Daily US Equity Opening News - TSLA falls after earnings; TSLA & SPCX said to target H1 2027 merger; META rises on beat/outlook; IBM falls despite beat; SAP GY rises on cloud growth

• DATA: In Europe, Eurozone flash consumer confidence (prev. -16.5), UK CBI industrial trends orders (prev. -9). In North America, weekly US initial jobless claims (exp. 200K, prev. 199K) and continuing claims (exp. 1.72mln, prev. 1.71mln), Kansas Fed manufacturing (prev. 20) and composite indices (prev. 14), and the Conference Board leading index (prev. -0.1% M/M); In Canada, PPI is set to be released (prev. 13.5% Y/Y).
• CENTRAL BANKS: CBRT expected to cut its benchmark rate to 36% (prev. 37%). Riksbank’s Jansson speaks on monetary policy; Norges Bank’s Bech joins a policy panel and Bache gives an interview.
• SUPPLY: US auctions USD 26bln of 5-year TIPS. UK sells GBP 1bln of 2031 linkers.
• ENERGY: Weekly EIA weekly natural gas storage data (prev. 67bcf).
• EARNINGS: Notable earnings due today include: Procter & Gamble (PG), Union Pacific (UNP), Blackstone (BX), Western Digital (WDC), Valero (VLO), Lockheed Martin (LMT), Newmont (NEM), Spotify (SPOT), Comcast (CMCSA), Norfolk Southern (NSC), Bloom Energy (BE), Honeywell (HON), Nasdaq (NDAQ), CBRE (CBRE), Roper (ROP), Hartford (HIG), Huntington (HBAN), PG&E (PCG), VeriSign (VRSN), Quest Diagnostics (DGX), Dover (DOV), Dow (DOW), PulteGroup (PHM), Snap-on (SNA), Tractor Supply (TSCO), Deckers (DECK), American Airlines (AAL).

• Apple (AAPL) - US President Trump said Apple is committing up to USD 100mln to purchase Pennsylvania titanium for its new iPhone, as part of efforts to boost domestic manufacturing. Trump highlighted the investment’s potential benefits for Pennsylvania’s economy and jobs, particularly in the state’s 14th Congressional District.
• Nvidia (NVDA), Tesla (TSLA) - Tesla and Nvidia plan to invest KRW 1.1tln and KRW 2.6tln, respectively, in Samsung Electro-Mechanics’ advanced FC-BGA chip-substrate production facilities, according to Maeil Business. Tesla’s investment supports autonomous vehicles and Optimus robots, with mass production starting in H2 2028 and supplies scheduled for 2029-2033. Nvidia’s investment targets AI-chip and data centre substrates.
• SAP (SAP GY) - SAP US-listed shares rose 2% in extended trading after it reported results, where cloud revenue and backlog growth beat expectations, while quarterly revenue and operating profit also topped forecasts, and the company guided cloud revenue towards the upper end of its FY range. Q3 adj. operating profit EUR 3.0bln (exp. 2.93bln), Q3 revenue EUR 10.3bln (exp. 10.1bln). Cloud revenue +26% Y/Y to EUR 6.668bln, Cloud ERP Suite revenue +29% to EUR 5.924bln, current cloud backlog +28% to EUR 24.144bln and cloud and software revenue +15% to EUR 9.249bln. Operating profit +18% Y/Y to EUR 2.930bln. Q3 EPS was 1.89 (vs 1.59 Y/Y). CEO Klein said adoption of SAP’s Autonomous Enterprise strategy is accelerating as customers invest across cloud, data and Business AI. Sees FY26 adj. operating profit between EUR 11.8-12.2bln (exp. 11.7bln), cloud revenue towards the upper end of its EUR 25.8-26.2bln guidance range, cloud and software revenue towards the upper end of EUR 36.3-36.8bln, and constant-currency total revenue growth at a similar level to FY25’s 10.6%.
