☰ Sections Got a tip? Search

Cranberry Journal

Tuesday, November 3, 2026

Also in this edition
Markets
  • S&P 5007,585.91+0.59%
  • Nasdaq25,428.48+1.05%
  • Dow51,870.84−0.22%
  • 10-yr yield4.95%+1.14%
  • Crude$95.88−0.60%
At the close · Nov 3

Earnings

Tagged stories

Close view of a Ryanair Boeing 737 MAX's dark blue tail with the yellow harp logo, and a winglet bearing the Ryanair name, against a pale grey sky.
Business

Ryanair Flew 6 Per Cent More Passengers and Earned 15 Per Cent Less. Next Year's Extra €2 Billion of Fuel Works Out to About €9 a Passenger.

Ryanair's profit after tax fell 15 per cent to €2.15 billion in the six months to September as the fifth of its fuel it had not hedged roughly doubled in price, the airline said on Monday 2 November. Passengers rose 6 per cent to 125.8 million and average fares fell 4 per cent. It expects its fuel bill to rise by about €2 billion in the year to March 2028 and gave no profit forecast.

By Thomas Gutierrez  

The glass tower of Westpac Place in Sydney, with the red Westpac W logo near its top, rising behind lower office buildings under a clear late-afternoon sky.
Business

Westpac's Operating Profit Rose $379 Million Last Year. It Set Aside $440 Million More for Bad Loans, Though Fewer of Its Borrowers Are in Trouble.

Westpac earned A$7.0 billion excluding notable items in the year to 30 September, unchanged from a year earlier, and A$6.8 billion on a statutory basis, down 1 per cent, it said on Monday 2 November. Impairment charges doubled to A$864 million. The bank expects Australian interest rates to stay elevated into 2027, a day before the Reserve Bank meets.

By Daniel Okafor  

A beige diesel generator set with CAT lettering on its enclosure and an exhaust silencer on top stands in a parking lot beside parked cars, with autumn trees behind.
Markets

Caterpillar's Backlog Hit a Record $78 Billion, Up 96 Per Cent in a Year. Its Dealers Plan to Cut $1.6 Billion of Inventory This Quarter.

Caterpillar's sales rose 17 per cent to $20.7 billion in the third quarter and adjusted profit was $7.20 a share, the company said on Thursday. Its order backlog reached a record $78 billion, up about $38 billion from a year earlier. It expects construction equipment volume to fall modestly in the fourth quarter as dealers shrink their stocks.

By Daniel Okafor  

The cream-coloured frontage of a Cheesecake Factory restaurant with red lettering and white awnings, behind palm trees, hedges and a flowering bougainvillea, below a white apartment building.
Business

The Cheesecake Factory Served 9.5 Per Cent More Guests Last Quarter. At Chipotle, Transactions Rose 0.8 Per Cent.

Comparable sales at The Cheesecake Factory's namesake restaurants rose 15.2 per cent in the third quarter, with traffic up 9.5 per cent, the company said on 27 October. A day later Chipotle reported comparable sales up 2.1 per cent, with transactions up 0.8 per cent. Cheesecake Factory's management says it is too early to tell how lasting its new, younger guests will be.

By Margaret Holloway  

A red Ford Mustang Mach-E electric crossover seen from above and the side, driving along a grey road with white lane markings beside a grass verge.
Business

Ford's Electric Unit Lost $1.06 Billion Last Quarter, a Quarter Less Than a Year Ago. Per Vehicle Shipped, the Loss Rose to About $31,000.

Ford's Model e division lost $1.06 billion before interest and taxes in the third quarter, down from $1.41 billion a year earlier, the company said on 28 October. It shipped 34,000 vehicles, 31 per cent fewer. Ford earned $2.7 billion of adjusted operating profit overall and raised the bottom of its full-year forecast.

By Alison Acosta  

A Boeing 737 MAX test aircraft in Boeing's blue and white livery, registration N8701Q, parked on an apron with work stands and stairs beside it, with hangars, hills and a blue sky behind.
Business

Boeing Delivered 161 Airliners Last Quarter and Lost About $4.3 Million on Each. Its 6,300-Jet Backlog Would Take About a Decade to Build at This Year's Pace.

Boeing said on 27 October that third-quarter revenue rose 4 per cent to $24.2 billion and its net loss narrowed to $116 million, from $5.3 billion a year earlier. Its commercial airplanes unit lost $697 million on 161 deliveries. Total backlog reached a record $745 billion, including more than 6,300 commercial jets.

