Track market-moving stories before they get noisy

WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--PennyMac Financial Services, Inc. (NYSE: PFSI) will announce results for the quarter ended September 30, 2026, in a news release to be issued after the market close on Thursday, October 29, 2026. The conference call and live audio webcast is being rescheduled to 5:30 pm. Eastern Time from the originally scheduled 5:00 p.m. Eastern Time. The release, webcast, and accompanying materials will be available online at pfsi.pennymac.com. A replay of the webca.

PennyMac Financial Services, Inc. Reschedules Third Quarter 2026 Earnings Call to 5:30 PM ET on Thursday, October 29
PennyMac Financial Services, Inc. (NYSE: PFSI) will announce results for the quarter ended September 30, 2026, in a news release to be issued after the market close on Thursday, October 29, 2026. The conference call and live audio webcast is being rescheduled to 5:30 pm. Eastern Time from the originally scheduled 5:00 p.m. Eastern Time.

The release, webcast, and accompanying materials will be available online at pfsi.pennymac.com. A replay of the webcast will be available shortly after its conclusion.

Individuals who are unable to access the website but would like to receive a copy of the materials should contact our Investor Relations department at 818.264.4907.

About PennyMac Financial Services, Inc.

PennyMac Financial Services, Inc. (NYSE: PFSI) is a national financial services firm focused on the production and servicing of U.S. mortgage loans and the management of mortgage-related investments. Founded in 2008 and headquartered in Westlake Village, California, it is one of the nation's largest mortgage producers and servicers, and one of the few lenders operating at scale across all three production channels. The company combines advanced technology with significant operational scale to serve home buyers, existing homeowners, and its institutional partners nationwide. Additional information about PennyMac Financial Services, Inc. is available at pfsi.pennymac.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20261023483596/en/

Disclosures
I/we have no positions in any stocks mentioned, and have no plans to buy any new positions in the stocks mentioned within the next 72 hours.

Click for the complete disclosure

Wabtec remains a high-quality industrial company with robust margins, a strong market share, and clear multi-year mid-single-digit organic growth visibility. Despite a Q3 revenue miss, WAB delivered solid margin expansion and operating results, with deferred deliveries expected to recover in the next quarter. North American rail fundamentals are healthy; international service and equipment opportunities, like the Simandou project, support long-term growth initiatives.

New York, New York--(Newsfile Corp. - October 23, 2026) - Kaplan Fox & Kilsheimer LLP announces that a class action lawsuit has been filed against AST SpaceMobile, Inc. ("AST" or the "Company") (NASDAQ: ASTS) on behalf of investors that purchased or otherwise acquired AST securities between March 4, 2025 and July 15, 2026 (the "Class Period").

CLICK HERE TO JOIN THE CASE

If you are an investor in AST and have suffered losses, you may CLICK HERE to contact us. You may also contact Kaplan Fox by emailing [email protected] or by calling (646) 315-9003.

DEADLINE REMINDER: If you are a member of the proposed Class, you may move the court no later than November 13, 2026 for an opportunity to be lead plaintiff for the purported class. If you have losses we encourage you to contact us to learn more about the lead plaintiff process. You need not seek to become a lead plaintiff in order to share in any possible recovery.

The complaint alleges that during the Class Period Defendants overstated broadband provider AST's purportedly unique competitive advantages and leadership position in the satellite direct-to-cellular ("D2C") market. In particular, throughout the Class Period, Defendants allegedly touted AST's business and financial prospects as purportedly the only established space-based cellular broadband network for mobile phones. The truth concerning AST - that AST had overstated the durability of AST's competitive position in the satellite D2C market and that Defendants had overstated the sufficiency of AST's capital and liquidity position to achieve its strategic and business goals - was allegedly revealed through a series of disclosures starting on September 8, 2025 and ending on July 15, 2026 when AST issued a press release announcing its intent to offer yet another $1 billion aggregate principal amount of convertible senior notes in a private offering.

CLICK HERE TO LEARN MORE

WHY CONTACT KAPLAN FOX?

Kaplan Fox & Kilsheimer LLP is a nationally recognized law firm focused on complex litigation, with offices in New York, Oakland, Los Angeles, Chicago, and New Jersey. Founded in 1956, the firm has spent more than 50 years prosecuting securities, antitrust, and consumer protection actions in federal and state courts nationwide, recovering more than $10 billion for clients and the classes it has represented.

Kaplan Fox is widely regarded as one of the nation's premier plaintiffs' securities litigation firms and has received recognition from Chambers and Partners, Benchmark Litigation, Super Lawyers, and Lawdragon. Serving as lead or co-lead counsel in many landmark cases, the firm has secured some of the largest recoveries in the history of securities litigation, including a $2.425 billion recovery on behalf of Bank of America shareholders in In re Bank of America—the largest recovery ever obtained for claims under Section 14(a) of the Securities Exchange Act—$800 million recovered for the Arkansas Teacher Retirement System and other pension funds in ATRS v. Allianz Global Investors, and a $475 million settlement in In re Merrill Lynch.

For decades, Kaplan Fox has represented public pension funds, institutional investors, businesses, and individuals in high-stakes litigation. Through its successful advocacy and precedent-setting victories, the firm has helped shape important areas of securities and corporate law while advancing accountability and protecting investor interests.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules. Past results do not guarantee future outcomes.

If you have any questions about this Notice, your rights, or your interests, please contact:

Contacting or submitting information to Kaplan Fox & Kilsheimer LLP does not create an attorney-client relationship, nor an obligation on the part of Kaplan Fox to retain you as a client.

https://www.kaplanfox.com/case/ast-spacemobile-nasdaq-asts-class-action-lawsuit-learn-more-now/

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/320654

Source: Kaplan Fox & Kilsheimer LLP

Ready to Announce with Confidence?
Send us a message and a member of our TMX Newsfile team will contact you to discuss your needs.

Contact Us

Stocks for some of Europe’s most famous luxury brands are plummeting to their lowest level in years as Chinese customers cut back purchases and an industry revamp fails to launch.

Shares are down a jaw-dropping 40% so far this year for the continent’s fashion stalwarts — LVMH, parent company of Louis Vuitton, Gucci and more; Kering, which owns brands including Gucci and Bottega Veneta; and independent-minded Hermès.

A widely reported drop in demand for luxury products — particularly among Chinese customers and international social climbers, sometimes called “aspirational shoppers” in industry lingo — is to blame for Kering’s woes, the Wall Street Journal noted.

A Gucci storefront where men’s flip-flops can cost $900. JHVEPhoto – stock.adobe.com
“We know we have a lot of work to do in China,” the conglomerate’s finance chief Armelle Poulou said on an earnings call.

Kering sales dropped 1% in the third quarter. LVMH and Hermès each saw a 2% decrease. At Gucci alone, sales were down 6%.

The drop comes as the Chinese economy has been taken a beating. While unemployment is up, property values and household spending have been trending downward, according to the Journal. The country recently saw its slowest GDP growth since 2022.

“Despite the recent share ​price weakness, we expect some further pressure on the space as a whole today, with confirmation that the Chinese cluster seems ​to have taken a material (and bigger than feared) step down,” said JP Morgan analysts said in a note to investors about LVMH, according to Reuters. 

The stock decline has put a dent in LVMH kingpin Bernard Arnault’s fortune. He last topped Forbes’ list of billionaires in 2024, when he was worth $233 billion, but his wealth is listed at around $171 billion today, putting him in seventh place.

Meanwhile, LVMH-owned Zenith has started a consultation process that may lead to layoffs, according to Reuters.

Products display in 2024 at the Louis Vuitton fashion house at Marina Bay Sands shopping mall in Singapore. A mini bag can cost $2,000 or more. monticellllo – stock.adobe.com

A Hermes store in Munich in 2019. The brand’s coveted Birkin bag can sale for up to $53,000 auction price. EdNurg – stock.adobe.com
Customers in Asia, with China as the lead, account for a quarter of Kering’s sales. 

An Hermès finance exec said the Chinese market – the company’s largest – was “very difficult.” Eric du Halgouet told reporters that he still remained confident about the Asian market and would “continue to invest,” according to Reuters. 

There might be a shinier future for the prestigious brands. Analysts at Goldman Sachs Research are forecasting a 7% revenue increase for the luxury goods sectors as a whole for 2027.

“We view this as a solid recovery for an industry that has faced a prolonged period of sluggish performance,” wrote Erwan Rambourg, the group’s head of Europe luxury and lifestyle.

