Early Look

Wednesday, September 10, 2025

U.S. futures are looking slightly higher, coming into a key inflation data reading with several macro developments overnight. First, Oracle (ORCL) reported quarterly results that were in-line to slightly lower, but comments that they signed four multi-billion-dollar contracts with three different customers in Q1 which resulted in RPO contract backlog increasing 359% to $455B and sees its RPO likely exceed $500B sent shares up over 30%. Second, President Trump has asked the EU to impose 100% tariffs on India and China to pressure Russia over its war in Ukraine, the Financial Times reported. Third, Trump announced plans to crack down on pharmaceutical advertising on television and social media platforms that could disrupt billions of dollars in annual ad spending. Also, news in the IPO market as Klarna (KLAR) 34.31M share IPO priced at $40.00, above the $35.00-$37.00 expected target range. The first of 2 inflation data readings this week kicks off at 8:30 am et with the August Producer Price Index (PPI) headline M/M for Aug est. +0.3% (prior +0.9%) and Y/Y for Aug…est. +3.3% (prior +3.3%). The core PPI (ex: food & energy) M/M for Aug is est. +0.3% (prior +0.9%) and Y/Y for Aug…est. +3.5% (prior +3.7%). The consumer prices (CPI) data is expected tomorrow at 8:30 am et. As for Tuesday, stocks racked up more record highs after the worst-ever preliminary benchmark payroll revision set the tone for next week’s Fed meeting and the scope of easing through the end of 2025. Gold rose past $3,600 to its 31st record of the year before turning negative just before the end of the session. Equities drew support from rate-cut wagers. Yields rose across the curve, halting a four-day slide ahead of the week’s inflation data. In Asian markets, The Nikkei Index advanced 378 points to 43,837, the Shanghai Index edged higher 4 points to 3,812, and the Hang Seng Index jumped 262 points to 26,200. In Europe, the German DAX is up 21 points to 23,739, while the FTSE 100 is up 18 points to 9,260.

• The Dow Jones Industrial Average rose 196.64 points, or 0.43%, to 45,711.59
• The Nasdaq Composite gained 80.79 points, or 0.37%, to 21,879.49
• The Russell 2000 Index declined -13.07 points, or 0.55% to 2,381.83

• 8:30 AM ET                  Producer Price Index (PPI) headline M/M for Aug…est. +0.3% (prior +0.9%)
• 8:30 AM ET                  Producer Price Index (PPI) headline Y/Y for Aug…est. +3.3% (prior +3.3%)
• 8:30 AM ET                  Core PPI (ex: food & energy) M/M for Aug…est. +0.3% (prior +0.9%)
• 8:30 AM ET                  Core PPI (ex: food & energy) Y/Y for Aug…est. +3.5% (prior +3.7%)
• 10:00 AM ET                Wholesale Inventory M/M for July…est. +0.2%
• 10:30 AM ET                Weekly DOE Inventory Data
• 1:00 PM ET US Treasury to sell $42B in 10-year notes

• Earnings After the Close: CULP LSAK OXM VNCE

• Barclays 23rd Annual Global Financial Services Conference, 9/8-9/10 in New York
• B Riley 8th Annual Consumer & TMT Conference, 9/10, in New York
• Deutsche Bank Healthcare Summit, 9/10-9/11, in New York
• Goldman Sachs Communacopia + Technology Conference, 9/8-9/11, in San Francisco, CA
• Morgan Stanley Global Healthcare Conference, 9/8-9/10
• Morgan Stanley Latin America Conference, 9/8-9/10
• Morgan Stanley European Utilities and Energy Summit, 9/9-9/11
• Morgan Stanley Laguana Conference, 9/10-9/12
• Piper 4th Annual Growth Frontiers Conference, 9/9-9/11, in Nashville, TN
• Roth Capital 12th Annual Solar & Storage Symposium, 9/8-9/10, in Las Vegas
• Wolfe Research Tech Conference, 9/8-9/11

• A judge temporarily blocked President Donald Trump from removing Federal Reserve Governor Lisa Cook, allowing her to remain on the job as she challenges the president’s efforts to oust her over allegations of mortgage fraud.
• China August Consumer prices (CPI) fall (-0.4%) y/y vs. est. (-0.2%) while China August Producer prices fall (-2.9%) y/y in-line with consensus.

• GameStop (GME) Q2 adj EPS $0.25 vs est. $0.16 on sales $972.2Mm vs est. $823.25Mm; announces dividend of warrants to shareholders.
• Land’s End (LE) Q2 adj EPS ($0.06) vs est. ($0.03) on revs $294.1Mm; sees Q3 revs $320-350Mm and adj EPS $0.10-0.22 vs est. $0.10; sees FY revs $1.33-1.4B vs est. $1.367B and adj EPS $0.62-0.88 vs est. $0.71.
• Limoneira (LMNR) Q3 adj EPS loss (-$0.02) on revs down -25% y/y to $47.47M; Q3 Agribusiness revenues were $45.9M, down from $61.8M y/y; Approximately 5,654,000 pounds of avocados were sold in aggregate during the third quarter of fiscal year 2025 at a $1.50 average price per pound, compared to approximately 8,855,000 pounds sold at a $1.57 y/y.
• NIO Inc. (NIO) proposes to offer about 181.8M Class A ordinary shares.

• A-Mark Precious Metals (AMRK) Q4 EPS $0.41 vs est. $0.44, adj EBITDA $29.2Mm vs est. $24.84Mm on revs $2.51B vs est. $2.908B, gr mgn 3.25%.
• Astronics (ATRO) announces $210M convertible senior notes offering
• Matrix Service (MTRX) Q4 adj EPS loss (-$0.28) on revs rose 14% y/y to $216.38M but below est. $232.25M and guides FY26 revenue $875M-$925M, below consensus $945.47M; reports backlog of $1.4B, with project awards totaling $186.3M.
• Methode Electronics (MEI) Q1 adj EPS ($0.22) vs est. ($0.25) on sales $240.5Mm vs est. $226.03Mm; affirms FY guidance.

• Klarna (KLAR) 34.31M share IPO priced at $40.00, above the $35.00-$37.00 expected target range.

• Dianthus (DNTH) 6.49M share Secondary priced $33.00.
• Greenwich LifeSciences (GLSI) said its breast cancer therapy, GLSI-100, got U.S. FDA’s “fast track” designation. The therapy is being tested in a late-stage trial for patients with HER2-positive breast cancer who have the HLA-A*02 genotype, and who finished standard treatment.
• Henry Schein (HSIC) approves $750M share repurchase program.
• Johnson & Johnson (JNJ) said the FDA approved its drug delivery system for patients with a type of bladder cancer, the drugmaker said on Tuesday, offering a potential alternative to surgically remove the organ.
• Lakeland Industries (LAKE) Q2 EPS $0.08 vs est. $0.08 on sales $52.5Mm vs est. $54.58Mm; sees FY revs $210-220Mm vs est. $218Mm.
• Novo Nordisk (NVO), the maker of blockbuster weight-loss drug Wegovy, said it will cut 11.5% of its workforce in an effort to revive growth and combat competition from U.S. rival Eli Lilly (LLY) and compounded copycat drugs; said the new restructuring plan would save $1.25 billion annually.
• Rapport Therapeutics (RAPP) 9.62M share Secondary priced at $26.00.
• President Trump signed a presidential memorandum that calls on federal health agencies to require pharmaceutical companies to disclose more side effects in their ads and enforce existing rules about misleading ads. The administration is pitching the moves as a way to increase transparency for patients. The US is the only place, besides New Zealand, where pharma companies can directly advertise to consumers.

• ChipMOS Technologies Inc. (IMOS) recorded Aug revenue of NT$2,090.3M or US$68.3M, marking a 6.3% increase from July 2025. However, this figure represents a 1.2% decrease compared to August 2024.
• Elliott Management has built a stake in payments automation company Bill Holdings (BILL) of at least 5%, making it one of Bill Holdings’ five largest investors – Financial Times.
• Rubrik Inc. (RBRK) Q2 adj EPS ($0.03) vs est. ($0.34) on revs $309.9Mm vs est. $282.22Mm; guides FY revs $1.227-1.237B vs est. $1.185B and adj EPS ($0.50)-($0.44) vs est. ($0.97).
• Synopsys (SNPS) shares tumble after Q3 EPS $3.39 vs. est. $3.75; Q3 revs rose 14% y/y to $1.74B vs. est. $1.77B; sees Q4 non-GAAP EPS $2.76-$2.80, and sees Q4 revenue $2.23-$2.26, vs. consensus $2.09B; Expecting full-year 2025 revenue between $7.03 and $7.06 billion dollars as Synopsys transformation continues (shares were double downgraded to Underperform at Bank America citing the persistent uncertainty of foundry potential at top customer INTC, which historically has made up about 12% of sales.

Closing Recap

Tuesday, September 09, 2025

U.S. stocks were choppy on Tuesday before edging higher to close near the best levels of the day after digesting a weaker than expected annual jobs revision, an Apple (AAPL) product announcement, several large M&A deals, while awaiting earnings results from ORCL overnight and PPI inflation data tomorrow morning (and CPI on Thursday). Last Friday’s nonfarm payroll numbers appeared to have sealed the case for a 25bp cut at the September 16-17 FOMC meeting, but data showing the U.S. economy likely created 911,000 fewer jobs in the 12 months through March than previously estimated, suggesting job growth was already stalling before tariffs on imports, and much weaker in the prior administration then had been let on put chances of more aggressive cuts on the table by the Fed in coming months. Energy stocks rise as oil extends gains after the Israeli military said it carried out an attack on Hamas leadership in Qatari capital Doha in an escalation of the conflict in the region. Gold prices hit another all-time high, while crypto was mixed. Apple introduced new AirPods line (first upgrade in 3-years), new Apple watch features/upgrades and new iPhone 17. Industrials and Materials were the biggest drags in the S&P while Utilities, Communications, Financials and Healthcare were the leaders.

