Morning Preview: November 13, 2026

Early Look

Friday, November 13, 2026

US futures are looking muted as investors assess the fallout from Jensen Huang’s exit from Nvidia and awaited October wholesale PPI inflation data. U.S. stocks markets declined on Thursday amid fallout from the announcement of Nvidia CEO Jensen Huang resigning amid scrutiny over reports of two extramarital relationships, while surging Treasury yields and the dollar hitting interest rate sensitive sectors/assets, and weakness in AI stocks came after NBIS guidance. Next up is October PPI data at 8:30 am et where headline M/M for October is expected to rise +0.4% (prior +1.3%) while on a Y/y headline for October est. +6.6% (prior +6.3%). The PPI core – Ex: Food & Energy M/M for October est. +0.3% (prior +0.7%) and Y/Y est. +5.0% (prior +5.0%). The higher inflation/rate hike fears has dented crypto this week as Bitcoin is trading below $70,000 premarket, -5% to $69,162. In Asian markets, The Nikkei Index advanced 322 points to 61,142, the Shanghai Index fell -21 points to 3,634, and the Hang Seng Index dropped -370 points to 23,637. In Europe, the German DAX is up around 7 points to 26,778, while the FTSE 100 is up about 10 points to 10,873.

In technology this morning, Anthropic (ANT) has attracted orders for roughly six times the shares available in its planned IPO next week, Bloomberg reported. The company is seeking to raise up to $64.4B through the offering, alongside a $26B private placement, potentially making it the largest IPO on record. Also shares of chip maker Cerebras (CBRS) rises over 15% last night following earning and guidance, Cisco Systems (CSCO) shares slip on results and Applied Materials (AMAT) is flat after its results.

On Thursday, Treasury yields surged for the second time in three days as the Treasury sold $25B in 30-year bonds Thursday at a high yield of 5.441%, signaling softer investor appetite. The clearing yield landed 0.4 bps above pre-auction expectations. Auction demand weak as Bid-to-cover ratio = 2.36, down from 2.54 while Indirect bidders = 68.1% of the offering, down from 72.3% in the previous auction. The data added to earlier yield strength as the 10-yr rose 11 bps to 5.11%, adding to the 14 bps spike Tuesday after CPI data.

• The Dow Jones Industrial Average fell -189.40 points, or 0.36%, to 52,297.09
• The Nasdaq Composite dropped -100.19 points, or 0.39%, to 25,366.09
• The Russell 2000 Index declined -47.20 points, or 1.66% to 2,799.06

• 8:30 AM ET                  Producer Price index (PPI) headline Y/y for October…est. +6.6% (prior +6.3%)
• 8:30 AM ET PPI core – Ex: Food & Energy M/M for October…est. +0.3% (prior +0.7%)
•  8:30 AM ET PPI core – Ex: Food & Energy Y/Y for October…est. +5.0% (prior +5.0%)
• 10:30 AM ET                Weekly EIA Natural Gas Inventory Data…
• 1:00 PM ET                   Baker Hughes Weekly rig count data

• Stifel Healthcare Conference, 11/11-11/13, in New York

• Flowers Foods (FLO) Q3 Adj EPS $0.10 vs. est. $0.15 (miss); sales $1.169B vs. est. $1.180B (miss), down 4.7% Y/Y as volume fell 7.0% against price/mix up 2.3%; adjusted EBITDA $78.9Mm, down 33.2% Y/Y vs est $97.26Mm (miss), margin 6.8%, down 280bps; sees FY26 adjusted EPS $0.63-$0.68 vs. est. $0.78 (below), cut from $0.75-$0.85, sales $5.016B-$5.063B vs. est. $5.09B (below), cut from $5.070B-$5.142B, and adjusted EBITDA $415Mm-$430Mm cut from $453Mm-$481Mm.
• Keurig Dr Pepper (KDP) 57.97M share Spot Secondary priced at $34.50.
• KinderCare Learning (KLC) cuts FY26 EPS view to $0.02-$0.04 from prior $0.5-$0.15 and lowers FY26 revenue view to $2.64B-$2.66B from $2.66B-$2.7B, vs. consensus $2.68B; cites lower enrollment and higher impairment losses as main drivers of weaker results; said a 5.9% drop in enrollment at early childhood education centers drove revenue decline, partially offset by higher tuition rates.
• Lifeway Foods (LWAY) Q3 EPS $0.02 vs. est. $0.06 (miss), versus $0.23 Y/Y; sales $67.8Mm vs. est. $66.5Mm (beat), a company record up 18.6% Y/Y on higher branded kefir volumes; gross profit $12.164Mm, gross margin 18.0% vs. 28.7% Y/Y on higher milk, packaging, ingredient and transportation costs; operating Income $1.085Mm vs. $5.04Mm Y/Y; sees Q4 cost pressure persisting but 2027 gross margin expansion from planned price increases.

