Wall Street begins Election Day week on its back foot: the S&P 500 posted a third straight loss, the Nasdaq slid another 1%, and the biggest single-stock stories came from outside the mega-cap club. Inovio soared as much as 229% on its first FDA approval, Tempus AI jumped about 12% on its first adjusted profit, and Lumentum collapsed 18.6% after agreeing to be bought by Marvell in a $115 billion all-stock deal. Below are the stocks to watch tomorrow, Tuesday, November 3, ranked by catalyst strength, with closes, levels and bull and bear cases that carry real prices.

Stocks to Watch Tomorrow: Monday’s Market Snapshot

The Dow rose while the Nasdaq fell as oil plunged on U.S.-Iran diplomacy hopes and tech selling continued, and the S&P 500 now sits 3.55% below its record of 7,818.93 set on October 6. October was the Nasdaq’s worst month since March 2025, down 5.3%. After the bell, Apple reported record revenue of $114.5 billion but fell about 4%, and Palantir slipped despite a beat.

Tuesday’s calendar: The U.S. midterm elections are the main macro event. Pfizer, Shopify and Eaton report before the open, and AMD, Super Micro, Arista and Navitas report after the close. Strategist Ryan Detrick has pointed to a “19 for 19” record for the S&P 500 in midterm-year November-to-April windows, per Benzinga’s coverage, a pattern worth watching but no guarantee.

Data note: Closes are Monday, November 2 figures where a source published one. Where we could not confirm a final close, the table says which print we used. “Derived” means calculated from reported percentage moves. Support and resistance levels are analytical zones built from verified prices, moving averages and analyst targets, not guaranteed targets. Prices in the bull and bear cases are scenario levels, not predictions.

1. Inovio Pharmaceuticals (INO) | Last Print ~$1.98 (+229%) | First FDA Approval After a 65% Slide

$460,000 Per Course, 25,000 Patients and a 133-Million-Share Day

Inovio shares jumped 229% to $1.98 after the FDA granted accelerated approval to Voceryq for recurrent respiratory papillomatosis (RRP), the first approved plasmid DNA-based immunotherapy.

Catalyst & Latest News:

BioWorld reports the approval rests on 12-month surgery-free results, and Benzinga adds that a confirmatory study draft protocol is due by the end of 2026. Shipments are expected in about 60 days, with full commercial deployment in the first quarter of 2027. Pricing is roughly $115,000 per dose, or $460,000 for four doses.

Technicals: A gap from about $0.60 to nearly $2.00 on 133 million shares. The $1.75 mid-day level and the $2.00 morning high bracket the day.

Fundamentals: In the 26-patient efficacy group, 27% required no surgeries over 12 months. Continued approval depends on a confirmatory study of at least 50 patients tracked for three years. TipRanks notes the next chapter depends on prescriptions, not regulation.

Bull Case (with prices): Holding $1.75 keeps $2.00 and then $2.50 in play; a sustained commercial ramp at $460,000 per course could support the $5.00 H.C. Wainwright target. Bear Case (with prices): A loss of $1.75 points to $1.50, and a full round trip would return the stock to the $0.60 pre-news level. Accelerated approvals, a confirmatory-trial requirement and likely equity raises are the risks.

What to Watch:

• A hold above $1.75 and a close over $2.00
• Any financing announced after the spike
• Early prescriber and payer commentary

Forecast: A close above $2.00 targets $2.50. A close under $1.75 shifts the bias to a retrace toward $1.50.

Why This Matters: INO is the day’s biggest catalyst mover, and a test of how long a first-approval pop can last when the stock was a 65% loser a day earlier.

2. Lumentum (LITE) | Last Close $684.40 (-18.59%) | A Takeover Target Trading 11% Below the Offer

Marvell’s $115 Billion All-Stock Bid: The Market’s Verdict Was a Sell

Lumentum finished at $684.40, down 18.59%, while Marvell closed near $170.80, down about 13%.

Catalyst & Latest News: Marvell and Lumentum announced the deal, with Marvell holders owning about 67% of the combined company and more than $1 billion in run-rate cost synergies. Close is expected in the first half of 2028. Lumentum had already fallen about 9% on last week’s merger-talk reports before Monday’s drop.

Technicals: In a fixed-ratio deal, LITE tracks MRVL. Beinsure’s math showed a $74 spread at MRVL’s $183 intraday price; at the $170.80 close the gap widened to about $84.

