Don’t Ignore Message From Nvidia, Broadcom, Micron, Sandisk Charts
Some of the biggest names in tech are underperforming the market, which is still in consolidation mode.
Upside, Downside Movers in the Morning
Upside
– $RAPP +26% (Phase 2 RAP-219 trial met the primary and secondary endpoints in bipolar mania)
– $MSCI +5.9% (Q3 earnings and revenue topped expectations)
– $EFX +5.5% (sharply positive initial reaction to Q3 results released before the bell)
– $HTZ +5.0% (Oro Mobility secured an $80 million strategic equity investment to accelerate its standalone growth)
– $HAL +4.4% (Q3 earnings and revenue beat expectations)
– $SNY +2.4% (no clear fresh catalyst identified; unusually strong, liquid ADR move)
– $APA +1.9%, $XOM +1.2%, $CVX +1.4%, $COP +1.5%, $OXY +1.6%, $SLB +1.4% (energy names rise as crude jumps on renewed Middle East supply risks)
– $VICR +1.7% (Q3 product and royalty revenue surged and gross margin expanded sharply)
Downside
– $GM -7.6% (Q3 beat, but the full-year profit range was narrowed with the upper end cut, disappointing expectations for another guidance raise)
– $GPC -6.3% (quarter narrowly beat, but the full-year earnings range was narrowed and its upper end cut)
– $STLD -5.4% (Q3 profit missed consensus and fell below the company’s own guidance despite a revenue beat)
– $AAOI -4.6%, SKHY -4.8%, COHR -3.5%, SNDK -3.2%, MU -2.7%, LITE -2.7% (AI hardware, memory and optical names fall as renewed bubble concerns and a weak Korean AI listing pressure the trade)
– $CCK -4.3% (Q3 reaction turns negative as rising input costs offset strong beverage-can volume growth)
– $CRWV -3.9%, NBIS -4.4%, IREN -4.3% (debt-heavy AI-infrastructure names fall as borrowing-cost and funding concerns deepen)
– $GE -3.6% (Q3 beat and the outlook was raised, but shares slip in a high-expectations sell-the-news reaction)
– $BHP -3.0% (quarterly copper production fell 19% on lower grades, maintenance and operational disruptions)
– $AAPL -1.4% (Loop Capital downgrades to Hold from Buy and cuts its target on weaker iPhone shipment expectations)
Tech Selloff Deepens as Market Rotation Continues
Another selloff in AI names broadened to encompass most of Tech, sending the Nasdaq-100 to its worst week since April 2025. Five sectors though would finish the week up 2% or more, as 30-year Treasury yields fell the most since April 2025.
Leaning Into Energy Stocks as Midterm Elections Draw Near
I can’t predict the midterms, but I can see I was let down by Johnson & Johnson — and that energy stocks are surging.
Upgrades, Downgrades and New Research Coverage
Upgrades:
ArcelorMittal ($MT) upgraded to Overweight from Neutral at JPMorgan
Array Technologies ($ARRY) upgraded to Outperform from Neutral at Mizuho, Target: $5
Bank of America ($BAC) upgraded to Outperform from Neutral at Baird, Target: $62
BorgWarner ($BWA) upgraded to Buy from Neutral at BofA, Target: $85
Brighthouse Financial ($BHF) upgraded to Neutral from Underweight at JPMorgan, Target: $55
CarMax ($KMX) upgraded to Buy from Underperform at BofA, Target: $65
Casey’s General Stores ($CASY) upgraded to Outperform from Sector Perform at RBC Capital, Target: $825
Cemex ($CX) upgraded to Buy from Neutral at Citi, Target: $12
Crocs ($CROX) upgraded to Overweight from Equal Weight at Barclays, Target: $139
Fortrea ($FTRE) upgraded to Buy from Hold at Deutsche Bank, Target: $25
Lithium Americas ($LAC) upgraded to Speculative Buy from Hold at Canaccord
Quantinuum ($QNT) upgraded to Overweight from Equal Weight at Morgan Stanley, Target: $62
Scotts Miracle-Gro ($SMG) upgraded to Buy from Neutral at UBS, Target: $70
Walmart ($WMT) upgraded to Buy from Hold at Deutsche Bank, Target: $136
Zions Bancorp ($ZION) upgraded to Outperform from Neutral at Baird, Target: $75
Downgrades:
Albertsons ($ACI) downgraded to Neutral from Overweight at JPMorgan, Target: $14
Albertsons ($ACI) downgraded to Neutral from Buy at Goldman Sachs, Target: $13
Align Technology ($ALGN) downgraded to Neutral from Outperform at Baird, Target: $162
Cirrus Logic ($CRUS) downgraded to Sector Weight from Overweight at KeyBanc
Dauch ($DCH) downgraded to Underperform from Buy at BofA, Target: $5
Envista ($NVST) downgraded to Neutral from Outperform at Baird, Target: $26
Par Pacific ($PARR) downgraded to Neutral from Buy at Goldman Sachs, Target: $94
