Long-standing blockchain project Lisk has officially ended its blockchain operations after 10 years of existence, moving on to a new financial platform for businesses.
Lisk announced on Nov. 2 the official shutdown of its blockchain after 10 years of existence. This marks the end of one of the longest-lived blockchains in the crypto world.
"Today, the Lisk Chain has officially shut down," the project said in an X post.
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With the blockchain shutdown, Lisk has ended its Portal and Bridge services. The rest of the blockchain's infrastructure is also being powered down.
The blockchain shutdown marks a significant milestone in the evolution of the Lisk project, which was launched in 2016 and has seen several changes over the years.
The Lisk team, however, has noted that the shutdown of the blockchain does not spell the end of the Lisk project.
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The company is transforming into a new financial platform, one that enables businesses to manage both traditional currencies and stablecoins in one place.
"For 10 years, Lisk built onchain with developers, stakers and holders that made Lisk what it is," Lisk said.
Lisk to burn 5.23 million LSK tokensThe Lisk project has made it clear that its native token, LSK, will continue to exist even as the blockchain closes shop.
According to the team, LSK will still exist on Ethereum as the loyalty token for its new business financial platform.
In addition, the project announced plans to burn approximately 5.23 million LSK tokens left in its staking rewards pool.
The total figure includes unallocated rewards to users as well as unclaimed earned rewards.
The LSK tokens are set to be burned, permanently removing them from circulation. This will also lower the overall supply of the cryptocurrency.
This comes after a large burn of LSK tokens in September. At the time, Lisk burned 100 million LSK tokens after making the decision to wind down its decentralized autonomous organization (DAO) through a governance vote.
The burn event reduced the LSK token's supply from 400 million to 300 million LSK.
Lisk intends to introduce new use cases for LSK in 2027. This will allow businesses to earn rewards in the token and use LSK for platform fees.
Gold price (XAU/USD) rises to around $3,950 during the early Asian session on Tuesday. The precious metal rebounds as falling oil prices have tempered inflation worries. Traders will closely monitor US midterm elections later this week.
Tehran stated on Monday that discussions between the US and Iran to end their eight-month conflict are still ongoing. This follows several days of negotiations between Iranian officials and Qatari mediators, which resulted in revised proposals but failed to make a major breakthrough, per Reuters.
Iran's Foreign Ministry spokesperson Esmaeil Baghaei said the plan Iran had submitted in September to end the war remained the focus of discussions. However, Baghaei also confirmed remarks attributed to Foreign Minister Abbas Araqchi on Saturday suggesting that the proposal could be condensed.
“Weaker oil prices have provided some relief … in terms of reducing inflation concerns. But the market is still expecting a December rate hike from the Fed, although those odds have lessened a little bit over the last couple of trading sessions,” said Peter Grant, vice president and senior metals strategist at Zaner Metals.
Tuesday’s US midterm elections raise the prospect of a broader narrative swing back to inflation and deficit woes. This, in turn, could boost a safe-haven asset such as Gold in the near term. Polling shows Democrats are favored to win the House, while a majority in the Senate is more uncertain.
Markets are now pricing in nearly 73% odds of a US rate hike in December, down from 80% a week ago, according to the CME FedWatch Tool.
Gold support offsets oil headwinds as regional risks persistAnalysts at HSBC highlight that “a stable US Dollar should help temper risks to gold,” which they say “remains well supported by diversification flows from central bank purchases, as well as geopolitical and fiscal uncertainty.” In contrast, the bank cautions that “we expect oil prices to remain volatile as they respond to changes in the news flow,” leaving the energy complex as a persistent source of uncertainty.
In equities, HSBC notes that “South Africa benefits from a bullish outlook for gold, but geopolitical uncertainty remains a drag on the region,” while “elevated oil prices remain headwinds for the region.” The bank adds that EM Asia “is resilient given its strategic role in the global AI supply chain, but we have become more selective,” reflecting a more discriminating stance despite the region’s structural strengths.
At the sector level, HSBC argues that “the sector is benefitting from multiple positive trends that are lifting demand and prices,” pointing out that “valuations are the lowest among all sectors, with many large companies reporting strong cash flows and relatively high dividends.” However, the bank warns that “regional conflicts are likely to continue for the rest of the year, with damaged infrastructure delaying a swift return to normality,” suggesting that geopolitical risks will remain an important overlay on otherwise supportive fundamentals.
Technical Analysis: Gold keeps a bearish vibe under the 100-day SMAIn the daily chart, XAU/USD remains under clear bearish pressure, holding below the 20-period Bollinger Bands simple moving average (SMA) and the 100-day SMA, which together hint at a capped tone while price consolidates near recent lows. The Relative Strength Index (14) at 36.88 stays just above oversold territory, suggesting weak downside momentum rather than outright exhaustion, leaving room for further softening while these overhead averages are not reclaimed.
On the topside, initial resistance is located at the Bollinger midline around $4,090, with the 100-day SMA at $4,210 and the upper Bollinger band near $4,255 forming a wider supply zone should any recovery attempt gain traction. On the downside, the lower Bollinger band at $3,920 offers the nearest support; a decisive break beneath this floor would expose fresh lows, while holding above it would keep XAU/USD confined to a bearish range beneath the clustered moving-average resistance.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
Gold FAQs Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government.
Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves.
Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal.
The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up.
BBB Foods Inc. (TBBB +0.65%) grew third-quarter revenue 40.3% to about 28.4 billion Mexican pesos, with most of the gain coming from stores open at least a year. Shares rose about 5% in after-hours trading. The Mexican grocery discounter is adding stores faster than a year ago, but its older stores still do most of the work, and their growth is what's widening margins.
Key NumbersRevenue: 28.4 billion pesos, up 40.3% year over year.Same-store sales: up 20.5%, compared with 17.9% growth a year ago.Gross margin: 16.7%, up from 16.2%.Net profit: 23 million pesos, versus a loss of 1.4 billion pesos.What It MeansA hard discounter lives on thin margins, and rent, staff, and trucks cost about the same whether a store sells a little or a lot. When existing stores' sales climb this fast, those fixed costs get spread over far more revenue, which pushed store operating costs down to 9.8% of revenue. The release doesn't say whether more shoppers or bigger baskets drove the gain.
TBBB BBB Foods$56.97+$0.37 (+0.65%)
NYSE · As of 4:00 PM ET 11/02/26
The swing to a profit owes more to shrinking stock pay than to operations, because a large 2025 share grant is expensed most heavily in its early quarters. Profit was also thin: Without a 97 million-peso currency gain, pre-tax profit would have fallen short of the quarter's tax bill.
Cash is the clearer signal. BBB Foods sells its groceries before it pays suppliers, so growth produces cash rather than eating it. Third-quarter operating cash flow was about 2.5 times spending on stores and equipment, a cushion that depends on suppliers keeping today's terms.
What to Watch NextWatch whether same-store sales hold near 20% as openings continue, since that pays for the margin gains. The release gives no outlook, so the fourth-quarter report is the next real check.
David Kretzmann has positions in BBB Foods. The Motley Fool has positions in and recommends BBB Foods. The Motley Fool recommends the following options: short December 2026 $45 puts on BBB Foods. The Motley Fool has a disclosure policy.
Produced Record 3Q Consolidated results Net Sales increased 35% to 218.0 millionNet Income increased 166% to $21.2 million, creating EPS of $0.89Adjusted EBITDA increased 89% to $37.9 million Adjusted diluted EPS increased 145% to $0.98 *All comparisons are to third quarter 2025 financials
MILWAUKEE, Nov. 02, 2026 (GLOBE NEWSWIRE) -- Douglas Dynamics, Inc. (NYSE: PLOW), North America’s premier manufacturer and upfitter of work truck attachments and equipment, today announced financial results for the third quarter ended September 30, 2026. Unless otherwise stated, all comparisons made in this document are between the third quarters of 2026 and 2025.
Mark Van Genderen, President & CEO, noted, "The business results our team has delivered through the first nine months of the year is exceptional and demonstrates the earnings power of our business and the effectiveness of the strategic actions we have taken over the past several years. Our operational execution remains strong, and while we wait for winter to begin, we believe we are well positioned to continue advancing our strategic initiatives."
Consolidated Third Quarter 2026 Results
Net Sales increased 35% to a record $218.0 million based on a strong pre-season and execution at Work Truck Attachments.Net Income increased 166% to a record $21.2 million, producing $0.89 of diluted EPS.Adjusted EBITDA increased 89% to a record $37.9 million, which drove record adjusted diluted EPS of $0.98, a 145% increase. $ in millions
(except Margins & EPS)Q3 2026Q3 2025Net Sales$218.0$162.1Gross Profit Margin27.4%23.5%Income from Operations$31.3$14.1Net Income$21.2$8.0Diluted EPS$0.89$0.33Adjusted EBITDA$37.9$20.1Adjusted EBITDA Margin17.4%12.4%Adjusted Net Income$23.3$9.5Adjusted Diluted EPS$0.98$0.40
Work Truck Attachments Segment Third Quarter 2026 Results
Net Sales increased 78% to a record $121.5 million, as robust preseason demand and strong operational execution led to higher throughput, plus the addition of Venco Venturo.Adjusted EBITDA increased 188% to $30.1 million and Adjusted EBITDA margin increased 945 basis points to 24.8%, based on higher throughput, product mix, plus the timing of shipments between the second and third quarters.As predicted, the continued strength of parts and accessories demand led year-to-date P&A shipments to already exceed the previous annual record set in 2025.As expected, the ratio of pre-season shipments was close to a 50% to 50% split between the second and third quarters, compared to a 60% to 40% split in 2025. Van Genderen explained, “We are proud of the operational performance from our Attachments team, which responded to the robust demand for our products with a tremendous effort to produce and ship equipment to our dealers. The subsequent improvements in throughput, plus positive product mix led to significant margin improvement for the quarter and year-to-date. Heading into the winter season with confidence, we are driving results through disciplined execution of our strategic initiatives and remain determined to build upon our recent success.”
$ in millions
(except Adjusted EBITDA Margin)Q3 2026Q3 2025Net Sales$121.5$68.1Adjusted EBITDA$30.2$10.5Adjusted EBITDA Margin24.8%15.4%
Work Truck Solutions Segment Third Quarter 2026 Results
Net Sales increased 3% to a record $96.5 million, with Adjusted EBITDA of $7.8 million, reflecting sustained strong demand across municipal end markets, which helped mitigate the impact of inconsistent commercial demand. Van Genderen noted, “The record top-line performance in Solutions is a significant achievement, given that the prior-year third quarter also produced a record. Although inconsistent commercial demand has impacted profitability, the segment continues to perform well overall, supported by sustained municipal demand and a positive outlook. Investments to expand capacity and support growing municipal demand remain on track, and we expect to begin operations at our new Ohio facility in the coming weeks.”
$ in millions
(except Adjusted EBITDA Margin)Q3 2026Q3 2025Net Sales$96.5$94.0Adjusted EBITDA$7.8$9.6Adjusted EBITDA Margin8.1%10.2%
Dividend & Liquidity
On a year-to-date basis, approximately $27 million of cash was returned to shareholders through the payment of a quarterly cash dividend of $0.295 per diluted share, and the repurchase of company stock.Net cash used in operating activities increased $26.3 million to $47.5 million for the first nine months of 2026. The change was due to increased working capital to support demand across both segments.Year to date capital expenditures increased by $3.1 million to $11.2 million as planned. 2026 Capital Expenditures are expected to fall within the traditional range of 2% to 3% of Net Sales. 2026 Outlook
Sarah Lauber, Executive Vice President and CFO noted, “This year has exceeded our expectations in many respects, and, through the first nine months of the year, we have surpassed our full-year record Adjusted EPS achieved in 2019. Reflecting this momentum and our continued strong execution, we are increasing the lower end of our guidance ranges. While we are pleased with our progress, it is important to remember that the fourth quarter for our Attachments segment is influenced by the timing and severity of winter weather, which can create meaningful variability in year-end results.”
