Good morning investors! Investors still appear spooked as earnings continue.
Today we cover:
Inflation comes hotter
CoreWeave reports
Anthropic IPO
📊 Economy and News
US inflation comes in hotter than expected in October
US consumer prices rose 0.4% month-over-month in October, above expectations of 0.3%, although slower than September’s 0.6% increase. Core CPI, excluding food and energy, also rose 0.3%, above forecasts of 0.2%. Annual headline inflation data was unavailable due to missing October 2025 data following last year’s government shutdown.
What went up:
Public transportation: +2.0%, driven by the largest increase in intracity transport costs in six years.
Car insurance: Recorded a sharp increase after easing earlier this year.
Medical care: Service costs rose at their fastest pace in three months.
Smartphones: Prices posted their largest monthly increase on record.
Televisions: Recorded one of their biggest price increases historically.
Food and groceries: Prices rose at their fastest pace in six months, with baby food and infant formula reaching record monthly increases.
The stronger-than-expected inflation reading reinforced expectations of further Federal Reserve tightening, with markets fully pricing in a 25-basis-point rate hike in December.
Global hits:
Bank of Canada signals more rate hikes may come despite uncertainty.
Australia to mandate AI breach reporting, create regulator after OpenAI breach.
China’s trade surplus soars past $1 trillion, October exports jump 35.2% y/y.
Reminder: US oil output to reach record 13.9 million bpd in 2026. And, US credit card debt hits record $1.29 trillion in third quarter.
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📈 Stocks
S&P 500 7,520.93 (-0.37%)
DJIA 52,231.89 (-0.31%)
NASDAQ 25,065.88 (-0.74%)
BRENT CRUDE 91.46 (-1.07%)
* Prices as of Nov 11th, 12:20 AM UTC
CoreWeave beats Q3 revenue expectations and raises 2026 guidance
CoreWeave reported Q3 revenue of $3.66 billion, up 168% year-over-year and above the $3.55 billion expected. The company also raised its 2026 revenue guidance to $13–13.3 billion, signaling continued strong AI infrastructure demand.
Its revenue backlog climbed to $132.5 billion, up from $104 billion in June. However, the company reported a $709 million net loss and faces rising financing costs, with debt reaching nearly $47 billion.
Shares rose 5.4% in after-hours trading, offering some relief after falling more than 40% over the past month amid concerns about AI infrastructure valuations, higher interest rates and access to capital.
Interesting: White House vows to press ahead with tariffs despite midterm backlash over rising prices.
FDA warns of vision loss risk linked to popular GLP-1 drugs like Wegovy, Zepbound.
U.S. gas prices fall below $4 for the first time since July.
Fossil reports: Fossil returned to profitability and sales growth in its fiscal third quarter, reporting $271.2 million in revenue, up 0.4% year over year, and net income of $11.7 million, compared with a $39.9 million loss a year earlier. Operating income reached $25.3 million, while operating expenses fell 11.1%.
CEO Franco Fogliato said the turnaround is 18 months ahead of schedule, driven by store closures, tighter cost controls and a shift away from heavy discounts toward full-price sales. Fossil raised its full-year revenue guidance to $980–990 million and expects positive free cash flow by year-end. Growth was led by Asia, particularly India, where sales increased 15.1%. Traditional watches, which account for around 86% of sales, grew 6.4%, while smartwatch revenue remained below $1 million.
💵 Personal Finance
Anthropic targets $1.4 trillion valuation in November IPO – How You Can Own It Now
Anthropic has set its IPO price range at $70–$78 per share, offering 825 million shares and targeting a Nasdaq debut on November 19 under ticker ANT. At the upper end, the company could reach a fully diluted valuation of approximately $1.4 trillion, with up to $64.35 billion in proceeds.
Investor demand appears strong, with institutional orders already covering the offering. Retail investors are expected to receive around 20% of shares, through brokers including Fidelity, Schwab, Robinhood and SoFi.
Pre-IPO exposure has also been available through ETFs, mutual funds, closed-end funds and private-market investment vehicles, although some require accredited investor status and carry higher fees and liquidity risks.
Separately, offshore perpetual futures imply a potential valuation of around $1.7 trillion, suggesting more than 30% upside versus the IPO price range. This points to expectations of a strong debut, although such speculative trading does not guarantee post-listing performance.
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"Wealth measures unspent understanding, not earnings."
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