Track market-moving stories before they get noisy

Microsoft shares MSFT fell on Thursday, reversing early gains and premarket strength, as investors assessed the company's latest earnings, capital spending plans, and intention to raise $25 billion through a US bond offering. The stock declined despite Microsoft reporting stronger-than-expected fiscal first-quarter results, with revenue rising 19% year over year to $92.28 billion.

Bloomberg's Ed Ludlow breaks down Alphabet's weak search and ad sales which raised new fears that AI is eating into Google's core business and caused a record market cap wipeout. Plus, Bloomberg reports Microsoft is looking to tap the bond market for the first time since 2017, seeking at least $25 billion to support spending as AI cloud growth soars.

Stephanie Walter with HyperFRAME Research says the most interesting takeaway from Microsoft (MSFT) earnings is how it can extend AI revenue opportunities beyond Azure cloud. She adds that existing partnerships offer a wide moat to maximize opportunities through evolving tech.

Key Takeaways Nokia appears better positioned than Ericsson, with stronger 2026 growth prospects and stock performance.NOK's 2026 sales and EPS are projected to rise 5% and 18.2%.Nokia shares gained 29.3% in a year versus Ericsson's 9.1%, but trade at a higher forward price/sales ratio.
Ericsson (ERIC - Free Report) and Nokia Corporation (NOK - Free Report) are key players in the telecommunications infrastructure market, particularly 5G networks, radio access equipment and emerging AI-powered network technologies. Ericsson is well-positioned to capitalize on the market momentum with a competitive 5G product portfolio. With a holistic growth focus, the company strives to be the leading telecommunications infrastructure provider worldwide and establish a focused enterprise business.

Nokia is a premier telecommunications equipment provider, supporting businesses’ digital transformation at the network edge through both 5G connectivity and cloud-native applications and capabilities. It has been developing its 5G portfolio, strengthening AirScale and advancing the capabilities of its ReefShark chipset. Nokia’s extensive portfolio consists of around 20,000 patents, among which 7,000 are essential for 5G.

With domain-specific expertise in core areas, both Ericsson and Nokia are well-positioned to cater to the evolving network connectivity demands of business enterprises. Let us delve a little deeper into the companies’ competitive dynamics to understand which of the two is relatively better placed in the industry.

The Case for ERICEricsson is focusing on 5G system development and has undertaken many notable endeavors to position itself for market leadership in 5G. It currently has 206 live 5G networks across the globe, spanning 85 countries. The company believes that the standardization of 5G is the cornerstone for digitizing industries and broadband. The deployment of 5G networks is likely to boost the adoption of IoT (Internet of Things) devices, with technologies like network slicing gaining more prominence.

Ericsson continues to invest in the Enterprise business to make it a sizeable part of its business. The company has introduced on-demand network slicing capability in Android 14 devices. It empowers developers to enhance the flexibility of applications and allows service providers to better align network connectivity with user-specific requirements. Ericsson continues to prioritize the terms and value of new agreements and renewals. Management also identifies opportunities to increase smartphone market penetration and extend licensing into additional segments.

However, rising component costs represent a continuing challenge for Ericsson's profitability and pricing competitiveness. Management expects the global radio access network market to remain flat in 2026, constraining opportunities for broad-based industry expansion. Management has identified component cost increases as a margin headwind for 2027. Ericsson is pursuing pricing actions, portfolio optimization and operational efficiencies to mitigate these costs. The ability to offset inflation remains important in a flat network equipment market, where opportunities to recover higher expenses through volume growth may be limited.

The Case for NOKNokia facilitates its customers to move away from an economy-of-scale network operating model to demand-driven operations by offering easy programmability and flexible automation needed to support dynamic operations, reduce complexity and improve efficiency. The company seeks to expand its business into targeted, high-growth and high-margin vertical markets to address growth opportunities beyond its traditional primary markets.

Its installed base of high-capacity AirScale products, which enables customers to quickly upgrade to 5G, is growing fast. The company is driving the transition of global enterprises into smart virtual networks by creating a single network for all services, converging mobile and fixed broadband, IP routing and optical networks with the software and services to manage them. Leveraging state-of-the-art technology, Nokia is transforming the way people and things communicate and connect. These include a seamless transition to 5G technology, ultra-broadband access, IP and Software Defined Networking, cloud applications and the Internet of Things.

Nokia is reportedly the only global supplier offering Open Radio Access Network (O-RAN) with commercial 5G Cloud-RAN networks. The company intends to accelerate strategy execution, sharpen customer focus and reduce long-term costs. At the same time, it is focused on building a strong, scalable software business and expanding it to structurally attractive enterprise adjacencies. Nokia’s C-Band portfolio supports 5G standalone and non-standalone networks, cloud-based implementations and O-RAN products.

However, Nokia remains exposed to the cyclical nature of telecommunications infrastructure spending, which can create uneven revenue and profitability across investment cycles. While AI and cloud demand is supporting Optical Networks and IP Networks, carrier spending remains mixed across regions and business lines. Although the company continues to strengthen its AI-native networking portfolio and expand relationships with hyperscale cloud providers, competitors are pursuing similar opportunities across 5G, AI infrastructure and future 6G deployments. Maintaining technology leadership while preserving pricing discipline remains essential as customers balance network modernization against capital spending constraints.

How Do Zacks Estimates Compare for ERIC & NOK?The Zacks Consensus Estimate for Ericsson’s 2026 sales implies a year-over-year decline of 1.6%, while that for EPS indicates a fall of 5.9%. EPS estimates have trended up 4.9% on average over the past 60 days.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for Nokia’s 2026 sales suggests year-over-year growth of 5%, while that for EPS implies a rise of 18.2%. The EPS estimates have remained static over the past 60 days.

Image Source: Zacks Investment Research

Price Performance & Valuation of ERIC & NOKOver the past year, Ericsson has surged 9.1% against the industry’s fall of 0.6%. Nokia has gained 29.3% over the same period.

Image Source: Zacks Investment Research

Nokia looks more expensive compared to Ericsson from a valuation standpoint. Going by the price/sales ratio, Ericsson’s shares currently trade at 1.59 forward sales, lower than 2.1 for Nokia.

Image Source: Zacks Investment Research

ERIC or NOK: Which is the Better Pick?Both Ericsson and Nokia carry a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Nokia expects sales and earnings to improve in 2026, unlike Ericsson. In terms of price performance, Nokia has outperformed Ericsson, although it is trading relatively more expensively compared with the latter. Although there is not much to choose from, Nokia appears to be slightly better placed than Ericsson at the moment and is therefore a better investment option now.

Two AI chip giants, one $10,000 stake each, and a five-year model that puts them on surprisingly different trajectories. The gap has nothing to do with which company is bigger.

Put $10,000 into Advanced Micro Devices (NASDAQ:AMD | AMD Price Prediction) and another $10,000 into NVIDIA (NASDAQ:NVDA), and our price-prediction model has the two stakes ending up in very different places by 2030.

In early trading, AMD sat at $546.66 and NVIDIA at $215.69. The model starts from reference prices of $531.29 and $210.96. Both companies sell into the same AI data center expansion.

The gap between them comes down to how much growth each stock’s price already reflects.

What $10,000 Could Become in Each Stock The model’s closest horizon to 2030 is its five-year target, which runs to October 2031, so every specific number below is linked to that window and 2030 serves as an illustrative label.

In the base case, $10,000 in NVIDIA could be worth about $18,056, a total return of 80.56%, built on a per-share target of $380.90. The same $10,000 in AMD could grow to about $11,989, a total return of 19.89%, on a target of $636.99.

As an illustration, the base-case tracks pass through about $352.11 for NVIDIA and $597.12 for AMD in October 2030. The model rates its confidence at 0.9 for both stocks.

NVIDIA Scenarios (Five-Year Horizon) Scenario Target Price Total Return Value of $10,000 Bull $378.63 79.48% $17,948 Base $380.90 80.56% $18,056 Bear $268.57 27.31% $12,731 AMD Scenarios (Five-Year Horizon) Scenario Target Price Total Return Value of $10,000 Bull $999.74 88.17% $18,817 Base $636.99 19.89% $11,989 Bear $422.13 -20.55% $7,945 NVIDIA’s bull and base cases land almost on top of each other, which makes its outcome range narrower. AMD has the highest single upside in either table and is also the only stock whose bear case loses money.

Why NVIDIA’s Base Case Runs Higher On valuation, NVIDIA trades at about 16x forward earnings. AMD trades at about 43x after a year-to-date rally of 155.26%, compared with NVIDIA’s 15.92%. The model calls AMD “near fair value (2.2%)” and flags “strong upside (+21.6%)” for NVIDIA over one year.

NVIDIA also adds scale. Fiscal second-quarter revenue reached $96.22B (+105.8% YoY), Data Center revenue was $89.02B, and third-quarter guidance calls for $108B ±2%.

Management expects fiscal 2028 revenue to grow approximately 70% even with supply constraints. Revenue per gigawatt rises to $40 billion with Vera Rubin. Analysts put their consensus target at $328.95, with 95% bullish view.

