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.
John Woods, CIO for Asia-Pacific at Lombard Odier, said that if last night’s market moves are seen as signaling a peak in AI spending, that is clearly bearish; but he leans more toward a positioning shakeout and a technical counter-squeeze. China is more insulated than Japan and South Korea, so the damage will be mild; volatility in the U.S. AI space may instead be constructive for China.
Dan Niles, founder of Niles Investment Management, says this correction is healthy and long overdue; token usage is still surging, but prices are falling; Anthropic’s revenue growth slowed from about 145% quarter over quarter in the second quarter to about 43% in the third quarter, and could be only around 20% in the fourth quarter, so valuation multiples need to come down.
Bankless hosts Ryan and David say the S&P 500 fell 4% over a day and a half, returning to June levels; the Nasdaq fell 6%, returning to April levels. It is still too early to say the AI bubble has burst. Bitcoin is holding around 76 thousand dollars near its 50-week moving average, and the Binance theft involving 6.34 billion dollars was the largest hack in history.
HSBC Chief Multi-Asset Strategist Max Kettner says this move resembles the blowup of inverse-volatility products in late January 2018; funds are being forced to liquidate now, while fundamentals have not changed; the catalyst for a turning point is Anthropic’s IPO, and a listing at a reasonable valuation would be enough.
Sebastian Page, co-head of global investments and CIO at T. Rowe Price, said the selloff had no real trigger and was a liquidation driven by sentiment and crowded positioning; token demand rose 37%, spending rose 9%, and Nvidia now trades at about 12.6x earnings, versus 30x a year ago.
PayPay’s revenue and adjusted EBITDA both exceeded the upper ends of company guidance, with lower-than-expected loyalty-point expenses possibly the main driver; JPMorgan considers the core business solid, but says this quarter’s results are unlikely to drive a share-price recovery.
A pullback in trading volumes and an adverse foreign-exchange impact weighed on the securities business, leaving Kakao Pay’s third-quarter operating profit below market expectations. Payments and insurance grew quickly, but JPMorgan believes their scale remains insufficient to offset the cyclical fluctuations of the brokerage business.
JPMorgan raised its adjusted earnings-per-share forecasts for Erste Group for 2026–2028 by about 1%–2%. Net interest income was the main uplift, but forecasts for expenses and provisions were also raised.
Market-stabilization funds have driven a rebound in A-share sentiment, but earnings expectations and domestic demand remain weak. Morgan Stanley says the October correction improved the risk-reward profile of some high-quality, oversold stocks, and it continues to favor selective stock picking.
The humanoid form of humanoid robots helps them adapt to existing work environments, but bipedal walking and joint control also impose higher requirements. Institutions are optimistic about the long-term market potential, while 2026 is a key window for validating mass production and deploying applications.
China’s incremental AI computing capacity accelerated in the third quarter of 2026, but chip supply continued to constrain customer onboarding for some operators. Goldman Sachs sees potential returns from integrated computing platforms, while lowering industry target prices amid concerns about financing, returns and valuation contraction.
Google plans to invest in data centers in Malaysia from 2027 to 2028. Goldman Sachs believes that construction of the projects and related power-grid upgrades may drive demand for power equipment and optical fiber, but the benefits to each supplier will depend on actual orders won and project progress.
AI and campus networking drive Arista to raise its growth outlook. Bank of America is positive on cross-data-center interconnect opportunities, while also monitoring slower deferred-revenue growth and the impact of major-customer concentration on margins.
