US PREMARKET ACTIONS: October 16, 2025
**Futures Indices**
Dow Futures: +0.3%
S&P 500 Futures: +0.4%
Nasdaq 100 Futures: +0.6%
**Market Environment**
US indices are rising this Thursday morning as the market awaits several speeches from Fed members, including Thomas Barkin, Christopher Waller, Stephen Miran, and Neel Kashkari.
Wednesday's session was mixed, but the S&P 500 (+0.40%) and Nasdaq closed in the green, supported by strong corporate results and encouraging signals regarding US-China trade relations.
“Markets recovered some ground yesterday as strong earnings and more positive signals on the U.S.-China relationship helped to boost investor optimism,” said Henry Allen, analyst at Deutsche Bank.
Treasury Secretary Scott Bessent hinted that Donald Trump was open to a meeting with Xi Jinping, further boosting market sentiment. Sectors exposed to international trade outperformed.
Note that the government shutdown has now entered its third week, which could become a source of stress if it drags on.
**Stocks to Watch**
Top Gainers
J.B. Hunt (JBHT) +12%
Q3 results beat expectations. Revenue dipped slightly (-0.7%) but stayed above consensus. EPS rose 18%, supported by increased productivity in the Dedicated Contract Services division.
Salesforce (CRM) +4%
The company raised its long-term targets during its Investor Day. Now aiming for over $60B in revenue by FY2030, with annual organic growth above 10% starting 2026. Strong momentum in Data and AI segments (+120% YoY in Q2).
Charles Schwab (SCHW) +3%
Q3 adjusted earnings per share of $1.31, above consensus. Revenue up 26.6% to $6.14B. Record growth in client assets (+17% to $11.59T) and new account openings (+1M for the 4th consecutive quarter).
Coinbase (COIN) +1.1%
Launch of a new Bitcoin Yield fund for accredited US investors, in partnership with iTrustCapital. Structured to provide excess return via private lending strategies and basis trading.
Top Losers
Hewlett Packard Enterprise (HPE) -9%
Disappointing forecasts for FY2026: expected revenue growth between 5–10% versus ~17% anticipated, and adjusted EPS below consensus. The share buyback plan and dividend hike weren't enough to reassure investors.
Nio (NIO) -6%
Sued by Singapore's sovereign fund GIC, accusing Nio of inflating revenue via an indirectly controlled entity. The dispute involves over $600M in allegedly fraudulently recognized revenue.
Becton Dickinson (BDX) -3%
Slightly below-expectation forecasts for Q4 and 2025. Anticipated revenue at $21.8B vs $21.86B expected. CFO to step down in December.
United Airlines (UAL) -2%
Mixed Q3 results: EPS above expectations ($2.78 vs $2.68), but revenue slightly down. Unit revenue (TRASM) and passenger revenue (PRASM) fell despite strong demand in certain geographic areas.
**Rating Changes**
Upgrades
Las Vegas Sands ($LVS) → JP Morgan upgrades to overweight (vs neutral), price target raised to $60
PPG Industries ($PPG) → JP Morgan upgrades to overweight, target $112
TKO Group ($TKO) → Seaport Global upgrades to buy, target $214
Neutral
Alphabet ($GOOGL) → Roth Capital maintains buy, price target raised to $265 (vs $210)
AppLovin ($APP) → Arete Research maintains sell, target raised to $394 (vs $250)
Carmax ($KMX) → Mizuho maintains neutral, target reduced to $46 (vs $78)
Marvell Technology ($MRVL) → Roth Capital maintains buy, target raised to $105 (vs $80)
Transunion ($TRU) → Jefferies maintains buy, target cut to $95 (vs $120)
United Airlines ($UAL) → Deutsche Bank maintains buy, target raised to $125 (vs $100)
Vaxcyte ($PCVX) → BTIG maintains buy, target reduced to $85 (vs $160)
Venture Global ($VGEN) → Mirae maintains buy, target reduced to $12 (vs $21)
Warner Bros Discovery ($WBD) → Wells Fargo maintains equalweight, target raised to $21 (vs $14)
Downgrades
Unity Software ($U) → Arete Research downgrades to neutral (vs buy), target raised to $36 (vs $28)
Verisk Analytics ($VRSK) → Rothschild & Co Redburn downgrades to sell (vs neutral), target cut to $220 (vs $280)
Have a good session, everyone.
Sylvain Mouilhaud: Stock Coach