Early Look

Monday, November 3, 2025

After closing out last week and the month of October with solid gains, U.S. stock markets are off to another strong start, kicking off November, historically the strongest month of the year with overnight gains following a busy morning of M&A headlines. For last week, the S&P 500 gained 0.71%, the Nasdaq climbed 2.24%, and the Dow climbed 0.75%. For the month of October, the S&P 500 gained 2.27%, the Nasdaq climbed 4.7%, and the Dow climbed 2.51%. The S&P climbs for sixth straight month, longest streak since August 2021, the Nasdaq composite climbs for seventh straight month, longest streak since January 2018, the Dow climbs for sixth straight month, longest run since January 2018. Incredible ongoing returns for global equities as in Asian markets overnight, The Nikkei Index jumped 1,085 points or 2.12% to 52,411 (new record), the Shanghai Index rose 21 points to 3,976, and the Hang Seng Index advanced 251 points to 26,158. In Europe, the German DAX is surging 274 points to 24,233, while the FTSE 100 edged higher 4 points to 9,722. The US government shutdown rolls into day 32 and continues to delay key economic data, including the jobs report that was slated for release this week. Meanwhile, the Supreme Court is set to hear arguments this week on the legality of President Trump’s most sweeping tariffs. President Trump said on Sunday that the most advanced Nvidia (NVDA) chips will be reserved for US companies and kept out of China and other countries. Roughly 300 S&P 500 companies have now reported third-quarter results. Another 100-plus reports are due this week including many chip companies.

• The Dow Jones Industrial Average rose 40.75 points, or 0.09%, to 47,562.87
• The Nasdaq Composite gained 143.81 points, or 0.61%, to 23,724.96
• The Russell 2000 Index advanced 13.43 points, or 0.54% to 2,479.38

• Earnings After the Close: ADTN ADUS AESI AL AMRC APLE BRCC BWXT CBT CLX CNO CRBG CRGY CRK CSR CSTL CTRA DENN DHC EMN ENSG EVER EXAS FANG FN FNV GT GTM HALO HIMS HLIT HOLX HSTM IAC ICHR INSP JELD JRVR KFRC LSCC MED MX MYGN NSA NSP NVTS O OGS OPAD ORA OTTR PAY PCH PGR PLOW PLTR PRAA PRIM QRVO RHP RNG SANM SBAC SEI SNDX SPG STRL TBI TDUP UNM UPWK VNO VNOM VRTX VTS VYX WMB XENE

• The eight nations of OPEC+ announced Sunday they will pause oil-production hikes in the first quarter of 2026, following a modest increase in December, as part of an effort to avoid a glut of crude. OPEC+, led by Saudi Arabia, said Sunday they will boost output in December by 137,000 barrels a day, the same production boost announced for October and November. But they said they would “pause the production increments” from January to March, “due to seasonality.”
• Democratic senators again urged President Trump to get involved directly in talks to end the government shutdown as the impasse entered a crucial week, with the lapse set to become the longest ever while pain for American households and travelers is deepening.

• Freshpet (FRPT) Q3 sales $288.8M vs. est. $285.8M; Q3 adj EBITDA $54.6M vs. est. $54.3M; Q3 Net Income $101.7M; revises 2025 net sales growth to ~13% from 13%-16% previously; Adjusted EBITDA for 2025 expected between $190M-$195M; achieves positive free cash flow in Q3, expects full-year 2025 positivity.
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• Coeur (CDE) announces acquisition of New Gold (NGD) to create a new, all north American senior precious metals producer. Under the deal, shareholders to receive 0.4959 shares of CDE in deal that implies total equity value for Co about $7B valued at $8.51 per share. Coeur stockholders to own 62%, and New Gold holders 38% of company.
• KNOT Offshore Partners LP (KNOP) said its Board of Directors of the Partnership received an unsolicited non-binding proposal, dated October 31, 2025, from Knutsen NYK Offshore Tankers AS pursuant to which KNOT would acquire through a wholly owned subsidiary all publicly held common units of the Partnership in exchange for $10 in cash per common unit.
• SM Energy Company (SM) and Civitas Resources, Inc. (CIVI) announced they have entered into a definitive merger agreement involving an all-stock transaction. Under the terms of the Transaction, each common share of Civitas will be exchanged for 1.45 shares of SM Energy common stock. The combined company’s enterprise value of approximately $12.8 billion is inclusive of each company’s net debt.
• Southern Company (SO) today announced it plans to sell 35 million equity units in a public offering. Each equity unit will be issued in a stated amount of $50.
• In a letter dated October 17, Rio Tinto (RIO) shareholder Palliser urged the company to challenge Teck’s (TECK) agreed merger with Anglo American (NGLOY) to gain control of a tier-one copper portfolio that combined could produce 1.3 million metric tons a year.

• IREN Limited (IREN) announced it has signed a multi-year GPU cloud services contract with Microsoft (MSFT). Under the agreement, IREN will provide Microsoft with access to NVIDIA GB300 GPUs over a five-year term, with a total contract value of approximately $9.7B, including a 20% prepayment. IREN has also entered into an agreement with Dell Technologies (DELL) to purchase the GPUs and ancillary equipment for approximately $5.8B.

• Henry Schein One (HSIC) announced a groundbreaking partnership with Amazon Web Services (AMZN). Together, the companies will integrate AWS’s generative AI technologies across the Henry Schein One platform – including Dentrix, Dentrix Ascend, and Dentally – to usher in a new era of AI-powered dentistry.
• Incyte (INCY) upgraded to Buy from Neutral at Guggenheim.
• Madrigal Pharmaceuticals (MDGL) upgraded to Neutral from Underperform at Bank America.
• Pfizer (PFE) sued Metsera (MTSR) and rival drugmaker Novo Nordisk A/S (NVO) to block the Danish company’s rival bid for the obesity startup.
• Serina Therapeutics, Inc. (SER) announced that the U.S. FDA has placed a clinical hold on the Company’s Investigational New Drug (IND) application for SER-252, Serina’s lead development program for advanced Parkinson’s disease
• Unicycive Therapeutics’ (UNCY) leaders were responsible for misrepresenting that its manufacturing arrangements for a chronic kidney disease treatment under FDA review would meet the agency’s requirements, an investor alleges – Bloomberg

• Interdigital (IDCC) says it was awarded injunction against Disney (DIS) by German court.
• Samsung SDI has reached an agreement with Tesla (TSLA) to supply more than 3 trillion won ($2.11 billion) worth of Energy Storage System batteries to Tesla over three years, the Korea Economic Daily reported on Monday.
• Vertiv Holdings Co (VRT) entered into an agreement to acquire Purge Rite Intermediate, LLC, a leading provider of mechanical flushing, purging and filtration services for data centers and other mission-critical facilities, from Milton Street Capital LLC for approximately $1.0 billion in cash consideration at closing plus the potential additional consideration of up to $250 million in cash.