US PREMARKET STOCKS: October 22, 2025

Futures Indices

Dow Futures: 0.00%
S&P 500 Futures: +0.1%
Nasdaq 100 Futures: -0.2%

Market Environment

US indices are searching for direction this morning, with the market waiting for Tesla (TSLA) earnings tonight and following mixed results from Netflix (NFLX). Yesterday, Wall Street closed mixed as investors digested a wave of earnings reports and anticipated key inflation figures due Friday.

"Most markets remained stable yesterday... Several factors contributed, including some positive trade signals and strong earnings reports."
— Henry Allen, Deutsche Bank

Attention is also on the sharp drop in precious metals: gold and silver saw their largest decline in years.

"This sudden drop in precious metals really grabbed market headlines, but honestly, there was no clear catalyst behind it, and no similar moves were seen in other assets or commodities."
— Henry Allen, Deutsche Bank

"Central bank purchases, lower US rates, and expectations of a weaker dollar continue to provide some support."
— Paul Donovan, UBS

On the macro front, the Atlanta Fed's inflation expectations will be published today.

Finally, the US government shutdown continues, adding a layer of short-term uncertainty.

Stocks to Watch

Intuitive Surgical (ISRG) +17%
Results exceeded expectations, driven by strong demand for da Vinci surgical systems. Solid guidance for 2025 and a $1.92B buyback of 4M shares.

Nurix Therapeutics (NRIX) +13.9%
Strong rebound after setting a $250M stock offering, marking confidence in its mid-term strategy.

DraftKings (DKNG) +4%
Strategic acquisition of Railbird Technologies, entering the event prediction market. Launch of a new app to expand revenue beyond sports betting.

Amphenol (APH) +7%
Results well above expectations with EPS of $0.93 (+$0.13) and revenue up $630M.

Mobix Labs (MOBX) +3.4%
Multi-year contract with the US Navy confirmed, strengthening its position in defense.

AST SpaceMobile (ASTS) -7%
Drop after announcing a $50M convertible debt buyback and a new $1B issue. Goal: finance satellite constellation expansion.

Netflix (NFLX) -6%
Mixed Q3 results: revenue in line, but margins down due to a $619M tax charge related to Brazil. Solid guidance, but cautious on profitability.

Texas Instruments (TXN) -9%
Sharp decline after weak Q4 outlook. EPS expected between $1.13–$1.39 versus $1.39 expected, and revenue revised downward, reflecting sluggish demand.

Recommendation Changes

Upgrades

3M Company ($MMM) → Morgan Stanley raises to market weight (vs. underweight), target raised from $130 to $160
Halliburton ($HAL) → HSBC upgrades to buy (vs. hold), target from $23 to $30
Hyatt Hotels ($H) → Morgan Stanley upgrades to overweight, target from $147 to $168
Kinetik Holdings ($KNTK) → Wolfe Research upgrades to outperform, target $45
Paccar ($PCAR) → Wolfe Research upgrades to peer perform (vs. underperform)
Royal Gold ($RGLD) → Zacks upgrades to outperform, target from $214 to $224

Neutral

Caci International ($CACI) → Maintains overweight, target raised from $535 to $675
Dutch Bros ($BROS) → Maintains overweight, target lowered from $92 to $65
General Motors ($GM) → Maintains neutral, target raised from $50 to $65
Nextracker ($NXT) → Maintains outperform, target raised from $73 to $97
Sandisk ($SNDK) → Maintains buy, target raised from $60 to $180
Seagate Technology ($STX) → Maintains outperform, target raised from $185 to $245
Sprouts Farmers Market ($SFM) → Maintains market perform, target lowered from $170 to $120
Tempus AI ($TEM) → Maintains neutral, target raised from $70 to $105
Warner Bros Discovery ($WBD) → Maintains buy, target raised from $19 to $23
Western Digital ($WDC) → Maintains outperform, target raised from $95 to $140
Yeti Holdings ($YETI) → Maintains buy, target raised from $53 to $70

Downgrades

Gartner ($IT) → Barclays lowers to market weight (vs. overweight), target lowered from $320 to $270
Hologic ($HOLX) → JP Morgan lowers to neutral (vs. overweight), target lowered from $80 to $78
W.R. Berkley ($WRB) → BMO Capital lowers to underperform (vs. market perform), target $64

Sign Up

Have a great session
Sylvain Mouilhaud: Stock Coach