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Newsquawk Daily US Equity Opening News - AAPL cuts October iPhone 18 Pro component orders; SPCX agrees USD 8bln spectrum acquisition

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Explosions heard in Erbil, Iraq, Tasnim reports

UKMTO has received a report of an incident 13NM west of Al Jazeera, UAE. Incident was 9th October, 10:00UTC. Vessel has been struck by a projectile causing a fire that has since been extinguished

Newsquawk Daily US Equity Opening News - AAPL cuts October iPhone 18 Pro component orders; SPCX agrees USD 8bln spectrum acquisition

IRGC warns vessels violating restrictions will be pursued and punished beyond the Strait of Hormuz

FT writes that "The ECB will sit on the sidelines during France's debt sell-off"

On the Newsquawk feed at , 20 minutes before this page.

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  • EVENTS: President Trump will host Columbus Day celebration at 11:00EDT/16:00BST, and will swear-in the new Labor Secretary at 14:00EDT/19:00BST, and will visit NY to campaign on Friday.
  • DATA: In North America, US prelim University of Michigan consumer sentiment data for October is expected to see the headline slip to 47.6 (prev. 48.1), current conditions inch lower to 50.5 (prev. 50.9), and expectations ease to 45.9 (prev. 46.3); 1yr inflation expectations are seen rising to 4.7% Y/Y (prev. 4.6%), and 5-10yr to 3.5% (prev. 3.4%).
  • CENTRAL BANKS: Stateside, Fed’s Collins (2028 voter) will speak at the University of Michigan.
  • CRA: After the close, S&P may review the UK (AA).
  • ENERGY: Baker Hughes will report weekly rig count data (prev. oil 456, gas 133, total 598).

TECH

  • Apple (AAPL) - Has cut October component orders for its iPhone 18 Pro and Pro Max by 15-20% amid weaker-than-expected demand following price increases, with higher memory costs cited, Nikkei reports. Both models cost USD 100 more than their predecessors. Separately, Apple reportedly plans to unveil its first touch-screen MacBook Pro and an OLED iPad mini around 27th October 2026. The launch will also include M6-powered 14-inch MacBook Pro and iMac models. The touch-screen MacBook Pros will feature OLED displays and Dynamic Island, while the iPad mini will gain a landscape-positioned camera and revamped speakers. Elsewhere, Apple appointed Steve Smith as M&A chief, returning M&A to the finance division, and replacing Adrian Perica, who will continue overseeing iCloud, Fitness+ and News.
  • Nvidia (NVDA) - Plans to invest in AI server chip competitor d-Matrix, according to The Information. The investment forms part of Nvidia’s strategy to make its technology compatible with rival chip designers and integrate them into its hardware ecosystem. Terms were not disclosed.
  • SoftBank (SFTBY), OpenAI - SoftBank founder Masayoshi Son is seeking up to USD 100bln from Gulf investors, including the UAE, to establish a fund acquiring companies and improving their operations using AI, according to the FT. SoftBank has already invested USD 65bln in OpenAI. The fundraising remains uncertain amid concerns over SoftBank’s AI exposure and OpenAI’s delayed IPO.
  • Samsung Electronics (SSNLF) - Reportedly secured long-term trade agreements covering 75-80% of its memory supply volume for next year, according to Hankyung.
  • Lumentum (LITE) - CEO told Bloomberg that the Cos. optoelectronic products for AI infrastructure are effectively sold out through nearly 2029, driven by surging demand from technology Cos. He also highlighted strong global demand for AI infrastructure.
  • Xiaomi (XIACY) - Shares surged in Hong Kong trading after reporting over 70,000 orders for its new SkyNomad SUV within its first month. Goldman Sachs said the orders supported Xiaomi’s EV growth outlook.
  • Applied Materials (AMAT) - Partnered with UCLA Samueli School of Engineering, which will join its Silicon Valley-based EPIC Center as a research partner.