Smaller Gucci bags can go for around $900. However, Gucci heels can cost about $1,200. gpriccardi – stock.adobe.com
He expects more innovation and a reliance on different types of products. For instance, Gucci and L’Oréal have a 50-year exclusive beauty license that goes into effect in 2027.

Still, challenges include China’s property value woes, with new home prices losing 0.1% of their market value monthly, according to Reuters. Beijing recently announced subsidies for first-time mortgages to boost home sales, according to the Journal. 

The stock decline has put a dent in LVMH kingpin Bernard Arnault’s fortune. REUTERS
Last month, luxury credit card spending dropped 6% year over year, according to Citi.

Still, LVMH said it was good third-quarter growth in Europe and the US as Chinese customers looked elsewhere.

Key Takeaways AAOI leads CBRS on strong optical demand, better stock performance, and a positive earnings outlook.
AAOI's data center revenues surged 140.4% in Q2 2026, driven by strong demand for 400G and 800G products.
Cerebras' revenues jumped 103% in Q2, but margin pressure and heavy spending remain concerns.

Applied Optoelectronics (AAOI - Free Report) and Cerebras Systems (CBRS - Free Report) operate in the AI infrastructure ecosystem and benefit from growing investments in AI-powered data centers. While AAOI specializes in high-speed optical networking solutions that enable faster data transmission, Cerebras develops advanced AI processors and computing systems. Both companies are positioned to capitalize on rising demand for high-performance AI infrastructure.

Applied Optoelectronics or Cerebras Systems — Which of these AI Infrastructure stocks has the greater upside potential? Let’s find out.

The Case for AAOI StockApplied Optoelectronics is benefiting from accelerating optical networking demand, driven by artificial intelligence (AI) infrastructure investments and hyperscale data center upgrades. The company’s data center revenues surged 140.4% year over year to $107.7 million in second-quarter 2026. Revenues from 400G products increased more than fourfold, while 800G revenues climbed more than tenfold. Forecast demand for 800G and 1.6T products is expected to exceed production capacity through mid-2027.

The upcoming 1.6T ramp should further strengthen AAOI’s AI exposure. The company expects initial shipments to begin in the third quarter, followed by a larger ramp through 2027. AAOI already has more than $200 million of 1.6T orders in hand, while customer demand continues to exceed available capacity.

Further expanding its portfolio, in July 2026, AAOI began expanding its Pearland, TX, manufacturing campus by nearly 400,000 square feet to increase production of 800G and 1.6T optical transceivers for AI and cloud infrastructure. The new facilities will strengthen AAOI’s manufacturing capacity, support long-term growth and meet rising demand for high-speed optical networking products. The expansion is expected to create high-quality jobs while reinforcing AAOI’s position as a key supplier to AI data center and cloud infrastructure markets.

Strong demand for AAOI's next-generation data center products, driven by the rapid expansion of AI infrastructure and the company’s ongoing investments in manufacturing capacity, is expected to boost top-line growth. For the third quarter of 2026, Applied Optoelectronics expects revenues between $255 million and $290 million.

The Case For CBRS StockCerebras is benefiting from robust demand for artificial intelligence (AI) infrastructure, driven by the rapid adoption of high-speed inference across enterprises, hyperscalers and AI developers. The company’s second-quarter 2026 core revenues surged 103% year over year to $209.9 million, reflecting strong demand for its AI computing solutions. Core cloud and other services revenues jumped 287% to $127.7 million, supported by expanding OpenAI deployments and increased cloud customer usage.

The company is aggressively expanding its data center footprint to capitalize on increasing AI infrastructure investments. The company secured more than 600 megawatts of data center capacity, either operational or under contract for delivery by the end of 2027. Its manufacturing expansion initiatives, supported by partnerships with Flex, Sanmina and TSMC, are expected to increase manufacturing capacity by more than tenfold in 2026. These investments position Cerebras to address growing customer demand and accelerate revenue growth.

Strategic collaborations with OpenAI, Amazon Web Services (AWS) and other hyperscalers further strengthen Cerebras’ growth prospects. Its partnership with OpenAI is supporting strong demand for high-speed AI inference, while AWS integration through Amazon Bedrock, expected to become generally available in the first quarter of 2027, should expand enterprise adoption. Growing customer engagement across AI coding, agentic workflows and cybersecurity also offers opportunities to diversify revenue streams.

However, the company is not yet profitable and is expected to suffer from higher spending. In the second quarter of 2026, core gross margin improved to 41%, up 940 basis points year over year but contracted 590 bps sequentially. Core operating margin remained negative 16%, highlighting that CBRS is still investing heavily ahead of its expected growth. For the third quarter of 2026, operating margin is expected to be between negative 25% and negative 23%, while the 2026 range is negative 19% to negative 17%.

Price Performance and Valuation of AAOI and CBRSOver the trailing three months, AAOI and CBRS shares have plunged 32% and 45.3%, respectively. The decline in AAOI can be attributed to production capacity and key component supply constraints, which have limited its ability to meet surging customer demand for next-generation AI infrastructure products. Despite headwinds, the company outperformed CBRS due to robust performance in the data center business. The surge in AI infrastructure deployments requiring high-speed optical transceivers remains noteworthy.

CBRS's underperformance stems from near-term margin pressure from higher costs of renting back systems to expand cloud capacity. Data center availability constraints and deployment delays could limit revenue growth, while significant investments in manufacturing and infrastructure weigh on profitability. Heavy dependence on OpenAI poses customer concentration risks.

AAOI and CBRS Stock Performance
Image Source: Zacks Investment Research

Both AAOI and CBRS shares are currently overvalued, as suggested by a Value Score of F and D, respectively.

Moreover, Wall Street’s consensus price target implies roughly 136.31% upside from current levels for Cerebras, while for AAOI the expectation is 106.93%.

CBRS Consensus Price Target
Image Source: Zacks Investment Research

AAOI Consensus Price Target
Image Source: Zacks Investment Research

How Do Earnings Estimates Compare for AAOI & CBRS?The Zacks Consensus Estimate for AAOI’s 2026 earnings is pegged at 79 cents per share, which has been unchanged over the past 30 days. This indicates a 403.85% increase year over year.

The consensus mark for Cerebras’ 2026 loss has been unchanged at 52 cents per share over the past 30 days.

ConclusionWhile both Applied Optoelectronics and Cerebras stand to benefit from the AI infrastructure boom, AAOI appears to be the better investment choice due to strong demand for optical networking, accelerating 800G and 1.6T adoption, and expanding manufacturing capacity. AAOI’s positive earnings outlook and relatively better stock performance give it an edge over CBRS, which faces profitability challenges and margin pressure.

Both AAOI and CBRS currently carry a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

You are now leaving Barron's websiteBy clicking on the “Proceed” button below, you will be redirected to a third-party website owned and operated by Hong Kong Tiimoot Information Technology Co., Limited. (“HKT”), which is located in Hong Kong. That website operates independently from Barron's and Barron's does not control the website. The privacy practices of HKT are subject to its Privacy Statement, so please read it closely. We are not responsible for HKT's privacy or other data-related practices.

Rogers Communications Inc. (RCI.B:CA) Q3 2026 Earnings Call October 23, 2026 8:00 AM EDT

Company Participants

David Naccarato - Director of Investor Relations
Anthony Staffieri - President, CEO & Director
Glenn Brandt - Chief Financial Officer

Conference Call Participants

Drew McReynolds - RBC Capital Markets, Research Division
Batya Levi - UBS Investment Bank, Research Division
Aravinda Galappatthige - Canaccord Genuity Corp., Research Division
Maher Yaghi - Scotiabank Global Banking and Markets, Research Division
Jerome Dubreuil - Desjardins Securities Inc., Research Division
Vince Valentini - TD Cowen, Research Division
Sebastiano Petti - JPMorgan Chase & Co, Research Division
Stephanie Price - CIBC Capital Markets, Research Division
Matthew Griffiths - BofA Securities, Research Division

Presentation

Operator

Thank you for standing by. This is the conference operator. Welcome to the Rogers Communications Inc. Third Quarter 2026 Results Conference Call. The conference is being recorded. [Operator Instructions]

I would now like to turn the conference over to David Naccarato, Head of Investor Relations with Rogers Communications. Please go ahead, Mr. Naccarato.

David Naccarato
Director of Investor Relations

Thank you, Gaylene, and good morning, everyone, and thank you for joining us. Today, I'm here with our President and Chief Executive Officer, Tony Staffieri; and our Chief Financial Officer, Glenn Brandt. Today's discussion will include estimates and other forward-looking information from which our actual results could differ. Please review the cautionary language in today's earnings report and in our 2025 annual report regarding the various factors, assumptions and risks that could cause our actual results to differ.

