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December 1, 2025 - Third Party

US PREMARKET ACTIONS: December 1, 2025

**Futures Indices**

Dow Futures: -0.3%
S&P 500 Futures: -0.5%
Nasdaq 100 Futures: -0.6%

Market Environment

Wall Street starts the last month of the year in the red. US index futures are falling this Monday, amid caution before several economic reports and company earnings releases this week.

The market is awaiting, in particular:

  • The final manufacturing PMI and ISM manufacturing indices for November, expected today.
  • Several major releases coming up: Salesforce, Snowflake, CrowdStrike, Dollar General, Dollar Tree, among others.

The Federal Reserve has entered its blackout period ahead of the FOMC decision scheduled for December 10.

"In the United States, the Fed is in its pre-meeting blackout. Economic releases will play a major role this week. The market is already pricing in an 80% chance of a 25bps rate cut next week," explains Jim Reid of Deutsche Bank.

Stocks to Watch

Leggett & Platt (LEG) +12.09%
The stock jumps after a takeover proposal from Somnigroup International in an all-share transaction offering a 30% premium over the last 30 trading days. The offer is subject to due diligence and approval from both boards.

Intel (INTC) +1.7%
The stock rises despite an investigation in Taiwan into one of its engineers accused of transferring sensitive technology. The engineer previously worked at TSMC.

CME Group (CME) +1.4%
Technical rebound after a trading interruption on November 28 due to a cooling issue at CyrusOne data centers. Activity has since resumed normally.

Willis Towers Watson (WTW) +0.3%
Slight increase following rumors about an acquisition of Cushon, a UK-based workplace retirement platform, from NatWest. No price confirmed.

Jefferies (JEF) -1.6%
Under pressure after the SEC opened an investigation into its exposure to bankrupt auto supplier First Brands via its Point Bonita fund.

Rating Changes

Upgrades

  • Chevron Corp. ($CVX) → HSBC upgrades to buy from hold, target raised from $166 to $169.

  • Kratos Defense ($KTOS) → B Riley upgrades to buy from neutral, target: $105.

  • Old Dominion Freight ($ODFL) → BMO upgrades to outperform, target slightly lowered from $172 to $170.

  • Take-Two Interactive ($TTWO) → Arete upgrades to buy, target raised from $280 to $284.

  • Thermo Fisher ($TMO) → HSBC upgrades to buy, target from $550 to $670.

  • Toast Inc. ($TOST) → BNP Paribas upgrades to outperform, target from $38 to $40.

  • Unity Software ($U) → Arete upgrades to buy, target from $36 to $48.

Hold/Neutral

  • AMD ($AMD) → CLSA maintains hold, target raised from $180 to $230.

  • DraftKings ($DKNG) → BNP maintains neutral, target lowered from $40 to $30.

Downgrades

  • American Tower ($AMT) → Barclays downgrades to equal weight, target from $203 to $200.

  • Crown Castle ($CCI) → Barclays downgrades to equal weight, target from $104 to $101.

  • Zscaler ($ZS) → Bernstein downgrades to market perform, target $264.

Have a great session everyone
Sylvain Mouilhaud: Coach Actions

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