Business

An orange AT&T warning sign on a post among bare branches, reading Warning, buried fiber optic cable in this vicinity.

AT&T Took a $2.6 Billion Charge on the Mexican Business It Agreed to Sell for $2 Billion. GAAP Earnings Fell to $0.13 a Share; Adjusted Earnings Rose to $0.65.

AT&T said on Wednesday 21 October that third-quarter revenue rose 5.3 per cent to $32.3 billion and adjusted earnings rose to $0.65 a share from $0.54. GAAP earnings from continuing operations were $0.13 a share after a $2.6 billion non-cash impairment on AT&T Mexico, which it agreed on 13 October to sell. AT&T raised its 2026 adjusted EPS outlook, lowered its capital investment outlook and kept its plan for $24 billion or more of buybacks through 2028.

By Thomas Gutierrez October 22, 2026

A B-2 stealth bomber in flight against a blue sky, its fuselage lit by the sun.

Northrop Grumman's Backlog Hit a Record $109.6 Billion. Its Cash Forecast Needs at Least $2.1 Billion in the Fourth Quarter, Less Than Last Year's $3.2 Billion.

Northrop Grumman said on Tuesday 20 October that third-quarter sales rose 7 per cent to $11.1 billion and backlog reached a record $109.6 billion on $16.4 billion of net awards, a book-to-bill ratio of 1.5. It raised its 2026 earnings outlook to $29.35-$29.75 a share and left its sales and cash flow ranges unchanged.

By Margaret Holloway October 21, 2026

An aerial view of a coastal launch site with a tall stainless-steel rocket standing beside tank farms and buildings, with tidal flats and the sea beyond.

SpaceX Earned $4.4 Billion in the Third Quarter, $1.6 Billion of It Outside Operations. Musk Says SpaceX and Tesla Have Each Formed a Merger Committee.

SpaceX said on Tuesday 20 October that third-quarter revenue rose 161 per cent to $14.575 billion and net income was $4.404 billion, against a loss a year earlier. On the earnings call, Elon Musk said he thinks SpaceX and Tesla have each formed a special committee to discuss combining. Neither company has announced the committees or filed anything about them, and no terms exist.

By Alison Acosta October 21, 2026

An aerial view of a landfill, with a compactor driving across a broad layer of mixed household waste and bare earth beyond.

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.

Cleanaway Waste Management said on Monday 19 October, Sydney time, that it has signed a binding scheme implementation deed under which an EQT Infrastructure vehicle will buy all its shares for A$3.095 each in cash, implying an enterprise value of about A$9.3 billion. The board recommends the deal subject to an independent expert's report. Shareholders vote before the end of February 2027, and FIRB and ACCC clearance are still needed.

By Daniel Okafor October 20, 2026

A Pratt & Whitney PW1000G geared turbofan engine, its cowling open, on a transport stand inside an aircraft hangar, with a second engine and an airliner tail behind it.

RTX Raised Its Forecast on a $340 Billion Backlog. 25 Cents of Its Quarter Came From a Cost Recovery It Did Not Explain.

RTX said on Tuesday 20 October that third-quarter sales rose 11 per cent to $25.0 billion and adjusted earnings rose 33 per cent to $2.26 a share, and it lifted its 2026 adjusted EPS outlook to $7.65-$7.75 from $7.10-$7.25. The adjusted figure includes $0.25 a share from what the company calls an IEEPA cost recovery, and free cash flow fell 47 per cent to $2.1 billion.

By Margaret Holloway October 20, 2026

The top of the Fifth Third Center tower in Cincinnati, with the words Fifth Third Bank across its crown against a blue sky with clouds.

Fifth Third Earned $828 Million With Comerica Fully Folded In. Its Efficiency Ratio Is 62.4 Per Cent, Against 54.9 a Year Ago.

Fifth Third Bancorp reported third-quarter net income to common shareholders of $828 million, or $0.90 a share, on Monday. Adjusted earnings were $1.13 a share, above the $1.09 consensus on Nasdaq's earnings calendar. It took $215 million of merger charges in the quarter and repurchased no stock.

By Daniel Okafor October 19, 2026

Workers in silver heat-protective suits and helmets pour molten metal from a large ladle into sand molds on a foundry floor, with flames and sparks rising from the molds.

Pentagon Contractors Lose Their Critical-Minerals Waivers on 1 January. The Aerospace Industry Says Replacement Supply Is Not Expected Until 2028 or Later.

An executive order signed on 20 July tells the Pentagon to stop issuing routine waivers for Chinese, Russian, Iranian and North Korean magnets, tungsten, tantalum and molybdenum on 1 January 2027. An Army Materiel Command official said on Wednesday the service will "see some impact come January." Industry says it still does not know what an acceptable mitigation plan looks like.

By Alison Acosta October 18, 2026

Six men in T-shirts and work trousers stand in a row on grass beneath a large tree at Pearl Harbor Naval Shipyard, smiling and making shaka hand signs.

