The Heat Map

EARNINGS — Around the Horn, Tuesday after-the-close edition, November 3, 2026: the AI infrastructure slate. Marco hosts; Tom (Technology & AI desk) covers all four names. AMD — BEAT, guide raised. Q3 revenue a record $13.38B (+45%) vs ~$13.1B expected; non-GAAP EPS $2.09 vs $1.95. Data Center $8.5B, +97%. Q4 guided to ~$17B vs $16.29B consensus. After hours +5.0%. Verdict: fair, if anything light — the argument has moved to cash conversion (FCF $554M, 4% margin). Arista Networks — BEAT (blowout). Revenue $3.66B, +58.5% — fastest growth since the IPO — vs $3.33B expected; non-GAAP EPS $1.20 vs $1.08. Q4 guided $3.9-4.0B; first look at 2027: ~$18.5B (+38-40%). After hours +9.5%, the night's biggest gain. Verdict: fair. Astera Labs — BEAT with the...

Five Tuesday reports, graded in the standing four steps — the print, the reaction, what the reaction is pricing, and the desk's verdict. MPC: adjusted EPS 26.93 vs 25.37 expected, refining margin 45.70 a barrel, closed down 0.7 percent — the rent was already in the price (Ethan, Energy). RACE: EPS 2.44 euros vs 2.37 expected and a second consecutive guidance raise, closed up 2.9 percent in New York (Dana, Consumer Discretionary). KDP: adjusted EPS 0.66 vs 0.62 expected but legacy EPS growth guidance narrowed to 3-5 percent, closed down 5.6 percent (Stan, Consumer Staples). YUM: adjusted EPS 1.56 vs 1.50 expected, Pizza Hut divestiture closed, Taco Bell comps down 4 percent on the cyclospora outb...

Four non-tech prints from Tuesday's after-hours slate, each graded in four steps: the print against consensus and the company's own guidance, the extended-hours stock reaction as of about 8 p.m. Eastern, how the print maps to guidance and the desk thesis, and the owning desk's verdict. Booking Holdings (Dana, Consumer Discretionary): reported revenue of $8.89B was cut by a $900M FTC-matter revenue reduction; adjusted revenue +9% to $9.8B, adjusted EPS $4.66 (+17%), room nights +7% and gross bookings +10% all beat the company's own guidance — but Q4 was guided soft (room nights +1-3%, adjusted EBITDA roughly flat). Stock -1.4% extended. Verdict: operations beat, guide and le...

Election Day bounce on chips, AMD's blowout $17B guide after hours, hot JOLTS pushing the 10-year to 4.95%, oil whipsawed on Iran headlines, and Meta paying up for AI money.

Around the Horn for the Tuesday, November 3, 2026 before-the-open reporters, hosted by Marco. SHOP - Shopify Inc. (Technology, Tom): verdict MISS on the metrics that matter. Revenue 3.742 billion dollars, up 32 percent, just short of roughly 3.76 billion consensus; gross merchandise volume 119.145 billion, up 29 percent, against about 120.1 billion expected; subscription revenue 836 million against about 850 million expected; merchant solutions 2.906 billion, up 35 percent; adjusted EPS 0.49 dollars against 0.47 expected; operating income 568 million, up 66 percent; free cash flow 816 million, a 22 percent margin. Fourth-quarter guidance: revenue growth low-thirties percent, gross profit growth high-twenties, operating expenses 29-30 percent of revenue - in line. Reaction: closed down 8.7 percent on Tuesday...

