Early Look

Friday, October 31, 2025

U.S. stocks closed at their lows on Thursday, led by a pullback in technology stocks as the Nasdaq Comp snapped its 5-day win streak falling -1.58%, pulling back from all-time highs as investors rotated into other sectors (financials, utilities, healthcare), but following a strong night of earnings in the tech space, Nasdaq futures are looking higher by 1.1% and on track for another weekly win for US markets. Shares of AMZN, AAPL, COIN, NET, RDDT, TEAM, TWLO, WDC are all pointing to solid gains overnight/this morning after earnings results. Amazon’s cloud division notched its best quarterly growth in almost three years, while Apple showed a surge in sales. In other tech news, NFLX announced a ten-for-one stock split while Reuters reported the company is actively weighing making an offer to acquire Warner Bros. Discovery’s (WBD) studio. In Asian markets, The Nikkei Index surged 1,085 points to 52,411, the Shanghai Index fell -32 points to 3,954, and the Hang Seng Index dropped -376 points to 25,906. In Europe, the German DAX is down -110 points to 24,007, while the FTSE 100 is down -53 point to 9,707. Government shutdown rolls into day 31, and we are on track to lose key benefits for Americans this weekend. Oil priced drifted lower ahead of an OPEC+ meeting this weekend, with members including Saudi Arabia set to endorse another supply boost. Earnings season remains top of mind with more than 60% of S&P 500 companies having reported to date, and a further 150 expected today and next week.

• The Dow Jones Industrial Average fell -109.88 points, or 0.23%, to 47,522.12
• The Nasdaq Composite dropped -377.33 points, or 1.58%, to 23,581
• The Russell 2000 Index declined -18.87 points, or 0.76% to 2,465.94

• 9:45 AM ET                  Chicago PMI for October
• 1:00 PM ET                   Baker Hughes Weekly rig count data

• Floor & Décor Holdings (FND) Q3 EPS $0.53 vs. est. $0.45; Q3 revs $1.18B, in-line with consensus $1.18B; Q3 comparable store sales decreased (-1.2%); sees FY25 EPS $1.87-$1.97 vs. est. $1.80 and sees FY25 revenue $4.66B-$4.71B, vs. consensus $4.7B.
• VICI Properties (VICI) Q3 AFFO $0.60 vs. est. $0.59; Q3 revs rose 4.4% y/y to $1.0B, in-line with consensus $1.0B; raises FY25 AFFO view to $2.36-$2.37 from $2.35-$2.37.
• Zillow Inc. (ZG) Q3 adj EPS $0.44 vs est $0.43, adj EBITDA $165Mm vs est $157.98Mm on revs $676Mm vs est $670.64Mm.

• Chevron (CVX) Q3 adj EPS $1.85 vs. est. $1.69; Q3 revs $49.73B vs. est. $47.42B; achieved record production of 4.1 mln BOE per day, a 21% increase yr/yr, driven by the acquisition of Hess and increased output in the Permian Basin and Gulf of America; Adjusted free cash flow rose over 50% yr/yr, aided by asset sales and loan repayments from TCO.
• ExxonMobil (XOM) Q3 adj EPS $1.88 vs. est. $1.81; Q3 revs $85.29B vs. est. $83.6B helped by higher oil and gas production in Guyana and the Permian Basin which offset lower oil prices; raised its fourth quarter dividend by 4% to $1.03 per share; says on track to achieve over $18B in cumulative structural cost savings by 2030 end; excluding acquisitions, expects FY cash CAPEX slightly below lower end of $27B to $29B.
• First Solar (FSLR) Q3 EPS $4.24 vs est $4.25 on sales $1.59B vs est $1.561B; guides FY sales $4.95-5.2B vs prior $2.9-5.7B and est $5.28B, op Inc $1.56-1.68B vs prior $1.53-1.87B and est $1.739B and EPS $14.00-15.00 vs prior $13.50-16.50 and est $15.17.

