US stocks fell last week, with the steepest losses in technology as investors weighed what the AI build-out is costing its biggest spenders. The S&P 500 lost 0.6%, the Nasdaq 2.0% and the Dow 0.9%, after a 1.8% fall in the S&P on Friday. Alphabet fell 12.6% on Thursday, its worst day since it listed in 2004, after reporting free cash flow of minus $9.1bn on heavy capital spending; ServiceNow lost 27% the same day after an outlook that revived fears AI will erode software subscriptions; and on Friday Intel fell 28.6% after a weak fourth-quarter outlook that it tied partly to memory prices hurting PC demand, as the Philadelphia Semiconductor index fell 7.2% on the day. The Fed held rates at 3.75–4.00% on Wednesday, with two officials voting for an increase. Brent rose about 14% in October, with the January contract settling at $113.43 on Friday; late on Thursday a tanker was hit by limpet mines near the Strait of Hormuz. This week brings the US midterm elections on Tuesday, a Bank of England decision on Thursday, where markets expect an increase, and October payrolls on Friday.
Into that, Apple reports on Monday evening as the world’s most valuable company again, after Nvidia’s fall on Friday left it ahead at about $5.0tn, and Palantir reports the same night, a test of AI-software sentiment after ServiceNow’s fall. AMD on Tuesday is the main AI-chip report, followed by Arm and Qualcomm on Wednesday, all three after falls of 10–11% on Friday. Novo Nordisk reports on Wednesday, a week after Eli Lilly raised its revenue guidance for the third time this year; Toyota on Thursday gives a read on tariffs, the yen and Gulf shipping; and Saudi Aramco on Tuesday shows what the war has done to its oil volumes. FactSet counts 140 S&P 500 companies reporting this week; of the 60% that have reported, 82% beat earnings estimates, and blended third-quarter earnings growth stands at 30.2%.
🇺🇸 Apple
Apple reports fiscal fourth-quarter results after the US close on Monday, with the call at 5:00pm Eastern, the first since John Ternus succeeded Tim Cook, now executive chair, as chief executive on 1 September. In the June quarter revenue rose 16% to $109.4bn, with iPhone and Greater China both up 22%, and the gross margin was 50.1%, including about 2 points from tariff refunds. For the September quarter Apple guided revenue growth of 9–11% and a gross margin of 47–48%, including about 1 point of refunds, and said it expected to pay even higher memory costs. Consensus is about $113bn of revenue and $1.98–1.99 a share, against $102.5bn and $1.85 a year ago. The quarter holds only about nine days of iPhone 18 Pro sales and none of the iPhone Duo foldable, on sale since 23 October. The shares closed Friday at $344.63, about 1% below Thursday’s record close.
Our readThe December-quarter margin guide matters more than the September numbers, where expectations sit near the top of the July range: excluding refunds, the September guide implies about 46–47%, and Cook said in July that memory costs could weigh more heavily beyond September. Watch iPhone 18 Pro demand, where Counterpoint’s count of the first three weeks showed Pro-series sales up 3% globally and 29% in China against the same launch period for the previous Pro, while Jefferies has pointed to discounting there; early demand for the $1,999 Duo; and Services, which came in below estimates in July. The read-across is to the memory squeeze Intel described on Thursday: Intel warned that higher memory prices could weaken PC demand, while Apple, which raised iPhone 18 Pro prices by $100, is testing how much of the cost it can pass on.
- Quality94
- Growth49
- Value26
- Momentum85
- Relative Strength89
- P/E (TTM)
- 39.0
- YTD return
- +27%
- Dividend yield (TTM)
- 0.3%
🇺🇸 AMD
AMD reports third-quarter results after the US close on Tuesday, with the call at 5:00pm Eastern. Second-quarter revenue rose 50% to $11.5bn, led by Data Center at $6.7bn, up 107%, while Client rose 23% and Gaming fell 31%; non-GAAP earnings were $1.66 a share. For the third quarter AMD guided revenue to about $13.0bn, plus or minus $300m, roughly 41% growth, at a non-GAAP gross margin of about 56%, and said shipments of its Helios racks built on the MI450 would be much more substantial in the fourth quarter. AMD has signed agreements with OpenAI and Meta for up to 6 gigawatts each over several years, both starting with MI450-based systems in the second half and both carrying warrants for up to 160m AMD shares. Consensus is about $13.1bn of revenue and non-GAAP earnings of $1.93–1.95 a share, against $9.2bn and $1.20 a year ago. The shares fell 10.9% on Friday to $504.80, about 22% below their 6 October record close.