Talen Energy (NASDAQ: TLN) reported Q3 2026 on Tuesday, November 3, 2026. Revenue rose 63 percent to 1.327 billion dollars against roughly 1.30 billion expected; GAAP diluted EPS was 2.88 dollars and adjusted EPS 5.65 dollars, a miss driven by unrealized mark to market losses on commodity hedges and higher interest on acquisition debt. Adjusted EBITDA rose 84 percent to 669 million dollars and Adjusted Free Cash Flow rose 94 percent to 433 million, as generation more than doubled to 23.9 terawatt hours at a 75.4 percent capacity factor in the first full quarter including the Cornerstone gas fleet (Lawrenceburg, Waterford and Darby, about 2.6 gigawatts, acquired for 3.45 billion dollars). Talen narrowed and reaffirmed 2026 guidance...

A The Heat Map cluster-trigger episode, produced midday on Tuesday, November 3, 2026 (midterm election day) after two bullish flow classes printed in one session: (b) broad single-theme call buying — six mega-cap tech names with call prints at 10x volume/open interest or better and aggregate call premium above $10M each (NVDA $100.1M, META $84.3M, AAPL $53.7M, MSFT $31.0M, AMZN $19.3M, GOOGL $17.9M), at near-the-money strikes; and (e) concentration in the Nov 4 expiry, the first expiry after the vote (unusual call premium Nov 4-6: NVDA $47.1M, AAPL $40.3M, META $38.6M, MSFT $14.9M, GOOGL $9.9M, AMZN $5.7M). Also flagged: TLT/IEF rates complex ($7.04M...

Earnings Around the Horn for Monday November 2, 2026 reporters in the 300-name universe. Marco hosts; Hannah (Health Care desk) on Vertex; Ethan (Energy desk) on Williams; Frank (Financials desk) on Progressive. Vertex: non-GAAP EPS 4.76 dollars vs 4.82 consensus, revenue 3.44 billion dollars, full-year revenue guidance raised to 13.15 to 13.25 billion dollars; stock down 1.8 percent as of about 10:00 AM ET Tuesday. Williams: adjusted EPS 0.54 dollars in line, revenue 3.223 billion dollars, adjusted EBITDA 2.039 billion dollars up 6 percent, full-year range maintained tracking to the upper half; stock up 2.0 percent. Progressive (Q3 via Form 10-Q filed Monday): operating EPS 4.66 dollars vs 4.35 consensus, revenue 23.192 billion dollars, companywide underwriting margin 11.3...

Earnings Around the Horn for Monday November 2, 2026 after-hours reporters in the 300-name universe. Marco hosts; Tom (Technology desk) on Apple and Palantir; Stan (Consumer Staples desk) on Clorox. Apple: EPS 2.10 dollars vs 1.99 consensus, revenue 114.477 billion dollars, December revenue guided up 7 to 10 percent with gross margin guided 45 to 46 percent; stock down 1.7 percent as of about 10:00 AM ET Tuesday. Palantir: adjusted EPS 0.44 dollars, revenue 2.313 billion dollars up 96 percent, full-year revenue guidance raised to 8.530 to 8.534 billion dollars; stock down 5.0 percent. Clorox (fiscal Q1 2027): adjusted EPS 1.55 dollars vs 1.07 consensus, sales 1.91 billion dollars, full-year ranges maintained with EPS steered to the low end; stock up 3.6...

SOCIAL BUZZ — Inaugural report from Steph, the Heat Map's social buzz analyst, interviewed by Marco. The last unfilled seat files its inaugural: Steph took over the social buzz desk on October 26, 2026, and the introduction on record until today was her predecessor's. Her desk reads the feed — TikTok, Reddit and the trading boards, X, Instagram — and catches consumer and crowd heat before it becomes a number. The desk's two rules, stated plainly: brand heat is popularity — recognition and cultural relevance, never valuation — and buzz is a hint, not a conclusion. Her Social Tape Strength Score measures the crowd's risk appetite, is consumed b...

