US PREMARKET STOCK ACTIONS: October 23, 2025

**Futures Indices**
Dow Futures: -0.1%
S&P 500 Futures: +0.2%
Nasdaq 100 Futures: +0.3%

Market Environment

US indices are moving in mixed directions this Thursday as investors digest the results from Tesla (TSLA) and the latest trade tensions between the United States and China. Attention now turns to the September retail inflation numbers expected Friday, a key indicator ahead of next week’s Fed monetary policy meeting.

Yesterday, Wall Street closed lower:

"Markets struggled for momentum yesterday, with the S&P 500 (-0.53%) falling back after three consecutive gains," notes Henry Allen of Deutsche Bank, citing concerns over China trade relations, disappointing results, and the ongoing US shutdown.

Meanwhile, the White House is reportedly considering new restrictions on exports to China for products containing US software, further escalating technology tensions between the two nations.

Despite the ongoing shutdown, the September inflation (CPI) report will be released as scheduled, allowing for an assessment of the economic momentum on the eve of the Fed’s decisions.

Stocks to Watch

Molina Healthcare (MOH) -20.36%
The stock tumbles after slashing its 2025 EPS guidance to $14, down from a minimum of $19 previously. The company cites rising medical costs, particularly in the marketplace segment.

Tamboran Resources (TBN) -10.39%
Sharp drop after a capital raise via a placement at $21, a price investors see as dilutive.

IBM (IBM) -7%
Despite strong results and upgraded forecasts, the market punishes a high valuation and a lack of immediate catalysts.

Tesla (TSLA) -3%
The company missed earnings expectations. Adjusted EBITDA is down and operating margin falls to 5.8%. Tesla cites short-term uncertainties.

Medpace (MEDP) +18.52%
Q3 results beat expectations and guidance raised for 2025.

IonQ (IONQ) +14.3%, Rigetti Computing (RGTI) +13.8%, D-Wave (QBTS) +13.6%
Quantum computing stocks soar after reports the US government may take stakes in these strategic firms.

QuantumScape (QS) +11.19%
Rises after a positive revision in adjusted EBITDA outlook.

Nokia (NOK) +7.93%
Better-than-expected results boosted by demand for cloud and AI.

Las Vegas Sands (LVS) +5.27%
Stock rises after strong Q3 results and a dividend increase.

Recommendation Changes

Upgrades

Avery Dennison ($AVY) → JP Morgan upgrades to overweight (from neutral) and raises target from $182 to $195

U.S. Bancorp ($USB) → Deutsche Bank upgrades to buy with a $52.50 target

Vertiv Holdings ($VRT) → KGI Securities upgrades to outperform with a $210 target (vs $150)

Mueller Industries ($MLI) → Freedom Broker maintains buy and raises the target from $99 to $121

Amphenol Corp ($APH) → Seaport Global maintains buy, target raised to $155 (vs $125)

Neutral

Citigroup ($C) → Punto Research keeps hold, target raised to $98.93 (vs $96.40)

Lam Research ($LRCX) → BNP Paribas Exane maintains neutral, target raised to $140 (vs $80)

Take-Two Interactive ($TTWO) → Arete Research downgrades to neutral, target raised to $280 (vs $263)

Lennox International ($LII) → Vertical Research keeps hold, target lowered to $500 (vs $675)

Robert Half ($RHI) → JP Morgan keeps neutral, target lowered to $29 (vs $45)

Sprouts Farmers Market ($SFM) → JP Morgan keeps neutral, target lowered to $124 (vs $159)

Downgrades

Enphase Energy ($ENPH) → Mizuho downgrades to neutral (vs outperform) and lowers target to $37 (vs $50)

Halliburton ($HAL) → Freedom Broker downgrades to hold (vs buy), target $32

Moderna ($MRNA) → Leerink Partners maintains underperform and reduces target to $12 (vs $16)

AES Corp ($AES) → Jefferies maintains underperform but slightly raises target to $12 (vs $9)

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Have a good session, everyone
Sylvain Mouilhaud: Equity Coach