Track market-moving stories before they get noisy

Ares Capital (ARCC +2.10%) has long been a popular stock among income investors, thanks to its high-yielding dividend. The business development company (BDC) currently offers a yield of more than 10%, significantly above the broader market (the S&P 500 yields around 1.1%).

However, its latest earnings report raised some questions about the sustainability of that payout. Meanwhile, a newly announced acquisition could help strengthen its future earnings. Here's a closer look at whether Ares Capital is an attractive investment opportunity following these developments.

Image source: Getty Images.

Ares Capital's latest earnings: Dividend coverage is getting tighterAres Capital reported $0.46 per share of core earnings in the third quarter, down from $0.50 per share in the year-ago period. That fell short of its quarterly dividend payment of $0.48 per share. That's not an immediate concern, but it does represent a change from the excess dividend coverage it had previously delivered.

That prior excess income currently provides the BDC with a sizable cushion. Ares Capital's CFO Scott Lem noted on the third-quarter conference call that the company finalized its 2025 tax return and determined that it carried forward $1.37 per share of taxable income for distribution this year.

Meanwhile, CEO Kort Schnabel stated on the call that: "We continue to believe ARCC's current regular dividend appropriately reflects the underlying earnings power of the business. While earnings will naturally fluctuate from quarter-to-quarter, the strength of our portfolio, attractive market pricing and terms, the current interest rate environment, and the expected benefits from the acquisition I discussed earlier reinforce our confidence in the current dividend level."

$18.92+$0.39 (+2.10%)

NASDAQ · As of 1:12 PM ET 10/29/26

The MFIC acquisition could helpSpeaking of that acquisition, Ares Capital recently agreed to buy fellow BDC MidCap Financial Investment Corporation (MFIC +0.49%) in a $2.6 billion transaction, including assumed liabilities. Ares expects that the deal will be modestly accretive to core earnings per share and supportive of future dividends. The combination would expand ARCC's portfolio to more than 800 companies with over $31 billion of investments.

MidCap Financial currently has a nearly $2.8 billion investment portfolio across 229 portfolio companies. Schnabel noted on the call that "Based on the depth of our due diligence on each investment in the portfolio," the company believes it has an excellent foundation in place to continue its successful acquisition track record. Once it closes the MFIC deal, it will have acquired all three of the largest BDCs in operation at the time of its IPO more than 20 years ago. These deals have helped ARCC become the largest publicly traded BDC, while supporting its dividend. It has paid a stable or increasing dividend for 69 straight quarters (over 17 years).

MFIC MidCap Financial Investment Corporation$10.29+$0.05 (+0.49%)

NASDAQ · As of 1:12 PM ET 10/29/26

Valuation: Is ARCC a buy?ARCC currently trades around $18.75 per share. At its current annualized dividend rate ($1.92 per share), the BDC offers a 10.2% yield. Meanwhile, the company reported that its net asset value (NAV) per share was $19.31 at the end of the third quarter. That's about a 3% discount to its NAV. That's not necessarily a bargain, considering its NAV has declined from $19.94 per share over the past year due to deteriorating credit quality. However, nonaccruals were only 2.4% at the end of the quarter (unchanged sequentially) and remain below its roughly 3% historical average since the global financial crisis, and below its peers' more than 4% average during that period.

Ares Capital has a solid history of delivering a stable-to-growing NAV. Since inception, its NAV per share has grown by more than 25%, showcasing its disciplined underwriting and ability to grow shareholder value.

Overall, the BDC currently offers a potential double-digit income return before any share-price appreciation, provided it can maintain its current dividend level. It appears to be in a solid position to sustain its dividend, thanks to its ample spillover income, the modest expected accretion from the MFIC deal, and the underlying earnings power of its business. That makes Ares Capital look like a solid buy for income-seeking investors after its earnings report.

Still an attractive income-focused investmentAres Capital's latest results weren't overly impressive, with its core earnings falling short of its dividend and credit quality weakening modestly. However, the company maintains a diversified portfolio, and its pending acquisition of MidCap Financial Investment Corporation could improve its future earnings power. With shares trading below its net asset value and yielding more than 10%, I think Ares Capital remains an attractive option for income-focused investors willing to accept the risks of private credit. I'd keep a close eye on dividend coverage and non-accrual loans in the coming quarters to ensure the payout remains sustainable.

Gen Digital says it's currently not working on a ‘transformative acquisition.

COLUMBUS, Ohio, Oct. 29, 2026 (GLOBE NEWSWIRE) -- Root, Inc. (NASDAQ: ROOT), the leading technology company in car insurance, shared an editorial by Alex Timm, Founder and CEO of Root Insurance. In the editorial, Timm states the importance of insurance companies preparing for the new frontier of agentic commerce.

The rapid adoption of AI agents could fundamentally transform the auto insurance industry by enabling consumers to effortlessly automate the comparison shopping process. This technological leap shifts market power away from expensive brand marketing campaigns and toward carriers equipped with advanced risk-pricing algorithms and seamless API integrations.

Timm emphasizes that agentic commerce could accelerate industry change, meaning that massive spend on brand awareness could no longer be as critical for success. Timm highlights the fact that “AI agents don’t value sports sponsorships, arena logos, or catchy jingles; they value the best price and coverage for each individual consumer.”

Insurance carriers will now have to compete more heavily on sophisticated pricing models, he states: “As AI agents drive pure price shopping, the ultimate winners should be the carriers that can identify and price risk. Success in this new era doesn't just mean offering the lowest price for every driver. The strategic advantage will be advanced segmentation and pricing.”

For customers, agentic technology creates a powerful tool that can automate shopping across many categories, including insurance. As a result, customers can continuously shop for the best prices and coverage for their demographic, location, car type, and driving record. “AI makes a task that would be improbable for a human—quoting with every insurance company possible—simple and automated,” Timm states.

Meta’s AI agent Muse topped 10.9 million downloads since its Sept. 8 launch and reached an estimated 2.5 million daily active users [1]. Timm reasons that as agentic commerce platforms drive this shift, forward-thinking carriers that embrace this technology will be better positioned to meet customer needs. He believes companies that can adapt quickly and accurately price risk will be rewarded, and that Root is well prepared for the transition.

The editorial was published on October 28, 2026, in Digital Insurance. Read the full op-ed here.

About Root, Inc.
Root Insurance is a technology company revolutionizing car insurance through data science and automation. Founded in 2015 and based in Columbus, Ohio, Root, Inc. (NASDAQ: ROOT) is the parent company of Root Insurance Company. The Root app has reached more than 18 million downloads and has analyzed close to 38 billion miles of driving data to deliver personalized, easy, and fair pricing. Root is available in 38 states and offers auto insurance to consumers across the United States through its direct-to-consumer channel, independent insurance agents, and distribution partners.

For more information, visit root.com.

Contacts
Media:
[email protected]

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of federal securities laws regarding Root, Inc. These forward-looking statements relate to, among other things, expectations about our future technological developments, our ability to successfully implement and utilize new technologies, and the anticipated impact of these technologies on our future business results and customer experience. Such forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond the company's control and are difficult to predict. We have based our forward-looking statements on our current expectations, estimates and projections about our industry and our company. We caution that these statements are not guarantees of future performance and you should not rely unduly on them, as they involve risks, uncertainties and assumptions that we cannot predict and many of which are beyond our control. Accordingly, our actual results may differ materially from the future performance that we have expressed or forecast in our forward-looking statements. In accordance with "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, we have included in Root's Form 10-K for the year ended Dec. 31, 2025, and other SEC filings, cautionary language identifying important factors, though not necessarily all such factors, that could cause future outcomes to differ materially from those set forth in the forward-looking statements. Copies of Root's Form 10-K and other SEC filings are available on the SEC's website, Root's website at ir.joinroot.com/investor-relations, or by contacting Root's Investor Relations office.

[1] "Meta's Muse AI agent hits 10.9 million downloads as ChatGPT slides 25%." Yahoo Finance, 20 Oct. 2026, finance.yahoo.com/markets/article/metas-muse-ai-agent-hits-109-million-downloads-as-chatgpt-slides-25-153532560.html

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Key Takeaways Fortinet's Q3 EPS rose 23% year over year to 91 cents, while revenues climbed 20.5% to $2.08 billion.Billings grew 29.2% to $2.34 billion, driven by SASE Firewall, OT and AI security demand.Fortinet raised 2026 revenues, billings and EPS forecasts, with non-GAAP EPS now projected at $3.54-$3.58.
Fortinet (FTNT - Free Report) reported third-quarter 2026 non-GAAP earnings per share (EPS) of 91 cents, which beat the Zacks Consensus Estimate by 7.06% and rose 23% year over year.

Total revenues of $2.08 billion beat the consensus mark by 0.79% and increased 20.5% year over year. Demand was broad across customer segments, industry verticals and geographies.

Customers upgraded their network security infrastructure for the AI era. The SASE Firewall pillar kept up its momentum, and operational technology (OT) demand stayed strong. The U.S. large enterprise business contributed heavily, and the total value of deals greater than $1 million grew 51% year over year.

Total deferred revenues (current plus long-term portions combined) came in at $7.93 billion, up 19% year over year. The current portion was $3.96 billion as of Sept. 30, 2026, up 14.5%, its highest growth rate in five quarters.

Total billings increased 29.2% year over year to $2.34 billion, near the high end of the guided range of $2.25-$2.35 billion. SASE Firewall billings grew 31%, OT billings grew nearly 40%, and AI-driven security operations billings grew 15%. Management noted that price increases contributed roughly 10 percentage points to year-over-year billings growth, though pricing has stabilized compared with the first half of the year.

FTNT’s Q3 in DetailProduct revenues increased 36.8% year over year to $765 million, representing 36.8% of total revenues. Customers continued to shift toward higher-performing FortiGate models, which lifted average selling prices. Enterprises also bought FortiGates to secure AI data center and OT environments. Product demand held up even as lead times for certain components lengthened. During the quarter, an AI company developing frontier models chose Fortinet for a seven-figure expansion, deploying its high-end data center firewalls across five additional data centers.

Service revenues of $1.31 billion grew 12.7% year over year, accounting for 63.2% of total revenues. Service revenue growth was held back by new large enterprise customers whose service activations ramped up over time. Large expansion deals that folded existing service arrangements into enterprise agreements also weighed on growth. Management reiterated that the first quarter of 2026 marked the trough for service revenue growth. It pointed to 26% service billings growth as a leading indicator and expects 2027 service revenue growth to be higher than in 2026.

Margins of FTNTTotal GAAP gross margin was 79%, contracting 180 basis points (bps) year over year. Non-GAAP gross margin came in at 79.6%, contracting 200 bps year over year but within the guided range of 79-81%. The decline reflected the continued high mix of product revenues and rising component costs. In the first half, lower-cost inventory on hand had cushioned costs, and that benefit faded in the third quarter. Improving service gross margin partially offset the pressure.

GAAP operating margin expanded 220 bps year over year to 33.9% in the third quarter. On a non-GAAP basis, operating margin expanded 130 bps to a third-quarter record of 38.2%. That beat the high end of the 35-37% guidance, reflecting stronger-than-expected revenue growth and disciplined cost management.

FTNT’s Balance Sheet & Cash FlowFortinet exited the third quarter of 2026 with cash and cash equivalents and short-term investments of $4.80 billion, up from $4.07 billion at the end of the second quarter. Inventory rose to $591.2 million from $399.5 million at the end of 2025 as the company sourced components amid longer lead times.

