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Wire

Top Midday Stories: Generac to Supply Amazon With Backup Power Generators for Data Centers; CoreWeave to Offer $3 Billion of Senior Notes

All three major US stock indexes were up in late-morning trading Thursday, a day after the Federal Reserve announced it was raising its benchmark interest rate by 25 basis points, its first hike in three years.In company news, Generac (GNRC) said Wednesday it has signed a long-term supply agreement with Amazon (AMZN), with initial deliveries of backup power generators for data centers expected to reach $2.4 billion in 2027 and 2028. Generac shares were up 17.8% around midday, while Amazon shares were up 2.3%.CoreWeave (CRWV) said Thursday it intends to offer $3 billion of its convertible senior notes due 2033 in a private offering. The company plans to grant initial purchasers of the notes an option to buy up to an additional $500 million aggregate principal amount of notes. Separately, CoreWeave signed short-dated customer contracts in Q3 with terms of about three to six months at around $40 million per megawatt. Lastly, the company said it crated an at-the-market offering program to potentially distribute up to 35 million common shares. CoreWeave shares were down 4.7%.Nebius (NBIS) said late Wednesday it's raising on-demand service rates for certain GPU, CPU and memory resources, effective Oct. 1. Nebius shares were up 1.1%.Meta Platforms (META) was held liable by a German court for fake advertisements posted by third parties on Facebook and Instagram, Reuters reported Thursday. The court ordered Meta to remove the content, pay damages, and disclose details of the advertisements and revenue generated from them, the report said. Meta shares were up 0.2%.Apollo Global Management (APO) is in talks with SoftBank to increase the size of a loan to $9 billion from $5.4 billion to support SoftBank's investment in OpenAI, Bloomberg reported Thursday, citing people familiar with the matter. Separately, Apollo has started investing in AI and related hardware startups as it seeks to build relationships that could lead to future financing opportunities, The Information reported Wednesday, citing people familiar with the matter. Also, Apollo is exploring either a full or partial sale of Energos Infrastructure that could value the floating liquified natural gas infrastructure provider at over $3 billion, Reuters reported Thursday, citing people familiar with the matter. Lastly, Apollo said Thursday its funds and affiliates provided $1.25 billion in equity capital to support the completed combination of BMG and Concord. Apollo shares were up 2.1%.Lucid Group (LCID) Chief Executive Silvio Napoli said Thursday on Bloomberg Television the company has finalized its work with restructuring advisers. Lucid's work with AlixPartners has concluded after the adviser was brought in to help the electric-vehicle maker achieve $1.4 billion in cash savings this year, the report said. Lucid shares were up 9%.Price: $205.77, Change: $+30.66, Percent Change: +17.51%

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Wire

Roth Capital Adjusts Price Target on Generac Holdings to $250 From $214, Keeps Neutral Rating

Generac Holdings (GNRC) has an average rating of overweight and mean price target of $295.13, according to analysts polled by FactSet.Price: $207.33, Change: $+32.22, Percent Change: +18.40%

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Commodities

Exchange-Traded Funds, Equity Futures Higher Pre-Bell Thursday Amid Economic Data, Fed Rate Hike

