Early Look

Friday, November 14, 2025

U.S. stock index futures are looking lower to end the week, extending yesterday’s declines and takes out last week lows as the S&P 500 (SPX) and Nasdaq both drop back below their respective 50-dma supports after bouncing off those levels last Friday. A fresh round of hawkish comments from Federal Reserve officials added to doubts about an interest rate cut in December while valuation concerns in the tech space, particularly around the “AI” trade has pummeled large cap tech/data centers over the last 3-weeks, while investors have rotated into other sectors with Healthcare, Financials, Energy and Materials outperforming during that time fame. Tech hit again overnight as Applied Materials (AMAT) shares drop -6% after the company flagged expectations of weaker China spending next year on tighter U.S. export control curbs. Two M&A deals in the Healthcare sector (MRK for CDTX and Lundbeck for AVDL), give the sector another bump to start the day. The crypto sector has fallen into bear market territory, with more than a 20% decline for Bitcoin in over a month, falling another -2.75% this morning to $96,000 after highs over two months ago of $126K. The longest U.S. government shutdown in history, which ended on Thursday, has led to an economic data drought, causing the Fed and traders to fly blind and renewing concerns about the health of the labor market and the inflation trajectory. In Asian markets, The Nikkei Index declines -905 points to 50,376, the Shanghai Index drops -39 points to 3,990, and the Hang Seng Index falls -500 points to 26,572. In Europe, the German DAX is down -339 points to 23,701, while the FTSE 100 tumbles -160 points to 9,647. November is normally the best month of performance for the S&P historically, its got 2-weeks to rebound!

• The Dow Jones Industrial Average fell -797.60 points, or 1.65%, to 47,457.22
• The Nasdaq Composite tumbled -536.10 points, or 2.29%, to 22,870.36
• The Russell 2000 Index toppled -67.80 points, or 2.77% to 2,383.00

• Obesity Week 2026, 11/14-11/17 in Washington DC

• The euro zone economy continued to expand at a modest but respectable pace in the Q3 while the trade surplus surged in September. Its economy grew by 0.2% on the quarter, in line with a first estimate from late October, as France and Spain balanced out Germany. Compared to a year earlier, GDP in the euro zone grew by 1.4%, just ahead of expectations for 1.3% in a Reuters poll of economists.
• Iranian forces have seized the Marshall Islands–flagged oil tanker Talara in the Strait of Hormuz, according to data reviewed by the Associated Press. A U.S. official said the ship was intercepted while traveling from Ajman in the UAE to Singapore, with three small boats involved, as reported by security firm Ambrey.
• Canada plans to divert a significant amount of its wood exports away from the US because of Trump’s tariffs according to the Financial Times, a move that could drive up costs for Americans and further pressure the housing market.

• Under Armour (UA) splits with Steph Curry as it focuses on strengthening Core brand. Under Armour and Steph Curry will end their 13-year partnership, effective immediately.

• Red Cat Holdings (RCAT) Q3 EPS ($0.16) vs est ($0.10) on revs 9.646Mm vs est $16.68Mm; guides Q4 sales $20-23Mm vs est $48.14Mm, sees FY sales $34.5-37.5Mm vs est $70.12Mm.
• The Metals Company (TMC) posts Q3 net loss of (-$184.5M), impacted by non-cash items; said expects commercial production to start in Q4 2027, pending permit approval; Q3 results impacted by non-cash items including share-based compensation and changes in royalty and warrant liabilities.

• Robinhood Markets (HOOD) said funded customers at end Oct were 27.1Mm (up approximately 210K m/m and up about 2.6M y/y; total platform assets at end Oct were $343B (up 3% q/q and up 115% y/y; and equity notional trading volumes were $320.1b (up 34% q/q and up 153% y/y).