Cash flow from operations was $946 million for the third quarter, up 44.4% from $655.2 million in the prior-year quarter. Free cash flow of $864.8 million grew 52.4% year over year from $567.5 million, representing a free cash flow margin of 41.6%. Adjusted free cash flow reached $912.2 million, up 41.2% year over year, representing a margin of 43.9%. Year-to-date free cash flow grew 74% to $2.84 billion.

Fortinet’s board approved an increase of about $1.2 billion to the share repurchase program, lifting the remaining authorization to $2 billion. Year-to-date repurchases stood at $972.8 million at the end of the third quarter, essentially unchanged from the first-half total, indicating no buybacks in the third quarter.

FTNT’s Key DevelopmentsFortinet launched the FortiGuard Inline AI Security Service, which delivers AI-specific inspection and guardrails to FortiGate customers through a cloud-delivered service. It also introduced the FortiLink SASE service, which lets FortiAP and FortiSwitch devices connect to FortiSASE. That allows organizations to secure small branches and remote sites without a dedicated on-site firewall.

NVIDIA selected Fortinet as a top OpenShell Reference Architecture Partner to secure AI. Fortinet and Oracle announced a collaboration combining OCI Enterprise AI with FortiAIGate to protect and govern AI applications and agents. Microsoft also selected Fortinet to join its Sovereign Partner Ecosystem to deliver sovereign AI security solutions to highly regulated industries.

Fortinet was named a Leader in the 2026 Gartner Magic Quadrant for Hybrid Mesh Firewall and was positioned highest for Ability to Execute for the second consecutive year.

Notable wins in the quarter included an eight-figure competitive OT win with a large transportation company. Fortinet also won an eight-figure deal to standardize and secure 1,500 store locations for a large U.S. retailer.

FTNT’s Q4 & 2026 GuidanceFortinet expects fourth-quarter revenues in the range of $2.155-$2.245 billion, which implies 15% year-over-year growth at the midpoint. Billings are estimated in the range of $2.775-$2.925 billion, implying 20% growth at the midpoint. The non-GAAP gross margin is expected in the range of 78-80%, while the non-GAAP operating margin is anticipated between 35.5% and 37.5%. Non-GAAP EPS is projected in the range of 93-95 cents.

For 2026, FTNT raised its billings and revenue outlook for the third time this year. It now predicts revenues of $8.125-$8.215 billion (up from the prior $8.02-$8.18 billion), implying 20% growth at the midpoint. Billings are expected in the range of $9.568-$9.718 billion (up from the prior $9.35-$9.55 billion), implying 28% growth at the midpoint. Service revenues are now projected at $5.15-$5.17 billion, trimmed from the prior $5.18-$5.22 billion. The non-GAAP gross margin is expected at 79.7-80.3% (prior: 79-81%), and the operating margin is projected at 36.5-37.5% (prior: 35-37%). Non-GAAP EPS is anticipated to be between $3.54 and $3.58 (up from the prior $3.41-$3.47).

FTNT’s Zacks Rank and Other Stocks to ConsiderCurrently, Fortinet carries a Zacks Rank #2 (Buy).

Some other top-ranked stocks in the broader Zacks Computer and Technology sector are Analog Devices (ADI - Free Report) , Applied Materials (AMAT - Free Report) and Cisco Systems (CSCO - Free Report) , each carrying a Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Shares of Analog Devices have rallied 54.4% year to date. The Zacks Consensus Estimate for ADI’s fiscal 2026 earnings is pegged at $13.00 per share, up by a penny over the past seven days, indicating an increase of 66.9% year over year.

Shares of Applied Materials have jumped 54.5% year to date. The Zacks Consensus Estimate for AMAT’s fiscal 2026 earnings is pegged at $12.79 per share, unchanged over the past 30 days, indicating a rise of 35.8% year over year.

Cisco Systems shares have surged 45.3% year to date. The Zacks Consensus Estimate for CSCO’s fiscal 2027 earnings is pegged at $5.11 per share, unchanged over the past 30 days, indicating an increase of 18% year over year.

The market expects Consolidated Edison (ED - Free Report) to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended September 2026. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.

The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on November 5. On the other hand, if they miss, the stock may move lower.

While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.

Zacks Consensus EstimateThis utility is expected to post quarterly earnings of $2.07 per share in its upcoming report, which represents a year-over-year change of +9%.

Revenues are expected to be $4.77 billion, up 5.2% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 12.23% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Con Ed?For Con Ed, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -1.09%.

On the other hand, the stock currently carries a Zacks Rank of #2.

So, this combination makes it difficult to conclusively predict that Con Ed will beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Con Ed would post earnings of $0.74 per share when it actually produced earnings of $0.83, delivering a surprise of +12.16%.

Over the last four quarters, the company has beaten consensus EPS estimates three times.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Con Ed doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

An Industry Player's Expected ResultsAnother stock from the Zacks Utility - Electric Power industry, Fortis (FTS - Free Report) , is soon expected to post earnings of $0.63 per share for the quarter ended September 2026. This estimate indicates a year-over-year change of +6.8%. Revenues for the quarter are expected to be $2.17 billion, up 1.8% from the year-ago quarter.

Over the last 30 days, the consensus EPS estimate for Fortis has remained unchanged. Nevertheless, the company now has an Earnings ESP of -5.26%, reflecting a lower Most Accurate Estimate.

When combined with a Zacks Rank of #4 (Sell), this Earnings ESP makes it difficult to conclusively predict that Fortis will beat the consensus EPS estimate. Over the last four quarters, the company surpassed consensus EPS estimates three times.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

T. Rowe Price Group, Inc. (TROW) Q3 2026 Earnings Call October 29, 2026 8:00 AM EDT

Company Participants

Linsley Carruth - Director of Investor Relations
Robert Sharps - CEO & Chair of the Board
Jen Dardis - CFO & Treasurer
Dorothy Sawyer - Head of Individual Investors and Retirement Plan Services & VP
Eric Veiel - President, Co-Head of Global Investments & Chief Investment Officer

Conference Call Participants

Glenn Schorr - Evercore ISI Institutional Equities, Research Division
Alexander Blostein - Goldman Sachs Group, Inc., Research Division
Daniel Fannon - Jefferies LLC, Research Division
Y. Cho - JPMorgan Chase & Co, Research Division
Alexander Bond - Keefe, Bruyette, & Woods, Inc., Research Division
Benjamin Budish - Barclays Bank PLC, Research Division
Michael Cyprys - Morgan Stanley, Research Division
William Katz - TD Cowen, Research Division
Patrick Davitt

Presentation

Operator

Good morning. My name is Daniel, and I will be your conference facilitator today. Welcome to T. Rowe Price's Third Quarter 2026 Earnings Conference Call. [Operator Instructions] As a reminder, this call is being recorded and will be available for replay on T. Rowe Price's website shortly after the call concludes. I will now turn the call over to Linsley Carruth, T. Rowe Price's Director of Investor Relations.

Linsley Carruth
Director of Investor Relations

Hello, and thank you for joining us today for our third quarter earnings call. The press release and the supplemental materials document can be found on our IR website at investors.troweprice.com. We'll start our call with our Chair and CEO, Rob Sharps; and CFO, Jen Dardis, discussing the company's results. Dee Sawyer, our Head of Global Distribution, will then share an update on our ETF, SMA and models businesses. Then we'll open it up to your questions, at which time we'll be joined by our President, Co-Head of Global Investments and CIO, Eric Veiel. We ask that you limit it to one question per participant.

Key Takeaways Carrier's Q3 adjusted EPS rose 30% to 87 cents, while sales grew 12% to $6.26 billion.Commercial HVAC orders surged 60%, data-center orders jumped 300%, and backlog topped $8.5 billion.Carrier raised 2026 sales guidance to $23.8-$24 billion, while a $3.1 billion goodwill charge drove a loss.
Carrier Global Corporation (CARR - Free Report) reported exceptional third-quarter 2026 financial results, with adjusted earnings and net sales surpassing the Zacks Consensus Estimate and growing year over year.

Strong commercial HVAC demand and recovering residential markets supported 15% organic sales growth. Record backlog topped $8.5 billion, up approximately 60% from a year earlier, while tariff-related refunds also aided profitability.

However, CARR stock plunged 7.2% during today’s pre-market trading session, after the earnings announcement.

Carrier’s Q3 Earnings & Sales TrendsThe company posted third-quarter adjusted earnings of 87 cents per share, up 30% year over year and 7.4% above the Zacks Consensus Estimate of 81 cents.

Net sales of $6.26 billion also topped the consensus mark of $6.08 billion by 3.1% and grew year over year by 12%.

CARR's Commercial Orders Signal Sustained DemandOrganic orders increased approximately 35%, marking the fourth consecutive quarter of double-digit or better growth. Global commercial HVAC orders rose about 60%, while data-center orders surged roughly 300%. Non-data-center commercial orders grew 20%, while aftermarket sales rose 9%, pointing to demand beyond large data-center projects.

Data-center sales were about 2.5 times year-ago levels and remain on track for approximately $2 billion in 2026. Year-to-date data-center orders exceeded $3 billion, up roughly 350%. Carrier also signed multibillion-dollar long-term agreements with minimum volume commitments that are not included in backlog.

Carrier's Americas Sales and Margins AccelerateClimate Solutions Americas sales climbed 24% to $3,354 million from $2,711 million, with organic growth of 25%. Residential sales increased more than 30%, while commercial sales, excluding NORESCO, advanced more than 25%. Orders in the region rose about 60%.

Segment operating profit grew 40% to $745 million. Operating margin expanded 250 basis points to 22.2% from 19.7%. Organic growth and IEEPA-related refunds supported profitability, partially offset by rising input costs and tariffs.

CARR's Europe Unit Benefits From Heat-Pump DemandClimate Solutions Europe sales increased 3% to $1,335 million from $1,290 million. Organic sales rose 12%, driven by low-teens growth in residential and light commercial activity. Heat-pump and air-conditioning sales each advanced approximately 35%, while commercial sales grew in the high-single digits.

Divestitures reduced reported growth by seven percentage points and currency by two. Segment operating profit jumped 40% to $168 million, while margin widened 330 basis points to 12.6%. Results included a roughly 100-basis-point net benefit from correcting a prior-period item, offset by higher inventory-related reserves.

Carrier Faces Uneven Asia and Transportation DemandClimate Solutions Asia Pacific, Middle East & Africa sales rose 2% to $848 million. Organic growth of 3% reflected a 10% commercial increase, partly offset by a mid-single-digit decline in residential and light commercial activity. Sales fell 4% in China but rose 9% elsewhere in the region.

Climate Solutions Transportation revenues declined 3% to $726 million, as truck and trailer weakness outweighed container growth. Asia segment operating profit increased 6% to $103 million, while Transportation profit rose 2% to $117 million. Their margins improved 50 and 70 basis points to 12.1% and 16.1%, respectively.

CARR's Profit Gains Offset by Goodwill ChargeAdjusted operating profit increased 33% to $1,091 million, and the margin expanded 260 basis points to 17.4%, helped by favorable volume and pricing. The company recorded approximately $130 million in IEEPA refunds, adding around 10 cents to adjusted earnings per share after noncontrolling-interest effects.

However, a $3.1 billion noncash goodwill impairment in the European business drove a GAAP operating loss of $2,273 million against a $539 million profit a year earlier. GAAP earnings from continuing operations swung to a loss of $3.16 per share from income of 47 cents. A lower share count supported adjusted earnings, although the adjusted effective tax rate increased to 23.5% from 17.2%.

