The Financial Desk

We share the money story behind everything. Earnings, AI, investment deals, and the headlines everyone's talking about.

[The Financial Desk @TFDeskHQ]

The busiest earnings day of the week is tomorrow: 105 companies report. Eli Lilly, Mastercard and Caterpillar kick it off before the open. Amazon headlines after the close, with Intel, Starbucks and Coinbase right behind.

[The Financial Desk @TFDeskHQ]

$EME stock price at 11:34 AM PT: $684.78, up 0.9% from the $678.55 Oct 28 close. It opened at $690.00, up 1.7%.

[The Financial Desk @TFDeskHQ]

EMCOR's backlog grew $5.96B in a year to a record $18.57B. $EME

Adj EPS $9.60 vs $8.33 est
Revenue $5.54B vs $5.20B est
2026 adj EPS guide raised to $34.50 to $35.50

[The Financial Desk @TFDeskHQ]

Zoom out: $EME is up 445.2% in five years vs the S&P 500's +68.5%.

[The Financial Desk @TFDeskHQ]

Zoom out: $APG is up 184.7% in five years vs the S&P 500's +68.2%.

[The Financial Desk @TFDeskHQ]

APi's Specialty Services revenue grew 29.9% organically, more than triple Safety Services' 8.8%. $APG

Adj EPS $0.50 vs $0.47 est
Revenue $2.55B vs $2.39B est
FY revenue guide raised to $9.2B to $9.25B

[The Financial Desk @TFDeskHQ]

@wavymaverick Every rate cut shaves what Coinbase earns on USDC reserves. Balances have to outgrow the cuts. Tonight's report shows which one is winning.

[The Financial Desk @TFDeskHQ]

Coinbase reports tonight, and its business looks different than it did a year ago.

Trading fees from regular customers have shrunk, while steadier income like stablecoin interest now brings in almost as much as all trading. That mix is the thing to watch in the new quarter. $COIN

[The Financial Desk @TFDeskHQ]

@wavymaverick USDC balances. Interest income moves with how much USDC sits on Coinbase, so balances tell you if that steadier revenue can keep growing even when trading slows. Subs are the second thing I'd check.

[The Financial Desk @TFDeskHQ]

$VMC stock price at 10:36 AM PT: $283.38, up 6.9% from the $265.00 Oct 28 close. It opened at $268.10, up 1.2%.

[The Financial Desk @TFDeskHQ]

Vulcan bought back $350M of its own stock last quarter. $VMC

Adj EPS $2.83 vs $2.86 est
Revenue $2.18B vs $2.26B est
Full-year adj EBITDA outlook: about $2.4B

[The Financial Desk @TFDeskHQ]

Zoom out: $VMC is up 40.3% in five years vs the S&P 500's +68.5%.

[The Financial Desk @TFDeskHQ]

$LYG Lloyds closed in London at 98.66p, down 5.0% from the 103.90p Oct 28 close. It opened at 99.74p, down 4.0%. Prices in GBP pence.

[The Financial Desk @TFDeskHQ]

Lloyds' Q3 remediation charge fell to £22M, from £875M a year ago. $LYG

Underlying profit £2.37B, +83% vs year ago
Net income £5.07B, +9% vs year ago
CET1 13.3%, RoTE 19.5%

[The Financial Desk @TFDeskHQ]

Zoom out: $LYG is up 102.2% in five years vs the S&P 500's +68.5%.

[The Financial Desk @TFDeskHQ]

$XPO stock price at 10:27 AM PT: $174.61, down 3.9% from the $181.69 Oct 28 close. It opened at $188.01, up 3.5%.

[The Financial Desk @TFDeskHQ]

XPO bought back $150M of its own stock last quarter. $XPO

Adj EPS $1.70 vs $1.56 est
Revenue $2.37B vs $2.38B est
LTL adj operating ratio 80.1%, 260 bps better than a year ago

[The Financial Desk @TFDeskHQ]

Zoom out: $XPO is up 251.5% in five years vs the S&P 500's +68.5%.

[The Financial Desk @TFDeskHQ]

$FTI stock price at 10:26 AM PT: $67.32, down 5.7% from the $71.40 Oct 28 close. It opened at $67.54, down 5.4%.

[The Financial Desk @TFDeskHQ]

TechnipFMC expects at least $14.5B of Subsea orders over the next five quarters. $FTI

Adj EPS $1.05 vs $0.88 est
Revenue $2.90B vs $2.78B est
2026 Subsea revenue guide raised to $9.6B–$9.8B

[The Financial Desk @TFDeskHQ]

Zoom out: $FTI is up 842.0% in five years vs the S&P 500's +68.5%.

[The Financial Desk @TFDeskHQ]

$PBF stock price at 10:26 AM PT: $73.86, up 0.8% from the $73.28 Oct 28 close. It opened at $74.67, up 1.9%.

[The Financial Desk @TFDeskHQ]

PBF ended the quarter with $426M of net cash after paying down debt. $PBF

Adj EPS $12.78 vs $11.12 est
Revenue $12.13B vs $10.34B est
Throughput 923,800 barrels a day

[The Financial Desk @TFDeskHQ]

Zoom out: $PBF is up 401.6% in five years.

[The Financial Desk @TFDeskHQ]

$THC stock price at 10:26 AM PT: $263.23, down 2.0% from the $268.50 Oct 28 close. It opened at $256.01, down 4.7%.

[The Financial Desk @TFDeskHQ]

Tenet's hospital EBITDA margin jumped to 19.2% from 15.1% a year ago. $THC

Adj EPS $6.64 vs $4.60 est
Revenue $5.63B vs $5.47B est
FY adj EBITDA guide raised to $5.05B to $5.20B

[The Financial Desk @TFDeskHQ]

Zoom out: $THC is up 274.1% in five years vs the S&P 500's +68.5%.

