Market Update
U.S. Movers: CVS Health, Seagate Technology, Visa
Scott Peters
29 Oct, 2025
New York City
CVS Health Corp. increased 0.8% to $82.64, and the pharmaceutical retailer hiked its outlook and reported better-than-expected third-quarter results.
Total revenues rose 7.8% to $102.9 billion from $95.4 billion, net income swung to a loss of $3.99 billion from a profit of $71 million, and diluted earnings per share turned to a loss of $3.13 compared to a profit of 7 cents a year ago.
The third quarter GAAP diluted loss per share of $3.13 reflects a $5.7 billion goodwill impairment charge related to the Health Care Delivery reporting unit, partially offset by a gain of $483 million on the deconsolidation of Omnicare, LLC in connection with the initiation of Omnicare's voluntary Chapter 11 proceedings.
Adjusted earnings per share, which excludes certain items and transactions, increased to $1.60 from $1.09 in the prior year primarily due to improved adjusted operating income in the Health Care Benefits segment.
The company raised its full-year 2025 guidance range to between $6.55 and $6.65 from the previous range between $6.30 and $6.40.
CVS estimated 2025 GAAP diluted loss per share to range between 34 cents and 24 cents from the previous estimated profit range between $3.84 and $3.94.
Seagate Technology Holdings PLC increased 6.7% to $238.30, and the data storage company reported sharply higher results in the fiscal first quarter ending on October 3.
Revenue increased to $2.6 billion from $2.2 billion, net income advanced to $549 million from $305 million, and diluted earnings per share rose to $2.43 from $1.41 a year ago.
The company declared a cash dividend of 74 cents per share, payable on January 9, 2026, to investors on record on December 24, 2025.
The company estimated fiscal second quarter revenue of $2.7 billion, with a band of $100 million, and adjusted earnings per share of $2.75, with a band of 20 cents.
Visa Inc. increased 1% to $347.21, and the payment processor reported better-than-expected fiscal fourth-quarter results.
Revenue increased 12% to $10.7 billion, net income decreased 4% to $5.1 billion, and diluted earnings per share eased 1% to $2.62.
Payment volume rose 9%, driven by a 12% rise in cross-border volume, and processed transactions advanced 10% from a year ago.
U.S. Movers: CVS Health, Seagate Technology, Visa
Scott Peters
02 Nov, 2025
New York City
CVS Health Corp. increased 0.8% to $82.64, and the pharmaceutical retailer hiked its outlook and reported better-than-expected third-quarter results.
Total revenues rose 7.8% to $102.9 billion from $95.4 billion, net income swung to a loss of $3.99 billion from a profit of $71 million, and diluted earnings per share turned to a loss of $3.13 compared to a profit of 7 cents a year ago.
The third quarter GAAP diluted loss per share of $3.13 reflects a $5.7 billion goodwill impairment charge related to the Health Care Delivery reporting unit, partially offset by a gain of $483 million on the deconsolidation of Omnicare, LLC in connection with the initiation of Omnicare's voluntary Chapter 11 proceedings.
Adjusted earnings per share, which excludes certain items and transactions, increased to $1.60 from $1.09 in the prior year primarily due to improved adjusted operating income in the Health Care Benefits segment.
The company raised its full-year 2025 guidance range to between $6.55 and $6.65 from the previous range between $6.30 and $6.40.
CVS estimated 2025 GAAP diluted loss per share to range between 34 cents and 24 cents from the previous estimated profit range between $3.84 and $3.94.
Seagate Technology Holdings PLC increased 6.7% to $238.30, and the data storage company reported sharply higher results in the fiscal first quarter ending on October 3.
Revenue increased to $2.6 billion from $2.2 billion, net income advanced to $549 million from $305 million, and diluted earnings per share rose to $2.43 from $1.41 a year ago.
The company declared a cash dividend of 74 cents per share, payable on January 9, 2026, to investors on record on December 24, 2025.
The company estimated fiscal second quarter revenue of $2.7 billion, with a band of $100 million, and adjusted earnings per share of $2.75, with a band of 20 cents.
Visa Inc. increased 1% to $347.21, and the payment processor reported better-than-expected fiscal fourth-quarter results.
Revenue increased 12% to $10.7 billion, net income decreased 4% to $5.1 billion, and diluted earnings per share eased 1% to $2.62.
Payment volume rose 9%, driven by a 12% rise in cross-border volume, and processed transactions advanced 10% from a year ago.
U.S. Movers: Amazon.com, Cadence Design, Chegg, F5, NXP Semiconductors
Scott Peters
28 Oct, 2025
New York City
NXP Semiconductors increased 2% to $226.0, and the Dutch manufacturer reported better-than-expected third-quarter results.