AMD’s Path to the Bull Case AMD’s growth curve is steeper, and its bull case depends on it. Second-quarter revenue rose to $11.54B (+50.1% YoY), and Data Center sales hit $6.72B (+107% YoY). Management expects Data Center revenue to “more than double year-over-year in 2027“, helped by the Helios ramp and an Anthropic deal for up to 2 GW of MI450.

Analysts’ consensus target is $637.61, with 80% bullish view. Both chipmakers also appear in reports about the AI-related stock offering from Meta Platforms (NASDAQ:META), as they compete against custom chips (Barron’s).

Risks That Could Shrink Either Stake Volatility: AMD’s beta is 2.454 and NVIDIA’s is 2.216. AMD fell 13.32% over the past month alone. China and export controls: NVIDIA’s guidance assumes no Data Center compute revenue from China, and AMD has the same regulatory exposure. Margins and supply: NVIDIA expects gross margin to bottom at 71% to 72% in the fourth quarter because of memory costs. Both companies depend on Taiwan Semiconductor (NYSE:TSM). Execution: AMD’s Gaming revenue fell 31%, and its AI story depends on Helios and ROCm continuing to gain adoption. Where the Two Stakes Could Land by 2030 Across the five-year scenarios, $10,000 in NVIDIA runs from $12,731 to $18,056. AMD runs from $7,945 to $18,817.

NVIDIA offers a steadier projected tracks, while AMD has the wider spread of outcomes. The model projections here serve research purposes, and actual results could look very different.

Contact [email protected] for any questions or corrections.

Don't look now, but Apple (AAPL +1.71%) is closing in on Nvidia (NVDA -0.80%) for the market cap crown. The consumer tech giant is rolling this year, on the strength of accelerating revenue growth and new product rollouts. Apple stock is up 26% so far this year, more than double the market's return. Its market cap just cracked $5 trillion.

In the other corner, Nvidia shares are up only 15% this year. The AI bellwether continues to deliver blowout financial results, but investors have rotated into memory stocks and other infrastructure plays that will benefit from the boom. Nvidia's market cap is currently $5.2 trillion. Don't be surprised if Apple pulls ahead of Nvidia in market cap, potentially in the final two months of this year.

Image source: Getty Images.

The case for Apple as the new market cap king Apple's revenue is accelerating for the third consecutive year. When it reports its fiscal fourth-quarter results next week, analysts expect top-line growth of 15% for fiscal 2026. It will be Apple's first fiscal year of double-digit revenue growth since 2021.

Apple stock capping off its biggest annual growth in five years is huge. Apple's trailing adjusted net margin topping 20% for the first time since 2012 could be even more important. Apple's long-running push to grow into a high-margin services company is starting to bear fruit.

It also has momentum on the hardware front to make it happen. The Tim Cook era brought unprecedented operational excellence when he arrived as the CEO in the summer of 2011. It failed to deliver on revenue growth and, to a much lesser extent, innovation. This will be just the fifth year of double-digit top-line growth in his 15-year reign.

He certainly planted the seeds for all of the new products rolling out these days. The new foldable Duo iPhone is raising the bar for smartphone selling prices. Apple's first MacBook Pro with a touchscreen was introduced this week. Cook has set up new CEO John Ternus with the tools to deliver stronger revenue growth on booming margins. It's not surprising to see that Apple is the best performer -- by far -- of the "Magnificent Seven" stocks.

AAPL Apple$349.72+$5.89 (+1.71%)

NASDAQ · As of 1:35 PM ET 10/29/26

Then there's Nvidia Nvidia investors shouldn't be upset when Apple flashes its high beams to pass the AI chip leader in the next couple of months. Nvidia has still had a respectable year, currently ahead of the five other Magnificent Seven names.

Nvidia stock is growing considerably faster than Apple. It's trading for less than 13 times next year's earnings, a more compelling valuation than Apple. Sustainability is the biggest question. Nvidia's revenue growth and net margin are stunning today, but both can tumble at the first hiccup in the AI revolution.

I am a proud shareholder of Apple and Nvidia. I think both can continue to beat the market over the long haul. However, with Apple's newfound momentum, it feels like the better buy as it gets ready to don the market cap crown again.

An alleged Chinese spy developed a “close relationship” with Nvidia CEO Jensen Huang, setting off alarms among US intelligence officials who were secretly monitoring her communications, according to a report.

The woman, Alice Huang, also known as Huang Le, is a Chinese citizen who has served as a top executive at Singapore-based Megaspeed, an Nvidia customer and cloud partner that provides AI computing power to Chinese companies including Alibaba, the New York Times reported Thursday.

US intelligence agencies concluded that Alice Huang — seen in photos enjoying whiskey and dining with the tech titan — was secretly funneling information to Beijing, according to the paper, which cited people briefed on classified intelligence findings.

Nvidia CEO Jensen Huang was photographed drinking whiskey with Alice Huang, a Chinese businesswoman accused of passing intelligence to Beijing, at a Taipei bar in June 2024. @netthunder/LinkedIn US electronic surveillance identified Jensen Huang as one of Alice Huang’s contacts, but the report offered no evidence that he knew of her alleged intelligence activities.

The Times could not determine what information she passed along or how valuable it was to Chinese authorities. The report did not address whether the relationship was romantic in nature.

Photos posted online in June 2024 showed the duo at a Taipei, Taiwan, bar after a local tech show, where they reportedly quaffed whiskey with other AI bigshots.

They were also seen together in May 2025, exiting a Taipei restaurant following a business dinner with AI suppliers. In a video of the scene, Alice Huang is seen standing a few feet behind the Nvidia boss with a big grin on her face while he banters with local journos.

US authorities have been investigating Megaspeed over suspicions that it helped Chinese firms circumvent US export restrictions and smuggle advanced Nvidia chips into China, the Times reported.

Megaspeed operates as a middleman, purchasing Nvidia chips through the US arm of Inspur, a Chinese server manufacturer, and renting computing power from its Southeast Asian data centers to Chinese companies, according to the Gray Lady.

Inspur’s parent company has been blacklisted by Washington for funneling technology to China’s military, although its American subsidiary remains free of sanctions, according to the Times.

Nvidia is the world’s most valuable publicly traded company, boasting a market capitalization of roughly $5.2 trillion.

Alice Huang, also known as Huang Le. LinkedIn Its advanced chips have become the backbone of the artificial intelligence boom, giving Huang enormous clout in Silicon Valley and Washington as the US races to maintain its technological edge over China. The feds have banned Nvidia from selling its best chips to Chinese companies for years.

Jensen Huang is married to Lori Mills Huang, whom he met while studying electrical engineering at Oregon State University.

The couple has two children, Spencer and Madison, both of whom work at Nvidia.

President Trump was briefed on the intelligence findings roughly a year ago but chose not to take action, according to the Times, which added that he was wary of disrupting Nvidia’s lucrative chip sales and further complicating trade relations with China.

Nvidia CEO Jensen Huang has cultivated close ties with President Trump, successfully lobbying his administration to ease restrictions on AI chip sales to China. Getty Images Jensen Huang has cultivated close ties with Trump, attending a high-dollar donors’ dinner at Mar-a-Lago, Fla., with his wife, personally lobbying the president to allow Nvidia to continue selling chips to Beijing, the Times reported.

Nvidia subsequently donated at least $20 million to Trump’s White House ballroom fund, according to a person familiar with the matter cited by the Times.

The chipmaker also pledged to invest $500 billion in US manufacturing — a top Trump priority — while Huang successfully pressed the administration to loosen restrictions on AI companies and chip exports to China.

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Although US officials initially believed Jensen Huang did not know of Alice Huang’s alleged espionage activities, some senior Trump administration officials now doubt that the Nvidia boss “could have remained unaware” of her intelligence-gathering role for Beijing, according to the Times.

It remains unclear whether US intelligence agencies have formally changed their assessment.

Nvidia pushed back against suggestions that Jensen Huang’s dealings with the alleged Chinese intelligence operative were suspicious, describing Megaspeed as a typical regional cloud customer.

“Jensen’s interactions with Ms. Huang are not unusual or unexpected,” an Nvidia spokesperson told The Post.

President and CEO of NVIDIA Jensen Huang, left, and his wife Lori Huang talk to former Apple CEO Tim Cook during a state dinner for Chinese President Xi Jinping in the White House on Sept. 24. Getty Images “Meetings with customers are part of a CEO’s job; Jensen talks with thousands of customer executives every year.”

The company insisted that its regional cloud customers receive “ordinary business information — not sensitive NVIDIA trade secrets” and “zero information relevant to national security.”

Nvidia also said it regularly receives government updates about potentially problematic individuals and companies, adding that it “always” takes appropriate action.

“We’re confident that if the US government believes that any person is a threat to American industry, it would let us know,” the spokesperson said.

The chipmaker also rejected allegations that its technology was being diverted through Megaspeed, saying the claims were “thoroughly investigated and debunked last year.”