With that, let me pass the call over to Tony to begin.

Anthony Staffieri
President, CEO & Director

Thank you, David, and good morning, everyone. I'm pleased to report that we continued to demonstrate strong execution in our 3 lines of business during the third quarter. Against the backdrop of lower market activity, we continued to deliver on our commitments and our long-term

CoreWeave Inc. (NASDAQ:CRWV) shares are breaking to a new 52-week low Friday, its second fresh low in days, as higher rates keep weighing on the stock.

CoreWeave stock is testing key support levels. Why is CRWV stock at lows? At roughly $54.28, CoreWeave trades below the $57.24 low it set earlier this week and about 62% beneath its 52-week high of $141.79. Today’s 1.43% decline adds to a long slide: around 10.72% over five days, 36.93% over a month and 53.32% over six months.

Morgan Stanley and UBS Cut CoreWeave TargetsMorgan Stanley analyst Keith Weiss stayed at Equalweight and reduced the price target to $70 from $99. Weiss credits CoreWeave with solid execution and calls it the “speed and scale leader” among crowded neocloud rivals. Still, financing uncertainty is obscuring how the company will deploy its contracted capacity and eventually reach 8 gigawatts of active capacity.

More news today includes UBS analyst Karl Keirstead, who held Buy and trimmed the price target to $105 from $120. Keirstead noted that CoreWeave has lost 37% in October as neocloud AI infrastructure stocks, Oracle among them, saw confidence erode.

Microsoft and Amazon moved higher instead, a split Keirstead takes as a defensive turn on AI infrastructure, and one UBS broadly shares. The note revisits CoreWeave’s credit story and warns that rebuilding confidence could be a “multi-quarter fix.”

Rising Rates Pressure Debt-Heavy CoreWeaveHigher interest rates are weighing on companies that carry heavy debt, alongside unease over AI spending, and CoreWeave is among them. Rates and AI spending worries have driven this week’s selling.

CNBC reported Wednesday that holders of CoreWeave stock and bonds are both losing confidence as rates climb and AI build-out doubts grow. Investors increasingly view debt-laden neocloud providers, CoreWeave among them, as the most vulnerable corner of AI.

CRWV Shares Are FallingCRWV Price Action: CoreWeave shares were down 1.13% at $54.97 at the time of publication on Friday. The stock is trading at a new 52-week low, according to Benzinga Pro.

Read Next

Image: Mamun_Sheikh/Shutterstock.com

Market News and Data brought to you by Benzinga APIs

© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

To add Benzinga News as your preferred source on Google, click here.

Key Takeaways Planet Labs' Q2 revenues surged 58.1% to $116.1M, driven by 93.3% growth in Defense and Intelligence.PL's $815M backlog supports revenue visibility, while fiscal 2027 sales are projected to grow 40-43%.PL trades at 8.8X forward sales, while heavy capital spending and negative returns raise valuation concerns.
Planet Labs PBC (PL - Free Report) combines rapid revenue growth, rising sovereign demand and substantial contracted business with a valuation that already discounts considerable future execution. The setup is attractive on growth, but less forgiving on price.

That leaves investors weighing whether improving operating trends can offset heavy reinvestment needs and weak capital returns. The current evidence supports a measured stance rather than treating growth alone as sufficient reason to become more aggressive.

Planet Labs Has Powerful Revenue MomentumFiscal second-quarter 2027 revenues increased 58.1% year over year to $116.1 million. Defense and Intelligence revenues rose 93.3% to $81 million, making that customer vertical the main driver of the quarter’s expansion.

Management expects fiscal 2027 revenues of $430-$441 million, representing roughly 40-43% annual growth. The outlook also calls for non-GAAP gross margin of 55-57% and adjusted EBITDA profit of $3-$10 million, showing that management expects growth to coexist with improving operating leverage.

PL’s Backlog Adds Visibility to Future GrowthBacklog was approximately $815 million at the end of the fiscal second quarter, up about 11% year over year. Roughly half applies to the next 12 months, while about 70% applies to the next 24 months.

Remaining performance obligations totaled approximately $753 million, up 9%. Management estimates that executing contracts already in backlog could generate more than $400 million in revenues over the next four quarters, excluding new business and renewals, giving PL meaningful near-term visibility.

Planet Labs Still Requires Heavy ReinvestmentPlanet Labs expects fiscal 2027 capital expenditures of $100-$115 million. Management plans to direct spending toward manufacturing expansion, supply-chain resiliency and next-generation satellite fleets as it builds capacity for future demand.

That investment burden is already visible in cash flow. First-half free cash flow fell to $21.3 million from $54.3 million a year earlier, while operating cash flow declined to $68.4 million from $85.1 million. Management still targets positive adjusted free cash flow for the full fiscal year.

PL’s Premium Valuation Raises the BarPL trades at 8.8X forward 12-month sales, above the 2.6X Zacks sub-industry multiple and its 4.8X three-year median. With GAAP operating results still negative and trailing 12-month return on invested capital at negative 39.1%, the current valuation leaves limited room for execution setbacks.

Image Source: Zacks Investment Research

The competitive backdrop also matters. BlackSky Technology Inc. (BKSY - Free Report) provides real-time space-based intelligence using high-revisit imagery, analytics and its proprietary satellite constellation. Satellogic Inc. (SATL - Free Report) is developing its Merlin constellation for daily global monitoring at one-meter resolution, highlighting continued investment across Earth observation.

PL’s Scores Favor Growth but Flag ValuationThe bottom line is that Planet Labs has a credible growth case backed by rapid revenue expansion, a large backlog and increasing sovereign demand, but its valuation and capital intensity argue for patience. Investors may want to see sustained margin progress and better capital efficiency before assigning even more value to future growth.

PL currently carries a Zacks Rank #3 (Hold). It also has a Growth Score of B and Momentum Score of A, while its Value Score of F and VGM Score of C are less supportive. The favorable Growth and Momentum scores recognize stronger characteristics in those styles, but the weak Value score reinforces valuation caution. Taken together with the Hold rank, the signals fit a balanced view rather than a clear buy case.

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

Flagstar Financial Inc. (NYSE:FLG) shares are dipping Friday after a split third-quarter report: earnings fell short of estimates while revenue beat them. Here’s what you should know.

Flagstar Bank stock is at significant support. Why is FLG stock at lows? Flagstar shares are trading at around $10.40, below their previous 52-week low of $10.57 and down from a 52-week high of $15.44.

Earnings missed. Flagstar’s adjusted profit came to 1 cent per share, below the 8 cents analysts predicted. Revenue went the other way, reaching $530 million against a $487.8 million forecast.

Net income totaled $12 million. That is down from $34 million in the second quarter but better than the $36 million loss of a year ago. For common stockholders, income came to $3 million, or 1 cent a share, versus $26 million, or 6 cents, in the prior quarter.

Flagstar Pushes Long-Term Targets Back to 2028CEO Joseph Otting named several pressures: higher interest rates, competition for deposits, persistent inflation and New York City rent regulation, which is raising credit costs on the bank’s multi-family loans. With rates expected to stay elevated, Otting said, reaching the bank’s long-term objectives “has shifted to 2028 from 2027.”

Flagstar’s 2028 targets include adjusted EPS of $1.60 to $1.70 and a net interest margin of 2.85% to 2.95%. It also targets net interest income of $2.6 billion to $2.7 billion and credit loss provisions of $150 million to $200 million that year. For earlier years, it targets net interest income of approximately $1.82 billion to $1.83 billion in 2026 and $2.2 billion to $2.3 billion in 2027.

Flagstar Loan Growth Offsets Higher Credit CostsOtting pointed to progress in several core measures. Net interest margin widened 4 basis points to 2.17%, and net interest income rose 5% to $460 million. Loans grew $958 million to $61.9 billion, with commercial and industrial loans up 11% to $20.6 billion. Deposits in the commercial banking business rose 7%.

Credit costs moved the other way. Provisions jumped $58 million, mostly because of higher rates, which also affect the rent-regulated multi-family loans in New York City. Substandard loans increased by $248 million, alongside a $670 million rise in criticized and classified loans.

Flagstar reported a 12.38% CET1 capital ratio and wrapped up a $250 million buyback in early October.

FLG Shares Are SlidingFLG Price Action: Flagstar shares were down 962% at $10.34 at the time of publication on Friday. The stock is trading at a new 52-week low, according to Benzinga Pro.

