>>> US Gapping up

Gapping up
In reaction to earnings/guidance:
  • HLIT +17.1%, IBTA +15.9%, AEHR +13.3%, CMCO +11.7%, LSCC +11.1%, LIFE +10.3%, AHCO +10.2%, AEIS +9.6%, FN +8.7%, MDGL +8.5%, RVTY +7.5%, NBIX +7.2%, FISV +7.0%, FWRG +6.9%, GPK +6.3%, EVER +6.2%, BETA +5.9%, PHG +5.1%, CNK +4.3%, CE +4.1%, HLF +3.1%, ON +3.0%, ALKS +2.9%, CVI +2.8%, CLX +2.8%, HLNE +2.4%, WAT +2.4%, VRTX +2.3%, NPO +2.2%, ESRT +2.2%, RHP +2.2%, PS +2.1%, MPC +2.1%, ICHR +2.1%, VOYA +2.1%, MTCH +2.0%, FANG +2.0%, LGIH +2.0%, CC +1.9%, XMTR +1.5%
Other news:
  • BMM +9.1% (Agreed to sell Norwegian assets to ACG Metals for $220 million in stock, receiving a 27.6% stake.)
  • CVGI +8.8% (Appoints David Ruppel CEO effective Nov. 9, succeeding retiring CEO James Ray.)
  • UPWK +4.3% (Appoints Chief Business Officer Peter Sanborn as CFO effective Jan. 1, succeeding departing Erica Gessert.)
  • AMD +2.9% (Samsung will manufacture chip parts for AMD at its Texas plant.)
  • ENTG +2.9% (Acquired Advanced Abrasives and partnered with Element Six to enter AI thermal-management materials for advanced packaging.)
  • XPEV +2.1% (Appointed Lee Man-sik to lead planned South Korean market entry and develop local sales and service networks.)
  • BBSI +2.0% (Opened a Canonsburg branch to expand payroll, HR and business consulting services across western Pennsylvania.)
  • PTCT +2.0% (Authorized a share repurchase program for up to $500 million of common stock.)
  • MKSI +1.8% (Begins $25 million Guangzhou manufacturing expansion to meet strong regional plating-equipment demand, targeting third-quarter 2027 completion.)
  • NVDA +1.6% (Samsung will manufacture chip parts for Nvidia at its Texas plant.)
  • SON +1.6% (Plans a $40 million Richmond mill modernization, adding about 9,000 tons of annual capacity over two years.)
  • AEVA +1.5% (Signs Micro-Epsilon supply agreement including a multi-thousand order for Eve high-precision sensors.)
  • USO +1.3% (U.S. military conducted limited defensive strikes on Iran's Qeshm Island after Iran fired at a U.S. aircraft.)
  • FCPT +1.3% (CEO purchased 10,000 shares for approximately $226,070.)
  • NTRA +1.2% (Secures expanded Medicare coverage for Signatera testing in hepatocellular carcinoma, including serial surveillance for early-stage patients.)
  • CRGY +1.2% (Reported Q3 adjusted EBITDAX up 61.5% year over year to $785.8 million and $367 million levered FCF.)
  • ILMN +1.1% (Selected to provide whole-genome sequencing and analysis for Singapore's 450,000-person SG-INSIGHT study.)
Analyst comments:
  • BE +6.2% (Upgraded to Overweight from Equal Weight at Barclays, with a $289 price target.)
  • NET +3.0% (Upgraded to Overweight at JPMorgan with a $350 price target.)
  • AFYA +1.8% (Upgraded to Buy from Neutral at Citi with a $12 price target.)
  • SIRI +1.6% (Upgraded to Buy from Neutral at Goldman Sachs with a $37 price target.)

