Market News & Analysis: Oct 25th, 2024

STA Research
October 25th, 2024
summarize in alphabetical order: "AT&T Inc: The telecom giant beat quarterly profit estimates and added more wireless subscribers than expected as customers flocked to its discounted bundles combining 5G mobile and high-speed fiber plans. The company added 401,000 net monthly bill-paying wireless phone subscribers in the second quarter, it said, flying past FactSet estimates of 295,700. AT&T also disclosed plans to invest about $3.5 billion from savings unlocked by the Trump administration's new tax law to accelerate its fiber network build-out, a critical growth area as the wireless market saturates and internet usage surges. AT&T expects to save $6.5 billion to $8 billion in cash taxes through 2027 under the new tax reforms, and now projects free cash flow to be about $1 billion higher than previously forecast for both 2026 and 2027. • America Movil SAB de CV: The telecom company reported on Tuesday a swing to profit in the second quarter of 2025, surpassing analysts' forecasts and fueled by foreign exchange gains from currencies across Latin America. America Movil pointed in a report to 11 billion pesos in FX gains - equivalent to half its net profit - which it said had allowed it to "significantly" cut down its financing costs. Net profit for the group hit 22.28 billion pesos in the three months through June, rebounding from a loss of 1.09 billion pesos in the corresponding quarter a year earlier. Revenues for the firm rose 14% to 233.79 billion pesos, or $12.46 billion, also above analysts' forecast of $12 billion. Earnings before interest, taxes, depreciation and amortization rose 11% to 92.41 billion pesos. • Baker Hughes Co: The oilfield services provider surpassed Wall Street expectations for second-quarter profit on Tuesday, helped by robust demand for its natural gas services even as it warned of a drop in spending by oil producers. Orders in Baker Hughes' gas technology services business jumped 28% during the quarter, lifting revenue in the IET segment to $3.29 billion. However, total revenue fell 3% to $6.91 billion from last year as a slowdown in drilling activity across key markets weighed on demand for its oilfield equipment and technology. The company posted an adjusted per-share profit of 63 cents for the three months ended June 30, compared with analysts' estimates of 56 cents apiece. • Capital One Financial Corp: The consumer lender reported a rise in second-quarter adjusted profit on Tuesday, as the company was helped by a boost in interest income on its credit card debt and higher fee income. The company's net interest income — the difference between what it makes on loans and pays out on deposits — rose 32.5% to $10 billion in the quarter. Capital One's quarterly non-interest income rose nearly 27% to $2.50 billion. The company's loan loss provisions stood at $11.43 billion in the second quarter, compared to $3.91 billion a year earlier. Net charge-offs jumped 16% to $3.06 billion in the period, the company said. Capital One's adjusted net income available to common stockholders was $2.77 billion, or $5.48 per share, in the three months ended June 30, from $1.21 billion, or $3.14 per share, a year earlier. • Chubb Ltd: The insurer reported a rise in second-quarter profit on Tuesday, helped by improved underwriting performance and investment returns. The insurance company's net investment income surged 6.8% to a record $1.57 billion during the reported quarter. Chubb's global P&C (property and casualty) net premiums written, excluding agriculture, increased 5.8% to $11.66 billion for the three months ended June 30. "We produced a record $2.5 billion in core operating income, up nearly 13% from a year ago, with operating EPS up 14%, driven by record underwriting and strong investment income, and double-digit growth in life income," Chubb CEO Evan Greenberg said. Chubb reported a property and casualty combined ratio of 85.6%, compared to 86.8% a year earlier. The company's core operating income, net of tax, rose to $2.48 billion, or $6.14 per share, in the quarter, compared with $2.20 billion, or $5.38 per share, a year earlier. • CoStar Group Inc: The real estate information provider raised its annual revenue forecast on Tuesday, aided by increased net new bookings and consumer traffic on its Homes.com website. CoStar now expects annual revenue between $3.14 billion and $3.16 billion, compared to its prior projection range of $3.12 billion to $3.16 billion. It expects third-quarter revenue between $800 million and $805 million, the midpoint of which is below analysts' expectations of $803.1 million. The company's net new bookings for the quarter were up 65% from last quarter, led by Apartments.com's highest net new bookings quarter in two years. For the second quarter, the company reported revenue of $781 million, beating analysts' estimates of $772.2 million. • Enphase Energy Inc: The solar inverter maker forecast third-quarter revenue below Wall Street estimates on Tuesday and said President Donald Trump's import tariffs had impacted its gross margin. Enphase Energy now expects third-quarter revenue of between $330 million and $370 million, with the midpoint coming in below analysts' expectations of $369.7 million. The company also forecast third-quarter gross margin of between 41% and 44%, lower than the 46.9% reported in the second quarter. However, it beat second-quarter profit estimates as the company benefited from strong structural demand in the broader solar industry. • Equinor ASA: The energy group's second-quarter profit fell as expected by 13% from a year earlier, its earnings report showed, as declining oil prices outweighed a rise in the price of gas. The group's adjusted earnings before tax for April-June fell to $6.54 billion from $7.48 billion a year earlier, in line with the $6.53 billion