By Daniel Okafor  

A UPS Boeing 767-300F freighter in brown and white livery, with 'Worldwide Services' on its fuselage and the UPS shield on its tail, flying with landing gear down against a clear blue sky.
Business

UPS Raised Its Revenue Forecast by $1.4 Billion and Its Profit Forecast by $100 Million. The Fourth Quarter Now Has to Earn 37 Per Cent of the Year's Profit.

UPS said on 27 October that third-quarter revenue rose 6.7 per cent to $22.9 billion while adjusted earnings fell to $1.69 a share from $1.74. It raised its 2026 revenue outlook to about $92.6 billion, from $91.2 billion, and its adjusted operating profit target to about $8.75 billion, from $8.65 billion. U.S. parcel volume fell 3.3 per cent.

By Daniel Okafor  

A single-storey brick store with a dark fascia bearing the white Verizon logo and red check mark, a row of glass windows with an Open sign, and a mown lawn in front, beside a large green tree.
Business

Verizon Added 406,000 Phone Subscribers in the Third Quarter, Up From 44,000 a Year Ago. It Says It Spent 41 Per Cent Less on Promotions to Win Them.

Verizon said on 26 October that it added 406,000 postpaid phone subscribers in the third quarter, against 44,000 a year earlier, and raised its 2026 forecast to 1.1 million to 1.2 million. Revenue rose 1.5 per cent to $34.3 billion as equipment sales fell 9 per cent. Adjusted earnings rose 8.3 per cent to $1.31 a share.

By Thomas Gutierrez  

The slender limestone tower of 30 Rockefeller Plaza rising between two lower stone buildings hung with American flags, seen from Fifth Avenue under a pale sky.
Markets

Lazard's Adjusted Revenue Rose 11 Per Cent in the Third Quarter. Its Adjusted Profit Fell 35 Per Cent, as Pay Held at 69.9 Per Cent of Revenue.

Lazard said on 22 October that adjusted net revenue rose 11 per cent to $805 million in the third quarter, with advisory and asset management both up. Adjusted earnings fell 36 per cent to 36 cents a share as the adjusted compensation ratio rose to 69.9 per cent from 65.5 per cent. The firm's long-term target is 60 per cent or below.

By Daniel Okafor  

Looking up at a tall pale-stone office tower with a grid of deep-set windows, rising behind a lower wing of the same building against a blue sky with white clouds.
Business

Omnicom's Organic Growth Reached 7.2 Per Cent in Its Third Quarter With Interpublic. It Has Spent $3.2 Billion on Buybacks This Year, $857 Million More Than Its Free Cash Flow.

Omnicom said on 22 October that third-quarter revenue rose 59 per cent to $6.42 billion, mostly because it now owns Interpublic, and that its continuing businesses grew 7.2 per cent organically. Adjusted earnings per share rose 22 per cent to $2.73. The company repeated that it is on track for $900 million of cost savings from the merger this year.

By Daniel Okafor  

A curving residential street of single-storey stucco houses with garages, palm and oak trees and trimmed lawns under a bright, streaked blue sky.
Money

PulteGroup's Orders Fell 6 Per Cent With Mortgage Rates Above 7 Per Cent. Its Land and Housing Inventory Has Grown by $1.2 Billion This Year.

PulteGroup said on 22 October that third-quarter net new orders fell 6 per cent to 6,208 homes and earnings fell to $2.53 a share from $2.96, as closings dropped 9 per cent. Chief executive Ryan Marshall said rising rates had pushed "even more consumers to the sidelines." The average 30-year mortgage rate was 7.32 per cent in the week to 22 October, against 6.19 per cent a year earlier, Freddie Mac said.

By Daniel Okafor  

The entrance to an American Express Centurion Lounge, with open navy-blue double doors beside a pale mosaic wall bearing the company's centurion-head emblem and the words The Centurion.
Business

American Express Raised Its Forecast After Earning $5.42 a Share. Its Cards Now Carry an Average Fee of $136 a Year, 14 Per Cent More Than a Year Ago.

American Express said on 23 October that third-quarter revenue rose 9 per cent to $20.1 billion and earnings per share rose 31 per cent to $5.42, or 13 per cent to $4.68 excluding a travel-stake gain and a restructuring charge. It raised its full-year earnings forecast to $18.30 to $18.60 a share. Net card fees rose 16 per cent, faster than spending.

By Daniel Okafor  

The twin limestone towers of Procter & Gamble's headquarters in Cincinnati behind a row of flagpoles and a paved plaza, under a deep blue sky.
Business

P&G Raised Prices Just 0.4 Per Cent and Sold 2.4 Per Cent More Volume. It Expects a $1.4 Billion Commodity Hit, Most of It Still to Come.

Procter & Gamble said on 22 October that first-quarter organic sales rose 4.0 per cent, with volume up 2.4 per cent and pricing up only 0.4 per cent. It kept its full-year guidance but expects a $1.4 billion after-tax commodity headwind, assuming Brent crude at $100 a barrel, and says most of it has not yet reached its accounts.

