Today's Key Events (All EST) — 10/22/2026 08:30: US Initial Jobless Claims 11:00: Kansas City Fed Manufacturing Before Open 👇 06:00: Comcast (CMCSA) 06:00: Spotify Technology (SPOT) 06:00: Dow (DOW) 06:00: PG&E (PCG) 06:00: Honeywell Technologies (HON) 06:00: Allegion plc (ALLE) 06:15: Huntington Bancshares Incorporated (HBAN) 06:25: Lockheed Martin (LMT) 06:30: Valero Energy (VLO) 06:30: PulteGroup (PHM) 06:30: Snap-on Incorporated (SNA) 06:45: Quest Diagnostics (DGX) 06:50: Bread Financial Holdings (BFH) 06:55: Tractor Supply (TSCO) 06:55: CBRE Group (CBRE) 06:55: Dover (DOV) 06:55: Roper Technologies (ROP) 07:00: American Airlines Group (AAL) 07:00: The Procter & Gamble (PG) 07:00: Nasdaq (NDAQ) 07:00: Old Republic International (ORI) 07:00: Pool (POOL) 07:45: Union Pacific (UNP) 08:15: Norfolk Southern (NSC) 08:30: Badger Meter (BMI) BMO: Nokia (NOK) BMO: Blackstone (BX) BMO: argenx SE (ARGX) BMO: THRM, FCFS, AMAL, CURB, IIIN, LAZ, MSM, LNN, TCBK, R, CIVB, CNOB, COCO, FBP, VLY, AMBP, STBA, FSV, CRS, HFWA, BPOP, KRNY, SBFG, NVR After Hours 👇 16:00: Western Digital (WDC) 16:00: 1st Source (SRCE) 16:00: Omnicom Group (OMC) 16:05: Bloom Energy (BE) 16:05: MaxLinear (MXL) 16:05: RingCentral (RNG) 16:05: Newmont (NEM) 16:05: Deckers Brands (DECK) 16:05: Comfort Systems USA (FIX) 16:05: VeriSign (VRSN) 16:05: Knowles (KN) 16:05: JAKKS Pacific (JAKK) 16:05: Kilroy Realty (KRC) 16:05: Marten Transport (MRTN) 16:05: Robert Half (RHI) 16:10: Kinsale Capital Group (KNSL) 16:15: Ameris Bancorp (ABCB) 16:15: Betterware de México, S.A.P.I. de C.V. (BWMX) 16:15: Enova International (ENVA) 16:15: Rexford Industrial Realty (REXR) 16:30: Sallie Mae (SLM) 16:30: Primis Financial (FRST) 16:30: Midland States Bancorp (MSBI) AMC: AMTB, APPF, BCML, FIBK, BYD, BHRB, PCB, PINE, SSNC, WSFS, BY, UVE, VTMX, ASB, EBC, SAM, SIGI, SPFI, AVBC, GBCI, MYFW, USCB, FRBA, HTH, BBD

NOKIA $NOK Q3’26 EARNINGS HIGHLIGHTS 🔹 Net Sales: €5,154M (Est. €5.04B) 🟢; +10% YoY 🔹 Adj. EPS: €0.09 (Est. €0.06) 🟢; +50% YoY 🔹 Comparable Gross Margin: 44.6%; -20 bps YoY 🔹 Comparable Oper Profit: €605M (Est. €442M) 🟢 FY26 Guide: 🔹 Comparable Oper Profit: €2.1B-€2.6B 🔹 Network Infrastructure Growth: 12% to 14% 🔹 FCF Conversion: 35% to 55% 🔹 CapEx: €750M-€850M Segment Net Sales: 🔹 Network Infrastructure: €2,158M; +17% YoY 🔹 Mobile Infrastructure: €2,902M; +5% YoY 🔹 Portfolio Businesses: €96M; -1% YoY Other Q3 Metrics: 🔹 Comparable Oper Margin: 11.7%; +220 bps YoY 🔹 AI & Cloud Net Sales: +123% YoY; cc 🔹 Optical Networks: +18% YoY; cc 🔹 IP Networks: +43% YoY; cc 🔹 AI & Cloud Order Intake: €1.5B 🔹 Reported EPS: €0.03 🔹 Net Cash: €2,584M; -14% YoY Key Updates: 🔹 Dividend per Share: €0.03 🔹 Infinera Integration: On track for completion by the end of 2026, one year ahead of plan 🔹 AI-RAN Call: Completed with T-Mobile and NVIDIA in a live operator network Comments: 🔸 “In Q3, we grew net sales by 9% and improved comparable operating margin by 220 basis points.”

ARGENX $ARGX Q3’26 EARNINGS HIGHLIGHTS 🔹 Revenue: $1,751M (Est. $1.66B) 🟢 🔹 Diluted EPS: $7.80 (Est. $7.95) 🔴; +51% YoY 🔹 Product Net Sales: $1,721M; +54% YoY 🔹 Operating Profit: $486M (Est. $556M) 🔴 FY26 Guide: 🔹 Combined R&D and SG&A: ~$4B Announcements: 🔹 VYVGART Hytrulo: sBLA in IMNM on track for submission by year-end 2026 🔹 EMPASSION: Topline results expected in December 2026 🔹 FB102: Advancing to Phase 3 in celiac disease Other Q3 Metrics: 🔹 Net Profit: $506M 🔹 R&D Expenses: $503M 🔹 SG&A Expenses: $598M 🔹 Cash & Current Financial Assets: $3.7B Key Updates: 🔹 Acquisition-Related Expenses: approximately $150M associated with the Forte Biosciences acquisition Comments: 🔸 “The positive results from our Phase 3 ALKIVIA study further reinforce the potential of VYVGART beyond neurology”