2026 Outlook Ranges* FormerCurrent LowHighLowHighNet Sales$765$805$770$805Adjusted EBITDA$120$135$123$135Adjusted Diluted EPS$2.90$3.40$3.00$3.40Effective tax rate24%25%24%25%*In millions, except per share, and tax rate data
The 2026 outlook assumes that core markets will experience average snowfall in the fourth quarter of 2026.
With respect to the Company’s 2026 financial outlook, the Company is not able to provide a reconciliation of the non-GAAP financial measures to GAAP because it does not provide specific guidance for the various extraordinary, nonrecurring, or unusual charges and other certain items. These items have not yet occurred, are out of the Company’s control and/or cannot be reasonably predicted. As a result, reconciliation of the non-GAAP guidance measures to GAAP is not available without unreasonable effort and the Company is unable to address the probable significance of the unavailable information.
Earnings Conference Call Information
The Company will host a conference call on Tuesday, November 3, 2026, at 10:00 a.m. Eastern Time (9:00 a.m. Central Time). To join the conference call, please dial 1-833-634-5024 domestically, or 1-412-902-4205 internationally.
The call will also be available via the Investor Relations section of the Company’s website at www.douglasdynamics.com. For those who cannot listen to the live broadcast, replays will be available for one week following the call.
About Douglas Dynamics
Home to the most trusted brands in the industry, Douglas Dynamics is North America’s premier manufacturer and up-fitter of commercial work truck attachments and equipment. For more than 80 years, the Company has been innovating products that not only enable people to perform their jobs more efficiently and effectively, but also enable businesses to increase profitability. Through its proprietary Douglas Dynamics Management System (DDMS), the Company is committed to continuous improvement aimed at consistently producing the highest quality products, at industry-leading levels of service and delivery that ultimately drive shareholder value. The Douglas Dynamics portfolio of products and services is separated into two segments: First, the Work Truck Attachments segment, which includes commercial snow and ice control equipment sold under the FISHER®, SNOWEX® and WESTERN® brands, and truck mounted cranes and dump hoists sold under the VENCO VENTURO brands. Second, the Work Truck Solutions segment, which includes the up-fit of market leading attachments and storage solutions under the HENDERSON® brand, and the DEJANA® brand and its related sub-brands.
Use of Non-GAAP Financial Measures
This press release contains financial information calculated other than in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). The non-GAAP measures used in this press release are Adjusted EBITDA, Adjusted Net Income and Adjusted Earnings Per Share (EPS), and Free Cash Flow. The Company believes that these non-GAAP measures are useful to investors and other external users of its consolidated financial statements in evaluating the Company’s operating performance as compared to that of other companies. Reconciliations of these non-GAAP measures to the nearest comparable GAAP measures can be found immediately following the Consolidated Statements of Cash Flows included in this press release.
Adjusted EBITDA represents net income before interest, taxes, depreciation, and amortization, as further adjusted for certain charges consisting of unrelated legal and consulting fees, stock-based compensation, severance, restructuring charges, acquisition costs, inventory step up related to Venco Venturo, CEO transition costs, debt modification expense, and loss on extinguishment of debt. The Company uses Adjusted EBITDA in evaluating the Company’s operating performance because it provides the Company and its investors with additional tools to compare its operating performance on a consistent basis by removing the impact of certain items that management believes do not directly reflect the Company’s core operations. The Company’s management also uses Adjusted EBITDA for planning purposes, including the preparation of its annual operating budget and financial projections, and to evaluate the Company’s ability to make certain payments, including dividends, in compliance with its senior credit facilities, which is determined based on a calculation of “Consolidated Adjusted EBITDA” that is substantially similar to Adjusted EBITDA.
Adjusted Net Income and Adjusted Earnings Per Share (calculated on a diluted basis) represents net income and earnings per share (as defined by GAAP), excluding the impact of stock based compensation, product liability settlement costs, severance, restructuring charges, acquisition costs, inventory step up related to Venco Venturo, CEO transition costs, debt modification expense, loss on extinguishment of debt, and certain charges related to unrelated legal fees and consulting fees. Management believes that Adjusted Net Income and Adjusted Earnings Per Share are useful in assessing the Company’s financial performance by eliminating expenses and income that are not reflective of the underlying business performance.
Free Cash Flow is a non-GAAP financial measure that we define as net cash provided by (used in) operating activities less the acquisition of property and equipment. Free Cash Flow should be evaluated in addition to, and not considered a substitute for, other financial measures such as Net Income and Net Cash Provided By (Used in) Operating Activities. We believe that free cash flow represents our ability to generate additional cash flow from our business operations.
Forward Looking Statements
This press release contains certain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These statements include information relating to future events, future financial performance, strategies, expectations, competitive environment, regulation, product demand, the payment of dividends, and availability of financial resources. These statements are often identified by use of words such as "anticipate," "believe," "intend," "estimate," "expect," "continue," "should," "could," "may," "plan," "project," "predict," "will" and similar expressions and include references to assumptions and relate to our future prospects, developments, and business strategies. Such statements involve known and unknown risks, uncertainties and other factors that could cause our actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, weather conditions, particularly lack of or reduced levels of snowfall and the timing of such snowfall, our ability to manage general economic, business and geopolitical conditions, including the impacts of natural disasters, labor strikes, global political instability, adverse developments affecting the banking and financial services industries, pandemics and outbreaks of contagious diseases and other adverse public health developments, increases in the price of steel or other materials, including as a result of tariffs, necessary for the production of our products that cannot be passed on to our distributors, our inability to maintain good relationships with our distributors, our inability to maintain good relationships with the original equipment manufacturers with whom we currently do significant business, lack of available or favorable financing options for our end-users, distributors or customers, increases in the price of fuel or freight, including as a result of the ongoing conflict in Iran, a significant decline in economic conditions, the inability of our suppliers and original equipment manufacturer partners to meet our volume or quality requirements, inaccuracies in our estimates of future demand for our products, our inability to protect or continue to build our intellectual property portfolio, the effects of laws and regulations and their interpretations on our business and financial condition, including policy or regulatory changes related to climate change, our inability to develop new products or improve upon existing products in response to end-user needs, losses due to lawsuits arising out of personal injuries associated with our products, factors that could impact the future declaration and payment of dividends, or our ability to execute repurchases under our stock repurchase program, our inability to effectively manage the use of artificial intelligence, disruptions at our manufacturing facilities, our inability to compete effectively against competition, our inability to successfully implement our new enterprise resource planning system, the timing, scope and impact of acquisitions, dispositions or other strategic transactions, our inability to achieve the projected financial performance with the assets of Venco Venturo, which we acquired in 2025, and unexpected costs or liabilities related to such acquisition, as well as those discussed in the section entitled “Risk Factors” in our annual report on Form 10-K for the year ended December 31, 2025 and any subsequent Form 10-Q filings. You should not place undue reliance on these forward-looking statements. In addition, the forward-looking statements in this release speak only as of the date hereof and we undertake no obligation, except as required by law, to update or release any revisions to any forward-looking statement, even if new information becomes available in the future.
For further information contact:
Douglas Dynamics, Inc.
Nathan Elwell
Vice President of Investor Relations
847-530-0249 [email protected]
Financial Statements
Douglas Dynamics, Inc. Consolidated Balance Sheets (In thousands) September 30,December 31, 2026
2025
(unaudited)(unaudited) Assets Current assets: Cash and cash equivalents$5,482$8,297 Accounts receivable, net 217,841 97,561 Inventories 167,926 149,656 Inventories - truck chassis floor plan 5,001 4,184 Refundable income taxes paid - 920 Prepaid and other current assets 9,367 5,415 Total current assets 405,617 266,033 Property, plant, and equipment, net 48,351 44,764 Goodwill 116,779 116,779 Other intangible assets, net 111,717 116,269 Operating lease - right of use asset 94,154 68,972 Non-qualified benefit plan assets 12,791 12,038 Other long-term assets 4,605 1,846 Total assets$794,014$626,701 Liabilities and stockholders' equity Current liabilities: Accounts payable$42,519$38,687 Accrued expenses and other current liabilities 43,219 33,406 Floor plan obligations 5,001 4,184 Operating lease liability - current 10,321 7,154 Income taxes payable 1,772 - Short term borrowings 96,000 5,000 Current portion of long-term debt 7,416 7,416 Total current liabilities 206,248 95,847 Retiree benefits and deferred compensation 15,787 14,947 Deferred income taxes 35,041 33,104 Long-term debt, less current portion 129,854 135,162 Operating lease liability - noncurrent 83,764 60,134 Other long-term liabilities 6,515 6,061 Total stockholders' equity 316,805 281,446 Total liabilities and stockholders' equity$794,014$626,701 Douglas Dynamics, Inc. Consolidated Statements of Income (In thousands, except share and per share data) Three Month Period Ended Nine Month Period Ended September 30, 2026September 30, 2025 September 30, 2026September 30, 2025 (unaudited) (unaudited) Net sales$218,014 $162,121 $570,459 $471,515 Cost of sales 158,185 124,014 406,063 344,973 Gross profit 59,829 38,107 164,396 126,542 Selling, general, and administrative expense 27,035 22,473 83,207 67,611 Intangibles amortization 1,517 1,550 4,552 4,650 Income from operations 31,277 14,084 76,637 54,281 Interest expense, net (2,934) (3,762) (7,320) (9,119) Debt modification expense - - - (176) Loss on extinguishment of debt - - - (156) Other income, net 14 90 652 217 Income before taxes 28,357 10,412 69,969 45,047 Income tax expense 7,199 2,452 17,056 10,985 Net income$21,158 $7,960 $52,913 $34,062 Weighted average number of common shares outstanding: Basic 23,077,046 23,040,878 23,097,141 23,097,566 Diluted 23,532,796 23,570,707 23,569,913 23,635,539 Earnings per share: Basic earnings per common share attributable to common shareholders$0.90 $0.34 $2.25 $1.44 Earnings per common share assuming dilution attributable to common shareholders$0.89 $0.33 $2.23 $1.42 Cash dividends declared and paid per share$0.30 $0.30 $0.89 $0.89 Douglas Dynamics, Inc. Consolidated Statements of Cash Flows (In thousands) Nine Month Period Ended September 30, 2026September 30, 2025 (unaudited) Operating activities Net income$52,913 $34,062 Adjustments to reconcile net income to net cash used in operating activities: Depreciation and amortization 11,466 11,474 Loss on disposal of fixed asset 660 -- Amortization of deferred financing costs and debt discount 317 382 Debt modification expense -- 176 Loss on extinguishment of debt -- 156 Stock-based compensation 8,807 5,223 Provision for losses on accounts receivable 472 122 Deferred income taxes 1,937 5,657 Non-cash lease expense 8,110 6,228 Changes in operating assets and liabilities, net of acquisitions: Accounts receivable (120,752) (86,177) Inventories (18,270) (1,709) Prepaid assets, refundable income taxes paid and other assets (3,793) (1,007) Accounts payable 3,871 7,788 Accrued expenses and other current liabilities 12,511 6,541 Benefit obligations, long-term liabilities and other (5,778) (10,153) Net cash used in operating activities (47,529) (21,237) Investing activities Capital expenditures (11,201) (8,055) Acquisition of business (927) -- Net cash used in investing activities (12,128) (8,055) Financing activities Repurchase of common stock (6,000) (6,000) Shares withheld on restricted stock vesting paid for employees’ taxes (1,263) (161) Payments of financing costs -- (293) Borrowings on long-term debt -- 148,770 Payments on life insurance policy loans (122) (119) Dividends paid (21,148) (20,941) Net revolver borrowings 91,000 65,000 Repayment of long-term debt (5,625) (151,438) Net cash provided by financing activities 56,842 34,818 Change in cash and cash equivalents (2,815) 5,526 Cash and cash equivalents at beginning of period 8,297 5,119 Cash and cash equivalents at end of period$5,482 $10,645 Non-cash operating and financing activities Truck chassis inventory acquired through floorplan obligations$1,488 $19,249 Douglas Dynamics, Inc. Segment Disclosures (unaudited) (In thousands) Three Months Ended
