Global Markets
Canadian Markets
Canada’s main stock index fell on Friday despite stronger-than-expected employment data, as rising oil and gold prices failed to offset broader market weakness. Statistics Canada reported that the economy added 66,600 jobs in October, far exceeding economists’ expectations for a decline of 20,000 positions. The unemployment rate fell to 6.9%, down from 7.1% in September, marking the second consecutive month of stronger-than-anticipated job growth, however, much of the job creation was in part-time positions, raising questions about the overall strength and sustainability of the labor market. The positive employment data reinforces the resilience of Canada’s economy, but it may also complicate the Bank of Canada’s policy path.
American Markets
American stocks declined as investors weighed continued mounting concerns over overvalued technology shares and growing signs of an economic slowdown. October recorded the highest number of announced job cuts in two decades, highlighting a potential deceleration in corporate hiring and signaling that companies may be preparing for weaker demand. The Nasdaq came under heavy pressure, reflecting fears that high valuations may not be supported amid slower economic growth. Analysts noted that the combination of slower hiring, corporate caution, and elevated tech valuations contributed to heightened market volatility, as investors concern over how the Fed will respond in its monetary policy going forward.
European Markets
European markets also declined, led by weakness in technology and consumer discretionary sectors. Data from Germany, Europe’s largest economy showed that exports rose by 1.4% in September, a positive surprise compared with the prior month. Yet, the German trade surplus shrank to an 11-month low, driven by higher imports and weaker industrial demand.
UK stocks also dropped as corporate earnings disappointed investors. UK house prices rose 0.6% in October, reflecting modest resilience in the housing market, but the British pound extended its losses, heading for its third consecutive weekly decline against both the euro and the U.S. dollar.
Corporate Stock News
Akamai Technologies Inc (AKAM): The firm forecast fourth-quarter revenue between $1.07 billion and $1.09 billion, above estimates, supported by strong demand for its content delivery and AI-cloud infrastructure services.
Airbnb Inc (ABNB): The company posted strong third-quarter results with revenue of $4.10 billion, up 9.7% year-over-year, driven by robust bookings in Latin America and Asia-Pacific. Fourth-quarter revenue is projected between $2.66 billion and $2.72 billion, above Wall Street estimates.
Air Products and Chemicals Inc (APD): JPMorgan cut its target price to $260 from $275 due to uncertainty around the Darrow project’s future, possible asset divestitures, and slower-than-expected volume growth despite ongoing cost-cutting measures.
Alliant Energy Corp (LNT): The U.S. utility raised its four-year capital expenditure plan by 17% to $13.4 billion, anticipating peak energy demand growth of 50% by 2030. However, 2026 earnings guidance came in slightly below analysts’ expectations.
Alphabet Inc (GOOGL) & Amazon.com Inc (AMZN): Their joint AI venture Anthropic plans to expand across Europe with new offices in Paris and Munich, aiming to triple its international workforce to meet growing demand for its Claude AI models.
AST SpaceMobile Inc (ASTS) & Vodafone Group Plc (VOD): The two companies announced plans to build a Europe-led satellite constellation for smartphone connectivity, managed through a joint venture headquartered in Germany.
Blackline Inc (BL): Baird cut its target price to $55 from $64 due to higher-than-expected customer attrition from pricing model changes and delayed recovery momentum.
Block Inc (SQ): The company missed third-quarter profit estimates as payment sector competition intensified, though it reaffirmed its 2025 gross profit outlook at $10.24 billion.
Boeing Co (BA): The U.S. government announced deals for up to 37 Boeing jets to be sold to Central Asian airlines, including 15 787-9 Dreamliners to Kazakhstan’s Air Astana.
Celanese Corp (CE): The chemicals maker beat earnings estimates with $1.34 EPS versus $1.22 expected, aided by cost cuts, though fourth-quarter EPS guidance was slightly below expectations.
