Earnings Reports — November 09, 2026 — Evening Update — Last 12 Hours (Pacific Time)
Executive Summary
Tonight's earnings wave skewed bearish, with misses outnumbering beats across the 115 reports — though several high-profile names delivered standout surprises. Stock reactions were notably punishing for misses (JBS -7%, Digital Turbine -23%, Casella Waste -8%, Qualys -8%) while beats like AAON (+14.7%) and Sanmina soared on strong guidance. Key themes: cost pressures weighing on industrials and consumer names, crypto-linked assets boosting results, and guidance cuts spooking investors even when revenue held up.
Earnings Performance Breakdown
| Category | Count | % of Total |
|---|---|---|
| 🟢 Double Beat (EPS + Revenue beat) | 34 | ~30% |
| ⚪ Mixed (one beat, one miss — or matched) | 31 | ~27% |
| 🔴 Double Miss (EPS + Revenue miss) | 47 | ~41% |
| 📋 Preview/Outlook Only | 3 | ~3% |
Classification based on headline language. Previews/outlooks (Onto Innovation surge narrative, Take-Two guidance note, AAON soar narrative) treated as supplementary context to actual result headlines and not double-counted.
Summary: Misses dominate at ~41% double misses vs ~30% double beats — a net bearish read on this earnings batch.
Notable Earnings Reports
🔴 Digital Turbine (APPS) — Mixed/Miss
- EPS matched at $0.18; revenue topped estimates
- Stock plunged 23% in after-hours despite the revenue beat
- Margin disappointment drove the severe selloff — investors punished the profitability miss hard
🟢 AAON Inc (AAON) — Double Beat
- EPS of $0.83 beat by $0.27; revenue also topped estimates
- Shares surged 14.7% in after-hours
- Raised outlook added fuel; HVAC demand remains robust
🟢 Sanmina (SANM) — Double Beat
- EPS of $4.43 beat by $1.16; revenue topped estimates
- Shares soared on results and strong forward guidance
- One of the largest EPS surprise magnitudes of the session
🔴 JBS (JBS) — Miss
- Earnings missed on challenging beef markets
- Shares fell 7% in after-hours
- Difficult conditions in beef processing weighed on the global meat processor
🟢 Occidental Petroleum (OXY) — Mixed Beat
- EPS of $1.91 beat by $0.57; revenue fell short
- Strong production volumes offset lower crude prices
- A decisive Q3 beat despite top-line softness
🔴 James River Group (JRVR) — Double Miss
- EPS of -$4.04, missed by $4.23 — one of the largest absolute misses of the session
- Revenue also fell short
- No stock reaction mentioned, but the magnitude of the EPS miss is striking
🟢 Bandai Namco (TYO:7832) — Beat + Guidance Hike
- H1 operating profit jumped 27% on toys and digital strength
- Full-year guidance raised
- Diversified entertainment portfolio driving outperformance
🔴 Take-Two Interactive (TTWO) — Double Miss
- EPS of -$0.29, missed by $1.26; revenue fell short
- Stock rose ~3% in after-hours anyway — GTA VI release date reiterated and guidance reassured investors
- A rare case where the market looked past a large EPS miss
🟢 Onto Innovation (ONTO) — Double Beat
- EPS of $2.44, beat by $0.13; revenue topped estimates
- Shares surged on strong Q3 beat and positive guidance
- Semiconductor equipment demand remains a bright spot
🔴 Surrozen (SRZN) — Double Miss
- EPS of -$11.02, missed by $9.96 — the largest relative EPS miss of the session
- Revenue also fell short
- Biotech burn rate far exceeded expectations
Sector Analysis
🟢 Strength:
- Semiconductor/Tech Equipment: Onto Innovation (ONTO) surged on a double beat with raised guidance; Novanta (NOVT) also beat on both lines. Semiconductor-adjacent demand holding firm.
- Energy (Oil & Gas): Occidental (OXY) delivered a decisive beat; HighPeak Energy (HPK) and Babcock & Wilcox (BW) also beat. Production volumes offsetting commodity price headwinds.
- Japanese Industrials/Consumer: Bandai Namco (+27% H1 profit, guidance hike) and Fujikura (operating profit more than doubled, guidance raised) both impressed. Fujikura likely benefiting from data center/AI cable demand.
- Ad Tech/Digital Media: Pubmatic (PUBM), Viant Technology (DSP), and Zeta Global (ZETA) all delivered double beats — programmatic advertising showing resilience.
- Shipping: DHT Holdings beat by $0.51, Global Ship Lease beat by $0.25, Safe Bulkers beat — tanker and container shipping broadly strong.
🔴 Weakness:
- Automotive (Japan): Suzuki Motor cut its full-year pretax profit forecast on rising raw material costs — shares fell.
- Waste Management: Casella Waste fell 8% on a double miss — cost pressures hitting the sector.
- Biotech/Pharma: Multiple misses including Surrozen (massive EPS miss), Microvast, Perspective Therapeutics, GeneDx (guidance cut triggered share tumble), and Organon (missed by $0.34).
