🚀 Welcome to @TradingBrief If you’re after: 📊 Market insights – key data & economic events 💹 Stock analysis – clear, actionable breakdowns 📰 Macro news – what really moves the markets 🔔 Fast updates – beat the crowd with timely info I track what matters for traders & investors — so you can stay ahead. 👇 Hit follow and gain your edge.

Dow, $DOW, Q3-25. Results: 📊 Adj. EPS: -$0.19 🟢 💰 Revenue: $10.0B 🔴 📈 Net Income: $124M 🔎 Sequential improvement in earnings and cash flow driven by cost-cutting and strong performance from new Gulf Coast assets.

$MAT | Mattel Q3’25 Earnings Highlights 🔹 Revenue: $1.74B (Est. $1.84B) 🔴; DOWN -6% YoY (–7% in constant currency) 🔹 EPS (Adj.): $0.89 (Est. $1.06) 🔴; DOWN -22% YoY 🔹 Net Income: $278M; DOWN -25% YoY 🔹 Operating Income: $380M (Adj. $387M); DOWN -22% YoY 🔹 Gross Margin: 50.0% (Est. 50.3%) 🔴; DOWN -310bps YoY 🔹 Adjusted Gross Margin: 50.2%; DOWN -290bps YoY Guidance (Reiterated FY25) 🔹 Adj. EPS: $1.54–$1.66 (Est. $1.61) 🟡 🔹 Adj. Gross Margin: ~50% (Est. 50.3%) 🟡 🔹 Net Sales: 1% to 3% constant currency 🟡 🔹 Adj. Operating Income: $700M–$750M 🔹 Free Cash Flow: ~$500M 🔹 Adj. Tax Rate: 23%–24% Segment Highlights (YoY) 🔹 Dolls: $674M; DOWN -11% as reported (–12% constant FX) 🔹 Infant, Toddler & Preschool: $262M; DOWN -25% (–26% constant FX) 🔹 Vehicles: $626M; UP 8% ( 6% constant FX) 🔹 Action Figures, Building Sets, Games & Other: $404M; UP 11% ( 9% constant FX) Cash Flow & Capital Returns 🔹 Operating Cash Flow (9M’25): –$203M; LOWER YoY 🔹 Share Repurchases: $202M in Q3; $412M YTD 🔹 FY25 Target: $600M total repurchases 🔹 Cash Used for Investing: $98M; IMPROVED YoY Management Commentary 🔸 “While our US business was challenged by retailer order delays amid tariff uncertainty, consumer demand remains strong globally.” — Ynon Kreiz, CEO 🔸 “Orders have accelerated since the start of Q4, and we expect a strong holiday season with topline growth.” 🔸 “We operated with excellence in a dynamic environment and remain on track to achieve our $600M share repurchase goal.” — Paul Ruh, CFO

Pegasystems, $PEGA, Q3-25. Results: 📊 Adj. EPS: $0.30 🟢 💰 Revenue: $381.4M 🟢 📈 Net Income: $43.4M 🔎 Strong Pega Cloud ACV growth ( 27%) and $347M in operating cash flow fueled major share repurchases and AI momentum.

EQT Corporation, $EQT, Q3-25. Results: 📊 Adj. EPS: $0.52 🟢 💰 Revenue: $1.75B 🔴 📈 Net Income: $336M 🔎 Free cash flow of $484M and record-low unit operating costs reflect strong execution and integration of Olympus assets.

$NFLX Netflix Q3 FY25: • Revenue 17% Y/Y to $11.5B (in-line). • Operating margin 28% (-1pp Y/Y). • EPS $5.87 ($1.10 miss). FY25 Guidance: • Revenue ~$45.1B ($0.1B raise). • Operating margin 29% (0.5pp cut).