Carrier's Cash Flow Supports Shareholder ReturnsOperating cash flow reached $813 million compared with $341 million a year earlier. Capital expenditures increased to $139 million from $117 million, resulting in free cash flow of $674 million compared with $224 million in the prior-year quarter.

Carrier repurchased $399 million of stock and paid $198 million in dividends during the quarter. Cash and equivalents stood at $1,354 million at September-end compared with $1,555 million at year-end 2025. Net debt declined to $10,120 million from $10,278 million.

CARR Raises 2026 Sales View Despite Cost HeadwindsCarrier increased its 2026 sales outlook to $23.8-$24 billion from approximately $23 billion. It now expects organic growth of around 10%, up from a previous mid-to-high-single-digit forecast. Stronger expectations for the Americas residential, light commercial and commercial businesses underpinned the revision.

Adjusted operating profit guidance remains approximately $3.5 billion. Adjusted earnings are expected at $2.85-$2.90 per share compared with the prior target of roughly $2.90. Free cash flow and share repurchases are projected at about $2 billion and $1.5 billion, respectively, as pricing and productivity help offset $550-$600 million in unexpected incremental input costs.

CARR Stock’s Zacks Rank & Recent Construction ReleasesCarrier currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Masco Corporation (MAS - Free Report) reported third-quarter 2026 adjusted earnings of $1.19 per share, surpassing the Zacks Consensus Estimate of $1.01 by 17.8%. The bottom line increased 22.7% from 97 cents a year ago. Net sales rose 2.6% year over year to $1.97 billion, beating the consensus mark of $1.93 billion by 1.8%.

Masco’s results benefited from pricing actions, cost-saving initiatives and lower year-over-year tariff costs, partially offset by higher commodity and employee-related expenses. Masco raised its 2026 adjusted earnings guidance to $4.65-$4.75 per share from the previous range of $4.40-$4.60, citing strong operational performance year to date. Reported earnings are projected to be between $4.51 and $4.61 per share.

Comfort Systems USA, Inc. (FIX - Free Report) delivered impressive third-quarter 2026 results, with earnings and revenues surpassing the Zacks Consensus Estimate and increasing sharply year over year. The quarterly performance reflected robust demand across technology-related projects, strong execution and continued expansion in construction activity. Backlog reached $17.81 billion, reinforcing management's confidence in sustained growth and profitability.

Comfort Systems' management maintained a positive outlook, supported by strong customer demand, an expanding project pipeline and consistent operating execution. During the third quarter, Comfort Systems acquired Boys Electrical Contractors in Florida and a Texas-based modular construction business, strengthening its presence across electrical services and customized building components. FIX expects to sustain organic growth, high profitability and solid cash generation through the remainder of 2026 and into 2027.

United Rentals, Inc. (URI - Free Report) reported third-quarter 2026 results, with adjusted earnings per share and total revenues beating the Zacks Consensus Estimate and increasing year over year. Strong rental demand and operating efficiencies supported the results. Fleet productivity, which combines rental rates, time utilization and mix, improved 6.5% year over year.

United Rentals raised its revenue outlook to $18-$18.2 billion from $17.5-$17.8 billion. Adjusted EBITDA is now projected at $8.3-$8.4 billion compared with $7.98-$8.13 billion previously. Operating cash flow is expected at $6.25-$6.85 billion, up from $5.85-$6.65 billion. Management cited customer confidence, backlogs and large-project momentum as support for the raised outlook.

Key Takeaways GLW shares fell 14.1% in a month despite third-quarter core sales rising 19% and core earnings climbing 36%.GLW's Optical Communications sales surged 44%, fueled by AI demand, while segment net income jumped 80%.Corning's margins improved, but solar losses, consumer-market weakness and a 31.5X forward P/E pose risks.
Corning Incorporated (GLW - Free Report) shares have fallen 14.1% in the past month, creating a sharp contrast with the company’s improving earnings, optical growth and margin profile.

Image Source: Zacks Investment Research

The decline gives investors a more attractive entry point than a month ago, but it does not automatically make GLW inexpensive. Corning’s AI-related growth is accelerating and profitability is improving, while solar execution, consumer-market weakness and a premium valuation leave room for further volatility.

Corning's Pullback Contrasts With Strong GrowthCorning’s third-quarter operating performance moved in the opposite direction from its recent share price.

Core sales increased 19% year over year to $5.08 billion, while core earnings rose 36% to 91 cents per share. GAAP sales increased 18% to $4.86 billion and GAAP earnings advanced 56% to 78 cents per share.

The momentum is expected to extend into the fourth quarter. Management projects core sales of $5.2-$5.3 billion, representing approximately 19% year-over-year growth, with core earnings of 96 cents to $1 per share, up roughly 36%.

That operating trajectory provides a fundamental counterweight to the 14.1% stock decline.

GLW's AI Engine Keeps ExpandingOptical Communications remains Corning’s clearest growth engine. Third-quarter segment sales jumped 44% year over year to $2.38 billion and segment net income increased 80% to $532 million. Enterprise Networks sales surged 84% to $1.53 billion, while Gen AI product sales more than doubled.

The opportunity is also becoming more visible through customer commitments. Corning secured four long-term, multibillion-dollar customer agreements during the third quarter, including agreements with Verizon Communication (VZ - Free Report) and AT&T (T - Free Report) . Management said these arrangements help underpin the growth expected under its Springboard plan.

Corning is targeting a $30 billion annualized sales run rate by the end of 2028 and $40 billion by the end of 2030, with earnings expected to grow faster than sales.

Corning's Margins Add Fundamental SupportGrowth is translating into better operating efficiency.

Core gross margin expanded 150 basis points year over year to 40.5% in the third quarter. Core operating margin improved 310 basis points to 22.7%, while core return on invested capital rose 330 basis points to 16.7%. Adjusted free cash flow totaled $661 million during the quarter.

Through the first nine months of 2026, adjusted free cash flow reached $2.27 billion even as Corning continued investing in additional capacity to meet customer demand.

Those improvements matter because Corning’s growth strategy requires sizable manufacturing investments. Higher margins and returns give the company more flexibility to fund expansion without relying entirely on top-line growth.

GLW Still Faces Solar and Consumer RisksThe operating picture is not uniformly positive.

Solar sales climbed 37% year over year to $436 million in the third quarter, but the segment recorded a $7 million net loss. Corning said production at its wafer and module facilities continues to ramp at a slower pace than previously anticipated, leaving improved productivity and profitability as important execution tests.

Glass Innovations was another soft spot. Sales declined 3% to $1.51 billion and segment net income fell 10% to $328 million. Corning cited memory pricing as a significant factor affecting TV, handheld and notebook markets.

Reliance on large AI infrastructure agreements adds another consideration. Long-term contracts can improve visibility and share expansion risk with customers, but Corning still remains exposed to order timing, demand from major customers and the execution needed to support large capacity commitments.

Corning's Valuation Raises the BarThe stock-market decline has improved GLW’s entry price, but valuation remains the weakest part of the investment case.

Corning trades at 31.5X forward 12-month earnings, above 29.9X for the relevant Zacks sub-industry, 19.3X for the Zacks sector and 19.3X for the S&P 500. Its five-year median multiple is 17.6X.

That premium suggests investors are still paying substantially for expected AI-led growth even after the recent pullback. Strong execution in Optical Communications, continued margin expansion and better Solar profitability will likely be needed to support the multiple.

GLW's Momentum Signal Backs the Recovery CaseCorning currently carries a Zacks Rank #1 (Strong Buy). The stock also has a Momentum Score of A, Growth Score of B, Value Score of D and VGM Score of B. You can see the complete list of today’s Zacks #1 Rank stocks here.

The combination is favorable for investors focused on earnings momentum and growth. Zacks Style Scores are designed to complement the Zacks Rank, with A and B representing the more favorable grades.

The Value Score of D is the clear caution signal. GLW’s 14.1% decline has improved the entry point, while accelerating optical demand, expanding margins and a Zacks Rank #1 strengthen the recovery case. Yet the stock still carries a valuation that assumes meaningful future growth.

For investors comfortable paying a premium for AI infrastructure exposure, the pullback looks more attractive than the recent price action alone suggests. For value-focused investors, Corning still needs either additional earnings growth or further valuation compression to offer a wider margin of safety.

Wall Street expects a year-over-year increase in earnings on higher revenues when DraftKings (DKNG - Free Report) reports results for the quarter ended September 2026. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.

The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on November 5. On the other hand, if they miss, the stock may move lower.

While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.

Zacks Consensus EstimateThis company is expected to post quarterly loss of $0.18 per share in its upcoming report, which represents a year-over-year change of +30.8%.

Revenues are expected to be $1.39 billion, up 21.6% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 7.11% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for DraftKings?For DraftKings, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -13.21%.

On the other hand, the stock currently carries a Zacks Rank of #3.

So, this combination makes it difficult to conclusively predict that DraftKings will beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that DraftKings would post earnings of $0.22 per share when it actually produced earnings of $0.09, delivering a surprise of -59.09%.

The company has not been able to beat consensus EPS estimates in any of the last four quarters.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

DraftKings doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

An Industry Player's Expected ResultsAmong the stocks in the Zacks Gaming industry, Super Group (SGHC - Free Report) Limited (SGHC - Free Report) , is soon expected to post earnings of $0.16 per share for the quarter ended September 2026. This estimate indicates a year-over-year change of -15.8%. This quarter's revenue is expected to be $614 million, up 10.2% from the year-ago quarter.

Over the last 30 days, the consensus EPS estimate for Super Group (SGHC - Free Report) has been revised 21.1% up to the current level. Nevertheless, the company now has an Earnings ESP of 0.00%, reflecting an equal Most Accurate Estimate.

This Earnings ESP, combined with its Zacks Rank #3 (Hold), makes it difficult to conclusively predict that Super Group (SGHC - Free Report) will beat the consensus EPS estimate. Over the last four quarters, the company surpassed consensus EPS estimates two times.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

RWA tokenization represents ownership rights in real-world assets such as real estate, bonds or commodities as digital tokens on a blockchain. This can bring assets that traditionally live outside DeFi on-chain, but the token is only one part of the structure.

A token can move on-chain in seconds. A building, bond or bar of gold cannot. RWA tokenization connects those two worlds. It creates blockchain-based tokens representing claims on assets that exist outside the blockchain, making it possible to hold, transfer and, where supported, trade those claims on-chain.

But putting an asset on-chain does not automatically make it liquid. Nor does the blockchain remove the need for custody, legal rights or reliable links between a token and the asset backing it.

Understanding RWA tokenization therefore requires looking beyond the token itself. Here is how the process works, what kinds of assets are being tokenized, how DeFi liquidity fits in and where the risks remain.

What is RWA tokenization?RWA tokenization is the process of representing ownership rights or claims on a physical or financial real-world asset as a digital token on a blockchain.

The underlying asset could be real estate, a government or corporate bond, private credit, gold or another commodity. The token represents a defined claim associated with that off-chain asset.

That makes an RWA token fundamentally different from a native crypto asset such as ETH. ETH exists on its blockchain. Its ownership can be established directly from the blockchain's state.

An RWA token points beyond the blockchain. If a token represents gold, for example, the gold itself remains in the physical world. Someone has to hold it, verify it and maintain the relationship between the token and the metal it represents. The smart contract can record token ownership and enforce on-chain rules, but it cannot independently prove that the gold remains in a vault.

The same principle applies to financial assets. A tokenized bond may represent rights connected to an off-chain bond, but those rights depend on the legal and operational structure connecting the token to the underlying instrument.

RWA tokenization therefore combines two layers: blockchain infrastructure and an off-chain framework that gives the token its real-world claim.

