Top stories
Raytheon Has a Contract Worth Up to $6.3 Billion for SM-3 Interceptors. The Pentagon Has Not Said How Many.
Stelco's Layoffs Have Started. Its American Owner Says the Workers Come Back When There Is a Trade Deal.
PepsiCo Cut Chip Prices by Up to 15 Per Cent in February. Now It Is Raising Them and Lowering Its Profit Forecast.
Tesla Beat Deliveries and Still Sold Fewer Cars
Thirty Days to the Rare Earth Cliff
OpenAI Wants Another $30 Billion at a $1.4 Trillion Valuation
The Obesity Drug War Just Entered Its Third Act
Gold Is Down 22 Percent From Its Record. The Bull Case Did Not Break.
Isaias Could Cost Insurers a Few Billion Dollars. Much of Its Flood Damage May Not Be Insured at All.
General Dynamics Has Had One Chief Executive Since 2013. Her Successor Takes Over a $136.5 Billion Backlog.
Anduril Is Putting $3.7 Billion Into a Submarine Yard in Maryland. The Navy Is Adding Up to $2.9 Billion.
Washington Announced Two Missile-Tracking Ships in July. The Contract Signed This Week Is for One, With Two on Option.
Savannah Had Its Busiest September on Record for Containers. At Brunswick, Roll-On Cargo Fell 22 Per Cent.
The AI Buildout Has a Power Problem, and Money Cannot Fix It Fast
The Big Read
The NumbersDelta Will Absorb $6 Billion More for Fuel This Year. Its Profit Forecast Has Fallen by About a Quarter Since July.
America's most profitable airline raised its revenue by $2.4 billion in the third quarter without flying any more seats. Higher fuel and other costs took almost all of it. The fourth-quarter outlook assumes jet fuel at about $4.25 a gallon.
A Delta Air Lines Airbus A321neo departing Los Angeles. Delta took delivery of 13 aircraft in the third quarter, including A321neos. File photograph.
Delta Air Lines sold more tickets at higher prices in the third quarter than in any September quarter before it, and still made less money than it expected to three months ago. The reason was fuel. The airline said on Friday that it now expects adjusted earnings of $5.10 to $5.60 a share for 2026. In July it affirmed a range of $6.50 to $7.50, the guidance it had set at the start of the year. Measured at the midpoints, the forecast has fallen by about 24 per cent, by this publication's arithmetic.
Free cash flow for the year is now expected to be about $2.5 billion, down from the $3 billion to $4 billion Delta forecast in July. Ed Bastian, the chief executive, said the airline still expects a pre-tax profit of roughly $4.5 billion for the year, "absorbing a $6 billion increase in fuel costs."
Delta is the country's most profitable airline and the first of the big carriers to report on the summer quarter, CNBC noted. It was also the first time in two years that Delta had missed analysts' estimates, according to CNBC. The shares were down about 3 per cent at $79.62 in morning trading, RTTNews reported.
Business
The Westons Are Buying Boots for $8.9 Billion. An Insurance Group Is Set to Own Half of It.
The British pharmacy chain has changed hands, been merged and been split apart again over two decades.
Business
Informa Is Paying £2.24 Billion for More Trade Shows. It Plans to Separate the Academic Publisher It Has Owned Since 2004.
Informa is buying an events business and putting its academic publisher up for separation on the same day, and paying for the purchase partly with new shares and a paused buyback.
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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
Business
Humana Had 20 Per Cent of Its Medicare Members in Four-Star Plans. Next Year It Will Have 95 Per Cent.
Two years ago a fall in Humana's ratings put billions of dollars of bonus payments at risk, and the insurer sued and lost.
The Pentagon and Lockheed Are Discussing a Decade of F-35s. The Hard Part Is the Spare Parts.
The government's auditors found in June that F-35s were able to fly at least one of their missions only 44 per cent of the time last year.
Viatris Was Built on Generics. It Is Paying $1.65 Billion for Two Pain Drugs That Will Face Them.
Pacira's shares had their best day on record.
SpaceX Is Buying Airwaves That Pass Through Walls. Shares in America's Three Big Carriers Tumbled.
Satellite phone service has been a backup for places without coverage.
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How to submitThe Picture
Chip Sales Passed $1 Trillion by August. In February, That Was the Forecast for the Whole Year.
The Numbers
Half of America's Service Companies Paid More for Supplies Last Month. Fuel Came Up Twice as Often as Anything Else.
Money
Filling a Heating-Oil Tank in Massachusetts Costs About $700 More Than Last Year. The State Has Declared an Energy Emergency.
Markets
Investors Asked to Pull 39% of Blue Owl's Tech Lending Fund. It Will Pay Out 5%.
Explainer
The Senate's Permitting Deal Would Give Opponents 150 Days to Sue. It Would Also Send Data Centers Their Grid Bill.
Editor's Choice
Qualcomm Will Buy Patents From Huawei. Two Years Ago, Washington Stopped It Selling Huawei Chips.
For 25 years, money for wireless patents flowed from Huawei to Qualcomm.
Latest News
Everything we have published, newest firstThe Southern Family Has Controlled Canadian Utilities Since 1980. It Is Trading It for Shares in Emera.
Emera and Canadian Utilities agreed on Tuesday to combine in an all-share deal that the companies say is the largest merger ever between two Canadian companies, with a combined enterprise value of about C$72 billion. ATCO, the family-controlled group that has held Canadian Utilities since 1980, will give up that control and spin its housing, defence and ports businesses into a new company.
Uber Is Paying $2.3 Billion for ezCater, a Business Built on $400 Lunch Orders That Nearly Vanished in 2020
Uber agreed on Tuesday to buy ezCater, the Boston workplace catering marketplace, for $2.3 billion in cash. The company handled more than $2.5 billion of orders over the past year, at an average of more than $400 each. Six years ago its sales fell 85 per cent when offices emptied, and it rebuilt around workplaces where people still had to turn up.