>>> US Gapping down

Gapping down
In reaction to earnings/guidance:
  • SHOP -19.2%, DT -15.4%, DRVN -12.7%, CWH -11.2%, ZBRA -10.3%, VITL -9.6%, IT -8.4%, PLTR -7.3%, TVTX -7.0%, CLVT -4.8%, YUMC -4.3%, BMRN -4.2%, WAY -4.1%, AAPL -3.9%, PPLI -3.7%, RYTM -3.7%, HSIC -3.6%, KNF -3.0%, ARVN -2.9%, IAUX -2.9%, AESI -2.8%, KMX -2.8%, BWXT -2.7%, VSNT -2.5%, SBAC -2.4%, MSA -2.2%, APTV -2.2%, CALX -1.7%, BALL -1.6%, NMFC -1.5%, SBRA -1.5%, LDOS -1.5%, UPST -1.4%, UDR -1.4%, APO -1.2%, CRC -1.0%
Other news:
  • IFRX -5.7% (Plans two Phase II izicopan trials in 2027, with initial data expected in 2028.)
  • BIOA -5.0% (Novartis terminated its BrainTransporter collaboration after discontinuing the program; BioArctic retains the $30 million upfront payment.)
  • INGM -4.0% (Prices an 11 million-share secondary at $25.90 and authorizes a concurrent 1 million-share repurchase.)
  • DRUG -2.7% (FDA placed the planned U.S. Phase 2 BMB-101 DEE study on partial clinical hold over toxicity and data concerns.)
  • CRM -2.4% (Signed a definitive agreement to acquire voice-first customer experience platform Cresta, with closing expected in fiscal Q1 2028.)
  • ORCL -1.6% (Priced an 86.2 million-share offering at $116 and $10 billion of senior notes.)
  • YEXT -1.3% (Completed its acquisition of Flamel.ai, adding localized paid-ad campaign management to its platform.)
  • ULCC -1.1% (Names Michael Delehant COO and promotes James Fenner to chief revenue officer amid two senior departures.)
  • ETSY -1.0% (A director sold 41,500 shares for approximately $3.82 million.)
Analyst comments:
  • DHI -2.2% (Downgraded to Underperform from Market Perform at Raymond James.)
  • MAN -1.7% (Downgraded to Neutral from Outperform at BNP Paribas, with a $52.50 price target.)

>>> Pfizer beats by $0.13, beats on revs; raises FY26 EPS and revenue guidance

Pfizer beats by $0.13, beats on revs; raises FY26 EPS and revenue guidance
  • Reports Q3 (Sep) earnings of $0.87 per share, excluding non-recurring items, $0.13 better than the FactSet Consensus of $0.74; revenues fell 0.4% year/year to $16.58 bln vs the $15.85 bln FactSet Consensus.
  • Eliquis revenue up $513 million, or 25%.
  • Padcev revenue up $255 million, or 55%.
  • Vyndaqel family (Vyndaqel, Vyndamax, Vynmac) revenue up $193 million, or 12%.
  • Co issuesraises guidance for FY26, sees EPS of $2.95-$3.05, excluding non-recurring items, up from prior guidance of $2.80-$3.00. The FactSet Consensus is $2.96. EPS guidance includes a one-time $650 mln acquired In-Process R&D charge related to the in-licensing and collaboration agreement with Innovent Biologics, recorded in Q3 with an unfavorable impact of approximately $0.10. Sees FY26 revs of $62.0-$64.0, up from prior guidance of $60.5-$62.5 bln, vs. $62.24 bln FactSet Consensus.

