Daily US Equity Opening News: Anthropic Q3 revenue reportedly short of bullish forecasts; Tech weakness continues; WMT upgraded

DAY AHEAD: US data includes Business Inventories for August and the EIA's weekly oil and gas inventory reports. Remarks are expected from Fed's Hammack and Goolsbee.

• US DAILY CONFERENCE CALENDAR: MET, T, COF. For the full list, click here.

US PREMARKET MOVERS: MAGS, SMH, DRAM, WMT, SCHW, PNC, RKLB, MAN, FMC, CMC, PAG ES -0.2% NQ -1.10% RTY +0.2%

• MAGS -1.0%, SMH -2.5%, DRAM -6.5%: Anthropic Q3 revenue reportedly shy of bullish expectations.
• WMT +2.9%: Upgraded at Deutsche Bank to Buy from Hold .
• SCHW -1.5%: EPS & rev. beats fail to impress.
• PNC -2.0%: Q3 NII missed.
• RKLB -10.3%: Neutron launch delayed to 2027.
• MAN -16.4%: Q4 guidance missed; announced CEO transition.
• FMC -45.6%: Woeful Q3 prelim guidance.
• CMC +3.4%: Earnings beat.
• PAG +8.4%: To go private via Motown Acquisition Corp at $212/shr cash.

• TSMC (TSM) - Reported Q3 revenue of TWD 1.49tln (prev. 989bln Y/Y) and Q3 net income of TWD 763.1bln (exp. 746.3bln). Q3 gross margin was 66.4% (exp. 66.5%, prev. 59.5% Y/Y), while Q3 high performance computing revenue rose 22% Q/Q. Sees Q4 revenue of USD 52.3-54.3bln (exp. 48.8bln), Q4 gross margin of 65-67% (exp. 66.1%) and operating margin of 56.5-58.8% (exp. 58.0%). Raised FY26 revenue growth outlook in USD terms to +44% (prev. +40%) and reaffirmed FY26 capex at USD 60-64bln (prev. 60-64bln).
• Anthropic - Anthropic revenue rose to USD 16.8bln in Q3 vs prev. USD 11.5bln in Q2, while it told investors it was profitable on an adjusted basis, according to reports. Adjusted gross margin was 85%, adjusted operating margin 11%+, FCF positive, and adjusted operating profit positive. SemiAnalysis estimated Anthropic’s annualised sales rose to roughly USD 74bln based on the new figures, below more bullish summer predictions when several Anthropic investors told the FT the company would far exceed USD 100bln in annualised revenue by year-end.
• SK Hynix (SKHY) - Co. has reportedly conditioned a new US factory on the approval to export US chipmaking equipment to China to increase production, Reuters reports.
• Apple (AAPL) - Apple Chairman Cook said Apple Intelligence has been approved in China and the test version will be due later in October.

• Ericsson (ERIC) - Reported Q3 revenue of SEK 59.5bln (exp. 55.27bln), Q3 adj. EBITA of SEK 10.1bln (exp. 8.13bln) and Q3 adj. gross margin of 47.7% (exp. 47.4%). Q3 operating profit was SEK 8.86bln (exp. 7.12bln) and Q3 net profit was SEK 5.81bln (exp. 5.09bln), while Q3 Networks adj. gross margin came in at 50.3% (guided 48-50%). Sees Q4 Networks adj. gross margin of 49-51%. The CEO said that, looking ahead, the RAN market is flat, geopolitical uncertainty remains elevated and component costs are a headwind to gross margin next year. The company also announced changes to its operating structure and Executive Team, and the CFO said there may be job cuts related to the current restructuring.
• Verizon (VZ), Ericsson (ERIC) - Companies said they completed the world’s first pre-standard 6G field call in the 7 GHz band at a Verizon commercial network site in Concord, California, using a fully deployed Ericsson 6G proof-of-concept kit. The validated test takes 6G out of lab integration and into a real-world setting where performance can be measured outdoors and as signals pass from outside into buildings.
• Spotify (SPOT) - StoneX cut Spotify to Hold from Buy and dropped its price target. It still believes in Spotify’s long-term network effects and scale advantages, but expects weak financials over the next year. The firm sees few new ARPU drivers and thinks 2027 gross margin gains will fall short of consensus unless Spotify raises premium prices again, which would be its fourth increase in four years.
• Alphabet (GOOG) - YouTube is in discussions to launch an audiobook feature, according to WSJ.
• Roku (ROKU) - Said stockholders approve merger agreement for Fox (FOXA) acquisition of Roku; 85.1% of outstanding votes in favour.

• Pernod Ricard (RI FP) - Reported Q1 revenue of EUR 2.23bln (exp. 2.25bln) and Q1 organic sales growth of +0.9% (exp. -1.24%). By region, Q1 sales were -9% in the Americas, including -10% in the USA, +9% in Asia-RoW, including +19% in India and -25% in China, and -6% in Europe. Sees FY27 organic net sales broadly stable, with declines in the US and China and continued positive momentum in RoW, and sees FY27-29 organic net sales growth at the lower end of the +3-6% range. The company said sales in the US and China were impacted by inventory adjustments, as expected, and that underlying trends are expected to improve in China.
• Penske Automotive (PAG) - Agreed to be taken private by Motown Acquisition Corp for USD 212.00/shr in cash, an enterprise value of about USD 16.3bln, with closing expected in Q1 2027 pending regulatory and shareholder approvals.
• BorgWarner (BWA) - Upgraded at BofA to Buy from Neutral with a USD 85 PT (prev. 78). The firm views BorgWarner as positioned to return to positive growth over market for its core auto business in 2027 and thinks this should further accelerate in 2028. BorgWarner also has "the most tangible near-term opportunity in non-auto," led by its power generation solution.

