Upside, Downside Movers in the Morning

Avatar photo Doug Kass on October 13, 2026

Upside

– $VFC +4.0% (Piper Sandler and Truist upgrade as signs of Vans stabilization improve turnaround confidence)

– $GS +3.0% (Q3 beat, led by surging equities revenue and stronger investment-banking fees)

– $UNH +2.5% (Q3 beat and 2026 adjusted EPS outlook raised to at least $20.50)

Downside

– $SNDX -17.0% (MAXPIRe Phase 2 axatilimab trial in idiopathic pulmonary fibrosis missed its primary endpoint)

– $S -7.0% ($1.25B convertible senior-notes offering raises dilution and stock-supply concerns)

– $WDC -6.0% (UBS cuts its target on hard-drive capacity and pricing uncertainty, compounding the storage-sector selloff)

– $SNDK -6.0%, $STX -5.5%, $MU -3.5%, $MRVL -2.5%, $AMD -2.0% (memory, storage and chip names slide as reported CXMT advances intensify China-competition fears)

– $JPM -3.5% (Q3 EPS and revenue missed as fixed-income trading weakened despite stronger investment-banking fees)

– $DPZ -3.0% (Q3 beat, but US same-store sales growth slowed sharply, raising demand-recovery concerns)

– $JNJ -3.0% (Q3 beat, but medtech growth was soft and international device sales faced geopolitical disruption)

– $ADBE -1.5% (HSBC downgrades to Hold, citing open-source competition risks)

– $WFC -1.0% (Q3 EPS beat, but revenue and net-interest income missed expectations) 

A Snapshot Before I Go

Avatar photo Chris Versace on September 10, 2026

One last thing before I bid you all adieu and get ready to lock in for the Oracle ($ORCL) and Adobe ($ADBE) earnings calls.

Here’s a snapshot of what the market expects for tomorrow’s August CPI report:

The headline CPI figure is expected to come in at 3.4% on a year-over-year basis, matching the July figure. The core reading for August is expected to inch lower to 2.4% from 2.5% in July. 

While many tend to focus on the core figure, with food and gas accounting for 20%-25% of the average paycheck, it’s hard to think consumers aren’t feeling the pinch of current gas prices or the continued rise in food prices found in the FAO Food Price Index. 

Later in the day, the University of Michigan will publish its preliminary September reading for Consumer Inflation Expectations and the market sees it clocking in at 3.9%, down a tick from 4.0% in August.  

Position: None 

Adobe and Oracle

Avatar photo Chris Versace on September 10, 2026

After today’s market close, Adobe ($ADBE) and Oracle ($ORCL) report their quarterly results.

For Adobe, which is expected to deliver EPS of $6.09 on $6.7 billion in revenue, it will be the first earnings since it announced Anil Chakravarthy will succeed Santanu Narayen as CEO December 1. Now to see if outgoing CEO Narayen delivers guidance that matches Wall Street’s expectation for the final quarter under his tenure. For Adobe’s November quarter, Wall Street sees EPS of $6.33 on $6.85 billion in revenue. 

Turning to Oracle, the market consensus is for the company to post EPS of $1.74 on $19.13 billion in revenue for its August quarter. For the current one, those figures are $1.89 and $21.17 billion. In addition to those figures, we’ll be following Oracle’s remaining performance obligations (RPOs), which stood at $638 billion exiting its May 2026 quarter. During that May quarter, management booked $67 billion in AI infrastructure contracts. We’ll also be looking to see if Oracle increases its capital spending plan for its fiscal 2027 beyond the $70 billion shared back in June. 

In reviewing both earnings releases and corresponding earnings calls, we will also be mindful about what is said pertaining to the pace of AI adoption and usage. 

Position: None