Analyst Calls Land on Dell and Shopify Before CPI Day
Research desks moved on Dell, Shopify, Fortinet and Novo Nordisk going into Friday's inflation print, after a week of selling across stocks, bonds and crypto.
Wall Street research desks reshuffled ratings on Dell Technologies, Shopify, Novo Nordisk and Fortinet ahead of Friday's CPI report, after Dell shares closed 5.35% lower at 506.62 on Sept. 10 and the Nasdaq 100 proxy QQQ fell 1.06% to $708.69.
Analyst research desks spent Friday morning rearranging their ratings on a long list of large-cap names — Atmos Energy, Celanese, Check Point Software, Chewy, Dell Technologies, Fortinet, Global Payments, HP and Shopify among them — into a market that had already spent the week going the wrong way. The immediate event risk was the Consumer Price Index report, the monthly reading on US inflation that now sits at the center of every rate debate on the Street.
The timing matters more than usual. Rating changes published hours before a macro print rarely get a clean test: if the inflation number surprises, sector-level flows will overwhelm any single-stock thesis for at least a session. That the calls came anyway, rather than waiting until the data was digested, says something about how much the prior week's selling had moved valuations away from where research models had them.
A week of selling across three asset classes at once
The backdrop was broad-based weakness in stocks, bonds and crypto — the uncomfortable combination that removes the usual hiding places. Bonds selling off alongside equities means the problem is the discount rate rather than the earnings outlook, and long-duration growth stocks feel that first.
The benchmark data bears that out. At the last close on Thursday, Sept. 10, the S&P 500 proxy SPY finished at $757.83, down 0.60% from a prior close of $762.40, with a day range of $756.64 to $760.11. The Dow proxy DIA closed at $520.75, off 0.63% from $524.07. The Nasdaq 100 proxy QQQ took the heaviest damage, ending at $708.69, down 1.06% from $716.31 and trading between $706.86 and $712.06. Tech-weighted underperforming blue chips is the textbook signature of a rate-driven selloff rather than a growth scare.
Dell's 5.35% drop is the one the calls have to explain
Dell Technologies (DELL) was the standout mover among the names in the research roundup. The stock closed at 506.62, down 5.35% from a prior close of 535.25, and it closed near the low of a 506.25 to 530.51 range — meaning the selling ran into the bell rather than fading. For a name that has become one of the main listed vehicles for AI server demand, a drop of that size on a day when the Nasdaq 100 proxy fell about a percentage point is company-specific pressure layered on top of the macro.
That is precisely the setup in which analysts feel obliged to publish. A one-day move of that magnitude either validates a cautious stance or creates the entry point a bullish one has been waiting for, and either way the model needs restating.
Shopify (SHOP) was comparatively steady, closing at 126.60, down just 0.15% from 126.79, though the 124.03 to 128.99 range shows the intraday swing was far wider than the net change suggests. Novo Nordisk (NVO) closed at 44.01, down 1.23% from 44.56, finishing at the bottom of its 44.01 to 44.82 band.
Security software splits, and the defensive names do not save you
The most instructive divergence in the group was inside cybersecurity, where two direct competitors went opposite ways. Fortinet (FTNT) closed at 158.85, up 1.04% from 157.22 after trading as high as 161.98 and as low as 154.00. Check Point Software (CHKP) closed at 130.51, down 3.37% from 135.06, at the low end of a 130.00 to 136.93 range. Two firewall vendors, one session, a swing of several percentage points between them — that is stock selection doing real work, and it is why sell-side calls on the pair get attention.
The most instructive divergence in the group was inside cybersecurity, where two direct competitors went opposite ways.
Elsewhere in the list, the moves ran modestly green. Celanese (CE) closed at 45.72, up 2.86% from 44.45, the largest gain among the named stocks. Global Payments (GPN) finished at 88.55, up 1.76% from 87.02. HP (HPQ) closed at 32.73, up 1.05% from 32.39. Chewy (CHWY) ended at 21.08, up 1.59% from 20.75.
