After a nine-day delay caused by the ongoing government shutdown, September's Consumer Price Index report will finally land Friday morning, and economists say its impact on the Federal Reserve&#8217;s interest-rate path – and thus on markets –could <a href="https://www.benzinga.com/news/econ-s">be bigger than usual.</a>



The data, which arrives without crucial context from other key economic releases like jobs, retail sales and wholesale inflation, is now the first official data point in over two weeks. 



As such, it could carry extra weight in shaping expectations for whether the Fed cuts rates in its Oct. 30 meeting — and how aggressively it continues easing into year-end.



<h2 class="wp-block-heading">What Are Economists Expecting?</h2>



The consensus view is that inflation in September will edge higher again. 



According to the median economist consensus tracked by TradingEconomics, the annual headline inflation is expected to rise to 3.1%, up from 2.9% in August. 



The month-over-month inflation rate is expected to be 0.4%, while core CPI — which strips out food and energy — is forecast to rise 0.3%. The annual core inflation is predicted to remain steady at 3.1% year-over-year.



Bank of America economist Stephen Juneau said they forecast both headline and core inflation to rise 0.3% in the month, adding, "If our forecast is correct, we do not think the report will be a game changer for the Fed."



He still expects a 25-basis-point rate cut next week.



Market participants are now pricing in a near-certainty of a 25-basis-point rate cut at next week's Fed meeting, with strong odds (90%) of another cut in December.



<h2 class="wp-block-heading">Used Cars Flat, Tariffs May Add Some Pressure</h2>



According to analyst Ayesha Tariq, much of the expected inflationary strength is likely to come from energy and food, with gasoline prices estimated to have risen 1.5% in the month. But it&#8217;s the lingering effects of tariffs — particularly on goods like communication equipment, furnishings and recreation — that are keeping pressure on prices.



Used car prices are expected to stay flat after several months of drag, while airfares could fall as much as 1.5%. On the housing front, rent inflation continues to decelerate, according to both Bureau of Labor Statistics data and private sector indices.



Still, core services — especially those unrelated to housing — are proving sticky, with analysts estimating a 0.3% increase for September. That would keep the year-over-year pace near 3.5%, well above the Fed's 2% target.



"Even if the Fed does cut rates next week, I think the messaging will be hawkish and there will be some harsh commentary from Fed Powell on the lack of data due to the Government Shutdown. It's his turn to poke the Administration back for all the jabs he's endured in the last few months," Tariq stated. 



<h2 class="wp-block-heading">What Are Investors Expecting?</h2>



According to the latest 22V Research investor survey, there is a growing belief that inflation is on a "Fed-friendly glide path."



A majority of respondents — 61% — said they believe core inflation is cooling in line with the Fed's goals, while just 27% think financial conditions need to tighten further, down sharply from prior months.



Notably, for the first time since July, the dominant expectation is for a risk-on market reaction to the CPI report. About 45% of investors anticipate markets to rally on the data, while only 26% expect a risk-off move. 



Interestingly, nearly half the investors surveyed believe that others will see the CPI's market impact as negligible — a signal that sentiment may be turning more dovish beneath the surface.



The survey also captured a meaningful drop in recession expectations, with only 12% of investors now predicting a downturn. 



<h2 class="wp-block-heading">Wall Street Eyes New Record Highs</h2>



A softer-than-feared inflation print on Friday could be the final catalyst that propels U.S. equities to fresh all-time highs, as investor optimism builds around a dovish turn from the Fed.



The S&amp;P 500 – as tracked by the Vanguard S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/VOO">VOO</a>) – was trading at 6,750 points during Thursday's afternoon session, just 15 points below its Oct. 9 record of 6,765. 



The Nasdaq 100 – tracked by the Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/QQQ">QQQ</a>) – hovered around 25,120, only 75 points shy of its Oct. 10 high of 25,195.



Read Next:



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<li><a href="https://www.benzinga.com/markets/commodities/25/10/48383517/dont-call-it-a-bubble-why-golds-rally-has-deep-structural-support">Don&#8217;t Call It A Bubble: Why Gold&#8217;s Rally Has Deep, Structural Support</a></li>
</ul>



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Macro Economic Events

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ETFs

Delayed Inflation Report Looms: Will It Shake Fed's Next Move?

Ford Motor Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/F">F</a>) released its third-quarter earnings report after Thursday's closing bell. Here's a look at the key figures <a href="https://www.benzinga.com/pressreleases/25/10/b48391944/ford-reports-third-quarter-2025-financial-results">from the quarter. </a>



<ul class="wp-block-list">
<li>F stock is moving. <a href="https://www.benzinga.com/quote/F">See the real-time price action here.</a></li>
</ul>



The Details: Ford Motor reported <a href="https://shareholder.ford.com/files/doc_financials/2025/q3/Ford-Q3-2025-Earnings-Press-Release.pdf">quarterly earnings</a> of 45 cents per share, which beat the analyst estimate of 36 cents.



Quarterly revenue came in at $47.18 billion, which beat the Street estimate of $43.07 billion and was up from revenue of $43.06 billion from the same period last year.



Read Next: <a href="https://www.benzinga.com/trading-ideas/movers/25/10/48356965/latest-beyond-meat-short-seller-martin-shkreli-of-course%20$BYND%20%20Latest%20Beyond%20Meat%20Short-Seller?%20Martin%20Shkreli,%20Of%20Course">Latest Beyond Meat Short-Seller? Martin Shkreli, Of Course</a>



Ford reported the following business segment highlights for Q3:



<ul class="wp-block-list">
<li>Ford Pro generated $2 billion in EBIT on $17.4 billion in revenue. Ford Pro paid software subscriptions grew 8% sequentially to 818,000 subscribers, bolstering Ford's ability to better service its commercial customers around the world.</li>



<li>Ford Model e reported a third-quarter EBIT loss of $1.4 billion, with new products in Europe driving revenue and volume growth in the segment.</li>



<li>Ford Blue reported $1.5 billion in EBIT, with revenue growth exceeding the rate of wholesale unit growth.</li>



<li>Ford Credit reported third-quarter earnings before taxes (EBT) of $631 million, a 16% increase compared to a year ago.</li>
</ul>



"Ford posted another strong quarter, delivering more than $50 billion in revenue powered by our incredible products and services, the durability of Ford Pro and our disciplined focus on cost and quality," said Jim Farley, Ford CEO.



"We are heading into 2026 as a stronger and more agile company. We will continue to focus on execution and on quickly making the right strategic calls on propulsion, partnerships and technology that will create tremendous value for our customers," Farley added. 



F Stock Price: According to data from<a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw"> Benzinga Pro</a>, Ford stock was up 3.32% at $12.75 in Thursday's extended trading. 



Read Next:&nbsp;



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<li><a href="https://www.benzinga.com/trading-ideas/movers/25/10/48361963/looking-for-the-next-beyond-meat-here-are-the-top-10-most-shorted-stocks">Looking For The Next Beyond Meat? Here Are The Top 10 Most Shorted Stocks</a></li>
</ul>



Photo: Shutterstock

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Ford Motor Reports Better-Than-Expected Q3 Earnings: What To Know

There could be trouble ahead for Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/TSLA">TSLA</a>) as its shareholders meet on Nov. 6 to vote on the new pay package for CEO Elon Musk, with another group encouraging a <a href="https://www.benzinga.com/markets/tech/25/10/48291450/elon-musk-pay-deal-faces-pushback-as-iss-tells-tesla-investors-to-vote-against-1-trillion-package" target="_blank" rel="noopener">vote against it</a>.



<ul class="wp-block-list">
<li>TSLA is demonstrating bullish strength. <a href="https://www.benzinga.com/quote/TSLA" target="_blank" rel="noreferrer noopener">Stay ahead of the curve here.</a></li>
</ul>



<h2 class="wp-block-heading">Take Down Tesla Movement Targets Musk Pay Package</h2>



A group of unions and public interest groups has launched the "Take Back Tesla" movement and website, encouraging Tesla shareholders to vote no on Musk&#8217;s pay package<a href="https://www.benzinga.com/markets/tech/25/09/47518118/tesla-board-unveils-900-billion-award-plan-that-could-put-elon-musk-on-trillionaire-track-if-company-hits-wild-targets">.</a>



The group targets union members and public interest groups whose members may own Tesla shares through pensions and retirement plans and are entitled to share their opinions or vote at the shareholder meeting.



A new pay package for Musk that could be worth up to $900 billion is <a href="https://www.takebacktesla.com/a/elon-pay-package">called </a>"outrageous" by the group. The package requires Musk to be at Tesla for 10 years and hit certain milestones to receive the full compensation, which could make him the first trillionaire, with an average annual compensation of close to $100 billion.



The Take Tesla Back movement highlights how Musk's new compensation plan compares to that of Tesla workers on the website.



"The median annual compensation of other employees at Tesla is $57,243; an employee making that amount would need to work for over 1.7 million years to earn what Elon Musk would take home per year under this plan," the website says.



The website also highlights that hitting the goals of the Musk compensation plan would make Tesla worth $8.5 trillion, or around twice the $4.5 trillion market cap of Nvidia Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/NVDA">NVDA</a>), the world's most valuable company today.



"But the annual value of Musk's trillion-dollar pay package isn't just 2 times what Nvidia's CEO made last year (just under $50 million); it's more than 2,000 times what Nvidia's CEO made last year."



While the movement highlights the potential compensation of Musk compared to the average Tesla worker and Nvidia CEO Jensen Huang, the website also argues for other reasons to vote no on the pay package.



"Elon Musk's political activities have damaged Tesla's brand and distracted him from leadership at Tesla. Yet Tesla's Board of Directors has done nothing to hold him accountable."



The group says that shareholders should act and vote no, telling the pension funds and investment managers to oppose the compensation plan and oppose Board of Directors nominees who won't hold Musk accountable.



Read Also: <a href="https://www.benzinga.com/trading-ideas/long-ideas/25/10/48019320/elon-musk-pay-package-compared-to-nfl-imagine-youre-patrick-mahomes-and-not-gonna-get-a-salary">Elon Musk Pay Package Compared To NFL: &#8216;Imagine You&#8217;re Patrick Mahomes And Not Gonna Get A Salary&#8217;</a>



<h2 class="wp-block-heading">Support Grows Against Pay Package</h2>



Take Back Tesla is backed by several groups, including the American Federation of Teachers and the Communication Workers of America.



Together, these two groups represent around 2.5 million workers, as reported by <a href="https://electrek.co/2025/10/22/take-back-tesla-urges-pension-funds-to-vote-no-on-musks-1-trillion-pay-day/">Electrek</a>.



The groups join Institutional Shareholder Services (ISS) and Glass Lewis, the two largest advisory groups, who have publicly said shareholders should vote against the pay package.



Many of the groups speaking out about the pay package have highlighted the need to reduce corporate political power, reduce massive wealth for individuals, and protect shareholders.



Musk and Tesla<a href="https://www.benzinga.com/markets/tech/25/10/48371707/elon-musk-calls-proxy-advisor-firms-opposing-his-trillion-dollar-pay-corporate-terrorists-accuses-them-of-voting-on-random-political-lines"> have spoken out </a>against criticism of his pay package, often highlighting how much Tesla&#8217;s value has increased in recent years and how much the company would need to grow in value for his full compensation to be paid.



"Elon receives nothing unless shareholders win big," Tesla <a href="https://x.com/Tesla/status/1979268933707534805">tweeted</a>.



The company said ISS "missed fundamental points of investing and governance" and is "disconnected from reality."



Musk has referred to ISS and Glass Lewis as "corporate terrorists."



&#8220;ISS and Glass Lewis have no actual ownership themselves and often vote along random political lines unrelated to shareholder interests!&#8221; Musk said.