Capital One, $COF, Q3-25. Results: 📊 Adj. EPS: $5.95 🟢 💰 Revenue: $15.36B 🟢 📈 Net Income: $3.2B 🔎 Strong top-line growth, solid credit results, and continued momentum in Discover integration. 🔹 Net Interest Margin: 8.36% (Est. 8.11%) 🟢; UP 74bps QoQ 🔹 Provision for Credit Losses: $2.71B (Est. $3.80B) 🟢; DOWN -8.7B QoQ 🔹 Net Charge-Offs: $3.47B (Est. $3.71B) 🟢 🔹 Efficiency Ratio: 53.8% (Est. 51%) 🔴 🔹 Total Deposits: $468.8B (Est. $479.8B) 🔴; FLAT QoQ 🔹 Loans Held for Investment: $443.2B (Est. $443.9B) 🟡; UP 1% QoQ 🔹 Net Income: $3.2B, or $4.83/sh (GAAP) Segment & Loan Growth 🔹 Credit Card Loans: $271.0B; UP <1% QoQ 🔹 Domestic Card Loans: $254.0B; UP 1% QoQ 🔹 Consumer Banking Loans: $83.2B; UP 2% QoQ 🔹 Auto Loans: $82.0B; UP 3% QoQ 🔹 Commercial Banking Loans: $88.9B; UP 1% QoQ Other Key Metrics 🔹 CET1 Ratio: 14.4% 🔹 Pre-Provision Earnings: $7.1B; UP 29% QoQ 🔹 Loan Reserve Release: $760M 🔹 Avg. Deposits: $467.3B; UP 13% QoQ 🔹 Interest-Bearing Deposit Rate: 3.27%; 5bps QoQ 🔹 September Charge-Offs: 4.35% 🔹 September Delinquencies: 3.89% Adjusting Items (Pre-tax impact) 🔹 Discover Integration Expenses: $348M ($0.41/sh) 🔹 Discover Intangible Amortization: $498M ($0.59/sh) 🔹 Discover FV Mark Amortization: $105M ($0.12/sh) Management Commentary 🔸 “Our adjusted earnings, top-line growth, credit results, and capital generation continued to be strong.” 🔸 “The Discover integration continues to go well and we are well positioned to capitalize on the opportunities ahead.” — Richard D. Fairbank, CEO 🔸️Buyback authorisation of $16 billion of common shares.

Chubb, $CB, Q3-25. Results: 📊 Adj. EPS: $7.49 🟢 💰 Revenue: $14.9B 🟢 📈 Net Income: $2.80B 🔎 Record underwriting and investment income drove core operating EPS to $7.49; combined ratio hit a record low of 81.8%.

Intuitive Surgical, $ISRG, Q3-25. Results: 📊 Adj. EPS: $2.40 🟢 💰 Revenue: $2.51B 🟢 📈 Net Income: $704M 🔎 Continued growth in da Vinci and Ion procedures, with 427 da Vinci systems placed—240 of them da Vinci 5 units. 🔹 Non-GAAP OI: $976M (vs. $755M) 🟢 FY25 Outlook 🔹 da Vinci Procedure Growth: 17 – 17.5% YoY (vs. 17% FY24) 🔹 Non-GAAP Gross Margin: 67 – 67.5% (vs. 69.1% FY24) 🟡   → Includes ~70 bps impact from tariffs 🔹 Non-GAAP OpEx Growth: 11 – 13% YoY (vs. 10% FY24) Q3 Operational Highlights 🔹 Worldwide Procedures: 20% YoY 🔹 da Vinci: 19% YoY 🔹 Ion: 52% YoY 🔹 System Placements: 🔹 da Vinci Systems: 427 (vs. 379 YoY) 🔹 Includes 240 da Vinci 5 systems (vs. 110 YoY) 🔹 Ion Systems: 50 (vs. 58 YoY) 🔹 Installed Base: 🔹da Vinci: 10,763 ( 13% YoY) 🔹Ion: 954 ( 30% YoY) Revenue Breakdown: 🔹 Instruments & Accessories: $1.52B ( 20% YoY) 🔹 Systems: $590M ( 33% YoY) 🔹 Service & Other: $400M (approx., steady YoY) Balance Sheet & Capital Return 🔹 Cash & Investments: $8.43B (↓ $1.1B QoQ) 🔹 Share Repurchases: 4.0M shares for $1.92B in Q3 🔹 Operating Cash Flow: Strong, offset by buybacks capex CEO Comment (Dave Rosa) 🔸 “We’re pleased with our strong results this quarter, underscored by continued growth and adoption of our Ion and da Vinci 5 platforms.” 🔸 “We remain focused on the Quintuple Aim — better patient outcomes, improved care team experience, wider access to high-quality care, and lower overall costs.”

