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October 9 - ** Shares of pharmaceutical company Biogen (BIIB.O) rose 2.4% to $223.71 ** UBS raised its price target from $240 to $270 and reiterated a "Buy" rating ** Third-quarter revenue is expected to reach $2.69 billion, with earnings per share (EPS) at $2.11, both slightly above market consensus ** Third-quarter sales of Alzheimer's drug Leqembi are predicted to be $200 million, in line with market expectations, and the recently launched subcutaneous formulation is projected to become a key growth driver starting in 2027 ** Biogen is now more optimistic about ophthalmology drug Syfovre than it was at the time of acquiring Apellis (link), and is optimizing its commercialization strategy ** Late-stage clinical data for lupus drug litifilimab due later this year and data on cutaneous lupus erythematosus expected in the first half of 2027 are seen as key catalysts ** Furthermore, late-stage clinical results for kidney drug felzartamab, expected in the first half of 2027, are anticipated to provide further upside, and clinical trials by Eli Lilly (LLY.N) for presymptomatic Alzheimer's may produce positive spillover effects ** Including intraday fluctuations, the stock is up 26.3% year-to-date.

On October 9, shares of clothing retailer VF Corp (VFC.N) rose about 3% to $14.90 after JPMorgan upgraded its rating from "Underweight" to "Neutral" while maintaining a price target of $18. The brokerage stated that VF's sales and profit in fiscal 2027 are likely to meet or exceed market consensus, with growth expected to be mainly driven by outdoor brands—The North Face, Timberland, and Altra. JPMorgan also noted that the decline in the Vans brand has been brought under control and that wholesale orders for spring 2027 offer "high visibility" for improved performance in the second half of the year. The company is still expected to achieve an operating profit margin of about 10% in fiscal 2029, driven by more full-price sales, better inventory planning, and a shift towards high-margin brands and premium products. Out of 25 brokerages, 8 have a "buy" or more bullish rating, 15 rate it as "hold," and 2 as "sell;" the median price target is $16, according to data compiled by LSEG. As of the previous trading day's close, the stock had fallen about 20% year to date.

The University of Michigan’s Consumer Sentiment Index for October dropped to 46.3, below the market expectation of 47.6. The component reflecting current economic conditions decreased to 44.7, setting a new historical low, while the expectations component edged up to 47.3, marking its first rebound since July. Consumers’ one-year inflation expectations rose to 4.7%, and five-to-ten-year inflation expectations increased to 3.5%. According to the survey director, consumers from different political parties agree that the economic outlook has weakened compared to the beginning of the year.