• International Business Machines (IBM) - IBM shares fell 5% in extended US trading despite an earnings and revenue beat, as consulting revenue missed expectations and the company only reaffirmed its FY revenue growth outlook, partially offsetting stronger software performance and a higher software growth forecast. Q3 adj. EPS 2.95 (exp. 2.86), Q3 revenue USD 17.1bln (exp. 16.81bln). Software revenue USD 7.80bln (exp. 7.64bln), while Consulting revenue USD 5.34bln (exp. 5.39bln). AI represented approximately 30% of Q3 revenue, and 35% of backlog. CEO Krishna said disciplined execution drove accelerating revenue growth and strong free cash flow, with clients increasingly deploying Super Intelligence across broader operating models. Sees FY26 constant-currency revenue growth between 4-5% (exp. 4.1%), with currency expected to be neutral to growth. Sees FY26 Software growth between 7-8%, with approximately 7% as the revised base case, including double-digit Hybrid Cloud growth, mid-teens Data growth and low-single-digit Automation growth. Maintains FY26 operating pre-tax margin expansion view of 100bps, and raises FY26 free cash flow outlook to growth of more than USD 1bln Y/Y.
• Texas Instruments (TXN) - Texas Instruments shares were little changed in extended US trading after strong quarterly results and an upbeat Q4 outlook were offset by plans for higher capacity spending, and supply constraints tied to chipmaking equipment. Q3 EPS 2.62 (exp. 2.42), Q3 revenue USD 6.06bln (exp. 5.92bln). Analog revenue USD 4.91bln (exp. 4.73bln), operating profit USD 2.87bln (exp. 2.61bln), free cash flow USD 2.96bln (exp. 2.25bln); capex was USD 463mln (exp. 650.6mln). GM improved to 64.2% (vs 57.4% Y/Y), and operating margin rose to 47.5% (vs 35.1%). Exec said sales saw broad growth across industrial, automotive and data centre markets. CEO Ilan said trailing 12-month operating cash flow of USD 9.9bln and free cash flow of USD 8.4bln reflected the strength of the business model, product portfolio and 300mm manufacturing. Sees Q4 revenue between USD 5.8-6.3bln (exp. 5.75bln) and Q4 EPS between 2.45-2.79 (exp. 2.30).
• Lam Research (LRCX) - Q1 adj. EPS 2.20 (exp. 2.18), Q1 revenue USD 8.22bln (exp. 8.13bln). CEO said AI-driven semiconductor demand and increasing device complexity helped Lam deliver record revenue, profit and EPS, while strategic investments in technology inflections and manufacturing capacity are strengthening its ability to outgrow the wafer fabrication equipment market. Sees Q2 adj. EPS between 2.18-2.48 (exp. 2.31), and Q2 revenue between USD 8.2-9.0bln (exp. 8.533bln).
• Micron (MU) - Micron announced a new quarterly profit-linked bonus scheme for employees worldwide in response to demands from Taiwanese unions for profit-sharing.
• Nokia (NOK) - Q3 adj. operating profit EUR 605mln (exp. 454mln), Q3 revenue EUR 5.15bln (exp. 5.06bln). Adj. EPS was 0.09 (vs 0.06 Y/Y). Net sales +9% Y/Y at constant currencies, and +10% reported, while comparable operating margin improved 220bps. Sales to AI & Cloud customers +123% Y/Y; order intake +118%, supported by strong demand for data centre networking equipment. CEO said Nokia continues to execute against its strategy, with AI infrastructure becoming an increasingly important growth driver. Sees Q4 net sales growth between 20-24% Q/Q, and expects a typically strong sequential increase in operating profit, supporting FY26 operating profit above the midpoint of its outlook. Maintains FY26 adj. operating profit between EUR 2.1-2.6bln (exp. 2.36bln).
