Market-moving news for Saturday, October 10, 2026

What happened

Nvidia-backed cloud-computing company Firmus Grid scrapped plans for Australia's largest initial public offering in almost 30 years — a roughly $5B raise (A$5.5B) that would have been Australia's second-largest new share sale ever and the world's fourth-largest IPO of 2026, behind SpaceX, CXMT and Cerebras. The bookbuild closed after the marketed A$11/share price (implying a ~$30.4B equity value, up from $10.5B just two months ago) failed to clear; Firmus had cut the offer 25% to A$8.25 before pulling the float entirely on Oct 9. The company blamed 'recent market volatility and prevailing market conditions' and said it will pursue private funding instead, possibly a Nasdaq listing later.

What happened

Evercore ISI raised its price target on Dell Technologies (DELL) from $500 to $650 — a $150 increase, one of the largest single jumps in this cycle — and Wedbush analyst Dan Ives added DELL to his AI 30 'Winner List,' his high-conviction list of AI beneficiaries, calling Dell a major beneficiary of corporate spending on AI servers and data-center infrastructure. The moves extend a week of bullish revisions: Mizuho raised its target to $650 from $600, and Goldman Sachs maintained Buy at $570 citing Dell's AI server delivery running 4-6 weeks faster than peers. Dell shares rose about 2% Friday to $586.06, closing roughly 1.6% below their $595.51 52-week high.

What happened

Barclays set a $70 price target on Netflix and rated it Equal Weight in a report on Wednesday (October 7), as surfaced in this week's coverage. With NFLX trading around $71-72, the target implies modest downside and marks one of the most cautious stances on the Street — far below the $94.70 consensus average target (Moderate Buy rating). It joins a steady drip of cautious revisions: Morgan Stanley cut its target to $80 from $83 (keeping Overweight) this week, following July cuts from Jefferies ($110 to $90), Piper Sandler ($115 to $85), President Capital ($134 to $83), Rothschild & Co Redburn ($120 to $93), and Loop Capital ($115 to $95), against Evercore's $110 (Outperform) and Bernstein's Buy initiation on September 28.