Fundamentals: The tie-up creates a larger AI connectivity vendor, but the 12-to-18-month timeline and shareholder votes leave a long wait.

Bull Case (with prices): If MRVL stabilizes near $171 and the spread narrows, LITE could recover toward $750, then the $768.60 implied value. Bear Case (with prices): If MRVL breaks lower, LITE’s support at $650 and $600 is exposed, and any regulatory friction widens the discount.

What to Watch:

• MRVL’s price (it sets LITE’s value)
• The spread to $768.60
• Regulatory and shareholder-vote headlines

Forecast: Expect LITE to trade as a derivative of MRVL, with the $684 close as the first test and a spread-narrowing bounce toward $750 the constructive case.

Why This Matters: LITE shows how a record-size premium can still be met with selling when the buyer’s stock is the currency.

3. Tempus AI (TEM) | Last Print ~$83.26 (+12.07%) | First Adjusted Profit

An EPS Beat of $0.15, a Raised Guide and $1.5 Billion of Value Added in a Session

Tempus AI reached $83.26 late Monday, up 12.07% from a $74.29 open, after reporting its first adjusted profit.

Catalyst & Latest News: Tempus reported Q3 revenue of $411.5 million (+23%), adjusted EBITDA of $25.6 million versus $1.5 million a year ago, and oncology volume growth of 32%. Management raised 2026 revenue guidance to $1.60–$1.605 billion and ended the quarter with $854.4 million in cash. A shareholder meeting on the Personalis acquisition is set for November 30.

Technicals: Gapped at the open, consolidated in the high $70s, then pushed into the low $80s. Holding the gap is the key test.

Fundamentals: The Motley Fool cautions that most of the narrower $14.9 million net loss came from $42.8 million of unrealized investment gains, not the core business.

Bull Case (with prices): Holding $80 targets $85, then $90, as adjusted profitability proves repeatable. Bear Case (with prices): A close under $74.30 fills the gap and exposes $70, particularly if investors discount the paper gains.

What to Watch:

• A hold above $80
• The Q4 adjusted EBITDA step-up (about $34M implied)
• The November 30 Personalis vote

Forecast: Constructive while above $74.30, with $85–$90 as the next band.

Why This Matters: TEM is the cleanest “profit inflection” story outside the mega-cap AI trade.

4. Aehr Test Systems (AEHR) | Last Close $51.47 (-6.2%) | A Blowout Quarter, Reported After a Sell-Off

Revenue of $33.0 Million vs. $27.5 Million Expected, and the Stock Still Fell

Aehr beat estimates with EPS of $0.28 against $0.11 and revenue of $33.01 million against $27.53 million, after shares closed at $51.47.

Catalyst & Latest News: The company had guided to fiscal 2027 revenue of $130–$150 million and a backlog near $100.6 million, and recently added a former Meta infrastructure executive to its board. Tuesday is the first reaction to a large beat and a still-intact guide.

Technicals: AEHR had traded between $63.81 and $147.40 since July and was near $76 in mid-October before sliding to $51. Beta is 3.33, so large moves are normal.

Fundamentals: Cash was about $116 million with little debt. A Finviz snapshot shows sales growth of more than 30% quarter over quarter.

Bull Case (with prices): A reclaim of $54.89 (the gap) targets $63.81, and confirmation of the $130–$150 million guide could revisit $77. Bear Case (with prices): A close under $50 opens $45 and $40, especially if bookings disappoint.

What to Watch:

• The after-hours and pre-market reaction to the beat
• Backlog and bookings commentary
• A hold above $50

Forecast: A strong guide-confirmation reaction can retrace to $54.89 first. A fade under $50 keeps the downtrend intact.

Why This Matters: AEHR is a small-cap AI-chip test name reporting into a Nasdaq rout, so the reaction reveals risk appetite.

5. BioMarin (BMRN) | Last Close $57.44 (-1.83%) | $1 Billion Quarter, Lower Outlook, After-Hours -5%

Record Revenue Meets a Guidance Bridge Investors Called “Complex”

BioMarin closed at $57.44 and fell to $54.50 after hours, down a further 5.12%, after reporting its first $1 billion quarter.

Catalyst & Latest News: Revenue topped $1 billion for the first time and grew 32% year over year. The stock fell after the report because the full-year outlook was lowered, with acquisition-related charges and order timing delays cited.

Technicals: After-hours trading put the stock about 6.9% below Friday’s close. The $54.50 after-hours print is the first support to hold.