Texas Instruments, $TXN, Q3-25. Results: 📊 Adj. EPS: $1.48 🔴 💰 Revenue: $4.74B 🟢 📈 Net Income: $1.36B 🔎 Broad-based growth across all end markets drove a 14% revenue increase, with strong free cash flow and $6.6B returned to shareholders. 🔹 Operating Profit: $1.66B (Est. $1.67B) 🟡 7% YoY Q4 Guidance 🔹 Revenue: $4.22B–$4.58B (Est. $4.50B) 🔴 🔹 EPS: $1.13–$1.39 (Est. $1.40) 🔴 Q3 Segments Analog 🔹 Revenue: $3.73B; 16% YoY 🔹 Operating Profit: $1.49B; 13% YoY 🔹 Margin: 39.8% Embedded Processing 🔹 Revenue: $709M; 9% YoY 🔹 Operating Profit: $108M; Flat YoY 🔹 Margin: 15.2% Other 🔹 Revenue: $304M; 11% YoY 🔹 Operating Profit: $69M; -47% YoY (includes restructuring charges) Other Key Metrics 🔹 Free Cash Flow: $1.07B (Est. $655M) 🟢 65% YoY 🔹 Capex: $1.20B (Est. $1.28B) 🟡 🔹 Operating Cash Flow: $2.19B; TTM $6.9B ( 10% YoY) 🔹 Trailing-12M FCF: $2.4B; 14% of revenue 🔹 Cash Returned to Shareholders (TTM): $6.6B   • Dividends: $4.95B ( 4% YoY)   • Buybacks: $1.61B ( 253% YoY) CEO Commentary (Haviv Ilan) 🔸 “Revenue increased 7% sequentially and 14% YoY with growth across all end markets.” 🔸 “Our $6.9B in trailing-12-month operating cash flow highlights the strength of our business model and 300mm manufacturing advantage.” 🔸 “We continue to invest heavily — $4.8B in capex and $3.9B in R&D and SG&A — while returning $6.6B to shareholders.”

Netflix, $NFLX, Q3-25 Results: 📊 Adj. EPS: $5.87 🔴 💰 Revenue: $11.51B 🔴 📈 Net Income: $2.55B 🔎 Netflix posted record view share in the US and UK, and hit its best ad sales quarter ever, driven by strong content like KPop Demon Hunters and live events.

$NFLX | Netflix Q3’25 Earnings Highlights 🔹 Revenue: $11.51B (Est. $11.52B) 🔴; UP 17% YoY 🔹 EPS: $5.87 (Est. $6.94) 🔴; UP 9% YoY 🔹 Free Cash Flow: $2.66B; UP 21% YoY Q4’25 Guidance 🔹 Revenue: $11.96B (Est. $11.90B) 🟢 🔹 EPS: $5.45 (Est. $5.42) 🟢 🔹 Operating Income: $2.86B (Est. $2.88B) 🔴 🔹 Operating Margin: 23.9% (Est. 24.1%) 🔴 FY25 Guidance 🔹 Revenue: $45.1B; from $44.8B–$45.2B 🔹 Operating Margin: 29%; from ~30% (reported) / 29.5% (F/X basis) 🔹 Free Cash Flow: ~$9B; from $8.0B–$8.5B Q3 Segment Revenue (YoY) 🔹 U.S. & Canada (UCAN): $5.07B; UP 17% YoY 🔹 EMEA: $3.70B; UP 18% YoY 🔹 Latin America: $1.37B; UP 10% YoY 🔹 APAC: $1.37B; UP 21% YoY Other Key Q3 Metrics 🔹 Operating Income: $3.25B; UP 12% YoY 🔹 Operating Margin: 28.2%; DOWN -1.8 ppts YoY 🔹 Operating Cash Flow: $2.83B; UP 22% YoY 🔹 Share Repurchases: $1.9B; Authorization Remaining $10.1B 🔹 Cash & Equivalents: $9.3B; Gross Debt: $14.5B Commentary 🔸 “Operating margin was below guidance due to an expense related to an ongoing dispute with Brazilian tax authorities; absent this, we would have exceeded our Q3’25 operating margin forecast.” 🔸 “We recorded our best ad sales quarter ever and are on track to more than double ads revenue in 2025.” 🔸 “We’re finishing the year with good momentum and an exciting Q4 slate, including the final season of Stranger Things and multiple live events.”