Nvidia CEO Jensen Huang was never warned by US intelligence officials that a Chinese businesswoman with whom he had developed a close relationship was allegedly gathering information for Beijing, according to the Times. REUTERS It maintained that Beijing has blocked American AI chips rather than sought them through regional cloud providers.

“China opposes vilifying China by peddling the so-called ‘Chinese spy’ narrative,” Chinese embassy spokesperson Liu Chang told The Post.

“China is committed to self-reliance and strength in science and technology, and its scientific and technological development has always been grounded in independent innovation.

“We urge the US to stop its malicious efforts to block and suppress China and its groundless smears and slanders, and do more things that are conducive to sci-tech exchanges and cooperation between the two countries.”

The Post has sought comment from the White House and Megaspeed.

Key Takeaways Mastercard's Q3 adjusted EPS rose 21.2% to $5.31, beating estimates by 3.3%.Revenues grew 14% to $9.8 billion, driven by cross-border volumes, pricing and value-added services.Value-added services revenues jumped 19% to $4.1 billion, while adjusted operating margin expanded to 60.5%.
Mastercard Incorporated (MA - Free Report) reported third-quarter 2026 adjusted earnings of $5.31 per share, which topped the Zacks Consensus Estimate by 3.3%. The bottom line improved 21.2% year over year.

Net revenues advanced 14% year over year to $9.8 billion. The top line surpassed the consensus mark by 1.8%.

The strong quarterly results benefited from higher cross-border volumes, increased gross dollar volume and robust demand for value-added services, along with pricing initiatives. However, the upside was partly offset by higher payment network rebates and incentives, as well as increased operating expenses.

Mastercard’s Q3 Operational PerformancePayment network net revenues totaled $5.7 billion, up 11% year over year. Growth was primarily driven by higher domestic and cross-border transaction volumes, increased transaction processing activity and pricing.

Gross dollar volume or GDV (representing the aggregated dollar amount of purchases made and cash disbursements obtained from Mastercard-branded cards) rose 7.5% on a local-currency basis to $3 trillion. The metric beat our model estimate by 1.3%.

Cross-border volumes (a key measure that tracks spending on cards beyond the issuing country) grew 11% on a local-currency basis in the quarter under review. Switched transactions, which indicate the number of times a company’s products have been used to facilitate transactions, improved 9% year over year to 49.3 billion. However, the metric missed our model estimate by 2.2%.

Mastercard’s value-added services and solutions continued to be a key contributor to the revenue mix. Value-added services and solutions’ net revenues totaled $4.1 billion, which advanced 19% year over year and surpassed our model estimate of $4 billion. The year-over-year growth was aided by pricing and the strong performance of security, digital and authentication solutions, as well as customer acquisition and engagement services.

Payment network rebates and incentives increased 18% year over year as a result of higher business activity and new and renewed deals. Mastercard’s clients issued 3.8 billion Mastercard and Maestro-branded cards as of Sept. 30, 2026.
Adjusted operating expenses escalated 12% year over year to $3.9 billion in the third quarter due to rising general and administrative expenses.

Even with higher costs, operating leverage showed through. Adjusted operating income of $5.9 billion climbed 15% year over year and beat our model estimate of $5.8 billion. The adjusted operating margin improved 70 basis points (bps) year over year to 60.5%.

Mastercard’s Financial Position (As of Sept. 30, 2026)Mastercard exited the third quarter with cash and cash equivalents of $10.1 billion, down from the 2025-end level of $10.6 billion. Total assets amounted to $58.1 billion, up 7.4% from the year-end 2025 level.

Long-term debt amounted to $22.2 billion, up 21.6% from the figure as of Dec. 31, 2025. Short-term debt totaled $1.7 billion.

Total equity declined to $6.7 billion from $7.7 billion at 2025-end.

Mastercard generated $11.9 billion in operating cash flow during the first nine months of 2026, down 6.2% from the year-ago period.

Mastercard’s Capital Deployment UpdateMastercard repurchased 5.3 million shares for $3 billion during the third quarter of 2026. The company also distributed $763 million in dividends during the quarter under review.

Between Oct. 1 and Oct. 26, 2026, MA repurchased another 1.1 million shares for approximately $0.6 billion. Following these transactions, the company had $4.9 billion remaining under its authorized share repurchase programs.

Mastercard’s Q4 GuidanceFor the fourth quarter of 2026, management expects net revenues to grow at the high end of the low-double-digit range year over year, while adjusted operating expenses are anticipated to record low-teens growth.

Mastercard’s 2026 ViewManagement continues to project net revenues to witness low-teens growth in 2026 from the 2025 figure. Adjusted operating expenses are still expected to witness high-end of low double-digit growth from the year-ago figure.

MA’s Zacks RankMastercard currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

How Are Mastercard’s Peers Placed This Quarter?Visa Inc. (V - Free Report) reported fourth-quarter fiscal 2026 adjusted earnings of $3.48 per share, up 17% year over year and beating the Zacks Consensus Estimate by 1.5%. Net revenues came in at $12.1 billion, rising 13% year over year. V’s quarterly results reflected higher payment volumes, robust cross-border activity and increased transaction processing. However, the upside was partly offset by increased operating expenses.

American Express Company (AXP - Free Report) reported third-quarter 2026 EPS of $4.68, which surpassed the Zacks Consensus Estimate by 4.7%. The bottom line advanced 13% year over year. Total revenues, net of interest expense, improved 9% year over year to $20.1 billion. AXP’s quarterly results were driven by increased Card Member spending, higher net interest income and improved card fee growth. However, the upside was partly offset by elevated operating expenses.

CompaniesOct 29 (Reuters) - Mastercard

(MA.N), opens new tab on Thursday rounded out a strong quarter for payment networks with a profit beat, as consumer spending held up despite worries over ​still-high inflation and economic uncertainty.

Shares of the company rose more than 4% in afternoon trading, while ‌rivals Visa

(V.N), opens new tab and American Express

(AXP.N), opens new tab were up about 2% each.

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A steady labor market and still-strong wage growth have helped cushion the squeeze from soaring gasoline prices due to the war in Iran and higher costs of living.

Some of the spending growth this year was driven by higher gas prices, ​Mastercard's newly appointed CFO Ling Hai told Reuters in an interview, while stressing that the short-term benefit on ​price could be hindered if inflation levels remained high.

Mastercard's payments network, like that of rival ⁠Visa, spans more than 200 countries and territories, helping insulate it from economic downturns as billions of consumers rely ​on its network for everyday purchases.

Spending was growing across income cohorts, Hai added, as mass consumers were allocating more of ​their budget on essentials, while higher-income earners kept up discretionary purchases.

Additionally, credit card usage often tends to rise during economic slumps as consumers lean on borrowing to offset financial shortfalls.

"Cash-strapped consumers might swipe their card to ride through the rougher times," said Brian Jacobsen, chief economic ​strategist at Annex Wealth Management.

STRONG QUARTER FOR PAYMENT NETWORKSThe results follow earnings beats from Visa

(V.N), opens new tab earlier this week and ​American Express

(AXP.N), opens new tab, which caters to affluent customers, earlier in the month.

Still, card executives have remained cautious given the uncertain economic backdrop, as ‌concerns over ⁠a pullback from inflation and a higher interest rate environment persist.

"We see resilience across the spending bands on our network. So we have seen stability in that sense. But in terms of like how strong for how long, and what the new normal is, I think that's just too hard to tell," Visa CEO Ryan McInerney told analysts on Tuesday.

Cross-border ​growth numbers across Visa and ​Mastercard have remained steady, highlighting the strength ⁠of affluent consumers who are using their purchasing power to keep discretionary spend intact.

The second half of the FIFA World Cup, which spanned from June 11 to July 19, ​has been a positive driver of cross-border payment metrics for card networks, buffering a hit ​to travel from ⁠escalating tensions in the Middle East.

Cross-border volumes at Mastercard, a metric that tracks spending on cards outside the country they were issued in, jumped 11% in the quarter.

Mastercard shares have gained about 7% so far in 2026, underperforming both the broader ⁠markets and ​its peer Visa. Still, the stock has been trading near record levels, ​closing Wednesday just 3.6% below its all-time high set on October 22.

It posted an overall adjusted profit of $5.31 per share, surpassing analysts' average estimate of $5.16 ​per share, according to data compiled by LSEG.

Reporting by Pritam Biswas and Utkarsh Shetti in Bengaluru; Editing by Vijay Kishore

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Key Takeaways BAC's expansion into new markets should strengthen deposit gathering and cross-selling opportunities.Branch modernization and AI adoption could enhance customer engagement and operational efficiency.Rising investment costs and competitive pressures remain near-term challenges.
Bank of America (BAC - Free Report) is stepping up its branch expansion efforts, with its recent entry into Wisconsin and planned openings in Alabama and Louisiana reinforcing its growth strategy. The bank intends to add 19 financial centers in Wisconsin by 2030, alongside 18 locations across Alabama and Greater New Orleans beginning in 2027.