The concept overlaps with traditional securitization, where financial claims can be packaged into standardized instruments. Blockchain changes how those claims can be represented, transferred and settled, potentially allowing them to interact with DeFi infrastructure.

How RWA tokenization actually worksThe exact process varies by asset and jurisdiction, but the basic structure follows several stages.

First, an underlying asset is identified. It could be a property, bond, commodity or another asset whose ownership or economic rights can be represented digitally.

Next comes the legal and operational structure. The issuer needs to define exactly what the token represents.

Owning a token might represent direct ownership of an asset, a fractional interest, a claim against an entity holding the asset or another contractual right. Those structures are not interchangeable. The rights attached to the token depend on how the arrangement was created.

The token is then issued on a blockchain. Smart contracts define its on-chain behavior, including how it can be transferred and, where applicable, how other functions operate. Different technical standards exist for RWA tokens, but the important point for a holder is what rights the token represents rather than the particular token standard used.

Once issued, the token can potentially be held, transferred or traded on-chain, subject to the rules attached to it and the availability of supporting infrastructure and liquidity.

Smart contracts can also automate parts of the asset's lifecycle. For example, a structure representing a bond could use smart contracts to distribute coupon payments to eligible token holders. A real-estate structure could similarly automate distributions associated with rental income.

But the blockchain does not replace the off-chain asset. A useful way to think about an RWA token is as an on-chain representation connected to an off-chain source of value. The strength of that connection is therefore as important as the smart contract itself.

What kinds of assets are being tokenized?RWA tokenization can be applied to very different asset classes. The practical structure depends on what is being represented and how ownership works before it reaches the blockchain.

Real estateProperty illustrates one of the clearest potential uses for RWA tokenization. Real estate transactions traditionally involve large minimum amounts and assets that cannot easily be divided or transferred. A tokenized structure can split economic rights connected to a property into smaller units.

That does not mean the building itself has somehow moved onto a blockchain. The tokens represent rights defined by the legal structure holding or controlling the property.

Fractionalization can reduce the size of an individual position and make ownership interests easier to transfer. Whether an active secondary market develops is a separate question.

Bonds and private creditDebt instruments are another major category. A token can represent a claim associated with a bond or private-credit arrangement. Smart contracts can help automate processes such as distributing interest or coupon payments to token holders.

Blockchain-based settlement can also shorten some operational processes involved in transferring these claims.

But tokenization does not remove credit risk. If the underlying borrower fails to meet its obligations, putting the claim on-chain does not change that fundamental economic risk.

CommoditiesPhysical commodities create an obvious bridge between on-chain ownership and off-chain custody.

A gold-backed token, for example, can represent a claim on physical gold held by a custodian. The token can move on-chain without the underlying metal moving every time ownership changes.

The critical question is therefore what backs the token and how that backing is verified. The blockchain can show who owns the token, but the token's relationship with the physical commodity depends on the off-chain arrangement.

Intellectual propertyIntellectual property is a smaller and emerging category. Tokens can potentially represent defined rights linked to royalties, licensing or other economic claims. As with other RWAs, the token's value depends on the enforceability and structure of the rights it represents.

How DeFi liquidity fits into RWA tokenizationOne of the most important promises of RWA tokenization is greater liquidity. But tokenization and liquidity are not the same thing.

Turning an asset into smaller blockchain-based units can make it easier to transfer. It can also lower the practical size of an individual position.

Neither guarantees that somebody will be willing to trade the token when you want to.

Real liquidity requires market participants and sufficient depth. If an RWA token has little trading activity, a large transaction can still move its price significantly or be difficult to complete.

That makes RWA liquidity a familiar DeFi problem. Liquidity for crypto assets is already fragmented across different pools, protocols and blockchain networks. RWA tokens can face the same issue as they become available in on-chain markets.

Suppose the same token has liquidity in several pools. One pool may offer a better starting price but have little depth. Another may have more liquidity but a slightly different price. Sending the entire swap through one source may produce a less efficient outcome than routing across several.

This is where aggregation can become relevant. A DEX aggregator evaluates available liquidity across multiple sources rather than requiring you to select a single pool manually. Where an RWA token has supported on-chain liquidity, the same routing principles that apply to other tokens can apply to it.

RWA tokens are also beginning to interact with other parts of DeFi. Depending on the token and protocol, they can potentially be used as collateral or incorporated into other on-chain financial structures.

That could make the boundary between traditional assets and DeFi increasingly less distinct. But each integration adds dependencies, and the off-chain backing of the token remains relevant even when the token itself is being used entirely on-chain.

The real risks of RWA tokenizationRWA tokenization can change how an asset is represented and transferred. It does not remove the risks attached to the underlying asset and can introduce additional ones.

Custody and backing riskAn RWA token is only as reliable as the structure connecting it to the underlying asset. If a token claims to represent gold, where is the gold held? Who is responsible for custody? How is the backing verified? What happens if the custodian fails?

Similar questions apply to securities, property and other assets. The blockchain may provide a clear record of token ownership while telling you little about whether the off-chain asset is being managed as promised.

Legal and regulatory riskRWAs sit at the intersection of blockchain systems and existing legal frameworks. Rules differ across jurisdictions and continue to evolve. The rights attached to an RWA token can also depend on how it was issued, who is eligible to hold or transfer it and how the underlying asset is legally structured.

The fact that a token can technically move between blockchain addresses does not necessarily mean every transfer is permitted under the rules governing that token.

Liquidity riskTokenization can make an asset transferable without making it liquid. Some RWA tokens may have limited trading activity or shallow liquidity. That can lead to larger price impact, wider spreads or difficulty completing a trade at the expected price.

Liquidity can also be fragmented between different networks and on-chain sources. Aggregation can help search across available liquidity, but it cannot create market depth that does not exist. A token with little underlying trading activity remains illiquid even if a routing system can access every available source.

Smart contract riskRWA tokens are also exposed to the risks that apply to on-chain applications generally. A vulnerability in a token contract or another smart contract interacting with it could cause unexpected behavior or losses. Audits and other security practices can reduce this risk, but they cannot guarantee that a smart contract is free of vulnerabilities.

RWA holders therefore face both layers of risk: the on-chain infrastructure and the off-chain asset structure.

Who is building in RWA tokenization?RWA tokenization involves several types of participants rather than a single class of company.

Asset issuers create the structure connecting an underlying asset to a blockchain-based token. Their role includes defining what the token represents and how the underlying rights operate.

Custodians hold or safeguard underlying assets where physical or conventional financial custody is required. Their role is particularly visible for assets such as precious metals.

On-chain marketplaces provide infrastructure through which eligible RWA tokens can be transferred or traded when secondary-market activity is supported.

Tokenization infrastructure providers supply technical systems used to issue and manage RWA tokens, including smart contracts and related compliance functionality.

Individual organizations can perform more than one of these roles. What matters for a token holder is understanding the complete chain connecting the on-chain token to the underlying asset rather than focusing only on the token contract.

FAQWhat is RWA tokenization?RWA tokenization is the process of representing ownership rights or claims on real-world assets such as real estate, bonds or commodities as blockchain-based tokens. The token exists on-chain, while the underlying asset and some of the rights connected to it remain off-chain.

What are the risks of RWAs?RWA tokens combine risks from both traditional assets and blockchain infrastructure. Key risks include custody and backing risk, regulatory uncertainty, limited liquidity and smart contract vulnerabilities. The underlying asset also retains its own economic risks, such as credit risk for debt or price risk for commodities.

What are some examples of RWA tokenization projects?RWA projects can tokenize categories including government and corporate bonds, private credit, real estate, commodities such as gold and certain intellectual-property rights. The exact structure differs depending on the underlying asset and the rights represented by the token.

How do I evaluate an RWA token or project?Start with what the token actually represents. Check the underlying asset, the legal claim attached to the token and who holds or administers the asset. Look at how backing is verified and what happens if an issuer or custodian fails.

Then examine the on-chain side: the token's smart contracts, security reviews, blockchain network and available liquidity.

Finally, distinguish technical transferability from actual liquidity. A token may be transferable on-chain while having little market depth, making larger transactions difficult or expensive.

RWA tokenization can bring assets that traditionally existed outside blockchain networks into DeFi. But a digital token does not make the physical, financial or legal infrastructure behind the asset disappear.

For RWA tokens to function effectively on-chain, the connection to their underlying assets needs to be robust and the tokens need real liquidity.

Where supported RWA tokens have on-chain liquidity, aggregation can help access liquidity spread across different sources from a single interface.

Access liquidity across tokenized assets on the 1inch app.

Disclaimer : This content is for general information purposes only and does not constitute financial, investment, tax, or legal advice and is not a recommendation to buy or sell any particular digital asset or to employ any specific investment strategy.

Well, the bears have certainly been busy.

Two precious metals have just fallen below key psychological price barriers, and the timing couldn't be better.

Palladium has fallen below 1000, entering territory we identified as a key potential support area more than a week ago. Platinum, meanwhile, has fallen below 1500 after buyers failed to turn an earlier recovery attempt into a convincing reversal.

Two markets, two important support areas and two rather uncomfortable situations for the bulls.

But here's where things get interesting.

Breaking below support during a trading session isn't necessarily the same as confirming a lasting breakdown. Sometimes sellers manage to defend their advantage through the close, opening the door to another decline. Other times, buyers fight back and turn an apparent bearish victory into a failed breakdown.

So, have the bears just cleared the way toward their next downside objectives? Or will these key psychological levels trigger a stronger defensive response?

Today's price action gives us plenty to examine, and the closing prices could provide the next important clues.

Let's take a closer look.

Platinum (PL.F) - The recovery falls apart. Is 1446 next?

Yesterday, platinum buyers had a chance to build on their recovery from the key 1500 support level.

Instead, they ran into trouble.

The attempt to close Monday's bearish gap at 1555-1562 failed, and the subsequent retreat brought prices dangerously close to the July low and Wednesday's bullish opening gap. That already warned that the developing bullish reversal scenario was losing credibility.

And Thursday's sellers wasted little time taking advantage.

Their attack swept through Wednesday's bullish gap at 1537-1546, pushed platinum below the July low around 1539, and then carried prices beneath the psychological 1500 barrier.

But the bears didn't stop there.

The decline also breached the lower boundary of the red declining channel, taking platinum down to 1478.75. That's a significant deterioration in the technical picture.

The potential island-style reversal we discussed yesterday had never received convincing confirmation, and now another downside objective is coming into focus.

If sellers maintain their advantage and platinum finishes the session below both 1500 and the channel's lower boundary, the daily 127.2% Fibonacci extension around 1446.41 could become the next important destination.

But what if buyers fight back?

A recovery above 1500 and the channel boundary before the daily close would invalidate today's breakdown beneath that support combination and weaken the immediate bearish argument.

That would be encouraging, but buyers would still need to recover considerable technical ground before a convincing bullish reversal could develop.

For now, the message is clear: the bulls had a chance to stabilize, but they failed to protect it, and today's close will help determine whether the bears can turn that failure into another meaningful decline.

Daily Takeaways: Platinum has fallen below the July low of 1500 and the lower boundary of the red declining channel intraday. A daily close below the channel and 1500 would strengthen the bearish case, with 1446.41 as the next conditional target. Recovering both barriers before the close would invalidate the immediate breakdown and improve the chances of stabilization.

Palladium (PA.F) - We marked the 1000 zone. The bears have arrived

Sometimes the most interesting market developments begin with a level identified well before the price actually reaches it.

