S&P 500 futures are up six points, Nasdaq 100 futures have increased 51 points, and Dow Jones Industrial Average futures are down 81 points. This indicates a mixed start to the day.
The market is preparing for a busy week with several earnings reports and economic data releases. The Treasury market is closed today due to Columbus Day.
China's Ministry of Finance left investors wanting more details on economic stimulus plans during a recent press meeting.
Important updates from major companies include:
Today's News
Uber Technologies (UBER, Financial) saw a significant boost in its stock price, reaching an all-time high, following Tesla's (TSLA, Financial) robotaxi event, which fell short of expectations. Jefferies analyst John Colantuoni noted that Tesla's lack of verifiable progress on autonomous driving technology alleviates concerns over Uber's market position. Tesla's decision to pursue the robotaxi market independently could present challenges in scaling operations without leveraging Uber's platform.
SoFi Technologies (SOFI, Financial) experienced a 6.6% premarket rise after announcing a $2B loan platform agreement with Fortress Investment Group. This deal enhances SoFi's loan platform business, allowing it to serve more members and shift towards fee-based revenue sources. CEO Anthony Noto emphasized the strategic importance of this expansion in diversifying SoFi's financial services offerings.
Broadcom (AVGO, Financial) and Credo Technology (CRDO, Financial) gained attention as Mizuho Securities raised their price targets, citing the strength in artificial intelligence markets. Broadcom's potential $16B opportunity with OpenAI's chip business and custom AI chip developments in China, along with potential collaborations with Amazon (AMZN) and Google (GOOGL), underscore its leadership in the GPU and custom silicon space.
Bausch & Lomb (BLCO, Financial) saw a 9% premarket increase amid reports of a joint bid from private equity firms TPG (TPG) and Blackstone (BX). The potential acquisition, valued at up to $14 billion, highlights interest in the eyecare sector, with formal bids expected soon. The involvement of major PE firms suggests a significant strategic interest in Bausch & Lomb's market position.
AppLovin (APP, Financial) shares fell 3.5% after Goldman Sachs downgraded the stock, citing a balanced risk-reward at current levels. Despite the downgrade, the firm's AXON 2.0 strategy remains a strong point, aligning with stable trends in the advertising industry. The revised price target of $150 reflects a cautious but optimistic long-term outlook.
Caterpillar (CAT, Financial) shares dropped 2.5% following a downgrade by Morgan Stanley to Underweight, due to concerns about a potential downturn in U.S. construction equipment demand. Analyst Angel Castillo highlighted the risk of downward earnings revisions, prompting a lower price target of $332 per share.
SentinelOne (S, Financial) shares rose over 4% after Piper Sandler upgraded the stock to overweight, citing catalysts that could boost shares through the year-end. Analyst Rob Owens noted SentinelOne's market share gains against competitors like CrowdStrike and sees significant upside potential.
B. Riley Financial (RILY, Financial) surged 17% after announcing a $400M deal to sell its Great American appraisal and valuations business to Oaktree Capital. The transaction is expected to close by year's end, marking a strategic move to streamline operations and capitalize on its business segments.
Amgen (AMGN, Financial) was downgraded by Truist from buy to hold, as the potential for its obesity asset MariTide is already reflected in the stock price. Despite this, the target price was increased to $333, acknowledging the competitive landscape for obesity treatments.
TSMC (TSM) dismissed reports of new European expansion plans focused on AI chips. The company remains committed to its current global projects, including a new fab in Dresden, reflecting its strategic focus on existing initiatives.
