The U.S. Department of Labor's latest data shows a significant resurgence in nonfarm payrolls for November, with the economy adding 227,000 jobs, surpassing the 211,000 consensus estimate. The transportation equipment manufacturing sector notably added 32,000 jobs, largely due to the return of workers from a strike. Despite the unemployment rate ticking up to 4.2%, average hourly earnings increased by 0.4% month-over-month, exceeding expectations. This suggests a robust labor market, even as the labor force participation rate dipped slightly.
Rubrik (RBRK) saw its stock soar by 22% in premarket trading after posting impressive third-quarter results and lifting its fiscal 2025 guidance. Analysts at KeyBanc Capital Markets maintained their Overweight rating and increased the price target to $75. The company's strong performance was highlighted by a $30 million beat in annual recurring revenue and improved subscription contribution margins, indicating a positive outlook for the data security firm.
AMC Entertainment (AMC, Financial) announced plans to issue and sell up to 50 million shares of Class A common stock, potentially through at-the-market offerings. This move comes as the company seeks to bolster its financial position, though it resulted in a 10% drop in premarket trading. The sales will be conducted under a shelf registration statement filed in August 2022.
HP Enterprise (HPE, Financial) reported positive quarterly results, with shares rising 2.5% in premarket trading. Citi upgraded the stock to Buy, citing potential benefits from increased demand in server and enterprise networking, as well as expanding AI opportunities. The company is also optimistic about closing its acquisition of Juniper by early 2025, which could further enhance its revenue momentum and margins.
GitLab (GTLB, Financial) gained attention after delivering better-than-expected third-quarter results and guidance, leading to a 10% rise in premarket trading. KeyBanc Capital Markets praised GitLab's consolidation wins and large deal activity, raising the price target to $80. The company's strong performance was driven by significant deals and new customer acquisitions, positioning it well in the fragmented DevSecOps market.
Tractor Supply Company (TSCO, Financial) announced a 5-for-1 stock split as part of its Life Out Here 2030 growth strategy. The company updated its long-term targets, aiming for EPS growth of 8%-11% and an increase in comparable store sales by 3%-5%. The stock split is intended to make shares more accessible to investors and employees, and the company plans to open 90 new stores next year.
Apple (AAPL, Financial) remained in focus with KeyBanc Capital Markets providing insights on recent data points, including a "slightly positive" November iPhone carrier survey. Despite stable trading, the survey indicated strong demand for iPhone 16 Pro/Max models, though base models lagged. KeyBanc maintains an Underweight rating with a $200 price target, noting that interest in Apple AI is not yet a significant demand driver.
Wheaton Precious Metals (WPM) entered a streaming agreement with Allied Gold to support the construction of the Kurmuk project, Ethiopia's first commercial gold mine. Wheaton will provide $175 million upfront in exchange for a portion of the gold production, with first production expected in mid-2026. This deal enhances Wheaton's portfolio with a forecasted 11-year mine life and potential exploration upside.
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