On October 22, in Premium Lab Note #241, we wrote:

“(…) Price has reached the lower boundary of the weekly red declining channel, while the weekly 78.6% retracement near 1010, psychological 1000 level and daily 161.8% extension at 996.80 create a deeper potential support cluster around 997-1010. (…)”

We returned to that same support combination in yesterday's Free Lab Note.

And today?

Palladium didn't just reach our projected support area. It fell below it.

Thursday's sellers pushed prices to 990.75, moving beneath the psychological 1000 barrier and the daily 161.8% Fibonacci extension near 996.80. That's an important continuation of the bearish scenario we've been tracking across several sessions.

But reaching a support zone, or even temporarily breaking beneath it, doesn't automatically tell us what happens next, which is why today's close deserves particular attention.

If buyers recover 1000 before the session ends, the intraday breakdown beneath that psychological barrier would be invalidated. Such a development could encourage a corrective rebound, potentially bringing the previously broken lower boundary of the red declining channel back into focus.

That wouldn't automatically reverse the broader bearish trend, but it would demonstrate that buyers are finally putting up a meaningful defense.

What if they fail?

A daily close below 1000 would confirm the breakdown beneath that barrier and strengthen the case for another decline. In that case, the next key potential destination would be the green declining support line around 970, based on the March and June lows. That's a considerably more uncomfortable prospect for buyers.

Of course, the daily indicators remain deeply oversold, with RSI around 21 and Stochastic near 10. A defensive reaction around current prices wouldn't be surprising, but we've already seen several rebound attempts fail before buyers could recover meaningful resistance.

For now, the bears have delivered another important stage of our earlier roadmap. The next question is whether palladium can defend 1000 before the closing bell or whether the market is preparing another move south.

Daily Takeaways: Palladium has reached and moved below the previously identified 997-1010 support cluster, with today's low at 990.75. A recovery above 1000 before the daily close would invalidate the intraday breakdown and favor a potential rebound toward the broken red channel boundary. A daily close below 1000 would strengthen the bearish continuation scenario and bring the green support line around 970 into focus.

What about the other four markets?Palladium and platinum selling pressure isn't the only key development today.

The U.S. dollar is struggling to overcome a familiar resistance level, leaving buyers with another difficult decision. Gold is testing whether a recently recovered technical boundary can hold up amid renewed selling pressure. Silver has established another local low and is approaching a downside objective we've been tracking in recent analyses. Copper has delivered an intriguing twist: after successfully overcoming several resistance barriers, buyers have run into trouble near an important Fibonacci level.

Could these setbacks turn into another wave of bearish continuation? Or will today's close give buyers a reason to challenge that view?

In today's complete Anna's Trading Lab Premium, we examine these four additional markets, connect their latest developments with our previous scenarios, and identify the critical levels that could shape the next move.

Final thought - The level matters. The reaction matters moreWatching a market finally reach a support area we've been discussing for days is particularly revealing. The arrival matters, but the real test begins when buyers and sellers decide what happens next.

Will buyers defend the level? Will sellers confirm the breakdown? And will the resulting price action give us enough evidence to reconsider our expectations?

Those questions turn a technical projection into a useful market roadmap.

Why?

Because reaching an important price level is only part of the story…. what happens there can tell us much more about where the market may be heading.

Stay curious, watch the confirmation, and let price action reveal the next chapter.

Follow the evidence, respect the confirmation, and stay curious about what comes next.

D.R. Horton, Inc. (DHI) Q4 2026 Earnings Call October 29, 2026 8:30 AM EDT

Company Participants

Jessica Hansen - Senior VP of Communications & People and Head of Investor Relations
Paul Romanowski - President, CEO & Director
Michael Murray - Executive VP & COO
Bill Wheat - Executive VP & CFO

Conference Call Participants

Stephen Kim - Evercore ISI Institutional Equities, Research Division
Alan Ratner - Zelman & Associates LLC
John Lovallo - UBS Investment Bank, Research Division
Richard Reid - Wells Fargo Securities, LLC, Research Division
Matthew Bouley - Barclays Bank PLC, Research Division
Eric Bosshard - Cleveland Research Company LLC
Anthony Pettinari - Citigroup Inc., Research Division
Ryan Gilbert - BTIG, LLC, Research Division
Michael Rehaut - Melius Research LLC
Rafe Jadrosich - BofA Securities, Research Division
Adam Kramer - Morgan Stanley, Research Division
Michael Dahl - RBC Capital Markets, Research Division
Paul Przybylski - Wolfe Research, LLC
Susan Maklari - Goldman Sachs Group, Inc., Research Division
Jay McCanless - Citizens JMP Securities, LLC, Research Division
Alex Barrón - Housing Research Center, LLC
Buck Horne - Raymond James & Associates, Inc., Research Division

Presentation

Operator

Good morning, and welcome to the Fourth Quarter 2026 Earnings Conference Call for D.R. Horton, America's Builder. [Operator Instructions]

I will now turn the call over to Jessica Hansen, Senior Vice President of Communications for D.R. Horton.

Jessica Hansen
Senior VP of Communications & People and Head of Investor Relations

Thank you, and good morning. Welcome to our call to discuss our fourth quarter and fiscal 2026 financial results. Before we get started, today's call includes forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Although D.R. Horton believes any such statements are based on reasonable assumptions, there is no assurance that actual outcomes will not be materially different. All forward-looking statements are based upon information available to D.R. Horton on the date of this conference call and D.R. Horton does not undertake any obligation to

The market expects Tapestry (TPR - Free Report) to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended September 2026. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.

The earnings report, which is expected to be released on November 5, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.

While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.

Zacks Consensus EstimateThis maker of high-end shoes and handbags is expected to post quarterly earnings of $1.56 per share in its upcoming report, which represents a year-over-year change of +13%.

Revenues are expected to be $1.84 billion, up 8% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 0.11% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Tapestry?For Tapestry, the Most Accurate Estimate is higher than the Zacks Consensus Estimate, suggesting that analysts have recently become bullish on the company's earnings prospects. This has resulted in an Earnings ESP of +0.85%.

On the other hand, the stock currently carries a Zacks Rank of #2.

So, this combination indicates that Tapestry will most likely beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Tapestry would post earnings of $1.26 per share when it actually produced earnings of $1.32, delivering a surprise of +4.76%.

Over the last four quarters, the company has beaten consensus EPS estimates four times.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Tapestry appears a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

Key Takeaways Robinhood's Q3 revenues rose 12% to $1.42B, with 14 business lines generating $100M in annualized revenues.Gold subscribers surged 34% to 5.2M, while prediction-market revenues jumped over sixfold to $173M in Q3.HOOD's platform assets grew 19% to $396B, but crypto revenue weakness and premium valuation remain concerns.
Robinhood Markets, Inc. (HOOD - Free Report) continues to expand beyond its traditional brokerage business, strengthening its presence across digital banking, wealth management, prediction markets and subscription-based services. The company's diversification initiatives are gaining traction, creating additional revenue opportunities and reducing its reliance on conventional trading activities.

In the third quarter of 2026, Robinhood reported record revenues of $1.42 billion, up 12% year over year. The company now has 14 business lines generating at least $100 million in annualized revenues, highlighting the growing breadth of its financial services ecosystem.

Business Lines Touching $100M+ in Annualized Revenues
 

Image Source: Robinhood Markets, Inc.

Despite these encouraging developments, Robinhood faces challenges from declining cryptocurrency revenues, interest-rate sensitivity and elevated valuation. Still, its expanding product portfolio, growing customer assets and encouraging earnings outlook make HOOD stock worth considering for long-term investors.

Robinhood's Diversification Initiatives Support GrowthRobinhood's expansion into subscription-based services and digital banking is strengthening customer engagement and creating recurring revenue opportunities. Robinhood Gold subscribers increased 34% year over year to a record 5.2 million in the third quarter of 2026. Gold Card reached 1.3 million customers, generating more than $19 billion in annualized payment volume.

Robinhood Banking also gained traction, attracting nearly $5 billion in deposits from more than 350,000 funded customers. These developments are expected to help Robinhood deepen customer relationships, boost cross-selling opportunities and diversify its revenue base.

Prediction markets have emerged as another significant growth driver. In the third quarter, event-contract revenues surged more than sixfold year over year to $173 million, while event contracts traded increased more than sevenfold to 16.4 billion. Further, Rothera surpassed $100 million in annualized revenues during its first full quarter of operations. The rapid adoption of these offerings underscores Robinhood's ability to capitalize on emerging investment trends and expand its addressable market.

HOOD is also strengthening its wealth management and retirement offerings to attract long-term customer assets. Retirement assets under custody increased 51% year over year to $36.6 billion. Robinhood Strategies expanded to 350,000 funded customers, managing more than $2 billion in assets, while Trust Accounts surpassed $300 million in assets. These initiatives are likely to support customer retention, asset gathering and revenue diversification beyond transaction-driven activities.

Additionally, Robinhood is expanding its international footprint and digital asset capabilities. The company launched cryptocurrency trading in the United Kingdom and received regulatory authorization in Dubai, where it plans to introduce products in 2027. Meanwhile, Robinhood Chain generated more than $80 billion in decentralized-exchange volume during its first mainnet quarter. These efforts should provide additional avenues for long-term growth.

Growing Customer Assets Strengthen HOOD's ProspectsRobinhood's expanding product offerings are supporting robust customer asset growth and engagement. Total platform assets increased 19% year over year to $396 billion in the third quarter, aided by quarterly net deposits of $15.7 billion. Investment accounts increased 9% to 30.4 million, while average revenue per user rose 5% to $200.

Total Platform Assets & Net Deposits
 

Image Source: Robinhood Markets, Inc.

Margin balances climbed 59% year over year to a record $22.1 billion in the third quarter of 2026. Equity notional trading volumes increased 53%, while options contracts traded advanced 48%. Growing customer assets and strong trading engagement position Robinhood to generate additional transaction-based, interest and subscription revenues, supporting its long-term growth prospects.

Challenges Facing RobinhoodDespite these positives, Robinhood remains exposed to fluctuations in cryptocurrency trading and interest rates. In the third quarter, cryptocurrency transaction revenues plunged 55% year over year to $120 million, while net interest revenues declined 9% to $415 million. These trends highlight the company's continued sensitivity to market conditions.

Moreover, net income declined 14% year over year to $476 million, while earnings per share fell 16% to 51 cents despite record revenues. Investments in technology, product development and international expansion could pressure expenses. Additionally, regulatory uncertainties surrounding prediction markets and cryptocurrencies, alongside intense competition, remain concerns.

HOOD's Price Performance and ValuationOver the past year, Robinhood shares have declined 33.8% against the industry’s growth of 5.1%. The stock has underperformed Interactive Brokers Group (IBKR - Free Report) , which gained 21.9%, and Charles Schwab (SCHW - Free Report) , which lost 6%. The significant weakness in HOOD shares may present an attractive entry opportunity for investors seeking exposure to its expanding financial services ecosystem.

One-Year Price Performance
 

Image Source: Zacks Investment Research

Despite subdued price performance, Robinhood shares currently trade at a premium to the industry. The stock's trailing 12-month price-to-tangible book (P/TB) is 9.48X compared with the industry average of 3.01X. 

P/TB
 

Image Source: Zacks Investment Research

In comparison, Schwab and Interactive Brokers trade at P/TB multiples of 6.31X and 1.63X, respectively. Thus, HOOD stock is expensive compared with Schwab and Interactive Brokers.

Although its premium valuation warrants caution, Robinhood's rapidly expanding product portfolio, strong customer engagement and diversified growth opportunities could support the stock's valuation over the long term. However, the premium also leaves limited room for execution missteps.