Musk said that if "terrible recommendations" from proxy firms had been followed in the past, it would have been destructive for Tesla.



Read Next: 



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<li><a href="https://www.benzinga.com/trading-ideas/long-ideas/25/10/48388018/elon-musk-says-teslas-optimus-bot-could-one-day-perform-surgery-calls-it-infinite-money-glitch">Elon Musk Says Tesla&#8217;s Optimus Bot Could One Day Perform Surgery, Calls It &#8216;Infinite Money Glitch&#8217;</a></li>
</ul>



Image created using artificial intelligence via DALL-E.

Equities

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TSLA

Elon Musk's Pay Plan Equals 2,000 Years of Nvidia CEO Salary — Not A Typo

Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/TSLA">TSLA</a>) analysts see near-term risks and pressure for the stock after <a href="https://www.benzinga.com/markets/earnings/25/10/48367296/tesla-q3-highlights-record-ev-deliveries-falling-profits-ai-ambitions-ahead">mixed third-quarter results</a> and new updates on product launch timelines.



The Tesla Analysts: Needham analyst Chris Pierce reiterated a Hold rating on Tesla with no price target.



Cantor Fitzgerald analyst Andres Sheppard reiterated an Overweight rating and raised the price target to $510 from $355.



Goldman Sachs analyst Mark Delaney maintained a Neutral rating and lowered the price target from $425 to $400.



Read Also: <a href="https://www.benzinga.com/analyst-stock-ratings/analyst-color/25/10/48361618/tesla-analyst-says-elon-musk-will-be-heavy-on-optimism-and-light-on-truth-for-q3-earnings-call">Tesla Analyst Says Elon Musk Will &#8216;Be Heavy On Optimism And Light On Truth&#8217; For Q3 Earnings Call</a>



Needham on TSLA: Tesla's third-quarter financial results provided increased confidence in new businesses, Pierce said in a new investor note.



"TSLA continues to demonstrate operational discipline and long-term leadership across electrification and energy storage, but we see the stock as fairly valued against our already aggressive longer term FSD and Robotics estimates," Pierce said.



The analyst noted that Tesla&#8217;s scaling of vehicle production shows confidence in its FSD platform, but concerns remain with safety drivers still being used.



Pierce said Tesla bears can show that the company has aggressive assumptions and valuation remains high.



"We see limited valuation support at current levels, raising the execution bar for a company that has overpromised vs. overdelivered in recent years."



The analyst's 2030 and 2035 estimates show that 50% of Tesla's gross profit comes from businesses like rideshare and robotics that have no current gross profit.



Pierce estimates that rideshare will hit 36% of gross profit dollars and robotics will hit 18% in 2035. Automotive gross profit dollars are estimated to decline from 69% now to 25% in 2035.



Cantor Fitzgerald on TSLA: Highlights from the third quarter include beating revenue estimates, gross margins and free cash flow, Sheppard said in a new investor note.



"We are encouraged by the recent introduction of lower-priced vehicles, which we see as an opportunistic way for TSLA to boost customer demand and potentially regain some EV market share," he said.



The analyst also highlighted the company's energy storage growth, which had several records in the quarter.



Sheppard said the broader FSD rollout in China and the initial launch in Europe are "material catalysts" for the company's margins.



The analyst said the Cybercab, Tesla Semi and Megapack 3 on track for 2026 volume production is "significant."



"We remain bullish on TSLA over the medium to long term, and we continue to see meaningful future upside from Energy Storage &amp; Deployment, FSD, Robotaxis/Cybercab, Semis and Optimus Bots."



Sheppard added that investors should wait for a pullback to get a better entry into Tesla stock, as shares trade near all-time highs.



Goldman Sachs on TSLA: A debate on the long-term potential of profits from AI-related projects from Tesla could continue, Delaney said after Q3 earnings.



"We think the 3Q report was mixed to slightly negative relative to some focus areas for investors," he said in a new investor note.



The analyst said automotive gross margins, earnings per share and the Optimus 3 timeline were likely below investor expectations.



"We expect a potentially volatile event path over the near to medium term for the stock."



In the long term, the analyst said Tesla can grow its earnings per share with larger contributions from robotics and autonomous vehicles.



TSLA Price Action: Tesla stock is down 3.4% to $424.00 on Thursday, trading within a 52-week range of $214.25 to $488.54. Tesla shares are up 11.8% year-to-date in 2025.



Read Next: 



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<li><a href="https://www.benzinga.com/markets/tech/25/10/48027001/heres-how-many-vehicles-tesla-has-delivered-produced-in-each-quarter-since-2019-3">Here&#8217;s How Many Vehicles Tesla Has Delivered, Produced In Each Quarter Since 2019</a></li>
</ul>



Photo: Shutterstock

Price Target

Reiteration

Tesla Stock Has 'Limited Valuation Support': Analysts See Near-Term Risks After Q3 Results

After a dazzling rally that pushed gold prices to a record $4,378 per ounce earlier this month, the yellow metal has dipped back to $4,100—to some, a warning sign, but to others, a setup for what could be the next leg in a<a href="https://www.benzinga.com/topic/expert-ideas"> powerful, fundamentally driven uptrend.</a>



<h2 class="wp-block-heading">The Gold Rally That Got Popped — But Not For Long?</h2>



Gold's sharpest single-day drop in five years earlier this week reignited bubble talk, with some calling time on the metal's historic run.



Robin Brooks, senior fellow at the Brookings Institution and former chief economist at the Institute of International Finance, called the move a textbook case of macro-driven exuberance. 



"The crazy rise in gold prices began after Powell's dovish speech at Jackson Hole on Aug. 22. Thirty percent later, this bubble was popped by the IMF/World Bank meetings last week, where lots of people got together and said: ‘This is nuts,'" Brooks posted on X.



He argued that markets are rotating between safe-haven assets in what&#8217;s become a &#8220;debasement trade,&#8221; where bubbles form and burst across asset classes. Gold, he said, had become "massively overbought."



Still, not everyone's convinced the rally is over. Some commodity analysts believe this correction is merely a pause as the metal&#8217;s historic rally still has plenty of fuel left in the tank.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">It doesn&#39;t get more &quot;macro&quot; than the recent gold bubble. The crazy rise in gold prices began after Powell&#39;s dovish speech at Jackson Hole on August 22. 30% later, this bubble was popped by the IMF/WB meetings last week, where lots of people got together and said: &quot;This is nuts.&quot; <a href="https://t.co/57HNa1nuny">pic.twitter.com/57HNa1nuny</a>&mdash; Robin Brooks (@robin_j_brooks) <a href="https://twitter.com/robin_j_brooks/status/1980943987214061569?ref_src=twsrc%5Etfw">October 22, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



In a note to clients shared Thursday, Goldman commodity analysts Lina Thomas and Daan Struyven said they remain &#8220;structurally bullish&#8221; on gold, maintaining their forecast of $4,900 per ounce by end-2026, or about 20% upside from current prices near $4,100.



<h2 class="wp-block-heading">Why Did Gold Pull Back?</h2>



According to Goldman Sachs, the correction, which hit during Tuesday's session, likely stemmed from a mix of speculative unwinds and market mechanics. 



With no updated CFTC data since late September due to the U.S. government shutdown, Goldman turned to COMEX open interest as a proxy for investor positioning. 



That data suggests some managed money players exited long positions, while complex call option structures — including "knockout" clauses that void contracts during sharp moves — may have accelerated the selloff.



Adding to the turbulence: silver, which fell 11% since Friday, dragging gold lower through cross-metal positioning unwinds. 



Silver's sharp drop came as lease rates in London plunged, suggesting a recent price spike tied to regional shortages was easing, pulling more metal into the city and easing local tightness.



<h3 class="wp-block-heading">Central Banks And Institutional Buyers Are Driving The Gold Rally</h3>



Despite the price drop, structural buying hasn't let up. Goldman believes central bank purchases accelerated in September and October—following the usual post-summer seasonal trend—with China estimated to have bought 10 of the 21 tonnes in August alone.



Gold ETF inflows – in funds like the SPDR Gold Shares (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/GLD">GLD</a>) or the iShares Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/IAU">IAU</a>) – also picked up in recent weeks, supported by the outlook for Federal Reserve rate cuts. 



Private wealth and asset managers are also expressing renewed interest in gold as a long-term hedge, according to Goldman's client conversations.



Most of this money is slow-moving and not reflected in fast-twitch ETF metrics. Institutions operate on multi-quarter investment cycles.



In 2020, only 30% of U.S. institutional investors held any gold at all, and those that did had allocations below 2%, according to 13F filings. That leaves significant room for growth.



"If such private investors were to seek stores of value outside the financial system amid global macro uncertainty… even modest reallocations from global bond and equity portfolios could substantially raise prices," Goldman said.



<h3 class="wp-block-heading">22V Research Sees Gold at $5,000—And Soon</h3>



Adding weight to the thesis, 22V Research's analyst Colin Fenton offered a similarly bullish long-term view.



He expects gold to hit $5,000 and silver to reach $65 before the end of 2026—if not earlier.



"Significantly higher gold and silver prices most likely lie ahead," Fenton said, yet warned that the journey won't be smooth.



He called the recent correction a potential buying opportunity and indicated that the volatility reflects physical market realities, not just paper trading.



"To be crystal clear," Fenton added, "we expect spot gold and silver prices to advance by at least another +25% from current levels within the next 14 months."



And because of the operating leverage embedded in miners' earnings, he believes gold miners—tracked by ETFs like VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/GDX">GDX</a>)—could see 50%+ gains over the same period.



"This is a historic cycle for precious metals," Fenton said. "But from here the forward price paths cannot and will not be smooth. High price volatility must be expected and managed."



Read Next:



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<li><a href="https://www.benzinga.com/markets/commodities/25/10/48378418/oil-prices-today-us-sanctions-russia-rosneft-lukoil-donald-trump-putin-xle-etf-energy-stocks">Trump&#8217;s Sanctions On Russia Spark Oil Rally: 10 Energy Stocks Take Off</a></li>
</ul>



Image created using artificial intelligence via Midjourney.

Commodities

Don't Call It A Bubble: Why Gold's Rally Has Deep, Structural Support

Energy markets dominated headlines Thursday as a fresh wave of U.S. sanctions targeting Russia's oil giants sparked a sharp rebound in crude prices<a href="https://www.benzinga.com/markets/commodities/25/10/48378418/oil-prices-today-us-sanctions-russia-rosneft-lukoil-donald-trump-putin-xle-etf-energy-stocks"> and lifted energy shares.</a>



On Wednesday, President Donald Trump's administration imposed sweeping restrictions on Rosneft and Lukoil, ramping up pressure on Russian President Vladimir Putin to agree to a ceasefire in Ukraine. The U.S. Treasury also warned it could impose secondary sanctions on foreign entities doing business with Russia's defense or energy sectors.



The market reaction was immediate. West Texas Intermediate crude jumped more than 5% to $62 per barrel, on pace for its strongest session since June. The Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/XLE">XLE</a>) climbed 1.9%, outperforming all other S&amp;P 500 sectors.



Despite higher oil prices, broader equity sentiment remained positive. By midday in New York, the S&amp;P 500 was up 0.4% to 6,730, while the Nasdaq 100 gained 0.8% to 25,080.



In commodities, gold and silver advanced 1.6% each as investors stepped in after this week's steep declines.



Meanwhile, bond yields rose, with the 10-year Treasury up 5 basis points to 4.00% and the 30-year at 4.55%.



In crypto markets, sentiment was positive, with Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) climbing 2.2%.



