Early Look

Tuesday, November 4, 2025

After another successful trading day for the S&P 500 and Nasdaq, boosted by gains in tech heavy weights like TSLA, AMZN and NVDA, the Dow retreated, weighed down by shares of UNH, CAT as the Nasdaq 100 (QQQ) closed higher for the 9th consecutive Monday. Stock futures took a turn lower overnight as earnings results from Palantir (PLTR) last night, which beat consensus estimates, failed to wow investors and dented the AI trade. As markets have rallied for 7 straight months, warnings signs for a correction have been brewing with stretched valuations, and too much market concentration (ex: the Mag 7 keeping the broader market higher), and euphoria about the AI trade. Just yesterday, large cap tech names rallied led by Amazon after OpenAI agreed to a seven-year, $38 billion deal to buy cloud services from the retail giant, which will give the AI company access to hundreds of thousands of Nvidia graphics processors to train and run its artificial intelligence models. Nvidia gained 2.2% on the session. Also seeing other risk assets slide with Bitcoin -2% to $104,600, more than $20K off its prior month highs. In addition, U.S. President Donald Trump said Nvidia’s most advanced chips will be reserved for U.S. companies and kept out of China and other countries. There have been may AI deal related headlines over the last few months and has been a springboard for massive rallies. With the government shutdown on the verge of becoming the longest ever (now into day 35), investors as well as Federal Reserve officials have been dealing with a lack of economic data. Fed officials continued pressing competing views of where the economy stands and the risks facing it, a debate set to intensify ahead of the U.S. central bank’s next policy meeting and in the absence of data. In Asian markets, The Nikkei Index declined -914 points to 51,497, the Shanghai Index fell -16 points to 3,960, and the Hang Seng Index declined -205 points to 25,952. In Europe, the German DAX is tumbling -325 points to 23,808, while the FTSE 100 is down -60 points to 9,641. Today is also election day!

• The Dow Jones Industrial Average fell -226.19 points, or 0.48%, to 47,336
• The Nasdaq Composite gained 109.77 points, or 0.46%, to 23,834.72
• The Russell 2000 Index declined -8.17 points, or 0.33% to 2,471.21

• 8:55 AM ET                  Johnson/Redbook Weekly Sales
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: ACEL AEIS AFG AFL AGL AIG AIZ ALAB ALGT AMD AMGN AMWL ANDE ANET ANGI APPS ASH ATEN ATRO AXON BHE BOOM BXC BYND CAVA CDNA CHRD CLNE CLOV CORT CPNG CRC CRUS CRVS CTVA CWEN CYRX DEI ECG EGHT EQH ES EXEL FLYW FTK GDRX GO GPOR GXO HG HMN HNGE INTA ITUB JKHY JXN KD KGC KTOS LITE LMB LYV MAC MARA MATX MCY MEG MG MNTN MOS MRCY MTCH NGL OEC OI OCC PARR PCTY PINS OTCT QGEN QLYS RARE RDN RIGL RIVN RPD RVLV RYAM SKT SKY SM SMCI SUPN SWKS TDC TEM TOST TREX UPST VOYA WES WTTR ZETA

• The RBA left its cash rate unchanged at 3.6% as expected, decision was unanimous; the Board judged it was appropriate to remain cautious, updating its view the O/L as data evolves.
• The Financial Times reported that China has increased subsidies that cut energy bills by up to half for some of the country’s largest data centers, as Beijing steps up efforts to boost its domestic chips industry and compete with the US.

• Jeld-Wen (JELD) Q3 adj EPS loss (-$0.20) vs. est. $0.14; Q3 revenue $809.5M vs. est. $823.64M; said has initiated a comprehensive review of strategic alternatives for its Europe business which accounted for $1.1B in revs for 2024 (about 28%); plans to reduce its North America and Corporate workforce by approximately 850 positions, representing roughly 11%; cuts 2025 revenue view to $3.1B-$3.2B from $3.2B-$3.4B.

