Stock Futures Decline as Bond Yields Ease

The stock futures market took a hit on Friday as bond yields eased. This came after the yield on the 10-year Treasury approached 5% on Thursday. Federal Reserve Chairman Powell's recent comments suggest that short-term interest rates will remain steady at the next meeting, but a stronger economy could lead to higher long-term interest rates. In addition, concerns about the Israel-Hamas war caused oil prices to cross $90 a barrel.

This Week's Top Stocks to Watch:

1. SolarEdge Technologies (SEDG)

   • The European market slump has significantly impacted demand for solar equipment.
   • The company has slashed its estimates for third- and fourth-quarter revenue.
   • In premarket trading, the stock was down by 23% due to unexpected cancellations and pushouts from European distributors.

2. Enphase Energy (ENPH)

   • Solar equipment competitor of SolarEdge Technologies.
   • Shares were down by 14%.

3. Sunrun (RUN)

   • Solar developer.
   • Shares dropped by 6.6%.

4. SunPower (SPWR)

   • Solar developer.
   • Shares dropped by 6.8%.

Knight-Swift Transportation Holdings Reports Strong Q3 Revenue Growth

Knight-Swift Transportation Holdings (KNX), the prominent North American truckload carrier, has announced impressive financial results for the third quarter. The company recorded a significant revenue increase of 6.5%, reaching a total of $2.02 billion. This surpassed the estimates provided by analysts. Notably, Knight-Swift's less-than-truckload segment performed exceptionally well, reflecting a remarkable growth rate of 7%. Although the core truckload segment experienced a decline in revenue by 22%, the company managed to offset this through the success of its other segments. Consequently, Knight-Swift's stock experienced a substantial surge of 17%.

Intuitive Surgical Faces Setback with Third-Quarter Earnings

Intuitive Surgical (ISRG), a renowned surgical robotics company, encountered a setback as its third-quarter revenue fell short of analysts' expectations. With a reported revenue of $1.74 billion, the company faced an 8% decline that was not initially anticipated. However, it is worth noting that Intuitive Surgical managed to exceed forecasts for adjusted earnings. With $1.46 per share, the company outperformed the estimated $1.42 forecast.

Hewlett Packard Enterprise Forecasts Lower Earnings for Fiscal 2024

Hewlett Packard Enterprise (HPE), a leading provider of enterprise hardware and services, recently announced its projected adjusted earnings for fiscal 2024. While HPE expects continued growth, the company foresees its earnings being in the range of $1.82 to $2.02 per share. This prediction falls slightly below analysts' forecasts of $2.15 per share. However, HPE remains optimistic about achieving revenue growth within the range of 2% to 4% for fiscal 2024.

Railroad Giant CSX Reports Mixed Third-Quarter Results

CSX, a prominent railroad company, has released its financial results for the third quarter. While the company's earnings per share amounted to 42 cents, falling 1 cent short of Wall Street estimates, CSX managed to surpass revenue expectations. With a total revenue of $3.57 billion, CSX outperformed the anticipated figures. However, it is important to note that this revenue total represents a decline from $3.89 billion compared to the same quarter last year.

Upcoming Earnings Reports: American Express and SLB

On Friday, eyes will be on American Express (AXP) and SLB (SLB), the oil-field services company previously known as Schlumberger. Both companies are set to release their earnings reports soon.