Wall Street Live — Thursday, October 15

4:46 PM — Proofpoint is acquiring data security firm Varonis (VRNS) in a $6.3B all-cash transaction. The deal aims to create a leading AI and data cybersecurity platform.

4:30 PM — Key US AMC earnings: IBKR, JBHT, AA, INDB, CNS, SFNC, WAFD + other regional banks.

4:21 PM — TD Cowen says Mastercard (MA) and Visa (V) stablecoin moves show adoption complements existing networks. Visa’s launch highlighted only Circle’s (CRCL) USDC; big, regulated coins like it should lead institutional use. Good for USDC.

4:19 PM — Roth Capital keeps Buy and $18 target on Turtle Beach (TBCH). Says it could beat Q3/Q4 earnings from surge in gaming accessories demand with GTA VI out next month. Strong growth already seen, big surprises possible.

4:14 PM — Hain Celestial (organic teas & foods/HAIN) may file bankruptcy. It missed a key deadline to sell its Europe business, needed to cut big debts due soon. Stock crashed ~50%; talks continue but future looks shaky.

4:06 PM — Dow surges at the close as S&P 500 and Nasdaq rebound amid falling Treasury yields.

3:57 PM — US holiday sales set to grow 4.2% to $1.013 trillion this year (vs 3.1% last year), as shoppers stay resilient despite inflation pressures. Retailers note people are more selective with spending.

3:54 PM — AstraZeneca (AZN) teams up with AI company insitro to find new drug targets and create treatments for hard-to-treat fatty liver disease (MASH) and heart muscle problems. Insitro’s AI digs into big data to spot disease causes. Deal: $40M now, up to $1.46B later if successful.

3:48 PM — Semtech (SMTC) shares fell sharply after the company outlined long-term growth plans that disappointed investors expecting even stronger AI-related expansion.

3:28 PM — Citi says Rockstar confirmed GTA 6 cost under $1.5B. Take-Two (TTWO) has $2.4B in development costs ($900M more), so another big game like Red Dead may come in 2027-28. This could soften the post-GTA 6 earnings drop. Citi keeps Buy rating and $270 target.

3:23 PM — Adlai Nortye (ANL) is partnering with Lilly (LLY) and Merck (MRK) to test its new cancer drug AN4035 (alone and with cetuximab) in early trials for RAS-driven tumors. Lilly and Merck will supply the antibody free for US, Australia, and China sites.

2:52 PM — META and Apple (AAPL) teamed up so Meta’s new open AI model, Muse Spark Open, can run locally on two high-end Mac Studios. The big model (good for coding and complex tasks) uses the Macs’ huge shared memory, making powerful AI possible on a desktop setup.

2:47 PM — Cybersecurity stocks moved lower after Perplexity open-sourced SPACE, an AI sandbox that kept agents from breaking out in tests.

2:23 PM — FMC cut Q3 earnings guidance due to $650M commercial actions and market weakness, risking FY26 targets and pressuring FMC and Corteva (CTVA) shares. RBC Sector Perform $9 PT. Citi sees tough balance sheet to 2027, FCF uncertain, Neutral.

2:19 PM — Labcorp (LH) is acquiring BioReference’s clinical testing businesses and 4Kscore Test from OPKO Health (OPK) in a transaction valued at up to $872 million.

1:14 PM — Intuit (INTU) is buying Sequence, an AI tool that automates pricing, billing, and collecting payments for businesses with complex deals (like usage-based). This adds smart revenue features to QuickBooks and Intuit’s mid-market tools, replacing spreadsheets and old systems.

1:10 PM — CoreWeave (CRWV) bonds trade at distressed levels. Huang says cost of capital is decreasing; BofA sees $26.5B revenue in 2027.

12:48 PM — Iambic Therapeutics (IAM) shares open at $16.15, above the $16.00 IPO price.

12:46 PM — Amaero (AMRO) shares open at $4.10, below the $4.25 IPO price.