TRANSACTIONS & CAPITAL STRUCTURE — Inaugural report from Drew, the Heat Map's transactions analyst. Who is funding the AI buildout, on what terms, and who takes the loss if it goes wrong? Drew — a career investment banker and private equity deal-maker — opens the team's new deal desk with the structure map of the AI financing complex, built from filings, not headlines. The map: Anthropic's S-1 names over $650B of compute commitments, pre-financed by $77B of undrawn partner facilities (Broadcom $42B at 9% PIK, Google $20B, Amazon $15B); the widely reported ~$109B "convertible notes" line is an accounting mark — the only converts outstanding are Amazon's...

PRIVATE MARKETS — Inaugural report from Victor, the Heat Map's private markets analyst, interviewed by Marco. The last inaugural of the launch: Victor owns the off-exchange half of the investing world — venture, buyout and growth private equity, private real estate, infrastructure and private credit — plus the public tape that prices it: the listed alternative managers, the public BDC marks, and the team's 13F smart-money program (25 tracked funds). What is happening: private credit's strain is visible where it trades — Ares Capital is buying Apollo-managed MidCap Financial at roughly 15 percent below its stated net asset value, consolidation priced off public marks, not private ones. An...

Oil fell about 8% on US-Iran talk hopes and tech fell anyway: S&P 500 -0.51% to 7,541.40, Nasdaq -1.07%, Dow +0.41%. Apple beat then guided December soft; Palantir beat and raised and slipped; ISM 55.5 with prices at 75.2; VIX closed near 21; washout score 0/100.

Marco leads the horn for the Monday Nov 2, 2026 before-the-open reporters. Estee Lauder (Stan, Consumer Staples): adjusted EPS 0.72 vs 0.52 consensus, sales up 7 percent, adjusted operating margin up 480bp, fiscal 2027 outlook raised. Marriott (Dana, Consumer Discretionary): adjusted EPS 3.02 vs 2.84, gross fee revenue up 14 percent on RevPAR up 6.5 percent, full-year RevPAR outlook raised to 4.5-5.0 percent. IDEXX (Hannah, Health Care): comparable EPS 3.96 vs 3.73, revenue up 10 percent, CAG Diagnostics recurring revenue up 11 percent, full-year 2026 guidance raised. Reactions measured from the Yahoo chart API as of 9:57 AM ET Mon Nov 2, 2026 vs the Fri Oct 30 close, S&P 500 +0.59 percent over the same window: EL +1.07 percent, MAR +4.50...

Monthly desk update — November 2026 (covering October, through the Friday Oct 30, 2026 close). Marco interviews Frank (Financials). Strength Score: 55 on the Oct 23 inaugural board to 58 at the Oct 30 close (Neutral, near the top of the band). The toll booths led: Cboe beat and raised (+6.8% on Oct 30), ICE and S&P Global strong; SoFi posted the sector's best reaction. The caps: high-yield spreads at 337 basis points do not pay for credit risk, the credit X-Ray's first read was BLEEDING with zero reds, and Financials carries the regime HEADWIND marker knowingly. XLF kept both trend gates up. Closes with the score and its drivers. So...

Monthly desk update — November 2026 (covering October, through the Friday Oct 30, 2026 close). Marco interviews Hannah (Health Care, including biotech and genomics). Strength Score: 74 on the Oct 23 inaugural board to 75 at the Oct 30 close (Strong). XLV held above its 10-month average by 17.6% and rose 0.45% on the Oct 30 break day; the Q3 ledger ran 26 beats, 3 met, one miss, with 18 guidance raises vs 4 cuts — Lilly's +31.7% EPS surprise was the headline. The dents: Stryker's miss-and-cut, ResMed sold on a beat, Boston Scientific's guidance cut on a cyber incident. Short-term breadth eased 88% to 81% — the offset that held the score at 75. Closes with the score and its driver...

