Apple’s iPhone and Mac revenue exceeded expectations in the fourth quarter of fiscal 2026, but higher memory prices and AI inference costs weighed on gross margin guidance for the next quarter. Goldman Sachs raised its revenue forecasts while lowering its earnings forecasts and price target.
iPhone and Mac drove Apple’s September quarter revenue above market expectations, but rising memory costs and slowing services growth made the December quarter outlook mixed. Citi lowered its fiscal 2027 earnings-per-share forecast and maintained its Buy rating.
Bank of America expects US nonfarm payrolls to rise by 75 thousand in October and maintains its forecast for two more rate hikes; beyond the midterms, expectations differ for earnings from Apple, AMD and Arista.
Election results in Texas and Ohio add uncertainty to data center projects. Morgan Stanley believes tighter approval requirements for new projects could raise the value of facilities with secured power, but the effects on project developers, power generators and equipment suppliers differ.
JPMorgan expects the Federal Reserve to raise rates again in December and maintains its call for a steeper U.S. Treasury curve. It remains overweight emerging-market currencies, but rate volatility and growth pressures are prompting the bank to narrow its selections. Meanwhile, economic growth in multiple countries is accompanied by falling oil demand.
KLA expects revenue in the second half of 2026 to grow 25% from the first half and is optimistic about wafer fab equipment spending in 2027. Wells Fargo raised its earnings forecasts but cut its price target from $245 to $210.
New CDMO purchase orders rose 40% year on year in the third quarter of 2026, and the revenue share of late-stage and commercial projects is expected to rise; capacity expansion and delivery of large orders will affect the realization of growth and margins.
Mosaic’s third-quarter EBITDA fell short of market consensus. Phosphate sales exceeded expectations but did not translate into corresponding profit. The company’s fourth-quarter phosphate volume and price guidance is above expectations, but expensive raw materials will continue to depress profit; potash volume and price guidance is weaker.
CrowdStrike plans to add pre-deployment security testing and agent behavior monitoring to Falcon, complementing its existing runtime protection. Morgan Stanley is positive on the platform’s expansion, but the revenue contribution depends on integration and paid adoption.
Apple’s revenue guidance for the December quarter exceeded expectations, but slowing services growth and rising memory costs offset the earnings benefit of stronger revenue. Morgan Stanley maintained its Overweight rating and lowered its price target from $355 to $350.
GAC, SAIC, Changan and BAIC all reported third-quarter results below market expectations. JPMorgan believes their own brands cannot yet offset falling joint venture profits and expects a slow recovery in 2027.
Product sales rose 33% year over year in the third quarter of 2026, helping RemeGen achieve recurring profitability for a second consecutive quarter. J.P. Morgan is optimistic about new indications and overseas phase III trials, but has lowered its 2027 revenue forecast and price targets for the A and H shares.
A cleaning-product transition and earlier promotions weighed on third-quarter revenue, but charging, energy storage and audio supported recurring profit growth. J.P. Morgan lowered its full-year revenue forecast but still expects growth to improve in the fourth quarter.
Organic sales and profit both exceeded market expectations in the first quarter of fiscal 2027, with cost savings driving a recovery in profitability. Growth is expected to slow in the second half, however, and acquisitions and constraints on cash flow continue to influence the credit assessment.
Pfizer raised its 2026 guidance, and JPMorgan modestly increased its forecasts. However, the bank expects revenue and earnings per share to decline over the next two years, with data from most major pipeline programs due at the end of 2027 or later.
JPMorgan raised its revenue growth forecasts for Cloudflare over the next three years, seeing expansion among large customers and the developer business as potential growth drivers, while improved sales efficiency could support margins. However, the high valuation still places demanding expectations on growth and cash flow.
Logic-chip thermocompression bonding and AI server-driven SMT operations support growth, but HBM stacking layers have stalled. Management expects a more meaningful recovery in memory thermocompression bonding demand only by 2029.
In the third quarter of 2026, Yunnan Baiyao’s revenue returned to growth, rising 10.4% year on year, while net profit fell 2%. Morgan Stanley believes the distribution business may have driven growth and values the company’s dividends and defensive qualities.
In the third quarter of 2026, Pien Tze Huang’s revenue and profit fell 13.9% and 71.7% year over year, respectively, both below Morgan Stanley’s expectations. Sales of liver disease medicines were under pressure, but lower procurement spending lifted operating cash flow. The cost benefits of lower bezoar prices will have to wait until high-priced inventory has been used up.
Manufacturing and construction PMIs fell back into contraction, with both declines exceeding their averages for the same period over the past five years. Export-oriented companies and high-tech manufacturing remained resilient, but employment and property demand were weak.
