Early Look

Tuesday, November 11, 2025

After surging all day Monday and erasing a good portion of last week’s losses, U.S. futures are looking mixed overnight as investors await the official reopening of the government after the Senate passed a Bill to end the U.S. government shutdown. House Speaker Mike Johnson called for House members to travel to Washington, D.C., so that they can vote as soon as possible on the deal. To end the shutdown, the House needs to pass the Senate Bill, and then President Donald Trump must sign it into law. Yesterday, the S&P 500 advanced +1.6% at the close, and the Nasdaq jumps 2.3% (best day since May). Reminder today is Veteran’s Day, and bond markets will be closed, while it’s a full day for the stock market. Stocks opened the week green as shutdown optimism and US China trade progress lifted risk appetite. Technology, Communications, and Consumer Discretionary led markets higher on Monday as all Mag-7 finished green, while Consumer Staples lagged. In stock news overnight, AI cloud infrastructure company CoreWeave (CRWV) shares declined after posting better Q3 results but cut its full-year revenue forecast, citing delays at a third-party data center partner. In Asian markets, The Nikkei Index fell -68 points to 50,842, the Shanghai Index fell -15 points to 4,002, and the Hang Seng Index gained 47 points to 26,696. In Europe, the German DAX is up 39 points to 23,999, while the FTSE 100 is up 90 points to 9,878. December gold is up +0.66% or $26.50 to $4,148 an ounce, extending yesterday’s more than 2.7% jump. Softbank sold its entire stake in Nvidia (NVDA), pocketing $5.8 billion, to help bankroll envisioned AI investments. Softbank said the sale had nothing to do with Nvidia itself but was a necessary financing measure.

• The Dow Jones Industrial Average rose 381.53 points, or 0.81%, to 47,368.63
• The Nasdaq Composite surged 522.64 points, or 2.27%, to 23,527.17
• The Russell 2000 Index advanced 22.82 points, or 0.94% to 2,455.65

• 7:45 AM ET ICSC Weekly Retail Sales
• 8:55 AM ET                  Johnson/Redbook Weekly Sales

• Earnings After the Close: AII BRCB BYND CAE DOX EPM FTHM LPTH MDAI OKLO PAL PRTS PXLW QUIK SMWB STXS

• RBC Capital Precious Metals Conference on 11/11, in London
• Stifel 2025 Healthcare Conference, 11/11-11/13, in New York

• Corporate buybacks are also providing a tailwind to equities now that the earnings season is over. US companies had authorized over $1.2 trillion of buybacks this year through October, an increase of 15% from last year, according to Goldman Sachs research — and November is typically one of the strongest months for buybacks – Bloomberg.
• Out of the 457 S&P 500 companies that have reported so far in the earnings season, 81% have managed to beat analyst forecasts, while 15% have missed – Bloomberg.

• The RealReal (REAL) Q3 revs rose 17% y/y to $174M vs. est. $170.5M; Q3 GMV increased 20% compared to the same period in 2024; Q3 adj EBITDA margin rose to 5.4%, reflecting operational efficiency; raises FY25 guidance based on current market conditions as sees revs between $687M-$690M.
• Toyota Motor’s (TM) planned buyout of group firm Toyota Industries is set to face more hurdles after activist investor Elliott Investment Management said it had bought a significant stake in the company. Elliott said in a statement that the proposed deal undervalued the company, lacked transparency and fell short of proper governance practice – Reuters.
• In Online Sports Betting names (DKNG, FLUT, CZR, PENN), Prominent U.S. sportsbooks are establishing a nationwide $200 betting limit on baseball wagers centered on individual pitches and prohibiting such bets from being included in parlays in an attempt to decrease the incentive for manipulation, MLB said.

• Energy Vault Holdings (NRGV) Q3 adj EBITDA ($6.0Mm) vs est ($8.564Mm) on revs $33.3Mm vs est $33.9Mm; guides FY revs $200-250Mm vs est $188.86Mm, gross mgn 14-16%.
• Occidental Petroleum (OXY) Q3 adj EPS $0.64 vs. est. $0.52; Q3 revs $6.71B vs. est. $6.67B; Q3 total avg production exceeded high end of guidance with 1,465 MBoed; sees Q4 oil & gas Permian production 795- 815 MBoed, Q4 oil & gas total production 1440-1480 MBoed and sees Q4 net capex about $1.7B.
• Plug Power (PLUG) Q3 adj EPS ($0.12) vs est ($0.12) on revs $177.055Mm vs est $179.5Mm.
• Tidewater Inc. (TDW) reported Q3 net income -$1.02M and revs $338.5M; Q3 net loss impacted by $27.1M debt extinguishment loss; updates 2025 revenue guidance to $1.33-$1.35B and initiates 2026 revenue guidance of $1.32 to $1.37B.

• Gemini Space Station (GEMI) reported Q3 revs $50.6M vs. est. $46.7M; Q3 total transaction revs $26.3M; said expect steady growth in monthly transacting users, with medium-term outlook for 20-25% compound annual growth; sees FY25 services and interest revenue $60-$70M.
• Green Dot (GDOT) Q3 adj EPS $0.06 vs est ($0.09) on revs $494.8Mm vs est $485.32Mm; guides FY revs $2.0-2.1B vs est $2.056B and adj EPS $1.31-1.44 vs est $1.35.

• Harrow Inc. (HROW) Q3 EPS $0.03 vs est $0.26 on revs $71.6Mm vs est $73.8Mm, CRO gross mgn 81%.
• Outset Medical (OM) shares tumble; Q3 adj EPS ($0.69) vs est ($0.66) on revs $29.4Mm vs est $30.88Mm; guides FY revs $115-120Mm vs est $124.14Mm.
• Vor Bio (VOR) announces $100M common stock offering.

