability.
- Looking ahead, management expects international and wholesale to remain the key growth drivers, while anticipating a more cautious consumer as the full impact of tariffs and price increases take effect in the U.S.
Briefing.com Analyst Insight
Given the more upbeat Q1 report, we think investors were looking for something similar in Q2. The brands are still growing, but momentum clearly cooled, and the FY26 revenue guidance came in a bit light. Also, with the big EPS beats in Q1 and Q2, the in-line guidance might have been a bit disappointing. With the U.S. consumer under pressure and tariff headwinds set to increase in the back half, sentiment has turned more cautious. That said, Deckers' strong international growth, wholesale performance, and brand loyalty remain positives that should support longer-term confidence.
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