Futures Indices

• Dow Futures: +0.4%

• S&P 500 Futures: +0.7%

• Nasdaq 100 Futures: +0.9%

Market Environment

US markets are trending higher this Monday, led by Nasdaq futures (+0.9%) in a week shortened by Thanksgiving. Investors hope for a positive start to the week, with few major releases but several economic events condensed into the first three days.

On today’s agenda: the Chicago Fed National Activity Index for October and the Dallas Fed manufacturing survey for November.

According to Jim Reid of Deutsche Bank:

"In the US, delayed data due to the government shutdown will be concentrated in the first three days of the week. Tomorrow, September retail sales and the PPI index will be published, followed on Wednesday by jobless claims and durable goods orders."

On the corporate side, the quarterly results of Zoom (ZM), Alibaba (BABA), and Deere (DE) are expected this week.

Stocks to Watch

Clearside Biomedical (CLSD): -69.75%
Plunge after announcement of Chapter 11 bankruptcy protection.

Novo Nordisk (NVO): -10.08%
Sharp decline after oral Ozempic failed in a clinical trial on Alzheimer’s disease progression.

Enlivex (ENLV): +36.04%
Strong rise after promising 6-month results for its knee osteoarthritis treatment.

AlphaTON Capital (ATON): +18.49%
Soars after a majority takeover offer for Forbes Media.

Ooma (OOMA): +4.04%
Stock rises after the announcement of the $23.2M acquisition of Phone.com.

Upgrade/Downgrade Actions

Upgrades

• Inspire Medical Systems (INSP) → Stifel upgrades to buy, target raised to $110 from $100.

• International Paper (IP) → BNP Paribas upgrades to outperform, target to $44 from $34.

• Mp Materials (MP) → BMO upgrades to outperform, target slightly lowered to $75 from $76.

• Tractor Supply (TSCO) → Jefferies upgrades to buy, target raised to $64 from $58.

• Vornado Realty Trust (VNO) → JP Morgan upgrades to neutral, target set at $41.

• Autonation (AN) → Evercore ISI stays outperform, target raised to $300 from $240.

• Broadcom (AVGO) → HSBC reiterates buy, target raised to $535 from $400.

Neutral

• Sempra (SRE) → Citi stays neutral, target raised to $99 from $80.
• Alexandria Real Estate (ARE) → BMO keeps outperform, target lowered to $67 from $100.
• The Mosaic Company (MOS) → HSBC keeps hold, target lowered to $26 from $35.

Downgrades

• Gartner (IT) → Baptista Research downgrades to hold from buy, target cut to $260.40 from $298.

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Have a good session everyone
Sylvain Mouilhaud: Stock Coach