US PREMARKET ACTIONS: August 20, 2025
Futures Indices
Dow Futures: -0.2%
S&P 500 Futures: -0.1%
Nasdaq 100 Futures: -0.2%
US 10-year yield: 4.33% (+1bp)
Market Environment
US markets are trading lower this Wednesday, awaiting earnings reports from the retail sector and the minutes from the last Fed meeting.
Yesterday, the S&P 500 fell 0.59%, marking its third consecutive session in the red, weighed down by a decline in tech stocks. “It was the worst daily performance since August 1, when disappointing jobs data rekindled fears of a slowdown in the US economy,” analyzes Henry Allen (Deutsche Bank).
The Fed will release the minutes of its July meeting tonight, which was marked by dissent from two board members, a first since 1993. “These disagreements probably won't clarify if they're a real economic concern or a political signal,” says Paul Donovan (UBS).
On the macro side, the Atlanta Fed’s business inflation expectations will also be closely watched.
Meanwhile, the White House is imposing new tariffs (50%) on 407 derivative metal products as part of Section 232 measures.
Stocks to Watch
**James Hardie (JHX) -26.91%**
The group is plunging after disappointing results impacted by rising production costs.
**Target (TGT) -10.78%**
Despite better-than-expected Q2 results, the appointment of Michael Fiddelke as CEO is worrying investors. Comparable sales are down 1.9%, weighed down by weak store sales.
**enCore Energy (EU) -8.53%**
The group announces a $100M convertible debt issuance, which dilutes value for current shareholders.
**ZIM Integrated Shipping (ZIM) -5.40%**
Quarterly results confirm sector pressures: freight rates fell 11% year-on-year, volumes dropped 6%.
**Hertz (HTZ) +5.77%**
The stock is rising after announcing a deal with Amazon to resell used vehicles, a potential new source of revenue.
**Analog Devices (ADI) +3.93%**
Strong results with adjusted EPS of $2.05 (+$0.10 vs consensus) and revenue at $2.88B (+$120M), supported by industrial demand.
**Kingsoft Cloud (KC) -0.51%**
Despite 24.2% revenue growth, the market response is muted. The business is driven by rising AI-related demand.
**Rocket Pharma (RCKT) +15.12%**
Sharp rise after the FDA lifted a clinical hold on a gene therapy trial.
**BIT Mining (BTCM) +4.53%**
The group announces a rebranding to SOLAI, anticipating a new strategic direction.
**TJX Companies (TJX) +3.68%**
EPS of $1.10 (vs. $1.01 estimated) and revenue of $14.4B (vs. $14.17B expected). The group raises its annual outlook.
Rating Changes
Upgrades
The J.M. Smucker Company ($SJM) → JP Morgan upgrades to overweight (from neutral) with price target raised from $102 to $129.
McCormick & Company ($MKC) → JP Morgan moves to overweight (from underweight) and lifts target from $69 to $83.
CRH Plc ($CRH) → Davy confirms its outperform rating and raises target from $11,000 to $14,200.
FTAI Aviation Ltd. ($FTAI) → Morgan Stanley maintains overweight and raises target from $138 to $175.
Insmed Incorporated ($INSM) → JP Morgan remains overweight and raises target from $111 to $135.
SoFi Technologies ($SOFI) → Citi keeps buy rating with target raised from $18 to $28.
The Hershey Company ($HSY) → JP Morgan stays neutral but raises target from $146 to $187.
Neutral
Circle Internet Group ($CIRC) → Deutsche Bank maintains hold with a lowered target from $163 to $123.
Downgrades
Applied Materials ($AMAT) → Daiwa downgrades to neutral (from outperform) and cuts target from $185 to $170.
General Mills ($GIS) → JP Morgan downgrades to underweight (from neutral) and lowers target from $53 to $45.
Intel Corp. ($INTC) → Baptista Research downgrades to underperform (from hold) with a target of $21.80.
Kroger Co. ($KR) → JP Morgan cuts to neutral (from overweight) and lowers target from $82 to $75.
Roblox Corp. ($RBLX) → Baptista Research lowers rating to underperform (from outperform) and adjusts target from $151.50 to $109.
Have a good session everyone
Sylvain Mouilhaud: Stock Coach