Read Next

Image: Shutterstock

Market News and Data brought to you by Benzinga APIs

© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

To add Benzinga News as your preferred source on Google, click here.

SailPoint, Inc. (SAIL - Free Report) appears an attractive pick, as it has been recently upgraded to a Zacks Rank #2 (Buy). This rating change essentially reflects an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.

A company's changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate -- the consensus measure of EPS estimates from the sell-side analysts covering the stock -- for the current and following years.

The power of a changing earnings picture in determining near-term stock price movements makes the Zacks rating system highly useful for individual investors, since it can be difficult to make decisions based on rating upgrades by Wall Street analysts. These are mostly driven by subjective factors that are hard to see and measure in real time.

As such, the Zacks rating upgrade for SailPoint, Inc. is essentially a positive comment on its earnings outlook that could have a favorable impact on its stock price.

Most Powerful Force Impacting Stock PricesThe change in a company's future earnings potential, as reflected in earnings estimate revisions, has proven to be strongly correlated with the near-term price movement of its stock. The influence of institutional investors has a partial contribution to this relationship, as these big professionals use earnings and earnings estimates to calculate the fair value of a company's shares. An increase or decrease in earnings estimates in their valuation models simply results in higher or lower fair value for a stock, and institutional investors typically buy or sell it. Their bulk investment action then leads to price movement for the stock.

Fundamentally speaking, rising earnings estimates and the consequent rating upgrade for SailPoint, Inc. imply an improvement in the company's underlying business. Investors should show their appreciation for this improving business trend by pushing the stock higher.

Harnessing the Power of Earnings Estimate RevisionsEmpirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock movements, so it could be truly rewarding if such revisions are tracked for making an investment decision. Here is where the tried-and-tested Zacks Rank stock-rating system plays an important role, as it effectively harnesses the power of earnings estimate revisions.

The Zacks Rank stock-rating system, which uses four factors related to earnings estimates to classify stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record, with Zacks Rank #1 stocks generating an average annual return of +25% since 1988. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here >>>> .

Earnings Estimate Revisions for SailPoint, Inc. For the fiscal year ending January 2027, this company is expected to earn $0.33 per share, which is unchanged compared with the year-ago reported number.

Analysts have been steadily raising their estimates for SailPoint, Inc. . Over the past three months, the Zacks Consensus Estimate for the company has increased 0.6%.

Bottom LineUnlike the overly optimistic Wall Street analysts whose rating systems tend to be weighted toward favorable recommendations, the Zacks rating system maintains an equal proportion of "buy" and "sell" ratings for its entire universe of more than 4,000 stocks at any point in time. Irrespective of market conditions, only the top 5% of the Zacks-covered stocks get a "Strong Buy" rating and the next 15% get a "Buy" rating. So, the placement of a stock in the top 20% of the Zacks-covered stocks indicates its superior earnings estimate revision feature, making it a solid candidate for producing market-beating returns in the near term.

You can learn more about the Zacks Rank here >>>

The upgrade of SailPoint, Inc. to a Zacks Rank #2 positions it in the top 20% of the Zacks-covered stocks in terms of estimate revisions, implying that the stock might move higher in the near term.

US telecom stocks declined on Friday after a report that SpaceX was seeking thousands of cell sites for a fourth wireless carrier, ​fueling concerns over fresh competition.

Elon Musk's rocket and space technology ‌company was in talks to access at least 80,000 cell sites to build its wireless carrier from scratch, Bloomberg News reported late on Thursday, citing sources familiar ​with the matter.

AT&T (T.N) fell 5.6% to a more than three-month low, ​Verizon (VZ.N) lost 1.6% and T-Mobile shed 5%.

Germany's Deutsche Telekom (DTEGn.DE), which ⁠holds an over 50% stake in T-Mobile, lost 3.2%.

"The competitive impact ​may still be years away, but anticipation alone, reinforced by each successive ​spectrum and infrastructure move, is likely to remain an overhang on sector sentiment," Bernstein analysts said in a note.

Tower operators and SpaceX did not immediately respond to ​requests for comment.

The report comes weeks after SpaceX acquired low-band spectrum to advance ​its carrier plans, mounting a direct, orbital challenge to legacy wireless giants in the ‌US ⁠and sending AT&T and Verizon shares to their worst one-day falls in more than two decades.

Bernstein analysts said that an MVNO (mobile virtual network operator) deal with SpaceX may not appeal to telecom operators, but a ​unified stance against one ​has done ⁠little to lift sentiment, leaving carriers to reassess their options.

SpaceX's Starlink has been generating revenue from internet services ​in sparsely populated and rural areas, but becoming a ​true rival ⁠to major carriers will require years of work and a terrestrial network.

Tower operator Crown Castle (CCI.N), however, surged 11.6% after the report identified it as one ⁠of the ​cellular infrastructure companies SpaceX was in talks ​with.

Other operators also rose, with American Tower (AMT.N) up 4.9% and SBA Communications adding 4.6%.

Shares of ​SpaceX rose 1.7%.

watch now

SpaceX's Starlink internet system continues to be throttled in Ukraine as the stakes rise for the war-torn country, Ukrainian officials and a national security expert said Friday.

"Every day matters for Ukraine, because every Ukrainian life matters," wrote Denys Sienik, Ukraine's deputy ambassador to the U.S., in a Friday post on X.

"Our people are waiting for positive news, hoping that the restrictions will be lifted and our defenders will have the capabilities they need to protect lives," Sienik said. "Unfortunately, as of today, nothing has changed. We continue to wait."

Since Oct. 14, Ukrainian officials have accused SpaceX of undermining the country's ability to defend itself by imposing speed limits on Starshield, the military-grade Starlink offering. Any drone traveling above 100 mph lost its connection, disrupting some missions, officials said.

Despite recent comments from President Donald Trump that indicated service was restored, Ukraine's Starshield terminals continued to experience problems on Friday, said Dmitri Alperovitch, chairman of the Silverado Policy Accelerator, a Washington, D.C., think tank focused on energy, defense tech and global trade.

"They are losing drones," Alperovitch, who is also a co-founder and former chief technology officer of cybersecurity firm CrowdStrike, told CNBC. "Ability to do mid strike to hit Russian logistics is now limited."

Ukrainian President Volodymyr Zelenskyy said in a Friday post on X that the restrictions on Starlink and Starshield "are still there," and added, "The speed has not been restored." He noted that the country is also waiting for the U.S. to deliver missile interceptors "that were already agreed on."

"Things have become harder — partly because of the Starlink and Starshield policies and speed limits," Zelenskyy wrote. "But our frontline is still holding and I am proud of how strong our people are."

Zelenskyy's defense tech advisor, Serhii Beskrestnov, also confirmed the restrictions were in place in a post on his Telegram channel.

"While there are isolated cases where Starlink may operate somewhat beyond the established limits, this is likely a result of SpaceX's algorithms or specific usage conditions, rather than an actual removal of restrictions," Beskrestnov said in a post translated by Google.

Musk and representatives from SpaceX did not immediately respond to a request for comment.

Who is ultimately responsible for the decision to limit Ukraine's service remains unclear. Democratic and Republican lawmakers have since called for an investigation into Musk and the Starshield throttling.

The Wall Street Journal reported on Thursday that Trump spoke to Elon Musk by phone about lifting the restrictions on Ukraine's Starshield terminals. Trump said Thursday he didn't "want to comment one way or the other" about whether he made the call to Musk, and added, "The bottom line, he put it back."

But on Friday, Trump insisted that he hadn't spoken with Musk, and reiterated that Starshield service had been restored.

"I've heard it was fixed," Trump told reporters outside the White House. "But if it's not, I'll speak to him."

Amid the Starshield disruptions, Zelenskyy and other Ukrainian officials have floated the possibility of adopting additional satellite internet communications systems. Experts previously told CNBC that it could prove challenging for Ukraine or other countries to secure alternatives to Starlink since other options are not yet comparable to the service.

Zelenskyy wrote on Wednesday in a post on X that he met with Norwegian officials and Kongsberg, a Norwegian defense company, to discuss air defense systems and "launching work on new satellite communication capabilities for our warriors."

On Thursday, Ukraine's Ministry of Defense signed a letter of intent with Nokia and ICEYE, a Finnish space intelligence firm, to "explore cooperation in space" and "support Ukraine's defense capabilities, particularly in building sovereign satellite communications," the companies said in a release.