Monthly desk update — November 2026 (covering October, through the Friday Oct 30, 2026 close). Marco interviews Stan (Consumer Staples). Strength Score: 74 on the Oct 23 inaugural board to 77 at the Oct 30 close (Strong — the highest score on the board). XLP rose 11.32% in a month the dividend and low-volatility factors led the whole map, both trend gates up, and the Q3 ledger ran nine beats, zero misses, five guidance raises and zero cuts (Coca-Cola, Colgate, Church & Dwight among them). The desk rule featured: organic growth is only real growth if it clears core PCE, which rose 3.1% year on year in September. Closes with the score and...

Monthly desk update — November 2026 (covering October, through the Friday Oct 30, 2026 close). Marco interviews Dana (Consumer Discretionary). Strength Score: 34 on the Oct 23 inaugural board to 39 at the Oct 30 close (Weak — the board's only Weak sector, and the house underweight, but repairing). XLY stayed below its 10-month average with both trend gates down, while short-term breadth repaired to 76% and the ledger ran 19 beats, 3 met, 8 misses with 14 guidance raises vs 2 cuts — travel and restaurants led (Royal Caribbean, Norwegian, Hilton, Brinker). Amazon's beat-and-raise was sold on the funding question. Closes with the score and its drivers. Sources: sector scoreboard Oct 23 & Oct 30, 2026; Q3 2026 earnings ledger throug...

Monthly desk update — November 2026 (covering October, through the Friday Oct 30, 2026 close). Marco interviews Tom (Technology & AI). Strength Score: 74 on the Oct 23 inaugural board to 73 at the Oct 30 close (Strong). Q3 ledger for the sector: 25 beats, 5 met, zero misses, 15 guidance raises vs 4 cuts — but the tape sold the beats, XLK fell 4.89% on Oct 30 with short-term breadth collapsing to 20%, and the oversold scan found zero positive divergences. Amazon beat and raised but failed the desk funding audit; Microsoft remains the only hyperscaler pass. Closes with the score and its drivers. Sources: sector scoreboard Oct 23 & Oct 30, 2026; Q3 2026 earnings ledger through Oct 30; desk filings.

The Capital Markets Weekly for the week ended Friday, October 30, 2026 — a two-host summary of the Saturday weekly capital markets commentary.

Bottom line: the S&P 500 fell 0.56% and the Nasdaq about 2.0%, yet the Russell 2000 rose 1.30% and equal weight gained 0.82% — a deconcentration trade, not a broad liquidation. The FOMC held at 3.75%–4.00% (10–2, with Governors Cook and Hammack preferring an increase) while the curve bull-steepened: the 2-year fell 13bp to 4.56% and the 10-year 6bp to 4.94%. Health Care led sectors at +3.12%; Communication Services fell 5.32%. Inside earnings, the hyperscaler split widened — Microsoft and Amazon showed accelerating demand while Alphabet's negative free cash flow and $195–$...

Health care led and communication services lagged as value, dividends and low volatility beat growth and momentum in a week dominated by AI spending and cash flow.

Intel fell 28.6% in its worst day since 1974 and the chip complex collapsed, gold broke below $4,000 (the trim alert fired), energy printed the cash on refining beats, yields fell on an in-line ECI, and October still closed above the S&P 500's 10-month average. VIX 19.42, washout score 0/100.

Marco interviews Paul on the Dual Compounders 30, a new Heat Map model portfolio: quality and momentum gates first, then an intangible-value ranking built on brand standing, research intensity and cash conversion. The 30 names, the gates that cut Booking, PayPal and Adobe, and the honest limits of the data.

Marco hosts; the desks answer in their own voices. OWNED NAMES THAT HAVE REPORTED (21 of 45) Health Care (Hannah): Eli Lilly — the print of the season in our book, EPS +31.7%, raised; UnitedHealth +13.8%, raised. Technology (Tom): Microsoft, Amphenol, Taiwan Semiconductor, ASML, ServiceNow. Communication Services (Carl): Alphabet — our one owned revenue miss; Meta — beat and raised, sold anyway; Netflix — the book's only guidance cut; Spotify. Industrials (Ivan): Lockheed Martin, Northrop Grumman, L3Harris, GE Aerospace, GE Vernova, Quanta Services — six names, six raises. Financials (Frank): Blackstone, Visa. Consumer Discretionary (Dana): Amazon — operating beat, raised guide, and the funding question. Energy (Ethan): Cheniere — an EPS miss with...

