BIIB Biogen Inc

December S&P 500 futures are trending up this morning as investors looked ahead to comments from Fed Chair Jerome Powell for further clues on the U.S. central bank’s monetary policy path while also awaiting an earnings report from Disney.

U.S. rate futures have priced in a 9.8% probability of a 25 basis point rate increase at the next central bank meeting in December and a 14.8% chance of a 25 basis point rate hike at the conclusion of the Fed’s January meeting.

Third-quarter earnings season rolls on, with investors awaiting fresh reports from notable companies today, including Disney (NYSE:DIS), Warner Bros Discovery (NASDAQ:WBD), Biogen (NASDAQ:BIIB), and Take-Two Interactive (NASDAQ:TTWO).

Meanwhile, Federal Reserve Chair Jerome Powell is set to deliver opening remarks before the Federal Reserve Division of Research and Statistics Centennial Conference later in the day and will participate in a panel discussion at the IMF’s annual research conference on Thursday. In addition, several other Fed officials will be making appearances today, including Williams, Barr, and Jefferson.

On the economic data front, investors will likely focus on U.S. Wholesale Inventories data due later in the day. Economists foresee this figure to stand at 0.0% m/m in September, compared to -0.1% m/m in August.

In the bond markets, United States 10-year rates are at 4.580%, up +0.20%.

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Pre-Market U.S. Stock Movers

Upstart Holdings (NASDAQ:UPST) tumbled about -22% in pre-market trading after the company reported downbeat Q3 results and provided below-consensus Q4 revenue guidance.

Upwork (NASDAQ:UPWK) surged over +21% in pre-market trading after reporting upbeat Q3 results and raising its FY23 revenue guidance.

eBay Inc (NASDAQ:EBAY) slumped more than -6% in pre-market trading after the company offered weaker-than-expected guidance for the holiday quarter.

Robinhood Markets Inc (NASDAQ:HOOD) slid over -7% in pre-market trading after the company reported weaker-than-expected Q3 revenue and raised its expectations for FY23 total operating expenses.

Lucid Group Inc (NASDAQ:LCID) fell over -3% in pre-market trading after the company posted mixed Q3 results and lowered its full-year production outlook.

NXP Semiconductors NV (NASDAQ:NXPI) dropped more than -2% in pre-market trading after Citi downgraded the stock to Sell from Neutral.

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ANALYST RECOMMENDATIONS

Advanced Micro Devices: CTBC Securities Investment Service Co LTD maintains its add recommendation and reduces the target price from $135 to $125.

Air Products & Chemicals: Wells Fargo maintains its overweight rating and reduces the target price from $345 to $320.

Akamai Technologies: Baird maintains a neutral recommendation with a price target raised from $108 to $120.

Avalonbay Communities: Morgan Stanley resumes coverage with an equal weight rating and a target price raised from $180.50 to $193.

Celanese Corporation: Baird maintains its outperform rating and reduces the target price from $140 to $135.

Chevron Corporation: HSBC maintains its buy recommendation and reduces the target price from $184 to $169.

Constellation Energy Corporation: BMO Capital Markets maintains its outperform rating and raises the target price from $123 to $131.

Datadog: Baird maintains a neutral recommendation with a price target raised from $84 to $103.

Devon Energy Corporation: Peters & Co. maintains its sector perform recommendation and reduces the target price from $56 to $52.

Diamondback Energy: JP Morgan maintains its overweight recommendation and raises the target price from $174 to $180.

Dr Horton: Barclays maintains its overweight recommendation and raises the target price from $130 to $143.

Ebay: Baird maintains its outperform rating and reduces the target price from $52 to $48.

Emerson Electric: Baird maintains a neutral recommendation with a price target reduced from $99 to $88.

Expeditors International Of Washington: JP Morgan maintains its underweight recommendation and reduces the target price from $110 to $107.

Extra Space Storage: Stifel maintains its buy recommendation and reduces the target price from $185 to $165.

Exxon Mobil Corporation: HSBC maintains its hold recommendation with a price target raised from $116 to $119.

Fidelity National Information Services: Wolfe Research upgrades to outperform from peerperform with a target price of $65.

Gilead Sciences: Jefferies maintains its buy recommendation and raises the target price from $90 to $95.

Globalfoundries: Baird maintains its outperform rating and reduces the target price from $100 to $70.

Gsk plc: Berenberg maintains its buy recommendation and reduces the target price from $44 to $41.

International Flavors & Fragrances: Baird maintains its outperform rating and raises the target price from $75 to $80.

Martin Marietta Materials: Thompson Research Group maintains its not rated recommendation with a price target raised from $501 to $527.

