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General Motors and Ford to Report Quarterly Results

General Motorsis scheduled to report quarterly results before market open on Tuesday, October 20, with a conference call scheduled for 8:30 am EST, while Fordis scheduled to report after market close on Wednesday, October 28, with a conference call scheduled for 5:00 pm EST. What to watch for:GM SALES:Earlier in October, GM reported sales in Q3 totaling 670,974 vehicles, a decline of 6% compared with the same period a year earlier, which, "reflected the much smaller EV market and discontinued vehicles. However, sales of GM's highest volume vehicles were in line with the outstanding level of a year ago." "Our business is performing very well, the launch of our next-generation full-size pickup trucks is on track, and we are making investments in new vehicles, innovative technologies, and our U.S. manufacturing footprint to drive our next phase of growth," said Duncan Aldred, President of GM North America.GM GUIDANCE:Along with its Q2 earnings, the company raised its FY26 adjusted EPS guidance to $12.00-$14.00 from $11.50-$13.50. Consensus, which stood at $12.79 at the time, has since risen to $13.42. The company also raised its FY26 EBIT-adjusted view to $14B-$16B from $13.5B-$15.5B and adjusted automotive free cash flow view to $9.5B-$11.5B from $9B-$11B. GM also announced that 2027 results are expected to be better than 2026, with several key drivers set to grow revenue, margins, EBIT and FCF.GM PARTNERSHIPS, INITIATIVES:In July, Micronand GM announced a strategic customer agreement to secure a long-term supply of memory and storage platforms for GM's vehicle production and delivery at scale. The company also announced in July availability of ChargePointin Energy Pass. In August, GM, Pilot Company and EVgoannounced their collaborative EV fast-charging network surpassed 300 locations. The company also announced a 20-year extension to its joint venture partnership with SAIC. Additionally in August, Samsung SDIannounced an agreement with GM to buy its stake in U.S. battery joint venture SynergyCells. In September, the company announced a new truck user interface that integrates with Android Autoand Apple CarPlay. The company also reported the award of a $697.7M U.S. Army contract in September. Additionally in the month, GM launched the Smart Charge Bundle initiative with PG&E. The company also unveiled its updated 2027 heavy-duty truck lineup and launched the OnStar Fleet Intelligence Platform.ANALYST VIEW:RBC Capital raised the firm's price target on GM to $102 from $100 and kept an Outperform rating on the shares as part of a broader research note previewing Q3 results for global Automakers. For U.S. OEMs, resilient SAAR supports pricing power and higher average transaction prices heading into the quarter, the analyst said, adding that a potential US-Mexico bilateral trade agreement before year-end could represent meaningful upside. The firm further noted that for western suppliers, current valuations look compelling, though China remains the key focus following S&P's latest China production forecast cut.JPMorgan lowered the firm's price target on GM to $110 from $120 and kept an Overweight rating on the shares. The firm sees a "muted setup" for Ford and GM into the Q3 earnings reports, saying preliminary 2027 outlook commentary "is likely to present a cautious tone." JPMorgan expects in-line to slightly better Q3 prints, but said investor focus is likely to be on 2027 estimate revisions, and it does not see the results driving meaningful upside.FORD SALES:In August, Ford reported total U.S. vehicle sales in July of 169,951 were down 10.2% from 189,313 in the same month of last year. In September, the company reported U.S. total vehicles sales of 170,681 in August, down 10.3% from the same month of last year. In October, Ford announced that, excluding the planned phase-out of Escape and Corsair, the company estimated its Q3 retail share increased approximately 0.4 percentage points year over year to 12.1%. Q3 sales totaled 509,764 vehicles, down 6.6%, reflecting the planned portfolio changes. Adjusting for Escape and Corsair, Ford's total vehicle sales volume was essentially unchanged compared with an industry decline of about 1%. "We delivered a solid quarter and continued to gain retail share adjusted for the planned sunset of Escape and Corsair," said Andrew Frick, president, Ford Blue and Model e.FORD GUIDANCE:Along with its Q2 results, Ford raised its FY26 adjusted EBIT view to $10B-$11B from $8.5B-$10.5B. The company said, "Building on strong first-half results, the company is raising full-year 2026 guidance. Ford now expects the following for full-year 2026: Adjusted EBIT of $10B to $11B; free cash flow of $6B to $7B which now includes expected 2026 cash recovery of approximately $500M of the $1.3B IEEPA reimbursement recorded in the first quarter; Capital expenditures of $9.5B to $10.5B, unchanged from prior guidance. By segment, Ford now expects: Ford Blue EBIT of $5B to $5.5B; Ford Pro EBIT of $7B to $7.5B; Ford Model e loss of approximately $4B, this includes about $1B in incremental investment for the Universal Electric Vehicle platform and Ford Energy, mostly weighted toward the second half of the year; Ford Credit earnings before taxes above $2.5B."FORD PARTNERSHIPS, INITIATIVES:In July, Micron and Ford announced a long-term strategic customer agreement to strengthen the supply of memory and storage solutions supporting Ford's next-generation vehicle production. Additionally in July, the company ratified a three-year national collective agreement with Unifor. Ford also partnered with BlackRock, Carhartt and Google to launch the Alliance for Americas Skilled Trades and announced a Europe-focused joint venture with Geely Automobilein July as well. The company also announced in July that Apple Maps would power navigation for its upcoming UEV platform. In August, Ford appointed Dave Carroll as president of Ford Energy. In September, the company, along with JPMorganand the State of Michigan, announced the launch of the Michigan LIFT initiative.ANALYST VIEW:JPMorgan lowered the firm's price target on Ford to $16 from $17 and kept an Overweight rating on the shares. The firm expects in-line to slightly better Q3 prints.UBS lowered the firm's price target on Ford to $15 from $17 and kept a Buy rating on the shares. Ford's Q3 results are now expected to be roughly in line after late-quarter F-150 downtime reduced the previously expected beat, while 2027 profit guidance should remain limited, but the stock remains attractive around $12 given potential for a BESS announcement, the analyst said.