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 Navy pilot that sent a supervisor and five nuclear welders from Pearl Harbor Naval Shipyard to General Dynamics Electric Boat in Groton, Connecticut, produced a 95.5 per cent pass rate on radiographically tested welds, the Navy said on 16 October. A Navy official said about 130 more public-shipyard workers are being lined up to support Electric Boat.

By Margaret Holloway October 18, 2026

Engineers in hard hats and life vests stand on grass around an open white electrical cabinet on a pier, with a large cargo ship and a red crane behind them.

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 Marine Corps' Blount Island facility in Jacksonville, Florida, is about to plug berthed prepositioning ships into the shore grid. Military Sealift Command estimates shore power could cut the cost of powering a ship at the pier by 20 to 30 per cent; the project cost about $4.5 million and serves one berth.

By Thomas Gutierrez October 18, 2026

GM Reports on Tuesday After U.S. Sales Fell 6 Per Cent. Analysts Still Expect North American Profit to Rise About 31 Per Cent.

General Motors reports third-quarter results on Tuesday 20 October. Zacks puts consensus at $3.52 a share on revenue of $48.24 billion, and North American operating profit at $3.28 billion against $2.51 billion a year ago, even though GM's U.S. sales fell 6 per cent to 670,974 in the quarter.

By Daniel Okafor October 18, 2026

The Charlotte, North Carolina, skyline seen from the west above trees in spring.

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.

Truist agreed on 14 October to sell $7.7 billion of unsecured consumer loans, substantially all of LightStream's assets, to Carlyle. Its third-quarter results on Friday 16 October showed reported earnings of $0.56 a share and adjusted earnings of $1.16, after a $1.447 billion pre-tax loss on the sale of securities.

By Margaret Holloway October 17, 2026

The rusted, dented rear bumper of an old vehicle parked on a cobbled street.

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.

CCC Intelligent Solutions said on Thursday 15 October that a consortium led by GTCR and including Elliott Investment Management will buy it for $7.75 a share in cash, an enterprise value of about $6.1 billion. The price is about 44 per cent above the 9 July close. The deal needs a stockholder vote and antitrust clearance and is expected to close in the first quarter of 2027.

By Margaret Holloway October 16, 2026

Insulators, switchgear and overhead lines at an electric power substation under a pale sky.

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.

By Daniel Okafor October 16, 2026

A row of new dark SUVs parked on a dealership lot at dusk.

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.

Penske Automotive Group said on Thursday 15 October that it will be acquired by Penske Corporation and Japan's Mitsui & Co. for $212.00 a share in cash, an enterprise value of about $16.3 billion. The price is 8.84 per cent above Wednesday's close and $2 above the $210 the buyers proposed in July. The deal needs regulatory approval and two shareholder votes, and is expected to close in the first quarter of 2027.

By Margaret Holloway October 15, 2026

Rows of industrial machinery under overhead pipework on a factory floor.

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.

The Federal Reserve Bank of Philadelphia said on Thursday 15 October that its manufacturing index fell to 20.9 from 37.8, the second monthly decline, though it remains positive. New orders fell to 4.3 from 29.2. The prices-received index rose to 40.1, its highest since May 2025.

By Daniel Okafor October 15, 2026

Two machined metal flanges resting on engineering drawings.

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.

The Federal Reserve Bank of New York said on Thursday 15 October that its Empire State Manufacturing Survey general business conditions index rose 18 points to 25.5 in October, the highest since December 2021. New orders rose 21 points to 23.2, while the employment index held at 10.3, pointing to modest hiring, and supply availability fell to its lowest since June 2022.

By Margaret Holloway October 15, 2026

White fuel storage tanks at a riverside terminal under a blue sky, seen from the water.

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.

Agility Global said on 13 October that it will sell its entire stake in Tristar, a fuel logistics business, to India's Aegis Logistics at an enterprise value of $1.5 billion and an equity value of $882 million, about 6.0 times 2025 EBITDA. Closing is expected before the end of March 2027, subject to regulatory approvals. Agility has not said how much of that it receives.

By Thomas Gutierrez October 15, 2026

A single-storey Bank of America branch with its red, white and blue sign, seen across a road junction under traffic lights at State Road 520 and A1A.

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.

Treasury announced more than $1.21 billion in anti-money-laundering and sanctions penalties against Bank of America on Tuesday 13 October, and the bank reported third-quarter results the next morning. The bank says the penalty is a non-deductible charge of about 17 cents a share. The bank earned 91 cents a share, or $1.08 excluding the charge, below the $1.12 analysts had expected.

By Margaret Holloway October 14, 2026

A hand holds a smartphone whose screen shows a pink heart pierced by an arrow, against a green textured fabric.

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.

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.

By Alison Acosta October 14, 2026

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.

By Alison Acosta October 12, 2026

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