Corporate Earnings - Companies in the S&P 500 are expected to post an average +7.2% increase in quarterly earnings for Q3 compared to the previous year, marking the smallest rise in two years [2] - Meta Platforms (META) reported weaker-than-expected Q3 EPS and raised its full-year total expense forecast, leading to a plunge of over -11% [3] - Microsoft (MSFT) fell nearly -3% after its Azure cloud-computing unit's revenue growth failed to meet expectations [3] - Chipotle Mexican Grill (CMG) tumbled over -18% after cutting its full-year comparable restaurant sales guidance [3] - C.H. Robinson Worldwide (CHRW) soared more than +19% after posting better-than-expected Q3 adjusted EPS and raising its 2026 operating income guidance [3] - Amazon.com (AMZN) jumped over +12% in pre-market trading after posting the strongest growth rate in nearly three years in its cloud unit and issuing solid Q4 revenue guidance [4][18] - Apple (AAPL) rose more than +1% in pre-market trading after reporting better-than-expected FQ4 results and providing an upbeat sales forecast for the holiday quarter [4][18] - Western Digital (WDC) surged more than +10% in pre-market trading after posting upbeat FQ1 results and issuing strong FQ2 guidance [19] Economic Indicators - The U.S. government shutdown has entered its 31st day, delaying the publication of key economic data including the September core PCE price index and Personal Spending [6] - The Congressional Budget Office stated that the four-week government shutdown will trim real annualized GDP growth by 1 percentage point this quarter [7] - Economists forecast the October Chicago PMI at 42.3, compared to the previous value of 40.6 [6] - Eurozone's October CPI rose +2.1% y/y, in line with expectations, while the Core CPI rose +2.4% y/y, stronger than expectations of +2.3% y/y [12] Market Sentiment - U.S. rate futures have priced in a 68.8% chance of a 25 basis point rate cut at the December FOMC meeting [8] - The Euro Stoxx 50 Index is down -0.37% amid profit-taking and fresh corporate earnings reports [9] - Japan's Nikkei 225 Stock Index closed sharply higher, hitting a new record high, supported by strong earnings from domestic companies and a weaker yen [15]

Core Viewpoint - Weibo Corporation will announce its unaudited financial results for Q3 2025 on November 18, 2025, before the U.S. market opens, followed by a conference call to discuss financial performance and business operations [1]. Company Overview - Weibo is a leading social media platform that allows users to create, share, and discover content online, combining real-time public self-expression with social interaction, content aggregation, and distribution [3]. - The platform enables users to create and post feeds with multimedia and long-form content, allowing for asymmetric user relationships where any user can follow others and engage with their content [3]. Advertising and Marketing - Weibo generates a substantial majority of its revenue from advertising and marketing services, including social display advertisements and promoted marketing offerings [4]. - The company employs a "mobile first" philosophy, displaying content in a simple information feed format and offering native advertisements that align with the platform's content [4]. - Weibo has developed a social interest graph recommendation engine to enhance marketing effectiveness by targeting audiences based on demographics, social relationships, interests, and behaviors [4].

Core Insights - Reddit's stock surged nearly 13% in pre-market trading, reaching $219.5, following the release of its third-quarter earnings report which significantly exceeded expectations [1] - The company reported a year-over-year revenue increase of 68% to $585 million, with earnings per share of $0.80, surpassing the target of $0.51 [1] - Net profit for the quarter was $163 million, up 23% from $133 million in the same period last year [1] - Reddit raised its fourth-quarter revenue guidance to between $655 million and $665 million, well above Wall Street's forecast of $638 million [1] - The adjusted profit forecast for the fourth quarter is set at $275 million to $285 million, exceeding the previous estimate of $259 million [1] Financial Performance - Revenue for Q3 increased by 68% to $585 million [1] - Earnings per share reached $0.80, exceeding the expected $0.51 [1] - Net profit rose to $163 million, a 23% increase from the previous year's $133 million [1] Future Outlook - Fourth-quarter revenue is projected to be between $655 million and $665 million, higher than the $638 million forecast by analysts [1] - Adjusted profit expectations for Q4 are between $275 million and $285 million, surpassing the earlier prediction of $259 million [1]