<h2 class="wp-block-heading">Thursday&#8217;s Performance In Major US Indices, ETFs</h2>



<figure class="wp-block-table is-style-stripes"><table class="has-fixed-layout"><tbody><tr><td>Major Indices</td><td>Price</td><td>1-day % change</td></tr><tr><td>Russell 2000</td><td>2,471.90</td><td>+0.9%</td></tr><tr><td>Nasdaq 100</td><td>25,078.80</td><td>+0.8%</td></tr><tr><td>S&amp;P 500</td><td>6,731.38</td><td>+0.5%</td></tr><tr><td>Dow Jones</td><td>46,642.20</td><td>+0.1%</td></tr></tbody></table><figcaption class="wp-element-caption">Updated by 12:10 p.m. ET</figcaption></figure>



According to&nbsp;<a href="https://www.benzinga.com/pro/?utm_source=BZprocontent&amp;t=be2bearmibe3na1">Benzinga Pro</a>&nbsp;data:



<ul class="wp-block-list">
<li>The&nbsp;Vanguard S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/VOO">VOO</a>) rose 0.5% to $616.79.</li>



<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/quote/DIA">DIA</a>) inched 0.2% up to $466.54.</li>



<li>The tech-heavy&nbsp;Invesco QQQ Trust Series&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/QQQ">QQQ</a>)&nbsp;rose 0.7% to $609.77.</li>



<li>The&nbsp;iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/IWM">IWM</a>) rallied 1% to $245.59.</li>



<li>The&nbsp;Energy&nbsp;Select Sector SPDR Fund outperformed, up 1.9%; the&nbsp;Consumer Staples&nbsp;Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/quote/XLP">XLP</a>) lagged, down 0.8%.</li>
</ul>



<h2 class="wp-block-heading">Thursday&#8217;s Stock Movers On Earnings Reports</h2>



<ul class="wp-block-list">
<li>Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/TSLA">TSLA</a>) down 1.0%</li>



<li>International Business Machines Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/IBM">IBM</a>) down 1.1%</li>



<li>T-Mobile US, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/TMUS">TMUS</a>) down 4.6%</li>



<li>Blackstone Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/BX">BX</a>) down 3.9%</li>



<li>Lam Research Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/LRCX">LRCX</a>) up 4.6%</li>



<li>Honeywell International Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/HON">HON</a>) up 7.4%</li>



<li>Union Pacific Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/UNP">UNP</a>) down 2.0%</li>



<li>Sanofi (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/SNY">SNY</a>) up 0.5%</li>



<li>O&#8217;Reilly Automotive, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/ORLY">ORLY</a>) down 5.4%</li>



<li>Freeport-McMoRan Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/FCX">FCX</a>) up 1.7%</li>



<li>Kinder Morgan, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/KMI">KMI</a>) down 3.2%</li>



<li>United Rentals, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/URI">URI</a>) down 7.6%</li>



<li>Valero Energy Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/VLO">VLO</a>) up 6.3%</li>



<li>Roper Technologies, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/ROP">ROP</a>) down 6.7%</li>



<li>CBRE Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/CBRE">CBRE</a>) up 0.2%</li>



<li>Crown Castle Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/CCI">CCI</a>) down 1.7%</li>



<li>Las Vegas Sands Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/LVS">LVS</a>) up 11.8%</li>



<li>PG&amp;E Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/PCG">PCG</a>) down 1.3%</li>



<li>Raymond James Financial, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/RJF">RJF</a>) down 1.7%</li>



<li>Tractor Supply Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/TSCO">TSCO</a>) up 4.4%</li>



<li>FirstEnergy Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/FE">FE</a>) down 0.8%</li>



<li>CenterPoint Energy, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/CNP">CNP</a>) down 1.2%</li>



<li>Dover Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/DOV">DOV</a>) up 6.1%</li>



<li>STMicroelectronics N.V. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/STM">STM</a>) down 12.7%</li>



<li>First Citizens BancShares, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/FCNCA">FCNCA</a>) up 0.4%</li>



<li>West Pharmaceutical Services, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/WST">WST</a>) up 11.5%</li>



<li>Rogers Communications Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/RCI">RCI</a>) up 1.2%</li>



<li>Packaging Corporation of America (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/PKG">PKG</a>) flat (down 0.1%)</li>



<li>Dow Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/DOW">DOW</a>) up 11.5%</li>



<li>TechnipFMC plc (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/FTI">FTI</a>) up 8.6%</li>



<li>Southwest Airlines Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/LUV">LUV</a>) down 7.5%</li>



<li>TransUnion (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/TRU">TRU</a>) up 4.0%</li>



<li>Carpenter Technology Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/CRS">CRS</a>) up 24.0%</li>



<li>Allegion plc (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/ALLE">ALLE</a>) down 4.9%</li>



<li>Reliance, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/RS">RS</a>) down 1.2%</li>



<li>Textron Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/TXT">TXT</a>) down 3.2%</li>



<li>Annaly Capital Management, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/NLY">NLY</a>) down 1.8%</li>



<li>Graco Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/GGG">GGG</a>) down 1.8%</li>



<li>CACI International Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/CACI">CACI</a>) up 10.3%</li>



<li>Equity LifeStyle Properties, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/ELS">ELS</a>) down 5.1%</li>



<li>Mobileye Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/MBLY">MBLY</a>) down 1.7%</li>



<li>Globe Life Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/GL">GL</a>) up 0.2%</li>



<li>Alcoa Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/AA">AA</a>) up 15.1%</li>



<li>SEI Investments Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/SEIC">SEIC</a>) down 1.4%</li>



<li>Molina Healthcare, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/MOH">MOH</a>) down 20.7%</li>
</ul>



Stocks slated to report earnings after the close include Intel Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/INTC">INTC</a>), Newmont Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/NEM">NEM</a>), Norfolk Southern Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/NSC">NSC</a>), Digital Realty Trust Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/DLR">DLR</a>), Ford Motor Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/F">F</a>), Baker Hughes Co. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/BKR">BKR</a>), Comfort Systems USA Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/FIX">FIX</a>), Verisign Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/VRSN">VRSN</a>), SS&amp;C Technologies Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/SSNC">SSNC</a>), and Deckers Outdoor Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/DECK">DECK</a>).



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/commodities/25/10/48383517/dont-call-it-a-bubble-why-golds-rally-has-deep-structural-support">Don&#8217;t Call It A Bubble: Why Gold&#8217;s Rally Has Deep, Structural Support</a></li>
</ul>



Image created using artificial intelligence via Midjourney.

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Oil Stocks Rally On Trump's Russia Sanctions: What's Moving Markets Thursday?

A fresh wave of U.S. sanctions on Russia's largest oil companies, ordered by President Donald Trump, jolted energy markets back to life on Thursday—sparking a crude rally and lifting battered American<a href="https://www.benzinga.com/markets/commodities/25/10/48371213/trump-freezes-out-moscow-full-sanctions-slapped-on-russian-oil-giants-rosneft-and-lukoil-crude-oil-futures-surge"> oil stocks sharply higher.</a>



West Texas Intermediate (WTI) crude futures jumped over 5% to trade above $61 per barrel by 8:30 a.m. ET, reversing from a Monday low of $56 that had marked the weakest price since April 2025.



<h2 class="wp-block-heading">Trump's Russia Sanctions Send Oil Soaring</h2>



On Wednesday, the U.S. Treasury imposed sweeping sanctions on Rosneft and Lukoil, Russia's two largest oil producers, as part of a broader effort to pressure Moscow into agreeing to a ceasefire in Ukraine. 



The sanctions target not only the parent firms but also over 30 subsidiaries involved in upstream exploration, refining and distribution.



&#8220;Given President Putin's refusal to end this senseless war, Treasury is sanctioning Russia's two largest oil companies that fund the Kremlin's war machine,&#8221; Treasury Secretary Scott Bessent said.



The sanctions effectively freeze any U.S. assets tied to Rosneft and Lukoil and block American firms from doing business with them. This means less Russian oil on global markets, just as inventories had started to build and prices were softening.



Furthermore, the Treasury indicated that foreign financial institutions that facilitate major transactions or provide services to Russia's military-industrial complex or sanctioned energy firms now face heightened risk of U.S. sanctions. 



The potential for secondary penalties adds a new layer of pressure, threatening to further choke off global funding to Russia's oil and gas sector.



&#8220;We encourage our allies to join us in and adhere to these sanctions," Bessent added. 



Prior to Thursday&#8217;s 5% rally, oil prices had fallen nearly 15% over the past two months amid signs of slowing demand and rising U.S. production. 



But geopolitical risk is once again back at center stage, with the market recalibrating the potential for supply disruption.



<h2 class="wp-block-heading">Energy Stocks Rally After Trump&#8217;s Sanctions On Russi</h2>



The rally in oil prices translated immediately into Wall Street gains for energy companies, especially those focused on exploration and production. The Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/XLE">XLE</a>), which tracks U.S. energy giants, climbed 1.6% in Thursday's premarket, with 21 of its 22 constituents in the green.



Here are 10 of the biggest premarket movers:



<ul class="wp-block-list">
<li>APA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/APA">APA</a>) gained 4.2% to $23.85</li>



<li>Occidental Petroleum Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/OXY">OXY</a>) rose 3.1% to $43.04</li>



<li>Diamondback Energy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/FANG">FANG</a>) surged 2.6% to $146.02</li>



<li>ConocoPhillips (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/COP">COP</a>) advanced 2.5% to $89.55</li>



<li>Devon Energy Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/DVN">DVN</a>) added 2.4% to $33.19</li>



<li>SLB N.V. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/SLB">SLB</a>) moved up 2.3% to $35.72</li>



<li>EQT Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/EQT">EQT</a>) rose 2.3% to $54.70</li>



<li>Valero Energy Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/VLO">VLO</a>) climbed 2% to $165.15</li>



<li>EOG Resources Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/EOG">EOG</a>) gained 1.9% to $108.27</li>



<li>Expand Energy Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/XPD">XPD</a>) rose 1.9% to $106.41</li>
</ul>



As of Wednesday's market close, the XLE ETF had gained just 1.7% year to date—ranking as the worst performer among the S&amp;P 500's eleven sectors.



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/commodities/25/10/48315585/donald-trump-drill-baby-drill-energy-oil-gas-renewables-crude-prices-today-xle-etf">Trump&#8217;s &#8216;Drill Baby Drill&#8217; Plan Just Backfired—Oil Stocks Haven&#8217;t Been This Cheap In Years</a></li>
</ul>



Photo: Shutterstock

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Regulations

FANG

Trump's Sanctions On Russia Spark Oil Rally: 10 Energy Stocks Take Off

Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/TSLA">TSLA</a>) shares are trading lower on Thursday on the heels of the company&#8217;s third-quarter results, which were released after the market close on Wednesday. Here&#8217;s a look at what <a href="https://www.benzinga.com/markets/earnings/25/10/48367296/tesla-q3-highlights-record-ev-deliveries-falling-profits-ai-ambitions-ahead">you need to know</a>. 



<ul class="wp-block-list">
<li>TSLA is feeling the pressure from bearish momentum.&nbsp;<a href="https://www.benzinga.com/quote/TSLA" target="_blank" rel="noreferrer noopener">Get the complete picture here.</a></li>
</ul>



What To Know: Tesla reported third-quarter revenue of $28.10 billion, beating analyst estimates of $26.24 billion, according to <a href="http://pro.benzinga.com">Benzinga Pro</a>. The company reported third-quarter adjusted earnings of 50 cents per share, missing estimates of 54 cents per share. 



Total revenue increased 12% year-over-year as automotive revenue climbed 6% year-over-year to $21.2 billion. Tesla said it produced 447,450 vehicles in the third quarter and delivered 497,099 vehicles with growth across all regions. 



