The Market Wrap.

At a glance: 8 S&P 500 names report today — headlined by AMD after the close, alongside Amgen, Arista Networks, Pfizer, Eaton, Marathon Petroleum, Booking Holdings and Apollo before and after today's session.

The earnings calendar carries no confirmed session for Bio-Techne today; the date is provisional, and the company may report later in the period.

The tape ahead

AMD reports after the close tonight, and the debate is squarely about the AI data-center ramp — the MI350/MI400 roadmap and the pace at which committed GPU capacity converts to revenue — rather than the legacy PC and server CPU business. Consensus EPS of $1.94 implies growth of 61.7% YoY, with revenue consensus of $13.09B implying 41.6% YoY growth, both of which assume the data-center segment keeps compounding rather than merely catching up to last year's product transition. Margins already moved sharply in the last reported quarter — gross margin up 0.9 points to 53.8%, net margin up a full 6.4 points to 19.9% — itself a read on how quickly AI-related mix is flowing through to the bottom line. Options are pricing a 9.1% move into tomorrow's open against a historical average of just 3.5% over the last eight prints, where AMD has beaten every time — a far richer-than-usual straddle that says the market sees real binary risk in tonight's data-center disclosures and guide. Read-across matters well beyond AMD itself: Arista reports the same night, and both prints will be read as corroborating or complicating the same AI-capex narrative.

Amgen's print is a tug-of-war between the maturing MariTide obesity opportunity and continuing biosimilar erosion in Prolia and Enbrel — the growth story increasingly rests on newer and pipeline assets offsetting pressure on the older book. Consensus EPS of $5.78 implies just 2.5% growth YoY, with revenue consensus of $10.06B implying 5.3% YoY growth — both modest next to Amgen's own 3-year EPS CAGR of 5.5%, itself decelerating. Margins, though, have moved the other way: gross margin up 3.9 points to 72.0% and net margin up 2.5 points to 23.6% in the last reported quarter, evidence the cost base is still being managed well even as top-line growth slows. The 4.6% implied move is roughly three times Amgen's own 1.5% realized-move average and comes against a spotless eight-for-eight beat record, with the last print beating by 12.0% — a straddle pricing real event risk into a name that has rarely delivered it. Read-across extends to the rest of the biosimilar-exposed biotech complex, where the Prolia/Enbrel erosion rate is being watched as a bellwether for how fast payers are pushing cheaper alternatives.

Arista's setup turns on whether hyperscaler AI-networking demand — the Etherlink platform now embedded across more than 100 customers, by management's own account — can keep compounding at its recent pace against a backdrop of Cisco pushing harder into the same switching market. Consensus EPS of $1.08 implies 44.0% growth YoY, with revenue consensus of $3.33B implying 44.4% YoY growth, both roughly double Arista's own 1-year EPS CAGR of 23.6%, so the Street is pricing acceleration rather than a steady state. Margins have held up well — gross margin up 1.0 point to 62.9%, net margin up 2.2 points to 40.0% in the last reported quarter — leaving little room for disappointment on profitability even if the top line merely meets expectations. The 10.1% implied move is more than four times Arista's own 2.1% realized-move average, the richest straddle on today's docket relative to history, against a perfect eight-for-eight beat record and a 15.2% surprise last time out. Read-across is immediate: Arista reports alongside AMD tonight, and the two prints together will be read as the clearest gauge yet of whether AI infrastructure capex is still accelerating into year-end.

Pfizer's print lands squarely inside the patent-cliff debate — Eliquis, Ibrance and Xeljanz all facing erosion over the next several years — compounded by integration costs from the Metsera obesity acquisition, which gives Pfizer a clinical-stage GLP-1 pipeline but no near-term revenue. Consensus EPS of $0.73 implies a 16.1% decline YoY, with revenue consensus of $15.88B implying a 4.7% YoY decline, both consistent with a business still absorbing the loss-of-exclusivity hit rather than growing through it. The margin picture is the more pointed story: gross margin held relatively steady, down 2.7 points to 72.8%, but net margin was already negative last quarter at -1.6%, down a further 20.2 points — a swing large enough to suggest a one-off charge layered on top of the structural pressure. The 4.5% implied move sits modestly above Pfizer's own 2.4% realized-move average against a perfect eight-for-eight beat record and a 12.9% surprise last time, so the options market is pricing some incremental risk without expecting fireworks. Read-across matters for the rest of large-cap pharma reporting this quarter, where the market is increasingly differentiating between companies with credible post-cliff growth assets and those still managing decline.

