🌅 Today's Morning Call
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Data as of 8:06 AM ET
Good morning! Happy Wednesday. Futures are mostly flat, but the headlines are anything but quiet. AI infrastructure is having another big day, while a medical device giant is cleaning up after a cyberattack. Here's what's on the tape before the bell.
👀 What to Watch Today
Earnings are running the show again today. Vertiv (VRT) just posted strong AI-driven results, and Alphabet (GOOGL) and Microsoft (MSFT) are still the names everyone has circled. A strong VRT print tells you the money behind AI data centers is still flowing. Watch whether that confidence spreads across the rest of the AI hardware chain.The courtroom is worth a look too. Meta (META) and Snap (SNAP) open a second youth social media addiction trial in Los Angeles, starting with jury selection. Nothing gets decided today, but headline risk for both stocks could stick around for weeks.
On deals, GE Vernova (GEV) agreed to buy a high-voltage grid equipment maker for $9 billion. That's a big bet that electricity demand will keep climbing.
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Europe handed us a pile of earnings overnight. Unilever (UL) beat quarterly sales estimates thanks to strong demand and pricing power, which says consumers are still paying up for everyday brands. Adyen (ADYEY) grew revenue 23% to €738.1 million and beat forecasts, but it trimmed its 2026 margin target. That's a classic case of good revenue and a disappointing outlook.Stellantis (STLA) burned through $4.5 billion in cash in the third quarter, even though revenue and operating profit both rose. Its $70 billion turnaround plan is clearly costing a lot up front.
Airlines are dealing with their own problem. Reuters reports that jet fuel costs about double what it did before the Iran war, so carriers are backing away from new fuel hedges and warning that fares may rise. Meanwhile, Southern California ports are facing a possible strike, which could pile onto supply chain worries.
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📊 Pre-Market Movers
Vertiv (VRT) is the headliner, up 14% on earnings driven by the AI boom. Data centers need power and cooling, and VRT sells both. Grid and electrification names could get pulled along, especially with GE Vernova (GEV) making its $9 billion move.Boston Scientific (BSX) cut its full-year guidance as it deals with the fallout from a cyberattack. A cut caused by a one-off problem may hurt less than one caused by weak demand. Still, expect investors to ask how long the damage will last.
Logitech (LOGI) lost about $2 billion in market value even after beating profit estimates. Analysts point to profit-taking and worries about margins. Stellantis (STLA) and Adyen (ADYEY) also face tests in US trading after their mixed European reports.
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🔍 Today's Watchlist
- Vertiv (VRT): The 14% jump is a referendum on AI infrastructure spending. Watch whether it holds through the open or fades.
- Alphabet (GOOGL) and Microsoft (MSFT): They're the big names in focus. Any read on cloud and AI spending sets the tone for tech.
- Airlines: Jet fuel at about twice its pre-war price, plus fewer hedges, means more exposure to oil. Expect pressure on margins and higher fares.
- Rates: The 10-year sits at 4.99%. If it breaks 5%, high-multiple growth stocks could feel it fast.
- Southern California ports: A strike there could quickly turn into a story about shipping delays and costs for retailers and importers.
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🎯 The Morning Playbook
Flat futures hide a lot of movement underneath. Money keeps rewarding real AI infrastructure demand, like VRT and GEV, and it punishes margin worries even when a company beats, like LOGI and ADYEY. Today the outlook matters more than the headline beat.Keep one eye on the 10-year yield sitting near 5% and the other on oil through the airline story. Those two numbers can turn a calm tape choppy quickly. Avoid chasing the first move at the open, and let price confirm the story.
Sessions like this reward patience. The trend is clear and the noise is loud, so focus on the trend.
📰 Further Reading
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