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 1.3% and the actively traded Invesco QQQ Trust (QQQ) was 1.8% higher in Thursday's premarket activity amid economic data releases as traders digest the Federal Reserve's interest rate hike.US stock futures were also higher, with S&P 500 Index futures up 0.8%, Dow Jones Industrial Average futures advancing 0.8%, and Nasdaq futures gaining 1.1% before the start of regular trading.US initial jobless claims fell to a level of 196,000 in the employment survey week ended Sept. 12 from an unrevised 206,000 level in the previous week, compared with expectations for an increase to 207,000 in a survey of analysts compiled by Bloomberg.The Philadelphia Federal Reserve's monthly manufacturing index fell to 37.8 in September after rising to 47.4 in August, compared with expectations for a larger decrease to a reading of 32.1 in a survey compiled by Bloomberg.August housing starts fell by 2.6% from the previous month to a 1.275 million annual rate, below expectations compiled by Bloomberg as of 7:35 am ET for a 1.32 million rate after a decrease to a 1.309 million pace in July.Pending home sales data for August are due to be released at 10 am ET, followed by weekly natural gas stocks data at 10:30 am ET.In premarket activity, bitcoin was up by 0.2%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was flat, Ether ETF (EETH) advanced 0.9%, and Bitcoin & Ether Market Cap Weight ETF (BETH) was 0.4% lower.Power Play:IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) advanced 1.3%, while the Vanguard Industrials Index Fund (VIS) was up 0.6% and the iShares US Industrials ETF (IYJ) was flat.Generac (GNRC) stock was 29% higher, a day after the company said it had signed a long-term supply agreement with Amazon (AMZN) to provide backup power generators for data centers.Winners and Losers:EnergyThe iShares US Energy ETF (IYE) was 1.2% lower, while the State Street Energy Select Sector SPDR ETF (XLE) was down by 0.5%.Fluence Energy (FLNC) shares were down 22% after the company lowered its fiscal 2026 revenue guidance, citing ongoing supply chain issues impacting its US production.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) advanced 1.5%, the iShares US Technology ETF (IYW) was 0.9% higher, and the iShares Expanded Tech Sector ETF (IGM) was inactive. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) gained 1.5%, while the iShares Semiconductor ETF (SOXX) rose by 2.4%.Vicor (VICR) shares were up more than 12% in premarket activity after the company said it granted a nonexclusive license to a new AI original equipment manufacturer licensee with the right to procure Vertical Power Delivery modules covered by company patents from unlicensed suppliers.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) advanced 0.4%. Direxion Daily Financial Bull 3X Shares (FAS) was up 1.4%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 1.4% lower.Affirm (AFRM) shares were up 5% after the company said it launched a new transformer-based underwriting model that is now live at checkout in the US.Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.1%, the Vanguard Health Care Index Fund (VHT) was up 0.7%, while the iShares US Healthcare ETF (IYH) was inactive. The iShares Biotechnology ETF (IBB) was 0.3% higher.IDEXX Laboratories (IDXX) stock was up more than 1% premarket after the company said it has expanded its Faecal Dx antigen testing platform in the UK to detect taeniid tapeworms, including Taenia and Echinococcus species.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was up 0.1%, the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was down 0.1%, and the iShares US Consumer Staples ETF (IYK) was inactive. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) gained 0.8%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) advanced 0.6%.Nike (NKE) stock were 1.5% higher after the company said late Wednesday that Alexandre Arnault has been appointed to its board.CommoditiesFront-month US West Texas Intermediate crude oil retreated by 2.3% to $100.11 per barrel on the New York Mercantile Exchange. Natural gas was down 0.4% at $2.88 per 1 million British Thermal Units. The United States Oil Fund (USO) decreased by 2.3%, while the United States Natural Gas Fund (UNG) was 0.3% lower.Gold futures for November retreated by 0.1% to $4,385.30 an ounce on the Comex. Silver futures gained by 0.3% to reach $65.09 an ounce. SPDR Gold Shares (GLD) was up by 2.3%, and the iShares Silver Trust (SLV) rose by 3.4%.

Dow JonesNasdaq CompositeS&P 500$AFRM$AMZN$FAS$FAZ$FLNC$GLD$GNRC$IBB$IDXX$IGM$IYE$IYH$IYJ$IYK$IYW$NKE$QQQ$RTH$SLV$SOXX$SPY$UNG$USO$VDC$VHT$VICR$VIS$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD
Wire

UBS Adjusts Price Target on Generac Holdings to $340 From $335, Maintains Buy Rating

Generac Holdings (GNRC) has an average rating of overweight and mean price target of $291.93, according to analysts polled by FactSet.Price: $210.81, Change: $+9.65, Percent Change: +4.80%

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Wire

Barclays Adjusts Generac Price Target to $278 From $285, Maintains Equal Weight Rating

Generac (GNRC) has an average rating of overweight and mean price target of $295.86, according to analysts polled by FactSet.Price: $196.37, Change: $+1.21, Percent Change: +0.62%

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Wire

JPMorgan Cuts Price Target on Generac to $261 From $267

Generac Holdings (GNRC) has an average rating of overweight and mean price target of $295.86, according to analysts polled by FactSet.Price: $196.77, Change: $+1.17, Percent Change: +0.60%

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Research

Cantor Fitzgerald Initiates Generac Holdings at Overweight With $325 Price Target

Generac Holdings (GNRC) has an average rating of overweight and mean price target of $295.86, according to analysts polled by FactSet.

