Newsquawk Daily US Equity Opening News - LRCX authorises USD 25bln buyback; NET report impresses

DAY AHEAD:

• DATA: In North America, preliminary University of Michigan sentiment is seen at 48.0 (prev. 48.0), with 1-year inflation expectations at 4.7% (prev. 4.7%) and 5-10-year at 3.6% (prev. 3.5%).
• CENTRAL BANKS: Fed's Musalem (2028 voter) participates in a moderated discussion.
• CRA: Potential reviews from Fitch on Greece (BBB), Morningstar DBRS on Germany (AAA).
• ENERGY: Baker Hughes reports weekly rig counts (prev. oil 462, gas 103, total 603).

ES +0.1% NQ +1.2% RTY +0.2%

• DRAM +6% NCLD +10.9% SOXX +4.6%
• NET +19.5%: EPS & rev. beat w/ strong next Q & FY outlook
• AKAM +5.6%: Profit surpassed Wall St. exp.
• LRCX +11.5%: Announces $25bln share repurchase authorisation & declares Q div.
• U +6.2%: Silver Lake & Saudi Arabia’s PIF have held talks to acquire the Co., discussing a valuation of c. $25bln
• ABNB +14.5%: EPS & rev. topped as did next Q top line view
• DKNG -26%: Deeper loss per shr. & rev. light w/ FY top line midpoint short of exp.
• KRUS -19%: Disappointing results & outlook
• UAA -9.7%: Rev. short & cut GM view
• IREN +14.5%: Top line beat, rapid AI Cloud growth & expanding contracted rev. backlog
• LYFT -6.7%: Surprise loss per shr. & rev. light
• FLY +12%: Signs rocket engine deal valued at >$1.3bln w/ ASTS +2.7%
• VST +5.4%: Adj. EBITDA, rev. topped & increased share buyback by $1.5bln
• HIMS +8.9%: Co. & LLY announce agreement to help expand access to Zepbound & Foundayo
• QCOM +2.5%: Alphabet discloses $548mln worth of Co. stake

