Notes
MOVING UP
$GAP surged 5% after an upgrade to Overweight from Neutral by JP Morgan, with a new price target of $30. They revised their FY25 EPS to $2.30 and FY26 EPS to $2.53, expecting revenue growth and margin expansion.
$INTC rose 2% on CEO Pat Gelsinger's retirement announcement. David Zinsner and Michelle Johnston Holthaus are appointed interim Co-CEOs, with Frank Yeary as Interim Executive Chair while a permanent successor is sought.
$NBIS soared 16% after securing $700M through a private placement involving NVDA, planning to issue 33.33M Class A shares at $21/share.
$NVCR jumped 30% following successful trial results where its cancer therapy, combined with chemotherapy, extended pancreatic cancer patient survival from 14.16 to 16.20 months on average.
$PTCT climbed 14% after licensing its experimental Huntington's Disease drug, PTC518, to a Novartis unit for up to $2.9B, with $1B upfront.
$SMCI increased 14% after confirming no need to restate financials, with no evidence of shipping incomplete products to boost quarterly revenue.
$TNDM went up 6% after an upgrade to Overweight from Equal Weight by Morgan Stanley, with a $45 price target, citing undervalued stock and potential in type-2 diabetes market expansion.
$TSLA gained 2% with Stifel maintaining its Buy rating, raising the target to $411, praising Tesla's broader market vision beyond just being an automaker. Additionally, Roth MKM upgraded TSLA to Buy, setting a $380 target, highlighting potential catalysts for value increase.
MOVING DOWN
$CORZ drops 5% on news of a $500M convertible senior notes offer for 2031.
$NU falls 5%, hit by Citigroup's downgrade to Sell, citing profit-taking despite strong growth in Brazil.
$PCG slides 5% after announcing $2.4B in stock offerings.
$STLA tumbles 8% following CEO Carlos Tavares' sudden resignation after nearly four years.
$UPST plunges 11%, downgraded to Underweight at JP Morgan, with caution advised on fintech at current valuations.
DAILY RECAP
**BYD Co. ( $BYDDF)** reported a 67.8% y/y increase in November vehicle sales, reaching 506,804 units compared to 301,903 last year. Year-to-date sales hit 3.76M units, up from 2.68M last year.
**Gap ( $GAP)** received an upgrade to overweight from neutral by JPMorgan after a CEO and CFO meeting.
**Li Auto Inc. ( $LI)** delivered 48,740 vehicles in November 2024, a y/y increase of 18.8%, with a 2024 total of 441,995 and cumulative deliveries at 1,075,359.
**NIO Inc. ( $NIO)** saw a 28.9% y/y rise in November deliveries to 20,575 vehicles, split between its NIO and ONVO brands.
**Stellantis ( $STLA)** announced CEO Carlos Tavares' resignation, effective immediately, with a new CEO search set to conclude in 2025's first half.
**XPeng Inc. ( $XPEV)** delivered 30,895 Smart EVs in November, up 54% y/y and 29% m/m, with strong sales of the MONA M03 and P7+.
**Core Scientific Inc. ( $CORZ)** plans to issue $500M in convertible senior notes maturing in 2031.
**IREN Limited ( $IREN)** boosted its self-mining capacity by 33% to 28 EH/s with new substation energization.
**LendingClub ( $LC)** was downgraded to neutral by JPMorgan due to fintech sector concerns.
**Mara Holdings ( $MARA)** is set to offer $700M in zero-coupon convertible senior notes privately.
**Toast ( $TOST)** received a downgrade to Neutral from Goldman Sachs, citing high valuation and visibility issues.
**Upstart Holdings ( $UPST)** was downgraded to underweight by JP Morgan.
**Bausch + Lomb ( $BLCO)** was downgraded to Equal Weight by Morgan Stanley.
**Nevro ( $NVRO)** saw a downgrade to Underweight by Morgan Stanley.
**Tandem Diabetes ( $TNDM)** got an upgrade to Overweight from Morgan Stanley.
**Cloudflare ( $NET)** was upgraded to overweight by Morgan Stanley, optimistic about future growth.
**SentinelOne ( $S)** was downgraded to equal weight by Morgan Stanley, due to cybersecurity sector concerns.
**U.S. to implement new export restrictions on Monday targeting China's semiconductor sector**, affecting companies like Naura Technology Group, potentially impacting shares of $AMAT, $LRCX, $KLAC.