Eaton's quarter is the clearest test yet of whether the data-center electrification narrative converts into reported profit rather than just backlog: management has talked up a U.S. data-center pipeline in the hundreds of gigawatts, and the question is whether Electrical Americas pricing is keeping pace with the volume. Consensus EPS of $3.55 implies growth of 15.6% YoY, with revenue consensus of $8.53B implying a stronger 22.0% YoY gain — a wider gap between revenue and earnings growth than the market usually tolerates. That gap shows up directly in the margin trend: gross margin was down 2.1 points to 33.5% and net margin down 2.0 points to 9.6% in the last reported quarter, exactly the kind of price/cost compression that would worry a stock trading at the premium multiple Eaton commands. The 7.0% implied move is more than double Eaton's own 3.1% realized-move average against a perfect beat record, so the options market is treating this print as more than routine. Read-across is broad: Eaton's result will be read across the entire electrical-equipment and data-center-power complex, including names later this week exposed to the same buildout.

Marathon Petroleum's setup is almost entirely about refining margins rather than volumes: crack spreads widened sharply through the third quarter after sitting near multi-year lows a year ago, and that base effect dominates every headline number in today's table. Consensus EPS of $26.00 implies growth of 763.8% YoY, a figure the table itself flags as resting on a low year-ago base — last year's print was depressed by refining margins that had collapsed, so the percentage describes the crack-spread recovery far more than it describes operational improvement. Revenue consensus of $43.81B, implying 22.2% YoY growth, is the cleaner read on the underlying business. Margins swung hard in the last reported quarter too — gross margin up 9.3 points to 15.6% and net margin up 8.4 points to 9.9% — consistent with the same margin-recovery story. The 11.4% implied move prices the November monthly expiry 17 days out rather than the print alone, so it isn't a clean read on event risk; the stock's own 88% beat rate over the last eight quarters, including a 27.1% surprise last time, is the more useful gauge of what to expect.

Booking's print is a read on whether post-summer travel demand is holding up heading into the holiday booking window, with room-night growth and the pace of alternative-accommodation supply the two threads the Street is watching most closely. Consensus EPS of $4.50 implies growth of 13.1% YoY against revenue consensus of $9.54B implying a slower 6.0% YoY gain — a gap that points to margin expansion and buybacks doing more of the work than top-line acceleration. That shows up in the last reported quarter's net margin, up 6.9 points to 26.5%, a healthy expansion even as revenue growth has moderated. The 7.5% implied move is more than four times Booking's own 1.8% realized-move average against a perfect eight-for-eight beat record, a notably rich straddle for a name whose prints have rarely moved the stock by more than 2%. Read-across matters for the rest of the travel and online-booking complex reporting this quarter, where Booking's commentary on demand trends typically sets the tone.

Apollo's quarter turns on whether fee-related earnings from the asset-management business and spread income from Athene's retirement platform can keep growing together, with private-credit origination volumes the thread most worth watching given how central that business has become to the growth story. Consensus EPS of $2.20 implies just 1.4% growth YoY, well behind revenue consensus of $1.36B implying 18.3% YoY growth — a wide gap worth watching given the stock's beat rate has cooled to 75% over the last eight quarters and the last print was a 2.2% miss. The net margin swing in the last reported quarter was especially large — up 49.9 points to 12.2% — a move big enough to warrant scrutiny of what's one-off versus structural before taking the margin trend at face value. The 5.6% implied move is roughly twice Apollo's own 3.0% realized-move average, a moderate premium that reflects the mixed recent track record rather than an unusually binary setup. Read-across extends to the rest of alternative asset managers and insurers reporting this quarter, where flow momentum into private credit remains the central industry debate.

