TURKEY'S ERDOGAN SAYS RECENT DEVELOPMENTS MIGHT BRING REGION AND WORLD TO BRINK OF LARGER WAR, CNN TURK REPORTS
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EURO-ZONE NEGOTIATED WAGE GROWTH QUICKENED TO 5.4% IN 3Q: ECB

EUROZONE CONSTRUCTION OUTPUT (M/M) SEP: -0.1% (PREV 0.1%; PREVR 0.0)
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JAPAN GOVT PLANS TO INVEST 200 BLN YEN IN CHIPMAKER RAPIDUS IN FY 2025, NIKKEI SAYS
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IRAN ACCEPTED IAEA REQUEST TO STOP 60% ENRICHMENT: DG GROSSI

IAEA'S GROSSI COMMENTS IN PREPARED STATEMENT IN VIENNA

IAEA VERIFIES IRAN HAS TAKEN STEPS TO STOP 60% ENRICHMENT
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• $NVDA is set to report its Q3 earnings on November 20th.

• The market anticipates a significant movement in stock price post-earnings, historically around 9.8%.

• Earnings Expectations: For Q3, analysts expect NVIDIA to report earnings per share (EPS) of $0.74 on revenues of $32.87 billion, with a substantial portion, $28.51 billion, coming from data center sales.

• Future Guidance: For Q4, expectations are set for an EPS of $0.82 on $36.78 billion in revenue. Looking ahead to fiscal year 2025, the consensus is for an EPS of $2.85 on revenues of $125.62 billion, with data center sales projected at nearly $110 billion.

• Analyst Ratings: According to Refinitiv, NVIDIA enjoys a favorable outlook with most brokers rating it a 'Buy' or 'Strong Buy', with a median price target significantly above its recent closing price of $147.01.

• Market Position: NVIDIA holds a prominent position in major indices, being the second-largest component in the S&P 500 and the largest in the Nasdaq-100 by weight.

• Analyst Commentary: Morgan Stanley has adjusted its projections for NVIDIA, expecting strong growth in the latter half of 2025 driven by the Blackwell cycle, despite near-term supply constraints. However, they anticipate lower margins initially due to these supply issues but remain optimistic about NVIDIA's long-term growth, considering it their top stock pick.
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$NFLX: Pivotal Research Raises target price to $1,100 from $925 (Street-high)
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$TGT 2025 F/Y GUIDANCE

🔸 Sees ADJ EPS $8.30 to $8.90, saw $9 to $9.70, EST $9.57

GUIDANCE: Q4

🔸 Sees ADJ EPS $1.85 to $2.45, EST $2.65

RESULTS: Q3

🔸 Comparable sales +0.3% vs. -4.9% y/y, EST +1.48%
🔸 Comp digital sales +10.8%, EST +4.69%
🔸 Sales $25.23B, +0.9% y/y, EST $25.74B
🔸 Gross margin 27.2%, EST 28.7%
🔸 Ebit $1.20B, -11% y/y
🔸 EBITDA $1.95B, -5.5% y/y, EST $2.16B
🔸 Customer transactions +2.4%
🔸 Average transaction amount -2%, EST -1.08%
🔸 Digital sales as share of total sales 18.5%
🔸 Total stores 1,978, EST 1,972
🔸 Operating margin 4.6%, EST 5.63%
🔸 Store comparable sales -1.9%, EST +1.49%
🔸 Stores originated sales 81.5%, EST 82.7%
🔸 ADJ EPS $1.85 vs. $2.10 y/y, EST $2.30
🔸 Operating income $1.17B, -11% y/y, EST $1.46B
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$TGT - TARGET SHARES SINK 13% AFTER CUTTING FULL-YEAR PROFIT OUTLOOK
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$TGT - TARGET SHARES EXTEND LOSSES TO FALL 20%
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AIR ALERT IN KYIV
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KYIV MAYOR: ‘DO NOT IGNORE THE AIR ALERT THAT HAS ALREADY BEEN ANNOUNCED IN KYIV. MISSILE DANGER.’
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#Upgrades - Nov 20, 2024

