Newsquawk Daily US Equity Opening News - Neoclouds fall post-midterm results; AMD & SMCI pare gains following strong reports

DAY AHEAD:

• DATA: In North America, US ISM services is seen little changed at 54.8 (prev. 54.9), with prices paid seen rising to 75.0 (prev. 74.0), new orders at 59.5 (prev. 59.8), and employment at 50.0 (prev. 50.1).
• ENERGY: Weekly DoE energy inventories will be released; after hours on Tuesday, API data reportedly showed headline crude stocks posting a surprise draw of 5.3mln bbls (exp. +1.9mln), Cushing posting a build of 0.5mln bbls; in the products, gasoline stocks saw a build of 1.4mln bbls (exp. 0.0mln), while distillates saw a surprise draw of 1.2mln bbls (exp. +0.4mln).
• EARNINGS: Notable corporate earnings due today include: ARM Holdings (ARM), QUALCOMM (QCOM), McKesson (MCK).

ES +1.1% NQ +0.4% RTY +1.7%

Following US midterms:

• Renewables gain FSLR +7.5% PLUG +7% ENPH +4.5% w/ clean energy ETF ICLN +4.8%
• Neoclouds pressured CRWV -6.2% IREN -5.4% NBIS -3.2% w/ neocloud ETF NCLD -7%
• Hyperscalers strengthen AMZN +3.8% MSFT +2.7% GOOG +1.2%
• NVDA -1.5% VRT -6.5% ORCL -3.5% weighed on by less buildout
• SPCX -5.8% TSLA -4.5% given where they operate AI supercomputer infra. from

Elsewhere:

• ORCL -3.5%: Cancelled $7bln 5yr AI chip leasing agreement w/ Tencent following pressure from Trump admin
• AMD +0.4% SMCI +0.6%: Reversed a lot of strength post-strong earnings
• ANET +4.5%: EPS & rev. beat w/ strong next Q outlook
• SWKS -11.5%: Poor next Q guidance
• DOX -36%: Dismal outlook driven by significant T-Mobile headwinds incl. ongoing legal dispute
• DDOG -11.5%: Q3 beat but flat sequential growth
• BKNG +4.2%: Profit surpassed Wall St. exp.
• AMGN +5.5%: Strong Q metrics alongside lifting FY view
• XYZ +10%: Top, bottom surpassed Wall St. exp. & raised FY profit view

• US Midterms - Democrats won control of the House and Senate, including surprise victories in Texas, Ohio and Kansas. The Democratic sweep has fuelled concerns over tougher oversight of AI, banks and cryptocurrencies, alongside potential legislative gridlock, weighing on risk sentiment. Nasdaq futures initially fell more than 2% before paring losses, with US benchmarks now in the green, while US 10yr Tsy yields dropped around 6bps. Republican victories in Louisiana utility commission races provided relief for some AI-linked stocks. US President Trump said he would accept the election result and was prepared to work with Democrats, including on immigration. Trump blamed the Republican defeat partly on the Iran conflict and its unexpected gasoline price consequences. He emphasised his veto powers, ruled out cabinet changes, and claimed he would have won overwhelmingly if on the ballot. Ahead, analysts say that Democratic control of Congress could restrict Trump’s fiscal plans and intensify scrutiny of the technology sector, with the 2027 debt ceiling another potential flashpoint.
• US Midterms/Tech - Democrats won control of the House and the Senate, and many of the newly elected candidates have taken firm positions on the AI-driven data centre build-out. Tesla (TSLA) and SpaceX (SPCX) are seeing pressure, as the latter operates AI supercomputing infrastructure in Tennessee and Mississippi, while the former has one in Texas. Neocloud stocks (CRWV, IREN, NBIS) are lower, as the Democratic wins in Texas and widespread rejection of data centres across the US are expected to create hurdles for data centre plays. On this, Goldman Sachs warns that Democratic victories could threaten 45% of US data centre expansion, and within that Texas alone accounts for roughly 25% of planned capacity. Moreover, Texas, Georgia and Michigan could introduce restrictions on tax breaks, electricity, water and environmental permits. However, Goldman expects any moratoria to be short-lived, with political pressure easing over time. Meanwhile, the downside for the neoclouds is upside for the hyperscalers, who are more likely to grow their share of AI compute than they were before, and as such are seeing gains in Amazon (AMZN), Microsoft (MSFT), and Google (GOOG). Amazon was supported as Louisiana narrowly stayed Republican, where the tech behemoth has a USD 18bln data-centre project.

