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Market Wrap: pre-opening session |
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U.S. market futures trade red amid a flurry of corporate earnings releases.
On Wednesday, major U.S. indices finished higher after the Federal Reserve kept interest rates unchanged. The S&P 500 advanced 21 points (+0.28%) to 7,743, the Nasdaq 100 gained 161 points (+0.55%) to 29,813, and the Dow Jones rose 97 points (+0.19%) to 52,475.
The Federal Reserve left its target range for the federal funds rate unchanged at 3.75%-4.00%, in line with expectations. The Fed upgraded its assessment of economic activity and stated that inflation remains elevated.
On the stat front, the U.S. third-quarter gross domestic product is projected to grow 3.2% quarter-on-quarter. Also, the core personal consumption expenditures price index is forecast to climb to 3.1% year-on-year in September vs 3% a month earlier. Separately personal spending and personal income are seen respectively up 0.8% and 0.3% month-on-month in September. Finally initial jobless claims are expected to rise to 199,000 in the week ended October 24.
European indices are gaining ground. Later today, the European Central Bank is expected to keep its main interest rates unchanged, with the deposit facility rate staying at 2.50%. Separately, ECB President Christine Lagarde will stand down in February.
Asian indices were mixed.
WTI crude oil prices lose ground on renewed peace talks hopes in the Middle East but remain above 100 dollars.
Gold continues to ease but remains above a key technical support area around 3,980 dollars.
Bitcoin loses ground, challenging the 80,000 dollars threshold.
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Alphabet (GOOGL), Google's holding company, tanks after posting a negative free cash flow of 9.07 billion dollars. Moreover quarterly sales missed estimates.
Microsoft (MSFT), a tech giant, gains some ground as quarterly financial figures topped expectations. Azure revenue rose 48% year-over-year.
Fortinet (FTNT), a cybersecurity firm, craters as quarterly adjusted gross margin missed expectations.
Marvell Technology (MRVL), a chipmaker, is in advanced talks to buy optical and photonic technologies company Lumentum (LITE) according to Reuters.
Merck & Co (MRK), a pharma giant, rises after lifting full-year guidance.
Eli Lilly (LLY), a developer and producer of pharmaceuticals, gains ground after hiking full-year sales outlook.
Caterpillar (CAT), the world's largest manufacturer of heavy equipment for multiple industries, drops after the company kept its full-year guidance unchanged, disappointing investors despite beating earnings expectations and reporting a record backlog.
Ford Motor (F), an automobile manufacturer, loses some ground as quarterly sales slightly missed estimates.
L3Harris Technologies (LHX), an aerospace and defense company, is well oriented after lifting full-year sales forecast.
Maplebear (CART) jumps as CNBC reported that DoorDash (DASH) might announce today a deal to buy Instacart's parent company.
Chipotle Mexican Grill (CMG)'s, a fast food restaurant chain, is well oriented as quarterly same-store sales topped expectations.
ServiceNow (NOW), a cloud-based software management company, tumbles as quarterly adjusted EPS missed estimates.
Align Technology, (ALGN), a specialist in orthodontic medical devices, has appointed Jennifer L. Davis as the company’s next CEO, effective December 31, 2026. Jennifer L. Davis most recently served as Chief Executive Officer of Procter & Gamble (PG)’s Global Healthcare business. Separately, currant quarter sales guidance missed estimates.
Sprouts Farmers Market (SFM), a grocery chain, plummets as quarterly financial figures disappointed investors.
Fedex (FDX), a package delivery service company, loses some ground on profit taking despite posting an earnings beat.
Carvana (CVNA), a used car platform, jumps after unveiling quarterly financial figures that topped estimates. Moreover the company said the SEC closed a previously disclosed investigation and would not pursue any enforcement action.
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Amazon.com Inc (AMZN)
Eli Lilly and Co (LLY)
MasterCard Inc (MA)
Intel Corp (INTC)
Merck & Co Inc (MRK)
Caterpillar Inc (CAT)
Linde PLC (LIN)
Gilead Sciences Inc (GILD)
SanDisk Corp (SNDK)
Bristol-Myers Squibb Co (BMY)
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Earnings release:
Teck Resources Ltd (TECK.B)
AltaGas Ltd (ALA)
TMX Group Ltd (X)
TFI International Inc (TFII)
Capstone Copper Corp (CS)
On Wednesday, the S&P/TSX Composite Index rose 0.26% to 36,265 and the S&P/TSX 60 Index gained 0.30% to 2,153.
