HSBC Holdings (NYSE:HSBC) – In the third
quarter, HSBC reported a profit of $8.5 billion, surpassing
projections of $7.6 billion. Revenue rose 5% to $17 billion,
especially in the FX, global debt, and wealth sectors. The bank
also announced an additional $3 billion share buyback, and the
interim dividend was set at $0.10 per share. Shares rose 3.9% in
pre-market trading.
Boot Barn (NYSE:BOOT), Ross
Stores (NASDAQ:ROST) – Boot Barn announced that CEO Jim
Conroy will leave his position in November to lead Ross Stores,
with John Hazen taking over as interim CEO. Boot Barn reported a
13.7% increase in revenue in the second quarter, reaching $425.8
million, exceeding the estimate of $424 million. Net income was
$29.4 million, or $0.95 per share, above the expected $0.94. For
fiscal 2025, the company projects revenue between $1.874 and $1.907
billion, and earnings per share of $5.30 to $5.60, both above the
previous forecast. Boot Barn’s shares fell 4.2% in pre-market
trading.
TransMedics (NASDAQ:TMDX) – The transplant
technology company reported revenue of $108.76 million, below
estimates of $115 million, and earnings per share of $0.12,
compared to the expected $0.30. Total revenue increased 64%
year-over-year, driven by expanded use of the Organ Care System and
logistics services. Annual revenue guidance remains between $425
million and $445 million, while Wall Street estimates $444.36
million. Shares dropped 23.7% in pre-market trading.
VF Corporation (NYSE:VFC) – The apparel brand
posted a profit after two quarters of losses, exceeding sales
estimates with revenue of $2.76 billion (above the expected $2.71
billion). Adjusted earnings were $0.60 per share, beating the
projected $0.37. Gross margin expanded to 52.2%, benefiting from
inventory clearance and growth in China, the Americas, and EMEA.
Shares rose 21.9% in pre-market trading.
Santander (NYSE:SAN) – Santander reported net
income of $3.5 billion (€3.25 billion) in the third quarter, up 12%
annually, exceeding estimates of €3.1 billion, driven by strong
retail performance and lower loan-loss provisions. Earnings per
share increased to €0.20, an 18% year-over-year rise, while total
revenue reached €15.1 billion. The UK unit faced a delay in
publishing results due to a court decision, but the bank expects no
significant financial impacts from this issue. Shares fell 3.4% in
pre-market trading.
Ford Motor (NYSE:F) – Ford Motor exceeded Wall
Street expectations, reporting adjusted earnings per share of $0.49
(versus the expected $0.47) and automotive revenue of $43.07
billion, above the $41.88 billion forecast. With adjusted EBIT of
$2.55 billion, the company adjusted its profit forecast to the
lower end of $10 billion for 2024, maintaining free cash flow
between $7.5 billion and $8.5 billion. Shares fell 6.1% in
pre-market trading.
BP Plc (NYSE:BP) – BP reported adjusted net
income of $2.27 billion in the third quarter, exceeding analyst
estimates, and maintained share buybacks at $1.75 billion. However,
with the impact of lower oil prices, net debt increased to $24.27
billion. The company plans to maintain buybacks until 2025 but will
review its strategy in February. Shares fell 1.0% in pre-market
trading.
Cadence Design Systems (NASDAQ:CDNS) – The
electronic design software company reported adjusted earnings of
$1.64 per share, above the forecast of $1.44, and revenue of $1.22
billion, exceeding the estimate of $1.18 billion. Revenue grew 19%,
and earnings rose 30% year-over-year, driven by strong results in
the IP, SD&A, and AI portfolios. For the fourth quarter,
Cadence projected adjusted earnings of $1.81 per share and revenue
of $1.35 billion, below analyst estimates of $1.98 per share and
$1.38 billion. Shares rose 5.9% in pre-market trading.
Waste Management (NYSE:WM) – The sustainable
waste solutions company exceeded expectations with revenue of $5.6
billion, above the projected $5.5 billion. Net income reached $760
million, reflecting gains in efficiency and cost control. Earnings
per share (EPS) were $1.88, while operational EBITDA reached $1.7
billion, with a margin of 29.9%, demonstrating strong cash
generation capacity to sustain new investments and shareholder
returns.
Rambus (NASDAQ:RMBS) – The semiconductor
innovation company reported net income of $48.7 million, equivalent
to $0.45 per share. Revenue reached $145.5 million. Excluding
one-time items, adjusted earnings were $0.50 per share.
F5 Networks (NASDAQ:FFIV) – The digital
security and applications company exceeded expectations with
adjusted earnings of $3.67 per share (estimate of $3.45) and
revenue of $746.67 million (above the projected $730.39 million),
an annual increase of 5.6%. Software revenue grew 19%. The company
projects revenue growth of 4% to 5% for 2025 and launched a new $1
billion share buyback program.
Brown & Brown (NYSE:BRO) – The insurance
and consulting company reported revenue of $1.2 billion, an 11%
year-over-year increase, exceeding the estimate of $1.165 billion.