COMMUNICATIONS

  • Meta Platforms (META) - Banned ByteDance advertisements on Facebook and Instagram in the US, Canada, Egypt, Indonesia, Japan, Thailand and Vietnam, according to Bloomberg. Meta said it would not provide advertising services to a competitor seeking to draw users away from its platforms. The immediate ban also covers third-party advertising campaigns linking to TikTok and other ByteDance properties.
  • Disney (DIS), IMAX (IMAX) - Disney has held talks with Paramount (SKYD), Universal (CMCSA), Lionsgate (LION) and Sony (SONY) about using its Infinity Vision large-screen cinema brand, according to Bloomberg. The Imax rival covers around 5,500 qualifying screens worldwide, including formats operated by AMC (AMC) and Cinemark (CNK). Studios have shown initial interest.
  • Streaming Services - Streaming services including Netflix (NFLX), Tencent (TCEHY) and Disney (DIS)-Reliance’s JioHotstar will account for 50% of Asia’s USD 5.7bln sports broadcasting rights fees in 2026 (vs 36% in 2021), according to Media Partners Asia. The consultancy expects rights fees to grow 1-2% annually through 2030.
  • WPP (WPP) - Appointed Tyler Turnbull as CEO of WPP Creative, effective early 2027.
  • Netflix (NFLX) - Restructuring to impact roughly 5% of employees and could be announced as early as next week, Puck reports citing sources.

CONSUMER STAPLES

  • Coca-Cola (KO) - Again exploring a sale of Costa Coffee after abandoning an earlier process amid weak private-equity interest, according to Semafor. Coca-Cola bought the chain from Whitbread for USD 5.1bln in 2018 but has struggled to grow it. Costa has 2,700 UK and Ireland outlets and lost nearly GBP 20mln across 2023 and 2024.

CONSUMER DISCRETIONARY

  • Starbucks (SBUX), Chipotle (CMG) - Starbucks reiterated its focus on its Back to Starbucks strategy after reportedly exploring a potential Chipotle acquisition with advisers in recent months, WSJ reports.
  • United Auto Workers - UAW President Fain is poised to secure a second 4yr term, defeating challenger Rich Boyer. Vote counting remains ongoing, with most of Fain’s allies also expected to win. His re-election would see him lead negotiations with Ford (F), General Motors (GM) and Stellantis (STLA) ahead of their labour contracts expiring in 2028.
  • Mercedes-Benz (MBGYY) - RBC sees a reasonable possibility that Mercedes-Benz will issue a profit warning alongside its Q3 results and lower its FY guidance.
  • Gap (GAP) - Plans to rebuild its struggling Athleta brand following the departure of its chief executive Maggie Gauger to Lululemon (LULU), Bloomberg reports. Gap CEO Richard Dickson said the transition offers an opportunity to reposition the brand.

INDUSTRIALS

  • SpaceX (SPCX) - Agreed to acquire Grain Management’s nationwide 800 MHz spectrum portfolio for approximately USD 8bln in cash, according to the WSJ. The transaction requires FCC approval. The purchase would strengthen Starlink Mobile’s indoor coverage; the report said it moves Starlink closer to mounting a direct challenge to legacy wireless companies in the US, with shares of T-Mobile (TMUS), Verizon (VZ) and AT&T (T) dropping in US afterhours trade.
  • RTX (RTX) - Secured a 5yr Department of War contract worth up to USD 6.3bln, with two additional option years, for production and sustainment of Standard Missile-3 Block IB interceptors.
  • Delta Air Lines (DAL) Q3 2026 (USD): EPS 1.72 (exp. 1.76), Revenue 20.2bln (exp. 18.92bln). Guidance: Q4 EPS 1.15-1.65 (exp. 1.42), Cuts FY EPS to 5.10-5.60 (prev. 6.50-7.50, exp. 5.43), Cuts FY FCF to 2.5bln (prev. 3-4bln). CFO: Downgraded forecast was entirely due to the price of fuel being higher than what the market had expected in July, and that there was a reason to believe it would remain higher for longer for a period of time. Commentary: Said it was a challenging quarter due to 60% rise in fuel costs, but maintained overall profitability; prices will rise further in Q4. Q4 prices are going to be higher Q/Q.