The BLS announced benchmark revisions to payroll figures covering the 12-month period ending in March today.

Today’s key event is the BLS preliminary payrolls benchmark revision at 15:00 BST/10:00 ET. It is expected to cut 400k–900k jobs from the year to March 2025. That would slash average monthly gains to 60k–90k from ~150k.

Based on quarterly data from these unemployment-tax records, job growth during the 12 months ended March is estimated to have been overstated by anywhere between 500,000 and 1M. Currently, payroll employment has been measured as +1.758M over this period, or around 146K jobs per month. A downward revision of 500,000 would lower the 12-month payroll gain to 1.258M, or around 105,000 jobs per month for this period. A downward revision of 1M would lower the 12-month payroll gain to 758K, or 63K jobs per month.”

• Oil prices rose after the Israeli military said it carried out an attack on Hamas leadership in Qatari capital Doha in an escalation of the conflict in the region. U.S. WTI crude oil futures settle at $62.63/bbl, up 37 cents, or 0.59% but pulled back off earlier highs while Brent gained $0.37 to settle at $66.39 per barrel. Nymex natural gas settles up 0.9% at $3.117/mmBtu.
• The U.S. dollar index (DXY) hit a seven-week low this morning of 97.25, ahead of the release of preliminary benchmark revisions for jobs data covering the period from April 2024 to March 2025. The dollar then rallied despite the weaker revisions, bouncing all day to finish near best levels at 97.80. The euro slipped to lows 1.1706 after touching its strongest level since July 24 around 1.178.
• The U.S. Treasury sold $58B in 3-year notes at high yield 3.485%, below the 3.492% when issued prior, with bid-to-cover ratio 2.73, as primary dealers take 8.37% of U.S. 3-year notes sale, direct 17.39% and indirect 74.24% (2^nd highest reading on record). After tumbling in recent days, Treasury yields saw a modest bounce today with the 10-yr +3bps to 4.076% and the 2-yr +5bps to 3.54%.

• In Hotels & Lodging: Citigroup upgraded Hyatt (H) to Buy from Neutral and raised its tgt to $167 from $138 saying while continues to anticipate a relatively tepid RevPAR environment, it believes several factors can drive share appreciation from current levels including: 1) outsized net rooms growth and (2) a concentration at the upper end of the market. The firm downgraded PK to Neutral from Buy and lowered tgt to $12 as believes an increasingly tepid RevPAR environment, potential for continued pullback in consumer travel, and challenging transaction environment are likely to weigh on valuation in the near term.
• In Gaming/Casinos: Jefferies said its latest OSB survey, which showed continued growth and strong interest in in-play betting, a tailwind for DKNG and that 44% of respondents noted in-play betting availability was “very important” (up 9pts vs June), and 92% said more in-play betting opportunities would improve their experience.

• In Energy: SOC shares fell after Bloomberg reported that California Governor Newsom is seeking to impose further restrictions on California’s offshore oil industry, a setback to Sable Offshore and its controversial project off the coast of Santa Barbara County. The regulation is seen as a way to alleviate environmental concerns from another proposal that would ease drilling permits in the state’s interior, with both proposals expected to be included in legislative text this week https://tinyurl.com/4p947628; NEXT said COP will purchase 1 million tonnes per annum of LNG from its Rio Grande export facility in Texas for 20 years.
• In Refiners: PSX said it will acquire the remaining 50% stake in WRB Refining from Cenovus Energy CVE.TO for $1.4 billion, giving it full ownership of two major U.S. refineries. WRB includes the Wood River refinery in Illinois and the Borger refinery in Texas, which have a combined crude throughput capacity of 495,000 barrels per day (bpd). Bloomberg reported that California in talks to pay hundreds of millions to VLO to stave off refinery shutdown.

• In Insurance: BHF shares rose after the Financial Times reported that Aquarian Holdings is in late stage talks with two Middle Eastern investors to finance a takeover of the life insurer. https://tinyurl.com/43fduwfp  
• In Brokers & Exchanges: Crypto exchange Gemini has secured NDAQ as a strategic investor, according to Reuters. Nasdaq will buy $50 million worth of Gemini shares in a private placement at the time of its IPO, the outlet reported. https://tinyurl.com/nhhpz54e ; CBOE said it would launch so-called continuous futures for bitcoin and ether starting November 10, as the derivatives exchange looks to expand its crypto offerings.
• In Asset Managers: IVZ preliminary month-end assets under management (AUM) of $2,063.6B, an increase of 1.9% versus previous month-end. The firm delivered net long-term inflows of $11.1B in the month. Non-management fee earning net inflows were $1.9B and money market net outflows were $7.4B.
• In Crypto: shares of IREN, CIFR, WULF, CORZ were among some companies rallying following the announcement of NBIS $17.4B deal with MSFT to provide GPU infrastructure capacity. The deal highlights the surging demand for AI and high-performance computing infrastructure, which positively impacts these related companies.

• IONS said the U.S. FDA has granted breakthrough therapy designation to its experimental drug, ION582, for the treatment of a rare neurological disease called Angelman syndrome.
• NVS said it will acquire TRML in a $1.4B cash deal, with TRML holders to receive $48 per share, representing a premium of 59% to last close of $30.18. The deal expected to close in Q4, TRML will become an indirect, wholly owned subsidiary of Novartis. https://tinyurl.com/58a89s6n

• In Managed Care: UNH shares rise after reaffirms their adjusted earnings per share expectations for 2025, following the acquisition of Amedisys in August. UnitedHealth told investors it expects about 78% of its Medicare Advantage members will be in 4-star or higher plans for 2027, in line with past performance. HUM shares tumbled while CNC advanced as other MA Star plans revealed.
• In Contract Research Organization (CRO): Jefferies with three ratings changes, upgrading CRL to Buy from Hold (tgt to $195 from $142) saying the company’s discovery and safety assessment bookings are improving and it has several ways to create value via a sale of all or part of its manufacturing solutions segment; IQV was upgraded to Buy from Hold (tgt to $225 from $195) saying the company’s "stronger" business-to-business metrics and workforce stability signal that it is holding up better than peers; and downgraded ICLR to Hold from Buy (tgt to $175 from $220) as now sees too many headwinds to continue to recommend.

• In Aerospace & Defense: ASTS was downgraded to Neutral from Buy and lowered tgt to $43 from $62 as believes Starlink’s newly announced acquisition of SAT’s S-Band spectrum for $19B fortifies its position in the space to cellular market and increases risk for ASTS as it drives utilization on its nascent constellation. PL shares declined after the company said it would offer $300 million of Convertible Senior Notes due 2030 (follows a 48% advance on Monday after better earnings/guidance). BA said that it delivered 57 jets in August, up from 48 in July. It was the highest number of deliveries in August since 2018, when the U.S. planemaker handed over 64 airliners. By August 31, the company had delivered 385 jets in 2025, already surpassing its full-year 2024 total of 348 planes.

• In Paper & Packaging: SEE was upgraded to Overweight from Neutra at JP Morgan saying improved volumes and profitability in Protective for 2026 coupled to good free cash generation may jump-start the share price and thinks that Sealed Air trades at a discount to its private market value.
• In Lithium sector: shares of ALB, SQM, SGML all declined on easing supply expectations; Chinese battery giant Contemporary Amperex Technology (CATL) is expected to soon resume production at lithium mine in Yichun in southern China, Securities Times reported.
• In Uranium: UUUU (52-week highs) said that a preliminary batch of rare earths provided to a South Korean manufacturer of drive unit motor cores was converted into permanent magnets. The producer of uranium, rare earth elements and other critical minerals said Tuesday that high-purity neodymium-praseodymium oxide produced at its White Mesa Mill in Utah has been manufactured into commercial scale rare earth permanent magnets by the unidentified company in South Korea.
• In Chemicals: Wells Fargo noted CMA reported North American PE prices settled flat M/M in August after holding steady M/M in July and increasing $0.03/lb M/M in June. As a reminder, producers had sent out letters announcing price increases of $0.03-0.05/lb for the month. August marked the second consecutive month of failed pricing nomination. Following August’s flat PE pricing settlement, lowers ests DOW, LYB.

• In Media: for FOXA, NWS, the Murdoch family reached an agreement to eliminate three children – Prudence, Elisabeth and James – as beneficiaries of the trust. The agreement will solidify Lachlan’s influence over both Fox and News Corp. Citi noted it may cause the spread between the Class B shares and Class A shares to narrow.
• In Data Center/AI news: NBIS shares jumped after saying it will provide MSFT with GPU infrastructure capacity, in a deal worth $17.4 billion, over a five-year term. CRWV announced the launch of CoreWeave Ventures, a new initiative committed to backing founders and companies developing the platforms and technologies shaping the AI ecosystem and the next frontier of computing. SMCI shares rallied after NOK announced an artificial-intelligence partnership with the server maker. OpenAI has projected its 2030 revenue will rise about 15% to roughly $200 billion. The company expects ChatGPT to generate nearly $70 billion in additional revenue over the next six years compared to earlier projections, said The Information.
• In Hardware/PC sector: DELL announced the immediate resignation of CFO, Yvonne McGill (staying at Dell thru Oct 31st to enable orderly transition), to pursue other opportunities after 30+ years at the company. Dell has appointed David Kennedy, SVP, Global Operations & Finance as interim CFO. SONY was upgraded to Buy at Daiwa, anticipating renewed investor interest in the firm’s entertainment-focused strategy following the partial spin-off of the financial services business.
• In Software: TEAM shares rallied after announcing it is ending its data center product over the coming three years and will move customers to its cloud platform. YEXT Q2 adj net income $16.3M vs. est. $15.7M; Q2 $0.13 vs. est. $0.12; Q2 revs rose 16% y/y to $113.1M vs. est. $111.2M; Q2 Direct customers represented 83% of total ARR, totaling $369.5M, an 18% y/y increase on an as-reported basis. IOT shares fell after the International Trade Commission ruled that Motive Technologies didn’t infringe Samsara’s U.S. patents.
• In Semiconductors: ASML said it is investing €1.3 billion ($1.5 billion) in France’s Mistral AI, a move that shores up one of Europe’s most important artificial intelligence (AI) startup. With the investment, ASML becomes the largest shareholder in Mistral with an 11% stake, the companies said.

