BofA believes technology stocks’ reactions to earnings have outpaced the widening of earnings surprises. Meanwhile, election volatility implied by European equity index options is below historical levels, while South Korean stocks face a tug-of-war between memory fundamentals and short-term investor sentiment.
Bernstein expects the Texas data center moratorium to continue and has lowered its price targets for miners transitioning to AI infrastructure amid approval uncertainty and rising financing costs; the scarcity value of approved power coexists with project financing and delivery pressures.
The project pipeline grew 7% month over month in October, with capacity under construction rising to 87.2GW; but shelved capacity increased by 9.4GW in a single month, as political restrictions and project approvals affect the conversion of projects into construction.
A fire at an Italian wafer plant caused third-quarter revenue and gross margin to fall short of expectations, while production line reconstruction and legacy long-term contracts limit fourth-quarter improvement. Citi has cut its earnings forecasts and target price while remaining positive on a recovery in demand and prices in 2027.
Third-quarter optical module revenue rose more than 50% quarter on quarter, but tight DSP supply could affect deliveries over the next two quarters. Citi cut valuation multiples and maintained its Buy rating.
A-shares rose broadly on Wednesday afternoon, with turnover returning above 2 trillion yuan and the number of stocks hitting their first consecutive daily limit-up rising from 33 to 104. The column says the rebound’s continuation depends on trading volume, a recovery in heavyweight technology stocks and whether major indices can hold above their moving averages.
Improvement in European retail and Australian on-premise channels supported Asahi and Kirin’s third-quarter results; summer sales in Japan were weak, and Kirin’s boost from pre-tax stockpiling was smaller than expected. Bernstein lowered its earnings forecasts for Asahi and raised them for Kirin.
Waters delivered 10% organic revenue growth in the third quarter and raised its full-year guidance. Bernstein believes improving business in China, acquisition synergies and orders tied to pharmaceutical manufacturing returning to the US leave room for upside to the company’s cautious 2027 framework.
Life sciences drove Revvity's third-quarter organic growth and margin above market consensus, and the company raised its full-year guidance. Bernstein says AI demand's contribution is difficult to quantify separately and maintains its Market Perform rating on valuation grounds.
Fiserv’s merchant business and Clover growth were weak in the third quarter, but financial solutions performed better than expected. The company plans to repurchase $500 million in the fourth quarter and has doubled its long-term cost savings target; meeting full-year guidance depends on a significant acceleration in the merchant business.
Amgen’s growth products offset some declines in older drugs, and the company raised its full-year revenue and earnings-per-share guidance; Bernstein believes one-time sales benefits and expense timing also boosted third-quarter performance.
Preliminary first-line lung cancer data for IBI363 support further study, but small samples leave median progression-free survival subject to fluctuations; management also expects a broader product portfolio to support sales growth in 2027.
Management lowered its forecast for domestic reagent price declines in 2027 and set a test-volume growth target of around 15%; however, industry demand remains weak, and the situation in the Middle East and exchange rates are also weighing on overseas operations.
Management reiterated confidence in product sales growth of approximately 35% in 2026 and is advancing its hematologic oncology and autoimmune pipelines. Goldman Sachs sees potential in differentiated R&D and global partnerships, but its model forecasts a decline in profit metrics in 2027.
Growth in existing innovative drugs and new product launches support Hansoh Pharma's near-term targets; the company plans to expand its marketed innovative drugs from 9 to 30 by 2030, with its ADC and metabolic disease pipelines as important sources.
Haitian’s condiment sales grew approximately 4% in the first three quarters of 2026. Goldman Sachs believes the company is still gaining share, but weak foodservice demand and rising soybean and PET costs will continue to weigh on its near-term performance; management is currently prioritizing sales volume and market share.
Rising volumes in aerospace and industrial gas turbines drove third-quarter revenue and profit above BofA’s expectations; gross margin remained under pressure from costs and exchange rates, while capacity expansion also put pressure on cash flow.
Delayed energy-storage revenue recognition, high-cost orders and fair-value losses on investments weighed on third-quarter results. BofA cut its earnings forecasts for the next three years, seeing continued margin and overseas regulatory pressure despite shipment growth.
As primary-market issuance faces difficulties, secondary-market supply has plunged and spreads have begun to tighten. BofA favors highly rated floating-rate CLO tranches, while noting that falling loan prices are eroding protection for junior debt and cash distributions to equity.
As of 23 October, HSBC’s climate transition equity tracking portfolio had fallen about 7% in the second half, but was still outperforming global equities by around 5 percentage points year to date. Lower valuations and earnings expectations support the medium-term view, while high interest rates and divergence among themes have also made stock selection more demanding.
