Early Look

Thursday, November 13, 2025

U.S. futures are slightly lower as traders wrestle with the outlook for interest rates after the longest government shutdown in history came to an end last night. The House passed a funding Bill Wednesday night to end the longest government shutdown in US history, then signed by President Trump for the final step to end the 43-day standoff. In a 222-209 vote, the House voted to pass the funding Bill it received from the Senate that will restart paychecks for federal workers, fund Food assistance programs, and pay air traffic controllers. Hopefully economic data will begin to flow next week, giving Wall Street and the Fed a better gauge of the US economy before the December policy meeting. The Dow Jones Industrial Average closed at another record high on Wednesday, its first close above 48,000 rising the entire session while other major stock indexes moved in mixed fashion Wednesday, as investors monitored the potential reopening of the U.S. government after a lengthy shutdown. Among stock winners, healthcare/biotech plays gained further momentum while AMD shares surged following its investor day commentary. In Asian markets, The Nikkei Index bounced 218 points to 51,281, the Shanghai Index gained 29 points to 4,029, and the Hang Seng Index advanced 150 points to 27,073. In Europe, the German DAX is down -166 points to 24,214, while the FTSE 100 is down -50 points to 9,860. Gold rises overnight, looking for its 5^th win in a row, the dollar is down and Bitcoin edges higher to $102,750.

• The Dow Jones Industrial Average rose 326.86 points, or 0.68%, to 48,254.82
• The Nasdaq Composite dropped -61.84 points, or 0.26%, to 23,406.46
• The Russell 2000 Index declined -7.49 points, or 0.30% to 2,450.79

• 12:00 PM ET                Weekly DOE Inventory Data
• 1:00 PM ET US Treasury to sell $22B in 30-year notes.
• 2:00 PM ET                   Federal Budget for October

• Earnings After the Close: AMAT ATER BAP BNGO BSEM BZH CTSO EVLV FIGR FLNT FOSL GLOB JCAP LAZR NMAX NU OWLT RCAT SOBO SPCE STRZ TELA VUZI XOS

• Stifel 2025 Healthcare Conference, 11/11-11/13, in New York
• China Retail Sales, Industrial Production, House Prices for October

• The bull-bear spread in the American Association of Individual Investors (AAII) weekly survey was -17.5% vs +1.7% last week. Bulls fall to 31.6%, from 38%, Neutrals fall to 19.2% from 25.8%, Bears rise to 49.1% from 36.3%.
• CNBC’s Steve Liesman comments on Susan Collins’ hawkish remarks late yesterday: “If the December inflation report comes out on time, that’s a big If, it will be issued December 17, that’s day 2 of the Fed’s 2-day meeting, this is really interesting, at this point there is definitely a divide on the Fed, it’s a substantial divide at this point, where you could have 3, maybe 4 dissents If they do cut and there maybe as many as 5 or 6 who oppose a cut. “
• The International Energy Agency increased its estimate for a record global oil surplus next year for a sixth consecutive month, as OPEC+ continues to revive supplies and demand growth remains subdued.

• Flutter Entertainment (FLUT) Q3 adj Ebitda +6% to $478M and revs +17% to $3.79B; Q3 U.S. sportsbook revenue, ebitda declines due to negative sports results, very high levels of uneconomic generosity on NFL from competitors; Q3 sportsbook gross gaming revenue market share 38% (41% Q2), iGaming GGR share 27% (27% Q2); cuts FY25 revs view to $16.69B from $17.26B prior and Ebitda $2.915B down from $3.25B prior. FanDuel and CME Group (CME) unveil new prediction markets platform to launch in December.
• Edgewell Personal Care (EPC) announced that it has entered into a definitive agreement to sell its feminine care business to Essity, a leading global health and hygiene company based in Sweden, for $340M.
• KinderCare Learnings (KLC) Q3 adj EPS $0.13 vs est $0.13 on revs $676.8Mm vs est $682.61Mm; cuts FY25 EPES view to $0.64-$0.67 from prior $0.77-$0.82 (est. $0.77) and cuts FY25 revenue view to $2.72B-$2.74B from $2.75B-$2.8B (vs. consensus $2.76B).
• M/I Homes (MHO) announced that its Board of Directors approved a new share repurchase authorization, pursuant to which the company may purchase up to $250M of its common shares.
• Nike (NKE) upgraded to Overweight from Equal Weight at Wells Fargo and raise tgt to $75 from $60 saying visibility into Nike’s sales and margins is finally improving and while the company has been in a negative estimate revision cycle for three years, this will reverse over the next 6-9 months.
• Nissan Motor (NSANY) is considering a joint vehicle and powertrain development with Honda Motor (HMC) in the United States, Nissan CEO told the Nikkei business daily on Thursday.

