Early Look

Friday, November 7, 2025

After ending sharply lower on Thursday following a second pullback in the AI/tech sector this week on valuation concerns, U.S. futures are pointing to a lower open as major averages are on pace for weekly losses to kick off a historically strong month of November. Friday marks another day of no major economic data due to the U.S. government in day 38 of their Federal shutdown (today would normally be the nonfarm payrolls report) and investors are growing inpatient. A few high-profile CEOs (GS, MS) earlier this week warned that a market correction could be on the way, while a notable investor Michael Burry made large bearish bets against shares of PLTR and NVDA saying the move in AI related stocks was too fast. Optimism around artificial intelligence has pushed markets to all-time highs this year but concerns over monetization of the technology and circular spending within the industry has dampened enthusiasm for U.S. stocks in recent days. That coupled with a resurgence of the U.S. dollar, some mixed earnings results/guidance this week, has cast some near-term concern on stocks particularly technology. In corporate news, Tesla shareholders voted in favor of CEO Musk’s $1 trillion pay package last night with 75% voting yes as long as the company attains certain objectives.

In Asian markets, The Nikkei Index tumbled -607 points to 50,276, the Shanghai Index fell -10 points to 3,997, and the Hang Seng Index declined -244 points to 26,241. In Europe, the German DAX is down -242 points to 23,491, while the FTSE 100 is down -85 point to 9,650. The U.S. dollar is little changed (DXY) at 99.70 after snapping its 5-day win streak Thursday on better data, but on track for a modest weekly gain as investors sought to balance the Fed’s slightly hawkish tilt against lingering concerns over the U.S. economy. Chinese exports unexpectedly fell in October, recording their steepest drop since February, after months of frontloading U.S. orders to dodge tariffs. U.S Treasury yields have also pulled back from weekly highs (10-yr at 4.09% from highs around 4.14% on week) given the better private payroll data this week.  

• The Dow Jones Industrial Average fell -398.70 points, or 0.84%, to 46,912.30
• The Nasdaq Composite tumbled -445.81 points, or 1.90%, to 23,053.99
• The Russell 2000 Index declined -45.88 points, or 1.86% to 2,418.90

• 3:00 PM ET                          Consumer Credit for September

• China’s Ministry of Commerce has begun designing a new rare earth license system that would speed up shipments, but this will unlikely amount to the complete rollback of restrictions Washington had hoped for – Reuters reported.

• DraftKings (DKNG) Q3 adj EPS loss (-$0.26), in line with consensus on revs $1.14B vs. est. $1.2B; now expects FY25 revenue of $5.9B-$6.1B which equates to y/y growth of 24% to 28%; monthly unique payers rose about 2% to 3.6M in 3Q; board authorized increase in repurchase program to $2B; Q3 Average Revenue per MUP increased to $106 in the third quarter of 2025, representing a 3% increase y/y.
• Expedia Group (EXPE) shares rise; Q3 adj EPS $7.57 tops consensus $6.95 and Q3 revs $4.41B vs. est. $4.26B; Q3 booked room nights grew 11%, driven by the fastest U.S. growth in three, total gross bookings grew 12%, driven by a 26% increase in B2B; and B2C gross bookings grew 7%; raises FY25 revenue growth view to 6%-7% from 3%-5% and boosts its FY25 gross bookings growth view to 7% from 3%-5%.
• Fox Factory (FOXF) shares fell; Q3 EPS $0.23 misses the $0.55 estimate; Q3 revs rose 5% y/y to $376.4M vs. est. $383M; guides Q4 EPS/revs below views and sees FY25 adjusted EPS $0.92-$1.12, below consensus $1.70 and guides FY25 revenue $1.445B-$1.475B, below consensus $1.48B.
• Monster Beverage (MNST) Q3 EPS $0.56 vs. est. $0.48; Q3 revs rose 16.8% y/y to $2.2B vs. est. $2.11B; said Operating expenses for Q3 were $549.1M, compared with $519.9M y/y; Net sales for the Company’s Monster Energy Drinks segment increased 17.7% to $2.03B y/y.
• Six Flags (FUN) Q3 revenue $1.32B vs. consensus $1.34B; lowers FY25 adjusted EBITDA view to $780M-$805M from $860M-$910M; Adjusted EBITDA for Q3 misses estimate, reflecting lower revenues; posts Q3 net loss of $1.2B- due to $1.5B non-cash impairment charge; said sales of 2026 season pass up 3% from 2025 season passes.
• Tesla (TSLA) CEO Elon Musk saw 75% of shareholders approve his pay package of as much as $878 billion over the next decade. Goals for Musk over the next decade include the company’s delivering 20 million vehicles, having 1 million robotaxis in operation, selling 1 million robots and earning as much as $400 billion in core profit. But in order for him to get paid, Tesla’s stock value has to rise in tandem, first to $2 trillion from the current $1.5 trillion, and all the way to $8.5 trillion.
• Texas Roadhouse (TXRH) Q3 EPS $1.25 vs est $1.28, Op Inc $96.949Mm vs est $102.4Mm on revs $1.436B vs est $1.428B; says company comps for First 5 weeks of Q4 +5.4%, with menu price increase +1.7%.
• Wynn Resorts (WYNN) Q3 adj EPS $0.86 below consensus $1.10 on revs $1.83B vs. est. $1.75B; Adjusted Property EBITDAR was $570.1M for Q3, an increase of $42.4M y/y.