Core Insights - Meta Platforms is set to raise up to $30 billion in its largest bond offering to date, driven by the need to fund significant investments in artificial intelligence infrastructure [1] - The company experienced a decline in share price by over 11% as costs surged by 32%, outpacing a 26% increase in revenue [2] - Meta's capital expenditure outlook for this year has been raised to between $70 billion and $72 billion, up from a previous forecast of $66 billion to $72 billion [5] Investment in AI - Meta has entered into a $27 billion financing deal with Blue Owl Capital for its largest data center project, "Hyperion," located in Richland Parish, Louisiana [3] - Major tech firms, including Meta, are projected to collectively spend $400 billion on AI infrastructure in 2023, according to Morgan Stanley [3] - The company is heavily investing in attracting top AI talent, with CEO Mark Zuckerberg leading a hiring initiative for the newly reorganized AI unit, Superintelligence Labs [4] Bond Offering Details - The bond sale will consist of six parts with maturities ranging from five to 40 years, with principal amounts between $4 billion and $6.5 billion [2] - Co-managers for the bond sale include Morgan Stanley, Allen & Company, and Blaylock Van [2] - The bond sale has influenced the selling of U.S. Treasuries as investors seek to hedge amid broader market uncertainties [5]

Core Insights - Meta Platforms reported strong third-quarter results, with revenue rising 26% year over year to approximately $51.2 billion, surpassing analyst expectations [5][6] - Despite impressive results, investor concerns were driven by a significant one-time tax charge and cautious fourth-quarter revenue guidance, which was only slightly above analyst forecasts [2][8] - The company's substantial spending projections for 2026 have raised alarms among investors, overshadowing the positive revenue trends [11][12] Financial Performance - Revenue for Q3 increased to about $51.2 billion, supported by a 14% rise in ad impressions and a 10% increase in average ad price [5] - Daily active users across Meta's platforms reached 3.54 billion, reflecting an 8% year-over-year growth [5] - GAAP earnings were impacted by a non-cash U.S. tax item, raising the effective tax rate to 87%, with reported earnings per share at $1.05 compared to a potential $7.25 without the charge [6] Guidance and Projections - Management projected Q4 revenue between $56 billion and $59 billion, indicating a growth rate of about 19%, which is a decline from the previous quarter's 26% growth [8] - The Reality Labs division reported $470 million in revenue but incurred a $4.4 billion operating loss, which continues to affect overall margins [9] - Capital expenditures are expected to rise significantly, with projections for 2025 set between $70 billion and $72 billion, up from a prior forecast of $66 billion to $72 billion [11] Cash Flow and Shareholder Returns - Meta generated $10.6 billion in free cash flow during the quarter and ended September with $44.45 billion in cash and marketable securities [13] - The company repurchased $3.2 billion in stock and paid approximately $1.3 billion in dividends, demonstrating a commitment to returning value to shareholders while investing in future growth [13] Investor Sentiment - The stock's recent pullback is attributed more to perceptions of spending and guidance than to actual demand trends, which remain strong [14] - Despite the stock's decline, it is still significantly higher than six months ago, leading to a price-to-earnings ratio in the mid-twenties, which is considered neither expensive nor a clear bargain [15] - Investors are advised to exercise caution and patience due to the uncertainty surrounding the returns on the company's aggressive infrastructure spending [16]

Core Insights - Meta Platforms is experiencing a significant decline in profits, leading to some investors abandoning the stock, which may be a costly mistake due to the company's strong position in AI [1][3] - The company reported a 26% year-over-year revenue increase to $51.2 billion, surpassing analysts' expectations of $49.6 billion, driven by an 8% growth in its user base to 3.54 billion [5][6] Financial Performance - Operating expenses rose 32% to $30.7 billion, outpacing revenue growth, which raises concerns among investors [6] - Diluted earnings per share (EPS) fell 83% to $1.05, prompting some investors to sell their shares [6] Contributing Factors - A one-time, non-cash tax charge of $15.93 billion due to new legislation significantly impacted profitability; excluding this charge, earnings would have increased 20% year-over-year to $7.25 [8] - Increased investments in AI, including higher employee compensation and infrastructure costs, are expected to yield long-term benefits despite short-term financial strain [9][10] AI Investments and Future Outlook - Meta's AI investments are already showing positive results, with a 10% increase in time spent on Threads and a 5% increase on Facebook due to improved recommendation systems [10] - The company has narrowed its capital expenditure outlook for the year to $70 billion to $72 billion, indicating a strategic focus on AI [12] Valuation and Investment Opportunity - Meta's stock price decline post-financial report is viewed as a buying opportunity for long-term investors, with the stock trading at 24 times earnings, which is considered attractive compared to peers [13]

