Eksentricity

Tech

Tesla and EV Market

• Tesla Price Cuts and Valuation Impact: Tesla Inc.’s (TSLA) stock price fell 0.35% on Friday, with Tesla’s valuation impacted by price cuts and slowing volume growth, as per Gary Black, managing partner at The Future Fund. Black anticipates a stock rebound as Tesla’s gross margins stabilize and earnings estimates continue to recover.
• Tesla’s Autonomous Driving Advancements: Despite initial reluctance, Tesla is reportedly considering the use of Lidar for its autonomous driving technology. Tesla’s expansion of its ‘Actually Smart Summon’ feature and cost-efficient Cybercab production highlight the company’s commitment to innovation and growth.
• Tesla Faces Competition from BYD: BYD, a Chinese EV giant, recently surpassed Tesla in quarterly revenue for the first time since 2022. This raises questions about Tesla’s ability to maintain market dominance in the face of increasing competition.
• Nio Enters Hybrid Market: Nio Inc. (NIO), Tesla’s Chinese rival, is reportedly planning to introduce its first hybrid vehicle in 2026, targeting international markets like the Middle East, North Africa, and Europe. This move is aimed at tackling the challenges faced by Chinese EV manufacturers abroad, including trade barriers and slow charging infrastructure development.

Cryptocurrency Markets

• Crypto Market Volatility and Election Impact: Cryptocurrencies retraced over the weekend, with Bitcoin (BTC/USD) slipping to a low of $67,500, attributed to Trump’s declining odds in prediction markets and a surge in short selling. Total cryptocurrency liquidations surpassed $362 million over the past 24 hours. Investors braced for the Nov. 5 presidential election between Trump and Kamala Harris, with no clear favorite on betting markets and national polls. Traders are pricing in a 25 basis point rate drop at the Federal Reserve’s FOMC meeting on November 7, as per the CME FedWatch tool.
• Ethereum’s Bullish Outlook: Despite the bearish market view, cryptocurrency trader Nihilus predicts a bull run for Ethereum (ETH/USD) to start after the elections.

AI Chip Industry

• Nvidia and HBM Supply Chain: Nvidia Corp. (NVDA) CEO Jensen Huang has requested SK Hynix Inc. (HXSCF) to expedite the supply of its next-generation high-bandwidth memory chips by six months. This is driven by the increasing demand for high-capacity, energy-efficient chips for Nvidia’s graphic processing units.
• Competition in HBM Market: SK Hynix faces intense competition from companies like Samsung Electronics (SSNLF) and Micron Technology (MU) to meet the growing demand for HBM chips, particularly driven by artificial intelligence advancements.
• TSMC Expands Advanced Packaging: TSMC, a major chipmaker, will double its production capacity for advanced packaging in 2025, driven by the surge in demand for AI chips from companies like Nvidia, Microsoft, Amazon, and Alphabet. This reflects the increasing importance of AI in various industries.

Cloud Computing

• Amazon’s AI Growth: Amazon Web Services (AWS) revenue surged 19% in the third quarter, driven by AI-specific applications. CEO Andy Jassy highlighted the multibillion-dollar revenue run rate of AWS’s AI business and the company’s commitment to AI technology expansion.
• Azure’s Growth: Microsoft Corp. (MSFT) Azure revenue increased by 33% year over year, fueled by growth in Azure OpenAI usage and AI-driven data analytics services. The company expects Azure revenue to grow by 31% to 32% in its fiscal Q2.
• Google Cloud’s Expansion: Alphabet Inc. (GOOG, GOOGL) Google Cloud’s revenue grew 35% year-over-year, driven by AI-powered solutions and its core platform. This signifies the company’s ambition in the AI and cloud computing space.
• Atos Sells Worldgrid: Atos, a global IT leader, is selling its Worldgrid business unit, specializing in energy and utility consulting services, to ALTEN SA for €270 million. This strategic move is expected to complete by the end of 2024.

