The latest Market Talks covering Technology, Media and Telecom. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.

1427 ET - Intuit's Credit Karma business continues to gain strong momentum, a development that tends to be underappreciated, JPMorgan analysts say in a note. Credit Karma had the strongest upside to consensus growth estimates among Intuit's business segments in the latest quarter, boosted by further share gains in certain portions of the massive consumer credit market, the analysts say. Credit Karma's upside is also likely a function of the large troves of data Intuit can leverage across its platform, they say. "We are impressed with Credit Karma's momentum in the recent past and the disproportionate amount of upside it is driving," they say, though note they remain mindful of Intuit's tougher year-over-year growth comparisons over the next several quarters. (kelly.cloonan@wsj.com)

1344 ET - The compatibility between Palo Alto Networks and Chronosphere, which it's buying for $3.35 billion, might be less than its other major acquisition of CyberArk, BMO analyst Keith Bachman writes. The tech synergies are unclear, especially if, as management has suggested, Chronosphere continues to operate independently, and BMO sees most observability buyers in IT operations, not the cybersecurity market. But Palo Alto might be able to avoid the fate of other companies who've unsuccessfully tried to move into the observability market, he said. Splunk, ServiceNow, and Cisco all tried and failed to run an observability play, either by buying underperforming companies or failing on execution. Chronosphere's core business is very solid, Bachman said, and Palo Alto has a strong M&A reputation. (elias.schisgall@wsj.com)

1334 ET - Intuit backed its fiscal-year guidance after posting strong F1Q results and guiding for a healthy 2Q, setting it up to outperform in the back half of the fiscal year, Stifel analysts say in a note. The company is also set up well as its TurboTax Live offering continues to gain share, boosting growth in its tax business, while its global businesses services unit should sustain growth in the mid-to-upper teens due to strong services usage and a transition upmarket, the analysts say. "Conservative 2H set-up makes for an outperformer," the analysts say, noting Intuit remains one of their top large-cap picks. Intuit is up 5.6%. (kelly.cloonan@wsj.com)

1224 ET - Intuit appears on track for accelerating growth after its 1Q results show its biggest growth drivers are gaining traction, BofA Securities analysts say in a note. The company's QuickBooks franchise continues to move up market to mid-sized companies, and its new AI agents seem to already be adding significant value, the analysts say, noting they would not be surprised if Intuit begins monetizing agents across its suite via separate SKUs soon. Intuit's move into assisted tax offerings is also bearing fruit, with TurboTax Live growth accelerating, even though 1Q is a light tax quarter, they say. "These are the largest market opportunities within Intuit's vast TAM of $327 billion, which suggests that Intuit is headed for reaccelerating growth as these become a more material part of overall results," they say.(kelly.cloonan@wsj.com)

1141 ET - Elastic shares are falling despite beating 2Q expectations as the AI company's showed some disappointing indicators, including decelerating growth in some segments, D.A. Davidson analyst Lucky Schreiner wrote in a note. Though the company beat revenue expectations by roughly $5 million, its average beat over the past 12 months is closer to $13 million. Cloud revenue growth fell to 22% from 24% in the previous quarter. Year-over-year growth in subscription revenue dipped also to 16% from 19% the previous quarter, though last quarter's results benefited from a 5% price increase. "Regardless, management remains optimistic about the business citing strong commitments and healthy consumption trends," Schreiner wrote. The stock is down 15%. (elias.schisgall@wsj.com)

0857 ET - Risk aversion keeps Treasury yields on path for a weekly decline as Wall Street worries about a potential AI bubble and a lack of data for interest rate decisions. U.S. November manufacturing and services PMI are expected to fall slightly, in a WSJ consensus. The final University of Michigan consumer sentiment index is forecast at 51, down from October's 53.6. New York Fed's Williams signals he could support an interest rate cut in December. The remark comes as other officials point in the opposite direction. Odds of a cut are priced at 71%, according to CME. The 10-year yield is at 4.061% and the two-year at 3.508%. (paulo.trevisani@wsj.com; @ptrevisani)

0850 ET - Verizon should be able to grow subscribers if the company uses its planned cost savings to invest in lower prices and promotions, says Oppenheimer analyst Timothy Horan. The company is cutting jobs and slashing other expenses, savings it could use to offset its $7 price premium compared with T-Mobile. "VZ has prioritized profitability over subscriber growth, an unsustainable strategy. The new CEO is looking to stabilize its customer base, by improving the value it provides customers," Horan says. (nicholas.miller@wsj.com)

0757 ET - T-Mobile's competitors are lowering prices and as a result its decade-long run of outsized share gains could come to an end, says Oppenheimer analyst Timothy Horan, who downgrades the stock to perform from outperform. Comcast has aggressively lowered broadband prices and Verizon's new leadership will likely look to bring its sector-topping prices more in-line with peers. T-Mobile has the most to lose from this competitive environment. "We suspect this intense competition will last a year or two, and ultimately TMUS will look to increase prices and slow share gains. In the meantime, it could see multiple compression," Horan says. T-Mobile is off 1% premarket.(nicholas.miller@wsj.com)

0416 ET - Lenovo's fiscal 2026 PC revenue growth could be supported by strong volume growth and higher average selling prices, CGS International analyst Ray Kwok says in a research note. CGS International raises its PC revenue forecast for Lenovo to 12% from 7% in fiscal 2026, thanks to strong PC sales as commercial demand recovers and AI PC penetration accelerates. The brokerage also lifts its fiscal 2026-2028 earnings per share estimate by 2%-3%, on stronger AI PC shipments and higher services and solutions revenue forecasts. While maintaining an add rating, CGS International lowers its target price to HK$12.6 from HK$13.80, citing concerns over rising memory costs, which could hurt margins. Shares last ended at HK$9.68. (sherry.qin@wsj.com)

0330 ET - Shares of European semiconductor companies fall after Thursday's surge, which was driven by Nvidia's strong performance and a renewed market optimism. Shares of ASM International are down 4.4%. German chip maker Infineon Technologies falls 3.8% and STMicroelectronics, which supplies Apple and Tesla, is down 2%. Meanwhile, BE Semiconductor Industries shares are trading 4.4% lower. (najat.kantouar@wsj.com)

0113 ET - Singapore's manufacturing and trade-related sectors will likely be bright spots for the economy in 4Q, given surging demand from the current artificial-intelligence boom, Maybank economists write in a report. The finance and insurance sector's growth is expected to remain robust, as falling interest rates and a buoyant equity market should support a pickup in loan growth and wealth management fees. Rising digitalization and AI adoption are expected to support information and communications services activity, the economists say. Maybank raises its 2025 growth forecast for Singapore to 4.1% from 4.0% previously. (amanda.lee@wsj.com)

2339 ET - NetEase's growth trajectory is intact, HSBC analysts say in a note. They aren't concerned about the 3Q revenue and profit miss, given the game maker's strong deferred revenue. "It is just a matter of time before the revenue is recognized," the analysts say. HSBC slightly raises its 2026-2027 game revenue growth forecasts for NetEase to factor in the upside momentum from the recent launch of the overseas version of "Where Winds Meet." It has become one of the top 10 best-selling games on PlayStation in the U.S., Germany, France and several other regions since its launch last week, the analysts note. HSBC maintains a buy call on NetEase, with its ADR target price unchanged at $185.00. Nasdaq-listed NetEase last ended at $133.95. (sherry.qin@wsj.com)

(END) Dow Jones Newswires

November 21, 2025 16:50 ET (21:50 GMT)

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