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 fell as investors reacted to mixed results on the earnings front. The S&P 500 fell 0.3%, the Dow slipped 0.2%, and the Nasdaq lost 0.6% despite it hitting a record high earlier.

• 📈 | One Notable Gainer: Reddit shares surged 42% after posting a strong Q3, with earnings of $0.16 per share and $348.4M in revenue, both exceeding analyst expectations.

• 📉 | One Notable Decliner: Super Micro Computer shares fell 32.7% after auditor EY resigned, citing concerns over board independence and accounting practices in a regulatory filing.

• 👁️ | Tomorrow's Trade: Small Name, Big Future. Scroll down for more.

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MARKET MOVERS

Garmin, Eli Lilly, Wingstop

GRMN (+23.2%) Garmin Smashes Third-Quarter Views, Guides Higher. Stock Breaks Out. (IBD)

LLY (-6.3%) Eli Lilly plans to begin advertising weight-loss drug Zepbound (YF)

WING (-21.4%) Wingstop Shares Gap Down - Here's What Happened (MarketBeat)

SHAK (+7.8%) Shake Shack Reports Q3 In Line With Expectations, Stock Soars (StockStory)

CZR (-8.2%) Caesars Entertainment Shares Gap Down Following Weak Earnings (MarketBeat)

OVERHEARD ON THE STREET

CNBC: Novo Nordisk's Ozempic and Wegovy are now fully available in the U.S., signaling supply improvements as demand surges.

Axios: The E. coli outbreak linked to Quarter Pounders has hurt McDonald's sales and foot traffic, pressuring the chain to rebuild customer trust.

CNBC: Starbucks will remove Oleato olive oil drinks from U.S. menus in November, aligning with new CEO Niccol's strategy to simplify offerings.

Fast Company: DOT and Delta announced plans for wheelchair-adaptive seats, allowing passengers to remain in their wheelchairs for a more comfortable flight.

Reuters: Apple unveiled new MacBook Pro models with M4 Pro and M4 Max processors, starting at $1,599 for the 14-inch and $2,499 for the 16-inch.

TOMORROW’S TRADE IDEA, TODAY

Small Name, Big Future

40% Upside

According to Jefferies analyst Young Li, ocular implant manufacturer RxSight (RXST) could see an over 40% jump in its share price. The analyst initiated coverage at a buy rating and a $72 price target. 

Li is bullish on the company’s unique post-surgery adjustable intraocular lens technology for cataract patients, which he believes helps set it apart from its competition and will lead to an increase in US market share.

Changing the Game

However, that isn’t the only technology serving as a potential tailwind: its Light Adjustable Lens (LAL) also has the potential to increase its market share from 10% to 50%. Li believes that this growth will come by means of strong clinical results, rising adoption rates and increased usage. 

If Li is correct, RXST will be able to establish itself at the forefront of advanced intraocular lens solutions.

It Could Go Even Higher

Jefferies believes that its LAL market could be worth some $6 billion by 2027, and that is its conservative estimate. At present, around half of intraocular lens patients are eligible for LALs. Due to that figure, Jefferies is projecting 45% growth by 2025. 

The shares are up around 25% YTD, and Li is projecting another 43% upside, but Jefferies believes that it has the potential to climb to $90 per share, $18 above Li’s price target.

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ON OUR RADAR

CNBC: Despite cooling inflation, many Americans still live paycheck to paycheck, struggling with high prices that hinder middle-class status.

WSJ: U.S. crude oil inventories fell by 515,000 barrels to 425.5 million, about 4% below the five-year average, as imports declined.

Reuters: U.S. consumer spending surged in Q3, boosting economic growth and defying recession forecasts ahead of the Nov. 5 election.

WSJ: Home builders’ stocks have soared despite high interest rates, but as mortgage costs decline, competition for buyers may increase.

Axios: Harris' food price plan is stalled in legal limbo as FTC efforts to block Kroger's purchase of Albertsons face unexpected delays.

TUESDAY’S POLL RESULTS

Which stock do you think will outperform over the next quarter?

🟩🟩🟩🟩🟩🟩 Norwegian Cruise Line (NCLH)

🟨🟨🟨🟨⬜️⬜️ MetLife (MET)

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