Newsquawk Daily US Equity News - QCOM pressured on weak smartphone chip sales; ARM fall after results

DAY AHEAD:

• EVENTS: US President Trump will sign executive orders at 15:30EST/20:30GMT. Canada presents its Federal Budget.
• CENTRAL BANKS: Banxico is expected to hold. ECB’s outgoing President Lagarde and chief economist Lane to deliver remarks. From the Fed, hawkish dissenter Hammack will give remarks on stablecoins, while Fed’s Barkin (2027 voter) participates in a moderated discussion. From the BoC, Governor Macklem will speak.
• ENERGY: EIA weekly natural gas storage (prev. 80bcf).

ES +0.1% NQ -0.9% RTY +0.1%

• NCLD -3.7% DRAM -6% SOXX -4%
• QCOM -11.3%: Weak smartphone chip sales, driven by sluggish handset demand
• ARM -7.5%: Royalty rev. light, partly pressured by memory-related smartphone market weakness
• COHR -2.5%: Quarterly profit missed
• SONY +6.7%: Results impressed & lifted FY op. profit view
• MU -5%: Suspended construction of planned $4.5bln memory chip facility in Taoyuan, Taiwan
• NVDA -1.3%: c. 600k H200 AI chips accumulated in Hong Kong await shipment to mainland China
• SNAP -11.2%: Rev. & DAUs missed
• APP +22.6%: Headline metrics topped as did next Q guidance & expanded share buyback prog.
• TPR +16.2%: EPS, rev. & op. income beat
• ROK -7.7%: Top line fell short of Wall St. exp.
• CI +2.8%: Strong Q metrics & FY EPS view
• AMCR -6.5%: Profit light & cut FY outlook
• Z -9%: Headline metrics short & CEO noted one of the most challenging housing environments in a generation
• MSFT spent $5bln less on Q3 capex than projected due to delays in 3rd party data centre capacity, incl. facilities operated by IREN -5.5%
• MSFT will reportedly not expand Texas data centre deal with UK's Nscale

