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October 17, 2025 - Third Party

US PREMARKET ACTIONS: October 17, 2025

Futures Indices

  • Dow Futures: +0.15%
  • S&P 500 Futures: -0.01%
  • Nasdaq 100 Futures: -0.19%

Market Environment

US markets are slipping in premarket trading, affected by renewed fears about credit quality in regional banks. Shares of Zions Bancorp and Western Alliance continue to fall after disclosing losses related to commercial real estate loans, leading to a 6.3% drop in the KBW Regional Banking Index, its sharpest since April.

"Market sentiment saw a sharp deterioration over the past 24 hours as news of bad loans at two U.S. regional lenders triggered broader concerns about credit quality." — Peter Sidorov, Deutsche Bank

The situation revives memories of the March 2023 banking crisis with SVB, despite the small size of the affected institutions. This new stress is spreading to the whole banking sector, including major banks like Bank of America (-3%), Wells Fargo (-2%), and Morgan Stanley (-2%).

The government shutdown has entered its third week, adding to market nervousness. Meanwhile, Micron Technology has announced it will halt sales of server chips to data centers in China, in response to Beijing's embargo on its products, heightening trade tensions between the two powers.

The crypto market is also under pressure, with more than $80M in Bitcoin liquidations over 24 hours, causing a broad sector downturn.

On monetary policy, Fed officials continue to support a trend towards future rate cuts, despite rising credit stress.

Stocks to Watch

  • Standard Lithium (SLI) -18.55%: Plunged after announcing a $120M capital raise via a share offering.

  • HIVE Digital (HIVE) -14.90%: Plummets as Bitcoin falls, victim of massive liquidations.

  • CleanSpark (CLSK) -6.60%, Riot (RIOT) -4.04%, MARA (MARA) -1.80%, Coinbase (COIN) -2.04%: Dropping amid crypto correction.

  • Ramaco Resources (METC) -5.62%: Drops despite a buy recommendation from Baird.

  • Micron (MU) -4%: Hit by the end of server chip sales to China, reflecting ongoing geopolitical tensions.

  • Novo Nordisk (NVO) -5% & Eli Lilly (LLY) -4%: Under selling pressure after Donald Trump's comments aiming to lower prices of weight-loss treatments like Ozempic or Mounjaro.

  • Bank of America (BAC) -3%, Wells Fargo (WFC) -2%, Citigroup (C) -2%, Morgan Stanley (MS) -2%: Ongoing banking slide linked to credit quality concerns.

  • Interactive Brokers (IBKR) -2.07%: Outperformed expectations, but declined in a challenging sector environment.

  • American Express (AXP) +0.35%: Slight rise, supported by reassuring results, despite uncertainty.

Rating Changes

Upgrades

  • Appfolio ($APPF) → KeyBanc upgrades to Overweight (from Sector Weight) with a target of USD 285.
  • Commercial Metals ($CMC) → Citi upgrades to Buy (from Neutral), target raised to USD 65.
  • Freeport-McMoRan ($FCX) → HSBC upgrades to Buy (from Hold), target raised to USD 50.
  • International Paper ($IP) → Stifel upgrades to Buy (from Hold), target set at USD 57.80.
  • Moody’s ($MCO) → Raymond James upgrades to Market Perform (from Underperform).
  • Zions Bancorp ($ZION) → Baird upgrades to Outperform (from Neutral), target USD 65.

Neutral

  • Marsh & McLennan ($MMC) → KBW raises to Market Perform, but cuts target to USD 191.
  • Albemarle ($ALB) → RBC retains Outperform, target raised to USD 117.
  • Broadcom ($AVGO) → GF Securities confirms Buy, target raised to USD 415.
  • Diamondback Energy ($FANG) → Wells Fargo retains Overweight, target cut to USD 160.
  • Eli Lilly ($LLY) → DZ Bank retains Buy, target increased to USD 984.
  • FMC ($FMC) → RBC stays at Sector Perform, target reduced to USD 33.
  • Instacart ($CART) → Jefferies remains at Hold, target reduced to USD 43.
  • Jefferies Financial ($JEF) → BMO retains Market Perform, target reduced to USD 55.
  • Micron ($MU) → Mizuho stays at Outperform, target increased to USD 240.
  • Nextracker ($NXT) → Johnson Rice stays at Buy, target increased to USD 95.
  • Permian Resources ($PR) → Wells Fargo stays at Overweight, target cut to USD 16.
  • Rocket Lab ($RKLB) → KeyBanc stays at Overweight, target raised to USD 75.
  • SanDisk ($SNDK) → Mizuho stays at Outperform, target raised to USD 180.
  • Tesla ($TSLA) → Barclays maintains Equalweight, target increased to USD 350.
  • UnitedHealth ($UNH) → Jefferies maintains Buy, target increased to USD 409.
  • Western Digital ($WDC) → Mizuho stays at Outperform, target increased to USD 160.

Downgrades

  • AST SpaceMobile ($ASTS) → Barclays downgrades to Underweight (from Overweight), target set at USD 60.
  • Kilroy Realty ($KRC) → JP Morgan downgrades to Neutral (from Overweight), target reduced to USD 44.

Have a great session, everyone!
Sylvain Mouilhaud: Coach Actions

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