U.S. September CPI Exceeds Expectations, Stock Futures Decline

Stock futures are lower after the September CPI report came in hotter than expected on an annual basis, with both headline and core inflation exceeding forecasts. Headline CPI rose 0.6% month-over-month and 3.7% year-over-year, compared with expectations for 0.6% and 3.6%, respectively. Core CPI, which excludes food and energy, increased 0.3% monthly and 2.6% annually, topping forecasts of 0.2% and 2.5%.In addition, oil prices are climbing again, with Brent crude above $106 a barrel and U.S. crude approaching $96, as attacks on vessels in the Strait of Hormuz heighten concerns about disruptions to global energy supplies.Bank earnings also remain in focus. Bank of America shares are under pressure after the lender disclosed a $1.21B regulatory fine and reported weaker quarterly profits, while Morgan Stanley shares are edging lower despite mixed results.In pre-market trading, S&P 500 futures fell 0.32%, Nasdaq futures fell 0.61% and Dow futures fell 0.20%.Check out this morning's top movers from around Wall Street, compiled by The Fly.HIGHER -Liquidiaup 36% after the company and United Therapeuticsreached a global settlement agreement that resolves all pending litigation between the companiesEnovixup 5% after announcing a purchase order from a multinational provider of dual-use drone systems for 100,000 battery unitsUP AFTER EARNINGS -BlackRockup 2%DOWN AFTER EARNINGS -Bank of Americadown 7%State Streetdown 8%Morgan Stanleydown 3%Fastenaldown 4%ASMLdown 1%

BlackRock Reports Over 35% Increase in Adjusted EPS for Q3

Laurence Fink, Chairman and CEO: "BlackRock's results demonstrate the value of our integrated platform, as clients increasingly choose us as a partner across investing, financing, and technology. That client trust is translating into higher earnings power, with shareholders benefiting from a more than 35% increase in adjusted earnings per share year-over-year, a 47.8% adjusted operating margin, and 11% annualized organic base fee growth in the third quarter. BlackRock brings together issuer relationships built over decades, financing expertise, investment performance, and the technology and data that connect it all. That combination is differentiating us in every region in which we operate. It's why BlackRock is winning mandates at the cutting edge of capital markets, from hyperscaler financings to pension outsourcings to Aladdin and Preqin partnerships. Clients entrusted us with $205 billion of net inflows this quarter, and $869 billion over the last year. Our results reflect the scale of BlackRock, with 12% technology ACV growth and net inflows across every asset class, client type, region, and across active and index. Our track record of strong investment performance drove $66 billion of active net inflows, led by our fixed income and systematic franchises. iShares generated $135 billion of net inflows, diversified across categories and global product lines. BlackRock's ability to originate and structure at scale is leading to premier financing relationships and sourcing opportunities for our clients. We've raised $68 billion in private markets over the last twelve months, and our AI Infrastructure Partnership made its first deployment this quarter. BlackRock is in a differentiated position as both a trusted advisor and destination for global client capital. That position is powering organic growth and value for our shareholders. We're entering our seasonally strongest fourth quarter with accelerating momentum, and a broad pipeline spanning whole portfolio, private markets, retirement, and our international platforms. Demand for capital is growing across the global economy, and BlackRock is increasingly at the center of how that capital is deployed and managed. I'm confident in the opportunities that creates for our clients and in the long-term value we can generate for our shareholders."