Top stories
Agility Bought Tristar for About $7 Million in 2003. It Is Selling It at a $1.5 Billion Enterprise Value, and Says the Bet Returned More Than $1 Billion.
Retail Sales Rose 0.8 Per Cent in September and Are Up 6.3 Per Cent in a Year. Leave Out Cars and Gasoline and the Gain Was 0.2 Per Cent.
Wholesale Prices Rose 1.3 Per Cent in One Month, the Most Since 2022, and Are Up 6.3 Per Cent in a Year. Retail Gasoline Margins Fell 30.3 Per Cent.
Netflix Is Cutting About 1,000 Jobs, 6 Per Cent of Its Staff. Most Fall in Product, Technology, Legal and HR, Six Days Before It Reports.
BlackRock Took In $205 Billion in the Quarter and Ended at $15.5 Trillion. GAAP Earnings Were $10.57 a Share, and the Adjusted Figure Was $15.93.
ASML Reported a Record €11.7 Billion Quarter and Guided the Next One to Between €14.2 Billion and €15.2 Billion. It Still Does Not Publish Orders.
Morgan Stanley Earned $3.03 a Share on $20.3 Billion of Revenue. Equities Supplied $1.7 Billion of the $2.1 Billion Increase.
Consumer Prices Rose 3.7 Per Cent in September, Up From 3.4. Core Rose 2.6 Per Cent, and Gasoline Alone Was Up 34.2.
Bank of America Took a $1.2 Billion Treasury Penalty the Day Before It Reported. The Charge Cost 17 Cents a Share, and Earnings Still Missed Without It.
Bumble Agreed to a $1.3 Billion Cash Buyout at $6.05 a Share, a 138 Per Cent Premium. Its Public Shareholders Will Not Get a Vote.
Citi Reported Its Best Third-Quarter Revenue in a Decade, $23.8 Billion. Its Return on Tangible Equity Fell to 11.5 Per Cent From 13.0 in the Second Quarter.
Pope Leo XIV Has Lung Cancer, the Vatican Says. Surgeons Removed Part of His Right Lung Without Complications.
The Big Read
BusinessPenske Automotive Agreed to Be Taken Private at $212 a Share, a $16.3 Billion Enterprise Value. The Premium Is 8.8 Per Cent, and Its Two Buyers Are Also Its Two Largest Holders.
When the buyers are the controlling holders, the question is not whether the price is high but who gets to decide it is high enough. The deal's structure shows how the company answered that.
New vehicles on a dealership lot. Penske Automotive Group agreed on Thursday to be taken private at $212 a share. File photograph.
Penske Automotive Group said on Thursday that it has agreed to be taken private by its two largest shareholders. In an exhibit to its Form 8-K, the company said a vehicle owned by Penske Corporation and Japan's Mitsui & Co. will buy the shares it does not already hold for $212.00 each in cash, a deal it valued at an enterprise value of about $16.3 billion. The buyers had proposed $210 a share in July; the agreed price is $2 higher.
The headline premium is modest. The price is 8.84 per cent above Wednesday's closing price, according to the filing. The more interesting number is the other one: the filing says the price is about 8.6 per cent above the closing price on 21 July, the last trading day before the unsolicited proposal that started the process. Measured close to close, the stock ended the three months of negotiation with the company's own committee about where it started.
The buyer is Motown Acquisition Corp., which the filing says is owned by Penske Corporation and Mitsui. After closing, Penske Corporation would own about 64 per cent of the company and Mitsui about 36 per cent, according to the filing. Public shareholders would be cashed out and the company would no longer be publicly traded.
Business
The FTC Says Martin Shkreli Traded Shares in at Least 60 Drug Companies Despite a Lifetime Ban. It Wants His Profits, With No Offset for Losses.
The agencies say livestreamed trades and short-selling campaigns broke the injunction.
Markets
Goldman Earned $17.01 a Share Against a $13.02 Consensus. Equities Revenue Alone Ran About $1.8 Billion Above the Preview Estimate.
