Key market trends to watch Thursday, November 9

Several companies reported earnings news that impacted their stock performance. Qualcomm and Arm experienced substantial drops, with Qualcomm down 10% due to a weak forecast and Arm declining 7%, despite strong demand from hyperscalers. Questions are arising about the viability and cost of data centers in space, and scrutiny of Elon Musk’s SpaceX, which has seen a 6.5% drop in value over the past two days.

Snap shares fell 11% after reporting a year-over-year decrease in daily users, raising concerns about its ability to accelerate ad growth. The company will begin reporting global monthly active users starting next year.

HP announced a change in leadership, appointing Emma Walmsley, formerly of GSK and Microsoft, as its new CEO to navigate challenges related to the memory shortage. This move has prompted speculation about potential demand destruction in the PC market.

Cardinal Health exceeded expectations for both revenue and earnings and raised its full-year profit outlook. The company’s stock has seen a substantial increase of 27.5% this year and reached a record high yesterday. McKesson also reported better-than-expected results.

Kimberly-Clark’s third-quarter sales and earnings aligned with previously announced figures. The company recently completed its acquisition of Kenvue, the maker of Tylenol and Band-Aid, and its stock is up this morning following a 4% gain on Wednesday.

Stanley Black & Decker received a price target increase from Citi, contributing to the stock’s continued rise following Wednesday’s election rally. Home Depot also saw a positive response, up 25% in the past month.

Dutch Bros experienced a significant decline of over 11% due to light comparable sales, slowing traffic, and a revised full-year outlook. Starbucks, a holding in Jim Cramer’s charitable trust, is showing signs of a turnaround.

McDonald’s is receiving positive attention and price target increases following a 6.5% post-earnings gain, reflecting improvements in U.S. sales trends and a renewed focus on value.

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