MARKET WRAPS

Watch For:

Retail Sales for September; Import Prices for September; University of Michigan Preliminary October Survey of Consumers; Canada Wholesale Trade for August; Goldman Sachs 3Q results

Opening Call:

Stock futures rose Friday, suggesting indexes would eke out muted gains to end a choppy week, as investors awaited another batch of earnings from major companies.

After a rocky patch for stocks, a strong batch of earnings from healthcare companies and banks including Morgan Stanley and Citigroup has buoyed the market in recent days. Investors remain concerned that supply-chain blockages and a steep rise in energy prices will fuel inflation, which may prompt central banks to withdraw stimulus measures faster than expected.

Money managers will parse quarterly reports from Goldman Sachs, PNC Financial Services Group and JB Hunt Transport Services before the market opens. Of the 35 companies on the S&P 500 that had reported earnings through Thursday, 80% had beaten analysts' forecasts, according to FactSet, slightly better than the three-quarters that did so each quarter in 2019, before the pandemic.

Ahead of the bell in New York, shares of Alcoa rose 6.1% after the producer posted higher third-quarter sales Thursday, boosted by higher aluminum prices.

Overseas markets were broadly higher. The Stoxx Europe 600 rose 0.2%, led by shares of energy producers and travel-and-leisure companies. In Asia, Japan's Nikkei 225 gained 1.8%, Hong Kong's Hang Seng rose 1.2% and China's Shanghai Composite Index edged up 0.4%.

Stocks to Watch:

Morgan Stanley was downgraded to sector perform from outperform at RBC Capital Markets.

"Its performance over the last 18 months has been very strong due to better than expected core results [driven by the current bull market] and the successful acquisitions of E*TRADE and Eaton Vance," said analyst Gerard Cassidy in a note to clients.

"We believe the outlook for the company is still healthy but with the likelihood of higher interest rates over the next 12-18 months, traditional commercial banks will likely outperform the investment banks including MS, in our view."

Forex:

The dollar could weaken further on reduced safe haven flows if data on retail sales and consumer sentiment later boost confidence in the economic recovery, but any declines will be limited, said Oanda.

Heavy speculative long dollar positions will cap gains as investors look to trim those positions before the weekend, said Oanda analyst Jeffrey Halley.

"The dollar index could revisit [Thursday's] lows at 93.75, but only a weekly close under 93.50 suggests a deeper correction."

Japan's yen continued its slide. Traders have sold off the currency on concerns that high oil and gas prices will knock economic growth in Japan, a major energy importer. The yen traded 0.4% lower at 114.14 per dollar, taking its losses for the week to 1.7%.

The euro's recent rally versus the dollar looks set to lose steam shortly as the European Central Bank isn't expected to change its ultra-loose policy stance any time soon, said ING.

"EUR/USD remains almost solely driven by dollar dynamics and the lack of any clear idiosyncratic upside catalyst for the euro is likely limiting the pair's upside."

Profit taking is behind the dollar's "soft momentum" but this won't last, said ING. The rebound in EUR/USD could follow a similar path to that seen in first few days of October, therefore stalling around the 1.1640 level.

The price of Bitcoin was up around 3% and trading near the psychologically important $60,000 mark.

Optimism surged following a report from Bloomberg that the first exchange-traded fund tracking regulated Bitcoin futures would soon be approved by the SEC -- a landmark moment for the crypto industry.

Bonds:

Treasury yields were back on the rise in Europe after they fell fall to their lowest level in weeks on Thursday.

Thursday's fall in yields, particularly in longer-dated maturities, despite recent strong inflation data partly reflected fears that Federal Reserve officials may eventually be forced to more aggressively raise interest rates than had been anticipated, risking a policy error that could undercut future economic growth.

Some analysts said it also reflected worries about a scenario in which the central bank would be tightening policy into a stagnating economy.

Friday's uptick in yields was in line with upbeat moves in stocks and commodities, though correlations between different markets are in flux as investors debate the inflation outlook, according to Richard McGuire, head of rates strategy at Rabobank.

"We've seen an ebb and flow this week," he said. Mr. McGuire expects the inflation burst to fade, as "high prices will sow the seed of their own downfall," with consumers starting to spend less.

Commodities:

Crude oil futures continued to rally in Europe, breaking fresh multiyear highs after the IEA forecast on Thursday that gas-to-oil switching, amid the continuing natural gas-supply crunch, would add 500,000 barrels a day to global oil demand over the coming months.