The beat is large and mostly one line of the income statement.
Weather
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Infrastructure Everybody Depends On Should Not Be Owned by a Competitor
Coverage Should Follow the Approval, Not the Advice
You Cannot Delegate the Thing You Have Never Done
Health
One Research Firm Puts Regenerative Medicine at $41 Billion, Heading for $162 Billion. Dr. David Borenstein on Why the FDA Keeps Cracking Down on Unproven Clinics.
Demand for alternatives to joint surgery is real, Borenstein says, and so is the gap between how fast the market is growing and how fast regulators move.
Labcorp Will Pay $722 Million in Cash for the Core of BioReference Health, About 2.9 Times the Revenue It Expects. OPKO Gets Up to $150 Million More if One Prostate Test Sells.
OPKO is selling most of the lab business that has defined it and says it will concentrate on drugs.
Japan Will Pay Up to $21 Billion for Two New Fabs in Upstate New York. GlobalFoundries Will Run Them, and Washington Will Own About 4 Per Cent of the Company.
The company contributes technology and operations; Japan contributes the capital; Washington takes a slice of the company.
Philadelphia Factories Fell to 20.9 in October From 37.8, but Prices Received Hit a 17-Month High. 52.2 Per Cent of Firms Plan to Spend More Next Year and None Plan to Spend Less.
On the same day New York reported its best factory reading in almost five years, the Philadelphia survey points the other way on activity and the same way on prices.
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Devon Is Selling 4 Per Cent of Its Production for $4.2 Billion. The Buyer Has Now Made 10 Eagle Ford Deals Since 2023.
Money
September CPI Is Due Wednesday, and Forecasters Expect Headline Inflation Near 3.7 Per Cent. Core Is Expected at About 2.4 Per Cent.
Markets
Citi Expects the Treasury to Cut Its 20- and 30-Year Auctions by $3 Billion Each, and Perhaps Scrap the 20-Year Bond
Money
A $400,000 Mortgage Now Costs About $294 a Month More Than a Year Ago. Applications Have Fallen Five Weeks Running.
Markets
Oil Fell on Trump's Pledge of No Iran Strike, Then Closed Higher on a Hurricane. Tanker Attacks Are Running at a Wartime High.
Editor's Choice
A Trade Judge Has Certified a Class of Every Importer That Paid the Struck-Down Tariffs and Did Not Sue. The Court Says About $30 Billion Is at Stake.
Customs has paid out well over $100 billion through its refund portal, but small importers that never filed claims have not been reached.
Latest News
Everything we have published, newest firstGoldman Sachs Has Had 17 Downward Earnings Revisions and No Upgrades in 30 Days. It Reports on Tuesday Against a $13.02 Consensus.
Goldman Sachs reports third-quarter 2026 results on Tuesday 13 October at about 7:30 a.m. ET, with its call at 9:30 a.m. ET. IG puts the LSEG consensus at $13.02 a share on $16.71 billion of revenue, and the StarMine SmartEstimate at $12.80. Nothing has been reported yet, and estimates for individual business lines differ by provider.
Meta Priced Its First Frontier Model at $4 per Million Tokens, Level With Anthropic's Opus 5.5. Its Shares Closed Up 3.4 Per Cent.
Meta released Muse Wonder and Muse Wonder Full on Monday, its first frontier AI models since it rebuilt its AI effort 14 months ago. Muse Wonder costs $4 per million input tokens and $20 per million output tokens on the Meta Model API; Muse Wonder Full is sold only inside Muse Code plans of $50 and $200 a month. Meta's shares closed up 3.4 per cent. The benchmark claims are Meta's, and independent testing has only just begun.
Business
McKesson Is Paying $1.4 Billion for Half of Option Care. The Deal Sets Up a Framework for It to Buy the Rest.