Other Tech

• Super Micro Computer’s (SMCI) Stock Plunge: SMCI’s stock plummeted over 40% as Ernst & Young (EY) resigned as the company’s auditor, citing concerns about recent information and its ability to rely on management’s representations. This comes after the company faced allegations of misconduct by short-seller Hindenburg Research.
• Formycon Uplists to Prime Standard: Formycon AG, a leading biosimilar developer, applied for listing on the regulated market (Prime Standard) of the Frankfurt Stock Exchange. The company expects to begin trading on the Prime Standard segment on November 12, 2024, aiming to expand its international investor base.
• Bitget Wallet Lite Success: Bitget Wallet launched Bitget Wallet Lite, a non-custodial multi-chain wallet integrated into Telegram. The wallet has attracted over 6 million users since its soft launch, becoming one of the fastest-growing Web3 wallets on the messaging platform.
• MemeCoins Fueled by Squirrel Pet Death: A Solana (SOL/USD)-based meme coin named Peanut the Squirrel (PNUT) surged over 58% in 24 hours, driven by public outrage over the pet squirrel’s death.
• Perplexity’s AI Election Information Hub: AI startup Perplexity announced its AI-powered Election Information Hub, promising real-time vote counts and candidate summaries. The hub faced some initial challenges but is expected to provide valuable insights on Election Day.
• Meme Wonder Event: MemeCore is hosting Meme Wonder, an event merging cryptocurrency and internet meme culture, in Bangkok, Thailand on November 10-11, 2024. The event will feature panel talks, influencer panels, esports tournaments, and pop concerts.
• e& Unveils “Go for More” Brand Positioning: Global technology group e& unveiled its new brand positioning, “Go for More,” showcasing its diverse portfolio of services and brands across connectivity, digital services, entertainment, fintech, and enterprise solutions.
• TBV & BitcoinOS Host “The Best Event” at Devcon Bangkok: TB Ventures and BitcoinOS are hosting “The Best Event” at Devcon Bangkok, a networking event followed by an afterparty. The event is expected to attract entrepreneurs, investors, developers, and key opinion leaders.
• Atos Research on Digital Workplace Sustainability: Atos released its research on digital workplace sustainability, highlighting the high levels of waste in the IT industry and identifying actions to reduce it.
• Keystone Resident Loses $6,000 in Crypto Scam: A Keystone, Colorado resident was scammed out of $6,000 in Bitcoin by fraudsters posing as law enforcement officials, highlighting the rising trend of crypto scams targeting individuals.
• Hon Hai Precision Industry (Foxconn) Expands in Vietnam: Foxconn, a major Apple supplier, plans to invest $80 million in Vietnam through its subsidiary, Shunsin, to build a plant for producing integrated circuits.
• Apple to Launch New Belkin Head Strap for Vision Pro: Apple is releasing a new Belkin Head Strap for its Vision Pro mixed-reality headset, aiming to address user complaints about the headset’s weight and comfort.
• Innofactor Oyj Managers’ Transactions: Innofactor Oyj reported several transactions involving its managers, providing insight into their activities in the company’s shares.
• Ethereum ETH/USD Bullish Sentiment: Cryptocurrency analyst Ali Martinez expressed bullish sentiments on Ethereum (ETH/USD), citing an attractive risk-to-reward ratio and setting a stop-loss below $1,880 and targeting a take-profit price of $6,000.
• BYD’s Hiring Spree: BYD, a Chinese EV giant, hired over 200,000 people from August to October, boosting its production by nearly 200,000 new energy vehicles, highlighting the company’s expansion efforts.
• Nokia Extends 5G Contract with Taiwan Mobile: Nokia has signed a one-year 5G contract extension with Taiwan Mobile, boosting the performance and capacity of the telecom company’s network while adding capacity and coverage.
• Internet Vikings Partners with Spinomenal: Internet Vikings, an in-state hosting provider for iGaming, partnered with Spinomenal, an iGaming Software supplier, to provide cloud hosting services in New Jersey, marking their first U.S. expansion.
• DIGZAX Upgrades Security System: DIGZAX, a cryptocurrency exchange platform, completed its security system upgrade, further enhancing the platform’s protective capabilities. This demonstrates the platform’s commitment to user experience and asset security.
• Taiwan Semiconductor (TSM) Doubles Advanced Packaging Capacity: TSMC plans to double its production capacity for advanced packaging in 2025, driven by the growing demand for AI chips. This signifies the company’s commitment to the AI chip market and reflects the sector’s growth.
• Data Storage Corporation (DTST) Reports CloudFirst Growth: DTST, a provider of business continuity solutions, highlighted the significant progress at its subsidiary, CloudFirst Technologies, including strong financial performance, a growing client base, and expansion into the UK market.
• Nvidia NVDA Stock Remains Bullish Despite Share Price Surge: Nvidia, the AI chip market leader, saw its shares surge 925% in the past two years. Despite the recent run-up, analysts remain bullish, with the median price target implying 11% upside from the current share price.
• Konecta Partners with Google Cloud: Konecta, a global leader in customer experience (CX) and digital services, announced a three-year strategic partnership with Google Cloud, aimed at enhancing its CX solutions with AI, automation, and cloud technologies.
• Metasphere Labs Inc (LABZ) Updates Stakeholders on Partnerships: LABZ provided an update on key partnerships, including the completion of its project for Bluesphere Ventures, termination of its partnership with Bot Ventures, and advancements in its VR platform with ARCannabis.
• Tenable: A Cybersecurity Stock to Buy on the Dip: Tenable (TENB), a leading cybersecurity company specializing in vulnerability management, is currently undervalued compared to its peers, offering a significant financial opportunity in the growing cybersecurity market.
• Epoch Summit Brings Blockchain Infrastructure Leaders Together: Epoch Summit, a blockchain infrastructure conference held in Seoul and Singapore, hosted speakers from leading crypto projects, discussing topics such as zero-knowledge technology, account abstraction, and data privacy.
• Aerospike Inc. Powers Flipkart’s Big Billion Days: Aerospike, a real-time database, reported that Flipkart, India’s e-commerce marketplace, sustained performance of its in-house Aerospike database platform at 95 million transactions per second during its annual flagship event.
• Mega Matrix Inc. (MPU) Releases Short Drama Film: MPU, a short drama streaming platform operator, released “From Fast Food to First Lady,” a romantic drama blending power intrigue and romance. The film is available for viewing across various platforms, expanding the reach of the company’s content.
• The Trade Desk vs. Alphabet: Ad Tech Giants in Competition: The Trade Desk (TTD), an independent DSP, and Alphabet (GOOG, GOOGL), a leader in digital advertising, are both vying for a larger share of the ad market. The Trade Desk is gaining traction in the CTV and retail media markets while Alphabet leverages its vast platform for growth in digital advertising, cloud computing, and AI.
• Rivian Automotive (RIVN) Stock: Millionaire-Maker Potential or A Lost Cause?: Rivian, an EV manufacturer, has lost almost all its value since its IPO, facing challenges from legacy automakers and a slower-than-expected growth rate in the EV market. The company is taking steps to improve profitability and expand its offerings, but it remains a risky investment.

Finance

Buy Now, Pay Later Expansion

• UK Market Entry: Affirm Holdings Inc (AFRM), a U.S.-based buy now, pay later provider, has launched its services in the UK, its first international expansion. The company cites significant demand from British merchants and views the UK as a large market.
• Market Competition: Affirm’s entry into the UK market will intensify competition with existing players like Klarna and PayPal.
• Regulatory Landscape: Affirm’s launch coincides with the UK government’s plan to regulate buy now, pay later services to protect consumers. CEO Max Levchin supports this initiative, highlighting the need for careful regulation that does not burden consumers.
• Service Offering in the UK: Affirm’s UK service will offer both interest-free and interest-bearing monthly payment options, authorized by the Financial Conduct Authority.

ETF Multi-Share Class Structure

• BlackRock’s Adoption: BlackRock has joined other firms seeking to implement Vanguard’s ETF multi-share class structure, enabling mutual funds to list ETF shares. This structure could significantly increase ETFs’ asset base by making them accessible to 401(k) plans currently limited to mutual funds.
• Retirement Plan Access: BlackRock’s filing emphasizes the structure’s potential to boost ETF scale by allowing inclusion in workplace retirement plans, benefiting both ETF and mutual fund shareholders.
• Other Advantages: BlackRock’s filing cites additional benefits, including cost efficiencies, increased scale, and the ability to cater to investor product preferences.
• SEC Review: While several firms have filed for the multi-class structure, the SEC is yet to approve any of these requests.