Mid-Morning Look

Tuesday, September 09, 2025

U.S. stocks little changed to start the day, taking a large downward revision to annual jobs data in stride, as the U.S. Labor dept said preliminary estimate of nonfarm payrolls benchmark revision for year would decrease March 2025 level of employment by 911,000, or 0.6%, and compared to the -598K revisions in 2024 and -187K in 2023, showing the job market is far weaker than appeared. This marks the biggest annual revision on record and exceeded expectations of 700-800K. The 2009 previous record revision was -902,000. The dollar fell initially on the report before rebounding as stocks steadied on rising bets for additional calls for rate cuts in 2025 after the widely expected 25-bps cut in September (with some calls for 50bps). With the revisions behind us, attention turns to the Apple (AAPL) iPhone event this afternoon at 1:00 pm et in Cupertino, then inflation data the next two days (PPI tomorrow and CPI on Thursday 9/11). In stock news, a big deal in the AI/infrastructure space as MSFT signs a $17B deal with NBIS sending shares surging (also lifting shares of CRWV, IREN, others); a biotech deal where NVS buys TRML for a 50% premiums and TECK and NGLOY announced a merger in the metals & mining sector. Earnings tonight for ORCL in software. Energy stocks rise as oil extends gains after the Israeli military said it carried out an attack on Hamas leadership in Qatari capital Doha in an escalation of the conflict in the region.

• In Hardware/PC sector: DELL announced the immediate resignation of CFO, Yvonne McGill (staying at Dell thru Oct 31st to enable orderly transition), to pursue other opportunities after 30+ years at the company. Dell has appointed David Kennedy, SVP, Global Operations & Finance as interim CFO and executing exhaustive internal + external search. SONY was upgraded to Buy at Daiwa, anticipating renewed investor interest in the firm’s entertainment-focused strategy following the partial spin-off of the financial services business.
• In Hotels & Lodging: Citigroup upgraded Hyatt (H) to Buy from Neutral and raised its tgt to $167 from $138 saying while continues to anticipate a relatively tepid RevPAR environment, it believes several factors can drive share appreciation from current levels including: 1) outsized net rooms growth and (2) a concentration at the upper end of the market. The firm downgraded PK to Neutral from Buy and lowered tgt to $12 as believes an increasingly tepid RevPAR environment, potential for continued pullback in consumer travel, and challenging transaction environment are likely to weigh on valuation in the near term.

• NBIS +37%; shares jumped over 50% after saying it will provide MSFT with GPU infrastructure capacity, in a deal worth $17.4 billion, over a five-year term.
• TEAM +4%; after announcing it is ending its data center product over the coming three years and will move customers to its cloud platform
• TECK +12%; as Anglo (NGLOY) and TECK are to merge, the two companies said. Under the proposed deal, which will require regulatory approval, Anglo American shareholders would own 62.4% of the newly combined company, Anglo Teck, while shareholders in Teck will hold 37.6%.
• TRML +58%; as NVS said it will acquire TRML in a $1.4B cash deal, with TRML holders to receive $48 per share, representing a premium of 59% to last close of $30.18. The deal expected to close in Q4, TRML will become an indirect, wholly owned subsidiary of Novartis. https://tinyurl.com/58a89s6n
• UNH +2%; shares rise after reaffirms their adjusted earnings per share expectations for 2025, following the acquisition of Amedisys in August. UnitedHealth told investors it expects about 78% of its Medicare Advantage members will be in 4-star or higher plans for 2027, in line with past performance.

• ASTS -6%; was downgraded to Neutral from Buy and lowered tgt to $43 from $62 as believes Starlink’s newly announced acquisition of SAT’s S-Band spectrum for $19B fortifies its position in the space to cellular market and increases risk for ASTS as it drives utilization on its nascent constellation
• CNM -21%; shares tumbled after reported mixed Q2 results (EPS beat and revs $2.09B missed $2.12B est.) while narrows FY25 revenue view to $7.6B-$7.7B from $7.6B-$7.8B and lowered its FY25 adjusted EBITDA view to $920M-$940M from $950M-$1B.
• NWS -2%; after Rupert Murdoch and his children resolved a messy family feud with a settlement that gives favored son Lachlan Murdoch broad control and ensures Fox News and the rest of the sprawling media empire retains its conservative slant.
• PL -4%; after the company said it would offer $300 million of Convertible Senior Notes due 2030 (follows a 48% advance on Monday after better earnings/guidance).
• SOC -14%; following news that Governor Gavin Newsom seeks to impose further restrictions on California’s offshore oil industry, a setback to Sable and its controversial project off the coast of Santa Barbara County. https://tinyurl.com/4p947628

Early Look

Tuesday, September 9, 2025

U.S. stock futures are higher, building on yesterday’s gains as the Nasdaq Comp looks to make it another record high after stocks climbed Monday as traders bet on almost three Federal Reserve rate cuts starting in September, with Treasury yields sliding and the dollar retreating. On the event calendar today, Apple (AAPL) will host its annual fall event on Sept. 9 at its Cupertino, Calif., headquarters, where the company is expected to debut its latest iPhone and Apple Watch lineups. Apple’s highly anticipated iPhone 17 Air is expected to be revealed at 5.5 millimeters thin; it will be far slimmer than the standard iPhone and iPhone Pro (7.8 and 8.3 millimeters respectively). The other big piece of news expected today is the annual job revisions, as the data is backwards-facing and is expected to show that about 700,000 fewer jobs were created from March 2024 to March 2025 than previously thought. This week’s release comes as extra attention is focused on the job market after new jobs data for the month of August, released last Friday, was much weaker than expected. Overnight there were also three big deals boosting sentiment in metals space (TECK/NGLOY), biotech space (NVS/TRML) and the AI space with (NBIS/MSFT). Treasuries slip, snapping a four-day winning streak as investors braced for inflation readings this week. In Asian markets, The Nikkei Index dropped -184 points to 43,459, the Shanghai Index fell -19 points to 3,807, and the Hang Seng Index jumped 304 points to 25,938. In Europe, the German DAX is down -87 points to 23,719, while the FTSE 100 rises 20 points to 9,240.

• The Dow Jones Industrial Average rose 114.09 points, or 0.25%, to 45,514.95
• The Nasdaq Composite gained 98.31 points, or 0.45%, to 21.798.70
• The Russell 2000 Index advanced 3.85 points, or 0.16% to 2,394.90

• 7:45 AM ET ICSC Weekly Retail Sales
• 8:55 AM ET                  Johnson/Redbook Weekly Sales
• 1:00 PM ET US Treasury to sell$58B in 3-year notes
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: AMRK AVAV CVGW GME INNV LAKE LMNR MEI MIND MTRX ORCL RBRK SKIL SNPS

• Bank America 2025 Global Real Estate Conference, 9/9-9/11
• Barclays 23rd Annual Global Financial Services Conference, 9/8-9/10 in New York
• Deutsche Bank IAA Cars Conference, 9/8-9/9, in Munich, Germany
• Goldman Sachs Communacopia + Technology Conference, 9/8-9/11, in San Francisco, CA
• Morgan Stanley Global Healthcare Conference, 9/8-9/10
• Morgan Stanley Latin America Conference, 9/8-9/10
• Morgan Stanley European Utilities and Energy Summit, 9/9-9/11
• Piper 4th Annual Growth Frontiers Conference, 9/9-9/11, in Nashville, TN
• Roth Capital 12th Annual Solar & Storage Symposium, 9/8-9/10, in Las Vegas
• Wolfe Research Tech Conference, 9/8-9/11

• ChargePoint Holdings Inc. (CHPT) files for mixed shelf of up to $400M – SEC filing
• Ford (F) is recalling about 1.5 million vehicles in the U.S. due to a rear-view camera issue causing inverted, distorted, or blank image, the National Highway Traffic Safety Administration says. The recall affects select vehicles from model years 2015 to 2019 of Lincoln MKC, Lincoln Navigator, Mustang, F-250, F-350, F-450, F-550, Expedition, Edge, Transit, Transit Connect, Econoline and Ranger, the NHTSA says
• Mama’s Creations (MAMA) Q2 EPS $0.03 vs est. $0.02, adj EBITDA $3.3Mm vs est. $2.464Mm on revs $35.2Mm vs est. $33.6Mm.
• Mission Produce (AVO) Q3 adj EPS $0.26 vs est. $0.15, adj EBITDA $32.6Mm vs est. $25Mm on revs $357.7Mm vs est. $320.25Mm; sees Q4 avocado industry volumes approx +15%, sees pricing lower by approx 20-25%, sees meaningful blueberry volume increases offset by lower avg sales prices.
• Toyota (TM) will consolidate its U.S. Lexus plants into one in a supply-chain restructuring that responds to tariffs imposed by the U.S. on Japanese vehicles, Nikkei said in a report. The carmaker will boost U.S. production of hybrids and shift production of some high-end Lexus models to Japan, according to Nikkei.
• Unilever (UL) said it expects the Magnum-led ice cream unit it is spinning off to see average annual organic sales growth of 3-5% in the medium-term from 2026, the company said ahead of a capital markets day on Tuesday.

• Fluor (FLR) has been awarded a spot on the Defense Threat Reduction Agency’s Cooperative Threat Reduction Integrating Contract IV, giving it a chance to compete for task orders under a program worth up to $3.5B over 10 years.
• Planet Labs (PL) announces $300M convertible senior notes offering.

• Crypto exchange Gemini has secured Nasdaq (NDAQ) as a strategic investor, according to Reuters. Nasdaq will buy $50 million worth of Gemini shares in a private placement at the time of its IPO, the outlet reported. https://tinyurl.com/nhhpz54e
• Invesco Ltd. (IVZ) preliminary month-end assets under management (AUM) of $2,063.6B, an increase of 1.9% versus previous month-end. The firm delivered net long-term inflows of $11.1B in the month. Non-management fee earning net inflows were $1.9B and money market net outflows were $7.4B.