Clayton Dubilier & Rice and McKesson agreed on Monday to take Option Care Health, the largest independent home infusion company in the United States, private for $32.05 a share. McKesson is putting in about $1.4 billion for 49 per cent, and the agreement sets out a framework for it to buy the private equity firm's majority later. Lenders have committed more money to the deal than the two buyers have.
China Exported 919,000 Passenger Cars in September, Up 64 Per Cent. Its Domestic Sales Fell 27 Per Cent to 1.67 Million.
Exports covered only about 57 per cent of the sales lost at home, so total passenger-car sales still fell. The question now is where the volume goes if Europe's hybrid door narrows.
California's Largest State Union Voted 96.2 Per Cent to Strike on 21 October. It Will Not Say How Many of Its 100,000 Members Voted.
The 96.2 per cent figure is a share of voters, not of members, and the walkout would be the first statewide strike in the union's 44-year history. The pay and telework terms that settle it will outlast the governor who negotiates them.
World
The IMF Publishes Its Full Outlook on Tuesday. Its July Forecast Assumed $89 Oil This Year, and Brent Is Above $100.
The IMF will publish its full October World Economic Outlook on Tuesday 13 October at the Annual Meetings in Bangkok. In July it forecast global growth of 3.0 per cent and assumed oil would average $89 a barrel in 2026. Brent traded between about $104 and $107 on Monday. The new figures have not been released.
Hall and Woodford Won the Economics Nobel for Models Behind Forward Guidance. Forty-Five Days Earlier, the Fed Chair Said the Practice "Has Overstayed Its Welcome."
Robert E. Hall and Michael Woodford won the 2026 economics Nobel on Monday for the microeconomic foundations of stabilisation policy. The Academy credits Woodford, among others, with proposing forward guidance. On 28 August Fed Chair Kevin Warsh said the practice "has overstayed its welcome."
Hitting 20 per cent for the year requires China to be about 23 per cent of second-half sales.
Health
UnitedHealth Reports Tuesday Against Expectations of About $4.15 a Share. Its Own Guidance Implies a Second-Half Medical Care Ratio Near 91 Per Cent.
UnitedHealth Group will report third-quarter results before the market opens on Tuesday 13 October, with an analyst call at 8:00 a.m. ET. TipRanks and MarketBeat put consensus at $4.12 to $4.15 a share on about $111.3 billion of revenue; the company does not issue quarterly forecasts. Nothing has been reported yet.
What We’re Following
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TSMC's American Chips Still Need a Piece Made Elsewhere. GlobalFoundries Is Signing Up to Make It in New York.
The Pentagon Offered Wolfspeed $1.5 Billion for 30 Years. In Return It Would Get Warrants for Up to 7.5 Per Cent of the Company.
Canada Lost 68,000 Jobs. The Public Sector Lost 70,000, and the Private Sector Held Steady.
Brussels Says China Will Halve Its Hybrid Exports to Europe. Beijing Called It an "Understanding."
Cenovus Will Pay C$12 a Share for Athabasca Oil, a 14 Per Cent Premium. Athabasca's Shares Ended the Week Above the Offer.
Cenovus Energy agreed on 5 October to buy Athabasca Oil for C$12.00 a share in cash and Cenovus stock, an implied enterprise value of C$5.7 billion. Athabasca puts the equity value at about C$5.8 billion and the premium at 14 per cent to its 20-day average price. Athabasca shareholders vote in late November, and the deal is not expected to close until December.
JPMorgan Reports Tuesday After a Quarter With $5.6 Billion of One-Off Gains. Analysts Expect Revenue of About $51 Billion.
Year-on-year growth is measured against 2025, so the second quarter's one-offs do not flatter it. They do make the sequential comparison look worse than it is, and the Visa shares are still on the balance sheet.
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Cory Chamberlain
Senior Writer
JPMorgan Reports Tuesday After a Quarter With $5.6 Billion of One-Off Gains. Analysts Expect Revenue of About $51 Billion.
