Upside, Downside Movers in the Morning

Upside

– $PROF +19% (preliminary Q3 revenue was about 45%-47% above consensus, with gross margin expected above 70%)

– $HAE +14% (no fresh company catalyst confirmed; unusually large move on light premarket volume)

– $WOLF +13% (received a conditional commitment for up to $1.5B of 30-year U.S. defense financing, partly offset by warrants for up to 7.5% of diluted equity)

– $EFX +4.5% (no fresh company catalyst confirmed; unusually large premarket move)

– $APA +3.1%, OXY +2.5%, DVN +2.4% (oil producers rise as WTI and Brent jump roughly 4.5%)

– $PLTR +2.3% (extends AI-software momentum despite weaker index futures)

– $PEP +1.6% (Q3 revenue and profit beat expectations; a better-than-feared quarter offsets a cut to the FY earnings-growth outlook)

Downside

– $ARGX -15% (Phase 3 UNITY study in Sjögren’s disease was stopped for futility, overshadowing positive Phase 2 celiac-disease data)

– $GLW -3.3% (no fresh company catalyst confirmed; unusually large premarket move)

– $EQIX -3.0% (rate-sensitive data-center REIT falls as the 10-year Treasury yield climbs to roughly 5.33%)

– $NXPI -3.1%, $AMAT -2.5%, $LRCX -2.9%, $HPE -2.0% (semiconductor and hardware names weaken as Treasury yields rise and global technology shares sell off)

– $SHW -2.7% (crude-oil surge raises petrochemical feedstock and input-cost concerns)

Fed Speakers on Tap Today

4:30 a.m.: Fed Board Governor Waller (Voter) speaks on the economic outlook before the Central Bank of the Republic of Türkiye (TCMB) Istanbul Economic Forum, Istanbul, Turkey (Text available. Q&A from moderator and audience. Livestream at

https://istanbulef.org/eng/yayin/ AND https://www.tcmb.gov;

10:40 a.m.: Fed Bank of Minneapolis President Kashkari (Voter) participates in conversation before virtual 2026 Institute Research Conference at the Federal Reserve Bank of Minneapolis, Minneapolis, MN (No audience Q&A. No media Q&A. No prepared/embargoed text; RSVP for livestream: https://web.cvent.com/event/9c80aa95-4b1d-46d9-8958-484b451a88ee/register?rt=wpYr6f2tTUCA6SwR3ZUAGQ);

1:40 p.m.: Fed Bank of St. Louis President Musalem (Non-Voter) speaks on the U.S. economy and monetary policy before “The Future of Fixed Income” Bloomberg event, NYC (No text. Moderated Q&A expected. Virtual option available)

Another Marijuana Moment

Positions: None.