Early Look

Wednesday, September 10, 2025

U.S. futures are looking slightly higher, coming into a key inflation data reading with several macro developments overnight. First, Oracle (ORCL) reported quarterly results that were in-line to slightly lower, but comments that they signed four multi-billion-dollar contracts with three different customers in Q1 which resulted in RPO contract backlog increasing 359% to $455B and sees its RPO likely exceed $500B sent shares up over 30%. Second, President Trump has asked the EU to impose 100% tariffs on India and China to pressure Russia over its war in Ukraine, the Financial Times reported. Third, Trump announced plans to crack down on pharmaceutical advertising on television and social media platforms that could disrupt billions of dollars in annual ad spending. Also, news in the IPO market as Klarna (KLAR) 34.31M share IPO priced at $40.00, above the $35.00-$37.00 expected target range. The first of 2 inflation data readings this week kicks off at 8:30 am et with the August Producer Price Index (PPI) headline M/M for Aug est. +0.3% (prior +0.9%) and Y/Y for Aug…est. +3.3% (prior +3.3%). The core PPI (ex: food & energy) M/M for Aug is est. +0.3% (prior +0.9%) and Y/Y for Aug…est. +3.5% (prior +3.7%). The consumer prices (CPI) data is expected tomorrow at 8:30 am et. As for Tuesday, stocks racked up more record highs after the worst-ever preliminary benchmark payroll revision set the tone for next week’s Fed meeting and the scope of easing through the end of 2025. Gold rose past $3,600 to its 31st record of the year before turning negative just before the end of the session. Equities drew support from rate-cut wagers. Yields rose across the curve, halting a four-day slide ahead of the week’s inflation data. In Asian markets, The Nikkei Index advanced 378 points to 43,837, the Shanghai Index edged higher 4 points to 3,812, and the Hang Seng Index jumped 262 points to 26,200. In Europe, the German DAX is up 21 points to 23,739, while the FTSE 100 is up 18 points to 9,260.

• The Dow Jones Industrial Average rose 196.64 points, or 0.43%, to 45,711.59
• The Nasdaq Composite gained 80.79 points, or 0.37%, to 21,879.49
• The Russell 2000 Index declined -13.07 points, or 0.55% to 2,381.83

• 8:30 AM ET                  Producer Price Index (PPI) headline M/M for Aug…est. +0.3% (prior +0.9%)
• 8:30 AM ET                  Producer Price Index (PPI) headline Y/Y for Aug…est. +3.3% (prior +3.3%)
• 8:30 AM ET                  Core PPI (ex: food & energy) M/M for Aug…est. +0.3% (prior +0.9%)
• 8:30 AM ET                  Core PPI (ex: food & energy) Y/Y for Aug…est. +3.5% (prior +3.7%)
• 10:00 AM ET                Wholesale Inventory M/M for July…est. +0.2%
• 10:30 AM ET                Weekly DOE Inventory Data
• 1:00 PM ET US Treasury to sell $42B in 10-year notes

• Earnings After the Close: CULP LSAK OXM VNCE

• Barclays 23rd Annual Global Financial Services Conference, 9/8-9/10 in New York
• B Riley 8th Annual Consumer & TMT Conference, 9/10, in New York
• Deutsche Bank Healthcare Summit, 9/10-9/11, in New York
• Goldman Sachs Communacopia + Technology Conference, 9/8-9/11, in San Francisco, CA
• Morgan Stanley Global Healthcare Conference, 9/8-9/10
• Morgan Stanley Latin America Conference, 9/8-9/10
• Morgan Stanley European Utilities and Energy Summit, 9/9-9/11
• Morgan Stanley Laguana Conference, 9/10-9/12
• Piper 4th Annual Growth Frontiers Conference, 9/9-9/11, in Nashville, TN
• Roth Capital 12th Annual Solar & Storage Symposium, 9/8-9/10, in Las Vegas
• Wolfe Research Tech Conference, 9/8-9/11

• A judge temporarily blocked President Donald Trump from removing Federal Reserve Governor Lisa Cook, allowing her to remain on the job as she challenges the president’s efforts to oust her over allegations of mortgage fraud.
• China August Consumer prices (CPI) fall (-0.4%) y/y vs. est. (-0.2%) while China August Producer prices fall (-2.9%) y/y in-line with consensus.