Robinhood’s Earnings Estimates Reflect OptimismAnalysts remain optimistic about Robinhood's earnings prospects. The Zacks Consensus Estimate for 2026 earnings indicates year-over-year growth of 7.3%, with earnings expected to jump another 40.5% in 2027.

Earnings Estimates
 

Image Source: Zacks Investment Research

Encouragingly, earnings estimates for 2026 and 2027 have been revised upward over the past 30 days to $2.20 and $3.09 per share, respectively. The positive estimate revisions reflect improving expectations for Robinhood's profitability, supported by its growing customer base, new revenue streams and expanding product offerings.

Is HOOD Stock a Smart Bet Now?Robinhood's diversification strategy is gaining momentum, supported by strong growth in Gold subscriptions, prediction markets, banking services and wealth management offerings. Its expanding customer assets, robust net deposits and increasing engagement provide a solid foundation for long-term revenue growth. Furthermore, positive earnings estimate revisions reinforce confidence in the company's growth prospects.

However, weakness in cryptocurrency revenues, declining net interest income, regulatory uncertainties and premium valuation remain near-term concerns. Despite these headwinds, Robinhood's strengthening financial services ecosystem, multiple growth catalysts and encouraging earnings outlook outweigh the near-term risks.

Moreover, the stock's significant correction over the past year offers an opportunity for investors to gain exposure to its long-term growth potential. Hence, HOOD stock appears worth buying now for investors with a long-term investment horizon and an appetite for volatility.

At present, Robinhood sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Key Takeaways Low P/S stocks with solid fundamentals and financial strength may offer attractive upside potential.Low P/S ratios help uncover undervalued stocks when earnings are volatile or profit margins are thin.Low P/E, P/B and debt-to-equity ratios help identify financially sound stocks with attractive value potential.
Investing in stocks based on valuation metrics is a proven strategy for identifying companies with strong upside potential. Although the price-to-earnings (P/E) ratio is widely used to assess value, it becomes less meaningful when a company is unprofitable, operating with thin margins or experiencing volatile earnings.

In such situations, the price-to-sales (P/S) ratio can offer a more useful perspective. By comparing a company’s market value with its revenues, the metric helps investors evaluate how much they are paying for each dollar of sales.

Stocks with low P/S ratios may present attractive opportunities, particularly when supported by solid fundamentals, improving margins and favorable business momentum. However, a low multiple should not be viewed in isolation, as it may also reflect structural weaknesses or limited growth prospects. Used alongside measures of profitability, financial strength and operating performance, the price-to-sales ratio can help uncover undervalued stocks with meaningful upside potential.

G-III Apparel Group, Ltd. (GIII - Free Report) , HF Sinclair Corporation (DINO - Free Report) , Par Pacific Holdings, Inc. (PARR - Free Report) , Genworth Financial, Inc. (GNW - Free Report) and PBF Energy Inc. (PBF - Free Report) are some companies with low price-to-sales ratios and the potential to offer higher returns.

What Is the Price-to-Sales Ratio?While a loss-making company with a negative price-to-earnings ratio falls out of investor favor, its price-to-sales ratio can indicate the hidden strength of the business. This underrated ratio is also used to identify a recovery situation or ensure a company's growth is not overvalued.

A stock’s price-to-sales ratio reflects how much investors pay for each dollar of revenue generated by a company.

If the price-to-sales ratio is 1, investors are paying $1 for every $1 of revenue generated by the company. A stock with a price-to-sales ratio below 1 is a good bargain, as investors need to pay less than a dollar for a dollar’s worth.

Thus, a stock with a lower price-to-sales ratio is a more suitable investment than a stock with a high price-to-sales ratio.

The price-to-sales ratio is often preferred over price-to-earnings, as companies can manipulate their earnings using various accounting measures. However, sales are harder to manipulate and are relatively reliable.

However, one should keep in mind that a company with high debt and a low price-to-sales ratio is not an ideal choice. The high debt level will have to be paid off at some point, leading to further share issuance, a rise in market cap and a higher price-to-sales ratio.

In any case, the price-to-sales ratio used in isolation cannot do the trick. One should analyze other ratios like Price/Earnings, Price/Book and Debt/Equity before arriving at any investment decision.

Screening ParametersPrice-to-Sales less than the Median Price-to-Sales for its Industry: The lower the price-to-sales ratio, the better.

Price-to-Earnings using F(1) estimate less than the Median Price-to-Earnings for its Industry: The    lower, the better.

Price-to-Book (Common Equity) less than the Median Price-to-Book for its Industry: This is another parameter to ensure the value feature of a stock.

Debt-to-Equity (Most Recent) less than the Median Debt-to-Equity for its Industry: A company with less debt should have a stable price-to-sales ratio.

Current Price greater than or equal to $5: The stocks must be trading at a minimum of $5 or higher.

Zacks Rank less than or equal to 2: Zacks Rank #1 (Strong Buy) or 2 (Buy) stocks are known to outperform, irrespective of the market environment.

Value Score less than or equal to B: Our research shows that stocks with a Value Score of A or B, when combined with a Zacks Rank #1 or 2, offer the best opportunities in the value investing space.

Here are five of the 23 stocks that qualified the screening:

Based in New York, G-III Apparel designs, sources, distributes and markets a broad range of apparel and accessories under owned, licensed and private-label brands. The company is strengthening its portfolio through momentum in owned and go-forward licensed brands, higher-margin mix, direct-to-consumer expansion and licensing opportunities. Donna Karan is emerging as a strong growth platform, supported by healthy demand, full-price selling, digital momentum and product innovation, while DKNY, Karl Lagerfeld and Vilebrequin are contributing to growth.

The Marc Jacobs acquisition adds an owned-brand platform with opportunities across categories, channels and geographies, alongside a strong direct-to-consumer presence. Robust liquidity and disciplined inventory management provide flexibility to invest in brands and return capital. GIII currently has a Zacks Rank #2 and a Value Score of A. You can see the complete list of today’s Zacks #1 Rank stocks here.

HF Sinclair is an independent energy company producing and marketing gasoline, diesel, jet fuel, renewable diesel, lubricants and specialty products. The company’s refining system remains the primary earnings driver and operates seven complex refineries across the Mid-Continent, Southwest, Rocky Mountains and Pacific Northwest. HF Sinclair continues to invest in projects designed to improve feedstock access, product yields and logistics flexibility rather than relying solely on favorable refining cracks.

The company’s investments in the El Dorado vacuum furnace project, its Go-West initiative and its marketing business should help HF Sinclair process crude more efficiently, move fuel to where it is needed and sell products in markets offering better opportunities. Additionally, HF Sinclair’s renewable diesel platform has become a more constructive contributor as credit values, tax benefits and operating volumes support profitability. DINO currently sports a Zacks Rank #1 and has a Value Score of B.

Houston, TX-based Par Pacific offers a compelling investment case, supported by its integrated downstream platform spanning refining, logistics and retail operations. The company combines strong financial flexibility, with $937.7 million in liquidity, an active share repurchase program and lower financing costs, positioning it to create shareholder value through market cycles. Operational execution remains a key strength, highlighted by record Hawaii and Montana throughput, restored Washington operations and completed Rockies maintenance.

Hawaii Renewables provides an additional long-term growth catalyst as renewable diesel production ramps through the second half of 2026, while excess RIN monetization and affiliate earnings further support durable cash flow growth. PARR currently sports a Zacks Rank #1 and has a Value Score of A.

Genworth Financial provides mortgage and long-term care insurance products and related services in the United States. The company is well-positioned for long-term growth, supported by strong operating performance in its mortgage insurance business, Enact and continued progress on its strategic initiatives. Enact's solid capital position, favorable insurance persistency and growing new insurance business support earnings stability and capital returns.

Meanwhile, the expansion of its CareScout platform across home care and senior living communities creates opportunities to capitalize on growing demand for aging-related services. The planned launch of Care Assurance Worksite further strengthens its growth prospects. Additionally, continued progress in long-term care insurance rate actions supports the sustainability of its legacy business. Despite rising claims pressures, disciplined capital management and ongoing share repurchases underpin shareholder value. GNW has a Value Score of A and a Zacks Rank of 2 at present.

Parsippany, NJ-based PBF Energy benefits from a geographically diversified refining network that provides flexibility in sourcing crude, optimizing operations and supplying multiple regional markets. Its complex refining system enables the processing of a broad range of crude types while producing higher-value refined products, supporting profitability as market conditions evolve. The company also maintains a relatively conservative balance sheet with solid liquidity, providing financial flexibility and resilience through refining cycles while supporting its focus on reducing debt when conditions allow.

In addition, PBF continues to advance its Refining Business Improvement program, which is aimed at lowering costs and improving operational efficiency. These initiatives are expected to enhance refinery performance, reduce operating and capital expenditure, and strengthen long-term earnings potential, positioning the company to benefit from improved reliability and disciplined execution. PBF currently flaunts a Zacks Rank #1 and has a Value Score of A.

Podle jedné teorie by centrální banky měly mít nadále znatelný zájem o zlato. A jejich poptávka by tak měla dláždit cestu k opětovnému růstu ceny této komodity. Podle jiné teorie, na kterou jsem v poslední době narazil, bude touto dlažbou přehnané zvedání sazeb, které pošle ekonomiku k recesi. Podívejme se dnes na tyto příběhy.

Následující graf ukazuje nákupy zlata ze strany centrálních bank. Velké věci se začaly dít po ruské invazi na Ukrajinu. Respektive poté, co v reakci na tuto agresi došlo ke zmrazení ruských rezerv. V centrálně bankovní sféře došlo pak k přehodnocení atraktivity (doma drženého) zlata a výsledek vidíme v grafu. Je to příběh celkem známý a jak v komentáři ke grafu píše Goldman Sachs, poptávka ze strany centrálních bank by měla být i nadále strukturálním tahounem (vyšších) cen zlata.

Mně se v souvislosti s obrázkem vybavuje určitá dikuse, které probíhala ve vztahu k nákupu dluhopisů cenrálními bankami. Tyto nákupy, tedy tzv. kvantitativní uvolňování QE, měly za cíl snížit výnosy dlouhodobějších dluhopisů. Tedy zvýšit jejich ceny. A tématem bylo konkrétně to, co vlastně rozhoduje: Je to celkový objem centrální bankou nakoupených dluhopisů? Nebo to, zda centrální banka zrovna nakupuje, nebo ne? Jinak řečeno, ovlivňuje trhy a ceny na nich doposud nakoupená zásoba, nebo aktuální tok? Jedna studie to rozsekla zajímavým způsobem: Tvrdila, že ani jedno. Rozhodující podle ní byla změna toku. Tedy to, zda cenrální banka v danou dobu zvyšuje, či snižuje nákupy.

Asi je zřejmé, proč tu diskusi připomínám v souvislosti s výše uvedeným obrázkem – zásoba zlata u cenbtrálních bank vzrostla, tok (další nákupy) tu jsou také. Ale druhá derivace – tempo nákupů, má klesající tendenci. Mohli bychom říci, že až budoucnost ukáže, co nakonec rozhodlo. Ale neukáže to ani ona. Protože izolovat jeden vliv ovlivňující cenu zlata od ostatních je dost těžké. A tím se dostávám k faktoru často považovaného za rozhodující – k reálným sazbám. Narazil jsem totiž na úvahu, se kterou nedávno přišel Bloomberg. Pokud jsem jí správně pochopil, tak podle ní ropa přestane být pro zlato brzdou ve chvíli, kdy centrální banky vyššími sazbami utlumí růst. Natolik, že začnou panovat obavy z recese. Pak se výhled otočí směrem k sazbám nižším a to zlatu pomůže k dalšímu růstu.