Match Group: Baird maintains its outperform rating and reduces the target price from $49 to $36.

Mondelez International: Berenberg maintains its buy recommendation and reduces the target price from $87 to $84.

Nxp Semiconductors: Citi downgrades to sell from neutral with a price target reduced from $216 to $150.

Pultegroup: Wells Fargo maintains its overweight recommendation and raises the target price from $80 to $92.

Quanta Services: Goldman Sachs upgrades to buy from neutral with a price target reduced from $214 to $211.

Rivian Automotive: Canaccord Genuity maintains its buy recommendation and reduces the target price from $44 to $30.

Shopify: Loop Capital Markets maintains its hold recommendation with a price target raised from $57 to $62.

Uber Technologies: Bernstein maintains its outperform rating and raises the target price from $55 to $60.

United Parcel Service: Loop Capital Markets maintains its hold recommendation with a price target reduced from $172 to $162.

Waters Corporation: Baird maintains a neutral recommendation with a price target reduced from $275 to $253.

Zimmer biomet Holdings: Citigroup maintains market perform recommendation with a price target reduced from $148 to $123.

Today’s U.S. Earnings Spotlight: Wednesday – November 8th

Walt Disney (DIS), TC Energy (TRP), Biogen (BIIB), Corteva (CTVA), Manulife Financial (MFC), Warner Bros Discovery (WBD), CGI Inc (GIB), Franco-Nevada (FNV), Take-Two (TTWO), Fair Isaac (FICO), HubSpot Inc (HUBS), Roblox (RBLX), Ke Hldg (BEKE), Kellanova (K), FleetCor (FLT), Royalty Pharma (RPRX), Atmos Energy (ATO), Applovin (APP), MGM (MGM), Endeavor Group (EDR), U-Haul Holding (UHAL), Twilio (TWLO), Performance Food Group Co (PFGC), Charles River Laboratories (CRL), Jazz Pharma (JAZZ), UWM Holdings (UWMC), Instacart (CART), Ralph Lauren A (RL), Duolingo (DUOL), NewYork Times (NYT), Affirm Holdings (AFRM), Kinross Gold (KGC), Genpact (G), ICL Israel Chemicals (ICL), Middleby Corp (MIDD), Starwood Property (STWD), New Fortress Energy (NFE), Owl Rock Capital (OBDC), Reynolds (REYN), Kinetik Holdings (KNTK), Natera Inc (NTRA), Ultrapar Participacoes (UGP), Southwest Gas Hold (SWX), B2Gold (BTG), LYFT (LYFT), Ashland Global (ASH), Shift4 Payments Inc (FOUR), Ormat (ORA), Helmerich Payne (HP), Enersys (ENS), Cactus (WHD), Installed Building (IBP), Amicus (FOLD), Adient (ADNT), Ginkgo Bioworks (DNA), Jackson Financial (JXN), Vishay Intertechnology (VSH), Playtika (PLTK), Diodes (DIOD), SeaWorld Entertainment (SEAS), Azenta (AZTA), Ziff Davis (ZD), Genworth (GNW), Lumentum Holdings Inc (LITE), Clear Secure (YOU), Hagerty (HGTY), Steven Madden (SHOO), Callaway Golf (MODG), Lifestance Health Group (LFST), IONQ (IONQ), Bloom Energy (BE), ViaSat (VSAT), Prospect Capital (PSEC), Sovos Brands (SOVO), Rocket Lab USA (RKLB), Envestnet (ENV), Nuvei (NVEI), Jamf (JAMF), Xenon Pharmaceuticals (XENE), Payoneer Global Inc (PAYO), Certara (CERT), Liveramp (RAMP), Marathon Digital (MARA), ODP (ODP), Vericel Corp Ord (VCEL), Siriuspoint (SPNT), Excelerate Energy (EE), Warby Parker (WRBY), AvidXchange Holdings (AVDX), GCM Grosvenor (GCMG), SFLoration Ltd (SFL), Fisker (FSR), Xpel (XPEL), Catalyst Pharmaceuticals (CPRX), Luminar Tech (LAZR), Hillman Solutions (HLMN), Kodiak Gas Services (KGS), Supernus (SUPN), Target Hospitality (TH), Taboola (TBLA), ANI Pharma (ANIP), Sphere Entertainment (SPHR), Ziprecruiter (ZIP), Sterling Check (STER), Cadre Holdings (CDRE), PDF Solutions (PDFS), Everi Holdings (EVRI), TTEC (TTEC), Magnite (MGNI).

Biogen (NASDAQ:BIIB)
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