Daily morning chai report

The S&P 500 futures trade 26 points, or 0.8%, below fair value at the end of a rough week, although they were down as much as 2.3% below fair value in the overnight session. Investors are currently digesting the earnings news from the mega-cap companies, which carried the market higher yesterday. Apple (AAPL 110.53, -4.79, -4.2%), Amazon (AMZN 3167.50, -43.51, -1.4%), and Facebook (FB 278.59, -2.24, -0.8%) are each trading lower as shareholders nitpick their earnings reports, while Alphabet (GOOG 1667.26, +100.02, +6.4%) is being rewarded with a 6% gain following its positive results. Granted, Apple did refrain from providing guidance, which isn't helping the stock's performance this morning. Its 4% decline is perhaps the most influential weight on the market right now. On the data front, investors will receive Personal Income (Briefing.com consensus 0.3%) and Spending (Briefing.com consensus 1.0%) data for September, which will include PCE Prices, and the Q3 Employment Cost Index (Briefing.com consensus 0.7%) at 8:30 a.m. ET. Later, the Chicago PMI for October (Briefing.com consensus 59.0%) will be released at 9:45 a.m. ET, followed by the final University of Michigan Index of Consumer Sentiment for October (Briefing.com consensus 81.2) at 10:00 a.m. ET. U.S. Treasuries trade little changed. The 2-yr yield is flat at 0.15%, and the 10-yr yield is down one basis point to 0.83%. The U.S. Dollar Index is down 0.1% to 93.85. WTI crude futures trade flat at $36.18/bbl. In U.S. Corporate news: Apple (AAPL 110.53, -4.79): -4.2% after missing iPhone revenue estimates and not providing guidance. The company topped quarterly expectations. Amazon (AMZN 3167.50, -43.51): -1.4% despite beating top and bottom-line estimates and the mid-point of its Q4 revenue guidance was above consensus. Alphabet (GOOG 1667.26, +100.02): +6.4% after beating top and bottom-line estimates. Facebook (FB 278.59, -2.24): -0.8% after reporting a sequential decline in its user base and saying it expects user growth to remain flat or down compared to Q3. Facebook beat top and bottom-line estimates. Honeywell (HON 163.00, -1.60): -1.0% despite beating top and bottom-line estimates and guiding Q4 EPS above consensus. Chevron (CVX 68.68, -0.12): -0.2% after missing revenue expectations, although EPS was better than expected. Reviewing overnight developments: Equity indices in the Asia-Pacific region ended the week on a lower note. Japan's Nikkei: -1.5%, Hong Kong's Hang Seng: -2.0%, China's Shanghai Composite: -1.5%, India's Sensex: -0.3%, South Korea's Kospi: -2.6%, Australia's ASX All Ordinaries: -0.6%. In economic data: Japan's September Unemployment Rate 3.0% (expected 3.1%; last 3.0%), September Industrial Production 4.0% m/m (expected 3.2%; last 1.0%), September Housing Starts -9.9% yr/yr (expected -8.6%; last -9.1%), October Tokyo CPI -0.3% yr/yr (last 0.2%), and October Tokyo Core CPI -0.5% yr/yr, as expected (last -0.2%) South Korea's September Industrial Production 5.4% m/m (expected 3.0%; last -0.3%); 8.0% yr/yr (expected 1.7%; last -2.6%). September Retail Sales 1.7% m/m (last 3.0%) Australia's September Private Sector Credit 0.1% m/m (last -0.1%) and Housing Credit 0.4% m/m (last 0.2%). Q3 PPI 0.4% qtr/qtr (last -1.2%); -0.4% yr/yr (last -0.4%) Singapore's Q3 Unemployment Rate 3.6% (last 2.8%). Hong