• EOG Resources (EOG) Q3 adj EPS $2.71 vs. est. $2.43; said received a production boost from its $5.6 billion deal for Encino Acquisition Partners; said it produced 1.3 million barrels of oil equivalent per day, which rose from 1.08 million boepd a year earlier.
• NuScale Power (SMR) Q3 EPS ($1.85) vs est ($0.15) on sales $8.242Mm vs est $11.066Mm; says Fluor will convert remaining Class B units of Nuscale Power into Class A common of Nuscale.

• Iren Ltd (IREN) Q1 revenue rose 355% y/y to $240.3M vs. est. $241.97M; Q1 adjusted EBITDA $92.7M; Q1 net income rose to record $384.6M; Targeting $3.4bn in AI Cloud annualized run-rate revenue (ARR) by the end of 2026 (expansion to 140k GPUs); our announced expansion to 140k GPUs represents only 16% of 3GW grid-connected power portfolio, providing ample capacity to continue scaling IREN’s AI Cloud platform and drive long-term value.
• Opendoor Technologies (OPEN) Q3 EPS ($0.12) vs est ($0.07) on revs $915Mm vs est $849.59Mm; announced a special dividend distribution of warrants to holders of the Company’s common stock as of 5:00 p.m. New York City time on November 18, 2025
• XYZ Inc. (XYZ) shares fall; Q3 adj EPS $0.54 vs est $0.67 on gr profit $2.662B; Q3 revs $6.11B vs. est. $6.31B; guides FY gross profit $10.243B and adj Op Inc $2.056B vs est $1.848B; Square segment, which provides payments solutions to small- and medium-sized businesses, reported gross profit of $1.02 billion, up from $932 million a year ago. However, growth slowed to 9% from a 16% seen in the year-ago quarter.

• Globus Medical (GMED) Q3 adj EPS $1.18 vs est $0.78 on sales $769Mm vs est $734.35Mm; guides FY revs $2.86-2.90B vs est $2.855B and adj EPS $3.75-3.85 vs est $3.21.
• Natera Inc. (NTRA) Q3 EPS ($0.64) vs est ($0.37) on revs $592.2Mm vs est $512.5Mm; guides RY revs $2.18-2.26B vs est $2.091B and gr mgn approx 62-64%.
• Tandem Diabetes (TNDM) Q3 sales $249.3M vs. est. $237.6M; Q3 gross margin 54%; Q3 adj operating income (-$22.9M vs. est. (-$22.4M); reaffirms its 2025 financial guidance.

