US PREMARKET ACTIONS: November 3, 2025

**Futures Indices**
Dow Futures: +0.1%
S&P 500 Futures: +0.2%
Nasdaq 100 Futures: +0.5%

**Market Environment**

US markets are kicking off November on an optimistic note, buoyed by solid tech giant earnings and easing tensions in US-China trade relations. All futures contracts are up this Monday morning, with the Nasdaq leading the way thanks to renewed appetite for tech stocks.

Investors remain cautious, however, as the threat of a government shutdown enters its 34th day, approaching the historic record of 35 days. "If it weren't for the shutdown, Friday's jobs report would be a pivotal moment. In its absence, Wednesday's ADP report will take on greater significance," says Jim Reid (Deutsche Bank).

On the macroeconomic data front, the manufacturing PMI indices are expected today. The consensus expects an ISM reading of 49.5, signaling a contraction in the sector. "With economic survey reliability declining, there's a risk investors place too much weight on them," warns Paul Donovan (UBS).

Corporate earnings will continue to drive the week with expected reports from: AMD, QUALCOMM, Super Micro Computer, Palantir, The Trade Desk, Pfizer, Moderna, McDonald's, Airbnb, and Uber.

On the trade front, the United States is suspending port fees for Chinese ships for one year, partially easing maritime tensions between the two powers.

**Stocks to Watch**

Nocera (NCRA) +27.91%: The group announces potential $300M funding in convertible bonds, boosting the share price.

Cipher Mining (CIFR) +17.16%: The stock jumps after a 15-year lease deal with AWS, highlighting strategic expansion.

IDEXX Laboratories (IDXX) +7.70%: Strong Q3 results with earnings per share above expectations and raised annual guidance.

Kimberly-Clark (KMB) -13.36%: Sharp decline after announcing the $48.7B acquisition of Kenvue, viewed as a risky move by investors.

Beyond Meat (BYND) -10.88%: Delay in quarterly results publication due to a potential impairment charge.

Coeur Mining (CDE) -3.90%: Announcement of New Gold acquisition in an all-stock transaction valued at $7B.

**Rating Changes**

Upgrades

Apple ($AAPL) → CTBC upgrades to add (from neutral), price target raised from $237 to $301
Edwards Lifesciences ($EW) → Raymond James upgrades to outperform, price target $96
Kilroy Realty ($KRC) → RBC upgrades to outperform, price target raised from $40 to $47
Meta Platforms ($META) → ARC upgrades to buy, target raised to $855
Netflix ($NFLX) → KGI upgrades to outperform, target raised to $1350
Teradyne ($TER) → President Capital upgrades to buy, target raised to $209
Universal Health ($UHS) → Raymond James upgrades to outperform, price target $269.99
Mongodb ($MDB) → William O’Neil initiates coverage with a buy recommendation

Neutral

Alphabet ($GOOGL) → CITIC maintains buy, target raised to $310
APA Corp ($APA) → Evercore maintains in-line, target raised to $21
Coinbase ($COIN) → B Riley maintains neutral, target raised to $243
Exxon Mobil ($XOM) → Scotiabank maintains sector outperform, target raised to $155
First Solar ($FSLR) → Barclays maintains overweight, target raised to $279
Cardinal Health ($CAH) → TD Cowen maintains buy, target raised to $225
Match Group ($MTCH) → TD Cowen maintains buy, target raised to $60
Sandisk ($SNDK) → Morgan Stanley maintains overweight, target raised to $230
SPS Commerce ($SPSC) → Redburn maintains buy, target lowered to $100
Brown & Brown ($BRO) → Raymond James maintains outperform, target lowered to $90
FMC Corp ($FMC) → Morgan Stanley maintains equal weight, target lowered to $17

Downgrades

Builders Firstsource ($BLDR) → Stifel downgrades to hold, target lowered from $128 to $124
Charter Communications ($CHTR) → Bernstein downgrades to market perform, target lowered to $280
Ingersoll Rand ($IR) → Stifel downgrades to neutral

Have a good session everyone
Sylvain Mouilhaud: Stock Coach