Kong's Q3 GDP 3.0% qtr/qtr (last -0.1%); -3.4% yr/yr (last -9.0%) In news: An official from China's National Development and Reform Commission said that quantitative targets will be set for the next five years based on proposals from party leaders. The Japanese government has yet to begin planning the details of its third extra budget. Major European indices trade on a mixed note after the release of mostly better than expected Q3 GDP readings from the region. STOXX Europe 600: +0.3%, Germany's DAX: +0.1%, U.K.'s FTSE 100: UNCH, France's CAC 40: +0.7%, Italy's FTSE MIB: +0.2%, Spain's IBEX 35: +0.4% In economic data: Eurozone's Q3 GDP 12.7% qtr/qtr (expected 9.4%; last -11.8%); -4.3% yr/yr (expected -7.0%; last -14.7%). September Unemployment Rate 8.3%, as expected (last 8.3%). October CPI 0.2% m/m (last 0.1%); -0.3% yr/yr, as expected (last -0.3%). October Core CPI 0.2% m/m (last 0.1%); 0.2% yr/yr (last 0.2%) Germany's September Retail Sales -2.2% m/m (expected -0.8%; last 1.8%); 6.5% yr/yr (expected 6.6%; last 3.0%). Q3 GDP 8.2% qtr/qtr (expected 7.3%; last -9.8%); -4.1% yr/yr (expected -5.2%; last -11.3%). U.K.'s October Nationwide HPI 0.8% m/m (expected 0.4%; last 0.9%); 5.8% yr/yr (expected 5.2%; last 5.0%) France's Q3 GDP 18.2% qtr/qtr (expected 15.4%; last -13.7%). October CPI -0.1% m/m (last -0.5%); 0.0% yr/yr (last 0.0%) Italy's Q3 GDP 16.1% qtr/qtr (expected 11.2%; last -13.0%); -4.7% yr/yr (expected -8.7%; last -17.9%). September Unemployment Rate 9.6% (expected 10.1%; last 9.7%). October CPI 0.2% m/m (expected 0.1%; last 0.3%); -0.3% yr/yr (expected -0.4%; last -0.5%) Spain's Q3 GDP 16.7% qtr/qtr (expected 13.5%; last -17.8%); -8.7% yr/yr (expected -12.2%; last -21.5%). August Current Account surplus EUR1.35 bln (last surplus of EUR1.45 bln). Swiss October KOF Leading Indicators 106.6 (expected 107.0; last 110.1) In news: British Prime Minister, Boris Johnson, is reportedly being pressured to impose lockdown measures around Christmas. Germany's Economic Ministry now expects the country's 2020 GDP to contract 5.5%, a bit better than the previous forecast for a 5.8% drop in output. However, the forecast for Q4 growth was lowered to 0.4% from 1.1%. U.S equity futures: S&P 500 Futures -27 @ 3276 DJIA Futures -216 @ 26340 Nasdaq Futures -118 @ 11225 Overseas: Europe: DAX +0.1%, FTSE UNCH, CAC +0.7% Asia: Nikkei -1.5%, Hang Seng -2.0%, Shanghai -1.5% Commodities: Crude Oil -0.15 @ 36.02 Nat Gas -0.024 @ 3.277 Gold +12.40 @ 1880.40 Silver +0.345 @ 23.705 Copper +0.0045 @ 3.0610 U.S. Summary: Earnings/Guidance (Full Earnings Calendar): Acadia Healthcare (ACHC) beats by $0.14, beats on revs; guides Q4 EPS above consensus, mid-point of revenue guidance above consensus Activision Blizzard (ATVI) beats by $0.16, beats on revs; guides Q4 below consensus Air Transport Services Group (ATSG) beats by $0.13, beats on revs Allscripts Healthcare (MDRX) beats by $0.01, misses on revs Alphabet (GOOG) beats by $5.20, beats on revs, Google Search and Other revenue up 6.5% Altice USA (ATUS) misses by $0.26, misses on revs Altria (MO) beats by $0.03, beats on revs; narrows FY20 EPS in-line; provides JUUL investment update Amazon (AMZN) beats by $5.01, beats on revs; mid-point of Q4 revenue guidance is above consensus American Equity Investment Life (AEL) misses by $0.04, beats on revs; to restart share