Falling bond yields helped European real estate stocks outperform the market in October. Bernstein sees valuations as attractive relative to history, but operating and asset price trends differ across retail properties, prime offices and German residential assets.
North American hotel performance drove growth in Marriott’s global revenue per available room, and incentive management fees exceeded expectations; the company also raised its full-year earnings and capital return guidance.
Incyte’s third-quarter revenue rose 14% year over year, with Opzelura driving a beat against the revenue consensus. The company discontinued a phase III ovarian cancer trial; Bernstein supports the decision but remains on the sidelines.
Newport News drove HII’s third-quarter revenue and earnings per share above consensus, and the company raised its full-year shipbuilding revenue guidance; Ingalls output and margins continue to constrain overall improvement.
Business jet deliveries and shipbuilding output helped third-quarter results exceed consensus. Bernstein raised its earnings forecasts and target price, while noting that capacity, supply chains and the transition to new land combat equipment continue to constrain growth.
Asia-Pacific and fragrance drove organic sales growth of 6% in the first quarter, while adjusted operating margin rose to 12.1%. The company raised its full-year guidance, but the outlook still implies a weaker second half.
The company raised its 2026 revenue guidance, but the expiry of Eliquis’s European patent will create pressure. Bernstein believes clinical results for Milvexian and Cobenfy will shape the handover to future growth.
Apple’s revenue rose 12% year over year in the fourth quarter of fiscal 2026, but gross margin guidance for the December quarter was below market consensus. Bernstein believes rising memory costs will continue to squeeze margins, while remaining optimistic about Apple’s long-term opportunity in on-device intelligence.
Bernstein estimates that, assuming modest revenue growth and achievement of two cost-reduction targets, buyers could pay a premium of 20%–30% over the pre-report share price; retaining low-interest debt and raising equity financing are key.
Prediction market trading volumes are growing rapidly, but growth in sports betting and online gaming is slowing. Bernstein sees promise in fees and market-making revenue, while cutting its price targets for both companies.
In monitored US channels, private-label volume share rose year over year in the past 12 weeks, while value share still declined slightly. Bernstein believes retailers may be widening the price gap between private labels and national brands; chocolate and coffee gained share, while some snack categories moved in the opposite direction.
In the week ended 23 October, US GLP-1 prescriptions rose 2.7% week over week, with Zepbound contributing the largest increase; among new-to-brand prescriptions for oral drugs, Wegovy Pill grew faster than Foundayo.
In the third quarter of 2026, China Railway Group’s revenue fell 7% year on year and net profit attributable to shareholders fell 33%. Mining profit growth provided support, but orders and cash flow remained under pressure. JPMorgan cut its earnings forecasts and its target prices for the A and H shares, while maintaining its Overweight ratings.
Third-quarter same-store sales grew 7.5% year over year, supporting revenue and profit growth; promotions and the business mix weighed on gross margin, while cost controls provided a cushion. J.P. Morgan cut its earnings forecasts but maintained its Overweight rating.
Management expects energy storage shipments of about 120GWh in 2027, above J.P. Morgan’s base-case forecast; however, revenue recognition for high-cost shipments will continue to weigh on near-term earnings.
Japanese semiconductor stocks led declines in October. JPMorgan believes Japanese equities have entered oversold territory, but their near-term direction depends on oil prices and returns on AI investment. The bank raised its earnings forecasts and maintained its year-end index targets.
Overseas markets remain the main growth driver, and domestic diagnostics market share is rising, but slower overseas growth in the third quarter, foreign exchange losses and component costs are pressuring earnings. JPMorgan has lowered its earnings forecasts and price target while maintaining its Overweight rating.
Management plans to at least double related protein expression capacity every 3 to 6 months, with repeat purchases also more frequent than for traditional services. JPMorgan is positive on revenue growth, but its optimistic scenario depends on whether utilization and prices can be maintained.
In the third quarter of 2026, Aier Eye’s revenue rose 7.1% year on year, but higher impairment charges and taxes weighed on net profit attributable to shareholders, which fell 11.6%. JPMorgan believes refractive surgery volumes have stabilized and that recent revenue growth remains driven mainly by higher charges per procedure.
Tight refining supply and years of countercyclical investment drove a sharp increase in ExxonMobil’s energy products profit; JPMorgan raised its price target but lowered its 2027 earnings forecast.