A desk deep dive on Vertiv (VRT) and the data-center power and thermal market it leads. Tom, the technology desk, does his own work — the Q3 filing, the balance sheet, the tape — in collaboration with two institutional research notes making the rounds on the name, and answers the CIO's question: after a print that sent the stock up sharply, is this a great buy? Inside: what Vertiv actually sells and why AI rack density made cooling strategic; the liquid-cooling market, its size and growth, and the competitive set (Schneider, Eaton, nVent, Johnson Controls, the specialists); the verified quarter — sales of $4.31B up 6...

Around the Horn, Oct 29 AMC slate part 4 - the sector pass. RMD: revenue .415B +6%, non-GAAP EPS .91 vs .69, gross margin 62.5%, over B returned, no guidance issued - down about 2%; Hannah's verdict: fair to light. DXCM: revenue .344B +11% with U.S. +14%, EPS /bin/bash.73, FY guides raised, B buyback - up about 4%; verdict: fair, the model re-rated on evidence. SYK: sales .52B miss, adjusted EPS .52 vs .55, FY guide cut about 200bp - down about 9.5%; verdict: fair - a growth multiple pays for guidance arithmetic. Hosted by Marco with Hannah. All figures verified against primary SEC releases.

Around the Horn, Oct 29 AMC slate part 3. RIVN: revenue .155B +38%, record 19,248 deliveries, R2 the best-seller, FY guide raised on every metric — up about 5% premarket; Dana's verdict: fair, the first earned multiple expansion. SBUX: comps +7.2%, revenue .14B, FY27 guide introduced in line — flat tape; verdict: fair, the framework is the print. MDLZ: organic +2.1% volume-led, adjusted EPS /bin/bash.78 vs /bin/bash.71, outlook reaffirmed — up about 7%; Stan's verdict: fair. FSLR: EPS .30 beat, sales -23% miss, FY guide cut on Section 232 tariff math, gross profit guide held, 00M buyback — down about 5%; Matt's verdict: a tariff verdict, roughly fair. Hosted by Marco with Dana, Stan and...

Around the Horn, Oct 30 BMO energy slate. XOM: adjusted EPS .23 vs .12, revenue 10.5B, refining out-earned upstream for the first time in at least six years on a 0.30 indicative margin, B of debt repaid — up 1.7% at a new 52-week high; Ethan's verdict: fair. CVX: adjusted EPS .28 vs .89, revenue 7.8B +36% YoY, downstream .9B vs .1B a year ago, about 4B of net debt cut in 2026 — up 1.5% above its high; verdict: fair. Neither company issues guidance; the discipline is the guide. Hosted by Marco with Ethan. All figures verified against primary SEC releases.

Around the Horn, Oct 30 BMO health care and staples slate. ABBV: adjusted EPS .82, revenue +10.3%, Skyrizi .78B +22.7%, FY guide raised — down 0.4% after a record close; verdict fair. AZN: Core EPS .79 +17%, oncology +15%, guide reconfirmed — up 5.4%; verdict fair. CL: Base EPS /bin/bash.97, gross margin 60.3%, guide raised — up 5.1%, best tape of the morning; verdict fair. CHD: adjusted EPS /bin/bash.92, organic +5.1% volume-led, guide raised — up 3.8%; verdict fair to light. Hosted by Marco with Hannah and Stan. All figures verified against primary SEC releases.