[The Financial Desk @TFDeskHQ]

$TPG stock price at 10:24 AM PT: $47.41, up 6.3% from the $44.59 Oct 28 close. It opened at $45.13, up 1.2%.

[The Financial Desk @TFDeskHQ]

TPG expects to beat its $50B fundraising target this year, with $41.6B raised so far. $TPG

After-tax DE/share $0.65 vs $0.63 est
Fee-related revenue $638M, +25% vs year ago
Quarterly dividend $0.55 a share

[The Financial Desk @TFDeskHQ]

Zoom out: $TPG is up 31.1% since listing vs the S&P 500's +66.2%.

[The Financial Desk @TFDeskHQ]

$ATI stock price at 10:23 AM PT: $181.59, up 9.9% from the $165.30 Oct 28 close. It opened at $157.15, down 4.9%.

[The Financial Desk @TFDeskHQ]

Commercial jet engine sales hit $603.2M, 42% of ATI's total sales. $ATI

Adj EPS $1.46 vs $1.36 est
Revenue $1.42B vs $1.32B est
FY adj EBITDA guide raised to $1.19B-$1.20B

[The Financial Desk @TFDeskHQ]

Zoom out: $ATI is up 887.5% in five years vs the S&P 500's +68.5%.

[The Financial Desk @TFDeskHQ]

$TROW stock price at 10:22 AM PT: $105.17, up 1.1% from the $104.00 Oct 28 close. It opened at $107.00, up 2.9%.

[The Financial Desk @TFDeskHQ]

Equity funds alone lost $25.6B to net outflows last quarter. $TROW

Adj EPS $2.86 vs $2.58 est
Revenue $2.00B vs $1.95B est
AUM $1.86T, net client outflows $28.3B

[The Financial Desk @TFDeskHQ]

Zoom out: $TROW is down 51.7% in five years vs the S&P 500's +68.5%.

[The Financial Desk @TFDeskHQ]

$INCY stock price at 10:22 AM PT: $115.69, down 1.0% from the $116.87 Oct 28 close. It opened at $112.82, down 3.5%.

[The Financial Desk @TFDeskHQ]

A one-time $1.23B charge for the Vega Therapeutics deal pushed Incyte to a quarterly loss. $INCY

Adj EPS -$3.60 vs -$3.99 est
Revenue $1.56B vs $1.48B est
FY net sales guide raised to $5.21B-$5.30B

[The Financial Desk @TFDeskHQ]

Zoom out: $INCY is up 77.8% in five years vs the S&P 500's +68.5%.

[The Financial Desk @TFDeskHQ]

$INSM stock price at 10:21 AM PT: $110.13, up 13.6% from the $96.98 Oct 28 close. It opened at $105.48, up 8.8%.

[The Financial Desk @TFDeskHQ]

Insmed's Brinsupri brought in $400.1M last quarter, up 29% from Q2. $INSM

Net loss per share $0.46 vs $0.34 est loss
Revenue $524.4M vs $501.3M est
2026 Brinsupri revenue guide raised to $1.35B to $1.4B

[The Financial Desk @TFDeskHQ]

Zoom out: $INSM is up 227.7% in five years vs the S&P 500's +68.5%.

[The Financial Desk @TFDeskHQ]

$TW stock price at 10:19 AM PT: $119.89, up 0.1% from the $119.82 Oct 28 close. It opened at $119.50, down 0.3%.

[The Financial Desk @TFDeskHQ]

Tradeweb's international revenue jumped 22% from a year ago. $TW

Adj EPS $1.02 vs $1.02 est
Revenue $584.5M vs $579.9M est
Quarterly dividend raised 17% to $0.14

[The Financial Desk @TFDeskHQ]

Zoom out: $TW is up 36.9% in five years vs the S&P 500's +68.5%.

[The Financial Desk @TFDeskHQ]

$CQP stock price at 10:16 AM PT: $66.08, up 1.7% from the $65.00 Oct 28 close. It opened at $65.60, up 0.9%.

[The Financial Desk @TFDeskHQ]

Cheniere Partners signed a deal to ship QatarEnergy up to 2 million tonnes of LNG a year through 2054. $CQP

Net income/unit $1.01 vs $1.07 est
Revenue $2.57B vs $2.56B est
FY distribution guide tightened to $3.30-$3.40/unit

[The Financial Desk @TFDeskHQ]

Zoom out: $CQP is up 47.6% in five years vs the S&P 500's +68.5%.

[The Financial Desk @TFDeskHQ]

$WST stock price at 10:16 AM PT: $434.70, up 7.7% from the $403.64 Oct 28 close. It opened at $424.55, up 5.2%.

[The Financial Desk @TFDeskHQ]

West bought back $231M of its own stock last quarter. $WST

Adj EPS $2.66 vs $2.18 est
Revenue $874.5M vs $825.9M est
2026 adj EPS guide raised to $9.38 to $9.48

[The Financial Desk @TFDeskHQ]

Zoom out: $WST is down 4.2% in five years vs the S&P 500's +68.5%.

[The Financial Desk @TFDeskHQ]

$QSR stock price at 10:14 AM PT: $72.31, down 3.0% from the $74.52 Oct 28 close. It opened at $73.70, down 1.1%.

[The Financial Desk @TFDeskHQ]

Burger King's US same-store sales jumped 8.4% from a year ago. $QSR

Adj EPS $1.10 vs $1.08 est
Revenue $2.53B vs $2.53B est
On track for 8% organic operating income growth in 2026

[The Financial Desk @TFDeskHQ]

Zoom out: $QSR is up 31.2% in five years vs the S&P 500's +68.5%.