buyback program Apple (AAPL) beats by $0.03, beats on revs, but misses on iPhones revenue; co beats on other product categories; co did not provide Q1 guidance Arch Capital (ACGL) beats by $0.12, beats on revs Archer-Daniels (ADM) beats by $0.17, misses on revs Arthur J. Gallagher (AJG) beats by $0.13, beats on revs Atlassian (TEAM) beats by $0.03, beats on revs; guides Q2 EPS below consensus, revs below consensus Avis Budget (CAR) beats by $0.73, beats on revs Bandwidth (BAND) beats by $0.30, beats on revs; guides Q4 EPS above consensus, revs above consensus Bio-Rad Labs (BIO) beats by $1.18, beats on revs; guides FY20 revs above consensus BioTelemetry (BEAT) beats by $0.07, beats on revs BlackLine (BL) beats by $0.14, beats on revs; guides FY20 EPS above consensus, revs above consensus Booz Allen Hamilton (BAH) beats by $0.23, beats on revs; raises FY20 EPS guidance and narrows FY20 revenue guidance Builders Firstsource (BLDR) beats by $0.18, reports revs in-line Cabot Oil & Gas (COG) beats by $0.02, misses on revs; reaffirms Q4 production guidance Camden Property (CPT) misses by $0.15, beats on revs; guides FY20 FFO above consensus Cardtronics (CATM) beats by $0.15, beats on revs CareDx (CDNA) reports EPS in-line, beats on revs Carvana (CVNA) beats by $0.19, reports revs in-line, retail unit sold up 39%, does not provide guidance Casella Waste (CWST) beats by $0.08, beats on revs; guides FY20 revs in-line, raises net income guidance Cboe Global Markets (CBOE) beats by $0.04, beats on revs Cheesecake Factory (CAKE) beats by $0.05, beats on revs Chemed (CHE) beats by $0.89, beats on revs; raises FY20 EPS guide Chevron (CVX) beats by $0.38, misses on revs Colgate-Palmolive (CL) beats by $0.09, beats on revs Columbia Sportswear (COLM) misses by $0.32, misses on revs; guides Q4 EPS below consensus, revs below consensus Corp Office Props (OFC) beats by $0.02, beats on revs; guides Q4 FFO above consensus Covanta (CVA) beats by $0.08, beats on revs, launches strategic review; names new CEO Credit Acceptance Corp. (CACC) beats by $2.49, beats on revs DaVita (DVA) beats by $0.36, reports revs in-line; guides Q4 EPS above consensus, revs in-line Deckers Outdoor (DECK) beats by $0.90, beats on revs Devon Energy (DVN) beats by $0.06, misses on revs Digital Realty Trust (DLR) beats by $0.05, beats on revs; raises FY20 FFO guidance above consensus Dril-Quip (DRQ) beats by $0.44, beats on revs Eastman Chemical (EMN) beats by $0.20, beats on revs; guides Q4 EPS above consensus El Pollo Loco (LOCO) beats by $0.06, misses on revs Envista (NVST) beats by $0.39, beats on revs Ethan Allen (ETH) beats by $0.01, reports revs in-line Everest Re (RE) beats by $0.59, beats on revs EVERTEC (EVTC) beats by $0.24, beats on revs Exponent (EXPO) beats by $0.02, beats on revs; guides Q4 revs below consensus Exxon Mobil (XOM) beats by $0.09, misses on revs Facebook (FB) beats by $0.80, beats on revs Federated Hermes (FHI) beats by $0.14, beats on revs; announces dividend, including special dividend Five9 (FIVN) beats by $0.09, beats on revs; guides Q4 EPS in-line, revs above consensus; raises FY20 EPS above consensus, revs above consensus; announces acquisition Flex (FLEX) beats by $0.09, beats on revs; guides Q3 EPS above consensus, revs in-line FLIR Systems (FLIR) beats by $0.10, reports revs in-line; re-initiates FY20 EPS