Bank Stock Performance

• Interest Rate Cuts: The prospect of interest rate cuts by the Federal Reserve has fueled optimism in the banking sector, with stocks like SoFi Technologies (SOFI) experiencing a surge of 42% in October.
• Nu Holdings Expansion: Nu Holdings (NU), a digital bank operating in Brazil, Mexico, and Colombia, has witnessed rapid growth in its customer base and revenue, attracting investor interest, particularly from Warren Buffett’s Berkshire Hathaway, which holds a small stake in the company.
• Bank of America’s Outlook: Bank of America (BAC) is gaining attention amidst the US presidential election and rate cut expectations. The bank’s recent branch expansion and digital initiatives are anticipated to drive long-term net interest income growth.
• Valuation Comparison: Bank of America stock is trading at a discount to its peers like JPMorgan (JPM) and Wells Fargo (WFC), potentially offering an attractive value proposition for investors.

Share Buyback Programs

• European Companies: Several European companies have repurchased shares under existing buyback programs. DFDS A/S, a European shipping company, has repurchased shares worth DKK 384.4 million. Sampo plc, a Finnish insurance company, has acquired shares worth EUR 41.2 million. Pandora A/S, a Danish jewelry maker, has completed the second tranche of its share buyback program, repurchasing shares worth DKK 1.3 billion, and launched a third tranche for DKK 1.4 billion. Ringkjøbing Landbobank, a Danish bank, has bought back shares worth DKK 485.5 million.

Healthcare

Broad-Spectrum Antiviral

• NV-387 Phase I Trial Completion: NanoViricides Inc. (NYSE American: NNVC) successfully completed the Phase I clinical trial of NV-387, its broad-spectrum antiviral drug candidate. NV-387, developed using NanoViricides’ nanomedicine technology platform, shows significant antiviral activity against various viral diseases in animal models, including Influenza, RSV, COVID, and MPox/Smallpox. The overall market size for these indications is projected to exceed $10 Billion by 2027.
• Corporate Update at Spartan Capital Investors Conference: NanoViricides’ President and Executive Chairman, Anil R. Diwan, Ph.D., will present a corporate update at the Spartan Capital Investors Conference on Monday, November 4, 2024. He will discuss the potential of NV-387, its demonstrated superiority to existing drugs, and its market outlook.

Meningitis/Encephalitis Diagnostics

• QIAstat-Dx Meningitis/Encephalitis Panel FDA Clearance: QIAGEN (NYSE: QGEN; Frankfurt Prime Standard: QIA) received FDA clearance for its QIAstat-Dx Meningitis/Encephalitis Panel, marking the fourth QIAstat-Dx syndromic test approved in the U.S. in 2024.
• Addressing Challenges in Meningitis/Encephalitis Diagnosis: The panel addresses challenges faced by clinicians in treating these urgent medical emergencies, offering accurate results in approximately one hour compared to traditional microbiological testing, which typically takes at least 24 hours. The QIAstat-Dx system analyzes common viral, bacterial, and fungal pathogens responsible for community-acquired meningitis/encephalitis.

Ulcerative Colitis Therapy

• Lusvertikimab Phase 2 Study Results: OSE Immunotherapeutics (SGMX: OSEp, OSE) announced positive results from the induction period of the CoTikiS Phase 2 study for Lusvertikimab (OSE-127), an anti-IL7R monoclonal antibody, demonstrating its efficacy and safety in patients with moderate to severe active ulcerative colitis. The study met the primary endpoint of modified Mayo Score improvement.
• Potential for First-in-Class Interleukin-7 Antagonist: Lusvertikimab exhibited a favorable safety profile and demonstrated a high rate of clinical and endoscopic remission. These encouraging results suggest that Lusvertikimab could be a potential new breakthrough therapeutic option for patients suffering from ulcerative colitis.

Pulmonary Fibrosis Treatment

• Nintedanib DPI (MNKD-201) Phase 1 Study: MannKind Corporation (Nasdaq: MNKD) completed its first-in-human Phase 1 study of nintedanib DPI (MNKD-201) for pulmonary fibrotic diseases, including idiopathic pulmonary fibrosis (IPF). The study showed that nintedanib DPI was safe and well-tolerated, with no gastrointestinal or neurological adverse events reported.
• Potential for Improved Treatment with Fewer Side Effects: By delivering nintedanib directly to the lungs, nintedanib DPI could offer a potentially effective treatment for IPF while minimizing the common side effects associated with oral delivery.

Obesity & Diabetes Drug Development

• CagriSema Hybrid Drug Research: Novo Nordisk (NVO) is advancing its research on CagriSema, a hybrid drug that combines semaglutide and cagrilintide, with the goal of achieving significant weight reduction without adverse effects.
• Competition in the Weight-Loss Market: Novo Nordisk is competing with rivals such as Eli Lilly & Co. (LLY) in the burgeoning obesity treatment sector. The market is undergoing a rapid transformation, with 16 new obesity drugs expected by 2029.
• Political Scrutiny on Drug Pricing: Novo Nordisk faces growing political scrutiny over the pricing of its weight-loss drugs in the U.S., particularly as the presidential election approaches.

Multiplex Assays Market Growth

• Global Multiplex Assays Market Expansion: The global multiplex assays market is projected to reach US$ 5.9 billion by 2031, growing at a CAGR of 6.9%. This growth is fueled by the emergence of multiplexed point-of-care testing, the increasing prevalence of autoimmune diseases, and the cost-effectiveness of multiplex assays.
• Key Developments: The multiplex assays market is marked by key developments, including the launch of real-time PCR kits by Thermo Fisher Scientific, strategic alliances between GT Molecular, Inc. and F. Hoffmann-La Roche AG, and collaborations between DiaSorin S.p.A. and Gilead Sciences.