Comcast Corp (CMCSA): ITV confirmed talks to sell its media and entertainment unit, including ITVX and free-to-air channels, to Comcast-owned Sky for $2.15 billion including debt.
Consolidated Edison Inc (ED): The utility beat profit estimates with $1.91 EPS on $4.53 billion revenue, and narrowed its 2025 earnings forecast to $5.60–$5.70 per share.
EOG Resources Inc (EOG): The oil and gas firm beat third-quarter profit forecasts with $2.71 EPS, supported by stronger-than-expected production in the Delaware Basin and other shale regions.
European Residential REIT (ERE-UN): CIBC downgraded the REIT to Neutral from Outperform following weaker-than-expected third-quarter results.
Expedia Group Inc (EXPE): Expedia raised its 2025 revenue growth forecast to 6–7% after strong third-quarter earnings of $7.57 EPS and $30.7 billion in gross bookings.
Forge Global Holdings Inc (FRGE): Piper Sandler lifted its target price to $45 from $30 after Forge’s $660 million acquisition of Charles Schwab in an all-cash deal.
Gen Digital Inc (GEN): The cybersecurity firm raised its annual revenue outlook to $4.92–$4.97 billion after strong demand and the acquisition of MoneyLion boosted quarterly results.
Honda Motor Co Ltd (HMC): The automaker cut its full-year operating profit forecast by 21% to 550 billion yen due to EV-related costs, weak China sales, and chip shortages.
Humana Inc (HUM): Mizuho reduced its target price to $310 from $345 citing weaker Medicare Advantage growth and lowered 2026–27 earnings expectations.
Intel Corp (INTC) & Tesla Inc (TSLA): Elon Musk suggested Tesla may partner with Intel to build AI chips as the EV maker considers developing its own semiconductor production capacity.
Lundin Mining Corp (LUN:CA): TD Cowen raised its target price to C$28 from C$26 following strong third-quarter results and higher 2025 copper output guidance.
Microchip Technology Inc (MCHP): The company projected weaker third-quarter sales of $1.11–$1.15 billion due to sluggish chip demand in automotive and industrial sectors.
Monster Beverage Corp (MNST): Monster beat quarterly estimates with $2.20 billion in revenue, up 17%, supported by strong sales of sugar-free drinks and new flavors.
MP Materials Corp (MP): The rare earths firm reported a wider $41.8 million loss but topped expectations after halting sales to China under a U.S. government agreement.
News Corp (NWS): The company’s quarterly revenue rose 2% to $2.14 billion, beating expectations thanks to growth at Dow Jones and digital real estate segments.
Nvidia Corp (NVDA): CEO Jensen Huang said there are “no active discussions” about selling Nvidia’s Blackwell AI chips to China, as U.S. restrictions remain in place.
Peloton Interactive Inc (PTON): Shares surged after the company beat revenue forecasts with $550.8 million on new product momentum and successful price hikes under its turnaround plan.
Solventum Corp (SVC): The healthcare company raised its full-year profit outlook after posting $1.50 EPS on $2.10 billion in revenue, surpassing estimates.
Take-Two Interactive Software Inc (TTWO): The company announced “Grand Theft Auto VI” will launch on November 19, 2026, and raised its annual bookings forecast to $6.4–$6.5 billion.
Teck Resources Ltd (TECK-B:CA): Scotiabank cut its target to C$65 from C$69 amid expectations of shareholder approval for the Anglo American merger and increased capital spending.
Tesla Inc (TSLA): Shareholders approved Elon Musk’s record $878 billion compensation plan as the company pushes into AI and robotics; Musk also expects Chinese approval of Full Self-Driving software next year.
Trade Desk Inc (TTD): The ad-tech firm forecast slower Q4 growth at 13%, despite revenue of $840 million above estimates, citing softer demand in connected TV ads.
Wynn Resorts Ltd (WYNN): The casino operator beat revenue forecasts with $1.83 billion in Q3 sales on strong Macau performance, though EPS of $0.86 missed expectations.
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