• Qualcomm (QCOM) - Shares plunged by almost 10% in extended US trading after weaker-than-expected smartphone chip sales, driven by sluggish handset demand, rising memory costs and declining Apple (AAPL)-related revenue, alongside disappointing margin and earnings guidance. Q4 2026 (USD): Adj. EPS 2.17 (exp. 2.16), Revenue 10.44bln (exp. 10.12bln). Handset revenue 5.14bln (exp. 5.25bln), -26% Y/Y, QCT revenue 9.02bln, -8% Y/Y, while combined QCT Automotive and IoT revenue +36% Y/Y. Commentary: CEO said Android (GOOG) handset sales have bottomed, and are showing sequential growth, while FY27 marks an inflection point for non-handset revenue, including the ramp-up of its data centre business. Baseline gross margins are expected to return to their historical 48-50% range by Q2 FY27; the company is raising product prices to offset higher semiconductor input costs, with the full benefit in QCT gross margins expected in H2 FY27. Guidance: Q1 adj. EPS 2.15-2.35 (exp. 2.27), Revenue 10.4-11.2bln (exp. 10.48bln), QCT revenue 9.0-9.6bln (exp. 8.88bln), QTL revenue 1.3-1.5bln, Data centre revenue 650mln (exp. 539.1mln). FY27 non-handset revenue growth >60% Y/Y and reiterates FY27 data centre revenue target of USD 5bln.
• ARM Holdings (ARM) - Shares fell 3.8% in extended trading after weaker-than-expected royalty revenue, partly pressured by memory-related smartphone market weakness, and only modestly upbeat quarterly guidance. Q2 2027 (USD): Adj. EPS 0.52 (exp. 0.47), Revenue 1.44bln (exp. 1.38bln). Royalty revenue 670mln (exp. 720.8mln), +8% Y/Y, driven by increased adoption of higher-royalty Armv9 and CSS technologies and data centre deployments, partially offset by smartphone market weakness. Licensing revenue 773mln (exp. 625.1mln). Commentary: Arm partners shipped over 10bln Arm-based chips during the quarter for the first time, while Arm-based PCs accounted for approximately 20% of global PC shipments. Arm’s server architecture is expected to exceed 60% of deployments at major cloud providers by the end of 2026 (up from over 50% in 2025). CEO highlighted strong data centre demand, with AGI CPU purchase orders extending through CY27, and first commercial deliveries on track for Q4. Guidance: Q3 adj. EPS 0.52-0.60 (exp. 0.55), Revenue 1.49-1.59bln (exp. 1.53bln). Expects combined AGI CPU sales of USD 2bln across FY27-FY28, supported by secured supply commitments.
• Motorola (MSI) Q3 2026 (USD): Adj. EPS 4.69 (exp. 4.42), Revenue 3.40bln (exp. 3.25bln). Commentary: CEO said performance was driven by exceptionally strong demand for safety and security solutions. Co. recorded its highest-ever Q3 orders, and an all-time record ending backlog, supporting increased FY guidance. Guidance: Q4 adj. EPS 5.47-5.52 (exp. 4.88), Revenue growth 13% Y/Y; raises FY26; adj. EPS 17.94-17.99 (exp. 17.72; prev. 17.62-17.72), Revenue 13.1bln (exp. 13.0bln; prev. 12.98bln).
• Coherent (COHR) Q1 2027 (USD): Adj. EPS 1.90 (exp. 1.97), Revenue 2.37bln (exp. 2.3bln). Commentary: CEO Jim Anderson highlighted increasing demand for optical connectivity as AI data centres transition from copper to optical solutions, positioning Coherent to benefit from rising bandwidth and energy efficiency requirements. Guidance: Q2 adj. EPS 2.28-2.48 (exp. 2.21), Revenue 2.55-2.75bln (exp. 2.54bln). FY27 pro forma revenue growth exceeding 60% Y/Y, more than double FY26 growth levels, and expects to achieve its first quarterly revenue of 3bln by the end of FY27, followed by its first USD 4bln revenue quarter in FY28. Co. also introduced a new gross margin target, expecting adj. gross margin above 45% before the end of CY28.
• PTC (PTC) Q3 2026 (USD): Adj. EPS 2.03 (exp. 1.97), Revenue 673mln (exp. 664mln).
• Fair Isaac (FICO) Q4 2026 (USD): Adj. EPS 11.10 (exp. 10.69), Revenue 657.05mln (exp. 652mln); says not providing FY27 guidance at this time.
• Sony (SONY) H1 2026 (JPY): Operating profit 1.10tln (vs 768.93bln Y/Y), Revenue 6.27tln (vs 5.73tln Y/Y). Q2 operating profit JPY 622.3bln, beating expectations, while revenue totalled JPY 3.43tln, also ahead of forecasts. Performance was supported by strong contributions from entertainment, gaming and music, alongside increased streaming demand for Michael Jackson’s music catalogue. PlayStation 5 unit sales in the US +22% Y/Y in September, while sales value +43% Y/Y, supported by anticipation surrounding Grand Theft Auto VI (TTWO). Raises FY26 operating profit outlook; sees FY26 operating profit of JPY 1.87tln (prev. saw 1.72tln).
• Micron (MU) - Suspended construction of a planned USD 4.5bln memory chip facility in Taoyuan, Taiwan, amid a prolonged labour dispute, Bloomberg reports. Execs reportedly fear that an agreement with a local union could be overturned, creating uncertainty over the project. Micron has informed Taiwanese officials and a supplier of its decision, potentially affecting production capacity for AI-related components.
• Nvidia (NVDA) - Around 600k Nvidia H200 AI chips reportedly accumulated in Hong Kong awaiting shipment to mainland China, as Beijing withholds large-scale import approval, according to source reports.
• Nscale, Microsoft (MSFT) - Microsoft declined an option to lease approximately 500MW of additional computing capacity from Nscale’s Texas data centre, potentially costing the UK startup billions in future revenue, the FT reports. Microsoft’s decision adds pressure ahead of Nscale’s planned USD 35bln IPO. FT said that Nscale’s USD 103bln backlog remains unaffected, while it also seeks alternative customers; it is also exploring expanding its USD 45bln Anthropic agreement.
• Hon Hai Precision Industry Co. (HNHPF) - Foxconn reported October revenue growth of 46% Y/Y to TWD 1.31tln, supported by strong demand for Nvidia AI servers. September revenue rose 38% to TWD 1.16tln, while Q3 sales increased 47% to TWD 3.03tln, exceeding estimates by 7%. Analysts expect approximately 30% sales growth in Q4.
• Palo Alto Networks (PANW) - Is in talks to acquire Israeli cybersecurity startup Clutch Security for approximately USD 500mln, The Information reports. Clutch develops software to track passwords and authentication codes used by AI agents. If completed, the deal would mark Palo Alto Networks’ fifth announced acquisition this year, supporting CEO Arora’s efforts to strengthen its AI security offerings.
• SoftBank (SFTBY), ABB (ABBNY) - China has blocked SoftBank’s USD 5.4bln acquisition of ABB’s robotics division over supply chain security concerns, despite the deal receiving Chinese competition clearance in February, the FT reports. Regulators scrutinised potential transfers of Chinese robotics data and intellectual property overseas, including for OpenAI model training. SoftBank is assessing whether to seek approval again. FT adds that the Chinese decision threatens SoftBank’s physical AI expansion strategy.