• DeepSeek - DeepSeek raised approximately CNY 100bln in a funding round backed by major investors Tencent (TCEHY) and Contemporary Amperex Technology (CYATY), according to Bloomberg. The Chinese AI company increased its fundraising target twice as it prepares for an IPO, and is expanding investment in AI data centres and open-source models as it competes with OpenAI and Anthropic.
• Huawei - Huawei secured a seven-year offshore loan of CNY 15bln from six Chinese banks, its first offshore syndicated borrowing since 2020, and comes amid rising AI chip spending; its H1 research expenditure reached CNY 121bln, and it had a negative cash flow of CNY 39.9bln.
• Palantir (PLTR) - Palantir announced delivery of sovereign AI outcomes to flagship customers including L3Harris (LHX), McCarthy Building Companies, Nvidia (NVDA), Ondas, Regna AI and Tampa General Hospital. The announcement follows last month’s update on Palantir’s Foundry, Ontology and AIP platforms accelerating Nvidia’s supply chain and wafer-to-first-token process.
• CACI International (CACI) - Q1 adj. EPS 7.66 (exp. 6.60), Q1 revenue USD 2.5bln (exp. 2.51bln). Book-to-bill was 2.0x, with another quarter of double-digit funded backlog growth. Raises FY27 adj. EPS view to between 33.18-34.08 (exp. 33.55; prev. saw 32.96-33.86), and raises FY27 revenue view to between USD 10.7-10.9bln (exp. 10.77bln; prev. saw 10.65-10.85bln); backed guidance for other financial metrics.
• BE Semiconductor (BESI NA) - Q3 revenue, orders and gross margins were above expectations; expects Q4 revenue to be flat to within +/-5% of Q3 levels, and announced a EUR 100mln share buyback programme.

• Meta Platforms (META) - Meta shares rose 1.5% in extended US trading after Q3 revenue beat expectations and Q4 guidance was stronger than forecast, supported by continued AI momentum; although heavy capital spending and large legal costs remained in focus. Q3 EPS 3.83 (exp. 6.67), Q3 revenue USD 64.6bln (exp. 63.31bln). Results included a USD 9.89bln charge related to the teen mental health litigation settlement; excluding the charge, EPS would have been 7.40 and operating income USD 22.88bln. Family of Apps revenue USD 64.16bln (exp. 62.75bln), Family of Apps operating income USD 17.12bln (exp. 23.3bln). Advertising revenue USD 63.06bln (exp. 61.85bln). Reality Labs revenue USD 443mln (exp. 517.7mln), and operating loss USD 4.13bln (exp. 5.13bln). Family daily active people +3% Y/Y to 3.64bln, ad impressions +10% and average price per ad +14%. Sees Q4 revenue between USD 73-76bln (exp. 73.57bln), and FY26 capex between USD 135-145bln (prev. saw 130-145bln). Separately, Meta agreed a deal allowing CEO Mark Zuckerberg to sell up to half his stake without losing voting control in exchange for remaining in California for eight years, according to the FT; the agreement follows a proposed one-off 5% wealth tax on residents worth over USD 1bln. Meta will create non-voting shares to support AI funding, and announced new non-voting Class C shares to be distributed one-for-one to Class A and B holders.
• Comcast (CMCSA) - Comcast plans significant job cuts as part of a broader restructuring of its cable TV, broadband and wireless businesses, according to Bloomberg. The overhaul aims to strengthen the company’s position as an independent entity following the planned spinoff of its NBCUniversal businesses in 2027.