• Texas Data Centres - Texas Governor-elect Gina Hinojosa plans legislation protecting communities from data centre developments and wants new projects halted until safeguards are established, Reuters reports. She cited concerns over rural communities and demanded local involvement in project decisions. Hinojosa also requested a pause on potential state land transactions involving SpaceX (SPCX), and said cooperation with Elon Musk’s companies must follow her administration’s terms.
• Anthropic (ANT) - Major investors are said to be sceptical that Anthropic can achieve its targeted USD 1.5tln IPO valuation following an AI-related market sell-off, WSJ reports. One investor suggested a valuation nearer USD 1tln, while the planned USD 100bln fundraising could shrink to USD 80bln or even face delays. WSJ also said that Anthropic’s run rate topped USD 80bln at the end of October (exp. was for ARR to be around the mid-70bln mark). Separately, investors are reportedly set to discuss an Anthropic IPO valuation of USD 1.2-1.3tln.
• Cloudflare (NET) - Shares surged by almost 13% in extended trading following stronger-than-expected quarterly earnings and revenue, driven by accelerating AI adoption and robust demand for networking and cybersecurity services, and it also upgraded its guidance. Q3 2026 (USD): Adj. EPS 0.38 (exp. 0.34), Revenue 782.5mln (exp. 737.2mln), Adj. net income 143.7mln (exp. 128.5mln), Adj. operating income 137.1mln (exp. 129.3mln). Commentary: CEO highlighted accelerating revenue growth, which was the fastest growth in nearly four years, and expanding profitability, driven by strong demand for cybersecurity, networking services and AI infrastructure. Guidance: Q4 adj. EPS 0.43 (exp. 0.38), Revenue 845-846mln (exp. 796.2mln), Adj. operating income 156-157mln (exp. 145.5mln). Raises adj. EPS outlook for the third time this year; adj. EPS 1.35 (exp. 1.26; prev. 1.25-1.26), Revenue 2.963-2.964bln (exp. 2.87bln), Adj. operating income 462-463mln (exp. 444.1mln).
• Akamai Technologies (AKAM) - Shares rose 2.3% in extended trading after stronger-than-expected quarterly earnings and profitability, supported by momentum in Security and Cloud Infrastructure Services and growing AI cloud adoption, though its revenue fell short and it issued weaker-than-expected guidance. Q3 2026 (USD): Adj. EPS 1.77 (exp. 1.67), Revenue 1.1bln (exp. 1.12bln). Adj. operating income 286mln (exp. 279.9mln), Adj. EBITDA 435mln (exp. 432.6mln). Commentary: CEO highlighted continued momentum across Security and Cloud Infrastructure Services, with the latter securing more than USD 14bln in multi-year commitments YTD. Guidance: Q4 adj. EPS 1.50-1.70 (exp. 1.79), Revenue 1.145-1.17bln (exp. 1.2bln). FY26 adj. EPS 6.47-6.68 (exp. 6.64), Revenue 4.44-4.47bln (exp. 4.49bln).
• Microchip Technology (MCHP) - Shares edged higher on stronger-than-expected quarterly earnings and revenue, supported by robust industrial and data centre demand, broad-based growth and strong bookings. Q2 2027 (USD): Adj. EPS 0.97 (exp. 0.94), Revenue 1.62bln (exp. 1.61bln), exceeding the high end of company guidance, driven by broad-based growth across industrial and data centre applications. Bookings remained robust, with book-to-bill well above 1, while PCIe Gen6 switch and retimer design wins doubled to 24 from 12 in the previous quarter. Announces quarterly cash dividend of USD 0.455/shr. Management highlighted continued momentum from new design wins and product innovation across data centre, aerospace and defence, automotive and industrial markets. Guidance: Q3 adj. EPS 0.87-0.95 (exp. 0.95), Revenue 1.573-1.638bln (exp. 1.63bln).
• Corsair Gaming (CRSR) - Shares fell by 8% in extended trade. Q3 2026 (USD): Adj. EPS 0.13 (exp. 0.12), Revenue 367mln (exp. 336.62mln). Guidance: Q4 adj. EPS 0.26-0.31 (exp. 0.29), Revenue 420-450mln (exp. 435.46mln). Raises FY26; adj. EPS 0.89-0.94 (exp. 0.90; prev. 0.85-0.94), Revenue 1.456-1.486bln (exp. 1.44bln; prev. 1.4-1.47bln).
• Atlassian (TEAM) Q1 2027 (USD): Adj. EPS 1.65 (exp. 1.44), Revenue 1.72bln (exp. 1.71bln). Subscription ARR +23% Y/Y, Cloud revenue +31% Y/Y, supported by momentum across Enterprise, AI and System of Work initiatives. Operating margin reached 11% on a GAAP basis, while FCF totalled USD 463mln. Commentary: CFO highlighted growing adoption of the Atlassian platform for integrating teams, AI agents and workflows, alongside continued operational discipline. Guidance: Q2 revenue 1.825-1.835bln (exp. 1.82bln), Cloud revenue growth 27% Y/Y, Data Centre revenue -14% Y/Y, Adj. operating margin 26%. FY27 revenue growth 13.75% Y/Y, subscription ARR growth 18.5% Y/Y, Cloud revenue growth 26% Y/Y, Data Centre revenue -16% Y/Y, Adj. gross margin 86.5%, Adj. operating margin 25.5%.
• Lam Research (LRCX) - Announced a USD 25bln share repurchase authorisation, supplementing its existing programme, alongside a quarterly dividend of USD 0.33/shr. The repurchase programme has no expiry date.
• Qualcomm (QCOM) - Alphabet (GOOG) said it held nearly 3mln shares, or a stake worth USD 547.9mln in the Co. as of September.
• Unity Software (U) - Silver Lake and Saudi Arabia’s Public Investment Fund have held talks to acquire Unity Software, discussing a valuation of approximately USD 25bln, Reuters reports. Silver Lake currently owns around 8% of Unity, which is working with an investment bank to assess options. No deal is certain. The consortium previously acquired Electronic Arts for USD 55bln.