>>> What to look at today - 3rd of Nov. 2026

Asian stocks fell as a selloff in US chipmakers deepened and investors grew wary ahead of the US midterm elections. The yuan weakened. The MSCI Asia Pacific Index dropped 1.2%, with South Korea’s tech-heavy Kospi Index sliding almost 4%. The decline came after a gauge of US chipmakers extended a three-day rout, bringing its losses to 12%, while the Nasdaq 100 extended losses to decline 10% from its peak, entering a technical correction.  Chinese equities fell even after the central bank said it would encourage financial institutions to make greater use of stock-support tools and optimize their terms as authorities seek to bolster market stability. Japanese markets were closed for a holiday. The yuan ended its longest winning streak in three decades after the People’s Bank of China moved to cool its rally by asking banks to hold more foreign currencies in reserve. The yuan weakened as much as 0.4% to 6.6728 per dollar, halting 13 straight days of gains, which was the longest streak since 1996. Korea’s Kospi Index led declines in Asia, with shares of the two chip giants, Samsung Electronics Co. and SK Hynix Inc., both dropping more than 4%. Taiwan’s benchmark lost 3.6% Brent crude steadied in Asian trade after plunging almost 8% on Monday, as the US and Iran both signaled a willingness to pursue peace talks as the war in the Middle East enters its ninth month. The global benchmark was near $105 a barrel, while West Texas Intermediate was below $97 after its biggest decline in three months on Monday. Iran’s president said his government had been granted more authority by the nation’s supreme leader to negotiate, while US President Donald Trump hinted at progress in talks. Still, simmering hostilities are keeping the market on edge. China Stimulus China’s CSI 300 Index slipped 0.9% amid skepticism about the latest market support measures from the authorities. The two liquidity-injection tools — a swap facility and relending operations to encourage more stock purchases — reappeared with some adjustments as authorities sought to bolster market stability and confidence. Chinese shares have been mired in a slump since the summer, weighed down by a weak economy and doubts over AI earnings. Previous attempts to revive the market — including a round of buying by the so-called national team starting July, and regulatory guidance to curb selling last month — have fallen short. Elsewhere, a Bloomberg gauge of the dollar edged higher, while US Treasury 10-year futures slipped 3/32. There was no trading of cash Treasuries in Asia due to the holiday in Japan. Australia’s dollar fell after the central bank raised its key interest rate to an 18-year high, as economists forecast, in a split vote. The Aussie dropped 0.3% to 69.79 US cents. US job openings data due Tuesday are expected to show that listings edged higher in September, while weekly jobless claims Thursday are seen remaining near historically low levels. Economists expect Friday’s payrolls report to show job growth more than doubled to 65,000 in October, with the unemployment rate holding at 4.2%.” US After Hours After Hours Summary: HLIT +16.5%, AEHR +15.3%, IBTA +13.0%, FN +11.8%, LIFE +10.4%, AEIS +9.6%, LSCC +7.2% higher on earnings; CWH -11.0%, BMRN -5.1%, PPLI -4.8%, WAY -4.3%, PLTR -3.6%, AAPL -3.3%, BWXT -3.2% lower on earnings.

Nikkei Closed Hang Seng +0.22% CSI -0.16% Kospi -3.59% Shanghai -0.88% Shenzen -0.98%

Eur$ 1.1191 CNH 6.6706 CNY 6.6725 JPY 157.84 GBP 1.3412 CHF 0.8180 RUB 81.2708 TRY 49.9977 WTI$ 97.49 +1.03% Gold 3,921.50 -0.97% BTC 76,575 -0.20% ETH 2,247 -0.35%

S&P -0.22% Nasdaq -0.08% EuroStoxx -1.40% FTSE -0.43% Dax -1.20% SMI -0.55%

Macro :
- Germany Proposes Gasoline, Diesel Price Caps to Help Consumers
- Pimco CEO Says ‘A Lot of Cash’ Is Going Into Fixed Income
- Kospi’s 4% Swoon Casts Ugly Signal Across Global Peers
- Hedge Fund Elliott Warns of FOGO: Fear of Getting Obliterated in the Market -- WSJ
- Private Jet May Have Broken Up Before Florida Crash, NTSB Says

