Happy Wednesday afternoon to everyone on The Street. Here's a snapshot of where markets ended the trading session, plus tomorrow's trade idea delivered to you today.

• 🟨 | US stocks were mixed again Wednesday as the market digested major earnings and braced for NVIDIA’s report after the close.

• 📈 | One Notable Gainer: Williams-Sonoma’s stock popped around 27%, its best single-day gain in more than a decade, after posting market share gains.

• 📉 | One Notable Decliner: Shares of Target plummeted more than 20% after the mega-retailer turned in its biggest earnings miss in two years.

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MARKET MOVERS

Qualcomm, Dolby, Ford

QCOM (-6.3%) Qualcomm Plans for Life After Apple. It’s Coming for Intel and AMD (Barron’s)

DLB (+15.6%) Dolby Laboratories Reports Q4 Earnings, Provides Strong Forecast For 2025, Shares Surge (Benzinga)

F (-2.9%) Ford to cut 14% of European jobs, blaming EV shift and rising competition (CNBC)

KEYS (+8.7%) Keysight Technologies: Q4 Earnings Suggest Business Has Hit An Inflection (SeekingAlpha)

LMND (+16.1%) Is Lemonade Stock a Millionaire Maker? (The Motley Fool)

OVERHEARD ON THE STREET

WSJ: Comcast approved a $7 billion spinoff of NBCUniversal's cable channels, including E!, USA, and MSNBC.

CNBC: McDonald's new "McValue" plan for 2025 will keep its $5 value meal from this summer and introduce a "buy one, add one" option for $1 more.

Reuters: Bitcoin reached a new record high of around $95,000 following reports that Trump Media was in talks to buy crypto trading firm Bakkt.

CNN: Target is anticipating a surprisingly weak holiday shopping season, which could signal trouble for the retail industry.

MarketWatch: Crude-oil futures rose after a "meaningful escalation" in Russia-Ukraine tensions.

TOMORROW’S TRADE IDEA, TODAY

Self-Driving Growth Driver

Cutting the Red Tape

On Monday, reports surfaced suggesting President-elect Donald Trump will seek to roll back self-driving car regulation during his upcoming presidency, sending Tesla’s (TSLA) shares soaring. But that’s not the only name that could benefit.

Morgan Stanley (MS) believes autonomous vehicle bit-player WeRide (WRD) has a great opportunity for growth, thanks to its early-mover advantage in the global market.

Set To Accelerate

WeRide offers several driverless vehicle services, including buses, taxis, and vans. It currently holds driverless permits in the US, China, UAE, and Singapore, allowing it to operate in 30 cities worldwide. 

WeRide’s CEO predicts robotaxis and robovans will be largely commercialized by 2026. Meanwhile, Morgan Stanley expects the market to hit over $1.7 trillion by 2030.

Ready To Ride

Morgan Stanley analyst Tim Hsiao initiated coverage of the stock at an Overweight rating with a $23 price target, representing more than 30% upside from current prices. 

Should Trump’s proposed de-regulation come to fruition, WeRide could have a much smoother ride when growing its US operations.

Either way, expectations are high for the autonomous vehicle industry — and Morgan Stanley believes WeRide may rise to meet them.

Sponsored by 10 East

Where Sophisticated Investors Access Private Markets

10 East, led by Michael Leffell, allows qualified individuals to invest alongside private market veterans in vetted deals across private credit, real estate, niche venture/private equity, and other one-off investments that aren’t typically available through traditional channels.   

Benefits of 10 East membership include:     

• Flexibility – members have full discretion over whether to invest on an offering-by-offering basis.   

• Alignment – principals commit material personal capital to every offering.    

• Institutional resources – a dedicated investment team that sources, monitors, and diligences each offering.  

10 East is where founders, executives, and portfolio managers from industry-leading firms diversify their personal portfolios.  

ON OUR RADAR

WSJ: Sotheby’s will auction Maurizio Cattelan's artwork, a banana duct-taped to a wall, for $1 million or more today.

CBS: Delta will serve Shake Shack burgers on flights out of Boston starting Dec. 1, but only to first-class passengers on routes longer than 900 miles.

CNBC: Gautam Adani, chair of India's Adani Group and one of the world's richest people, was indicted in New York for an alleged multi-billion-dollar fraud scheme.

CNN: Sheetz is slashing the price of Unleaded 88 by $0.40 per gallon at 505 locations until the end of November, ahead of the Thanksgiving travel period.

AP: The USDA announced that starting in 2027, students eligible for free or reduced-price school meals cannot be charged processing fees.

TUESDAY’S POLL RESULTS

Are you bullish or bearish on Robinhood (HOOD) over the next 12 months?

🟩🟩🟩🟩🟩🟩 🐂 Bullish

🟨🟨🟨⬜️⬜️⬜️ 🐻 Bearish