above consensus, revs in-line; announces dividend Floor & Decor (FND) beats by $0.23, beats on revs, comps +18.4% Fortinet (FTNT) beats by $0.10, beats on revs; guides Q4 EPS above consensus, revs above consensus Forward Air (FWRD) beats by $0.27, beats on revs; guides Q4 EPS above consensus Hartford Financial (HIG) beats by $0.55, reports revs in-line Honeywell (HON) beats by $0.07, beats on revs; guides Q4 EPS above consensus, revs in-line Houlihan Lokey (HLI) beats by $0.20, beats on revs Hub Group (HUBG) reports Q3 (Sep) results, beats on revs Illumina (ILMN) beats by $0.22, beats on revs Kinsale Capital (KNSL) misses by $0.35 Knowles (KN) reports EPS in-line, beats on revs; guides Q4 EPS in-line, revs above consensus Kratos Defense and Security (KTOS) beats by $0.05, beats on revs; reaffirms FY20 revs guidance Lemaitre Vascular (LMAT) beats by $0.18, beats on revs; guides Q4 EPS above consensus, revs above consensus LivePerson (LPSN) beats by $0.18, beats on revs; guides Q4 EPS above consensus, revs above consensus MagnaChip Semi (MX) beats by $0.40, beats on revs; guides Q4 revs above two analyst estimate MasTec (MTZ) beats by $0.15, misses on revs; guides Q4 EPS in-line, revs below consensus McGrath RentCorp (MGRC) beats by $0.13, beats on revs; guides Q4 revs in-line, but midpoint above consensus Mercer Intl (MERC) beats by $0.23, misses on revs MGM Resorts (MGM) misses by $0.06, misses on revs; announces dividend Mohawk (MHK) beats by $1.12, beats on revs; guides Q4 EPS above consensus Monolithic Power (MPWR) beats by $0.01, reports revs in-line; guides Q4 revs above consensus Motorola Solutions (MSI) beats by $0.17, beats on revs; guides Q4 EPS below consensus, revs below consensus Natl Instruments (NATI) beats by $0.02, reports revs in-line; guides Q4 EPS in-line, revs in-line Newell Brands (NWL) beats by $0.40, beats on revs; reinstitutes guidance for 2020 and guides Q4 in-line NuVasive (NUVA) beats by $0.31, beats on revs Omega Health (OHI) beats by $0.03 Pebblebrook Hotel Trust (PEB) misses by $0.05, beats on revs Phillips 66 (PSX) beats by $0.74 Phillips 66 Partners (PSXP) misses by $0.01, beats on revs; provides strategic update Piedmont Office Realty Trust (PDM) beats by $0.01, reports revs in-line; guides FY20 FFO in-line Plantronics (PLT) beats by $0.46, beats on revs; guides Q3 EPS above consensus, revs above consensus Power Integrations (POWI) beats by $0.04, beats on revs; guides Q4 revs above consensus Proofpoint (PFPT) beats by $0.20, beats on revs; guides Q4 EPS above consensus, revs above consensus PTC Therapeutics (PTCT) misses by $2.50, misses on revs Quidel (QDEL) beats by $1.08, beats on revs ResMed (RMD) beats by $0.24, beats on revs Seagen (SGEN) beats by $2.05, beats on revs; guides FY20 revs above consensus Select Medical (SEM) beats by $0.27, beats on revs; guides FY20 EPS above consensus, revs above consensus Shake Shack (SHAK) beats by $0.10, beats on revs, "Same-Shack" sales down 31.7%, not providing full year guidance Skechers USA (SKX) beats by $0.10, beats on revs; not providing guidance at this time SkyWest (SKYW) reports Q3 (Sep) results, beats on revs Southwestern Energy (SWN) beats by $0.05, misses on revs SPX Corp (SPXC) beats by $0.13, beats on revs Standex International (SXI) beats by $0.24, beats on revs; guides Q1 revs above consensus Starbucks (SBUX) beats by $0.20, beats on revs; guides Q1 EPS below consensus; guides FY21 EPS in-line, revs in-line Stryker (SYK) beats by $0.71, beats on revs Trupanion (TRUP) misses by $0.03, beats on revs Twitter (TWTR) beats by $0.14, beats on revs; advertising revs +15% yr/yr to $808 mln; avg. mDAU was 187 mln, +29% yr/yr UDR (UDR) misses by $0.08, beats on revs Under Armour (UAA) beats by $0.23, beats on revs Universal Display (OLED) beats by $0.36, beats on revs; guides FY20 revs above consensus; announces dividend U.S. Steel (X) beats by $0.19, beats on revs Vertex Pharma (VRTX) beats by $0.31, beats on revs, raises FY20 total product revenue guidance Vocera (VCRA) beats by $0.17, beats on revs Western Union (WU) beats by $0.11, reports revs in-line; guides FY20 EPS above consensus Weyerhaeuser (WY) beats by $0.07, misses on revs World Fuel Services (INT) beats by $0.02, misses on revs World Wrestling (WWE) beats by $0.20, reports revs in-line WW (WW) beats by $0.16, reports revs in-line Yamana Gold (AUY) beats by $0.02, misses on revs Zendesk (ZEN) beats by $0.06, beats on revs; guides Q4 revs above consensus General News: US COVID-19 cases reach another record high; positivity rate and deaths up slightly week/week House Speaker Nancy Pelosi (D-CA) and Treasury Secretary Steven Mnuchin criticized each other and disavow stimulus talks, according to the Washington Post Aflac (AFL) and Trupanion (TRUP) announce pet insurance distribution alliance and investment; Aflac to purchase approx. 9% stake in Trupanion Axovant (AXGT) to present AXO-Lenti-PD program during virtual Parkinson's Disease R&D Day; expects delays in manufacturing to delay the start of enrollment in AXO-Lenti-PD trial Bausch Health (BHC) receives FDA Orphan Drug Designation for rifaximin for sickle cell disease CareDx (CDNA) names Peter Maag Executive Chairman of the Board of Directors, and Reginald Seeto CEO, effective November 1, 2020 Covanta (CVA) announces launch of strategic review; appoints Michael Ranger as CEO Eli Lilly (LLY) and Incyte (INCY) showcase positive new data for baricitinib in adult patients with alopecia areata that supports baricitinib's ongoing Phase 3 program Equillium (EQ) receives Study May Proceed letter from the FDA to begin a Phase 3 clinical trial, named EQUINOX, evaluating itolizumab in hospitalized COVID-19 patients suffering from acute respiratory distress syndrome Exxon Mobil (XOM) to eliminate 15% of global workforce, according to the Wall Street Journal Genmab (GMAB) and ADC Therapeutics (ADCT) amended agreement for camidanlumab tesirine (Cami); Genmab to receive mid-to-high single-digit tiered royalty Lowe's (LOW) will hire 20,000 associates across its U.S. stores and regional distribution centers to support customer demand this holiday season and beyond PerkinElmer (PKI) receives FDA EUA to allow sample pooling with PerkinElmer New Coronavirus Nucleic Acid Detection Kit to increase the number of individuals who can be tested without increasing resources Portland Gen Elec (POR) announces retirement of CFO Jim Lobdell at year end Protagonist Therapeutics (PTGX) announces advancement into clinical development of two additional oral peptide IL-23 receptor antagonist candidates from collaboration with Janssen Biotech Radian Group (RDN) to wind down traditional appraisal business and reinforce strategic