1. U.S. stocks edge up in premarket trading Friday, with S&P 500 futures rising 0.43% at the end of an uneventful week for equities. Bond yields are mainly steady, with that of the 10-year Treasury hovering around 4.5%. West Texas Intermediate crude oil gains roughly 1%, to trade around $76.52 a barrel, but is still on track for its third-straight weekly loss.
2. Club holding Wynn Resorts (WYNN) posts better-than-expected third-quarter results, with adjusted property earnings before interest, taxes, depreciation, amortization, and restructuring or rent costs (EBITDAR) climbing 206% year-over-year, to $530.4 million. But the stock is down nearly 5% in early trading on investor concerns over an uneven recovery at Wynn’s properties in Chinese gambling hub Macao.
3. The fallout over semiconductor firm Arm Holdings (ARM) continues, as Morgan Stanley initiates coverage on the stock with an equal-weight rating and price target of $55 a share. Shares of Arm closed down more than 5% Thursday after the company’s revenue guidance fell short of expectations the day prior.
4. Morgan Stanley also initiates coverage on Cadence Design (CDNS) with an equal-weight rating and price target of $260 per share. The software company is Club holding Nvidia‘s (NVDA) partner in building chips.
5. JPMorgan raises its price target on Netflix (NFLX) to $510 a share, up from $480, while reiterating an overweight rating on the stock. The bank cites Netflix’s ability to further grow revenues in 2024, expand margins and drive multi-year growth in free cash flow. It’s the only streaming service to make money.
6. Pharmaceuticals giant Novo Nordisk (NVO) says it will invest roughly $6 billion to boost production in Denmark, including for its GLP-1 weight-loss drug, Wegovy. The announcement comes days after the U.S. Food and Drug Administration approved the use of Club holding Eli Lilly‘s (LLY) GLP-1 as an obesity treatment.
7. Deutsche Bank calls Corteva‘s (CTVA) 9% post-earnings sell-off this week “overdone.” The bank lowers its price target on the agriculture company to $55 a a share, down from $58, but reiterates a buy rating on the stock.
8. JPMorgan downgrades Plug Power (PLUG) to neutral from overweight, while lowering its price target to $6 a share, down from $10. The firm says shares of Plug, which develops hydrogen fuel cell systems, are likely to be range bound over the next several quarters as it clarifies balance-sheet issues. The company owes a lot of money, with $1.7 billion in debt.
9. After Toast (TOST) crashed and burned on the back of its third-quarter results, Baird takes its rating on the stock to outperform from neutral, with an unchanged price target of $18 a share. Do not trust point-of- sale systems. It’s a very competitive segment.
10. Multiple firms raise their price targets on Instacart (CART) — including Citi, which goes to $36 a share, up from $34, while reiterating a buy rating on the stock. But I don’t get this at all.
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