predicted in a poll of 21 analysts compiled by the company. Equinor maintained a projection that its oil and gas output will grow by 4% this year compared to 2024 and kept its forecast for capital expenditure in 2025 of $13 billion. "We are on track to deliver production growth in 2025 in line with our guidance," CEO Anders Opedal said in a statement. • EQT Corp: The energy company beat Wall Street estimates for second-quarter adjusted profit on Tuesday as EQT benefited from stronger natural gas prices and sales volumes. The company also raised its full-year production forecast to reflect the $1.8 billion acquisition of Olympus Energy. "We are seeing tremendous momentum for in-basin natural gas power and data center demand and EQT is uniquely positioned to capitalize on this set-up," said CEO Toby Rice. The company now expects annual production of between 2,300 and 2,400 billion cubic feet equivalent (Bcfe), from 2,200 to 2,300 Bcfe previously. Total sales volume in the second quarter was 568,227 million cubic feet equivalent (MMcfe), compared with 507,512 MMcfe a year earlier. • Hilton Worldwide Holdings Inc: The hotel operator lifted its forecast for 2025 profit, as travel demand in the U.S. recovers from a downturn in March and April. The company now expects full-year adjusted profit to be in the range of $7.83 and $8 per share, compared with its earlier forecast of $7.76 to $7.94. The Waldorf Astoria-parent posted an adjusted profit of $2.20 per share in the second quarter, compared with $1.91 a year ago. • Infosys Ltd: The software services company narrowed its full-year forecast on Wednesday after reporting stronger-than-expected revenue for the first quarter, driven by growth in its financial services segment. The company narrowed its annual revenue growth forecast to 1%–3% from a prior range of flat to 3%- in line with analyst expectations for a lift in the lower end. Consolidated sales rose 7.5% year-on-year to 422.79 billion rupees ($4.89 billion) in the June quarter, while analysts, on average, expected revenue of 418.06 billion rupees. Net profit rose 8.7% in three-month period to 69.21 billion rupees. Analyst had expected 67.55 billion rupees. • Intuitive Surgical Inc: The medical device maker beat Wall Street estimates for second-quarter profit and revenue on Tuesday, driven by growing demand for its surgical robots used in minimally invasive procedures. The compnay slightly raised its adjusted gross profit margin forecast for 2025 to between 66% and 67% of revenue, up from earlier estimates of 65% to 66.5%. The updated range includes an estimated impact from tariffs of 1% of revenue, plus or minus 20 basis points, Intuitive said, compared to previously estimated impact of 1.7% of revenue, plus or minus 30 basis points. The company expects global da Vinci-assisted procedures to increase by about 15.5% to 17% in 2025, up from its prior forecast of 15% to 17%. On an adjusted basis, the medical device maker earned $2.19 per share for the quarter ended June 30, beating analysts' estimates of $1.92 per share. • SAP SE: Shares in SAP fell after the German software maker reported higher quarterly sales and earnings but held off on increasing full-year targets, which some investors had expected. "As we move into the second half, we remain cautiously optimistic, keeping a close eye on geopolitical developments and public sector trends," finance chief Dominik Asam said in the quarterly report. SAP still forecasts full-year operating profit in the range of 10.3 billion to 10.6 billion euros, compared to 8.15 billion a year ago. For the second quarter, SAP reported an 83% year-on-year jump in its free cash flow, used to determine dividends to investors, to 2.36 billion euros, exceeding market expectations by about a billion. • Texas Instruments Inc: The analog chipmaker's quarterly profit forecast failed to impress investors as it pointed to weaker-than-expected demand for its analog chips from some customers and underscored tariff-related uncertainty. "Tariffs and geopolitics are disrupting and reshaping global supply chains," CEO Haviv Ilan said on a post-earnings call. TI expects third-quarter earnings between $1.36 per share and $1.60 per share, the midpoint of which was below analysts' estimates of $1.49 per share. It expects revenue between $4.45 billion and $4.80 billion, compared with market expectations of $4.59 billion. The chipmaker reported sales of $4.45 billion for the second quarter, beating estimates. • TE Connectivity PLC: TE Connectivity issued an upbeat forecast for the fourth quarter, following better-than-expected third-quarter profit and revenue results driven by strong demand for its industrial products. CEO Terrence Curtin told Reuters in an interview that the impact of tariffs on overall sales during the third quarter was reduced by half due to price increases and supply chain adjustments. "When we gave our guidance last quarter, we told our investors that we thought it would be about a 3% impact of sales. It was only 1.5%, so it was about half," Curtin said. TE Connectivity expects a 1.5% sales impact from tariffs in the fourth quarter, with its industrial segment expected to bear a greater share of the burden compared to its transportation segment. The company expects fourth-quarter revenue of about $4.55 billion, exceeding analysts' average estimate of $4.41 billion. Deals Of The Day • Amazon.com Inc: The company has reached a deal to buy San Francisco-based Bee, a startup making an artificial intelligence-enabled bracelet to listen in on and transcribe conversations. Bee's $50 wristband can analyze and distill what it records to make summaries, to-do lists or other tasks. Amazon confirmed the deal on Tuesday following a post on LinkedIn by Bee CEO and co-founder Maria de Lourdes Zollo. "We imagined a world where AI is truly personal, where your life is understood and enhanced