PureTech stock falls after FDA meeting on IPF drug

HP Inc. (HPQ) shares fell 3% after the company suspended fiscal-year guidance, citing a global decline in PC sales expected to persist through 2027. HP attributes the slump to a memory-chip shortage and rising costs, which are also pressuring margins. The company plans to update investors on cost-cutting efforts in its Q4 earnings report on Nov. 24. HPQ stock has risen 22% over the past year to $34.40 per share.

BNP Paribas upgraded AT&T to Outperform, raising its price target to $30 from $26. The firm cites rationalizing wireless competition and expects AT&T's wireless service revenue growth to accelerate in late 2026. AT&T's premarket trading showed a 1% increase to $25.57.

Qatar Investment Authority and J.P. Morgan Asset Management agreed to a $20 billion partnership, including a $15 billion public equities mandate and a $5 billion private markets initiative. The collaboration aims to unlock new opportunities for both organizations, with J.P. Morgan managing global equity portfolios and providing senior financing to U.S. middle-market companies. J.P. Morgan Asset Management had $4.6 trillion in assets under management as of June 30, 2026.

Stifel lowered Nike's (NKE) price target to $40 from $45, citing promotional pressures in Western markets and tough gross-margin comparisons. The firm also cut FY27 and FY28 EPS estimates by $0.20 each. Nike faces new soccer competition from On Holding (ONON) after Kylian Mbappé's partnership. Nike's Oct. 1 earnings report and Nov. Investor Day will provide updates on demand and margins. NKE shares were slightly up Friday morning.

BNP Paribas downgraded Vail Resorts (MTN) to Neutral, lowering its price target to $135 due to a 5% decline in pass sales and weather-related concerns. MTN offers a 6.35% dividend yield but has a high payout ratio of 2.04. The stock is modestly undervalued with a GF Value™ of $182.35. MTN has a strong GF Score™ of 85, reflecting robust profitability and growth, but faces financial strength challenges. Insiders and gurus have shown confidence in the stock.

Johnson & Johnson (JNJ) reported positive Phase 3 trial results for CAPLYTA in treating acute manic episodes in adults with bipolar I disorder. The drug showed significant improvement in mania symptoms compared to placebo, with a 4.8-point greater reduction in YMRS scores. A second Phase 3 study has completed enrollment, with data analysis ongoing. JNJ stated CAPLYTA's safety profile was consistent with previous findings.