🚀 Pfizer and McDonalds exceed Q3 expectations

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Pfizer's Q3 results exceeded expectations, with $17.7 billion in revenue and an adjusted earnings per share of $1.06, driven largely by its COVID products Paxlovid and the updated COVID vaccine. The company raised its full-year outlook, now targeting $61-64 billion in revenue. Notably, non-COVID product sales rose by 14%, bolstered by recent acquisitions like Seagen’s cancer treatments and strong sales of heart and RSV medications. Despite this growth, activist investor Starboard Value is pressing for operational discipline to recoup Pfizer's post-COVID market value losses.

2. McDonald's reported third-quarter earnings that beat Wall Street expectations, reversing U.S. same-store sales declines. However, investors remain cautious due to an E. coli outbreak across 13 states tied to its Quarter Pounder burgers, linked to slivered onions. The outbreak has impacted daily sales and traffic, though McDonald’s management says it’s contained and unlikely to materially affect future performance. Globally, the company faced more substantial declines in same-store sales, with weaker performance in Europe, the Middle East, and China, even as U.S. sales saw a slight uptick.

3. Shares of Trump Media & Technology Group, trading as DJT, saw volatile trading Tuesday morning, with multiple halts due to sharp price swings. The company’s stock spiked 21% on Monday, adding to a pre-election rally that has boosted its value fourfold since September, despite its financial losses. Trump's significant ownership stake has risen in worth alongside the stock, while analysts suggest retail investors are backing DJT as a bet on Trump’s election chances against Democratic nominee Kamala Harris.

4. Headlines

   1. Bank of America has raised its outlook for Nvidia, believing the stock price can still rise another 40%.

   2. JP Morgan is suing customers who used an ATM glitch to withdraw funds from their accounts before checks bounced.

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