focus on core real estate business Robert Half (RHI) authorizes repurchase of up to an additional 10 mln common shares Wal Mart (WMT) temporarily removes firearms from shelves as a precaution ahead of Election Day, according to Bloomberg Wrap Technologies (WRTC) names Tom Smith Interim CEO, effective October 27, 2020 M&A: Ritchie Bros. (RBA) entered into a definitive agreement under which Ritchie Bros. will acquire Rouse Services for approximately $275 million Sony (SNE) close to deal to purchase Crunchyroll, according to Nikkei Under Armour (UAA) to sell the MyFitnessPal platform to Francisco Partners in transaction valued at $345 mln Syndicate: Gaming and Leisure Properties (GLPI) announces public offering of 8.0 mln common shares JinkoSolar Holding (JKS) raises approximately $458 mln in preparation for its listing on the STAR Market IPOs: Priced to Trade: Atea Pharmaceuticals (Nasdaq: AVIR): The clinical-stage biopharmaceutical company focused on developing antiviral therapeutics priced its upsized 12.5 M share IPO at $24, the high end of the $22-$24 expected price range. Lufax (NYSE: LU): The China-based personal financial services platform priced its 175.0 M ADS IPO at $13.50, the high end of the $11.50-$13.50 expected price range. SQZ Biotechnologies (NYSE: SQZ): The clinical-stage biotechnology company developing cell therapies for patients with cancer and infectious diseases priced its 4.4 M share IPO at $16, the low end of the $16-$18 expected price range. Gapping Up/Down Gapping up: EQ +26%, TRUP +15.2%, ZEN +13%, PDM +12.7%, PLT +12.5%, ACHC +12.1%, FLEX +11%, MHK +10.7%, SPXC +8.9%, RMD +8.1%, FIVN +6.6%, NTUS +6.2%, GOOG +6%, CACC +5.9%, PKI +4.8%, SEM +4.5%, BLDP +4.2%, YJ +4%, MX +3.9%, SKYW +3.7%, CHE +3.4%, ASX +3.4%, AX +3.3%, ATUS +3.2%, KTOS +3.2%, EVTC +3.1%, FWRD +3%, PVG +2.9%, DECK +2.8%, MSI +2.2%, AUY +2.2%, CVNA +2%, OHI +1.9%, UHS +1.9%, ACGL +1.8%, TOT +1.7%, BIO +1.6%, BLDR +1.5%, CWST +1.5%, DVA +1.4%, WY +1.4%, HTGC +1.2%, OLED +1.1%, FTNT +0.8% Gapping down: AXGT -32.9%, COLM -16.9%, LOCO -14.8%, TWTR -14.4%, CAR -10.1%, OPK -9.5%, DVN -6.7%, TEAM -6.3%, ARCH -6.2%, KNSL -6%, FE -5.7%, SGEN -5.5%, MTZ -5.1%, NUVA -4.9%, X -4.7%, ATSG -4.5%, SHAK -4.3%, AAPL -4.1%, COG -4.1%, MDRX -4%, LPSN -3.8%, FND -3.7%, FTAI -3.7%, RRC -3.4%, GLPI -3.3%, BAND -3.3%, NVST -3.3%, PFPT -3.1%, VCRA -3.1%, WRTC -2.8%, ETH -2.8%, ATVI -2.7%, QDEL -2.5%, FLR -2.4%, MGM -2.3%, ILMN -2.2%, FB -2.1%, FSLY -2%, SBUX -2%, ADM -1.9%, SYK -1.7%, OIS -1.6%, HCAT -1.4%, SKX -1.4%, AMZN -1.4%, HIG -1.3%, VRTX -1.1%, WW -1%, WU -0.9% Analyst Research (see Upgrades/Downgrades calendarfor full list): Upgrades: Acushnet (GOLF) upgraded to Buy from Neutral at ROTH Capital; tgt $42 Apollo Global Management (APO) upgraded to Outperform from Market Perform at BMO Capital Markets; tgt lowered to $45 Arista Networks (ANET) upgraded to Overweight from Equal-Weight at Morgan Stanley; tgt $250 ATN International (ATNI) upgraded to Outperform from Mkt Perform at Raymond James; tgt $52 CatchMark Timber Trust (CTT) upgraded to Outperform from Sector Perform at RBC Capital Mkts; tgt $10 Cheesecake Factory (CAKE) upgraded to Buy from Hold at Gordon Haskett Coca-Cola European Partners (CCEP) upgraded to Hold from Sell at Societe Generale Cross Country (CCRN) upgraded to Buy from Hold at Truist CSX (CSX) upgraded