Top stories
Steris Will Pay $2.1 Billion for Xodus Medical. The Target Expects $245 Million of 2026 Revenue and $135 Million of Adjusted Operating Profit.
IonQ Will Pay Up to $1.3 Billion in Stock for Elisity. Up to $150 Million of That Depends on Performance.
Goldman Sachs Has Had 17 Downward Earnings Revisions and No Upgrades in 30 Days. It Reports on Tuesday Against a $13.02 Consensus.
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.
China Exported 919,000 Passenger Cars in September, Up 64 Per Cent. Its Domestic Sales Fell 27 Per Cent to 1.67 Million.
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.
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.
JPMorgan Reports Tuesday After a Quarter With $5.6 Billion of One-Off Gains. Analysts Expect Revenue of About $51 Billion.
The Big Read
MarketsJPMorgan Earned $5.57 a Share, Its First Miss Since 2023. Take Out a $658 Million Securities Loss and It Still Missed.
The securities loss, which Jamie Dimon called discretionary, explains 18 cents of the gap. The rest sits in trading and deal fees that grew more slowly than the bank had signalled in September.
The entrance to JPMorgan Chase's headquarters at 270 Park Avenue, New York. File photograph.
JPMorgan Chase earned $15.3 billion in the third quarter, or $5.57 a share, according to its earnings release on Tuesday. That is 6 per cent more profit than a year earlier and 10 per cent more per share. It is also less than analysts expected. Reuters put the LSEG consensus at $5.85 a share and said it was the bank's first profit miss since the fourth quarter of 2023. Yahoo Finance cited a $5.90 estimate. Estimates differ by provider, and every one we have seen was above the result.
The bank has a one-off to point to, and it put it in the headline of its release. The number underneath it is the more useful one.
JPMorgan booked $658 million of net investment securities losses in its Corporate segment, which cut net income by $498 million and earnings by 18 cents a share. Excluding that item, the bank earned $15.8 billion, or $5.75 a share, with a return on tangible common equity of 21 per cent.
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.
A gap of more than a point between headline and core inflation is mostly a petrol story.
Markets
Citi Expects the Treasury to Cut Its 20- and 30-Year Auctions by $3 Billion Each, and Perhaps Scrap the 20-Year Bond
The call arrives after a week in which the 30-year auction drew firm demand and yields eased from near 24-year highs.
Weather
New York City
--°
- —
- —% humidity
- Wind — mph
- H — · L —
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
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.
Wells Fargo Beat on Earnings and Missed on Revenue. Its Capital Ratio Fell to 10.0 Per Cent as Its Unrealised Losses Doubled.
Risk-weighted assets barely moved in the quarter.
Morgan Stanley Reports Wednesday After Telling Investors "3Q Is No 2Q." Its Closest Rival Has Just Shown What That Can Look Like.
Morgan Stanley lowered the bar itself, in public, a month ago.
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.
Revenue is already known, so the quarter turns on how much of last quarter's margin was operating strength and how much was a one-off gain on shares in another chipmaker.
Got a tip for us?
Editors read every submission. Here is how to send documents, on background or on the record.
How to submitThe Picture
Nine Million Borrowers Are in Default on Student Loans. Collections Are Coming.
National News
Manufacturers Are Coming Home. The Workers Are Not There Yet.
Technology
The Chip Fabs Are Running. The Supply Chain Around Them Is Not Built Yet.
Leadership
The Return-to-Office Mandate Has a New Enforcement Problem
Markets
The Office Building Becomes the Apartment Building. The Financing Is Finally There.
Editor's Choice
The News Business Is Cutting Again. The Reasons Have Not Changed.
Consumer revenue fell forty-one percent over five years.
Latest News
Everything we have published, newest firstThe 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.
The Department of War's Office of Strategic Capital has issued a conditional commitment for up to $1.5 billion in long-term financing to Wolfspeed, a silicon carbide and gallium nitride chipmaker that emerged from bankruptcy a year ago. Nothing has been signed.
Canada Lost 68,000 Jobs. The Public Sector Lost 70,000, and the Private Sector Held Steady.
Statistics Canada reported on Friday that employment fell by 68,000 in September, the second straight monthly decline, and the unemployment rate rose to 6.5 per cent. Economists had expected a gain of about 9,200. The public sector accounted for more than the whole drop.
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.
Brussels Says China Will Halve Its Hybrid Exports to Europe. Beijing Called It an "Understanding."
Europe's duties on Chinese electric cars pushed Chinese makers toward hybrids, which were charged the ordinary 10 per cent. Friday's deal is the first attempt to cap that shift by agreement rather than by tariff, and the details have not been published.
