The latest Market Talks covering Equities. Published exclusively on Dow Jones Newswires throughout the day.

1337 ET - Cava's earnings growth trajectory hinges on two drivers that look increasingly durable: national expansion and strong unit economics, according to Melius Research in a note. What's more, analysts Jacob Aiken-Phillips and Samuel Barton say that Cava doesn't need a macroeconomic recovery to continue its momentum. "Even as pressure has built across the consumer, CAVA has continued to grow traffic, with its lower-income markets actually producing the strongest same-store sales," they say. The analysts see the decline in Cava's stock in recent months as an overreaction. "We see an attractive entry point into an increasingly de-risked growth story," they say, as they upgrade Cava to buy from hold. Cava is up 3.5%. (kelly.cloonan@wsj.com)

1325 ET - Palantir is positioned to benefit as the growth of the market for bespoke software and sovereign AI outpaces that of the market for packaged software, according to Goldman Sachs in a note. Palantir is expanding its vertical model deeper into financials services, semiconductors, and neoclouds, analysts Gabriela Borges and Maura Hager say, while enterprises are increasingly looking to build AI tools that capitalize on their existing operating moats and aren't reliant on frontier models. They also say Palantir has a head start in using AI agents as forward-deployed engineers, and that the company has an opportunity to expand its work with the U.S. government. Goldman upgrades Palantir to buy from neutral. Palantir is up 1.6%. (elias.schisgall@wsj.com)

1319 ET - There are no obvious revenue synergies between Starbucks and Chipotle Mexican Grill, William Blair analysts Sharon Zackfia and Tania Anderson say in a research note, after the Financial Times reported that the coffeehouse has explored a takeover of burrito chain. Still, a tie-up could have other benefits, such as a shared loyalty ecosystem, cross-brand product placement, the expansion of Chipotle's licensed international business through Starbucks' existing relationships, the analysts say. "Traditional supply chain efficiencies are likely limited given very different supply chains," they write. "G&A savings would likely center in corporate G&A and technology, which we very roundly estimate could be in the $300 million range." (connor.hart@wsj.com)

1306 ET - Starter homes are becoming harder to find nationwide, Realtor.com says, but where buyers look matters as much as what they can afford. Starter-priced listings have become scarcer since 2019, but the Midwest stands out for both inventory and neighborhood choice. The share of active listings priced in the starter-home tier fell from 38.1% in August 2019 to 36.2% in August 2026, even as the national starter-home price threshold rose 30.8%, from $260,000 to $340,000. Had the starter-home share held at its 2019 level, today's market would have more than 21,000 additional starter-priced homes available to buyers.Realtor.com defines a starter-priced home as one listed at or below 80% of its metro's median list price. (chris.wack@wsj.com)

1258 ET - More investors are engaging with cryptocurrencies in trading -- although it appears to be investors selling into the risk-off slump that's hit crypto tokens. According to data from Coinglass, $74.5 billion in bitcoin has been traded over the past 24 hours, which is up 18.6% from the prior day. Many altcoins are seeing even bigger explosions in trading volumes -- nearly $4 billion in NEAR has been traded over the past 24 hours, nearly double the previous day. But the higher volumes appear to be in part holders of long positions getting liquidated - with $221.7 million in bitcoin long positions liquidated over the past 24 hours, according to Coinglass. (kirk.maltais@wsj.com)

1234 ET - Miners of bitcoin were operating in negative territory earlier this year, but with bitcoin's surge in September they've become profitable again, says analysts with CryptoQuant in a note. The firm says that miners turned positive in late August, which happened when bitcoin crossed $76,000. Since turning positive, miners are no longer dumping bitcoin to stay afloat, but are able to accrue supplies once again. "Miners flipped from 'extremely underpaid' to 'fairly paid,' and no extreme outflows have followed," says the firm. But a rebuilding in the balances of miners has yet to begin in earnest, says CryptoQuant. Bitcoin falls 2.6% to $81,272. (kirk.maltais@wsj.com)

1215 ET - The Seminole Tribe of Florida filed a lawsuit against DraftKings alleging the sports-betting platform's prediction markets app constitutes illegal gambling. The tribe says in its lawsuit that DraftKings' super app, which offers prediction markets in states where sports betting is illegal, is "functionally identical" to the company's licensed sportsbook offerings. There is no distinction between a bet placed through DraftKings' sportsbook and a trade placed on its prediction markets platform, the tribe claims. The tribe also notes that DraftKings' marketing for the prediction markets product includes a gambling addiction hotline and ads for bonus wagers. (katherine.hamilton@wsj.com)

1210 ET - PepsiCo CEO Ramon Laguarta says that some of the problems plaguing the company's North American business are external. "There's clearly inflation, and there are some parts of the consumer base that are making choices," he says in an interview with CNBC. That being said, some of the problems are within PepsiCo's control to fix. "There's an opportunity for us to compete better in some categories," Laguarta says, pointing to the company's carbonated soft drink business that is in need of additional investment and improved execution. Improving the U.S. business remains PepsiCo's top priority, he concludes. (connor.hart@wsj.com)

1159 ET - Qatar's LNG exports are likely to remain constrained in the near term, but a sustained recovery in Hormuz transits could trigger a sharp increase in flows next year as the expansion of the North Field offsets lasting damage to existing capacity, Capital Economics' Jason Tuvey says. Current indicators suggest exports remain very low, although the data may understate flows as some tankers appear to be switching off their transponders. A sustained recovery in transits is expected from early next year, according to the economist. Damage to the Ras Laffan facility has knocked out around 17% of Qatar's LNG capacity for three to five years. However, the first train of the North Field East project is reportedly ready to start, Tuvey says, raising capacity by 43%. The second and third phases, due by 2030, are expected to lift capacity by a further 30%. (giulia.petroni@wsj.com)

1158 ET - Levi Strauss is benefiting from overall strength in the denim industry, JPMorgan analysts say. While the company hit some snags in the latest quarter, the overall denim category remains healthy and Levi is gaining market share, the analysts say. Management emphasized greater energy in the industry with increased competition, which prompted Levi to increase investments and marketing in certain areas, including low-rise jeans. On top of that, Levi has further growth opportunities in its tops and denim lifestyle categories, as well as its Asia business and women's clothing segment, the analyst say. (katherine.hamilton@wsj.com)

1153 ET - PepsiCo CEO Ramon Laguarta says the company is open to exploring strategic options that would improve execution in the beverage business, particularly in the U.S. That being said, the company's main focus is to continue to invest in its brands, executing on its strategy to grow the business. At this point, there are no plans to separate PepsiCo's snacks and beverage businesses: "No, that's not what we're thinking about," Laguarta says in an interview with CNBC, when asked about a potential split. (connor.hart@wsj.com)

1148 ET - Levi Strauss's most recent quarter was "a little messy," Raymond James analysts say. The denim company's direct-to-consumer results were a bit softer than expected because U.S. products didn't resonate with shoppers and there wasn't enough inventory in key low-rise styles, the analysts say. Levi is reinvesting some of its tariff refunds into the business and the business has started to improve, however. The analysts also debate whether elevated spending on marketing and promotions will persist into the next fiscal year and weigh on profitability. Shares are down 3.6%.