• Snap (SNAP) - Shares tumbled by 12% in extended trading after weaker-than-expected quarterly revenue and DAUs, alongside reduced advertising spending by consumer goods companies amid economic pressures. Q3 2026 (USD): Adj. EPS 0.19 (exp. 0.16), Revenue 1.72bln (exp. 1.73bln). Net income 56mln (vs loss of USD 104mln Y/Y). DAUs +4% Y/Y to 495mln (exp. 499mln), MAUs reached 977mln, and global ARPU was 3.48 (exp. 3.48). Commentary: Management noted weaker advertising spending from consumer packaged goods companies, partially offset by growth opportunities in financial services. Guidance: Q4 revenue 1.95-1.985bln (exp. 1.95bln), Adj. EBITDA 490-525mln (exp. 504.5mln). Narrows FY26 infrastructure cost to 1.65-1.66bln (prev. 1.65-1.70bln), and other cost of revenue 16-17% of revenue. Co. plans to adopt MAUs as its primary audience metric from Q1 FY27.
• AppLovin (APP) - Shares surged by almost 20% in extended trading after stronger-than-expected quarterly earnings and revenue, alongside upbeat guidance, and an expanded share buyback authorisation. Q3 2026 (USD): EPS 4.30 (exp. 4.03), Revenue 2.18bln (exp. 2.07bln); approved a USD 3.2bln increase to its share repurchase authorisation bringing the total to USD 3.6bln. Guidance: Q4 revenue 2.365-2.395bln (exp. 2.251bln), Adj. EBITDA 1.995-2.025bln.
• News Corp. (NWSA) Q1 2027 (USD): Adj. EPS 0.28 (exp. 0.26), Revenue 2.28bln (exp. 2.26bln). CEO highlighted record Q1 performance, driven by strong contributions from Digital Real Estate Services, Dow Jones and Book Publishing despite volatile economic conditions; emphasised the company’s transition towards a higher-margin, digitally driven business, supported by continued cost discipline and prudent capital allocation. The company also highlighted growing opportunities from AI-related content licensing, citing partnerships with OpenAI and Meta.
• TKO Group (TKO) Q3 2026 (USD): EPS 1.33 (vs 0.47 Y/Y), Revenue 1.36bln (exp. 1.38bln). Commentary: Management noted that the vast majority of existing revenue is contracted for the next five to seven years, providing strong revenue visibility and confidence in sustained growth. Guidance: Raises FY26 revenue outlook for the second time this year; revenue 5.79-5.83bln (exp. 5.82bln; prev. 5.775-5.825bln), Adj. EBITDA 2.295-2.315bln (prev. 2.275-2.305bln).
• Lumen Technologies (LUMN) Q3 2026 (USD): Adj. EPS -0.14 (exp. -0.24), Revenue 2.72bln (exp. 2.73bln). CEO highlighted growing AI-driven demand for connectivity, supporting momentum. Guidance: FY26 adj. EBITDA 3.1-3.3bln, capex 3.2-3.4bln, FCF 1.9-2.1bln.
• AMC Entertainment (AMC) Q3 2026 (USD): Adj. EPS 0.13 (exp. 0.14), Revenue 1.71bln (exp. 1.62bln). Adj. EBITDA 347.5mln, with both revenue and adj. EBITDA setting all-time quarterly records. CEO highlighted that Q3 marked the second consecutive quarter of record revenue and adj. EBITDA.
• Nintendo (NTDOY) Q2 2026 (JPY): Operating profit 73.9bln (exp. 88.1bln), Revenue -15% Y/Y, worse than expected. Switch 2 hardware sales totalled 6.49mln units in H1, -37% Y/Y, while cumulative Switch 2 hardware and software sales reached 26.35mln and 73.21mln units, respectively. Performance was pressured by rising component costs, particularly memory chips, and a limited slate of major new game releases, weighing on hardware and software demand. Raised the US price of Switch 2 by USD 50 to USD 499.99 in September, with US unit sales -14% Y/Y and sales value -12% Y/Y during the month.
• Disney (DIS) - Disney-owned Pixar appointed Jonathan Garson as president, effective 4th January 2027, replacing Jim Morris, according to Reuters. Garson will oversee production and operations, while Pete Docter retains creative oversight. Morris, president for 12 years, will become president emeritus ahead of retirement.
• Deutsche Telekom (DTEGY) Q3 2026 (EUR): Adj. EBITDAaL 12.21bln (exp. 12.05bln), Revenue 31.1bln (vs 29bln Y/Y); announced a new share buyback programme of up to 2bln for 2027, reinforcing its commitment to shareholder returns. Reaffirmed its FY26 outlook.