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.
Fast-Food Traffic Fell. Lamb Weston Sold 7 Per Cent More Fries in North America, Helped by the Chicken Chains.
The company's first-quarter results show a supplier whose fortunes depend less on how many people eat out than on which chains they choose, and an industry in Europe that is closing capacity it added only recently.
Unifor Says Stellantis Will Match the Ford and GM Deals Only if the Union Accepts the Sale of Brampton
Canadian auto bargaining runs on a pattern: the deal reached with one carmaker sets the terms for the others. At Stellantis, the union says, the pattern has been tied to a plant.
The Numbers
America Imported a Record $421 Billion in August. Without Computers, Chips and Telecom Gear, Imports Are Down This Year.
The United States imported $420.8 billion of goods and services in August, the most in any month on record, and the trade deficit widened to $105.6 billion, the largest since March 2025. The last record was set by consumer goods rushed in ahead of tariffs. This one is made of capital goods. Four lines of hardware account for more than the whole rise in goods imports this year.
True Food Kitchen Raised $100 Million in 2022. It Entered Bankruptcy With Two Weeks of Cash.
True Food Kitchen, the health-food restaurant chain backed by Oprah Winfrey, filed for Chapter 11 on Sunday and closed 12 of its 46 restaurants. It had about $1.6 million of unrestricted cash, enough for roughly two weeks, and $42.1 million of funded debt, including merchant cash advances. The investor that led its $100 million round in 2022 is now lending it $20 million to stay open while it looks for a buyer.
A sale changes who runs the wires.
Business
C.H. Robinson Is Paying $5.8 Billion for RXO. The Price Rests on $300 Million of Savings.
C.H. Robinson agreed on Sunday to buy RXO, the truck broker spun out of XPO in 2022, for about $5.8 billion including debt. Its own slides value the deal at 13.2 times RXO's expected earnings before interest, tax, depreciation and amortisation, but only after $300 million of annual cost savings. Without them the multiple is about 42. C.H. Robinson's shares fell 10.8 per cent on Monday.
What We’re Following
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Asher Lara Wants to Fill Restaurant Seats. The Test Is Whether His Instincts Scale.
Schneider Is Paying a 42% Premium for PTC. The Price Is Still Below Where PTC Traded a Year Ago.
Florida Says Atlantic Coast Life Is $170 Million Short. South Carolina Says $900 Million of Annuities Unlock This Year.
Customs Took In $333 Billion in Fiscal 2026. Refunds Sent About $147 Billion Back Out.
There Are 30% Fewer Japanese Companies in China Than in 2012. Those That Stay Still Make Things There, but Fewer Count on Selling There.
Teikoku Databank counted 10,118 Japanese companies with a presence in mainland China in June, down 22 per cent in two years and 30 per cent from the 2012 peak. A record 4,137 left or could no longer be traced. Among those that remain, China's standing as a production base has slipped only a little since 2019. Its standing as a market has collapsed.
Oil Averaged $96 in the Spring. The Economies of America's Oil States Shrank.
The government's state accounts show what a price shock does and does not do. It made oil and gas worth far more.
Opinion Voices
Argument and analysis from our columnists
Featured Voices
The reporters and editors behind the coverage
Cory Chamberlain
Senior Writer
Delta Will Absorb $6 Billion More for Fuel This Year. Its Profit Forecast Has Fallen by About a Quarter Since July.
Humana Had 20 Per Cent of Its Medicare Members in Four-Star Plans. Next Year It Will Have 95 Per Cent.
The Pentagon and Lockheed Are Discussing a Decade of F-35s. The Hard Part Is the Spare Parts.
Alison Acosta
Technology Correspondent
Two Investment Firms Are Selling the Company That Keeps Private Funds' Books. KKR Is Paying $5.1 Billion for It.
There Are 30% Fewer Japanese Companies in China Than in 2012. Those That Stay Still Make Things There, but Fewer Count on Selling There.
Chip Sales Passed $1 Trillion by August. In February, That Was the Forecast for the Whole Year.
Daniel Okafor
Markets Editor
Savannah Had Its Busiest September on Record for Containers. At Brunswick, Roll-On Cargo Fell 22 Per Cent.
The Southern Family Has Controlled Canadian Utilities Since 1980. It Is Trading It for Shares in Emera.
America Imported a Record $421 Billion in August. Without Computers, Chips and Telecom Gear, Imports Are Down This Year.
Margaret Holloway
Editor-at-Large
Thomas Gutierrez
Staff Writer
Washington Announced Two Missile-Tracking Ships in July. The Contract Signed This Week Is for One, With Two on Option.
Uber Is Paying $2.3 Billion for ezCater, a Business Built on $400 Lunch Orders That Nearly Vanished in 2020
Unifor Says Stellantis Will Match the Ford and GM Deals Only if the Union Accepts the Sale of Brampton
The Story So Far
The AI Buildout23 stories
- 8 Oct The Fed Now Counts the AI Buildout as an Inflation Problem. Most Officials Expect Another Rate Rise This Year.
- 5 Oct Chip Sales Passed $1 Trillion by August. In February, That Was the Forecast for the Whole Year.
- 3 Oct Five Tech Groups Asked Trump to Spare Data Centers From Chip Tariffs. For Now, They Are Exempt.
- 3 Oct America Now Spends More Building Data Centers Than Chip Plants. Most Other Private Building Is Shrinking.
- 26 Sept $30 a Seat and a Meter Behind It. What Microsoft's One-App Copilot Actually Costs a Buyer.
- 14 Sept The Market Read the Essay as a Forecast for Chip Demand
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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