• Tesla (TSLA) - Tesla shares fell 4.3% in extended trading as a cautious outlook for Optimus, delayed robotaxi revenue, and high expected chipmaking costs overshadowed its quarterly earnings and revenue beat. Q3 adj. EPS 0.48 (exp. 0.45), Q3 revenue USD 28.0bln (exp. 28.1bln). Gross margin was 19.6% (exp. 17.8%), automotive revenue USD 20.56bln (exp. 19.83bln), services and other revenue USD 4.61bln (exp. 4.3bln), energy generation and storage revenue USD 2.88bln (exp. 3.91bln) and operating income USD 718mln (exp. 599.3mln). Active FSD subscriptions reached 1.74mln (exp. 1.57mln), while free cash flow was USD 1.53bln (exp. -4.99bln). Tesla achieved a second consecutive quarter of trailing 12-month revenue above USD 100bln. Management said rising data centre demand should continue supporting energy storage demand, with Tesla Semi production under way in Nevada and Optimus production started in Fremont; it also plans to reach 400MW of SI training compute by year-end. Lowers FY26 capex to approximately USD 20bln (prev. saw 25bln). On call, CEO Musk said early Optimus production has begun in Fremont but reaching an annualised production rate of roughly 20,000 units per week would take at least a year, potentially longer, with further work still required on design, reliability and AI; Tesla also needs roughly 10,000-20,000 robots to generate sufficient training data. On robotaxis, Tesla said the first customer vehicles are not expected to join the robotaxi fleet until around Q2 2027, although autonomous miles are currently scaling rapidly.
• Tesla (TSLA), SpaceX (SPCX) - SpaceX and Tesla are reportedly pursuing a merger deal by H1 2027, according to Bloomberg. The combined company would have an implied market value of approximately USD 3.7tln, with the transaction reportedly intended to close before the end of US President Trump’s term.
• European Car Sales - European car registrations rose 10% Y/Y to 1.36mln in September, an eighth consecutive monthly gain. Electric and plug-in hybrid vehicles accounted for 43% of registrations (prev. 32%). Chinese brands more than doubled registrations this year, while Tesla (TSLA) deliveries rose 73% and Chery’s nearly tripled in September, lifting its market share to 3.9%.
• Alibaba (BABA) - Overnight, Alibaba shares saw its steepest decline in two months after Chinese regulators summoned major e-commerce platforms over product quality, according to Bloomberg. JD.com (JD), PDD Holdings (PDD), Xiaohongshu, Kuaishou, ByteDance and Vipshop also attended the meeting. The Hang Seng Tech Index dropped up to 5.2%, amid AI spending concerns and an offshore-trust tax deadline.
• Hermes (HESAY) - Q3 revenue EUR 4.1bln, +4% at constant exchange rates. By region, sales were +2% in Asia excluding Japan, +11% in Japan, +13% in the Americas, +9% in Europe ex-France, +2% in France and -4% in other markets. By sector, Leather Goods and Saddlery +10%, Silk and Textiles +7%, Ready-to-wear and Accessories +1%, Other Hermes sectors +3%, while Perfume and Beauty -1% and Watches -2%. Management said Greater China was stable in a more difficult environment, while growth remained stronger in the Americas, Japan and Europe excluding France. Maintains its ambitious objective for revenue growth at constant exchange rates despite continued economic, geopolitical and monetary uncertainties.
• Packaging Corporation of America (PKG) - Q3 adj. EPS 3.04 (exp. 2.92), Q3 revenue USD 2.6bln (exp. 2.63bln). CEO Mark Kowlzan said strong operational execution supported earnings despite higher freight, recycled fibre and chemical costs and some weakness in agricultural end markets. Sees Q4 corrugated products demand remaining solid with seasonal improvement, shipments per day around prior-year levels and total shipments above Q3 despite two fewer shipping days. Paper volumes are expected to decline seasonally, with slightly higher prices, while freight costs are expected to increase as diesel prices rise. Sees Q4 adj. EPS 2.81 (exp. 2.76).
• Las Vegas Sands (LVS) - Q3 adj. EPS 0.54 (exp. 0.68), Q3 revenue USD 3.22bln (exp. 3.33bln). The company repurchased USD 950mln of common stock during the quarter. CEO said Marina Bay Sands delivered solid financial performance, with the ongoing Singapore expansion expected to increase suite capacity and entertainment offerings, including a new arena. In Macao, continued investment in service and hospitality contributed to Y/Y volume growth across all gaming segments. Management remains confident in its long-term strategy in Singapore and Macao and said its balance sheet and cash flow provide capacity to support continued investment and shareholder returns.