Devon Is Selling 4 Per Cent of Its Production for $4.2 Billion. The Buyer Has Now Made 10 Eagle Ford Deals Since 2023.
A Trade Judge Has Certified a Class of Every Importer That Paid the Struck-Down Tariffs and Did Not Sue. The Court Says About $30 Billion Is at Stake.
Alison Acosta
Technology Correspondent
Japan Will Pay Up to $21 Billion for Two New Fabs in Upstate New York. GlobalFoundries Will Run Them, and Washington Will Own About 4 Per Cent of the Company.
Bumble Agreed to a $1.3 Billion Cash Buyout at $6.05 a Share, a 138 Per Cent Premium. Its Public Shareholders Will Not Get a Vote.
IonQ Will Pay Up to $1.3 Billion in Stock for Elisity. Up to $150 Million of That Depends on Performance.
Daniel Okafor
Markets Editor
Philadelphia Factories Fell to 20.9 in October From 37.8, but Prices Received Hit a 17-Month High. 52.2 Per Cent of Firms Plan to Spend More Next Year and None Plan to Spend Less.
Retail Sales Rose 0.8 Per Cent in September and Are Up 6.3 Per Cent in a Year. Leave Out Cars and Gasoline and the Gain Was 0.2 Per Cent.
Wholesale Prices Rose 1.3 Per Cent in One Month, the Most Since 2022, and Are Up 6.3 Per Cent in a Year. Retail Gasoline Margins Fell 30.3 Per Cent.
Margaret Holloway
Editor-at-Large
Penske Automotive Agreed to Be Taken Private at $212 a Share, a $16.3 Billion Enterprise Value. The Premium Is 8.8 Per Cent, and Its Two Buyers Are Also Its Two Largest Holders.
New York Factories Posted Their Best Reading Since December 2021, 25.5. Delivery Times Are Lengthening, Supply Is the Scarcest Since 2022, and Hiring Is Only Modest.
Bank of America Took a $1.2 Billion Treasury Penalty the Day Before It Reported. The Charge Cost 17 Cents a Share, and Earnings Still Missed Without It.
Thomas Gutierrez
Staff Writer
One Research Firm Puts Regenerative Medicine at $41 Billion, Heading for $162 Billion. Dr. David Borenstein on Why the FDA Keeps Cracking Down on Unproven Clinics.
Labcorp Will Pay $722 Million in Cash for the Core of BioReference Health, About 2.9 Times the Revenue It Expects. OPKO Gets Up to $150 Million More if One Prostate Test Sells.
Netflix Is Cutting About 1,000 Jobs, 6 Per Cent of Its Staff. Most Fall in Product, Technology, Legal and HR, Six Days Before It Reports.
The Story So Far
The Hormuz Closure28 stories
- 10 Oct Oil Fell on Trump's Pledge of No Iran Strike, Then Closed Higher on a Hurricane. Tanker Attacks Are Running at a Wartime High.
- 3 Oct Oil Is Up 61 Per Cent Since February. American Natural Gas Costs What It Did a Year Ago.
- 3 Oct The Trucking Companies Going Bankrupt Are Small. Diesel Is Paid in Days, Freight in Months.
- 3 Oct The G-7 Will Release 100 Million Barrels. Some May Already Have Been Promised in March.
- 29 Sept LNG Canada Will Double to 28 Million Tonnes. The Announcement Has a Date in the 2030s and No Price.
- 28 Sept The 30-Year Treasury Closed at Its Highest Since the Bond Came Back in 2006. Households Had Already Marked Up Their Inflation Forecast.
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Editors’ Picks
America Imported a Record $421 Billion in August. Without Computers, Chips and Telecom Gear, Imports Are Down This Year.
Schneider Is Paying a 42% Premium for PTC. The Price Is Still Below Where PTC Traded a Year Ago.
Customs Took In $333 Billion in Fiscal 2026. Refunds Sent About $147 Billion Back Out.
The Cranberry Brief