September 30, 2026 Three Months Ended
September 30, 2025 Nine Months Ended
September 30, 2026 Nine Months Ended
September 30, 2025 Work Truck Attachments Net Sales$121,489 $68,097 $311,730 $212,668 Adjusted EBITDA$30,145 $10,461 $73,609 $42,358 Adjusted EBITDA Margin 24.8% 15.4% 23.6% 19.9% Work Truck Solutions Net Sales$96,525 $94,024 $258,729 $258,847 Adjusted EBITDA$7,793 $9,624 $25,718 $29,775 Adjusted EBITDA Margin 8.1% 10.2% 9.9% 11.5% Douglas Dynamics, Inc. Free Cash Flow reconciliation (unaudited) (In thousands) Three month period ended September 30, Nine month period ended September 30, 2026 2025 2026 2025 Net cash used in operating activities$(22,334) $(8,516) $(47,529) $(21,237) Acquisition of property and equipment (3,900) (2,929) (11,201) (8,055) Free cash flow $(26,234) $(11,445) $(58,730) $(29,292) Douglas Dynamics, Inc. Net Income to Adjusted EBITDA reconciliation (unaudited) (In thousands) Three month period ended
September 30, Nine month period ended
September 30, 2026
2025
2026
2025
Net income $21,158 $7,960 $52,913 $34,062 Interest expense - net 2,934 3,762 7,320 9,119 Income tax expense 7,199 2,452 17,056 10,985 Depreciation expense 2,271 2,275 6,914 6,824 Intangibles amortization 1,517 1,550 4,552 4,650 EBITDA 35,079 17,999 88,755 65,640 Stock-based compensation 1,820 1,519 8,807 5,223 Debt modification expense - - - 176 Loss on extinguishment of debt - - - 156 Other charges (1) 1,039 567 1,765 938 Adjusted EBITDA $37,938 $20,085 $99,327 $72,133 (1) Reflects unrelated legal, severance, restructuring and consulting fees for the periods presented. Reflects $58 in inventory step up related to Venco Venturo included in cost of sales in the nine months ended September 30, 2026. Douglas Dynamics, Inc. Reconciliation of Net Income to Adjusted Net Income (unaudited) (In thousands, except share and per share data) Three month period ended September 30, Nine month period ended September 30, 2026
2025
2026
2025
Net income $21,158 $7,960 $52,913 $34,062 Adjustments: Stock based compensation 1,820 1,519 8,807 5,223 Debt modification expense - - - 176 Loss on extinguishment of debt - - - 156 Other charges (1) 1,039 567 1,765 938 Tax effect on adjustments (715) (522) (2,642) (1,623) Adjusted net income $23,302 $9,524 $60,843 $38,932 Weighted average basic common shares outstanding 23,077,046 23,040,878 23,097,141 23,097,566 Weighted average common shares outstanding assuming dilution 23,532,796 23,570,707 23,569,913 23,635,539 Adjusted earnings per common share - dilutive$0.98 $0.40 $2.56 $1.63 GAAP diluted earnings per share $0.89 $0.33 $2.23 $1.42 Adjustments net of income taxes: Stock based compensation 0.06 0.05 0.28 0.16 Debt modification expense - - - 0.01 Loss on extinguishment of debt - - - 0.01 Other charges (1) 0.03 0.02 0.05 0.03 Adjusted diluted earnings per share $0.98 $0.40 $2.56 $1.63 (1) Reflects unrelated legal, severance, restructuring and consulting fees for the periods presented. Reflects $58 in inventory step up related to Venco Venturo included in cost of sales in the nine months ended September 30, 2026.
Space Exploration Technologies (SPCX +1.23%) has had an eventful first four months on the stock market. But the company hasn't made much money for investors who have held on since its debut. As of writing, SpaceX's shares are trading at $134 each, below the company's IPO price of $135. Still, SpaceX boasts attractive opportunities. How will the company perform over the next year? Let's try to determine what its share price might be by the end of 2027.
Image source: The Motley Fool.
Revenue and profit driversSpaceX's financial results have been strong this year. In the third quarter, the company's revenue grew by 161% year over year to $14.6 billion. It also posted a net income of $4.4 billion -- or $0.35 per diluted share -- substantially better than the prior-year quarter's net loss of $1.1 billion (or $0.36 per share).
SpaceX's annual revenue run rate is now at $58.4 billion. Analysts expect the company's total revenue for the current fiscal year to be $48.93 billion (according to Yahoo! Finance), and its earnings per share (EPS) to be $0.22, as of this writing. What about next year? Analysts are projecting $180.37 billion in revenue and $4.03 in EPS, on average.
Note that at current levels, SpaceX is trading at about 33.3x projected 2027 earnings, which seems reasonable for a company growing as fast as it is. But there is a complication. These projections may already be baked into the share price. After all, despite excellent financial results for as long as it has been public, SpaceX stock has gone nowhere.
The question, then, is whether SpaceX will perform roughly in line with, above, or below expectations over the next 12 months. Let's consider the bullish case first. SpaceX's artificial intelligence segment, dubbed Super Intelligence (SI), is booming. The company has more demand for AI compute capacity than it is willing to rent out. Third-quarter SI revenue soared 830% year over year to $7.6 billion. Perhaps the market is underestimating the company's potential in this industry.
The SI segment could maintain outstanding growth provided SpaceX adds more compute deals to its portfolio. Connectivity is also performing. SpaceX's push into additional regions within this market could deliver significant subscription growth. Then there is SpaceX's space segment.
This unit isn't profitable, but progress on the company's Starship rocket could be key over the next year. If Starship launch cadence improves meaningfully within the next year, and there are no significant issues with the rocket -- regulatory or otherwise -- that could be a massive catalyst for the stock.
SPCX Space Exploration Technologies$136.37+$1.65 (+1.23%)
NASDAQ · As of 4:00 PM ET 11/02/26
There are plenty of possible outcomesThe bull scenario might convince the market that SpaceX's prospects beyond 2027 are very attractive, allowing the company to continue to command high earnings multiples. Assuming the fiscal year 2026 and 2027 predictions are correct, along with a constant forward P/E (based on the following year's earnings) and projected 2028 EPS of $7.01, the stock could soar by about 74% to $233 by the end of 2027.
In my view, that's too optimistic. Several factors might hinder SpaceX's prospects. Revenue and earnings growth could normalize after their blistering recent pace. Launch cadence for SpaceX's Starship might not reach the levels the market expects, and competition across the company's business will intensify. That last point is important.
Nobody should expect one of SpaceX's competitors to catch up to the company in the space launch or connectivity markets within the next year. Still, if they make significant progress, the rocket company might no longer command the same kind of valuation premium. If we make just one change to our model and assume, instead, that the company's forward P/E drops to 25, SpaceX could gain 31% by the end of 2027. Under this scenario, the company's share price will be $175.25.
That's much closer to what may happen, in my view, but here's the problem: SpaceX's prospects look attractive, but they are also incredibly uncertain. Beyond the variables already discussed, there is the very real possibility that SpaceX will seek to acquire Tesla (TSLA +1.00%) within the next year. We can't be sure, and there is no official announcement yet.
But CEO Elon Musk himself has said it would be a good idea and has indicated the formation of independent special committees to weigh the pros and cons of a potential merger between the two companies.
Will a merger be announced? If it is, how much regulatory scrutiny and public backlash will it attract? Nobody knows the answer to these questions yet. With all this uncertainty, SpaceX may well deliver outstanding returns through the end of 2027 or beyond, but it might also be a wealth destroyer. I'd like a much bigger margin of error before buying the stock.
The "Magnificent Seven" stocks are a collection of the leading tech stocks in the world. But this year, they haven't been doing well. The S&P 500 has surprisingly been outperforming nearly all of them. It's particularly surprising given that the broad index is up only 11%. It's doing well, but that doesn't seem like a high bar for stocks to exceed.
Yet, there's only one stock in the Magnificent Seven that has been able to beat it. Ironically, it's the company that has been a bit of a laggard when it comes to artificial intelligence (AI): Apple (AAPL -1.83%). Year to date, it's up around 25%.
What's behind its rally, and could it go even higher?
Image source: Getty Images.
Apple's cautious spending may be winning over risk-averse investorsWhile many tech companies are in an aggressive arms race in developing AI chatbots and models as quickly as possible to stay ahead of the competition, Apple's been far more modest by comparison. In fact, customers have become frustrated with its slow pace with respect to AI offerings and its iPhones lagging behind rival phones.
As other stocks in the Magnificent Seven have been spending hundreds of billions of dollars and ramping up spend, Apple modestly forecast $14 billion in capex for its entire fiscal year, unchanged from a year ago. It's perhaps no coincidence then, as investors have become more concerned about high levels of AI spend, that Apple's been the stock of choice among tech investors.
Having a more sensible, calculated, and less aggressive approach to capex has endeared it to the broader market.
AAPL data by YCharts
Is Apple stock still heading higher?Apple has a terrific business, but the problem is that its stock is now trading at an exceptionally high premium -- close to 40 times its trailing earnings. That's a particular concern for a business that in recent years hasn't often generated more than single-digit growth. There have been times when it's fared better, but also times when it's even performed worse.
Paying such a high premium for fast, high-growth business may be justifiable, but that's not representative of what Apple is. It's a safe, stable tech stock, but it's not what I'd consider to be fast-growing by any means.
Investors who buy the stock at such elevated levels should tread carefully, as it could be vulnerable to a correction in the near future, especially if its upcoming results prove to be underwhelming. Apple is a quality stock to hold for the long haul, but I wouldn't buy it at its current price, as its future returns may be minimal, and at worst, the stock could experience a significant decline given its inflated value.
David Jagielski, CPA has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet, Amazon, Apple, Meta Platforms, Microsoft, Nvidia, and Tesla. The Motley Fool has a disclosure policy.
CUPERTINO, Calif.--(BUSINESS WIRE)--Apple® today announced financial results for its fiscal 2026 fourth quarter ended September 26, 2026. The Company posted quarterly revenue of $114.5 billion, up 12 percent year over year. Company gross margin was 47.9 percent, including a favorable impact of approximately 1 percentage point from tariff refunds. Diluted earnings per share was $2.10, up 14 percent year over year, and included a favorable impact of $0.05 from tariff refunds. “Today, Apple is pro.
ZachXBT reported yet another crypto theft on Monday worth upward of $106 million. (Kevin Horvat/Unsplash)Summary
An unidentified European Union entity may have lost more than $106 million from accounts at multiple cryptocurrency exchanges on Sunday, according to blockchain investigator ZachXBT, though the losses have not been independently confirmed.The suspected attacker withdrew dollar-pegged stablecoins and moved funds through several cryptocurrencies and blockchains, including Monero, which obscures transaction details and makes funds harder to trace.ZachXBT said he was highly confident that North Korea’s Lazarus Group was not responsible, but the attacker, affected exchanges and method of access remain unidentified.An unidentified entity in the European Union (EU) may have lost more than $106 million in crypto from accounts held at multiple cryptocurrency exchanges on Sunday, according to a report from blockchain investigator ZachXBT.
The term “entity” can cover a range of organizations, such as a company, trading firm or investment fund. ZachXBT did not specify which.
In a Monday Telegram alert, ZachXBT said the suspected attacker withdrew funds in USDC and USDT, two U.S. dollar-pegged stablecoins, before moving them through several cryptocurrencies and blockchains.
Over the following 24 hours, the attacker exchanged USDC for ether ETH$2,248.70, transferred funds through instant-exchange services including WellWallet and Kyrrez, and converted some into the privacy-focused cryptocurrency Monero (XMR), using Wagyu, ZachXBT said.
