As of 2 November, prediction markets implied a probability above 70% of Democrats winning a Senate majority, up from about 60% two weeks earlier; the probability for the House exceeded 90%. Goldman Sachs believes the House outcome matters more for the policy outlook, but key Senate races remain within polling margins of error.
Condiment sales rose about 4% in the first three quarters of 2026, but a weak foodservice channel and higher soybean and PET costs have kept Goldman Sachs cautious on fourth-quarter gross margin. The company has no near-term price increase planned and will watch the buildup of inventory for the Lunar New Year.
Palantir’s third-quarter revenue and margin exceeded market expectations, but growth in US commercial contract metrics slowed. Goldman Sachs sees growth potential in sovereign AI, with the key being the conversion of short-term pilots into longer-term, larger-scale partnerships.
AMD’s third-quarter data center revenue exceeded Goldman Sachs and market expectations, supporting overall performance; the midpoint of fourth-quarter revenue guidance is above market consensus but below Goldman Sachs’ forecast.
Apple’s fiscal 2026 fourth-quarter revenue and gross margin both exceeded expectations, but Nomura believes price increases and a shift toward higher-end products supported revenue, while device production and supplier revenue will face greater pressure.
Growth in core product volumes and prices and lower expense ratios drove third-quarter results above Nomura Orient International’s expectations. The firm raised its earnings forecasts for the next three years but lowered its valuation multiple and expects operating cash flow to turn negative in 2026.
The average of Nomura’s four valuation measures shows the dollar is overvalued by 14.7% and Asian currencies are undervalued by 8.6% on average; meanwhile, emerging-market funds’ allocation to the Indian rupee has rebounded, and bond supply outlooks differ across Asian countries.
Nomura estimates that Lao Pu Gold’s third-quarter sales showed no clear improvement from the second quarter. A retreat in gold prices and a weaker wealth effect weighed on consumption; the bank cut its earnings forecasts for the next three years but remains positive on the brand’s long-term position.
In the third quarter of 2026, the company's revenue and gross margin both improved quarter on quarter, and profit exceeded Nomura Orient International's previous expectations. The firm raised its earnings forecasts while cutting its target price from 66 yuan to 51 yuan.
In the third quarter of 2026, the company's revenue was nearly flat and net profit fell year on year, with both functional and sports drinks weaker than Nomura Orient expected. The firm expects tea drinks to become a growth driver and has cut its earnings forecasts for the next three years.
Same-store sales at KFC and Pizza Hut both fell 3% in the third quarter, but restaurant margins improved. The company raised its full-year net new store target, while Nomura maintained its Buy rating and lowered its earnings forecasts and target price.
AXT’s InP substrate revenue and gross margin have surged alongside data center demand. Nomura expects capacity expansion and price increases to continue driving growth, but competition, export permits and capital tied up in expansion will affect its realization.
A Nomura expert interview suggests that transitional arrangements can cushion the near-term impact, but the actual effects will depend on the specific company list, contract implementation and scope of investment restrictions.
The central bank will raise the foreign currency deposit reserve requirement from 15 November. Nomura estimates the move could absorb 24 billion dollars of long-term onshore foreign currency liquidity and believes the policy is focused on slowing the pace of appreciation.
Higher memory chip prices and sales volumes drove quarter-on-quarter increases in GigaDevice’s third-quarter revenue and gross margin, but fair-value changes weighed on net profit. Nomura Orient raised its earnings forecasts for the next three years while lowering its valuation multiple.
Guolian Minsheng Securities is optimistic about opportunities for vendors as edge AI commercialization accelerates; Orient Securities believes NSFOCUS could benefit from the rollout of AI security projects, but a profit turnaround still depends on a recovery in revenue.
The company’s third-quarter revenue was broadly in line with market expectations, while its fourth-quarter revenue and earnings guidance exceeded expectations. Management expects automotive shipments to recover in the first quarter of 2027 as supply increases.
Evercore ISI expects Intel’s revenue for the third quarter of 2026 to exceed market consensus, mainly on improved server CPU pricing and product mix; PC demand, capacity constraints and valuation limit the scope for optimism.
BofA’s model shows that weakening trends and rising volatility are prompting CTAs to cut equity exposure. Systematic flows could differ sharply over the coming week depending on whether global equities fall, remain flat or rise.
SMB demand indicators remain weak, but traffic improved quarter over quarter. Citi expects enterprise customers to deliver a modest earnings beat and is watching the impact of AI services team expansion on margins in 2027.
