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Saturday, October 24, 2026Oct 24, 2026 · morning edition

Top story

Kering's Gucci problem keeps getting worse

Gucci's comparable sales fell 6% in the third quarter, worse than Wall Street expected, and Kering's US-listed shares tumbled more than 12% in a single day.

Signal feed

8 moves
Daniel EkEarningsMediaSPOTAI read · ▲ Beat estimates

Spotify shares jump on a subscriber beat

The move

Spotify said Thursday its premium subscribers reached 306 million in the third quarter, a million more than the company's own guidance and above analyst estimates. Revenue was roughly €5 billion, in line with forecasts, though earnings per share missed estimates. Shares rose about 10% to 11% that day.

Why it matters

The subscriber beat reassured investors that Spotify's growth is intact even after a rocky year for the stock, with co-CEOs Gustav Soderstrom and Alex Norstrom running day-to-day operations under Ek's oversight as executive chairman.

The bear case

The earnings-per-share miss shows margin pressure persists, and the jump partly reflects a stock that had fallen sharply earlier in the year.

What to watch

Spotify's fourth-quarter guidance of roughly 316 million premium subscribers.

Source · 24/7 Wall St.Read original ↗Report an error
Elon MuskEarningsAerospaceSPCXAI read · ▼ Profit, but...

SpaceX stock falls despite a profitable quarter

The move

SpaceX reported about $14.6 billion in third-quarter revenue, up 161% from a year earlier, but shares fell 9.1% on Thursday. Capital expenditures topped $16 billion, and management projected $35 billion to $40 billion in fourth-quarter capex, pointing to negative free cash flow.

Why it matters

Investors focused on how SpaceX will fund its AI and Starlink buildout, and on lingering uncertainty over the still-preliminary talks about a possible merger with Tesla, where no terms have been set.

The bear case

The 161% revenue growth and the swing to a profit are real, and some of the drop reflects profit-taking after the stock had jumped the prior session.

What to watch

Whether SpaceX and Tesla's special committees reach merger terms before Tesla's annual meeting.

Source · The Motley FoolRead original ↗Report an error
Charles Koch & familyEarningsAI & techMRVLAI read · ▼ Supply worry

Marvell slides as a chip-equipment maker flags supply strain

The move

Marvell Technology shares fell about 8% on Thursday after chipmaking-equipment supplier Lam Research said on its Oct. 21 earnings call that near-term supply-chain constraints would otherwise have lifted its revenue guidance. AMD and Intel also fell that day, down about 8% and 7%, and the iShares Semiconductor ETF dropped 6%.

Why it matters

Lam's comments raised worries that supply limits, not demand, could cap how fast AI-chip makers like Marvell can grow, after a stretch of steep valuations across the sector.

The bear case

Lam's own executives said the constraints should ease, with CEO Tim Archer predicting the industry will be "caught up very shortly."

What to watch

Marvell's next earnings report for signs the supply strain is easing.

Source · 24/7 Wall St.Read original ↗Report an error
Stephen SchwarzmanEarningsFinanceBXAI read · ▲ Record AUM

Blackstone shares rise on record assets under management

The move

Blackstone said Thursday that its net profit fell from a year earlier, but assets under management hit a record $1.35 trillion, up 11%, and distributable earnings reached $1.52 a share, which funds its dividend. Shares rose as much as 4% in early trading.

Why it matters

The results showed Blackstone's fundraising machine still working even as some rivals have struggled, with inflows exceeding $260 billion over the past year.

The bear case

Fee-related earnings growth of 22% is strong, but much of the AUM gain reflects market appreciation and new commitments rather than realized returns paid out to investors.

What to watch

Whether Blackstone's promised pickup in asset sales materializes in the fourth quarter.

Source · 24/7 Wall St.Read original ↗Report an error
Lisa SuEarningsAI & techAMDAI read · ▼ Sector drag

AMD falls with the broader chip sell-off

The move

AMD shares fell about 8% on Thursday, one of several chip stocks sliding after Lam Research's chief financial officer said on an Oct. 21 earnings call that near-term supply-chain constraints were holding back its own revenue guidance. Marvell and Intel also fell, down about 8% and 7%, and the iShares Semiconductor ETF dropped 6%.

Why it matters

The comments from a key chip-equipment supplier raised concern that the AI buildout could be slowed by supply limits, adding to a run of volatile sessions for AMD and its peers.

The bear case

Lam's executives said the constraints are expected to ease, and shipments slipping out of this quarter are expected to ship in the next.

What to watch

AMD's own next earnings report for guidance on data-center demand.

Source · 24/7 Wall St.Read original ↗Report an error
Mark ZuckerbergEarningsAI & techMETAAI read · ▲ Beat, but costly

Meta tops revenue forecasts despite a big legal charge

The move

Meta reported third-quarter revenue of $64.6 billion, up 26% from a year earlier and above analyst estimates of about $63.3 billion. Earnings per share were $3.83, including a $9.9 billion charge tied to its settlement with state attorneys general; excluding that charge, per-share earnings would have been $7.40. Shares rose about 2% in after-hours trading on Oct. 21.

Why it matters

The revenue beat showed Meta's advertising business still growing fast even as the company piles up AI-related costs, a question investors have pressed management on all year.

The bear case

The legal charge and heavy capital spending cut deeply into profit, and Meta forecast fourth-quarter revenue of $73 billion to $76 billion, a wide range that leaves room to disappoint.

What to watch

Meta's updated capital-spending outlook for next year, which management has signaled could top this year's levels.

Source · SiliconANGLERead original ↗Report an error
Masayoshi SonMarketsAI & techSFTBYAI read · ▼ AI debt worry

SoftBank shares slide as AI debt worries deepen

The move

SoftBank Group shares fell sharply on Thursday, leaving the stock roughly half of its June peak, as worries deepened about the sustainability of its large AI bets, including its stakes in Arm and OpenAI. Credit-default swaps on SoftBank's debt climbed to their highest level in years.

Why it matters

Investors have grown more skeptical that SoftBank's AI investments will generate returns fast enough to cover the debt used to fund them, after reports questioned OpenAI's actual revenue run rate.

The bear case

SoftBank's holdings in Arm and OpenAI still carry enormous paper value, and founder Masayoshi Son has said he expects market corrections to be the best buying opportunities.

What to watch

SoftBank's next update on its OpenAI commitment and credit-rating outlook.

Source · BloombergRead original ↗Report an error
Mukesh AmbaniIPO / MarketsOtherPrivateAI read · — Record IPO

Reliance's Jio Platforms opens India's biggest-ever IPO

The move

Jio Platforms, the telecom and digital-services arm of Mukesh Ambani's Reliance Industries, opened its initial public offering on Oct. 21 and closed it on Oct. 23. The fresh issue of up to 27 crore shares was reported to carry a price band of roughly 1,065 to 1,119 rupees a share, which could raise around $3.2 billion at the top end.

Why it matters

The listing is India's largest-ever IPO and a major test of investor appetite for the country's telecom and digital-services market, which Ambani has built into one of Reliance's fastest-growing units.

The bear case

The final issue price and demand level were not yet confirmed in public filings at the time of reporting.

What to watch

Jio Platforms' expected listing date on Indian exchanges, reported around Oct. 28.

Source · Outlook BusinessRead original ↗Report an error

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