With approximately 3,500 financial centers reaching nearly 83% of the U.S. population, BAC plans to add 50 locations annually. Its growing physical presence should complement its established digital platform, enabling the bank to attract customers in newer markets while deepening relationships through personalized financial advice. This could boost demand for mortgages, wealth management and business banking services, supporting diversified revenue growth.

Meanwhile, BAC’s focus on modernizing its existing network should enhance service quality and strengthen its competitive position. Since 2016, the bank has invested more than $5 billion in opening and upgrading financial centers. It has completed more than 400 renovations this year, with more than 300 additional projects planned. These upgrades should improve customer experience and employee productivity, potentially supporting stronger returns from its physical infrastructure over time.

BAC’s AI initiatives further reinforce its long-term growth potential. While more than 95% of client interactions occur digitally, approximately 10 million specialist appointments over the past year highlight sustained demand for in-person expertise. AI-powered tools like Plan My Day and EricaAssist are helping employees deliver more efficient and personalized services. Notably, management expects benefits from its AI project pipeline to rise from $250-$300 million in 2026 to $700 million in 2027, indicating meaningful scope for productivity gains and cost savings.

BAC’s integrated approach to physical expansion and digital innovation should support sustainable revenue growth and improved operating leverage. A wider distribution network, coupled with AI-led efficiencies, could strengthen profitability and long-term earnings prospects. However, elevated investment spending, intense competition and the time required for new branches to achieve profitability remain concerning. Nevertheless, these initiatives position BAC favorably to capitalize on evolving customer preferences and drive long-term growth.

BAC’s Competitive LandscapeJPMorgan (JPM - Free Report) is also expanding its branch network while investing in digital capabilities to deepen customer relationships and capture market share. JPMorgan’s strategy of combining physical accessibility with technological innovation should support deposit gathering, lending activity and wealth management opportunities. Like BAC, JPMorgan is positioned to benefit from stronger customer engagement and diversified revenue streams.

Likewise, Wells Fargo (WFC - Free Report) is focusing on digital transformation and operational efficiency to strengthen its consumer banking franchise. Wells Fargo’s investments in technology and customer service improvements should support retention and cross-selling opportunities. Similar to BAC, Wells Fargo aims to balance personalized banking services with digital convenience, although cost pressures and competition could limit near-term benefits.

BAC’s Price Performance, Valuation & EstimatesIn the past six months, shares of Bank of America have lost 4.9% against the industry’s 1.2% growth.

Image Source: Zacks Investment Research

From a valuation standpoint, BAC trades at a trailing 12-month price-to-tangible book ratio of 1.81, below the industry average of 2.99.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for BAC’s 2026 and 2027 earnings indicates year-over-year growth rates of 18.6% and 14.8%, respectively. Earnings estimates for both years have been revised lower over the past 30 days.

Image Source: Zacks Investment Research

Binance's founder Changpeng Zhao has publicly declared he does not own any Shiba Inu tokens after a viral post with a contradictory story emerged.

The post, which has stirred discussion across the crypto ecosystem, has triggered a quick reaction from CZ, clarifying the misconceptions that may have stemmed from the wrong information.

CZ does not own a SHIBOn Thursday, October 29, a social media post from a renowned crypto content creator drew the attention of crypto users after it asked CZ to confirm a story about his alleged Shiba Inu pet, Riki.

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In response to the post, Binance's founder dismissed the claims for their ingenuity, stating that he has never owned a Shiba Inu and does not know who or what Riki is.

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While CZ seemed displeased by the claims, he further mentioned that he generally avoids answering questions of such nature because they often contain too much misinformation to correct.

Fake SHIB endorsement?Although the post suggested that CZ's supposed Shiba Inu had adapted to life in Tokyo faster than the Binance founder himself and had never needed to worry about rent, it appeared that the poster was not entirely certain about the truthfulness of the story either.

While the post asked whether the story was genuine and whether CZ could share an unknown fact about the alleged pet, CZ's response to the claims triggered mixed reactions among commentators.

Some have claimed that someone may have come up with the story to create a fake-endorsement pump for Shiba Inu. Nonetheless, the reason behind the false claims remains uncertain.

17h05 ▪
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Luc Jose A.

Summarize this article with:

About 92 billion SHIB joined the platforms in one day, while the price of Shiba Inu remained under pressure. The number seems considerable, but it barely represents 0.11% of the reserves held on the exchanges: the real problem mainly comes from the lack of buyers.

In brief

About 92 billion SHIB joined the platforms in 24 hours, representing only 0.11% of their reserves.
The price of Shiba Inu remains under pressure, mainly due to the lack of buyers.
SHIB struggles to rise above 0.0000052 dollar, while the support at 0.0000048 dollar remains to be watched.
The repetition of deposits on the platforms could increase selling pressure if demand does not recover.

The 92 billion SHIB weigh only 0.11% of the reserves
The net inflows of Shiba Inu on the platforms reached 92.07 billion tokens in 24 hours, according to CryptoQuant. Deposits totaled 324.28 billion SHIB, against 232.21 billion withdrawn during the same period.

A positive net flow means that more tokens arrived on the exchanges than left. These SHIB can be sold quickly, which theoretically increases the available pressure on the market. A deposit however does not prove that a sale actually took place.

The data puts the size of the movement into perspective :

The platforms held 86,250 billion SHIB ;
The net flow represented about 0.11% of these reserves ;
The 92 billion tokens were worth nearly 450,000 dollars ;
The total value of the reserves approached 418.32 million dollars ;
The number of SHIB on the exchanges increased by only 0.11%.

The economic amount therefore remains modest despite an impressive number of tokens. This difference is explained by the extremely low unit price of SHIB, which was around 0.00000489 dollar. A few hundred thousand dollars are thus enough to produce a transfer counted in tens of billions of tokens.

The increase in reserves alone cannot explain a significant drop in price. It only indicates that the immediately tradable supply has slightly increased. The real effect depends on the volume of sell orders and especially on the buyers’ capacity to absorb them.

The weakness of buyers holds SHIB below 0.0000052 dollar
The dollar value of the reserves held by the platforms fell by 2.9%, even though their quantity of SHIB increased. This divergence shows that the depreciation of the token was stronger than the increase in the number of available units.

The main problem is therefore on the demand side. Shiba Inu tried to rebound towards 0.000006 dollar at the beginning of October, before being rejected. It then failed to maintain its gains above 0.0000052 dollar.

The price now moves below several important moving averages. The level of 0.000005 dollar constitutes a first psychological resistance, followed by a more difficult zone between 0.0000054 and 0.0000056 dollar.

The relative strength index also remains below 50. This indicator does not necessarily signal an imminent fall, but it confirms that buyers do not yet have enough momentum to regain control.

On the downside, the first support is around 0.0000048 dollar. A sustained break of this threshold could open the way to 0.0000044 dollar. Conversely, a return above 0.0000052 dollar, accompanied by an increase in volumes, would diminish the importance of the inflows observed on the platforms.

A series of deposits would matter more than a single day
The 92 billion SHIB do not constitute an isolated event. On October 23, net inflows had already reached about 77.3 billion tokens. The repetition of the phenomenon deserves more attention than the value recorded over 24 hours alone.

Several consecutive days of deposits would gradually increase the reserves available for sale. If the price continued in parallel to lose its supports, this combination would indicate that supply is growing faster than demand.

Flows can however change quickly. A few days earlier, nearly 95.68 billion SHIB had left the platforms in a single session. Presented in isolation, this movement could have been interpreted as accumulation. Yet it was not enough to cause a lasting price reversal.

These variations show the limits of daily data. Platforms sometimes move their funds between hot and cold wallets, while users can transfer tokens without immediate intention to sell them. Data providers do not necessarily record exactly the same addresses either.

The signal would become stronger if three elements evolved together: a sustained increase in reserves, several days of net inflows and a break of the support at 0.0000048 dollar. For now, the 92 billion SHIB illustrate additional selling pressure, but their weight remains too small to explain the drop alone.

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Luc Jose A.

Diplômé de Sciences Po Toulouse et titulaire d'une certification consultant blockchain délivrée par Alyra, j'ai rejoint l'aventure Cointribune en 2019.
Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'économie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

As a tech selloff sparked by Alphabet (GOOGL) earnings grips the stock market, Dan Deming continues to see the rotation as the biggest unsung headline for equities. As for today's Big 3, he expects Apple (AAPL) to maintain tech dominance in earnings, sees Johnson & Johnson (JNJ) as a leader in the healthcare sector, and names 3M (MMM) as a strong defensive stock.