Keep an eye on :
- ADE IN : Adani Group Said to Seek $1.5 Billion for Data Center Financing
- AAD GY : Amadeus Fire 9M Revenue EU261.5M
- AAL LN : MMG Extends Long Stop Date to Buy Anglo American Nickel Unit
- ANT US IPO : Anthropic Investors Push for Cautious Valuation Closer to $1.5 Trillion -- WSJ
- AAPL US : Apple Sets New Sales Highs in China Even as Increased Costs Bite
- BMAG AV :BAJAJ Mobility 3Q Revenue EU351.1M Vs. EU223.6M Y/y
- BSLN SW : Basilea Receives $37.5m Milestone From Pfizer on Cresemba Sales
- BAYN GY : Bayer 3Q Adjusted Ebitda Beats Estimates, Bayer Boosts FY Adjusted Ebitda Forecast
- BMRN US : BioMarin Cuts FY Revenue Forecast, Misses Estimates
- BIM FP : BioMerieux 3Q Organic Sales Beat Estimates
- BCHN SW : Burckhardt 1H Ebit CHF55.5M Vs. CHF65.5M
- CVI US : Carl Icahn's CVR Energy Near Over $4 Billion Deal for Marathon Refineries -- WSJ
- CE US : Celanese 3Q Adjusted EPS Beats Estimates
- CC US : Chemours Narrows FY Adjusted Ebitda Forecast
- LNG US : Cheniere in Talks With Bangladesh for Long-Term LNG Supply Deal
- PLCE US : Children’s Place Mulls Possible Liquidation Option in Bankruptcy
- CLN SW : Clariant 3Q Adjusted Ebitda Misses Estimates
- CLX US : Clorox 1Q Adj. EPS Beats Estimates, Clorox Cuts Margin Outlook as Higher Costs Hit Consumer Staples
- COFA FP ; Coface 9M Revenue EU1.41B Vs. EU1.39B Y/y
- FANG US : Diamondback 3Q Adjusted EPS Beats Estimates, Diamondback Forecasts Permian to Also Be Gas King by Next Decade
- DIS US : Disney Plans Thousands of Layoffs, Targeting 20% Cost Savings
- DKSH SW : DKSH Gets CHF100 Million Sustainability-Linked Loan from OCBC
- EFGN SW : EFG CEO Pradelli Says Hiring ‘Very Strongly’ in HK, Singapore
- EVK GY : Evonik Sees FY Adjusted Ebitda High End of EU2B to EU2.2B
- FWONA US : Liberty Media Climbs as Sportico Says Walter Mulls F1 Team Sale
- FME GY : Fresenius Medical Trims Outlook Due to Slumping US Dialysis Unit
- GALD SW : Galderma CFO Luigi La Corte to Leave, Galderma CFO Exit Comes as a Significant Surprise, RBC Says
- GEBN SW : Geberit 3Q Ebitda Misses Estimates
- GRAB US : GRAB Boosts FY Adjusted Ebitda Forecast, Beats Estimates
- GRF SM : Grifols 3Q Net Revenue Beats Estimates
- HACK SS : Hacksaw Starts Share Buyback Program of Up to €20m
- BOSS GY : Hugo Boss Cuts FY Ebit Forecast, Misses Estimates
- INGM US : Platinum Said to Offer Ingram Micro Shares for Up to $26.98 Each
- TISG IM : Italian Sea Group Picks SRI Group as Base Plan Bidder
- JAZZ US : Jazz Pharma Boosts FY Revenue Forecast
- LSCC US : Lattice Semi 4Q Revenue Forecast Beats Estimates
- LTMC Im : Lottomatica 9M Adjusted Ebitda EU665.5M Vs. EU617.3M Y/y
- LHA GY : Lufthansa Narrows FY Adjusted Ebit Forecast Due to Fuel Costs (1)
- LITE US : Lumentum Goes From $1 Billion Spinoff to $115 Billion Takeover
- NCCB SS : NCC 3Q Net Sales Beat Estimates
- NKT DC : NKT Wins Three Power Cable Deals With Denmark’s N1
- NOBA SS : NOBA Bank 3Q Basic EPS Beats Estimates
- NOHO FH : NoHo Partners 3Q Revenue Above Estimates
- NOEJ GY : Norma 3Q Revenue Meets Estimates
- LITE US : Nvidia’s Huang Gave Blessing to Marvell-Lumentum Megadeal
- NVDA US : Nvidia Tells Data Center Clients to Trim China Business, FT Says
- LONN SW : Lonza to Acquire US CDMO Network From Merck KGaA
- MRK US : Merck Kgaa, Darmstadt, Germany, to Sell CDMO Business to Lonza
- ON US : Onsemi to Buy Ferric for $600m Cash
- Open AI IPO : OpenAI Partners With Cathedral Systems on Cybersecurity
- ORCL US : Oracle to Drop NDAs With State Govts on AI Data Centers
- PLTR US : Palantir Boosts FY Revenue Forecast, Beats Estimates
- PS US : Pershing Square Inc. Reports Third Quarter 2026 Results
- PHIA NA : Philips 3Q Adjusted Ebita Margin Beats Estimates
- RBI AV : Raiffeisen 3Q Net Interest Income Ex Russia Beats Estimates, Raiffeisen Says It Closed Acquisition of Garanti BBVA Romania
- RBI AV : Raiffeisen Boosts FY ROE Est., Addiko Offer Takeup at 95% (1)
- RAYB SS : RaySearch Reports 3Q Adj Operating Profit of SEK 77 Million, RaySearch 3Q Sales Beat Estimates
- RUI FP : Rubis 3Q Revenue EU2.28B Vs. EU1.58B Y/y
- RYA ID : Ryanair Oct. Load Factor 93% Vs. 93% Y/y
- CRM US : Salesforce to Buy Cresta; No Terms
- SALM NO : Salmar 3Q Operating Ebit Beats Estimates, Cuts Harvest Guidance
- SHA0 GY : Schaeffler 3Q Adjusted Ebit EU245M Vs. EU264M Y/y, Schaeffler Plans Job Cuts, Site Closures as Auto Demand Falters
- SOLARB DC : Solar 3Q Revenue Above Estimates
- TMV GY : TeamViewer Cuts FY Revenue at Constant Currency Forecast
- TTE FP : Adnoc Gas Signs 5-Year LNG Supply Pact With TotalEnergies
- RIG US : Transocean 3Q Adjusted EPS Misses Estimates
- TRUEB SS : Truecaller 3Q Revenue Beats Estimates
- TCEL TI : Turkey Wealth Fund, Turkcell Acquire Carmaker Togg Stakes
- WSU GY : Washtec 9M Ebit EU25.7M Vs. EU32.4M Y/y
- WHA NA : Wereldhave 9M Gross Rental Income EU145.5M Vs. EU137.3M Y/y
- XEL US : Xcel Energy Prices Upsized Offer $2.2b 2.625% Conv Sr Notes ‘27
- ZAL GY : Zalando 3Q Adjusted Ebit Meets Estimates

