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.

1428 ET - National Bank of Canada's Mike Stevens says in a report that despite 3Q revenue coming in a bit light, Canadian marine technology company Kraken Robotics maintained its FY25 guidance, pointing to a strong upcoming 4Q. "4Q has always been the seasonally strongest quarter as deliveries ramp throughout the year," Stevens says, pointing to 4Q of 2023 where 40% of full-year revenue was delivered. "Additionally, Kraken has delivered within its guidance ranges across each of the past three years, giving us comfort with the prospects of Kraken executing," he says. (adriano.marchese@wsj.com)

1036 ET - The U.S. luxury housing market is showing two distinct personalities, according to Realtor.com. While the national entry point for luxury softened, falling 2.2% year-over-year to $1.22 million, a deeper dive into metro trends reveals a split between local hotbeds of intense competition and markets where price corrections are effectively re-engaging buyers and boosting sales. The report identifies a group of metros, including Heber, Utah; Boise City, Idaho; and Minneapolis, Minn. where rising prices are coupled with a faster sales pace, signaling strong buyer competition for limited inventory. Conversely, markets such as Bridgeport, Conn; Charleston, S.C., and Atlantic City, N.J. are witnessing significant price drops that are successfully clearing inventory, leading to dramatically shorter days on the market. (chris.wack@wsj.com)

0404 ET - NetEase's 4Q online gaming revenue is expected to grow by close to 9%, slowing from 3Q due to a high base, Nomura analysts Jialong Shi and Rachel Guo say in a report. They note that NetEase has changed its strategy toward new games by raising the return-on-investment standard, which will likely reduce annual game launches but improve the success rate of those that are released. They highlight two new titles--"Ananta" and "Sea of Remnants"--in the pipeline, with the latter potentially becoming the next game revenue growth driver. Nomura keeps its 2025 adjusted operating profit forecast largely unchanged but trims the 2026 projection by 1% on higher marketing costs. The bank maintains a buy rating and a $160 target price on NetEase, whose ADRs last closed at $133.58. (jason.chau@wsj.com)

2354 ET - Morningstar raises its fiscal 2026 revenue estimates for Lenovo on accelerating enterprise PC shipments and stronger gaming PC demand, analyst Jing Jie Yu says in a note. Yu expects to see on-year revenue growth of 15.1% in fiscal 2026 and 7.4% in 2027, while lowering its estimates for operating margins on higher memory costs. Morningstar expects Lenovo's infrastructure solutions segment to break even by fiscal 2027 1H, noting the streamlining of its server and storage lineup while expanding sales channels have shown success. Yu says rising memory costs dampen its improved near-term view on consumer demand, retaining its fair value estimate of HK13.50 per share. Lenovo shares last traded at HK$9.66.(jason.chau@wsj.com)

2312 ET - NetEase is capable of translating domestic innovation into international hit games, Morningstar analyst Ivan Su says in a research note. Following the success of "Marvel Rivals" outside China in 2024, "Where Winds Meet" has received strong reception overseas as well, the analyst notes. NetEase's deferred revenue, a leading indicator of revenue growth, points to a stable near-term outlook, he says. Morningstar expects strong performance from NetEase's upcoming titles in 2026, including "Sea of Remnants" and "Anata." The analyst sees NetEase's shares as undervalued, which are last 5.6% higher at HK$216.00. (sherry.qin@wsj.com)

2049 ET - The potential sale of Nvidia's H200 chips by the U.S. to China indicates the latter's leverage in the trade negotiation, Jefferies analysts say in a research note. The analysts aren't surprised as China's elevated rare-earth export control, which has been suspended as part of the trade truce, gives it significant leverage. "The U.S. will need to consider easing export control in some areas against China to reach a trade deal with China," they say. However, China may not be interested, given it doesn't want to rely on American tech, they say. China is likely more interested in buying more advanced chip-making equipment so it can expand its advanced-chip capacity and produce enough AI chips. (sherry.qin@wsj.com)

1924 ET - Technology One keeps its bulls at UBS despite a cut to the enterprise-software provider's earnings multiple on local tech stocks' recent derating. The investment bank's analysts slash their cash Ebitda multiple to 50X from 66X, pointing to what they say is a correction in Australia-listed tech and software stocks. Outside of that, little changes following the company's annual result announcement. The UBS analysts trim their annualized recurring revenue forecasts through fiscal 2028 but their pretax profit forecasts are unchanged. They say in a note that their conviction in Technology One's growth story has been reaffirmed. UBS cuts its target price 13% to A$38.70. (stuart.condie@wsj.com)

(END) Dow Jones Newswires

November 24, 2025 16:50 ET (21:50 GMT)

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