Midday update

$IDXX is up 17.29% at midday after a Q3 beat and raised FY2026 guidance. The S&P 500 is up 0.63% to 7,627.90, and the Nasdaq is up 0.76% to 25,630.86.

• IDEXX ($51.5B) reported Q3 non-GAAP EPS of $3.96, beating estimates by $0.25, on revenue of $1.21B, up 10.0% Y/Y. FY2026 guidance rose to $4,741M-$4,767M in revenue and $14.96-$15.16 in EPS.
• Rivian is up 11.88% after UBS upgraded it to Buy with a $17 target, implying 40% upside, ahead of an expected R2 ramp. Tempus AI is up 9.32% after reporting better-than-expected Q3 results, with revenue up 23%.
• Lumentum is down 11.56% after Marvell agreed to acquire it in an all-stock deal at a $115B implied enterprise value, paying 4.5 Marvell shares per share. Across 23 prior drops of -10% or worse, 86% were positive three months later.
• Amazon is up 4.85% and is among the most active large caps after PhillipCapital upgraded it to Buy, citing its AI positioning and custom chips.
• Consumer Cyclical leads at +3.16%, while Energy lags at -2.71% as oil fell on a report that the White House favors more time for Iran diplomacy.

Earnings beats and upgrades are driving gains, and the Lumentum deal terms now tie its price to Marvell through 2028.

Not financial advice. For informational and educational purposes only.