Economy & Real estate

Real Estate Market Dynamics

• Multigenerational Housing Demand: The demand for multigenerational homes continues to rise, with 17% of homebuyers choosing these in 2024, the highest ever recorded. This trend is driven by cost savings as young adults return home or stay with their families due to high housing costs, and elderly parents join their children.
• Cash Purchases Surge: Cash purchases reached a record high of 26% in 2024, indicating increasing financial strength among homeowners leveraging equity or significant down payments.
• Challenges for First-Time Buyers: The share of first-time homebuyers has declined to a historic low of 24%, down from 32% in 2023. These buyers face challenges with high home prices, rising interest rates, and limited inventory, making them older and wealthier compared to previous generations.
• Real Estate Agent Importance: Real estate agents remain crucial, with 86% of buyers using their services, the highest among all information sources. 88% of home purchases were facilitated through agents or brokers, highlighting their continued importance.

Construction Sector Outlook

• Construction Spending Recovery: Construction spending rose 0.1% month over month in September to $12.5 trillion, the highest level since May. This indicates a steady comeback as price pressure and borrowing rates ease.
• Residential Construction Growth: Spending on residential projects jumped 0.2% due to increased homebuilder confidence, rising building permits, and growing housing starts.

Global Economic Developments

• Argentina’s Economic Revival: President Javier Milei’s pro-market reforms are starting to show positive results. Argentina is experiencing a surge in lending, a rebound in rental supply, and an influx of international investments.
• China’s Debt Swap Proposal: China is considering raising the local government debt limit to swap out hidden debt. This move aims to address financial struggles faced by local authorities due to declining land sale revenue and support the slowing economy.
• Spain’s Economic Performance: Spain’s economy outperformed Germany and France this year, driven by record tourism. However, recent devastating floods pose a significant challenge to the country’s economic outlook.
• US Job Growth Slowdown: The US economy added only 12,000 jobs in October, sharply lower than the expected 113,000, raising concerns about economic health. This slowdown could be attributed to factors like hurricanes and the Boeing strike.

REIT Performance

• W. P. Carey (WPC): The REIT experienced a decline in third-quarter results due to property sales and a potential tenant issue. However, the company remains optimistic about growth in 2025 driven by new acquisitions and a strong investment backdrop.
• Host Hotels & Resorts (HST): The lodging REIT is expected to report revenue growth but a decline in funds from operations (FFO) per share in the third quarter.
• Iron Mountain Incorporated (IRM): The REIT is likely to have benefited from robust performance in its storage, service, and data center segments. However, higher interest expenses might have tempered growth.
• Ameren Corporation (AEE): The utility company is likely to have seen increased electricity demand due to favorable weather patterns. However, storm-related damages might have pushed up operating expenses.
• Alexander’s (ALX): The REIT reported a decline in funds from operations (FFO) for the third quarter compared to the same period last year. The company expects to perform in line with the market in the near future.
• Realty Income Corp. (O): The REIT reported a slight decline in its third-quarter results, impacted by property sales. However, the company is expected to grow its adjusted funds from operation (AFFO) per share and continue increasing its dividend in the future.
• AvalonBay Communities (AVB): The apartment building owner reported solid third-quarter results, exceeding both revenue and funds from operations (FFO) per share expectations.
• Apple Hospitality REIT (APLE): The hotel-owning REIT reported a slight decline in its third-quarter results, influenced by a decline in revenue per available room (RevPAR).
• Armada Hoffler Properties (AHH): The real estate company reported strong third-quarter results, exceeding both revenue and funds from operations (FFO) per share expectations.
• Douglas Emmett (DEI): The REIT reported solid third-quarter results, exceeding both revenue and funds from operations (FFO) per share expectations.
• Postal Realty Trust (PSTL): The REIT reported solid growth in revenues and funds from operations (FFO) per share in the third quarter.
• Ryman Hospitality Properties (RHP): The hotel and resort REIT reported solid third-quarter results, exceeding both revenue and funds from operations (FFO) per share expectations.
• Vornado Realty Trust (VNO): The REIT reported solid third-quarter results, exceeding both revenue and funds from operations (FFO) per share expectations.

Key Developments

• Empire Communities (www.empirecommunities.com): The vertically integrated homebuilder announced the closing of a CAD$225 million bond offering, which will be used to repay debt, redeem existing bonds, and fund general corporate purposes.
• Gaucho Holdings: The diversified real estate and luxury brand holding company is poised to benefit from Argentina’s economic revival, driven by President Javier Milei’s pro-market reforms.

Upcoming Events

• U.S. Presidential Election: The election outcome will significantly impact economic and market sentiment.
• Federal Open Market Committee (FOMC) Meeting: The Fed is expected to cut interest rates again, potentially influencing bond yields and stock market performance.
• Earnings Season: Key companies in the economy and real estate sector will continue reporting their third-quarter results, providing insights into market trends and performance.

Retail

Cosmetics Growth

• e.l.f. Beauty’s Strong Growth: e.l.f. Beauty (ELF) has experienced rapid revenue growth, reaching a CAGR of 48% from fiscal 2021 to fiscal 2024. This growth is attributed to organic expansion, effective marketing campaigns, and sales at resilient retailers like Target and Walmart.
• International Expansion: e.l.f. Beauty’s international revenue has also grown significantly, achieving a CAGR of 66% during the same period. The company’s expansion into Canada, the U.K., and Italy has driven this growth, and further expansion is planned for France, Australia, and Saudi Arabia.
• Growth Slowdown and Acquisitions: For fiscal 2025, e.l.f. Beauty anticipates a revenue increase of 25% to 27%, indicating a slight slowdown from previous years. The company plans to rely on acquisitions, such as Naturium, to fuel future sales growth.
• Valuation and Future Outperformance: With an enterprise value of $6.2 billion, e.l.f. Beauty’s stock is considered reasonably valued. Analysts anticipate strong future growth, suggesting potential for outperformance against larger competitors and the S&P 500.

