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Schwab Network’s 23 October 2026 transcript reports declines in Moderna, Deckers and Norwegian Cruise Line shares. Moderna faced pressure following leaked cancer-trial information, despite reported clinical benefits. Deckers posted record quarterly sales and an earnings beat, but reduced its sales outlook. JPMorgan Chase downgraded Norwegian ahead of earnings, citing concerns about 2027 demand and costs. Speakers attributed the moves to elevated expectations, softer growth prospects and travel uncertainty. The excerpt contains no explicit trade proposal or update on an earlier trade.