• Charles Schwab (SCHW) - Reported Q3 adj. EPS of USD 1.69 (exp. 1.65) and Q3 revenue of USD 7.2bln (exp. 7.18bln).
• PNC Financial Services Group Inc. (PNC) - Reported Q3 adj. EPS of USD 5.09 (exp. 4.91) and Q3 revenue of USD 6.6bln (exp. 6.61bln). Q3 net interest income was USD 4.2bln (exp. 4.25bln), Q3 net income was USD 2.09bln (prev. 1.82bln Y/Y), and average loans stood at USD 372.2bln at quarter-end. Raised FY26 net interest income growth outlook to +15.5% (prev. +15-15.5%), FY26 revenue growth outlook to +13.7% (prev. +12%) and FY26 average loan growth outlook to +13.5% (prev. +12.5%). Sees Q4 net interest income +4% Q/Q.
• US Bancorp (USB) - Reported Q3 EPS of USD 1.34 (exp. 1.32) and Q3 revenue of USD 7.97bln (exp. 8.00bln). Q3 net interest income was USD 4.49bln (prev. 4.25bln Y/Y). Sees total net revenue +8% to +9% and net interest income +6-7% Y/Y.
• Bank of New York Mellon Corp (BNY) Q3 2026 (USD): Adj. EPS 2.37 (exp. 2.27), Revenue 5.68bln (exp. 5.55bln).
• JPMorgan (JPM) - Reported September Master Trust Net Charge Off 1.52% (prev. 1.66% M/M).
• Synchrony Financial (SYF) - Reported September Credit Card Master Note Trust Net Charge Offs 3.86% (prev. 4.19%); credit card delinquencies 1.9% (prev. 1.78%).
• Marsh (MRSH) - Reported Q3 adj. EPS of USD 2.03 (exp. 1.97) and Q3 revenue of USD 6.90bln (exp. 6.65bln).

• Tesla (TSLA), SpaceX (SPCX) - Barclays thinks Tesla and SpaceX could announce a merger before Tesla’s annual meeting, likely held by December 6. The firm says the market now widely expects a deal and that vertical integration and faster AI progress at both companies support a combination. It warns that if an announcement slips into late October or early November, getting approval at the annual meeting may become harder.
• Manpower (MAN) - Reported Q3 adj. EPS of USD 1.01 (exp. 1.01) and Q3 revenue of USD 4.84bln (exp. 4.85bln). Sees Q4 diluted EPS of USD 1.03-1.13 (exp. 1.10). Separately, the board elected President and Chief Strategy Officer Becky Frankiewicz as CEO effective January 1, 2027; she will also join the board and become the fifth CEO in the company’s almost 80-year history. Prising, CEO since 2014, will transition to Executive Chair.
• Rocket Lab (RKLB) - Rocket Lab shared an update on the Neutron launch vehicle development program, including an adjusted schedule for Neutron’s inaugural launch, which is now expected to occur in 2027, pushed back from Q4 26. KeyBanc cut its Rocket Lab PT to USD 100 from USD 135 and kept an Overweight rating. The firm notes Neutron’s first launch has slipped into 2027 after manufacturing defects were found in its stage one propellant domes. The issue is fixed, but investigating and correcting the process caused the delay.

• Kimberly-Clark (KMB) - Reported preliminary Q3 adj. EPS of USD 1.70 (exp. 1.62) and preliminary Q3 revenue of USD 4.13bln (exp. 4.15bln). Said its 2026 outlook remains consistent with previous expectations.
• Walmart (WMT) - Upgraded at Deutsche Bank to Buy from Hold with a USD 136 PT (prev. 113). The firm sees a more favourable setup for the shares into 2027. The current inflationary environment should reinforce Walmart's value proposition and drive accelerated market share gains. Deutsche also sees the company's margins improving as its higher margin businesses outgrow core retail.

• Venture Global (VG) - Secured new agreements to support expansion of existing grid-independent power network. The Landmark Agreement with GE Vernova (GEV) and Baker Hughes (BKR) supports the development of over 10 GW of new Island-Mode power capacity across sites owned or controlled by Venture Global.

• FMC (FMC) - Updated its Q3 expectations, now seeing preliminary Q3 revenue of USD 65-125mln (exp. 868.5mln) and preliminary Q3 adj. EBITDA of USD -565mln to -510mln (exp. 155.6mln). The estimates include an estimated USD 625-675mln impact related to commercial actions to lower the price of select products held by channel customers in key markets and to modify the selling and pricing model in the US. Chairman, CEO and President Pierre Brondeau said Q3 demand was weaker than expected, driven by challenging market conditions and elevated levels of higher-priced FMC products held in inventory by certain channel customers, which are limiting product movement and replenishment demand. He added that the company had addressed the issue incrementally over several quarters, but determined that more comprehensive actions are necessary under current market conditions.
• Commercial Metals (CMC) - Reported Q4 adj. EPS of USD 2.09 (exp. 1.96) and Q4 revenue of USD 2.66bln (exp. 2.57bln).

• Eli Lilly (LLY) - Said new composite outcomes data show 27.7% of Omvoh (mirikizumab-mrkz)-treated ulcerative colitis patients achieved comprehensive corticosteroid-free disease control at one year (23.4% among those with prior biologic failure). In Crohn’s disease, 20.4% achieved corticosteroid-free deep remission at one year (15.7% among those with prior biologic failure).