Restaurant Industry

• Yum China’s Growth: Yum China Holdings (YUMC) reported strong third-quarter earnings, with revenue up 5% year-over-year to $3.07 billion. KFC and Pizza Hut expanded sales through new units, and delivery sales continued to grow at a double-digit rate.
• Shareholder Returns: Yum China’s board increased its share repurchase authorization by $1 billion and declared a cash dividend of $0.16 per share. The company aims to increase shareholder returns to $4.5 billion from 2024 to 2026.
• Luckin Coffee’s International Expansion: Luckin Coffee (LKNCY) is expanding internationally, including a potential launch in the U.S. The company is facing stiff competition from Cotti Coffee, which has ignited a price war in the Chinese market.
• International Expansion: Luckin Coffee is exploring opportunities in the U.S. and other markets, following its first offshore move into Singapore. The company expects to reach significant scale before aiming for profitability in these new markets.

Cruises and Debt

• Carnival’s Record Performance: Carnival Corporation & plc (CCL) is experiencing strong demand for cruises, with record revenue and operating income in the third fiscal quarter. Ticket pricing and bookings are also at record highs.
• Lower Interest Rates Aid Debt Reduction: Lower interest rates are making it easier for Carnival to pay off its debt, a concern since the pandemic. The company’s ability to pay off its highest-interest loans has been aided by strong cash-flow generation.
• Continued Strong Demand: The high demand for Carnival’s cruises suggests a strong market for the industry. Investors believe that this record demand could be more enduring than previously thought.

Retail DEI

• DEI Backlash Concerns: Retailers are concerned about potential consumer backlash related to DEI initiatives. Some companies are walking back their policies to avoid criticism, while others are opting out of public events on the topic.
• Conservative Backlash and Impact: The recent backlash against DEI programs, fueled by conservative activism and the 2024 presidential election, is a major concern for retailers. This concern has led some retailers to avoid certain industry events, particularly those tied to DEI.
• Product and Service Relevance: While retailers are hesitant to make public statements about DEI, they still recognize the importance of incorporating diverse perspectives into their product development and service strategies to resonate with a wider customer base.

Pet Products

• Chewy’s Expansion: Chewy (CHWY) is expanding its pet health offerings, recognizing the growing online market for pet medications.
• Tractor Supply Enters Pet Health Market: Tractor Supply (TSCO) acquired Allivet, an online platform for pet medication sales, which will expand its addressable market and allow it to offer more pet products to its loyal customer base.

Grocery Industry

• Grocery Outlet’s Growth: Grocery Outlet Holding Corp. (GO) is expanding its store network and leveraging technology to enhance customer engagement. The company’s opportunistic purchasing model and private label program have been driving sales growth.
• Competition and Challenges: The grocery sector is highly competitive. Grocery Outlet has seen some softness in its comparable store sales and declining average basket size.

Trading Cards

• Tokyo Lifestyle’s Trading Card Expansion: Tokyo Lifestyle Co., Ltd. (TKLF) is expanding into the trading card retail business through a joint venture with Crossing Limited.
• Market Growth: The global trading card market is expected to grow at a CAGR of 5% through 2032, driven by rising spending among millennials and growth in the Asia-Pacific region.

Infrastructure

Global Infrastructure Acquisition

• Bureau Veritas Acquires APP Group in Australia: Bureau Veritas, a global testing and certification firm, acquired The APP Group, a leading Australian infrastructure and building services company, for an undisclosed sum. The acquisition strengthens Bureau Veritas’ presence in the Asia-Pacific region and provides them with access to The APP Group’s expertise in construction supervision, project management, and asset management.
• Avista Corporation Invests in North Plains Connector: Avista Corporation, a US utility holding company, invested 10% in the North Plains Connector project. This project involves a 420-mile high-voltage direct-current transmission line connecting Bismarck, North Dakota and Colstrip, Montana, and is expected to boost the regional energy grid.

US Infrastructure

• Talen Energy’s Susquehanna ISA Rejected: The Federal Energy Regulatory Commission (FERC) rejected Talen Energy Corporation’s amended Susquehanna Interconnection Service Agreement (ISA). The ISA aimed to increase co-located load capacity at Talen’s Susquehanna nuclear power generation facility from 300 megawatts to 480 megawatts. Talen believes the decision will negatively impact economic development in Pennsylvania, Ohio, and New Jersey, but will continue to explore other solutions to satisfy the increased demand for clean power.
• PG&E to Report Q3 2024 Results: PG&E Corporation is scheduled to report third-quarter 2024 results on November 7. The company is likely to benefit from higher-than-normal electricity demand due to warmer temperatures, but may face increased operating and maintenance costs due to wildfire damage in July.

Global Renewables

• Cross Laminated Timber Market Growth: The global cross laminated timber (CLT) market is projected to grow at a 10.6% CAGR from 2023 to 2031, reaching US$ 3.0 billion in sales by 2031. This growth is driven by increased demand for sustainable building materials, rising urbanization, government initiatives, and CLT’s versatility in architectural designs.
• Airbus Helicopters Secures Contract for RCAF Training: Airbus Helicopters signed a contract with SkyAlyne to provide the Royal Canadian Air Force (RCAF) with 19 Airbus H135 helicopters for pilot training. This contract is part of Canada’s Future Aircrew Training (FAcT) Program and marks the first time that Airbus helicopters will be used by the Canadian Armed Forces.

US Energy

• Unitil Corporation Reports Q3 2024 Results: Unitil Corporation reported GAAP Net Income of $11 thousand, or $0.00 in Earnings Per Share (EPS), for the third quarter of 2024. The company’s Adjusted Net Income was $0.4 million, or $0.02 in EPS for the quarter. Unitil is currently undergoing regulatory and transition activities for the planned acquisition of Bangor Natural Gas Company.

Commodities

Oil & Gas

• OPEC+ Output Delay: OPEC+ has postponed its planned output increase by a month, pushing back the planned increase to December 2024. This decision was made amid persistent global economic challenges, which have caused subdued demand prospects in Europe and Asia. Concerns about potential supply disruptions in the Middle East also played a role in the decision.
• Marathon Oil Layoffs and Acquisition: Marathon Oil Corporation (MRO) has announced a major layoff from its Houston facility affecting about 500 employees following ConocoPhillips’ (COP) planned acquisition of the company. The deal, valued at $22.5 billion, is expected to close in the fourth quarter of 2024 and will add to COP’s extensive unconventional oil portfolio. The merger is expected to improve performance and reduce operating costs.
• Gran Tierra Energy Acquisition: Gran Tierra Energy Inc. (GTE) completed its acquisition of i3 Energy plc (“i3 Energy”) on October 31, 2024. This acquisition diversified Gran Tierra into Canada and added 253 net booked drilling locations, 77% operated production totaling approximately 18,000 bbls of oil equivalent per day, and almost 1.2 million acres (0.6 million acres net).
• US Oil & Gas Company Performance: ProPetro Holding Corp. (PUMP) reported third-quarter 2024 adjusted earnings per share of 12 cents, exceeding the Zacks Consensus Estimate of 3 cents. The company anticipates a reduction in its 2024 capital expenditure guidance, now estimating between $150 million and $175 million. Liberty Energy (LBRT) announced an adjusted net income of 45 cents per share, missing the Zacks Consensus Estimate of 55 cents.