• Amazon (AMZN), Vistra (VST) - Amazon said it plans a data centre campus on Vistra-owned land beside Texas’s Comanche Peak nuclear plant, with electricity supplied directly from the facility. The project is expected to support at least 550 full-time jobs. Cooling water use will remain below 2% of Vistra’s existing water rights, while Amazon plans USD 3.75mln in regional water-efficiency investment.
• Airbnb (ABNB) - Shares surged by over 10% in extended trading following stronger-than-expected revenue, earnings and bookings, driven by resilient travel demand and successful product enhancements, supported by upgraded FY growth and margin guidance, and an expanded share buyback programme. Q3 2026 (USD): EPS 3.16 (exp. 2.85), Revenue 4.9bln (exp. 4.75bln), Gross booking value 27.7bln. Co. is developing its own AI agent to help guests plan and book trips, with a rollout scheduled to begin in H1 2027. Guidance: Q4 revenue 3.22-3.28bln (exp. 3.16bln), with GBV growth in the mid-teens Y/Y, supported by at least low-double-digit growth in nights and seats booked and a modest increase in average daily rates. Q4 adj. EBITDA is expected to increase Y/Y, although the adj. EBITDA margin is expected to decline slightly due to the timing of marketing expenditure. FY26 revenue growth in the high teens and FY26 adj. EBITDA margin 36%, reflecting stronger revenue growth and operating leverage despite continued investment in growth initiatives.
• DraftKings (DKNG) - Shares plunged by over 20% in extended trading following weaker-than-expected quarterly metrics, alongside sharply downgraded guidance, reflecting surging investment costs in its prediction markets business, where heavy customer promotions are limiting revenue contributions. Q3 2026 (USD): Adj. EPS -0.53 (exp. -0.25), Revenue 1.33bln (exp. 1.39bln). More than 1.6mln customers have engaged with its Predictions offering YTD. Management highlighted strong FCF generation from the core business, supporting continued investment in Predictions and iGaming growth. Guidance: Q4 adj. EBITDA investment in Predictions 175-225mln. Updates FY26; revenue 6.35-6.55bln (exp. 6.55bln), Adj. EBITDA 175-275mln, reflecting increased Predictions investment of 650-700mln. Expects FY26 core business adj. EBITDA 875-925mln, with Predictions revenue remaining immaterial due to customer promotions. FY27 revenue 7.35-7.75bln (exp. 7.59bln), Adj. EBITDA 0.8-1.0bln, including USD 300mln in Predictions investment at the midpoint.
• Wynn Resorts (WYNN) Q3 2026 (USD): Adj. EPS 0.33 (exp. 0.59), Revenue 1.69bln (exp. 1.75bln). Wynn Las Vegas and Macau recorded healthy demand despite softer market conditions. Wynn Las Vegas was negatively affected by a gaming hold rate outside the expected range, while the Boston property maintained operations despite a strike that began in early September. Development of Wynn Al Marjan Island continues to progress, with interior fit-out work under way across guest rooms ahead of its planned September 2027 opening.
• Mattel (MAT) Q3 2026 (USD): Adj. EPS 1.30 (exp. 0.94), Revenue 1.81bln (exp. 1.83bln). Commentary: Chairman and CEO Roger Lynch highlighted the need to strengthen Mattel's brands, accelerate innovation and improve financial consistency through disciplined investment and operational execution. Has appointed Steve Totzke as President and Chief Operating Officer. Totzke's appointment takes effect on 11th November 2026; Chief Marketing and Brand Officer Roberto Stanichi will depart on 10th November to pursue another opportunity. Guidance: Lowers FY26 adj. EPS to 1.05-1.20 (exp. 1.30; prev. 1.27-1.39), Revenue growth +1-4% (prev. +3-6%).
• Kura Sushi USA (KRUS) Q4 2026 (USD): Adj. EPS 0.08 (exp. 0.19), Revenue 88.9mln (exp. 90.87mln). Commentary: CEO highlighted the Co.'s ability to protect margins despite tariff pressures and softer consumer demand. Tariffs increased costs by 180bps during FY26, offset by 190bps of labour efficiency gains, while general and administrative expense leverage improved by 90bps. Guidance: FY27 revenue 376-381mln (exp. 388.96mln), and average net CapEx 2.6mln per unit. Expects FY27 general and administrative expenses of 11.5% of sales, and restaurant-level operating profit margin 19%.
• Under Armour (UAA) Q2 2027 (USD): Adj. EPS 0.00 (exp. -0.01), Revenue 1.2bln (exp. 1.23bln). Guidance: FY27 adj. EPS 0.08-0.12 (exp. 0.11), Cuts gross margin expansion to +170-220bps (prev. 220-270bps), due to higher fuel/freight costs.
• Pirelli (PRLLY) 9-month (EUR): Adj. EBIT 840.8mln (vs 835mln Y/Y), Revenue 5.28bln (+1.6% Y/Y). Adj. EBIT +0.7% Y/Y, Adj. EBIT margin declined to 15.9% (vs 16.1% Y/Y). Reaffirms FY26 targets, subject to no further deterioration in external conditions. Approved a new Euro Medium Term Note programme worth EUR 2bln.
• Tesla (TSLA) - Raises the price of its Cybertruck Premium AWD to USD 92,490 in the US (+USD 7,500). Cyberbeast raised to USD 102,490 (+USD 2,500). CEO Musk said the Co. will wind down Cybertruck production at Gigafactory Texas around mid-2027 to make room for increased Cybercab production.