by technology that learns with you,” said Zollo in her post. • Corpay Inc: The business payments firm said it would buy British financial services provider Alpha Group in a $2.2 billion deal. The deal will accelerate Corpay's entry into the investment funds customer segment. Oppenheimer Europe and Jones Day advised Corpay on the deal, which is expected to close in the fourth quarter of 2025. IPO • NIQ Global: The consumer insights company, backed by investment firms Advent International and KKR, said on Tuesday it had raised $1.05 billion in its initial public offering in the United States. About 50 million shares were priced at $21 each in the IPO, valuing NIQ at $6.35 billion. Proceeds from the IPO will be used to repay some debt and for general corporate purposes, NIQ said. JPMorgan, BofA Securities and UBS Investment Bank are among the underwriters for the IPO. In Other News • Alibaba Group Holding Ltd: The company announced the launch of Qwen3-Coder, an open-source artificial intelligence model for software development that the Chinese e-commerce giant described as its most advanced coding tool to date. Qwen3-Coder is designed for software development tasks such as code generation and managing complex coding workflows, Alibaba said in a statement. The company positioned the model as particularly strong in "agentic AI coding tasks" - automated processes where AI systems can work independently on programming challenges. • Amazon.com Inc: The company is shutting down its Shanghai artificial intelligence lab, the Financial Times reported. Amazon's decision to shut the lab comes amidst rising tensions between Washington and Beijing, with the U.S. increasing its scrutiny of American companies operating in China. Wang Minjie, a scientist in the Shanghai lab, said his team was "being dissolved due to strategic adjustments amid US-China tensions," the newspaper said, citing a post on WeChat. • Boeing Co: The company sent a contract offer on Tuesday to union members who assemble its fighter jets in the St. Louis area. It's proposal includes a 20% general wage increase over four years and a $5,000 ratification bonus, as well as more vacation time and sick leave. Local union leaders are recommending that the more than 3,200 members of the International Association of Machinists and Aerospace Workers District 837 approve the contract when they vote on Sunday, the day it expires. • Comcast Corp, Charter Communications Inc & T-Mobile US Inc: Comcast and Charter Communications said on Tuesday they would establish a mobile virtual network operator (MVNO) that will use T-Mobile's 5G network to serve wireless business customers, with plans to launch next year. Financial terms of the agreement were not disclosed. The initiative will focus exclusively on providing wholesale mobile connectivity to Charter's and Comcast's business customers. • ConocoPhillips: The oil and gas producer is in advanced talks to sell assets in Oklahoma to privately owned Stone Ridge Energy for around $1.3 billion, three people familiar with the matter told Reuters on Tuesday. Flywheel Energy, a private oil and gas company backed by Stone Ridge Energy, will operate the assets on its backer's behalf, one of the sources said. The sources cautioned that no deal is guaranteed and talks could still end without an agreement. • Delta Air Lines Inc: Three Democratic senators have pressed the airline CEO Ed Bastian to answer questions about the airline's planned use of artificial intelligence to set ticket prices, raising concerns about the impact on travelers. "Delta's current and planned individualized pricing practices not only present data privacy concerns, but will also likely mean fare price increases up to each individual consumer's personal 'pain point' at a time when American families are already struggling with rising costs," Senators Ruben Gallego, Mark Warner and Richard Blumenthal wrote in a letter dated Monday and made public on Tuesday. The airline said in a statement: "There is no fare product Delta has ever used, is testing or plans to use that targets customers with individualized offers based on personal information or otherwise." • EnerSys: The energy services provider said on Tuesday it would lay off about 575 employees, or 11% of its non-production global workforce, focused primarily on corporate and management positions. As of March 31, the company had 10,858 employees globally. EnerSys forecast one-time charges of $15 million to $20 million related to the restructuring in the second and third quarters of fiscal 2026. The company expects the layoffs to be substantially complete by the end of the second quarter and anticipates the changes to result in $80 million in annualized savings beginning in fiscal 2026. • General Motors Co, Ford Motor Co & Stellantis NV: A group representing General Motors, Fordand Chrysler-parent Stellantis on Tuesday raised concerns about a trade deal that could cut tariffs on auto imports from Japan to 15% while leaving tariffs on imports from Canada and Mexico at 25%. Matt Blunt, who heads the American Automotive Policy Council that represents the Detroit Three automakers, said they were still reviewing the agreement but "any deal that charges a lower tariff for Japanese imports with virtually no U.S. content than the tariff imposed on North American built vehicles with high U.S. content is a bad deal for U.S. industry and U.S. auto workers." White House spokesman Kush Desai defended the deal, calling it "a historic win for American automakers by putting an end to Japan’s unfair auto trade barriers for American-made cars." • Microsoft Corp: A security patch Microsoft released this month failed to fully fix a critical flaw in the U.S. tech giant's SharePoint server software, opening the door to a sweeping global cyber espionage effort, a timeline reviewed by Reuters shows. On Tuesday, a Microsoft