• IREN Limited (IREN), Microsoft (MSFT) - Microsoft spent approximately USD 5bln less on Q3 capex than projected due to delays in third-party data centre capacity, including facilities operated by Iren, The Information reports. Iren’s Childress, Texas site faced delays, postponing Microsoft’s planned spending. Microsoft has a USD 9.7bln five-year contract with Iren.
• Western Union (WU) Q3 2026 (USD): Adj. EPS 0.42 (exp. 0.34), Revenue 1.0bln (exp. 1.02bln). Guidance: Raises FY26 EPS to 1.28-1.38 (exp. 1.27; prev. 1.25-1.35), but lowers revenue growth to 0-1% (prev. 3-5%).
• MetLife (MET) Q3 2026 (USD): Adj. EPS 2.78 (exp. 2.77), Revenue 20.5bln (exp. 19.86bln). Commentary: Delivered its highest quarterly adj. EPS on record, with revenue growth across every business segment. It highlighted strong underwriting performance, volume growth and higher investment returns as key drivers of earnings, supported by disciplined execution of the company’s New Frontier strategy. Management noted strong free cash flow generation, enabling continued investment in growth initiatives and capital returns to shareholders, while expressing confidence in the strategy’s ability to deliver sustainable results.
• Aflac (AFL) Q3 2026 (USD): Adj. EPS 2.43 (exp. 1.80), Revenue 3.30bln (exp. 4.12bln). Commentary: CEO highlighted solid adjusted earnings for the quarter and first nine months, reflecting continued execution of the company’s strategy to create long-term shareholder value. In Japan, results also reflect the impact of the company’s reinsurance strategy, with Aflac Re Bermuda consolidated within Corporate and Other results. In the US, the company remains focused on meeting evolving employer and employee demand for supplemental health insurance products and related benefits.
• Allstate (ALL) Q3 2026 (USD): Adj. EPS 9.76 (exp. 6.96), Revenue 17.3bln (exp. 17.46bln). Net income 2.1bln, while adj. net income totalled 2.5bln. Total policies in force reached 217.6mln, with Property-Liability policies increasing 3.3%. CEO highlighted strong financial performance and accelerating Property-Liability growth, supported by robust underwriting margins across auto and homeowners insurance, higher investment income and continued growth in Protection Services.
• Corpay (CPAY) Q3 2026 (USD): Adj. EPS 7.54 (exp. 7.20), Revenue 1.38bln (exp. 1.36bln). Guidance: Q4 adj. EPS 7.65 at the midpoint (exp. 7.43), Revenue 1.37bln at the midpoint (exp. 1.36bln).
• Global Payments (GPN) Q3 2026 (USD): Adj. EPS 3.58 (exp. 3.58), Revenue 3.31bln (exp. 3.18bln); backs FY26 adj. EPS of 13.60-13.80 (exp. 13.64).
• EQT AB (EQBBF) - EQT-owned Zelestra plans to invest EUR 10.5bln over four years to meet growing US AI-related power demand, Bloomberg reports. It targets an 18-gigawatt contracted portfolio and EUR 1.1bln in contracted EBITDA by 2030, with the US contributing nearly half of earnings. Funding includes approximately EUR 1bln in equity and over EUR 9bln in debt.

• Coty (COTY) Q1 2027 (USD): Adj. EPS 0.16 (exp. 0.12), Revenue 1.555bln (exp. 1.53bln). LFL sales -2%, improving from declines of 6% and 4% in H1 and H2 FY26, respectively, supported by improving trends in the US, Asia Pacific and Latin America. Prestige brands including Marc Jacobs, Hugo Boss and Burberry supported performance. Execs cautioned that a broader recovery remains incomplete. Management continues to prioritise core brands, cost reductions and operational simplification. Guidance: Q2 adj. EPS ex-equity swap 0.16-0.18 (exp. 0.16), LFL revenue declining by low single digits, Adj. EBITDA declining by high-single-digits, reflecting continued cost pressures. Reaffirms expectations for H1 FY27 FCF above USD 300mln.
• Interparfums (IPAR) Q3 2026 (USD): EPS 2.13 (exp. 1.89), Revenue 429.51mln (exp. 423.84mln). Commentary: Management cited progress across operational and financial initiatives, and expressed confidence in a strong finish to 2026 ahead of major product launches in 2027 and 2028. Guidance: Maintains FY26 EPS of 4.85 (exp. 4.89). Raises FY26 revenue to 1.48-1.49bln (exp. 1.49bln; prev. 1.48bln). EPS guidance incorporates USD 17.7mln in expected IEEPA tariff refunds.
• Kimberly-Clark (KMB) Q3 2026 (USD): Adj. EPS 1.70 (exp. 1.64), Revenue 4.1bln (exp. 4.12bln); backs FY26 guidance.
• Costco (COST) - October net sales 24.50bln, +12.6% Y/Y, over four weeks (prev. September: 13.0%; 30.02bln over five weeks); comp. sales +11.1% (prev. 11.4%). US sales +12.6% in October (prev. 12.5%), Canada +4.9% (prev. 6.3%), international +9.4% (prev. 10.8%). Ex-fuel/FX, comparable sales +7.3% (prev. 7.6%); digitally-enabled sales +22.5% (prev. 19.0%).
• Diageo (DEO) Q1 2027 (USD): Revenue 4.93bln, Organic net sales +1.4% Y/Y, exceeding analysts’ expectations for a decline; reaffirms FY27 outlook, sees FY27 net sales growth broadly flat.