to Outperform from Sector Perform at RBC Capital Mkts; tgt $89 Garmin (GRMN) upgraded to Buy from Underperform at BofA Securities; tgt $120 MDC Holdings (MDC) upgraded to Equal Weight from Underweight at Wells Fargo; tgt $46 Nokia (NOK) upgraded to Neutral from Underperform at Exane BNP Paribas Owens Corning (OC) upgraded to Neutral from Underweight at JP Morgan; tgt $78 Papa John's (PZZA) upgraded to Outperform from Perform at Oppenheimer; tgt $96 Pilgrim's Pride (PPC) upgraded to Overweight from Equal Weight at Barclays; tgt raised to $22 ResMed (RMD) upgraded to Neutral from Underweight at JP Morgan; tgt $165 Royal Dutch Shell (RDS.A) upgraded to Equal Weight from Underweight at Barclays Six Flags (SIX) upgraded to Buy from Hold at Jefferies; tgt raised to $30 Spirit Airlines (SAVE) upgraded to Overweight from Neutral at JP Morgan; tgt raised to $25 Tivity Health (TVTY) upgraded to Buy from Hold at Jefferies; tgt raised to $20 Zendesk (ZEN) upgraded to Buy from Hold at Stifel; tgt raised to $145 Downgrades: Atlassian (TEAM) downgraded to Hold from Buy at Truist Bellicum Pharma (BLCM) downgraded to Equal Weight from Overweight at Wells Fargo; tgt $4.50 Blueprint Medicines (BPMC) downgraded to Equal-Weight from Overweight at Morgan Stanley; tgt $112 Columbia Financial (CLBK) downgraded to Neutral from Overweight at Piper Sandler; tgt $13.50 Fifth Third (FITB) downgraded to Neutral from Buy at UBS; tgt $23 NetScout Systems (NTCT) downgraded to Hold from Buy at Lake Street; tgt $26 Nokia (NOK) downgraded to Neutral from Buy at BofA Securities NuVasive (NUVA) downgraded to Neutral from Outperform at Robert W. Baird; tgt lowered to $56 PROS Holdings (PRO) downgraded to Sector Perform from Outperform at RBC Capital Mkts; tgt $33 PROS Holdings (PRO) downgraded to Sector Weight from Overweight at KeyBanc Capital Markets Yandex N.V. (YNDX) downgraded to Hold from Buy at Jefferies Others: 1Life Healthcare (ONEM) initiated with an Outperform at Credit Suisse; tgt $37 Aspira Women's Health (AWH) initiated with an Outperform at William Blair BioXcel Therapeutics (BTAI) initiated with a Buy at Goldman; tgt $60 Dada Nexus (DADA) initiated with a Buy at New Street; tgt $40 DermTech (DMTK) initiated with a Outperform at William Blair Durect (DRRX) initiated with a Buy at Chardan Capital Markets; tgt $7 Yandex N.V. (YNDX) resumed with a Buy at Goldman Upcoming Events: Econ Data: 08:30 ET: Personal Income for September (Briefing.com Consensus 0.3%, Prior -2.7%) 08:30 ET: Personal Spending for September (Briefing.com Consensus 1.0%; Prior 1.0%) 08:30 ET: PCE Prices for September (Briefing.com Consensus NA; Prior 0.3%) 08:30 ET: PCE Prices - Core for September (Briefing.com Consensus 0.2%; Prior 0.3%) 08:30 ET: Employment Cost Index for Q3 (Briefing.com Consensus 0.7%; Prior 0.5%) 09:45 ET: Chicago PMI for October (Briefing.com Consensus 59.0%; Prior 62.4%) 10:00 ET: Univ. of Michigan Consumer Sentiment - Final for October (Briefing.com Consensus 81.2; Prior 80.4) Asia & Europe detail: Asia: Nikkei -1.5%, Hang Seng -2.0%, Shanghai -1.5% Equity indices in the Asia-Pacific region ended the week on a lower note. An official from China's National Development and Reform Commission said that quantitative targets will be set for the next five years based on proposals from party leaders. The Japanese government has yet to