Fundamentals: Growth was broad across Voxzogo, Galafold and Pombiliti + Opfolda, and non-GAAP SG&A rose 12%.

Bull Case (with prices): If $54.50 holds and the call convinces investors the guide cut is timing-related, a recovery to $57.44, then $58.51 is plausible. Bear Case (with prices): A break of $54.50 targets $52, then $50, as the lower outlook gets repriced.

What to Watch:

• The open versus $54.50
• Analyst target changes
• Order-timing commentary

Forecast: A gap-down open that holds $54.50 can bounce toward $57. A break below it suggests a larger reset toward $50.

Why This Matters: BMRN is a classic “beat and cut” setup in a low-beta biotech.

6. Cipher Digital (CIFR) | Last Price ~$6.86 | Revenue Miss, but a $9.1 Billion Lease Expansion

Down 53.5% This Year, With $16.6 Billion of Contracted Revenue

Cipher missed revenue estimates with $26.7 million against roughly $37.5 million expected, while beating on EPS at -$0.22.

Catalyst & Latest News: Bitcoin mining was $20.8 million of revenue, down from $71.7 million a year ago, while the first $5.9 million of HPC lease revenue was recognized. Cipher expanded its Barber Lake lease, lifting that site’s contracted revenue to about $9.1 billion, and issued $850 million of zero-coupon converts due 2032 with a $15.31 conversion price.

Technicals: The stock sits near its lows with a beta above 3. The $850 million convert is struck more than double the current price.

Fundamentals: Total assets were $7.7 billion, GAAP net income was $32 million on non-cash items and adjusted EBITDA was a $10 million loss. The company retired over 90% of its 2030 converts by exchanging about $166 million for stock.

Bull Case (with prices): A hold of $6.50 with HPC rent ramping targets $8.00, then $9.00. Bear Case (with prices): A loss of $6.50 points to $6.00, as mining revenue keeps shrinking and the revenue miss sinks in.

What to Watch:

• Bitcoin’s price (about $76,700 Monday)
• HPC lease ramp commentary
• Further convertible or equity issuance

Forecast: A volatile base near $6.50–$7.30. A close above $7.29 would be the first sign of stabilization.

Why This Matters: CIFR is a bitcoin miner trying to be an AI-hosting landlord, and Monday showed the market is still waiting for proof.

7. Navitas Semiconductor (NVTS) | Last Print ~$7.93 | Earnings Tuesday After the Close

A Stock 77% Below Its High, 49 Times Sales and a Report That Can Move It 10%-Plus

Navitas reports after the close Tuesday, with analysts expecting a loss of about $0.037 per share on revenue near $13.5 million.

Catalyst & Latest News: Last quarter revenue was $10.53 million, down 27.3% year over year but above estimates, and the company has beaten revenue expectations consistently over the past year. It also announced a collaboration with Nvidia on an 800-volt AI data center power board.

Technicals: Trading well below both moving averages, with the 52-week low of $6.85 about 14% below the last print.

Fundamentals: A net margin of roughly -857% and a GF Value estimate near $3.08 mean valuation rests entirely on growth in AI power.

Bull Case (with prices): A revenue beat and a strong AI power outlook could lift shares back through $8.48 toward $9.36, then the $10.90 50-day. Bear Case (with prices): A guidance miss, as in prior quarters, could break $7.50 and retest the $6.85 low, with $6.00 as the next level.

What to Watch:

• Q4 revenue guidance versus the Street
• AI data center power design wins
• The reaction versus $6.85

Forecast: Expect a double-digit move either way. Above $8.48 favors a squeeze toward $9.36; under $7.50 favors a low retest.

Why This Matters: NVTS is the high-beta AI-power-chip test of the week.

8. DigitalOcean (DOCN) | Last Price ~$91.47 (+2.0%) | Earnings Before the Open Tuesday

A $9.5 Billion Cloud Challenger With a $150 Average Target

DigitalOcean reports before the open, with analysts expecting EPS of about $0.317 on revenue near $306.7 million, above company guidance of $0.28–$0.30.

Catalyst & Latest News: MarketBeat’s preview highlights AI customer wins, and TipRanks data shows last quarter’s EPS was $0.45 against $0.26 expected. Insiders sold more than $2.58 million of stock last quarter.

Technicals: The stock was near $99.55 a week ago and gave back about 10% into Friday before bouncing Monday.

Fundamentals: Return on equity is about 31% and net margin about 23%.

Bull Case (with prices): An AI-revenue beat can reclaim $95, then $99.55. Bear Case (with prices): A guidance disappointment could break $89.65 and send the stock toward $85, then $80.