• Ralph Lauren (RL) Q2 2027 (USD): Adj. EPS 4.64 (exp. 4.26), Revenue 2.2bln (exp. 2.13bln). Guidance: Sees Q3 revenue up low- to mid-single digits vs last year. FY27 constant currency revenues up mid- to high-single digits. Outlook is based on its best assessment of the current geopolitical and macroeconomic environment, including tariffs, inflationary pressures and other consumer spending-related headwinds, global supply chain disruptions, and foreign currency volatility, among other factors.
• Toyota (TM) - Shares surged overnight as strong hybrid vehicle demand, a weaker yen and cost reductions supported an upgraded FY profit forecast and an expanded share buyback. H1 27 (JPY): Net income 2.24tln (vs 1.77tln Y/Y), Revenue 26.96tln (vs 24.63tln Y/Y). Q2 operating profit 1.1tln, +34% Y/Y, marking the first increase in six quarters, supported by strong hybrid vehicle demand and cost reductions that helped offset higher material costs and tariff pressures. Toyota expanded its share buyback programme to JPY 1.3tln, and plans shareholder returns of up to JPY 14tln over the next five years. Guidance: Raises FY27 net income to 3.57tln (prev. 3.25tln), Operating profit 3.9tln (representing a 15% increase from its previous forecast). Lowers FY27 revenue outlook to 53.5tln (prev. 54.0tln), and global vehicle sales of 10.99mln units (prev. 11.18mln), reflecting continued weakness in China. Separately, Toyota announced the creation of a new robotics division under Takefumi Shiga.
• Expedia (EXPE) Q3 2026 (USD): Adj. EPS 9.39 (exp. 8.89), Revenue 4.94bln (exp. 4.73bln). Booked room nights +7% and total gross bookings +11%, supported by resilient travel demand and strong operational execution. Guidance: Q4 revenue 3.69-3.75bln (exp. 3.37bln), Gross bookings 27.9-28.4bln, Adj. EBITDA 830-880mln. Raises FY26; revenue 16.37-16.43bln (exp. 16.22bln; prev. 16.05-16.22bln), Gross bookings 131.4-131.9bln (prev. 129.5-130.8bln).
• MercadoLibre (MELI) Q3 2026 (USD): EPS 8.83 (exp. 9.27), Revenue 10.75bln (exp. 10.69bln). Net income 448mln (exp. 476mln), Total payment volume +53% Y/Y (+51% FX-neutral) to 109bln, and gross merchandise volume +38% Y/Y (+33% FX-neutral) to 23bln.
• Tapestry (TPR) Q1 2027 (USD): Adj. EPS 1.82 (exp. 1.56), Revenue 1.89bln (exp. 1.85bln), Adj. operating income 439mln (exp. 391mln); expects to return USD 2bln to shareholders in FY27. Guidance: Q2 EPS 3.05 (exp. 3.02). Raises FY27 EPS to 8.25-8.35 (exp. 7.96, prev. 7.80-7.90).
• Nike (NKE) - Cristiano Ronaldo, a long-standing Nike-sponsored athlete, has announced his retirement from the Portuguese national team.
• Wendy's (WEN) - Trian Group seeks to acquire all outstanding shares of Wendy’s for USD 7.35/shr in cash; independent committee rejects proposal.

• SpaceX (SPCX), Goldman Sachs (GS), Apollo Global Management (APO) - Goldman Sachs and Apollo are seeking investors for portions of SpaceX’s USD 40bln off-balance-sheet AI chip financing, Bloomberg reports. Investors are being offered slices of up to USD 500mln.
• Parker-Hannifin (PH) Q1 2027 (USD): Adj. EPS 8.90 (exp. 8.21), Revenue 5.99bln (exp. 5.81bln). Guidance: Raises FY27; adj. EPS 36.45-37.25 (exp. 35.59, prev. 34.25-35.25), Sales growth +16-19% (prev. +5.5-8.5%).
• Rockwell Automation (ROK) Q4 2026 (USD): Adj. EPS 3.88 (exp. 3.69), Revenue 2.33bln (exp. 2.41bln), Adj. EBITDA 620mln (exp. 610.1mln). Guidance: FY adj. EPS 14.50-15.50 (exp. 14.90), Sales growth 4.5-7.5%.
• Verisk Analytics (VRSK) Q3 2026 (USD): Adj. EPS 1.96 (exp. 1.92), Revenue 809mln (exp. 806mln), Adj. EBITDA 459mln (exp. 453.9mln).
• Cummins (CMI) Q3 2026 (USD): EPS 8.25 (exp. 8.21), Revenue 9.4bln (exp. 9.87bln). Guidance: Lowers FY26 revenue growth to 10% (prev. 10-13%).
• Maersk (AMKBY) Q3 2026 (USD): EBITDA 4.7bln (exp. 5.28bln), Revenue 18.1bln (exp. 18.2bln). EBITDA +75% Y/Y, supported by elevated container freight rates amid port congestion, resilient consumer demand and increased investment in AI infrastructure. Commentary: CEO Clerc highlighted the resilience of global trade despite geopolitical uncertainty, with demand increasingly driven by electrification, energy investment and AI-related industrial cargo. Guidance: Raises FY26 profit outlook for the third time this year; FY adj. EBIT 8.0-8.5bln (exp. 8.07bln; prev. 4.5-6.5bln), Adj. EBITDA 14.0-14.5bln (exp. 14.3bln; prev. 10.5-12.5bln). The upgraded guidance reflects expectations for global container market volume growth of approximately 4% in FY26.
• Fluor (FLR) - Received full notice to proceed on its engineering, procurement and construction management contract with Sierra Gorda for a grinding line expansion in Chile. The project aims to increase ore-processing capacity from 130K to 165K tonnes per day. Construction is expected to begin in 2027.