• GameStop (GME) Q2 adj EPS $0.25 vs est. $0.16 on sales $972.2Mm vs est. $823.25Mm; announces dividend of warrants to shareholders.
• Land’s End (LE) Q2 adj EPS ($0.06) vs est. ($0.03) on revs $294.1Mm; sees Q3 revs $320-350Mm and adj EPS $0.10-0.22 vs est. $0.10; sees FY revs $1.33-1.4B vs est. $1.367B and adj EPS $0.62-0.88 vs est. $0.71.
• Limoneira (LMNR) Q3 adj EPS loss (-$0.02) on revs down -25% y/y to $47.47M; Q3 Agribusiness revenues were $45.9M, down from $61.8M y/y; Approximately 5,654,000 pounds of avocados were sold in aggregate during the third quarter of fiscal year 2025 at a $1.50 average price per pound, compared to approximately 8,855,000 pounds sold at a $1.57 y/y.
• NIO Inc. (NIO) proposes to offer about 181.8M Class A ordinary shares.

• A-Mark Precious Metals (AMRK) Q4 EPS $0.41 vs est. $0.44, adj EBITDA $29.2Mm vs est. $24.84Mm on revs $2.51B vs est. $2.908B, gr mgn 3.25%.
• Astronics (ATRO) announces $210M convertible senior notes offering
• Matrix Service (MTRX) Q4 adj EPS loss (-$0.28) on revs rose 14% y/y to $216.38M but below est. $232.25M and guides FY26 revenue $875M-$925M, below consensus $945.47M; reports backlog of $1.4B, with project awards totaling $186.3M.
• Methode Electronics (MEI) Q1 adj EPS ($0.22) vs est. ($0.25) on sales $240.5Mm vs est. $226.03Mm; affirms FY guidance.

• Klarna (KLAR) 34.31M share IPO priced at $40.00, above the $35.00-$37.00 expected target range.

• Dianthus (DNTH) 6.49M share Secondary priced $33.00.
• Greenwich LifeSciences (GLSI) said its breast cancer therapy, GLSI-100, got U.S. FDA’s “fast track” designation. The therapy is being tested in a late-stage trial for patients with HER2-positive breast cancer who have the HLA-A*02 genotype, and who finished standard treatment.
• Henry Schein (HSIC) approves $750M share repurchase program.
• Johnson & Johnson (JNJ) said the FDA approved its drug delivery system for patients with a type of bladder cancer, the drugmaker said on Tuesday, offering a potential alternative to surgically remove the organ.
• Lakeland Industries (LAKE) Q2 EPS $0.08 vs est. $0.08 on sales $52.5Mm vs est. $54.58Mm; sees FY revs $210-220Mm vs est. $218Mm.
• Novo Nordisk (NVO), the maker of blockbuster weight-loss drug Wegovy, said it will cut 11.5% of its workforce in an effort to revive growth and combat competition from U.S. rival Eli Lilly (LLY) and compounded copycat drugs; said the new restructuring plan would save $1.25 billion annually.
• Rapport Therapeutics (RAPP) 9.62M share Secondary priced at $26.00.
• President Trump signed a presidential memorandum that calls on federal health agencies to require pharmaceutical companies to disclose more side effects in their ads and enforce existing rules about misleading ads. The administration is pitching the moves as a way to increase transparency for patients. The US is the only place, besides New Zealand, where pharma companies can directly advertise to consumers.

• ChipMOS Technologies Inc. (IMOS) recorded Aug revenue of NT$2,090.3M or US$68.3M, marking a 6.3% increase from July 2025. However, this figure represents a 1.2% decrease compared to August 2024.
• Elliott Management has built a stake in payments automation company Bill Holdings (BILL) of at least 5%, making it one of Bill Holdings’ five largest investors – Financial Times.
• Rubrik Inc. (RBRK) Q2 adj EPS ($0.03) vs est. ($0.34) on revs $309.9Mm vs est. $282.22Mm; guides FY revs $1.227-1.237B vs est. $1.185B and adj EPS ($0.50)-($0.44) vs est. ($0.97).
• Synopsys (SNPS) shares tumble after Q3 EPS $3.39 vs. est. $3.75; Q3 revs rose 14% y/y to $1.74B vs. est. $1.77B; sees Q4 non-GAAP EPS $2.76-$2.80, and sees Q4 revenue $2.23-$2.26, vs. consensus $2.09B; Expecting full-year 2025 revenue between $7.03 and $7.06 billion dollars as Synopsys transformation continues (shares were double downgraded to Underperform at Bank America citing the persistent uncertainty of foundry potential at top customer INTC, which historically has made up about 12% of sales.