Revenue decreased 2% to $3.2 billion from $3.25 billion. Net income decreased 12% to $631 million from $745 million, and diluted earnings per share dropped 11% to $2.48 from $2.79 a year ago.
The company's fourth-quarter guidance surpassed market expectations.
Revenue in the fourth quarter is estimated to range between $3.2 billion and $3.4 billion, operating income between $878 million and $1.0 billion, and diluted earnings per share to fall between $2.40 and $2.81.
Cadence Design Systems decreased 1.4% to $346.50, and the software company lifted its full-year outlook.
Revenue increased to $1.3 billion from $1.2 billion, net income advanced to $287.1 million from $238.1 million, and diluted earnings per share rose to $1.05 from 87 cents a year ago.
The company said the backlog at the end of the quarter increased to $7.0 billion, and revenue expected to be recognized in the next 12 months from remaining performance obligations was $3.5 billion.
Cadence estimated full-year revenue to range between $5.26 billion and $5.29 billion, and diluted net income per share to fall between $3.80 and $3.86.
Chegg Inc. decreased to $1.40 after the company announced it would lay off 45% of its corporate staff, and the former chief executive Dan Rosensweig returned effective October 27, replacing the current CEO Nathan Schulz.
Amazon.com Inc. rose 0.4% to $228.0, and the company plans to lay off as many as 30,000 from its corporate ranks as the e-commerce company accelerates its AI investment.
F5 Inc. dropped 7.7% to $267.53, and the cybersecurity company's guidance fell short of market expectations.
Revenue in the fiscal fourth quarter increased 8% to $810 million from $747 million, net income advanced 15% to $190 million from $165 million, and diluted earnings per share rose to $3.26 from $2.80 a year ago.
Systems revenue jumped 42% to $186 million, software revenue inched up 0.3% to $229 million, and global services advanced 2% to $396 million from a year ago, respectively.
U.S. Movers: Amazon.com, Cadence Design, Chegg, F5, NXP Semiconductors
Scott Peters
28 Oct, 2025
New York City
NXP Semiconductors increased 2% to $226.0, and the Dutch manufacturer reported better-than-expected third-quarter results.
Revenue decreased 2% to $3.2 billion from $3.25 billion. Net income decreased 12% to $631 million from $745 million, and diluted earnings per share dropped 11% to $2.48 from $2.79 a year ago.
The company's fourth-quarter guidance surpassed market expectations.
Revenue in the fourth quarter is estimated to range between $3.2 billion and $3.4 billion, operating income between $878 million and $1.0 billion, and diluted earnings per share to fall between $2.40 and $2.81.
Cadence Design Systems decreased 1.4% to $346.50, and the software company lifted its full-year outlook.
Revenue increased to $1.3 billion from $1.2 billion, net income advanced to $287.1 million from $238.1 million, and diluted earnings per share rose to $1.05 from 87 cents a year ago.
The company said the backlog at the end of the quarter increased to $7.0 billion, and revenue expected to be recognized in the next 12 months from remaining performance obligations was $3.5 billion.
Cadence estimated full-year revenue to range between $5.26 billion and $5.29 billion, and diluted net income per share to fall between $3.80 and $3.86.
Chegg Inc. decreased to $1.40 after the company announced it would lay off 45% of its corporate staff, and the former chief executive Dan Rosensweig returned effective October 27, replacing the current CEO Nathan Schulz.
Amazon.com Inc. rose 0.4% to $228.0, and the company plans to lay off as many as 30,000 from its corporate ranks as the e-commerce company accelerates its AI investment.
F5 Inc. dropped 7.7% to $267.53, and the cybersecurity company's guidance fell short of market expectations.
Revenue in the fiscal fourth quarter increased 8% to $810 million from $747 million, net income advanced 15% to $190 million from $165 million, and diluted earnings per share rose to $3.26 from $2.80 a year ago.
Systems revenue jumped 42% to $186 million, software revenue inched up 0.3% to $229 million, and global services advanced 2% to $396 million from a year ago, respectively.
U.S. Movers: Southwest Airlines, Tesla
Scott Peters
23 Oct, 2025
New York City
Southwest Airlines Co. increased 1% to $34.11 after the company reported a surprise income in the third quarter.
Revenue increased 1% to $6.94 million from $6.87 million, net income dropped 19% to $54 million from $67 million, and diluted earnings per share decreased to 10 cents from 11 cents a year ago.
The airline guided available seat miles to increase by about 6% and revenue per available seat mile to rise between 1% and 3% in the fourth quarter, respectively.