Cboe Global Markets Q3 2026: adjusted EPS .63 (+36%) vs .43 consensus; net revenue 12.2M, +18%; options net revenue +23% to 69.5M on index options ADV +24% with record 0DTE activity; Data Vantage record 79.1M. Guidance: 2026 organic net revenue growth target raised to high teens, Data Vantage to mid teens, adjusted expense guidance lowered to 30-845M. SEC-approved company-KPI event contracts launch next month. Reaction: up about 1.5% on a down morning — Frank's verdict: fair to light, a compounder paid like one. Hosted by Marco with Frank. All figures verified against the primary Cboe release (PR Newswire, Oct 30, 2026).

Around the Horn, Oct 29 AMC slate part 2. COIN: adjusted beat, revenue -35% YoY, GAAP profit a 15M crypto mark — Frank's verdict: fair on the print, Binance sympathy tax on top. RDDT: revenue +53% and an EPS beat, U.S. DAUq -2% — down about 23% premarket; Carl's verdict: the reaction is the print. RBLX: DAUs beat, Q4 bookings guided down 10-15% with negative EBITDA — down about 15%; verdict: fair. Hosted by Marco with Frank and Carl. All figures verified against primary SEC releases.

Around the Horn, Oct 29 AMC slate part 1. AMZN: operating beat, record 13.9% margin, AWS +39%, sold about 7.5% premarket on debt-funded cap ex — Dana's verdict: direction warranted, size overdone. INTC: Q3 beat, Q4 guidance cut hard, down about 26% premarket — Tom's verdict: guidance verdict, earned. MPWR: first B quarter, revenue +63%, down about 1% — verdict: fair, a valuation ceiling. Hosted by Marco with Tom and Dana. All figures verified against primary SEC releases.

Earnings Around the Horn (backfill) — Marco leads; Stan (Consumer Staples) on PM, Ethan (Energy) on SLB, Carl (Communication Services) on CMCSA. PM: adjusted EPS $2.36 vs $2.30, revenue $11.44B vs $11.32B, smoke-free above 40% of revenue, FY forecast updated for currency only; reaction −1.2%. SLB: revenue $9.45B (+6%), adjusted EPS $0.64 vs $0.62, no numeric guidance; reaction +7.1%, adjudicated on the horn. CMCSA: adjusted EPS $1.07 vs ~$0.99, revenue split vs consensus, broadband −144k, Peacock's second straight profitable quarter (48M paid subs); reaction +3.4%. Historical prints from Oct 21–23, 2026, verified against each company's SEC-filed earnings release. This information is for informational purposes only. This is not financial advice. Please do your own research

Earnings Around the Horn (backfill) — Marco leads, Frank (Financials) on the names. COF: adjusted EPS $6.69 vs $5.50 (+21.6%) in the Discover-integration quarter, revenue $16.3B; reaction +2.53%. CME: revenue $1,737.3M (+13%, a record Q3), adjusted EPS $3.02 vs $2.98, record ADV of 29.4M contracts, no guidance; reaction +0.16% — a shrug at a record, adjudicated on the horn. MSCI: operating revenues $892.0M (+12.4%), adjusted EPS $5.11 vs $5.02, guidance reiterated; reaction +5.00%. Historical prints from Oct 20–21, 2026, verified against each company's SEC-filed earnings release. This information is for informational purposes only. This is not financial advice. Please do your own research.

Earnings Around the Horn (backfill) — Marco leads, Dana (Consumer Discretionary) on the names. DPZ: EPS $4.60 vs $4.36 and revenue ahead — a beat on the P&L — but U.S. same-store sales +0.3% vs +1.3% expected; graded a MET on our board because comps are co-headline for a restaurant name; reaction −4.8%. GM: revenue $50.0B, adjusted EPS $3.70 vs $3.55, EBIT-adjusted +21.6%, FY guide narrowed with midpoints unchanged; reaction −6.8%. TSCO: EPS $0.43 vs $0.40, comps +0.4% vs −0.9% feared, FY guide reaffirmed; reaction +6.2%. Historical prints from Oct 13–22, 2026, verified against each company's SEC-filed earnings release. This information is for informational purposes only. This is not financial advice. Please do your own research.

