North American Morning Briefing: Futures Fall as Sentiment Weighed by Uncertainties -2-

The Mecklenburg County Sheriff's Office said it was notified by two federal officials on Wednesday that CBP personnel are expected in the Charlotte area as early as Saturday. The officials didn't disclose details about the operation or request help with any enforcement actions, the sheriff's office said in a statement Thursday.

The California Campaign to Introduce a First-of-Its-Kind Billionaire's Tax

It may get a lot more expensive to be a billionaire in California.

A ballot initiative proposed by a healthcare workers' union would take aim at the Golden State's richest residents with a one-time, 5% tax on net worth over $1 billion. This would mean pursuing assets like stocks, artwork and intellectual property rights, rather than income.

Germany's Answer to Its Conscription Dilemma: a Database of Young Men Fit for War

BERLIN-Germany will build a database of young people detailing their fitness, aptitude and outlook to help it pick whom to draft should the country be attacked.

The proposed move, a step toward reintroducing military conscription, comes as countries across Europe grapple with how to repopulate their armed forces under pressure from Washington and an expansionist Russia that European capitals accuse of waging a hybrid war on the continent.

Iraq Election Results Set Stage for a Long Power Struggle

Iraqi Prime Minister Mohammed Shia al-Sudani's coalition came first in this week's parliamentary election, but Iran-backed militias also had a strong showing, setting up what could be long negotiations over who will be the country's leader.

Sudani had been seeking a second term, positioning himself as a leader who could make Iraq independent of both the U.S. and Iran, the two rivals that have battled for influence over the country since the 2003 American-led invasion.

Write to pierre.bertrand@wsj.com

TODAY IN CANADA

Earnings:

Ag Growth International 3Q

Alithya Group 2Q

Keyera Corp.3Q

MDA Space 3Q

Montage Gold 3Q

Neo Performance Materials 3Q

Economic Indicators (ET):

0830 Monthly Survey of Manufacturing Inventories for September

0830 Wholesale trade data for September

Stocks to Watch:

Guardian Capital 3Q Operating Loss CAD 0.2M; 3Q Revenue CAD 92M;'

DPM Metals 3Q Adj EPS 73c; 3Q Rev $267.4M; 3Q Cont Ops EPS 54c

Automotive Prop REIT 3Q FFO C$0.225/Shr; 3Q Net $8.96M

AutoCanada 3Q EPS C$0.66; 3Q Cont Ops Loss/Shr C$0.14; 3Q Rev C$1.2B

CES Energy Solutions 3Q EPS C$0.18; 3Q Rev C$623.2M

ECN Cap Enters Into Definitive Agreement to Be Acquired by an Investor Group Led by Warburg Pincus; Transaction Is Subject to the Approval By Hldrs

Appili Therapeutics Gets New NIAID Non-Dilutive Funding Award of Up to $40M With $90M in Pending Proposals; 2Q Loss/Shr C$0.01; 2Q Loss C$1M

Tree Island Steel 3Q Loss $2.14M; 3Q Loss/Shr C$0.08; 3Q Rev C$38.7M

Magellan Aerospace 3Q Net Income CAD 12.7M; 3Q Revenue CAD 255.7M; FactSet Est. CAD 246M; 3Q Gross Profit CAD 32.6M; 3Q EPS CAD 0.22; FactSet Est. CAD 0.19; 3Q Revenue Beats Estimates

Olympia Financial Group 3Q Net Income CAD 4.63M; 3Q Revenue CAD 23.8M; 3Q Service Revenue CAD 12.1M; 3Q EPS CAD 1.93; 3Q Revenue of CAD 23.8 Million

Martello 2Q Operating Loss CAD 7.08M; 2Q Net Loss CAD 7.46M; 2Q Adj EBITDA Loss CAD 0.76M; 2Q Sales CAD 3M; 2Q Pretax Loss CAD 7.45M; 2Q Operating Expenses CAD 9.61M; 2Q Sales of CAD 3 Million

South Bow 3Q EPS 45c; 3Q Rev $461M; 3Q Adj EPS 47c

Lucara Diamond 3Q Rev $51.2M; 3Q Cont Ops EPS 2c

Ag Growth: Will Delay Filing Unaudited Interim Fincl Statements for 3Q; Working With Auditors to Finalize the Required Filings

Secure Waste Infrastructure Announces C$300M Senior Unsecured Note Financing; Offering C$300M of 5.75% Senior Unsecured Notes Due 2032 in Private Placement; to Use Net Proceeds to Pay Debt Under Senior Secured Revolving Credit Facility

Fennec Pharmaceuticals to Offer Shares at $7.50 Each to Some Institutional Shareholders; Expects Gross Proceeds of Up to $5.0M From Offering; Expects Offering to Close Nov. 17

Frontera Energy to Spin Off Colombian Infrastructure Business; Planned Spinoff to Create Two Independent Companies; Frontera E&P to Become an Upstream Oil-and-Gas Exploration and Production Co; Frontera Infrastructure Will Be an Energy Infrastructure Business; Proposed Transaction Expected to Be Completed in 1H 2026, Subject to Shareholder Approval; Business Separation Aimed at Unlocking Significant Value From Existing Assets; Move Allows Companies to Pursue Future Consolidation Opportunities; 3Q Net $25.4M; 3Q Sales $187.9M; 3Q Cont Ops EPS 38c

Expected Major Events for Friday

00:01/UK: Oct Scottish Retail Sales Monitor

00:01/UK: Oct KPMG and REC UK Report on Jobs

04:30/JPN: Sep Tertiary Industry Index

07:45/FRA: Oct CPI

07:45/FRA: 3Q New home sales

09:00/ITA: Sep Foreign Trade EU

13:30/US: Oct PPI

13:30/CAN: Sep Monthly Survey of Manufacturing

13:30/CAN: Sep Wholesale trade

13:30/US: Oct Advance Monthly Sales for Retail & Food Services

13:30/US: U.S. Weekly Export Sales

15:00/US: Sep Manufacturing & Trade: Inventories & Sales

15:30/US: 11/07 EIA Weekly Natural Gas Storage Report

17:00/US: World Agricultural Supply & Demand Estimates (WASDE)

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Expected Earnings for Friday

AIM ImmunoTech Inc (AIM) is expected to report for 3Q.