• Credit Acceptance (CACC) Q3 adjusted EPS of $10.28 beats $9.52 estimate; Q3 adjusted net income was $117.9M topping ests $109M; said expects system modernization to improve loan origination speed; reports a 16.5% decline in Consumer Loan assignment unit volume, attributed to fewer active dealers.
• LPL Financial (LPLA) Q3 adj EPS $5.20 vs est $4.48 on revs $4.55B vs est $4.245B
• Rocket Companies (RKT) Q3 adj EPS $0.07 vs. est. $0.05; Q3 revs $1.605B vs. est. $1.65B; Q3’25 adjusted EBITDA of $349M; Gain on sale margin was 2.80%, an increase of 2 bps y/y; sees Q4 revenue $2.1B-$2.3B.
• Aquarian Holdings is in advanced talks to take private U.S. life insurer Brighthouse Financial (BHF) in a $4 billion deal that could be announced as soon as this weekend, Financial Times reported on Thursday, citing sources familiar with the matter. https://tinyurl.com/3hw5rca9

• Edwards Lifesciences (EW) Q3 adj EPS $0.67 vs. est. $0.59; Q3 revs rose 14.7% y/y to $1.55B vs. est. $1.5B; raises FY25 EPS view to $2.56-$2.62, consensus $2.51 (vs. prior view $2.45-$2.55); Q3 TAVR sales grew 12.4%; constant currency1 sales grew 10.6%; Q3 TMTT sales of $145.2M, driven by PASCAL and EVOQUE.
• Gilead Sciences (GILD) Q3 adj EPS $2.47 vs. est. $2.14; Q3 revs rose 3% y/y to $7.8B vs. est. $7.46B; narrows FY25 EPS view to $8.05-$8.25 from $7.95-$8.25 and narrows FY25 product sales view to $28.4B-$28.7B from $28.3B-$28.7B; Biktarvy sales increased 6% to $3.7B in Q3 y/y.
• Illumina (ILMN) Q3 adj EPS $1.34 vs est $1.17, adj EBIT mgn 24.5% on revs $1.084B vs est $1.065B, adj gr mgn 69.2%; guides FY adj EPS $4.65-4.75 vs est $4.50.
• ResMed Inc. (RMD) Q1 adj EPS $2.55 vs est $2.50 on revs $1.34B vs est $1.331B, adj gr mgn 62%.
• Stryker (SYK) Q3 adj EPS $3.19 vs. est. $3.13; Q3 revs rose 10% y/y to $6.06B vs. est. $6.04B; now expects FY sales to grow 9.8%-10.2%, up from prior guidance of 9.5%-10% growth and raised the lower end of its range for adj EPS by $0.10 to $13.50-$13.60. to reflect sustained demand and a favorable pricing impact.

• Ingersoll Rand (IR) Q3 adj EPS $0.86 vs est $0.86, adj EBITDA $545Mm vs est $540.6Mm on revs $1.955B vs est $1.949B; guides FY revs +4-6% vs est +4.87%, adj EBITDA $2.06-2.09B vs est $2.084B and adj EPS $3.25-3.31 vs est $3.37.
• MasTec (MTZ) Q3 adj EPS $2.48 vs. est. $2.30; Q3 revs $3.97B vs. est. $3.91B; said posted strong double-digit y/y growth across both revenue and profit metrics while also exceeding guidance in all respects; narrows FY25 adjusted EPS view to $6.40 from $6.23-$6.44.
• Ramaco (METC) and U. S. Department of Energy’s (DOE) National Energy Technology Laboratory (NETL) Execute Far-Reaching Strategic Agreement on Rare Earths and Critical Minerals.
• Republic Service Group (RSG) Q3 adj EPS $1.90 vs est $1.78, adj EBITA $1.38B vs est $1.353B, adj EBITDA mgn 32.8% on revs $4.212B vs est $4.254B; says sees FY revs near low end of guidance range.
• Weyerhaeuser (WY) Q3 EPS $0.06 vs. est. loss (-$0.02); Q3 revs $1.7B vs. est. $1.66B; said anticipates Q4 earnings before special items and Adjusted EBITDA will be approximately $30M than Q3.

