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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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
The Big Read
AIAnthropic Told Investors Quarterly Revenue Hit $16.8 Billion, Reuters and the FT Report. The Dollar Gain Was Smaller Than the Quarter Before.
The number is large, and the pitch to investors was about profit and cash. The slowdown in dollar growth, what "adjusted" leaves out, and how much of the business runs through two cloud partners are what buyers will price.
Server racks in a large computing centre. Anthropic told investors it earned $1.70 in revenue for every $1 it spent on computing power, the FT reported. File photograph.
Anthropic told prospective investors on Wednesday that its revenue for the third quarter was $16.8 billion, up 45 per cent from the second quarter, and that it made a profit on an adjusted basis, Reuters reported, citing two attendees of an investor day at the company's San Francisco headquarters. The Financial Times reported the same revenue figure, along with positive cash flow, according to an account published by Yahoo Finance. Anthropic has not published the numbers, and Reuters said the company did not immediately respond to a request for comment.
The headline is a growth number, and by this publication's arithmetic it is a slower one than the quarter before. Reuters reports that revenue was $11.6 billion in the second quarter and $4.7 billion in the first. That makes the third-quarter increase $5.2 billion, or 45 per cent. The second-quarter increase was $6.9 billion, or about 147 per cent. Revenue is still rising quickly. It is rising by a smaller dollar amount.
Reuters said attendees met Chief Executive Dario Amodei and Chief Financial Officer Krishna Rao, and that several were encouraged by the company's revenue growth and path to profitability. According to those attendees, the company said it was profitable on an adjusted basis in the quarter. The FT, in the account relayed by Yahoo Finance, said it was the second consecutive quarter of adjusted profit and that Anthropic generated "$1.70 in revenue for every $1 spent on computing power."
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.
Retail sales are reported in dollars, not goods.
Money
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.
Producer prices are running well ahead of consumer prices.
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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
Markets
Warsh Would Not Say Whether the Fed Will Hike Again on 28 October. His Last Words Before the Quiet Period Were About AI.
The chair's last public remarks before the blackout were about AI and the shape of the economy, not the rate.
Truist Is Selling $7.7 Billion of LightStream Loans to Carlyle, Weeks After Shedding $5.5 Billion of Auto Loans. It Also Took a $1.45 Billion Securities Loss.
A new chief executive, six weeks in, is shedding businesses the bank calls non-core and replacing much of the consumer leadership.
EU Leaders Pressed Brussels for Quotas on Chinese Chemicals and Machinery. The Hybrid-Car Deal Covers €15 Billion of a €360 Billion Deficit.
Six days after the hybrid-car deal, governments are already arguing about the next sector.
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.
The headline premium is measured from a share price set before the first sale rumours.
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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.
Technology
IonQ Will Pay Up to $1.3 Billion in Stock for Elisity. Up to $150 Million of That Depends on Performance.
Markets
Goldman Sachs Has Had 17 Downward Earnings Revisions and No Upgrades in 30 Days. It Reports on Tuesday Against a $13.02 Consensus.
Business
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.
World
China Exported 919,000 Passenger Cars in September, Up 64 Per Cent. Its Domestic Sales Fell 27 Per Cent to 1.67 Million.
Editor's Choice
The IMF Publishes Its Full Outlook on Tuesday. Its July Forecast Assumed $89 Oil This Year, and Brent Is Above $100.
The headline growth number will draw the attention.
Latest News
Everything we have published, newest firstBumble 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.
Bumble said on Tuesday 13 October that it will be acquired by Ithaca Holdings for $6.05 a share in cash, a deal it values at $1.3 billion. The price is about 138 per cent above the stock's close on 9 October. Affiliates of Blackstone and founder Whitney Wolfe Herd approved the deal by written consent after it was signed, so public shareholders will not vote; regulatory approvals are still required.
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.
Citigroup said on Tuesday 13 October that third-quarter net income was $5.2 billion, or $2.85 a share, on revenue of $23.8 billion, up 8 per cent. Return on tangible common equity was 11.5 per cent, down from 13.0 per cent in the second quarter.