Those bullish estimates were outweighing bearish inventory data from the EIA late Thursday, said Helge Andre Martinsen at DNB Markets. Gas markets were quieter Friday, with benchmark European prices edging up 0.4% and taking their gains over the past three months to 203%.

Base metals edged higher, supported by concerns that supply could be crimped by the global gas crunch.

Three month copper on the LME was last up 0.3% and on course to end the week 7.3% higher. That would be its biggest one-week jump since 2016. Copper breached the $10,000 ton level Thursday for the first time since June.

Other metals also rose, with aluminum up 0.5% and nickel rising 1.5%. Zinc added a further 0.7% to hit a three-year high, after a major producer said it was cutting output at three sites in Europe by half because of energy costs.

TODAY'S TOP HEADLINES

Facebook Should Clarify Terms of Service, Irish Privacy Regulator Says

A draft ruling from Ireland's privacy regulator would require Facebook Inc. to change how it informs users about its data processing but disregards complaints that the social-media giant needs to obtain direct consent for its activities.

If the decision is finalized, Facebook would also face a fine of between EUR28 million and EUR36 million (equivalent to $32.4 million to $41.7 million) for failing to be transparent with users. The case stems from a 2018 complaint filed by Austrian privacy lawyer Max Schrems, whose nonprofit organization NOYB published the draft decision on Wednesday. The Irish Data Protection Commission hasn't made the decision public.

Read More ->

Chinese Telecom Giant ZTE in Dispute With U.S. Court-Appointed Monitor

WASHINGTON-China's ZTE Corp. in 2017 agreed to the oversight of an independent monitor when it pleaded guilty to Justice Department charges of illegally exporting sensitive U.S. technologies to Iran and repeatedly lying to investigators.

Now, to the alarm of Justice Department officials, that monitor, a Dallas lawyer, is seeking to extend his own term beyond its expiration in March and threatening the Chinese telecommunications company if it refuses to accede, according to people familiar with the matter.

Read More ->

Icahn to Commence Proxy Contest, Tender Offer for Southwest Gas

Billionaire investor Carl Icahn escalated his challenge to Southwest Gas Holdings Inc. by offering to buy shares of the Nevada utility and announcing plans to try to replace the company's board.

Mr. Icahn has challenged Southwest Gas's proposed roughly $2 billion acquisition of Questar Pipeline Co. from Dominion Energy Inc. He argues the deal for the natural-gas pipeline company that provides transportation and storage service would diminish shareholder value.

Read More ->

Johnson & Johnson Places Talc Injury Claims in Bankruptcy

Johnson & Johnson placed into bankruptcy its liabilities for tens of thousands of lawsuits linking talc-based products to cancer, betting the move will help drive a settlement of personal-injury claims that are expected to grow for decades to come.

J&J said Thursday that a corporate affiliate holding talc-related liabilities had filed for chapter 11 protection in the U.S. Bankruptcy Court in Charlotte, N.C., shifting the landscape of a yearslong legal fight over whether Johnson's Baby Powder caused ovarian cancer, asbestos poisoning and other illnesses. The company has maintained that the powder, which it stopped selling last year, is safe and doesn't contain asbestos.

Read More ->

Former Boeing Pilot Indicted in Probe of 737 MAX Crashes

A federal grand jury in Texas indicted a former Boeing Co. pilot, alleging that he deceived air-safety regulators about a flight-control system later blamed for sending two 737 MAX jets into fatal nosedives.

Mark A. Forkner, 49 years old, was charged with six counts of fraud related to his alleged role in persuading the Federal Aviation Administration to approve pilot-training materials that excluded references to the automated cockpit feature, the U.S. Justice Department said Thursday. The crashes occurred in late 2018 and early 2019 and took 346 lives.

Read More ->

Elizabeth Holmes Trial: Dermatologist Describes Theranos Lab Director Stint

SAN JOSE, Calif.-A dermatologist testified Thursday in the criminal trial of Elizabeth Holmes that he agreed to serve as Theranos Inc.'s lab director after being asked to fill the role by one of his patients, but never did much more than sign paperwork and appear in the company's lab once or twice.

Sunil Dhawan told jurors that he accepted the role in November 2014 at the request of Ramesh "Sunny" Balwani, Theranos's chief operating officer, whom he had treated for almost 15 years.

Read More ->

Rio Tinto Cuts 2021 Projection for Iron-Ore Shipments, Copper Output

Rio Tinto PLC Friday said it expects to ship less iron ore than previously anticipated from its Australian mining operations this year because of delays to projects caused by labor shortages in the country's west.