Bloomberg k této úvaze přidává graf s vývojem z let 2008 – 2012, kdy reálné výnosy desetiletých vládních dluhopisů postupně klesaly až do záporu. A zlato výrazně posílilo. Já bych k tomu dodal, že by zřejmě hodně rozhodovalo, jak by se chovala inflace – šla by „poptávkově“ do útlumu, nebo by stagflačně odolávalka. To by totiž ovlivňovalo sazby reálné. A ještě dvě obecnější věci:

Za prvé, s investicemi do zlata se musí opatrně, aby si člověk nezačal minimálně podvědomně přát, aby bylo hůř. Naše přání, byť podvědomá, mají totiž větší moc, než si běžně myslíme.

Za druhé, u zlata asi vždy kolovalo hodně příběhů a teorií o tom, co táhne jeho cena nahoru, nebo dolů. Význam faktorů se ale mění stejně jako reakční vzorce. Takže třeba nyní jsme u tohoto aktiva často deklarovaného jako pojištění proti inflaci v situaci, kdy je právě vyšší inflace považována ne dobrou, ale špatnou zprávu.

AstraZeneca, Bristol Myers Squibb, Grünenthal, Novo, Roche, UCB y otras compañías mostrarán nuevos enfoques para la interacción conectada con el cliente, procesos MLR basados en agentes e impacto médico

, /PRNewswire/ -- Veeva Systems (NYSE: VEEV) anunció hoy que directivos de AstraZeneca, Bristol Myers Squibb, Grünenthal, Novo, Roche y UCB figuran entre los ponentes que compartirán estrategias para impulsar la excelencia comercial y médica en la Veeva Commercial Summit, Europa, que tendrá lugar en Copenhague (Dinamarca) los días 18 y 19 de noviembre.

Los asistentes descubrirán cómo la IA, adaptada a las necesidades específicas del sector, permite a los equipos de ventas, marketing y medicina mejorar la interacción con los clientes, obtener información valiosa y acelerar la entrega de contenidos cumpliendo con la normativa vigente. Veeva mostrará cómo las interacciones tanto presenciales como digitales pueden transformarse en evidencia comercial, ayudando a las empresas biofarmacéuticas a comprender mejor las necesidades de los profesionales sanitarios y de los pacientes, así como a mejorar los resultados de los tratamientos.

Como uno de los mayores encuentros de líderes del sector de las ciencias de la vida en Europa, la Veeva Commercial Summit reúne a más de 1.200 expertos de la industria. El evento contará con más de 100 sesiones centradas en casos de éxito de clientes e innovaciones en IA mediante Commercial Cloud y Data Cloud, incluyendo:

Desbloqueo de nuevas capacidades con un modelo comercial basado en agentes

Grünenthal y Roche amplían la interacción con los clientes con agentes para ofrecer experiencias integradas a los profesionales sanitarios en los ámbitos presenciales, digitales y de eventos GSK y otras empresas biofarmacéuticas líderes ofrecen a los profesionales sanitarios una experiencia más inteligente y personalizada gracias a una gestión de relaciones con los clientes (CRM) de agentesBeOne Medicines aprovecha los conocimientos obtenidos gracias a la IA conversacional en las páginas web de las marcas para identificar y abordar los obstáculos que impiden el tratamiento, tanto para los profesionales sanitarios como para los pacientes Bristol Myers Squibb acelera la aprobación de contenidos promocionales y aumenta la productividad con MLR de agentesCreación de la base de datos para la IA

AstraZeneca aprovecha los datos sobre el acceso a los profesionales sanitarios para mejorar la orientación sobre el terreno y potenciar el crecimiento de las ventasBayer y Servier crean una base de datos global fiable para ampliar el uso de la inteligencia artificial y facilitar una mejor toma de decisiones en todos los mercadosLograr un mayor impacto médico para mejorar los resultados de los pacientes

Biogen, UCB, y otra empresa biofarmacéutica líder que transforma los conocimientos médicos en medidas concretas para mejorar la toma de decisiones y los resultados de los pacientesBayer, Novo, y One MSL analizan cómo el creciente uso de la inteligencia artificial por parte de los profesionales sanitarios está transformando las estrategias de participación científica"El ritmo de la innovación en el sector de las ciencias de la vida se está acelerando, y la inteligencia artificial está creando nuevas oportunidades para una interacción más significativa y oportuna con los profesionales sanitarios y los pacientes", afirmó Chris Moore, presidente de Veeva Europa. "Veeva Summit reúne a una comunidad de líderes para compartir conocimientos e ideas a medida que el sector avanza hacia un modelo comercial de agentes".

El evento está abierto exclusivamente a profesionales del sector de las ciencias de la vida, que pueden inscribirse en veeva.com/eu/Summit.

Acerca de Veeva Systems
Veeva ofrece la nube industrial para ciencias de la vida con aplicaciones, agentes, datos y consultoría. Comprometida con la innovación, la excelencia de sus productos y el éxito de sus clientes, Veeva presta servicios a más de 1.500 clientes, abarcando desde las mayores compañías farmacéuticas del mundo hasta empresas biotecnológicas emergentes. Como corporación de beneficio público, Veeva se compromete a equilibrar los intereses de todas las partes interesadas, incluidos clientes, empleados, accionistas y las industrias a las que sirve. Para obtener más información, visite veeva.com/eu.

Declaraciones prospectivas de Veeva
Este comunicado contiene declaraciones prospectivas sobre los productos y servicios de Veeva y los beneficios esperados del uso de nuestros productos y servicios. Estas declaraciones se basan en nuestras expectativas actuales. Los resultados reales podrían diferir sustancialmente de los proporcionados en este comunicado y no tenemos obligación de actualizar dichas declaraciones. Existen numerosos riesgos que pueden afectar negativamente nuestros resultados, entre los que se incluyen los riesgos e incertidumbres divulgados en nuestro informe presentado en el Formulario 10-Q para el año fiscal finalizado el 31 de julio de 2026, que puede encontrar aquí (un resumen de los riesgos que pueden afectar nuestro negocio se encuentra en las páginas 33 y 34), y en nuestros informes posteriores presentados ante la SEC, a los que puede acceder a través de sec.gov.

Contacto:

Meera Lakhani-Patel
Veeva Systems
[email protected]

AstraZeneca, Bristol Myers Squibb, Grünenthal, Novo, Roche, UCB et d'autres entreprises présenteront de nouvelles approches en matière d'engagement client connecté, de MLR automatisé et d'impact médical

, /PRNewswire/ -- Veeva Systems (NYSE : VEEV) a annoncé aujourd'hui que des dirigeants d'AstraZeneca, Bristol Myers Squibb, Grünenthal, Novo, Roche et UCB font partie de ceux qui partageront des stratégies pour stimuler l'excellence commerciale et médicale lors du Veeva Commercial Summit, Europe, les 18 et 19 novembre à Copenhague, au Danemark.

Les participants découvriront comment l'IA adaptée à chaque secteur d'activité permet aux équipes de vente, de marketing et médicales d'améliorer l'engagement client, de révéler des informations précieuses et d'accélérer la diffusion de contenu conforme. Veeva démontrera comment les interactions numériques et sur le terrain peuvent devenir des preuves commerciales, aidant ainsi les entreprises biopharmaceutiques à mieux comprendre les besoins des professionnels de santé et des patients et à améliorer les résultats des traitements.

Le sommet commercial de Veeva, l'un des plus grands rassemblements européens de leaders des sciences de la vie, réunit plus de 1 200 experts du secteur. Plus de 100 sessions mettront en lumière la réussite des clients et les innovations en IA avec Commercial Cloud et Data Cloud, notamment :

Débloquer de nouvelles fonctionnalités avec Agentic Commercial

Grünenthal et Roche développent l'engagement client automatisé pour proposer des parcours clients connectés sur le terrain, en ligne et lors d'événements.GSK et d'autres entreprises biopharmaceutiques de premier plan permettent une expérience plus intelligente et personnalisée pour les professionnels de santé grâce à un CRM actif.BeOne Medicines utilise les données issues de l'IA conversationnelle sur les sites de la marque pour identifier et lever les obstacles au traitement pour les professionnels de santé et les patients.Bristol Myers Squibb accélère l'approbation des contenus promotionnels et accroît la productivité grâce à la technologie MLR automatisée.Construire une base de données pour l'IA

AstraZeneca utilise les données d'accès aux professionnels de santé pour améliorer le ciblage sur le terrain et stimuler la croissance des ventes.Bayer et Servier mettent en place une base de données mondiale fiable pour déployer l'IA à grande échelle et permettre une meilleure prise de décision sur tous les marchés.Un impact médical accru pour améliorer les résultats des patients

Biogen, UCB et une autre entreprise biopharmaceutique de premier plan transforment les connaissances médicales en actions pour améliorer la prise de décision et les résultats pour les patients.Bayer, Novo et One MSL étudient comment l'utilisation croissante de l'IA par les professionnels de santé redéfinit les stratégies d'engagement scientifique.« Le rythme de l'innovation dans les sciences de la vie s'accélère, l'IA créant de nouvelles opportunités pour une interaction plus pertinente et plus opportune avec les professionnels de santé et les patients », a déclaré Chris Moore, président de Veeva Europe. « Le Veeva Summit réunit une communauté de leaders pour partager leurs connaissances et leurs idées, tandis que le secteur évolue vers un modèle commercial agentique. »

L'événement est ouvert exclusivement aux professionnels des sciences de la vie, qui peuvent s'inscrire sur veeva.com/eu/Summit.

À propos de Veeva Systems
Veeva propose une plateforme cloud dédiée au secteur des sciences de la vie, comprenant des applications, des agents, des données et des services de conseil. Engagé en faveur de l'innovation, de l'excellence de ses produits et de la réussite de ses clients, Veeva compte plus de 1 500 clients, parmi lesquels figurent les plus grandes sociétés biopharmaceutiques mondiales et des biotechs émergentes. Véritable société d'utilité publique, Veeva s'engage à concilier au mieux les intérêts de toutes les parties prenantes, y compris les clients, les employés, les actionnaires et les secteurs qu'elle dessert. Pour en savoir plus, rendez-vous sur veeva.com/eu.

Déclarations prospectives de Veeva
Ce communiqué contient des déclarations prospectives concernant les produits et services de Veeva, ainsi que les résultats ou avantages attendus de l'utilisation de nos produits et services. Ces déclarations sont basées sur nos attentes actuelles. Les résultats réels pourraient différer sensiblement de ceux énoncés dans le présent communiqué, et nous ne sommes pas tenus de mettre à jour ces déclarations. Il existe de nombreux risques susceptibles d'avoir un impact négatif sur nos résultats, notamment les risques et incertitudes mentionnés dans notre rapport sur le formulaire 10-Q pour l'exercice clos le 31 juillet 2026, que vous pouvez consulter ici (un résumé des risques susceptibles d'avoir une incidence sur nos activités figure aux pages 33 et 34), ainsi que dans nos documents déposés ultérieurement auprès de la SEC, consultables à l'adresse sec.gov.

Contact presse :

Meera Lakhani-Patel
Veeva Systems
[email protected]

Array Technologies, Inc. (ARRY - Free Report) is expected to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended September 2026. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.

The earnings report, which is expected to be released on November 5, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.

While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.

Zacks Consensus EstimateThis company is expected to post quarterly earnings of $0.10 per share in its upcoming report, which represents a year-over-year change of -66.7%.