• Dianthus (DNTH) announces $150M common stock offering.
• Novartis (NVS) said it will acquire Tourmaline Bio (TRML) in a $1.4B cash deal, with TRML holders to receive $48 per share, representing a premium of 59% to last close of $30.18. The deal expected to close in Q4, TRML will become an indirect, wholly owned subsidiary of Novartis. https://tinyurl.com/58a89s6n
• Rapport Therapeutics (RAPP) announces $250M common stock offering.

• CoreWeave (CRWV) announced the launch of CoreWeave Ventures, a new initiative committed to backing founders and companies developing the platforms and technologies shaping the AI ecosystem and the next frontier of computing.
• Dell Inc. (DELL) CFO Yvonne McGill to resign as of September 9^th while David Kennedy has been appointed interim CFO; reaffirming its guidance for fiscal 2026 Q3 and full year.
• Fox Corp (FOXA) said on Monday that it has reached a mutual resolution on the legal proceedings related to the Murdoch Family Trust, resulting in the termination of all litigation.
• Yext inc. (YEXT) Q2 adj net income $16.3M vs. est. $15.7M; Q2 $0.13 vs. est. $0.12; Q2 revs rose 16% y/y to $113.1M vs. est. $111.2M; Q2 Direct customers represented 83% of total ARR, totaling $369.5M, an 18% y/y increase on an as-reported basis and an 17% increase on a constant currency basis; Third-party Reseller customers, represented 17% of total ARR, totaling $74.8M, a 1% increase

Closing Recap

Monday, September 08, 2025

The Nasdaq climbed to a record high on Monday, lifted by a rally in semiconductors (SOX, AVGO, NVDA) and large cap tech (AMZN, MSFT) while the S&P 500 rose marginally as investors bet the Federal Reserve will soon lower borrowing costs to shore up economic growth. Traders have fully priced in at least a 25-basis points interest rate cut when the Fed wraps up its two-day policy meeting on September 17, with interest rate futures reflecting a 10% chance of a 50-basis point cut, according to CME Group’s FedWatch tool. Overall, Monday was another day of “waiting” day for potential market moving catalysts in coming days, with Apple’s (AAPL) highly anticipated iPhone event tomorrow afternoon and Oracle (ORCL) earnings tomorrow evening (9/9) along with key inflation data mid-week with PPI on 9.10 and CPI on Thursday 9/11. The European Central Bank (ECB) policy meeting 9/11, but no changes expected while the Fed is in their “blackout period” ahead of their policy meeting next week where a 25-bps cut is widely anticipated. There are also a ton of Wall Street conferences taking place across healthcare, financial, solar, Consumer and Technology sectors. The market continues to be led by technology stocks, specifically semis and Mag 7 Mega caps as the ongoing massive investment in AI has stoked buying optimism and market euphoria since the April lows, but Goldman Sachs did warn in a report Friday that major slowdown in AI investment by Big Tech could cut the S&P 500’s valuation multiple by up to 20%. Goldman did add the current risk is below the level of previous bubbles. The fallout depends on hyperscaler capital expenditure trends. Analysts expect a deceleration in late 2025 or 2026, though guidance keeps rising.

In Data: NY Fed said 1y consumer inflation expectations 3.2% in Aug. vs 3.1%; 3-yr consumer inflation expectations unchanged at 3% and 5-yr consumer inflation expectations unchanged at 2.9%. US consumers downgraded their views of labor market in August. In macro, France’s parliament voted on Monday to bring down the government over its plans to tame the ballooning national debt, deepening a political crisis and handing President Emmanuel Macron the task of finding a fifth prime minister in less than two years. Also, the Japanese yen remained under pressure after Prime Minister Shigeru Ishiba confirmed his resignation over the weekend.

• December gold rose $24.10 or 0.66% to settle at $3,677.40 an ounce, another all-time high adding to last week’s strength (traded in positive territory for 8 of the last 9 trading days). The dollar index (DXY) slid -0.35% at 97.43, extending declines last week as a weaker jobs report led to rising expectations of interest rate easing by the Fed.
• U.S. WTI crude oil futures settle at $62.26/bbl, up 39 cents, or 0.63% while Brent crude gained $0.52 or 0.79% to settle at $66.02 per barrel, recovering some of last week’s losses, after producer group OPEC+ opted for a modest output hike and investors priced in the possibility of more sanctions on Russian crude. Front-month gas futures for October delivery on the NYMEX rose 4.2 cents, or 1.4%, to settle at $3.09 per million British thermal units, their highest close since July 31.

• In Footwear: NKE shares outperformed in weaker sports apparel/footwear segment as Jefferies adds Nike to the ‘Franchise Picks Lists’ and maintains Buy & $115 tgt saying thinks the street is underappreciating Nike’s recovery and stated that Nike is the clear category leader and positives include holiday order books higher y/y.
• In Specialty Retail: CHWY was upgraded to Outperform and raise tgt to $50 at Mizuho following a pullback off recent highs, as now sees the risk / reward for shares tilted heavily upwards. CHWY will be reporting Q2 results on Wednesday morning and updating FY25E guidance in the process.
• In Consumer Products: in tobacco, BTI was upgraded to Buy from Hold at Argus with a $62 price target saying the company’s plan to pivot towards the growing smokeless tobacco market is working, particularly in the large U.S. market and globally with its Velo product, and the outlook looks promising.

• In Cruise sector: NCLH announces registered direct offering of shares to certain holders of its 2027 exchangeable notes, and private offering of $1.2 bln exchangeable notes due 2030 and said intends to use net proceeds to repurchase a portion of its 1.125% exchangeable notes due 2027 and 2.5% exchangeable notes due 2027.
• In Leisure Products: BC was upgraded from Hold to Buy at Texas Capital and raising its tgt from $55 to $80 saying as the “arms dealer” to the recreational marine industry, the firm has been confident in the company’s position to benefit from a recovery in consumer demand, and restart in OEM boat production, but cautious until there were more concrete signs of a recovery and/ or more attractive entry point for the shares.

• In Metals: TECK was upgraded from Hold to Buy at Deutsche Bank noting the shares have been a major laggard this year due to ongoing ramp-up issues at QB. From a relatively high level of optimism mid last year, as TECK transformed into a copper pure play, investor sentiment now seems rock-bottom.
• In Chemicals: NTR said it will sell its 50% stake in Argentina-based nitrogen producer Profertil for $600M, as the potash producer shifts focus away from South America. The stake will be acquired jointly by agribusiness companies AGRO and Asociacion de Cooperativas Argentinas (ACA) through an 80%-20% partnership.
• In Packaging: GEF, PKG, SW, IP shares weak initially as OCC prices were down -3% M/M as West Coast sees incremental weakness from export pricing. Wells Fargo noted for the 11th time since June 2024 and 5th time in 2025, OCC prices declined m/m in September. The blended price across the US regions was $57/ton in Sept., down 3% ($2) from August (which had been flat w/ July).

• In Crypto: BLSH was initiated coverage on Wall Street today following its recent IPO. Bernstein expects BLSH to be the 2nd largest institutional exchange after Coinbase. This would require BLSH to successfully launch its U.S business in 2026E. Initiated with Buy/Overweight ratings at Citi ($66 tgt), Rosenblatt ($60 tgt), Cantor ($56 tgt), Canaccord ($68 tgt), and Hold/Neutral at Jefferies ($49 tgt), JP Morgan ($50 tgt), Bernstein ($60 tgt).

• DNTH shares fell after announcing data for antibody claseprubart from a Phase 2 trial in generalized myasthenia gravis; said experimental drug claseprubart improved symptoms in adults with generalized myasthenia gravis in a mid-stage trial. The 13-week trial enrolled 65 patients, and patients received shots under the skin every two weeks at either 300 mg, 600 mg, or a placebo.
• IDYA said early Phase 1 data for its small-cell lung cancer therapy IDE849 (SHR-4849), developed with Hengrui Pharma, showed strong results. The drug achieved an 80% overall response rate (ORR) and 70% confirmed ORR in second-line patients, with a 73.7% ORR across all settings and median progression-free survival of 6.7 months.
• LLY said its blood cancer treatment Jaypirca met the main goal in a late-stage study in patients who have not received prior treatment.
• OCUL to highlight ongoing AXPAXLI wet AMD registrational program, strategy and next steps in NPDR and DME, and global commercial opportunity for AXPAXLI. Event to feature global retinal disease experts in a live event that will take place in New York City on September 30, 2025, at 2:00 PM ET.
• PFE and BNTX announced topline results from an ongoing phase 3 trial cohort evaluating 30-µg Dose Of LP.8.1-adapted monovalent Comirnaty 2025-2026 formula, demonstrating robust immune response in older patients.
• RAPP shares soared after announcing positive topline results from Phase 2a clinical trial of RAP-219 in patients with focal onset seizures. Patients achieved 77.8% reduction in clinical seizures (p=0.01), with 24% achieving seizure freedom for the 8-week treatment period (p<0.0001). Trial met primary long episode endpoints with high statistical significance, and RAP-219 was generally well tolerated.
• REGN advances allergy pipeline with two positive phase 3 trials evaluating first-in-class antibody-blockers of cat and birch allergies; both trials met primary and secondary endpoints; combination therapy well-tolerated with no serious adverse events.
• SMMT shares fell on mixed lung cancer data; presented data from its Phase 3 HARMONi trial of ivonescimab vs. placebo plus chemo, in patient with EGFR+ NSCLC progressed with 3rd gen EGFR-TKI treatment. The study results, reported on Sunday, showed that the drug, ivonescimab, had stronger benefit in patients with non-small cell lung cancer (NSCLC) in China, compared with patients in the other two regions.
• In Healthcare Services: FORD shares surged after the design company said it received $1.65 billion in cash and stablecoin commitments for a private investment in public equity offering to fund a Solana-focused digital asset treasury strategy.