Altria Group, Inc. (MO) Q3 2026 Earnings Call October 29, 2026 9:00 AM EDT

Company Participants

Mac Livingston - Vice President of Investor Relations
Salvatore Mancuso - CEO & Director
Heather Newman - Executive VP & CFO

Conference Call Participants

Mirza Faham Baig - UBS Investment Bank, Research Division
Matthew Smith - Stifel, Nicolaus & Company, Incorporated, Research Division
Bonnie Herzog - Goldman Sachs Group, Inc., Research Division
Andrei Andon-Ionita - Jefferies LLC, Research Division
Pallav Mittal - Barclays Bank PLC, Research Division
Eric Serotta - Morgan Stanley, Research Division

Presentation

Operator

Good day, and welcome to the Altria Group 2026 Third Quarter Earnings Conference Call. Today's call is scheduled to last about 1 hour, including remarks by Altria's management and a question-and-answer session. Representatives of the investment community and media on the call will be able to ask questions following the conclusion of the prepared remarks.

I would now like to turn the call over to Mac Livingston, Vice President of Investor Relations. Please go ahead, sir.

Mac Livingston
Vice President of Investor Relations

Thanks, Olivia. Good morning, and thank you for joining us. This morning, Sal Mancuso, Altria's CEO, and Heather Newman, our CFO, will discuss Altria's 2026 third quarter and first 9 months business results.

Earlier today, we issued a press release providing our results. The release, presentation and quarterly metrics are all available at altria.com. During our call today, unless otherwise stated, we're comparing results to the same period in 2025.

Our remarks contain forward-looking statements, including projections of future results. Please review the forward-looking and cautionary statements section at the end of today's earnings release for various factors that could cause actual results to differ materially from projections. Future dividend payments and share repurchases remain subject to the discretion of our Board of Directors.

We report our financial results in

Vancouver, BC – TheNewswire - October 29, 2026 – Global Stocks News - Sponsored content disseminated on behalf of Alex Metals. On October 27, 2026, Alex Metals (TSXV: ALX) (OTCQB: ALXMF) reported the first batch of drill results from its inaugural drill program at its KSO project in Southeast Alaska.

Alex Metals owns three properties in accessible coastal Southeast Alaska. The Wodski and Frenchie projects lie within the Alexander Triassic Belt, which hosts the world-class 42 million tonne (MT) high-grade Greens Creek and 297 MT Windy Craggy volcanogenic massive sulphide (VMS) deposits.

The KSO Project lies within Proterozoic-age rocks that host numerous early 1900s-era historical VMS mines and noted occurrences. ALX is built with a clear purpose: to discover a new silver-gold-rich VMS deposit in under-explored Southeast Alaska.

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"We staked the KSO project for its potential to host copper-gold-rich VMS mineralization and our first drill holes returned precisely that," stated Gwen Preston, President and CEO in the October 28 press release. "Striking multiple intervals of semimassive to massive sulphide with strong copper and gold grades in a first test of a new target is rare and promising. We are also very pleased to report the discovery of a promising new VMS target within the first few weeks at KSO, which demonstrates the outstanding VMS potential of this seriously under-explored region."

The 2026 first-pass drill program at Khayyam was designed to test below the outcropping massive sulphide to understand the extent, orientation, and style of mineralization. Massive sulphide outcrops include 8 lenses over a 70-metre interval and along 300 metres of strike length.

"The rocks at KSO have undergone a complex structural and metamorphic history, common to Proterozoic VMS belts," stated Nathan Steeves, VP Exploration. "The geology, geochemistry, and geophysical response of each VMS deposit is unique, so exploration methods must be custom-tailored.”

“This first pass exploration program started to test the part of the system visible at surface,” continued Steeves, “But, as importantly, it is helping us understand the metamorphic and structural history of these rocks and build an exploration toolkit for this under-explored region, where we see ample VMS discovery potential."

Click Image To View Full Size

Gwen Preston, President and CEO of Alex Metals, holds a B.Sc. in Chemistry from McGill University and a Master of Journalism from UBC. Formerly, she was the CEO of the Resource Maven newsletter, where she spent a decade visiting mine sites, interviewing geologists and producing independent research for a global subscriber base.

On October 28, 2026, Alex Metals published an “explainer video” by Preston that provided detail and context for the company's first full Alaska field season.

“Alex Metals just delivered results from our inaugural drill program at the KSO project in southeast Alaska,” stated Preston in the explainer video. “Six of eight holes returned mineralization, including highlight intervals in four holes. While drilling those holes, we discovered a new VMS target 2 kilometres west with outcropping massive sulphide and indications of scale, including large alteration zones.”

“We staked the KSO project for the opportunity to deliver a new copper-gold-rich VMS discovery, and that’s what we’ve done. To drill into grades and widths like these in the first season at a project while also finding a new strong target is rare and promising.”

“Some great results there feed one of the two goals we had at KSO this season. That first goal: start testing whether the 8 lenses of massive sulphide visible at the surface at the Khayyam target area extend to depth, and therefore have scale. The answer after this initial test: the lenses do extend to depth, though at a different angle than we expected. This area deserves more drilling.”

“Our second goal: learn more about this zone of mineralization at Khayyam so we can explore the rest of this large underexplored VMS region effectively,” continued Preston. “VMS deposits are unique. Each has its own mineralogy, indicators, alteration and geophysical response. If you want to explore a new VMS belt effectively, you have to start by understanding at least one zone of mineralization so you know what you’re looking for.”

“To get good widths of strong copper-gold mineralization across multiple holes in that kind of first effort is promising, both for the potential to find something of scale at the Khayyam target and for our chance of unlocking this whole district.”

Click Image To View Full Size

“Over the next few months, we will keep releasing results,” concluded Preston. “We also have results from the rest of the work at KSO, including the new target called Triple G, and results from our work at the Wodski and Frenchie projects about 100 kilometres to the north.”

Triple G Target: A 2025 SkyTEM electromagnetic survey outlined conductive anomalies at both Khayyam and Stumble-On and identified a large new target two kilometres west that was named Triple G.

There are no historical records of mineralization around this target. Alex Metals drilled four holes from two pads to test massive and stringer-style sulphide mineralization at surface and plates modeled from SkyTEM survey data. Results from the Triple G holes are pending.

"While drilling at Khayyam, our team discovered the 'Triple G' VMS target just two kilometres to the west," stated Nathan Steeves, VP Exploration. "Subsequent mapping and prospecting led to the discovery of several outcropping massive sulphide lenses and stringer zones. Outcropping massive sulphide with alteration of scale is exciting to find, and we are keen to do more work at Triple G and around this highly under-explored region."

2026 Exploration Program Update: Alex Metals completed its first-pass 3,058 m drill program at the KSO Project in 2026, with meterage primarily focused on Khayyam where holes were designed to test below outcropping massive sulphide. Today's Khayyam results are the first batch released from the KSO Project. Stumble-On and Triple G drill results are pending.

In addition to drilling during the 2-month program, Alex Metals also completed prospecting, two weeks of mapping, a UAV magnetic and photogrammetry survey, ground and drillhole EM surveys, and soil and channel sampling at KSO. The Company is keen to receive and integrate these data to guide exploration.

The inaugural Wodski Project 2026 exploration program was completed over two months and included 3,138 metres of drilling at the Mad Dog prospect, LiDAR, UAV magnetic and photogrammetry surveys, and mapping and prospecting of key prospects. Wodski results are pending.

Mapping and geophysical surveys at the Frenchie Project on Zarembo Island are still underway. These results will guide an inaugural drill program in 2027.

Click Image To View Full Size

The scientific and technical information contained in this news release has been reviewed and approved by Darwin Green, Chairman of the Company, and a Qualified Person under NI 43-101. Mr. Green is not independent of the Company.

Contact: [email protected]

Disclaimer: Alex Metals paid Global Stocks News (GSN) $1,750 for the research, writing and dissemination of this content.

Full Disclaimer: GSN researches and fact-checks diligently, but we cannot ensure our publications are free from error. Investing in publicly traded stocks is speculative and carries a high degree of risk. GSN publications may contain forward-looking statements such as “project,” “anticipate,” “expect,” which are based on reasonable expectations, but these statements are imperfect predictors of future events. When compensation has been paid to GSN, the amount and nature of the compensation will be disclosed clearly.

Jim Farley has grand visions for Ford's future built on digital subscriptions and a new EV nobody can buy yet, but the company's own numbers tell a very different story about where things are headed.

Ford’s (NYSE: F | F Price Prediction) earnings report outlined its vision for the future. CEO Jim Farley said, “For me, personally, the most exciting upsell opportunity is really the long-term subscription and digital experience for the customer.” Since there is no evidence this is what drivers want, it is not much to stake the future on. But Farley has had long-term plans that have fallen apart before. His other plan is the Fathom smallish EV, which will not be on the market until next year. Ford thinks it can sell 100,000 in the first year. Of course, there is no reason to think that forecast has any value.

Ford posted good results in the most recently reported quarter. It did so because it is a fossil-fuel vehicle company. Americans are still in love with these. EV sales as a percentage of new car sales in the US are about 6% this year.

Ford points to its F-150 as a key to the future. It is America’s best-selling vehicle and accounts for over a third of Ford’s sales. A full-sized pickup is about as far from an EV as one can get. Ford also pointed to its overseas sales future. It sells very few cars in the EU and China, the two largest car markets other than the US.

Notably, Ford did improve its guidance.

