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

1352 ET - United Airlines CFO Mike Leskinen says premium is the priority across the travel industry. He says at a Morgan Stanley conference that hotels, cruise lines and car service providers are all jumping on the premium trend that started with airlines increasing their higher-class seating capacity. Premium has higher margins for the companies, and it plays on consumers' increasing interest in experiences, Leskinen says. He believes travelers now prioritize experiences over products, so they are willing to pay more. (katherine.hamilton@wsj.com)

1350 ET - United Airlines says its customers have remained resilient despite higher fare prices. United flyers have disposable income and want to spend on experiences, even as prices rise due to higher fuel costs, CFO Mike Leskinen says during a Morgan Stanley conference. Demand has stayed strong in 3Q and bookings are strong for 4Q, though there is a little weakness among lower-income consumers, Leskinen says. "If you squint at some of the lower-priced tickets, you might be able to find something there," he says, but Premium tickets are "humming along very nicely." (katherine.hamilton@wsj.com)

1347 ET - United Airlines plans to continue cutting marginal routes as fuel costs remain elevated, CFO Mike Leskinen says during a Morgan Stanley conference. The airline has already cut some of those routes as the war in Iran has driven up fuel costs, he says. In 4Q, there will be some flights in December that won't fly that United originally thought would, Leskinen says. If fuel costs remain high, United plans to make more adjustments in 1Q and beyond in 2027. "We are not flying to maximize market share. We're flying to maximize profitability and free cash generation," Leskinen says. (katherine.hamilton@wsj.com)

1346 ET - The toy industry is having a very strong year, Mattel CEO Ynon Kreiz says at the Goldman Sachs Global Consumer and Retail Conference. Industry-wide sales are up double digits, driven by strength across games, trading cards, action figures, vehicles and building sets, Kreiz says, citing Circana data. "Even when you take out trading cards, which benefited from the World Cup, toys as a category remains a very strong driver," he adds. Mattel is benefiting from both higher volumes and prices, resulting in quarter-to-date growth, according to Kreiz. "We are very confident about the continued growth and expect to achieve our full-year guidance in this environment," he concludes. (connor.hart@wsj.com)

1320 ET - Anthony Moisant, chief information and security officer at Indeed, says humans still need to be in the loop when it comes to AI. Companies need to have people as part of the process when making consequential decisions around AI systems, because if left unchecked, those decisions can create unintended downstream effects, Moisant said at the WSJ Technology Council Summit. In Indeed's case, an example of an unintended downstream effect would be a decision that inadvertently closes a door for a job seeker: "Preventing somebody from getting a job because we made a bad experimentation decision would be pretty horrendous," Moisant says. The key to avoiding such a case, he continues, is education. "We've got to have the guard-rails in place. We've got to have that rigor around cost transparency, around security, around privacy, around education." (connor.hart@wsj.com)

1316 ET - A cybersecurity workflow that would have taken months in the days before AI can now be executed within five to eight minutes using AI agents, Galina Antova, CEO of cybersecurity firm Kai, said at The WSJ Technology Council Summit. "So when the attackers are executing at machine speed, defense can do that at the same time," Antova said. Of course, most large enterprises have to incrementally revamp their cybersecurity stacks over time to arrive at an end-to-end, AI-powered cybersecurity solution. "You're flying the plane as you're rebuilding it," she said. "But the horizon is few months. The horizon is not three years, because we don't have that kind of time." (elias.schisgall@wsj.com)

1240 ET - The SEC isn't shying away from crypto regulation, even after the failure of a key bill that would have set the first comprehensive regulatory framework for digital assets. "With or without legislation, we will act decisively within the SEC's statutory authority to deliver certainty for American investors and for the entrepreneurs shaping our technological future," SEC Chair Paul Atkins says in a post to X. The Clarity Act, which would have helped usher digital assets into the mainstream financial system, fell short of the votes required to advance in Congress in a Tuesday vote. (kelly.cloonan@wsj.com)

1200 ET - Union Pacific is set up for a strong 2027, UBS analysts write in a note, upgrading the stock to buy. Their analysis suggests 3.5% volume growth in 2027, including 6% to 7% intermodal volume growth. Signals from the trucking business also indicate a pricing tailwind next year. And though their model doesn't reflect the proposed merger with Norfolk Southern, whose outcome is uncertain, they see the deal as adding optionality for the stock. "We see multiple potential drivers of EPS growth and stock price appreciation in 2027 including volume growth, stronger pricing, and potential favorable developments in the merger regulatory review process," the analysts write. Shares are up 0.6%. (elias.schisgall@wsj.com)

1100 ET - Athabasca Oil's shares have enjoyed a strong run up this year, but BMO's Tariq Saad says that its premium valuation could limit the shares, downgrading the stock rating to market perform from market outperform. The analyst downgradedshares, saying they are "now within the 10% threshold of our target price." Shares fall 4.5% to C$10.94, which is 56% higher year-to-date. Still, Saad says that Athabasca has one of the strongest growth trajectories among its peer group. In the near-term, he thinks "ATH's premium valuation could limit further share price outperformance." (adriano.marchese@wsj.com)

1057 ET - Dollarama's domestic Canadian market remains a stable growth engine for the business while its international units develop, according to TD Cowen's Brian Morrison. The analyst says that for the rest of the business, "Dollarcity is in growth mode, Mexico drag [is expected] to ease as initial start-up investments anniversary, and Australia transformation is on track." He thinks peak expansion losses should moderate in F2028. "At current levels, we believe little value is being ascribed to Mexico and Australia despite representing the next key catalysts. We view the recent pullback as a buying opportunity." Dollarama is up 3% to C$170.26. (adriano.marchese@wsj.com)

1050 ET - Investors are primarily looking for three things out of AutoZone's upcoming earnings report, Morgan Stanley analysts say in a research note. First, they want to see comparable sales growth of 2.5% or higher, which would support confidence in the company's top-line stabilization. Investors will also want to see expense growth at the low-end of the company's recent rate, and clearer productivity gains from newer stores and investments, the analysts say. All of these metrics appear to be achievable, meaning a re-rating could be forthcoming, they add. The Morgan Stanley note echoes the view of UBS analysts, who a day earlier said AutoZone's upcoming earnings readout could mark an inflection point for the stock. (connor.hart@wsj.com)

1045 ET - Qatar leads most major Gulf stocks lower, with the QE Index falling 1.4%, while Abu Dhabi's benchmark index declines 0.2% and the Dubai Financial Market General Index bucks the trend, rising 0.7%. The divergence across Gulf equities largely reflects sector composition, positioning and market-specific exposures, says Mazen Abou Ismail, head of trading desk at FFA Private Bank Dubai. Qatar's financial-heavy market makes it particularly sensitive to pressure on banks and broader geopolitical risk, while Dubai is benefiting from more diversified corporate exposure. Abu Dhabi remains relatively defensive, though its banks are facing some pressure, he says.