Net income rose 33% year-over-year to $234 million, with GAAP EPS
of $0.81, 30.6% higher than the previous year, and above analysts’
expected $0.77.
Amkor Technology (NASDAQ:AMKR) – The
semiconductor packaging company reported EPS of $0.49, slightly
below the expectation of $0.50, and revenue of $1.86 billion,
surpassing the estimate of $1.84 billion. For the fourth quarter,
it projects EPS between $0.28 and $0.44, below the consensus of
$0.57, and revenue between $1.6 billion and $1.7 billion, also
below estimates. Shares fell 12.2% in pre-market trading.
Ultra Clean Holdings (NASDAQ:UCTT) – The
electronic manufacturing solutions company reported a loss of $2.3
million, equivalent to $0.05 per share, while adjusted earnings
were $0.35 per share. Revenue was $540.4 million. For the fourth
quarter, the company projects earnings per share between $0.06 and
$0.26 and revenue between $535 million and $585 million.
Novartis (NYSE:NVS) – Novartis will pay $150
million to Monte Rosa Therapeutics for a global license to develop
and commercialize “molecular glue degraders” — drugs that treat
challenging diseases by degrading problematic proteins. Monte Rosa
may receive up to $2.1 billion in future payments and royalties.
Novartis thus strengthens its portfolio to offset patent losses.
Additionally, the company raised its outlook. In the third quarter,
Novartis reported earnings per share up 18%, reaching $2.06, with
sales growth of 9% to $12.82 billion. Shares fell 3.9% in
pre-market trading.
Corporate Highlights
Apple (NASDAQ:AAPL) – Apple launched the
24-inch iMac with the M4 chip, designed to improve the AI
experience, priced at $1,299. The iMac offers faster speeds and an
enhanced Neural Engine for AI tasks, available in new colors. The
company also introduced Apple Intelligence for iPhones, iPads, and
Macs, integrating advanced AI functions, with a full release
scheduled for December. In India, iPhone exports increased 33% by
September, reflecting its strategy to reduce reliance on China. The
company produced $14 billion worth of iPhones last fiscal year and
exported about $10 billion. Local subsidies and middle-class growth
have driven expansion, with annual sales in India potentially
reaching $33 billion by 2030, according to Bloomberg. Shares fell
0.3% in pre-market trading.
Microsoft (NASDAQ:MSFT) – Microsoft is expected
to announce this week its slowest quarterly growth in a year, as
investors question the return on its large AI investments. While
the company leads sector innovation, adoption of Copilot and other
tools has been slower than anticipated. According to LSEG,
Microsoft’s revenue is expected to grow 14.1%, while capital
spending for the quarter is projected to increase 71.7%, reflecting
costs with AI and cloud. Shares rose 0.1% in pre-market
trading.
Meta Platforms (NASDAQ:META) – Meta is
developing its own search engine to support its AI chatbot,
reducing dependence on Google and Bing, according to The
Information. This engine will retrieve information directly from
the web to provide data on news, sports, and stocks. Additionally,
the Brazilian Institute of Collective Defense has filed a lawsuit
against TikTok, Kwai, and Meta, seeking $525 million for alleged
lack of protection for minors on their platforms. In response, Meta
highlighted the upcoming launch of the “Teen Account” on Instagram,
to restrict content and interactions visible to teens, offering
more safety. Shares rose 0.3% in pre-market trading.
AT&T (NYSE:T), Corning
(NYSE:GLW) – AT&T signed a $1 billion contract with Corning to
acquire fiber solutions and expand its high-speed internet. With
the wireless market slowing down, AT&T is ramping up fiber
investments, aiming to reach over 30 million fiber points by 2025.
AT&T’s shares fell 0.3% in pre-market trading, while Corning’s
shares rose 0.9%.
Amphenol (NYSE:APH), CommScope Holding
Co. (NASDAQ:COMM) – Amphenol issued $1.5 billion in
investment-grade bonds to fund the acquisition of CommScope’s
antenna systems. Most bonds, with a 30-year maturity, will yield
0.95% above Treasuries. The acquisition, valued at $2.1 billion,
strengthens Amphenol’s presence in mobile networks and advanced
technology infrastructure, such as 6G. Shares of Amphenol fell 0.2%
in pre-market trading.
Boeing (NYSE:BA) – Boeing raised $21 billion in
an expanded share sale, helping to bolster its finances and avoid a
potential credit downgrade. The sale included 112.5 million shares
at $143 each and $5 billion in depositary shares. Boeing will use
these funds to maintain its investment-grade status and resume jet
production after stoppages. Shares fell 0.7% in pre-market
trading.
Southwest Airlines (NYSE:LUV) – Southwest
Airlines will face a lawsuit for allegedly intimidating and
illegally disciplining pilots associated with the union. The U.S.
Court of Appeals ruled that the Dallas-based airline showed
sufficient “anti-union sentiment” for the case to proceed.
Southwest disputes the decision and is considering its legal
options.