As for its core car business, the WSJ pointed out, “Ford Motor reported lower profit and revenue in the third quarter, pressured by persistent losses in its electric-vehicle unit and softer sales across its gas and hybrid models.”

Revenue fell from $50.5 billion last year to $49.5 billion. EPS dropped from $ 0.61 to $ 0.51. Its EV segment continues to bleed money, with a loss of $1.1 billion, “as the segment continues to optimize first-generation vehicles for profitability….” It also pointed to plans for Fathom and Ford Energy, which may be its one future success.

In the last five years, Ford’s stock is down 30% while the S&P is up 68%. That is the real measure of Farley’s time as CEO. His visions for what comes next for Ford haven’t helped the stock in the past.

Contact [email protected] for any questions or corrections.

Key Takeaways Ford's Q3 adjusted EPS rose 8.9% to 49 cents, beating estimates by 25.64%, despite a 2% revenue decline.Favorable product mix and a 27% rise in Ford Credit pretax earnings supported quarterly results.Ford raised its 2026 adjusted EBIT outlook to $10.5-$11 billion despite rising commodity cost pressures.
Ford Motor (F - Free Report) reported third-quarter 2026 adjusted earnings of 49 cents per share, beating the Zacks Consensus Estimate of 39 cents by 25.64%. Earnings increased 8.9% from 45 cents in the year-ago quarter, supported by favorable product mix and stronger Ford Credit results.

Automotive revenues, excluding Ford Credit, totaled $46.08 billion, down 2.3% year over year but surpassed the Zacks Consensus Estimate of $45.67 billion by 0.9%.

Consolidated revenues declined 2% to $49.5 billion. Global wholesale volumes fell 9% to 1.05 million units, reflecting product discontinuations and supply-related constraints.

Ford currently carries a Zacks Rank #4 (Sell).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Ford generated adjusted earnings before interest and taxes (EBIT) of $2.7 billion, up 3% year over year. Adjusted EBIT margin expanded 30 basis points to 5.4%, reflecting improved operating efficiency despite lower revenues.

Ford Blue Faces Volume and Commodity PressuresFord Blue revenues declined 3% year over year to $27.1 billion as wholesale volumes fell 10% to 657,000 units. Lower sales reflected discontinued models and disruptions associated with the Middle East conflict. Favorable product mix provided a partial offset.

Segment EBIT decreased 10% to $1.39 billion, while EBIT margin contracted to 5.1% from 5.5%. Higher commodity costs also weighed on profitability.

Demand for higher-margin vehicles remained encouraging. Explorer's Tremor and Platinum trims registered nearly 60% year-to-date sales growth in the United States. F-Series achieved the highest retail share among full-size truck brands during the quarter.

F's Model e Loss Narrows Amid EV RestructuringFord Model e revenues declined 31% to $1.2 billion, with wholesale volumes falling 31% to 34,000 units. The decline reflected the discontinuation of F-150 Lightning and production adjustments for Mustang Mach-E.

The segment reported an EBIT loss of $1.06 billion, narrowing from $1.41 billion a year earlier. However, its EBIT margin deteriorated to negative 86.5% from negative 79.1%, reflecting reduced revenues and continued investments in next-generation products.

Management expects to launch the affordable electric vehicle, Fathom, in the fourth quarter of 2027, with a starting price below $30,000. Ford Energy also remains on track to establish 20 gigawatt-hours of annual battery capacity by the end of 2027.

Ford Pro Sees Higher Sales but Weaker MarginsFord Pro revenues increased 2% year over year to $17.8 billion despite a 4% decline in wholesale volumes to 358,000 units. Favorable product mix, supported by increased truck production, helped offset weaker volumes.

Segment EBIT declined 16% to $1.67 billion, while the EBIT margin contracted to 9.4% from 11.4%. Higher commodity costs, temporary aluminum sourcing expenses and launch costs associated with Super Duty production at Oakville pressured profitability.

The Oakville production ramp exceeded planned daily volume and labor productivity targets. Management also highlighted continued expansion in software services and parts, which together represented approximately 10% of consolidated quarterly revenues.

Ford Credit Business Delivers Strong Earnings GrowthFord Credit generated earnings before taxes of $803 million, which increased 27% year over year. Favorable derivative valuations, higher receivables and a supportive used-vehicle pricing environment contributed to the improvement.

However, U.S. retail loss-to-receivables increased to 0.67% from 0.61% a year earlier, reflecting higher credit loss severity. Used-vehicle auction values declined 3% amid increasing supply.

Cash Flow Strength Supports Capital ReturnsFord generated $5.4 billion in operating cash flow during the quarter, compared with $7.4 billion a year ago. Adjusted free cash flow improved to $4.7 billion from $4.3 billion.

The company ended September with $25.3 billion in cash and $46.4 billion in liquidity. Capital spending totaled $2.3 billion during the quarter. Ford declared a regular quarterly dividend of 15 cents per share, payable Dec. 1 to shareholders of record on Nov. 10.

2026 Earnings OutlookFord raised the lower end of its full-year adjusted EBIT guidance to $10.5-$11 billion from $10-$11 billion. Adjusted free cash flow guidance remained unchanged at $6-$7 billion, while capital spending is expected to be between $9.5 billion and $10.5 billion.

For 2026, management anticipates Ford Blue EBIT of approximately $5.5 billion and Ford Pro EBIT of about $7 billion. Model e is expected to incur losses of approximately $4 billion, while Ford Credit is projected to generate pretax earnings of roughly $2.8 billion.

Ford now expects commodity-related headwinds approaching $2.5 billion, up from slightly more than $2 billion previously. Management also expects U.S. industry pricing to increase approximately 1% year over year and maintains its longer-term target of an 8% adjusted EBIT margin by 2029.

The company remains on track to deliver $1 billion in material and warranty cost reductions in 2026, excluding tariffs and Novelis-related costs.

Other Key Releases From the Auto SpaceGenuine Parts Company (GPC - Free Report) reported third-quarter 2026 adjusted earnings of $2.07 per share, which missed the Zacks Consensus Estimate of $2.09. The bottom line increased 4.5% from $1.98 in the year-ago quarter. Revenues rose 4.2% year over year to $6.52 billion and surpassed the consensus estimate of $6.5 billion. Comparable sales increased 2.9%, led by strong Industrial demand. Genuine Parts ended September with $2.4 billion of liquidity, including $763 million in cash. 

General Motors (GM - Free Report) delivered strong third-quarter 2026 results yesterday. Its earnings per share grew 32.2% year over year to $3.70 and topped the Zacks Consensus Estimate of $3.55. Revenues of $50.02 billion increased 3% year over year and outpaced the consensus mark of $48.21 billion. On a further encouraging note, General Motors raised its adjusted automotive free cash flow forecast to $11.5-$12.5 billion from $9.5-$11.5 billion and authorized a $20-billion multi-year share repurchase program.             

Tesla (TSLA - Free Report) reported third-quarter 2026 adjusted earnings of 48 cents per share, which beat the Zacks Consensus Estimate of 45 cents by 6.67%. However, earnings declined 4% from 50 cents in the year-ago quarter, reflecting higher operating expenses. Tesla’s revenues totaled $28.05 billion, down marginally from $28.1 billion a year ago. The metric surpassed the Zacks Consensus Estimate of $27.78 billion by 0.96%. Tesla has trimmed its 2026 capital expenditure outlook to approximately $20 billion from $25 billion guided earlier.

The GM logo is displayed at the new location of the General Motors Headquarters in Detroit, Michigan, U.S., January 12, 2026. REUTERS/Rebecca Cook/File Photo Purchase Licensing Rights, opens new tab

CompaniesOct 29 (Reuters) - General Motors (GM.N), opens new tab will pay $220 million to settle ​allegations that it illegally sold drivers' private behavior and location data to ‌brokers, who then sold the information to insurers that used it to set and sometimes increase rates.

The settlement, announced on Thursday, resolves claims by the attorneys general of 35 US states and the District ​of Columbia over the automaker's Smart Driver program, which enrolled millions of drivers ​between 2016 and its discontinuation in 2024. Other regulators have also reviewed ⁠GM's handling of driver data.

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GM was accused of pitching Smart Driver to help ​people improve their personal driving safety, only to violate drivers' privacy by reneging on its ​promise not to sell their data without permission. Many people who signed up were also enrolled in GM's OnStar safety, navigation and diagnostic service.

"People bought a car, not a tracking device," Oregon Attorney General ​Dan Rayfield said in a statement. Rayfield's office and the office of Washington Attorney ​General Nick Brown led the bipartisan state coalition.

The settlement also requires GM to limit driving data it ‌collects, ⁠and obtain drivers' express consent before collecting or sharing that data.

A GM spokesperson said the settlement reinforces other steps the Detroit automaker has taken to strengthen privacy.

"Safer, more helpful and personalized experiences are enabled by connected vehicle data, and GM is committed to ​being clear about what ​information is used, how ⁠it’s protected, and the choices customers have about what they share," the spokesperson said.