Earnings Around the Horn (backfill) — Marco leads, Frank (Financials) on the names. CB: core operating EPS $7.66 vs $6.53 consensus, combined ratio 84.1% — a big beat that drew only a −0.78% reaction. PGR: EPS $4.37 vs $4.42, a narrow miss driven by a −$170M realized securities result against an 88.7 combined ratio; reaction −4.23%. MRSH: adjusted EPS $2.03 vs $1.96, revenue $6.86B vs $6.63B; reaction +4.56%. Historical prints from Oct 14–20, 2026, verified against each company's SEC-filed earnings release. This information is for informational purposes only. This is not financial advice. Please do your own research.

Earnings Around the Horn (backfill) — Marco leads, Hannah (Health Care) on the names. JNJ: adjusted EPS $2.59 vs $2.53 and the FY guide raised, but GAAP EPS of $0.09 on talc and deal charges drove a −5.73% report day. UNH: adjusted EPS $4.69 vs $4.12, FY guide raised to at least $20.50, MCR 88.4%; reaction −0.20% with a +4.73% follow-through. DHR: adjusted EPS $2.11 vs $1.92, FY guide raised to $8.57–8.62; reaction +4.29%. ISRG: revenue $3.05B (+22%), non-GAAP EPS $3.00 vs $2.61, procedures +15%; reaction −2.26%. Historical prints from Oct 13–21, 2026, verified against each company's SEC-filed earnings release. This information is for informational purposes only. This is not financial advice. Please do your own research.

Earnings Around the Horn (backfill) — Marco leads, Tom (Technology & AI) on the names. IBM: revenue $17.10B (+5%), non-GAAP EPS $2.95 vs $2.86, FY free cash flow guide raised; reaction +0.26%. LRCX (fiscal Q1 2027): record revenue $8.22B (+54%), non-GAAP EPS $2.20 — a beat, but the December-quarter guide was essentially in line and growth decelerates; reaction −11.76%, adjudicated on the horn. TXN: revenue $6.06B (+28%), EPS $2.62 vs $2.42, Q4 guide midpoints clearly above consensus — the cleanest beat-and-raise of the three; reaction −1.81%. Historical prints from Oct 21, 2026, verified against each company's SEC-filed earnings release. This information is for informational purposes only. This is not financial advice. Please do your own research.

Earnings Around the Horn (backfill) — Marco leads, Ivan (Industrials, Defense & Power) on the names. NOC: sales $11.12B (+7%), EPS $7.89 vs $7.18, backlog $109.6B, guides raised; reaction +4.57%. LMT: sales $20.71B (+11%), EPS $7.97 vs ~$7.50, record $292B backlog, guide raised for the second straight quarter — plus the release's own F-35 Lots 20–22 cost warning, carried in full; reaction +6.96%. SPCX: revenue $14.58B (+161%), EPS $0.35 vs ~$0.14 expected, first profitable quarter, SI now the largest segment; reaction +7.79%. Historical prints from Oct 20–22, 2026, verified against each company's SEC-filed earnings release. This information is for informational purposes only. This is not financial advice. Please do your own research.

Earnings Around the Horn (backfill) — Marco leads, Ivan (Industrials, Defense & Power) on the names. UAL: adjusted EPS $2.54 vs ~$2.58 — a narrow miss on both lines, driven by fuel at $3.90/gal — but Q4 revenue growth guided to accelerate above +20%, and the stock rose +3.99% on the print: the tape graded the guide, not the quarter. URI: adjusted EPS $15.55 vs $13.94, revenue $4.89B (+15.7%, a record), guidance raised to $18.0–18.2B; reaction +3.93%. Historical prints from Oct 20–21, 2026, verified against each company's SEC-filed earnings release. This information is for informational purposes only. This is not financial advice. Please do your own research.