Our readThe fourth-quarter guide is the swing factor: the FMP consensus on 1 November, about $16.3bn from 25 analysts, would need revenue to rise about 25% from the third-quarter guide, which depends on Helios shipping in volume. Watch how much MI450 revenue shows up in the third quarter, after Susquehanna said production shipments began in September; PC chips, where AMD already planned in August for a softer market on memory costs, though client chips were only 27% of second-quarter revenue; and any update to the long-term targets it set last November, which management said in August it now expects to exceed. The read-across is to Arm and Qualcomm on Wednesday and to the wider AI supply chain, after last week’s results turned attention to the free cash flow of the biggest buyers.
- Quality68
- Growth88
- Value20
- Momentum58
- Relative Strength82
- P/E (TTM)
- 128.1
- YTD return
- +126%
🇺🇸 Palantir
Palantir reports third-quarter results after the US close on Monday, with the webcast at 5:00pm Eastern. Second-quarter revenue rose 93% to $1.94bn: US commercial revenue grew 149% to $764m and US government revenue 90% to $809m, and the adjusted operating margin was 62%. Palantir raised its 2026 revenue guide to $8.150–8.158bn, about 82% growth, with US commercial revenue above $3.42bn, and guided third-quarter revenue to $2.160–2.164bn. Consensus of about $2.18bn and adjusted earnings of $0.41 a share sits slightly above the top of that range, against $1.18bn and $0.21 a year ago; in the second quarter Palantir beat the top of its own range by about 7%. The shares were flat on Thursday, the day ServiceNow fell, but lost 6.3% on Friday to $184.11, about 12% below their 9 October record close.
Our readThe full-year guide matters more than the quarter: estimates of about $8.2bn already sit above the current range, so investors are looking for a raise and its size is the test. Watch US commercial contract value, $2.13bn in the second quarter, after RBC cited channel checks pointing to slower deal growth; the US commercial guide, which implies growth of at least 134% this year; and margins. The read-across is to Cloudflare on Thursday and to software more widely: a large raise would support the case that investors are separating AI platforms from the seat-based software that sold off after ServiceNow, while an in-line quarter could be read as the winners slowing too.
- Quality77
- Growth91
- Value22
- Momentum59
- Relative Strength86
- P/E (TTM)
- 140.4
- YTD return
- +10%
🇯🇵 Toyota
Toyota reports first-half results on Thursday, usually during the Tokyo afternoon session, the early hours in London. In the April–June quarter revenue rose 10% to ¥13.5tn but operating profit fell 9% to ¥1.06tn, with the Middle East war costing about ¥75bn. In August Toyota raised its full-year operating-profit forecast to ¥3.4tn from ¥3.0tn, still 9.7% below last year, but almost all of the increase came from moving its dollar assumption to ¥160 from ¥150; excluding currency effects, the forecast rose by only about ¥60bn. It assumes US tariffs cost about ¥1.3tn, similar to last year, and materials costs, including memory chips, rise by a similar amount. Analysts are well ahead: a consensus of about ¥3.84tn on Kabuyoho is roughly 13% above the guide. The Tokyo shares closed Friday at ¥3,070, about 8.5% lower this year.
Our readConsensus leaves investors looking for a raise, but Toyota has yet to deliver one. The yen at about ¥157.6 to the dollar would be a modest headwind against the ¥160 assumption if it holds, though realised first-half rates, pricing, volumes and revised tariff or materials estimates can all move the forecast. Watch Middle East shipments, where Toyota assumed in August that shipping capacity would recover to about 75% from September, though its sales in the region still fell nearly 30% that month; pricing, where it aims to recover about half of the materials hit; and US sales, which rose 8% in September. The read-across is to Honda, Nissan and other Japanese carmakers that export to the US and the Gulf.