Monero obscures transaction details, making it harder to follow stolen funds. Unlike USDC and USDT, which their issuers can freeze, ether and Monero cannot be frozen by a central issuer.
ZachXBT published 11 wallet addresses linked to the suspected theft but did not identify the victim or affected exchanges. He also did not explain how the attacker accessed the accounts. The reported losses have not been independently confirmed.
The investigator also ruled out one prominent suspect.
“While the illicit actor remains unidentified, I can say with a high degree of confidence it is NOT Lazarus Group based on multiple laundering indicators,” ZachXBT wrote.
Apple (AAPL -1.83%) posted record September-quarter revenue of $114.5 billion for its fiscal 2026 fourth quarter, up 12% from a year ago. Shares were roughly flat in after-hours trading. The sales growth is real, but part of the profit gain is not. Tariff refunds added about a point of gross margin and $0.05 to earnings per share, and without them, earnings grew a bit slower than sales.
Key numbersRevenue: $114.5 billion, up 12% year over year.Diluted EPS: $2.10, up 14%, including $0.05 from tariff refunds.Gross margin: 47.9%, including about 1 percentage point from tariff refunds.Operating cash flow: $28 billion, with $28 billion returned to shareholders.What it meansThe refunds are a one-time item, so they belong outside the trend. Take them out, and EPS growth drops to about 11% by our math, a hair below sales growth. Apple's steady buybacks usually push per-share earnings ahead of sales. Trailing sales instead suggests underlying costs kept pace with revenue this quarter.
The bigger test is the holiday quarter. Apple heads into December with the iPhone Duo, new home hardware, touch on the Mac, and a rebuilt Siri. A launch this broad can pull forward upgrades. But new designs often cost more to build early in their run, which can squeeze margin just as the refund help fades.
What to watch nextWatch gross margin next quarter without refunds. Holding near this quarter's underlying level of about 47% would show the new lineup isn't eating into profit. Also listen for December-quarter guidance on today's call, since the release gives none.
David Kretzmann has positions in Apple. The Motley Fool has positions in and recommends Apple. The Motley Fool has a disclosure policy.
Apple revenue beat Wall Street forecasts rising 12% for the fiscal fourth quarter ended in September, led by strong iPhone sales. Mac sales boomed. The giant services sector, home of Apple TV, was a hair soft and numbers for iPads and Wearables were below estimates.
Earnings per share were boosted by a hefty tariff refund.
“Today, Apple is proud to report a September quarter revenue … with iPhone reaching a September quarter record and Services reaching an all-time high, capping off our best fiscal year ever,” said John Ternus, Apple’s new CEO.
“We’re closing the year with our most ambitious lineup yet. That includes the iPhone Duo, the most transformational iPhone since the original, alongside iPhone 18 Pro and iPhone 18 Pro Max, our most powerful iPhones yet. We also just introduced a whole new generation of hardware for the home and brought Touch to Mac for the first time. Together with the all-new Siri AI, it’s an incredible lineup to carry us into the holiday season.”
Apple’s iPhone sales hit $57.58 billion, up 17%. Wall Street – as always – is laser focused on those numbers. Q4 included eight days of new iPhone 18 Pro sales. Apple’s buzzy, foldable flagship iPhone Duo didn’t hit stores until after the quarter was over.
The company also raised prices on iPhones by $100.
Services, the company’s second-largest segment, came in a $31.57 billion in revenue, up 9.8%. Apple TV had a record Emmy haul this year (28 wins) and in late September claimed its biggest weekly viewership ever with Mayday, Ted Lasso and post-Emmys bumps for Pluribus and Widow’s Bay.
The numbers are falling into a noisy quarter with AI-focused tech stocks (not Apple) emerging Monday from a weeklong bloodbath on spending jitters. Apple is seen as a safe haven with so called AI “hyper-scalers” from Alphabet to Microsoft to Amazon to Meta having lost massive market value in the past week on investors’ growing angst over spending.
Apple (shares up 25% year to date) has in fact been touching the $5 trillion market cap on and off, a feat achieved only by one other company, Nvidia.
The company doesn’t “need to spend [as much] on capex but will let everyone else spend, on frontier models and compute. And we will all use our iPhones to get to it,” Gil Luria from D.A. Davidson. told Bloomberg TV. “Siri will be our personal assistant. And the companies behind Siri — we don’t care.”
Apple is impacted, however, by global shortages of memory and flash storage that’s a complicated byproduct of the AI boom.
“In our view, the September numbers are the appetizer, and the December quarter numbers are the main course as it covers the first full period of iPhone 18 demand and the iPhone Duo launch (Oct. 23),” said tech analyst Dan Ives, ahead of the numbers. The stock will trade on how Ternus frames supply, memory costs and the holiday quarter. Just as important is how he frames himself: this is the Street’s first chance to hear Ternus set priorities on AI, product cadence and capital allocation, and we expect him to lean into the product roadmap as the core of the Apple story.”
There have been some reports that the Duo can crack with normal use. Apple acknowledged the issue last month, saying it affected a small number of devices. Even still, it’s been very hard to match supply to robust demand for the new phone.
Ternus CEO will take questions on his first quarterly analysts call set for 5 pm PT.
Apple (AAPL) beat on both the top and bottom lines after making an eyewatering $114.5 billion in sales during the previous quarter. iPhone and services revenue bolstered multi-billion-dollar beats, though iPad and wearables, home & accessories revenue missed.
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John Ternus gave his first earnings report as Apple CEO on Monday. Kyle Grillot/Bloomberg via Getty Images Step on up to the earnings plate, John Ternus.
The Apple executive with buzz for being a "product guy" oversaw his first earnings report as CEO on Monday.
"It's a privilege to be with you for the first time as Apple CEO," Ternus said on a call with analyst following the results. "This is an amazing time at Apple. We just completed one of the most prolific launch periods in our history. It's been a remarkable time for innovation across all of our categories," he added.
Revenue for the third quarter — Apple's fiscal fourth quarter — was $114.5 billion, surpassing Wall Street's estimates of $113.46 billion. Earnings per share came in at $2.10, topping analysts' estimates of $2.
Spoiler alert: Apple continues to sell a ton of iPhones. Revenue for the segment was $57.58 billion, compared to analysts' estimates of $56.48 billion.
The company's highly watched gross margin was 47.9%. That metric got a lift from tariff refunds.
"When you remove the tariff refunds from both the June and September quarter, both company and products gross margin would be down about 1 point sequentially, primarily driven by higher memory costs," CFO Kevan Parekh told analysts on the call.
China revenue of $17.54 billion missed analysts' estimates of $18.75 billion. Sales of its iPad were also light, coming in at $6.23 billion compared to Wall Street's estimates of $6.83 billion. Mac sales were $10.79 billion, topping estimates by more than $1 billion. Apple's Services business came in largely in line with estimates at $31.57 billion.
Ternus shouted out iPhone and Mac performance on the earnings call while acknowledging "supply constraints."
The stock was trading roughly flat after hours following the report.
While Apple doesn't break out detailed guidance for its holiday quarter, it did provide some color. Its anticipated operating expenses of $20.4 billion to $20.8 billion are slightly higher than the $20.37 billion that analysts estimated.
"Greater China came in about $1 billion below forecast; that's not a rounding error, it's a worrying pattern," Investing.com senior analyst Jesse Cohen said in a note. "Wearables, Home and Accessories also missed, so the story isn't just China, it's that Apple's businesses beyond the iPhone aren't pulling their weight."
New CEO, new devices
Apple CEO John Ternus shows off the first touchscreen MacBook Pro Kyle Grillot/Bloomberg via Getty Images Ternus, who took over for Tim Cook on September 1, has already taken the stage to announce multiple major new products for Apple: its first folding smartphone, the iPhone Duo, the company's first smart home hub, the Apple HomeView, and the first-ever touchscreen MacBook Pro.
The iPhone Duo didn't go on sale until October, meaning it won't show up in Apple's results for the previous quarter. The quarter does include roughly a couple of weeks of iPhone 18 Pro sales. Importantly, Apple has yet to announce any non-Pro variants of the new iPhone lineup, which are expected early next year.
Ternus is beginning his CEO tenure at a time when Apple faces soaring memory costs — a key component for its iPhones, iPads, and Macs — and other supply chain constraints that have led it to boost hardware prices.
"What we're seeing with memory pricing right now is unprecedented," Ternus told analysts.
While he said price hikes across the iPhone and Mac lineup had helped offset the increasing component costs, the company expects memory costs to increase in the holiday quarter.
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Steven Tweedie is a Deputy Executive Editor at Business Insider. He launched the Business News desk in early 2020 and helped grow it into the Trending and Tech News desk, a fast-paced reporting powerhouse that tackles the biggest business and tech stories of the day in an approachable way. He now oversees the Business News desk, Corporate team, and Weekend desk. He works out of the New York newsroom and helps train fellows and new hires at all experience levels in addition to his daily editing duties.He began his career covering app startups and gadgets on the Technology desk at BI. His past reporting and scoops have been cited or syndicated by publications including the WSJ, Associated Press, CNN, Bloomberg, The Guardian, and Forbes. He attended the University of Michigan, where he studied economics and writing, and now lives in Astoria.Have a news tip? Email Steven from a non-work email at [email protected] him on X and Threads for the latest.
Apple (AAPL -1.83%), the technology giant behind the iPhone and its expanding digital services business, closed Monday at $338.32, down 1.83% amid a broader technology sell-off. Following the closing bell, Apple reported better-than-expected quarterly earnings, supported by strong iPhone demand, providing investors with a more encouraging outlook after a difficult trading session.
Trading volume reached 55.4 million shares, approximately 32% above its three-month average of 42.1 million, as investors anticipated the company's earnings announcement.
AAPL Apple$338.32-$6.31 (-1.83%)
NASDAQ · As of 4:00 PM ET 11/02/26
How the markets moved todayThe S&P 500 (^GSPC -0.51%) fell 0.50% to 7,542, and the Nasdaq Composite (^IXIC -1.07%) lost 1.07% to 25,164. Among consumer electronics, personal computers, smartphones and digital services peers, Microsoft (MSFT -2.83%) closed at $507.12, -2.83%, while Alphabet (GOOGL -0.30%) (GOOG -0.07%) closed at $278.99, -0.30%.
What this means for investorsApple's latest earnings offered investors some reassurance following a difficult session for technology stocks. The company reported fiscal fourth-quarter revenue of $114.5 billion, exceeding Wall Street expectations, while earnings of $2.10 per share also topped forecasts. Strong demand for its latest iPhone 18 helped drive the results, with iPhone revenue increasing approximately 17% year over year to $57.6 billion.
However, the report wasn't without concerns. Apple's gross margin declined to 47.9% from 50.1% in the previous quarter, reflecting rising component costs and a smaller benefit from tariff refunds. Sales in China and the iPad business also fell short of expectations, highlighting challenges beyond its core iPhone franchise.
For investors, the results reinforce Apple's ability to generate revenue growth even amid broader economic uncertainty. With technology valuations under scrutiny, the focus now shifts to whether Apple can sustain strong iPhone demand through the holiday season while protecting profitability.
RJ Fulton has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet, Apple, and Microsoft. The Motley Fool has a disclosure policy.
Tom Forte of Maxim Group says he is especially interested in commentary on the December quarter, when the latest iPhone models will have had more time to affect sales. He said initial demand for the new iPhone duo appears strong and pointed to pent-up interest in a foldable iPhone after a long wait.
Apple posted September quarter revenue that narrowly topped analysts' estimates, even as sales in the key Chinese market fell short of projections. Revenue rose 12% to $114.5 billion during the fiscal fourth quarter, which ended Sept.
Apple Inc. reported fiscal Q4 results showing top and bottom line beats, even after subtracting tariff refund gains. The iPhone and Mac lines showed very strong growth, despite price raises this year due to memory costs. AAPL stock continues to trade at a large premium to big cap tech peers, a number that has grown quite a bit over time.