Revenues are expected to be $322.21 million, down 18.1% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 6.19% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Array Technologies?For Array Technologies, the Most Accurate Estimate is higher than the Zacks Consensus Estimate, suggesting that analysts have recently become bullish on the company's earnings prospects. This has resulted in an Earnings ESP of +15.06%.

On the other hand, the stock currently carries a Zacks Rank of #3.

So, this combination indicates that Array Technologies will most likely beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Array Technologies would post earnings of $0.11 per share when it actually produced earnings of $0.24, delivering a surprise of +118.18%.

Over the last four quarters, the company has beaten consensus EPS estimates three times.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Array Technologies appears a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

An Industry Player's Expected ResultsAmong the stocks in the Zacks Solar industry, Sunrun (RUN - Free Report) , is soon expected to post earnings of $0.26 per share for the quarter ended September 2026. This estimate indicates a year-over-year change of +333.3%. This quarter's revenue is expected to be $804.1 million, up 11% from the year-ago quarter.

Over the last 30 days, the consensus EPS estimate for Sunrun has been revised 49.9% up to the current level. Nevertheless, the company now has an Earnings ESP of +124.73%, reflecting a higher Most Accurate Estimate.

This Earnings ESP, combined with its Zacks Rank #3 (Hold), suggests that Sunrun will most likely beat the consensus EPS estimate. The company beat consensus EPS estimates in each of the trailing four quarters.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

Crocs just posted a massive single-day gain, but whether any of that rally landed in your retirement account depends on a factor most investors never check.

iRhythm Holdings, Inc. (IRTC - Free Report) is expected to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended September 2026. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.

The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on November 5. On the other hand, if they miss, the stock may move lower.

While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.

Zacks Consensus EstimateThis company is expected to post quarterly earnings of $0.02 per share in its upcoming report, which represents a year-over-year change of +133.3%.

Revenues are expected to be $222.27 million, up 15.2% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 1.99% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for IRHYTHM HLDGS?For IRHYTHM HLDGS, the Most Accurate Estimate is higher than the Zacks Consensus Estimate, suggesting that analysts have recently become bullish on the company's earnings prospects. This has resulted in an Earnings ESP of +66.67%.

On the other hand, the stock currently carries a Zacks Rank of #4.

So, this combination makes it difficult to conclusively predict that IRHYTHM HLDGS will beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that IRHYTHM HLDGS would post a loss of$0.01 per share when it actually produced earnings of $0.58, delivering a surprise of +5,900.00%.

Over the last four quarters, the company has beaten consensus EPS estimates four times.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

IRHYTHM HLDGS doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

An Industry Player's Expected ResultsSchrodinger, Inc. (SDGR - Free Report) , another stock in the Zacks Medical Info Systems industry, is expected to report loss per share of $0.66 for the quarter ended September 2026. This estimate points to a year-over-year change of -46.7%. Revenues for the quarter are expected to be $46.02 million, down 15.3% from the year-ago quarter.

The consensus EPS estimate for Schrodinger has remained unchanged over the last 30 days. However, a lower Most Accurate Estimate has resulted in an Earnings ESP of -19.08%.

This Earnings ESP, combined with its Zacks Rank #3 (Hold), makes it difficult to conclusively predict that Schrodinger will beat the consensus EPS estimate. Over the last four quarters, the company surpassed consensus EPS estimates three times.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

PCAR benefits from improving truck demand, strong profitability and aftermarket growth. Supply constraints and parts margin pressure temper its growth outlook.

Wheaton Precious Metals Corp. (WPM - Free Report) is expected to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended September 2026. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.

The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on November 5. On the other hand, if they miss, the stock may move lower.

While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.

Zacks Consensus EstimateThis company is expected to post quarterly earnings of $0.93 per share in its upcoming report, which represents a year-over-year change of +50%.

Revenues are expected to be $805.9 million, up 69.2% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 4.1% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Wheaton Precious Metals?For Wheaton Precious Metals, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -0.32%.

On the other hand, the stock currently carries a Zacks Rank of #4.

So, this combination makes it difficult to conclusively predict that Wheaton Precious Metals will beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Wheaton Precious Metals would post earnings of $1.15 per share when it actually produced earnings of $1.19, delivering a surprise of +3.48%.

Over the last four quarters, the company has beaten consensus EPS estimates four times.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Wheaton Precious Metals doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

Key Takeaways WTW earned $3.63 per share, up 18% year over year, beating estimates by 0.8% despite a slight revenue miss.
R&B revenues grew 8%, while segment operating income climbed 14% on stronger business and expense discipline.
WTW aims $350 million in net run-rate savings from Propel and an adjusted operating margin near 30% by 2028.

Willis Towers Watson Public Limited Company (WTW - Free Report) reported third-quarter 2026 adjusted earnings of $3.63 per share, beating the Zacks Consensus Estimate of $3.60 by 0.8%. The bottom line increased 18% year over year.

Revenues rose 8% to $2.46 billion but missed the consensus estimate of $2.47 billion by 0.4%. Organic revenues grew 4%, supported by growth across both operating segments. Adjusted operating margin expanded 150 basis points, reflecting improved operating leverage and disciplined expense management.

WTW's Revenue Growth Benefits From Organic GainsReported revenues increased from $2.29 billion in the prior-year quarter. Excluding foreign-currency movements, revenues advanced 8%. Acquisitions and divestitures contributed 4 percentage points to the quarterly revenue change.

Adjusted EBITDA increased 12% year over year to $577 million. The related margin expanded 100 basis points to 23.5%, reflecting improved underlying profitability. Book-of-business settlements totaled $20 million compared with $6 million a year earlier, while interest income declined to $35 million from $42 million.

Willis Towers Expands HWC ProfitabilityHealth, Wealth & Career revenues increased 7% year over year to $1.35 billion. Revenues rose 7% on a constant-currency basis and 4% organically. Health delivered organic growth across all regions, supported by new business and strong renewals. Wealth benefited from retirement-related activity outside North America and new client wins.

Career recorded organic revenue growth, driven by higher compensation survey sales, normalized survey delivery timing and increased communications project work. Benefits Delivery & Outsourcing revenues declined organically as lower Individual Marketplace commissions outweighed gains from outsourcing activity.

The segment's operating income increased 10% year over year to $398 million. Operating margin expanded 90 basis points to 29.5%, benefiting from improved operating leverage and expense discipline.

WTW's Risk & Broking Segment Maintains GrowthRisk & Broking revenues advanced 8% year over year to $1.09 billion. Constant-currency revenues increased 8%, while organic growth reached 5%, outperforming the Health, Wealth & Career segment.

Corporate Risk & Broking benefited from strong new business activity in North America and International, alongside higher book-of-business settlements. These gains were partly offset by a challenging prior-year comparison involving multi-year specialty placements. Insurance Consulting and Technology recorded organic growth, primarily supported by strong software sales despite lower consulting revenues.

Segment operating income climbed 14% year over year to $216 million. Operating margin improved 100 basis points to 19.8%, reflecting higher settlement activity and disciplined expense management.

Willis Towers Balances Costs and Margin GainsAdjusted operating income increased 15% year over year to $539 million. Adjusted operating margin expanded to 21.9% from 20.4%, indicating that underlying profit growth outpaced revenue growth.

Total costs of providing services increased 8.6% year over year to $2.03 billion. Salaries and benefits rose to $1.51 billion from $1.41 billion. Transaction and program expenses increased to $42 million from $2 million, while restructuring costs totaled $14 million.

Reported income from operations increased 3% to $429 million, although operating margin contracted 90 basis points to 17.4%. Net income rose 1% to $309 million, while diluted GAAP earnings increased 4% to $3.24 per share.

WTW Strengthens Cash Flow and Capital ReturnsOperating cash flow totaled $1.21 billion during the first nine months of 2026, up from $1 billion in the prior-year period. Free cash flow increased 27% year over year to $1.06 billion, primarily driven by operating margin expansion.

WTW repurchased 687,386 shares for $220 million during the third quarter. Share repurchases totaled $970 million during the first nine months.

Cash and cash equivalents stood at $1.95 billion as of Sept. 30, 2026, down from $3.13 billion at 2025-end. Long-term debt was $5.78 billion compared with $5.76 billion at year-end 2025.

Willis Towers Advances Propel AI InitiativeWTW's Propel initiative aims to accelerate artificial intelligence adoption and automation across operations through 2028. The company expects to invest approximately $625 million in cash and incur $25 million in non-cash charges.

Propel is expected to generate approximately $400 million in annual run-rate savings. After reinvesting $50 million to support growth, Willis Towers targets $350 million in net run-rate savings and an adjusted operating margin of approximately 30% in 2028. Annualized savings achieved through September totaled $18 million.

WTW Provides 2026 Financial OutlookWTW expects mid-single-digit enterprise organic revenue growth in 2026. Health, Wealth & Career organic growth is projected in the low-to-mid-single-digit range, while Risk & Broking is expected to deliver mid-single-digit growth.

Willis Towers anticipates continued enterprise-level adjusted operating margin expansion. The Newfront acquisition is expected to generate approximately $250 million in post-close revenues at an adjusted EBITDA margin of 26%, while diluting adjusted earnings by approximately 10 cents per share.

The company expects share repurchases exceeding $1 billion, subject to market conditions and investment opportunities. Management also anticipates continued improvement in free cash flow margin, supported by operating margin expansion and an evolving business mix.

Zacks RankPerformance of Other InsurersBrown & Brown, Inc.’s (BRO - Free Report) third-quarter 2026 adjusted earnings of $1.07 per share missed the Zacks Consensus Estimate by 0.9%. The bottom line increased 1.9% year over year. Revenues of $1.72 billion missed the consensus mark by 2.3% but increased 7.4% year over year on a reported basis. Acquisition activity supported the top line, while organic revenues increased 1.2%. Weakness in Specialty Distribution and margin pressure weighed on performance.

Commissions and fees increased 9.7% year over year to $1.70 billion, while investment and other income declined 55.4% to $25 million from $56 million. Adjusted EBITDAC margin contracted 200 basis points (bps) to 34.6%. Adjusted EBITDAC increased 1.7% to $597 million, while adjusted income before taxes rose 1.3% to $479 million.

Chubb Limited (CB - Free Report) reported third-quarter 2026 core operating earnings of $7.66 per share, which beat the Zacks Consensus Estimate of $6.53 by 17.3%. The bottom line increased 0.8% year over year. Revenues of $16.81 billion surpassed the consensus mark of $16.72 billion by 0.55%.

Consolidated net premiums earned rose 3.9% year over year to $14.92 billion. P&C underwriting income declined 8.8% year over year to $2.06 billion. The combined ratio deteriorated 230 basis points to 84.1%. The Zacks Consensus Estimate is pegged at 87.

W.R. Berkley Corporation (WRB - Free Report) reported third-quarter 2026 operating income of $1.17 per share, which beat the Zacks Consensus Estimate by 2.63%. The bottom line increased 6.4% year over year. Operating revenues of $3.76 billion rose 1.8% year over year but missed the consensus estimate by 1.19%. Net premiums earned jumped 1.8% year over year. W.R. Berkley’s net premiums written increased 1.3% year over year to $3.27 billion.

Net investment income grew 9.2% year over year to $383.5 million, supported by higher income from the core investment portfolio. Income from fixed-maturity securities increased 10.3%, while the core portfolio contributed $369.1 million, up 12% year over year. The Zacks Consensus Estimate was pegged at $398.2 million. Our estimate was pegged at $384.3 billion.