The airline estimated its 2025 operating earnings to be between $600 million and $800 million, and the company reiterated its contribution to operating earnings from improvement initiatives of $1.8 billion.
Tesla Inc. decreased 3.3% to $424.55, and the electric vehicle maker reported mixed third-quarter results.
Revenue advanced 12% to $28 billion from $25.2 billion, net income dropped 37% to $1.4 billion from $2.2 billion, and diluted earnings per share dropped 37% to 39 cents from 67 cents.
Revenue in the automotive segment rose 6% to $21.2 billion, energy generation and storage soared 44%, and services and other revenues advanced 25% to $3.5 billion.
International Business Machines dropped 6.7% to $287.51 after the company released its third-quarter results.
Revenue increased 9% to $16.3 billion from $14.9 billion, net income swung to a profit of $1.7 billion from a loss of $330 million, and diluted earnings per share were $1.84 compared to a loss of 36 cents a year ago.
The company declared a cash dividend of $1.68 per share payable on December 10 to shareholders, recorded on November 10.
Stock faced selling pressure after revenue growth in the hybrid cloud unit, also known as Red Hat, slowed to 14% from 16% in the previous quarter.
The company raised its fiscal year revenue outlook to a growth of more than 5%, compared to the previous estimate of at least 5%.
U.S. Movers: Southwest Airlines, Tesla
Scott Peters
23 Oct, 2025
New York City
Southwest Airlines Co. increased 1% to $34.11 after the company reported a surprise income in the third quarter.
Revenue increased 1% to $6.94 million from $6.87 million, net income dropped 19% to $54 million from $67 million, and diluted earnings per share decreased to 10 cents from 11 cents a year ago.
The airline guided available seat miles to increase by about 6% and revenue per available seat mile to rise between 1% and 3% in the fourth quarter, respectively.
The airline estimated its 2025 operating earnings to be between $600 million and $800 million, and the company reiterated its contribution to operating earnings from improvement initiatives of $1.8 billion.
Tesla Inc. decreased 3.3% to $424.55, and the electric vehicle maker reported mixed third-quarter results.
Revenue advanced 12% to $28 billion from $25.2 billion, net income dropped 37% to $1.4 billion from $2.2 billion, and diluted earnings per share dropped 37% to 39 cents from 67 cents.
Revenue in the automotive segment rose 6% to $21.2 billion, energy generation and storage soared 44%, and services and other revenues advanced 25% to $3.5 billion.
International Business Machines dropped 6.7% to $287.51 after the company released its third-quarter results.
Revenue increased 9% to $16.3 billion from $14.9 billion, net income swung to a profit of $1.7 billion from a loss of $330 million, and diluted earnings per share were $1.84 compared to a loss of 36 cents a year ago.
The company declared a cash dividend of $1.68 per share payable on December 10 to shareholders, recorded on November 10.
Stock faced selling pressure after revenue growth in the hybrid cloud unit, also known as Red Hat, slowed to 14% from 16% in the previous quarter.
The company raised its fiscal year revenue outlook to a growth of more than 5%, compared to the previous estimate of at least 5%.
U.S. Movers: Coca-Cola Company, Netflix, Western Alliance
Scott Peters
22 Oct, 2025
New York City
Netflix Inc. dropped 7% to $1,154.23 after the streaming services provider reported mixed third-quarter results.
Revenue in the period increased to $11.5 billion from $9.8 billion, net income advanced to $2.5 billion from $2.4 billion, and diluted earnings per share rose to $5.87 from $5.40 a year ago.
The streaming service provider attributed weaker-than-estimated earnings to the ongoing $619 million tax expense with the Brazilian tax department.
Western Alliance Bancorp rose 2.4% to $78.06 after the regional bank reported better-than-expected third-quarter earnings.
Net revenue increased 10.9% to $938.2 million, net income advanced 9.5% to $260.5 million from $237.8 million, and diluted earnings per share rose 10.1% to $2.28 from $2.07 a year ago.
Coca-Cola Company jumped 4% to $71.22, and the beverage company reported better-than-expected revenue and earnings in the third quarter.
The resilient demand for zero-sugar beverages and Fairlife, ultra-filtered milk, in the U.S. supported the 1% increase in global unit sales, while the price rose 6% from a year ago.
Revenue in the period increased 5% to $12.5 billion from $11.8 billion, net income advanced to $3.8 billion from $2.9 billion, and diluted earnings per share rose to 86 cents from 66 cents a year ago.
The company reiterated adjusted revenue growth between 5% and 6%, and comparable adjusted earnings per share to increase 3% to $2.88.
