US PREMARKET STOCKS: November 4, 2025

Futures Indices
Dow Futures: -0.7%
S&P 500 Futures: -0.9%
Nasdaq 100 Futures: -1.2%

Market Environment

US futures are falling sharply on Tuesday after a Monday session fueled by AI, dominated by tech giants. The Nasdaq, with its heavy tech exposure, leads the decline with -1.2%.

According to Jim Reid (Deutsche Bank), “The S&P 500 started November on the same footing, bolstered by the Magnificent 7 (+1.18%), while the rest of the market lags behind. Today's driver: another AI deal, this time between Amazon and OpenAI.”

But the mood is turning sour premaket: Palantir is down more than 5% after solid results but a lack of 2026 visibility. The stock tumbles 8.5% at the open.

The US government shutdown continues to weigh. If it lasts through tonight, it will become the longest in US history. Paul Donovan (UBS) laments, “The absence of a functioning government even prevents the release of September trade data.”

Note: It’s a quiet day on the macroeconomic front, with no major releases.

Stocks to Watch

SRPT (-35.71%): The biotech plunges sharply after disappointing clinical results. The ESSENCE study did not meet its primary endpoint.

NVX (-12.68%): Novonix slumps after announcing the end of its supply agreement with Stellantis.

MSAI (-12.12%): MultiSensor AI drops after announcing a $14.4M capital raise via direct placement.

PLTR (-8.57%): Despite a better-than-expected Q3 and higher annual guidance, the lack of a 2026 outlook concerns the market.

PFE (-1.01%): Pfizer beats consensus on EPS and revenue, but market caution remains.

DENN (+49.88%): Denny’s surges after the announcement of its $620M acquisition.

SPOT (+5.62%): Spotify rises after strong Q4 forecasts, with gross margin and subscriber targets above expectations.

UBER (+5%): Uber beats expectations with strong growth in rides and bookings, achieving record profitability in Q3.

EVOK (+132.90%): Evoke Pharma soars after being acquired by QOL Medical.

Ratings Changes

Upgrades

Apple Inc. ($AAPL) → DZ Bank upgrades to buy (previously hold), price target raised from $230 to $300.

Sterling Infrastructure ($STRL) → Texas Capital upgrades to buy, price target raised from $348 to $450.

First Solar ($FSLR) → Seaport Global maintains buy, price target raised from $217 to $305.

Qorvo ($QRVO) → JPMorgan upgrades to neutral (previously underweight), price target raised to $105.

Neutral

Amazon ($AMZN) → Buy rating maintained by CITIC, price target raised from $240 to $300.

Twilio ($TWLO) → Neutral rating maintained, price target raised to $142.

Palantir ($PLTR) → Cantor maintains neutral rating, price target raised from $155 to $198.

Crispr ($CRSP) → Outperform rating maintained, price target reduced from $99 to $62.

Centene ($CNC) → Neutral rating maintained, price target set at $38.

Exact Sciences ($EXAS) → Outperform rating maintained, price target raised to $88.

Grab Holdings ($GRAB) → Buy rating maintained, price target raised to $6.70.

Downgrades

Avantor ($AVTR) → Raymond James downgrades to market perform (previously outperform).

Caesars Entertainment ($CZR) → Jefferies downgrades to hold (previously buy), price target lowered from $39 to $22.

CyberArk Software ($CYBR) → Citi downgrades to neutral, but price target raised to $524.

On Holding ($ONON) → Jefferies maintains underperform, price target lowered to $31.

Charter Communications ($CHTR) → BNP Paribas maintains underperform rating, price target reduced from $255 to $200.

Have a good session, everyone!
Sylvain Mouilhaud: Stock Coach