US PREMARKET ACTIONS: November 25, 2025

Futures Indices

Dow Futures: +0.2%
S&P 500 Futures: +0.1%
Nasdaq 100 Futures: 0.0%

Market Environment

US index futures are little changed this morning after a strong rebound yesterday, led by tech and the Nasdaq. The market remains cautious following a series of moderate economic data releases. September retail sales came in below expectations, as did the core PPI, while the headline index was in line.

According to the ADP report, US private companies have cut an average of 13,500 jobs per week over the last four weeks, a sign of a slowdown in the job market.

The surprise announcement of a peace agreement between Ukraine and Russia, negotiated by the Trump administration, is also supporting market sentiment, despite the absence of confirmed official details.

UBS notes that “consumer data from bank cards suggest that middle- and high-income households remain confident in their spending, even if this is not always reflected at traditional points of sale.”

Stocks to watch

Kohl's (KSS) +27.46%
The retailer soars after posting results above expectations and raising its outlook. The heavily shorted stock benefits from a short squeeze driven by solid figures.

Abercrombie & Fitch (ANF) +18.49%
The stock surges following a record quarter and upgraded annual forecasts, boosting the brand's turnaround momentum.

Keysight (KEYS) +13.36%
Better-than-expected Q4 results, with analysts praising the strong order book and reassuring forecasts.

Fluence Energy (FLNC) +10.44%
Share price jumps after a forecast of 50% revenue growth in 2026, signaling strong demand for energy solutions.

ZIM Integrated Shipping (ZIM) +10.13%
Marked progress after announcing the receipt of strategic interest as part of its options review.

Select Medical (SEM) +11.71%
Rally fueled by a proposal from the company's co-founder to buy all outstanding shares, aiming for privatization.

reAlpha Tech (AIRE) +3.24%
The stock reacts positively to the announcement of the Prevu acquisition, reinforcing its position in real estate tech.

Alibaba (BABA) +2.94%
Cloud division drives results thanks to strong AI demand, despite a complex macro environment.

Fermi (FRMI) +2.35%
The REIT confirms discussions for over $4 billion financing for its main tenant—a sign of market confidence.

Dick’s Sporting Goods (DKS) -2.57%
Mixed Q3 results and weak 2025 forecasts. The market penalizes a lack of visibility and margin pressure.

Recommendation changes

Upgraded

Avalonbay Communities (AVB) → Barclays upgrades to Overweight (vs Market Weight) despite lowering the price target from $229 to $216.

Applovin (APP) → Daiwa Securities maintains Outperform and raises the price target from $455 to $585.

Albemarle (ALB) → HSBC keeps Hold but increases the price target from $87 to $117.

Dillard's (DDS) → JPMorgan maintains Underweight but significantly raises the price target from $411 to $524.

Inspire Medical Systems (INSP) → Leerink Partners maintains Market Perform and lifts the target from $94 to $127.

Symbotic (SYM) → Cantor Fitzgerald maintains Overweight and increases the price target from $60 to $82.

TJX Companies (TJX) → President Capital maintains Buy and raises the target price from $138 to $168.

Neutral

Dupont De Nemours (DD) → Deutsche Bank remains at Buy, but sharply lowers its target from $90 to $46.

Exact Sciences (EXAS) → Canaccord Genuity moves to Hold (vs Buy) but raises the price target from $85 to $105.

Downgraded

Accenture (ACN) → Baptista Research lowers to Hold (vs Outperform) and cuts the price target from $282.20 to $279.20.

Camden Property Trust (CPT) → Barclays moves to Market Weight (vs Overweight) and reduces the target from $127 to $118.

Dell Technologies (DELL) → Aletheia Capital moves to Hold (vs Buy) without announcing a new target price.

Estée Lauder (EL) → Rothschild & Co Redburn downgrades to Sell (vs Neutral) with a cut in the target from $83 to $70.

Have a good session, everyone
Sylvain Mouilhaud: Equity Coach