By Daniel Okafor  

An American Airlines Boeing 737-800 in silver livery with a striped red, white and blue tail, landing gear down, on approach against a clear blue sky.
Business

American Airlines Made $115 Million Flying Passengers Last Quarter and Paid $435 Million in Interest. Fuel Will Cost It More Than $7 Billion Extra This Year.

American Airlines reported on 22 October that third-quarter revenue rose 19.3 per cent to a record $16.3 billion and that it still earned an operating profit of $115 million despite a $1.9 billion rise in fuel costs. Net interest expense of $435 million turned that into a net loss of $269 million. It now expects an adjusted loss of $1.00 to $1.60 a share for 2026.

By Daniel Okafor  

The front of an Xfinity store in a brick retail building at dusk, with the white Xfinity sign above two black awnings, a bare young tree and a lit street lamp.
Media

Comcast Lost 144,000 Broadband Customers in a Quarter and Has Stopped Buying Back Its Shares. Its Parks Profit Fell 17 Per Cent.

Comcast said on 22 October that it lost 144,000 domestic broadband customers in the third quarter, against 91,000 a year earlier, while Peacock made $261 million and theme-park earnings fell 17.1 per cent. Share repurchases are paused until the separation of NBCUniversal and Sky, which Comcast expects to complete by the middle of 2027.

By Thomas Gutierrez  

A long, low grey and pale green data centre building beside a gravel path and an electrical substation, with pine trees behind under an overcast sky, at Meta's site in Luleå, Sweden.
Technology

Meta Spent $34.9 Billion on Capital Projects in One Quarter and Burned $2.1 Billion of Free Cash. Its Commitments Now Total $454.5 Billion.

Meta Platforms reported on Wednesday 21 October that third-quarter revenue rose 26 per cent to $64.6 billion, while capital expenditures of $34.9 billion left free cash flow at negative $2.1 billion. A $9.89 billion legal charge cut operating income 37 per cent to $13.0 billion. Meta narrowed its 2026 capex range to $135 billion to $145 billion and has given no 2027 figure.

By Alison Acosta  

A yellow and grey Union Pacific diesel locomotive pulling a train of double-stacked shipping containers along a snowy track under a blue sky.
Business

Union Pacific's Revenue Rose 15 Per Cent, and 6 Per Cent Without Fuel Surcharges. At CSX, Surcharges Supplied More Than Half of a $430 Million Gain.

Union Pacific said on Thursday 22 October that third-quarter operating revenue rose 15 per cent to $7.2 billion, while freight revenue excluding fuel surcharges rose 6 per cent. CSX reported record revenue of $4.02 billion on Wednesday, up 12 per cent, with fuel surcharge revenue of $466 million against $234 million a year earlier. Both railroads paid more than $4.20 a gallon for locomotive fuel.

By Daniel Okafor  

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

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  

A modern building clad in metal panels with the IBM logo above its entrance, a bare tree and a glass tower in front, under a grey sky.
Technology

IBM's Software Revenue Grew 8 Per Cent While Consulting Was Flat. GAAP Earnings Rose 26 Per Cent, Against a Year-Earlier Quarter Cut by a $309 Million Tax Charge.

IBM said on Wednesday 21 October that third-quarter revenue rose 5 per cent to $17.1 billion, or 6 per cent at constant currency, with Software up 8 per cent and Consulting flat. GAAP earnings from continuing operations rose 26 per cent to $2.31 a share and operating earnings 11 per cent to $2.95. IBM held its 4 to 5 per cent revenue outlook and now expects free cash flow to rise by more than $1 billion this year.

By Alison Acosta  

A large grey Texas Instruments sign with the red company logo on a flowered planter beside a tree-lined road, with the address 12500 TI Blvd.
Markets

Texas Instruments' Revenue Rose 28 Per Cent and Its Guide Is Flat at the Midpoint. Federal Chip Grants Supplied $1.1 Billion of Its $8.4 Billion Free Cash Flow.

Texas Instruments said on Wednesday 21 October that third-quarter revenue rose 28 per cent to $6.06 billion and earnings rose 77 per cent to $2.62 a share. It guided fourth-quarter revenue to $5.80 billion to $6.30 billion, a midpoint level with the third quarter. Trailing 12-month free cash flow was $8.42 billion, including $1.10 billion of CHIPS Act incentive proceeds.

By Daniel Okafor  

An aerial view of a long white factory building with a red stripe and solar panels on its roof, beside a large car park, in a desert valley with snow-capped hills behind.
Technology

Tesla Spent $4.73 Billion on Capital Projects Against a Forecast of $7.94 Billion. It Has Cut This Year's Budget to $20 Billion From More Than $25 Billion.

