The S&P 500 futures are up by 2 points, while the Nasdaq 100 futures have decreased by 10 points. Dow Jones Industrial Average futures are down 20 points. This suggests a mixed start for the major indices today. Mega cap stocks are trading in various directions as the market opens, showing some caution after the S&P 500 and Nasdaq Composite recently hit record highs.
Treasury yields are showing mixed movements. The 2-year yield has decreased by two basis points to 4.18%, and the 10-year yield has increased by one basis point to 4.21%.
Today, the October JOLTS - Job Openings report will be released at 10:00 ET.
ZJK Industrial (ZJK, Financial) shares saw an explosive rise, climbing over 500% premarket, following the announcement of a significant collaboration with NVIDIA (NVDA, Financial) on advanced liquid cooling systems. This partnership marks a strategic expansion for ZJK, as it moves into sub-assembly and assembly manufacturing, aiming to enhance its technical capabilities and stand out from competitors.
AT&T (T, Financial) has laid out an ambitious multi-year strategic plan, aiming for double-digit growth in adjusted EPS and over $18 billion in free cash flow by 2027. The plan includes expanding its fiber broadband network to over 50 million locations by 2029 and modernizing its 5G network. This strategy is expected to support $40 billion in shareholder returns through dividends and share repurchases over the next three years.
Super Micro Computer (SMCI, Financial) shares rose by 5% in premarket trading, despite J.P. Morgan remaining cautious due to compliance issues. A special committee found no wrongdoing, but the firm awaits further clarity from independent auditors and Nasdaq's decision on compliance extensions.
Credo Technology (CRDO, Financial) experienced a 32% surge in premarket trading after reporting strong third-quarter results, driven by AI cluster adoption. Analysts have upgraded the stock, citing a "growth inflection" and strong performance from key customers like Amazon Web Services.
Upstart Holdings (UPST, Financial) received an upgrade to Buy from Redburn Atlantic, following two consecutive quarters of better-than-expected results. The company's AI-driven credit technology is seen as a key driver for future market share gains and high incremental margins, with a price target increase to $95.
Kroger (KR, Financial) saw mixed analyst opinions, with Jefferies upgrading the stock to Buy due to improved foot traffic and fuel profitability, while BMO Capital Markets downgraded it to Market Perform. Jefferies highlights the structural profitability of Kroger's fuel business and potential synergies with Albertsons (ACI, Financial).
Apple (AAPL, Financial) is reportedly negotiating a $1 billion investment in Indonesia to lift a ban on iPhone 16 sales. This investment would significantly increase Apple's previous offers and is part of ongoing discussions to improve its market position in Indonesia compared to other countries like Vietnam.
Palantir Technologies (PLTR, Financial) achieved FedRAMP High Authorization for its cloud-based services, enhancing its secure cloud offerings for federal government customers. This development strengthens Palantir's competitive advantage and supports its growth trajectory in the U.S. market.
MARA Holdings (MARA, Financial) announced the pricing of its $850 million convertible senior notes due 2031, with an option for an additional $150 million. The notes, which bear a 0.00% interest rate, are part of MARA's strategy to strengthen its financial position and support future growth initiatives.
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