• $AVAV: Jefferies Upgrades to Buy from Hold - PT $230 (from $240)
• $CHWY: BofA Securities Upgrades to Buy from Underperform - PT $40 (from $24)
• $ENR: JPMorgan Upgrades to Neutral from Underweight - PT $39 (from $32)
• $GLPI: Deutsche Bank Upgrades to Buy from Hold - PT $54 (from $49)
• $INSP: BofA Securities Upgrades to Buy from Underperform - PT $255 (from $220)
• $LMND: Morgan Stanley Upgrades to Equalweight from underweight - PT $42 (from $23)
• $NWL: Barclays Upgrades to Overweight from Equalweight - PT $10 (from $8)
• $SEDG: Guggenheim Upgrades to Neutral from Sell
• $XPEV: CMB International Securities Upgrades to Buy from Hold - PT $16 (from $8)
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#Downgrades - Nov 20, 2024

• $BE: HSBC Downgrades to Hold from Buy - PT $24.50 (from $17.20)
• $BOOM: Stifel Downgrades to Hold from Buy - PT $8 (from $16)
• $ENR: Barclays Downgrades to Equalweight from Overweight - PT $36
• $FIS: BNP Paribas Exane Downgrades to Underperform from Neutral
• $FMCC: KBW Downgrades to Market Perform from Outperform - PT $4 (from $2.50)
• $FN: B.Riley Downgrades to Sell from Neutral - PT $178 (from $194)
• $FNMA: KBW Downgrades to Market Perform from Outperform - PT $3 (from $2)
• $JPM: Oppenheimer Downgrades to Perform from Outperform
• $LMND: Morgan Stanley Downgrades to Equalweight from Overweight - PT $42
• $MLSS: Benchmark Downgrades to Speculative Buy from Buy - PT $1.25
• $NOG: RBC Capital Downgrades to Sector Perform from Outperform - PT $45 (from $43)
• $OCSL: JPMorgan Downgrades to Neutral from Overweight - PT $15 (from $17)
• $SQ: BNP Paribas Exane Downgrades to Neutral from Outperform - PT $88
• $TOST: BNP Paribas Exane Downgrades to Neutral from Outperform - PT $37
• $WB: CCB Int'l Downgrades to Neutral from Outperform - PT $9.90
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UKRAINE AIR FORCE WARNS OF MISSILE ALERT OVER UKRAINE
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U.S MBA MORTGAGE APPLICATIONS (WOW) ACTUAL: 1.7% VS 0.5% PREVIOUS

U.S MBA 30-YEAR MORTGAGE RATE ACTUAL: 6.90% VS 6.86% PREVIOUS
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$ACXP - ACURX BOARD OF DIRECTORS APPROVES BITCOIN AS TREASURY RESERVE ASSET

ACURX PHARMACEUTICALS INC: APPROVED PURCHASE OF UP TO $1 MLN IN BITCOIN TO HOLD AS A TREASURY RESERVE ASSET
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$MSTR - MICROSTRATEGY JOINS TOP 100 US COMPANIES BY MARKET CAP

MicroStrategy has secured a spot among the top 100 largest United States publicly traded companies, ranking 97th with a market capitalization of $96.73 billion, data from CompaniesMarketCap showed on Wednesday.

The company is said to have climbed 29 spots in the rankings following an 11.89% surge in its stock price by Tuesday's close, reaching $430.54 per share. Between November 11 and November 17, MicroStrategy acquired $4.6 billion worth of Bitcoin, bringing its total holdings to 331,200. The aggregate value of the company's Bitcoin assets now stands at approximately $16.5 billion, according to a recent filing.
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REUTERS POLL-FEDERAL RESERVE TO CUT FED FUNDS RATE BY 25BPS IN DEC TO 4.25%-4.50%, SAY 94 OF 106 ECONOMISTS
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REUTERS POLL-RISK OF RESURGENCE IN U.S. INFLATION NEXT YEAR HAS RISEN, SAY 57 OF 67 ECONOMISTS

REUTERS POLL-U.S. PRESIDENT-ELECT TRUMP'S PROPOSED TARIFFS WILL SIGNIFICANTLY IMPACT U.S. ECONOMY, SAY 44 OF 51 ECONOMISTS
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MORNING RECAP