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.
Pope Leo XIV Has Lung Cancer, the Vatican Says. Surgeons Removed Part of His Right Lung Without Complications.
Two days after telling pilgrims about a small nodule, the 71-year-old pope had it removed. The Vatican's medical bulletin confirms the cancer the pre-operative tests suspected, and says nothing yet about what comes next.
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. They want an accounting, an auditor and a fine equal to his trading profits.
Markets
Goldman Earned $17.01 a Share Against a $13.02 Consensus. Equities Revenue Alone Ran About $1.8 Billion Above the Preview Estimate.
Goldman Sachs reported third-quarter earnings of $17.01 a share on Tuesday 13 October, against an LSEG consensus of $13.02, on net revenue of $18.68 billion. Equities revenue rose 72 per cent from a year earlier to $6.44 billion, while fixed income was flat. Earnings per share were still 19 per cent below the second quarter.
JPMorgan Earned $5.57 a Share, Its First Miss Since 2023. Take Out a $658 Million Securities Loss and It Still Missed.
JPMorgan Chase reported third-quarter profit of $15.3 billion, or $5.57 a share, on Tuesday 13 October, against an LSEG consensus of $5.85. Reuters said it was the bank's first profit miss since the fourth quarter of 2023. Excluding $658 million of losses on investment securities, the bank earned $5.75, still below the estimate.
Risk-weighted assets barely moved in the quarter.
Markets
Morgan Stanley Reports Wednesday After Telling Investors "3Q Is No 2Q." Its Closest Rival Has Just Shown What That Can Look Like.
Morgan Stanley reports third-quarter results at about 7:30 a.m. ET on Wednesday 14 October. The LSEG consensus, as cited by Reuters, is $2.94 a share against $3.46 in a record second quarter and $2.80 a year earlier. In September co-president Dan Simkowitz said "3Q is no 2Q." Goldman Sachs, reporting on Tuesday, showed revenue down 13 per cent from the second quarter in its comparable business.
What We’re Following
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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."
ASML Reports Wednesday and No Longer Publishes Orders. China Was 16 Per Cent of Its First-Half Sales, Against a Full-Year Guide of About 20 Per Cent.
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.
Cenovus Will Pay C$12 a Share for Athabasca Oil, a 14 Per Cent Premium. Athabasca's Shares Ended the Week Above the Offer.
TSMC's Third-Quarter Sales Rose About 51 Per Cent, Above Its Own Guidance. Analysts Expect Its Net Margin to Fall From 55.6 Per Cent to About 50.
TSMC's monthly sales figures, released on 8 October, put third-quarter revenue at a record of about NT$1.49 trillion, up about 51 per cent and above the top of its own guidance. It reports full results on Thursday 15 October, and analysts expect net profit of about NT$746 billion, a net margin near 50 per cent against 55.6 per cent in the second quarter. Fourth-quarter guidance has not yet been issued.
Steris Will Pay $2.1 Billion for Xodus Medical. The Target Expects $245 Million of 2026 Revenue and $135 Million of Adjusted Operating Profit.
Consumables and service are already about 82 per cent of Steris's revenue, so this is less a pivot than a bet on one category. The margin Steris is paying for depends on a royalty that ended this year.
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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
Anthropic Told Investors Quarterly Revenue Hit $16.8 Billion, Reuters and the FT Report. The Dollar Gain Was Smaller Than the Quarter Before.
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.
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.
Daniel Okafor
Markets Editor
Warsh Would Not Say Whether the Fed Will Hike Again on 28 October. His Last Words Before the Quiet Period Were About AI.
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.
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.
Margaret Holloway
Editor-at-Large
Truist Is Selling $7.7 Billion of LightStream Loans to Carlyle, Weeks After Shedding $5.5 Billion of Auto Loans. It Also Took a $1.45 Billion Securities Loss.
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.
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.
Thomas Gutierrez
Staff Writer
EU Leaders Pressed Brussels for Quotas on Chinese Chemicals and Machinery. The Hybrid-Car Deal Covers €15 Billion of a €360 Billion Deficit.
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.
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.
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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