• IREN (IREN) - Shares surged over 13% in extended trading after stronger-than-expected revenue, rapid AI Cloud growth and an expanding contracted revenue backlog; however, it also reported weaker adj. EBITDA and delays to major Microsoft-related revenue, though substantial customer prepayments supported confidence in its expansion plans. Q1 2027 (USD): Adj. EBITDA 66mln (exp. 84.2mln), Revenue 228mln (exp. 221.71mln). Pretax profit -261mln (exp. -282.7mln). Revenue +66% Q/Q, driven by AI Cloud revenue +182% Q/Q to USD 200mln, with segment gross margin stable at 86%. Operating ARR doubled to USD 1bln, while revenue backlog +22% Q/Q to USD 20.3bln. Commentary: Co-CEO Daniel Roberts highlighted the deployment of Horizon 1 for Microsoft (MSFT) and continued strong demand for AI infrastructure. It has delayed its target of more than USD 4bln in contracted ARR from year-end to January 2027, potentially extending into February, following a customer-requested design change and supplier delays. IREN also secured a five-year contract with 90% of GPU CapEx prepaid by the customer. Management plans USD 15bln in capital expenditure over the remainder of FY27, comprising USD 9bln in cash and committed financing and USD 6bln in targeted financing subject to market conditions.
• Affirm Holdings (AFRM) - Shares fell over 6% in extended trading as deteriorating consumer credit quality and rising loan delinquencies overshadowed stronger-than-expected quarterly earnings, revenue and gross merchandise volume, alongside upbeat guidance. Q1 2027 (USD): EPS 0.47 (exp. 0.38), Revenue 1.262bln (exp. 1.213bln), Adj. operating income 380mln (exp. 361.8mln), GMV 14.4bln (exp. 14bln), +34% Y/Y. Consumer credit quality deteriorated, with the 30-plus-day loan delinquency rate rising 35bps Q/Q to 2.9%. It continues to shift towards interest-free instalment plans funded by merchant fees, which generally carry lower margins, but aim to attract higher-quality borrowers. Guidance: Q2 revenue 1.435-1.465bln (exp. 1.43bln), GMV 17.9-18.2bln (exp. 17.74bln). Reaffirms FY27 revenue growth outlook of 8.49%.
• Bank of America (BAC) - CEO said it remains on track to meet its 2026 financial targets. It expects net interest income growth of 8% in 2026, and at least 8% in 2027, exceeding its 5-7% medium-term target. YTD EPS rose 19% excluding a regulatory charge, while return on tangible common equity reached 16%.
• Japan GPIF - Q3 investment return -1.7%, equivalent to a loss of JPY 5.253tln, marking its first quarterly loss in six quarters. Total assets stood at JPY 314.4tln. Foreign bonds returned -6.52%, domestic bonds -1.80% and overseas equities -1.86%, while Japanese equities gained 3.71%. Performance was weighed down by declining global bond prices and yen appreciation, with the dollar falling more than 3% against the yen during the quarter. It maintains a strategic portfolio allocation of approximately 25% across each of its four asset classes.
• ING Groep (ING) - Reportedly auctioning approximately USD 500mln in data centre loans, including debt linked to Vantage Data Centers, CyrusOne and the OpenAI-SoftBank-Oracle Stargate project, Bloomberg reports. The portfolio comprises 12 loans. Bids are due by 19th November.
• Euronext (ERNXY) Q3 2026 (EUR): Adj. EBITDA 364.2mln (exp. 346mln), Revenue 547mln (exp. 524.6mln); authorises EUR 350mln share buyback programme. Lowers FY26 underlying expenses to 760mln (prev. 770mln).