• Oracle (ORCL), Tencent (TCEHY) - Oracle cancelled a USD 7bln five-year AI chip leasing agreement with Tencent following pressure from the Trump administration, the FT reports. The deal would have provided Tencent access to approximately 100k advanced AI chips across Oracle data centres in Southeast Asia.
• Nvidia (NVDA) - Alibaba (BABA), Tencent (TCEHY) and ByteDance are among Chinese firms ordering approximately 6mln Nvidia RTX Pro 5500 chips worth USD 70bln, but expect just 1% delivered within four months, Bloomberg reports. Nvidia is prioritising higher-margin chips amid TSMC (TSM) manufacturing constraints. Chinese buyers estimate deliveries could reach 700K units by end-2027, while increasingly relying on domestic alternatives.
• Microsoft (MSFT) - Microsoft’s Xbox division has received bids for Arkane Studios from Ubisoft (UBSFY) and at least two other gaming companies, Bloomberg reports. Xbox is also considering a management buyout, although no agreement has been reached. The planned sale forms part of Xbox’s broader restructuring.
• Advanced Micro Devices (AMD) - Shares rose by over 6% in extended US trading following stronger-than-expected quarterly earnings and revenue, driven by accelerating AI demand and robust data centre growth, and were reinforced by upbeat sales guidance and management’s confidence in its ability to meet rising demand. Q3 2026 (USD): Adj. EPS 2.09 (exp. 1.95), Revenue 13.4bln (exp. 13.1bln). Adj. net income 3.471bln (exp. 3.209bln), Operating income 2.8bln, Adj. operating income 3.9bln (exp. 3.67bln). Adj. operating margin 29% (exp. 28%), Gross margin 54%, Adj. gross margin 56%. Capex 648mln (exp. 647mln). Commentary: CEO Lisa Su highlighted record quarterly revenue, with Data Centre sales nearly doubling Y/Y amid strengthening demand for Instinct and EPYC products. Expects further growth acceleration in Q4 as Helios and Venice production scales. Guidance: Q4 revenue 16.49-17.51bln (exp. 16.3bln), representing c. 66% Y/Y growth at the midpoint, Adj. gross margin 55% (exp. 55.5%). Sees FY27 revenue growth exceeding 80% (revenue exp. 89.92bln), with server revenue expected to double Y/Y, and Data Centre accounting for more than 80% of total revenue. Management expects AI Data Centre revenue growth to accelerate further in FY27. Elsewhere, AMD entered an agreement in August to acquire Taalas Inc. for USD 2.90bln, including USD 1.40bln in contingent consideration.
• Super Micro Computer (SMCI) - Shares rose almost 7% in extended trading after stronger-than-expected quarterly earnings and revenue, driven by surging AI server demand, along with an upgraded FY sales outlook, reflecting continued strength in AI infrastructure spending. Q1 2027 (USD): Adj. EPS 1.81 (exp. 1.20), Revenue 19.9bln (exp. 16.02bln). Revenue more than tripled Y/Y to a quarterly record, driven by strong demand for AI servers and accelerating data centre infrastructure investment. Commentary: CEO highlighted continued progress towards becoming a comprehensive AI and IT data centre solutions provider. Management expects AI-related products to account for 70-80% of FY27 revenue, although customer concentration remains elevated, with one major data centre customer representing 44% of Q1 sales. Guidance: Q2 adj. EPS 1.66-1.90 (exp. 1.14), Revenue 19.5-21.5bln (exp. 18.1bln). Raises FY27 revenue to 72-82bln (exp. 73bln; prev. 65-72bln), supported by sustained AI infrastructure demand and expanding production capacity.
• Arista Networks (ANET) - Shares surged almost 9% in extended trading after stronger-than-expected quarterly earnings and revenue, driven by robust customer demand and accelerating adoption of AI networking solutions, reinforced by upbeat quarterly guidance and a FY revenue view ahead of expectations. Q3 2026 (USD): Adj. EPS 1.20 (exp. 1.08), Revenue 3.66bln (exp. 3.33bln). Commentary: CEO Jayshree Ullal highlighted the company’s strongest Y/Y revenue growth since its IPO and record profitability, supported by broad-based customer demand and increasing adoption of networking solutions for generative and agentic AI. Guidance: Q4 adj. EPS 1.26-1.30 (exp. 1.15), Revenue 3.9-4.0bln (exp. 3.6bln), Adj. operating margin 48-49%. FY27 revenue 18.5bln (exp. 16.44bln), representing Y/Y growth 38-40%.
• Toast (TOST) - Shares fell 3.3% in extended trading after weaker-than-expected quarterly earnings and the announcement of its CFO’s departure. Q3 2026 (USD): EPS 0.29 (exp. 0.37), Revenue 1.98bln (exp. 1.97bln), ARR 2.5bln, +24% Y/Y, Total locations 189,000, +21% Y/Y, Gross payment volume 61.8bln, +20% Y/Y. Recurring gross profit streams +27% Y/Y, while GAAP operating income margin reached 26%, with 8,500 net locations added. Commentary: CEO highlighted continued growth and the expansion of Toast IQ’s AI capabilities, including the launch of Toast IQ Team. Guidance: Q4 adj. EBITDA 200-210mln, Subscription services and financial technology solutions adj. gross profit 610-620mln, representing growth 22-24% Y/Y. Raises FY26; adj. EBITDA 840-850mln (prev. 805-825mln), Subscription services and financial technology solutions adj. gross profit 2.375-2.385bln, representing +26% Y/Y growth (prev. 23-25%). CFO Elena Gomez will step down at year-end, with Michael Senno succeeding her on January 1st 2027.
• Skyworks Solutions (SWKS) - Shares plunged by over 10% in extended trading after weaker-than-expected quarterly earnings and revenue guidance, driven by anticipated smartphone sales declines, seasonal pressures and Android (GOOG) market weakness. Q4 2026 (USD): Adj. EPS 1.28 (exp. 1.27), Revenue 1.046bln (exp. 1.04bln). Commentary/Guidance: CEO highlighted the combination with Qorvo, expanding the company’s RF technology portfolio. Q1 adj. EPS 1.25 (exp. 1.57), Revenue 1.8-1.9bln (exp. 2bln). Expects smartphone revenue to decline by a low-teens percentage Q/Q, reflecting seasonality, Android market weakness and an additional week in Qorvo’s prior quarter. Diversified Growth Markets revenue is expected to grow by low-single-digits Q/Q and high-single to low-double-digits Y/Y, representing over 40% of sales, supported by data centre and defence demand. FY27 operating expense synergies 150mln, weighted towards H2, with an annualised run-rate 250-300mln by FY27 year-end. Maintains its target of at least USD 500mln in annual cost synergies within 24-36 months of the Qorvo merger closing.
• Duolingo (DUOL) Q3 2026 (USD): EPS 0.54 (exp. 0.57), Revenue 309mln (exp. 303.03mln). DAUs +29% Y/Y to 54.9mln. Guidance: Q4 revenue 322mln (exp. 314.55mln), FY26 revenue 1.22bln (exp. 1.21bln), citing strong global user growth.
• Amdocs (DOX) - Shares plunged by over 40% in extended trading after weaker-than-expected quarterly guidance and a bleak FY outlook, driven by significant T-Mobile headwinds including an ongoing legal dispute, completed integration work and reduced discretionary spending. Q4 2026 (USD): EPS 1.98 (exp. 1.98), Revenue 1.19bln (exp. 1.19bln). Commentary: CEO Shimie Hortig highlighted growing adoption of its Agentic Operating System, including a new eight-year strategic agreement with AT&T (T) and additional deals with VodafoneThree (VOD), VEON and Globe. The company is exiting non-strategic businesses, including its media operations and hardware resale activities, while expanding into insurance. Guidance: Q1 EPS 1.27-1.33 (exp. 1.93), Revenue 955-995mln (exp. 1.2bln). FY27 EPS declining 26-30% Y/Y, FY27 revenue declining 14.3-17.9% Y/Y, FCF 440-500mln. The outlook reflects significant headwinds from T-Mobile (TMUS), including an ongoing legal dispute, completion of the USCellular customer integration project and reduced discretionary spending. Management noted that the remainder of the business continues to grow and expects FY28 revenue growth in the mid-single digits, earnings growth in the high single digits and a steadily rising dividend.
• Amdocs (DOX), T-Mobile (TMUS) - Amdocs shares came under pressure after disclosing a serious contractual dispute with T-Mobile, with both companies alleging material breaches and threatening agreement termination or legal action, prompting DOX to issue conservative FY guidance reflecting the risk of losing the contracts.
• Amdocs (DOX), AT&T (T) - AT&T and Amdocs expanded their partnership through a multi-year agreement to modernise AT&T’s business and customer operations using AI.
• Astera Labs (ALAB) Q3 2026 (USD): Adj. EPS 1.32 (exp. 1.19), Revenue 584.9mln (exp. 551mln). Guidance: Q4 adj. EPS 1.62-1.66 (exp. 1.42), Revenue 730-750mln (exp. 656mln).
• Qnity Electronics (Q) Q3 2026 (USD): Adj. EPS 1.46 (exp. 1.20), Revenue 1.6bln (exp. 1.49bln). Guidance: Raises FY26; adj. EPS 4.95-5.05 (exp. 4.60, prev. 4.40-4.60), Revenue 5.77-5.83bln (exp. 5.64bln, prev. 5.55-5.65bln).
• Trimble (TRMB) Q3 2026 (USD): EPS 0.86 (exp. 0.86), Revenue 966.8mln (exp. 966mln). Guidance: Q4 EPS 1.13-1.19 (exp. 1.16), Revenue 1.03-1.06bln (exp. 1.05bln).
• CDW (CDW) Q3 2026 (USD): EPS 3.26 (exp. 2.98), Revenue 6.754bln (exp. 6.19bln); board increases quarterly dividend 8% to USD 0.68/shr.
• Datadog (DDOG) Q3 2026 (USD): Adj. EPS 0.81 (exp. 0.64), Revenue 1.2bln (exp. 1.15bln). Other metrics: Adj. operating income 334mln (exp. 268.9mln), Operating income 75mln, Adj. operating margin 28%, FCF 251mln. Guidance: Q4 revenue 1.19-1.2bln (exp. 1.2bln), Adj. EPS 0.69-0.71 (exp. 0.64), Adj. operating income 280-290mln (exp. 280.1mln). FY revenue 4.515-4.525bln (exp. 4.48bln), Adj. EPS 2.73-2.75 (exp. 2.54), Adj. operating income 1.095-1.105bln (exp. 1.03bln).
• OpenAI, Uber (UBER) - Uber President Jill Hazelbaker is leaving to become OpenAI’s chief corporate affairs officer, overseeing global communications, corporate reputation, branding and public trust, Bloomberg reports. Hazelbaker joined Uber in 2015 and became president in May. Her departure follows other senior leadership changes, including the exits of autonomous mobility head Sarfraz Maredia and former delivery chief Susan Anderson.
• STMicroelectronics (STM) - Announced a unified STM32 microcontroller platform spanning industrial, automotive and physical AI applications. The platform enables customers to reuse architectures, intellectual property, software and tools across sectors. Its new STM32A family extends the platform into high-safety and automotive systems, supporting software-defined systems and physical AI.
• Siltronic (SLTCY) - Raised FY26 sales outlook to broadly flat Y/Y (prev. low-to-mid single-digit decline), amid stronger wafer demand and a firmer USD; Q3 sales EUR 355.4mln (exp. 336.7mln), EBITDA EUR 81.3mln (exp. 72mln); FY26 EBITDA margin guidance was narrowed to 22-24% (prev. 20-24%), supported by stronger demand for 300mm and 200mm wafers.

