US PREMARKET ACTIONS: November 14, 2025
Futures Indices
- Dow Futures: -0.4%
- S&P 500 Futures: -0.6%
- Nasdaq 100 Futures: -1%
Market Environment
Markets are falling this morning after a sharp decline on Thursday, as hopes for the end of the shutdown fade in favor of renewed economic concerns. The S&P 500 lost 1.66%, its worst session in over a month.
"Shutdown relief is clashing with worries about AI valuations and a more cautious tone from Fed officials this week," explains Jim Reid (Deutsche Bank).
The probability of a rate cut in December dropped to 49.6% from 59% on Wednesday (CME FedWatch). Comments from Fed members are expected today (Schmid, Logan, Bostic) as economic releases blocked by the shutdown could resume next week.
Stocks to Watch
Biggest Gainers:
- Cidara Therapeutics (CDTX) +92%
Strong rebound after imminent acquisition rumors by Merck, according to the Financial Times. The deal reportedly targets an antibody technology for the flu, with structure including upfront payments plus milestones. - Warner Bros. Discovery (WBD) +4%
Up after WSJ reports: Netflix, Comcast, and Paramount are preparing non-binding offers before November 20. Paramount has already proposed $23.50/share. - Virgin Galactic (SPCE) +4%
Rises after better-than-expected results. The loss is reduced, and expenses are under control. The strategic plan remains unchanged with a target revenue of $450M/year eventually. - Avadel Pharma (AVDL) +17%
Rebounds after a new acquisition offer from Lundbeck ($23/share), higher than Alkermes’ ($20). The stock is reacting to this bidding war in the sleep sector.
Biggest Losers:
- HIVE Digital (HIVE) -12%
Falls in the wake of Bitcoin dipping below $100,000. General risk-off sentiment on crypto-stocks: COIN -5%, RIOT -8%, MARA -5%, CLSK -9%. - Fossil Group (FOSL) -8%
Disappoints after Q3 results marked by a 6% drop in revenue and 27% plunge in direct sales. The group remains cautious for 2025. - Applied Materials (AMAT) -5%
Falls despite better-than-expected results. 2026 outlook is solid, but shares correct after prior anticipations.
Recommendation Changes
Upgraded
- Applied Materials ($AMAT) → Fubon upgrades to Buy (target raised from $190 to $260)
- Circle Internet ($CRCL) → Baird upgrades to Outperform with $110 target
- MP Materials ($MP) → JPMorgan upgrades to Overweight, target adjusted from $75 to $74
- Sempra ($SRE) → Goldman Sachs upgrades to Buy, target raised to $106
- The Gap ($GPS) → Jefferies upgrades to Buy, target $30 (vs $22)
Neutral
- Abercrombie & Fitch ($ANF) → Jefferies maintains Buy, target lowered from $130 to $100
- Micron Technology ($MU) → DBS maintains Buy, target raised from $149 to $300
- Natera ($NTRA) → Raymond James keeps Outperform, target raised to $245 (vs $188)
Downgraded
- The Home Depot ($HD) → Stifel downgrades to Hold, target lowered to $370
- Progressive Corp ($PGR) → Jefferies downgrades to Hold, target reduced to $232 (vs $261)
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Have a great session everyone
Sylvain Mouilhaud: Stock Coach
