Mid-Morning Look

Thursday, November 13, 2025

U.S. stocks were modestly lower overnight, though selling accelerated after the market open as the House of Representatives passed the bill that will reopen the federal government last night, after being closed a historic 43 days that impacted federal workers, food assistance, and airlines in a possible “sell the news event”. Wall Street also eagerly awaits the release of roughly 6 weeks of lost economic data, including jobs and key inflation reports in coming days hopefully. Weighing on the Dow Jones Industrial Average early (pulling back from its first record high close above 48K), a mixed quarter from media giant Disney (DIS) as shares fell on lower revenue figures. Smallcaps (IWM) are leading lower as Fed rate cut expectations for December are now roughly a coin toss vs. expectations of around 95% just a few weeks back with several Fed members getting a bit more cautious given the lack of credible data to work off of. Crude futures are recovering some ground after yesterday’s sharp selloff, with market attention turning to U.S. inventory data due at 12 p.m. ET. Earlier the IEA raised its 2025 and 2026 estimates for both global crude demand and supply, which resulted in a slight increase in its expected oil surpluses. Early sector leaders include Healthcare again, Energy and Consumer Staples (leaders all week), while Technology, Utilities, Consumer Discretionary and Industrials fall the most.

• In Industrials: TT was upgraded to Buy from Neutral at Bank America (tgt to $550 from $490) saying the company has executed well through a residential slowdown and should see potential upside in 2026, while also benefitting from strong exposure to applied HVAC/Americas transport recovery next year. FAST was downgraded to Underperform from Peer Perform at Wolfe Research saying sales have been decelerating and now sees inflationary pressures beginning to weigh on its gross margins. Wolfe Research upgraded shares of LII to Peer Perform from Underperform saying sees price, inventory, and regulatory risks for the company entering 2026 but has potential share gain and margin execution offsets.
• In Casino & Gaming: FLUT shares declined on guidance; also said will launch its prediction markets offering – “FanDuel Predicts” – via a new app starting in December-2025 with partner CME. FLUT also reported mixed Q3 results, with accelerating US iGaming growth offset by unfavorable OSB outcomes and a more competitive environment; cuts FY25 revs view to $16.69B from $17.26B prior and EBITDA $2.915B down from $3.25B prior. Two DKNG directors disclosed insider purchases (via form 4 filing) totaling over $1.0M, as on 11/11, Director Gregory Wendt bought 10,000 shares for $302,700, while Director Harry Sloan acquired 25,000 shares for $757,500.

• CSIQ +6%; Q3 revenue of $1.5B topped consensus of $1.37B, supported by strong energy storage deliveries and a high module shipments to profitable markets; said demand for energy storage continues to grow, driven by emerging applications such as data centers; guides Q4 revs $1.3B-1.5B vs. est. $1.6B.
• FLY +15%; after saying 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.
• MRSN +201%; as DAWN agreed to buy MRSN for $25 per share plus one non-tradable CVR per share to receive certain potential milestone payments of up to an aggregate of $30.25 per CVR for total of up to $55.25 per share in cash, in deal valued at $129M at closing, but potentially worth $285M.
• ONDS +20%; following quarterly earnings as Q3 revs rose to $10.1M above ests $7M and more than same time last year; raised guidance to at least $36M from prior view $25M and issued new guidance of $110M for 2026.
• SEE +16%; shares jumped after the WSJ reported Private equity firm Clayton Dubilier & Rice is in discussions to take Sealed Air private, saying a deal for the company could happen soon, though it remains possible negotiations could fall apart https://tinyurl.com/ycwazusz

• BNTX -5%; shares slumped after Bloomberg reported that PFE is looking to sell its remaining stake in the company by offering about 4.55 million ADRs via an overnight block trade at $108 to $111.70 per share. https://tinyurl.com/nbjtjjwt
• BTDR-19%; after the Bitcoin mining/AI cloud company announced a direct offering of Class A shares as well as a $400 million placement of convertible notes.
• DIS -7%; reported a mixed quarter, beating on earnings but missing on revenue, while raised its dividend to $1.50 from $1 a share, and doubled its stock buyback to $7B; said earnings at its streaming business surged 39% to $352M and added 12.5 million subscribers to Disney+ and Hulu during the quarter.
• IBTA -19%; Q3 revenues were in-line with expectations but with a muted Q4 outlook impacted by both macro-related headwinds and the company’s ongoing Platform shift.
• KRRO -79%; tumbles after saying its experimental drug, KRRO-110, for a rare lung and liver disease failed to reach expected levels, and also paused its licensing deal with NVO, prompting downgraded by several Wall Street analysts today and slashing price targets.
• SNDK -7%; along with weakness other memory/flash names STX, WDC after Japanese peer Kioxia reported dismal results for the six months ended Sept. 30 as Operating profit tumbled 55% and revenue fell 16% from a year ago.
• WBTN -25%; following a lower Q3 earnings print as both revenue of $378MM and EBITDA of $5.1MM (1.3% margin) came in lower than Street estimates due to weaker than expected Advertising revenue.