• PL shares jumped on earnings results as Q2 revs rose 20% y/y to $73.38M, topping the $65.7M estimate and said it launched 2 high-resolution Pelican satellites, enhancing data capabilities; guided Q3 revs $71M-$74M vs. est. $68.8M and guided FY revs above consensus views as well.
• SAIC was downgraded to Neutral from Overweight at JP Morgan saying SAIC’s revenue outlook has weakened in recent months and while there should be less risk to the current forecast, the company’s strategic pivot is proving more challenging than expected following the change of administration.
• TDG was downgraded to Sector Perform from Outperform at RBC Capital and cut tgt to $1,385 from $1,550 saying they see a continued period of uncertainty for the stock

• Tower stocks AMT, CCI, SBAC shares fell after SATSspectrum sale to SpaceX – recall few weeks back the group was hit after the $23B deal with SATS was seen as a significant investment for AT which may lead to a temporary reduction in its CAPEX-spending on other areas, such as leasing additional tower space or deploying new infrastructure. Also, the spectrum new reflects market optimism about satellite-based communication solutions and signal that satellite technologies are gaining traction (maybe at their expense).
• In Media: ROKU price tgt was raised to $145 from $110 at Citizens after analyzing Roku’s long-term opportunity and estimate it could generate $1.6B in free cash flow by 2030. Says Roku remains the leading U.S. TV OS, reaching 50% of broadband households and capturing 21.4% of total U.S. TV viewing time in July 2025, equivalent to a 45% CTV share; believes Roku could generate $5.7B in U.S. advertising revenue by 2030. StubHub (STUB) aims to raise up to $9.2B in IPO, pricing at $22 to $25 per share. StubHub said it plans to raise as much as $851M in its upcoming initial public offering, giving it a valuation of up to $9.2B
• In Internet: WIX shares fell after announcing a private offering of $750 mln 0% 5-yr convertible bonds and said it intends to use proceeds for general purposes, including fund share repurchases under its existing buyback program and to acquire complementary businesses, products, services or technologies. PUBM filed a lawsuit against GOOGL in the U.S. District Court for the Eastern District of Virginia. The lawsuit seeks financial damages and aims to restore fair competition in the digital advertising space, following a ruling in April 2025 that found Google engaged in anticompetitive behavior to maintain monopoly power in certain markets.

• Security Software: Netskope (NTSK) is seeking a valuation of up to $6.5 billion in its initial public offering in the United States, the cloud-based cybersecurity firm said on Monday. Netskope said it would sell 47.8 million shares, priced between $15 and $17 apiece, to raise as much as $813 million. Netskope, founded in 2012, develops cloud security software that helps businesses safeguard apps, websites and data from cyber threats.
• In Hardware/Quantum: IBM shares rallied after comments at Goldman Sachs conference saying they are exiting first half with over $7.5B dollar book of business, about 80% of that is consulting; said have today over 75 quantum computers in production scaling; says by 2028, are going to demonstrate the first error corrected IBM quantum computer

• AVGO shares advanced after jumping last Friday on a $10B AI Chip order (still didn’t’ take out Friday intraday high though of $356.34).
• LRCX initiated with an opening upside 30-day catalyst watch at Citigroup saying they expect the SEMICON WEST equipment show in Phoenix Oct 6-8 to be a positive catalyst for the group and expect equipment makers to raise current flat to +5% 2026 WFE indications higher (Citi +10% Y/Y).
• SMTC announced two new FiberEdge(R) transimpedance amplifiers (TIAs) designed to address power efficiency challenges in AI infrastructure scaling. The new TIAs expand Semtech’s industry-leading signal integrity portfolio and further enhance power efficiency for continued 800G deployment optimization.

Mid-Morning Look

Monday, September 08, 2025

New day, and more record highs for the Nasdaq Composite as technology strength continues to lead this broad market-based rally. The market is now pricing in a 100% probability of a Fed rate cut on September 17^th following last week’s weaker monthly jobs report. Still, later this week, PPI and CPI inflation readings will be key indicators about the potential of greater/more aggressive rate cuts after the September meeting. Equity futures edged higher overnight with two key developments overseas: Japan’s PM Shigeru Ishiba said he’ll step down and the French government faces a confidence vote. Treasury yields continue falling amid high expectations that the Fed will resume interest rate cutting next week and keep easing afterward as the 10-yr dips -3.7bps to 4.049%, the 30-yr -6bps to 4.712% and the 2-yr yield -2.1bps to 3.486%. Gold miners rally as gold prices extends record run above $3,600 an ounce. The yen weakens against the dollar while Japan’s yield curve steepens following Prime Minister Ishiba’s departure plan. Argentina main stock index down more than 13% at open, after Buenos Aires election. Another day of waiting for CPI, PPI data, ORCL earnings, Apple (AAPL) iPhone event tomorrow and the ECB rate meeting this Thursday (no change expected) ahead of the FOMC next week.

• In Autos/Ride Hailing/Food Delivery: UBER will replace CHTR in the S&P 100; CVNA, KMX shares active as used car prices flat m/m and non-adjusted price in August increased by 1.0% compared to July as per Manheim data; QS shares rose after Volkswagen for the first time unveiled an electric vehicle powered by a solid-state battery; the all-electric test motorbike relies on technology provided by U.S.-based QuantumScape.
• In Packaging: GEF, PKG, SW, IP shares weak initially as OCC prices were down -3% M/M as West Coast sees incremental weakness from export pricing. Wells Fargo noted for the 11th time since June 2024 and 5th time in 2025, OCC prices declined m/m in September. The blended price across the US regions was $57/ton in Sept., down 3% ($2) from August (which had been flat w/ July).
• In Telecom/Cable/Satellite: SATS shares soared after the company agreed to sell spectrum licenses to SpaceX for $17B; agreed to sell the company’s AWS-4 and H-block spectrum licenses. The deal consists of up to $8.5 billion in cash and up to $8.5 billion in SpaceX stock valued as of the entry into the definitive agreement. Under the agreement, SpaceX will cover about $2 billion in EchoStar’s cash interest payments through November 2027. Shares of VZ, ATand TMUS all declined following the spectrum sale to SpaceX.

• AVGO +4%; after jumping last Friday on $10B AI Chip order (still didn’t’ take out Friday intraday high though of $356.34).
• BIDU +6%; strength in US listed China stocks early with BABA, NTES, XPEV rising as well.
• HOOD +13%; after being added to the S&P 500 index late Friday
• GOOS +5%; was upgraded to Buy at TDCowen and raised tgt to $18 saying they like the modernization of the product, marketing, and service, inclusive of a new and more culturally relevant creative vision and sees next two quarters to benefit from increased marketing efforts and new product launches.
• PL +32%; shares jumped on earnings results as Q2 revs rose 20% y/y to $73.38M, topping the $65.7M estimate and said it launched 2 high-resolution Pelican satellites, enhancing data capabilities; guided Q3 revs $71M-$74M vs. est. $68.8M and guided FY revs above consensus views as well.
• QS +24%; shares rose after Volkswagen for the first time unveiled an electric vehicle powered by a solid-state battery the all-electric test motorbike relies on technology provided by U.S.-based QuantumScape.
• RAPP +164%; after announcing positive topline results from Phase 2a clinical trial of RAP-219 in patients with focal onset seizures. Patients achieved 77.8% reduction in clinical seizures (p=0.01), with 24% achieving seizure freedom for the 8-week treatment period (p<0.0001). Trial met primary long episode endpoints with high statistical significance, and RAP-219 was generally well tolerated.
• SATS +16%; shares soared after the company agreed to sell spectrum licenses to SpaceX for $17B; agreed to sell the company’s AWS-4 and H-block spectrum licenses. The deal consists of up to $8.5 billion in cash and up to $8.5 billion in SpaceX stock valued as of the entry into the definitive agreement

• KGS -3%; said 10M share offering by Frontier TopCo Partnership, L.P. (the “Selling Stockholder”), an affiliate of the funds known as EQT Infrastructure III and EQT Infrastructure IV, at a price to the public of $34.40 per share.
• SBAC -4%; along with weakness in other towers AMT, CCI on the spectrum news with SATS/SpaceX.
• SMMT -19%; shares fell on mixed lung cancer data; presented data from its Phase 3 HARMONi trial of ivonescimab vs. placebo plus chemo, in patient with EGFR+ NSCLC progressed with 3rd gen EGFR-TKI treatment. The study results showed that the drug, ivonescimab, had stronger benefit in patients with non-small cell lung cancer in China, compared with patients in the other two regions.
• VZ -4%; along with weakness in other Telco’s TMUS and AT following the $17B spectrum sale from SATS to SpaceX; shares of ASTS in satellite/broadband also declined in reaction; towers CCI, SBAC, AMT again falling on the spectrum headlines (group was hit after AT&T/SATS spectrum deal 2-weeks ago).
• WIX -2%; shares fell after announcing a private offering of $750 mln 0% 5-yr convertible bonds and said it intends to use proceeds for general purposes, including fund share repurchases under its existing buyback program and to acquire complementary businesses, products, services or technologies.

Early Look

Monday, September 8, 2025

U.S. futures are pointing higher, looking to build on last week gains where the S&P 500 gained 0.33%, and the Nasdaq climbed 1.14% behind strength in mega cap tech and semiconductors (AVGO), though the Dow fell 0.32%. Crude climbs after OPEC+ agrees to ease supply curbs more gradually from October. There are several key catalysts to watch this week ahead of the FOMC policy next week including August consumer prices (CPI), producer prices (PPI) and Oracle (ORCL) earnings results. The Fed is now in the blackout period before its upcoming meeting with data releases including the US PPI, CPI and benchmark revisions by the BLS to the payrolls series likely to set the tone for trade ahead of the rate decision. Expectations for a September interest rate cut appear now well cemented following last week’s softer jobs data and yields having declined all along the curve, but the question may be how much further room there is to run on the downside? We also get the European central Bank (ECB) policy meeting on Thursday 9/11, where no changes to rates are expected. In stock news, Apple (AAPL) will host its annual fall event on Sept. 9th, where the company is expected to debut its latest iPhone and Apple Watch lineups including its highly anticipated iPhone 17 Air. In Asian markets, The Nikkei Index jumped 625 points to 43,643, the Shanghai Index gained 14 points to 3,826, and the Hang Seng Index advanced 215 points to 25,633. In Europe, the German DAX is up 165 points to 23,763, while the FTSE 100 rises 13 points to 9,221.