The Atlanta-based beverage company is set to launch the U.S. launch of the 7.5-ounce single-serve sugarcane drink this fall, priced at less than $2 in convenience stores.
U.S. Movers: Coca-Cola Company, Netflix, Western Alliance
Scott Peters
22 Oct, 2025
New York City
Netflix Inc. dropped 7% to $1,154.23 after the streaming services provider reported mixed third-quarter results.
Revenue in the period increased to $11.5 billion from $9.8 billion, net income advanced to $2.5 billion from $2.4 billion, and diluted earnings per share rose to $5.87 from $5.40 a year ago.
The streaming service provider attributed weaker-than-estimated earnings to the ongoing $619 million tax expense with the Brazilian tax department.
Western Alliance Bancorp rose 2.4% to $78.06 after the regional bank reported better-than-expected third-quarter earnings.
Net revenue increased 10.9% to $938.2 million, net income advanced 9.5% to $260.5 million from $237.8 million, and diluted earnings per share rose 10.1% to $2.28 from $2.07 a year ago.
Coca-Cola Company jumped 4% to $71.22, and the beverage company reported better-than-expected revenue and earnings in the third quarter.
The resilient demand for zero-sugar beverages and Fairlife, ultra-filtered milk, in the U.S. supported the 1% increase in global unit sales, while the price rose 6% from a year ago.
Revenue in the period increased 5% to $12.5 billion from $11.8 billion, net income advanced to $3.8 billion from $2.9 billion, and diluted earnings per share rose to 86 cents from 66 cents a year ago.
The company reiterated adjusted revenue growth between 5% and 6%, and comparable adjusted earnings per share to increase 3% to $2.88.
The Atlanta-based beverage company is set to launch the U.S. launch of the 7.5-ounce single-serve sugarcane drink this fall, priced at less than $2 in convenience stores.
Apple and Amazon Earnings Spark Rebound In U.S. Indexes
Barry Adams
31 Oct, 2025
New York City
Stocks advanced on Friday as investors reviewed a fresh batch of quarterly results.
The S&P 500 index increased 0.7%, and the tech-heavy Nasdaq Composite gained 1.1% after solid earnings from Apple Inc., Amazon.com, and Cloudflare Inc.
Benchmark indexes lacked momentum in Thursday's trading amid worries that Microsoft and Meta Platforms may pull back on their investments in AI data centers.
However, those worries were set aside after Amazon.com, Apple, and Alphabet Inc. confirmed elevated investments in artificial intelligence and data centers.
The federal government shutdown is limiting macroeconomic data visibility, but corporate results are clearly indicating a rapidly bifurcating economy.
Low- and mid-income consumers are limiting their purchases to basic items and foregoing luxuries, avoiding high-priced restaurant meals, and struggling from one paycheck to the next.
However, consumers at the top end are participating in the current stock market surge, benefiting from the rapid rise in home prices over the last five years, and enjoying job and income stability.
Coca-Cola, Chipotle Mexican Grill, Crocs, United Airlines, and Delta Air confirmed the fast-developing K-shaped economy with growing income and wealth inequalities.
U.S. Stock Movers
Apple Inc. gained 1.7% to $276.0, and the mobile phone maker reported better-than-expected fiscal fourth-quarter earnings.
Total sales increased to $102.5 billion from $94.9 billion, net income advanced to $27.5 billion from $14.7 billion, and diluted earnings per share rose to $1.85 from 97 cents a year ago.
The company declared a quarterly cash dividend of 26 cents per share payable on November 13 to shareholders on November 10.
The popular electronic device maker provided strong guidance for the December quarter, driven by better-than-estimated demand for its iPhone 17 mobile devices.
Amazon.com Inc. soared 13% to $251.61, and the e-commerce company reported better-than-expected third-quarter results.
Net sales increased 13% to $180.2 billion from $158.9 billion, net income rose to $21.2 billion from $15.3 billion, and diluted earnings per share advanced to $1.95 from $1.43 a year ago.
Sales in North America increased 11% from a year ago to $106.3 billion, international segment sales rose 14% to $40.9 billion, and AWS, or cloud unit, revenue soared 20% to $33.0 billion.
The e-commerce company "expanded Same-Day Delivery of perishable groceries to 1,000+ cities and towns in the U.S., with plans to reach 2,300+ locations by the end of 2025."
The company guided fourth-quarter sales to fall in the range of $206 billion and $213 billion, an increase of between 10% and 13% from a year ago.
The company estimated operating income between $21 billion and $26 billion, compared to $21.2 billion in the quarter a year ago.
Exxon Mobil Corp. decreased 1.5% to $112.88, and the oil company reported a decline in earnings in the third quarter.