但咱们做中长线的，别光盯着暴跌慌神。你看营收还能涨26%，说明用户基本盘没垮，而且之前Meta砸在AI上的钱还在加码，这才是长期底气。现在股 价跌，更多是短期情绪——市场怕它花钱没数，又被一次性税费吓着了。 昨天Meta的财报一出来，不少朋友私信我："帮主，这咋回事？营收涨了26%，净利润却跌了83%，股价还崩了11%，手里的票要不要割？" 别急，干了20 年财经记者，看惯了财报里的"冷热反差"，今天就跟大伙唠唠这事儿，别被短期数字带偏了中长线判断。 所以不用急着割肉，先看看后续：一是费用能不能稳住，别再"花钱如流水"；二是AI投入啥时候能变现。真要是这两点能改善，短期跌下去反而是机 会。 其实看Meta这财报，我就想起早年跑上市公司的时候，老编辑总跟我说"看财报得扒两层皮，净利润里可能藏着'一次性疙瘩'"。这次还真应了这话——净 利润暴跌不是业务不行，是特朗普那"大而美法案"闹的，一下计提了159.3亿的一次性税费，有效税率从12%飙到87%，这钱一扣，利润自然就"腰斩"了。 还有个细节，三季度总成本涨了32%，比营收增速还快，运营利润率缩到40%，这才是市场真正担心的"花钱快过赚钱"。 你们要是手里也有科 ...

Core Insights - Reddit Inc. is a prominent social media platform known for its user-generated content and community-driven discussions, distinguishing itself from competitors like Facebook and Twitter through its unique approach [1] Financial Performance - For the quarter ending October 30, 2025, Reddit reported an earnings per share (EPS) of $0.80, which was below the estimated EPS of $1.04 but showed a significant improvement from $0.16 per share reported in the same quarter last year [2][6] - Reddit's revenue for the quarter reached $585 million, surpassing the estimated $546.7 million, representing a 6.31% increase over the Zacks Consensus Estimate and a substantial rise from $348.35 million reported a year ago [3][6] Valuation Metrics - The company has a high valuation with a price-to-earnings (P/E) ratio of approximately 168.12 and a price-to-sales ratio of about 21.81, indicating that investors are willing to pay a premium for Reddit's growth potential [4][6] - The enterprise value to sales ratio stands at 21.39, reflecting the company's valuation including debt and excluding cash [4] Financial Health - Reddit's financial health is supported by a low debt-to-equity ratio of 0.01, indicating minimal reliance on debt financing, and a current ratio of 12.00, highlighting strong liquidity to cover short-term liabilities [5]

Core Insights - Meta is planning to raise up to $30 billion through its largest bond offering to fund significant investments in AI infrastructure, with capital expenditures expected to be "notably larger" next year than in 2025 [1][8] - The company's shares fell over 11% as a result of a 32% increase in costs that outpaced a 26% revenue increase [1][8] - Major tech companies, including Meta, are projected to spend $400 billion on AI infrastructure this year, according to Morgan Stanley [5] Capital Expenditure and Bond Sale - Meta has increased the lower end of its capital expenditure outlook for this year to between $70 billion and $72 billion, up from a prior forecast of $66 billion to $72 billion [7][8] - The bond sale will consist of six parts with maturities ranging from five to 40 years, with principal amounts ranging from $4 billion to $6.5 billion [2][8] - Co-managers for the bond sale include Morgan Stanley, Allen & Company, and Blaylock Van [2] AI Investments and Talent Acquisition - Meta recently secured a $27 billion financing deal with Blue Owl Capital, its largest private capital agreement, to support its Hyperion data center project in Louisiana [5][8] - The company is heavily investing in attracting and retaining top AI talent, with CEO Mark Zuckerberg leading an aggressive hiring spree for the newly reorganized AI unit, Superintelligence Labs [6][8] - Employee compensation costs, particularly for AI talent, are expected to be the second-largest contributor to the increase in costs next year, as stated by Meta's CFO Susan Li [6]

We keep wondering what would it take to make people start focusing on all the other stocks in what I call the real economy instead of just the speculative stocks in the AI data center stocks. Well, today we found out you need to see a big tech company screw up and then get slaughtered. I'm talking about right through the meat grinder. I'm talking about just annihilated. I'm talking about meta.And that's when people start to care about the hundreds of stocks that are part of the real economy again. Although ...