The exception to the defensive playbook was Atmos Energy (ATO), the regulated gas utility, which closed at 164.81, down 1.07% from 166.59 and near its 164.67 session low. Utilities are bond proxies: investors buy them for the yield, so when Treasury yields rise the relative case weakens. A utility falling on a day when a chemicals name and a payments processor both rose is a clean illustration of a rate-led tape rather than a risk-off one.
What the inflation print decides
The 24/7 Wall St roundup captures a research community positioning before the number rather than after it. For investors, the practical question is which of these calls survives contact with the data.
A hotter-than-expected CPI would extend the pattern already visible in Thursday's close: pressure on the Nasdaq-heavy names, continued weakness in rate-sensitive utilities like Atmos, and little relief for a high-multiple hardware story such as Dell. A softer print flips the logic — the names that fell hardest into the print have the most room to retrace, and the bond-proxy discount unwinds fastest.
Three things to watch in the sessions that follow. First, whether Dell can hold above its Thursday low of 506.25, which now functions as the reference point for anyone treating the 5.35% drop as an overreaction. Second, whether the Fortinet–Check Point gap widens or closes, since a genuine competitive shift should persist through macro noise while a one-day rotation should not. Third, whether the Nasdaq 100 proxy continues to lag the Dow proxy; as long as it does, the market is trading interest rates, and single-stock research calls will have to wait their turn.
Key facts
- Dell Technologies (DELL): 506.62 at the close on Sept. 10, 2026, down 5.35%
- Nasdaq 100 proxy (QQQ): $708.69, -1.06% on the day (last trade Sept. 10, 20:00 GMT)
- Biggest gainer among named stocks: Celanese (CE), 45.72, up 2.86%
- Macro catalyst: Friday's US Consumer Price Index report
Frequently asked questions
Which stocks appeared in Friday's analyst research roundup?
The roundup covered rating and target changes on Atmos Energy, Celanese, Check Point Software, Chewy, Dell Technologies, Fortinet, Global Payments, HP and Shopify, among other names. The summary specifically flagged reshuffled ratings on Dell, Shopify, Novo Nordisk and Fortinet, published ahead of Friday's Consumer Price Index release.
How far did Dell shares fall?
Dell Technologies closed at 506.62 on Sept. 10, 2026, down 5.35% from a prior close of 535.25. The stock traded between 506.25 and 530.51 during the session and finished near the low of that range, indicating the selling pressure persisted into the closing bell rather than easing.
What happened to the major indices that day?
The S&P 500 proxy SPY closed at $757.83, down 0.60%. The Dow proxy DIA closed at $520.75, down 0.63%. The Nasdaq 100 proxy QQQ was weakest at $708.69, down 1.06% from a prior close of $716.31, the pattern typical of a selloff driven by interest rates rather than earnings.
Why did Check Point and Fortinet move in opposite directions?
Fortinet closed up 1.04% at 158.85 while Check Point Software closed down 3.37% at 130.51. Both sell network security products, so a divergence of that size in a single session reflects company-specific positioning or research views rather than a sector-wide move, which is why sell-side calls on the pair drew attention.
Why did Atmos Energy fall while other names rose?
Atmos Energy is a regulated gas utility, and utilities trade partly as bond proxies because investors hold them for income. When Treasury yields rise, the relative appeal of that yield weakens. Atmos closed at 164.81, down 1.07%, near its session low of 164.67, while cyclicals such as Celanese gained.
What does the CPI report mean for these ratings?
The Consumer Price Index measures US consumer inflation and shapes expectations for Federal Reserve policy. A hotter reading would likely extend pressure on high-multiple technology names and rate-sensitive utilities. A softer reading would give the hardest-hit stocks the most room to recover, potentially overwhelming individual stock calls for a session or more.
Sources
Photo: Rafael Minguet Delgado · Pexels Licence — source