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Wire

Barclays Adjusts Price Target on Generac to $285 From $228, Maintains Equalweight Rating

Generac (GNRC) has an average rating of overweight and mean price target of $293.21, according to analysts polled by FactSet.Price: $272.28, Change: $-6.34, Percent Change: -2.28%

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Wire

Generac Acquires New Facility in Illinois

Generac Holdings (GNRC) acquired a new facility in Belvidere, Illinois, to expand its packaging capacity for large-megawatt generators amid growing demand, the company said Monday.Financial terms of the deal were not disclosed.The acquisition is part of the group's continued investments to scale its commercial and industrial business and is expected to complement Enercon Engineering's operations, which the company acquired in February, according to the statement.The new facility is set to open in Q1 2027 and is expected to create more than 100 new jobs, Generac added.Price: $269.88, Change: $+7.53, Percent Change: +2.87%

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Wire

UBS Adjusts Generac Price Target to $335 From $305, Maintains Buy Rating

Generac Holdings (GNRC) has an average rating of overweight and mean price target of $286.57, according to analysts polled by FactSet.Price: $248.28, Change: $+9.17, Percent Change: +3.84%

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Commodities

Exchange-Traded Funds, Equity Futures Lower Pre-Bell Tuesday as Traders Assess AI Momentum

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.2% and the actively traded Invesco QQQ Trust (QQQ) retreated by 0.1% in Tuesday's premarket activity, as investors assessed whether recent AI-driven gains can be sustained.US stock futures were also lower, with S&P 500 Index futures down 0.2%, Dow Jones Industrial Average futures slipping 0.5%, and Nasdaq futures losing 0.1% before the start of regular trading.The Job Openings and Labor Turnover Survey, or JOLTS, for April will be released at 10:00 am ET.In premarket action, bitcoin was down by 2.9%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 2.9% lower, Ether ETF (EETH) retreated by 1.2%, and Bitcoin & Ether Market Cap Weight ETF (BETH) fell by 3%.Power Play:IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) was flat, while the Vanguard Industrials Index Fund (VIS) was down 0.1% and the iShares US Industrials ETF (IYJ) was inactive.Generac (GNRC) stock was up more than 9% before the opening bell after the company signed a global supply agreement with an unnamed hyperscale data center operator to supply backup power generators.Winners and Losers:FinancialThe State Street Financial Select Sector SPDR ETF (XLF) was little changed. Direxion Daily Financial Bull 3X Shares (FAS) was down 0.4%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.7% higher.UP Fintech (TIGR) shares were down more than 2% pre-bell after the company swung to a Q1 non-GAAP net loss.EnergyThe iShares US Energy ETF (IYE) was down 2%, while the State Street Energy Select Sector SPDR ETF (XLE) was 0.3% lower.BW LPG (BWLP) stock was up 0.7% before market open after the company reported higher Q1 earnings.HealthcareThe State Street Health Care Select Sector SPDR ETF (XLV), Vanguard Health Care Index Fund (VHT) and iShares US Healthcare ETF (IYH) were little changed. The iShares Biotechnology ETF (IBB) was inactive.Hims & Hers Health (HIMS) stock was up 3% premarket after the company said it had completed its acquisition of Eucalyptus, expanding its consumer health platform across Australia, Canada, Germany, and other international markets.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) gained slightly, and the iShares US Technology ETF (IYW) was marginally down, while the iShares Expanded Tech Sector ETF (IGM) was up 0.4%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) increased 3%, while the iShares Semiconductor ETF (SOXX) rose by 2.5%.Nvidia (NVDA) shares were up more than 1% in premarket activity after Reuters reported, citing CEO Jensen Huang at the Computex event in Taipei, that the company has enough supply to support strong growth in its central processing units and graphics processing units.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was up 0.2%, and the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was 0.4% lower. The iShares US Consumer Staples ETF (IYK) was flat. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) lost 0.5%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) was 0.5% higher.Amazon.com (AMZN) shares were down more than 1% pre-bell, extending a 3.5% fall at Monday's close. The company said Tuesday its Prime Day shopping event will take place from June 23 through June 26.CommoditiesFront-month US West Texas Intermediate crude oil retreated by 0.8% to $91.41 per barrel on the New York Mercantile Exchange. Natural gas was down 1.8% to $3.12 per 1 million British Thermal Units. The United States Oil Fund (USO) was down by 1.1%, and the United States Natural Gas Fund (UNG) was 2% lower.Gold futures for July retreated by 1.2% to $4,558.30 an ounce on the Comex. Silver futures rose by 2% to $76.73 an ounce. SPDR Gold Shares (GLD) was up by 1%, and the iShares Silver Trust (SLV) increased by 1.9%.