The Algorithm Is Spending Your Ad Budget Now. Most Buyers Let It.
The human advertiser wrote the brief. The algorithm decided everything else.
National News
US Electric Vehicle Sales Are Down Thirty Percent. Hybrids Are Up Twenty-Three.
EV sales in the United States fell 30.7 percent through September, accounting for six percent of overall sales, after the $7,500 federal tax credit expired at the end of 2025. In Europe, EVs reached 23.2 percent market share over the same period, driven by fuel prices and regulation. American buyers moved to hybrids.
China's Property Slump Is in Its Fifth Year. The Stimulus Has Run Out of Room.
China's retail sales fell 0.6 percent year-over-year in May, the first contraction since the pandemic era. Fixed asset investment declined 4.1 percent in the first five months of the year. Real estate development investment fell 16.2 percent. China Vanke, one of the few major developers to have avoided default, posted a combined $2.2 billion quarterly loss.
Seventy-one percent of distressed office debt is tied to a failed or imminent refinancing, not a missed payment.
The Federal Workforce Shrank by 272,000. The Cost Was $9.5 Billion in Pay for Not Working.
The federal government paid employees $9.5 billion in paid administrative leave in 2025, a sixfold increase from 2023, as part of the DOGE-driven workforce reduction effort. The Department of Government Efficiency formally shut down on July 4. Eighteen of twenty-two major agencies lost more than 10 percent of their workforce. The Department of Education lost more than 45 percent.
The State Collected $2.7 Billion From Gambling. Most of It Came From a Small Fraction of Bettors.
Illinois gambling-related tax revenue grew 19.2 percent last fiscal year to $2.7 billion, a 90 percent increase from 2019. Sports wagering alone generated $593 million in state taxes on $15 billion wagered. Research consistently finds that the majority of gambling revenue comes from a small minority of problem or at-risk gamblers.
Private Equity Hospitals Charged $669 More Per Patient. Costs Did Not Fall.
The margins went up. The costs did not come down.
Opinion Voices
Argument and analysis from our columnists
Featured Voices
The reporters and editors behind the coverage
Cory Chamberlain
Senior Writer
Wells Fargo Beat on Earnings and Missed on Revenue. Its Capital Ratio Fell to 10.0 Per Cent as Its Unrealised Losses Doubled.
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.
Alison Acosta
Technology Correspondent
IonQ Will Pay Up to $1.3 Billion in Stock for Elisity. Up to $150 Million of That Depends on Performance.
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.
TSMC's American Chips Still Need a Piece Made Elsewhere. GlobalFoundries Is Signing Up to Make It in New York.
Daniel Okafor
Markets Editor
Goldman Earned $17.01 a Share Against a $13.02 Consensus. Equities Revenue Alone Ran About $1.8 Billion Above the Preview Estimate.
JPMorgan Earned $5.57 a Share, Its First Miss Since 2023. Take Out a $658 Million Securities Loss and It Still Missed.
Morgan Stanley Reports Wednesday After Telling Investors "3Q Is No 2Q." Its Closest Rival Has Just Shown What That Can Look Like.
Margaret Holloway
Editor-at-Large
Steris Will Pay $2.1 Billion for Xodus Medical. The Target Expects $245 Million of 2026 Revenue and $135 Million of Adjusted Operating Profit.
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.
China's Property Slump Is in Its Fifth Year. The Stimulus Has Run Out of Room.
Thomas Gutierrez
Staff Writer
China Exported 919,000 Passenger Cars in September, Up 64 Per Cent. Its Domestic Sales Fell 27 Per Cent to 1.67 Million.
The IMF Publishes Its Full Outlook on Tuesday. Its July Forecast Assumed $89 Oil This Year, and Brent Is Above $100.
Cenovus Will Pay C$12 a Share for Athabasca Oil, a 14 Per Cent Premium. Athabasca's Shares Ended the Week Above the Offer.
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.
Most Read
-
The Ports Fixed Themselves. The Roads Behind Them Did Not
National News
-
Everyone Diversified Their Model Suppliers. Almost Nobody Diversified the Layer Underneath
AI
-
Agencies Cannot Hire Fast Enough to Spend What Congress Appropriated
National News
-
The Equipment Lease Was the Last Easy Credit. It Is Not Any More
Business
-
The Delivery Room Is the First Thing a Rural Hospital Closes
Health
-
The Quiet Revenue Line in Your Index Fund
Markets
-
School Districts Are Budgeting for Students Who Never Arrived
National News
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