• Booking Holdings (BKNG) Q3 2026 (USD): Adj. EPS 4.66 (exp. 4.49), Revenue 8.9bln (exp. 9.55bln). Adj. revenue 9.8bln (exp. 9.54bln), Gross bookings 54.5bln (exp. 52.69bln), +10% Y/Y, or +11% at constant currency, while room nights +7% Y/Y and adj. EPS +17% Y/Y. Commentary: CEO highlighted resilient travel demand, margin expansion and continued investment in AI-powered travel experiences. Management noted moderating international travel demand towards the end of Q3, while domestic travel remained resilient, with consumers favouring shorter trips closer to home. Guidance: Q4 adj. revenue growth 0-2% Y/Y (revenue exp. 6.79bln), room nights growth 1-3% Y/Y, gross bookings growth 2-4% Y/Y, broadly flat adj. EBITDA. Maintains FY26 outlook; adj. revenue and gross bookings growth in the high single digits, adj. EPS growth in the low-to-mid teens and adj. EBITDA growth in the high single digits.
• Flutter Entertainment (FLUT) Q3 2026 (USD): EPS -0.18 (exp. 0.32), Revenue 3.87bln (exp. 4.00bln). Adj. EBITDA 360mln (exp. 399mln), US EBITDA 3mln, -94% Y/Y. Guidance: Cuts FY26 revenue midpoint to 17.61bln (prev. 17.91bln), citing adverse sports results and Brazil closure. Adj. EBITDA 2.495bln (exp. 2.59bln, prev. 2.66bln). Commentary: Continues to see a limited impact from prediction markets on the betting activity of its existing customer base.
• McDonald's (MCD) Q3 2026 (USD): Adj. EPS 3.57 (exp. 3.38), Revenue 7.16bln (exp. 7.28bln), Comp. sales +1.5% (exp. +1.35%); dividend USD 1.93/shr, +4%.
• Tesla (TSLA) - Faces a planned South Korean consumer complaint alleging misleading marketing of its Full Self-Driving software, Reuters reports.
• BMW (BMWKY) Q3 2026 (EUR): Revenue 30.6bln (exp. 30.6bln), Pretax profit 2.08bln (prev. 2.26bln); FY automotive EBIT margin guidance was revised down to between -0.5% and +0.5% (prev. 1-3%) and ROCE to between -1% and +1% (prev. 1-5%); automotive FCF guidance remains above EUR 2.5bln; deliveries are expected to decline moderately, with EV share rising slightly.
• Continental (CTTAY) Q3 2026 (EUR): Sales 3.5bln (exp. 3.49bln), Adj. EBIT 514mln (exp. 487.5mln); raised FY adj. EBIT margin to 13.4-14.0% (prev. 12-13.5%), Adj. FCF 1.0-1.3bln (prev. 0.7-1.1bln), while narrowing sales guidance to 13.5-13.9bln (prev. 13.2-14.2bln); said higher raw material costs may weigh on Q4 earnings.
• Pandora (PNDRY) Q3 2026 (DKK): Sales 6.69bln (exp. 6.59bln), EBIT 1.06bln (prev. 0.88bln); raised FY26 organic growth guidance to 2-3% (prev. 0-3%), EBIT margin 22.5-23% (prev. 22-23%); FY27 EBIT margin targets were set to 14-15%, including one-offs, and 15.5-16.5% excluding them; October LFL growth was 1%.

