Early Look

Wednesday, November 12, 2025

U.S. futures are building on yesterday afternoon’s momentum, with S&P futures (Spuz) looking to extend its winning streak to 4-days, rising +0.3% back near 6,900 after a brief dip below its 50-dma support last week as investors cheered a possible end to the longest U.S. government shutdown, while an upbeat earnings outlook from Advanced Micro Devices revived optimism around AI. AMD shares are rising over 5% this morning after providing upbeat outlooks at its Analyst Day on Tuesday, saying it expects annual data center chip revenue of $100 billion within the next five years, and earnings to more than triple. The Dow Jones Industrial Average surged on Tuesday, closing at a new record high, led by gains in the healthcare space (JNJ, MRK, AMGN, UNH) and consumer space (MCD, NKE) as tech took a breather again on valuation fears in the semi and AI industries. Members of the House of Representatives headed back to Washington on Tuesday after a recess for a vote that could reopen the government and restore stability to air travel and food subsidies. With the Q3 earnings season slowly winding down, 82% of 446 companies in the S&P 500 have reported their profits are above analyst expectations compared to a long-term average of 67%. In Asian markets, The Nikkei Index gained 220 points to 51,063, the Shanghai Index dipped -2 points to 4,000, and the Hang Seng Index advanced 226 points to 26,922. In Europe, the German DAX is jumped 254 points to 24,342, while the FTSE 100 is down -12 points to 9,886.

Notable news in the Healthcare/Biotech space overnight as The U.S. Department of Health and Human Services (HHS) and Food and Drug Administration (FDA) announced that Richard Pazdur, M.D., a 26-year veteran of the FDA, has been appointed director of the Center for Drug Evaluation and Research (CDER). Dr. Pazdur developed an integrated approach for cross-center coordination of oncology product review to expedite the development of novel cancer therapies. He also led the agency’s launch of a series of initiatives that streamlined oncology drug approvals, access, and labeling. Note shares of Biotech (XBI, IBB, AMGN) and Healthcare/Pharma (XLV, MRK, JNJ) saw big gains on Tuesday, closing at the highs into the announcement.

• The Dow Jones Industrial Average jumped 559.33 points, or 1.18%, to 47,927.96
• The Nasdaq Composite slipped -58.87 points, or 0.25%, to 23,468.30
• The Russell 2000 Index edged higher 2.64 points, or 0.11% to 2,458.28

• 1:00 PM ET US Treasury to sell $39B in 10-year notes
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: AENT AIRG ALVO ARDT ASND CCAP CELC CINT CSCO CURI DGII DLO EGAN FIHL FLY GRAL GUTS IBTA ITRG LB LVLU MDXH MFC NOA PAAS PAYS PLBY RMR RUM SLND SSTI TTEK USIO WBTN WRAP

• Goldman Sachs 6th Annual Carbonomics Conference, 11/12 in London
• Stifel 2025 Healthcare Conference, 11/11-11/13, in New York

• Fed officials are fracturing over a December rate cut after inflation-focused hawks pushed for a pause after last month’s rate reduction, per WSJ.
• IEA World Energy Outlook: Sees no demand peak for oil before 2050 under current policies; LNG supply to grow 50% or 300BCM by 2030.
• Japanese Nov Tankan Manufacturing Index: 17 vs 8 prev; non-Manufacturing Index: 27 unchanged.
• Japanese PM Takaichi: Recent inflation driven by food prices, could hurt the economy; can’t say Japan has emerged from deflation; will work closely with the BoJ to ensure Japan sees sustainable achievement of its price target driven by wage growth.

• General Motors (GM) has directed several thousand of its suppliers to scrub their supply chains of parts from China, Reuters reported citing four people familiar with the matter said. GM executives have been telling suppliers they should find alternatives to China for their raw materials and parts.
• Lucid Group (LCID) announces $875M convertible senior notes offering. https://tinyurl.com/yewhb6t4
• On Holding (ONON) shares rise; Q3 revenue rose 24.9% y/y to CHF 794.4M vs. est. CHF 759.5M; said Apparel category sees significant growth, increasing net sales by 86.9%; Q3 gross profit margin reaches 65.7%, driven by operational efficiencies and favorable FX effects; raises full-year 2025 net sales growth forecast to 34% year-over-year and expects 2025 gross profit margin around 62.5%.
• Proficient Auto Logistics (PAL) Q3 adj EBITDA $11.961Mm vs est $11.03Mm, adj EBITDA mgn 10.5%, adj Op Inc $4.2Mm vs est $2.717Mm on revs $114.3Mm vs est $110.58Mm.