"Modern warfare has proven that reliable communications are a matter of national security," Zelenskyy said in a statement. "We must all rely on capabilities that we can control."

-- CNBC's Eamon Javers and Lora Kolodny contributed reporting to this story.

Read more CNBC tech newsMusk's clash with Ukraine accelerates demand for Starlink alternatives. Few existThird-party evaluators find vulnerabilities in OpenAI monitoring system during test pilotNvidia CEO Jensen Huang says neocloud demand is 'off the charts' but capital is scarceTesla beats on earnings and sales even as auto revenue declines

Three Oversold REITs With Strong FundamentalsRexford Industrial Realty NYSE: REXR reported third-quarter execution marked by higher leasing activity, improved occupancy, a major portfolio sale and an increase to its full-year Core FFO guidance.

Chief Executive Officer Laura Clark said the company completed more than 3.7 million square feet of leasing during the quarter, its second-highest quarterly total. Same-property net operating income, or NOI, occupancy rose 200 basis points sequentially as approximately 87% of expiring space was renewed or backfilled, according to Chief Operating Officer John Nahas.

Get REXR alerts:

Hunting for High-Yield Bargains? 2 REITs to ConsiderManagement said Southern California industrial-market conditions showed early signs of improvement. The market recorded a second consecutive quarter of positive net absorption, while market rents posted marginal quarterly growth—the first quarterly increase since 2023, Clark said. She cautioned that recoveries are “rarely linear,” but said the market’s direction was encouraging.

Leasing activity and market demand Rexford’s leasing activity included approximately 600,000 square feet across repositioning and development projects. Nahas said those leases are expected to generate more than $14 million of annualized NOI once they commence.

Demand during the quarter was led by light manufacturing and advanced manufacturing, which accounted for about one-third of leasing activity, Nahas said. Logistics, distribution and warehouse users comprised another third, while the remainder came from sectors including construction and building materials, apparel, food and beverage, healthcare, and entertainment.

Management identified growing demand for Class A industrial properties as a notable trend. Nahas said advanced manufacturing and logistics users were the largest occupiers of Class A space, with advanced manufacturing demand remaining especially strong in the South Bay. The company also observed demand for functional Class B properties in several markets.

Orange County returned to positive net absorption, supported by Class A demand and activity from corporate users. Mid-Counties and San Gabriel Valley saw functional Class B space lease well, with Class A demand gaining traction. South Bay activity was supported by logistics, advanced manufacturing and aerospace tenants seeking higher-quality space and infrastructure. IE West leasing was led by logistics, particularly for buildings between 100,000 and 250,000 square feet. San Fernando Valley demand remained healthy for functional Class B properties under 100,000 square feet, while Class A demand was more limited. Management said the company’s vertically integrated operating platform has helped it move negotiations more quickly as tenants become more decisive. Clark added that fourth-quarter tenant activity had remained similar to the sustained level seen in the third quarter, including activity for repositioning and development properties still in lease-up.

Portfolio realignment and dispositions The company advanced its $2 billion portfolio realignment initiative with a $1.2 billion sale of a 5.2 million-square-foot portfolio comprising 22 properties. Clark described it as Rexford’s largest transaction to date. Including the transaction, the company has completed $1.5 billion of dispositions year to date.

Nahas said the sold portfolio contained properties with greater exposure to competitive supply and more limited growth potential. At closing, the assets had a weighted-average remaining lease term of 2.7 years, in-place rents nearly 30% above market and an estimated 2027 cash NOI yield of approximately 5.5%.

Rexford also completed three additional dispositions during the quarter, all to owner-users, Nahas said. The company expects to dispose of a remaining $500 million of assets under the realignment initiative, with most of those transactions expected to be under contract or completed by year-end.

Clark said buyer interest has remained constructive despite higher Treasury rates, though higher rates have increased capital costs for some buyers and made the transaction market more selective. She said the company expects pricing on the remaining assets, in aggregate, to be roughly in line with the 5.5% estimated 2027 cash NOI yield achieved in the $1.2 billion portfolio sale.

Debt reduction, buybacks and guidance Chief Financial Officer Michael Fitzmaurice said Rexford used disposition proceeds to reduce debt and repurchase shares. Leverage declined by three-quarters of a turn to 3.8 times, and the company had repaid $425 million of its $1 billion of debt maturities scheduled for 2027.

The company expects to repay the remaining $575 million at maturity in March rather than refinance at what Fitzmaurice characterized as current rates of roughly 6.25%. Following that maturity, Rexford’s next meaningful debt maturity is in June 2028, he said.

Rexford repurchased $709 million of stock year to date, including $409 million during and after the third quarter. Since the second quarter of the prior year, the company has bought back nearly $1 billion of shares, or about 10% of shares outstanding, Fitzmaurice said. Rexford ended the quarter with $1.7 billion of liquidity and expects net debt to EBITDA of approximately 3.5 times by year-end.

Third-quarter Core FFO was $0.60 per share, unchanged from the prior-year quarter. Favorable capital-recycling activity and lower general and administrative expense were offset by lower same-property NOI and lower interest income. Core FFO per share declined $0.03 sequentially, primarily due to timing associated with redeploying disposition proceeds, partly offset by lower interest expense and share-repurchase accretion.

The company raised the midpoint of its full-year Core FFO-per-share guidance by $0.02, setting a range of $2.41 to $2.44. Fitzmaurice said the increase reflected better-than-expected leasing and lower anticipated bad debt. Rexford also raised the midpoint of its same-property NOI growth outlook by 75 basis points on both a net-effective and cash basis, while increasing its average same-property occupancy outlook by 40 basis points at the midpoint to 95.9%.

Outlook for occupancy and rent spreads Looking ahead, Fitzmaurice said Rexford expects cash leasing spreads to average in the negative low- to mid-teens over the next several years as leases signed during the 2022 and 2023 market peak expire. He said this outlook assumes flat market rents through the next couple of years, leaving potential upside if rents accelerate.

Management said selling non-core assets improved the expected leasing-spread outlook by about 200 basis points and reduced future NOI pressure. Fitzmaurice also said the company could stabilize same-property occupancy in a 97% to 98% range over the next several years if market conditions remain supportive. Total portfolio occupancy was about 91% at quarter-end, with management estimating potential stabilization at 94% to 95%.

Clark said acquisitions remain part of Rexford’s long-term strategy but must compete with other uses of capital. At present, she said debt reduction, share repurchases when market pricing diverges from the company’s view of intrinsic value, and internal repositioning and development projects represent more compelling uses of capital.

About Rexford Industrial Realty (NYSE:REXR)Rexford Industrial Realty, Inc NYSE: REXR is a publicly traded real estate investment trust focused on owning, operating and acquiring industrial properties. Its portfolio primarily consists of infill logistics, warehouse, distribution and manufacturing facilities that support supply-chain and business operations.

The company concentrates exclusively on Southern California, including the Los Angeles, Orange County, San Diego and Inland Empire industrial markets. Rexford seeks to benefit from the region's established transportation infrastructure, large consumer base and constrained supply of well-located industrial real estate.

Rexford Industrial Realty became a publicly traded company in 2013.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

Should You Invest $1,000 in Rexford Industrial Realty Right Now?Before you consider Rexford Industrial Realty, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Rexford Industrial Realty wasn't on the list.

While Rexford Industrial Realty currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here

AI spending is reshaping the market, and the opportunity extends far beyond the biggest chipmakers. Discover 10 stocks set to benefit from powerful trends in AI infrastructure, cloud computing, energy, capital returns, and consumer growth this fall.

Get This Free Report

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Apple wanted a great launch of an innovative product to usher in its new chief executive. But the iPhone Duo, and the supply chain making it, weren't quite ready.

SummaryMeta Platforms, Inc., delivered a strong Q3 2026, with 26% YoY revenue growth to $64.60B, beating guidance despite a one-time $9.89B legal charge.Excluding the legal charge, META's operating income rose 11% YoY, and EPS would have been $7.40; negative FCF is a timing issue, not a structural weakness.Muse adoption is accelerating, with 10M users in 1.5 months; at 1B users, Muse could add $2.97 EPS, a driver not reflected in the current valuation.META trades at a discount to Magnificent 7 peers, at 19.6x 2027 earnings, with 30.5% expected EPS growth over two years and substantial long-term cash generation. Derick Hudson/iStock Editorial via Getty Images

Meta Platforms, Inc. (META) posted its Q3 2026 results on October 21st, and once again market participants decided to fade the earnings report rather than celebrating the accomplishments. Shares of META closed at $697.52

43.31K Followers

Analyst’s Disclosure: I/we have a beneficial long position in the shares of META, NVDA, AAPL, AMZN, GOOGL, 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.