• 3M Company (MMM) - Agreed to pay USD 7.35bln over nine years to resolve approximately 99% of existing PFAS-related personal injury claims, without admitting liability, Reuters reports. Around 115-120K plaintiffs are eligible. Management expects a Q4 pre-tax charge of USD 5.8bln, which will not impact its guidance. Separately, 3M authorised a new USD 6bln share repurchase programme, bringing its total available buyback capacity to USD 7.5bln.
• Uber Technologies (UBER) Q3 2026 (USD): Adj. EPS 0.88 (exp. 0.86), Revenue 14.8bln (exp. 14.66bln). Other Metrics: Gross Bookings 59.82bln (exp. 59.79bln), Mobility bookings 29.51bln (exp. 29.88bln), Delivery bookings 28.54bln (exp. 28.41bln), Adj. EBITDA 2.96bln (exp. 2.93bln), Adj. operating income 2.3bln (exp. 2.25bln), Adj. net income 1.8bln (exp. 1.78bln), Trips 4.06bln (exp. 4.12bln). Guidance: Q4 gross bookings 63.25-65.25bln (exp. 64.29bln), Adj. EPS 0.95-0.99 (exp. 0.98).
• Avis (CAR) Q3 2026 (USD): Diluted EPS 5.15 (exp. 7.84), Revenue 3.44bln (exp. 3.41bln). CEO highlighted continued progress in fleet management, with Americas fleet utilisation reaching its highest Q3 level in 20 years despite softer travel demand; remains focused on improving transaction economics, strengthening profitability and delivering more consistent financial performance through operational efficiencies and improved fleet management.
• Emerson Electric (EMR) Q4 2026 (USD): Adj. EPS 1.86 (exp. 1.85), Sales 5.2bln (exp. 5.11bln). Other quarterly metrics: Pretax profit 997mln, FCF 916mln, Operating cash flow 1.08bln. Guidance: Q1 adj. EPS 1.58-1.62 (exp. 1.62), Sales growth 5%, Adj. sales growth 5%. FY27 adj. EPS 7.25 (exp. 7.27).
• Stanley Black & Decker (SWK) Q3 2026 (USD): Adj. EPS 2.31 (exp. 1.55), Revenue 3.73bln (exp. 3.74bln). Guidance: Raises FY26; EPS 5.95-6.25 (exp. 5.60, prev. 5.20-5.80), FCF 1-1.2bln (prev. 600-800mln).
• SpaceX (SPCX) - Targeting 12th November 2026 for the launch of the USSF-317 mission aboard a Falcon 9 rocket.