• Evolution Petroleum (EPM) Q1 adj EBITDA $7.301Mm vs est $7.767Mm on revs $21.288Mm vs est $21.45Mm; avg BOEPD 7.315Mm.
• FTC Solar (FTCI) Q3 EPS loss (-$0.36) vs. est. loss (-$0.53); Q3 revs surge 157% y/y to $26.0M vs. est. $21.12M; attributes 156.8% y/y revenue increase to enhanced product offerings and customer traction; sees Q4 revenue $30.0M-$35.0M vs. est. $26.89M and sees Q4 adjusted EBITDA ($5.4M)-$0.0.
• Hyliion Holdings (HYLN) Q3 EPS ($0.08) vs est ($0.09) on revs $759k vs est $1.65Mm; guides FY revs about $4Mm vs est $5.35Mm.
• Oklo Inc. (OKLO) signed a new MOU with Idaho National Laboratory to Expand Work on Advanced Nuclear fuel and Materials Research; reported Q3 EPS ($0.20) vs est ($0.13); $48.7Mm cash used in operating activities YTD vs FY guide $65-80Mm.
• Parsons (PSN) announced that the company was awarded a position on the $15B Pacific Deterrence Initiative Multiple Award Construction Contract by the Naval Facilities Engineering Systems Command.

• Artisan Partners Asset Management Inc. (APAM) preliminary assets under management as of October 31, 2025, totaled $182.6 billion. Artisan Funds and Artisan Global Funds accounted for $88.5 billion of total firm AUM, while separate accounts and other AUM accounted for $94.1 billion.
• Circle Internet (CRCL) Q3 EPS $0.64 vs. est. $0.22 and Q3 revs $740M vs. $700.5M; said the circulation of USDC – backed by the U.S. dollar – more than doubled from a year earlier to $73.7B up 108% y/y; sees FY25 other revenue $90M-$100M vs. prior $75M-$85M; Raises FY25 adjusted operating expenses view to $495M-$510M from $475M-$490M.
• Invesco Ltd. (IVZ) said preliminary month-end assets under management (AUM) of $2,166.6B, an increase of 2.0% versus previous month-end; delivered net long-term inflows of $8.0B in the month. Non-management fee earning net inflows was $6.6B and money market net inflows were $11.1B.
• Victory Capital Holdings, Inc. (VCTR) total Assets Under Management (AUM) of $313.0 billion, Other Assets of $2.8 billion, and Total Client Assets of $315.8 billion, as of October 31, 2025. For the month of October, Average Total AUM was $311.8 billion.

• Baxter International (BAX) cuts quarterly dividend to $0.01 from $0.17.
• Biohaven (BHVN) announces proposed public offering of $150M of its common shares.
• Eli Lilly (LLY) is dropping CVS Health (CVS) drug benefit plan for its employees after CVS stopped covering its weight-loss drug in favor of a rival medication from Novo Nordisk (NVO), Bloomberg News reported.
• Ionis Pharmaceuticals (IONS) announces $700M convertible senior notes offering.
• Stereotaxis (STXS) Q3 EPS ($0.09) vs est ($0.06) on revs $7.464Mm vs est $8.375Mm.
• The Senate deal to reopen the government would extend Medicare telehealth coverage through Jan. 30 and pay retroactively for virtual care services delivered during the government shutdown – Axios.

• Amdocs (DOX) Q3 adj EPS $1.72 vs. est. $1.71; Q3 revs fell -8.4% y/y to $1.14B vs. est. $1.13B; expects FY25 revenue growth of (10.0)%-(9.0)% as reported & sees FY25 pro forma revenue growth of 2.4%-3.4%; guides Q4 revs $1.125B-$1.165B and reiterates FY25 target for double-digit shareholder returns.
• AT&T (T) upgraded to Overweight from Sector Weight at KeyBanc saying they think the recent pullback was driven by competitive-related concerns in Wireless and are overblown.
• Bill Holdings (BILL) shares rise after Bloomberg reported the company is exploring a sale as it faces pressure from activist investor Starboard Value LP https://tinyurl.com/5fer5a3w
• IBM Corp. (IBM) announces Quantum Nighthawk, a processor designed to work faster than classical computers, calls it “most advanced processor yet.” IBM believes Nighthawk could beat classical computers on some tasks by the end of next year.
• Lightpath Technologies (LPTH) Q1 EPS ($0.07) vs est ($0.06), adj EBITDA $0.4Mm vs est ($0.73)Mm on revs $15.1Mm vs est $12.7Mm.
• SimilarWeb (SMWB) Q3 adj EPS $0.05 vs. est. $0.02; Q3 revs rose 11% y/y to $71.8M vs. est. $71.95; backs FY25 revenue view $285M-$288M, vs. consensus $286.38M and sees FY25 adjusted operating profit $8.5M-$9.5M.; Q3 Free cash flow was $3.0M vs. $8.7M y/y.
• STMicroelectronics’ (STM) CEO Chery said he expects 2026 to start at usual levels, noting that a weaker recovery than expected this year will not lead to the accumulation of inventory at its customers. Speaking at a Morgan Stanley conference, he projected Q1 revenue to decline 10% to 11% from the upcoming fourth quarter it forecast at $3.28 billion, while still marking about 20% growth from a year earlier.