Morning Preview: November 06, 2026

Early Look

Friday, November 6, 2026

U.S. futures are bouncing after the Nasdaq 100 closed down -6.4% on Thursday, its worst day since the COVID crash on March 16, 2020, and is now -11.9% below record closing high reached on October 6, confirming it has been in correction since then. Yesterday was the biggest one-day drop of the S&P 500, Nasdaq Comp and Dow Jones Industrials since April 3, 2025, as a Democratic sweep in the election raised fears of tougher AI regulations and a slowdown in the AI buildout. Massive destruction in technology as the PHLX Semiconductor index (SOX) posts largest single-day percentage drop since March 2020 as S&P 500 companies erase about $3 trillion in market cap! Asia and Europe play catch up as the Nikkei Index tumbled -3,643 points or nearly 6% to 57,434, the Shanghai Index fell -40 points to 3,649, the Kospi fell -54 points or 6.51% to 783, and the Hang Seng Index declined -315 points to 24,481. In Europe, the German DAX is down -600 points or 2.3% to25,717, while the FTSE 100 is down -235 points to 10,546. Not to be overshadowed, the Labor Department will release its monthly jobs report at 8:30 a.m. ET, providing an update on the health of the labor market. All signs point to a largely stable jobs environment, and economists expect that the US added 65,000 jobs in October. The Nasdaq Comp remains on track to fall for a 4^th consecutive week. Oil prices were set for a sharp weekly fall after the midterm election ‌losses of US President Donald Trump’s Republican Party raised hopes ‌of a de-escalation in the US-Israeli war on Iran. Prices are edging higher this morning, but the Brent contract is on track for a 16% decline ⁠this week, which would be its steepest weekly percentage fall since the start of COVID.

• The Dow Jones Industrial Average sunk-1,833.06 points, or 3.44%, to 51,523.06
• The Nasdaq Composite plunged -1,421.52 points, or 5.52%, to 24,315.00
• The Russell 2000 Index declined -127.06 points, or 4.45% to 2,729.89

• 8:30 AM ET                  Private Payrolls for October…est. +64K (prior +46K)
• 8:30 AM ET                  Manufacturing Payrolls for October…est. +5K (prior +9K)
• 8:30 AM ET                  Unemployment Rate for October…est. 4.2%
• 8:30 AM ET                  Average Hourly earnings M/M for October…est. +0.3% (prior +0.1%)
• 10:00 AM ET                University of Michigan Confidence, Nov-prelim…est. 48.0
• 10:00 AM ET                University of Michigan 1-yr and 5-yr inflation expectations
• 1:00 PM ET                   Baker Hughes Weekly rig count data

• Earnings After the Close: BH HE

• CarGurus (CARG) Q3 revs $258M vs. est. $256.5M; Q3 adj Ebitda $89.7M vs. est. $86.7M; guides Q4 revs $258.5M-$263.5M vs. est. $263.5M;
• DraftKings (DKNG) Q3 Adj. EPS -$0.53 vs. est. -$0.39 (miss); revenue $1.329B (+16%) vs. est. $1.398B (miss); GAAP EPS -$0.94 vs. est. -$0.41 (miss); operating loss $493.1M, net loss $468.7M; sees FY26 revenue $6.35B-$6.55B vs. est. $6.66B (below), adj. EBITDA $175M-$275M.
• James Hardie (JHX) Q2 Adj. EBITDA $454.7M (+44%) vs est $427.98M (beat), margin 31.8% (+450 bps); adj. EPS $0.42 (+68%) vs. est. $0.39 (beat); continuing-operations sales $1.428B (+24%) vs. est. $1.469B (miss); adj. net Income $248.5M; North America fiber cement and Deck, Rail & Accessories sell-through grew double digits; sees Q3 sales $1.058B-$1.140B vs est $1.184B, adj. EBITDA $298M-$320M vs est $331.73M.
• Live Nation (LYV) Q3 EPS $1.69 vs. est. $1.57 and sales rose 19% y/y to $10.1B vs. est. $9.59B; aid global fan attendance rose 19% in Q3, with international markets up 29% and North America up 13%, driving revenue growth; expects full-year fan attendance to approach 180 mln, up double digits; expects Venue Nation to host over 75 mln fans in 2026, up more than 15% y/y.
• Lyft Inc. (LYFT) Q3 Revenue $1.822B (+8%) vs. est. $1.920B (miss), including $69.1M revenue reduction from legal/tax/regulatory items; adj. EBITDA $203.9M (+47%) vs. est. $194M (beat), margin 3.6% of gross bookings; gross bookings $5.62B (+17%) vs. est. $5.62B (in line), rides 273.5M (+10%) vs. est. 275.06M (miss), active riders 31.6M (+10%); FCF $294.7M; sees Q4 gross bookings $5.74B-$5.94B vs. est. $5.83B (above at midpoint), adj. EBITDA $188M-$213M vs. est. $199.7M (above at midpoint).
• Mattel (MAT) Q3 Adj. EPS $1.30 vs. est. $0.94 (beat); sales $1.807B (+4% reported, +3% constant currency) vs. est. $1.835B (miss); adj. gross margin 55% (+480 bps), primarily driven by $88M tariff refunds; sees FY26 adj. EPS $1.05-$1.20 (cut from $1.27-$1.39) vs. est. $1.29 (below), constant-currency sales growth 1%-4% (cut from 3%-6%) and adj. gross margin ~48%; names Steve Totzke President and COO
• Monster Inc. (MNST) Q3 EPS $.30, in-line with consensus on revs rising 16.7% y/y to $2.56B vs. consensus $2.49B; net sales to customers outside the United States increased 28.1% in Q3 to approximately 47% of total net sales; Net sales in Latin America increased 49%, primarily due to gains in Brazil.
• Texas Roadhouse (TXRH) Q3 EPS $1.36 vs. est. $1.47 (miss); revenue $1.573B vs. est. $1.584B (miss); operating Income $103.0M, net Income $89.4M; declares $0.75/share quarterly dividend.
• Wynn Resorts (WYNN) Q3 adj EPS $0.33 vs. est. $0.68; Q3 revs $1.69B misses the $1.75B estimate; Q3 adj Ebitda $33.9M vs. est. $97.9M