Polestar (NASDAQ:PSNY) – Polestar stated that a
proposed Biden administration rule to ban Chinese vehicle software
and hardware in the U.S. would halt its sales in the country,
including cars manufactured in South Carolina. Although a Swedish
Volvo brand, Polestar is controlled by China’s Geely, potentially
subjecting it to U.S. national security restrictions, challenging
its operations and investments in the U.S. market. Shares fell 0.7%
in pre-market trading.
Toyota Motor (NYSE:TM) – Toyota and Nippon
Telegraph and Telephone (NTT) will invest $3.26 billion in AI
software research and development to enhance autonomous driving.
The goal is to create a system that anticipates accidents and takes
control of the vehicle, with plans for a 2028 release and
availability to other automakers.
JPMorgan Chase (NYSE:JPM) – JPMorgan Chase has
initiated lawsuits against clients accused of exploiting a
technical glitch to commit check fraud. In August, an issue allowed
high-value check withdrawals before clearing, and some clients
withdrew over $661,000 from fake checks. In four lawsuits, the bank
seeks to recover these funds and is working with authorities to
hold those involved accountable. On Monday, CEO Jamie Dimon
criticized U.S. financial regulations that, according to him, do
not increase banking safety, such as capital rules, open banking,
and card payments. Dimon stated that banks are willing to challenge
these rules in court, arguing that some harm consumers and
low-income workers while threatening banking competitiveness.
Bank of America (NYSE:BAC) – Bank of America
has appointed 30-year company veteran Brian Weinstein to lead the
Global Markets division in the EMEA region. He will also head fixed
income, currency, and commodity trading in the area, pending
regulatory approval. Weinstein will report to Jim DeMare and Bernie
Mensah. Shares fell 0.1% in pre-market trading.
Citigroup (NYSE:C) – Citigroup relocated a
small number of employees from Lebanon to Turkey due to escalating
conflict between Israel and Hezbollah. Beirut, where Citi’s local
office is based, also experienced attacks. Shares fell 0.2% in
pre-market trading.
Goldman Sachs (NYSE:GS) – Goldman Sachs has
opened a new office in Riyadh’s financial district, strengthening
its presence in Saudi Arabia, where it has operated since 2008. The
bank plans to expand its Asset Management and Banking operations in
the region. Additionally, Goldman highlighted that U.S. financial
markets face sharp, temporary increases in overnight lending rates
at the end of each month, driven by the absorption of new Treasury
bonds. These increases, impacting the Secured Overnight Financing
Rate (SOFR), are worsened by banks’ need to meet regulatory
requirements and the Fed’s quantitative tightening, reducing
available liquidity. Shares fell 0.1% in pre-market trading.
Walmart (NYSE:WMT) – Walmart launched a 50%
discount promotion on its annual Walmart Plus subscription service,
now priced at $49 until December 2, aiming to compete with Amazon
Prime, which costs $139 per year. With benefits like fast delivery
and gas discounts, Walmart seeks to attract consumers in a season
marked by tighter spending due to inflation.
McDonald’s (NYSE:MCD) – Analysts are divided on
the long-term sales impact of the recent E. coli outbreak linked to
the Quarter Pounder burger, as the company releases third-quarter
results. The outbreak, which resulted in one death and 75 cases,
led to a 7% drop in the company’s stock. McDonald’s faces weak
demand among low-income consumers, with projected same-store sales
dropping by 0.72% globally in the third quarter and earnings per
share estimated at $3.20. The recent $5 meal offering slightly
boosted traffic, but negative publicity concerns investors. Shares
rose 0.3% in pre-market trading.
Starbucks (NASDAQ:SBUX) – Starbucks informed
its corporate employees they must be in the office three days a
week, or face potential termination starting in January. This
policy, announced in a memo, includes exemptions for disabilities
and excludes vacations, medical leave, and business trips. The move
reflects a trend among major companies enforcing stricter
return-to-office policies, facing resistance from some employees.
Shares rose 0.2% in pre-market trading.
Estée Lauder (NYSE:EL) – Estée Lauder selected
Stéphane de La Faverie as its new CEO, according to the Wall Street
Journal. He will succeed Fabrizio Freda, who will retire but act as
a consultant until 2026. La Faverie, currently the group president,
joined the company in 2013 after working at L’Oréal.
NextEra Energy (NYSE:NEE) – NextEra Energy
announced plans to raise $1.5 billion through the sale of capital
units to fund new projects. Each capital unit, issued at $50,
includes a contract to purchase common shares of NextEra within
three years, with a premium of 0 to 25% over the October 28 closing
price. The offer also includes a stake in long-term debt. Shares
fell 4.2% in pre-market trading.
TotalEnergies (NYSE:TTE) – QatarEnergy acquired
a 50% stake in a 1.25 GW solar project in Iraq, partnering with
TotalEnergies, which holds the remaining half. Part of the
Integrated Gas Growth Project (GGIP), the initiative aims to power
350,000 homes in the Basra region by 2027. Shares rose 0.2% in
pre-market trading.
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