• BWX Technologies (BWXT) Q3 adj EPS $1.00 vs est $0.86, adj EBITDA $151.1Mm vs est $142.04Mm on revs $866.3Mm vs est $790.9Mm; guides FY revs $3.1B vs est $3.116B, adj EPS $3.75-3.80 vs est $3.74 and FCF $285Mm.
• Coterra Energy (CTRA) Q3 adj EPS $0.41 vs est $0.44 on revs $1.82B vs est $1.796B; raises production guidance but sees FY CAPEX modestly down yr/yr.
• Diamondback Energy (FANG) Q3 EPS $3.51 vs. est. $2.94; Q3 revs $3.92B vs. est. $3.53B; Q3 average oil production of 503.8 MBO/d; said have reduced 2025 capital expenditures by $500M vs. prior 2025 guidance; said expect capex to tick up moderately in Q4 to $875M-$975M; revising annual oil production guidance up to a range of 495-498 MBO/d, an increase of 8 MBO/d at the midpoint; said it would sell its subsidiary VNOM non-Permian assets for $670 million to an affiliate of GRP Energy Capital and Warwick Capital Partners.
• Solaris Energy (SEI) Q3 EPS $0.32 vs est $0.24, adj EBITDA $68Mm vs est $60.08Mm on revs $167Mm vs est $139Mm; guides Q4 adj EBITDA $65-70Mm vs est $59.67Mm and Q1 adj EBITDA $70-75Mm vs est $70.83Mm.
• Williams Companies (WMB) Q3 adj EPS $0.49 vs. est. $0.52; Q3 revs $2.92B vs. est. $2.96B; Q3 adj Ebitda rose 13% y/y reflecting the growing strength of our natural gas strategy; Q3 adj net income $603M vs. est. $648M; increased the dividend by 5.3% on an annualized basis to $2.00 in 2025; continues to expect 2025 adj ebitda guidance midpoint of $7.75B within range of between $7.6B & $7.9B.

• Ensign Group (ENSG) Q3 adj EPS $1.64 vs est $1.57 on revs $1.3B vs est $1.28B; guides FY revs $5.05-5.07B vs est $5.012B and EPS $6.48-6.54 vs est $6.41.
• Income Realty (O) Q3 AFFO/shr $1.08 vs est $1.08 on revs $1.471B vs est $1.373B; guides FY AFFO/shr $4.25-4.27 vs est $4.27 on same store rent growth approx +1.0%.
• Insperity (NSP) shares tumble; Q3 adj EPS ($0.20) vs est $0.22, adj EBITDA $10Mm vs est $29.8Mm on revs $1.623B vs est $1.632B; guides Q4 adj EPS ($0.79) vs est $0.08 and FY adj EPS ($0.16) vs est $2.11.
• Simon Property Group (SPG) Q3 FFO EPS $3.25 tops consensus $3.09; Q3 revenue $1.60B vs. est. $1.41B; raises 2025 real estate FFO view to $12.60-$12.70 from prior view $12.45-$12.65; Q3 Occupancy at September 30, 2025, was 96.4%, a 0.2% increase compared to 96.2% at September 30, 2024.
• Unum Provident (UNM) Q3 adj EPS $2.09 vs est $2.15, adj op Inc $357.1Mm vs est $505.47Mm; says ongoing impacts from annual assumption review reduced Q3 post-tax adj op Inc by about $0.10/share.
• Upwork Inc. (UPWK) shares jumped; Q3 adj EPS $0.36 vs est $0.29, adj EBITDA $59.6Mm vs est $50.1Mm on revs $201.7Mm vs est $193.34Mm; guides Q4revs $193-198Mm vs est $192.22Mm and adj EPS $0.31-0.33 vs est $0.28; sees FY revs $782-787Mm vs est $773.24Mm and adj EPS $1.35-1.37 vs est $1.24.

• Halozyme Therapeutics (HALO) Q3 EPS $1.72 vs. est. $1.61; Q3 revs $354.3M vs. est. $339.1M; Q3 royalty revenue increasing 52% y/y to $236M; Raises 2025 revenue view to $1.30B-$1.375B from $1.275B-$1.355B, vs. consensus $1.32B and boosts 2025 non-GAAP EPS view to $6.10-$6.50 from $6.00-$6.40.
• Henry Schein (HSIC) approved an amendment to strategic partnership agreement giving KKR the right to increase its ownership in HSIC stock up to 19.9% through purchases in the open market.
• Hims & Hers (HIMS) Q3 EPS $0.06 vs est $0.10 on revs $600Mm vs est $579.3Mm; guides Q4 revs $605-625Mm vs est $631.69Mm and FY revs $2.335-2.355B vs est $2.341B, adj EBITDA $307-317Mm vs est $317.74Mm.
• Hologic (HOLX) Q4 adj EPS $1.13 vs. est. $1.10; Q4 revs rose 6.2% y/y to $1.05B vs. est. $1.03B; Company is not providing guidance due to acquisition by Blackstone and TPG.
• Inspire Medical (INSP) Q3 EPS $0.34 vs est ($0.19) on revs $224.5Mm vs est $221.1Mm; guides FY revs $900-910Mm vs est $903.81Mm, gr mgn 84-86% and EPS $0.90-1.00 vs est $0.51.
• Sarepta (SRPT) shares fell; reports Q3 adj EPS ($0.13) vs est ($0.82) on revs $399.4Mm vs est $338.71Mm; said a late-stage study testing two gene-targeted therapies for Duchenne muscular dystrophy did not meet main goal; says Elevidys labeling discussions progressing and expected to conclude soon; says topline results found that numerical trends favored treatment versus placebo; however, the observed difference of 0.05 steps/second in least square means (LSM), did not reach statistical significance (P=0.309) on the primary endpoint, the 4-step ascend velocity at 96 weeks.
• Vertex Pharmaceuticals (VRTX) Q3 adj EPS $4.80 vs est $4.56 on revs $3.08B vs est $3.053B; sees FY revs $11.9-12.0B vs est $11.987B.

