Friday Wrap: Chips Bleed, Autos Report, Index Clocks Tick

Semiconductors Under Pressure

NVDA has shed $1.39 trillion in market cap since its October peak. The stock is down 7% year-to-date despite analysts pricing in 63% upside. Options expiries stack up weekly through January 2027, reflecting persistent hedging demand rather than confidence. Crypto miner IREN fell 31% over the week. Its RSI sits at 31, matching NVDA's, and deep in oversold territory. The short score for IREN stands at 68.8.

Auto Earnings Dominate Friday

Five carmakers report today. Honda Motor is the headline name. ORTEX's Japanese car registration data, which leads Honda's revenue by 65 days with a strong fit, is running 10% below the same quarter last year across all three months. Mazda's German registration indicator tells a different story, running 32% above the year-ago quarter. Nissan follows on Monday. Its Japanese registration leading indicator is tracking 21% above last year.

Analyst Tape: JP Morgan Moves the Dial

JP Morgan dominated Friday's rating changes. COST got the biggest target lift, rising $135 to $1,150. FICO took the sharpest cut, down $100 to $800 on a Hold rating. QCOM also saw its target trimmed to $200. In defence, Karman Holdings fell 23% in a week as analysts cut targets across the board.

Index Radar: Europe and US in Play

The MSCI World November review announcement lands Tuesday. Flutter Entertainment faces a 78% deletion probability worth $734M of forced selling. Textron is at 79%, implying $1.0B of outflows. Moderna is on the addition side at 88%, with $6.9B of buying to follow. In Italy, an index announcement for Recordati's FTSE MIB exit is expected today, with an effective date of 10 November and $220M of selling across 10.5 days of volume. SharkNinja jumped from 39% to 64% probability for S&P 500 addition overnight, with $4.1B of buying attached.

Short Sellers and Macro

Hertz reports earnings today with a cost to borrow of 317% APR and zero share availability. Italy's HICP inflation hit 5.6% in October, the highest reading in three years. Medicare Advantage penetration crossed 51% for the first time on record in July, reaching 51.1% of a total 70.7 million beneficiaries.