• Albemarle (ALB) Q3 2026 (USD): Adj. EPS 2.58 (exp. 2.53), Revenue 1.6bln (exp. 1.52bln), Adj. EBITDA 646mln (exp. 634mln). Commentary: Highlighted disciplined execution across its operations, with improved pricing and continued progress on cost reductions and productivity initiatives in its Specialties segment supporting a further increase to its FY outlook. It said global lithium demand +48% Y/Y through August, driven by electric vehicles and energy storage.
• Nutrien (NTR) Q3 2026 (USD): Adj. EPS 0.61 (exp. 1.14), Revenue 6.06bln (exp. 8.07bln). Commentary: CEO noted record potash sales volumes, strong gross margins in proprietary products and continued operational improvements. It also advanced portfolio optimisation initiatives aimed at improving earnings quality and supporting long-term growth in free cash flow per share.
• CF Industries (CF) Q3 2026 (USD): EPS 2.87 (exp. 3.00), Revenue 1.86bln (exp. 1.77bln). Adj. EBITDA 833mln (exp. 820mln). Gross ammonia production totalled c. 2.4mln tons in Q3, and 7.2mln tons for the first nine months of 2026, with capacity utilisation at 97% YTD. Commentary: CEO noted high production rates and substantial deferred customer demand, supported by the company’s low-cost North American asset base and strong free cash flow conversion. Sees FY26 gross ammonia production of approximately 9.5mln tons, incorporating the impact of the ongoing outage at its Yazoo City complex in Mississippi, with operations expected to resume in H1 2027.
• ArcelorMittal (MT) Q3 2026 (USD): EBITDA 2.02bln (exp. 1.89bln). EU steel-import restrictions introduced in July reduced tariff-free quotas and doubled duties to 50%, supporting European steel prices. ArcelorMittal is restarting blast furnaces in France, Poland and Spain, while higher steel prices increasingly offset elevated energy costs.
• Amcor (AMCR) Q3 2026 (USD): Adj. EPS 0.95 (exp. 0.99), Revenue 6.13bln (exp. 5.75bln). Organic volume growth of 1%, led by 3% growth in focus categories. Increased its quarterly dividend by USD 0.01 to USD 0.66/shr. Commentary: CEO said Co. is on track to achieve its three-year synergy target of USD 650mln. Guidance: Lowers adj. EPS outlook for the six-month transition period ending December 2026 to 1.70-1.80 (prev. 1.80-1.90), reflecting the timing of passing through higher energy and distribution costs.
• Air Products and Chemicals (APD) Q4 2026 (USD): Adj. EPS 3.61 (exp. 3.61), Revenue 3.56bln (exp. 3.33bln). Guidance: Q1 adj. EPS 3.35-3.45 (exp. 3.48). FY27 adj. EPS 14.15-14.50 (exp. 14.44).
• Celanese (CE) - Announced price increases for selected polyamide and polyester products sold in Asia, citing ongoing cost pressures and evolving market conditions. No specific price adjustments or implementation dates were disclosed.