Shares moved lower when the report was released and continued to move lower during the earnings call as CEO Elon Musk talked about Tesla's AI strategy, including Optimus and the company&#8217;s robotaxi vision. Musk also used some of the call to urge investors to vote for his proposed <a href="https://www.benzinga.com/markets/tech/25/10/48346457/gary-black-expects-overwhelming-approval-for-elon-musks-trillion-dollar-pay-package-amid-proxy-advisor-opposition">compensation package</a>.



Tesla said in the third-quarter report that it faces near-term uncertainty due to shifting trade, tariff and fiscal policy, but noted that the company is focused on long-term growth and value creation. 



&#8220;We are prudently making the necessary investments in our business, including future business lines, that we believe will drive incredible value for Tesla and the world across transport, energy and robotics,&#8221; the company said. 



&#8220;We believe our scale and cost structure will enable us to navigate the shifting market dynamics across the globe more effectively than our peers, with advances in AI making our products the most compelling in the market.&#8221;



Tesla&#8217;s Cybercab, Semi and Megapack 3 are currently on track for volume production next year. Tesla also said its first-gen production lines for Optimus are being installed in anticipation of volume production.



Following Tesla&#8217;s quarterly results, Cantor Fitzgerald analyst Andres Sheppard maintained an <a href="https://www.benzinga.com/analyst-stock-ratings">Overweight rating</a> and raised the price target from&nbsp;$355&nbsp;to&nbsp;$510. Needham analyst Chris Pierce also reiterated Tesla with a Hold rating.



TSLA Price Action: <a href="http://benzinga.com/quote/TSLA">Tesla shares</a> were down 3.36% at $424.23 at the time of publication on Thursday, according to <a href="http://pro.benzinga.com">Benzinga Pro</a>. Despite Thursday&#8217;s decline, the stock is still up more than 100% over a one-year period.



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/tech/25/10/48376541/not-just-taiwan-semiconductor-elon-musk-to-also-rely-on-samsung-for-teslas-ai-chips">Not Just Taiwan Semiconductor: Elon Musk To Also Rely On Samsung For Tesla&#8217;s AI Chips</a></li>
</ul>



Photo: courtesy of Tesla.

Tesla Stock Is Trading Lower Thursday: What's Driving The Action?

Honeywell International Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/HON">HON</a>) on Thursday reported&nbsp;third-quarter&nbsp;2025 results&nbsp;that beat Wall Street expectations and raised its <a target="_blank" href="https://www.benzinga.com/pressreleases/25/10/n48374341/honeywell-reports-third-quarter-results-updates-2025-guidance" rel="noreferrer noopener">full-year earnings and sales&nbsp;outlook</a>.



<h2 class="wp-block-heading">Details</h2>



The company posted adjusted earnings of&nbsp;$2.82 per share, topping&nbsp;<a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">analysts&#8217; estimates of&nbsp;$2.57</a>.



Revenue for the quarter rose&nbsp;7%&nbsp;year over year (Y/Y) to&nbsp;$10.41 billion, beating expectations of&nbsp;$10.14 billion.



Also Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/25/10/48372235/dow-dips-over-300-points-amid-trade-concerns-investor-fear-increases-greed-index-remains-in-fear-zone" rel="noreferrer noopener">Dow Dips Over 300 Points Amid Trade Concerns: Investor Fear Increases, Greed Index Remains In &#8216;Fear&#8217; Zone</a>



Organic sales increased 6% Y/Y, aided by double-digit growth in commercial aftermarket and defense and space.



Operating income declined 6%&nbsp;Y/Y, and segment profit increased 5%&nbsp;to&nbsp;$2.4 billion. This was led by strength in Energy and Sustainability Solutions and Building Automation segments.



The operating margin contracted 220&nbsp;basis points to&nbsp;16.9%&nbsp;and segment margin contracted 50&nbsp;basis points to&nbsp;23.1%.



Operating cash flow was&nbsp;$3.3&nbsp;billion, up 65%&nbsp;Y/Y, and free cash flow was&nbsp;$1.5&nbsp;billion, down&nbsp;16%&nbsp;Y/Y in the quarter.



<h2 class="wp-block-heading">Segment Performance</h2>



Segment results were mixed. Aerospace Technologies generated&nbsp;$4.51 billion&nbsp;in sales, up&nbsp;12% Y/Y&nbsp;organically. However, segment margins declined 160 basis points due to cost inflation and recent acquisitions.



Building Automation posted&nbsp;$1.88 billion&nbsp;in sales with&nbsp;7% Y/Y&nbsp;organic growth and an 80&nbsp;basis-point margin expansion led by volume leverage and strong commercial operation.



Industrial Automation reported&nbsp;$2.27 billion&nbsp;in sales, up 1% Y/Y on an organic basis. However, segment margins contracted 150 basis points Y/Y due to cost inflation.



Energy and Sustainability Solutions recorded&nbsp;$1.74 billion&nbsp;in sales, down 2% Y/Y&nbsp;organically. UOP sales fell 13% Y/Y due to expected licensing delays and weak catalyst shipment volumes. However, segment margins remained flat Y/Y in the quarter.



<h2 class="wp-block-heading">Outlook</h2>



Honeywell raised its 2025 adjusted EPS guidance&nbsp;to&nbsp;$10.60 &#8211; $10.70 from&nbsp;$10.45 &#8211; $10.65,&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">versus the consensus of&nbsp;$10.54</a>.



However, the company lowered its full-year sales&nbsp;outlook&nbsp;to&nbsp;$40.7 billion-$40.9 billion, from&nbsp;$40.8 billion-$41.3 billion, versus a consensus of&nbsp;$40.84 billion.



Honeywell now expects operating cash flow to be between&nbsp;$6.4 billion-$6.8 billion (versus $6.7 billion-$7.1 billion prior), and free cash flow of $5.2 billion-$5.6 billion (versus $5.4 billion&nbsp;and&nbsp;$5.8 billion prior).



Excluding the Bombardier settlement, it forecasts&nbsp;5% organic sales growth, segment margin&nbsp;down 40 to 30 basis points, and adjusted EPS&nbsp;up about 3% for the year.



<h2 class="wp-block-heading">Management Commentary</h2>



Vimal Kapur, chairman and chief executive officer of Honeywell, stated, &#8220;Increased orders across our business segments pushed the company&#8217;s total backlog to another record high and reinforced the benefit of the new, innovative solutions we are delivering for customers. All of this translated to us exceeding the high end of our guidance for both organic growth and adjusted earnings per share in the quarter.&#8221;



<h2 class="wp-block-heading">Portfolio Restructuring</h2>



Honeywell disclosed an updated business segment structure in <a target="_blank" href="https://www.benzinga.com/pressreleases/25/10/n48366682/honeywell-announces-updated-business-segment-structure-ahead-of-aerospace-spin-off" rel="noreferrer noopener">preparation for two upcoming separations</a>.



Effective January 1, 2026, Honeywell will adopt a new structure for its reporting segments: Aerospace Technologies, Building Automation, Industrial Automation, and Process Automation and Technology.



Notably, the company plans to spin off its Solstice Advanced Materials business by October 30, 2025, followed by the planned separation of its Aerospace Technologies business <a target="_blank" href="https://www.benzinga.com/news/earnings/25/02/43526541/honeywell-q4-earnings-revenue-and-eps-beat-pursues-planned-split-into-3-public-companies-by-2026" rel="noreferrer noopener">in the second half of 2026</a>.



Investors can gain exposure to the stock via Themes Transatlantic Defense ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/NATO">NATO</a>) and&nbsp;EA Series Trust Castellan Targeted Income ETF (BATS:<a class="ticker" href="https://www.benzinga.com/quote/CTIF">CTIF</a>).



Price Action: HON shares were trading higher by 4.17% to $215.23 premarket at last check Thursday.



Read Next:



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<li><a href="https://www.benzinga.com/markets/large-cap/25/10/48096875/honeywell-partners-with-ls-electric-to-boost-data-center-power-efficiency" target="_blank" rel="noreferrer noopener">Honeywell Partners With LS Electric To Boost Data Center Power Efficiency</a></li>
</ul>



Photo by josefkubes via Shutterstock

Guidance

CTIF

NATO

Honeywell Bets On Growth With New Segment Strategy And Spin-Off Plans

Editor&#8217;s Note: The future prices of benchmark tracking ETFs and the latest earnings results were updated in the story.<div><span style="color: rgb(29, 28, 29); font-family: Slack-Lato, Slack-Fractions, appleLogo, sans-serif; font-size: 15px; font-variant-ligatures: common-ligatures; white-space-collapse: collapse; background-color: rgb(248, 248, 248);"></div>



U.S. stock futures were swinging on Thursday following Wednesday&#8217;s declines. Futures of major benchmark indices were lower.



A wave of disappointing earnings guidance and escalating U.S.-China trade tensions rattled investor confidence. The Donald Trump administration is considering <a href="https://www.benzinga.com/markets/equities/25/10/48361096/trump-mulls-tech-export-crackdown-on-china-these-10-stocks-are-sinking">new restrictions on exports to China</a> that would target products either made with or containing U.S.-developed software. 



Additionally, the administration is reportedly in talks with several U.S. <a href="https://www.benzinga.com/markets/tech/25/10/48371538/trump-administration-reportedly-exploring-taking-stakes-in-quantum-computing-companies-ionq-rigetti-and-d-wave-discussing-move">quantum computing companies</a> to take ownership stakes in exchange for federal funding. 



Meanwhile, the 10-year Treasury bond yielded 3.98% and the two-year bond was at 3.46%. The CME Group's FedWatch <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">tool</a>&#8216;s projections show markets pricing a 96.7% likelihood of the Federal Reserve cutting the current interest rates in its October meeting. 



<div class="wp-block-group is-layout-constrained wp-block-group-is-layout-constrained">
<div class="wp-block-columns is-layout-flex wp-container-core-columns-is-layout-1 wp-block-columns-is-layout-flex">
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<figure class="wp-block-table"><table class="has-fixed-layout"><tbody><tr><td>Futures</td><td>Change (+/-)</td></tr><tr><td>Dow Jones</td><td>-0.25%</td></tr><tr><td>S&amp;P 500</td><td>-0.03%</td></tr><tr><td>Nasdaq 100</td><td>-0.01%</td></tr><tr><td>Russell 2000</td><td>0.37%</td></tr></tbody></table></figure>
</div>
</div>
</div>



The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/SPY">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/QQQ">QQQ</a>), which track the S&amp;P 500 index and Nasdaq 100 index, respectively, fell in premarket on Thursday. The SPY was down 0.18% at $666.59, while the QQQ declined 0.32% to $603.55, according to <a href="http://pro.benzinga.com/dashboard">Benzinga Pro</a> data.