JPMorgan Chase, $JPM, 3Q-25. Results: 📊 EPS: $5.07 🟢 💰 Revenue: $47.1B 🟢 📈 Net Income: $14.4B 🔎 Strong quarter driven by record Markets revenue ($8.9B) and solid performance across CIB, CCB, and AWM, with net income rising 12% YoY.

Penguin Solutions, $PENG, Q4-25. Results: 📊 Adj. EPS: $0.43 🟢 💰 Revenue: $338M 🔴 📈 Net Income: $9.4M 🔎 Transformation to an enterprise AI infrastructure company shows momentum with growing sales and profitability.

Tesla $TSLA has officially rolled out cheaper models: Model 3 Standard RWD – $36,990 Model Y Standard RWD – $39,990 The new trims strip back some premium features but still offer a 321-mile range on the Model Y.

Resources and energy on focus this presidency 👌 Trump administration is weighing another $12B in cuts to clean energy projects, including carbon removal and hydrogen efforts from Chevron $CVX and Occidental $OXY . Total proposed cuts now near $24B. - Semafor

Qualcomm $QCOM is buying Italian hardware maker Arduino, known for its low-cost circuit boards used in robotics labs and prototypes. Arduino will operate as an independent subsidiary. First new product: an Arduino board powered by a Qualcomm chip priced at $45–55.

$DELL raised its long-term outlook, now guiding for 7–9% annual sales growth through FY2030 (vs 3–4% prior) and at least 15% EPS growth (vs 8% prior) The company has built a $20B AI business in two years and pledged to keep raising its dividend 10% annually through 2030

Hello all, below is a list of today’s top 5 analyst calls for stocks that have been upgraded, downgraded, or newly initiated — based on reviews from major financial analysts and brokerages. Top 5 Upgrades: 1️⃣ Seaport Research upgraded $NFLX to Buy from Neutral with a price target of $1,385, up from $1,230. 2️⃣ Jefferies upgraded $AMD to Buy from Hold with a price target of $300, up from $170. 3️⃣ JPMorgan upgraded $EAT to Overweight from Neutral with a price target of $175, down from $180. 4️⃣ TD Cowen upgraded $VEEV to Buy from Hold with a price target of $380, up from $297. 5️⃣ Evercore ISI upgraded $EW to Outperform from In Line with a price target of $88, up from $80. Top 5 Downgrades: 1️⃣ Jefferies downgraded $DLTR to Underperform from Hold with a price target of $70, down from $110. 2️⃣ Citi downgraded $GEHC to Neutral from Buy with a price target of $83, down from $93. 3️⃣ JPMorgan downgraded $SYF to Neutral from Overweight with a price target of $75, down from $80. 4️⃣ Stephens downgraded $KMX to Equal Weight from Overweight with a price target of $42, down from $53. 5️⃣ JPMorgan downgraded $OMF to Neutral from Overweight with a price target of $57, down from $63. Top 5 Initiations: 1️⃣ Raymond James initiated coverage of $BRCB with an Outperform rating and a $26 price target. 2️⃣ Deutsche Bank initiated coverage of $VIA with a Buy rating and a $55 price target. 3️⃣ UBS resumed coverage of $DOCN with a Neutral rating and a $40 price target, up from $32. 4️⃣ Goldman Sachs initiated coverage of $LGN with a Buy rating and a $37 price target, implying 20% upside. 5️⃣ Cantor Fitzgerald initiated coverage of $GEMI with an Overweight rating and a $37 price target. Let me know if you’d like a quick breakdown on why these changes were made — happy to provide more details

McCormick & Company, $MKC, Q3-25. Results: 📊 Adj. EPS: $0.85 🟢 💰 Revenue: $1.72B 🟢 📈 Net Income: $225.5M 🔎 Fifth consecutive quarter of volume-led growth despite margin pressure from rising costs and tariffs.

OpenAI has now locked in roughly $1 trillion worth of computing deals this year with $NVDA, $AMD, $ORCL, and $CRWV, covering more than 20 gigawatts of AI capacity over the next decade. For context, that’s about the output of 20 nuclear reactors. Each 1GW of AI compute build-out runs close to $50B. Financial Times estimates: • $500B for Nvidia • $300B for AMD • $300B for Oracle • $22B already disclosed by CoreWeave