Disclaimer: I am not an investment advisor or professional. This article is my own personal opinion and is not meant to be a recommendation of the purchase or sale of stock. The investments and strategies discussed within this article are solely my personal opinions and commentary on the subject. This article has been written for research and educational purposes only. Anything written in this article does not take into account the reader’s particular investment objectives, financial situation, needs, or personal circumstances and is not intended to be specific to you. Investors should conduct their own research before investing to see if the companies discussed in this article fit into their portfolio parameters. Just because something may be an enticing investment for myself or someone else, it may not be the correct investment for you.

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.

A top Wall Street analyst sees Tesla soaring while the rest of the Street keeps slashing estimates and the stock drifts further below its highs. The case for and against that bullish call comes down to one business that Tesla…

Tesla (NASDAQ:TSLA | TSLA Price Prediction) currently trades at $374.58. The average price target among analysts is $397.83, which implies 6.2% upside.

That consensus gap is small. The headline number comes from the top of the range. Wedbush Securities analyst Dan Ives holds a Street-high $600.00 target, which implies about 60.2% upside, a gap well above 40%. Tigress Financial’s Ivan Feinseth is right behind him at $550.00.

Tesla is valued at about $1.48 trillion. That price reflects an AI and robotics company, but most of the revenue still comes from cars. Its latest quarterly report tested which of those two stories investors believe, and the stock gave a mixed answer.

A Spending Cut Turned Tesla’s Earnings Beat Into a Selloff
The main blow was a surprise cut to capital spending. Tesla cut its annual capital expenditure forecast by a fifth, and shares fell 3.08% in the next session. That came even though adjusted EPS of $0.48 beat the $0.4511 estimate. Direxion’s Ryan Lee put the worry simply: “Lower capex suggests less of an ‘all-in’ approach to the AI arms race than one would expect from Elon.”

The details below were weak. Revenue of $28.05B was essentially flat year over year. GAAP operating income fell to $718M from $1.62B as R&D rose to $2.76B. Battery shortages limited deliveries to 486,532 vehicles, even with the largest order backlog in four years. Analysts have also cut their full-year 2026 EPS consensus to $1.7421, down from $2.1306 90 days ago.

The damage is mostly specific to Tesla. The stock sits 24.9% below its 52-week high of $498.83 and trades under its 200-day moving average of $386.94. The broader market, meanwhile, has kept rising.

Wedbush Is Valuing Tesla as an AI Company
Wedbush’s case is that Tesla is turning from an EV maker into an AI/autonomous software monopoly. The data supports parts of that story. Active FSD subscriptions grew to 1.74M from 1.04M a year earlier. Cybercab has joined the unsupervised Robotaxi fleet in Austin, and total unsupervised miles grew 8x quarter over quarter to nearly 2M.

Ives believes that scaled robotaxi fleets and recurring software revenue could create a $2T+ to $3T ecosystem valuation. He also points to Optimus. Production of the humanoid robot has started on high-volume lines in Fremont, and the Semi has entered volume production in Nevada. Tesla has $45.4B in cash to pay for all of it.

Most of Wall Street is less enthusiastic. Holds are the largest group with 21 ratings. Estimate revisions have mostly gone down, with 4 downward full-year EPS revisions over the past 30 days. Wedbush’s target covers 12 months. At a forward P/E near 159x, Tesla needs every one of those milestones to arrive on time (we reverse-engineered what the biggest tech winners looked like early and turned it into a free playbook you can grab here).

Detroit and Rivian Fell Harder but Offer More Upside
Several peers have posted sharp recent declines.

General Motors (NYSE:GM) lost 7.7% in a week to $77.22. Its average target of $101.22 implies 31.1% upside. No analysts rate GM a Sell, and 13 rate it a Buy.

Ford (NYSE:F) dropped 8.85% over the past month to $11.94. Its target of $15.56 implies 30.3% upside, although Holds (12) are the most common rating.

Rivian (NASDAQ:RIVN) is down 38.81% this year at $12.06. Its $19 target implies 57.5% upside, but analyst opinion is split.

Rivian has the largest consensus upside in the group. Tesla has the smallest. Like every target in this group, these are estimates that can change.

Tesla Is Lagging the S&P 500 This Year
Tesla is down 16.71% year to date, while the S&P 500 has gained 12.03%. Over the past year, Tesla has lost 14.67%, even after a 3.35% gain over the past week. Trailing P/E stands near 358x.

Here is how the 44 analysts covering the stock rate it:

Strong Buy: 4
Buy: 15
Hold: 21
Sell: 2
Strong Sell: 2

Tesla’s 60% Case Depends on Robotaxis Scaling Quickly
Tesla earns a closer look here if robotaxi service expands well beyond Austin, FSD subscriptions keep growing and battery supply improves enough to work through the backlog. But caution makes sense if the spending cut means Tesla is slowing down its AI plans, or if operating margins stay near 4.6%.

Jim Cramer has highlighted a structural risk, reasoning that a SpaceX listing would cost Tesla its scarcity value, and that the stock could “keep drifting lower until they either make more progress in robo taxis or the core business finally turns around”. Talk of a merger between Tesla and SpaceX makes that risk harder to judge.

I lean conservative. The consensus target says Tesla is about fairly priced already. Getting to Wedbush’s 60% upside would require nearly perfect execution while earnings estimates are still falling. Until robotaxi revenue shows up in the earnings report, consensus targets for Rivian and Detroit imply more upside than Tesla’s.

Got $1,000? Before You Buy TSLA, Read ThisIf you have cash sitting in your account right now, give this two minutes. After more than two decades of helping investors beat the market, our top analysts at 24/7 Wall St. put together a definitive report on the Top 10 Stocks To Buy Today. And TSLA wasn't one of them.

They combed the entire market. It's not 10 ideas, not 10 stocks everyone is talking about, it's what their research points to as the 10 best stocks to buy right now, and it's free. Read more here and see which stocks made the list -->>

Contact [email protected] for any questions or corrections.

By You're currently following this author! Click to unsubscribe from email alerts.

Uber is giving all of its corporate employees access to OpenAI's enterprise tool Bloomberg/Getty Images Uber is giving all of its corporate employees access to OpenAI's enterprise tool weeks after laying off thousands.

About 30,000 employees at the ride-hailing service's offices will have access to ChatGPT Work, the two companies said on Thursday.

The tool will connect with other programs that Uber employees use, such as Slack and Gmail, to "research information, prepare meeting briefs, create presentations, analyze data and complete workflows across applications," a statement said.

"As AI transforms how we work, we want to give everyone the tools to innovate, solve problems and help shape Uber's future," Uber CTO Praveen Neppalli Naga said. Uber initially tested the tool among a group of 1,000 employees.

The rollout comes the month after Uber laid off about 10% of its corporate workforce, or about 3,300 people. The company made the job cuts to reduce management layers and reduce the number of small teams, CEO Dara Khosrowshahi said at the time. It didn't cite AI in its announcement.

Some laid-off employees told Business Insider that AI was doing significant parts of their jobs, from answering their questions in Slack to crafting replies to messages from riders and drivers.

Uber cited AI as a reason for an earlier round of layoffs in July, which targeted Uber's customer service employees.

Do you have a story idea about Uber? Contact this reporter at [email protected] or via encrypted messaging app Signal at 808-854-4501. Use a personal email address, a nonwork WiFi network, and a nonwork device; here's our guide to sharing information securely.

Read next

Business Insider tells the innovative stories you want to know

Business Insider tells the innovative stories you want to know

Business Insider tells the innovative stories you want to know

Business Insider tells the innovative stories you want to know

Alex Bitter You're currently following this author! Click to unsubscribe from email alerts.

Alex Bitter is a senior retail reporter covering Uber, Lyft, DoorDash, Instacart, and related companies. His coverage ranges from the experiences of gig workers to what's happening inside the world's biggest ride-hailing and delivery companies.Alex has also written about the retail and food industries. Convenience store chain Sheetz ended its "smile policy" after his reporting. Alex lives in the Washington, DC, area, where you can find him studying ancient coins or searching for Civil War artifacts with his metal detector in his free time.Got a tip? Reach out at [email protected] or via encrypted messaging app Signal at +1 (808) 854-4501.