ENERGY

  • Gulf of Mexico - Gulf of Mexico oil producers have shut 63% of production ahead of a hurricane, removing nearly 1.3mln BPD from the market, according to the Marine Minerals Administration.
  • Shell (SHEL) - Completed evacuations at its Appomattox, Mars, Ursa, Olympus and Vito facilities and confirmed production shut-ins as Hurricane Isaias approaches the Gulf of Mexico. The company continues to monitor the storm for potential impacts on its assets and operations.
  • BP (BP) - Evacuating personnel and shutting in production at its NA Kika and Thunder Horse platforms ahead of Hurricane Isaias; Shell (SHEL) has completed evacuations and confirmed production shut-ins at its Appomattox, Mars, Ursa, Olympus and Vito facilities.
  • Aussie LNG - Australia plans to introduce legislation next week requiring LNG producers to reserve up to 20% of output for domestic buyers, Bloomberg reports. The scheme will primarily affect Queensland projects operated by companies including Shell (SHEL), ConocoPhillips (COP), Santos (SSLZY) and Origin Energy (OGFGY). Licensing begins in January 2027, with supply obligations starting in 2028. Producers warn the measures could discourage investment.
  • Canada Pacific Link Pipeline - Cold Lake First Nations has filed for a federal court judicial review of the Canadian government’s decision to fast-track the Pacific Link oil pipeline, saying it failed in its constitutional duty to consult. The pipeline is expected to carry 1mln BPD from Hardisty in Alberta to a new port south of Vancouver.
  • Kinder Morgan (KMI) - Lifted force majeure on its Tennessee Gas Pipeline following repairs, restoring natgas shipments to Mexico. The disruption had threatened to reduce flows by up to 20%.
  • Diamondback Energy (FANG) - Disclosed Q3 average unhedged realised prices of USD 87.30/bbl for oil, USD 1.12/MCF for gas, and USD 20.02/barrel for NGLs. Hedged oil and gas prices averaged USD 85.89/bbl, and USD 0.90/MCF, respectively. The company anticipates USD 97mln in cash derivative losses, and USD 85mln in non-cash losses.
  • Weatherford (WFRD), Equinor (EQNR) - Weatherford secured a two-year extension of several strategic agreements with Equinor, and was selected as the primary provider of completion systems for the Statfjord and Oseberg licences on the Norwegian Continental Shelf.

MATERIALS

  • Glencore (GLNCY) - Expects upcoming Sydney listing to attract Australian pension fund investment and support its share price, BBG reports. CEO dismissed concerns that Cos. coal exposure would deter investors, citing changing attitudes towards fossil fuels.

UTILITIES

  • PG&E (PCG) - Warned of potential power shutoffs across seven northern California counties between Saturday and Monday as winds increase wildfire risks. It is monitoring weather conditions, and has not yet implemented any shutoffs.

FINANCIALS

  • American Express (AXP) - Consented on 8th October to Federal Reserve and OCC orders resolving reviews of its financial crimes compliance programme, with American Express National Bank paying a USD 350mln civil money penalty to the OCC. The orders impose no asset cap, and do not affect FY26 guidance, nor are related costs expected to affect FY27 guidance, AXP said in a filing.
  • KKR & Co. (KKR) - KKR-backed Refresco received investment bank pitches for a potential US or European IPO, valuing the beverage manufacturer above USD 10bln, according to Reuters. KKR acquired Refresco for approximately USD 8bln in 2022, and Refresco generated nearly USD 7bln in revenue with around USD 930mln in adj. EBITDA in 2025.
  • Guggenheim Partners - Guggenheim Partners’ four largest mutual funds saw USD 2.4bln of outflows in September (vs USD 647mln in August), amid federal investigations into CEO Mark Walter’s business dealings, Bloomberg reports.