• The Dow Jones Industrial Average fell -220.43 points, or 0.48%, to 45,400.86
• The Nasdaq Composite slipped -7.31 points, or 0.03%, to 21,700.39
• The Russell 2000 Index advanced 11.43 points, or 1.48% to 2,391.05

• 3:00 PM ET                   Consumer Credit for July

• Earnings After the Close: ABVX AVO CASY MAMA

• Deutsche Bank IAA Cars Conference, 9/8-9/9, in Munich, Germany
• Goldman Sachs Communacopia + Technology Conference, 9/8-9/11, in San Francisco, CA
• Morgan Stanley Global Healthcare Conference, 9/8-9/10
• Morgan Stanley Latin America Conference, 9/8-9/10
• Roth Capital 12th Annual Solar & Storage Symposium, 9/8-9/10, in Las Vegas
• Wolfe Research Tech Conference, 9/8-9/11

• China exports growth in August hits a 6-month low, missing expectations – Exports climbed 4.4% in August in U.S. dollar terms from a year earlier, marking the lowest level since February. Imports rose 1.3% last month from a year ago, missing Reuters’ estimates for a 3% growth.
• Japan’s economy expanded an annualized 2.2% in the April-June period from the previous quarter, much faster than the preliminary reading. The revised gross domestic product (GDP) reading released by the Cabinet Office compared with economists’ median forecast and the initial reading of 1.0% growth.
• The Japanese yen fell broadly following news that Japanese Prime Minister Shigeru Ishiba had resigned, while the dollar was nursing losses after tumbling on a weak U.S. jobs report. The yen slumped in response in early Asia trade on Monday, falling 0.3% against the dollar to 148.83.

• Charter Communications will remain in the S&P 500. AppLovin Corp. (APP), Robinhood Markets (HOOD) and S&P MidCap 400 constituent Emcor Group (EME) will replace MarketAxess Holdings (MKTX), Caesars Entertainment (CZR), and Enphase Energy (ENPH) in the S&P 500, respectively.
• S&P SmallCap 600 constituents MP Materials (MP) and Kratos Defense & Security Solutions (KTOS) will replace Emcor Group and The Wendy’s Company (WEN) in the S&P MidCap 400, respectively.
• MarketAxess Holdings, Caesars Entertainment, Enphase Energy and The Wendy’s Company will replace ProPetro Holdings (PUMP), Xerox Holdings (XRX), MP Materials Corp, and Kratos Defense & Security Solutions in the S&P SmallCap 600, respectively.
• Nutanix (NTNX) and TransUnion (TRU) will replace Acadia Healthcare Company (ACHC) and Manpower Group (MAN) in the S&P MidCap 400, respectively.
• Acadia Healthcare and Manpower Group will replace TechTarget (TTGT) and Mesa Laboratories (MLAB) in the S&P SmallCap 600, respectively.
• Noble Corporation (NE), Q2 Holdings (QTWO), Waystar Holding Corp (WAY) and Hecla Mining Co. (HL) will replace Owens & Minor (OMI), B&G Food (BGS), Jack in the Box (JACK) and Simulations Plus Inc. (SLP) in the S&P SmallCap 600, respectively.

• VinFast (VFS) officially launched its electric SUVs in India: the VF 6 and VF 7.

• TransDigm (TDG) downgraded to Sector Perform from Outperform at RBC Capital and cut tgt to $1,385 from $1,550 saying they see a continued period of uncertainty for the stock.

• Iren (IREN) said Anthony Lewis, who joined the Australia-based company in July as chief capital officer, has succeeded Belinda Nucifora as chief financial officer. IREN also announced in August that AI Cloud expanding to 10.9k NVIDIA GPUs (>80% Blackwells), supported by non-dilutive GPU financing. Expansion opportunity of >60k GPUs9 across British Columbia campuses, anchored by >20k at Prince George10

• Rapport Therapeutics (RAPP) announced that the Phase 2a clinical trial of RAP-219 in patients with drug-resistant focal onset seizures met its primary endpoint, demonstrating a statistically significant reduction in long episodes – an objective electrographic biomarker for clinical seizure reduction – compared with baseline over the 8-week treatment period.
• Regeneron (REGN) advances allergy pipeline with two positive phase 3 trials evaluating first-in-class antibody-blockers of cat and birch allergies; both trials met primary and secondary endpoints; combination therapy well-tolerated with no serious adverse events.
• Summit Therapeutics (SMMT) may have a geography problem with its lung cancer drug ivonescimab. In a study update reported Sunday, patients from North America and Europe treated with the drug saw their lung cancer return and progress faster than patients from China — a discordant result that could complicate Summit’s plans to secure approval of ivonescimab in the U.S. and Europe

• EchoStar (SATS) shares soar as has entered into a definitive agreement with SpaceX’s Starlink to sell the company’s AWS-4 and H-block spectrum licenses for approximately $17B, consisting of up to $8.5B in cash and up to $8.5B in SpaceX stock valued as of the entry into the definitive agreement.
• Clear Channel Outdoor Holdings Inc. (CCO) entered into a definitive agreement to sell its Spanish business to Atresmedia Corporación de Medios de Comunicación S.A. for EUR 115M, approximately USD 135M.

Closing Recap

Friday, September 05, 2025

U.S. stocks reversed course this morning, pulling back after hitting another fresh intraday all-time high as investors took in a softer-than-expected jobs report, with imminent interest-rate cuts seen as certain after this week’s run of weak labor data. The US economy added just 22,000 jobs in August, well short of expectations for 75,000 and adds more evidence to the narrative of a dramatically slowing US labor market. The unemployment rate rose to 4.3%, compared with 4.2% the previous month. The revisions also showed a negative print in June, the first labor market shrinkage since 2020. Traders are now pricing in a 100% chance of a reduction, and bets are rising on a larger 50-basis-point cut. The dollar sunk along with Treasury yields following the data, while gold hit a record high.

In stock news there were 4 big stories: 1) AVGO was the top story overnight after earnings beat and guidance was solid but it was news of a new $10B AI customer (speculated as OpenAI) that sent shares surging and pushed rival AI chip makers NVDA, AMD lower; 2) LULU shares cratered in retail, extending its year-to-date losses after a weak quarterly results and slashed its outlook; 3) interest rate sensitive stocks/sectors shined following the pullback in Treasury yields/mortgage rates after weaker August jobs data, lifting Smallcaps, Housing, Biotech (XHB, XBI both 2025 highs today) and others; 4) KVUE shares tumbled later day following a WSJ report that HHS Secretary Kennedy Jr. plans to link pregnant women’s use of the pain killer Tylenol to autism. There were also several stocks up on earnings, but those headlines dominated market action most of the day.

Macro Calendar next week: there are a few key events next week before the FOMC policy meeting headlines the week of 9/15: Last major inflation data next week before the Fed meeting with Aug PPI on Wednesday 9/10 and Aug CPI on Thursday 9/11. Apple (AAPL) is holding its product event on Tuesday 9/9. The European Central Bank (ECB) Announcement in next Thursday (9/11). European CPI readings on Friday 9/12. Also, the Wall Street conference calendar remains heavy with GSCO Tech Conference, HC Wainwright Global investment, Piper Growth Frontiers Conference, Barclay’s Financial Conference, Roth Solar & Storage Symposium among them.

• August average hourly earnings all private workers +0.3% from prior month (cons +0.3%) while August average hourly earnings +3.7% from year earlier (consensus +3.7%)
• U.S. August labor force participation rate 62.3%; U-6 underemployment rate just ticked up to 8.1% in August, matching the highest level since Oct 2021; U.S. August unemployment rate 4.3% (in-line with consensus 4.3%). The unemployment rate for 16–24-year-olds is now at 10.5%
• Zerohedge tweets: "It gets worse: all jobs’ gains were part time: Full-time jobs: -357K; Part-time jobs: +597K"

• Oil prices declined as a weak jobs report dimmed the outlook for energy demand in the U.S., while swelling supplies may grow further after OPEC and allied producers meet over the weekend. WTI crude fell -$1.61 or 2.54% to settle at $61.87 per barrel while Brent fell -$1.49 to $65.50. On Wednesday, Reuters reported that the eight members of OPEC will consider raising production further at a meeting on Sunday. U.S. crude inventories rose 2.4 million barrels last week, rather than falling as analysts expected. U.S. natural gas futures slipped, ending a seven-session string of small gains that recovered the key $3 level.
• The U.S. dollar fell back to its lowest levels since July, while the euro edged back above 1.175 before paring gains late day. At the same time Treasury yields tumbled, with the 10-yr hitting its lowest levels since April, falling -9-bps today to 4.08%, the 2-yr falls -8.5bps to 3.50% and the 30-yr falls about -10bps to 4.77% (off highs above 5% earlier this week). The weaker jobs data has raised expectations of rate cuts beyond the widely expected September meeting adjustment.

• In Broadlines: COST reported an August US comp increase of 6.7% (ex. gas). US comp trends remained essentially stable on a six-year stacked basis and accelerated 60 bps on a two-year stacked basis. The company continues to see broad-based momentum across all key categories.
• In Autos: TSLA’s board has proposed a new compensation plan for CEO Elon Musk, valued at about $1 trillion upon achieving certain lofty targets. The plan is expected to be tied to ambitious performance milestones, including growth in AI-driven products and autonomous systems.

