Select Premarket Movers

Upside

– $LQDA +41.0% ($380.7M global settlement resolves six lawsuits and preserves uninterrupted YUTREPIA commercialization)

– $TCRT +25.5% (completed Velaris acquisition and secured an approximately $350M private placement to fund development through 2029)

– $VSTM +11.0% (VS-7375 produced a 50% confirmed response rate in eight second-line pancreatic-cancer patients, with FDA alignment on a Phase 3 plan)

– $ENVX +10.0% (received a 100,000-battery drone order and reported preliminary Q3 revenue above guidance)

– $BLK +5.0% (Q3 beat as $205B of net inflows and strong organic base-fee growth topped expectations)

– $ACN +4.0% (investor day targets)

Downside

– $BMEA -20.0% (Phase 1 BMF-650 weight-loss data disappointed investors despite no severe or serious treatment-emergent events)

– $STT -8.5% (Q3 EPS was roughly in line, but revenue missed and fee revenue declined sequentially)

– $FAST -4.5% (Q3 revenue came in slightly light and the 2026 device-signings target was trimmed despite an EPS beat and better operating margin)

– $BAC -4.5% (Q3 adjusted EPS and revenue missed as a $1.2B regulatory-settlement charge weighed on results)

– $HPE -4.5%, NTAP -4.0%, DELL -3.0% (Barclays downgrades the hardware names to Equal Weight, citing valuation and a lack of meaningful AI-driven growth inflection)

– $CRWV -4.0% (no clear fresh company-specific catalyst identified; unusually large premarket move)

Position: None

CoreWeave Bond Yields

We remain short of CoreWeave ($CRWV):

Position: Short CRWV (S) 

Selected Street Research

Cintas ($CTAS) price target raised to $222 from $214 at Baird

Okta ($OKTA) price target raised to $215 from $180 at BarclaysPaychex price target lowered to $113 from $118 at BMO CapitalMcDonald’s price target lowered to $310 from $335 at BMO CapitalNebius upgraded to Outperform from Neutral at BNP Paribas

Okta price target raised to $220 from $200 at BofA

McDonald’s ($MCD) price target lowered to $295 from $350 at BTIGWorthington price target raised to $75 from $67 at CanaccordMeta Platforms price target raised to $885 from $770 at Citizens

Okta price target raised to $235 from $190 at DA DavidsonOkta price target raised to $240 from $185 at Evercore ISIMcDonald’s price target lowered to $300 from $320 at Evercore ISILowe’s downgraded to Hold from Buy at Gordon HaskettOkta price target raised to $227 from $188 at GuggenheimDollar General upgraded to Buy at HSBC on recovery progressOkta price target raised to $240 from $200 at Jefferies

Meta Platforms ($META) price target raised to $920 from $820 at JPMorgan

Carnival ($CCL) price target lowered to $39 from $43 at JPMorganMcDonald’s price target lowered to $260 from $280 at JPMorganTanger downgraded to Neutral from Overweight at JPMorgan

CoreWeave ($CRWV) upgraded to Overweight from Neutral at JPMorganOkta price target raised to $227 from $190 at Oppenheimer

Meta Platforms price target raised to $860 from $650 at Raymond James

Positions: None