Large orders and early placements raised the third-quarter comparison base. Management expects fourth-quarter orders to fall sequentially but remain significantly above the prior-year level. Goldman Sachs raised its earnings forecasts while maintaining a Neutral rating.
INT combined with Keytruda increased the two-year recurrence-free survival rate in melanoma patients by 12.2 percentage points, but the distant metastasis benefit was weaker than in phase II, and overall survival data remain immature. Barclays sees substantial room in postoperative adjuvant treatment and maintains its Overweight rating on Merck.
JPMorgan tracking shows retail inflows fell to $3.3 billion from 22 October to October 28. Investors continued to buy tech stocks but took limited positions ahead of earnings; a sharp fall in Brazilian equities attracted unusually strong dip buying.
Third-quarter search revenue fell short of expectations, while cloud growth was constrained by computing capacity. Goldman Sachs maintained its buy rating but cut its price target from $435 to $385 following revisions to its earnings forecasts and valuation.
Refining throughput and profit per barrel both exceeded Goldman Sachs’ expectations, helping third-quarter EBITDA come in slightly above its forecast; capital spending progressed slowly in the first three quarters, and free cash flow has already exceeded the bank’s full-year forecast.
Since the Iran conflict began, the hit to emerging-market growth and inflation has been smaller than Goldman Sachs initially expected, but further oil price increases could still have a significant impact. The bank estimates that supply-driven price increases do more damage to growth in oil-importing economies.
A higher share of high-margin infrastructure business pushed third-quarter operating profit 49% above Goldman Sachs’ forecast. The company expects fourth-quarter gross margin to remain near 40%, but Goldman Sachs believes optical communications is ramping up slowly and maintains its sell rating.
The company opened approximately 10 thousand stores in the first three quarters, and its third-quarter gross margin improved year over year, but expansion and marketing investments increased expenses. Goldman Sachs maintained its Buy rating while cutting its earnings forecasts and target price.
Gains in domestic insulin market share drove Tonghua Dongbao’s third-quarter revenue and profit above Goldman Sachs estimates; a one-off gain in the same period last year contributed to a steep year-on-year decline in net profit. Goldman Sachs raised its earnings forecasts but still sees the company’s long-term growth prospects as weaker than those of its major peers.
Slower equipment tenders delayed revenue recognition, while competition and changes in the sales mix compressed gross margin; the company maintained its break-even targets, and Goldman Sachs cut its earnings forecasts and target price.
Foreign exchange and investment fair-value losses weighed on third-quarter net profit, while the HVAC and automotive thermal management businesses continued to grow. Goldman Sachs is positive on liquid-cooling product expansion but has lowered its earnings forecasts and maintains different ratings on the A and H shares.
South Korean media say Hyundai Motor Group has asked suppliers to prepare parts for 10 thousand Atlas robots; the companies concerned have not confirmed the report. JPMorgan says the news is consistent with the group’s direction of expanding humanoid robot production in 2028, and favors manufacturers of complete robots and robotics component company Robotis.
Third-quarter orders, pricing and renewals improved, and Equinix raised its 2026 guidance. Citi believes price increases, new capacity and higher utilization could drive recurring revenue growth close to the upper end of the long-term target in 2027.
In a phase III trial of patients with type 2 diabetes, both Retatrutide dose groups achieved more than twice the weight loss of the Ozempic 2 mg group, but adverse events increased with dose. Citi maintained its buy rating on Eli Lilly and is watching the direct comparison with tirzepatide.
In the third quarter of 2026, Suofeiya’s revenue fell 21% year over year and net profit fell 70%, coming in 39% below Goldman Sachs’ forecast. A lower gross margin and higher expense ratios amid contracting revenue together weighed on profitability.
Third-quarter revenue fell short of Goldman Sachs’ expectations, but gross margin rose to 28.4%, helping net profit broadly meet the bank’s forecast. Goldman raised its 2028 earnings forecast and price target, while expansion spending continues to absorb substantial cash.
In the third quarter of 2026, Pharmaron continued to grow across its businesses. CDMO gross margin improved year on year, while laboratory services gross margin fell due to movements in the renminbi exchange rate. Citi forecasts revenue growth of 19% in both 2026 and 2027.
Excluding the large Amazon order, backlog growth from other customers also exceeded that of previous quarters; third-quarter revenue fell below the market consensus, but a favorable price-cost relationship supported gross margin.
Third-quarter results and guidance exceeded Wall Street expectations but fell slightly short of higher investor expectations. Citi expects revenue to grow sequentially throughout 2027 while monitoring customer project delays, memory costs and R&D spending.
NXP’s third-quarter revenue and earnings slightly exceeded market expectations, but its fourth-quarter guidance was slightly below the buy-side expectations heard by JPMorgan. Management is more confident in revenue and gross margin for 2027, and JPMorgan maintains its neutral rating.