• In Building Products/Construction Supplies: NX shares declined after mixed Q3 results (EPS missed/revs beat) while lowers FY25 revenue view to $1.82B from $1.84B-$1.86B (vs. est. $1.85B) and lowers FY25 adjusted EBITDA view to $235M from $270M-$280M.

• In Package Delivery: JP Morgan said they are taking a negative view on FDX into the earnings release on September 18 as it sees downside risk to FQ126 results from stagnant B2B demand, worsening B2C trends and mounting tariff pressures which should create a lower base to start the year and set negative sell-side earnings revisions in motion.
• In Paper & Packaging: CCK was upgraded to Buy from Hold at Truist and maintain its $118 PT given the stock’s attractive entry point due to recent notable weakness and North America volume growth prospects in 2026. Trust noted since August 28, Crown Holdings shares have declined ~7.8% and as a result of the sell-off, the stock is now trading at ~8.1x 2026 EBITDA vs an average 9.5x over the last five years.
• In Solar: Shares of solar stocks DQ, CSIQ, JKS, SEDG, among others higher as China’s efforts to combat deflation showed signs of success, leading to a gradual price recovery in the solar sector. Solar wafer prices continued to extend their gains, providing a positive backdrop for companies across the solar supply chain.
• In Industrials: FAST reported its August sales results today, September 5, 2025. Fastenal’s August net sales were $696.71M, up 6.7% from the previous year, with daily sales increasing by 11.8% to $33.18M. ABM shares fell after Q3 adj EPS $0.82 missed the $0.95 consensus and said expects to be toward the lower end of its FY adj EPS range of $3.65-$3.80 and adjusted EBITDA margin range of 6.3%-6.5%, principally reflecting higher than anticipated interest expense and the previously mentioned margin dynamics.
• In Energy: Energy prices and stocks were lower most of the day and wee, tracking a decline in crude prices which posted a weekly loss for the first time in three weeks, as expectations grow of higher supply at OPEC+ meeting this weekend and a surprise increase in U.S. crude inventories added to demand concerns. HAL has been cutting staff in recent weeks, Reuters reported, marking the latest workforce reduction in the U.S. oil industry as it faces rising costs and a period of lower prices and volatility.
• In Defense: President Trump is preparing to reinterpret a decades-old arms control treaty to allow wider international sales of advanced U.S. military drones, Reuters’ reported. The change could approve Saudi Arabia’s request for over 100 MQ-9 "Reaper" drones, part of a larger $142B arms deal, while also opening sales to allies in Europe and the Pacific

• In Brokers & Exchanges: notable weakness in banks (JPM, C, WFC, BAC), as well as SCHW, IBKRNo specific headlines or news to account for the weakness in financials, especially given the view that a lower interest rate environment is generally seen as positive for banks/lenders (though the weak jobs data is overall not a positive for the economy, so could have impacted the space).
• In Asset Managers: BEN releases monthly AUM data overnight reported preliminary month-end assets under management (AUM) of $1.64 trillion at August 31, 2025, compared to $1.62 trillion at July 31, 2025. This month’s AUM reflected the positive impact of markets partially offset by preliminary long-term net outflows of $3B, including the funding of a $6B fixed income mandate. Preliminary long-term net outflows also include $7B of long-term net outflows at Western Asset Management.

• In Healthcare Technology: PHR shares fell after Q2 revenue and adjusted EBITDA both came in higher than consensus, however, management reiterated its FY26 revenue guide and only raised the adjusted EBITDA target by the ~$2M beat vs consensus this quarter; also announced it had entered into an agreement to acquire AccessOne

• DOCU reported better-than-expected FQ226 results, with non-GAAP EPS of $0.92 (consensus 0.84) on revenue of $801M (consensus $780M), up 9% y/y, up from 8% growth last quarter; billings of $818M (consensus $764M), up 13% y/y, bouncing back nicely from 4% last quarter and above the consensus of 5%.
• GWRE reported a strong Q4 with broad-based beats and continued cloud execution, closing FY25 with ARR surpassing $1B (+19% YoY cc), subscription revenue up 33% YoY, and subscription GM reaching 70%; FY26E ARR guidance was above consensus (16-17% y/y ex-FX vs Street: ~15%) and investor expectations (~16%).
• IOT posted Q2 results and guidance that topped expectations; for the period ending Aug. 2, Samsara said it earned an adjusted $0.12 per share as revenue surged 30.4% Y/Y.
• PATH reported good F2Q results, posting modest ARR beat and raising its FY26 ARR guide by more than its F2Q outperformance to ~10.2% y/y growth. Notably, the Company saw stabilization within U.S. PubSec, good traction among its AI and Agentic products, and FX tailwinds.
• TTAN reported very strong F2Q results, beating by 5.5% on the top line, driven by better new customer growth and greater GTV. The full-year guide was raised by more than the quarterly outperformance, which now implies 21.5% growth, and has improved by 490 bps since FY26 guidance was initially set.

• ASML was upgraded to Buy from Neutral at UBS and raised tgt to €750 from €660 saying following a year of underperformance with the stock down c20%, UBS sees the declining lithography intensity thesis and overhang from the Chinese market as well understood by the market.
• Alphabet’s GOOGL Google was hit with a 2.95-billion-euro ($3.45 billion) EU antitrust fine on Friday for anti-competitive practices in its lucrative AdTech business, marking its fourth penalty in its decade long fight with EU competition regulators

Mid-Morning Look

Friday, September 05, 2025

Wall Street is back to “bad is good”, at least in regard to this morning’s August payroll data which showed a significant drop in monthly payroll adds (22K vs. 75K est. and 77K July), while the June level was revised to its lowest levels since December 2021, down -13K. While it’s not a positive view in any way for the overall US economic outlook with the jobs market cooling further, investors used it as a green light to buy U.S. stocks as it now likely seals the deal for Fed rate cuts. Traders now see a 100% chance the Fed cuts rate this month, with a 12% chance of a larger 50 bp cut. Before the weak payrolls report, markets expected a cut but not of that size. Stocks opened strong, but have since pared gains, with much of today’s move baked into expectations. Still one more test for markets ahead the mid-September FOMC meeting, with CPI inflation data next week.

The U.S. dollar is down on the report, Treasury yields dropping across the curve, and interest rate sensitive sectors (Smallcaps, housing, solar, etc.) are thriving in early trading. The market is pricing in multiple rate cuts…all as global stock markets are at or near record highs. At what point is all the good news baked in? or is it just the start of another move? Gold prices hit a new record, extending a rally that has boosted them more than 90% since late 2022 as demand is expected to remain robust for some time due to a mix of factors. In tech, the big news was AVGO as shares jumped after earnings and guidance and after the company unveiled a blockbuster $10 billion AI chip order from a new customer, fueling optimism around its ability to benefit from the generative AI race (which sunk shares of NVDA, AMD). TSLA spikes as the company board has proposed a new compensation plan for CEO Elon Musk, valued at about $1 trillion upon achieving certain lofty targets. On a down note, in retail, LULU shares fell as much as 20% before paring losses in a quarterly miss and large cut in annual guidance.

• August average hourly earnings all private workers +0.3% from prior month (cons +0.3%) while August average hourly earnings +3.7% from year earlier (cons +3.7%)
• U.S. August labor force participation rate 62.3%; U-6 underemployment rate just ticked up to 8.1% in August, matching the highest level since Oct 2021; U.S. August unemployment rate 4.3% (in-line with consensus 4.3%). The unemployment rate for 16–24-year-olds is now at 10.5%
• Zerohedge tweets: “It gets worse: all jobs gains were part time: Full-time jobs: -357K; Part-time jobs: +597K”

• In Transports/Trucking: UBS downgraded KNX, SNDR, and JBHT from Buy to Neutral as a pricing inflection in the truckload (TL) market appears less likely in the near term. While capacity continues to gradually exit, UBS cannot identify a clear demand catalyst for the mid-single digit truckload rate increases reflected in 2026 consensus. UBS believes upside in these stocks is limited to 5%-15% looking out one year.
• In Solar: Shares of solar stocks DQ, CSIQ, JKS, SEDG, among others higher as China’s efforts to combat deflation showed signs of success, leading to a gradual price recovery in the solar sector. Solar wafer prices continued to extend their gains, providing a positive backdrop for companies across the solar supply chain.

• BILL +8%; as activist investor Starboard Value owns an 8.5% stake and intends to run a boardroom challenge to push for changes at the financial automation software company.
• BNTX +9%; after breast cancer ADC Phase 3 trial met primary endpoint. BNTX said the study, which compared trastuzumab pamirtecan drug candidate with Roche’s approved antibody drug-conjugate trastuzumab emtansine, reached its primary endpoint of progression-free survival in an interim analysis.
• BRZE +12%; delivered a beat-and-raise FQ2, with topline growth of 23.8% / 22% organic y/y, OPM of 3.4% (+50bps y/y), and EPS of $0.15 (note ~$0.07 from tax-related benefit), all comfortably beat expectations, driven by broad-based demand strength and better-than-expected down-sell moderation.
• GWRE +17%; strong Q4 with broad-based beats and continued cloud execution, closing FY25 with ARR surpassing $1B (+19% YoY cc), subscription revenue up 33% YoY, and subscription GM reaching 70%; FY26E ARR guidance was above consensus (16-17% y/y ex-FX vs Street: ~15%) and investor expectations (~16%).
• IOT +18%; posted Q2 results and guidance that topped expectations; for the period ending Aug. 2, Samsara said it earned an adjusted $0.12 per share as revenue surged 30.4% Y/Y.
• MIR +5%; will replace GMS in the S&P SmallCap 600 effective prior to the opening of trading on Tuesday, September 9. S&P 500 and 100 constituent HD acquired GMS in a deal that was completed today.
• TSLA +2%; its board has proposed a new compensation plan for CEO Elon Musk, valued at about $1 trillion upon achieving certain lofty targets. The plan is expected to be tied to ambitious performance milestones, including growth in AI-driven products and autonomous systems.
• ZUMZ +19%; following earnings results overnight.