• Mosaic (MOS) - Shares fell 4.5% in extended trading as a wider-than-expected quarterly loss and weaker adj. EBITDA overshadowed a modest revenue beat and management’s progress on cost reductions, balance sheet strengthening and portfolio optimisation. Q3 2026 (USD): Adj. EPS -0.19 (exp. -0.01), Revenue 3.1bln (exp. 3.05bln), Adj. EBITDA 324mln (exp. 342.7mln). Commentary: CEO highlighted progress in aligning phosphate production with affordable sulphur availability, reducing costs, strengthening the balance sheet and advancing portfolio optimisation initiatives; expects these measures to support stronger performance as market conditions improve. Sees FY26 capex of 1.2bln and FY27 capex below 1bln.
• International Flavors & Fragrances (IFF) Q3 2026 (USD): Adj. EPS ex-amortisation 0.83 (exp. 0.82), Revenue 1.9bln (exp. 1.91bln). Commentary: CEO highlighted strong revenue and earnings performance in Taste and Scent, while Health & Biosciences recorded modest improvement. Management noted strong cash flow generation and continued progress in strengthening the business. Completed its USD 500mln accelerated share repurchase programme, while the separation of Food Ingredients remains on track. Guidance: Narrows FY26 revenue to 7.5-7.6bln (exp. 7.59bln, prev. 7.4-7.6bln).
• Martin Marietta Materials (MLM) Q3 2026 (USD): Adj. EPS 5.47 (exp. 5.99), Revenue 2.37bln (exp. 2.24bln).
• Heidelberg Materials (HDLMY) Q3 2026 (EUR): Revenue 6.41bln (exp. 6.2bln), result from current operations 1.28bln (prev. 1.18bln); reaffirmed FY26 operating profit guidance 3.4-3.65bln, and expects to exceed 500mln in savings this year, targeting an additional 300mln by end-2028 amid stronger demand in Europe and North America.
• India Coal - India aims to triple coal inventories at power stations to at least 55mln tonnes by March 2027 (from approximately 18mln tonnes), Bloomberg reported. This comes as stockpiles cover just six days, with nearly half of plants holding critically low reserves.