Apple’s stockpiling of inventory, particularly computer memory, continued in its fiscal fourth-quarter, according to earnings reported Monday. The company reported that its inventory increased significantly in the quarter, growing from $11.09 billion in Q3 to $14.54 billion in Q4, a jump of 31.1%. Year-over-year, inventory grew 154.3% from $5.72 billion in the fourth quarter of 2025.
Apple’s forecast of a 45% to 46% gross margin in the December quarter was largely attributed to the impact of higher memory costs. The company reported a gross margin of 47.9% for the September quarter.
“What we’re seeing with memory pricing right now is unprecedented,” said Apple CEO John Ternus, speaking to analysts on the call. “As we said earlier in the September quarter, we did see higher memory costs as compared to the June quarter, which were partly offset by the benefit of carrying inventory and lower costs on certain non-memory components.”
He said that the company expected “even higher memory costs” in the December quarter, which would be partially offset by price increases implemented earlier this year on some devices, including Mac and iPad at the end of June and iPhones in September.
Ternus also said that beyond December, Apple expects memory costs “continuing to increase.”
“As we said before, we do believe we’ll see a decreasing benefit from the carry-in inventory on memory over time,” he noted, adding that the company was increasing its purchases of this key component. “As we work to improve supply, our manufacturing purchase obligations have increased by 33 billion dollars from June to the September quarter, which you’ll see in our annual filing when it comes out tomorrow.”
Apple also brought COO Sabih Khan, who oversees the company’s supply chain and manufacturing, onto the call to address questions about memory. He reiterated the increased purchase obligations but did not rule out future price increases on Apple devices.
The company also blamed supply constraints for weak iPad sales in the quarter. The iPad was one of the only product segments that didn’t grow, even as iPhone and Mac sales beat estimates. iPad revenue was $6.2 billion, below analysts’ expectations of $6.7 billion. The figure was also down 10% from the prior year.
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CUPERTINO, Calif. – Despite raising prices on multiple popular devices, Apple reported record September-quarter revenue and earnings per share Monday, driven by strong iPhone and Mac sales in the first earnings report under new CEO John Ternus.
Revenue jumped a better-than-expected 12% from a year earlier to $114.5 billion, while earnings per share rose 14% to $2.10, both topping Wall Street estimates. The results capped Apple's best fiscal year ever, with revenue rising 15% to $478.8 billion.
The three months ended in September included just eight days of iPhone 18 Pro sales. Ternus said Apple was "thrilled with the customer response" to the new lineup, even as questions linger over whether the iPhone 18 can match the success of its predecessor. Analysts at JPMorgan, Wedbush and Evercore have pointed to the iPhone 17's exceptionally strong upgrade cycle, setting a difficult comparison for this year's models. iPhone revenue nevertheless grew 17% to $57.6 billion in the September quarter.
APPLE BREAKS WITH LONGTIME MACBOOK POLICY, INTRODUCES TOUCHSCREEN LAPTOPS AT HIGHER PRICES
Apple CEO John Ternus holds an iPhone 18 Pro at the Apple Fifth Avenue flagship store during the launch of the Apple iPhone 18 Pro and iPhone 18 Pro Max in New York City on Sept. 18, 2026. (Jeenah Moon/Reuters)
Meanwhile, Apple's first foldable iPhone, the Duo, remains in short supply, with delivery estimates on some orders stretching into 2027 and customers reporting difficulty finding the device in stores.
"The Duo is constrained as of today," Ternus said in an interview. "The ramp is going well, and we're working really hard to get it into customers' hands as quickly as possible." He said Apple could not yet predict when supply would catch up with demand.
Ternus, who succeeded Tim Cook on Sept. 1, said the stronger-than-expected September-quarter results came despite "supply constraints and FX headwinds." The quarter was his first earnings report at the helm of the company.
The iPhone Duo, Apple's first-ever foldable smartphone. (Apple Inc.)
One of the biggest challenges is surging memory-chip prices, driven in part by the AI buildout. Some flash-memory prices have climbed more than 500% from 2023 levels, according to a Wall Street Journal report. Ternus described the disruption as "absolutely unprecedented." Yet Apple's gross margin, a closely watched measure of profitability, came in broadly in line with expectations at 47.9%.
"As we said earlier in the September quarter, we did see higher memory costs compared to the June quarter," Ternus said. He said carry-in inventory and lower prices for certain non-memory components provided some relief. "We changed the price on many of our products, including Mac and iPad at the end of June and iPhone in September," he said, adding that the increases helped offset higher costs.
INSIDE JOHN TERNUS' FIRST APPLE LAUNCH EVENT AS CEO: FOLDABLE IPHONE DUO, AI AND MORE
But the AI boom is not just increasing Apple's costs. Ternus also attributed stronger demand for Mac computers to what he described as the Mac's "AI moment." Mac revenue surged 24% to $10.8 billion in the September quarter, powered by the MacBook Neo and MacBook Pro despite significant supply constraints.
"We have never sold more Macs in a fiscal year than we did in fiscal '26," he said, marking an all-time record for annual unit sales.
Customers inside the Apple Inc. store on Regent Street during the sales launch of their latest products in London on Sept. 18, 2026. (Betty Laura Zapata/Bloomberg via Getty Images)
Apple has also launched its new iPhone 18 Pro lineup alongside a revamped, AI-powered Siri.
APPLE'S IPHONE 18 GOES ON SALE AS CUSTOMERS LINE UP AT STORES WORLDWIDE
"We're super happy with the initial reviews, but we're also seeing a lot of exciting advancements more broadly in the space," Ternus said. "And we think our products are the best platform for AI." He said Apple's users make more than 2.5 billion Siri requests a day.
Different color phones in Apple's iPhone 18 Pro lineup. (Apple Inc.)
Apple has outperformed other members of the Magnificent Seven this year, including Microsoft and Nvidia, adding more than $1 trillion in market value since July. Investors have embraced Apple's relatively restrained approach to AI spending: unlike some Silicon Valley rivals, it has declined to pour hundreds of billions of dollars into building AI data centers. The stock is trading at a historically elevated valuation, around 35 times expected earnings.
Apple also benefited from tariff refunds, which boosted gross margin by approximately one percentage point and added about 5 cents to quarterly earnings per share.
APPLE SETTLEMENT COULD MEAN A PAYOUT FOR SOME IPHONE OWNERS
Since taking over, Ternus has presided over an unusually busy run of product introductions, including Apple's push into smart-home products and accessories such as connected locks and doorbells, as well as its first touch-enabled MacBook Pro.
Four Apple MacBook Pro laptops sit on display beneath the company's logo during a product presentation. (Kyle Grillot/Bloomberg via Getty Images)
Greater China revenue rose 21% to more than $17.5 billion, a September-quarter record, although sales in the region fell short of analysts' estimates. Ternus said iPhone revenue in Greater China also reached a September-quarter record, while Mac sales in the region posted strong double-digit growth.
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Before becoming CEO, Ternus led Apple's hardware engineering group. He joined the company in 2001 and has spent more than two decades there.
Apple first closed above $5 trillion in market capitalization on Oct. 14, becoming only the second company to reach the milestone after Nvidia. It briefly overtook Nvidia again at the end of last week to reclaim the title of the world's most valuable publicly traded company.
Meta Platforms has faced intense scrutiny after announcing upcoming changes to its terms that, essentially, allow AI crawlers to run wild across business accounts.
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.
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A few weeks ago, a Tesla (TSLA +1.00%) Roadster drove up a nearly vertical ramp, turned upside down, then fell -- I mean, launched itself -- into the air before its side thrusters kicked in, flipping the car upright and landing it on the road below. It was by far the most incredible maneuver I've ever seen a car pull off. The Tesla then drove out of a cloud of vapor as if nothing had happened.
If you haven't seen Tesla's new flying car, it's worth watching the video (in another stunt, the car launches itself upside down and literally barrel-rolls over five vehicles before landing upright). It's an extraordinary demonstration of engineering, and one of those rare glimpses of a future that, until recently, seemed firmly in the realm of science fiction.
But now, what does this mean for Archer Aviation (ACHR -0.71%)? After all, Archer has also spent years developing its own flying vehicle -- an electric air taxi. If Tesla can make a flying car, will there still be a market for Archer's flying taxi, assuming it can get it certified? Let's take a look.
Image source: Archer Aviation.
Tesla's flying car is stunning, but it's not a threat to Archer I'll just come out and say it: I don't think Tesla's flying Roadster will have an impact on Archer.
For starters, Tesla isn't really competing with Archer. Look at what Tesla is making: A sports car -- a really sleek and aesthetically striking sports car -- that can burst briefly into flight. In contrast, Archer is building an eVTOL (electric vertical takeoff and landing) vehicle that can take off and land vertically like a helicopter and transition into forward flight like a traditional airplane. It's also an engineering feat, and unlike Tesla's Roadster, it doesn't need thrusters to launch into the air.
These are obviously different vehicles, built for different purposes. And between the two, Archer's is more practical. It's designed to carry four passengers and a pilot. The Roadster, on the other hand, can only carry one person.
ACHR Archer Aviation$4.17-$0.03 (-0.71%)
NYSE · As of 4:00 PM ET 11/02/26
Archer's aircraft is also likely closer to real-world use than Tesla's. The flying Roadster might be functional, but it's not approved for road use. There's some question as to whether Tesla could ever get regulatory approval to mass-produce a flying Roadster, but even if it did, it would likely not beat Archer to the punch. Archer has already completed three of the FAA's four type-certification phases and is now working through the final one.
Don't get me wrong, though: Tesla's recent demonstration was very impressive. But it was only impressive as a spectacle, not something that could solve transportation problems, like congested metropolitan roads. Archer's eVTOL, on the other hand, could alleviate traffic in some areas.
In sum, I don't believe Tesla's flying car changes much for Archer Aviation's future. If anything, it could even increase publicity around flying cars, helping Archer's air taxi services when it does get its eVTOL certified.
Analyst’s Disclosure: I/we have a beneficial long position in the shares of GOOG, GOOGL either through stock ownership, options, or other derivatives. 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.
Alphabet (GOOG -0.07%) (GOOGL -0.30%) investors had reason to frown last week as the stock posted its worst trading day ever. The shares fell 13% in one session after certain key elements in the tech giant's earnings report disappointed investors.
What happened? It all starts with artificial intelligence (AI). Alphabet is at the forefront of the AI movement, something that has led to soaring revenue quarter after quarter. But to make this happen, Alphabet had to greatly invest in an infrastructure build-out, and this spending isn't over. Alphabet isn't the only company in this situation; others operating in the cloud space also are investing hundreds of billions of dollars annually to get the job done. In fact, Alphabet, Amazon, Microsoft, and Meta Platforms aim to spend more than $700 billion this year alone on infrastructure expansion. Though these companies are generating growth from AI, investors worry it may not be enough given their spending levels.
Considering the full picture, following Alphabet's loss of $500 billion in market value in one trading session, you might approach AI stocks with a bit of hesitance. Should you really buy AI stocks now? Let's find out.
Image source: Getty Images.
Alphabet's biggest revenue driverWe'll start by talking about the negative impact of this spending on Alphabet. You probably know this company best for Google Search, as it's something many of us use daily. The Google platform is indeed the company's biggest revenue driver -- advertisers pay to promote across it, and that generates billions of dollars for Alphabet. In the recent quarter, Google ads accounted for 64% of the company's total revenue.
But Alphabet also has a cloud computing business that's growing in leaps and bounds, supercharged by demand for AI infrastructure and enterprise solutions. That business delivered a record 103% gain in revenue in the quarter to more than $30 billion. This is positive and offers investors reason to be optimistic, but as mentioned, to reach this level of growth, Alphabet poured investment into an infrastructure build-out.