Insurers such as Allstate (ALL.N), opens new tab, Progressive (PGR.N), opens new tab and Berkshire Hathaway's (BRKa.N), opens new tab ​Geico use so-called telematics in monitoring drivers' habits. They say the ​technology rewards ⁠good driving through lower premiums.

The settlement follows GM's agreement in May to pay $12.75 million to settle a California investigation into its alleged sale of driver data to two data brokers.

In January 2025, ⁠GM agreed ​with the US Federal Trade Commission not to disclose ​vehicle geolocation and driver behavior data to consumer reporting agencies for five years.

Reporting by Jonathan Stempel in New ​York; Additional reporting by Kalea Hall in Detroit; Editing by Franklin Paul and David Gaffen

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Key Takeaways GE Aerospace plans to invest over $1 billion in global MRO facilities over five years.LEAP shop visit volume rose over 40% year over year, while turnaround time fell by two weeks.Costs rose 17.2% to $9.1 billion, while operating profit margin fell 80 basis points to 19.9%.
GE Aerospace (GE - Free Report) continues to invest heavily in expanding its manufacturing and maintenance, repair and overhaul (MRO) capabilities to capitalize on growing demand for engines and services. However, rising costs and expenses remain a concern, putting pressure on the company's profitability.

GE Aerospace plans to invest more than $1 billion over the next five years to expand its global MRO facilities. In 2025, the company invested $1 billion in U.S. manufacturing and technology and plans to invest another $1 billion in 2026. It also intends to invest more than €110 million across its European manufacturing facilities in 2026.

In the third quarter of 2026, GE Aerospace agreed to acquire Consolidated Precision Products for $11.75 billion to expand capacity for mission-critical castings. The deal is expected to close in the second half of 2027.

These investments are supporting aftermarket growth. During the third quarter, LEAP internal shop visit volume increased more than 40% year over year, while turnaround time declined by roughly two weeks. However, expanding production and service capabilities requires substantial spending.

In the third quarter of 2026, GE Aerospace's cost of sales increased 17.2% year over year to $9.1 billion. The company’s research and development expenses rose 10.4% to $458 million. As a result, GE’s operating profit margin contracted 80 basis points to 19.9%.

Higher production activity, unfavorable product mix and persistent inflation continue to weigh on profitability. If costs remain elevated, it is likely to hurt the company’s bottom line and margins in the quarters ahead.

Peer’s Margin performanceTextron Inc.’s (TXT - Free Report) cost of sales rose 4.2% year over year to $3.09 billion in second-quarter 2026. Textron’s gross profit margin declined 100 bps to 17.8% in the quarter. The decline in Textron’s margin was due to reduced margin in the Bell segment.

RTX Corporation’s (RTX - Free Report) costs and expenses increased 8.8% year over year to $21.79 billion in third-quarter 2026. Despite the rise in costs, RTX Corp.’s adjusted operating profit margin expanded 310 basis points (bps) to 15.2% in the quarter. RTX is benefiting from rising aerospace deliveries, growing aftermarket revenues and declining geared turbofan (GTF) engine-related cash costs.

GE's Price Performance, Valuation and EstimatesShares of GE Aerospace have gained 3.9% in the past six months against the industry’s 10.9% decline.
 

Image Source: Zacks Investment Research

From a valuation standpoint, GE is trading at a forward price-to-earnings ratio of 33.19X, above the industry’s average of 27.24X. GE Aerospace carries a Value Score of D.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for GE’s 2026 earnings has gone up 3.4% over the past 60 days.

Image Source: Zacks Investment Research

The company currently has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Shares of Norwegian Cruise Line Holdings surged about 13% Thursday after the company posted better-than-expected third-quarter earnings and raised its outlook for the full year.

The cruise line reported third-quarter revenue of $2.95 billion, topping Wall Street expectations of $2.88 billion, according to analyst estimates from LSEG.

Net income for the period was $491 million, or $1.07 per share.

Adjusted earnings before interest, taxes, depreciation and amortization was $937 million, which exceeded Norwegian's previous guidance of $874 million. Adjusted EPS was $1.12, exceeding previous guidance of 90 cents and outpacing analysts' expectations of 94 cents, per LSEG.

Norwegian also raised its full-year guidance, citing its stronger-than-expected third-quarter performance. The company now expects 2026 adjusted EBITDA of $2.55 billion and adjusted EPS of about $1.70.

The report said the company's bookings had "improved modestly" since its last report but remain below its optimal range.

Norwegian said it will emphasize new marketing strategies, including the launch of a new marketing platform in January. It also said it anticipates that enhancements such as a new waterpark at its Great Stirrup Cay private island will support stronger demand.

Also on Thursday, Norwegian announced that Chief Financial Officer Mark Kempa will step down after more than 25 years at the company. Meghan Montana, currently chief strategy officer, will take over the role starting Jan. 1.  

The soda has gone flat in 2026, so to speak, as shares of PepsiCo (PEP +0.39%) are trading down about 14% over the past six months. The beverage and snack company's third-quarter results weren't bad. Still, management cut its full-year guidance for adjusted earnings per share, as North American sales aren't recovering as quickly as anticipated.

PEP PepsiCo$133.15+$0.52 (+0.39%)

NASDAQ · As of 1:33 PM ET 10/29/26

Earlier in the year, PepsiCo cut prices on some of its core brands, such as Lay's and Doritos, by up to 15%. This price reduction was to lure value-sensitive consumers back to Pepsi's top products. Now, management is changing its tune and plans to raise prices modestly in 2027. This has the potential to hurt sales again.

Other headwinds include higher prices across the supply chain due to inflation, tariffs, and increased transportation costs. All of these challenges have caused the stock to fall over the past year, but there is a case to be made for patient investors.

Image source: Getty Images.

PepsiCo's international business is performing well, and the reduced guidance sets a lower bar for the company to clear next quarter. As for the stock itself, the metrics look reasonable. The stock is trading at approximately 15 times forward earnings, and has a price-to-sales ratio slightly under 2. Both suggest the stock is fairly priced.

PepsiCo is a Dividend King, which is a stock that has increased its dividend for at least 50 consecutive years. The company's current dividend yield is more than 4%. For income-focused investors, or those willing to patiently wait out the tough macroeconomic headwinds, PepsiCo is a solid defensive consumer goods stock.

Catie Hogan has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

Intel heads into its quarterly earnings report carrying a fresh foundry wound, a slide in Big Tech results, and analysts who think the stock is still too expensive. Whether management can name real outside customers tonight may determine if the…

A foundry setback and a rough night for Big Tech earnings are piling pressure on Intel (NASDAQ:INTC | INTC Price Prediction) hours before its own quarterly report. Intel stock is at $92.04, down 4% in recent trading. The slide adds to a 20% drop over the past month, which followed a powerful run earlier in the year.

Intel’s decline is steeper than its sector’s. The VanEck Semiconductor ETF (NASDAQ:SMH), a fund concentrated in chipmakers, is at $561.62, down 1.1%. At the same time, the Invesco QQQ Trust (NASDAQ:QQQ) is at $714.93, down 1.5%, falling harder than the chip fund as Big Tech earnings weigh on large-cap stocks.

Terafab’s Talks With Taiwan Semiconductor Cloud Intel’s Foundry Story The latest blow landed on October 29, when Elon Musk’s Terafab chip initiative confirmed it’s in active discussions with Taiwan Semiconductor Manufacturing about a dedicated fabrication plant to supply chips for Musk’s companies. That undermines Intel’s earlier positioning as a central foundry partner for the project.

Big outside customers matter because Intel Foundry is still losing money. In Q2 2026, Intel Foundry’s revenue rose 31% to $5.76 billion, while the unit ran a $2.1 billion quarterly operating loss.

Cautious Analyst Previews Set the Stage for Intel’s Report Intel reports Q3 2026 results after the closing bell, a date the company has confirmed. Bernstein modeled Intel’s Q4 2026 revenue below Street consensus, citing PC market weakness and estimating third-quarter PC shipments were down 20% to 22% year over year. Wedbush noted that Taiwan Semiconductor may raise prices on its Chip-on-Wafer-on-Substrate (CoWoS) advanced packaging by 10% to 20%, which the firm views as a renewed supply chain constraint and a reduced competitive opportunity for Intel. JPMorgan, which recently upgraded Intel to Neutral, carries an $85 price target that sits below the current share price.

Alphabet and Microsoft Results Drag Chip Stocks Lower After the close on October 28, Alphabet (NASDAQ:GOOGL) reported Q3 2026 revenue of $127.58 billion, up 24.6% year over year and slightly missing expectations. Alphabet stock is at $284.82, down 12%. The company earned $2.12 per share, missing the $2.97 consensus, after an $8.7 billion loss on equity securities that Alphabet disclosed reduced diluted earnings by $0.55 per share.

