2-Yr Benchmark Govt Yields - U.S. vs Other Nations

October 5 - ** Align Technology (ALGN.O) shares fell 3% in pre-market trading to $139.45 ** Brokerage Evercore ISI downgraded ALGN's rating from "Outperform" to "In Line with the Market" ** The firm cited a "weakening consumer environment," a "sharp slowdown" in September demand indicators, and the potential negative impact of China's volume-based procurement (VBP) in 2027, leading it to adopt a more cautious outlook on Align’s earnings prospects ** VBP (volume-based procurement) is a bulk procurement initiative at the national level in China ** Evercore added that the dental market "has weakened significantly in the third quarter," noting declines in both consumer confidence and expectations ** Deterioration in consumer conditions may have started to affect demand for Invisalign, with Evercore ISI stating that the worsening seen in September "increased the risk that deteriorating consumer conditions may begin to be reflected in Invisalign demand" ** Invisalign is Align’s core business and is projected to contribute approximately $3.2 billions to the company’s total revenue of $4 billions in 2025 ** The broker said early signs of profitability improvement at Align are "beginning to show," but a weak consumer environment and potential VBP headwinds make the process "more challenging" ** As of the previous trading day's close, the stock had declined by about 8% year-to-date.

October 5 - ** Shares of pharmaceutical company Insmed (INSM.O) fell more than 3% in pre-market trading to $107.59. ** Sara Bonstein will resign from her position as Chief Financial Officer, effective October 30. ** Sara will stay on until the end of this month to ensure a smooth transition during the company's release of its Q3 financial results on October 29. ** Before joining Insmed, Sara served as Chief Financial Officer at OncoSec Medical. ** The company reaffirmed its fiscal 2026 performance guidance and has begun the search for the next Chief Financial Officer. ** All 25 brokerages covering the stock remain bullish; the median target price is compiled by LSEG data. ** As of the close of the previous trading day, the stock was down 36.15% year-to-date. (To assist non-English speakers, Reuters automatically translates its reports into several other languages. Because automated translations may be inaccurate or lack necessary context, Reuters does not guarantee the accuracy of the translated text and provides automated translation solely for reader convenience. Reuters accepts no liability for any damage or losses caused by the use of automated translation functionality.)

October 5 - Shares of transportation brokerage RXO (RXO.O) rose 21.6% in pre-market trading to $28.4 after freight forwarding company C.H. Robinson Worldwide (CHRW.O) announced it will acquire RXO in a $5.8 billion cash and stock deal. CHRW shares fell 7.7% to $145.5. Under the terms of the deal, RXO shareholders will receive $17.25 in cash and 0.0856 shares of CHRW common stock for each RXO share held. The transaction is expected to close in the first half of 2027, pending regulatory and RXO shareholder approval. As of the previous trading day’s close, RXO shares had risen 85% year-to-date, while CHRW shares were down 1.9% year-to-date.

October 5 – Shares of motorcycle manufacturer Harley-Davidson (HOG.N) rose 3.9% in pre-market trading to $25.50 after Citigroup upgraded its rating from "Neutral" to "Buy". "There was only a slight improvement in retail business in early 2026, but now momentum appears to be increasing; 2027 is expected to benefit from the launch of major new products, significant cost-saving measures, and potential earnings upside from LiveWire," said Citigroup. Citigroup indicated that the current stock price level before the release of Q3 earnings and guidance is a very attractive entry point for buying. The broker raised its price target from $31 to $33. Out of 17 brokers, 6 rate the stock as "Buy" or higher, 8 with a "Hold" rating, and 3 with a "Sell" rating; the median price target is $30, according to data compiled by LSEG. The stock currently trades at 14.71 times forecasted earnings per share for the next 12 months, well above the industry median of 8.41 times. As of the previous trading day’s close, HOG has gained 19.8% year-to-date.