Mid-Morning Look

Monday, November 10, 2025

U.S. stocks are off to a rip-roaring start to kick off the week, with big gains as global stock market sentiment improved on reports the US Senate had advanced a plan to end the US government shutdown after 41 days. Late Sunday, the Senate voted 60-40 to advance government shutdown bill with support from moderate Democrats in a deal that reverses mass firings from shutdown and guarantees backpay for furloughed workers but does not address the expiration of ACA credits which is weighing on managed care/hospitals this morning. The Nasdaq seeing massive gains early with a more than 2% pop early after tumbling last week on profit taking following AI valuation concerns. The market also had to deal with the increasing effects of the shutdown as well as concerns about weakness in the labor market. The Nasdaq, if gains hold, will now have made it 10-straight positive Monday’s! The bulk of Q3 earnings for the S&P 500 are behind us (452 S&P 500 companies reported thus far with an 85% beat rate and avg miss -14% on avg yr/yr earnings growth 18% vs 15% last year), just awaiting some big retail earnings and software names and of course NVDA earnings. Next up, when government officially opens, markets will be watching closely for the economic data that has been delayed for weeks to give investors and the Fed a better guide to the strength of the economy and jobs market. December Gold jumps 2.15% or $86 to $4,096 an ounce lifting miners while crypto stocks bounce with Bitcoin up around $105,000. Early sector leaders are Technology (CLK), Consumer Discretionary (XLY) and Communications (XLC), while Consumer Staples (XLP), REITS (XLRE) and Energy (XLE) lead the decliners.

• In Crypto: little bounce for Bitcoin related stock plays/miners; HOOD plans to open access for amateur investors to put money into private AI startups, Financial Times reported. Monness Crespi Hardt upgraded COIN to Buy and $375 tgt, upgraded MSTR to Neutral from Sell and initiated stablecoin company CRCL with a Buy and $150 tgt; COIN will roll out a platform to sell new digital tokens before they list on its exchange. One token offering will be held monthly, with an algorithm allocating tokens among registered investors. Bidding will occur over a week and use USD Coin for transactions; APLD says its subsidiary APLD ComputeCo plans to raise $2.35B in senior secured notes (due 2030) in a private placement. Proceeds would fund construction of two new data centers (100MW + 150MW) at its 400MW Polaris Forge campus in North Dakota, repay existing SMBC debt, and set up reserve accounts.
• In Credit Cards: Visa (V) and MA announced a revised settlement with merchants who accused the card networks of charging too much to accept their credit cards, after a judge rejected an earlier $30 billion accord as inadequate. The accord, which requires court approval, calls for Visa and Mastercard to lower swipe fees, which are now typically 2% to 2.5%, by 0.1 percentage points for five years.

• CLS +6%; was upgraded to Buy at Citigroup after the firms updated Big Five hyperscale CAPEX outlook, said they are buyers of pullback in its #1 buy-rated pick ANET and raised the tgt on #2 buy-rated pick CIEN
• COGT +116%; said its experimental drug, called Bezuclastinib, lowered the risk of tumor progression or death by 50% compared to a standard treatment for advanced gastrointestinal stromal tumors — meeting the primary goal of a Phase 3 study
• GLTO +336%; shares jumped as announces acquisition of Damora Therapeutics as phase 1 proof-of-concept data for dmr-001 anticipated in 2027 and combined company expected to have financial runway into 2029.
• NTLA +7%; after presented positive clinical data from a pooled analysis of all patients who received a 50mg dose of lonvo-z in the company’s ongoing Phase 1/2 clinical trial in patients with HAE.
• NVDA +3%; CEO Jensen Huang on Saturday said the semiconductor giant is experiencing “very strong demand” for its state-of-the-art Blackwell chips, as its appetite for wafers from TSM grows.
• RUM +16%; reached an agreement to acquire AI infrastructure company Northern Data in a deal valued at up to $970 million. Both companies are backed by Tether, the stablecoin issuer.
• THS +19%; shares rose after agreed to be taken private by Investindustrial, a European investment firm, in an all-cash transaction that values the food processing company at $2.9 billion as Treehouse Foods Inc shareholders to receive $22.50 per share and one CVR.
• TSN +4%; reported mixed Q4 as EPS topped consensus while sales $13.9B missed the $14.07 estimate while saying expects sales to be up 2%-4% in FY26 vs. ests. for a 3.2% increase.

• BALL -5%; after announces CEO departure.
• CNC -7%; along with weakness in other managed care and hospital operators (ELV, HUM, MOH, HCA, THC, UNH) as lawmakers move closer to ending the shutdown without securing a health care win.
• IONS -6%; after presented positive full data from the Ph3 CORE (n=617) and CORE2 (n=446) studies of Tryngolza in severe hypertriglyceridemia (sHTG) at the American Heart Association (AHA) meeting, also published in NEJM, with more detail on the triglycerides (TG) and acute pancreatitis (AP) reductions.
• MNDY -15%; fell after guiding Q4 sales $328.0M–$330.0M below consensus $333.681M despite Q3 EPS and revs topping Wall Street consensus estimates.
• MNKD -8%; shares fell after saying its MNKD-101 drug, a nebulized version expected to treat non-tuberculous mycobacterial lung disease, shows no signs of treatment success in initial 46 patients
• MTSR -15%; shares fell after NVO announced it would not increase its latest offer for the obesity drugmaker; as a result, Metsera will be acquired by PFE for $65.60/shr in cash and a $20.65/shr CVR.
• SOND -32%; shares fell after MAR said its licensing agreement with Lodging rentals company Sonder has been terminated due to a default from Sonder.