Business

Ovintiv to buy Montney oil producer Logan Energy for $890 million

The Denver-based oil and gas producer will pay Logan Energy Corp. shareholders C$1.40 a share in cash, its third major Canadian Montney acquisition in less than a year.

Meta Moves to Raise Up to $95 Billion as AI Spending Outpaces Cash Flow

The Facebook and Instagram parent launched $35 billion in stock and preferred-stock offerings and laid out plans for a further $60 billion share sale, days after its own quarterly cash flow turned negative under the weight of AI infrastructure spending.

EQT to Buy Range Resources in $50 Billion Deal, Creating America's Largest Natural Gas Producer

The all-stock merger, unanimously approved by both boards, would combine two of Appalachia's biggest gas producers into a company with more than 9 billion cubic feet of daily output and over 30 years of drilling inventory.

Verizon posts best subscriber growth in five years, raises 2026 outlook, but shares slip on SpaceX fears

Verizon added 406,000 postpaid phone subscribers in the third quarter and raised its full-year guidance for a third straight time, but investors stayed focused on SpaceX's growing push into wireless.

Cadence Design Systems raises 2026 outlook as AI chip-design demand lifts revenue 22%

The Nasdaq-listed company reported a record order backlog and higher profit for the third quarter, as semiconductor and systems companies increasingly rely on its design software to build artificial-intelligence chips.

Zip Co Shares Rebound After Record Plunge Tied to US Fraud Attack

The Australian buy-now-pay-later lender clawed back part of Friday's record one-day loss, a day after disclosing a coordinated fraud attack on its US business that pushed bad debts to the top of its target range.

The Australian retirement-community and holiday-park operator, itself mid-acquisition of residential developer Peet Limited, has granted AVID Property Group six weeks of exclusivity to pursue a takeover worth about A$2.2 billion.

Google Cloud outage exposes new fault line in UK bank oversight

A power failure at a London data center knocked Revolut, Lloyds and HSBC offline for hours, and lawmakers are now using Britain's year-old authority over Big Tech's cloud providers for the first time to find out why.

Borr Drilling rig sinks off Gabon, one dead, four missing

A jack-up rig chartered to BW Energy lost stability and sank during preparations for a four-well drilling program on Gabon's Dussafu Marin licence, triggering a government-led search and a shutdown of nearby oil production.

London Stock Exchange Group to buy credit-data firm Octus for $3.5 billion

The exchange operator's largest acquisition since its 2019 purchase of Refinitiv adds a specialist in private and distressed-debt data, financed with new debt and announced alongside an upgraded earnings outlook.

LKQ Corporation pushes out CEO after European slump triggers preliminary loss

The Tennessee-based auto-parts distributor withdrew its full-year guidance and named former Veritiv chief Salvatore Abbate as its next CEO after preliminary third-quarter figures showed a swing to a net loss, driven largely by a troubled technology rollout in Germany.

Netflix Profit Jumps 44% in Third Quarter, But Shares Slide on Ad Revenue Cut

Netflix beat Wall Street's profit estimate for the third quarter, posting a 44% jump in net income, but its shares fell nearly 6% after it lowered its full-year advertising revenue forecast.

Nasdaq posts record quarterly revenue, warns of cooling IPO market

The exchange operator beat Wall Street estimates in the third quarter and pressed ahead with a near-round-the-clock trading launch, even as its chief executive said some companies were delaying planned stock listings.

SLB profit holds up as Middle East business recovers and data-center unit surges

The world's largest oilfield-services company posted higher quarterly revenue as activity rebounded from regional conflict disruptions, while its fast-growing data-center infrastructure business and a pending $3.4 billion acquisition underscored a deepening push into AI-driven computing demand.

Newmont posts record third-quarter profit as gold rally offsets rising costs

The world's largest gold producer beat Wall Street estimates on higher bullion prices, but shares fell as it raised its cost outlook and gold slipped back toward $4,000 an ounce.

American Express tops profit forecasts, raises 2026 outlook, plans 5% workforce cut

The card issuer's third-quarter profit and revenue beat Wall Street estimates and its full-year guidance rose again, but the news was overshadowed by a restructuring that will eliminate roughly 5 percent of its global workforce — and by a stock that keeps falling despite the beats.

A state court jury's findings on Cambridge Analytica-era deception produced the largest financial penalty ever imposed on Meta, which says it will appeal.

Honeywell Posts Strong First Quarter as a Stand-Alone Company, Raises Outlook Again

Three months after splitting off its aerospace division, the newly slimmed-down industrial group posted 7% organic growth and lifted full-year profit guidance for the third time this year.

