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Fifth Third Earned $828 Million With Comerica Fully Folded In. Its Efficiency Ratio Is 62.4 Per Cent, Against 54.9 a Year Ago.
China Grew 4.5 Per Cent in the Third Quarter. Investment Is Down 7.2 Per Cent This Year, and Private Investment 10.4.
Pentagon Contractors Lose Their Critical-Minerals Waivers on 1 January. The Aerospace Industry Says Replacement Supply Is Not Expected Until 2028 or Later.
The Navy Lent Six Pearl Harbor Welders to Electric Boat and 95.5 Per Cent of Their Weld Tests Passed. About 130 More Public-Yard Workers Are Coming.
A $4.5 Million Shore-Power Hookup in Jacksonville Is Meant to Switch Off Ship Generators That Can Burn 4,000 Gallons of Fuel a Day
The First Russian Diesel Cargo Since Washington's Licence Was 40,000 Tons, Bound for Morocco. U.S. Pump Diesel Is 9 Cents Higher Than on the Day the Licence Was Signed.
Tesla Reports on Wednesday With Capital Spending Forecast at $7.94 Billion, Up 253 Per Cent. Analysts Expect Free Cash Flow of Negative $4.09 Billion.
GM Reports on Tuesday After U.S. Sales Fell 6 Per Cent. Analysts Still Expect North American Profit to Rise About 31 Per Cent.
The Chip Index Has Fallen Eight Sessions in a Row, a Run Last Seen in October 2008. The Semiconductor ETF Is Down 16 Per Cent Since 6 October and Still Up 64 Per Cent for the Year.
Moody's Zandi Puts the Iran War's Cost at Almost $2,000 a Household. Only $1,100 Is Energy, and Diesel Is Still 74 Per Cent Above Last Year.
France's Assembly Votes on Its Revenue Budget on Tuesday. The Finance Committee Rejected It 31 to 3, and Paris Pays About 137 Basis Points Over Berlin.
The Big Read
BusinessEQT Agreed to Buy Cleanaway for A$3.095 a Share, a A$9.3 Billion Deal. Three Days Earlier, the Stock Fell 7.6 Per Cent and the ASX Asked Why.
The price is 3.5 cents below the August proposal because a dividend has since been paid, and the premium the company quotes is measured against the old figure. The more telling number is the share price on the Friday before signing.
A compactor spreads waste at a landfill in Calgary, Alberta. The site is not one of Cleanaway's. File photograph.
EQT Infrastructure has agreed to buy Cleanaway Waste Management, the Australian waste collector and landfill operator, for A$3.095 a share in cash, a deal Cleanaway says values the business at about A$9.3 billion including debt.
Cleanaway told the ASX on Monday 19 October, Sydney time, that it had signed a binding scheme implementation deed with Sedum Group Pty Ltd, an entity owned by funds managed or advised by EQT. The price is settled. The interesting part is what happened to the shares three days before it was.
Shareholders are to receive A$3.095 in cash for each share, less the cash amount of any dividends paid before the deal completes. That is 3.5 cents below the A$3.13 that EQT proposed in August, because Cleanaway paid a FY26 final dividend of 3.5 cents a share on 8 October, the release said.
Markets
Tradeweb Will Pay $1.97 Billion for Trumid, and $220 Million of That Is for Tax Assets. It Has Not Said What Trumid Earns.
The release gives a price, a protocol list and an accretion promise.
Business
RTX Raised Its Forecast on a $340 Billion Backlog. 25 Cents of Its Quarter Came From a Cost Recovery It Did Not Explain.
The headline beat is real.
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
Technology
Salesforce Will Pay $47.50 a Share in Cash for Braze, an Enterprise Value of About $5.66 Billion. It Has Agreed to a $300 Million Reverse Termination Fee.
Salesforce would owe Braze $300 million if regulators or a court block the deal, more than Braze would owe it.
Steel Dynamics Earned $756 Million in the Third Quarter, 87 Per Cent More Than a Year Ago, at $1,400 a Ton. It Still Missed Its Own Guidance by Up to 12 Cents.
Steel is earning more than at any point this year, and the aluminum plant that was supposed to diversify the business is still losing money.
St. Petersburg Vowed to Protect Its Landmarks. Treehouse Sanctuary Inc. Says the City Shut One Down Instead.
St. Petersburg is federally certified to protect its historic buildings.
Valero Reports Thursday Against a $21.23 Consensus. A Year Ago It Earned $3.66, and in the Second Quarter $12.54.
Refiners are the one part of the energy chain that profits from the squeeze.
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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.
Media
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.
Business
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.
Business
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.
Money
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.
Editor's Choice
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.
The $5.36 gap between the two earnings figures is mostly a $564 million charge on acquisition earn-outs.
Latest News
Everything we have published, newest firstEU Leaders Pressed Brussels for Quotas on Chinese Chemicals and Machinery. The Hybrid-Car Deal Covers €15 Billion of a €360 Billion Deficit.
At their Brussels summit on 15 October, EU leaders pushed for import quotas to protect chemicals and industrial machinery from Chinese competition, Euronews reports, and a senior EU official said the Commission will present two new trade tools by the end of the year. The bloc's annual trade deficit with China is a record €360 billion.
