Midday Fly By: Tesla reports mixed Q3, Trump in talks for quantum stakes

The major averages were broadly higher near noon, retaking some of yesterday’s declines. Disappointing quarterly results from major tech names weighed on sentiment, cutting into some of the gains, but traders still have their eyes on a major slate of major tech names set to report earnings after the close, including Intel (INTC) and Ford (F).

Oil surged over 5% after the U.S. imposed fresh sanctions on Russia’s top oil companies, creating a shockwave across energy markets and raising inflation concerns. Gold, meanwhile, jumped over 2%, regaining some lost ground after the major selloff that had followed recent record gains.

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.

1. STOCK NEWS:

• Tesla (TSLA) reported lower-than-expected Q3 earnings but upbeat revenue, with the company noting that its Cybercab and Tesla Semi are on schedule for 2026 volume production
• IBM (IBM) reported better-than-expected Q3 earnings and revenue, though several analysts lowered their price targets on the stock, noting Red Hat deceleration
• T-Mobile (TMUS) provided a “beat and raise” report for Q3
• The Trump administration is in talks for equity stakes in quantum computing companies, including IonQ (IONQ), Rigetti Computing (RGTI), D-Wave Quantum (QBTS), Quantum Computing (QUBT), and Atom Computing, WSJ reports
• Honeywell (HON) also provided a “beat and raise” report for Q3

2. WALL STREET CALLS:

• LendingClub (LC) upgraded to Overweight at JPMorgan
• Roth Capital upgraded Core Scientific (CORZ) to Buy as the firm now assumes the company’s takeover by CoreWeave (CRWV) does not go through
• Deutsche Bank upgraded CME (CME) to Buy on prediction market growth
• Enphase Energy (ENPH) downgraded to Neutral at Mizuho
• KeyBanc initiated coverage of Booking Holdings (BKNG) with an Overweight as well as Expedia (EXPE) with a Sector Weight rating

3. AROUND THE WEB:

• The chair of Globalstar (GSAT), James Monroe, has talked to associates about the possibility of selling his satellite company for more than $10B, The Information says
• Rivian (RIVN) is executing another round of layoffs affecting around 4% of its workforce as the electric-truck maker tries to conserve cash in a world pulling back from electric vehicles, WSJ reports
• Airbus (EADSY) has opened a second assembly line in China, raising manufacturing capacity for its A320neo family of single-aisle jets, Reuters says
• Warner Bros. Discovery (WBD) dismissed three offers from competitor Paramount Skydance (PSKY), including one that provided its CEO, WSJ reports
• Culper Research announced a short position in DoorDash (DASH)

4. MOVERS:

• Ventyx Biosciences (VTYX) increases after announcing results from its study of VTX3232
• TransUnion (TRU) rises after providing a “beat and raise” report for Q3
• Garrett Motion (GTX) higher in New York after reporting Q3 results and narrowing its guidance for FY25
• Integer (ITGR) lower after reporting Q3 results and providing guidance for FY25
• Simply Good Foods (SMPL) and Ribbon (RBBN) fall after reporting quarterly results

5. EARNINGS/GUIDANCE:

• Molina Healthcare (MOH) reported Q3 results and cut its guidance for FY25
• Las Vegas Sands (LVS) reported Q3 results, with CEO Robert Goldstein commenting, “We remain enthusiastic about our growth opportunities in both Macao and Singapore”
• American Airlines (AAL) reported Q3 results and provided guidance for Q4 and FY25
• Hasbro (HAS) reported Q3 results and raised its guidance for FY25
• Southwest (LUV) reported Q3 results, with CEO Bob Jordan commenting, “We continue to make substantial progress as we execute the most significant transformation in Southwest Airlines’ history”

INDEXES:

Near midday, the Dow was up 0.07%, or 32.56, to 46,622.97, the Nasdaq was up 0.71%, or 160.91, to 22,901.31, and the S&P 500 was up 0.38%, or 25.22, to 6,724.62.