Switch 2 software sales exceeded Goldman Sachs’ expectations, while hardware shipments and operating profit fell short. Goldman Sachs lowered its full-year console sales and profit forecasts but maintained its Buy rating.
In September, U.S. apparent steel demand grew 5% year over year, but declined month over month; finished steel imports rebounded from a low base, while cumulative imports year to date remained below last year. Goldman Sachs maintained its forecast for full-year demand growth of 2.6%.
Goldman Sachs lowered its forecasts for the gold price at the end of 2026 and 2027 to 4150 dollars and 4800 dollars per troy ounce, respectively. The Federal Reserve’s hawkish stance is weighing on investor positions, but ongoing central-bank gold purchases and the rate cuts the bank expects at the end of 2027 support its long-term bullish view.
Brukinsa’s global sales growth drove BeOne’s third-quarter product revenue above Goldman Sachs’ expectations, while slower expense growth than revenue growth amplified profit growth. The company raised its full-year guidance again, while Goldman Sachs also focused on R&D spending associated with the expansion of its drug pipeline.
In the third quarter of 2026, power generation fell 15% year on year, weighing on profit; Deutsche Bank says the spread between the expected dividend yield and the government bond yield remains attractive.
Revenue and profit declines widened year over year in the third quarter for Chinese consumer durables companies covered by Goldman Sachs, while overseas businesses stood out relatively. The bank expects a low comparison base to help domestic demand improve at the margin in the fourth quarter, but high costs and competition will continue to weigh on margins.
October contract data point to conventional DRAM prices in the fourth quarter of 2026 rising 8.3% quarter over quarter; Bernstein expects enterprise SSDs to drive overall NAND prices up about 15%, but consumer weakness is already showing up in wafer spot prices.
On 4 November, TOPIX’s forward P/E fell to 14.4 times. JPMorgan believes Japanese stocks are oversold: results reported for the period from month 7 through September show that, excluding electronics, precision instruments, and electric power and gas, revenue and net profit still grew year over year by 10% and 11%, respectively; however, profits in autos, retail and other sectors are under pressure, and earnings season is not yet over.
Coherent’s data-center and communications revenue in the first quarter of fiscal 2027 exceeded expectations, but its industrial business and free cash flow were weak. The company raised its outlook, while Bernstein believes the main catalysts for gross-margin improvement and optical-interconnect opportunities will not arrive until fiscal 2028.
Goldman Sachs expects export resilience to drive China's port throughput to resume faster growth in the fourth quarter of 2026, with port charges also likely to rise in 2027. The two port operators reported divergent results in the third quarter: COSCO SHIPPING Ports' revenue grew but net profit was flat, while Shanghai International Port Group's net profit growth relied mainly on investment income.
Qualcomm’s fiscal 2026 fourth-quarter revenue exceeded consensus, but handset-chip revenue declined; data-center revenue begins to ramp up next quarter, while low-margin products and investment costs weigh on margin guidance.
DBS believes Anthropic’s improving profitability and cash flow have strengthened confidence in model economics, but its third-quarter revenue growth slowed noticeably; growth, Bookings and margins at U.S. cloud providers will further test the returns on AI investment.
Third-quarter net profit came in below Morgan Stanley’s prior expectations, prompting it to lower its earnings forecast for 2026; the bank also cut its valuation multiple, while maintaining its earnings forecasts for 2027–2028 and its Overweight rating.
The company reaffirmed its full-year 2027 profitability target and plans to significantly reduce R&D expenses; however, Crysvita sales in the third quarter were below market expectations, and the rollout of two gene therapies will affect future growth.
The U.S. retirement and individual life businesses lifted core earnings per share above market consensus, but earnings in Japan declined year over year, and Morgan Stanley maintained its Underweight rating.
The US all-electric vehicle market returned to year-over-year growth in October, but sales of Ultium-platform models were still down 18% year over year. Morgan Stanley believes LG Energy Solution’s EV business may be bottoming, while margin recovery is likely to be more gradual.
Morgan Stanley raised its Brent price assumptions and Harbour Energy earnings forecasts, but believes BASF’s planned exit from its stake could mean that a greater share of the incremental cash-flow benefits from buybacks goes to the seller.
Morgan Stanley raised its EPS forecasts for Eaton for 2026–2028, expecting the two Electrical businesses to sustain faster organic growth, while price and cost pressures will limit margin improvement in the Americas business.
AVLAYAH’s third-quarter sales reached 17.8 million dollars, and fourth-quarter guidance also exceeded expectations. Expanded insurance coverage and clinical-trial patients switching to commercial drug use drove growth, but management expects the growth rate to stabilize thereafter.
JPMorgan expects Dupixent sales to exceed 25 billion euros in 2028, two years ahead of the medium-term target; however, asset sales will weigh on revenue growth in 2027, while pipeline progress remains a factor in valuation assessments.
