Microsoft CEO Satya Nadella speaks at an event commemorating the 50th anniversary of the company at Microsoft headquarters in Redmond, Washington, on April 4, 2025.
David Ryder | Bloomberg | Getty Images
My top 10 things to watch Thursday, Nov. 13
1. The Dow was headed for a lower open this morning. The 30-stock average closed above 48,000 for the first time. Futures tied to the S&P 500 and Nasdaq, which didn’t have the same record luck yesterday, were on track to open lower, too. The new trading day kicks off after President Donald Trump signed a bill last night that ended the record 43-day government shutdown.
2. Disney reported a mixed quarter, beating on earnings but missing on revenue. The Club stock dropped more than 5.5% on the release. Entertainment segment revenue fell 6%. Streaming grew 8%, but linear TV declined 16%. In a bright spot, Disney+ added 3.8 million subscribers for a total 131.6 million, which was better than estimates. The sports segment, which includes ESPN, grew 2%; and experiences, which includes parks, rose 6%.
3. Apple has reached a deal with China-based Tencent to allow the iPhone maker to take a 15% cut of purchases made within WeChat’s mini games and apps, according to Bloomberg. That commission agreement with the sprawling Chinese messaging, social media, games, and payment platform is about half of what Apple usually takes.
4. Cisco Systems shares spiked more than 6% after delivering a beat-and-raise quarter last night. We hiked our price target to $85 from $78. It’s yet another fiscal quarter of double-digit order growth for the company. Cisco is firing on almost all cylinders. I’ll talk more about Cisco and the rest of the stocks in the Club portfolio at our November Monthly Meeting at noon ET.
5. Microsoft CEO Satya Nadella said the company plans to use access to OpenAI’s development of custom AI semiconductors to help its in-house chip strategy. OpenAI and Broadcom will also work together to custom-design chips and networking hardware. Microsoft and Broadcom are each Club holdings.
6. Susquehanna raised its price target on Club name Nvidia to $230 from $210 and maintained a buy rating. Analysts said there’s more upside ahead for the chip stock, citing CEO Jensen Huang’s recent commentary that the company has secured more than $500 billion worth of orders for its Blackwell and next-generation Rubin chips through 2026. Nvidia will report quarterly earnings next week.
7. Wells Fargo raised its price target on Nike to $75 from $60, saying visibility into sales and margins progress is “finally improving.” The analysts estimated that the Club name will exit fiscal year 2026 growing revenue 3% to 4%. I believe in Nike CEO Elliott Hill’s plan to re-focus the company on sports and innovation to turn around the iconic brand.
8. Wedbush added Meta Platforms to its best ideas list, calling it a great risk/reward story. We think so, too. That’s why we bought more Meta shares Monday. The Wedbush analysts maintained their buy rating and $920 price target, implying over 50% upside from yesterday’s close of $609. Our PT is a bit more conservative at $825.
9. Flutter, the parent company of FanDuel, reported a revenue miss and lowered guidance. Shares dropped roughly 3.5% on the print. Flutter also announced a partnership with derivatives marketplace CME Group to launch a new prediction markets platform. “We’re going to put a lot of money behind it in a disciplined way,” CEO Peter Jackson told me on “Mad Money” last night.
10. Big call: Bank of America increased its FedEx price target to $285 from $270 after the analysts met with the delivery giant’s new chairman, Brad Martin, as well as CEO Raj Subramaniam and CFO John Dietrich. The executives said that business has been picking up even during the government shutdown.
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