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US Stock Analysis and Analyst Forecasts — November 5, 2026

Qualcomm fell sharply before the open as weak handset sales overshadowed a quarterly beat and three firms cut their targets, chip stocks extended a post-election slide on data-center worries, and Uber rose after Amazon picked Uber Eats as its Prime restaurant-delivery partner.

None of the following is our own view on any stock — it is a same-day record of analyst-firm actions, company news and pre-market moves across the tracked universe on Thursday, November 5, 2026, the second session after the U.S. midterm elections.

Wednesday's session was a broad relief rally after the Democratic Party won control of both the House and the Senate: the Dow Jones Industrial Average jumped 3.03%, the S&P 500 rose 1.58% and the Nasdaq Composite added 1.44%. Both oil benchmarks fell more than 8% on Wednesday, settling at their lowest levels since August 31. By Thursday morning the picture had split. As of 8:21 a.m. Eastern, Nasdaq-100 futures were down 0.87% while S&P 500 futures were up 0.05% and Dow futures up 0.60%, and oil bounced, with Brent up about 3% to $97.45 a barrel and WTI up 2.2% to about $90.

Qualcomm (QCOM) is the day's central story. The chipmaker's fiscal fourth-quarter revenue of $10.32 billion came in ahead of estimates but was 8% lower than a year earlier, and its handset business — still the largest part of the company — saw sales drop 26% to $5.14 billion, a decline tied to Apple's shift to in-house modem chips and softer phone demand. The shares fell sharply in pre-market trading. Management did outline a growing data-center line, expecting more than $650 million of revenue in the December quarter, about $5 billion in fiscal 2027 and an annualized run rate near $7 billion by the end of that year.

Three firms lowered their Qualcomm targets after the report. TD Cowen kept a Buy rating but cut its target to $185 from $200, flagging weaker-than-expected gross margins and arguing that supply rather than demand is the main limit on growth. Barclays kept a Sell rating and cut its target to $150 from $180, projecting a 26% fall in handset revenue in fiscal 2027 as component costs rise and global phone volumes stay flat or shrink. Bank of America kept a Sell rating, trimmed its target to $170 from $180 and lowered its fiscal 2027 and 2028 adjusted earnings estimates by 10% and 7%. The Street consensus is Hold, from three Buy, seven Hold and two Sell ratings, with an average target of $190.

The rest of the chip group extended Wednesday's losses before the open. Intel (INTC), Nvidia (NVDA) and AMD (AMD) all traded lower as investors weighed the risk that the new Congress tightens rules for AI data centers; UBS analysts estimated that around 30% of the U.S. data-center capacity expected to be added in 2028 could be exposed to construction pauses. Nvidia slipped to about $199 after a Reuters report that roughly 600,000 of its H200 chips bound for mainland China are held up in Hong Kong awaiting Beijing's import approval; industry data showed Nvidia's AI accelerator shipments to China fell 44% in the first half of the year to 678,000 units, while Huawei's nearly doubled to 572,000. Micron (MU), which hit a three-month low on Wednesday, has largely halted construction of a planned $4.5 billion memory-chip plant in Taoyuan, Taiwan, according to Bloomberg, amid a pay and profit-sharing dispute in which the local union is seeking 15% of operating profit.

Uber (UBER) moved the other way. Amazon (AMZN) named Uber Eats as its new restaurant-delivery partner, letting U.S. Prime members order meals through Amazon.com and the Amazon Shopping app with no delivery fee on orders above $25, a deal that replaces Amazon's earlier arrangement with Grubhub. Uber shares rose in pre-market trading; the stock is down about 16% so far this year.

Among rating changes, Mastercard (MA) was downgraded to Hold from Buy and Chevron (CVX) was upgraded to Hold from Sell, both at Freedom Broker. Earnings-call summaries from Wednesday evening described AMD (AMD) as reporting record, AI-led growth, Super Micro Computer (SMCI) as lifting its outlook on AI demand, CVS Health (CVS) as upbeat on growth and its planned separation, and Amgen (AMGN) as optimistic on pipeline momentum with revenue up 8%. These are management tone summaries, not forecasts. Cloudflare (NET), Airbnb (ABNB), IonQ (IONQ) and SoundHound AI (SOUN) are among the tracked companies due to report on Thursday.

AppLovin, Snap, Expedia, Unity Software, Peloton, DraftKings and IREN fall outside the tracked universe; AppLovin's and Unity's pre-market gains on quarterly beats, and the declines in Snap after a revenue and user-growth miss and in Expedia after its fourth-quarter guidance, are noted here for completeness only. As always: a price target is one firm's estimate, an analyst rating is not a guarantee, and none of this is a recommendation to buy or sell anything.

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Published 2026-11-05. Market commentary, not investment advice. Prices are delayed end-of-day data.