As a result, capital spending has exploded higher, and this has hurt free cash flow -- these two elements were the points of concern in the company's earnings report. Alphabet kept its capex forecast for the year unchanged at $195 billion to $205 billion. As for free cash flow, it came in at negative $9 billion, missing analysts' estimates of $2.7 billion.
All of this reawakened investors' concerns that, though AI investment is driving growth, this growth still may not justify the spending levels of Alphabet and other tech players in this AI revolution.
GOOGL Alphabet$278.99-$0.85 (-0.30%)
NASDAQ · As of 4:00 PM ET 11/02/26
AI companies are in a period of transitionNow, let's return to our question: Should you really buy AI stocks right now? AI companies today may indeed be in a period of transition. Over the past couple of years, investors have been excited about the initial AI opportunity as hardware and services companies have offered chips and related products to customers. This resulted in enormous revenue growth and double- and triple-digit gains in stock prices. And this, prior to the major infrastructure ramp-up, didn't involve today's capex levels.
Today, we're at a point where, to move forward along the AI path to fulfill demand and potentially generate more growth, tech giants must heavily invest. While this investment is unfolding, they will experience pressure. Amazon chief Andy Jassy told analysts during the company's second-quarter call in July that this spending would continue to be a headwind for free cash flow as the build-out unfolds.
With some investors frowning on this spending, we could see more turbulence in terms of stock performance in the months to come. If you're a very cautious investor, you might wait on the sidelines for this moment to at least partially pass. But for most investors, right now, as these stocks decline, it's the perfect time to buy at a bargain price. The long-term AI story remains bright, with the technology's ability to transform the way businesses operate in a positive way. And this means investors who include AI stocks in a well-diversified portfolio could score a major win over the long run.
Tuesday, Nov. 3, 2026, will help determine the direction of Washington for the next two years. Voters will decide whether Republicans keep control of Congress or Democrats gain enough seats to put a check on President Donald Trump's agenda.
Elections always have major implications for the stock market, but with 49% of the S&P 500 (^GSPC -0.51%) tied to artificial intelligence (AI) -- an industry whose future could be radically reshaped based on a number of potential shifts in policy -- this one could have an outsize impact.
Here's what investors should be watching.
Stock market history after midterm elections is encouragingFirst, despite what you might think, midterms tend to be good for the stock market. While there can be some near-term turbulence as the market digests the results, the historical record is pretty positive at the one-year mark.
Since 1950, the S&P 500 has gained an average of 15.1%, excluding dividends, in the 12 months following midterm elections, according to the investment management firm Capital Group.
Midterms in the U.S. tend to go the wrong direction for the party of the current President, often leaving the country with a divided government. That makes it harder -- especially in recent history -- for either party to push through sweeping changes. And while that sort of gridlock is frustrating for voters, the market tends to like the stability and lack of uncertainty gridlock brings.
Image source: Getty Images.
This could be especially true at a time when bond investors are eyeing the federal debt with increasing suspicion. Gridlock would likely mean no major increases in spending or major tax cuts for the next two years, which in turn could help keep yields steady.
How the midterms could affect AI stocks and data center spendingBuilding data centers and filling them with chips is expensive, and companies -- even the massive hyperscalers like Meta (META -1.34%) and Amazon (AMZN +2.20%) -- are increasingly borrowing to pay for it. And that dynamic makes the industry highly sensitive to borrowing costs -- bond yields. If borrowing becomes expensive enough, it could shift the math on the AI buildout. Larger players might pull back on spending, less certain of a return on capital, while smaller, heavily indebted players -- the CoreWeaves (CRWV -8.60%) and the TeraWulfs (NASDAQ: WULF) of the world -- might find themselves without the financing they need to survive.
Of course, there are other implications that may work in the opposite direction. A big one: Democrats have been more broadly opposed to data center building and friendly to implementing moratoriums on their construction than their Republican colleagues (though the issue is starting to look more like a rare area of common ground). A Democratic sweep could portend more regulatory difficulty for the AI industry.
Why Treasury yields may tell investors more than the S&P 500In truth, no one can predict just how tomorrow's results will play out in the market. However, I think it's safe to say that whatever happens will undoubtedly have major implications for investors. I would look past whether the S&P 500 moves up or down in the coming days and pay attention to how Treasury yields respond. I think that will tell you much more.
Amazon (AMZN +2.20%), the world's largest e-commerce and cloud infrastructure company, has delivered an impressive 534% gain over the past ten years. But does its stock still have more upside potential over the next decade?
What are Amazon's biggest catalysts?
Amazon generates most of its revenue from its e-commerce business, but its cloud platform, Amazon Web Services (AWS), brings in most of its operating profits.
Image source: Getty Images.
Over the past ten years, AWS' annual revenue jumped from $7.9 billion to $128.8 billion, while its operating margin expanded from 19.2% to 35.4%. AWS' surging profits enabled Amazon to expand its Prime ecosystem with more discounts, hardware devices, streaming media services, and other loss-leading strategies. It's already locked in more than 200 million Prime subscribers worldwide, which gives it a wide moat against other online and brick-and-mortar retailers.
AWS already hosts tens of millions of websites and apps, and it's helping its developers build and train new generative AI apps on platforms like Bedrock and SageMaker. Amazon has also been producing its own first-party AI accelerators, and it owns nearly a fifth of Anthropic -- the rapidly growing AI company that plans to go public by the end of 2026.
All of those AI catalysts for AWS -- along with the expansion of its e-commerce business into higher-growth overseas markets and the growth of its higher-margin advertising business -- could drive its earnings growth over the next decade.
AMZN Amazon$245.63+$5.28 (+2.20%)
NASDAQ · As of 4:00 PM ET 11/02/26
What are Amazon's biggest challenges?
Amazon's growth rates are impressive, but its expansion will be costly. It expects its capex to reach $220 billion in 2026 (up from $131.8 billion in 2025) and to rise further in 2027. That increased spending -- and competition from other hyperscalers -- could compress AWS' margins. That pressure could also make it tougher for Amazon to expand its lower-margin retail business.
Rising interest rates will make it more expensive for Amazon to expand its AI infrastructure, reduce the market's demand for its cloud services, and compress its valuation. Inflation, which has been exacerbated by the Iran war and the Trump Administration's unpredictable tariffs, could also throttle the growth of its retail business (including Whole Foods).
Is Amazon a stock to buy, hold, or avoid?
I initially invested in Amazon in early 2016, and I only sold a quarter of my position after the stock quadrupled from my average purchase price. I've been holding the rest since then, and I don't plan to sell my shares because it's still one of the easiest ways to stay invested in the booming e-commerce, cloud, AI, and digital advertising markets.
If Amazon matches analysts' estimates through 2028, grows its EPS at a 15% CAGR through 2036, and trades at 25 times its current year's earnings, its stock would more than quadruple to nearly $1,120 over the next decade. That ride could be bumpy, but I plan to stick with Amazon -- even though it's already my top position and accounts for nearly 10% of my portfolio -- for the foreseeable future.
SummaryAmazon.com, Inc. is strengthening its competitive moat despite market concerns over aggressive AI CapEx and potentially delayed free cash flow margins recovery.AWS backlog has surged to $580B, with management targeting a $1T revenue run rate, justifying continued heavy investment, despite negative optics.CapEx is projected to reach $327B by FY2028, with robust advertising and ecosystem levers expected to support earnings during this investment cycle.AMZN is surprisingly trading near one-year valuation lows, although price action suggests that fears have been overstated.AMZN stock is still seeing robust buying support close to the $225 level, underscoring the conviction in its ability to monetize AI over the long term.Looking for a helping hand in the market? Members of Ultimate Growth Investing get exclusive ideas and guidance to navigate any climate. Learn More » 4kodiak/iStock Unreleased via Getty Images
AWS Is Aiming to Be a $1 Trillion Behemoth. Don't Blink Now Even e-commerce behemoth Amazon.com, Inc. (AMZN) is coming under renewed pressure lately, alongside the rest of its technology peers who have been
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Analyst’s Disclosure: I/we have a beneficial long position in the shares of AMZN, META, GOOGL, NVDA, MSFT either through stock ownership, options, or other derivatives. 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.
SummaryAmazon.com, Inc.'s AWS is projected to grow north of 40% annually through 2028, targeting a $1 trillion run rate in 5–10 years, underpinned by custom AI silicon and cloud leadership.Retail growth has slowed, but AWS and significant AI investments (Anthropic, OpenAI) provide strategic and financial upside, despite rising capex and debt.Key AMZN risks include heavy capital requirements, AI demand cyclicality, and agentic AI potentially eroding high-margin advertising revenue. krblokhin/iStock Editorial via Getty Images
Introduction Per my August article, Amazon.com, Inc. (AMZN) has a history of making great capital allocation decisions. We now have the Q3 '26 numbers and retail growth has slowed. AWS, however, is growing nicely
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Analyst’s Disclosure: I/we have a beneficial long position in the shares of AMZN, AAPL, ALAB, ASML, BABA, GOOG, GOOGL, META, MSFT, NFLX, NVDA, SHOP, TCEHY, TSLA, TSM, VOO either through stock ownership, options, or other derivatives. 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.
Disclaimer: Any material in this article should not be relied on as a formal investment recommendation. Never buy a stock without doing your own thorough research.
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.
Can Western dominance in cloud and commerce outperform Eastern scale and a cheaper valuation? Choosing between Amazon.com (AMZN +2.20%) and Alibaba (BABA +3.53%) requires weighing domestic growth against international expansion.
Amazon focuses on logistics and cloud infrastructure to serve global consumers and enterprises. Alibaba leverages its vast ecosystem in China and emerging markets to facilitate trade and cloud services. Investors often compare them as the primary titans of their respective regions, each offering unique paths to long-term growth.
The case for Amazon.comAmazon operates a massive logistics network and online marketplace, serving millions of global consumers through its dominance among retail stocks and cloud services. Its revenue comes from online retail, third-party seller services, advertising, cloud infrastructure, and Prime subscriptions, providing several sources of growth across consumer and enterprise markets.
In FY 2025, Amazon generated $716.9 billion in revenue, an increase of 12.4% year over year. Net income reached $77.7 billion, resulting in a profit margin of approximately 10.8%. Growth was supported by its retail operations and Amazon Web Services (AWS), which reported a 20% increase in annual sales as demand for cloud computing and artificial intelligence (AI) infrastructure continued to expand.
Amazon ended 2025 with a current ratio of approximately 1.1x and a debt-to-equity ratio of 0.4x when including lease liabilities. Free cash flow totaled $11.2 billion, down from $38.2 billion in 2024, as the company substantially increased capital spending on AI infrastructure. While these investments are weighing on near-term cash generation, they could strengthen Amazon's long-term position in cloud computing and artificial intelligence.
The case for AlibabaAlibaba operates one of China's largest e-commerce and cloud computing platforms, serving consumers and businesses through Taobao, Tmall, and Alibaba Cloud. The company also maintains a growing international presence through platforms such as AliExpress, Lazada, and Alibaba.com, providing exposure to online retail, digital services, and enterprise technology markets.
In FY 2026, Alibaba generated $148.4 billion in revenue, an increase of 2.7% year over year. However, excluding businesses sold during the year, revenue increased approximately 11%, reflecting stronger growth across its continuing operations. Net income reached $14.8 billion, down approximately 19% from the prior year, resulting in a profit margin of 10%. The results highlight Alibaba's continued business expansion alongside pressure on profitability.
Alibaba ended fiscal 2026 with a debt-to-equity ratio of approximately 0.25x, excluding lease liabilities, and a current ratio of 1.3x. Free cash flow was negative $6.8 billion, compared with positive $10.7 billion the previous year, as the company significantly increased investments in AI and cloud computing infrastructure. While these expenditures could support future growth, they have placed considerable pressure on near-term cash generation.
Risk profile comparisonAmazon.com faces intense global competition from other technology giants in the retail and cloud sectors. Regulatory scrutiny regarding monopolization and data privacy remains a significant concern for the business. Additionally, the company manages operational risks related to its massive fulfillment network and potential liabilities from fraudulent activities by third-party sellers on its marketplace.