• Rollins (ROL) - Q3 adj. EPS 0.34 (exp. 0.34), Q3 revenue USD 1.1bln (exp. 1.11bln). CEO said Q3 performance was disappointing, with the company acting to address challenges in customer acquisition while adapting to a changing marketing environment. Residential customer acquisition remained under pressure, and management is reallocating resources away from the traditional digital playbook towards channels and capabilities generating higher returns, including AI- and LLM-driven discovery.
• Sonoco Products (SON) - Q3 adj. EPS 1.67 (exp. 1.79), Q3 revenue USD 2.0bln (exp. 2.08bln). CEO Howard Coker said drought conditions in parts of Europe and the US reduced crop yields and pressured food can demand, while inflation in raw materials, freight, energy and other operating costs exceeded expectations; productivity initiatives and cost control mitigated part of the impact. Cuts FY26 adj. EPS view to between 5.30-5.50 (exp. 5.73; prev. saw 5.80-6.20), and cuts FY26 revenue view to between USD 7.2-7.4bln (exp. 7.43bln; prev. saw 7.25-7.75bln). Management is implementing a Profitability Performance Plan focused on further cost reductions, productivity improvements and offsetting inflationary pressures.
• Mattel (MAT) - Mattel signed a cooperation agreement with EdgePoint Investment Group, an approximately 18% shareholder, appointing partner Lee Matheson to its board. Separately, Southeastern Asset Management is considering nominating directors in a potential proxy fight to push Mattel towards a sale, according to Semafor.

• Nestle (NSRGY) - Q3 organic sales growth 4.0% (exp. 3.4%), Q3 revenue CHF 22.76bln (exp. 22.49bln). Q3 real internal growth was 2.8%, with pricing +1.1%. Organic growth was led by Waters & Premium Beverages +12.3%, Asia, Oceania and Africa +6.4% and the Americas +3.3%, while Europe remained subdued at +1.2%. 9M sales were CHF 65.87bln, little changed Y/Y, with organic growth +3.7% and real internal growth +1.9%. Management said demand improved across pet food, snacks and coffee, with emerging markets contributing to stronger momentum. Reaffirms its FY26 organic sales growth between 3-4%, with real internal growth expected to accelerate.
• Puig (PUGBY) - Q3 revenue of EUR 1.39bln (prev. 1.30bln), with LFL growth of 5.6%; 9M revenue reached EUR 3.74bln (prev. 3.60bln), with 4.8% LFL growth. Q3 makeup sales +16.1% LFL, while fragrance and fashion +3.9%. Double-digit growth was seen in APAC; affirmed guidance.

• Eurozone Financials - The EU reached a provisional agreement to overhaul securitisation rules, potentially freeing billions of EURs for lending, according to Bloomberg. The reforms would reduce banks’ capital requirements for low-risk transactions and administrative burdens, supporting lending to households, businesses and infrastructure, including defence and climate resilience projects. The framework still requires formal approval.
• Barclays (BCS) - Q3 EPS GBP 0.123 (vs 0.104 Y/Y), Q3 revenue GBP 7.37bln (vs 7.17bln Y/Y). Total income was GBP 7.36bln (vs GBP 7.16bln Y/Y), net interest income GBP 2.07bln (vs GBP 1.96bln Y/Y), and CET1 ratio 14.2% (vs 14.3% Y/Y). Announced a GBP 500mln share buyback, and said it remains on track to achieve its 2026 and 2028 targets. Investment bank income was GBP 3.1bln (exp. 3.3bln), equities revenue +47% Y/Y, fixed income trading revenue -19%. Elsewhere, it said it is cutting 5,000 jobs as part of efforts to reduce costs, with AI beginning to deliver operational efficiencies.
