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Friday, November 21

Noteworthy macro moves today: Bitcoin -2.9%. Ethereum -2.7%. Noteworthy US mega-cap moves today: Alphabet Inc (GOOGL) +2.3%. Alphabet Inc (GOOG) +2.3%. JPMorgan Chase & Co (JPM) +0.9%. 

Global equity markets are trading mixed amid concerns over stretched valuations in the technology sector and uncertainty regarding U.S. monetary policy following recent job data releases. The Nikkei and Hang Seng indices have both experienced significant declines, reflecting broader market volatility influenced by fears of an AI investment bubble.

In economic news, the HCOB Germany Services PMI fell to 52.7 in November from a previous high of 54.6, indicating a slowdown in service sector growth despite remaining above long-term averages. Additionally, UK retail sales dropped by 1.1% month-on-month in October, marking the first decline in five months as consumers delayed spending ahead of Black Friday.

Federal Reserve officials have expressed mixed views on the labor market and inflation outlooks, with President John Williams suggesting that current monetary policy remains "modestly restrictive." This has led to increased speculation about potential interest rate cuts at the Fed's upcoming meetings as markets reassess their expectations based on recent economic data trends.

iShares MSCI Japan ETF (EWJ) [+1.6%]
Japan's new Prime Minister has announced a substantial stimulus package aimed at alleviating financial pressures on households, amounting to 21.3 trillion Yen. This comes amid a significant drop in the Nikkei Index, which fell sharply due to a broader tech selloff and concerns over potential interest rate hikes from the Bank of Japan. The Bank of Japan Governor has expressed a need for more data on wage growth, hinting at implications for inflation linked to a weak Yen, which may increase the likelihood of a rate hike in December. Concurrently, the iShares MSCI Japan ETF (EWJ) has seen a daily return of approximately 1.5%, influenced by movements in USD/JPY and strong performances from key holdings such as SONY and SMFG. Additionally, the Russell 2000 Index has increased, reflecting broader market sentiment that may also affect Japanese equities.

Ethereum (ETH/USD) [-2.8%]
Ethereum's price has dropped significantly, falling to approximately 2,735.50 amid a broader market decline. This decline coincided with Bitcoin's overnight drop of nearly 3.7%, reflecting a general downturn in crypto-related stocks such as Riot Platforms and Marathon Digital Holdings. Market sentiment has also been influenced by increased expectations for a Federal Rate Cut by December, following comments from Federal Reserve President John Williams. Social media discussions highlighted mixed sentiments, noting a substantial purchase of ETH by Tom Lee’s Bitmine valued at $44.4 million, while also acknowledging pressure on ETH as it fell below $3,000, with projections suggesting a potential test of 2,500. Additionally, retail-driven selling of spot Bitcoin and Ethereum exchange-traded funds has been cited as contributing to the current market correction.

VEEV | -6.7% | -2.7B
Veeva Systems Inc | Health Care Technology
Veeva Systems Inc reported its fiscal Q3 results on November 20, 2025, with an adjusted EPS of 2.04, surpassing the consensus estimate of 1.95. Revenue reached 811.2 million, exceeding expectations of 792.62 million and reflecting a year-over-year increase of 16%. The company raised its full-year fiscal 2026 guidance, projecting revenue between 3.166 billion and 3.169 billion, higher than the previous estimate of 3.14 billion. Adjusted EPS guidance was also increased to 7.93 from 7.78, against a consensus of 7.81. Despite these strong results, shares fell in after-hours trading, declining by 1.8% due to concerns regarding customer relationship management performance. Social media discussions noted that VEEV's stock was down significantly following the earnings announcement, despite the positive financial results and raised guidance.

GOOG | +2.1% | +75.0B
Alphabet Inc | Interactive Media & Services
Alphabet Inc is experiencing a price increase alongside the broader market. The Italian Competition Authority has concluded its investigation into Google's user consent practices, requiring enhancements in clarity regarding personal data usage and its implications, particularly for AI services like Gemini. Additionally, Google DeepMind has appointed former Boston Dynamics CTO Aaron Saunders as VP of hardware engineering, signaling a strategic focus on integrating advanced hardware capabilities into its AI initiatives. Furthermore, Google is extending voluntary buyout offers to U.K. employees, following similar actions in the U.S., aimed at streamlining operations while continuing investment in key AI roles. On social media, discussions reflect mixed sentiment, with some expressing caution about inflated valuations in the AI sector while others view current price dips as buying opportunities.

ASTS | +4.7% | +647.3M
AST SpaceMobile Inc | Alternative Carriers
AST SpaceMobile Inc. has announced the launch of its BlueBird 6 satellite, scheduled for December 15 from the Satish Dhawan Space Center in India. This satellite will feature the largest commercial phased array in low Earth orbit, measuring nearly 2,400 square feet and offering ten times the data capacity of previous models. The company is accelerating production plans for a total of 40 satellites by early 2026, with five orbital launches anticipated by the end of the first quarter of that year. Concurrently, social media updates indicate a rise in dark pool buying activity for AST SpaceMobile, reflecting a positive market sentiment. Posts highlight increased buying interest, with users expressing optimism regarding the stock. This follows a previous post noting a significant decline from recent highs, suggesting a complex sentiment landscape surrounding ASTS.

INTU | +3.8% | +7.0B
Intuit Inc | Application Software
Intuit Inc. reported strong first-quarter results, with adjusted earnings per share of 3.34, exceeding the consensus estimate of 3.09. Revenues reached 3.89 billion, surpassing expectations of 3.76 billion, and net income increased significantly year-over-year to 446 million from 197 million. For the second quarter, Intuit anticipates revenue growth of approximately 14% to 15%, projecting revenues between 4.52 billion and 4.55 billion, alongside adjusted EPS guidance of 3.63 to 3.68. The company reiterated its fiscal year 2026 revenue guidance in the range of 21 billion to 21.19 billion and non-GAAP EPS expectations between 22.98 and 23.18. Notably, Global Business Solutions revenue increased by 18%, contributing significantly to overall growth, while discussions on social media highlighted the company's strategic partnership with OpenAI as a pivotal development for future growth.

CPRT | -2.9% | -1.1B
Copart Inc | Diversified Support Services
Copart, Inc. reported its Q1 fiscal 2026 financial results, revealing a net income increase of 11.5% year-over-year to $402.21 million. The company achieved an operating income of $430.694 million and earnings per share (EPS) of $0.41, surpassing the analyst estimate of $0.40. However, revenue for the quarter was $1.16 billion, falling short of the consensus estimate of $1.18 billion. This revenue miss may have influenced the stock's decline of 2.6% since Thursday. Additionally, a post on social media noted that Copart holds $5 billion in cash, representing 15% of its enterprise value, despite the stock experiencing a significant decline of 35% with no announcements regarding share repurchases.

ROST | +3.1% | +1.7B
Ross Stores Inc | Apparel Retail
Ross Stores Inc. reported third-quarter net earnings of $511.94 million, an increase from $488.81 million the previous year, with revenue reaching $5.60 billion, surpassing expectations of $5.42 billion. The company achieved a Q3 EPS of $1.58, exceeding the consensus estimate of $1.41. Looking ahead, Ross Stores projects Q4 EPS between $1.77 and $1.85, with same-store sales anticipated to grow by 3% to 4%. The full-year EPS forecast has been raised to a range of $6.38 to $6.46, reflecting management's confidence in sustained sales momentum despite some tariff-related costs impacting earnings by approximately $0.05 per share. The operating margin for Q3 improved to 11.6%, attributed to strong top-line performance and effective expense management. Following these announcements, Ross Stores experienced a 3% increase in after-hours trading.

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