• Lyft (LYFT) - Shares fell 6.5% in extended US trading following a surprise quarterly loss, caused by a driver-classification legal settlement, weaker-than-expected revenue, and disappointing rider and trip numbers. Q3 2026 (USD): EPS -0.03 (exp. 0.20), Revenue 1.8bln (exp. 1.91bln). Gross bookings +17% Y/Y to USD 5.62bln, while active riders +10% Y/Y to a record 31.6mln, marking the eighth consecutive quarter of double-digit growth. Co. recorded a USD 117.9mln legal settlement related to driver classification in California, resulting in a net loss of USD 9.7mln. Management highlighted strong core rideshare performance, accelerating North American ride growth and the launch of Lyft Go, which management expects to be a key growth driver in 2027. It expects USD 500mln in share buybacks during FY26. Guidance: Q4 adj. EBITDA 188-213mln, Gross bookings 5.74-5.94bln (exp. 5.84bln); FY26 gross bookings growth 18% Y/Y to USD 21.9bln, Adj. EBITDA growth 35% Y/Y, Adj. EBITDA margin 3.3%, with total rides exceeding 1bln for the first time.
• Axon Enterprise (AXON) Q3 2026 (USD): non-GAAP EPS 1.72 (exp. 1.89), Revenue 908.55mln (exp. 937mln). Guidance: Q4 revenue 0.99-1.01bln (exp. 1.07bln). FY26 revenue 3.61-3.63bln (exp. 3.71bln).
• Firefly Aerospace (FLY), AST SpaceMobile (ASTS) - Firefly Aerospace announced an agreement with AST SpaceMobile for more than USD 1.3bln to deliver 36 rocket engines, provide a licence to the engine's intellectual property, and offer engineering support over a three-year period for AST SpaceMobile's new heavy-lift rocket.
• Snap-on (SNA) - Board increases quarterly dividend 12.7% to USD 2.75/shr.
• Boeing (BA) - NASA plans to launch CapeWeek, an annual US aerospace show at Florida’s Kennedy Space Center in 2028, Bloomberg reports. The agency hopes Boeing will unveil its next commercial aircraft at the event, although no commitment has been provided yet. CapeWeek aims to rival international air shows, and eventually attract over 500K attendees, without NASA funding.
• Fluor (FLR) - Has been selected by X-Energy to provide engineering, design and project management services for the Cascade Advanced Energy Facility near Richland, Washington.
• Mitsubishi Heavy Industries (7011 JT) H1 26 (JPY): Net profit 203.29bln (vs 114.91bln Y/Y), Revenue 2.52tln (vs 2.11tln Y/Y). Pretax profit 263.21bln (vs 173.72bln Y/Y), +51.5% Y/Y, reflecting stronger profitability. Announces a share buyback programme of up to JPY 300bln.

