Largest IPOs in History (by amount raised):
1. SpaceX $30.0B* 2. Saudi Aramco $29.4B 3. Alibaba $21.8B 4. Softbank $21.3B 5. NTT Mobile $18.1B 6. Visa $17.9B 7. AIA $17.8B 8. ENEL SpA $16.5B 9. Facebook $16.0B 10. GM $15.8B Elon would take the top spot. Source: Morning Brew, Bloomberg
Oops... here's why Asian markets are rather weak this morning (despite FED rate cut) and that Nasdaq futures and bitcoin are dropping...
BREAKING 🚨: Oracle $ORCL got nuked on earnings 📉📉 $ORCL falls after missing on Q2 adjusted revenue 💵 Adjusted revenue: $16.06B vs $16.21B expected 💲Adjusted EPS: $2.26 vs $1.64 expected ☁️ Oracle Cloud Infrastructure revenue: $4.1B vs $4.09B expected The "Open AI" complex is likely to get under pressure again (Softbank is down -6% this morning) Source: Barchart
Oracle currently carries $127B in debt, with $25B due within three years.
Despite this, the company is free cash flow negative, reporting roughly –$13B over the past 12 months, and it's not expected to be FCF + before 2028! Source: Patient Investor @patientinvestt
The main takeaways from the Federal Reserve’s updated forecasts:
- Economic growth was revised up (1.9% for 2025 and 2.1% for 2026 when adjusted for the effects of the shutdown, per Chair Powell) but still looks low overall given other indicators. - “Somewhat elevated” inflation is persisting, which Chair Powell attributes to tariffs, with upside risk in the short term. - Weakening labor market with an unclear balance between demand and supply side influences. - Expected decoupling of growth from employment. - Relatively upbeat on productivity but not willing to attribute this to any large extent to AI. Side note: Yes it sounds weird that the Fed is cutting rates while upgrading economic growth forecasts. But their target is mainly the weakening job market. Source: El Erian
ORACLE $ORCL: We now expect fiscal 2026 CapEx will be about 15 billion higher than we forecasted after Q1.
Source: Wall St Engine @wallstengine
S&P 500 profit margins rose to 13.6% in the 3rd quarter, their highest level in history.
Source: Charlie Bilello
The US National Debt has now increased by $2.2 trillion since the Debt Ceiling was raised back in July.
Source: Charlie Bilello
Powell the Provider.
Today was the 11th time since 1994 that the Federal Reserve cut rates when the S&P 500 was within 1% of a 52-week high. Nine of those cuts have occurred under Powell. Source: Bespoke @bespokeinvest