• London Stock Exchange (LSEGY) - LSEG agreed to acquire credit intelligence provider Octus from Permira for USD 3.5bln in cash. The deal is expected to close in H1 2027, generate over USD 300mln in 2026 revenue and be earnings-neutral initially, becoming accretive thereafter.
• BlackRock (BLK) - BlackRock’s HPS Investment Partners agreed to invest up to USD 434.6mln in SBTH Asia Holdings, a holding company of TBS Energi Utama, according to Bloomberg. The investment, via preference shares, will fund expansion of waste management operations across Asia. The transaction remains subject to TBS shareholder approval.
• Robinhood (HOOD) - Robinhood plans to launch its retail investing platform in the Middle East in 2027, based in Dubai. The company received regulatory approval to offer trading and custody services across 10 asset classes, including equities, cryptocurrencies, ETFs and investment tokens.
• Westpac (WBKCY) - Westpac is cutting another 140 roles after announcing 102 reductions a fortnight ago. The cuts come amid Australia’s weak housing market and increasing AI adoption.

• Aramco - Saudi Aramco CEO expects oil demand to increase by 3mln barrels per day once the Middle East conflict ends. He said oil prices could have risen further during the crisis, but the East-West Pipeline helped mitigate upward price pressure.
• Kinder Morgan (KMI) - Kinder Morgan shares rose 1.5% after quarterly earnings and revenue beat expectations, supported by higher natural gas volumes, stronger cash generation and a record project backlog, despite FY earnings guidance remaining below consensus. Q3 adj. EPS 0.35 (exp. 0.32), Q3 revenue USD 4.531bln (exp. 4.38bln). The company added USD 5.4bln of expansion projects during the quarter, taking its expansion project backlog to USD 14.4bln at quarter-end. Chairman Kinder said performance remained supported by a strategically located asset base and long-term, fee-based contracts with financially strong customers, providing stable and predictable cash flows. Declared dividends of 1.19/shr. Year-end net debt-to-adj. EBITDA of 3.6x versus a 3.8x budget. Management currently expects FY26 adj. EBITDA to be more than 6% above budget and adj. EPS to be more than 13% above budget; sees FY26 adj. EPS 1.36 (exp. 1.56), adj. EBITDA at USD 8.6bln. Elsewhere, Kinder Morgan approved USD 4.7bln in investments across two US gas pipeline projects amid rising power, data centre and LNG demand; it will invest USD 3.1bln in Southeast Connector and USD 1.6bln in Permian Link, lifting its project backlog to USD 14.4bln. Q3 adj. EPS reached USD 0.35 (exp. 0.32).
• Santos (SSLZY) - Q3 production 26.3mmboe, +14% Q/Q, reaching a quarterly record as the Barossa gas project ramped up and Pikka in Alaska contributed following first oil in August. Sales revenue +25% Y/Y, supported by realised LNG prices rising almost 50%. CEO said further growth is expected in Q4 as Barossa improves reliability and Pikka contributes for a full quarter. Pikka production was temporarily constrained on two occasions and will be curtailed briefly to enable water injection. Narrows FY26 production guidance to between 99-102mmboe.

• RTX (RTX) - RTX received a two-year Missile Defence Agency contract extension, raising the ceiling to USD 3bln (prev. 2.61bln). Raytheon will continue operations and sustainment support for Army Navy/Transportable Radar Surveillance and Control Model 2 systems through 31st October 2028. The modification includes USD 112.31mln in FY27 funding obligated at award.
• CSX (CSX) - Q3 adj. EPS 0.44 (exp. 0.53), Q3 revenue USD 4.02bln (exp. 3.96bln). Total volume +5% Y/Y to 1.69mln units. CEO said disciplined execution enabled CSX to move more freight for more customers while maintaining safety and service standards, adding that the company is positioned to make further progress towards best-in-class performance in 2027.