Thoma Bravo's Proofpoint Will Pay $6.3 Billion in Cash for Varonis at $49.75 a Share. The Premium Is 52 Per Cent Against June and 17 Per Cent Against September.
Proofpoint, a Thoma Bravo portfolio company, agreed on Thursday 15 October to buy Varonis Systems for $49.75 a share in cash, a deal valued at about $6.3 billion. Varonis would owe a $211.7 million termination fee in some cases; Proofpoint would owe $423.3 million in others. Closing is expected in the first half of 2027 and needs a Varonis shareholder vote and regulatory approvals.
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.
AT&T Will Sell Its Mexican Wireless Business for $2 Billion, About 0.4 Times Its 2025 Revenue. The Buyers Plan to Borrow Up to $1.4 Billion of the Price.
AT&T Mexico is the country's second-largest mobile operator, with 24.7 million subscribers, but very little of its revenue reaches operating profit. The buyer's filing shows how much of the price will be borrowed.
A GTCR-Led Group With Elliott Will Take CCC Private at $7.75 a Share, a $6.1 Billion Enterprise Value. Its Chief Executive and President Are Rolling Over Part of Their Stakes.
A second software take-private in one day, this one for the company insurers and body shops use to estimate and settle auto claims. The premium is measured from July, and two of the people running the company are staying in as owners.
The Numbers
Industrial Production Rose 0.7 Per Cent in September, and Utilities Supplied More of It Than Factories. Manufacturing Rose 0.3 Per Cent and Is Up 1.1 Per Cent in a Year.
The Federal Reserve said on Friday 16 October that industrial production rose 0.7 per cent in September after a 0.1 per cent gain in August. Utilities output rose 3.5 per cent, manufacturing 0.3 per cent and mining 0.2 per cent. Capacity utilization rose to 76.9 per cent, 2.5 points below its long-run average.
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.
DelveInsight, a market-research firm, estimates the global regenerative medicine market at about $41 billion in 2025 and projects roughly $162 billion by 2034. The FDA has spent years pursuing clinics selling unapproved stem cell products, most recently in a January 2025 warning letter to a Pompano Beach, Florida manufacturer. Dr. David Borenstein, a physician who offers regenerative treatments, says patients should ask what a product is before they book.
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.
Health
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.
Labcorp said on Thursday 15 October that it will buy select assets of BioReference Health from OPKO Health for $722 million in cash at closing, plus up to $150 million tied to revenue from the 4Kscore prostate test. Labcorp expects the businesses to bring in about $250 million in revenue in the first year after closing. The deal needs regulatory approval and has no stated closing date.
What We’re Following
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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.
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.
GlobalFoundries said on Wednesday 14 October that it will be the technology provider and operator for two new chip plants at its Malta, New York site, funded by up to $21 billion from Japan under the U.S.-Japan trade agreement. The first fab is expected to come online in 2029. In a separate agreement, the Commerce Department will take about 4 per cent 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. Manufacturers say they are still raising prices and, mostly, still planning to spend.
Opinion Voices
Argument and analysis from our columnists
Featured Voices
The reporters and editors behind the coverage
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
Salesforce Will Pay $47.50 a Share in Cash for Braze, an Enterprise Value of About $5.66 Billion. It Has Agreed to a $300 Million Reverse Termination Fee.
Pentagon Contractors Lose Their Critical-Minerals Waivers on 1 January. The Aerospace Industry Says Replacement Supply Is Not Expected Until 2028 or Later.
Tesla Reports on Wednesday With Capital Spending Forecast at $7.94 Billion, Up 253 Per Cent. Analysts Expect Free Cash Flow of Negative $4.09 Billion.
Daniel Okafor
Markets Editor
EQT Agreed to Buy Cleanaway for A$3.095 a Share, a A$9.3 Billion Deal. Three Days Earlier, the Stock Fell 7.6 Per Cent and the ASX Asked Why.
Tradeweb Will Pay $1.97 Billion for Trumid, and $220 Million of That Is for Tax Assets. It Has Not Said What Trumid Earns.
Steel Dynamics Earned $756 Million in the Third Quarter, 87 Per Cent More Than a Year Ago, at $1,400 a Ton. It Still Missed Its Own Guidance by Up to 12 Cents.
Margaret Holloway
Editor-at-Large
RTX Raised Its Forecast on a $340 Billion Backlog. 25 Cents of Its Quarter Came From a Cost Recovery It Did Not Explain.
China Grew 4.5 Per Cent in the Third Quarter. Investment Is Down 7.2 Per Cent This Year, and Private Investment 10.4.
The Navy Lent Six Pearl Harbor Welders to Electric Boat and 95.5 Per Cent of Their Weld Tests Passed. About 130 More Public-Yard Workers Are Coming.
Thomas Gutierrez
Staff Writer
Merck KGaA Will Pay $20 an ADS in Cash for Silence Therapeutics, a 130 Per Cent Premium. The Price Is Built on One Drug, Not Yet in Phase 3.
A $4.5 Million Shore-Power Hookup in Jacksonville Is Meant to Switch Off Ship Generators That Can Burn 4,000 Gallons of Fuel a Day
France's Assembly Votes on Its Revenue Budget on Tuesday. The Finance Committee Rejected It 31 to 3, and Paris Pays About 137 Basis Points Over Berlin.
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