What to Watch:

• AI and inference revenue growth
• Guidance versus a $150 average target
• The reaction at the open versus $89.65

Forecast: A beat likely retests $95–$99.55. A miss tests $85.

Why This Matters: DOCN is a mid-cap AI cloud that must show AI revenue is more than hype.

9. Eupraxia Pharmaceuticals (EPRX) | Last Print ~$6.83 | A Phase 2b Enrollment Win and Earnings Due

A $442 Million Drug-Delivery Biotech Near the Low End of Its Range

Eupraxia traded around $6.83 Monday, after closing at $7.25 on October 29.

Catalyst & Latest News: Eupraxia said October 15 its RESOLVE Phase 2b trial of EP-104GI in eosinophilic esophagitis reached its enrollment target. It raised about $58.6 million net in February.

Technicals: The stock has traded between roughly $5.75 and $7.25 recently, with $5.25 the 52-week low.

Fundamentals: A clinical-stage company with no revenue and a Diffusphere drug-delivery platform for locally delivered, extended-release products.

Bull Case (with prices): A hold above $6.59 and trial updates can retest $7.25, then $8.00, toward the H.C. Wainwright $11 target. Bear Case (with prices): A break of $5.75 exposes the $5.25 low, and a financing would add pressure.

What to Watch:

• Earnings and cash-runway commentary
• RESOLVE data timing
• A close above $7.25

Forecast: Range-bound between $5.75 and $7.25 until data arrives.

Why This Matters: EPRX is a mid-priced biotech setup with a clear data catalyst ahead.

10. Modular Medical (MODD) | Last Print ~$1.80 (+4.65%) | A $15 Million Insulin-Pump Launch

An 82% YTD Slide, a Five-Market Rollout and the November 13 Report

Modular Medical traded near $1.80, up about 4.65%, while it begins the first commercial phase of its Pivot patch pump.

Catalyst & Latest News: Stock Analysis lists the Pivot tubeless patch pump launch across five U.S. markets beginning in October, first real-world patients and a contract with a national pharmacy benefit manager. The FDA also cleared Pivot enhancements in September.

Technicals: The stock is trading near its 52-week low and below its 200-day average, per CNN Markets. Resistance sits at the October 8 print near $2.58.

Fundamentals: The company is pre-revenue with a history of dilutive offerings, including a $12 million deal in March and a $3.4 million registered direct in April.

Bull Case (with prices): A hold of $1.72 and early launch traction can lift the stock to $1.95, then $2.58. Bear Case (with prices): A break of $1.72 opens $1.50 and $1.25, and any offering would likely add pressure.

What to Watch:

• A hold above $1.72
• Launch metrics and PBM coverage
• Financing news before the November 13 report

Forecast: A fragile base near $1.72. A close above $1.95 would be the first sign of a turn.

Why This Matters: MODD is a micro-cap medical-device launch where financing, not demand, is the near-term risk.

Stocks to Watch Sector Snapshot and Forecast: Rotation Out of Tech, Event Risk on Tuesday

The market is rotating from crowded AI trades into the “old economy”: the Dow gained as oil fell, while the Nasdaq-100 fell for a second straight session. Healthcare and biotech (INO, BMRN, EPRX, MODD) are catalyst-driven, AI semiconductor names (AEHR, NVTS, LITE) are sensitive to Tuesday’s AMD and Arista reports, and crypto-linked CIFR tracks bitcoin near $76,700. Election Day adds policy risk, and the 10-year yield near 4.89% has eased from recent highs. Sector forecast: Expect volatility to stay elevated through Tuesday’s results and the election outcome. For related coverage, see our Oct 29 Stocks Under $6 list, our Oct 23 Stocks Under $3 list, our Oct 22 stocks-to-watch list, and our beginner guide on how to pick stocks. With inflation still elevated, our 10 habits to beat 3.7% inflation covers the household side.

Stocks to Watch Tomorrow At a Glance

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Disclaimer: This publication is entirely for informational and journalistic purposes and does not constitute formal financial, investment, or legal advice. All market investments carry inherent risks of capital loss, and small-cap, high-volatility stocks carry elevated risk. Stock prices, percentage moves, and market data cited reflect figures available at the time of publication and are subject to change as trading continues. Analyst price targets and ratings are third-party estimates and do not guarantee actual results. Always complete independent due diligence prior to executing equity trades.

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Kasia Davis

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