Abaxx Technologies Inc (ABXX.GR) is expected to report for 3Q.

American Bitcoin Corp (ABTC) is expected to report for 3Q.

Arrive AI Inc (ARAI) is expected to report for 3Q.

Artis Real Estate Investment Trust (AX.UN.T) is expected to report for 3Q.

Beam Global (BEEM) is expected to report $-0.25 for 3Q.

Bio-Path Holdings Inc (BPTH) is expected to report for 3Q.

Bit Digital Inc (BTBT) is expected to report for 3Q.

Celularity Inc (CELU) is expected to report for 3Q.

Charles Schwab Corp (SCHW) is expected to report.

Cineverse Corp (CNVS) is expected to report for 2Q.

Creative Media & Community Trust Corp (CMCT) is expected to report for 3Q.

Dragonfly Energy Holdings Corp (DFLI) is expected to report for 3Q.

Flexible Solutions International Inc (FSI) is expected to report $0.04 for 3Q.

Forge Global Holdings Inc (FRGE) is expected to report for 3Q.

Forian Inc (FORA) is expected to report $-0.04 for 3Q.

George Weston Ltd (WN.T,WNGRF) is expected to report for 3Q.

Greenlane Holdings Inc (GNLN) is expected to report for 3Q.

Harte-Hanks Inc (HHS) is expected to report for 3Q.

Keyera Corp (KEY.T,KEYUF) is expected to report $0.45 for 3Q.

Koil Energy Solutions Inc (KLNG) is expected to report for 3Q.

LanzaTech Global Inc (LNZA) is expected to report for 3Q.

Legence Corp (LGN) is expected to report for 3Q.

MDA Space Ltd (MDA.T) is expected to report for 3Q.

Mersana Therapeutics Inc (MRSN) is expected to report for 3Q.

Milestone Scientific Inc (MLSS) is expected to report $-0.02 for 3Q.

P3 Health Partners Inc (PIII) is expected to report for 3Q.

Perpetua Resources Corp (PPTA.T) is expected to report for 3Q.

S&W Seed Co (SANW) is expected to report for 4Q.

SBC Medical Group Holdings Inc (SBC) is expected to report $0.09 for 3Q.

Scholar Rock Holding Corp (SRRK) is expected to report $-0.84 for 3Q.

Security National Financial Corp - Class A (SNFCA) is expected to report for 3Q.

Solarmax Technology Inc (SMXT) is expected to report for 3Q.

SouthGobi Resources Ltd (1878.HK,SGQ.V,SGQRF) is expected to report for 3Q.

Spire Inc (SR) is expected to report $-0.50 for 4Q.

Twist Bioscience Corp (TWST) is expected to report $-0.45 for 4Q.

Ultralife Corp (ULBI) is expected to report for 3Q.

Valeura Energy Inc (PNWRF,VLE.T) is expected to report for 3Q.

Verrica Pharmaceuticals Inc (VRCA) is expected to report for 3Q.

Westwater Resources Inc (WWR) is expected to report for 3Q.

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ANALYST RATINGS ACTIONS

Alexandria Real Estate Cut to Market Perform From Market Outperform by Citizens

Amdocs Cut to Peer Perform From Outperform by Wolfe Research

ATI Raised to Overweight From Sector Weight by Keybanc

AutoZone Raised to Buy From Neutral by Goldman Sachs

Booking Holdings Raised to Outperform From Neutral by Wedbush

Carpenter Tech Raised to Overweight From Sector Weight by Keybanc

Circle Internet Group Raised to Overweight From Underweight by JP Morgan

Cooper Cos Cut to Equal-Weight From Overweight by Wells Fargo

Digi Intl Raised to Buy From Hold by Craig-Hallum

Diversified Healthcare Raised to Sector Perform From Underperform by RBC Capital

Dollar Tree Cut to Sell From Buy by Goldman Sachs

DoorDash Raised to Outperform From Neutral by Wedbush

Fastenal Cut to Underperform From Peer Perform by Wolfe Research

Firefly Aerospace Raised to Buy From Hold by Deutsche Bank

Floor & Decor Holdings Raised to Neutral From Sell by Goldman Sachs

Genuine Parts Raised to Neutral From Sell by Goldman Sachs

HCI Group Cut to Perform From Outperform by Oppenheimer

Kimberly-Clark Raised to Buy From Hold by Argus Research

KinderCare Learning Cut to Equal-Weight From Overweight by Morgan Stanley

KinderCare Learning Cut to Market Perform by LifeSci Capital

KinderCare Learning Cut to Neutral From Buy by UBS

Korro Bio Cut to Market Perform From Outperform by William Blair

Korro Bio Cut to Neutral From Buy by Chardan Capital

Korro Bio Cut to Neutral From Buy by HC Wainwright & Co.

Korro Bio Cut to Neutral From Overweight by Cantor Fitzgerald

Korro Bio Cut to Sector Perform From Outperform by RBC Capital

Lennox Raised to Peer Perform From Underperform by Wolfe Research

Mersana Therapeutics Cut to Hold From Buy by Truist Securities

(MORE TO FOLLOW) Dow Jones Newswires

November 14, 2025 06:31 ET (11:31 GMT)

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