spokesperson confirmed that its initial solution to the flaw, identified at a hacker competition in May, did not work, but added that it released further patches that resolved the issue. In a blog post Microsoft said two allegedly Chinese hacking groups, dubbed "Linen Typhoon" and "Violet Typhoon," were exploiting the weaknesses, along with a third, also based in China. • Morgan Stanley: The U.S. Financial Industry Regulatory Authority (FINRA) is investigating Morgan Stanley over how the firm screened clients for money-laundering risks, the Wall Street Journal reported on Tuesday, citing people familiar with the matter. FINRA is seeking information on U.S. and international clients across Morgan Stanley's wealth unit, including E*Trade, and its institutional securities division, according to the Journal. The regulator has also requested organisational charts, reporting lines and details on the firm's client risk-scoring tool, the report added. • PayPal Holdings Inc: The payments firm has partnered with the operator of India’s popular unified payments interface and others to launch a global platform through which consumers can make cross-border payments to businesses. The platform, PayPal World, will enable interoperability between local payment platforms and PayPal, the firm said in a statement. Its partners for the platform include National Payments Corporation of India - India's payments authority that operates UPI, Brazil's Mercado Pago, Tencent Holdings' Tenpay Global and Venmo. • Prudential PLC: The insurer has kicked off the search for a successor to chair Shriti Vadera, the Financial Times reported, citing people familiar with the matter. The FT report said Vadera is not expected to leave Prudential imminently but did not include a time for her departure. Vadera, a former Labour business minister and ex chair of Santander UK, became chair of Prudential in 2021, during a period of strategic transformation that included the company's pivot toward its Asia and Africa businesses. • TotalEnergies SE: TotalEnergies and shipping group CMA CGM have launched a joint venture to operate a liquefied natural gas bunker supply solution at the Dutch port of Rotterdam, the oil major said. The 50/50 venture between the two France-based groups will develop a 20,000 cubic metre LNG bunker vessel with operations expected to start in 2028, TotalEnergies said. Under the agreement, it expects to supply CMA CGM with up to 360,000 tons of LNG per year until 2040. "LNG is today the most mature and immediately available solution to reduce the environmental footprint of maritime transport," TotalEnergies' Chairman and CEO Patrick Pouyanné said in a statement. • Vale SA: The miner produced 83.6 million metric tons of iron ore in the second quarter, up 3.7% from a year earlier, the company reported on Tuesday. In its output and sales report, Vale said the increase was mainly driven by a new second-quarter record at the S11D mining project in northern Brazil, its top iron ore producer, and "strong performance" at its southeastern Brucutu mine. "In iron ore, the combination of new assets ramping up and greater operational reliability is supporting stronger adherence to the 2025 production plan," Vale said. It reported iron ore sales at 77.3 million tons in the quarter, down 3.1%, with the company's average realized price of iron ore fines landing at $85.1 per ton, a 13.3% fall. • Woodside Energy Group Ltd: The gas producer reported a stronger-than-expected 8% rise in second-quarter revenue due to robust output from Senegal's Sangomar project, but took hefty writedowns on a failed hydrogen venture and aging offshore facilities. The revenue beat underscores the strong performance of the Sangomar project, which has contributed $510 million in revenue for the quarter. The company's overall production jumped 13% to 50.1 million barrels of oil equivalent (boe) during the quarter, up from 44.4 million boe in the same period last year. It posted revenue of $3.28 billion for the three months ended June 30, surging 8% from $3.04 billion a year earlier and exceeding the Visible Alpha consensus estimate of $3.09 billion. Woodside also reduced annual unit production costs to $8-$8.50 per boe from $8.50-$9 per boe" Coca-Cola Co: Jefferies raises its target price to $84 from $83, driven by easing forex headwind expectations, which provide the company with ample room to reinvest in the second half. • Galaxy Digital Holdings Ltd: Jefferies initiates coverage with buy rating and a price target of $35 as the company can take advantage from favorable regulatory backdrop for crypto, and demand for AI data centers. • Intuitive Surgical Inc: Jefferies raises target price to $550 from $530 as the company beats the quarterly estimates and expects lower tariff impact on its future growth. • Lockheed Martin Corp: Jefferies cuts target price to $460 from $500 after the U.S. defense group recorded a pretax loss of $1.6 billion, mainly linked to a classified program within its Aeronautics segment. • Texas Instruments Inc: Jefferies raises target price to $185 from $155 after company gave a soft guidance as management is more cautious heading into Q3. Italy's UniCredit withdrew its takeover bid for smaller rival Banco BPM on Tuesday, blaming government intervention for scuppering the 15 billion-euro deal. French warplane maker Dassault Aviation raised questions over the future of a Franco-German-Spanish fighter jet project on Tuesday in a growing feud with Europe's Airbus over control of the futuristic program that combines traditional warplanes with automated drones. France's EDF is cutting its headcount overseas and scrapping bids on some nuclear projects abroad as it focuses on a major construction programme at home under new CEO Bernard Fontana, said two sources familiar with the matter.
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Global Markets

