Mid-Morning Look

Monday, November 17, 2025

U.S. stocks are choppy to kick off a trading week that brings many potential market moving catalysts including large cap retail earnings (WMT, TGT, HD, LOW), semiconductor giant NVDA earnings midweek (11/19) and the return of some government economic data (including September payrolls data on 11/20) after being delayed for weeks due to the 43 days government shutdown that concluded last Monday. US stocks futures were down overnight but quickly rebounded on the open as the Nasdaq looks to snap its 2-week losing streak and the QQQ’s look to close higher for the 11^th consecutive Monday. In other tech news, GOOGL shares hit a new all-tie high after Berkshire revealed a new stake in 13-F filings Friday, PC hardware names fall (DELL, HPWQ, HPE) after Morgan Stanley downgraded, and memory semi names MU, WDC, STX, SNDK resume upward momentum. In consumer space, the White House drops reciprocal tariffs on fertilizer, other ag products not produced in the U.S. (helping shares of COCO, HSY, MKC). Treasury yields around 4.13% for the 10-yr, the dollar and Bitcoin edge higher and gold lower while stocks are flat.

• August Construction spending +0.2% (vs. consensus -0.1%) to $2.169 trln, vs July +0.2% (prev -0.1%); Aug private Construction spending +0.3%, public spending unchanged.

• In Software: CWAN shares rose after Bloomberg reported Warburg, Permira are in talks to buy Clearwater Analytics https://tinyurl.com/bdhxbchb ; SNOW tgt raised to $310 from $280 at Bank America on healthy demand trends that suggest potential for 3.7% product revenue upside/Q3 Similarweb page views of 25mn grew 8.7%, up +160bps above normal seasonal trends despite a seasonally weaker August. CRM tgt lowered to $305 from $325 ahead of earnings at Bank America saying checks suggest 3Q/4Q demand in holding pattern/better growth coming into view. RBRK was upgraded to Buy from Neutral at Mizuho
• In the Paper & Packaging Sector: Bank America double upgraded BALL, OI, and SLVM to Buy (from Underperform), while downgraded WY, KRT, and PCH to Underperform. Bank America said Ball, O-I and Sylvamo have some momentum and catalysts, while a lack of near-term catalysts is cited for the firm’s downgrades. In M&A news, SEE entered into a definitive agreement to be acquired by funds Affiliated with CD&R, in deal valued at $10.3B. Under the terms of the agreement, Sealed Air stockholders will receive $42.15 in cash per share.
• In Semiconductors: all await earnings from NVDA this week (reports Wednesday 11/19 after the close), while memory and flash stocks continue to see strength, with MU, WDC, STX, SNDK extending their year rallies. Piper reiterated their Overweight on MU after management meetings, saying HBM demand remains “robust” with supply expected to stay tight through the rest of 2025 and into 2026, and most HBM3e capacity for 2026 already sold out. Also, Rosenblatt raised its MU tgt to $300 on faster memory price inflation.

• COCO +12%; was upgraded to Buy from Neutral at Bank America following the White House’s announcement excluding certain Agricultural products, including coconut Water, from reciprocal tariffs; COCO said they expect tariff rates on its products to fall to about 6% from 23% earlier.
• CWAN +5%; after Bloomberg reported Warburg, Permira are in talks to buy Clearwater Analytics https://tinyurl.com/bdhxbchb
• GOOGL +4%; after a regulatory filing showed that Warren Buffett’s Berkshire Hathaway Inc. acquired 17.9M shares of the Google Parent during the third quarter. $GOOGL also said that its YouTube reached a deal with DIS to bring their content back to YouTube TV; now have access to Disney channels, including ABC and ESPN.
• JAZZ +19%; after saying its drug, Ziihera, in combination with chemotherapy, met main goals in a late-stage study for the treatment of a type of stomach cancer; Jazz shares rights of the therapy with ZYME (shares also rise); the two said they intend to submit a supplemental Biologics license application in 1h-2026.
• QUBT +12%; shares rose following earnings late Friday as reported Q3 net income $2.4M, Q3 operating expenses $10.5M vs. $5.4M Y/y, and Q3 Revs $384K vs. $101K Y/y.
• SSP +19%; after SBGI disclosed it had acquired about 8.2% of Scripps’ non-voting Class A stock. The move follows reports that Sinclair has been pursuing a takeover and has held constructive talks with Scripps in recent months, though no agreement has been reached.
• TNXP +9%; said its new drug Tonmya, the first treatment for fibromyalgia approved in more than 15 years, is now available by prescription at pharmacies across the U.S.
• WPP +10%; shares jumped after The Times reported, citing sources, that the British advertising firm has drawn takeover interest from French rival Havas and private equity firms APO and KKR. WPP’s shares have fallen more than 60% year-to-date, giving it a market valuation of about $3.95B https://tinyurl.com/2knry7v7

• CF 4%; along with weakness in MOS after the White House drops reciprocal tariffs on fertilizer, other Ag products not produced in the U.S. Ag products not grown or produced enough in the U.S.—including Coffee, fruit and some fertilizers—are being removed from Trump’s reciprocal tariff list.
• DELL -7%; along with weakness in HPQ, HPE after Morgan Stanley downgraded several names in the PC Hardware sector saying believes the memory supercycle brings downside risk to hardware manufacturer earnings heading into 2026.
• ROCK -4%; announced it would buy peer OmniMax International from funds managed by investment firm Strategic Value Partners for $1.34 bln in cash in a deal that is expected to close in the first half of 2026.
• XPEV -6%; reported Q3 revs of 20.38B yuan, in line with expectations, driven by a 149.3% y/y jump in vehicle deliveries; its net loss narrowed to 380.9M yuan from 1.81B yuan y/y; guided Q4 revs below ests at 21.5B yuan ($3.03 billion) and 23B yuan, vs. estimate of 26B yuan.