• Devon Energy (DVN) Q3 core EPS $1.42 vs. est. $1.33; average realized price, including hedges, was $79.54 per barrel (bbl) of oil produced for the quarter, compared with $63.99 per bbl a year earlier; Q3 production rose to 1.66 million barrels of oil equivalent per day from 853,000 boepd a year earlier; for Q4, total production is expected to average between 1,660,000 and 1,700,000 boe per day and oil production is expected to average between 550,000 and 560,000 barrels per day.
• EOG Resources (EOG) Q3 adj EPS $4.87 vs. est. $4.46 and revs $8.54B vs. est. $7.4B; average realized crude oil and condensate price rose to $86.72 per barrel during Q3, compared with $65.95 per barrel y/y; total equivalent production climbed to 1.43 million barrels of oil equivalent per day (boed) from 1.30 million boed a year ago, driven by higher output across crude oil, natural gas liquids, and natural gas; raised its regular quarterly dividend by 8% to $1.10 per share.
• NuScale Power (SMR) Q3 Revenue $0.281M vs. est. $10.1M (miss), down from $8.242M as RoPower FEED Phase 2 work completed in late 2025 had no comparable activity; EPS -$0.11 vs est -$0.22 (beat), operating loss $64.8M and net loss $45.7M; cash and investments $1.9B; signed Doosan Enerbility agreement to fabricate the NuScale Power Module’s upper reactor coolant system, advancing into physical production.

• Opendoor Technologies (OPEN) Q3 revs $1.02B vs. est. $1.05B and guides Q4 revs to be more than $1.03B vs consensus $1.116B; more than quadrupled homes purchased yr/yr; marketing and operations efficiency improved sharply over the past year.
• Simon Property Group (SPG) Q3 FFO $1.17B; revenue $1.815B; real estate FFO/SHR $3.37 vs est $3.31 (above), GAAP EPS $1.54 vs est $1.70 (miss); sees FY26 GAAP EPS $6.32-$6.42 (cut) vs est $6.57 (below) and raises real estate FFO/share guidance to $13.20-13.30 vs est $13.06 (above); raises quarterly dividend