• Southwest Airlines (LUV) - Q3 adj. EPS 0.66 (exp. 0.58), Q3 revenue USD 8.4bln (exp. 8.24bln). CEO said demand remained strong as the company lapped last year’s bag fee and other commercial initiatives, while customer response to the enhanced offering supported confidence in the durability of earnings despite higher fuel costs. Management said the transformation is complete, and focus has shifted to optimisation and further customer experience improvements, with robust demand continuing into Q4. Sees Q4 ASMs +3-4% Y/Y, RASM +19-21% and CASM-x +4-4.5%. Sees Q1 adj. EPS between 0.55-0.80 (exp. 0.86) and FY26 adj. EPS between 2.60-2.85 (exp. 2.81).
• Waste Connections (WCN) - Q3 EPS 1.58 (exp. 1.52), Q3 revenue USD 2.64bln (exp. 2.61bln). Solid waste unit volumes improved 70bps sequentially, led by stronger landfill volumes, while adj. EBITDA margin was 34% with underlying margin expansion of 50bps, despite higher diesel prices late in the quarter. Raises quarterly dividend 10% to 0.385/shr; raises FY26 revenue view to USD 10.09bln (exp. 10.05bln; prev. saw 10.02-10.05bln), sees FY26 adj. EBITDA around USD 3.345bln, capex around USD 1.25bln and adj. free cash flow of at least USD 1.4bln.
• Sandvik (SDVKY) - Q3 revenue SEK 37.7bln (exp. 36.8bln), orders SEK 36.9bln (exp. 36.9bln); said demand remained strong for equipment and aftermarket services, with positive infrastructure demand driven by demolition and recycling; mining demand remained solid, although organic orders declined Y/Y due to tough comparables; long-term targets were reaffirmed.

• Mercer International (MERC) - Mercer is considering a Chapter 11 bankruptcy filing in the coming weeks, according to Bloomberg. Creditors are expected to take control if it files, with Redwood Capital Management among its largest bondholders. The Canadian pulp producer had USD 1.3bln in long-term debt as of June, amid rising fibre and energy costs and persistent cash burn.
• Reliance (RS) - Q3 adj. EPS 8.02 (exp. 6.66), Q3 revenue USD 5.21bln (exp. 4.66bln). Management expects healthy demand across key products and end markets in Q4 despite trade-policy uncertainty and geopolitical risks. Sees Q4 adj. EPS between 7.40-7.60 (exp. 5.94), including 0.70 per share from US border wall project shipments and USD 112.5mln of LIFO expense (1.64 per diluted share). Excluding the border wall project, sees Q4 tons sold +4-6% Y/Y and -5.5% to -7.5% Q/Q; including an estimated 9.5% Y/Y contribution from the project, sees tons sold +13.5-15.5% Y/Y. Sees Q4 average selling price per ton +1-3% Q/Q.
• Kaiser Aluminum (KALU) - Q3 adj. EPS 1.89 (exp. 2.37), Q3 revenue USD 1.2bln (exp. 1.21bln). Results reflected continued customer demand, improved conversion revenue and favourable pricing and product mix, although margins were pressured by the absence of the prior-year favourable metal price lag and other operational challenges. Maintains FY26 adj. EBITDA growth view between 45-55% Y/Y, now expected towards the lower end of the range due to planned operational outages, execution performance, customer year-end inventory alignment and metal-related headwinds. Sees FY26 conversion revenue growth towards the high end of its 10-15% outlook.
• Fortescue (FSUGY) - Fortescue warned its ongoing iron ore pricing dispute with state-backed China Mineral Resources Group (CMRG) could impact FY sales and profit. Negotiations have continued for months, with Fortescue operating under short-term agreements. CMRG has reportedly coordinated with Chinese steel mills to delay cargoes and limit purchases.