• Cigna Group (CI) Q3 2026 (USD): Operating EPS 7.98 (exp. 7.52), Adj. Revenue 73.8bln (exp. 72.64bln). Healthcare MCR 85.0% for Q3 (vs 84.8% Y/Y), primarily due to US Employer business mix, partially offset by a lower MCR within its Individual and Family Plans business. Guidance: FY26 MCR 84.8-85.0% (prev. 83.7-84.7%), Adj. EPS 30.60 (exp. 30.51, prev. 30.45).
• Becton Dickinson and Company (BDX) Q4 2026 (USD): EPS 4.15 (exp. 4.07), Revenue 5.27bln. Dividend of 1.06/shr, +1% Q/Q; Buyback of 10mln shares, in addition to the existing authorisation. Guidance: FY27 adj. EPS 13.10-13.30 (exp. 12.67).
• Cardinal Health (CAH) Q1 2027 (USD): Adj. EPS 3.26 (exp. 2.94), Revenue 67.5bln (exp. 66.7bln). Adj. operating income 1bln (exp. 926.6mln). Guidance: Raises FY27 adj. EPS to 12.80-13.00 (exp. 12.57, prev. 12.40-12.60).
• Viatris (VTRS) Q3 2026 (USD): Adj. EPS 0.71 (exp. 0.64), Revenue 3.75bln (exp. 3.79bln). Guidance: Raises FY26 adj. EPS to 2.56-2.63 (exp. 2.51, prev. 2.45-2.59), Revenue 14.7-14.9bln (exp. 14.78bln, prev. 14.55-14.95bln).
• Zoetis (ZTS) Q3 2026 (USD): Adj. EPS 1.75 (exp. 1.51), Revenue 2.4bln (exp. 2.30bln). Guidance: Raises FY26 adj. EPS to 6.25-6.35 (exp. 6.26, prev. 6.15-6.25).
• McKesson (MCK) Q2 2027 (USD): Adj. EPS 11.68 (exp. 10.72), Revenue 111bln (exp. 109.90bln). Management expressed confidence in its ability to deliver long-term shareholder value while maintaining financial discipline. Guidance: Raises FY27; adj. EPS 45.60-46.40 (exp. 44.65; prev. 44.20-45.00).
• Edwards Lifesciences (EW) Q3 2026 (USD): Adj. EPS 0.80 (exp. 0.74), Revenue 1.72bln (exp. 1.68bln). Management expects future TAVR growth to be driven increasingly by procedure volumes rather than market share gains, citing strong underlying market dynamics. Guidance: Q4 adj. EPS 0.61-0.69 (exp. 0.71), Revenue 1.67-1.75bln (exp. 1.70bln). Raises FY26; adj. EPS 2.97-3.05 (exp. 2.96; prev. 2.95-3.05), Revenue growth c. 11.5% (prev. 10-11%), TAVR sales growth 9-9.5% (prev. 8-9%), TMTT sales 780-790mln (prev. 760-780mln). Reaffirms FY26 Surgical sales growth outlook of mid-single digits.
• Clover Health (CLOV) Q3 2026 (USD): EPS 0.01 (exp. 0.01), Revenue 759.3mln (exp. 738.42mln). Medicare Advantage membership 158,907, +45% Y/Y. Execs said it remains on track to deliver its first FY of GAAP net income profitability in 2026. Guidance: Raises FY26; revenue 2.97-3.00bln (exp. 2.95bln; prev. 2.92-3.00bln), Net income 25-35mln, Adj. EBITDA 75-85mln.
• Rhythm Pharmaceuticals (RYTM), AstraZeneca (AZN) - AstraZeneca made a c. USD 10bln offer to acquire Rhythm Pharmaceuticals for USD 124/shr last month, WSJ reports. Rhythm shares surged in US trade following the news. The proposed acquisition would expand AstraZeneca’s rare-disease and obesity drug portfolio, supporting its target of USD 80bln in annual sales by 2030.
• GE HealthCare (GEHC) - GE Healthcare Japan launches an AI-powered lung ultrasound service to assist nurses and medical staff with scans, reports Nikkei.
• Eli Lilly (LLY) - To showcase new retatrutide, Taltz (ixekizumab) and Zepbound (tirzepatide) data at ACR Convergence 2026, advancing science at the intersection of rheumatologic conditions and obesity. Pivotal results from the Phase 3 TRIUMPH-1 and TRIUMPH-4 trials showed retatrutide delivered substantial reductions in knee pain and weight in adults with knee osteoarthritis and obesity, with some experiencing no knee pain at the end of the trials.
• Siemens Healthineers (SMMNY) Q4 2026 (EUR): Revenue 6.78bln (exp. 6.72bln), Adj. EBIT 1.08bln (exp. 1.1bln). Sees FY27 adj. EPS 2.20-2.40. Co. will change its name to “Healthineers”, with the brand migration to start in 2027.
• Qiagen (QGEN) Q3 2026 (USD): Adj. diluted EPS 0.65 (exp. 0.63), Revenue 548mln (exp. 538mln); suspended its FY26 outlook, and will not provide financial guidance while the pending transaction with EQT Private Equity remains outstanding.

• Vivmark Residential (VMRK) Q3 2026 (USD): Core FFO 1.03 (exp. 1.03).
• Zillow (Z) Q3 2026 (USD): Adj. EPS 0.55 (exp. 0.60), Revenue 724mln (exp. 754.28mln). CEO noted one of the most challenging housing environments in a generation.
• Host Hotels & Resorts (HST) Q3 2026 (USD): FFO 0.38 (exp. 0.38), Revenue 1.35bln (exp. 1.36bln). Guidance: FY26 adj. FFO 2.21 (exp. 2.19). Chairman Kim Cocklin to retire, effective as of the date of the Co.'s 2027 annual meeting of shareholders.

• Eversource Energy (ES) Q3 2026 (USD): EPS 0.92 (exp. 0.90), Revenue 2.97bln (exp. 3.20bln).
• Atmos Energy (ATO) FY26 (USD): EPS 8.49 (exp. 8.46). Sees FY27 EPS 9.05-9.25 (exp. 9.04). Raises quarterly dividend to USD 1.09/shr.
• DTE Energy (DTE) Q3 2026 (USD): Operating EPS 2.30 (exp. 2.15). Announces the sale of its non-utility DTE Vantage business for USD 3bln; reports Q3 progress, including advancing data centre growth and filing a long-term generation plan.
• Duke Energy (DUK) Q3 2026 (USD): Adj. EPS 1.99 (exp. 1.86), Revenue 9.1bln (exp. 8.91bln). Guidance: Narrows FY26 adj. EPS to 6.70-6.80 (exp. 6.72, prev. 6.55-6.80).
• Evergy (EVRG) Q3 2026 (USD): Adj. EPS 2.58 (exp. 2.33). Guidance: Raises FY26 adj. EPS to 4.35-4.50 (exp. 4.30, prev. 4.14-4.34).
• Southern Company (SO) Q3 2026 (USD): Adj. EPS 1.94 (exp. 1.71), Revenue 8.84bln (exp. 8.38bln). Guidance: Q4 EPS 0.30 (exp. 0.44). FY26 adj. EPS 4.70 (exp. 4.59, prev. 4.50-4.60).
• Sempra (SRE) Q3 2026 (USD): Adj. EPS 1.40 (exp. 1.22), Revenue 3.2bln (exp. 3.31bln). Guidance: FY26 adj. EPS high end of 4.80-5.30 (exp. 5.13). Backs FY27 adj. EPS of 5.10-5.40 (exp. 5.54).