Uber ride-hailing Layoffs More AI Artificial Intelligence

Suit alleges Alphabet Inc. failed to disclose key facts to investors from May 19, 2026 through July 16, 2026; lead plaintiff deadline is December 1, 2026

, /PRNewswire/ -- The Law Offices of Howard G. Smith today reported that a securities class action lawsuit is pending against Alphabet Inc. ("Alphabet" or the "Company") (NASDAQ: GOOGL) on behalf of investors who acquired its securities from May 19, 2026 through July 16, 2026. The Alphabet Inc. case, Stewart v. Alphabet Inc. et al., was filed on October 2, 2026 in the U.S. District Court California Northern District (San Jose) (Case No. 5:26-cv-11290).

Investors with losses on Alphabet Inc. securities can contact the Law Offices of Howard G. Smith about the Alphabet Inc. lawsuit before the December 1, 2026 lead plaintiff deadline.

Key deadlines and dates for Alphabet Inc. investors

Lead plaintiff deadline: December 1, 2026 Class period: May 19, 2026 through July 16, 2026 Complaint filed: October 2, 2026 What happened?

On July 16, 2026, Bloomberg reported that Alphabet's Google is months behind schedule on delivering Gemini 3.5 Pro, its most powerful flagship AI model, due to the Company's ongoing coding efforts, and that "[l]ate last month, Google updated the data being used to train Gemini in an attempt to improve [its] skills, but the results were disappointing."

On this news, Alphabet's stock price fell $16.40, or 4.4%, to close at $353.81 per share on July 16, 2026, thereby injuring investors.

Then, on July 22, 2026, Alphabet released its second quarter 2026 financial results, announcing a significant expansion of expected full year 2026 capital expenditures to $195 billion to $205 billion, and disclosing a negative free cash flow of $5.9 billion for the quarter. The Company further disclosed that, given the supply-constrained environment, it planned to expand the use of third-party capacity in the third quarter as a bridging strategy, which would create modest margin pressure in the near term.

On this news, Alphabet's stock price fell $24.40 or 7.13%, to close at $317.69 on July 23, 2026, thereby injuring investors further.

What is the Alphabet Inc. lawsuit about?

The Alphabet Inc. securities lawsuit alleges that, between May 19, 2026 and July 16, 2026, defendants made materially false and/or misleading statements and failed to disclose material adverse facts about Alphabet Inc.'s business, operations, and prospects. Specifically, the complaint alleges defendants failed to disclose that: (1) that the Gemini 3.5 Pro was delivering disappointing training results; (2) that, as a result, the launch of Gemini 3.5 Pro would be significantly delayed; and (3) as a result, defendants' positive statements about Alphabet Inc.'s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

"The lawsuit against Alphabet Inc. alleges that, among other things, the Company failed to tell investors that that the Gemini 3.5 Pro was delivering disappointing training results. Alphabet Inc. investors who bought during the class period may be able to pursue their losses, and the December 1, 2026 deadline is where that process begins," said Howard G. Smith of The Law Offices of Howard G. Smith.

Next steps for Alphabet Inc. investors

Alphabet Inc. investors who suffered losses may contact The Law Offices of Howard G. Smith to learn about pursuing their claims.

Lead plaintiff motions in the Alphabet Inc. class action are due to the Court by December 1, 2026. For more information, visit the firm's website, email [email protected], or call (215) 638-4847.

If you purchased Alphabet Inc. securities during the class period, you may retain counsel of your choice, or you may take no action and remain an absent class member. No class has been certified in the Alphabet Inc. case so far.

Common questions from Alphabet Inc. investors

Who is eligible? Investors who acquired Alphabet Inc. securities from May 19, 2026 through July 16, 2026 and suffered losses may qualify for the class in the Alphabet Inc. shareholder lawsuit.

What is the deadline? Lead plaintiff motions in the Alphabet Inc. case are due by December 1, 2026.

Can I recover without being lead plaintiff? Yes, Alphabet Inc. investors may take no action and remain absent class members.

Does it cost anything? The Law Offices of Howard G. Smith works on contingency, so investors pay no attorneys' fees unless there is a recovery, and any fees require court approval.

About The Law Offices of Howard G. Smith

The Law Offices of Howard G. Smith has helped injured investors recover their money for more than 15 years. The firm prosecutes securities fraud, takeover, and derivative litigation against public companies and their officers, directors, and advisors in federal and state courts nationwide, and has helped clients recover hundreds of millions of dollars in losses. Clients speak directly with a lawyer, who will promptly answer any question.

Prior results do not guarantee a similar outcome.

Related links

Alphabet Inc. case page, The Law Offices of Howard G. Smith Complaint: Stewart v. Alphabet Inc. et al., U.S. District Court California Northern District (San Jose) press release Alphabet Inc. SEC filings index, EDGAR The Law Offices of Howard G. Smith Contact

Howard G. Smith

The Law Offices of Howard G. Smith

3070 Bristol Pike, Suite 112

Bensalem, PA 19020

Email: [email protected]

Telephone: (215) 638-4847

www.howardsmithlaw.com

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

SOURCE Law Offices of Howard G. Smith

On its Q3 2026 results call, held on Oct. 22, 2026, Nokia (NOK +2.73%) announced that net sales grew 9% year over year on a constant-currency basis.

Expanding demand for artificial intelligence infrastructure is driving operational leverage across its networking units. Strategic portfolio refinement and early delivery of cost synergies are supporting profitability. Three things management said stand out.

1. AI Infrastructure Drives Accelerating Growth Across Network UnitsDemand for artificial intelligence connectivity is accelerating across data center networks and telecommunications customers. Management raised Nokia's 2027 combined sales growth expectations for Optical Networks and IP Networks (Internet Protocol networks) to 25%-30%.

In AI and cloud, net sales grew 123% year-over-year and represented 12% of total group net sales in the quarter.
-- Justin Hotard, President and Chief Executive Officer2. Cost Synergies and Operating Leverage Are Expanding Operating MarginsOperating margin expanded 220 basis points year over year as higher revenue yielded groupwide operating leverage. Nokia is realizing synergies ahead of schedule from Infinera, an optical networking provider acquired to strengthen its scale.

The Infinera integration is largely complete, and we are on track to achieve the EUR 200 million synergy target by the end of this year, 1 year ahead of schedule.
-- Justin Hotard, President and Chief Executive Officer3. Artificial Intelligence Radio Access Networks Transform Mobile InfrastructureTransitioning radio networks to general-purpose computing platforms allows mobile operators to deploy software-defined artificial intelligence functions. Nokia's collaboration with technology partners is delivering measurable efficiency improvements during live commercial network tests.

In live environments, we've already demonstrated spectral efficiency gains of more than 20%, increasing capacity and improving network economics against our roadmap of 100% improvement in spectral efficiency gains in 2028.
-- Justin Hotard, President and Chief Executive OfficerLooking AheadRevenue growth is accelerating in target investment areas, and management is tracking above the midpoint of its full-year profit outlook. Market leadership in telecommunications, edge routing, and proprietary optical manufacturing gives Nokia a competitive advantage, while leadership monitors supply chain lead times and pricing discipline.

Overall, quarter 3 was a solid quarter, and we remain focused on both capturing growth and driving the operational rigor required to maximize the long-term value creation potential of the company.
-- Marco Wiren, Chief Financial OfficerThe Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

Goldman Sachs prime brokerage data shows hedge funds leaning bearish at levels rarely seen in five years, yet those same funds are bleeding money daily while a Fed decision and two megacap earnings reports loom over the trade.

Goldman Sachs prime brokerage data first reported on Thursday, October 22, 2026, shows hedge funds have built short positions in stocks to a near five-year high. Major indexes moved in opposite directions that same day.

The S&P 500 fell 93.74 points, or 1.21%, to 7,663.43. The Nasdaq Composite dropped 694 points, or 2.6%, to 26,008.86. The Dow added 11.89 points to 52,867.98, and the Russell 2000 gained 0.1%.

The SPDR S&P 500 ETF Trust (NYSEARCA:SPY) closed at $763.96, down 1.18%. The Invesco QQQ Trust (NASDAQ:QQQ) fell 2.86% to $704.47.

Heavy shorting can mean professionals expect more downside. It also leaves the market full of sellers who will eventually have to buy shares back, and those positions are concentrated in tech stocks.

How Bearish Hedge Funds Have Become
In October, short sales exceeded long purchases across global stocks by about five-to-one. Short leverage in Goldman’s prime book has reached the 99th percentile of its five-year history, “indicating bearish exposure was higher than in almost all of that period.”