Total revenues decreased to $85.3 billion from $90.0 billion, net income fell to $7.5 billion from $8.6 billion, and diluted earnings per share dropped to $1.76 from $1.92 a year ago.
"Year-to-date net production was 4.7 million oil-equivalent barrels per day, highlighted by a new quarterly production record in both the Permian, with nearly 1.7 million oil-equivalent barrels per day, and Guyana, where gross production exceeded 700,000 oil-equivalent barrels per day," the company highlighted in its statement to investors.
The company increased its quarterly dividend by 4% to $1.03 per share payable on December 10 to shareholders recorded on November 14.
Apple and Amazon Earnings Spark Rebound In U.S. Indexes
Barry Adams
31 Oct, 2025
New York City
Stocks advanced on Friday as investors reviewed a fresh batch of quarterly results.
The S&P 500 index increased 0.7%, and the tech-heavy Nasdaq Composite gained 1.1% after solid earnings from Apple Inc., Amazon.com, and Cloudflare Inc.
Benchmark indexes lacked momentum in Thursday's trading amid worries that Microsoft and Meta Platforms may pull back on their investments in AI data centers.
However, those worries were set aside after Amazon.com, Apple, and Alphabet Inc. confirmed elevated investments in artificial intelligence and data centers.
The federal government shutdown is limiting macroeconomic data visibility, but corporate results are clearly indicating a rapidly bifurcating economy.
Low- and mid-income consumers are limiting their purchases to basic items and foregoing luxuries, avoiding high-priced restaurant meals, and struggling from one paycheck to the next.
However, consumers at the top end are participating in the current stock market surge, benefiting from the rapid rise in home prices over the last five years, and enjoying job and income stability.
Coca-Cola, Chipotle Mexican Grill, Crocs, United Airlines, and Delta Air confirmed the fast-developing K-shaped economy with growing income and wealth inequalities.
U.S. Stock Movers
Apple Inc. gained 1.7% to $276.0, and the mobile phone maker reported better-than-expected fiscal fourth-quarter earnings.
Total sales increased to $102.5 billion from $94.9 billion, net income advanced to $27.5 billion from $14.7 billion, and diluted earnings per share rose to $1.85 from 97 cents a year ago.
The company declared a quarterly cash dividend of 26 cents per share payable on November 13 to shareholders on November 10.
The popular electronic device maker provided strong guidance for the December quarter, driven by better-than-estimated demand for its iPhone 17 mobile devices.
Amazon.com Inc. soared 13% to $251.61, and the e-commerce company reported better-than-expected third-quarter results.
Net sales increased 13% to $180.2 billion from $158.9 billion, net income rose to $21.2 billion from $15.3 billion, and diluted earnings per share advanced to $1.95 from $1.43 a year ago.
Sales in North America increased 11% from a year ago to $106.3 billion, international segment sales rose 14% to $40.9 billion, and AWS, or cloud unit, revenue soared 20% to $33.0 billion.
The e-commerce company "expanded Same-Day Delivery of perishable groceries to 1,000+ cities and towns in the U.S., with plans to reach 2,300+ locations by the end of 2025."
The company guided fourth-quarter sales to fall in the range of $206 billion and $213 billion, an increase of between 10% and 13% from a year ago.
The company estimated operating income between $21 billion and $26 billion, compared to $21.2 billion in the quarter a year ago.
Exxon Mobil Corp. decreased 1.5% to $112.88, and the oil company reported a decline in earnings in the third quarter.
Total revenues decreased to $85.3 billion from $90.0 billion, net income fell to $7.5 billion from $8.6 billion, and diluted earnings per share dropped to $1.76 from $1.92 a year ago.
"Year-to-date net production was 4.7 million oil-equivalent barrels per day, highlighted by a new quarterly production record in both the Permian, with nearly 1.7 million oil-equivalent barrels per day, and Guyana, where gross production exceeded 700,000 oil-equivalent barrels per day," the company highlighted in its statement to investors.
The company increased its quarterly dividend by 4% to $1.03 per share payable on December 10 to shareholders recorded on November 14.
China's Manufacturing Contraction Extends to October, Hang Seng Index Drops 3%
Li Chen
31 Oct, 2025
Hong Kong
China and Hong Kong indexes headed lower after business activity surveys confirmed a persistent deflationary trend.
The Hang Seng Index decreased 0.5%, and the mainland-focused CSI 300 index fell 1% amid worries about the ongoing weakness in the private sector.
China's manufacturing activity contracted for the seventh consecutive month in October, driven by a soft domestic demand and strong external headwinds.
The manufacturing purchasing managers' index eased to 49.0 in October from 49.8 in the previous month, the National Bureau of Statistics said on Friday.