• HawkEye 360 (HAWK) Q3 revenue rose 84% y/y to $59.3M vs. $32.2M YoY; swung to a third-quarter 2026 net loss of $163,000; International revenue climbed 76% y/y to $23.3M; backlog reached $300.3 million at September 30, 2026. Full-year 2026 revenue guidance increased to $225M-$227M; Contracted Backlog: $300.3M vs. $292.2M QoQ
• SpaceX (SPCX) will attempt to land both sections of Starship on Earth intact for the first time on its 15th test flight. It is a pivotal test of the reusable rocket technology central to Elon Musk’s space and AI ambitions.

• Nu Holdings (NU) Q3 Revenue $6.26B vs. est. $6.18B (beat); loan book $41.6B; 90-day default ratio 7.3% vs. 6.9% Q/Q, up 40bps; ROE 32%; sees FY26 efficiency ratio 19%-19.5%, improved from around 20%.
• RMR Group (RMR) Q4 Revenue $163.7Mm vs est $154.12Mm (beat); adjusted EBITDA $21.5Mm vs est $20.03Mm (beat), adjusted EBITDA margin 45.9%.
• Robinhood Markets, Inc. (HOOD) reports October 2026 operating data as t Total platform assets at end-October 2026 were $383B, up 12% year-over-year and net deposits in October 2026 were $15.10B, 46% annualized growth rate; crypto trading volume fell 48% year over year and 21% from September to $17 billion in October. Volume on the Robinhood app fell 51% year over year to $6.8 billion, while Bitstamp volume fell 45% to $10.2 billion.
• StoneCo Ltd (STNE) Q3 adj EPS $0.45 missed the $0.49 consensus; Q3 sales $717.13M vs. est. $715M; Q3 net income fell 27% y/y to BRL 521.64 million as total revenue and income from continuing operations rose to BRL 3.69B, while financial income climbed 10% to BRL 2.8B y/y; provision for expected credit losses of loans operations more than doubled y/y to BRL 197.43M.

• Heartflow (HTFL) Q3 Adjusted EPS ($0.03) vs. est. ($0.10) (beat); revenue $72.857Mm vs. est. $65.264Mm (beat), up 57.4% Y/Y; adjusted EBITDA loss $3.6Mm; adjusted gross margin 83.8%; sees FY26 revenue $262Mm-$264Mm vs. est. $248.778Mm (above), raised from $246Mm-$250Mm, and adjusted gross margin 82.5%.
• LifeMD (LFMD) Q3 revs fell -7% y/y to $44.6M misses estimates $48.9M citing reduced marketing spend and slower partnership ramp-up for revenue decline; lowers 2026 revenue outlook to $188M-$191M from prior view $205.5M-$212.5M; said deliberate cuts to marketing spend weighed on revenue but improved adjusted EBITDA.
• Nektar Therapeutics (NKTR) Q3 EPS ($1.63) vs. est. ($2.07) (beat); revenue $9.386Mm vs est $10.27Mm (miss), entirely non-cash Royalty revenue rather than headline product sales; operating loss $57.802Mm; R&D expense $44.1Mm vs. $27.3Mm Y/Y; cash and investments $952.9Mm; all three Phase 3 ZENITH Ad trials initiated, with ZENITH AA initiation expected in December 2026, initial ZENITH Ad data mid-2028 and first BLA filing targeted for 2029.
• NeuroPace (NPCE) Q3 EPS ($0.10) vs. est. ($0.09) (miss); revenue $23.104Mm vs. est. $27.2Mm (miss); gross profit $19.471Mm; operating expenses $21.551Mm; sees FY26 revenue $91Mm-$92Mm vs. est. $100.3Mm (below), cut from $99.5Mm-$101.5Mm.
• Zevra Therapeutics (ZVRA) announces final CHMP opinion on arimoclomol for the treatment of Niemann-pick disease type C (NPC) in the European union; the CHMP adopts negative opinion on arimoclomol marketing authorization application for NPC.