Tesla said on Wednesday 21 October that third-quarter capital spending was $4.73 billion and free cash flow was positive $1.53 billion, against S&P Global Market Intelligence forecasts of $7.94 billion and negative $4.09 billion. On the earnings call it cut its 2026 capital spending guidance to about $20 billion from more than $25 billion. Revenue was flat at $28.05 billion and GAAP operating income fell 55.8 per cent.

By Alison Acosta  

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

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  

A bundle of optical fibres carrying blue light, their cut ends glowing against a dark background.
Technology

3M Gave Amazon a Warrant for 3.16 Million Shares at $164.89. Most of It Vests Only After Amazon Pays 3M $6 Billion for Data Center Gear.

3M disclosed on 19 October that it issued a warrant to a wholly owned Amazon subsidiary for up to 3,162,015 shares at $164.89 each, exercisable over seven years. Eighty-five per cent of it vests as Amazon pays for optical connectivity and other data center products, fully at $6 billion of cumulative payments. 3M has not described the milestones for the rest, or how it will account for the warrant.

By Alison Acosta  

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.
Business

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  

The long, low white buildings and stacks of a steel mill on the horizon beyond farm fields and trees.
Markets

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 Dynamics said on 19 October that third-quarter net income was $756 million, or $5.26 a share, on net sales of $6.5 billion and record shipments of 3.8 million tons. The average external steel price rose $102 a ton from the second quarter to $1,400. The EPS was below the $5.34-$5.38 range the company gave on 17 September.

By Daniel Okafor  

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.
Business

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  

A long grey concrete factory building with two bands of windows, seen across a road and a strip of tall grass under a hazy sky.
Technology

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.

Tesla reports third-quarter results after the close on Wednesday 21 October, with a webcast at 5:30 p.m. Eastern. S&P Global Market Intelligence's consensus has capital spending at $7.94 billion and free cash flow at negative $4.09 billion, against roughly positive $4 billion a year earlier. Those are forecasts, not results.

By Alison Acosta  

The glass facade and stone-framed lower floors of 50 Hudson Yards in Manhattan, seen from the street, with neighbouring towers reflected in the windows.
Markets

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.

BlackRock reported on Wednesday 14 October that it ended the third quarter with $15.5 trillion in assets and took in $205 billion of net new money. Revenue rose 19 per cent to $7.75 billion. Diluted earnings were $10.57 a share, or $15.93 as adjusted, and most of the gap is one non-cash charge tied to its own share price.

By Daniel Okafor  

A large office building on ASML's campus in Veldhoven, the Netherlands, clad in angular white aluminium panels, under a partly cloudy sky.
Markets

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.

ASML reported record third-quarter net sales of €11.7 billion on Wednesday 14 October, toward the high end of its guidance, with a gross margin of 57.5 per cent. It guided fourth-quarter sales to €14.2 billion to €15.2 billion and 2026 sales to €44 billion to €45 billion. It does not disclose bookings, but its balance sheet moved.

By Daniel Okafor  

The glass-and-steel tower of Goldman Sachs's headquarters at 200 West Street, seen from below against a blue sky with white clouds.
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.

By Daniel Okafor  

Close-up of a silicon wafer patterned with a grid of rectangular chip dies.
Markets

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.

By Daniel Okafor  

The Jersey City waterfront seen across the Hudson River, with the tall Goldman Sachs Tower at left.
Markets

Goldman Sachs Has Had 17 Downward Earnings Revisions and No Upgrades in 30 Days. It Reports on Tuesday Against a $13.02 Consensus.

Goldman Sachs reports third-quarter 2026 results on Tuesday 13 October at about 7:30 a.m. ET, with its call at 9:30 a.m. ET. IG puts the LSEG consensus at $13.02 a share on $16.71 billion of revenue, and the StarMine SmartEstimate at $12.80. Nothing has been reported yet, and estimates for individual business lines differ by provider.

By Daniel Okafor  

The Lower Manhattan skyline seen across the water under a blue sky.
Business

JPMorgan Reports Tuesday After a Quarter With $5.6 Billion of One-Off Gains. Analysts Expect Revenue of About $51 Billion.

JPMorgan Chase will report third-quarter results at about 7:00 a.m. Eastern on Tuesday 13 October, opening bank earnings season. Analysts expect revenue of about $51.2 billion and earnings of $5.93 a share, according to MarketBeat. The second quarter's $58.0 billion of revenue included a $4.6 billion Visa gain and $1.0 billion of other equity gains, and nothing has been reported yet.

By Cory Chamberlain