The world's second-largest miner by market value is also on track to produce less copper and bauxite than it projected this year in big part because of plant-related problems, the company said on Friday.

Read More ->

Consumer Spending Seems to Be Steady Despite Supply Crunch

U.S. consumers continue to spend, despite supply constraints causing a shortage of vehicles and other goods.

Economists surveyed by The Wall Street Journal estimate that September retail sales fell a seasonally adjusted 0.2% in September from the previous month, with car purchases declining as few vehicles were on dealer lots. Excluding autos, sales are estimated to have risen 0.5% as households shrugged off the end of enhanced unemployment benefits and high Covid-19 case levels caused by the Delta variant.

Read More ->

Trading Furor Complicates White House Decisions on Fed Leadership

Federal Reserve Chairman Jerome Powell's chances for a second term leading the central bank so far have been dented but not derailed by a reputational crisis over stock-trading disclosures by senior officials.

Mr. Powell, a Republican, has been the front-runner to keep the job when his term expires early next year. But questionable trading activities by two Fed bank presidents, first reported last month by The Wall Street Journal, cast a cloud over his prospects by giving a vocal minority of Democrats who already opposed his nomination new grounds to call for his replacement.

Read More ->

U.S., European Nations Claim Progress on Path to Removing Digital Taxes

The U.S. and five European countries have reached an agreement on how those countries' digital-service taxes would be withdrawn as a broader international agreement moves forward, French Finance Minister Bruno Le Maire said on Thursday.

The deal isn't likely to yield an immediate withdrawal of those taxes because it is still linked to the broader global tax agreement being completed and implemented over the next few years. But having a path forward could ease tensions between the U.S. and France, Italy, the U.K., Austria and Spain.

Read More ->

Eurozone Exports Rose on Month in August, Trade Surplus Declined

Eurozone exports rose in August for the second consecutive month, posting a modest increase amid slower global trade.

The European Union's statistics agency said Friday that the currency area's exports rose by 0.3% in August from July, while imports increased 1.6%, both adjusted for seasonal variations. The seasonally adjusted trade surplus was 11.1 billion euros ($12.9 billion) compared with EUR13.5 billion in July.

Read More ->

EU New Car Sales Fell in September Amid Chip Shortage

Passenger-car registrations in the European Union declined in September amid the current shortage of semiconductors, the European Automobile Manufacturers Association said on Friday.

New car registrations--a reflection of sales--declined 23% year-on-year to 718,598 vehicles for the month, said the association, also known as ACEA. The EU's major markets--Spain, France, Italy and Germany--all reported strong decreases.

Read More ->

Biden to Press Climate Agenda on Wall Street

WASHINGTON-Calling climate change a systemic risk to the financial system, the White House will release a report Friday outlining its strategy for new rules that could affect investment disclosures, insurance policies and home loans.

The report outlines administration goals, including forcing financial firms to more directly address the risks of climate change, creating new protections for savings and pension plans and making climate change more a factor in federal budgeting and procurement.

Read More ->

Democrats Rely on Big Guns in Virginia as Early Voting Plummets

EARLY VOTE LAGS IN VIRGINIA, giving Democrats heartburn in a crucial contest for governor. Early voting in person and by mail has been available since Sept. 17, but so far turnout has been sluggish. Compared with the high-enthusiasm 2020 presidential election, early voter turnout is down around two-thirds from the same date of last year's cycle, according to data tracked by Republican political strategist John Couvillon. In-person early voting is down 63%, while mail ballots are down by around 73%. The final gap between the previous presidential-to-gubernatorial election series in 2016-17 was 34%. There is no expectation that turnout in an off-year election would match a presidential year, but current turnout is notably sluggish.

Read More ->

Australia's Most Populous State to Scrap Quarantine for Fully Vaccinated Arrivals

Fully vaccinated international arrivals to Australia's New South Wales state won't be required to quarantine from Nov. 1, as Australian authorities pivot from trying to suppress Covid-19 to living with it.

Dominic Perrottet, the state's premier, said travelers will only need to complete a PCR test and show proof of being fully vaccinated by a shot approved by Australia's Therapeutic Goods Administration before boarding a flight to NSW.

Read More ->

Commission on Changing Supreme Court Skeptical About Adding Justices

WASHINGTON-A commission formed by President Biden to study potential changes to the Supreme Court expressed concerns over calls to expand the size of the court, with some members warning it would "undermine, rather than enhance" its legitimacy.