• Netflix (NFLX) announces ten-for-one stock split, with shares rising overnight on news. Separately, Netflix (NFLX) is actively weighing making an offer to acquire Warner Bros. Discovery’s (WBD) studio and streaming business, retaining Moelis & Co. (MC) and gaining access to financial information, Reuters reported https://tinyurl.com/r6jw249k
• Atlassian (TEAM) Q1 adj EPS $1.04 vs est $0.84, adj op mgn 23% on revs $1.43B vs est $1.402B; guides Q2 revs $1.535-1.543B vs est $1.514B, cloud revs approx +22.5% yr/yr, data center revs approx +17% yr/yr, adj gr mgn approx 87%, adj op mgn approx 24.5%; sees FY revs approx +20.8% vs est +16.3%, cloud revs approx +22.5%, data center revs approx =20%, adj gr mgn approx 86.5% and adj op mgn approx 25.5%
• Cloudflare (NET) Q3 adj EPS $0.27 vs est $0.23 on revs $562.027Mm vs est $544.8Mm; guides Q4 revs $588.5-589.5M vs est $580.58M, FY revs $2.142-2.143B vs est $2.117B and FY adj EPS $0.91 vs est $0.86.
• Disney (DIS) channels have been removed from Google’s (GOOGL) YouTube TV platform after the companies failed to reach a new distribution agreement, https://tinyurl.com/24by5y8p
• Monolithic Power Systems (MPWR) Q3 adj EPS $4.73 vs est $4.64 on revs $737.2Mm vs est $720.5Mm, gr mgn 55.1%; sees Q4 revs $730-750Mm vs est $725.34Mm, adj gr mgn 55.2-55.8%, adj op exp $145.5-149.5Mm.
• Lumen Technologies (LUMN) Q3 adj EPS ($0.20) vs est ($0.27) on revs $3.087B vs est $3.039B; reiterates FY guidance.
• Motorola Solutions (MSI) Q3 EPS $4.06 vs. est. $3.85; Q3 revs $3.01B vs. est. $2.99B; sees FY25 adjusted EPS $15.09-$15.15 vs. prior view $14.88-$14.98 (est. $14.96) and said it is maintaining its prior revenue guidance of approximately $11.65 billion or 7.7% growth.
• OpenAI, Oracle (ORCL) and Related Digital announce Stargate Data centre site in Michigan to create 2,500 union construction jobs and 2,000 permanent county-wide jobs.
• Reddit Inc. (RDDT) Q3 EPS $0.80 vs. est. $0.52; Q3 revs rose 68% y/y to $585M vs. est. $549.53M; Q3 DAU up 19% to 116M led by international growth; sees Q4 revenue $655M-$665M, vs. consensus $637.95M and sees Q4 adjusted EBITDA $275M-$285M; Q3 ad revs rose to $549M, helped by higher impressions/prices.
• Roku Inc. (ROKU) Q3 revs $1.21B vs. est. $1.20B; Q3 revs $1.21B, in-line with consensus; sees Q4 revenue $1.35B, vs. consensus $1.32B and raises 2025 revenue outlook to $4.69B, consensus $4.66B.
• Strategy (MSTR) Q3 EPS $8.42 vs. consensus $8.15; Q3 revs $128.7M, vs. est. $118.4M; said increased bitcoin holdings to 640,808 bitcoin and have raised $20 billion year-to-date through our robust capital markets platform; reaffirms FY2025 operating income guidance of $34B and net income tgt $24B.
• Twilio (TWLO) Q3 adj EPS $1.25 vs est $1.08, adj op Inc $235Mm vs est $212.14Mm on revs $1.3B vs est $1.254B; sees Q4 revs $1.31-1.32B vs est $1.285B and adj EPS $1.17-1.22 vs est $1.14.
• Western Digital (WDC) Q1 adj EPS $1.78 vs est $1.71 on revs $2.818B vs est $2.715B, gr mgn 43.5%; guides Q2 revs $2.8-3.0B vs est $2.815B and EPS $1.73-2.03 vs est $1.77.