• Block (XYZ) Q3 2026 (USD): Adj. EPS 1.13 (exp. 1.03), Revenue 6.72bln (exp. 6.58bln). Cash App gross profit 2.07bln, +27% Y/Y. Management expects Y/Y growth in transaction, loan and consumer receivable losses to moderate further in Q4, while anticipating its first machine intelligence revenue in Q4 and increased investment in scaling neighbourhoods and external AI solutions in 2027. Guidance: Q4 adj. EPS 1.15 (exp. 1.15). Raises FY26 adj. EPS to 4.15 (exp. 4.04, prev. 4.02), Gross profit 12.626bln, Adj. operating income 3.519bln, with a 28% margin. FY27 gross profit 14.52bln, Adj. operating income 4.58bln. Block agreed in principle to a deferred-prosecution deal with the DoJ over anti-money laundering failures, involving a gross penalty of USD 964mln and net payment of USD 764mln; the agreement still requires court approval.
• American International Group (AIG) Q3 2026 (USD): Adj. EPS 2.06 (exp. 1.88). Adj. after-tax income 1.1bln, Core operating ROE 11.1%, Adj. book value per share +5% Y/Y. Net premiums written +8% Y/Y at constant currency, or +10% ex-North America Property, supported by growth across Global Commercial and Global Personal Insurance. Underwriting income USD 564mln, with a combined ratio of 91.3% and an accident-year combined ratio excluding catastrophes of 88.4%.
• Assurant (AIZ) Q3 2026 (USD): Adj. EPS 6.46 (exp. 4.75), Revenue 3.53bln (exp. 3.48bln). Guidance: Raises FY26 ex-PYD adj. EPS growth view to mid-teens (prev. low double digits).
• Prudential Financial (PRU) Q3 2026 (USD): Adj. EPS 3.77 (exp. 3.34).
• Jack Henry & Associates (JKHY) Q1 2027 (USD): non-GAAP EPS 2.28 (exp. 2.07), Revenue 701.55mln (exp. 686mln). Guidance: FY27 GAAP EPS 7.47-7.71 (exp. 7.24), Revenue 2.698-2.718bln (exp. 2.69bln).
• Circle Internet Group (CRCL) Q3 2026 (USD): EPS 0.84 (exp. 0.38), Revenue 865mln (exp. 784mln).

