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U.S. Treasury yields increased as traders assessed third-quarter GDP growth of 2.8%, below the 3.1% forecast. The 10-year yield rose to 4.27%, while the 2-year yield reached 4.16%. Key inflation data, including the PCE price index, is anticipated, with a quarter-point rate cut expected from the Federal Reserve's upcoming meeting.
Bristol Myers Squibb reported third-quarter earnings of $1.80 per share on $11.89 billion in revenue, surpassing expectations, driven by Eliquis and its Growth Portfolio. The company raised its full-year revenue guidance and adjusted earnings forecast while preparing for cost cuts and potential revenue losses from upcoming drug exclusivities. Notably, the FDA approved its new schizophrenia drug, Cobenfy, marking a significant advancement in treatment options.
The Ohio State Teachers Retirement System, facing a net outflow of $3.5 to $4 billion annually, has seen improvements in its funded status, now at 82.8%, thanks to fiscal year 2024 investment returns. Outgoing Executive Director Lynn Hoover emphasized the fund's strong management amid controversies, including accusations of mismanagement and debates over cost-of-living adjustments (COLAs) for retirees. While some advocate for transitioning to passive investment strategies, experts warn that alternatives are crucial for achieving higher returns.
Comcast Corp. reported third-quarter sales of $32.1 billion, a 6.5% increase that surpassed analysts' expectations of $31.7 billion. The company's adjusted earnings rose to $1.12 per share, exceeding forecasts of $1.06, driven by a boost from the Summer Olympics, which generated $1.4 billion in advertising revenue.
Wealthy Americans are rushing to transfer significant assets to their heirs before the expiration of large estate-tax breaks at the end of next year. Under the 2017 tax law, individuals can pass on approximately $14 million without incurring a 40% estate tax, but this limit will drop to about $7 million in 2026. As the deadline approaches, many are taking advantage of this temporary exemption.
California faces a significant budget deficit as traditional sin taxes decline. Revenues from fuel, cigarette, and alcohol taxes are plummeting, with cigarette taxes down by $500 million since 2017, jeopardizing nearly half of the funding for higher education. Local laws complicate efforts to raise taxes, requiring a two-thirds majority.
Uber's third-quarter results exceeded revenue expectations, reporting $11.19 billion against a forecast of $10.98 billion, while gross bookings fell short at $40.97 billion. The company achieved a net income of $2.6 billion, significantly up from $221 million a year prior, aided by a $1.7 billion pre-tax benefit from equity investments. Looking ahead, Uber anticipates fourth-quarter gross bookings between $42.75 billion and $44.25 billion, with adjusted EBITDA projected at $1.78 billion to $1.88 billion.
Uber Technologies Inc. reported a record operating profit of $1.06 billion for the quarter ending September 30, surpassing expectations. However, the company experienced weaker-than-expected ride bookings and provided a cautious forecast for the upcoming holiday quarter.
UBS maintains a 'Buy' rating for Meta Platforms with a target price of $690, citing strong sales and profits despite disappointing advertising revenue growth. Other analysts, including Morgan Stanley and JPMorgan, have also raised their price targets, reflecting confidence in the company's performance. Pivotal Research has increased its target to $800, emphasizing Meta's growth potential.
Cyclical stocks have notably underperformed during the Diwali season in 2024, contrasting sharply with the strong returns of previous years. Factors contributing to this decline include a significant selloff by foreign institutional investors, driven by muted Q2 performance, market overvaluation, and more attractive opportunities elsewhere.
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us treasury yields rise as traders await inflation data and economic reports
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