December S&P 500 futures and December Nasdaq 100 E-Mini
futures are up this morning as market participants looked ahead to
the release of the minutes of the Federal Reserve’s latest policy
meeting as well as earnings from semiconductor stalwart Nvidia
later in the week.
In the coming week, investors will be monitoring a spate of
economic data, including the U.S. Existing Home Sales, Durable
Goods Orders, Core Durable Goods Orders, Initial Jobless Claims,
Michigan Consumer Sentiment, Crude Oil Inventories, S&P Global
Composite PMI (preliminary), S&P Global Manufacturing PMI
(preliminary), and S&P Global Services PMI (preliminary).
In addition, investors will be paying close attention to the
release of the Federal Reserve’s minutes from the November meeting
on Tuesday for any new insights into the future trajectory of
interest rates.
On the earnings front, several prominent companies like NVIDIA
(NVDA), Zoom Video (ZM), Baidu (BIDU), and HP Inc (HPQ), along with
retailers including Lowe’s (LOW), Urban Outfitters (URBN), Dick’s
Sporting Goods (DKS), and Best Buy (BBY), are scheduled to release
their quarterly results this week.
The U.S. economic data slate is mainly empty on Monday.
In the bond markets, United States 10-year rates are at 4.448%,
up +0.11%.
Pre-Market U.S. Stock Movers
Microsoft Corporation (NASDAQ:MSFT) gained over +2% in
pre-market trading after appointing Sam Altman, the co-founder of
OpenAI who was ousted from his startup last week, to lead its
in-house artificial intelligence team.
MediciNova Inc (NASDAQ:MNOV) surged about +18% in pre-market
trading after announcing positive results from a Phase 2 clinical
study of MN-166 in glioblastoma patients.
Full Truck Alliance Co Ltd ADR (NYSE:YMM) climbed over +4% in
pre-market trading after the company reported upbeat Q3
results.
Boeing Co (NYSE:BA) rose more than +1% in pre-market trading
after Deutsche Bank upgraded the stock to Buy from Hold.
Chegg Inc (NYSE:CHGG) slid over -3% in pre-market trading after
Morgan Stanley downgraded the stock to Underweight from Equal
Weight.
Dutch Bros Inc (NYSE:BROS) gained more than +3% in pre-market
trading after JPMorgan upgraded the stock to Overweight from
Neutral.
Today’s U.S. Earnings Spotlight: Monday – November
20th
Agilent Technologies (A), Keysight Technologies (KEYS), Symbotic
(SYM), Zoom Video (ZM), Legend Bio (LEGN), Bellring (BRBR), Golub
(GBDC), Central Garden&Pet (CENT), Mueller Water Products
(MWA), Enlight Energy (ENLT), Fidelis Insurance Holdings (FIHL),
FinVolution Group (FINV).
ANALYST RECOMMENDATIONS
Airbnb: Baptista Research downgrades to hold
from underperform with a target price of $143.60.
Applied Materials: DZ Bank AG Research
downgrades to hold from buy with a price target reduced from $165
to $145.
Caterpillar: HSBC initiates a Hold
recommendation with a target price of $250.
Compass Group: Morningstar downgrades to hold
from buy with a target price of $27.80.
Costco Wholesale Corporation: Loop Capital
Markets maintains its buy recommendation and raises the target
price from $630 to $660.
Crowdstrike Holdings: Morgan Stanley maintains
its market weight recommendation and raises the target price from
$175 to $187.
Cvs Health Corporation: Baptista Research
upgrades to outperform from buy with a price target reduced from
$91.90 to $82.90.
Enphase Energy: Morgan Stanley maintains its
market weight recommendation and reduces the target price from $135
to $94.
Mondelez International: Baptista Research
maintains its hold recommendation with a price target reduced from
$81.10 to $74.30.
Morgan Stanley: BNP Paribas Exane downgrades to
neutral from outperform with a price target reduced from $110 to
$85.
Msci: Baptista Research maintains its hold
recommendation with a price target raised from $545.10 to
$561.30.
Netflix: Guotai Junan Securities Co., Ltd.
initiates an overweight recommendation with a target price of
$544.
Nutrien: HSBC maintains its hold recommendation
with a price target reduced from $72 to $63.
Paycom Software: Baptista Research upgrades to
outperform from buy with a price target reduced from $391.10 to
$210.
Qualcomm: Baptista Research downgrades to hold
from buy with a price target raised from $140.50 to $148.50.
Sirius Xm Holdings: Baptista Research
downgrades to underperform from outperform with a price target
raised from $5 to $5.40.
The Home Depot: Daiwa Securities maintains a
neutral recommendation with a price target reduced from $328 to
$313.
Transunion: Redburn Atlantic maintains its buy
recommendation and raises the target price from $53 to $70.
Unitedhealth Group: Jefferies maintains its
hold recommendation with a price target reduced from $565 to
$503.
Walmart: CTBC Securities Investment Service Co
LTD downgrades to neutral from add with a price target reduced from
USD 173 to USD 160.
Zebra Technologies Corporation: Baptista
Research upgrades to outperform from hold with a price target
reduced from USD 298 to USD 251
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