HEALTHCARE

  • Eli Lilly (LLY) - Announced new exploratory data from the TOGETHER-PsO Phase 3b clinical trial evaluating the concomitant use of Taltz and Zepbound in adults with psoriasis and obesity.
  • Humana (HUM) - Affirms FY26 adj. EPS guidance of at least USD 9.00.
  • CMS Star Ratings - CMS said that around 71% of Medicare Advantage prescription drug plan enrollees are in contracts that will be rated four stars or higher in 2027. Oppenheimer said about 95% of Humana (HUM) members were in such plans, while UnitedHealth and CVS average ratings fell 15%. Humana shares rose about 13% after hours, while CVS (CVS) and UnitedHealth (UNH) both fell, but pared losses.
  • TRex Bio (TRXB), Eli Lilly (LLY) - Eli Lilly-backed TRex Bio raised USD 116.7mln in a US IPO, pricing 8.3mln shares at USD 14/shr, the bottom of its indicative range. The offering valued TRex at USD 384mln.
  • Guardant Health (GH), AstraZeneca (AZN) - Guardant Health’s Guardant360 CDx received European CE marking as a companion diagnostic for AstraZeneca’s ETCAMAH in patients with oestrogen receptor-positive, HER2-negative locally advanced or metastatic breast cancer.
  • Roche (RHHBY) - Announced US FDA approval of Tecentriq and Tecentriq Hybreza in combination with a fluoropyrimidine and oxaliplatin for the adjuvant treatment of stage 3 dMMR colon cancer.
  • Johnson & Johnson (JNJ) - Said 2-year ICOTYDE data in moderate-to-severe plaque psoriasis showed sustained efficacy through week 112.

GEOPOLITICS

  • US-Iran - President Trump said the US would not attack Iran before the midterm elections (on 3rd November). His announcement marked a reversal from Wednesday, when Trump opposed an Iran deal and was reportedly considering pre-election strikes.

TRADE

  • US Tariffs - A US trade judge granted class action status to importers seeking refunds for President Trump’s tariffs struck down by the Supreme Court. Customs has already refunded almost USD 130bln of more than USD 166bln collected. The ruling could extend repayments to tens of thousands of importers who have not yet filed claims, with additional interest potentially reaching billions, Bloomberg said.
  • APEC Finance Ministers - US Treasury Secretary Bessent may skip the Apec finance ministers’ meeting in Hong Kong between 20-21st October, to prepare for President Trump’s November visit to Shenzhen, according to SCMP. Bessent is expected to meet Chinese Vice-Premier He Lifeng ahead of Trump’s talks with China President Xi on extending the bilateral trade truce.

MACRO

  • US Fiscal - CBO director Swagel warned that economic growth alone is unlikely to stabilise US federal debt. He said sustained nominal GDP growth of 7-8% would be required to stabilise the debt ratio, while the structural deficit stands at 6% of GDP. His comments come as Treasury Secretary Bessent advocates for a growth-led debt reduction approach.
  • Fed Call - Goldman Sachs continues to expect one further 25bps Fed hike in December. Chief economist Jan Hatzius said that Governor Waller’s hawkish speech, suggesting two further rate hikes could be appropriate, and has reduced the probability of the Fed skipping a December hike.
  • Japan - Japan is restarting its DOGE-style spending review, scrutinising 201 government funds holding around JPY 7tln and subsidies to finance PM Takaichi’s pledges, according to Reuters. Takaichi said strengthening economic competitiveness would support confidence in the yen. The government plans to cut consumption tax on food from April 2027 while addressing defence spending demands. Takaichi has also pledged to cap new debt issuance at around JPY 40tln. The Japanese parliament is preparing to debate a temporary sales tax cut on food and non-alcoholic beverages, which could reduce annual tax revenues by over JPY 4tln, which some analysts say will pressure the yen.
  • UK By-Election - Labour won the Holborn and St Pancras by-election, a seat Labour has held the since 1983, and was former PM Starmer’s seat which was vacated after his departure. Camden Council leader Sagal Abdi-Wali secured 45% (12,292 votes) vs Green leader Zack Polanski’s 8,928; Polanski said he would remain leader of the Greens amid criticism over his response to a conference Zionism motion. Bloomberg said the Labour win is likely to be taken as a sign that PM Burnham is re-energising the progressive voter base that splintered under former PM Starmer.

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