Metals & Mining

• Uranium Demand Growth: Cameco Corporation (CCJ) saw its shares rise by 12.6% in October, reflecting the increasing interest in nuclear power. Google became the latest tech giant to sign agreements to procure power generated by nuclear reactors.
• enCore Energy’s Uranium Contracts: enCore Energy Corp. (ECUR) has executed seven contracts to supply uranium to nuclear power plants in the United States and holds one legacy contract with a uranium trading company. The company’s contracting strategy aims to establish a base level of revenue while retaining significant exposure to upside price action.
• American Lithium Corp. Project Updates: American Lithium Corp. (AMLI) is making steady progress across all its projects, including the TLC Lithium Project, the Falchani Lithium Project, and the Macusani Uranium Project. The company is engaging with interested parties on a potential spin-out of Macusani into an independent, well-capitalized, uranium-focused public company.
• US Steel Performance: United States Steel Corporation (X) logged a profit of $119 million or 48 cents for third-quarter 2024. Steel shipments in the reported quarter were 3,516,000 tons, down around 7% year over year.

Global Commodities

• Canadian Premium Sand’s US Expansion: Canadian Premium Sand Inc. (CPS) announced plans for a pattern solar glass manufacturing facility in the United States. The company has established a wholly owned US subsidiary, CPS Glass USA Corp., and has applied for the US Department of Energy’s investment tax credit.
• Statkraft’s Q3 Results: Statkraft will disclose third-quarter results for 2024 on Thursday 7 November 2024 at 08:00 a.m. CET.
• Skyharbour Resources’ Agreements: Skyharbour Resources Ltd. (SYH) announced agreements with Hatchet Uranium Corp. (Hatchet), whereby Hatchet may acquire an 80% interest in the Company’s 9,339 ha Highway Uranium Property and a 100% interest in the Company’s Genie, Usam and CBX/Shoe Uranium Projects.
• Abaxx Technologies’ Carbon Futures: Abaxx Technologies Inc. (ABXX) announced the execution of the first two carbon futures block trades, traded between Mercuria and HNK Alpha on October 30, 2024.
• Vireo Growth’s Financing: Vireo Growth Inc. (VREO) secured a new convertible debt facility which provides a financing commitment of up to U.S. $10.0 million in aggregate principal amount of convertible notes.
• American Rare Earths Appointment: Melissa Sanderson, a key member of the Board of Directors of American Rare Earths Limited (ARR), has been appointed Co-Chair of the Critical Minerals Institute (CMI).

Politics

2024 US Presidential Election

• Trump’s Shrinking Lead: Trump’s support has been waning, with recent polls showing a narrowing gap between him and Vice President Harris. His lead in Pennsylvania, a key swing state, has diminished, increasing uncertainty about the election’s outcome. Prediction market odds for Trump’s victory have also dropped significantly, from 66% on Oct. 30 to 54% on Nov. 3. This suggests a change in sentiment among traders, potentially due to diminishing influence of a whale betting heavily on Trump or a recent shift in polling.
• Harris’s Gaining Momentum: Harris has been gaining ground in several swing states, notably in Iowa, where she has overtaken Trump according to recent polls. This momentum has led to a weakening of the dollar, as investors adjust their positions based on the potential outcomes.
• Economic Impact of Election Outcomes: The election’s outcome could significantly impact the U.S. national debt, with both Trump and Harris’s proposed fiscal policies potentially adding trillions of dollars by 2035. Trump’s economic policies, including tax cuts, tariffs, and monetary policy, have been linked to the S&P 500 performance and could impact markets depending on the election result.
• Market Volatility and Potential Outcomes: Experts anticipate market volatility, particularly in the immediate aftermath of the election. A Trump victory could lead to a hawkish Federal Reserve decision, while a Harris win could result in a decline in equities and the dollar.

International Political Interference

• Moldova Election and European Influence: Moldova’s presidential election saw a victory for the pro-Western incumbent Maia Sandu over her Russia-backed opponent. This victory was met with congratulations from European leaders, highlighting the growing influence of Europe in the region.
• Russia’s Alleged Meddling: Russia has been accused of meddling in Moldova’s presidential election and the parliamentary elections in Georgia. While Moscow has denied these accusations, the West is concerned about Russia’s attempts to assert its influence in Eastern Europe.

Political Technology and Campaigns

• Phunware Acquires MyCanvass: Phunware, a mobile application cloud solutions company, has signed a term sheet to acquire MyCanvass, a technology company focused on providing voter and advocacy engagement tools. MyCanvass is currently used by Trump’s 2024 campaign. The acquisition is expected to strengthen Phunware’s position in the political technology sector.
• Elon Musk’s Political Influence: Elon Musk’s political influence has been growing, with his America PAC backing Trump’s campaign. Musk has committed over $70 million to Republican candidates in the November elections. His political action committee has also been involved in a controversial voter sweepstakes, which has been the subject of legal scrutiny.

Social Impact of Political Polarization

• Erosion of Civility: The 2024 U.S. presidential election has been characterized by intense political polarization, leading to increased tension and stress among Americans. This polarization has damaged personal relationships, with families and friends struggling to maintain civil discourse due to differing political views.
• Promoting Constructive Dialogue: Reframing the Conversation, a non-partisan website and podcast series, aims to promote respectful and constructive communication in the face of political differences. The initiative offers resources to help Americans rediscover civil and effective dialogue, regardless of their political beliefs.