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="Tesla Q3 Highlights: Record Deliveries, Falling Profits, AI Ambitions &#x7C; Stock Market News Today" width="500" height="281" src="https://www.youtube.com/embed/IDq7D6ZBbb0?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



<h2 class="wp-block-heading">Stocks In Focus</h2>



<h2 class="wp-block-heading">Tesla</h2>



<ul class="wp-block-list">
<li>Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/TSLA">TSLA</a>) fell 4.07% in premarket on Thursday after reporting better-than-expected revenue for the third quarter, while earnings missed estimates.</li>
</ul>



<ul class="wp-block-list">
<li>TSLA maintained a stronger price trend over the short, medium, and long terms, with a poor value ranking, as per Benzinga&#8217;s Edge Stock Rankings. Additional performance details are <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">available here</a>.</li>
</ul>



<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="1024" height="158" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/23052949/TSLA-EDGE-OCT-23-1024x158.png" alt="Benzinga's Edge Stock Rankings for TSLA." class="wp-image-1127518" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/23052949/TSLA-EDGE-OCT-23-1024x158.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/23052949/TSLA-EDGE-OCT-23-300x46.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/23052949/TSLA-EDGE-OCT-23-768x119.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/23052949/TSLA-EDGE-OCT-23.png 1153w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>



<h2 class="wp-block-heading">International Business Machines</h2>



<ul class="wp-block-list">
<li>International Business Machines Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/IBM">IBM</a>) dropped 6.82% despite reporting better-than-expected financial results for the third quarter after the market closed on Wednesday. IBM also said it now expects constant currency revenue growth of &#8220;more than&#8221; 5% for full-year 2025, up from prior guidance of &#8220;at least&#8221; 5%.</li>
</ul>



<ul class="wp-block-list">
<li>Benzinga&#8217;s Edge Stock Rankings indicate that IBM had a stronger price trend over the short, medium, and long terms, with a strong quality score. Additional performance details are <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">available here.</a></li>
</ul>



<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="1024" height="153" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/23052921/IBM-EDGE-OCT-23-1024x153.png" alt="Benzinga's Edge Stock Rankings for IBM." class="wp-image-1127515" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/23052921/IBM-EDGE-OCT-23-1024x153.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/23052921/IBM-EDGE-OCT-23-300x45.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/23052921/IBM-EDGE-OCT-23-768x115.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/23052921/IBM-EDGE-OCT-23.png 1144w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>



<h2 class="wp-block-heading">American Airlines Group</h2>



<ul class="wp-block-list">
<li>American Airlines Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/AAL">AAL</a>) rose 5.21% after reporting third-quarter revenue of $13.7 billion, beating the analyst estimate of $13.63 billion and earnings loss of 17 cents per share, better than the expected loss of 28 cents, as per Benzinga Pro.<div><span style="color: rgb(29, 28, 29); font-family: Slack-Lato, Slack-Fractions, appleLogo, sans-serif; font-size: 15px; font-variant-ligatures: common-ligatures; white-space-collapse: collapse; background-color: rgb(248, 248, 248);"></div></li>
</ul>



<ul class="wp-block-list">
<li>AAL maintained a strong price trend over the medium term but a weaker trend in the short and long terms, with a moderate growth ranking, as per Benzinga&#8217;s Edge Stock Rankings. Additional information is <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">available here.</a></li>
</ul>



<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="1024" height="155" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/23052856/AAL-EDGE-1024x155.png" alt="Benzinga's Edge Stock Rankings for AAL." class="wp-image-1127514" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/23052856/AAL-EDGE-1024x155.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/23052856/AAL-EDGE-300x45.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/23052856/AAL-EDGE-768x116.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/23052856/AAL-EDGE.png 1159w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>



<h2 class="wp-block-heading">Medpace Holdings</h2>



<ul class="wp-block-list">
<li>Medpace Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/MEDP">MEDP</a>) surged 18.52% after it reported third-quarter revenue of $659.9 million and earnings of $3.86 per share, both surpassing analyst estimates.</li>
</ul>



<ul class="wp-block-list">
<li>Benzinga&#8217;s Edge Stock Rankings indicate that MEDP maintains a stronger price trend over the short, medium, and long terms, with a robust quality ranking. Additional performance details are <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">available here.</a></li>
</ul>



<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="1024" height="155" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/23052807/MEDP-EDGE-1024x155.png" alt="Benzinga's Edge Stock Rankings for MEDP." class="wp-image-1127512" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/23052807/MEDP-EDGE-1024x155.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/23052807/MEDP-EDGE-300x45.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/23052807/MEDP-EDGE-768x116.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/23052807/MEDP-EDGE.png 1155w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>



<h2 class="wp-block-heading">Ford Motor</h2>



<ul class="wp-block-list">
<li>Ford Motor Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/F">F</a>) shares were down 6.82% as it is scheduled to report earnings after the closing bell. Analysts expect earnings of 36 cents per share on revenue of $43.08 billion.</li>
</ul>



<ul class="wp-block-list">
<li>Ford maintained a stronger price trend over short, medium, and long terms, with a strong value ranking. Additional performance details, as per Benzinga&#8217;s Edge Stock Rankings, are <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">available here.</a></li>
</ul>



<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="1024" height="158" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/23052752/F-EDGE-1024x158.png" alt="Benzinga's Edge Stock Rankings for F." class="wp-image-1127511" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/23052752/F-EDGE-1024x158.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/23052752/F-EDGE-300x46.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/23052752/F-EDGE-768x119.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/23052752/F-EDGE.png 1146w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>



<h2 class="wp-block-heading">Cues From Last Session</h2>



Most sectors on the S&amp;P 500 closed on a negative note, with communication services, industrials, and consumer discretionary stocks recording the biggest losses on Wednesday.



<figure class="wp-block-table is-style-stripes"><table class="has-fixed-layout"><tbody><tr><td>Index</td><td>Performance (+/-)</td><td>Value</td></tr><tr><td>Nasdaq Composite</td><td>-0.93%</td><td>22,740.40</td></tr><tr><td>S&amp;P 500</td><td>-0.53%</td><td>6,699.40</td></tr><tr><td>Dow Jones</td><td>-0.71%</td><td>46,590.41</td></tr><tr><td>Russell 2000</td><td>-1.45%</td><td>2,451.55</td></tr></tbody></table></figure>



<h2 class="wp-block-heading">Insights From Analysts</h2>



Mike Wilson, Morgan Stanley's CIO and chief U.S. equity strategist, issued a bold directive toward the Federal Reserve, arguing the central bank is &#8220;behind the curve&#8221; and must deliver &#8220;meaningful&#8221; rate cuts.



In a conversation with <a href="https://www.youtube.com/watch?v=l_oFW3Tk2U8">CNBC</a>, Wilson contended the Fed is trailing the two-year Treasury yield by 75 to 85 basis points, which is &#8220;just three cuts to get to neutral.&#8221; To truly get &#8220;ahead of the curve,&#8221; he believes the Fed needs to cut by 150 basis points or more. 



He argued the Fed is waiting for a clear signal to act. &#8220;The only way they&#8217;re going to do that is if we get weaker labor data, which I think is probably forthcoming, or we get some sort of bond volatility,&#8221; Wilson said.



This aggressive rate-cut stance supports Wilson&#8217;s broader, contrarian thesis that the economy is not &#8220;late cycle,&#8221; but has already transitioned into an &#8220;early cycle new recovery.&#8221; He dismissed recent volatility, pointing to market fundamentals as proof of a new cycle. &#8220;The stock market is smarter than all of us,&#8221; Wilson stated, adding that &#8220;earnings revisions now have really exploded higher in a way they only do in a new economic cycle.&#8221;



See Also: <a href="https://www.benzinga.com/money/how-to-trade-futures">How to Trade Futures </a>



<h2 class="wp-block-heading">Upcoming Economic Data</h2>



Here's what investors will be keeping an eye on Thursday;



<ul class="wp-block-list">
<li>The initial jobless claims data for the latest week will be delayed because of the impending shutdown. Existing home sales for September will be out by 10:00 a.m. ET.</li>
</ul>



<ul class="wp-block-list">
<li>Fed Vice Chair for Supervision Michelle Bowman will testify before the Senate Banking, Housing, and Urban Affairs Committee at 10:00 a.m., and Fed Governor Michael Barr will speak at 10:25 a.m. ET.</li>
</ul>



<h2 class="wp-block-heading">Commodities, Gold, Crypto, And Global Equity Markets</h2>



Crude oil futures were trading higher in the early New York session by 5.220% to hover around $61.54 per barrel.



Gold Spot US Dollar rose 0.38% to hover around $4,114.22 per ounce. Its last record high stood at $4,381.6 per ounce. The U.S. Dollar Index spot was 0.16% higher at the 99.0560 level.



Meanwhile, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) was trading 1.16% higher at $109,323.15 per coin.



Asian markets closed higher on Thursday, except South Korea's Kospi and Japan's Nikkei 225 indices. India&#8217;s NIFTY 50, Hong Kong's Hang Seng, Australia's ASX 200, and China&#8217;s CSI 300 rose. European markets were mixed in early trade.



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/commodities/25/10/48373194/jim-cramer-says-sell-gold-analyst-tavi-costa-disagrees-citing-gold-to-silver-ratio">Jim Cramer Says &#8216;Sell Gold&#8217;—Analyst Tavi Costa Disagrees, Citing Gold-To-Silver Ratio</a></li>
</ul>



Photo courtesy: Shutterstock

Market Summary

Futures

Treasuries

Pre-Market Outlook

Markets

MEDP

Stock Market Today: Dow Jones, S&P 500 Futures Slide Amid US-China Trade Tensions—Tesla, IBM, American Airlines In Focus (UPDATED)

Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/TSLA">TSLA</a>) stock declined 2.89% before the bell on Thursday, as the EV maker missed Wall Street&#8217;s quarterly earnings per share (EPS) expectations. 



<h2 class="wp-block-heading">Fourth Consecutive EPS Miss</h2>



Tesla reported third-quarter revenues of $28.095 billion, marking a <a href="https://www.benzinga.com/markets/earnings/25/10/48367296/tesla-q3-highlights-record-ev-deliveries-falling-profits-ai-ambitions-ahead">12% year-over-year </a>increase, and surpassing the Street&#8217;s consensus estimate of $26.239 billion. 



However, EPS of 50 cents came in below the Street&#8217;s estimate of 54 cents— marking the fourth consecutive miss on expectations. This was in part due to tariff and research costs, as well as a drop in income from regulatory credits that are expected to continue to fade away with recent legislation passed by the Trump administration.



Operating income plummeted 40% year-over-year to $1.6 billion, with an operating margin of 5.8%.



<h2 class="wp-block-heading">Mixed Wall Street Reactions </h2>



Gene Munster, managing partner at Deepwater Asset Management, highlighted Tesla&#8217;s <a href="https://www.benzinga.com/markets/earnings/25/10/48371692/teslas-q3-earnings-divide-analysts-but-dan-ives-says-the-worst-is-in-the-rearview-mirror-for-the-most-undervalued-name-in-ai">balance sheet strength</a>, noting that its cash and liquidity increased by $4 billion during the quarter to $41 billion. Meanwhile, Wedbush analyst Dan Ives called this the company's "golden chapter."



However, concerns have been raised about Tesla&#8217;s strategic focus. Ross Gerber, co-founder of investment firm Gerber Kawasaki, believes that Tesla&#8217;s <a href="https://www.benzinga.com/markets/tech/25/10/48372721/ross-gerber-still-holds-tesla-stock-but-calls-elon-musks-focus-away-from-evs-strategic-error">shift away from EVs </a>could be a strategic error for the company. Despite this, his firm still holds over &#8220;$80 million&#8221; in Tesla stock for clients.



Gary Black, managing director of Future Fund LLC, also <a href="https://www.benzinga.com/markets/tech/25/10/48373338/gary-black-says-elon-musks-buzzwords-and-technical-jargon-did-little-to-boost-investor-confidence-following-tesla-earnings-call">expressed concerns </a>about Tesla&#8217;s future. He stated that CEO Elon Musk&#8216;s comments about the future did little to boost investor confidence following the mixed Q3 earnings report.



<h2 class="wp-block-heading">Key Metrics Denote Strength</h2>



<figure class="wp-block-image aligncenter size-full"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="449" height="272" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/23050343/image-587.png" alt="" class="wp-image-1127455" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/23050343/image-587.png 449w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/23050343/image-587-300x182.png 300w" sizes="(max-width: 449px) 100vw, 449px" /></a></figure>



Tesla holds a momentum rating of 92.39%, a growth rating of 76.06% and a quality rating of 73.72% according to Benzinga's Proprietary Edge Rankings. 



The Benzinga Growth metric evaluates a stock&#8217;s historical earnings and revenue expansion across multiple timeframes, prioritizing both long-term trends and recent performance. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">Check the detailed report here</a>.