The non-manufacturing PMI, which includes services and construction sectors, inched up to 50.1 in October from 50.0 in the previous month, according to the statistical bureau.
The weakness in the manufacturing sector dragged down the overall business activities level, driven by weak economic momentum.
The composite PMI in October eased to 50.0 from 50.6 in the previous month, the official data confirmed.
China Indexes and Stocks
The Hang Seng Index decreased 0.5% to 26,050.08, and the mainland-focused CSI 300 index declined 1% to 4,661.77.
The Hong Kong index closed down 3% in October, the first monthly decline since September amid volatile trade tensions between the U.S. and China.
BYD dropped 4% to HK $91.45 after the company reported third-quarter results.
The decline in sales and intense competition dragged down profit from a year ago by 32%.
Alibaba Group Holding decreased 3.2% to HK $166.40, Tencent Holdings fell 2.3% to HK $636.0, and Meituan increased 0.7% to HK $103.20.
SMIC plunged 5% to HK $75.20 as investors turned bearish about the chip manufacturing sector amid a lack of progress in trade tensions between the U.S. and China.
China's Manufacturing Contraction Extends to October, Hang Seng Index Drops 3%
Li Chen
31 Oct, 2025
Hong Kong
China and Hong Kong indexes headed lower after business activity surveys confirmed a persistent deflationary trend.
The Hang Seng Index decreased 0.5%, and the mainland-focused CSI 300 index fell 1% amid worries about the ongoing weakness in the private sector.
China's manufacturing activity contracted for the seventh consecutive month in October, driven by a soft domestic demand and strong external headwinds.
The manufacturing purchasing managers' index eased to 49.0 in October from 49.8 in the previous month, the National Bureau of Statistics said on Friday.
The non-manufacturing PMI, which includes services and construction sectors, inched up to 50.1 in October from 50.0 in the previous month, according to the statistical bureau.
The weakness in the manufacturing sector dragged down the overall business activities level, driven by weak economic momentum.
The composite PMI in October eased to 50.0 from 50.6 in the previous month, the official data confirmed.
China Indexes and Stocks
The Hang Seng Index decreased 0.5% to 26,050.08, and the mainland-focused CSI 300 index declined 1% to 4,661.77.
The Hong Kong index closed down 3% in October, the first monthly decline since September amid volatile trade tensions between the U.S. and China.
BYD dropped 4% to HK $91.45 after the company reported third-quarter results.
The decline in sales and intense competition dragged down profit from a year ago by 32%.
Alibaba Group Holding decreased 3.2% to HK $166.40, Tencent Holdings fell 2.3% to HK $636.0, and Meituan increased 0.7% to HK $103.20.
SMIC plunged 5% to HK $75.20 as investors turned bearish about the chip manufacturing sector amid a lack of progress in trade tensions between the U.S. and China.
Big Tech Earnings Drive Market Sentiment, Fed's December Rate-Cut Less Likely
Barry Adams
30 Oct, 2025
New York City
Wall Street indexes struggled to advance after Big Tech earnings delivered mixed signals.
The S&P 500 index edged lower 0.3%, and the tech-heavy Nasdaq Composite decreased 0.5% following earnings results from Microsoft, Alphabet, Meta Platforms, Chipotle Mexican Grill, and Starbucks.
Meta Platforms took a one-time non-cash charge of multiple billions of dollars, reflecting changes in how deferred tax assets are accounted for under the revised tax code.
Microsoft Corp. eased after the company's earnings took a hit because of elevated AI-related spending, raising worries that future AI spending growth may face hurdles.
The yield on 10-year Treasury notes edged up to 4.11%, a day after the Federal Reserve lowered its fed funds rate range by 25 basis points to between 3.75% and 4.0%.
Fed Chair Jerome Powell signaled that there are uncertainties surrounding a possible rate cut after the December meeting amid a federal government data blackout and weakening labor market.
The U.S. and China agreed to ease trade restrictions and roll back some of the duties, following a meeting between leaders of the two nations.
Trump announced reducing fentanyl tariffs on Chinese goods to 10%, lowering overall tariffs to 47% from 57%.
Xi Jinping said China will delay the latest trade restrictions on rare-earth shipments by one year but will keep in place the curbs announced in April.
U.S. Stock Movers
Chipotle Mexican Grill Inc. plunged 19% to $39.76, and the restaurant company lowered its same-store sales outlook for the third consecutive quarter.
Total revenue in the third quarter increased 7.5% to $3.0 billion from $2.8 billion, net income decreased to $382.1 million from $387.4 million, and diluted earnings per share rose to 29 cents from 28 cents a year ago.