Canadian Broadcasting Reform

• Online Streaming Act Implementation: The CRTC is moving forward with the implementation of the Online Streaming Act, which aims to ensure that online streaming services contribute to Canadian and Indigenous content. The CRTC has announced that new funding from these services will be directed towards local radio news, with a new temporary fund being created for stations in smaller markets.
• Support for Local News: The CRTC is seeking public input on the creation of the temporary fund for local radio stations, highlighting the importance of local news in keeping Canadians informed.

Stock Picks

Earnings

• Constellation Energy Earnings: Wall Street expects Constellation Energy Corporation CEG to report quarterly earnings at $2.64 per share on revenue of $5.71 billion before the opening bell. Constellation Energy shares fell 5.5% to $243.99 in after-hours trading.
• Marriott Earnings: Analysts expect Marriott International, Inc. MAR to post quarterly earnings at $2.31 per share on revenue of $6.27 billion. The company will release earnings before the markets open. Marriott shares gained 0.5% to $261.75 in after-hours trading.
• Wynn Resorts Earnings: After the markets close, Wynn Resorts, Limited WYNN is projected to report quarterly earnings at $1.01 per share on revenue of $1.73 billion. Wynn Resorts shares gained 0.2% to $95.87 in the after-hours trading session.
• Yum! Brands Earnings: Analysts expect Yum! Brands, Inc. YUM will post quarterly earnings at $1.41 per share on revenue of $1.9 billion. The company will release earnings before the markets open. Yum! Brands shares fell 0.5% to $132.06 in after-hours trading.

Index Changes

• S&P MidCap 400 Changes: Chewy Inc. CHWY will replace Stericycle Inc. SRCL in the S&P MidCap 400 before the opening bell on Wednesday, Nov. 6. Waste Management Inc. WM is acquiring Stericycle in a transaction expected to be completed soon. Chewy shares surged 5.1% to $28.51 in the after-hours trading session.
• Dow Jones Industrial Average Changes: NVIDIA Corporation NVDA will replace Intel Corp. INTC, effective prior to the open of trading on Friday, Nov. 8, on the Dow Jones Industrial Average index after a 25-year run. This change highlights the shift in the chipmaking market and is another blow for Intel, which has seen a decline in its market position. Sherwin-Williams will replace Dow Inc. DOW.

Analyst Ratings

• Analyst Upgrades: Analyst firm DA Davidson raised The Clorox Company CLX price target from $153 to $171. Analyst firm Craig-Hallum increased the price target for CVRx, Inc. CVRX from $15 to $20. Analyst firm UBS boosted Broadcom Inc. AVGO price target from $170 to $200.

Financial

• Strong Buy Stocks: Capitol Federal Financial (CFFN), Alibaba Group Holding (BABA), Isabella Bank Corporation (ISBA)
• Strong Growth Stocks: Pilgrim’s Pride Corporation (PPC), Booking Holdings Inc. (BKNG), ZIM Integrated Shipping Services (ZIM)
• Strong Value Stocks: Controladora Vuela Compañía de Aviación (VLRS), Pilgrim’s Pride Corporation (PPC), Alibaba Group Holding Limited (BABA)

Industrial Products

Earnings Reports

• Celanese Corporation (CE): Analysts expect Celanese Corporation CE to report quarterly earnings at $2.85 per share on revenue of $2.7 billion after the closing bell. Celanese shares gained 1.5% to $126.70 in after-hours trading.

Earnings Estimates

• Toll Brothers (TOL): Analysts expect Toll Brothers to report quarterly earnings at $4.41 per share. The company’s Earnings ESP of +2.35% suggests a strong probability of an earnings beat.
• Lennar (LEN): Analysts expect Lennar to report quarterly earnings at $4.27 per share. The company’s Earnings ESP of +1.23% suggests a strong probability of an earnings beat.

Industry & Sector Performance

• Metal Products – Procurement and Fabrication: The Metal Products – Procurement and Fabrication industry is currently in the bottom 32% of the Zacks-ranked industries.
• Construction: The Construction sector has outperformed the S&P 500 so far this year.

Strong Buy Stocks

• Emcor Group (EME): Emcor Group has gained 110.4% since the start of the year compared to the 26.8% move for the Zacks Construction sector. The company has a strong record of positive earnings surprises and a Zacks Rank of #1 (Strong Buy).
• BellRing Brands (BRBR): BellRing Brands has gained 20.3% since the start of the year compared to the 3.8% move for the Zacks Medical sector. The company has a strong record of positive earnings surprises and a Zacks Rank of #2 (Buy).
• Northwest Pipe Company (NWPX): Northwest Pipe Company has gained 59.4% since the start of the year compared to the 11.8% move for the Zacks Industrial Products sector. The company has a strong record of positive earnings surprises and a Zacks Rank of #2 (Buy).

Transportation

Earnings Reports

• Air Transport Services Group (ATSG): The company agreed to be acquired by Stonepeak for $3.1 billion. Shares rose 22.9% to $21.39 in pre-market trading.

Index Changes

• Dow Jones Industrial Average Changes: NVIDIA Corporation NVDA will replace Intel Corp. INTC, effective prior to the open of trading on Friday, Nov. 8, on the Dow Jones Industrial Average index after a 25-year run.

Analyst Ratings

• Analyst Upgrades: RBC Capital increased Reinsurance Group of America, Incorporated RGA price target from $235 to $245.

Strong Buy Stocks

• SkyWest, Inc. (SKYW): SkyWest has gained 94.1% since the start of the year compared to the -0.5% move for the Zacks Transportation sector. The company has a strong record of positive earnings surprises and a Zacks Rank of #1 (Strong Buy).
• Controladora Vuela Compañía de Aviación (VLRS): This air transportation services company carries a Zacks Rank #1, and has witnessed the Zacks Consensus Estimate for its current year earnings increasing 30.2% over the last 60 days. Controladora Vuela has a price-to-earnings ratio (P/E) of 6.57, compared with 14.70 for the industry. The company possesses a Value Score of A.