- Quality58
- Growth45
- Value50
- Momentum66
- Relative Strength52
- P/E (TTM)
- 8.1
- YTD return
- −10%
- Dividend yield (TTM)
- 4.7%
🇩🇰 Novo Nordisk
Novo Nordisk publishes nine-month results before the Copenhagen open on Wednesday, with the call at 13:00 Copenhagen time; in August it released its second-quarter figures a day early, alongside a guidance raise. Adjusted second-quarter sales rose 7% at constant exchange rates, helped by favourable US rebate adjustments, with US sales up 4% and International Operations up 10%, and the Wegovy pill, launched in the US in January, sold DKK3.2bn. Novo has raised its 2026 outlook twice, most recently to a range of 0% to minus 6% for both adjusted sales and adjusted operating profit at constant rates; first-half adjusted sales rose 2%, so the range implies a weaker second half. Estimates are thin: Nordea reportedly expects third-quarter sales to fall 4% at constant rates, which it puts about 1.5 points below consensus. The Copenhagen shares closed Friday at DKK266.10, down about 18% this year.
Our readUS pricing against pill volume is the swing factor: whether Wegovy pill growth can offset lower injectable prices through TrumpRx, cash-pay channels and the Medicare bridge. Watch weekly pill prescriptions, which IQVIA data cited by Citi put at about 183,000 in late October, while Lilly says about four in ten new patients starting an oral obesity drug now choose its Foundayo; whether Novo raises guidance a third time, as JPMorgan expects; and CagriSema, where Novo’s own timeline points to a US decision this quarter, though no FDA date has been published. The read-across is to Lilly and the wider obesity trade: Lilly reported volume up 53% and prices down 15% last week, and its retatrutide beat Ozempic 2mg on blood sugar and weight loss in a type 2 diabetes trial, though more patients stopped because of side effects.
- Quality88
- Growth40
- Value75
- Momentum57
- Relative Strength96
- P/E (TTM)
- 10.1
- YTD return
- −19%
- Dividend yield (TTM)
- 3.0%
Every company in this preview has a Finryse page
FinScore 0–100, the fundamentals behind it, peer comps and valuation – across 18,600+ companies in 49 markets.
Free account, no card.
🇬🇧 Arm
Arm reports fiscal second-quarter results after the US close on Wednesday, with the call at 5:00pm Eastern. First-quarter revenue rose 22% to $1.29bn, with royalties up 22% to $715m and licensing up 23% to $574m, and data-centre royalties more than doubled year on year. Arm guided second-quarter revenue to $1.38bn, plus or minus $50m, and non-GAAP earnings to $0.47 a share, plus or minus $0.04, but expects royalty growth to slow to the low teens, and said full-year royalty growth was now likely closer to the high teens than about 20%, as memory costs weigh on phones. Consensus is about $1.38bn and non-GAAP earnings of $0.48 a share. The shares fell about 10% on Friday to $205.97, about 53% below their June record close.
Our readRoyalties are the swing factor: a low-teens quarter is expected, but another cut to the full-year view would add to concerns about smartphone demand. Watch demand for Arm’s own AGI CPU, where Meta is the first customer and Arm put customer demand above $2bn across this fiscal year and next, against about $1bn of secured supply; and any comment on the Qualcomm case, where a judge has yet to rule on whether Qualcomm may suspend royalty payments. The read-across is to Qualcomm the same evening and to the phone supply chain.
- Quality81
- Growth80
- Value18
- Momentum33
- Relative Strength80
- P/E (TTM)
- 213.2
- YTD return
- +80%
🇺🇸 Qualcomm
Qualcomm reports fiscal fourth-quarter results after the US close on Wednesday, with the call at 4:45pm Eastern. Third-quarter revenue fell 4% to $9.95bn and non-GAAP earnings fell 20% to $2.21 a share; handset chip revenue dropped 20% to $5.09bn, while automotive rose 61% to $1.59bn. The finance chief said in July that he estimated handset revenue from Chinese phone makers had reached a bottom and would return to double-digit sequential growth this quarter. Qualcomm guided revenue to $9.7–10.5bn and non-GAAP earnings to $2.05–2.25 a share, with automotive up about 60%. Consensus is about $10.1bn and non-GAAP earnings of $2.17 a share. The shares fell 11.1% on Friday to $164.79.
