Today, all eyes are focused on the U.S. Philadelphia Fed manufacturing index in a couple of hours. Economists, on average, forecast that the November Philadelphia Fed manufacturing index will come in at -9.0, compared to the previous value of -9.0.
U.S. Export and Import Price Indexes for October will also be in focus today. Economists anticipate the export price index to be at -0.5% m/m and the import price index to stand at -0.3% m/m.
U.S. Industrial Production data will be reported today. Economists foresee this figure to stand at -0.3% m/m in October, compared to the previous number of +0.3% m/m.
U.S. Manufacturing Production data will come in today. Economists expect October’s figure to be -0.3% m/m, compared to the previous value of +0.4% m/m.
On the earnings front, notable companies like Walmart (NYSE:WMT), Applied Materials (NASDAQ:AMAT), Copart (NASDAQ:CPRT), and Ross Stores (NASDAQ:ROST) are set to report their quarterly earnings today.
December S&P 500 futures are down -0.15%, and December Nasdaq 100 E-Mini futures are down -0.30% this morning as weak forecasts from Cisco and Palo Alto Networks weighed on sentiment, while investors looked ahead to a new round of U.S. economic data and speeches from Fed officials.
Cisco Systems Inc (NASDAQ:CSCO) plunged over -10% in pre-market trading after the networking giant cut its full-year revenue guidance. Also, Palo Alto Networks Inc (NASDQ:PANW) slid more than -5% in pre-market trading after the company cut its FY24 billings forecast.
Pre-Market U.S. Stock Movers
Cisco Systems (CSCO) plunged over -10% in pre-market trading after the networking giant cut its full-year revenue guidance.
Palo Alto Networks (PANW) slid more than -5% in pre-market trading after the company cut its FY24 billings forecast.
Advance Auto Parts (AAP) fell over -2% in pre-market trading after BofA downgraded the stock to Underperform from Neutral.
Maxeon Solar Technologies (MAXN) tumbled more than -5% in pre-market trading after the company reported a larger-than-expected Q3 loss and lowered its FY23 revenue guidance.
Plug Power (PLUG) dropped over -3% in pre-market trading after Citi downgraded the stock to Neutral from Buy.
StoneCo (STNE) gained more than +1% in pre-market trading after BofA upgraded the stock to Buy from Neutral.
ANALYST RECOMMENDATIONS
Abbvie: Baptista Research upgrades to outperform from hold with a price target raised from USD 162.40 to USD 164.30.
Charter Communications: Baptista Research maintains its hold recommendation with a price target reduced from USD 469 to USD 445.50.
Chevron Corporation: Baptista Research upgrades to buy from hold with a price target raised from USD 178.20 to USD 188.60.
Cisco Systems: Barclays maintains its equalweight recommendation and reduces the target price from USD 53 to USD 46.
Costar Group: Baird maintains its outperform rating and raises the target price from USD 87 to USD 94.
Diamondback Energy: Piper Sandler & Co maintains its overweight recommendation and raises the target price from USD 189 to USD 206.
Exxon Mobil Corporation: Baptista Research upgrades to outperform from hold with a price target raised from USD 120 to USD 122.80.
Fiserv: Cowen maintains its outperform rating and raises the target price from USD 137 to USD 147.
Target Corporation: Goldman Sachs maintains its buy recommendation and raises the target price from USD 168 to USD 176.
The Tjx Companies: Citigroup maintains its buy recommendation with a price target raised from USD 103 to USD 110.
Tractor Supply Company: Baptista Research upgrades to buy from hold with a price target reduced from USD 252.10 to USD 247.50.
Uber Technologies: Canaccord Genuity maintains its buy recommendation and raises the target price from USD 60 to USD 65.
Verisign: Baptista Research upgrades to outperform from hold with a price target raised from USD 235 to USD 240.60.
West Pharmaceutical Services: Baptista Research downgrades to underperform from hold with a price target reduced from USD 424 to USD 326.70.
Western Digital: BNP Paribas Exane maintains its outperform recommendation and raises the target price from USD 58 to USD 68.
Workday: JMP Securities maintains its market outperform recommendation and raises the target price from USD 260 to USD 270.
Zscaler: Barclays maintains its overweight recommendation and raises the target price from USD 190 to USD 210.
Today’s U.S. Earnings Spotlight: Thursday – November 16th
Walmart (WMT), Applied Materials (AMAT), Copart (CPRT), Ross Stores (ROST), ZTO Express Cayman (ZTO), Warner Music (WMG), Williams-Sonoma (WSM), Dolby Labs (DLB), Woodward (WWD), Globant SA (GLOB), Bath & Body Works (BBWI), Berry Global (BERY), Post (POST), Gap (GPS), UGI (UGI), Macy’s Inc (M), Spire (SR), PagSeguro Digital (PAGS), ESCO Technologies (ESE), Brady (BRC), Arcos Dorados (ARCO), Borr Drilling (BORR), Matthews (MATW), Dole (DOLE), Beazer Homes USA (BZH), Stratasys Ltd (SSYS), BrightView Holdings (BV), Shoe Carnival (SCVL), Gogoro (GGR), Haynes (HAYN).