Early Look

Friday, December 5, 2025

U.S. stock markets have quietly pushed higher over the last 2-weeks, with the S&P 500 coming into Friday up 8 of the last 9 trading days (and looking higher overnight), while the Russell 2000 Smallcaps have outperformed on rising interest rate cut hopes by the Fed next Wednesday. The S&P Technology sector (XLK) posted its 9^th straight daily advance on Thursday, while the Dow Transports also managed its 9^th straight advance on Thursday, holding above the 17,000 level. After a lackluster November, December is off to a good start, looking to make it a 3^rd straight year of solid returns for major averages. In Asian markets, The Nikkei Index declined -536 points to 50,491, the Shanghai Index gained 27 points to 3,902, and the Hang Seng Index advanced 149 points to 26,085. In Europe, the German DAX is jumping 147 points to 24,029, while the FTSE 100 is up 10 points to 9,721. Natural gas prices rose to 3-year highs on Thursday, its first settle above $5 on Henry Hub since 2022, while stock market fear has eased since early November, with the CBOE Volatility index (VIX) falling to 15.82, its lowest since September. He big news today is the delayed PCE inflation report at 8:30 am et to see whether persistent price pressures would affect the Federal Reserve’s policy path. Economists polled by Reuters expect the index to rise 2.8% on an annual basis, up from a 2.7% increase in August, while on a monthly basis it is expected to hold at 0.3%. Wall Street’s three main indexes are on track for small weekly gains, with the benchmark S&P 500 about 1% away from a record high.

• The Dow Jones Industrial Average fell -31.96 points, or 0.07%, to 47,850.94
• The Nasdaq Composite gained 51.04 points, or 0.22%, to 23,505.14
• The Russell 2000 Index advanced 19.02 points, or 0.76% to 2,531.16

• 8:30 AM ET                  Personal Income M/M for September…est. +0.3%
• 8:30 AM ET PCE Price Index M/M for September…est. +0.3% (prior +0.3%)
• 8:30 AM ET PCE Price Index Y/Y for September…est. +2.8% (prior +2.7%)
• 8:30 AM ET                  Core PCE Price Index M/M for September…est. +0.2% (prior +0.2%)
• 8:30 AM ET                  Core PCE Price Index Y/Y for September…est. +2.9% (prior +2.9%)
• 10:00 AM ET                University of Michigan Confidence for December…est. 52.0
• 10:00 AM ET                UoM 1-year and 5-year inflation expectations for Dec
• 1:00 PM ET                   Baker Hughes Weekly rig count data
• 3:00 PM ET                   Consumer Credit for October

• Bank America 2025 Defense Technology Forum, 12/4-12/5
• Goldman Sachs Japan Conference 2025, 12/1-12/5, in Tokyo

• Smith & Wesson Brands (SWBI) Q2 adj EPS $0.04 vs est $0.02 on revs $124.7Mm vs est $123.73Mm, gr mgn 24.3%; sees Q3 sales +8-10% vs est -2.65%.
• Southwest Airlines (LUV) said it sees year EBIT about $500M, forecast $600M-$800M; says following temporary decline in demand related to shut down, bookings have returned to previous expectations.
• Sportsman Warehouse (SPWH) Q3 adj EPS $0.08 on revs +2.2% y/y to $331.32M, both in-line with consensus as Q3 same store sales increased 2.2%; Selling, general, and administrative (SG&A) expenses increased to $104.5M, or 31.5% of net sales; cuts FY25 adjusted EBITDA view to $22M-$26M from $33M-$45M and narrows FY25 revenue view to flat to up slightly (from flat to up 3.5%).
• StitchFix (SFIX) Q1 EPS ($0.05) vs est ($0.05), adj EBITDA $13.4Mm vs est $10.2Mm on revs $342.1Mm vs est $336.71Mm; guides Q2 revs $335-340Mm vs est $311.83Mm and adj EBITDA $10-13Mm vs est $8.79Mm; guides FY revs $1.32-1.35B vs est $1.312B and adj EBITDA $38-48Mm vs est $37.88Mm.
• Ulta Beauty (ULTA) Q3 EPS $5.14 vs est $4.64 on sales $2.86B vs est $2.722B, comps +6.3%; sees FY sales $12.3B vs est $12.048B, Outperform mgn 12.3-12.4%, EPS $25.20-25.50 vs est $24.88 and comps +4.4-4.7%.
• Zumiez (ZUMZ) Q3 adj EPS $0.46 vs est $0.27 on revs $239.132Mm vs est $233.54Mm.
• Owens Corning (OC) announces 15% dividend increase to $0.79.