Other

Earnings Estimates

• Super Micro Computer, Inc. (SMCI): After the markets close, Super Micro Computer, Inc. SMCI is projected to report quarterly earnings at 75 cents per share on revenue of $6.45 billion. Super Micro Computer shares fell 0.3% to $25.96 in the after-hours trading session.
• Cummins Inc. (CMI): Analysts expect Cummins Inc. CMI to report quarterly earnings at $4.80 per share on revenue of $8.29 billion before the opening bell. Cummins shares gained 1% to $329.00 in after-hours trading.

Analyst Ratings

• Analyst Downgrades: Stephens & Co. analyst Tommy Moll downgraded the stock from Overweight to Equal-Weight and cut the price target from $135 to $120. JP Morgan analyst Stephen Tusa downgraded the stock from Overweight to Neutral and slashed the price target from $132 to $115. Wedbush cut Super Micro Computer, Inc. SMCI price target from $62 to $32. Roth MKM lowered the price target for Energy Fuels Inc. UUUU from $6 to $5.5.
• Analyst Initiated Coverage: Morgan Stanley analyst Chris Snyder initiated coverage on the stock with an Underweight rating and a price target of $105.

Mergers & Acquisitions

• Air Transport Services Group (ATSG): The company agreed to be acquired by Stonepeak for $3.1 billion. Shares rose 22.9% to $21.39 in pre-market trading.

Other Notable News

• Staffing 360 Solutions (STAF): The company and Atlantic International entered a merger agreement.
• Nuwellis (NUWE): The company announced preliminary results for the third quarter.
• Singular Genomics Systems (OMIC): Shares surged 61.1% to $21.68 in pre-market trading.
• Vast Renewables (VSTE): Shares climbed 55.2% to $7.45 in pre-market trading after jumping 140% on Friday.
• NLS Pharmaceutics (NLSP): The company announced it entered into a definitive merger agreement with Kadimastem and will issue shares of its common stock for the transaction.
• Advent Technologies Holdings (ADN): The company announced its RHyno project secured a €34.5 million grant from the EU Innovation Fund to advance fuel cell and hydrogen technology.
• Castellum (CTM): The company reported a year-over-year increase in third-quarter financial results.
• Alarum Technologies (ALAR): Shares gained 16.6% to $14.39 in pre-market trading.
• 1847 Holdings (EFSH): 1847 Holdings announced a 1-for-15 reverse split.
• Edesa Biotech (EDSA): Shares fell 19.7% to $2.57 in pre-market trading.
• Centrus Energy (LEU): The company announced a proposed private offering of $350 million of convertible senior notes due 2030.
• TG Therapeutics (TGTX): Shares fell 12.6% to $23.50 in pre-market trading after the company reported third-quarter results.
• Sify Technologies (SIFY): Shares declined 11.5% to $2.77 in pre-market trading after declining around 5% on Friday.
• Napco Security Technologies (NSSC): The company announced downbeat quarterly results.
• Talen Energy (TLN): The company announced it is evaluating options after FERC rejected the amended Susquehanna Interconnection Service Agreement to increase co-located load capacity at the Susquehanna nuclear power generation facility from 300 megawatts to 480 megawatts.
• Oklo (OKLO): The company reported third-quarter financial results and issued FY24 adjusted EPS guidance below estimates.
• Capital Southwest Corporation (CSWC): The company announced a proposed convertible notes offering.
• Huntington Ingalls Industries (HII): The company reported worse-than-expected third-quarter financial results. It also revised FY24 revenue outlook and withdrew 5-year free cash flow outlook.
• Integra LifeSciences Holdings (IART): The company reported quarterly earnings of 41 cents per share which beat the analyst consensus estimate of 39 cents per share. The company reported quarterly sales of $380.83 million which beat the analyst consensus estimate of $375.78 million. Integra LifeSciences shares jumped 24.4% to $23.96.
• Neurogene (NGNE): The company entered a securities purchase agreement for a PIPE investment, expected to bring in gross proceeds of $200 million.
• Xiao-I Corporation (AIXI): The company entered into private placement & securities purchase agreement to issue, sell convertible promissory note for $2.1 million.
• Disc Medicine (IRON): The company announced the end of its Phase 2 Bitopertin In Erythropoietic Protoporphyria meeting with the FDA.
• Globalstar (GSAT): Shares gained 21.8% to $1.6800.
• Canopy Growth Corporation (CGC): Shares rose 16% to $5.64.
• The Chemours Company (CC): The company reported better-than-expected quarterly financial results.
• Array Technologies (ARRY): Shares rose 13.5% to $7.61.
• Evotec SE (EVO): Shares jumped 13.1% to $4.3850.
• LexinFintech Holdings (LX): Shares gained 12.8% to $3.6100.
• Freshpet (FRPT): The company reported better-than-expected quarterly financial results and raised its full-year adjusted EBITDA outlook.
• Bloom Energy Corporation (BE): Shares rose 9.4% to $10.88.
• Nextracker (NXT): Shares gained 8% to $42.75.
• Peloton Interactive (PTON): Shares rose 7.5% to $7.80.
• Polestar Automotive Holding (PSNY): Shares gained 7.5% to $1.2250.
• Bath & Body Works (BBWI): Shares rose 7.2% to $30.99.
• Advance Auto Parts (AAP): Shares gained 5.6% to $38.29.
• Reynolds Consumer Prods (REYN): Rolf Stangl, Director at Reynolds Consumer Prods, purchased 7,207 shares of the company.

Options Activity

• Las Vegas Sands (LVS): The Jan. 17, 2025 $85.00 Put had some of the highest implied volatility of all equity options today.
• Penumbra (PEN): The Dec 20, 2024 $310 Put had some of the highest implied volatility of all equity options today.
• Hawkins (HWKN): The Dec. 20, 2024 $70 Call had some of the highest implied volatility of all equity options today.

Big Money Sentiment

• Target (TGT): The overall sentiment of these big-money traders is split between 44% bullish and 55% bearish.
• United Airlines Holdings (UAL): The overall sentiment of these big-money traders is split between 14% bullish and 78%, bearish.
• Home Depot (HD): The overall sentiment of these big-money traders is split between 36% bullish and 54%, bearish.
• United Rentals (URI): The overall sentiment of these big-money traders is split between 22% bullish and 44%, bearish.