• Target Corp. ( $TGT): Shares fell after Q3 results missed expectations; EPS $1.85 vs. $2.30 est., sales up 0.9% to $25.23B missing $25.74B est., and operating margin at 4.6% vs. 5.6% est. FY EPS guidance lowered to $8.30-$8.90 from $9-$9.70.
• Azek Company ( $AZEK): Beat Q4 expectations with EPS at $0.29 vs. $0.27 est., adjusted EBITDA $91.8M vs. $88.1M, and sales at $348.22M. FY25 guidance: revenue $1.51B-$1.54B, adjusted EBITDA $400M-$415M.
• Chewy ( $CHWY): Upgraded to 'Buy' by Bank America with price target raised to $40 from $24.
• Delta Air Lines ( $DAL): Projects mid-single digit revenue growth for 2025, with capacity expansion up to 4%.
• La-Z-Boy ( $LZB): Q2 EPS $0.71 vs. $0.64 est., sales up 1.9% to $521M, Q3 guidance provided, dividend raised to $0.22.
• Uber ( $UBER): Launched Uber XXL for airport travel in 60+ airports and new reservation features with flight tracking.

• AeroVironment ( $AVAV): Upgraded to Buy from Hold by Jefferies.
• DT Midstream ( $DTM): Acquires three pipelines from Oneok for $1.2B, spanning 1,300 miles across seven Midwest states.
• Dycom ( $DY): Q3 EPS $2.68 vs. $2.26 est., revenue $1.27B vs. $1.22B est.; anticipates mid- to high single-digit revenue growth in Q4.
• Patrick Industries ( $PATK): Announces a 3-for-2 stock split.
• Powell Industries ( $POWL): Q4 revenue up 32.1% to $275.1M, but missed $284.3M est.; EPS $3.77 vs. $3.55 est.; orders up 56% to $267M, backlog steady at $1.3B, expects strong FY25.
• SolarEdge ( $SEDG): Upgraded to Neutral from Sell by Guggenheim, previous $10 price target dropped.

• Forestar Group ( $FOR): Files for potential sale of up to $300M in common stock.
• JPMorgan ( $JPM): Downgraded to Perform from Outperform by Oppenheimer due to valuation.
• Lemonade ( $LMND): Upgraded to equal weight from underweight by Morgan Stanley post-investor day.
• StoneX Group ( $SNEX): Q4 EPS $2.32 vs $2.05 est., net revenue $454.8M vs $462.98M est.
• XP Inc. ( $XP): Launches a buyback program up to R$1.0B; Q3 EPS as expected at 2.18, revenue slightly below at 4.319B; active clients increased to 4.7M.

• Concentra Group Holdings Inc. ( $CON) will replace Myers Industries Inc. (MYE) in the S&P SmallCap 600 on November 27, following a distribution by Select Medical Holdings Corp. (SEM).
• Pfizer ( $PFE) appointed Chris Boshoff as its R&D chief starting January 1. It also received EC approval for Hympavzi for hemophilia treatment.
• Sangamo Therapeutics ( $SGMO) received FDA clearance for ST-503 human trials, with enrollment planned for mid-2025.
• Varex Imaging ( $VREX) reported Q4 EPS at $0.19, beating the $0.09 estimate, but revenue dropped 10% to $205.7M. Forecasts Q1 revenue between $195M-$215M.
• Viking Therapeutics ( $VKTX) shared positive mid-stage trial results for VK2809, showing significant improvement in liver fibrosis over placebo.

• Comcast Corp. ( $CMCSA) is set to spin off cable channels like MSNBC, CNBC, and USA to reduce exposure to declining viewership and ad revenue, keeping NBC and Peacock, per WSJ.
• Dolby Labs ( $DLB) Q4 EPS $0.81 vs. $0.70 est., revenue slightly below at $305M. Forecasts Q1 revenue $330-360M and FY revenue $1.33-1.39B.
• Flex Ltd ( $FLEX) will replace Azenta Inc. ( $AZTA) in S&P MidCap 400, with Azenta moving to S&P SmallCap 600, effective November 25.
• Keysight Technologies (KEYS) Q4 EPS $1.65 vs. $1.57 est., revenue at $1.287B. Q1 guidance: revenue $1.265-1.285B, EPS $1.65-1.71.
• https://t.co/jK5z8CZLV2 ( $WIX) Q3 EPS $1.62 vs. $1.51 est., revenue $444.67M vs. $457.9M est. Increases FY24 revenue and bookings forecasts.
• ZoomInfo Technologies ( $ZI) Chairman Schuck purchased 492,500 shares at $10.25 each on November 15, transaction worth $5,049,750.
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CHINESE LOW EARTH ORBIT SATELLITE COMPANY THAT HOPES TO CHALLENGE STARLINK SIGNS AGREEMENT TO ENTER BRAZILIAN MARKET - COMPANY STATEMENT
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