READ NEXT:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/tech/25/10/48348277/tesla-recalls-nearly-13000-us-cars-over-battery-risk">Tesla Recalls Nearly 13,000 US Cars Over Battery Risk</a></li>
</ul>



Image via Shutterstock



Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Earnings Misses

Travel

Tesla Stock Falls Nearly 3% In Thursday Pre-Market — But Key Metrics Point To Explosive Growth Potential

General Motors Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/GM">GM</a>) CEO Mary Barra says that the Chinese EV market is currently grappling with overcapacity amid the country's EV price war.



Check out the current price of GM <a href="https://benzinga.com/quote/GM">here</a>.



<h2 class="wp-block-heading">‘An Incredible Price War'</h2>



Speaking on The Verge's Decoder <a href="https://www.theverge.com/podcast/803379/gm-ceo-mary-barra-sterling-anderson-cadillac-iq-ev-autonomy-interview">podcast</a> on Wednesday, Barra said there was an "incredible price war" going on in China's EV sector. "You can&#8217;t have over 100 different OEMs in a country trying to compete, especially now that they&#8217;re competing on price," Barra said on the podcast. "I would also say the market is over capacity in China," Barra said, adding that the issue is causing increased exports.



It's worth noting that Cui Dongshu, the secretary general of the China Passenger Car Association, said that China's domestic EV market was growing at a fast pace, which was <a href="https://www.benzinga.com/markets/tech/25/10/48095189/chinas-ev-transition-has-left-car-dealers-struggling-to-make-profits-amid-price-war-overcapacity">leading to overcapacity</a> in the sector. It was also eating into dealers' profits.



<h2 class="wp-block-heading">Mary Barra Calls EVs GM's North Star</h2>



During the company's Q3 earnings call, Barra called EVs <a href="https://www.benzinga.com/markets/tech/25/10/48346295/general-motors-ends-brightdrop-van-production-in-canada-amid-low-demand-ceo-mary-barra-calls-evs-north-star-for-gm">GM's "North Star,"</a> while the company's CFO, Paul Jacobson, conceded that the market demand for EVs had <a href="https://www.benzinga.com/markets/tech/25/10/48345779/gm-cfo-says-rivals-were-selling-evs-for-whatever-they-could-get-during-third-quarter-earnings-call-amid-1-6-billion-ev-charge">fallen down significantly</a>. Barra also pointed towards increased volumes for ICE-powered vehicles in the industry.



GM also halted production of the BrightDrop EV fleet van at the company's production facility in Ingersoll, Ontario in Canada, citing falling demand for the vehicle. "We have decided to stop BrightDrop production at CAMI Assembly and assess the site for future opportunities," Barra said.



<h2 class="wp-block-heading">GM's $1.6 Billion EV Charge</h2>



GM had earlier shared that it took on a<a href="https://www.benzinga.com/markets/tech/25/10/48219182/former-ford-ceo-mark-fields-says-ev-market-didnt-develop-the-way-automakers-thought-amid-gms-1-6-billion-charge"> $1.6 billion charge related to EVs</a>. $1.2 billion in charges came from EV capacity adjustments, as shown by a recent SEC filing by GM.



GM also <a href="https://www.benzinga.com/markets/tech/25/10/48117324/general-motors-ends-ev-incentives-days-after-announcing-subsidies-following-tax-credit-deadline-report">pulled back on EV incentives</a> it planned on offering after President Donald Trump's September 30 deadline for the Federal EV credit. GM's decision was also <a href="https://www.benzinga.com/markets/tech/25/10/48141110/after-gm-ford-pulls-back-ev-incentive-extension-beyond-trumps-september-30-deadline-amid-gop-concerns-report">followed by crosstown rival</a> Ford Motor Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/F">F</a>).



<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="1024" height="204" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/23052011/GM-OCT-23-2025-1024x204.jpg" alt="" class="wp-image-1127500" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/23052011/GM-OCT-23-2025-1024x204.jpg 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/23052011/GM-OCT-23-2025-300x60.jpg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/23052011/GM-OCT-23-2025-768x153.jpg 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/23052011/GM-OCT-23-2025-1536x306.jpg 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/23052011/GM-OCT-23-2025.jpg 1568w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>



GM offers good Momentum and Value and scores satisfactorily on the Quality metric, but boasts poor Growth. GM also offers a favorable price trend in the Short, Medium and Long term. For more such insights, sign up for<a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"> Benzinga Edge Stock Rankings</a> today!



Check out more of Benzinga's Future Of Mobility coverage by<a href="https://www.benzinga.com/topic/mobility"> following this link.</a>



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/tech/25/10/48373338/gary-black-says-elon-musks-buzzwords-and-technical-jargon-did-little-to-boost-investor-confidence-following-tesla-earnings-call">Gary Black Says Elon Musk&#8217;s &#8216;Buzzwords And Technical Jargon&#8217; Did Little To Boost Investor Confidence Following Tesla Earnings Call</a></li>
</ul>



Photo courtesy: Jonathan Weiss via Shutterstock

Global

GM CEO Mary Barra Says There's Overcapacity In China's EV Market Amid EV Price War

Tesla Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/TSLA">TSLA</a>) <a href="https://www.benzinga.com/markets/earnings/25/10/48367296/tesla-q3-highlights-record-ev-deliveries-falling-profits-ai-ambitions-ahead">third-quarter results</a> have sparked a range of reactions from Wall Street, with some analysts calling the report a turning point and others urging caution on near-term expectations.



TSLA is among today&#8217;s weakest performers. <a href="https://www.benzinga.com/quote/TSLA" target="_blank" rel="noreferrer noopener">Find out why here</a>.



<h2 class="wp-block-heading">Strong Balance Sheet To &#8216;Fund The Product Roadmap&#8217;</h2>



On Wednesday, in a post on X, Gene Munster, the managing partner at Deepwater Asset Management, highlighted Tesla&#8217;s balance sheet strength, noting that its cash and liquidity has increased by $4 billion during the quarter to $41 billion, which he said was enough to fund the company&#8217;s &#8220;product roadmap.&#8221; 



&#8220;The dream can be funded,&#8221; Munster said, adding that the company&#8217;s competitors General Motors Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/GM">GM</a>) and Ford Motor Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/F">F</a>) have about $23 billion each. 



See Also: <a href="https://www.benzinga.com/markets/tech/25/10/48370989/former-tesla-ai-chief-gives-insights-on-elon-musks-unique-style-of-running-the-biggest-startups-on-earth-and-of-course-he-is-unconventional">Former Tesla AI Chief Gives Insights On Elon Musk&#8217;s &#8216;Unique&#8217; Style Of Running The &#8216;Biggest Startups&#8217; On Earth — And Of Course He Is Unconventional</a>



Munster also noted that the company&#8217;s Cybercab is &#8220;on schedule for volume production in 2026,&#8221; while its Optimus humanoid robot &#8220;is still early.&#8221;



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Three key <a href="https://twitter.com/search?q=%24TSLA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TSLA</a> takeaways from the outlook section: 1. Cash &amp; liquidity: Up $4B to $41B which they say is enough to fund the product roadmap. My take: the dream can be funded. (For context, Ford &amp; GM each have about $23B in cash.) 2. Cybercab: On schedule for volume production…&mdash; Gene Munster (@munster_gene) <a href="https://twitter.com/munster_gene/status/1981093825637720492?ref_src=twsrc%5Etfw">October 22, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<h2 class="wp-block-heading">The Worst &#8216;Is In The Rearview Mirror&#8217;</h2>



Wedbush analyst Dan Ives was upbeat about the company&#8217;s third-quarter results, saying that &#8220;the worst is in the rearview mirror,&#8221; while appearing on CNBC&#8217;s &#8220;Closing Bell.&#8221;



Ives said that Tesla has entered what he called its &#8220;most important chapter of growth ever, the autonomous and robotics future.&#8221; He called this the company&#8217;s &#8220;golden chapter.&#8221;



He described Tesla as a &#8220;physical AI play,&#8221; comparing it with NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/NVDA">NVDA</a>), and said that &#8220;Tesla continues to be the most undervalued AI name.&#8221; He also said that the company would own 80% of the global autonomous market, while projecting a market capitalization of &#8220;$3 trillion by the end of next year.&#8221;



Given its current market capitalization of $1.38 trillion, Ives essentially expects the stock to more than double over the next 12 to 15 months. 



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Tesla is now entering its most important chapter of growth with the autonomous era kicking off <a href="https://twitter.com/CNBCClosingBell?ref_src=twsrc%5Etfw">@CNBCClosingBell</a> &#x1f3c6;&#x1f525;&#x1f402; <a href="https://t.co/VgherDv7t2">https://t.co/VgherDv7t2</a>&mdash; Dan Ives (@DivesTech) <a href="https://twitter.com/DivesTech/status/1981097670069670007?ref_src=twsrc%5Etfw">October 22, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<h2 class="wp-block-heading">Stock Unlikely To Break Out During &#8216;This Quarter&#8217;</h2>



Fund manager Bryn Talkington, the managing partner at Requisite Capital Management, took a more measured approach to the stock while appearing on CNBC&#8217;s &#8220;Closing Bell&#8221; alongside Ives.



She said that she would add to her position in the company &#8220;around $390,&#8221; 11% below where the stock currently trades at $438.97, while adding that she doesn&#8217;t &#8220;see this quarter being the quarter that it breaks out.&#8221;



Talkington, however, praised the company&#8217;s advances in autonomous technology, highlighting its safety standards while noting that &#8220;using the autopilot, there was one crash every 6.3 million miles,&#8221; as opposed to regular cars, which she said experience a crash every 700,000 miles. &#8220;So, that&#8217;s incredible,&#8221; she said.



<h2 class="wp-block-heading">Tesla Dips After Q3 Results</h2>



Tesla released its <a href="https://www.benzinga.com/markets/earnings/25/10/48367296/tesla-q3-highlights-record-ev-deliveries-falling-profits-ai-ambitions-ahead">third-quarter earnings</a> on Wednesday after the markets closed, reporting $28.09 billion in revenue, up 12% year-over-year and ahead of consensus estimates at $26.23 billion, according to data from <a href="http://benzinga.com/pro/">Benzinga Pro</a>.



Earnings during the quarter were $0.50 per share, which, however, missed the Street&#8217;s estimate of $0.54 per share, marking its fourth consecutive miss.



Tesla shares were down 0.82% on Wednesday, closing at $438.97, and are down 3.05% overnight following its earnings announcement. The stock scores high in Benzinga&#8217;s Edge Stock Rankings, with a favorable price trend in the short, medium and long terms. Click <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">here</a> for deeper insights into the stock, its peers and competitors.



<figure class="wp-block-image aligncenter size-large is-resized"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="1024" height="149" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/22233154/Screenshot-2025-10-23-at-9.01.37-AM-1024x149.png" alt="" class="wp-image-1126960" style="width:708px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/22233154/Screenshot-2025-10-23-at-9.01.37-AM-1024x149.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/22233154/Screenshot-2025-10-23-at-9.01.37-AM-300x44.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/22233154/Screenshot-2025-10-23-at-9.01.37-AM-768x112.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/22233154/Screenshot-2025-10-23-at-9.01.37-AM.png 1526w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>



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Photo Courtesy: Kittyfly on Shutterstock.com

Tesla's Q3 Earnings Divide Analysts, But Dan Ives Says 'The Worst Is In The Rearview Mirror' For The 'Most Undervalued' Name In AI

Apple Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/AAPL">AAPL</a>) latest iPhone Air is struggling to gain traction, as top analyst Ming-Chi Kuo says the existing iPhone Pro and standard models already satisfy the majority of high-end users.



