Corporate America: November 13, 2026 — Chips Unwind as Modine Soars on Samsung Talks

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Corporate America ended a bruising week in two directions at once, as the trade that followed Jensen Huang’s resignation reversed, a cooling maker became the day’s biggest deal story, and a nationwide halt to air departures landed minutes before the closing bell. The S&P 500 slipped 0.40% to 7,561.67 and the Nasdaq Composite fell 0.91% to 25,136.27, while the Dow Jones Industrial Average rose 0.10% to 52,347.55 and the Russell 2000 slipped 0.31% to 2,790.49, according to the Associated Press. The split close still left the week higher, with the S&P 500 up 2.5%, the Nasdaq up 2.3% and the Dow up 2.1%, even as the Philadelphia Semiconductor Index fell 3.4% on Friday and information technology lost 1.7%.

The morning’s inflation test did not settle the rate question, in the pattern followed on our Corporate America desk. Producer prices rose 0.3% in October after a revised 1.4% surge in September, below the 0.4% expected, but the 12-month rise reached 6.5%, the largest since November 2022, the Bureau of Labor Statistics reported, via Reuters. The 10-year Treasury yield traded as high as 5.17%, its highest since October, and the dollar reached its highest since April 2025, leaving growth stocks exposed when the chip selling resumed in the afternoon.

The Rotation Reverses

Thursday’s buyers of Nvidia’s rivals became Friday’s sellers. Advanced Micro Devices closed down 8.8% to $534.06, giving back its 5.9% gain from Thursday, Broadcom lost 4.8% to $347.01, Dell dropped 7.2%, CoreWeave fell 6.1% to $53.13 and Nebius closed down 9.9% to $115.88, as Reuters reported neoclouds and AI stocks sliding again on fresh jitters over AI financing after Huang’s abrupt exit. Nvidia itself fell 2.0% to $162.85, closing below $4 trillion in market value and down roughly 12% for the week, after HSBC downgraded the stock to hold and cut its price target to $170, saying the uncertainty will prevail until a permanent succession plan is laid out. Cisco completed the picture, closing down 6.2% to $95.64 a day after reporting record fiscal first-quarter revenue of $18.5 billion, up 24%, and raising its full-year outlook, as investors focused instead on a softer gross margin and second-quarter revenue guidance of $18.0 billion to $18.2 billion, below the quarter just reported.

Earnings elsewhere rewarded the smaller names, in the pattern our Earnings Season Playbook describes, where the outlook matters as much as the quarter. Liftoff Mobile closed up 30.6% to $24.44 after third-quarter revenue rose 32% to $238 million, net income reached $87 million and the app advertising company raised its 2026 revenue outlook to $907 million to $912 million. Cerebras closed up 11.2% to $108.72 after GAAP revenue rose 55% to $210.8 million and core revenue rose 70% to $230.9 million, the AI chip maker raised its 2026 core revenue outlook to $940 million to $960 million from $880 million to $890 million, and its chief executive told CNBC that Microsoft, signed in October, is its third hyperscaler customer, with revenue expected from the first quarter of 2027. Nu Holdings closed up 11.8% to $13.22 after record third-quarter net income of $1.1 billion, up 31% on a foreign-exchange-neutral basis, on gross revenue of $6.3 billion, with its customer base reaching 143 million. The day’s deepest fall belonged to Virgin Galactic, down 31.1% to $1.84 after it reported a third-quarter net loss of $59 million, agreed a plan to sell up to $250 million of stock at the market through Jefferies, and pushed its first commercial flight with paying customers to early in the second quarter of 2027.

A Cooling Deal and a Grounded Afternoon

Deals produced the day’s tallest tower. Modine closed up 27.9% to $135.66 after Bloomberg reported that Samsung Electronics is in talks to acquire the Racine, Wisconsin maker of cooling systems for data centers, in a transaction that could come together as soon as the coming weeks. Bloomberg put Modine’s market value at about $5.6 billion before the report, and stressed that no final decision has been made and the talks could still fall apart or draw another suitor. Samsung said it could not confirm the report, Reuters said it could not independently verify it, and Modine had not commented. Jobs moved the other way in pharmaceuticals, where AstraZeneca cut about 600 jobs from its U.S. respiratory and immunology commercial teams, including staff marketing the asthma drugs Breztri and Airsupra, Bloomberg reported via Reuters, as an early step in a three-year programme to save about $1.5 billion a year and reinvest in its pipeline. Some affected employees are expected to be reassigned, the company also scaled back its contract with Syneos Health, and AstraZeneca declined to comment.

Operations, not markets, closed the day. At 3:54 p.m. Eastern the Federal Aviation Administration ordered a nationwide ground stop of U.S. departures, citing extraordinary circumstances and a communication issue affecting all Air Route Traffic Control Centers, with the advisory running to 11:30 p.m. Eastern. Transportation Secretary Sean Duffy said technicians were investigating, Homeland Security Secretary Markwayne Mullin said a telecommunications outage prompted the stop and that there was no indication of a nefarious attack, and nearly 7,000 flights were delayed or cancelled, according to Reuters. It was only the second such nationwide halt since September 11, 2001, after the January 2023 NOTAM outage.

The one to watch is Tuesday, November 17, after a lighter Monday that brings Tyson Foods and Aramark. Nvidia reports its fiscal third quarter after the close, its first report with Colette Kress as interim chief executive, against its own guidance of $108 billion in revenue and analyst expectations of about $109 billion, according to Reuters and LSEG data, on the same morning that Home Depot and Walt Disney report before the open and October retail sales are released. Anthropic is then expected to price its offering on Wednesday, November 18, at $70 to $78 a share for 825 million shares, before trading as ANT on Thursday, the same day Walmart reports, making next week a paired test of the AI trade and the American consumer.

This is not investment advice. Corporate America is AI-assisted research produced with automated data checks; figures are verified against the cited sources at publication time.