North American Morning Briefing: Stock Futures Edge Up as Investors Await PCE Data

Stock futures rose as investors await PCE data, the Fed's inflation measure. September PCE data, delayed by a government shutdown, is expected to show slight inflation acceleration. Fed's December meeting may hinge on this data. Stocks like Apple, Argan, DocuSign, and Meta Platforms showed varied movements. Oil prices rose amid geopolitical tensions, while gold prices increased due to a weaker dollar.

Macy’s: Strong Performance Overshadowed by Valuation Concerns

BTIG analyst Robert Drbul maintains a Hold rating on Macy's stock, citing strong performance but valuation concerns. Macy's has exceeded expectations in revenue and earnings for three consecutive quarters, benefiting from its multi-brand strategy. However, the stock's current valuation, with a P/E ratio of 10.5 times the 2026 EPS estimate, is higher than its historical average. Drbul advises waiting for a better entry point. Telsey Advisory also maintains a Hold rating with a $25 price target.

Argan | 10-Q: FY2026 Q3 Revenue Misses Estimate at USD 251.15 M

Industrial contractor Argan's Q3 revenue misses estimates

Argan's fiscal Q3 revenue declined by 2.3% year-over-year, missing analyst estimates, but net income rose to $30.7 million. The company reported a record backlog of $3.0 billion, driven by new gas-fired projects. Despite the revenue decline, gross profit margins improved. Analysts maintain a 'buy' rating, with a median 12-month price target of $370.00, 5.4% above the recent closing price. The stock trades at 39 times the next 12-month earnings.

Argan Inc. Q3 project backlog rises to USD 3.0 billion, more than double previous level

Argan Inc. reported Q3 revenues of USD 251.2 million and a project backlog of USD 3.0 billion, more than double the previous level. Nine-month revenues were USD 682.6 million, a 6.4% increase. Q3 gross profit was USD 46.9 million, and net income was USD 30.7 million. EBITDA for Q3 was USD 40.3 million. The company has no debt and cash equivalents totaling USD 726.8 million as of October 31, 2025.