• Firefly Aerospace (FLY) rises 26% after the spacecraft maker said it plans to resume launches of its Alpha rocket between late 2025 and early next year; also reported revenue for the Q3 that beat the average analyst estimate and sees 2025 FY revs between $150M-$158M vs. est. $135.5M.
• Sealed Air (SEE) shares rise overnight after the Bloomberg News reported Clayton Dubilier & Rice is exploring a potential acquisition of the company, citing people familiar with the matter. The buyout firm is in talks to take packaging-provider private, according to the Wall Street Journal.
• Tetra Tech (TTEK) Q4 adj EPS $0.45 vs est $0.40 on revs $1.16B vs est $1.062B; sees Q1 revs $950Mm – $1B; guides FY revs $4.05-4.25B vs est $4.121B.

• Dlocal (DLO) Q3 adj EBITDA $71.7Mm vs est $66.84Mm on revs $282Mm vs est $255.4Mm, gr mgn 37%, adj EBITDA mgn 25%.
• Paysign (PAYS) Q3 adj EPS $0.08 vs. est. $0.04 and revs $21.6M vs. est. $19.92M; Q3 adj EBITDA reached a new high of $5.0M, up 78.1%, vs. est. $4.6M, while net income improved by a healthy 54.2% to $2.2M; Raises FY25 revenue view to $80.5M-$81.5M from $76.5M-$78.5M.

• Celcuity (CELC) Q3 adj EPS ($0.78) vs est ($1.01).
• Day One Biopharmaceuticals, Inc. (DAWN) signed a definitive merger agreement to acquire Mersana Therapeutics (MRSN) in deal valued at $129M. Under the terms, DAWN will promptly commence a tender offer to acquire all of the outstanding shares of Mersana common stock at a price of $25 per share in cash at closing plus one non-tradable CVR per share to receive certain potential milestone payments of up to an aggregate of $30.25 per CVR in cash, for total consideration of up to $55.25 per share in cash.
• enGene (ENGN) 12.559M share Spot Secondary priced at $8.50.
• Grail Inc. (GRAL) Q3 adj EBITDA ($71.7Mm) vs est ($77.35Mm) on revs $36.2Mm vs est $35.4Mm.
• Nektar (NKTR) files automatic mixed securities shelf.
• Pulmonx (LUNG) Q3 EPS ($0.34) vs est $0.42, adj EBITDA ($8.2)Mm vs est ($10.83)Mm on revs $21.5Mm vs est $20.87Mm, gr mgn 75%; guides FY revs $89-90Mm vs est $90.69Mm and gr mgn approx 73%.

• Apple (AAPL) and Tencent (TCEHY) agree on 15% fee for WeChat game purchases.
• Comcast’s (CMCSA) NBCUniversal is adding to its mix of sports offerings Monday by launching a new cable channel, dubbed NBCSN. The network will carry mostly sports that are also streamed on NBCU’s Peacock service, including National Basketball Association games, Big Ten college football, golf and Premier League soccer. Google’s YouTube TV has already agreed to carry the channel. NBCU parent Comcast will also carry NBCSN on its Xfinity platform, and NBC.
• Digi International (DGII) Q4 adj EPS $0.56 vs est $0.51, adj EBITDA $29M vs est $26.97M on revs $114.338M vs est $110.2M; guides Q1 revs $114-118M, adj EBITDA $28.5-30.0M vs est $29.56M and adj EPS $0.53-0.57 vs est $0.52; sees FY revs +10-15% vs est +8.5% and adj EBITDA +15-20% vs est +13.84%.
• eGain Corp. (EGAN) Q1 adj EPS $0.17 vs est $0.11, adj EBITDA $5.0Mm vs est $4.356Mm on revs $23.508Mm vs est $23.22Mm, adj gr mgn 76%; guides Q2 revs $22.3-22.8Mm vs est $21.87Mm and adj EPS $0.07-0.08 vs est $0.07; sees FY revs $90.5-92.0Mm vs est $91.39Mm and adj EPS $0.29-0.34 vs est $0.35.
• Ibotta (IBTA) Q3 adj EPS $0.56 vs. est. $0.34; Q3 revs fell -16% y/y to $83.3M vs. est. $82.14M; During the quarter, the IPN had 18.2 million redeemers, compared to 15.3 million redeemers y/y; Delivered adjusted EBITDA of $16.6 million, representing an adjusted EBITDA margin of 20%; guides Q4 revs $80M-$85M.
• Serve Robotics (SERV) Q3 revs rose 209% y/y to $687K, delivery volume growth of 66% q/q, a 300% increase y/y; said anticipate generating over $2.5M in revenue in 2025; said on track to achieve our goal of deploying 2,000 robots before the end of the year.