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Tuesday, October 28

Noteworthy macro moves today: Gold -1.8%. Oil (WTI) -2.1%. Noteworthy US mega-cap moves today: UnitedHealth Group Inc (UNH) +4.6%. 

Recent market movements are significantly influenced by the upcoming Federal Reserve meeting, where a 25 basis-point interest rate cut is widely anticipated. This expectation has contributed to mixed trading in U.S. stock futures and an overall positive sentiment across global markets as investors await further guidance from Fed Chair Jerome Powell regarding future monetary policy.

In Europe, German consumer confidence unexpectedly fell to -24.1 for November, missing forecasts of improvement and reflecting ongoing concerns about inflation and job security amid geopolitical tensions. The decline marks the lowest level since April this year, which may weigh on investor sentiment towards European equities ahead of key central bank meetings later this week.

Additionally, optimism surrounding potential trade agreements between the United States and China continues to bolster risk appetite among investors globally; President Trump expressed hope for progress during his upcoming summit with Chinese leader Xi Jinping. Concurrently, Japan's Prime Minister announced plans for significant investments in U.S.-based projects aimed at strengthening economic ties between both nations while addressing supply chain vulnerabilities related to critical minerals.

SPDR Gold Shares (GLD) [-1.7%]
SPDR Gold Shares (GLD) has experienced a price decline of 1.7% as spot gold prices have retreated significantly, dropping below $4,000 per ounce. The current spot price is approximately $3,928 per ounce, following a record high of $4,398. This decrease in gold prices is linked to diminished optimism surrounding U.S.-China trade negotiations, which has reduced gold's appeal as a safe-haven asset. Additionally, the SPDR Gold Trust's holdings fell by 0.77%, decreasing from 1,046.93 tons to 1,038.92 tons. China's net gold imports via Hong Kong saw a notable decline of 17.6% in September compared to August. Meanwhile, silver prices have also declined by nearly 1%, reflecting broader market sentiment that may be influencing gold's movement.

PYPL | +14.7% | +12.4B
PayPal Holdings Inc | Transaction & Payment Processing Services
PayPal Holdings Inc. has experienced a notable increase in its stock price following the announcement of its third-quarter 2025 results, which revealed adjusted earnings per share (EPS) of $1.34, exceeding the consensus estimate of $1.20. Revenue for the quarter reached $8.42 billion, surpassing expectations of $8.23 billion. The company has raised its full-year adjusted EPS guidance to a range of $5.35 to $5.39, up from a previous forecast of $5.15 to $5.30. Additionally, PayPal declared a quarterly dividend of $0.14 per share, payable on December 10, 2025. The firm also established a partnership with OpenAI, making PayPal the first payments wallet integrated into ChatGPT, which is expected to enhance its market reach significantly. These developments have been widely discussed on social media, contributing to a surge in PayPal's stock price during pre-market trading.

RMBS | -14.8% | -1.5B
Rambus Inc | Semiconductors
Rambus Inc's shares are experiencing a notable decline following the release of its mixed Q3 financial results. The company reported earnings per share (EPS) of 0.44, falling short of the estimated 0.63, while revenue reached 178.5 million, slightly exceeding the forecast of 175.57 million. The net income for Q3 was 48.4 million, down from 48.7 million in the prior year. Additionally, Rambus indicated a 25% increase in operating expenses year-on-year and projected Q4 sales between 178 million and 197 million, below the consensus estimate of 181.77 million. In pre-market trading, shares dropped significantly, reflecting a 20% decline attributed to concerns over the mixed financial performance and insufficient guidance for Q4, despite indications of sequential growth.

CLS | +11.4% | +4.6B
Celestica Inc | Electronic Manufacturing Services
Celestica Inc reported strong third-quarter financial results, achieving adjusted earnings per share (EPS) of 1.58, exceeding the analyst consensus estimate of 1.47, and reflecting a significant year-over-year increase. Revenue reached 3.194 billion, surpassing expectations of 3.011 billion and representing a notable rise from the prior year. Following this performance, Celestica raised its fiscal year 2025 adjusted EPS guidance from 5.50 to 5.90 and increased its sales outlook from 11.550 billion to 12.200 billion. For the fourth quarter, the company anticipates adjusted EPS between 1.65 and 1.81, with projected revenue between 3.325 billion and 3.575 billion. Additionally, Celestica provided an optimistic forecast for fiscal year 2026, projecting adjusted EPS of 8.20 and revenue of 16.000 billion. Following the earnings announcement, the stock experienced a notable increase in after-hours trading.