EPS YoY and Rev. YoY = consensus against the same quarter a year earlier, as a percentage difference (positive = growth expected); “—” where that quarter was a loss or has no figure. A note under a figure flags an unusual comparison base — the percentage is correct but should not be read as a clean growth rate. GM / NM prev.Q = gross and net margin in the last reported quarter, from that quarter's own income statement, with the move against the quarter before it underneath in percentage points (pp); gross margin is “—” for banks and insurers, which do not report a gross profit. Implied move = ATM straddle at the first expiry on or after the report; where that expiry is more than a week out — a name with no weekly options, most often the monthly — a note under the figure says so, because the straddle then prices those extra weeks and not just the print. Hist. avg = mean absolute 1-day move over the last up-to-8 prints (red implied move = priced above history/rich, green = below/cheap; left uncoloured where the expiry is too far out for that comparison to mean anything). EPS 1Y/3Y/5Y/10Y = annualized EPS growth (CAGR) over the trailing fiscal years; “—” where annual history is too short or crosses a loss.
CompanyTimeCons. EPSEPS rangeEPS YoYRev. cons.Rev. YoYGM / NM prev.QImplied moveHist. avgBeat rateEPS 1YEPS 3YEPS 5YEPS 10Y
Advanced Micro Devices AMD
Information Technology · $762.10B
After-close$1.94$1.72 – $2.10 · 40 est+61.7%$13.09B+41.6%53.8% / 19.9%
+0.9 / +6.4 pp
9.1%3.5%88%+164.3%+46.6%+5.1%—
Amgen AMGN
Health Care · $251.64B
After-close$5.78$5.47 – $6.09 · 29 est+2.5%$10.06B+5.3%72.0% / 23.6%
+3.9 / +2.5 pp
4.6%1.5%100%+88.2%+5.5%+2.9%+4.6%
Arista Networks ANET
Information Technology · $207.02B
After-close$1.08$1.06 – $1.12 · 26 est+44.0%$3.33B+44.4%62.9% / 40.0%
+1.0 / +2.2 pp
10.1%2.1%100%+23.6%+37.1%+40.7%+38.5%
Pfizer PFE
Health Care · $174.81B
Pre-open$0.73$0.56 – $0.83 · 19 est-16.1%$15.88B-4.7%72.8% / -1.6%
-2.7 / -20.2 pp
4.5%2.4%100%-3.5%-37.1%-3.5%+2.0%
Eaton Corporation ETN
Industrials · $142.18B
Pre-open$3.55$3.50 – $3.59 · 23 est+15.6%$8.53B+22.0%33.5% / 9.6%
-2.1 / -2.0 pp
7.0%3.1%100%+10.0%+19.4%+24.5%+9.5%
Marathon Petroleum MPC
Energy · $120.86B
Pre-open$26.00$24.36 – $28.12 · 17 est+763.8%
low year-ago base
$43.81B+22.2%15.6% / 9.9%
+9.3 / +8.4 pp
11.4%
monthly expiry, 17d out
3.6%88%+30.9%-22.2%—+9.7%
Booking Holdings BKNG
Consumer Discretionary · $115.52B
After-close$4.50$4.20 – $4.69 · 26 est+13.1%$9.54B+6.0%— / 26.5%
— / +6.9 pp
7.5%1.8%100%-4.1%+29.4%+158.6%+12.8%
Apollo Global Management APO
Financials · $70.55B
Pre-open$2.20$2.12 – $2.27 · 18 est+1.4%$1.36B+18.3%96.1% / 12.2%
+4.3 / +49.9 pp
5.6%3.0%75%-11.6%-0.8%+13.4%+21.5%

Also reporting today

Bio-Techne is also on today's docket, though its session remains unconfirmed by the calendar; consensus implies EPS growth of 7.1% YoY against revenue growth of 2.0% YoY. Elsewhere in the list, ADM's consensus implies a 73.9% EPS gain YoY and Super Micro's implies 251.4%, while AIG, Prudential and Mosaic are among the names where consensus points the other way.