• Cerebras Systems (CBRS) shares rise as posted Q3 loss of $161.2M, or (-$0.67) vs. loss of $22.2M, or (-$0.41) y/y; Q3 core revs surged 70% to $230.9M topping ests $214.7M and revenue on a non-adjusted basis grew 55% to $210.8M; Core hardware revenue, which includes direct sales of Cerebras’s AI inference chips, fell to $86M from $96.8M; raised year rev outlook to $940M-$960M from prior $880M-$890M and boosts margin outlook slightly.
• Cisco Systems (CSCO) shares rise; Q1 adj EPS $1.40 tops ests $1.33 and sales $18.51B vs. est. $18.13B; deferred revenue $30.1B, up 7% in total; Remaining Performance Obligations $46.2B, up 8% in total; product RPO was up 7% and services RPO was up 9%; sees Q2 adjusted EPS $1.34-$1.36 above consensus $1.23 and sees Q2 revenue $18B-$18.2B vs. est. $17.91B; raises FY27 adjusted EPS view to $5.47-$5.53 from $5.05-$5.11 and raises year rev outlook.
• Digimarc (DMRC) Q3 Adjusted EPS ($0.13) vs. est. ($0.13) (inline); revenue $6.446Mm vs. est. $6.25Mm (beat), down 16% Y/Y; subscription revenue $3.2Mm vs. $4.6Mm Y/Y on contract expiration and step-down; ARR $10.8Mm vs. $15.8Mm Y/Y; adjusted gross margin 82% vs. 81% Y/Y; adjusted operating expenses $8.0Mm vs. $8.6Mm Y/Y; free cash flow use $4.3Mm vs. $3.1Mm Y/Y.
• Microsoft (MSFT) said it is working to resolve an outage that has disrupted services including Outlook and Teams since Thursday, with government departments and schools from the U.S. to Australia among those affected. According to outage tracker Downdetector, hundreds of thousands of users have reported problems in more than 70 countries. A company spokesperson said Microsoft was working to address issues affecting Microsoft 365 services, such as artificial-intelligence software Copilot, and restore services as quickly as possible.
• Newsmax (NMAX) Q3 EPS $0.12 vs. est. ($0.01) (beat); revenue $69.032Mm vs. est. $49.833Mm (beat), up 52.5% Y/Y, including a $14Mm nonrecurring customer termination payment, with underlying growth 21.6%; adjusted EBITDA $19Mm, with $5Mm excluding the one-time payment; sees FY26 revenue $226Mm-$230Mm vs. est. $214.767Mm (above), reflecting the $14Mm payment while underlying guidance remains $212Mm-$216Mm.
• Vuzix Corp. (VUZI) Q3 EPS ($0.10) vs. est. ($0.08) (miss); revenue $0.714Mm vs est $1.3Mm (miss), down 38% Y/Y, with product sales down 45%; gross loss $0.868Mm; operating loss $8.477Mm; operating cash use $6.7Mm, cash $9.2Mm and no debt; secured just under $1Mm in new OEM Defense orders so far in Q4; sees Q4 operating expenses in the mid-$6Mm range vs. $7.6Mm in Q3.