Our readThe December-quarter guide will say more than the results, since the quarter being reported ended before Intel’s warning: it should show whether memory costs are cutting Android phone builds, as Arm’s trimmed royalty outlook suggests, and how fast Apple revenue falls away after Qualcomm said in July that its modem share in the new iPhone lineup would be materially below its earlier 20% estimate. Watch automotive, the steadiest growth line, and the first revenue from two custom data-centre chip deals with large cloud companies, due from the December quarter. The read-across is to Arm the same evening and to the wider handset supply chain.
- Quality92
- Growth46
- Value39
- Momentum49
- Relative Strength84
- P/E (TTM)
- 19.0
- YTD return
- −5%
- Dividend yield (TTM)
- 2.2%
🇺🇸 Cloudflare
Cloudflare reports third-quarter results after the US close on Thursday, with the call at 5:00pm Eastern. Second-quarter revenue rose 36% to $696m, about 5% above consensus, and customers paying more than $100,000 a year rose 27%, but the non-GAAP gross margin was 73.1%, against 76.3% a year earlier, though slightly up on the first quarter; management has linked the decline to a growing share of paid traffic, which shifts network costs from sales and marketing into cost of revenue. Cloudflare guided third-quarter revenue to $736–737m, about 31% growth, and raised its full-year guide to $2.864–2.870bn; consensus sits on the guide, at about $737m and non-GAAP earnings of $0.34 a share. The shares fell 13.8% last week, including 9.5% on Friday, to $280.70, about 22% below their 9 October record close.
Our readProfitability is the main test: gross margin read alongside the non-GAAP operating margin, 13.8% in the second quarter, and free cash flow, to judge whether rapid growth is turning into stronger profits. Watch net revenue retention, 120% in the second quarter, and growth in large customers. The read-across is to Palantir and to infrastructure software more broadly: with much of its revenue tied to traffic and usage rather than seats, Cloudflare offers a contrast with the seat-based software that sold off after ServiceNow.
- Quality37
- Growth88
- Value15
- Momentum57
- Relative Strength33
- YTD return
- +43%
🇺🇸 Booking Holdings
Booking reports third-quarter results after the US close on Tuesday, with the call at 4:30pm Eastern. In the second quarter room nights rose 5%, ahead of its 2–4% guide, gross bookings rose 9% to $51.0bn and adjusted earnings rose 15% to $2.54 a share, after April’s 25-for-1 share split. For the third quarter it guided room nights up 3–5%, against growth of 8% a year earlier, and revenue up 5–7% at constant currency, and said indirect effects of the Middle East war, such as higher airfares, were still weighing on long-haul travel. Consensus is about $9.55bn of revenue and adjusted earnings of $4.49 a share. The shares closed Friday at $148.13, just above Wednesday’s 52-week closing low and about 31% lower this year.
Our readThe fourth-quarter room-night guide is the key figure. Watch any data on bookings arriving through AI assistants, which management put at well under 1% of room nights in July, after Meta’s Muse agent hit travel stocks in September; Booking is also a launch partner for hotel booking in Google’s AI Mode, so being cut out remains the bear case rather than what has happened so far. The read-across is to Airbnb on Thursday.
- Quality95
- Growth68
- Value75
- Momentum35
- Relative Strength98
- P/E (TTM)
- 15.4
- YTD return
- −30%
- Dividend yield (TTM)
- 1.1%
🇸🇦 Saudi Aramco
Aramco reports third-quarter results on Tuesday, usually before the Riyadh open, with the call at 11:00 Riyadh time, 08:00 in London. The war cut its second-quarter output to 9.46m barrels of oil equivalent a day, 26% less than a year earlier, but a realised crude price of $108.1 a barrel lifted adjusted net income 33% to $33.4bn. Free cash flow was $12.3bn after a large build in working capital, against a base dividend of $21.9bn for the quarter and no performance-linked payout. The third quarter looks softer: Brent averaged about $97, against roughly $104 in the second quarter, and the East-West pipeline was shut for 11 days in September after a drone strike. A consensus compiled by S&P Global, as reported by AGBI, puts reported net income at about $27bn, against $32.7bn in the second quarter. The shares closed Thursday at SAR25.92, up about 9% this year.