Documents released Thursday outlined a range of options that the 36-member panel prepared to discuss at a public meeting Friday. The commission is expected to issue a final report in mid-November amid calls by progressives in the Democratic Party to expand the number of seats, a measure Republicans oppose.

Read More ->

Texas Abortion Restrictions Can Continue During Litigation, Appeals Court Rules

A federal appeals court on Thursday said Texas's restrictive abortion law can remain in effect during ongoing litigation with the Justice Department, extending a previous temporary order that kept the law in place.

The order, from the New Orleans-based Fifth U.S. Circuit Court of Appeals came on a 2-1 vote and postpones the effect of an Oct. 6 ruling from an Austin federal judge. He said Texas had engaged in an unprecedented effort to deprive women of constitutionally protected abortion rights and keep its restrictions shielded from judicial review.

Read More ->

Write to paul.larkins@dowjones.com TODAY IN CANADA

Earnings:

None scheduled

Economic Indicators (ET):

0830 Aug New motor vehicle sales

0830 Aug Wholesale trade

Stocks to Watch:

Chorus Aviation Announces New three-Yr Committed Operating Credit Facility

Other News:

Canada's Jobs Recovery Has Further to Go: Bank of Canada

Canada's labor market still has further to go in its recovery after employment returned to its prepandemic level last month, Bank of Canada Gov. Tiff Macklem said on Thursday.

Speaking with reporters from the International Monetary Fund and World Bank meetings in Washington, D.C., Mr. Macklem said Canada saw strong jobs growth over the summer, including in sectors that he said needed it most, such as high-contact services. However, he said the size of the labor force has grown during the pandemic and the jobs recovery remains uneven.

Returning to the prepandemic employment level "is an important milestone, but it's not the destination," Mr. Macklem said. "It is still the case though that low-wage workers are well below their prepandemic level, whereas other workers have slowly recovered. So there still is some space there."

Mr. Macklem said the central bank continues to anticipate a good economic rebound, although "it may be not quite as fast" as its July forecast, which anticipated third-quarter growth at a 7.3% annualized rate. Growth has been hampered by continued challenges with global supply chains, he said, which have proven to be more complicated and persistent than policy makers had expected.

He also reiterated some of his recent comments on inflation, saying measures of medium- and long-term inflation expectations remain well-anchored, and the causes of inflationary pressures remain narrow and linked to the circumstances of the pandemic.

Still, Mr. Macklem said, persistent supply bottlenecks mean that measures of inflation "are probably going to take a little longer to come back down."

Expected Major Events for Friday

04:30/JPN: Aug Tertiary Industry Index

04:30/JPN: Aug Revised Retail Sales

06:45/FRA: Sep CPI

08:00/ITA: Sep CPI

08:59/JPN: Oct Monthly Economic Report

09:00/ITA: Aug Foreign Trade EU

12:30/US: Sep Import & Export Price Indexes

12:30/US: Oct Empire State Manufacturing Survey

12:30/CAN: Aug New motor vehicle sales

12:30/US: Sep Advance Monthly Sales for Retail & Food Services

12:30/US: U.S. Weekly Export Sales

12:30/CAN: Aug Wholesale trade

14:00/US: Oct University of Michigan Survey of Consumers - preliminary

14:00/US: Aug Manufacturing & Trade: Inventories & Sales

All times in GMT. Powered by Kantar Media and Dow Jones.

Expected Earnings for Friday

ASA Gold & Precious Metals Ltd (ASA) is expected to report for 2Q.

Badger Meter Inc (BMI) is expected to report $0.50 for 3Q.

Charles Schwab (SCHW) is expected to report $0.70 for 3Q.

Chino Commercial Bancorp (CCBC) is expected to report for 3Q.

Definitive Healthcare Corp (DH) is expected to report for 3Q.

Flywire Corp (FLYW) is expected to report for 3Q.

Goldman Sachs Group (GS) is expected to report $10.14 for 3Q.

J.B. Hunt Transport Services Inc (JBHT) is expected to report $1.78 for 3Q.

PFSweb (PFSW) is expected to report $0.01 for 2Q.

PNC Financial Services Group (PNC) is expected to report $3.37 for 3Q.

Postmedia Network Canada (PNC.A.T,PNC.B.T) is expected to report for 4Q.

Prologis Inc (PLD) is expected to report $0.67 for 3Q.

