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Newsquawk Daily US Equity Opening News - GS, UNH earnings impress; WFC lower as headline metrics underwhelm

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Newsquawk Daily US Equity Opening News - GS, UNH earnings impress; WFC lower as headline metrics underwhelm

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  • US INDEX FUTURES: ES -0.1%, NQ -0.7%, YM +0.9%, RTY +0.2%
  • DAY AHEAD: On the US data footing, Existing Home Sales (Sep) is the only scheduled release, while Fed speak comes via Barkin (2027 voter), and Collins (2028 voter) alongside the closing bell. On the earnings footing, there are no notable reporting out of Europe or US after the closing bell.
  • US PRE-MARKET MOVERS: Mag7, Memory names, JPM, GS, WFC, JNJ, UNH, DPZ, NVTS, S, FUN, BNTX, SNDX. Full summary below.

US PRE-MARKET MOVERS SUMMARY

  • Mag-7: AAPL +0.8% GOOGL +0.6% MSFT +0.4% AMZN flat TSLA -1% NVDA -1% META -1%
  • Memory names sell off continues: WDC -7.2% STX -7% SKHY -6.4% SNDK -5% MU -5%
  • JPM +0.6%: Choppy post-earnings; initial lower on EPS, rev., net income & FICC sales miss, but reversed after raising FY26 NII guidance
  • GS +3.5%: EPS, rev. & NII top Wall St. consensus
  • WFC -2.5%: Rev. & NII light
  • JNJ -2.3%: Top line short but did lift FY profit outlook
  • UNH +4.5%: Q nos. impressed & MCR lower than exp alongside lifting FY profit outlook
  • DPZ -3.5%: SSS fell short of exp.
  • NVTS +1.5%: Collabs w/ NVDA on 800 V-to-12 V power delivery board for next-gen AI infrastructure
  • S -8.5%: To offer $1.25bln of convertible senior notes due 2031
  • FUN -7.7%: One person died & several injured following a roller coaster incident at a Six Flags amusement park
  • BNTX -5.3%: AHEAD-MERIT Phase 2/3 clinical trial did not meet its first dual primary endpoint
  • SNDX -12.5%: Phase 2 idiopathic pulmonary fibrosis study misses endpoint

TECH

  • Memory Names (WDC, SKHY, STX, SNDK, MU) - Extending Monday's losses following a sharp decline in the Kospi overnight. As a reminder, the group was weighed on yesterday after China's CXMT unveiled key progress on chip structures that would compete with Samsung and SK Hynix
  • Broadcom (AVGO), Intel (INTC) - Broadcom CEO cautioned that market sentiment has grown overheated and that short-term trading driven by volatile data resembles gambling. AVGO and INTC warned that access to capital could emerge as a major constraint on the AI boom, with Intel CEO stating, "If there's any challenge in the front, it's capital and the cost of capital, and then the other part is in the longer run, people want to see the ROI."
  • Navitas (NVTS) - Collaborates with Nvidia (NVDA) on 800 V-to-12 V power delivery board for next-generation AI infrastructure.
  • Applied Materials (AMAT) - Unveils USD 5bln EPIC Center in Silicon Valley to accelerate semiconductor innovation for the AI era.
  • Nvidia (NVDA) - China faces an uphill battle to wean tech firms off Nvidia chips, according to FT.
  • Microsoft (MSFT) - Reorganises its Azure cloud unit amid AI overhaul, according to The Information.
  • Tower Semiconductor (TSEM), Semtech (SMTC) - Cos. expanded their multi-year agreement, under which SMTC will invest in securing dedicated silicon germanium, or SiGe, capacity at TSEM in support of its strong design wins and demand for AI data centre optical interconnect components.
  • SentinelOne (S) - To offer USD 1.25bln of convertible senior notes due 2031.