Dow JonesNasdaq CompositeS&P 500$AMZN$BETH$BITO$BWLP$EEM$EETH$EXI$FAS$FAZ$GLD$GNRC$HIMS$IBB$IGM$IGV$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$NVDA$PMR$QQQ$RTH$SLV$SOXX$SPY$TIGR$UNG$USO$VDC$VHT$VIS$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD
Research

Jefferies Upgrades Generac Holdings to Buy From Hold, Adjusts Price Target to $302 From $239

Generac Holdings (GNRC) has an average rating of overweight and mean price target of $281.21, according to analysts polled by FactSet.

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Research

Research Alert: CFRA Maintains Hold Rating On Shares Of Generac Holdings Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Generac reported strong Q1 results with net sales rising 12% Y/Y to $1.06B, driven by a 28% surge in its Commercial & Industrial segment, fueled by accelerating data center demand, while Residential sales grew just 1% as higher pricing on home standby generators was offset by lower volumes. Adjusted EBITDA margin expanded significantly to 18.3% from 15.9%, reflecting strong operating leverage on higher C&I volumes and substantial cost savings within the reorganized Residential business. We view the robust C&I momentum and expanding backlog as key catalysts supporting our positive investment thesis. Management raised full-year guidance, buoyed by the Q1 outperformance and rapidly growing C&I backlog. We lift our 12-month target to $275 from $235, valuing shares at 25.7x our revised 2027 EPS outlook of $10.70 (up from $10.42), near GNRC's five-year forward multiple average but below electrical equipment peers given earnings volatility. We also raise our 2026 EPS forecast to $8.56 from $8.10.

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Wire

TD Cowen Adjusts Price Target on Generac to $285 From $255

Generac (GNRC) has an average rating of overweight and mean price target of $267.50, according to analysts polled by FactSet.Price: $256.70, Change: $+3.78, Percent Change: +1.49%

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Wire

Roth Capital Adjusts Price Target on Generac to $257 From $220

Generac (GNRC) has an average rating of overweight and mean price target of $267.50, according to analysts polled by FactSet.Price: $256.70, Change: $+3.78, Percent Change: +1.49%

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Wire

JPMorgan Adjusts Price Target on Generac Holdings to $267 From $229

Generac Holdings (GNRC) has an average rating of overweight and mean price target of $267.50, according to analysts polled by FactSet.Price: $256.70, Change: $+3.78, Percent Change: +1.49%

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Wire

Wells Fargo Adjusts Price Target on Generac Holdings to $280 From $238

Generac Holdings (GNRC) has an average rating of overweight and mean price target of $267.50, according to analysts polled by FactSet.Price: $255.00, Change: $+2.08, Percent Change: +0.82%

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Wire

Argus Adjusts Price Target on Generac Holdings to $290 From $255

Generac Holdings (GNRC) has an average rating of overweight and mean price target of $267.50, according to analysts polled by FactSet.Price: $254.97, Change: $+2.05, Percent Change: +0.81%

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Research

Research Alert: Generac: Pivot To Data Centers Enables Strong Q1 Beat

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:GNRC delivered strong Q1 results, with net sales growing 12% Y/Y to $1.06B and adjusted EPS of $1.80 significantly beating consensus of $1.33. C&I segment growth of 28% fueled top-line expansion, primarily from accelerating data center market penetration, while residential sales grew just 1%. We see the standout C&I performance as validating GNRC's successful entry into data centers, with the company noting final-stage vendor approval with multiple hyperscale customers. Management raised full-year guidance to mid- to high-teens sales growth from mid-teens and lifted adjusted EBITDA margin guidance to 18.5%-19.5% from 18.0%-19.0%. Profitability improved significantly, with adjusted EBITDA margin expanding 240 bps to 18.3% due to operational efficiencies and favorable price realization. The Allmand and Enercon acquisitions further build out the nonresidential portfolio. Notably, guidance excludes the potential incremental impact from multi-year hyperscale agreements, suggesting upside potential, in our view.

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