<h2 class="wp-block-heading">iPhone Air Fails To Capture Market Share</h2>



On Wednesday, renowned Apple analyst Kuo took to X, formerly Twitter that demand for the iPhone Air has fallen short of expectations.



He noted that the company's high-end market is largely dominated by the Pro and standard series, leaving limited room for new variants.



"This indicates that the existing Pro series and standard models already cover the majority of high-end user demand well, leaving little room to carve out new market segments and positioning — as previous attempts with the mini, Plus, and now Air models have all failed to gain traction," Kuo wrote.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">iPhone Air demand has fallen short of expectations, leading the supply chain to begin scaling back both shipments and production capacity. Most suppliers are expected to reduce capacity by more than 80% by 1Q26, while some components with longer lead times are expected to be…&mdash; 郭明錤 (Ming-Chi Kuo) (@mingchikuo) <a href="https://twitter.com/mingchikuo/status/1981051589000671742?ref_src=twsrc%5Etfw">October 22, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



See Also:&nbsp;<a href="https://www.benzinga.com/tech/24/12/42378596/openais-chatgpt-makes-headway-in-search-threatening-googles-reign" target="_blank" rel="noreferrer noopener">OpenAI&#8217;s ChatGPT Makes Headway In Search, Threatening Google&#8217;s Reign</a>



<h2 class="wp-block-heading">Apple Cuts Air Production, Boosts Flagship Orders</h2>



Kuo's statement came after it was reported that <a href="https://docs.google.com/document/d/16SE2QKiBxWc_4CRzYGgoyt6Cyeql6RoLnFRHNbj0080/edit?tab=t.0">Apple had reduced production orders</a> for the iPhone Air nearly to end-of-production levels. As per the report, production from November onward will drop to less than 10% of September's volume.



Meanwhile, demand for the iPhone 17 and iPhone 17 Pro has exceeded expectations, prompting Apple to increase production for these models.



Despite tariffs and a slow global smartphone market, Apple plans to maintain iPhone 17 production at 85–90 million units.



Kuo also said, "Most suppliers are expected to reduce capacity by more than 80% by 1Q26, while some components with longer lead times are expected to be discontinued by the end of 2025."



<h2 class="wp-block-heading">Strong Sales For iPhone 17 Drive Growth</h2>



<a href="https://www.benzinga.com/markets/tech/25/10/48300858/base-iphone-17-sells-nearly-twice-as-fast-as-iphone-16-in-china">iPhone 17 models have outsold</a> iPhone 16 units by 14% in the U.S. and China during the first 10 days of launch, according to Counterpoint Research.



Key drivers include upgraded chips, larger storage, better displays and improved selfie cameras.



Following the Counterpoint report, Wedbush analyst Dan Ives said, "With Apple on the <a href="https://www.benzinga.com/markets/tech/25/10/48320558/dan-ives-predicts-apples-next-catalyst-after-iphone-17-surge-as-cupertino-advances-toward-the-4-trillion-club">doorstep of joining</a> the $4 trillion market cap club, it&#8217;s clear that Cook &amp; Co. have a hit with iPhone 17. Now it&#8217;s the AI roadmap."



Loop Capital's Ananda Baruah, who upgraded Apple stock to Buy, said this could mark the beginning of a multi-year iPhone growth cycle extending through 2027.



Apple is set to release its fourth-quarter earnings after the market closes on Oct. 30. Analysts surveyed by <a href="http://pro.benzinga.com/">Benzinga Pro</a> anticipate the company will report earnings of $1.76 per share on revenue of $101.67 billion.



Benzinga's Edge Stock Rankings place Apple in the 76th percentile for Quality, reflecting solid long-term fundamentals and strong investor confidence. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">Click here to see how it compares to rivals</a>.



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Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

AAPL

iPhone Air Has 'Fallen Short Of Expectations':  Apple Analyst Ming-Chi Kuo Flags Limited Market Potential

The Donald Trump administration is reportedly in talks with several U.S. quantum computing companies to take ownership stakes in exchange for federal funding.



<h2 class="wp-block-heading">US Eyes Equity In Next-Gen Computing Firms</h2>



Companies including IonQ Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/IONQ">IONQ</a>), Rigetti Computing (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/RGTI">RGTI</a>) and D-Wave Quantum (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/QBTS">QBTS</a>) are discussing agreements with the U.S. government that could see Washington become a shareholder in exchange for financial support, <a href="https://www.wsj.com/business/entrepreneurship/trump-administration-in-talks-to-take-equity-stakes-in-quantum-computing-firms-60ee5143">reported</a> the Wall Street Journal, citing people familiar with the matter.



Funding awards are expected to start at $10 million each. Other firms, such as Quantum Computing Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/QUBT">QUBT</a>) and Atom Computing, are reportedly considering similar arrangements.



U.S. Deputy Commerce Secretary Paul Dabbar, a former quantum-computing executive and Energy Department official, is spearheading the discussions, the report noted.



The White House did not immediately respond to <a href="https://www.benzinga.com/pro/register?utm_adType=bzprocontent&amp;utm_campaign=14daytrial&amp;utm_ad=0717">Benzinga's</a> request for comments.



See Also:&nbsp;<a href="https://www.benzinga.com/markets/equities/25/06/45738435/elizabeth-warren-says-trump-approved-the-largest-meat-company-in-world-to-be-listed-on-nyse-ignoring-corruption-and-bribery-history-demands-answers" target="_blank" rel="noreferrer noopener">Elizabeth Warren Says Trump ‘Approved' The Largest Meat Company In World To Be Listed On NYSE Ignoring Corruption And Bribery History, Demands Answers</a>



<h2 class="wp-block-heading">US Government Secures Strategic Stakes In Intel And MP Materials&nbsp;</h2>



Earlier this year, the Trump government agreed to <a href="https://www.benzinga.com/markets/tech/25/09/47562057/intel-now-backed-by-trump-administration-announces-major-leadership-reshuffle-30-year-products-veteran-to-step-down">acquire nearly a 10% stake</a> in chipmaker Intel by converting nearly $9 billion in previously awarded grants into equity.



Later in the month, MP Materials (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/MP">MP</a>) <a href="https://www.benzinga.com/news/topics/25/08/47266260/from-defense-to-dollars-the-governments-play-to-rebuild-the-domestic-rare-earths-supply-chain">announced a public-private partnership</a> with the U.S. Department of Defense to strengthen America's supply of critical rare earth materials.



As part of the deal, the DoD gained a stake of roughly 15% of MP Materials' shares, potentially making it the company's largest shareholder. MP Materials runs the U.S.'s only fully integrated rare earth mining and processing facility.



<h2 class="wp-block-heading">Quantum Computing Moves Closer To Reality</h2>



Earlier this year, Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/MSFT">MSFT</a>) unveiled a new chip demonstrating that <a href="https://www.benzinga.com/markets/equities/25/08/47082703/ibm-google-amazon-microsoft-lock-horns-in-billion-dollar-race-to-build-million-qubit-quantum-computers-and-end-a-40-year-tech-dream">practical quantum computing</a> may arrive in years rather than decades.



Alphabet Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/GOOG">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/GOOGL">GOOGL</a>) Google and IBM (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/IBM">IBM</a>) have also indicated that breakthroughs in the field are accelerating.



Benzinga's Edge Stock Rankings indicate that QBTS exhibits robust price momentum across short, medium and long-term periods. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound'">More detailed performance insights are available here</a>.



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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

GOOG

GOOGL

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QBTS

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Trump Administration Reportedly Exploring Taking Stakes In Quantum Computing Companies— IonQ, Rigetti And D-Wave Discussing Move

Electric vehicle company Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/TSLA">TSLA</a>) reported third-quarter financial results <a href="https://www.benzinga.com/earnings">after market close Wednesday.</a>



Here are the key highlights.



What Happened: Tesla reported third-quarter revenue of $28.095 billion, up 12% year-over-year. The revenue total beat a Street consensus estimate of $26.239 billion according to data from Benzinga Pro.



This marked the first revenue beat compared to consensus estimates by the company after four straight misses.



Automotive revenue was $21.21 billion in the quarter, up 6% year-over-year.



Revenue growth was aided by increases in delivery, energy, and services, and hindered by lower regulatory credit revenue.



Tesla reported third-quarter earnings per share of 50 cents, missing a Street consensus estimate of 54 cents per share. This was the fourth straight miss for earnings per share by Tesla.



Operating income fell 40% year-over-year to $1.6 billion in the third quarter, with the company reporting an operating margin of 5.8%.



Tesla<a href="https://www.benzinga.com/trading-ideas/movers/25/10/47994838/tesla-stock-climbs-on-record-q3-deliveries" target="_blank" rel="noreferrer noopener">&nbsp;previously reported third-quarter deliveries</a>&nbsp;of 497,099, a new company record. The company also reported third-quarter production of 447,450 vehicles.



The company said record deliveries came with growth across all regions.



Energy storage was also a record in the third quarter with 12.5 GWh storage deployed.



Tesla ended the quarter with 7,753 Supercharger locations, up 16% year-over-year. The company ended the quarter with 73,817 Super charger connectors.



The company had $1.315 billion in digital assets on the balance sheet at the end of the quarter, likely made up of Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) holdings. This marked an increased value from $1.235 billion reported in the second quarter.



Tesla ended the quarter with $41.6 billion in cash.



Read Also: <a href="https://www.benzinga.com/trading-ideas/previews/25/10/48340225/tesla-q3-preview-is-the-ev-story-over-these-are-3-key-areas-to-watch">Tesla Q3 Preview: Is The EV Story Over? These Are 3 Key Areas To Watch</a>



What's Next: Tesla said it will continue to launch products that excited customers including the Model YL, Model Y Performance and the new affordable Model 3 and Model Y Standard vehicles.



"We believe our scale and cost structure will enable us to navigate the shifting market dynamics across the globe more efficiently than our peers, with advances in AI making our products the most compelling in the market," the company said.



Tesla said it is focused on long-term growth and value creation, which comes in the face of tariffs and shifting trade policies.



The company said it has sufficient liquidity to fund its product roadmap and for long-term capacity expansion plans.



Tesla said the Cybercab, Tesla Semi and Megapack 3 are all on schedule for volume production in 2026. The company also said its Optimus Bot has first generation production lines being installed ahead of anticipated volume production.



TSLA Price Action: Tesla stock is down 1.1% to $434.20 in after-hours trading Wednesday versus a 52-week trading range of $212.11 to $488.54



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Tesla Q3 Highlights: Record EV Deliveries, Falling Profits, AI Ambitions Ahead

International Business Machines Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/IBM">IBM</a>) reported financial results for the third quarter after the market close on Wednesday. Here&#8217;s a rundown <a href="https://www.benzinga.com/pressreleases/25/10/n48366251/ibm-releases-third-quarter-results">of the report</a>.



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<li>IBM is building momentum. <a href="https://www.benzinga.com/quote/IBM" target="_blank" rel="noreferrer noopener">Find out why here.</a></li>
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Q3 Highlights: IBM reported third-quarter revenue of $16.33 billion, beating the&nbsp;<a href="https://www.benzinga.com/quote/IBM/earnings" target="_blank" rel="noreferrer noopener">consensus estimate</a>&nbsp;of $16.09 billion, according to <a href="http://pro.benzinga.com" target="_blank" rel="noreferrer noopener">Benzinga Pro</a>.&nbsp;The company reported third-quarter adjusted earnings of $2.65 per share, beating analyst estimates of $2.45 per share.



Total revenue was up 9% on a year-over-year basis. Here&#8217;s a breakdown of revenue by category.