"The increase in total revenue was driven by new restaurant openings and a 0.3% increase in comparable restaurant sales due to a 1.1% increase in average check, partially offset by lower transactions of 0.8%. Digital sales represented 36.7% of total food and beverage revenue," said the burrito chain operator in a statement to investors.
The company lowered its same-store sales growth outlook in 2025 to the low single-digit range from February's estimate of an increase in the low to mid single-digit percentage.
The company confirmed that its core customers between the ages of 25 and 35 years are visiting its stores less frequently.
Alphabet Inc. Class C jumped 7.4% to $295.09, and the parent company of Google and YouTube reported better-than-expected third-quarter results.
Revenue increased 16% to $102.4 billion from $88.3 billion, net income advanced 33% to $34.97 billion from $26.3 billion, and diluted earnings per share rose 35% to $2.87 from $2.12 a year ago.
"The Gemini app now has over 650 million monthly active users. We continue to drive strong growth in new businesses. Google Cloud accelerated, ending the quarter with $155 billion in backlog. And we have over 300 million paid subscriptions led by Google One and YouTube Premium,” said CEO Sundar Pichai.
Google Search & other, YouTube ads, Google subscriptions, platforms, and devices, and Google Cloud each delivered double-digit growth in the third quarter.
Google Services revenues jumped 14% to $87.1 billion, reflecting robust performance across Google Search, subscriptions, and YouTube advertising.
Google Cloud revenues soared 34% to $15.2 billion, led by growth in Google Cloud Platform across core products, AI infrastructure, and generative AI solutions.
Meta Platforms Inc. decreased 8.8% to $686.0, despite the parent company of Facebook and Instagram reporting better-than-expected revenue and earnings in the third quarter.
Revenue surged 26% to $51.2 billion from $40.6 billion, net income plunged 83% to $2.7 billion from $15.7 billion, and diluted earnings per share decreased to $1.05 from $6.03 a year ago.
The decline in net income was driven by a one-time non-cash income tax charge of $15.93 billion because of the decline in valuation allowance against the company's deferred tax assets.
The company held out for lower annual income tax expense starting next year, resulting from changes announced in the latest U.S. government budget.
Microsoft Corp. decreased 2.2% to $529.70, and the software and cloud services provider reported mixed results in the fiscal first quarter ending in September.
Revenue increased 18% to $77 billion from $65 billion, net income advanced 12% to $27.7 billion from $24.7 billion, and diluted earnings per share rose to $3.72 from $3.30 a year ago.
Revenue in the cloud segment rose 26% to $49.1 billion, personal computing advanced 4% to $13.8 billion, and the productivity and business processes unit advanced 17% to $33 billion.
Microsoft returned $10.7 billion to shareholders in the form of dividends and share repurchases in the first quarter of fiscal year 2026.
Big Tech Earnings Drive Market Sentiment, Fed's December Rate-Cut Less Likely
Barry Adams
30 Oct, 2025
New York City
Wall Street indexes struggled to advance after Big Tech earnings delivered mixed signals.
The S&P 500 index edged lower 0.3%, and the tech-heavy Nasdaq Composite decreased 0.5% following earnings results from Microsoft, Alphabet, Meta Platforms, Chipotle Mexican Grill, and Starbucks.
Meta Platforms took a one-time non-cash charge of multiple billions of dollars, reflecting changes in how deferred tax assets are accounted for under the revised tax code.
Microsoft Corp. eased after the company's earnings took a hit because of elevated AI-related spending, raising worries that future AI spending growth may face hurdles.
The yield on 10-year Treasury notes edged up to 4.11%, a day after the Federal Reserve lowered its fed funds rate range by 25 basis points to between 3.75% and 4.0%.
Fed Chair Jerome Powell signaled that there are uncertainties surrounding a possible rate cut after the December meeting amid a federal government data blackout and weakening labor market.
The U.S. and China agreed to ease trade restrictions and roll back some of the duties, following a meeting between leaders of the two nations.
Trump announced reducing fentanyl tariffs on Chinese goods to 10%, lowering overall tariffs to 47% from 57%.
Xi Jinping said China will delay the latest trade restrictions on rare-earth shipments by one year but will keep in place the curbs announced in April.
U.S. Stock Movers
Chipotle Mexican Grill Inc. plunged 19% to $39.76, and the restaurant company lowered its same-store sales outlook for the third consecutive quarter.
Total revenue in the third quarter increased 7.5% to $3.0 billion from $2.8 billion, net income decreased to $382.1 million from $387.4 million, and diluted earnings per share rose to 29 cents from 28 cents a year ago.