12:41 PM — Analysts at LifeSci Capital started coverage of Faeth Therapeutics (FTH), rating the stock Outperform with a $40 price objective.

12:39 PM — More hospitals are ordering Humacyte’s (HUMA) Symvess, a ready-made blood vessel for trauma. Orders rose 44% in Q3 to 49 hospitals. Surgeons say it helps save limbs when a patient’s own vein isn’t available. Business is picking up.

12:35 PM — Lilly’s (LLY) Omvoh helped patients with ulcerative colitis and Crohn’s disease achieve multiple steroid-free treatment goals at one year, including after prior biologic failure.

12:11 PM — International Paper (IP) may scrap its DS Smith spin-off after private equity firms explore a deal for the European packaging business valued at less than $6 billion. 

11:52 AM — Recursion (RXRX) extends runway into 2029 with $200M financing while reporting durable REC-4881 polyp reductions in FAP and a Sanofi (SNY) candidate option.

11:38 AM — CarMax (KMX) shares climbed after BofA upgraded the stock to Buy from Underperform, pointing to stronger pricing and positive sales trends.

10:44 AM — Morgan Stanley says TeraWulf’s (WULF) recent drop doesn’t match the value of its contracts and upcoming deals. The firm calls it a rare mispricing, keeps an Overweight rating with a $65 target (392% upside), and points to catalysts including a Hawesville credit backstop, Muskie leases, cash-flow assets, and European growth.

10:31 AM — JPMorgan lowered its price target on Rhythm (RYTM) to $145 from $146 but kept an Overweight rating and added it to its Focus List. The firm sees the stock as undervalued—valuing the hypothalamic obesity opportunity alone at $90–$95—and views current levels as a buying opportunity ahead of Imcivree’s Europe launch and other pipeline progress.

10:29 AM — BofA downgraded Dauch (DCH) to Underperform from Buy and slashed its price target to $5 from $10. The firm sees near-term pressure from the company’s exposure to Ram’s heavy-duty trucks amid weaker production, along with rising costs.

10:27 AM — Dexcom (DXCM) shares climb after NEJM publishes CONNECT trial results showing G7 improves glucose control in Type 2 diabetes patients not on insulin.

10:01 AM — Kimberly-Clark (KMB) reaffirmed its 2026 outlook after preliminary Q3 results beat estimates (sales $4.13B, EPS $1.70). China cleared false Huggies formamide claims, lifting shares ~4.5%. Final results come Nov. 5.

09:57 AM — Oppenheimer keeps a Perform rating on META before earnings. The big issue is 2027 spending on Muse AI and model training, partly offset by lower costs and possible fundraising. They forecast $135B cash burn through 2028 and EPS about 10% below the Street. Expect detailed 2027 expense comments that could reset estimates lower.

09:54 AM — Stephens upgraded Texas Roadhouse (TXRH) to Overweight from Equal Weight, leaving its price target unchanged at $205. In a preview of the restaurants group, the analyst said the firm’s historical valuation analysis “suggests an attractive entry point.”

09:51 AM — FMC shares fell ~39% after a huge Q3 guidance cut. Revenue now only $65-125M (was ~$870M) with big losses from $625M+ charges. Stuck high-priced inventory and price cuts to clear the channel drove the drop.

09:49 AM — ManpowerGroup (MAN) shares fell ~15% after Q3 results. Revenue slightly missed and Q4 guidance only matched expectations. After a big prior rally, that plus the CEO change triggered the drop.

09:45 AM — Schwab (SCHW) shares fell ~5% after Q3 results: earnings beat but revenue slightly missed. Strong client growth and records, yet rate worries and a tiny sales shortfall triggered the drop.

09:41 AM — CCC Intelligent Solutions (CCC) is being acquired by GTCR and Elliott in a $6.1B all-cash deal. Shareholders get $7.75 per share. It closes in early 2027. CCC provides AI/SaaS tools for insurance claims and auto repairs.