FINANCIALS

  • JPMorgan Chase (JPM) Q3 2026 (USD): EPS 5.57 (exp. 5.93), Revenue 50.2bln (exp. 51.23bln). Key Metrics: NII 27bln (exp. 26.9bln), Net income 15.3bln (exp. 15.9bln), Credit loss provision 2.74bln, Net charge-offs 2.20bln (exp. 2.48bln). Revenue Breakdown: FICC sales & trading 5.37bln (exp. 6bln), Equities Sales & Trading 4.95bln (exp. 4.47bln), Investment Banking 3.1bln (exp. 3.27bln). Guidance: Q4 NII 25.5bln; Raises FY26 NII to 106.2bln (exp. 105.28bln, prev. 105.5bln).
  • Goldman Sachs (GS) Q3 2026 (USD): EPS 17.01 (exp. 13.07), Revenue 18.7bln (exp. 16.84bln). Key Metrics: NII 3.77bln (exp. 3.61bln), Loans 276bln (exp. 264.55bln), Provision for credit losses 368mln, IB fees 3.22bln. Revenue Breakdown: Global Banking & Markets 13.46bln (exp. 11.8bln), Equities Sales & Trading 6.44bln (exp. 5.09bln), FICC Sales & Trading 3.47bln (exp. 3.72bln), Investment Banking 3.23bln (exp. 2.86bln).
  • Wells Fargo (WFC) Q3 2026 (USD): EPS 1.87 (exp. 1.85), Revenue 21.9bln (exp. 22.31bln), NII 12.5bln (exp. 12.7bln). Key Metrics: Investment Banking Fees 894mln (exp. 901.2mln), Provision for Credit Losses 1.03bln (exp. 1.14bln), Net charge-offs 0.98bln (exp. 1.05bln), NIM 2.43% (exp. 2.41%). Average loans 1.03tln, +11%, Average deposits 1.48tln, +11%. FY Guidance: NII "approx" 50bln. Commentary: CFO said trading activity across clients slowed meaningfully in the last few weeks of September which impacted results.
  • Citigroup (C) Q3 2026 (USD): EPS 2.85 (exp. 2.65), Revenue 23.8bln (exp. 23.72bln). Key Metrics: Net Income 1.74bln, Provision for credit losses 2.59bln, NII 13.71bln. Revenue Breakdown: FICC sales & trading 4.39bln (exp. 4.26bln), Markets 6.11bln (exp. 6.04bln), Equities Sales & Trading 1.73bln (exp. 1.78bln). Guidance: Raises FY26 NII to 'up mid-to-high 6%' (prev. +5-6%). Sees 2026 US cards net credit losses 4% (prev. 4-4.5%).

HEALTHCARE

  • UnitedHealth (UNH) Q3 2026 (USD): Adj. EPS 4.69 (exp. 4.12), Revenue 112.7bln (exp. 111.31bln). Medical Care Ratio 88.4% (exp. 89.9%); said lower Medical Care ratio was driven by Medical cost management, benefit design changes, pricing discipline and care delivery enhancements. Guidance: Raises FY adj. EPS to "at least" 20.50 (prev. 19.50-20, exp. 19.80). Other Metrics: UnitedHealthcare Segment Revenue 86.33bln (exp. 84.87bln), Optum Revenue 66.88bln (exp. 66.48bln), Total Enrollments 48.30mln (exp. 48.62mln), Operating Cost Ratio 12.8% (exp. 12.6%).
  • Johnson & Johnson (JNJ) Q3 2026 (USD): Adj. EPS 2.59 (exp. 2.67), Revenue 25.4bln (exp. 25.38bln). Sales Breakdown: Medtech 8.64bln, Tremfya worldwide 2.40bln, Stelara worldwide 716mln, Darzalex worldwide 4.24bln. Guidance: Raises FY26 adj. EPS to 11.05-11.15 (exp. 11.08, prev. 10.96-11.11), Revenue 101-101.4bln (exp. 101.29bln, prev. 100.8-101.4bln). Commentary: CFO said they are leaning toward orthopaedic unit spinoff instead of sale.
  • BioNTech (BNTX) - AHEAD-MERIT Phase 2/3 clinical trial did not meet its first dual primary endpoint of progression-free survival for the mRNA cancer immunotherapy candidate BNT113 plus pembrolizumab compared with pembrolizumab alone.
  • Syndax (SNDX) - To end development of axatilimab in idiopathic pulmonary fibrosis after the study did not meet its primary endpoint.

COMMUNICATIONS

  • Google (GOOG) - Confirms Project Suncatcher satellite is operating as expected following a launch on SpaceX (SPCX) Transporter-18.
  • SpaceX (SPCX) - xAI launches X subscription combining Grok, Grok Bot, Cursor and X Premium globally.
  • Meta (META) - Said Meta Ray-Ban audio glasses now on sale starting at USD 349.
  • Netflix (NFLX) - Secures exclusive FIFA World Cup 2030 broadcast rights in Spain and Andorra.
  • Bumble (BMBL) - To be acquired by Ithaca Holding at USD 6.05/shr, in an all-cash deal valued at USD 1.3bln. Confirms Monday’s WSJ report.

CONSUMER DISCRETIONARY

  • Domino's Pizza (DPZ) Q3 2026 (USD): EPS 4.60 (exp. 4.36), Revenue 1.19bln (exp. 1.17bln). International SSS +0.2% (exp. +0.88%), US SSS +0.3% (exp. +0.7%).
  • Six Flags (FUN) - One person died and several were injured following a roller coaster incident at a Six Flags amusement park.

CONSUMER STAPLES

  • Kroger (KR) - To reduce its workforce by about 3,000 over three years.

INDUSTRIALS

  • A. O. Smith (AOS) - Raises quarterly dividend 6% to USD 0.38/shr.

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