Sensient Technologies Corp (SXT) is expected to report $0.82 for 3Q.

Truist Financial Corp (TFC) is expected to report for 3Q.

Powered by Kantar Media and Dow Jones.

ANALYST RATINGS ACTIONS

ACADIA Pharmaceuticals Cut to Equal-Weight From Overweight by Morgan Stanley

Acuity Brands Raised to Neutral From Sell by UBS

Adamas Pharmaceuticals Cut to Market Perform From Market Outperform by JMP Securities

Adamas Pharmaceuticals Cut to Market Perform From Outperform by William Blair

Adamas Pharmaceuticals Cut to Neutral From Buy by HC Wainwright & Co.

Adamas Pharmaceuticals Cut to Neutral From Overweight by Piper Sandler

AG Mortgage Invest Trust Raised to Outperform From Market Perform by Keefe, Bruyette & Woods

Airbnb Raised to Outperform From Market Perform by Cowen & Co.

Airgain Cut to Market Perform From Outperform by Cowen & Co.

Albertsons Cut to Perform From Outperform by Oppenheimer

Allogene Therapeutics Cut to Hold From Buy by Stifel

Allogene Therapeutics Shares Drop 41% After FDA Puts Hold on Study

Altice USA Cut to Hold From Buy by Deutsche Bank

Amkor Technology Cut to Neutral From Outperform by Credit Suisse

Archer Daniels Midland Cut to Equal-Weight From Overweight by Stephens & Co.

Ardelyx Cut to Hold From Buy by Ladenburg Thalmann

AT&T Raised to Sector Weight From Underweight by Keybanc

Atmos Energy Cut to Hold From Buy by Argus Research

Avis Budget Group Cut to Underweight From Equal-Weight by Morgan Stanley

Ball Corp Cut to Neutral From Buy by B of A Securities

Bed Bath & Beyond Cut to Underweight From Equal-Weight by Morgan Stanley

BellRing Brands Cut to Hold From Buy by Truist Securities

Burlington Stores Cut to Hold From Buy by Loop Capital

Cable One Cut to Equal-Weight From Overweight by Wells Fargo

Callaway Golf Raised to Buy From Neutral by Compass Point

Carvana Raised to Outperform From Neutral by Wedbush

CH Robinson Worldwide Raised to Buy From Hold by Vertical Research

Charter Communications Cut to Hold From Buy by Deutsche Bank

Charter Communications Cut to Market Perform From Outperform by Raymond James

Charter Communications Cut to Underweight From Overweight by Wells Fargo

ChemoCentryx Raised to Neutral From Underweight by JP Morgan

ChemoCentryx Raised to Outperform From Market Perform by SVB Leerink

ChemoCentryx Raised to Strong Buy From Outperform by Raymond James

ChemoCentryx Raised to Strong Buy From Outperform by Raymond James

Citrix Systems Cut to Market Perform From Outperform by William Blair

Cloudflare Cut to Neutral From Overweight by Piper Sandler

Columbia Banking System Raised to Buy From Neutral by DA Davidson

Comcast Cut to Market Perform From Outperform by Raymond James

ConocoPhillips Cut to Neutral From Buy by Goldman Sachs

Constellation Brands Raised to Buy From Hold by HSBC

ContinentalRes Oklahoma Cut to Neutral From Buy by B of A Securities

ContinentalRes Oklahoma Cut to Neutral From Buy by MKM Partners

CTS Corp Cut to Market Perform From Outperform by Cowen & Co.