DEEPSEEK RAISES $15 BILLION IN ONE OF CHINA’S LARGEST FUNDING ROUNDS Chinese AI startup DeepSeek raised approximately 100 billion yuan, with Tencent and battery giant CATL among its biggest investors, according to Bloomberg. The company initially targeted 50 billion yuan but doubled its fundraising goal amid strong investor demand. DeepSeek is preparing for an IPO while increasing spending on AI data centers and open-source models to compete with OpenAI and Anthropic. Source: Bloomberg

Jensen Huang having some fun demonstrating MicroDuck robots trained using NVIDIA RTX Spark and Omniverse on stage at GTC Berlin.

Elon Musk: "I'd be stunned if anyone has a robot that is remotely competitive with Optimus when we go when we start delivering it to customers, which is likely to be towards the end of next year."

Tesla aims to expand its robotaxi service to 24/7 operations, including highways and higher-speed roads, by the end of 2026. Elon Musk also says $TSLA is pushing for 🇪🇺 EU-wide FSD approval and would be “surprised if it takes longer than Q1” 2027.

$TSLA CEO Elon Musk says Terafab will need “tens of billions” in capital equipment through early 2028 & “probably be north of $100 billion long term.” Tesla-SpaceX funding split is undecided Most orders for the first fab are placed, with real production targeted for late 2028

Elon Musk says Tesla aims to integrate its next-gen AI5 chip into Optimus around April 2027.

Tesla $TSLA will launch Cybercabs in Dallas next month

Elon Musk says Optimus may take “at least a year, maybe a little longer” to reach 20K robots/week (~1M annually). AI, reliability & lifespan need work: “expect these issues to be solved around the end of next year” Deliveries to companies outside $TSLA is expected in late 2027

Elon Musk says Tesla is aiming to produce 5 million vehicles annually by around 2030, compared with roughly 2M expected in 2026. “Demand is growing rapidly for our vehicles. It's exceeding our production by a significant margin.” That implies roughly 26% annual growth.

Texas Instruments $TXN sees $500 to $1,000 worth of chip content per humanoid robot and expects robotics production to ramp in 2027. CEO Haviv Ilan said: “I don't know how many they'll build next year, but definitely the demand is they want to grow.”

PACKAGING CORP OF AMERICA $PKG Q3’26 EARNINGS HIGHLIGHTS 🔹 Revenue: $2.60B (Est. $2.61B) 🔴; vs $2.31B LY 🔹 Adj. EPS: $3.04 (Est. $2.92) 🟢; vs $2.73 LY 🔹 Adj. EBITDA: $577.2M (Est. $566M) 🟢 Q4 Guide: 🔹 Adj. EPS: $2.81 (Est. $2.78) 🟢 Segment Sales: 🔹 Packaging: $2.41B; vs $2.13B LY 🔹 Paper: $163.2M; vs $161.2M LY Segment Operating Income (ex. Special Items): 🔹 Packaging: $407.7M; vs $347.9M LY 🔹 Paper: $29.0M; vs $35.6M LY Other Q3 Metrics: 🔹 GAAP EPS: $2.93; vs $2.51 LY 🔹 GAAP Net Income: $262.3M; vs $226.9M LY 🔹 Total Corrugated Shipments: +10.6% per day 🔹 Legacy Corrugated Shipments: -0.5% per day 🔹 Paper Sales Volume: -2.5% YoY 🔹 Capital Spending: $247.3M Key Updates: 🔹 Facilities closure and other costs: $6.2M ($0.05/share) 🔹 Acquisition and integration-related costs: $3.0M ($0.03/share) 🔹 Corrugated products facility fire: $3.0M ($0.03/share) 🔹 Wallula mill restructuring: $0.3M (-/share) 🔹 Earnings were $.13 above third quarter guidance of $2.91 per share 🔹 Earnings from the acquired Greif operations: $.13 per share Comments: 🔸 “Our mills ran at full capacity during the quarter, and we are meaningfully realizing production benefits from projects at our Jackson mill as well as improved operating performance at the acquired Greif mills.”

Stock trading platform Aries just raised a $7M seed round led by Thomas Peterffy, with backing from Kleiner Perkins, Patrick Collison, John Paulson, and 638 users. It also launched Aries Infinite, a customizable, AI-powered trading canvas.

$META CFO says its new nonvoting Class C shares will effectively create a 2-for-1 stock split while preserving existing shareholders' voting power. “We don't have any specific financing plans to announce at this time.” The shares could be used to raise capital in the future.

$META CFO Susan Li: “Muse's compute intensity means that expanding its user base will require significant investment, and we expect total serving costs to rise.” "At the same time, we expect to improve compute cost efficiency by more than 10-fold over the next year."

$META CEO Mark Zuckerberg expects paid subscriptions to increase as MUSE comes to Meta smart glasses next month. “We have priced our devices not to make a large profit on the hardware, but to build a large software and superintelligence business on top of them over time.”

Mark Zuckerberg says shopping is MUSE's biggest use case so far, with over a quarter of active users engaging in shopping and an average purchase size above $200. $META had to ask Stripe to raise credit limits in the first week because volumes exceeded expectations.