Alibaba operates in a complex regulatory environment that impacts its core e-commerce and cloud computing segments. The company must navigate intense competition from domestic rivals and shifting consumer habits within the Chinese market. Furthermore, geopolitical tensions and changes in international trade policy can affect its ability to expand successfully into other global markets over the next few years.
Valuation comparisonAlibaba appears cheaper, carrying a lower Forward P/E based on future earnings estimates and a lower P/S ratio based on sales over the past twelve months.
MetricAmazon.comAlibabaForward P/E18.7x14.8xP/S ratio3.3x1.6xValuation metrics include sourcing from Financial Modeling Prep (FMP) and may differ from other data providers.
Which stock would I buy for 2027?Alibaba looks particularly attractive from a valuation standpoint. Trading at 14.8 times forward earnings and 1.6 times sales, the company is considerably cheaper than Amazon, which trades at 18.7 times forward earnings and 3.3 times sales. Alibaba also has significant growth potential as it expands its cloud computing business and invests heavily in artificial intelligence infrastructure. However, intense competition in China, regulatory uncertainty, and pressure on profitability remain important considerations.
Amazon commands a premium, but that valuation appears justified by its stronger financial performance. Revenue increased 12.4% in 2025, compared with Alibaba's 2.7% growth, while AWS continues to benefit from accelerating demand for cloud computing and AI services. Both companies are spending heavily on infrastructure, but Amazon's stronger revenue momentum and more diversified business provide greater confidence in its ability to generate long-term returns.
For investors heading into 2027, Amazon looks like the better buy. Alibaba offers an appealing valuation and potentially greater upside if its growth accelerates, but Amazon's established competitive advantages, stronger earnings momentum, and exposure to the AI investment cycle make it the more compelling holding.
Jed Ellerbroek expects to see decelerating earnings growth for the AI trade as stocks across the board get pummeled. However, that's not to say Jed doesn't see strengths in tech.
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AMD guided for about $13 billion of third-quarter revenue, and Wall Street expects almost exactly that. Its new Helios AI systems began shipping in September, so the fourth-quarter outlook will show how fast the ramp is going.
San Francisco, California--(Newsfile Corp. - November 2, 2026) - On October 14, 2026, Senator Elizabeth Warren (Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee) issued a statement reacting to Bank of America's (NYSE: BAC) resolution of serious enforcement actions, calling it a "slap on the wrist" fine considering the seriousness of the bank's violations. On October 29, 2026, CNBC reported that the Senator is urging the Justice Department to launch a criminal investigation into the bank and its executives after the bank admitted it willfully violated federal anti-money-laundering laws.
While Walmart launches its holiday giving campaign with a $1 million match for military families, a separate federal action is putting far more money back into shoppers' pockets, and the math between the two tells a complicated story about the…
Walmart (NASDAQ:WMT | WMT Price Prediction) launched its holiday giving drive this morning. From November 2 to November 30, shoppers on Walmart.com and the Walmart app can round up their checkout totals for Operation Homefront, which supports military and veteran families. Walmart will match those donations 2:1, up to $1 million.
“Giving back is one of the greatest holiday traditions, and that’s what A Season to Spark Good is all about,” said Erin Hogue, Senior Director at Walmart.
This is the fourth consecutive year of the partnership. Walmart says the round-up program has raised more than $7.9 million for the nonprofit since 2023. Operation Homefront CEO Alan Reyes said, “We are deeply grateful for four years of continued support through Spark Good.”
Refund Checks Tied to Walmart Money Counters Are Arriving Now On October 15, the FTC announced it is mailing more than $9.8 million to consumers harmed by Walmart’s alleged failure to stop scammers who took hundreds of millions of dollars from U.S. consumers through its wire transfer services. Walmart settled the charges in June 2025, agreeing to pay $10 million, Fox6 News reported. The FTC’s case centers on whether Walmart properly warned customers, trained employees and secured its in-store transfer services against outside fraudsters.
USA Today reported that consumers who completed an eligible transfer between January 2015 and December 2024 could receive a check and should cash it within 90 days of receipt. Anyone who wired money at a Walmart counter in that window should check their mail.
The refund pool is 9.8 times the match Walmart is advertising, and it tops everything the round-up program has raised for Operation Homefront since 2023.
Tariff Refunds Show Who Collects the Big Government Checks Walmart is also receiving money from Washington. On the August earnings call, CFO John David Rainey said the company was eligible for “approximately $2.9 billion of tariff refunds” and added:
“We’ve taken a disciplined approach to investing these funds back into customer experience and price leadership.”
Peers recorded similar gains. Target (NYSE:TGT) recognized a $994 million pretax tariff refund worth $1.65 per share. Costco (NASDAQ:COST) reported a $0.15 per diluted share benefit, partly reinvested in member values. Target CEO Michael Fiddelke pointed to price cuts:
“Over the past year, we’ve reduced prices on more than 10,000 frequently purchased items as part of our commitment to delivering outstanding value every day.”
Walmart CEO John Furner framed price as a trust issue: “Having the best prices across a basket of goods helps us continue to build trust with our customers and members.”
Walmart’s Scale Shrinks the $1 Million Match Walmart posted fiscal 2026 revenue of $713 billion and serves roughly 280 million customers weekly. The match cap equals about 0.00014% of that revenue. Its market cap of roughly $1.013 trillion exceeds Costco’s $460.6 billion and Target’s $71.7 billion.
Investors are paying up. Shares trade at $127.30, up 22.5% in the past month and 25.57% over a year, at roughly 45 times earnings. The next test is third-quarter guidance for adjusted EPS of $0.62-$0.64, along with whether this year’s round-up total moves past prior efforts.
Data Sources Walmart and Operation Homefront release: campaign dates, match terms, fundraising history, executive quotes and company scale. Contact [email protected] for any questions or corrections.
Amazon.com (AMZN +2.20%), a global e-commerce, cloud infrastructure, and digital advertising platform, closed at $245.63, up 2.20%. Phillip Securities upgraded the stock to "buy" and raised its price target, while investors are watching demand for AWS (Amazon Web Services) and AI spending.
Trading volume reached 57.7 million shares, coming in about 51% above its three-month average of 38.3 million shares. Amazon IPO'd in 1997 and has grown 250,755% since going public.
How the markets moved todayThe S&P 500 (^GSPC -0.51%) closed at 7,542, down 0.50%, while the Nasdaq Composite (^IXIC -1.07%) finished at 25,164, down 1.07%. Among internet retail, digital advertising, and logistics services peers, Walmart closed at $127.69, up 3.38%, and Costco Wholesale closed at $1,040.55, up 2.79%, underscoring a mixed retail backdrop.
What this means for investorsOn Monday, Amazon regained positive momentum after the stock slid following the online retail and cloud services giant's earnings report last week. Phillip Securities is one Wall Street firm that said to buy that dip. Analyst Helena Wang raised her rating after boosting fiscal 2027 revenue estimates. She also raised her firm's price target by $10 to $330 per share.
The firm focused on the strength of Amazon's cloud demand, which was highlighted in the company's earnings report last week. AWS segment sales jumped 39% year over year to $46 billion, marking the fastest pace of growth in nearly five years. Operating income also surged 61%, amid a growing backlog.
AI-related capital spending and cash outflows led to an initial negative reaction, but investors were buying that dip today.
Howard Smith has positions in Amazon. The Motley Fool has positions in and recommends Amazon, Costco Wholesale, and Walmart. The Motley Fool has a disclosure policy.
Nov 2 (Reuters) - Delta Air Lines (DAL.N), opens new tab CEO Ed Bastian said on Monday that Heathrow Airport's decision to move the US carrier's operations to Terminal 4 from a terminal shared with Virgin Atlantic was "deeply disappointing and bad for airline consumers".
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Delta said in a statement on Monday it would pursue all available remedies to correct the decision and urged UK's Heathrow to reconsider
Bastian criticized the move as "short-sighted"
He added that Delta and Virgin Atlantic had served millions of customers through their co-located operation in Terminal 3 for more than a decade
Delta and Virgin Atlantic provide UK travelers with a valuable competitive alternative across the Atlantic, Bastian said
"Separating our operation undermines years of investment and disregards the tightly integrated customer benefits that we offer in our co-located terminal"
Reporting by Anshuman Tripathy in Bengaluru; Editing by Shailesh Kuber
Our Standards: The Thomson Reuters Trust Principles., opens new tab
SummaryINTC sold-off by ~47% in just 6 months, which I warned about in my strong sell and sell articles.INTC's valuation is still stretched relative to modest 20.9% sales growth and weak forward guidance.Competitive positioning lags peers like MRVL, TSM, and NVDA, with INTC's operating margins and growth rates underwhelming.Further upside requires either a much lower valuation or stronger financial growth.I warned you to get out of INTC before it sold-off. Now I recommend staying away, because the turnaround is unlikely. JHVEPhoto/iStock Editorial via Getty Images
There was a time when I used to like Intel Corporation (INTC) very much. I even wrote an article titled 'Intel: The Night Looks The Darkest Before The Dawn.' I rated it a buy, and I'm looking at
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The information, opinions, and thoughts included in this article do not constitute an investment recommendation or any form of investment advice.
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AI’s meltdown week… Luke Lango’s take on the selloff… data centers are on tomorrow’s ballot… so is the drone budget… Luke’s Pennsylvania Plan
Friday put an exclamation point on a brutal month for the AI trade.
By the closing bell, the Nasdaq had fallen 2.9% on the day while the S&P 500 had lost 1.8% and the Dow had dropped 1%. Chip stocks took the brunt of it, with the Philadelphia Semiconductor Index (SOX) sinking more than 7%.
For October, the Nasdaq fell roughly 5.2% – its worst month since March 2025 – while the SOX did far worse, dropping more than 15%.
Two earnings reports did most of Friday’s damage…
Intel Corp. (INTC) was the biggest casualty, plunging nearly 29% – its steepest one-day drop on record – after forecasting fourth-quarter revenue of $15 billion to $16 billion, well short of the roughly $17 billion Wall Street expected. CEO Lip-Bu Tan said customers were “signaling a PC slowdown” tied to memory prices and availability.
Amazon.com Inc. (AMZN) fell too, though its story is more nuanced. Its cloud business, AWS, grew 39% to $46 billion, which is hardly a sign of weak AI demand. But Amazon spent $77.3 billion on capital expenditures in the quarter, more than double the $35 billion it spent a year earlier. Over the past 12 months, that spending has pushed Amazon’s free cash flow more than $42 billion into the red – a record.
That number gets at what’s really spooking investors…
Friday’s losses piled onto an already brutal stretch. Alphabet Inc. (GOOGL) shed nearly $500 billion in market value after its earnings report earlier in the week, one of the largest single-day wipeouts in stock market history.
Alphabet and Meta Platforms Inc. (META) now sit more than 20% below their highs, which puts both in bear-market territory.
The fear isn’t that AI is failing. It’s that the bill is coming due. JPMorgan estimates that the tech giants will spend roughly $900 billion on AI this year, and investors are increasingly asking when – or whether – that spending will produce a return worth the price.
So, how should AI investors read this?
Is this the beginning of the end for the AI trade, or a gift for patient investors?
Our technology expert Luke Lango, editor of Early Stage Investor, spent the past few days digging through the hyperscalers’ earnings line by line – and while he doesn’t dismiss the bear case, that’s not where he ends.
Here he is from Friday’s Daily Notes:
We get why that story is spooking people. Parts of it are even true…
[But] the AI trade isn’t broken. It’s between paychecks. The spending is front-loaded, the payoff is back-loaded, and the gap between the two is about to start closing, sooner than most people think.
The key question is whether all that spending earns a return. Luke ran the rough math on each new dollar of AI spending, measured against a cost of capital of roughly 9% to 10%. Microsoft Corp. (MSFT) is earning about 19%, Alphabet about 12%, Amazon about 9% to 10%, and Meta about 8%.