EPS YoY and Rev. YoY = consensus against the same quarter a year earlier, as a percentage difference (positive = growth expected); “—” where that quarter was a loss or has no figure. A note under a figure flags an unusual comparison base.
CompanyTimeCons. EPSEPS YoYRev. cons.Rev. YoY
Ametek AME
Industrials
Pre-open$2.11+11.6%$2.13B+12.4%
Keurig Dr Pepper KDP
Consumer Staples
Pre-open$0.62+14.8%$7.33B+70.3%
Block, Inc. XYZ
Financials
After-close$1.03+90.7%$6.60B+7.9%
Waters Corporation WAT
Health Care
Pre-open$4.00+17.6%$1.75B+119.3%
low year-ago base
American International Group AIG
Financials
After-close$1.88-14.5%$7.41B+16.7%
Yum! Brands YUM
Consumer Discretionary
Pre-open$1.46-7.6%$2.02B+2.0%
Prudential Financial PRU
Financials
After-close$3.32-22.1%$14.16B-12.8%
Sysco SYY
Consumer Staples
Pre-open$1.19+3.5%$22.02B+4.1%
Archer Daniels Midland ADM
Consumer Staples
Pre-open$1.60+73.9%$23.49B+15.3%
Fiserv FISV
Financials
Pre-open$1.71-16.2%$4.84B-1.5%
Expeditors International EXPD
Industrials
Pre-open$2.23+36.0%$3.60B+24.2%
International Flavors & Fragrances IFF
Materials
After-close$0.82-21.9%$1.91B-29.2%
Also: BR, FIS, SWKS, SMCI, DD, LDOS, BALL, ZBRA, RVTY, IT, AIZ, PNW, JKHY, TECH, HSIC, APTV, MOS

Scorecard — what printed since we last wrote

Every name in today's scorecard beat on both lines, and the market's reaction tells a different story than the headline surprises would suggest. Apple beat on EPS (+6.1%, with EPS up 13.5% YoY) and revenue (+1.1%), yet the stock fell 2.8% after the close — consistent with yesterday's framing that the December-quarter guide, not the fiscal fourth quarter itself, was always the real test. Diamondback (EPS +4.6%, revenue +10.6%, EPS up 90.3% YoY off a depressed year-ago crude base) and Entergy (EPS +16.5%, revenue +5.2%, EPS up 29.4% YoY) both beat comfortably and both still finished lower, Entergy's despite the data-center demand narrative that has been building all week. Idexx was the one name where a beat (+8.1% EPS, +1.8% revenue) actually moved the stock the way the surprise implied, up 21.9% as the diagnostics story kept delivering. Estée Lauder beat by 41.2% on EPS, with EPS up 125.0% YoY off the same depressed year-ago base flagged yesterday, yet the stock still fell 4.1% — a sign the market is looking past the comparison-driven optics. Fox beat by 25.7% on EPS and 6.5% on revenue (EPS up 68.2% YoY) but slipped 0.8%, while Clorox's 44.9% EPS beat (EPS up 82.4% YoY) was, besides Idexx, the other name the tape actually rewarded, up 2.3% after the close. None of today's seven scorecard names carried updated margin figures yet, so the surprise percentages are the cleanest read available on each.

EPS surprise and Rev. surprise = reported figure against the consensus we flagged in that edition; shown in grey, and read as in line rather than as a beat or a miss, inside ±2% on EPS and ±0.75% on revenue. EPS YoY = reported EPS against the same quarter a year earlier, as a percentage difference; “—” where that quarter was a loss or has no comparable figure. GM / NM = gross and net margin in the quarter just reported, computed from its income statement, with the move against the previous quarter underneath in percentage points (pp); “—” where the quarter's statement is not out yet, and gross margin is “—” for banks and insurers, which report no gross profit. Reaction = the report-day session move; for after-close reporters whose next regular session has not traded yet, the post-market move on the report date, marked “AH”.
CompanyTimeEPS actualEPS surpriseEPS YoYRev. actualRev. surpriseGM / NMReaction
Apple Inc. AAPL
After-close$2.10+6.1%+13.5%$114.48B+1.1%—-2.8% AH
Diamondback Energy FANG
After-close$5.86+4.6%+90.3%$5.43B+10.6%—-0.4% AH
Entergy ETR
Pre-open$1.98+16.5%+29.4%$4.37B+5.2%—-0.2%
Idexx Laboratories IDXX
Pre-open$4.01+8.1%+17.9%$1.21B+1.8%—+21.9%
Estée Lauder Companies (The) EL
Pre-open$0.72+41.2%+125.0%
low year-ago base
$3.71B+1.7%—-4.1%
Fox Corporation (Class A) FOXA
Pre-open$2.54+25.7%+68.2%$4.57B+6.5%—-0.8%
Clorox CLX
After-close$1.55+44.9%+82.4%$1.91B+1.5%—+2.3% AH