• Rocket Labs (RKLB) Q3 EPS loss (-$0.03) vs. est. loss (-$0.10); Q3 revs $155.08M vs. est. $151.72M; said delivered record revenue of $155M at record GAAP gross margin of 37%; sees Q4 revenue $$170M-$180M vs. est. $172.35M and sees Q4 GAAP gross margins between 37% and 39%; said secured 17 Electron launch contracts in Q3, marking a record-breaking quarter for dedicated launch contracts.
• Rollins (ROL) announced the commencement of a proposed secondary public offering of $1.0B of shares of its common stock by LOR and Rollins Holding Company.
• StandardAero Inc. (SARO) Q3 EPS $0.20 vs est $0.20, adj EBITDA $195.6Mm vs est $189.63Mm on revs $1.498B vs est $1.422B; guides FY revs $5.97-6.03B vs est $5.965B, adj EBITDA $795-815Mm vs est $801.13Mm and FCF $170-190Mm.

• BigBear.ai Holdings (BBAI) shares rose; Q3 EPS loss (-$0.03) vs. est. loss (-$0.07); Q3 revs $33.1M vs. est. $31.82M; said signed a definitive agreement to acquire Ask Sage, a cutting-edge and fast-growing Generative AI platform for secure distribution of AI models and agentic AI capabilities for $250M. Ask Sage already supports more than 100,000 users on 16,000 government teams and across hundreds of commercial companies; guides FY 25 revs $125M-$140M vs. est. $133.5M.
• CoreWeave Inc. (CRWV) shares fall; Q3 EPS loss (-$0.22) vs. est. loss (-$0.51); Q3 revs $1.36B vs. est. $1.28B; said for Q3, set new records for revenue and almost doubling our revenue backlog to more than $55 billion; cuts FY25 revenue view to $5.05B-$5.15B from $5.15B-$5.35B (vs. est. $5.29B); said it faced delays with a key data center partner, but that the impacted customer had agreed to extend the contract, keeping the deal’s total value intact
• iHeartMedia (IHRT) Q3 adj EBITDA $204.75M vs $204.59M last year, Q3 revenue $997M vs. consensus $980.05M; Q4 consolidated revenue expected to decline low single digits; Q4 consolidated adjusted ebitda expected to be approximately $200-$240M and Q4 consolidated revenue excluding impact of political expected to increase in mid-single digits.
• Intel’s (INTC) Chief Technology and AI Officer has left the company to take a role at OpenAI, where he’ll work on the startup’s infrastructure efforts.
• Paramount Skydance (PSKY) Q3 adj EPS $0.12 vs es T$0.38 on revs $4.121B vs est $6.973B; guides FY26 revs $30B, adj OIBDA $3.5B; says Paramount+ plans to implement price increases in US in early Q1; will streamline operations and reduce our workforce by approximately 1,600 additional employees; said added 1.4M new subscribers to Paramount+ in Q3, for a total of 79M.
• PubMatic Inc. (PUBM) shares rose; Q3 adj EPS $0.03 vs est ($0.19), adj EBITDA $11.2Mm vs es T$8.75Mm on revs $68Mm vs est $63.9Mm; guides Q4 revs $73-77Mm vs es T$75.07Mm, adj EBITDA $19-21Mm vs est $19.98Mm.
• Rigetti Computing (RGTI) Q3 EPS loss (-$0.03) vs. est. loss (-$0.04); Q3 revs $1.9M vs. est. $2.17M; said plans to open an Italian subsidiary in the coming months; said expects to deliver 100+ qubit system with 99.5% fidelity by end of 2025; reports operating loss of -$20.5M for Q3.
• Sea Ltd (SE) Q3 revs rose 38.3% y/y to $6.0B vs. est. $5.64B; Total adjusted EBITDA was $874.3M, as compared to $521.3M y/y; Q3 Gross orders totaled 3.6B, increasing by 28.4% y/y and Q3 GMV was $32.2B, increasing by 28.4% y/y; Core marketplace revenue, mainly consisting of transaction-based fees and advertising revenues, was up 52.8% y/y to $3.1B.
• Sony (SONY) raised its operating profit forecast for the year by 8% to 1.43 trillion yen ($9.5 billion) citing a smaller-than-expected impact from U.S. tariffs and the strength of its entertainment and chips businesses. Operating profit in the July-September quarter climbed 10% to 429 billion yen. Profit at Sony’s games business fell in Q2 as the company booked impairment losses related to the “Destiny 2” video game.
• TeraWulf Inc. (WULF) Q3 EPS ($1.13) vs est ($0.06) on revs $50.6Mm vs est $51.71Mm. At its flagship Lake Mariner Campus in Barker, New York, TeraWulf continues to build one of North America’s largest and most sustainable HPC campuses. As of September 30, 2025, the site has energized 245 MW of Bitcoin-mining capacity and 22.5 MW of HPC capacity
• Viant Technology (DSP) Q3 adj EPS $0.12 vs est $0.05 on revs $85.582Mm vs est $85.5Mm; guides Q4 sales $101.5-104.5Mm vs est $99.25Mm, adj EBITDA $22.5-23.5Mm vs est $21.33Mm.
• Alphabet’s (GOOGL) Google will invest around 5 billion euros ($5.8 billion) in Germany, a source familiar with the matter told Reuters on Tuesday, in a push to expand its infrastructure and data centre capacity in Europe’s largest economy.