Spotify ($SPOT) downgraded to Hold from Buy at StoneX
ZTO Express ($ZTO) downgraded to Neutral from Buy at Goldman Sachs, Target: $22
New research coverage
AngloGold Ashanti ($AU) initiated with a Buy at Goldman Sachs, Target: $104
Antero Resources ($AR) initiated with a Sector Outperform at Scotiabank, Target: $46
APA Corp. ($APA) initiated with a Sector Perform at Scotiabank, Target: $44
Black Hills ($BKH) initiated with a Buy at Jefferies, Target: $87
Bright Minds Biosciences ($DRUG) initiated with an Outperform at Wolfe Research, Target: $150
CAMP4 Therapeutics ($CAMP) initiated with a Buy at Needham, Target: $8
Chord Energy ($CHRD) initiated with a Sector Outperform at Scotiabank, Target: $192
CNX Resources (CNX) initiated with a Sector Perform at Scotiabank, Target: $34
Crescent Energy ($CRGY) initiated with a Sector Outperform at Scotiabank, Target: $18
CRISPR Therapeutics ($CRSP) initiated with a Neutral at UBS, Target: $52
Devon Energy ($DVN) initiated with a Sector Outperform at Scotiabank, Target: $61
Diamondback Energy ($FANG) initiated with a Sector Outperform at Scotiabank, Target: $250
Digital Turbine ($APPS) resumed with a Buy at Roth Capital, Target: $19
Eloxx Pharmaceuticals ($ELOX) initiated with an Overweight at Cantor Fitzgerald
EOG Resources ($EOG) initiated with a Sector Perform at Scotiabank, Target: $144
EQT Corporation ($EQT) initiated with a Sector Perform at Scotiabank, Target: $54
Establishment Labs ($ESTA) initiated with a Buy at Stifel, Target: $85
Fidelity National Information Services ($FIS) resumed with a Buy at BofA, Target: $42
First Financial Bankshares ($FFIN) initiated with a Market Perform at Raymond James
Fiserv ($FISV) resumed with an Underperform at BofA, Target: $48
Global Payments ($GPN) resumed with a Buy at BofA, Target: $114
Gold Fields ($GFI) initiated with a Neutral at Goldman Sachs, Target: $38
Gulfport Energy ($GPOR) initiated with a Sector Outperform at Scotiabank, Target: $217
HawkEye 360 ($HAWK) initiated with an Overweight at Piper Sandler, Target: $22
Hemab Therapeutics ($COAG) initiated with an Overweight at JPMorgan, Target: $70
Infinity Natural Resources ($INR) initiated with a Sector Outperform at Scotiabank, Target: $17
Magnolia Oil & Gas ($MGY) initiated with a Sector Outperform at Scotiabank, Target: $31
Matador Resources ($MTDR) initiated with a Sector Perform at Scotiabank, Target: $59
MGE Energy ($MGEE) initiated with a Neutral at JPMorgan, Target: $76
Murphy Oil ($MUR) initiated with a Sector Perform at Scotiabank, Target: $41
Netflix ($NFLX) assumed with a Buy at Jefferies, Target: $85
Northern Oil and Gas ($NOG) initiated with a Sector Perform at Scotiabank, Target: $27
onsemi ($ON) initiated with a Buy at StoneX, Target: $110
Ovid Therapeutics ($OVID) initiated with an Outperform at Wolfe Research, Target: $5
Permian Resources ($PR) initiated with a Sector Outperform at Scotiabank, Target: $29
Rapport Therapeutics ($RAPP) initiated with an Outperform at Wolfe Research, Target: $50
Rapport Therapeutics ($RAPP) initiated with a Buy at UBS, Target: $71
Redwire ($RDW) initiated with a Neutral at Piper Sandler, Target: $11
Shift4 Payments ($FOUR) resumed with a Neutral at BofA, Target: $42
Sight Sciences ($SGHT) initiated with a Buy at H.C. Wainwright, Target: $14
SM Energy ($SM) initiated with a Sector Perform at Scotiabank, Target: $39
Solid Biosciences ($SLDB) initiated with a Buy at UBS, Target: $20
Spectrum Brands ($SPB) resumed with a Buy at UBS, Target: $97
Suja Life ($SUJA) initiated with a Hold at Needham
Ultragenyx ($RARE) initiated with a Neutral at UBS, Target: $16
Vail Resorts ($MTN) initiated with a Market Perform at Citizens
Versant Media ($VSNT) initiated with an Equal Weight at Morgan Stanley, Target: $38
Viking Therapeutics ($VKTX) initiated with a Buy at UBS, Target: $94
Viper Energy ($VNOM) initiated with a Sector Outperform at Scotiabank, Target: $54
Warner Music Group ($WMG) initiated with a Buy at StoneX
Wave Life Sciences ($WVE) initiated with a Buy at UBS, Target: $11
York Space Systems ($YSS) initiated with a Neutral at Piper Sandler, Target: $9
Position: TheStreet Pro Portfolio is long BAC, NFLX
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)
When Value Meets a Great Chart: Why This Stock Offers the Best of Both Worlds
When the technicals and fundamentals agree, I pay attention.