• WD-40 (WDFC) - Q4 EPS 1.06 (exp. 1.13), Q4 revenue USD 176.8mln (exp. 172.07mln). FY26 net sales +11%, with maintenance product sales growing at the top of the company’s long-term target range. CEO said Q4 reflected higher input costs and continued investment in people and brands, with specialty chemicals and other inputs pressuring gross margin; management believes Q4 marked the low point for gross margin and expects sequential improvement beginning in Q1 FY27. SG&A increased due to performance-based incentive compensation and higher freight costs, while advertising and sales promotion spending supported growth and brand investment. Sees FY27 EPS between 6.40-6.70 (exp. 6.47) and FY27 revenue between USD 715-735mln (exp. 727.08mln).

• Qiagen (QGEN) - Qiagen agreed to an all-cash takeover by EQT Private Equity at EUR 46.50/shr, valuing it at EUR 10.8bln, representing a 40.3% premium offer. The deal is expected to close mid-2027, subject to approvals. Qiagen suspended its FY26 guidance, and sees Q3 adj. EPS of USD 0.65 (exp. 0.62), and revenue of USD 548mln (exp. 533.91mln).
• Roche (RHHBY) - Q3 revenue CHF 16.13bln (exp. 15.79bln), 9M sales CHF 46.5bln (vs CHF 45.86bln Y/Y). Pharmaceuticals sales +2% reported, and +7% at constant FX, driven by strong demand for Xolair, Hemlibra, Ocrevus, Phesgo and Vabysmo. Diagnostics sales were flat reported, and +4% at constant FX, supported by core lab and pathology demand, partly offset by healthcare pricing reforms in China. Backs its FY26 sales growth view at mid-single digits, and core EPS growth at high-single digits at constant FX.
• AstraZeneca (AZN) - Alexion’s Ultomiris (ravulizumab) received accelerated US FDA approval to reduce proteinuria in adults with primary IgA nephropathy at risk of disease progression. The drug reduced proteinuria by 43.4% versus placebo at 34 weeks. Whether it slows kidney function decline remains unestablished, with continued approval potentially dependent on the ongoing Phase III I CAN trial.
• Molina Healthcare (MOH) - Q3 adj. EPS 0.89 (exp. 0.79), Q3 revenue USD 11.08bln (exp. 10.86bln). CEO said medical cost trends are appearing to plateau at elevated levels, and recent 2027 rate updates suggest Medicaid margins may be beginning to turn. Maintains FY26 adj. EPS of at least 5.25 (exp. 5.25) and premium revenue of approximately USD 42bln; FY26 earnings guidance includes a 1.50/shr loss from implementation of the new Florida Medicaid contract in Q4, and a 1.00/shr loss from the traditional MAPD product, which Molina plans to exit in 2027.

A daily opening wrap of this kind functions less as a single signal and more as a map of where idiosyncratic risk sits into the session: mega-cap tech earnings on one side, a heavy slate of industrial, rail and consumer prints on the other, plus a peripheral central bank cut and weekly labour data as the macro overlay. The reported Tesla-SpaceX combination is the item carrying the most headline risk and the least verification; reports of this nature, attributed to a single outlet and tied to a multi-year timeline, have historically traded as a sentiment factor rather than a deal spread, with no adviser, filing or financing detail there is nothing to arb, and the tell for seriousness is whether either side comments and whether any process reporting follows. The earnings pattern in the package is the familiar one for this stage of a cycle: beats sold where guidance or a single division disappoints, as with the software and consulting split, and capex guidance from the large AI spenders read as the demand signal for the semiconductor and equipment complex, which is how these prints have tended to transmit beyond the single names. The auction and supply calendar is modest, and a cut from the Turkish central bank of the size flagged is well-telegraphed and unlikely to move anything beyond local rates. The follow-ons worth noting are the morning's industrial and transport reports as a read on freight and the consumer, and any confirmation or denial on the merger report.