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Friday, December 5

Noteworthy macro moves today: Bitcoin -1.8%. Natural Gas +5.7%.

Global equity indices are trading mixed following the release of stronger-than-expected German factory orders data, which rose by 1.5% in October, exceeding forecasts of just a 0.3% increase. This positive manufacturing momentum has contributed to gains in European markets, while U.S. indices are under pressure as investors await key inflation data and the Federal Reserve's interest rate decision next week.

In the U.S., initial jobless claims fell unexpectedly to a three-year low, indicating labor market strength; however, this has not significantly altered expectations for a Federal Reserve rate cut at its upcoming meeting. Analysts anticipate a reduction of 25 basis points amid concerns over consumer spending and inflation trends that could influence future monetary policy.

Additionally, the Reserve Bank of India cut its repo rate by 25 basis points to stimulate economic growth amidst low inflation levels, leading to notable gains in Indian equities as market sentiment improves following this dovish move. The central bank's actions reflect a broader trend among global central banks responding to economic conditions with accommodative policies.

Bitcoin (BTC/USD) [-1.7%] Cryptocurrency markets are experiencing early signs of recovery after a significant selloff at the start of December, with Bitcoin rebounding above 93,000. This recovery coincides with expectations of a 25 basis point interest rate cut by the Federal Reserve, driven by recent economic data suggesting a slowdown in spending growth. Notably, Canadian employment data today revealed an increase of 54,000 jobs in November and a decline in the unemployment rate to 6.5%. Social media highlights include the expiration of 4 billion in Bitcoin options today, which may introduce short-term volatility. Additionally, Bitcoin is pressing into the pivotal 93,000–94,000 resistance range. Despite a recent dip to around 91,989, Bitcoin has demonstrated resilience as exchange balances have fallen to their lowest level since 2017. Ethereum has also declined, reflecting broader market sentiment that could be influencing Bitcoin's recent drop of 1.6%.

VanEck Gold Miners ETF (GDX) [+1.3%] Gold prices rose as the U.S. dollar weakened, with spot gold increasing ahead of next week's Federal Reserve policy meeting. This upward movement in gold likely contributed to the VanEck Gold Miners ETF (GDX) achieving a daily return of 0.91%. Concurrently, Indian stock markets surged following a decision by the Reserve Bank of India to cut interest rates and upgrade its GDP growth outlook, which may enhance sentiment towards gold as a safe-haven asset. Among GDX's holdings, notable contributors included Newmont Corporation, Agnico Eagle Mines, and Kinross Gold, each showing positive returns. Additionally, silver prices increased significantly, reflecting broader market sentiment towards precious metals and potentially influencing GDX's performance.

COO | +13.5% | +2.3B
Cooper Companies Inc | Health Care Supplies
Cooper Companies Inc. has experienced a notable rise in its stock price following several analyst upgrades and corporate announcements. Baird raised its price target to 98 from 85, while JPMorgan increased its target to 78 from 66. Needham maintained a Buy rating and set a new target of 100. The company has initiated a strategic review aimed at enhancing shareholder value and appointed Colleen Jay as chair of the board, effective January 2, 2026. Financial projections for FY2026 anticipate revenue growth of 5-6%, with expected earnings per share ranging from 4.45 to 4.60, exceeding consensus estimates. Additionally, social media discussions have highlighted the formal strategic review process involving the Board and Management, supported by advisors.

ULTA | +7.2% | +2.0B
Ulta Beauty Inc | Other Specialty Retail
Ulta Beauty Inc reported strong third-quarter results, with net income reaching $230.9 million and sales of $2.86 billion, surpassing analyst expectations of $2.71 billion. The company raised its fiscal year 2025 GAAP EPS guidance to a range of $25.20-$25.50, exceeding the prior estimate of $24.40. Comparable sales increased by 6.3%, driven by a 3.8% rise in average ticket and a 2.4% increase in transactions. Gross margin improved to 40.4%, up from 39.7% the previous year, attributed to lower inventory shrink and higher merchandise margins. Additionally, Ulta anticipates fiscal year revenue to be approximately $12.3 billion, an increase from earlier projections of $12.0 billion to $12.1 billion. Following these results, Ulta's stock saw a notable increase of 7.6% during the pre-market session.

RBRK | +18.1% | +2.7B
Rubrik Inc | Systems Software
Rubrik Inc reported robust third-quarter results, achieving adjusted earnings per share of $0.10, exceeding the anticipated loss of $0.17. Revenue surged significantly year-over-year to $350.2 million, surpassing consensus estimates of $320.51 million. The company raised its fiscal year 2026 revenue outlook to a range between $1.28 billion and $1.282 billion, up from the previous range of $1.23 billion to $1.24 billion. Subscription annual recurring revenue (ARR) grew 34% year-over-year to $1.35 billion, reflecting strong demand for its services. The customer base expanded, with 2,638 clients contributing over $100,000 in ARR, marking a 27% increase from the prior year. Following these results, Rubrik's stock experienced a notable surge in after-hours trading, driven by these strong earnings metrics and positive free cash flow of $76.9 million.

HPE | -9.7% | -2.6B
Hewlett Packard Enterprise Co | Technology Hardware, Storage & Peripherals
Hewlett Packard Enterprise reported its fourth-quarter results, revealing revenue of 9.68 billion, which fell short of the consensus estimate of 9.91 billion. Adjusted earnings per share (EPS) were 0.62, exceeding expectations. However, the company experienced declines in server and hybrid cloud revenues, down 5% and 12%, respectively. Looking ahead, HPE anticipates first-quarter EPS in the range of 0.57 to 0.61, below analyst consensus of 0.54, with projected revenues between 9.0 billion and 9.4 billion, also missing expectations. The annualized revenue run-rate reached 3.2 billion, a significant increase year-over-year. HPE's CEO emphasized strategic advantages from its networking portfolio and a recent acquisition of Juniper, positioning the company to leverage opportunities in AI. The fiscal 2026 adjusted EPS guidance was raised to a range of 2.25 to 2.45 per share, despite the mixed results contributing to selling pressure on the stock.

DOCU | -7.9% | -1.1B
DocuSign Inc | Application Software
DocuSign Inc. has experienced a significant drop in its stock price, down nearly 7% since Thursday. This decline follows recent downward adjustments in price targets from several analysts. Piper Sandler has reduced its target to 75 from 90, while JPMorgan lowered its target to 78 from 80. Wells Fargo set a new target of 75, down from 85. These revisions occurred despite DocuSign's strong third-quarter results, which reported revenue of 818.4 million and adjusted EPS of 1.01, both exceeding consensus estimates. The company also raised its full-year revenue guidance to between 3.208 billion and 3.212 billion. Social media discussions have highlighted these results, noting a gross margin of 79.2% and free cash flow of 262.9 million, along with heightened volatility expectations reflected in options trading following the earnings announcement.

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