• Doximity Inc (DOCS) Q2 Adj. EPS $0.36 vs. est $0.42 (beat); revenue $174.5M (+4%) vs. est. $170.8M (beat); adj. EBITDA $88.9M (-12%) vs. est. $81.3M (beat), margin 50.9% vs. 59.8%; FCF $91.3M, operating cash flow $93.3M; sees Q3 revenue $195M-$196M vs. est. $195.1M.
• Guardant Health (GH) Q3 adj EPS loss (-$0.29) vs. est. loss (-$0.31); Q3 revs $361M vs. est. $350.7M; guides year revs $1.36B-$1.37B vs. est. $1.36B; Q3 Oncology revenue of $231.3 million, an increase of 25%, and 117,000 oncology tests, an increase of 58%.
• Halo Therapeutics (HALO) Q3 Adj. EPS $2.39 vs. est. $2.35 (beat); revenue $493.0M (+39%) vs. est. $491.6M (beat), royalties $341M (+44%); adj. EBITDA $336.2M vs est $338.31M (miss), operating Income $295M; sees FY26 adj. EPS $8.75-$9.05 (raised from $8.65-$9.00) vs. est. $8.62 (above), revenue $1.860B-$1.925B (raised from $1.835B-$1.910B) vs. est. $1.88B (above at midpoint), royalties $1.235B-$1.255B (raised from $1.220B-$1.245B) and adj. EBITDA $1.240B-$1.290B (raised from $1.225B-$1.280B).
• Humana (HUM) raises annual profit forecast to a range of at least $9.50 per share, compared with a previous projection of at least $9 per share; its Q3 medical loss ratio or percentage of premiums spent on patient care of 93.7%, compared to analysts’ expectations of 94.39%; reported Q3 revs $41.16B vs. est. $40.89B.
• Mettler Toledo (MTD) Q3 adj EPS $12.57 vs. est. $12.09; Q3 revs rise 6% y/y to $1.09B vs. est. $1.07B; attributed higher adjusted EPS to improved sales volume and execution of strategic initiatives; raises 2026 adj EPS forecast to $47.70-$47.90 from $47.15-$47.50.
• Natera Inc. (NTRA) Q3 Revenue $794M vs. est. $704.9M (beat); EPS -$0.42 vs. est. -$0.28 (miss); operating expenses $576.1M, operating loss $68.3M and net loss $59.9M; sees FY26 gross margin 64%-66%; appoints Solomon Moshkevich CEO and board member effective immediately, Steve Chapman steps down and remains consultant/board advisor;.
• Solventum Corp. (SOLV) Q3 Adj. EPS $1.45 (-3.6%) vs. est. $1.35 (beat); sales $1.949B (-7.0% reported, -2.8% organic) vs. est. $1.935B (beat), with organic growth reflecting a 630-bp reversal of Q2 advance orders ahead of Q3 ERP cutover; operating cash flow $177M, FCF $97M, ahead of expectations on tariff refund; exited ~90% of 3M transition service agreements and completed ERP cutovers; sees FY26 adj. EPS $7.20-$7.30 (raised from $7.10-$7.20) vs. est. $7.18.

• Karman Holdings (KRMN) Q3 Adj. EBITDA $61M vs est $56.52M (beat); adj. EPS $0.19 vs. est. $0.15 (beat); revenue $201.6M vs. est. $194.7M (beat); gross profit $86.2M, EBIT $31.8M; GAAP EPS $0.16, net Income $20.9M; sees FY26 revenue $755M-$760M vs. est. $742.2M (above), adj. EBITDA $225M-$227M vs est $218.94M (above).
• Kratos Defense (KTOS) Q3 Adj. EBITDA $50.9M vs. est. $43.4M (beat); adj. EPS $0.24 vs. est. $0.20 (beat); revenue $471.8M vs. est. $471.2M (beat); sees Q4 revenue $480M-$510M vs. est. $490.6M (above at midpoint), adj. EBITDA $48M-$52M vs. est. $54.5M (below); sees FY26 revenue $1.78B-$1.81B vs. est. $1.79B (above at midpoint), adj. EBITDA $176M-$180M vs est $174.62M (above).
• MP Materials (MP) Q3 Adj. EBITDA $41.1M vs. est. $29.4M (beat); adj. EPS $0.04 vs. est. -$0.02 (beat); revenue $147.7M (+176%) vs. est. $117.5M (beat), including $31.6M SEG+ sale, with $8.1M price-protection Income recorded separately; NdPr production 1,018 metric tons (+41%), sales 1,020 metric tons (+94%); Materials adj. EBITDA $47.8M, Magnetics adj. EBITDA $5.3M.

