Stock market today: Live updates

Jefferies is getting more bullish on DoorDash as more advertising opportunities materialize.

The investment firm upgraded the food delivery platform to buy from hold. It also raised its price target to $260 from $220, which signals upside of 23% from Tuesday’s close.

Shares of DoorDash have rallied 26% this year, but have cratered 20% in the past 30 days, making DoorDash’s “strong execution and growth algorithm now appear underappreciated,” Jefferies wrote. CNBC Pro subscribers can read more here.

Lowe’s shares rose more than 4% after the home improvement company reported third-quarter earnings that beat analyst expectations. The company earned an adjusted $3.06 per share, topping an LSEG estimate of $2.97 per share.

The volatility in bitcoin continued, with the flagship cryptocurrency falling more than 1% to trade around $91,240. Bitcoin on Tuesday briefly dipped below $90,000 before rebounding.

Professional money managers polled by Bank of America in its November Global Fund Manager Survey are holding just 3.7% of assets in cash, flashing a “sell signal,” the bank said.

Investors were too bullish this month, the most overweight in equities since February and the most overweight in commodities since Sept. 2022, BoFA said. That enthusiasm is “a headwind not tailwind for risk assets,” and means the autumn market’s “froth” will continue “to correct further without [a] Fed December rate cut,” strategists led by Michael Hartnett wrote Tuesday. Emerging markets and banks are the “most vulnerable to proper Q4 risk-off move,” they said.

Contrarians view small amounts of cash reserves as bearish for stocks because it means most buying has already been done and there’s little dry powder left on the sidelines that can be further allocated into equities.

The survey covered the period from Nov. 7-13, including some 202 participants running $550 billion in assets under management.

— Scott Schnipper

Check out the companies moving in after-hours trading:

• La-Z-Boy — Shares of the furniture retailer and manufacturer jumped nearly 7% on the back of strong second-quarter earnings results. La-Z-Boy earned 71 cents per share, on an adjusted basis, which came out significantly higher than the 54 cents per share analysts polled by FactSet expected. The company’s revenue of $522.5 million for the period exceeded the forecasted $517.6 million.
• ON Semiconductor — ON Semiconductor shares rose almost 4% after the company’s board approved a $6 billion stock buyback program over the next three years, beginning on Jan. 1, 2026.
• Dolby Laboratories — Dolby Laboratories dropped 1% after the audio and imaging company’s fiscal first-quarter guidance disappointed the Street. Dolby expects earnings to be between 79 cents and 94 cents per share, excluding items, while analysts polled by FactSet expected $1.15 per share. Dolby also forecasted revenue of between $315 million and $345 million, lower than the $369.2 million consensus estimate. Still, Dolby’s fourth-quarter results beat on top and bottom lines.

— Pia Singh

Shares of Constellation Energy ticked 2.6% higher in extended trading after the U.S. government said it will back the company with a federal loan.

Department of Energy officials said Tuesday that the Trump administration will provide Constellation Energy with a $1 billion loan to restart the Crane Clean Energy Center nuclear plant in Pennsylvania. The plant, previously known as Three Mile Island Unit 1, is expected to start generating power again in 2027. Constellation unveiled plans to rename and restart the reactor in Sept. 2024 through a power purchase agreement with Microsoft to support the tech company’s data center demand in the region.

The loan would cover the majority to the project’s estimated cost of $1.6 billion. More here.

— Spencer Kimball, Pia Singh