• Eastman Chemical (EMN) Q3 adj EPS $1.14 vs. est. $1.16; Q3 revs $2.20B vs. est. $2.25B; said expect greater than normal seasonal decline in volume as macroeconomic environment continues to be challenging for Q4 & FY; sees year EPS $5.40-$5.65.
• Glencore (GLNCY) is planning to close its Horne smelter, Canada’s largest copper metal-producing operation, due to environmental issues and the millions of dollars needed to upgrade the facility, Reuters.
• Intuitive Machines (LUNR) has entered into a definitive agreement to acquire Lanteris Space Systems, formerly Maxar Space Systems, a spacecraft manufacturer for national security, civil, and commercial customers, from Advent International priced at $800M, consisting of $450M in cash and $350M in Intuitive stock.
• Palantir Technologies (PLTR) Q3 adj EPS $0.21 vs est. $0.17; Q3 revs $1.18B vs. est. $1.09B; Q3 free cash flow $540M vs. est. $466M; said y/y growth in our U.S. business surged to 77%, and y/y growth in U.S. commercial climbed to 121%; sees Q4 revenue $1.327B-$1.331B above consensus $1.18B.
• Primoris (PRIM) Q3 adj EPS $1.88 vs. est. $1.35 and revs $2.18B vs. est. $1.84B; Q3 adj Ebitda $168.7M vs. est. $137.1M; raises FY25 EPS view to $5.35-$5.55 from $4.90-$5.10 (est. $5.07); targeted gross margins by segment are 10.0% to 12.0% for both the Utilities and Energy segments for the full year 2025.
• Sterling Infrastructure (STRL) Q3 adj EPS $3.48 vs est $2.48, adj EBITDA $155.8Mm vs est $136.19Mm on revs $689Mm vs est $621.27Mm, gr mgn 24.7%; guides FY revs $2.375-2.39B vs est $2.255B, adj EBITDA $486-491Mm vs est $462.46Mm and adj EPS $10.35-10.52 vs est $8.10.

• IAC (IAC) Q3 revenue fell -8% y/y to $589.8M vs. est $601.6M; said its search unit reports a 41% decline in third-quarter revenue; lower FY adj EBITDA to $234M-$258M vs. prior view $247M-$285M.
• Ichor Holdings (ICHR) Q3 adj EPS $0.07 missed the $0.12 consensus; Q3 revs $239.3M vs. est. $235.14M; sees Q4 adjusted EPS loss 9-$0.14-$-0.02) vs. est. 40.13 and revs $210M-$230M vs. est. $234.33M; names Phil Barros as CEO, effective immediately.
• Lattice Semiconductor (LSCC) Q3 adj EPS $0.28, in-line with consensus and revs $133.3M, also in-line; sees Q4 EPS $0.30-$0.34 vs. est. $0.32 and revs $138M-$148M vs. consensus $142.12M.
• Navitas Semiconductor (NVTS) Q3 adj op Inc ($11.5Mm) vs est ($11.64Mm) on revs $10.112Mm vs est $10Mm; sees Q4 revs $6.75-7.25Mm vs est $10.05Mm, adj gr mgn 38.0-39.0%.
• Qorvo (QRVO) Q2 adj EPS $2.22 vs est $2.07 on revs $1.1B vs est $1.033B, adj gr mgn 49.7%; sees Q3 revs around $985Mm vs est $983.23Mm and adj EPS $1.65-2.05 vs est $1.81.
• Sanmina Corp. (SANM) Q4 adj EPS $1.67 vs est $1.57 on sales $2.1B vs est $2.057B; guides Q1 revs $2.9-3.2B vs est $2.124B and adj EPS $1.95-2.25 vs est $1.65.
• SBA Communications (SBAC) Q3 adj FFO/SHR $3.30 vs est $3.21 on revs $732.327Mm vs est $713.7Mm.
• Spotify (SPOT) Q3 EPS (EUR3.28) vs. EUR1.45 last year; Q3 revenue EUR4.27B vs. 3.99B last year; Q3 total MAUs up 11% to 713M, with subscribers up 12% y/y to 281M; Premium subscribers rose 12% to 281 million in the third quarter, in line with estimates; audiobook listeners climbed 36% and consumption hours grew 37% over the past year; guides Q4 revs EU4.5B vs. est. EU4.57B.