FFIV | -9.7% | -1.5B
F5 Inc | Communications Equipment
F5 Inc's shares have dropped significantly following the company's recent earnings guidance. The firm projected first-quarter adjusted earnings per share (EPS) between 3.35 and 3.85, well below the consensus estimate of 4.03. Revenue for the same quarter is expected to fall between 730 million and 780 million, short of the anticipated 791.4 million. Earlier, Morgan Stanley downgraded its price target for F5 from 352 to 336, adding to negative sentiment. This follows a mixed earnings report where F5 exceeded expectations in adjusted EPS and revenue for the fourth quarter, reporting 810 million in revenue against an estimate of 793.4 million and an adjusted EPS of 4.39 versus 3.97. Concerns regarding potential sales disruptions have emerged due to a recent cybersecurity incident, which may be affecting the company's performance.

GLW | -5.6% | -4.1B
Corning Inc | Electronic Components
Corning Inc reported its Q3 2025 financial results, revealing adjusted earnings per share of $0.67, surpassing the analyst consensus estimate of $0.66 and reflecting a notable increase from $0.54 year-over-year. Revenue reached $4.272 billion, exceeding expectations of $4.227 billion and marking a 14% year-over-year growth from $3.733 billion. Despite these positive figures, shares fell by 5% following the announcement. For Q4, the company forecasts adjusted EPS between $0.68 and $0.72, above the consensus estimate of $0.67, with projected sales of approximately $4.35 billion compared to expectations of $4.254 billion. The Optical Communications segment saw significant growth, with enterprise sales increasing by 58% year-over-year. The market capitalization of Corning is noted at $76.56 billion.

UPS | +12.1% | +10.4B
United Parcel Service Inc | Air Freight & Logistics
United Parcel Service Inc. reported third-quarter earnings that exceeded analyst expectations, with adjusted earnings per share of 1.74, surpassing the consensus estimate of 1.30. Revenue for the quarter reached 21.4 billion, also above the expected 20.84 billion, despite a year-over-year decline. The company set its fourth-quarter revenue guidance at approximately 24 billion, exceeding the consensus estimate of 23.83 billion, and projected an adjusted operating margin between 11.0% and 11.5%. Additionally, UPS reaffirmed its capital expenditures for 2025 at around 3.5 billion and dividend payments of approximately 5.5 billion, pending board approval. Following the positive earnings report and optimistic guidance, the company's share price increased significantly in premarket trading.

UNH | +4.7% | +16.4B
UnitedHealth Group Inc | Managed Health Care
UnitedHealth Group Inc reported its third-quarter 2025 results, with adjusted earnings per share of 2.92, exceeding the consensus estimate of 2.81. Revenues reached 113.161 billion, slightly above expectations of 113.064 billion and reflecting a year-over-year increase from 100.820 billion. The medical-loss ratio was reported at 89.9%, lower than the anticipated 90.7%. Following these results, the company raised its fiscal year 2025 adjusted EPS outlook to at least 16.25, up from a prior estimate of 16.00, surpassing the consensus forecast of 16.22. The stock saw a notable uptick in premarket trading, moving higher in tandem with the Managed Health Care sector. Social media sentiment reflected optimism surrounding UnitedHealth's performance, highlighting expectations for continued growth into 2026.

CCJ | +15.6% | +6.8B
Cameco Corp | Coal & Consumable Fuels
Cameco Corporation has announced a binding term sheet with the United States Department of Commerce, in partnership with Brookfield Asset Management, to construct new Westinghouse nuclear reactors. This initiative involves an investment of at least $80 billion, with the U.S. government providing assistance in financing and permitting. The reactors are intended to enhance the American energy grid and support data centers and artificial intelligence computing. A profit-sharing mechanism is included, allowing the U.S. government to receive a participation interest linked to cash distributions from Westinghouse. The construction program is projected to create or sustain over 100,000 jobs across various states. Social media discussions emphasize that each two-unit Westinghouse AP1000 project could generate or sustain approximately 45,000 jobs, highlighting the economic impact of this strategic collaboration. Tim Gitzel, CEO of Cameco, noted that this partnership significantly supports the growth of nuclear technologies.

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