09:33 AM — S&P 500 and Nasdaq open lower as tech stocks remain under pressure.

09:30 AM — UBS launches coverage on Viking (VKTX) with Buy and $94 target. Dual-acting VK2735 posts strong weight-loss results versus current leaders.

09:09 AM — U.S. retail sales rose 0.8% in September, mainly from higher gas station spending due to rising prices. Sales are up 6.3% from last year. Excluding gas and cars, growth was only 0.2%. August was revised to a 1.3% gain.

08:48 AM — Wholesale prices rose 6.3% yearly in September—the biggest jump since 2022 and higher than expected. Energy costs spiked from the Middle East conflict, pushing up inflation. Consumer prices also climbed more than forecast.

08:46 AM — Public shareholders of Penske Automotive (PAG) will receive $212 per share as the company goes private in a $16.3B deal with Penske and Mitsui.

08:24 AM — Deutsche Bank raised Walmart (WMT) to Buy with a $136 price target, citing pricing tailwinds, stronger market share gains, and a favorable 2027 setup.

07:55 AM — Rocket Lab (RKLB) slumped 10% after the company delayed the debut launch of its Neutron reusable rocket until next year, citing a manufacturing-process issue.

07:53 AM — CoreWeave (CRWV) fell another 3.5% as concerns over the cloud-computing company’s debt continued to mount, after shares plunged 15% on Wednesday amid a surge in the yield on its 9.625% notes due in 2032.

07:50 AM — AI-linked stocks continued to tumble in premarket trading, with Advanced Micro Devices (AMD), Coherent (COHR), Corning (GLW), Intel (INTC), Lumentum (LITE), Marvell (MRVL), and Sandisk (SNDK) all declining ahead of the opening bell as the tech selloff intensified.

07:48 AM — Apple (AAPL) closed above $5 trillion for the first time as AI stocks fell on Anthropic’s slowing growth and hotter inflation data.

07:18 AM — BofA analyst Matthew O’Neill downgraded PayPal (PYPL) to Underperform from Neutral with a $53 price target. The firm sees a weak Q3 setup and says every major transformation lever is a 2027-or-later story.

07:16 AM — Mizuho upgraded Array Technologies (ARRY) to Outperform from Neutral, lowering its target to $5 from $7. Shares down 64% this year offer attractive risk/reward as demand and cash fears look overdone. It expects a 2027 recovery, with backlog visibility and acquisitions driving leverage and above-consensus estimates.

07:14 AM — Jefferies assumed coverage of Netflix (NFLX) with a Buy and $85 target. It sees monetization upside, scale-driven margins, and buybacks driving 10 years of 14%+ annual earnings growth. Clearer capital and engagement trends should support a strong 2027 setup and multiple expansion from low levels.

07:12 AM — Barclays upgraded Crocs (CROX) to Overweight from Equal Weight, lifting its price target to $139 from $118. It sees clearer multi-year growth as international sales rise and North America recovers via product, category, and brand investments, shifting from stabilization to sustainable growth.

07:10 AM — Morgan Stanley sees Quantinuum (QNT) as the top pure-play quantum stock after upgrading it to Overweight on technology and execution strength.

06:38 AM — TSMC (TSM) lifts full-year revenue growth forecast to 44% after record profit, but warns of macro pressures on consumer markets next year.

06:18 AM — Ericsson (ERIC) posted stronger-than-expected Q3 profit on solid network demand. Shares jumped, but the company warned rising component costs will pressure margins next year.

06:00 AM — Main US pre-market earnings: TSM (already out, record AI beat), SCHW, BNY, USB, PNC, PLD, MRSH, ERIC (already out), FHN, MAN, CMC, WIT.

05:56 AM — The Dow is expected to remain steady, while the S&P 500 faces declines and the Nasdaq struggles amid concerns about Anthropic’s growth prospects; meanwhile, the 10-year Treasury yield plunges as fears over tech stocks mount.