>>> Europe : Brokers Upgrades & Downgrades - 3rd of Nov. 2026

>>> Up
* Academedia Raised to Buy at SEB Equities; PT 130 kronor
* Bakkafrost Raised to Buy at ABG; PT 505 kroner
* Catena Raised to Buy at Van Lanschot Kempen; PT 440 kronor
* Centrica Raised to Buy at Jefferies; PT 200 pence
* Check Point Software PT Raised to $160 from $140 at BMO
* Framery Group Raised to Buy at Inderes; PT 8 euros
* GE Vernova Raised to Buy at HSBC; PT $1,100
* Howmet Aerospace Raised to Overweight at KeyBanc
* Ilkka Oyj Raised to Accumulate at Inderes; PT 4 euros
* Lumentum Raised to Strong Buy at Raymond James; PT $1,328
* Modulight Raised to Accumulate at Inderes; PT 1.15 euros
* Shell ADRs PT Raised to $106 from $83 at Freedom Capital
* Telia Raised to Buy at New Street Research; PT 53 kronor
* Tempus AI Raised to Hold at Jefferies; PT $70
* Twilio Raised to Hold at HSBC; PT $215

>>> Down
* Adidas Cut to Sell at UBS; PT 156 euros
* Alstom Cut to Neutral at Oddo BHF; PT 12 euros
* Alstom Cut to Neutral at JPMorgan; PT 15.60 euros
* Coca-Cola Femsa ADRs Cut to Market Perform at Itau BBA; PT $116
* Cognizant Cut to Sell at CFRA
* DSM-Firmenich Cut to Hold at Bank Degroof Petercam; PT 113 euros
* Fuchs Cut to Hold at Jefferies; PT 46 euros
* Lumentum Cut to Neutral at B Riley; PT $770
* Lumentum Cut to Hold at Stifel; PT $806
* Marvell Technology Cut to Hold at TD Cowen; PT $175
* Marvell Technology Cut to Neutral at BofA
* Monday.com Cut to Hold at TD Cowen; PT $105
* MTU Aero Cut to Neutral at BofA; PT 370 euros
* Randstad Cut to Underperform at BNP Paribas; PT 35 euros
* Sobi PT Raised to 600 kronor from 570 kronor at Berenberg
* Solstad Maritime Cut to Hold at Arctic Securities; PT 30 kroner
* Sonova Cut to Neutral at UBS; PT 293 Swiss francs

>>> Initiation
* Dormy Rated New Buy at ABG; PT 100 kronor
* Dropbox Rated New Equal-Weight at Stephens; PT $39
* General Fusion Group Rated New Neutral at Wedbush; PT $7
* Nano Nuclear Energy Rated New Outperform at Wedbush; PT $18
* Outlet Group Holding Rated New Buy at SB1 Markets; PT 46 kroner
* Pony AI ADRs Rated New Overweight at Morgan Stanley; PT $10
* Rigetti Computing Rated New Sell at Mirae Asset Securities
* Quantinuum Rated New Buy at Mirae Asset Securities; PT $49.55

>>> Call
* Alstom Cut to Neutral at JPMorgan as Warning Dents Confidence
* Centrica Raised at Jefferies on Retail and Infrastructure Growth
* Fuchs Faces Increasing Normalization, Cut to Hold at Jefferies
* Galderma CFO Exit Comes as a Significant Surprise, RBC Says
* Grifols Results Beat, With Benefit From Phasing, JPMorgan Says
* SiriusXM Upgraded at Goldman on Ramping YouTube Monetization