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Wednesday, November 19

Noteworthy macro moves today: Oil (WTI) -2.5%. Bitcoin -1.7%. Gold +1.1%. Noteworthy US mega-cap moves today: Exxon Mobil Corp (XOM) -1.4%. 

Global equity markets are trading higher amid expectations for a rebound following recent declines, with investors focusing on upcoming earnings reports (especially Nvidia) and economic data releases from the U.S., including the Federal Reserve's minutes from its latest meeting scheduled for later today at 2 PM ET.

In economic news, the UK reported a year-on-year increase in factory gate prices of 3.6% for October, reflecting upward contributions from various sectors, particularly food products and motor vehicles, while core inflation eased to a seven-month low of 3.4%. Additionally, U.S. exports rose slightly to $280.8 billion in August, although imports fell significantly by over $18 billion, leading to a narrowed trade deficit of $59.6 billion.

Nokia's stock fell by approximately 5% in premarket trading after announcing an internal restructuring strategy without new external partnerships that some investors had anticipated. This comes as the company aims to position itself within the AI-driven transformation of networks while targeting significant profit growth by 2028.

United States Oil Fund LP (USO) [-2.7%]
The United States Oil Fund LP (USO) has seen a price decline of 2.7% as crude oil inventories increased by 4.4 million barrels for the week ending November 14, according to the API. This significant rise in inventories adds downward pressure on oil prices, which have been drifting lower, with WTI crude currently around $60.50. Additionally, concerns over a supply glut have led to a notable decrease in Brent prices. Projections from major organizations like EIA and OPEC indicate a potential global supply surplus, further exacerbating market pressures. Social media discussions highlight the testing of a downtrend in crude oil while noting the persistence of the downtrend channel.

Bitcoin (BTC/USD) [-1.6%]
Bitcoin's daily return has dropped significantly, influenced by a substantial withdrawal of $523 million from BlackRock's iShares Bitcoin Trust, following its decline below $90,000—marking a seven-month low. This price movement coincides with broader downturns in global stock markets, attributed to concerns over an AI bubble and weak technology sector performance. Bitcoin has also experienced a decline of over 15% this month, positioning it for its worst November since 2019. In notable developments, New Hampshire has approved the first Bitcoin-backed municipal bond, valued at $100 million, aimed at integrating cryptocurrency with the global debt market. Additionally, BlackRock transferred 5,400 BTC to Coinbase Prime, while reports indicated a single entity accumulated 2,800 Bitcoins at an average price of $101,700. Ethereum has similarly declined, reflecting the broader market sentiment impacting Bitcoin.

TGT | -3.6% | -1.4B
Target Corp | Consumer Staples Merchandise Retail
Target Corp has reported a decline in key financial metrics for the third quarter of 2025. Adjusted earnings per share reached $1.78, slightly above estimates, while revenue totaled $25.27 billion, falling short of expectations. Comparable sales decreased by 2.7%, worse than the anticipated drop. Digital sales grew by 2.4%, also below forecasts. Following these results, Target narrowed its fiscal year adjusted earnings outlook to a range of $7.00 to $8.00, down from the previous forecast of $7.00 to $9.00. The incoming CEO, Brian Fiddelke, announced plans to increase capital expenditures to $5 billion, a 25% year-over-year rise, aimed at revitalizing stores and boosting sales. In pre-market trading, TGT stock was noted to be down significantly after these mixed results and the lowered profit forecast.

NOK | -5.9% | -2.0B
Nokia Oyj | Communications Equipment
Nokia Oyj has announced a strategic reorganization, set to take effect on January 1, 2026, transitioning into two primary operating segments: Network Infrastructure and Mobile Infrastructure. This restructuring aims to better align with customer needs and enhance innovation in response to growing demand for advanced connectivity. Additionally, the company has introduced long-term financial targets, projecting a comparable operating profit of EUR 2.7 billion to EUR 3.2 billion by 2028, up from EUR 2 billion generated last year. Nokia plans to reduce group operating expenses to EUR 150 million by 2028, down from EUR 350 million, while targeting net sales growth in Network Infrastructure of 6-8% CAGR during the period from 2025 to 2028. Despite these initiatives, Nokia's stock has dropped significantly, attributed to a lack of new external partnerships during its recent capital markets day.

LOW | +5.1% | +6.7B
Lowe's Companies Inc | Home Improvement Retail
Lowe's Companies Inc. reported its third-quarter results, revealing a net income of $1.616 billion, down from $1.695 billion the previous year. Sales for the quarter reached $20.813 billion, an increase from $20.170 billion year-over-year. Adjusted earnings per share (EPS) were $3.06, surpassing the consensus estimate of $2.95. Comparable sales grew by 0.4%, buoyed by notable growth in online sales and home services. The company raised its full-year sales outlook to $86 billion, up from a previous range of $84.5 billion to $85.5 billion, while narrowing its adjusted EPS forecast to approximately $12.25. Additionally, Lowe's completed its acquisition of Foundation Building Materials for $8.8 billion, enhancing its offerings to professional customers. Following the earnings report, Lowe's stock experienced an increase of approximately 5%.

TJX | +3.3% | +5.7B
TJX Companies Inc | Apparel Retail
TJX Companies Inc. reported its third-quarter results today, revealing a net income of $1.442 billion, an increase from $1.297 billion in the prior year. Net sales reached $15.1 billion, reflecting a 7% year-over-year rise and surpassing estimates of $14.86 billion. The company announced a consolidated comparable sales increase of 5%, exceeding the expected growth of 4.02%. For the fourth quarter, TJX anticipates comparable sales growth between 2% and 3%, with earnings per share projected in the range of $1.33 to $1.36. Additionally, the full-year earnings per share guidance has been raised to between $4.63 and $4.66, up from the previous estimate of $4.52 to $4.57. During the quarter, TJX increased its store count by 57 locations.

U | +8.0% | +1.2B
Unity Software Inc | Application Software
Unity Software Inc. has announced a partnership with Epic Games, allowing Unity developers to publish games within Fortnite, which has over 500 million registered accounts. This collaboration was revealed at Unite, Unity's annual developer conference. Developers will also gain access to the Fortnite Creator Economy, enhancing their monetization opportunities. Additionally, Unity plans to integrate Unreal Engine support into its cross-platform commerce platform, enabling Unreal developers to manage digital catalogs and payment systems across various platforms, with the integration expected to launch early next year. This partnership underscores both companies' commitment to fostering an open and interoperable gaming ecosystem. Social media discussions have highlighted this collaboration, emphasizing its potential impact on the future of video gaming.

BIDU | -2.3% | -7.3B
Baidu Inc | Interactive Media & Services
Baidu Inc. has experienced a decline of 2.3% since the previous close, coinciding with a significant drop in Qifu Technology Inc. Additionally, the AUD/USD pair has decreased, reflecting broader market sentiment. Analyst opinions on Baidu's future vary; Macquarie has lowered its price target to HK$160.00 while maintaining an Outperform rating. Conversely, Barclays raised its target to $100.00 with an Equalweight rating, and Benchmark increased its target to $158.00 while retaining a Buy rating. Recent social media discussions highlighted Baidu's earnings report, which showed an earnings per share of 11.12, surpassing the estimate of 8.37, alongside revenues of 31.17 billion against an estimated 30.89 billion. Conversations also emphasized the significant influence of AI on Baidu's performance and the need for efficiency in the tech sector.

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