<ul class="wp-block-list">
<li>Software: up 10%</li>
</ul>



<ul class="wp-block-list">
<li>Consulting: up 3%</li>
</ul>



<ul class="wp-block-list">
<li>Infrastructure: up 17%</li>
</ul>



Cash flow from operations totaled $3.1 billion in the quarter and free cash flow came in at $2.4 billion. IBM ended the period with $14.9 billion in cash, restricted cash and marketable securities.



&#8220;Clients globally continue to leverage our technology and domain expertise to drive productivity in their operations and deliver real business value with AI. Our AI book of business now stands at more than&nbsp;$9.5 billion,&#8221;&nbsp;said&nbsp;Arvind Krishna, chairman, president and CEO of IBM.



IBM returned&nbsp;$1.6 billion&nbsp;to shareholders via dividends in the&nbsp;third quarter. The company&#8217;s board approved a quarterly cash dividend of $1.68 per share, payable on Dec. 10 to shareholders of record as of Nov. 10.



What&#8217;s Next: IBM now expects constant currency revenue growth of &#8220;more than&#8221; 5% for full-year 2025, up from prior guidance of &#8220;at least&#8221;&nbsp;5%. The company also guided for full-year free cash flow of approximately $14 billion, up from prior guidance of more than $13.5 billion.



IBM executives will further discuss the quarter on an earnings call with investors and analysts at 5 p.m. ET.



IBM Price Action: <a href="https://www.benzinga.com/quote/IBM" target="_blank" rel="noreferrer noopener">IBM shares</a> were down 5.12% in after-hours, trading at $273.93 at the time of publication on Wednesday, according to <a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga Pro</a>.



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IBM Stock Slips Despite Q3 Earnings Beat, Raised Guidance On Strong AI-Related Demand

Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/META">META</a>) confirmed on Wednesday that about 600 roles will be eliminated from its artificial intelligence division as part of an effort to streamline operations and <a href="https://www.benzinga.com/analyst-stock-ratings/reiteration/25/10/48334315/meta-revenue-growth-over-google-ai-driven-ads">become more agile. </a>



<ul class="wp-block-list">
<li>META stock is moving. <a href="https://www.benzinga.com/quote/META">See the real-time price action here. </a></li>
</ul>



<h2 class="wp-block-heading">Job Cuts</h2>



The decision was disclosed in an internal memo from Chief AI Officer Alexandr Wang, who joined the company in June following Meta's $14.3 billion investment in Scale AI. 



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The layoffs will affect staff in AI infrastructure, Fundamental Research and product-related teams, according to <a href="https://www.axios.com/2025/10/22/meta-superintelligence-tbd-ai-reorg">Axios</a>. 



Some employees were informed Wednesday that their official end date is Nov. 21. Until then, they will remain on a nonworking notice period without system access, but can apply for new internal positions. 



Meta will provide 16 weeks of severance pay plus two additional weeks for each full year of service, minus the notice period.



<h2 class="wp-block-heading">AI Strategy</h2>



The company has been restructuring its AI strategy to compete with OpenAI and Google, investing heavily in computing resources and hiring. 



CEO Mark Zuckerberg has expressed dissatisfaction with Meta's AI momentum, particularly after the lukewarm reception of the Llama 4 models launched in April. 



Following the Scale AI deal, he introduced Meta Superintelligence Labs, led by Wang and former GitHub CEO Nat Friedman.



In July's earnings update, Meta projected 2025 expenses between $114 billion and $118 billion, raising its earlier forecast and noting that AI spending will drive even higher growth in 2026. 



The company is set to report its third-quarter results next week.



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Photo: Shutterstock

Meta's AI Shakeup: 600 Jobs Cut To Speed Up Progress

Galaxy Digital Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/GLXY">GLXY</a>) CEO Mike Novogratz said the world's largest cryptocurrency could "take out the topside" and break above $125,000 if <a href="https://www.benzinga.com/crypto/cryptocurrency/25/10/48166648/donald-trump-once-said-the-us-could-pay-off-its-37-trillion-debt-burden-with-bitcoin-but-could-it-really">President </a><a href="https://www.benzinga.com/crypto/cryptocurrency/25/10/48166648/donald-trump-once-said-the-us-could-pay-off-its-37-trillion-debt-burden-with-bitcoin-but-could-it-really">Donald Trump</a> moves on the Federal Reserve and the pending market structure bill becomes law.



<h3 class="wp-block-heading">Novogratz Sees Trump Policy As Key Catalyst</h3>



Speaking during a recent interview <a href="https://x.com/BTCTN/status/1981009596404891692">shared</a> on X, Novogratz outlined a potential trading range between $100,000 and $125,000 for Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) but suggested a breakout could come swiftly if fiscal or regulatory catalysts align.



"We could take out the top side if the president prematurely makes a move on the Fed," Novogratz said.&nbsp;



"They could target that easily by the end of the year. And if this bill gets passed, those are the two catalysts I see."



Novogratz added that $100,000 should act as the lower boundary for Bitcoin, implying that the asset remains in a broad accumulation phase rather than entering a deeper correction.&nbsp;



His comments echo earlier calls from institutional strategists pointing to policy shifts as potential triggers for a renewed bull cycle.



<h3 class="wp-block-heading">Bitcoin Tests Support Cluster Near $108,000</h3>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="694" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/22142555/btc-22nd-oct-1024x694.png" alt="" class="wp-image-1126424" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/22142555/btc-22nd-oct-1024x694.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/22142555/btc-22nd-oct-300x203.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/22142555/btc-22nd-oct-768x520.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/22142555/btc-22nd-oct-1536x1040.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/22142555/btc-22nd-oct.png 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<a href="https://in.tradingview.com/symbols/BTCUSD/">BTC Price Action (Source: TradingView)</a>



Technical Analysis: Technical indicators are signaling continued stress around the $108,000 region. 



The area marks the convergence of the 200-day exponential moving average at $108,095 and the rising trendline from March.



A close below this confluence would confirm a technical breakdown, exposing the next support zone near $104,000 and potentially the deeper structural floor at $92,000.&nbsp;



The 20-day and 50-day EMAs at $112,095 and $112,802 have both rolled over, maintaining a bearish bias.



The rejection at $116,000 last week underscored sellers control, while the Supertrend indicator at $119,393 continues to cap upside moves.&nbsp;



Bulls need a strong push through the $116,000–$119,500 zone to reverse the negative trend.



<h3 class="wp-block-heading">Institutional Flows Show Bitcoin Sentiment Still On Edge</h3>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="250" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/22142349/image-569-1024x250.png" alt="" class="wp-image-1126416" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/22142349/image-569-1024x250.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/22142349/image-569-300x73.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/22142349/image-569-768x188.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/22142349/image-569-1536x375.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/22142349/image-569.png 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<a href="https://www.coinglass.com/currencies/BTC/spot">BTC Netflows (Source: Coinglass)</a>



Data from Coinglass shows a modest $25.6 million net inflow on Oct. 22 as Bitcoin traded around $107,757. 



While inflows offer short-term relief, the broader picture since mid-year still shows heavier outflows, suggesting institutional investors remain cautious.



Historically, persistent outflows have hinted at accumulation, but this cycle's imbalance suggests that more supply is returning to exchanges than being moved into cold storage.



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Image: Shutterstock

Cryptocurrency

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Galaxy CEO Mike Novogratz Says Bitcoin Is One Trump Move Away From Exploding Past $125,000

A notable Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/TSLA">TSLA</a>) <a href="https://www.benzinga.com/topic/gordon-johnson">bearish analyst </a>shares thoughts on what the company will report for<a href="https://www.benzinga.com/trading-ideas/previews/25/10/48340225/tesla-q3-preview-is-the-ev-story-over-these-are-3-key-areas-to-watch"> third-quarter financial results</a> and what CEO Elon Musk will say on the conference call.



The Tesla Analyst: GLJ Research analyst Gordon Johnson maintained a Sell rating on Tesla with a $19.05 price target ahead of the earnings report.



Musk may be "heavy on the optimism" during the company's third-quarter results and conference call, Johnson said in a new investor note.



The analyst said Musk's optimism would come ahead of the Nov. 1 shareholder vote on <a href="https://www.benzinga.com/trading-ideas/long-ideas/25/10/48019320/elon-musk-pay-package-compared-to-nfl-imagine-youre-patrick-mahomes-and-not-gonna-get-a-salary">his pay package.</a>



While Johnson is bearish on Tesla, he says that consensus estimates for Tesla's third-quarter results could be "too conservative."



"The real driver of how Tesla's stock trades post-print won't be the numbers – it'll be whatever story Elon Musk decides to tell this time," Johnson said.



Johnson spoke with Tesla investors ahead of the earnings call and said the consensus is that the CEO will sound "aggressively upbeat" as he needs to keep the stock price high ahead of the vote for his pay package.



"We find it difficult to believe that any serious institutional investor could, with a straight face, vote to ratify that," Johnson said of Musk's pay package.



The analyst expects Tesla's fundamentals to unravel in the fourth quarter, but doesn't expect Musk to talk about that on Wednesday.



"Unlike last quarter, when he offered a rare moment of candor about the road ahead, we anticipate this call will be heavy on optimism and light on truth. As a result, the near-term risk is skewed to the upside into the print."



Johnson said any enthusiasm for shares after earnings could be "an opportunity to reset short positions."



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Investors Expect A Beat: Tesla<a href="https://www.benzinga.com/trading-ideas/movers/25/10/47994838/tesla-stock-climbs-on-record-q3-deliveries" target="_blank" rel="noreferrer noopener">&nbsp;previously reported third-quarter deliveries</a>&nbsp;of 497,099, a new company record. The company also reported third-quarter production of 447,450 vehicles.



Record deliveries could be factoring into why prediction markets show investors believing the company will beat estimates for the third quarter.



On prediction market Polymarket, users have <a href="https://polymarket.com/event/tsla-quarterly-earnings-nongaap-eps-2025-10-22-0pt5?tid=1761148607413">bet </a>over $535,000 on whether Tesla will beat earnings. The market shows an 80% chance that Tesla will beat third-quarter earnings per share, with Polymarket using 50 cents per share as the non-GAAP earnings estimate.



Prediction market Kalshi has a betting <a href="https://kalshi.com/markets/kxearningsmentiontsla/tesla-earnings-mention/kxearningsmentiontsla-25oct22">market </a>for what Musk and Tesla will say on the earnings call Wednesday night. Among the top predictions are items that could be part of Tesla's future growth story, with words like "Energy," "Robotaxi," "FSD," and "Optimus" all having 95% or greater odds of being said.



Further down the list could be potential headwinds for the company with predictions of Tesla saying China (85%), Cybertruck (83%) and Competition (46%).



<iframe loading="lazy" src="https://kalshi.com/external-widgets/events/KXEARNINGSMENTIONTSLA-25OCT22?color_scheme=light&#038;widget_size=medium&#038;variant=a&#038;ids=KXEARNINGSMENTIONTSLA-25OCT22-ENRG&#038;ids=KXEARNINGSMENTIONTSLA-25OCT22-TAXI&#038;ids=KXEARNINGSMENTIONTSLA-25OCT22-FSD" width="512px" height="236px" style="border:0"></iframe>



According to data <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent102225&amp;t=be2bearmibe3na1">from Benzinga Pro</a>, Tesla has missed analyst earnings estimates in three straight quarters and in seven of the last 10 quarters overall.



The company has also missed revenue estimates in four straight quarters and in seven of the last 10 quarters overall.



TSLA Price Action: Tesla stock is down 2.2% to $433.08 on Wednesday versus a 52-week trading range of $212.11 to $488.54. Tesla stock is up 14.3% year-to-date in 2025.



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Photo: Shutterstock

Tesla Analyst Says Elon Musk Will 'Be Heavy On Optimism And Light On Truth' For Q3 Earnings Call

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