• APA Corp. (APA) Q3 2026 (USD): Adj. EPS 1.94 (exp. 1.59), Revenue 2.77bln (exp. 2.52bln). FCF reached nearly USD 700mln during the quarter, with more than USD 500mln returned to shareholders and total debt reduced by over USD 450mln.
• Permian Resources (PR) Q3 2026 (USD): Adj. EPS 0.69 (exp. 0.61), Revenue 1.96bln (exp. 1.77bln). Adj. FCF 846mln. Execs highlighted higher production across all three commodity streams, supported by favourable commodity pricing and record-low controllable cash costs per BOE; expects its current FY26 operating plan to generate an additional USD 300mln in free cash flow vs its original February plan, normalised for commodity prices.
• Texas Pacific Land (TPL) Q3 2026 (USD): EPS 2.42 (exp. 2.33), Revenue 273.4mln (exp. 251mln).
• Targa Resources (TRGP) Q3 2026 (USD): Revenue 5.6bln (exp. 4.77bln). Guidance: Raises FY26 adj. EBITDA to at least 6bln (prev. 5.4-5.6bln).
• ConocoPhillips (COP) Q3 2026 (USD): Adj. EPS 3.27 (exp. 3.05), Adj. net income 3.9bln (exp. 3.61bln); raises quarterly dividend 11% to USD 0.90/shr. Reaffirms FY capex guidance.

• US-Iran - Democrat Adam Smith is seeking to chair the House Armed Services Committee and plans investigations into the Iran war, US military strikes in the Caribbean and Latin America, and Pentagon investments in defence companies, WSJ reports. Smith advocates a defence budget below USD 1tln, opposing Trump’s proposed USD 1.5tln budget for 2027.
• US-Iran - US President Trump acknowledged that Republicans’ midterm election losses were largely attributable to the Iran war, which had driven gasoline prices higher in the short term. He defended military action as necessary to prevent Iran from obtaining nuclear weapons, and said he would probably cooperate with Democrats unless they sought to be destructive.
• Hegseth - CBS reported that President Trump questioned whether War Secretary Pete Hegseth should remain following Republican midterm losses; however, Trump later ruled out replacing Hegseth, praising his performance. Elsewhere, Republican Representative Thomas Massie plans to force a House impeachment vote next week unless Hegseth resigns.
• US-Iran - Iran’s IRGC said two oil tankers caught fire after striking mines while attempting to transit an illegal passage south of the Strait of Hormuz. The IRGC additionally claimed to have intercepted and seized two drones and reaffirmed its control over navigation through the Strait of Hormuz.

• Fed - The White House postponed a hearing concerning Federal Reserve Governor Lisa Cook from 5th November to 14th December 2026 following scheduling objections from her lawyers, NYT reports. Trump is seeking her removal over unproven mortgage fraud allegations, which Cook denies. The Supreme Court previously blocked her dismissal, while her lawyers have questioned the impartiality of the administration’s investigative panel.
• BoJ - BoJ September meeting minutes showed that members agreed further rate increases were appropriate while monitoring financial conditions and inflation.
• BCB - Brazil’s central bank unanimously held its Selic rate at 13.75% (exp. 13.75%), pausing cuts following President Lula’s re-election amid worsening inflation expectations. Policymakers raised their 2026 inflation forecast to 5.6% (prev. 5.2%), and its 2027 projection to 4.7% (prev. 3.9%), citing upside inflation risks. It also highlighted slowing economic activity, and the need for monetary policy caution.
• SNB - Chair Schlegel told Handelszeitung that Swiss inflation rose to 1.5% in October, exceeding the central bank’s expectations. Higher fuel and heating costs drove the increase. Schlegel said no significant second-round effects have emerged, but warned they still remain possible, adding that the SNB would adjust monetary policy if price stability were threatened.
• RBA - RBA Deputy Governor Hauser said public trust in the central bank remained stable or slightly higher over 18 months despite rising rates and inflation. Hauser warned trust could erode, with confidence in the bank’s near-term performance already declining.
• Yardeni Call - Ed Yardeni considers US 10yr Treasury yields attractive around 5%, anticipating productivity-driven inflation moderation, Bloomberg reports. He forecasts inflation averaging 2-2.5% over the next decade, and 10yr yields trading 4-5%.