• Boise Cascade (BCC) announced that Nate Jorgensen, Chief Executive Officer, plans to retire effective March 2, 2026. The board of directors has unanimously appointed Jeff Strom, Chief Operating Officer, to succeed Jorgensen effective March 3, 2026.
• Leidos (LDOS) said to continue as program administrator for Hawaii Energy; under new three-year, $127 mln contract, co will continue to administer Hawai’i energy program, state’s EV charging station rebate program.
• New Fortress Energy (NFE) got final approval for a 7 year gas supply deal with Puerto Rico, covering about 75 TBtu to support the island’s power generation and grid stability.

• Sofi Technologies, Inc. (SOFI) 54.5M share Spot Secondary priced at $27.50.
• Unum Group (UNM) authorizes $1B share repurchase program

• Cooper Companies (COO) announces strategic review to enhance shareholder value; Q4 EPS $1.15, tops consensus $1.11 on revs +5% y/y to $1.07B vs. est. $1.06B; sees FY26 EPS $4.45-$4.60 vs. est. $4.39, sees FY26 revenue $4.3B-$4.34B vs. est. $4.31B and sees FY26 free cash flow $575M-$625M.
• Praxis Precision Medicines (PRAX) shares rise pre mkt after saying it expects to submit to U.S. regulators a new drug application next year for its investigational drug to treat essential tremors; said it expects to submit its NDA early in 2026 after a preliminary meeting with the FDA regarding its drug Ulixacaltamide.
• Vanda Pharmaceuticals (VNDA) said the FDA has lifted the partial clinical hold on protocol VP-VLY-686-3403, which until today limited the protocol to a maximum of 90 doses of Tradipitant. The lift followed Vanda’s formal dispute resolution request and an expedited re-review conducted by CDER leadership.

• Docusign (DOCU) Q3 adj EPS $1.01 vs est $0.92 on revs $818.4Mm vs est $807.1Mm, billings $829.5Mm, adj gr mgn 81.8%; guides Q4 revs $825-829Mm vs est $826.84Mm, adj gr mgn 80.8-81.2%, adj Outperform mgn 28.36-28.7%.
• Domo Inc. (DOMO) Q3 adj EPS $0.01 vs. est. loss (-$0.05); Q3 revs $79.40M vs. est. $79.2M; Q3 Subscription Remaining Performance Obligations (RPO) was $405.9M, an increase of 15% y/y and current subscription RPO was $214.1M, an increase of 3% y/y; guides Q4 revs $78M-$79M vs. est. $79.2M.
• Hewlett Packard Enterprises (HPE) Q4 EPS $0.62 vs. est. $0.58; Q4 revs $9.68B vs. est. $9.91B; Q4 server revenue was $4.5B, down 5% y/y with 9.8% operating profit margin, compared to 11.6% y/y; Q4 networking revenue was $2.8B, up 150% y/y with 23% operating profit margin, compared to 24.4% y/y; raises dividend to 14.25c from 13c; guides Q1 EPS/revs above consensus.
• ITT Inc. (ITT) said it has entered into a definitive agreement with Lone Star Funds to acquire SPX FLOW, a leading provider of highly engineered equipment and process technologies for attractive end markets including industrial, health and nutrition, for a total consideration of $4.775 billion in cash and equity.
• Rubrik Inc. (RBRK) Q3 adj EPS $0.10 vs. est. loss (-$0.17); Q3 revs rose 48% y/y to $350.2M vs. est. $320.51M; 2,638 customers with $100K or more in subscription ARR, up 27% y/y; Q3 subscription ARR grew 34% y/y to $1.35B; raises FY26 EPS to smaller loss/revs $1.28B-$1.282B from $1.23B-$1.24B (est. $1.23B).
• Samsara Inc. (IOT) Q3 adj EPS $0.16 vs. est. $0.12; Q3 revs rose 29% y/y to $416M vs. est. $399.01M; Ending ARR of $1.745 billion, representing 29% y/y growth in actuals and in constant currency; 2,990 customers with ARR over $100,000, including an increase of 219 in Q3, a quarterly record; raises FY26 EPS view to $0.50-$0.51 from $0.45-$0.47 and boosts revs view to $1.595B-$1.597B from $1.574B-$1.578B.
• Sentinel One (S) Q3 revs +23% y/y to $258.9M vs. est. $257.7M; Q3 ARR increased 23% y/y to $1.05B; said CFO Barbara Larson to leave, Barry Padgett named interim CFO; guides Q4 revs $271M vs. est. $273.1M; anticipates FY2026 non-GAAP operating margin of 3%.
• ServiceTitan (TTAN) Q3 EPS $0.24 vs. est. $0.15 on revs $249.16M vs. est. $238.28M; guides Q4 revs above consensus and raises FY26 revenue view to $951M-$953M from $935M-$940M (est. $938.55M) and boosts its FY26 income from operations view to $83M-$84M from $74M-$76M.