Our readDividend cover and a reversal of the working-capital build are the swing factors: first-half free cash flow was $30.9bn against $43.8bn of dividends paid, but $60.3bn before working-capital movements, so much of the shortfall is cash tied up rather than lost. Gearing rose to 6.2%, and Aramco is reportedly arranging a $10bn credit line. Watch volumes, after Saudi crude output fell to its lowest in more than 30 years in August before recovering in September; and the fourth-quarter setup, with Brent above $110 but unconfirmed Houthi claims of strikes on Ras Tanura, Rabigh and Abqaiq last week. The read-across is to Saudi public finances, regional investment spending and Gulf oil exports; Exxon and TotalEnergies gave the Western majors’ read last week.
- Quality85
- Growth45
- Value58
- Momentum81
- Relative Strength50
- P/E (TTM)
- 15.4
- YTD return
- +9%
- Dividend yield (TTM)
- 3.9%
Weekly Calendar
Some notable names reporting this week. Outside our table, Vertex reports on Monday, Ferrari on Tuesday, and Nintendo and Siemens Healthineers on Thursday. Timing refers to each company’s home-market session: Aramco is expected before the Riyadh open, Toyota during the Tokyo session and Sony at the 15:30 JST Tokyo close, which are the early hours in London. US clocks went back on Sunday, so London is five hours ahead of New York again. Times marked “(exp.)” are inferred from past releases, the scheduled call or the home market’s convention rather than stated by the company. McDonald’s, marked “(est.)”, has not confirmed its date, so both its day and its timing are estimates from calendar services. Share prices and consensus estimates in the previews above are as of Friday 30 October, or Thursday 29 October for Aramco.
| Company | Country | Sector | Timing |
|---|---|---|---|
| Monday 2-Nov | |||
| Apple | 🇺🇸 | Devices & services | AMC (exp.) |
| Palantir | 🇺🇸 | Data & AI software | AMC |
| Tuesday 3-Nov | |||
| Saudi Aramco | 🇸🇦 | Integrated oil & gas | BMO (exp.) |
| AMD | 🇺🇸 | Semiconductors | AMC |
| Amgen | 🇺🇸 | Biotechnology | AMC |
| Arista Networks | 🇺🇸 | Data-centre networking | AMC |
| Shopify | 🇨🇦 | E-commerce software | BMO |
| Pfizer | 🇺🇸 | Pharmaceuticals | BMO |
| Eaton | 🇮🇪 | Electrical equipment | BMO |
| Booking Holdings | 🇺🇸 | Online travel | AMC |
| Wednesday 4-Nov | |||
| Arm | 🇬🇧 | Chip design | AMC |
| McDonald’s | 🇺🇸 | Restaurants | BMO (est.) |
| Qualcomm | 🇺🇸 | Semiconductors | AMC |
| Novo Nordisk | 🇩🇰 | Pharmaceuticals | BMO · 06:30 London (exp.) |
| Uber | 🇺🇸 | Ride-hailing & delivery | BMO (exp.) |
| CVS Health | 🇺🇸 | Health care services | BMO (exp.) |
| AppLovin | 🇺🇸 | Advertising technology | AMC |
| Thursday 5-Nov | |||
| Toyota | 🇯🇵 | Automobiles | During session (exp.) |
| ConocoPhillips | 🇺🇸 | Oil & gas production | BMO |
| Sony | 🇯🇵 | Electronics & entertainment | At Tokyo close · 15:30 JST |
| Cloudflare | 🇺🇸 | Network security & cloud | AMC |
| Airbnb | 🇺🇸 | Online travel | AMC |
| Lumentum | 🇺🇸 | Optical components | AMC |
| Friday 6-Nov | |||
| Moderna | 🇺🇸 | Biotechnology | BMO (exp.) |