American Airlines swings to a loss as jet fuel costs erase record revenue

The carrier's third-quarter revenue hit a record $16.3 billion, but a $1.9 billion jump in its fuel bill pushed American Airlines to a net loss, and the company widened its full-year loss forecast as fuel costs head toward $7 billion above last year's level.

Union Pacific posts record quarterly profit as Norfolk Southern merger faces regulatory test

The railroad's third-quarter net income rose 16% to $2.1 billion, even as federal regulators set a new timetable for reviewing its proposed $85 billion acquisition of Norfolk Southern, a deal that would create the first transcontinental railroad under single ownership in U.S. history.

Tesla Profit Falls 43% Even as Deliveries and Revenue Hold Up

Tesla's third-quarter net income dropped sharply on higher costs and smaller regulatory-credit sales, sending shares lower despite revenue roughly in line with estimates.

Lam Research Posts Record Quarter, Yet Shares Tumble on AI Capex Doubts

The chipmaking-equipment maker beat Wall Street's already-high expectations and guided for a bigger quarter ahead, but investors sent the stock down sharply before Thursday's open, a sign of how jittery markets have become about the durability of AI-driven spending.

IBM Beats Third-Quarter Estimates, Lifts Cash-Flow Outlook Three Months After Historic Stock Plunge

Software and AI-related demand pushed revenue and profit above Wall Street forecasts, a tentative recovery for a company whose stock suffered its steepest one-day drop in decades after a summer warning.

AT&T Beats Earnings Forecasts as Debt Load Overshadows Record Fiber Growth

The telecom giant's third-quarter profit and broadband additions topped Wall Street estimates, but shares fell as investors weighed a sharp rise in debt tied to a spectrum purchase from EchoStar.

Tesla reports third-quarter results Wednesday after record delivery numbers, as Elon Musk tells investors both companies have formed special board committees to study a possible combination.

Netflix profit beats estimates, but stock slides on weak guidance and ad-revenue cut

The streaming company topped Wall Street's third-quarter profit forecast, but shares fell in extended trading after Netflix cut its advertising outlook and gave fourth-quarter guidance below analyst expectations, compounding a week that already included layoffs and a change atop its content division.

GM Beats Earnings Estimates, but Shares Slide as Chip and Commodity Costs Squeeze Outlook

General Motors posted record third-quarter revenue and a sharply higher profit, but investors focused on an unchanged guidance midpoint and rising memory-chip and commodity costs, sending the stock down about 7 percent.

Capital One Profit Jumps to $3.5 Billion as Credit Losses Ease

Capital One Financial posted third-quarter net income of $3.5 billion and its best credit numbers in two years, as the year-old Discover merger and a newer Brex deal reshape the largest U.S. credit-card issuer.

A 15% jump in third-quarter revenue, led by record Magic: The Gathering card sales, pushed Hasbro's profit far past Wall Street estimates and triggered the toy and game maker's third guidance increase of the year.

The engine maker raised its full-year profit outlook after a third quarter in which commercial-services revenue and new orders both surged, driven by airlines flying older planes longer.

Werner Enterprises Warns Third-Quarter Profit Will Trail Wall Street Estimates

The Omaha-based truckload carrier said late Monday that fuel, driver costs and an insurance-reserve adjustment will cut adjusted earnings roughly in half from what analysts had projected, the latest sign that cost inflation is outrunning the freight market's long-awaited recovery.

Wall Street rebounds as tech stocks bounce back ahead of Netflix, Tesla, Meta earnings

The Nasdaq climbed 1.11% Monday, clawing back some of last week's AI-driven selloff as traders braced for results from Netflix, Tesla, Meta, IBM and Procter & Gamble this week.

Zions Bancorporation posts 20% earnings jump, beating estimates as credit costs fall

The Salt Lake City lender's third-quarter profit topped Wall Street forecasts as loan losses shrank, offering a steadier read on regional banks after a mixed earnings season for Wall Street's biggest firms.

Cleveland-Cliffs Posts Best Quarter in Three Years as Steel Tariffs Reshape the Market

The steelmaker's adjusted profit more than quadrupled from a year earlier on higher prices and lower costs, even as a dispute over an idled Canadian plant complicates its turnaround.

Fifth Third Posts Record Profit as Comerica Deal Pays Off

The Cincinnati lender's first full quarter since absorbing Comerica drove loan balances up 45% and pushed credit costs to their lowest level in years.

China's economy grows 4.5% in the third quarter, beating forecasts as exports offset property slump

Official data released Monday showed growth accelerating from a three-year low, but the rebound was driven almost entirely by factories and exporters while a deepening housing downturn and cautious consumers held back the rest of the economy.

EQT to Take Cleanaway Private in A$9.3 Billion Deal

Shareholders of the Melbourne-based waste hauler will receive A$3.095 a share in cash as the Swedish buyout firm seals Australia's largest take-private deal of the year.