• Akami Technologies (AKAM) Q3 adj EPS $1.77 vs. est. $1.67 and revs $1.1B vs. est. $1.12B; guides Q4 revs $1.145B-$1.17B below consensus of $1.2B and EPS $1.50-$1.70 vs. est. $1.78; narrows FY2026 Adj EPS guidance from $6.40-$7.05 to $6.47-$6.68 vs $6.66 Est; Lowers FY2026 Sales Guidance.
• Applied Optoelectronics (AAOI) Q3 Adj. EPS $0.17 vs. est. $0.14 (beat); revenue $269.9M vs. est. $268.1M (beat); adj. gross margin 28.7%, GAAP gross margin 28.2%; adj. net Income $14.8M; sees Q4 revenue $385M-$420M vs. est. $427.3M (below), adj. EPS $0.48-$0.63 vs. est. $0.55 (above at midpoint) and adj. gross margin 29.5%-31%.
• Atlassian (TEAM) Q1 revs $1.77B vs. est. $1.71B and guides Q2 revs $1.825B-$1.835B vs. est. $1.82B; Q2 outlook data center rev decline -14%; Q2 Cloud revenue of $1.3B, up 31% y/y, Subscription ARR of $6.812B, up 23% y/y and Q1 remaining performance obligations of $4,746 million, up 44% y/y.
• Cloudflare (NET) Q3 EPS $0.38 vs. est. $0.34; Q3 revs rose 39% y/y to $782.5M vs. est. $739.7M; said crossed $3 billion in annualized revenue with revenue of $782 million, up 39% y/y; guides Q4 EPS and revs above views and sees FY26 EPS $1.35, vs. consensus $1.26 and revs $2.963B-$2.964B vs. consensus $2.87B.
• Dropbox Inc. (DBX) Q3 EPS $0.88 vs. est. $0.73; Q3 revs $637.3M vs. est. $629.2M; Q3 total ARR was $2.555 billion, an increase of 0.8% and excluding Form Swift, Total ARR grew 1.9%, and 0.4% on a constant currency basis; Q3 Operating Margin of 27.5% and Non-GAAP Operating Margin of 42.2%
• Five9 Inc. (FIVN) Q3 EPS $0.28 tops $0.80 estimate and revs $323.3M vs. est. $319.04M; guides Q4 EPS below consensus views and sees FY26 EPS $3.17-$3.21, vs. consensus $3.26 and sees FY26 revenue $1.269B-$1.275B, vs. consensus $1.27B; to acquire AI startup Level AI for $325M.
• IONQ Inc. (IONQ) Q3 Revenue $173.8M vs. est. $141.9M (beat); operating loss $433.1M; net Income $563.1M vs. est. -$129.1M (comparability unverified); backlog $1.2B; sees FY26 revenue $505M-$515M (raised) vs est $455.17M (above).
• JFrog Ltd (FROG) Q3 Adj. EPS $0.32 vs. est. $0.23 (beat); revenue $179.2M (+31%) vs. est. $165.9M (beat), Cloud revenue $101.5M (+60%); adj. operating Income $40.7M vs. est. $28.2M (beat), margin 22.7%; NDR 124% vs. 118%, customers with >$1M ARR 112 (+58%), RPO $812.4M (+60%); FCF $66.5M; sees Q4 adj. EPS $0.28-$0.30 vs. est. $0.21 (above), revenue $183M-$185M vs. est. $167.9M (above).
• IREN Ltd (IREN) Q1 Revenue $228M (+66% QoQ) vs est $221.28M (above), Ai Cloud $200M (+182% QoQ), including $135M services and $65M lease revenue; Ai Cloud segment gross margin 86%; adj. EBITDA $66M vs. est. $73.6M (miss); net loss $263M; backlog $20.3B (+22% QoQ), operating ARR ~$1B; sees >$4B fully contracted/funded ARR operational by January 31, 2027, potentially end-February, delayed from year-end by customer-requested Design changes and supplier timing; sees remaining FY27 CAPEX $15B, supported by $9B cash/committed financing/prepayments and $6B targeted funding subject to market conditions
• Microchip Technologies (MCHP) Q3 Adj. EPS $0.97 vs. est. $0.93 (beat); sales $1.622B vs. est. $1.607B (beat); GAAP gross margin 65.9%, operating Income $464.5M, EPS $0.68; adj. net Income $559.2M; sees Q3 adj. EPS $0.87-$0.95 vs. est. $0.94 (below at midpoint), sales $1.573B-$1.638B vs. est. $1.624B (below at midpoint), GAAP EPS $0.47-$0.50 vs. est. $0.56 (below) and CAPEX $35M; sees FY27 CAPEX $100M.
• Softbank (SFTBY) shares fell another 10.8% Friday, extending losses to 59% since early June. The company added $40.4B in debt over 12 months to fund Ai investments, including $64B in OpenAI.
• Lam Research Corporation (LRCX) announces $25B share repurchase authorization and declares quarterly dividend.