US PREMARKET ACTIONS: December 2, 2025

Futures Indices

Dow Futures: +0.2%
S&P 500 Futures: +0.2%
Nasdaq 100 Futures: +0.2%

Market Environment

US markets are rebounding slightly this Tuesday after a tough start to the month. On Monday, Wall Street closed in the red, affected by hawkish comments from Bank of Japan Governor Kazuo Ueda, which drove 10-year Japanese yields to their highest post-financial crisis level.

"Markets had a poor start to December, with losses in bonds and equities, and a sharp drop in Bitcoin (-5.19%). Moves accelerated from the open, following the BoJ Governor’s firm stance," said Jim Reid of Deutsche Bank.

This Tuesday, the economic calendar is quiet, with only vehicle sales and a Treasury debt buyback announcement. Investors will also keep an eye on earnings releases from CrowdStrike (CRWD) and Marvell Technology (MRVL).

Stocks to Watch

Credo Technology (CRDO): +16.3%
Results far exceeded expectations, and forecasts were raised. The boom in active electrical cables is boosting activity. Needham raised its price target to $220.

Citius Oncology (CTOR): +19.7%
Successful commercial launch of Lymphir, an approved treatment for cutaneous T-cell lymphoma. Distribution agreement with Cardinal Health.

New Fortress Energy (NFE): +15.5%
Provisional approval of a $3.2B, 7-year contract with Puerto Rico for the supply of liquefied natural gas.

Janux Therapeutics (JANX): +40%
Promising data on its experimental treatment for advanced prostate cancer (JANX007). Significant responses observed in phase 1 trials.

Bayer (BAYRY): +11.3% (Europe)
The US government supports the group’s appeal before the Supreme Court in the Roundup case, renewing hope in the face of numerous glyphosate-related lawsuits.

Recommendation Changes

Upgrades

Albemarle ($ALB) → Baird moves from underperform to neutral. Target raised from $81 to $113
Darling Ingredients ($DAR) → TD Cowen upgrades to buy. Target from $34 to $45
Dexcom ($DXCM) → Morgan Stanley upgrades to overweight. Target from $63 to $75
Solventum ($SOLV) → BTIG upgrades to buy. Target: $100
Teradyne ($TER) → Stifel upgrades to buy. Target from $162 to $225
T-Mobile US ($TMUS) → KeyBanc upgrades to sector weight

Neutral

Alphabet ($GOOGL) → Arete Research maintains buy, target raised from $300 to $380
Applied Materials ($AMAT) → Daiwa remains neutral, target from $170 to $265
Credo Technology ($CRDO) → Barclays remains overweight, target from $165 to $220
Globus Medical ($GMED) → Morgan Stanley remains overweight, target from $70 to $100
Micron Technology ($MU) → Wolfe Research remains outperform, target from $200 to $300
MongoDB ($MDB) → Baird remains outperform, target from $335 to $500
Yeti Holdings ($YETI) → TD Cowen maintains hold, target from $36 to $44

Downgrades

Inspire Medical Systems ($INSP) → Morgan Stanley downgrades to sector weight, but raises target from $105 to $130
Symbotic ($SYM) → Goldman Sachs downgrades to sell. Target: $47
Baxter International ($BAX) → Morgan Stanley remains underweight, target down from $19 to $15

Have a great session, everyone
Sylvain Mouilhaud: Coach Actions