begin planning the details of its third extra budget. In economic data: Japan's September Unemployment Rate 3.0% (expected 3.1%; last 3.0%), September Industrial Production 4.0% m/m (expected 3.2%; last 1.0%), September Housing Starts -9.9% yr/yr (expected -8.6%; last -9.1%), October Tokyo CPI -0.3% yr/yr (last 0.2%), and October Tokyo Core CPI -0.5% yr/yr, as expected (last -0.2%) South Korea's September Industrial Production 5.4% m/m (expected 3.0%; last -0.3%); 8.0% yr/yr (expected 1.7%; last -2.6%). September Retail Sales 1.7% m/m (last 3.0%) Australia's September Private Sector Credit 0.1% m/m (last -0.1%) and Housing Credit 0.4% m/m (last 0.2%). Q3 PPI 0.4% qtr/qtr (last -1.2%); -0.4% yr/yr (last -0.4%) Singapore's Q3 Unemployment Rate 3.6% (last 2.8%). Hong Kong's Q3 GDP 3.0% qtr/qtr (last -0.1%); -3.4% yr/yr (last -9.0%) ---Equity Markets--- Japan's Nikkei: -1.5% (-2.3% for the week) Hong Kong's Hang Seng: -2.0% (-3.3% for the week) China's Shanghai Composite: -1.5% (-1.6% for the week) India's Sensex: -0.3% (-0.9% for the week) South Korea's Kospi: -2.6% (-4.0% for the week) Australia's ASX All Ordinaries: -0.6% (-3.8% for the week) ---FX--- USD/JPY: -0.2% to 104.39 USD/CNH: -0.3% to 6.6901 USD/INR: +0.2% to 74.54 Europe: DAX +0.1%, FTSE UNCH, CAC +0.7% Major European indices trade on a mixed note after the release of mostly better than expected Q3 GDP readings from the region. British Prime Minister, Boris Johnson, is reportedly being pressured to impose lockdown measures around Christmas. Germany's Economic Ministry now expects the country's 2020 GDP to contract 5.5%, a bit better than the previous forecast for a 5.8% drop in output. However, the forecast for Q4 growth was lowered to 0.4% from 1.1%. In economic data: Eurozone's Q3 GDP 12.7% qtr/qtr (expected 9.4%; last -11.8%); -4.3% yr/yr (expected -7.0%; last -14.7%). September Unemployment Rate 8.3%, as expected (last 8.3%). October CPI 0.2% m/m (last 0.1%); -0.3% yr/yr, as expected (last -0.3%). October Core CPI 0.2% m/m (last 0.1%); 0.2% yr/yr (last 0.2%) Germany's September Retail Sales -2.2% m/m (expected -0.8%; last 1.8%); 6.5% yr/yr (expected 6.6%; last 3.0%). Q3 GDP 8.2% qtr/qtr (expected 7.3%; last -9.8%); -4.1% yr/yr (expected -5.2%; last -11.3%). U.K.'s October Nationwide HPI 0.8% m/m (expected 0.4%; last 0.9%); 5.8% yr/yr (expected 5.2%; last 5.0%) France's Q3 GDP 18.2% qtr/qtr (expected 15.4%; last -13.7%). October CPI -0.1% m/m (last -0.5%); 0.0% yr/yr (last 0.0%) Italy's Q3 GDP 16.1% qtr/qtr (expected 11.2%; last -13.0%); -4.7% yr/yr (expected -8.7%; last -17.9%). September Unemployment Rate 9.6% (expected 10.1%; last 9.7%). October CPI 0.2% m/m (expected 0.1%; last 0.3%); -0.3% yr/yr (expected -0.4%; last -0.5%) Spain's Q3 GDP 16.7% qtr/qtr (expected 13.5%; last -17.8%); -8.7% yr/yr (expected -12.2%; last -21.5%). August Current Account surplus EUR1.35 bln (last surplus of EUR1.45 bln). Swiss October KOF Leading Indicators 106.6 (expected 107.0; last 110.1) ---Equity Markets--- STOXX Europe 600: +0.3% (-5.4% week-to-date) Germany's DAX: +0.1% (-8.3% week-to-date) U.K.'s FTSE 100: UNCH (-4.7% week-to-date) France's CAC 40: +0.7% (-6.3% week-to-date) Italy's FTSE MIB: +0.2% (-7.1% week-to-date) Spain's IBEX 35: +0.4% (-6.6% week-to-date) ---FX--- EUR/USD: UNCH at 1.1673 GBP/USD: +0.4% to 1.2978 USD/CHF: +0.1% to 0.9161