GFL Environmental (GFL), a waste management services company, gains ground after lifting full-year guidance. CEO Patrick Dovigi said : "during the third quarter, we formed a Special Committee of independent directors to review unsolicited inbound proposals to take the Company private. The Special Committee has provided interested parties with a final deadline of November 9, 2026 to deliver their updated proposals, at which time the Special Committee will determine next steps".
Restaurant Brands International (QSR), a fast food holding company, posted quarterly comparable sales up 8.2%, beating estimates, vs +3.2% a year earlier. Total sales as well as adjusted EPS were roughly in line with expectations.
Teck Resources (TECK/B), a diversified resource company, reported quarterly adjusted EPS up to 1.88 dollar from 0.76 dollar a year earlier, on sales up to 4.52 billion dollars from 3.39 billion dollars a year ago. Both figures beat estimates. The company confirmed full-year production guidance.
First Quantum Minerals (FM), a mining company, narrowed full-year copper and gold production guidance while raising nickel guidance. Separately, the company posted quarterly adjusted EPS and sales that both topped expectations. Target price was cut to 52 dollars from 53 dollars at Jefferies.
Agnico Eagle Mines (AEM), a mining company, unveiled quarterly adjusted EPS up to 2.62 dollars, just above estimates, from 2.10 dollars a year earlier. The company said that "annual gold production remains at lower end of guidance range, while total cash costs per once and AISC per ounce are expected near upper end of annual guidance range".
Eldorado Gold (ELD), a gold producer, reported quarterly adjusted EPS and sales that both missed estimates. The company lowered full-year gold production forecast while raising cost guidance.
Alamos Gold (AGI), a gold miner, posted quarterly adjusted EPS and sales that both missed expectations. The company maintained full-year production guidance.
AltaGas (ALA), an energy infrastructure company, reported quarterly adjusted EPS up to 0.29 dollar, beating estimates, from 0.04 dollar a year earlier. The company "is positioned to finish the year with momentum and expects to deliver financial results towards the high-end of its recently increased 2026 guidance range".
Whitecap Resources (WCP), an energy company, unveiled quarterly net income up to 326.4 million dollars from 204.2 million dollars a year earlier. Sales jumped 45% to 2.41 billion dollars, beating expectations. The company is "increasing ITS 2026 capital budget by approximately 100 million dollars to approximately 2.2 billion dollars and increasing its 2026 average production guidance for the third time this year to 392,000 boe/d".
Canadian Pacific Kansas City (CP), a freight railway company, reported quarterly adjusted EPS up 16% to 1.28 dollar on sales up 15% to 4.2 billion dollars. The company confirmed full-year guidance. Separately the company has signed a new five-year agreement with Elk Valley Resources.
Bausch Health (BHC), a pharma company, lifted full-year sales, adjusted Ebitda and adjusted cash flow guidance. Separately, it announced a 50 million dollars share repurchase program.
Cogeco Communications (CCA), a cable operator, posted quarterly adjusted EPS down 1.9% to 2.05 dollars. Sales fell 1.9% to 695.5 million dollars yet slightly above estimates. The company increased quarterly dividend up 2% to 1.007 dollar per share. The company expects "fiscal 2027 revenue to decrease by a low to mid single digit percentage".
Enerflex (EFX), a provider of modular natural gas, reported quarterly sales down to 623 million dollars, missing expectations from 777 million dollars a year earlier. Ebitda fell to 117 million dollars from 122 million dollars a year ago. The company increased quarterly dividend by 17%.
West Fraser Timber (WFG), a diversified wood products company, unveiled quarterly sales down sequentially to 1.36 billion dollars, missing expectations, from 1.43 billion dollars. Adjusted Ebitda fell to 38 million dollars from 59 million dollars in the previous quarter.
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