"The increase in total revenue was driven by new restaurant openings and a 0.3% increase in comparable restaurant sales due to a 1.1% increase in average check, partially offset by lower transactions of 0.8%. Digital sales represented 36.7% of total food and beverage revenue," said the burrito chain operator in a statement to investors.
The company lowered its same-store sales growth outlook in 2025 to the low single-digit range from February's estimate of an increase in the low to mid single-digit percentage.
The company confirmed that its core customers between the ages of 25 and 35 years are visiting its stores less frequently.
Alphabet Inc. Class C jumped 7.4% to $295.09, and the parent company of Google and YouTube reported better-than-expected third-quarter results.
Revenue increased 16% to $102.4 billion from $88.3 billion, net income advanced 33% to $34.97 billion from $26.3 billion, and diluted earnings per share rose 35% to $2.87 from $2.12 a year ago.
"The Gemini app now has over 650 million monthly active users. We continue to drive strong growth in new businesses. Google Cloud accelerated, ending the quarter with $155 billion in backlog. And we have over 300 million paid subscriptions led by Google One and YouTube Premium,” said CEO Sundar Pichai.
Google Search & other, YouTube ads, Google subscriptions, platforms, and devices, and Google Cloud each delivered double-digit growth in the third quarter.
Google Services revenues jumped 14% to $87.1 billion, reflecting robust performance across Google Search, subscriptions, and YouTube advertising.
Google Cloud revenues soared 34% to $15.2 billion, led by growth in Google Cloud Platform across core products, AI infrastructure, and generative AI solutions.
Meta Platforms Inc. decreased 8.8% to $686.0, despite the parent company of Facebook and Instagram reporting better-than-expected revenue and earnings in the third quarter.
Revenue surged 26% to $51.2 billion from $40.6 billion, net income plunged 83% to $2.7 billion from $15.7 billion, and diluted earnings per share decreased to $1.05 from $6.03 a year ago.
The decline in net income was driven by a one-time non-cash income tax charge of $15.93 billion because of the decline in valuation allowance against the company's deferred tax assets.
The company held out for lower annual income tax expense starting next year, resulting from changes announced in the latest U.S. government budget.
Microsoft Corp. decreased 2.2% to $529.70, and the software and cloud services provider reported mixed results in the fiscal first quarter ending in September.
Revenue increased 18% to $77 billion from $65 billion, net income advanced 12% to $27.7 billion from $24.7 billion, and diluted earnings per share rose to $3.72 from $3.30 a year ago.
Revenue in the cloud segment rose 26% to $49.1 billion, personal computing advanced 4% to $13.8 billion, and the productivity and business processes unit advanced 17% to $33 billion.
Microsoft returned $10.7 billion to shareholders in the form of dividends and share repurchases in the first quarter of fiscal year 2026.
Bank of Japan Held Short-Term Rates, Chip Equipment Makers Surged
Akira Ito
30 Oct, 2025
Tokyo
Japan's benchmark indexes edged lower, and investors reviewed rate decisions from major central banks.
After rate decisions and earnings announcements, the Nikkei 225 Stock Average fell 0.6% while the larger Topix edged higher by 0.3%.
The Bank of Japan held its short-term rates at 0.5%, keeping borrowing costs at the highest level since 2008.
The central bank also reaffirmed its intentions to resume policy normalization in the event that economic projections materialize.
The Japanese yen weakened to 152.95 against the U.S. dollar after the BoJ delivered the widely anticipated rate decisions.
The U.S. Federal Reserve lowered its short-term interest rate range by 25 basis points and highlighted uncertainty related to a possible rate cut at the next meeting in December.
Artificial intelligence chip and equipment makers led gainers in Tokyo, following a flurry of deals announced by Nvidia.
Moreover, Advantest Corp. soared to a new record high after the equipment maker lifted its annual outlook.
Japan Indexes and Stocks
The Nikkei 225 Stock Average decreased 0.6% to 51,009.53, and the broader Topix index inched higher 0.3% to 3,286.32.
Advantest Corp. advanced 0.6% and extended its five-day surge to 30% after the company released its quarterly results.
Advantest Corp. traded at ¥22,215.0.
Lasertec Corp. soared 22% to ¥28,575.0 ahead of the company's results later this week.
Nidec Corp. closed unchanged at ¥1,960.0, and the stock is set to be removed from the popular benchmark Nikkei 225 Stock Average.
The electric motor maker said it discovered accounting irregularities, and the company is likely to restate its financial statements for several years.
Last Friday, the company withdrew its annual revenue and earnings outlook, suspended its previously announced interim dividend of 20 yen per share, and halted its 35-billion yen stock repurchase program.