Canadian Markets

Canada’s dropped on Friday, driven largely by the complex interplay of rising crude oil prices and losses in the metals sector. While higher crude prices typically support energy stocks, the gains were not enough to offset declines in materials and other sectors. In economic news, retail sales for August showed a modest increase of 0.4%, primarily propelled by the automotive sector. However, this uptick was overshadowed by broad declines across most sectors, indicating a cautious sentiment among investors.

U.S. Stock Markets

U.S. stock indexes were mixed. Declines in Treasury yields offered a brief respite to equities. Lower yields can enhance the appeal of stocks, but market participants remained cautious, weighing various economic indicators and corporate earnings as the US election nears. Investors are closely monitoring Federal Reserve signals regarding future interest rate cuts, which may impact market direction in the coming months.

European Markets

In Europe, the main indexes finished mixed, as they oscillated between gains and losses, reflecting investor uncertainty. The market was poised for a weekly decline, exacerbated by a spate of disappointing corporate earnings that have dampened investor confidence. This lack of positive earnings surprises has created a challenging environment for European stocks, contributing to the overall volatility.

Chinese Markets

Chinese stocks posted gains for the second consecutive week, buoyed by government stimulus measures aimed at stabilizing the economy.

Japanese Markets

Japanese markets, recorded its second week of declines. Investor sentiment in Japan is being closely influenced by the results of upcoming elections and the anticipated policy decision from the Bank of Japan on Wednesday. Additionally, the yen weakened, reflecting broader market anxieties and speculation around future monetary policy.