Without that one-time hit, Alphabet’s quarter centered on AI demand. Google Cloud revenue jumped 103% to $30.71 billion, helped by sales of its custom tensor processing unit (TPU) systems, and CEO Sundar Pichai said, “We’re also seeing strong demand for our TPU systems across a wide range of customers.” Spending is the catch: Alphabet’s capital expenditures reached $51.36 billion and its free cash flow turned negative at $9.07 billion, renewing worries about AI infrastructure costs (we covered seven suppliers supporting that expansion, from power to cooling, in a free report).

Meanwhile, Microsoft (NASDAQ:MSFT) stock is at $524.40, down 1%. Microsoft’s Q1 FY2027 revenue rose 18.8% to $92.28 billion, and its adjusted earnings of $4.89 per share beat the $4.72 consensus. For Intel, the sore spot is the PC outlook, since Microsoft guided its Windows original equipment manufacturer (OEM) and devices revenue to decline by a percentage in the mid-30s in Q2 FY2027.

Chip stocks including Intel declined on Samsung’s profit miss and the heavy capital spending disclosed by Microsoft and Alphabet. That combination leaves Intel absorbing both AI spending worries and a weaker PC backdrop.

Why Intel’s Business Model Stands Apart From Google and Microsoft Intel designs and manufactures its own chips, from Xeon server processors to Core Ultra PC chips, and wants to sell factory capacity on its 18A process to outside customers. Google runs search, YouTube and a fast-growing cloud on TPU silicon it designs in-house for its AI workloads. Microsoft rents out Azure capacity built on third-party graphics processing units and, increasingly, its own chip designs, and it’s a potential but unconfirmed Intel foundry customer. In this trio, Intel is the supplier hoping the other two turn into buyers.

What Intel’s Q3 Report Has to Prove About Its Foundry When Intel reports after the close, the key question is whether management can name new outside foundry customers. Intel’s Q2 2026 results offer some encouragement, with revenue growing 25.4% to $16.13 billion and data center and AI sales rising 59%. Bearish arguments for Intel center on the Terafab talks, a loss-making foundry unit and a softer PC market. Traders may prefer to keep their exposure smaller until the question of Intel’s foundry pipeline resolves.

Contact [email protected] for any questions or corrections.

Key Takeaways FDXF is set to report transition-period results on Oct. 29, with earnings estimated at $1.38 per share.Robust pricing execution are expected to boost FDXF's adjusted operating margin by 200 bps.FDXF expects operational efficiencies to add 80 bps to margins, while its Earnings ESP stands at 5.07%.
FedEx Freight (FDXF - Free Report) is scheduled to release results for the four-month transition period ended Sept. 30, 2026, on Oct. 29, after market close.

The company exits the September-end transition period amid improving demand trends, stronger pricing execution and benefits from operational efficiencies. Higher yields, a fully staffed dedicated sales force and improving shipment trends are likely to have supported revenues and profitability during the period.

The Zacks Consensus Estimate for FDXF’s September-end 2026 period earnings has been revised downwards by 30.65% over the past 60 days to $1.38 per share. Meanwhile, the Zacks Consensus Estimate for 2026 revenues is pegged at $9.08 billion, indicating a decline of 0.16% from 2025 actuals.

Factors Likely to Have Influenced FDXF’s September-End PerformanceImproving Demand Trends: FedEx Freight entered the period with signs of stabilization in LTL demand. Management expected shipment declines to narrow progressively, supported by improving manufacturing indicators, truckload trends and sequentially better demand conditions.

Higher Yield to Aid Revenues: Pricing is likely to have remained a major growth driver. Management expected most of the transition-period revenue growth to come from higher yield, supported by elevated fuel prices, stronger pricing execution and more focused sales efforts. Higher yield was expected to contribute roughly 200 basis points to the adjusted operating margin.

Sales Force Expansion: FedEx Freight's dedicated LTL sales organization is likely to have supported customer wins and revenue quality. The sales force was fully staffed entering the period, with management highlighting increasing customer engagement and opportunities across small and medium-sized businesses, healthcare, retail, data centers and grocery.

Operational Efficiencies: Network productivity and better asset utilization may have aided profitability. Management expected roughly 80 basis points of benefit from efficiencies and other cost improvements during the transition period. The company also indicated that it had ample driver, equipment and facility capacity to accommodate improving demand without significant incremental investment.

Notably, FedEx Freight expected roughly 60% of transition-period revenue growth, 75% of adjusted operating income and 80% of adjusted EPS to be generated during the four months ended Sept. 30, reflecting favorable seasonality and timing.

What Our Model Says About FDXFOur proven model predicts an earnings beat for FedEx Freight this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat.

FDXF has an Earnings ESP of +5.07% and a Zacks Rank #2 at present. You can uncover the best stocks to buy or sell before they're reported with our Earnings ESP Filter.

Other Stocks to ConsiderHere are some other-top ranked stocks from the broader Zacks Transportation sector that investors may consider, as our model shows that these have the right combination of elements to beat on earnings this reporting cycle.

Schneider National (SNDR - Free Report) has an Earnings ESP of +3.58% and a Zacks Rank #3 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

SNDR is scheduled to report third-quarter 2026 earnings on Oct. 29. The Zacks Consensus Estimate for third-quarter 2026 earnings has remained flat at 29 cents per share over the past 60 days. SNDR’s earnings beat the Zacks Consensus Estimate in two of the preceding four quarters (missing twice in the remaining two), with the average miss being 10.1%.

XPO, Inc. (XPO - Free Report) has an Earnings ESP of +0.67% and a Zacks Rank #2 at present. The company is scheduled to report third-quarter 2026 earnings on Oct. 29.

The Zacks Consensus Estimate for third-quarter 2026 earnings has remained flat at $1.56 per share over the past 60 days. XPO’s earnings beat the Zacks Consensus Estimate in each of the preceding four quarters. The average beat is 12.33%.

IBM shares have dropped sharply in 2026 while the dividend kept climbing, but a closer look at the debt loading up the balance sheet raises a real question about how long that streak can continue.

Income investors have seen IBM (NYSE:IBM | IBM Price Prediction) shares fall 13.34% year-to-date while the payout kept rising. At $251.56, the stock yields 2.66%. For retirees, the cash behind that check can hold up, but the buffer is thinner than IBM’s long payment record would suggest.

Cash Flow Covers the Dividend More Than Twice
In 2025, IBM produced $14.73 billion of free cash flow and paid $6.255 billion in common dividends. That covered the dividend about 2.4 times. On the October 21 call, CFO Jim Kavanaugh gave the 2026 picture so far:

“Through the first nine months, we generated about $8 billion of free cash flow, up 8% year-over-year.”

IBM, he said, “returned $4.8 billion to shareholders in the form of dividends through the first nine months of the year.” That puts coverage near 1.7 times with the fourth quarter still ahead. Management also expects full-year free cash flow to grow by more than $1 billion.

Where the Dividend Cash Comes From
Most of IBM’s cash comes from recurring revenue. Clients pay year after year for Red Hat software, data tools, and the mainframe software that runs banks and airlines. Annual recurring revenue reached $24.9 billion, growing 8%. Consulting and infrastructure add steadier, lower-growth cash. Chief Executive Arvind Krishna summed it up:

“The durability of our portfolio remains a defining feature of IBM today.”

Kavanaugh pointed to “consistent free cash flow realization of about 130% over the last few years,” which means the cash IBM brings in regularly runs ahead of its reported profits.

Debt Is Where the Cushion Thins
Total debt stands at $63.8 billion, up $2.6 billion this year. Acquisitions drove much of that: IBM spent $11.4 billion on deals in 2026 after $8.3 billion in 2025. About $12.7 billion of the debt supports IBM’s financing arm, whose receivables are “almost 80% investment grade.” Kavanaugh described “a strong liquidity position and a solid investment-grade balance sheet, with cash of $11.1 billion.”

How IBM Stacks Up Against Tech Peers

Company
Quarterly Dividend
Latest Raise

IBM
$1.69
0.6%

Microsoft (NASDAQ:MSFT)
$0.98
7.7%

Cisco Systems (NASDAQ:CSCO)
$0.42
2%

Microsoft has the strongest balance sheet in the group. Its net debt runs just 0.56 times EBITDA, but it yields only 0.67% and spent $39.367 billion on capex last quarter. Cisco brought in $14.177 billion of operating cash in fiscal 2026 against $1.41 billion of capex. IBM offers the highest income of the three and the slowest dividend growth.

A Payment Record Few Companies Can Match
IBM’s dividend history shows quarterly payments without a break since 1999 and a higher rate every year from 2000 through 2026. The quarterly rate rose from $1.62 in 2019 to $1.69. Now increases are down to a penny a year, suggesting management is prioritizing the streak over income growth.

Verdict: Safe, With One Clear Risk
IBM’s dividend is still one of the safest payouts in tech. Free cash flow covered it more than twice in 2025, recurring software revenue keeps that cash steady, and the payment record runs back decades. The risk to watch is debt-funded dealmaking. If acquisitions keep driving debt above $63.8 billion while free cash flow growth slows, the coverage buffer will contract, and so will any room for future raises.

Contact [email protected] for any questions or corrections.