• Vistra (VST) Q3 2026 (USD): Adj. EBITDA 2.38bln (exp. 2.14bln), Revenue 6.35bln (exp. 6.03bln); to increase share buyback by USD 1.5bln. Guidance: FY adj. EBITDA 7.1-7.5bln (exp. 7.27bln).
• Consolidated Edison (ED) Q3 2026 (USD): Adj. EPS 2.07 (exp. 2.03). Chairman and CEO Tim Cawley highlighted the Co.'s consistent financial performance and balance sheet strength, alongside its role in supporting New York's expanding electrification requirements. Management remains focused on maintaining reliability while investing in infrastructure capacity and resilience to support long-term regional growth. Guidance: Narrows FY26 adj. EPS to 6.05-6.15 (exp. 6.11; prev. 6.00-6.20).
• Ameren (AEE) Q3 2026 (USD): Adj. EPS 2.42 (exp. 2.29), Revenue 2.88bln (exp. 2.82bln). Guidance: FY27 diluted EPS 5.70-5.90 (exp. 5.80).
• PPL (PPL) Q3 2026 (USD): Adj. EPS 0.54 (exp. 0.53), Revenue 2.5bln (exp. 2.41bln); announces USD 25bln capital plan for 2027 to 2030. Guidance: FY26 adj. EPS 1.92-1.96 (exp. 1.95, prev. 1.90-1.98). FY27 EPS 2.06-2.14 (exp. 2.12). Raises long-term annual EPS growth target to 7-9% (prev. 6-8%).
• Oklo (OKLO) Q3 2026 (USD): EPS -0.22 (exp. -0.26), Revenue 1.86mln (exp. 1.11mln). Elsewhere, OKLO partners with US Forged Rings to advance domestic manufacturing for future Aurora powerhouse deployments; agreement secures planned US manufacturing capacity for large reactor components. Reserves manufacturing capacity at USFR’s North Carolina campus, with deliveries beginning in 2030.

• Humana (HUM) Q3 2026 (USD): Adj. EPS -0.70 (exp. -1.00), Revenue 41.16bln (exp. 40.87bln). Guidance: Raises FY26 adj. EPS to 'at least' 9.50 (exp. 9.16, prev. 'at least' 9.00). Commentary: 2027 portfolio is positioned to deliver the margin progression that is needed to hit the 2028 margin target.
• Moderna (MRNA) Q3 2026 (USD): Diluted EPS 0.38 (exp. -1.10), Revenue 1.31bln (exp. 890mln). Guidance: Raises FY26 revenue growth to 15-25% (prev. 10%).
• Solventum (SOLV) Q3 2026 (USD): Adj. EPS 1.45 (exp. 1.34), Revenue 1.95bln (exp. 1.93bln). Guidance: FY26 adj. EPS 7.20-7.30 (exp. 7.18).
• Mettler-Toledo International (MTD) Q3 2026 (USD): Adj. EPS 12.57 (exp. 12.12), Revenue 1.09bln (exp. 1.07bln). Guidance: Q4 adj. EPS 14.84-15.04 (exp. 14.89); FY26 adj. EPS 47.70-47.90 (exp. 47.35); FY27 adj. EPS 52.50-53.50 (exp. 51.76).
• Eli Lilly (LLY), Hims & Hers Health (HIMS) - Cos. announce an agreement to help expand access to Zepbound (tirzepatide) and Foundayo (orforglipron).
• Thermo Fisher (TMO) - Authorised a new share repurchase programme of up to USD 5bln, replacing its previous authorisation, which had USD 1bln remaining. The new authorisation has no expiration date.

