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U.S. 10-Year Treasury Yield Falls to Near One-Month Lows
The yield on the U.S. 10-year Treasury note fell on Tuesday, hovering near one-month lows, following weaker housing data while investors also continued to assess persistent inflationary pressures ahead of the Fed's interest rate decision next week. Housing starts fell 5.2% in September, while pending home sales dropped to a record low, reflecting the continued strain of elevated mortgage rates on housing demand. The Fed is widely expected to leave interest rates unchanged next week, while markets anticipate a 25 basis point rate hike in December. Meanwhile, crude oil prices moved lower and stocks turned higher following an unconfirmed report from Qatari newspaper Al-Araby Al-Jadeed that Qatar and Pakistan presented a mediation proposal to address the demands of the U.S. and Iran.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:General Motorsreported better-than-expected Q3 sales and earnings and approved a new $20B share repurchase planGE Aerospace posted a "beat and raise" Q3 reportSalesforceagreed to acquire Brazefor $5.66B in enterprise value, or $47.50 per share in cashByteDance, Alibabaand Tencenthave ordered over 3M NvidiaRTX PRO 5500 graphics cards for over $35B, Reuters reportsIndustrial conglomerate 3Mlifted its annual profit forecast as cost-control initiatives and higher prices support margins2. WALL STREET CALLS:Loop Capital downgraded Appleto Hold on iPhone concernsAkamaiupgraded to Strong Buy at Raymond James following recent pullbackBarclays downgraded NuScale Powerto Underweight on commercial delaysBlackRockupgraded to Buy at TD CowenJefferies downgraded Elancoand Zoetisto Hold3. AROUND THE WEB:NRx Pharmaceuticalsis advancing Ketafree, a preservative-free ketamine formulation, and is seeking FDA approval while arguing that benzethonium chloride, a preservative used in most ketamine products, poses health risks, a claim it has not substantiated with evidence, NY Times saysTelesat'screditors have proposed a C$3.2B deal to help the company pay down a coming debt maturity and avert a default, WSJ reportsAustralia is set to sue Meta'sFacebook, TikTok, as well as other major digital platforms for not complying with the country's social media ban for children under 16, Bloomberg saysAlphabet'sWaymo, which currently operates about 4,000 cars, is looking to use the $5B it has recently borrowed to expand its fleet to 8,000 vehicles by the end of 2026 and grow that number to 20,000 by the end of 2027, Semafor reportsNetflixis overhauling its creative leadership in hopes of getting domestic audiences to watch more of its content, WSJ reports4. MOVERS:Myriad Genetics (MYRD) gains after announcing it will sell its Prenatal Health testing business to LabcorpHertzincreases after announcing Oro Mobility secured an $80M strategic equity investment from a consortium of investorsEquifaxhigher after reporting Q3 results, providing guidance for Q4, and narrowing its outlook for FY26Borr Drillinglower after Fearnley downgraded the stock to HoldBaxterfalls after the FDA issued a warning letter following an inspection of its facility5. EARNINGS/GUIDANCE:RTXreported Q3 results and raised its guidance for FY26Krogerbacked its guidance for FY26Ally Financialreported Q3 results, with EPS and revenue beating consensusValmontreported Q3 results and increased its outlook for FY26, with CEO Avner Applbaum commenting this was "another quarter of sales and earnings growth"Genuine Partsreported Q3 results and narrowed its guidance for FY26INDEXES:Near midday, the Dow was up 513.06, or 0.99%, to 52,479.09, the Nasdaq was up 76.22, or 0.29%, to 26,507.11, and the S&P 500 was up 35.46, or 0.46%, to 7,726.19.
Company Adjusts EBITDA to Accelerate Growth
Sees adjusted EBITDA accelerating thereafter "broadly in line with the build in our comparable sales." Comments taken from the company's investor update.
Kroger Sees $7B Incremental Sales Through 110 New Stores
Kroger sees $7B of incremental sales through 110 new stores
Kroger Updates Financial Framework, Targets 3% Sales Growth by 2029
Kroger is introducing an updated financial framework intended to give investors a clearer view of the performance of its core grocery business. The company is targeting: approximately 3% comparable sales growth in 2029, excluding fuel and pharmacy; 3%-6% adjusted EBITDA CAGR for FY27 through FY29 and 7%-11% adjusted net EPS CAGR for FY27 through FY29. "Our financial framework reflects our renewed focus on the core grocery business and provides a clearer line of sight from operating performance to shareholder value," said David Kennerley, CFO of Kroger. "We are targeting higher sales by 2029, with stronger adjusted EBITDA and adjusted EPS growth over the next three years. We remain focused on delivering customer value in a fully self-funded way, prioritizing high-return investments and disciplined cost savings so we can expand margins over time while continuing to invest in growth."
Kroger Maintains FY26 Sales Outlook, Free Cash Flow View $2.7B-$2.9B
Backs FY26 identical sales without fuel growth view 0.2%-0.8%. Backs FY26 free cash flow view $2.7B-$2.9B. Backs FY26 capital expenditures $3.8B-$4B. "Kroger has a clear opportunity to unlock our full potential and build America's Favorite Grocer," said Greg Foran, CEO of Kroger. "We are making value more visible and focusing resources closer to the customer where we see the highest returns. With our customers at the center, we are simplifying and modernizing our business to deliver a great customer experience and provide long-term value to our shareholders."
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