In other words, it’s an uneven story. Back to Luke:
Companies that sell compute are expanding margins, while companies that use it internally are lagging for now.
And the companies selling compute have customers lined up. Microsoft, Amazon, and Google are sitting on roughly $1.8 trillion of contracted cloud backlog between them. AWS growth accelerated for a sixth straight quarter, to its fastest pace in about five years. That isn’t the hyperscalers spending money. It’s customers signing up to pay them.
Luke is also upfront about where the real risk lies:
The bigger uncertainty is 2028, when slower hyperscaler spending growth leaves suppliers more dependent on buyers exposed to tighter financing.
As for Amazon, Luke thinks Wall Street is reading too much into one quarter. Part of the weakness was simple timing.
For example, moving Prime Day into the second quarter knocked about 850 basis points off third-quarter ad growth, and management expects ads to bounce back to high-teens growth as soon as this quarter. And for all the worry about Amazon’s borrowing, it covers its interest costs about 16 times over.
To be clear, Luke isn’t calling a bottom, but his big-picture takeaway is clear:
The market is grading a decade-long build-out on one noisy quarter at peak spending, and that’s short-sighted. Our game plan: for long-term investors, this is a dip to buy with confidence.
The headlines say the AI boom is running out of money. The numbers say it’s about to start making a lot more of it.
Interestingly, the very first item on Luke’s catalyst calendar for the next three months is tomorrow’s midterm elections. That’s where the AI trade faces a different kind of test – one that won’t be decided on Wall Street.
Data centers are on Tuesday’s ballot
That’s not a figure of speech.
According to Ballotpedia, voters in 10 states will weigh in on at least 41 local data-center measures tomorrow. Ohio alone accounts for more than half of them – 21 measures across 18 communities – with proposals ranging from outright bans to caps on how much power a facility can draw.
We’ve already gotten a preview of how these votes can go. Earlier this year, about 88% of voters in Monterey Park, California, backed a policy prohibiting data centers. In Augusta Township, Michigan, roughly 90% voted against a rezoning that would have made room for one.
The issue has also worked its way into some of the biggest races on the map…
In Ohio’s U.S. Senate race, Democrat Sherrod Brown has run ads calling Republican Sen. Jon Husted the “face of data centers,” a reference to tax breaks Husted backed as lieutenant governor. Data centers have also become a talking point in the Texas and Pennsylvania governors’ races. In Pennsylvania, Gov. Josh Shapiro has already tightened the rules for approving new projects.
And this isn’t a one-party story. A Washington Post analysis of candidates’ posts found that politicians in both parties have turned significantly more negative on data centers since 2024 – with Republicans souring even more than Democrats.
The driver is the electric bill. A 2026 Reuters/Ipsos survey, cited by the Brookings Institution, found that 77% of Americans worry data centers will raise their electricity rates. Nearly two-thirds said building data centers at a rapid pace isn’t a good thing.
To be clear, a zoning vote in a small Ohio town won’t decide whether Amazon builds its next campus. But taken together, tomorrow’s results will give us the first nationwide read on how quickly public sentiment is turning against the AI buildout.
That matters more today than it would have a few months ago. As we just saw with Amazon, Big Tech is already spending far more than its operations bring in to build this infrastructure. If local resistance means slower permits, pricier power, and fewer available sites, the payback period on that spending stretches even further. And that’s exactly the question Wall Street is wrestling with right now.
The other spending boom on tomorrow’s ballot
AI isn’t the only corner of the market with a lot riding on tomorrow.
The election will also decide which party controls Congress come January. And that has major implications for a spending package that hasn’t gotten much attention from investors.
Earlier this year, the Pentagon sent Congress a $1.5 trillion budget request for fiscal 2027. Most of it would go through the normal appropriations process. But $350 billion – about 23% of the total – was earmarked for a separate budget reconciliation package.
Reconciliation lets the majority party pass spending with a simple majority, sidestepping the Senate filibuster. The catch is that it depends on party-line votes. According to Air & Space Forces Magazine, if Democrats win control of either the House or the Senate, that path effectively closes.
So, what’s in the package?
Two items stand out…
The first is the Golden Dome, the administration’s proposed missile-defense shield. The second is $53.6 billion for an office most Americans have never heard of: the Defense Autonomous Warfare Group, or DAWG – the Pentagon’s new drone-warfare unit.
That drone figure is staggering. DAWG received about $226 million in fiscal 2026. Including a small slice of base-budget funding, its fiscal 2027 request totals $54.6 billion, roughly 240 times larger.
Why is the Pentagon going all-in on drones?
I wrote about this last spring in our Investing Insider newsletter, and one comparison has stuck with me ever since.
Iran mass-produces a drone called the Shahed, which it fires in swarms. Each one costs roughly $20,000 to build.
The Patriot interceptor the U.S. fires to shoot one Shahed down costs approximately $3 million to $4 million.
The math here just isn’t sustainable. It’s like using a Ferrari to destroy a used Honda Civic – except the Civics keep coming, a thousand at a time.
The economics of warfare have flipped. Cheap, autonomous, mass-produced systems are overwhelming expensive ones, and the Pentagon is racing to catch up.
It’s also racing to restock…
Since July, the Pentagon has signed multiyear contracts worth more than $100 billion combined at their full values to replace missile stockpiles drained by conflict in the Middle East. But industry executives say Congress still hasn’t appropriated the money, which limits how fast contractors can invest in new capacity.
What happens if the package stalls?
It wouldn’t reverse the shift. But it could change the speed – and who ends up paying for it.
Defense analysts have long viewed the post-election “lame duck” session as the likeliest window to pass the package. Tomorrow’s results will tell us whether that window is a starting point or a last chance. And even if reconciliation fails, Pentagon leadership has signaled it may cut expensive legacy programs to fund low-cost autonomous weapons anyway.
And this brings us back to Luke…
He believes America is entering its biggest military buildup since World War II. And he argues that government spending is only part of the story.
He points to a recent gathering organized by Sen. Dave McCormick of Pennsylvania that brought together Wall Street heavyweights, defense leaders, government officials, and emerging technology companies. Luke calls the public-private effort coming out of it the “Pennsylvania Plan” – and he believes it could accelerate the rebuilding of America’s arsenal regardless of how any single budget fight plays out.
Luke has just wrapped up a research project on this rearmament boom – including the five companies he believes are best positioned to profit across its three phases. He’s put everything together in a new video presentation, which you can watch right here, free of charge.
Wrapping up
Tomorrow isn’t just a political event – it’s a market event.
For AI, it’s a referendum on how much patience voters have for the buildout. For defense, it could decide how quickly hundreds of billions of dollars start flowing – and Luke’s new presentation explains where he believes that money is headed.
Elizabeth Warren is pushing to dismantle UnitedHealth Group just as a nonprofit investor education group moves in the opposite direction, naming the embattled insurer its top undervalued pick for early 2027. The timing raises a question every UNH shareholder needs…
Senator Elizabeth Warren opened November by targeting UnitedHealth Group (NYSE:UNH | UNH Price Prediction) again. In a Sunday post on X, she went after the company’s purchase of Amedisys:
“Now Trump’s DOJ let them buy home health and hospice giant Amedisys for $3.3 BILLION”
She argued that the deal hands the company “MORE power to raise costs and deny care” and ended with a demand: “We need to break up Big Medicine.”
That framing is Warren’s own. Benzinga reported that the Justice Department sued to block the deal in November 2024, reached a proposed settlement in August 2025, and won court approval in December 2025. The settlement required the sale of 164 home health and hospice locations in 19 states.
Nonprofit Puts UnitedHealth in Front of Members Right Now
On November 2, 2026, BetterInvesting named UnitedHealth its “Undervalued Stock” for the January February 2027 issue of its magazine, with Amazon.com (NASDAQ:AMZN) as its “Stock to Study.” The BetterInvesting release makes no mention of Warren. It says the picks are:
“for the informational and educational uses of investors” and “are not to be considered as endorsed or recommended for purchase by NAIC/BetterInvesting.”
The pick lands with the stock in an awkward spot. Shares traded at $399.90 this afternoon, down 1.74% on the day and 4.35% over the week. They are still up 23.51% this year but down 4.92% over five years.
Earnings Rebound Drives the Valuation Case
Third-quarter adjusted EPS came in at $4.69, ahead of the $4.15 estimate. The medical care ratio improved to 88.4% from 89.9%, a figure that includes $610M of favorable reserve development. Management raised 2026 adjusted EPS guidance to at least $20.50, which puts the stock at about 20x this year’s earnings. The CFO also pointed past 2026:
“We would offer that current analyst consensus for 2027 may understate the opportunity ahead, and we see the lower end of our long-term 13%-16% growth rate as a more reasonable starting point.”
Integration Sits at the Center of the Breakup Fight
Warren’s target is the same structure management says drives its results. Chief executive Stephen Hemsley said the company serves healthcare “as one enterprise and one leadership team.” An Optum executive put it more bluntly: “Integrated value-based care means just that: integrated.” Optum Health operating earnings rose to $735M from $41M, and more than 50% of Optum Rx membership now comes from outside UnitedHealthcare.
The peers show why diversification matters. Humana (NYSE:HUM), the Medicare pure-play, posted a second-quarter insurance benefit ratio of 91.2%. Elevance Health (NYSE:ELV) reported a 89.7% benefit expense ratio and a Health Benefits operating margin of just 2.1%. UnitedHealth’s insurance business is also shrinking: Medicare Advantage membership has fallen by 935,000 since year-end 2025.
Pending Legislation Investors Need to Track Now
Warren co-sponsored the Patients Before Monopolies Act (S. 4509) with Senator Josh Hawley. The bill would bar PBMs and pharmacies from common ownership and force divestitures within a year. UnitedHealth’s filings already flag “DOJ legal actions concerning participation in the Medicare program” every quarter. The company has also committed to passing through 100% of drug rebates by January 1, 2028. Investors should keep an eye on whether either breakup bill gains support and whether fourth-quarter margins hold without help from reserve releases.
Data Sources
BetterInvesting Magazine release: the Undervalued Stock and Stock to Study picks, the issue date, and the educational disclaimer.
Contact [email protected] for any questions or corrections.
SAN DIEGO--(BUSINESS WIRE)--Innovative Industrial Properties, Inc. (NYSE: IIPR) ("IIP" or the "Company") announced today results for the third quarter ended September 30, 2026. Executive Chairman Remarks “We are pleased to report strong earnings with our AFFO per share up 7% compared to the second quarter, and are encouraged by the continued leasing momentum across our portfolio, reflecting our team's ongoing efforts to re-lease properties,” said Alan Gold, Executive Chairman of IIP. “At the sa.
, /PRNewswire/ -- Stanley Black & Decker (NYSE: SWK) today announced that Chris Nelson, President & CEO, will speak at Baird's 2026 Global Industrial Conference on Thursday, November 12, 2026 at 12:00 PM CT (1:00 PM ET).
The live webcast will be available in the "Events" section of the Stanley Black & Decker Investors website at www.stanleyblackanddecker.com/investors. A replay of the webcast will be provided on the website and will be available for 30 days.
About Stanley Black & Decker
Founded in 1843 and headquartered in the USA, Stanley Black & Decker (NYSE: SWK) is a worldwide leader in Tools and Outdoor, operating manufacturing facilities globally. The Company's approximately 41,000 employees produce innovative end-user inspired power tools, hand tools, storage, digital jobsite solutions, outdoor and lifestyle products, and engineered fasteners to support the world's builders, tradespeople and DIYers. The Company's world class portfolio of trusted brands includes DEWALT®, CRAFTSMAN®, STANLEY®, BLACK+DECKER®, and Cub Cadet®. To learn more visit: www.stanleyblackanddecker.com or follow Stanley Black & Decker on Facebook, Instagram, LinkedIn and X.