• Live Nation Entertainment (LYV) Q3 2026 (USD): EPS 1.69 (exp. 1.57), Revenue 10.11bln (exp. 9.59bln). Concert attendance +19% Y/Y, while adj. operating income recorded double-digit growth across all three business segments. Ticket sales +13% Y/Y to 170mln through October, already exceeding the total for FY25. International markets surpassed the US in both concert attendance and sponsorship revenue YTD. Sees FY26 concert attendance approaching 180mln fans, with management expecting another record year and sustained double-digit growth in the coming years.
• Charter Communications (CHTR) Q3 2026 (USD): Revenue 14.9bln (exp. 13.53bln); announces USD 2bln annualised expense savings plan plus USD 1bln Cox synergies. Savings programme will focus on eliminating nonessential activities and simplifying organisational structures.
• Alphabet (GOOGL) - Dissolves its stakes in GitLab (GTLB), Spero Therapeutics (SPRO) and Autolus Therapeutics (AUTL).
• The New York Times Company (NYT) - Is in exclusive negotiations to acquire Letterboxd for approximately USD 330mln, NYT reports. The film-review platform has 30mln users and projected annual earnings of USD 15mln. Discussions include retaining its founders in management and integrating advertising technology. A deal has not been finalised, with A24 and Sony (SONY) previously expressing interest.

• Monster Beverage (MNST) - Shares fell 2.5% in extended trading despite stronger-than-expected quarterly revenue and robust international sales growth, as earnings merely met expectations while the company continues investing heavily in marketing and new product launches. Q3 2026 (USD): Adj. EPS 0.30 (exp. 0.30), Revenue 2.56bln (exp. 2.49bln). International sales +28.1% Y/Y, accounting for approximately 47% of total revenue, with Latin American sales +48.8% Y/Y, primarily driven by Brazil. Commentary: CEO highlighted strong domestic and international performance, supported by increased marketing investment across social, digital and traditional media. It continues to expand its product portfolio with launches across Monster Energy, Java Monster, Mother and FLRT, aimed at broadening its consumer base and supporting growth alongside existing brands.

• Simon Property Group (SPG) Q3 2026 (USD): FFO 3.09/shr (exp. 3.32), Revenue 1.82bln (exp. 1.63bln), EPS 1.54 (exp. 1.69); raised quarterly dividend 4.5% to USD 2.30/shr. Commentary: Noted continued leasing momentum, higher rents and occupancy, and accelerating shopper traffic growth for the third consecutive quarter, supporting stronger retailer sales across its portfolio. CEO highlighted improving property fundamentals. Guidance: Raised FY26 Real Estate FFO to 13.30-13.40/shr (exp. 13.24).
• Camden Property Trust (CPT) Q3 2026 (USD): Core FFO 1.71 (exp. 1.669), Revenue 381mln (exp. 385mln). Guidance: Q4 core FFO 1.63-1.67. FY26 core FFO 6.73-6.77 (exp. 6.76).
• Regency Centers (REG) Q3 2026 (USD): FFO 1.23 (exp. 1.22). Guidance: FY26 FFO 4.86-4.88 (exp. 4.86, prev. 4.84-4.88).