Net leverage (longs minus shorts) among fundamental long-short funds is near a three-year low, while gross leverage (longs plus shorts) has risen. That means funds are adding risk on both sides of their books and leaning bearish overall.

Goldman’s Mark Wilson described net equity exposure as historically low amid swings in rates and energy prices. He said higher yields pushed investors to rethink equity risk.

Leaning Short and Still Losing Money
Global fundamental long-short funds lost 2.9% through October 15, “suffering losses every trading day during that stretch.” Asia-focused stock pickers lost 6.8% in the first half of October.

Losses like these are what set up a short squeeze. In a squeeze, rising prices force short sellers to buy back shares, and that buying pushes prices higher still.

Goldman has warned about that risk, but crowded short positions cannot tell you when a rally will start. Some of those shorts also hedge long holdings, so they may stay open as long as the funds keep those holdings. Riding a late-cycle market with this much short interest piled up is its own skill, and we laid out both halves, the staying and the leaving, in a free bubble handbook here.

A Selloff Confined to Megacap Tech
Most stocks rose while tech fell. The Philadelphia Semiconductor Index dropped over 6%, its biggest daily percentage drop since June 23.

Meta Platforms (NASDAQ:META | META Price Prediction) fell 6.98% to $648.85 after its third-quarter report. NVIDIA (NASDAQ:NVDA) lost 4.40% to $212.21, Amazon (NASDAQ:AMZN) fell 4.57% to $250.38, and Microsoft slipped 2.23% to $521.08.

The 10-year Treasury yield fell 19.3 basis points to 4.953%. That was its largest daily drop since March 10, 2023, and the yield closed below 5% for the first time since September 23. Lower yields raise the present value of future profits, and growth stocks benefit most.

Fed Day and Two Megacap Reports Could Decide It
Fundstrat’s Tom Lee said he thinks the selloff is nearly over. He pointed to “a crowded short trade in tech” and a Fed that may be “flipping from hawkish to dovish.” ETF analyst Eric Balchunas posted on X: “Buying the dip here has [a] pretty good record of working.”

The Fed announces its decision on Wednesday, October 28, at 2:00 p.m. ET. Microsoft is expected to report around October 28 and Amazon around October 29, both after the close, although neither company has confirmed its date. The shorts would be proven right by a yield rebound, weak megacap results, or a hawkish Fed.

What SPY and QQQ Investors Should Research Before Fed Day
SPY still holds a 12.03% year-to-date gain. The October 22 losses came from a narrow group of megacaps while most stocks rose.

QQQ, up 14.68% year-to-date, gives you more exposure to the tech stocks at the center of this fight. It would gain the most from a squeeze and lose the most if the shorts win. SPY is the broader fund because it holds stocks that rose as well as those that fell.

Check the October 30 close. If the 10-year yield is back above 5% and SPY is below $763.96 after Amazon reports, the bears have the stronger case.

Contact [email protected] for any questions or corrections.

Nvidia Corp (NASDAQ:NVDA) does not need to sustain its explosive growth to deliver another major gain for shareholders, according to one investment chief who believes the market may be underestimating how large the chipmaker can become. Her argument challenges a common investor reflex: treating decelerating growth as a warning sign, even when a company continues to expand earnings at a healthy pace.

Nancy Tengler, CEO and chief investment officer of Laffer Tengler Investments, believes Nvidia could double over the next five to 10 years even if its earnings growth eventually cools to 20% or 30%. "If it decelerates to 20% or 30% you are still growing," she said in emailed comments, arguing that slower growth does not necessarily mean the stock has run out of upside.

Slower Growth Isn’t Stalled GrowthTengler cited Nvidia’s earnings growth of 96%, which she expects to decelerate to 70% the following year, before potentially settling at 20% to 30%. Those figures reflect her stated outlook and should not be confused with company guidance.

Her broader argument is that percentage growth naturally becomes harder to sustain as a business gets larger. Even at a slower rate, a company with a substantial earnings base can continue adding significant profits.

Tengler pointed to Microsoft Corp‘s (NASDAQ:MSFT) Azure cloud business as an example of how deceleration need not derail a stock. "We went through that with Azure, and the stock was still able to perform," she said.

The comparison offers a useful lens for Nvidia investors. The question is not simply whether growth slows, but whether demand for its chips and related computing infrastructure remains strong enough to support earnings expansion as the business scales.

Read Next

A Value Case for Nvidia?Tengler also challenged the assumption that a large technology company cannot qualify as a value investment. She said Nvidia was trading at a 13.5 earnings multiple when her firm added it to its value portfolio earlier in the summer. That is her historical valuation reference, not a current multiple.

"We put it in our value portfolio," Tengler said of Nvidia. She added that the firm had recently done the same with Meta and had invested in Alphabet two years earlier.

Her reasoning rests on the potential for these companies to keep growing despite their size. "These are really big companies but they can double in size," she said. "There’s nothing that says they can’t."

That remains a thesis, not a guarantee. Nvidia could face slower AI infrastructure spending, stronger competition or weaker returns on customers’ AI investments. Any of those developments could pressure earnings expectations and the valuation investors are willing to pay.

What Investors Should WatchThe central question is whether Nvidia can sustain meaningful earnings growth as its business matures. Investors should watch data-center demand, customer spending and profitability for evidence that expansion remains durable.

Tengler’s case is that Nvidia need not repeat its extraordinary growth rates to reward shareholders—but the stock’s long-term upside still depends on earnings delivering, rather than investors simply believing that it will.

Read Next

Photo Courtesy: PJ McDonnell on Shutterstock.com

Market News and Data brought to you by Benzinga APIs

© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

To add Benzinga News as your preferred source on Google, click here.

Nvidia stock NVDA traded down 0.2% on Friday after falling 4.4% in the previous session, as investors weighed contrasting views on the chipmaker's long-term prospects. Seaport Research Partners reiterated a bearish rating, citing competitive pressures and financial commitments, while Laffer Tengler Investments CEO Nancy Tengler argued that Nvidia could still double in value over the next five to 10 years, even if earnings growth slows.

American Airlines issued a warning that airfares are likely to remain elevated even if there's a decline in oil prices after losses the carrier suffered earlier in the year amid surging fuel costs.

The carrier's CFO, Devon May, told the Financial Times that "if fuel comes down, I think airfares probably stay largely where they're at right now."

"If fuel prices go up, we need to generate higher yield, we need to generate higher fares to offset that higher fuel price," May said.

American Airlines on Thursday released its earnings for the third quarter, reporting deeper losses in 2026 and updating its forecast to reflect anticipated losses between $1 and $1.60 a share on an adjusted basis this year. Its July forecast ranged from a loss of 65 cents and a profit of 65 cents.

MAJOR AIRLINES CUT FLIGHTS AS HIGHER JET FUEL PRICES HIT CARRIERS

American Airlines projected deeper losses in 2026 due to the surge in fuel costs. (Kevin Carter/Getty Images)

May told the FT that airlines' ticket prices hadn't fully recovered in real terms since the disruptions caused by the COVID-19 pandemic, saying that the price hikes "ideally should have happened back in 2024, but the industry found itself in an oversupply environment."

"This was the first year that everything came together in a way that we were able to push yields back up to where they were seven years ago in real terms," May told the outlet.

AMERICAN AIRLINES ADDS $1,000 TRUMP ACCOUNT MATCH FOR WORKERS' CHILDREN

American Airlines said it expects higher fuel costs to persist into the fourth quarter. (Daniel Slim/AFP via Getty Images)

The company reported a 19% year-over-year increase in third quarter revenue, which was above the high end of its previous guidance range and was the highest in company history when excluding the years following the pandemic.

However, fuel expenses in the third quarter surged 67.5% compared with the same period a year ago, which translated to $1.9 billion in higher fuel costs based on an average price of $3.85 a gallon.

American also forecast higher fuel prices will continue into the company's fourth quarter, with the carrier expecting to face an average fuel price of about $4.70 a gallon – a figure that would nearly double the price in the fourth quarter of 2025 and increase fuel expenses by $2.8 billion year over year.

AMERICAN AIRLINES BETS BIG ON INTERNATIONAL FLIGHTS WITH 7 NEW ROUTES

Ticker Security Last Change Change % AAL NO DATA AVAILABLE - - - Due to the elevated fuel prices, American said that it expects its network growth to slow in 2027 when compared with 2026 levels.

Higher fuel prices have caused airfares to surge, with the most recent data from the Bureau of Labor Statistics showing that airline fares were up 22.4% compared with a year ago in September.

CLICK HERE TO DOWNLOAD THE FOX NEWS APP