Chipmakers' Worst Slump Since 2008 Deepens as AI Financing Fears Hit CoreWeave

A credit scare at AI-cloud operator CoreWeave dragged semiconductor stocks into their longest losing streak since the financial crisis, as hotter inflation data undercut hopes that borrowing costs for the AI buildout will fall soon.

Goldman Sachs Profit Jumps on Record Equities Trading

Third-quarter diluted earnings of $17.01 a share topped Wall Street estimates as equities-trading revenue surged 72%, offsetting a softer quarter in bond trading.

Conduent agrees to pay $80 million to settle data breach that exposed 62 million people's records

The settlement resolves consolidated litigation over a 2024-2025 breach at the back-office processor, whose clients include major health insurers and government agencies.

Strategy asks shareholders to approve daily dividends on its discounted bitcoin preferred stock

The bitcoin treasury company is asking common shareholders to approve daily dividend payments on STRC, a Nasdaq-listed preferred stock that has traded below its $100 target price for months.

Proofpoint to acquire Varonis Systems in $6.3 billion cybersecurity deal

Thoma Bravo-backed Proofpoint will pay $49.75 a share — a 52% premium — for data-security specialist Varonis Systems in an all-cash deal the companies say creates one of cybersecurity's largest dedicated data-and-AI-security platforms.

Treasury fines Bank of America $1.2 billion over money-laundering lapses

FinCEN, the Office of the Comptroller of the Currency and OFAC reached a combined $1.21 billion settlement with the bank on Oct. 13, the third-largest penalty in Treasury Department history, over years of unreported suspicious transactions and sanctions violations.

Travelers beats profit forecasts by wide margin as record investment income offsets storm losses

The Dow component posted third-quarter core earnings of $9.18 a share, far above Wall Street estimates, as record investment income and favorable reserve trends outweighed higher storm losses and a $295 million charge tied to decades-old asbestos claims.

Prologis says warehouse glut is clearing as quarterly profit rises

The world's largest warehouse landlord posted higher core profit and tightened its full-year outlook, saying tenants have worked through the bloated inventories that depressed industrial leasing for two years.

Truist Posts Lower Quarterly Profit as New CEO Accelerates Pullback From Consumer Lending

A $1.4 billion securities loss and a new deal to sell the LightStream lending platform to Carlyle Group dragged down GAAP earnings at Truist Financial, even as adjusted profitability improved under first-year chief executive Mike Lyons.

The brokerage giant's net revenue rose 17% to a record $7.2 billion in the third quarter as clients poured in a record $190.4 billion in new assets, even as trading volumes cooled.

Penske Automotive agrees to go private in $16.3 billion deal with controlling shareholders

Penske Corporation and Japan's Mitsui & Co., which together already controlled most of the dealership group's stock, will buy out remaining shareholders for $212 a share, ending more than three decades as a public company.

International Paper Weighs Sale of European Packaging Arm, Months After Spin-Off Plan

The paper and packaging giant says it is talking with potential bidders for its EMEA business, an alternative to the London/New York listing it had promised shareholders just nine months ago.

US retail sales rose 0.8% in September as gasoline-station spending surged

Commerce Department data released Thursday showed Americans spent $745.0 billion at retailers and restaurants last month, up 6.3% from a year earlier, as a 6.4% monthly jump in gas-station sales offset softer spending at department and miscellaneous stores.

Wells Fargo and Citigroup post stronger profits as bank earnings season wraps up

Both banks beat Wall Street's profit forecasts for the third quarter, with investment-banking fees and trading revenue offsetting softer growth in traditional lending.

Inflation Jumps to 3.7% in September, Keeping Pressure on the Fed to Raise Rates Again

September's Consumer Price Index came in hotter than expected, with gasoline driving more than half the monthly increase and raising the odds of another Fed rate hike this month.

Fed survey finds US growth stalling as price pressures build nationwide

The Federal Reserve's October Beige Book found growth nearly flat across most of the country while oil, tariffs and insurance costs kept pushing prices higher, a split that complicates the central bank's next move on interest rates.

The world's largest asset manager posted a third straight quarter of outsized inflows, with gains in ETFs, fixed income and private credit pushing adjusted earnings well past Wall Street forecasts.

Morgan Stanley Posts Record Quarter as Wealth Management, Equities Trading Surge

Morgan Stanley's wealth-management and equities-trading businesses pushed quarterly profit and revenue to records, extending a strong start to Wall Street's third-quarter earnings season.

UnitedHealth raises profit outlook again as Medicare cost turnaround builds

The health insurer's third-quarter profit more than doubled and it lifted its full-year guidance for the second quarter running, as cost discipline following last year's Medicare Advantage crisis and leadership shake-up begins to show in the numbers.