CyrusOne Cut to Equal-Weight From Overweight by Wells Fargo

Deere & Co Cut to In-Line From Outperform by Evercore ISI Group

Eli Lilly Raised to Buy From Hold by Berenberg

EOG Resources Cut to Neutral From Buy by B of A Securities

Esperion Therapeutics Cut to Underweight From Equal-Weight by Morgan Stanley

Evofem Biosciences Cut to Underweight From Equal-Weight by Morgan Stanley

Exxon Mobil Cut to Underperform From Neutral by Exane BNP Paribas

Fastenal Cut to Underweight From Equal-Weight by Wells Fargo

First Bancorp NC Cut to Neutral From Overweight by Piper Sandler

First Hawaiian Cut to Underperform From Neutral by B of A Securities

Flexion Therapeutics Cut to Market Perform From Outperform by BMO Capital

Flexion Therapeutics Cut to Market Perform From Strong Buy by Raymond James

Flexion Therapeutics Cut to Neutral From Outperform by Credit Suisse

FMC Corporation Cut to Sector Weight From Overweight by Keybanc

Freshpet Raised to Buy From Hold by Truist Securities

Genesis Energy Cut to Equal-Weight From Overweight by Barclays

Graphic Packaging Raised to Outperform From Neutral by Baird

Green Brick Partners Cut to Neutral From Overweight by JP Morgan

Greif Cut to Neutral From Buy by B of A Securities

Home Depot Cut to Hold From Buy by Loop Capital

Hyliion Holdings Cut to Sell From Neutral by UBS

IPG Photonics Cut to Neutral From Buy by B of A Securities

Jasper Therapeutics Shares Take Flight After Oppenheimer Endorsement

JB Hunt Cut to Hold From Buy by Vertical Research

Kilroy Realty Raised to Hold From Sell by Deutsche Bank

Kirby Corp Raised to Buy From Hold by Stifel

Lear Raised to Outperform From In-Line by Evercore ISI Group

Lowe's Cut to Hold From Buy by Loop Capital

Lumentum Holdings Cut to Outperform From Strong Buy by Raymond James

MDC Holdings Cut to Neutral From Overweight by JP Morgan

Meredith Corp Cut to Neutral From Buy by Citigroup

Meritage Raised to Overweight From Neutral by JP Morgan

MGM Resorts Raised to Outperform From Neutral by Credit Suisse

Midland States Bancorp Cut to Equal-Weight From Overweight by Stephens & Co.

Monster Beverage Cut to Hold From Buy by Jefferies

National Vision Raised to Overweight From Equal-Weight by Morgan Stanley

NetApp Raised to Buy From Sell by Citigroup

Neurocrine Cut to Equal-Weight From Overweight by Morgan Stanley

Neuronetics Cut to Neutral From Buy by BTIG

Neuronetics Shares Down After Guidance Cut

NiSource Raised to Buy From Neutral by Goldman Sachs

NMI Holdings Raised to Outperform From Neutral by Credit Suisse

Northern Oil Cut to Neutral From Buy by B of A Securities

Northern Trust Raised to Buy From Neutral by UBS

Plug Power Raised to Overweight From Equal-Weight by Morgan Stanley

Prelude Therapeutics Raised to Overweight From Equal-Weight by Morgan Stanley

ProPhase Labs Cut to Neutral From Buy by Dawson James

Protagonist Therapeutics Raised to Outperform From Market Perform by Northland Capital Markets

Protagonist Therapeutics Raised to Overweight From Neutral by JP Morgan

Range Resources Raised to Buy From Underperform by B of A Securities

Reinsurance Group Raised to Outperform From Market Perform by Keefe, Bruyette & Woods

Reliance Steel Raised to Overweight From Sector Weight by Keybanc

Ring Energy Raised to Buy From Neutral by Roth Capital

Ross Stores Cut to Hold From Buy by Loop Capital

Sempra Energy Cut to Neutral From Buy by Goldman Sachs

Skyworks Cut to Neutral From Outperform by Baird

Sonoco Products Cut to Underperform From Neutral by B of A Securities

Square Inc Raised to Overweight From Neutral by Atlantic Equities

Starbucks Raised to Buy From Hold by Deutsche Bank

TJX Cos Cut to Hold From Buy by Loop Capital

TravelCenters of America Cut to Market Perform From Outperform by BMO Capital

Trex Co Cut to Neutral From Outperform by Baird

Turning Point Thera Cut to Market Perform From Market Outperform by JMP Securities

Ulta Beauty Raised to Buy From Neutral by Cleveland Research

Umpqua Holdings Cut to Equal-Weight From Overweight by Stephens & Co.

Umpqua Holdings Cut to Hold From Buy by Truist Securities

United Parcel Service Raised to Buy From Hold by Stifel

US Steel Raised to Buy From Hold by Argus Research

Valvoline Raised to Buy From Neutral by Seaport Global

Wayfair Cut to Hold From Buy by Jefferies

Wayfair Cut to Underweight From Equal-Weight by Morgan Stanley

Wells Fargo Profit Rises 59% On Reserve Release

WEX Raised to Buy From Neutral by B of A Securities

Xcel Energy Raised to Buy From Neutral by Goldman Sachs

Zuora Raised to Buy From Hold by Needham

This article is a text version of a Wall Street Journal newsletter published earlier today.

(END) Dow Jones Newswires

October 15, 2021 05:52 ET (09:52 GMT)

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