Corporate Stock News

  • Alphabet Inc: Missouri’s Attorney General launched an investigation into Google for alleged censorship of conservative speech, which Google denied.
  • Apple Inc: iPhone sales in China fell 0.3%, while Huawei’s sales surged 42%. Apple’s market share in China decreased to 15.6%.
  • Barrick Gold Corp: Mali accused the company of not fulfilling commitments in a recent agreement, which Barrick denied.
  • Barclays PLC: The company won a court ruling that reduced a shareholders’ lawsuit regarding its “dark pool” trading platforms, improving settlement prospects.
  • Capri Holdings Ltd & Tapestry Inc: Capri’s shares fell after a U.S. judge blocked its $8.5 billion merger with Tapestry, which plans to appeal.
  • Centene Corp: Exceeded Wall Street profit estimates due to its commercial insurance business and maintained its annual profit forecast.
  • Cincinnati Financial Corp: Reported a 14% profit decline in Q3 due to increased catastrophe losses, despite higher earned premiums.
  • Capital One Financial Corp: Achieved a 1.6% increase in Q3 profit, driven by elevated interest rates and higher net interest income.
  • Converge Technology Solutions Corp: Canaccord Genuity cut target price to C$6 from C$6.25, reflecting a reduced outlook for the upcoming quarter.
  • Coursera Inc: RBC cut target price to $10 from $18 after the company lowered its near-term outlook in its third-quarter results report.
  • Deckers Outdoor Corp: Beat estimates and raised its annual sales forecast due to strong demand for UGG and Hoka brands; Barclays raised target price to $190 from $180 after positive Q2 earnings.
  • Digital Realty Trust Inc: Reported growth in funds from operations (FFO) and tightened its annual revenue forecast.
  • Dentsply Sirona Inc: Voluntarily suspended sales of Byte teeth aligners while reviewing regulatory requirements and provided preliminary Q3 results.
  • Dexcom Inc: Beat revenue and profit estimates but shares fell after reiterating a disappointing full-year sales forecast.
  • Edwards Lifesciences Corp: Forecasted Q4 sales below expectations due to competition and softer demand, despite beating profit estimates.
  • Hartford Financial Services Group Inc: Posted an 18% rise in Q3 profit, driven by strong underwriting gains and increased investment income.
  • Healthpeak Properties Inc: Raised its annual FFO forecast and reported adjusted FFO in line with expectations.
  • Honeywell International Inc: JPMorgan cut target price to $233 from $235 after the firm reported weaker-than-expected Q3 results.
  • L3Harris Technologies Inc: Increased its annual profit and revenue forecasts amid strong defense spending.
  • Las Vegas Sands Corp: Announced an $8 billion investment in Singapore’s Marina Bay Sands while missing quarterly profit expectations.
  • Mohawk Industries Inc: Reported lower revenue due to weak demand for flooring products but slightly exceeded adjusted profit expectations.
  • Microsoft Corp: CEO Satya Nadella’s compensation rose 63% to $79.1 million, aided by stock awards.
  • NatWest Group PLC: Reported a 26% rise in profit and raised its 2024 income forecast due to increased lending and deposits.
  • New York Community Bancorp Inc: Reported a net loss for Q3 as it increased reserves for potential loan losses.
  • Principal Financial Group Inc: Reported a rise in adjusted profit driven by strong investment returns and higher premiums.
  • ResMed Inc: Beat profit estimates, driven by strong demand for sleep apnea devices.
  • Sanofi SA: Posted stronger-than-expected earnings growth, boosted by early vaccination sales.
  • Strathcona Resources Ltd: Announced CEO Rob Morgan’s retirement and restructuring into four focused business units.
  • Universal Health Services Inc: Reported Q3 profit in line with estimates, but increased expenses impacted overall performance.
  • VeriSign Inc: Reported a 3.8% rise in revenue, driven by demand for domain name registrations.
  • Western Digital Corp: Topped profit estimates on strong demand from cloud service providers, though quarterly revenue slightly missed expectations.
  • Weyerhaeuser Co: Reported an 88% drop in Q3 profit due to low demand amid a weak housing market.
  • WeRide Inc: Achieved a $4.21 billion valuation in its IPO, raising $120 million.
  • Teck Resources Ltd: Canaccord Genuity cut target price to C$78 from C$80 after the miner downgraded its copper production forecasts.
  • United Parcel Service Inc: Daiwa Capital Markets raised target price to $140 from $129 after solid Q3 earnings.

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