• Devon Energy (DVN) Q3 2026 (USD): EPS 1.42 (exp. 1.31), Revenue 6.86bln (exp. 6.85bln). Maintains FY26 production guidance. FY27 oil production growth 1-3%, with oil production 525k BPD, and total production 1.6mln barrels of oil equivalent per day, pro forma for the Eagle Ford sale. Sees FY27 capex USD 5.3bln. Targets more than USD 1bln in share buybacks, and plans an additional USD 1.5bln debt reduction in 2027.
• EOG Resources (EOG) Q3 2026 (USD): Adj. EPS 4.87 (exp. 4.47), Revenue 8.55bln (exp. 7.26bln). Co. achieved record oil, natural gas liquids and natural gas production, while per-unit cash operating costs and depreciation, depletion and amortisation remained below guidance midpoints. Raises regular quarterly dividend by 8%. Management highlighted continued operational efficiency, high-return investments and confidence in maintaining shareholder distributions across commodity price cycles. Guidance: CapEx 1.63-1.73bln, Crude oil equivalent production 1.3855-1.4320mln BPD.
• Northern Oil and Gas (NOG) Q3 2026 (USD): Adj. EPS 1.32 (exp. 1.06), Revenue 345.905mln (vs 556.637mln Y/Y). Co. achieved record total production, natural gas volumes and adj. EBITDA, generating nearly USD 150mln in FCF despite increased activity across its oil-weighted basins. Total debt reduced by more than USD 100mln, bringing leverage below 1.5x, one quarter ahead of its year-end target. CEO highlighted the Co.'s ability to fund production growth internally while generating excess cash for debt reduction and continued share buybacks. Raises FY26 production outlook to 147,000-150,000 boe/d (prev. 143,000-148,000 boe/d).
• China Diesel Exports - Energy Aspects expects China’s state refiners to reduce November diesel exports amid tight inventories. The consultancy lowered its shipment forecast by 400K tonnes to 580K tonnes, but sees potential upward revisions if domestic demand weakens.

• Gold Prices - Goldman Sachs lowered its end-2026 gold price forecast to USD 4,150/oz (prev. saw 4,650/oz) and end-2027 forecast to USD 4,800/oz (prev. saw 5,400/oz); the revisions follow a more hawkish Fed stance, with higher interest rates and a stronger USD weighing on gold's appeal, despite continued central bank demand. Goldman expects Fed rate cuts from late 2027 through early 2028.

• US Sec. of State - US Secretary of State Marco Rubio dismissed reports he plans to leave the Trump administration, telling the NYT he intends to serve until Trump’s term ends. Rubio declined to discuss a potential 2028 presidential bid, having previously pledged support for Vice President JD Vance. He also defended Trump’s decision to pursue the Iran war.
• US-Iran - President Trump said he would soon decide whether to resume major strikes against Iran following a national security meeting, Axios reports. Options include renewed military action, continued economic pressure or a negotiated settlement. Qatar is mediating a proposal involving sanctions relief, nuclear inspections and reopening the Strait of Hormuz. Iran insists seven conditions must be met before negotiations take place.
• US-Iran - Qatar’s Emir and US President Trump discussed regional developments and diplomatic efforts to de-escalate tensions during a phone call, Qatar’s Amiri Diwan said. The Emir emphasised continued dialogue, diplomatic dispute resolution and preventing further escalation, alongside safeguarding freedom of navigation and energy supplies. Both leaders also reviewed bilateral strategic relations and ways to strengthen cooperation.

• US Stocks - US President Trump attributed a sharp stock market decline to Democratic election victories, describing it as one of the worst trading days in history. He said retirement portfolios had suffered losses but expressed confidence that markets would recover and eventually surpass previous levels.
• ECB President - Today is the deadline for ECB Presidential nominations, with Spain and the Netherlands expected to propose Pablo Hernandez de Cos and Klaas Knot, respectively. Bloomberg says that an agreement between German Chancellor Merz and French President Macron will be crucial; negotiations may also involve vacancies held by markets chief Isabel Schnabel and chief economist Philip Lane, ahead of current President Christine Lagarde’s February departure.

• US-Canada - US Democrats are preparing legislation to reverse President Trump’s tariffs on Canadian products as an initial step towards dismantling his broader trade measures, WSJ reports. Senator Ron Wyden, who expects to lead the Senate Finance Committee in January, said there was overwhelming support for repealing the tariffs, and that discussions with colleagues were already underway.