• Novo Nordisk (NVO) Q3 2026 (DKK): Sales 79.2bln (exp. 73.6bln), Operating profit 23.01bln (exp. 26.43bln); Wegovy pill sales 5.39bln (exp. 4.64bln). Guidance: Raised FY26 sales and operating profit growth guidance to between -2% and 2% at constant exchange rates (prev. -6% to 0%); elsewhere, Novo appointed Galderma’s Luigi La Corte as CFO.
• Amgen (AMGN) Q3 2026 (USD): Adj. EPS 6.45 (exp. 5.79), Revenue 10.4bln (exp. 10.07bln). FCF declined to USD 3.7bln (vs 4.2bln Y/Y), primarily reflecting working capital movements. CEO highlighted a promising late-stage pipeline, supporting confidence in long-term growth. Guidance: FY26 share repurchases not exceeding USD 3bln. Raises FY26; revenue 38.9-39.7bln (exp. 39bln; prev. 38.2-39.4bln), Adj. EPS 22.90-23.70 (exp. 23.06; prev. 22.30-23.50). Sees FY26 capex of USD 2.6bln.
• CVS Health (CVS) Q3 2026 (USD): Adj. EPS 2.09 (exp. 1.65), Revenue 108.4bln (exp. 104.72bln); confirms retail unit split. Guidance: FY adj. EPS 7.90-8.10 (exp. 8.05). CVS to separate its 9,000 retail pharmacies from its insurance and pharmacy-benefit businesses by early 2028. CEO David Joyner will lead CVS Health; CVS Pharmacy will include retail and mail-order pharmacies. Both companies will be publicly traded.
• Cencora (COR) Q4 2026 (USD): Adj. EPS 4.66 (exp. 4.58), Revenue 88.4bln (exp. 88bln); Adj. operating income 1.2bln (exp. 1.24bln); raises quarterly dividend 10% to USD 0.66/shr. Guidance: FY27 adj. EPS 19.40-19.75 (exp. 19.73).
• Zimmer Biomet Holdings (ZBH) Q3 2026 (USD): Adj. EPS 1.90 (exp. 1.88), Revenue 2.06bln (exp. 2.04bln). Guidance: Raises FY26 adj. EPS to 8.50-8.60 (exp. 8.54, prev. 8.47-8.59), Revenue +4.4-4.9% (prev. +3.9-4.9%).
• Charles River Laboratories (CRL) Q3 2026 (USD): non-GAAP EPS 3.09 (exp. 2.97), Revenue 982.7mln (exp. 960mln). Guidance: Lifts FY26 EPS to 11.35-11.55 (exp. 11.38, prev. 11.15-11.45).
• Insulet (PODD) Q3 2026 (USD): Adj. EPS 1.99 (exp. 1.59), Revenue 842mln (exp. 833mln).
• Alamar Biosciences (ALMR), GSK (GSK) - Alamar announced a strategic collaboration with GSK to analyse over 60K serum samples using its NULISA proteomics platform.