• Celanese (CE) Q3 adj EPS $1.34 tops consensus $1.22 but revs $2.4B are below consensus $2.51B; sees Q4 adjusted EPS 85c-$1.00, vs. consensus $1.01; said expect to see volume declines in Q4 due to western hemisphere seasonality, partially offset by cost reduction efforts.
• Chemours (CC) Q3 adj EPS $0.20 vs. est. $0.28; Q3 adj Ebitda $195M vs. est. $185.5M; Q3 adj net income $30M vs. est. $43.2M; in Q4, anticipates consolidated net sales to decrease 10-15% sequentially given seasonal impacts and also anticipates capital expenditures to be in the range of $50 million.
• MP Materials (MP) Q3 adj EPS loss (-$0.10) vs. est. loss (-$0.16); Q3 revenue $53.55M vs. est. $53M; said plans to begin commissioning its new heavy rare earth separation facility at Mountain Pass in mid-2026; Q3 Record NdPr production of 721 metric tons, a 51% increase y/y; said return to profitability expected in Q4 2025 and beyond.

• Applied Optoelectronics (AAOI) shares fell; Q3 adj EPS ($0.09) vs est ($0.09) on revs $118.6Mm vs est $119.8Mm, adj gr mgn 31%; guides Q4 sales $125-140Mm vs est $144.64Mm and adj EPS ($0.13) -($0.04) vs est $0.03.
• Innodata (INOD) Q3 adj EBITDA $16.2Mm vs est $10.33Mm on revs $62.6Mm vs est $59.78Mm.
• Intel (INTC) shares edge higher after Elon Musk said Tesla (TSLA) probably will have to build “a gigantic chip fab” to make artificial intelligence chips and publicly mused the EV maker could work with Intel. “You know, maybe we’ll, we’ll do something with Intel,” Musk said. “We haven’t signed any deal, but it’s probably worth having discussions with Intel.”
• Microchip Inc. (MCHP) Q2 adj EPS $0.35 vs est $0.33 on revs $1.14B vs est $1.136B; guides Q3 sales $1.109-1.149B vs est $1.179B and adj EPS $0.34-0.40 vs est $0.40.
• Nvidia (NVDA) CEO Jensen Huang said there are no active talks or plans to sell Blackwell AI chips to China, per Reuters. Despite speculation following Trump–Xi discussions, no deal has been reached, and Huang noted any change would depend on China’s policy shifts regarding Nvidia products.
• SanDisk Corp. (SNDK) Q1 adj EPS $1.22 tops consensus $0.89 on better revs rose 21% q/q to $2.31B vs. est. $2.15B; sees Q2 EPS $3.00-$3.40, vs. est. $1.79 and revs $2.55B-$2.65B vs. est. $2.32B; Q1 Datacenter revenue was up 26% sequentially, with two hyperscalers in qualification, a third hyperscaler and top storage OEM planned for CY26, and engagement with five major hyperscale customers.
• SoundHound AI (SOUN) Q3 adj EPS ($0.03) vs est ($0.03), adj EBITDA ($14.5Mm) vs est ($12.17Mm) on revs $42Mm vs est $40.48Mm; guides FY revs $165-180Mm.
• Take-Two Interactive (TTWO) shares fell; Q2 reported EPS ($0.73) vs est ($0.63) on revs $1.77B vs est $1.721B; guides FY revs $6.38-6.48B vs est $6.179B and reported EPS ($2.25) – ($1.90) vs est ($2.00); delayed the launch of “Grand Theft Auto VI”, as now expects to release the game on November 19, 2026, from its previous launch date of May 26.
• Trade Desk (TTD) Q3 adj EPS $0.45 vs est $0.44, adj EBITDA mgn 43% on revs $739Mm vs est $718.3Mm; guides Q4 revs at least $840Mm vs est $830.16Mm and adj EBITDA approx $375Mm vs est $366.13Mm.
• Universal Display (OLED) shares fell; Q3 EPS $0.92 vs est $1.21 on revs $139.6Mm vs est $164.15Mm, gr mgn 75%; guides FY revs low end prior guide of $650-750Mm vs est $678.01Mm.