• Merck & Co. (MRK) is nearing a $9.2 billion deal to buy Cidara Therapeutics (CDTX), the Financial Times reports, citing people familiar with the matter. Merck has overcome rival pharmaceutical groups in a bidding war that went down to the wire before Cidara favored its offer of $221.50 a share in cash, according to the report. https://tinyurl.com/musj6xhh (Merck this morning confirmed the bid).
• Omeros Corp. (OMER) Q3 EPS loss (-$0.47) vs. est. loss (-$0.48); as posted net loss of (-$30.9M) vs. net loss of (-$32.2M) y/y; At September 30, 2025, we had $36.1M of cash and short-term investments; Cash burn during the third quarter of 2025, exclusive of any financing proceeds, was $22.0M.
• Oncology Institute (TOI) Q3 EPS ($0.14) vs est ($0.11), adj EBITDA ($3.46)Mm vs est ($2.29)Mm on revs $136.6Mm vs est $122.6Mm; guides Q4 adj EBITDA $0-2Mm vs est $1.545Mm; sees FY revs $495-505Mm vs est $474.07Mm.
• Verastem (VSTM) 8.544M share Spot Secondary priced at $8.25.

• Apple (AAPL): Sales of iPhones in China rose 22% y/y in the first month after the iPhone 17 series launched, a private survey from Counterpoint showed on Friday. Sales of iPhones in China were down 5% during the first month after the iPhone 16 line launched in September 2024.
• Applied Materials (AMAT) Q4 adj EPS $2.17 vs est $2.12, adj Op mgn 28.6% on revs $6.8B vs est $6.665B; guides Q1 revs $6.35-7.35B vs est $6.76B and adj EPS $1.98-2.38 vs est $2.13.
• Blaize Holdings (BZAI) Q3 EPS loss (-$0.25) vs. est. loss (-$0.13); Q3 revs $11.87M, exceeding the upper end of guidance of $11.0M-$11.5M guidance and above est. $11.26M; said posted 499% sequential revenue growth and accelerating adoption of our Hybrid AI platform in key regions.
• Evolv Technology (EVLV) Q3 adj EPS ($0.02) vs est ($0.03), adj EBITDA $5.1Mm vs est $1.072Mm; guides FY revs $142-145Mm vs est $133.48Mm and adj EBITDA mgn high single digit.
• Globant SA (GLOB) Q3 adj EPS $1.53 vs est $1.54 on revs $617.1Mm vs est $615.3Mm, adj gr mgn 38.1%; guides Q4 revs at least $605Mm vs est $607.11Mm, adj Op mgn at least 15.0% and adj EPS at least $1.53 vs est $1.55; sees FY revs at least $2.447B vs est $2.451B, adj Op mgn at least 15.0%.
• Luminar Technologies (LAZR) Q3 adj EPS ($0.94) vs est ($0.98) on revs $18.7Mm vs est $18.07Mm; says exploring strategic alternatives and suspending guidance.
• Quantum Corp. (QMCO) Q2 revs $62.71M vs. est. $60.5M; guides Q3 revs $67M plus/minus $2M; and Q3 adj EPS loss (-$0.51) plus/minus $0.10; Q2 GAAP operating expenses were $31.7M; non-GAAP adjusted operating expenses were $24.8M.
• Samsung (SSNLF) has raised the prices of certain memory chips by up to 60% compared to September due to its short supply caused by the global race to build AI centers, Reuters reported.
• Starz (STRZ) reported Q3 revs $320.9M vs. est. $322.8M; Q2 net income (-$52.6M), net loss per share of (-$3.15, operating loss was (-$34.8M) and adjusted OIBDA was $21.8M.; said reiterates all previously provided 2025 outlook.
• TSS Inc. (TSSI) Q3 EPS ($0.06) on revs fall -40% y/y to $41.883Mm; systems Integration revenue grows 20%, offsetting declines in other segments; updates 2025 EBITDA outlook to 50%-75% growth, expecting Q4 rebound; said anticipates growth trajectory to continue into 2026.
• Vertiv Holdings (VRT) raises annual cash dividend to $0.25 from $0.15.
• Vuzix Corp. (VUZI) Q3 EPS ($0.09) vs est ($0.10) on revs $1.161Mm vs est $1.555Mm; says expects robust yr/yr and sequential growth across revs and engineering Services for Q4.