• Kraft Heinz (KHC) Q3 2026 (USD): Adj. EPS 0.53 (exp. 0.42), Revenue 6.1bln (exp. 6.09bln). Guidance: FY26 EPS 2.07-2.13 (exp. 2.05).
• Estee Lauder (EL) - Targets mid-single-digit organic net sales growth and double-digit adj. EPS growth through FY30, and sees FY30 adj. operating margin 16.5-18.5%. Management said mainland China has delivered positive organic growth for four consecutive quarters, with the region generating approximately USD 3.1bln in annual sales, representing around 20% of total revenue; its latest quarterly China revenue reached USD 614mln (exp. 579mln). Management plans to replicate the successful MAC Cosmetics turnaround strategy across underperforming brands, including Aveda, while accelerating innovation and expanding distribution through channels such as TikTok Shop and Sephora. The long-term targets reflect a shift from restoring growth towards accelerating sales and profitability through 2030.

• Alphabet (GOOG) - Alphabet’s Google will disable Search, Gemini and related AI tools by default for K-12 student accounts, requiring administrators to activate them. Schools cannot enable Search without its embedded AI features. Google will pilot Guided Learning in Search at selected US schools later this month, while the feature is already available worldwide in Google Classroom. In other news, Google extends voluntary buyout offers in several countries; programmes seem to exclude key AI and cloud businesses, Reuters reports.

• Seadrill (SDRL) Q3 2026 (USD): EPS -0.49 (vs -0.17 Y/Y), Revenue 428mln (exp. 380mln); FCF reached 179mln, supported by the conversion of contracted backlog into cash, while over 85% of available drillship days are now contracted for 2027, improving earnings visibility. Management noted a healthy tender pipeline and growing deepwater demand, supporting confidence in the market outlook. Guidance: Raises FY26; operating revenue 1.56-1.58bln (prev. 1.50-1.55bln), Adj. EBITDA 440-460mln (prev. 420-450mln).
• SM Energy (SM) Q3 2026 (USD): EPS 1.95 (exp. 1.97), Revenue 2.16bln (exp. 2.01bln). Narrows FY26 capex view to USD 2.75bln.

• China PMI - China’s RatingDog services PMI fell to 50.8 in October (exp. 51.5; prev. 51.6), its lowest since July. The slowdown reflected weaker business confidence and operational constraints, although new orders continued growing. Firms reduced selling prices despite rising input costs.
• China Stocks - Bloomberg reports that nine ETFs favoured by Chinese state-backed investors drew CNY 76.7bln of inflows, the second-largest on record, after the PBoC cut its buyback relending rates to 1% (from 1.25%) this week. CXMT proposed CNY 2.5-5bln in buybacks; Suzhou Dongshan Precision shareholders sought at least CNY 1bln in returns. Ningbo Joyson, Universal Scientific Industrial Shanghai and Hwatsing Technology announced buybacks.
• North Korea - North Korea launched multiple missiles towards waters off its east coast, hours after urging the US to abandon its hostile policy towards Pyongyang. South Korea’s Joint Chiefs of Staff said the missiles were fired from the Sondok area, but did not specify their type or number.

• US-Canada - Canadian PM Carney said the US is demanding less and offering more in renewed trade negotiations. US demands concerning Canada’s language, culture, sovereignty and independent trade agreements are now off the table, although other issues remain.
• UK-EU - Brussels is demanding that the UK impose tariffs of up to 35% on Chinese-made electric vehicles and align with EU restrictions on Chinese EVs as a condition for granting British carmakers equal access to EU markets, The Times reports.