• AMD -6%; along with weakness in NVDA as news of AVGO unveiled a blockbuster $10 billion AI chip order from a new customer weighed on sentiment.
• BEN -3%; releases monthly AUM data overnight reported preliminary month-end assets under management (AUM) of $1.64 trillion at August 31, 2025, compared to $1.62 trillion at July 31, 2025. This month’s AUM reflected the positive impact of markets partially offset by preliminary long-term net outflows of $3B, including the funding of a $6B fixed income mandate. Preliminary long-term net outflows also include $7B of long-term net outflows at Western Asset Management.
• CEG -3%; broad weakness in power utilities with GEV, VST, TLN, OKLO, LEU, all lower
• IBKR -5%; broad weakness in exchanges and brokers with SCHW also seeing broad weakness.
• LULU -19%; shares tumbled following mixed results, but a significant reset to annual guidance, prompting several Wall Street downgrades. LULU Q2 revenue of $2.525B (+6.5% y/y, +6% CC) is slightly lower than expectations; lowers year EPS guide to $12.77-$12.97, from $14.58-$14.78 and now expects annual revenue between $10.85B-$11B vs. prior forecast of $11.15B-$11.3B.
• NX -22%; after mixed Q3 results (EPS missed/revs beat) while lowers FY25 revenue view to $1.82B from $1.84B-$1.86B (vs. est. $1.85B) and lowers FY25 adjusted EBITDA view to $235M from $270M-$280M.
• PHR -8%; after Q2 revenue and adjusted EBITDA both came in higher than consensus, however, management reiterated its FY26 revenue guide and only raised the adjusted EBITDA target by the ~$2M beat vs consensus this quarter; also announced it had entered into an agreement to acquire AccessOne.

Early Look

Friday, September 5, 2025

S&P futures are looking higher, with Nasdaq futures outperforming (same story the last 3 days) ahead of the August payroll data, getting a boost from Broadcom (AVGO) shares after the chip maker unveiled a big AI order. After shares traded flat initially last night following a slightly better quarterly result and guidance, Broadcom (AVG) shares are surging around 10% this morning after the chipmaker unveiled a blockbuster $10 billion AI chip order from a new customer, fueling optimism about its strategy to design custom chips. Broadcom’s latest deal has fueled speculation that OpenAI is the unnamed customer, following a Financial Times report that the ChatGPT maker is working with Broadcom to develop its own custom AI chips. The news has further extended the tech gains on Wall Street ahead of jobs report for August at 8:30 am et. The nonfarm payroll report is calling looking for 75K jobs added in August (roughly same as last month) and private payrolls also to rise 75K (vs. 83K prior), the unemployment rate to rise to 4.3% from 4.2% and wages to rise +0.3% m/m (in-line with prior month) and rise 3.7% y/y (below the 3.9% level last month). Markets have priced in a more than 99% chance of a 25-basis-point cut, according to CME‘s FedWatch Tool, after weak July payrolls as well as Fed Chair Jerome Powell’s dovish comments in August. The other story in earnings was LULU, as shares tumble -17% overnight after results and a significant reset for guidance lower with shares -67% from its all-time highs. In Asian markets, The Nikkei Index jumped 438 points to 43,018, the Shanghai Index gained 46 points to 3,812, and the Hang Seng Index surged 359 points to 25,417. In Europe, the German DAX is up 44 points to 23,815, while the FTSE 100 rises 20 to 9,237.

• The Dow Jones Industrial Average rose 350.06 points, or 0.77%, to 45,621.29
• The Nasdaq Composite gained 209.97 points, or 0.98%, to 21,707.69
• The Russell 2000 Index advanced 29.64 points, or 1.26% to 2,379.61

• 8:30 AM ET                  Private Payrolls for August…est. 75K (prior 83K)
• 8:30 AM ET                  Manufacturing Payrolls for August…est. (-5K) vs. prior (-11K)
• 8:30 AM ET                  Unemployment rate for August…est. 4.3% (vs. prior 4.2%)
• 8:30 AM ET                  Average Hourly Earnings for August M/M…est. +0.3% (vs. prior +0.3%)
• 8:30 AM ET                  Average Hourly Earnings for August Y/Y…est. +3.7% (vs. prior +3.9%)
• 1:00 PM ET                   Baker Hughes Weekly rig count data

• DA Davidson 4th Annual Big Sky Technology Summit, 9/3-9/5, in Big Sky, MT
• S&P Annual Review Announcement + Quarterly Rebalance Announcement, 9/5
• World Sleep Congress meeting 9/5-9/10

• Copart (CPRT) Q4 EPS $0.41 vs est. $0.36 on revs $1.125B vs est. $1.135B.
• Costco Wholesale Corporation (COST) reports August net sales of $21.56B, up 8.7%; August Comparable Sales U.S. +6.1%, Canada +6.8%, Other Intl +6.7%, Total Co +6.3%, E-commerce +18.4%; Net sales of $21.56b for the retail mo of Aug, an increase of 8.7% from $19.83B y/y.
• Smith & Wesson (SWBI) Q1 adj EPS ($0.08) vs est. ($0.11) on revs $85.077Mm vs est. $79.23Mm.
• Sportsman’s Warehouse (SPWH) Q2 adj EPS ($0.12) vs est. ($0.12) on revs $293.899Mm vs est. $291.6Mm; guides FY sales +0-3.5% vs est. +1.3% and reaffirms adj EBITDA $33-45Mm vs est. $35.46Mm.
• Tesla (TSLA) is asking shareholders to approve a 2025 CEO Performance Award that could be worth up to $1 trillion over 10 years. The package ties Musk’s pay entirely to performance, with targets including ~$7.5T in value creation, 1M robotaxis and 1M AI bots – Financial Times.
• Torrid (CURV) Q2 EPS $0.02 vs est. $0.03, adj EBITDA $21.525Mm vs est. $24.06Mm on revs $262.806Mm vs est. $256.33Mm; sees Q3 revs $235-245Mm vs est. $257.07Mm and adj EBITDA $16-21Mm vs est. $23.83Mm; sees FY revs $1.015-1.03B vs est. $1.033B and adj EBITDA $80-90Mm vs est. $98.72Mm.
• Zumiez (ZUMZ) reports Q2 EPS loss (-$0.06) vs. est. loss (-40.11); Q2 revs $214.28M vs. consensus $210.53M; Q2 comparable store sales up 2.5%; guides Q3 EPS $0.19-$0.29 vs. est. $0.15 and revs $232M-$237M vs. consensus $223.08M; guides Q3 comparable sales up 5.5%-7.5%.

• Crown Holdings (CCK) upgraded to Buy from Hold at Truist.
• QUANEX (NX) Q3 adj EPS $0.69 vs. est. $0.84; Q3 sales $495.3M vs. est. $491.6M; Q3 gross margin 27.9%; lowers FY25 revenue view to $1.82B from $1.84B-$1.86B (vs. est. $1.85B) and lowers FY25 adjusted EBITDA view to $235M from $270M-$280M

• MarketAxess Holdings Inc. (MKTX) announced trading volume for August as 8% growth in block trading ADV consisting of a 1% decline in U.S. credit, 14% growth in emerging markets, and 95% growth in euro bonds. Cumulative trading volume from our targeted block trading solution is now approximately $8.9 billion.

• Phreesia (PHR) to acquire AccessOne for $160M, expanding its suite of payment solutions; Q2 EPS $0.01 vs est. ($0.06), adj EBITDA $22.1Mm vs est. $20.01Mm on revs $117.3Mm vs est. $116.53Mm; maintains FY revs guide, sees adj EBITDA $87-92Mm vs prior $85-90Mm and est. $87.89Mm

• Activist investor Starboard Value owns an 8% stake in BILL Holdings (BILL) and may run a boardroom challenge to push for changes at the financial automation software company, two sources familiar with the matter told Reuters.
• Braze Inc. (BRZE) Q2 adj EPS ($0.15) vs est. $0.03 on revs $180.111Mm vs est. $170.11Mm; guides Q3 revs $183.5-184.5Mm vs est. $178.6Mm and adj EPS $0.06-0.07 vs est. $0.02.
• Cadence Design (CDNS) said it will buy the design and engineering business of Stockholm-based Hexagon AB for 2.7 billion euros ($3.16 billion).
• CSG Systems (CSGS) and Charter Communications (CHTR) announces they have signed a multi-year contract extension and expansion through September 30, 2031. and will expand its support to include new areas of growth in Charter’s Business
• DocuSign (DOCU) Q2 revs $800.6M vs. est. $780.2M; Q2 adj EPS $0.92 vs. est. $0.84; Q2 billings $818M; Q2 adjusted gross margin 82%; sees Q3 revenue $804M-$808M vs.  consensus $797.4M.
• Guidewire (GWRE) Q4 EPS $0.84 vs. est. $0.63; Q4 revs $356.6M vs. est. $337.9M; said executed 19 cloud deals and surpassing $1 billion in ARR to close out year; sees Q1 revenue $315M-$321M above consensus $301.4M and sees Q1 ending ARR between $1.048B-$1.054B.
• Samsara Inc. (IOT) Q2 revenue $391.5M vs. est. $372.2M; Q2 adj EPS $0.12 vs est. $0.07; Q2 adjusted gross margin 78% and adjusted operating margin 15%; guides Q3 revs $398M–$400M.
• ServiceTitan (TTAN) Q2 EPS $0.33 vs est. $0.18 on revs $242.1Mm vs est. $229.51Mm; guides Q3 revs $237-239Mm vs est. $232.32Mm and FY sales $935-940Mm vs est. $917.15Mm.
• UiPath Inc. (PATH) Q2 revs $362M vs. est. $347.3M; Q2 adj operating income $62M vs. est. $40.1M; CEO attributes 11% ARR growth (to $1.73B) to improved execution and momentum in agentic automation capabilities; projects full-year fiscal 2026 revenue of $1.571B-$1.576B.