Rest of the week

The calendar thins out after today but stays top-heavy. McDonald's and Qualcomm report tomorrow, with consensus implying a 28.0% EPS decline YoY at Qualcomm against a 5.0% YoY gain at McDonald's. Thursday brings ConocoPhillips (EPS consensus implying 89.4% growth YoY) and Parker Hannifin (13.2% YoY), before a much lighter Friday with Moderna and Humana the only two names carrying an implied move.

Yr-ago EPS = EPS in the same quarter a year earlier, for reading consensus against a like-for-like base. Implied move = the move the options market is pricing for the print, from the at-the-money straddle at the first expiry on or after the report date; quoted for the largest names each day, “—” elsewhere. Where that expiry is more than a week out, a note says so — the figure then spans those extra weeks rather than the print alone.
DayCompanyTimeCons. EPSYr-ago EPSImplied move
Wednesday Nov 4
McDonald's MCD
Pre-open$3.38$3.223.7%
Qualcomm QCOM
After-close$2.16$3.009.6%
Uber UBER
Pre-open$0.90$3.11—
McKesson MCK
After-close$10.75$9.86—
CVS Health CVS
Pre-open$1.65$1.60—
Emerson Electric EMR
Pre-open$1.85$1.62—
Motorola Solutions MSI
After-close$4.43$4.06—
Datadog DDOG
Pre-open$0.64$0.55—
AppLovin APP
After-close$4.03$2.45—
Air Products APD
After-close$3.61$3.39—
Allstate ALL
After-close$6.96$11.17—
W. W. Grainger GWW
Pre-open$11.66$10.21—
Also: COR, MET, AFL, EW, VMRK, COHR, MLM, EXPE, KHC, ATO, CPAY, ES, Q, TPL, AMCR, PTC, CDW, ZBH, CF, HST, APA, CRL, SWK, NWSA, FICO, TRMB, TKO, ALB, PODD
Thursday Nov 5
ConocoPhillips COP
Pre-open$3.05$1.614.8%
Parker Hannifin PH
Pre-open$8.17$7.228.6%
monthly expiry, 15d out
Southern Company SO
Pre-open$1.71$1.60—
Airbnb ABNB
After-close$2.85$2.21—
Duke Energy DUK
Pre-open$1.86$1.81—
Monster Beverage MNST
After-close$0.30$0.27—
EOG Resources EOG
After-close$4.45$2.71—
Cigna CI
Pre-open$7.51$7.83—
Simon Property Group SPG
After-close$1.62$1.60—
Cummins CMI
Pre-open$8.28$3.86—
Targa Resources TRGP
Pre-open$2.86$2.41—
Lumentum LITE
After-close$5.76$1.67—
Also: CAH, SRE, BDX, DVN, ROK, ED, MCHP, LYV, KMB, ZTS, IRM, MTD, AEE, DTE, GPN, VRSK, TPR, RL, STE, VTRS, EVRG, SOLV, REG, AKAM, CPT, WYNN
Friday Nov 6
Moderna MRNA
Pre-open$-1.25$-0.519.9%
Humana HUM
Pre-open$-1.00$3.248.8%
Vistra Corp. VST
Pre-open$2.43$1.75—
PPL Corporation PPL
Pre-open$0.53$0.48—
Franklin Resources BEN
Pre-open$0.77$0.67—
Charter Communications CHTR
Pre-open$9.24$8.34—

Informational only — not investment advice. Figures are consensus/estimates and option-implied values from public sources and may be revised.

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