- Consumer/Media: iHeartMedia missed by $0.29, AMC Global Media missed, Groupon missed — legacy media and consumer-facing names under pressure.
- EV/Space: Lucid Group missed on both lines; Rocket Lab missed EPS despite a revenue beat (shares fell); AST SpaceMobile missed but edged higher.
- Fintech/Payments: Repay Holdings missed by $0.35; Bakkt missed by $0.19; Green Dot missed — fintech broadly soft.
Biggest Movers
| Company | Ticker | Move | Direction |
|---|---|---|---|
| Digital Turbine | APPS | -23% after-hours | 🔴 Margin miss |
| AAON Inc | AAON | +14.7% after-hours | 🟢 Double beat + raised guidance |
| JBS | JBS | -7% after-hours | 🔴 Earnings miss, beef markets |
| Qualys | QLYS | -8% after-hours | 🔴 Beat but margin concerns |
| Casella Waste | CWST | -8% after-hours | 🔴 Double miss |
| Take-Two Interactive | TTWO | +~3% after-hours | 🟢 GTA VI date reiterated, guidance |
| Sanmina | SANM | Soared (% not specified) | 🟢 $1.16 EPS beat + strong guidance |
| Onto Innovation | ONTO | Surged (% not specified) | 🟢 Double beat + positive guidance |
| AST SpaceMobile | ASTS | Edged higher (% not specified) | 🟡 Miss but market shrugged |
Largest EPS Surprises (Beat): Surrozen miss aside, the biggest positive surprises by magnitude were National Health Investors (+$10.28), P3 Health Partners (+$4.86), MARA Holdings (+$1.65), Sanmina (+$1.16), and Orix ADR (+$1.81).
Largest EPS Surprises (Miss): James River Group (-$4.23), Surrozen (-$9.96), Take-Two (-$1.26), Organon (-$0.34), Repay Holdings (-$0.35).
Earnings Sentiment
Net Sentiment: 🔴 Cautiously Bearish
Misses outnumber beats by a meaningful margin (~41% double misses vs ~30% double beats), and stock reactions to misses have been more severe than the gains from beats.
The beat rate for this session sits below 30% on a double-beat basis, with mixed results making up another ~27% — meaning roughly 7 in 10 companies failed to beat on both lines. Guidance was a mixed picture: Bandai Namco, Fujikura, AAON, and Onto Innovation all raised full-year outlooks, while Suzuki cut its forecast and GeneDx lowered growth targets (triggering a share tumble). Stock reactions skew negative overall — the -23% Digital Turbine plunge, -8% Casella Waste, -8% Qualys, and -7% JBS moves outweigh the upside from AAON's +14.7% surge and Sanmina's rally. Investors appear to be in a punish-first, ask-questions-later mode for any sign of margin pressure or guidance uncertainty.
Key Takeaways
- 🔴 Digital Turbine (APPS): Revenue beat wasn't enough — a -23% after-hours plunge shows investors are laser-focused on margins, not just top-line growth.
- 🟢 AAON (AAON): +14.7% surge on a $0.27 EPS beat and raised guidance — HVAC demand is a quiet winner in this earnings cycle.
- 🟢 Sanmina (SANM): A $1.16 EPS beat with strong guidance signals continued strength in electronics manufacturing services.
- 🔴 JBS (JBS): -7% after-hours confirms beef market headwinds are real and material — protein sector investors should stay cautious.
- 🟢 Occidental (OXY): Beat by $0.57 on production strength — a reminder that volume discipline can offset commodity price softness.
- 🔴 Qualys (QLYS): Beat EPS and revenue but fell 8% — margin concerns are overriding headline beats in cybersecurity right now.
- 🟢 Take-Two (TTWO): Missed badly on EPS (-$1.26) but rose ~3% — the GTA VI release date reaffirmation is doing heavy lifting for investor sentiment.
- 🔴 Suzuki Motor (7269): Full-year profit forecast cut on rising raw material costs — Japanese auto sector cost pressures are mounting.
- 🟢 Fujikura: Operating profit more than doubled in H1 with a guidance raise — likely a beneficiary of AI infrastructure/data center cable demand.
- 🟢 Bandai Namco (7832): +27% H1 operating profit with a guidance hike — toys and digital entertainment holding up well globally.
- 🔴 Casella Waste (CWST): -8% on a double miss — cost inflation is squeezing waste management margins.
- 🔴 James River Group (JRVR): A -$4.23 EPS miss is a red flag for specialty insurance underwriting quality — watch for follow-through.
- 🟢 Ad Tech Trio (PUBM, DSP, ZETA): Pubmatic, Viant, and Zeta Global all double-beat — programmatic digital advertising is in a solid patch.
- 🔴 Biotech broadly weak: Surrozen, GeneDx, Microvast, and Organon all missed — sector-wide pressure on burn rates and growth targets.
- 🟢 Shipping sector solid: DHT Holdings, Global Ship Lease, and Safe Bulkers all beat — freight and tanker markets remain supportive.
- 🟢 Onto Innovation (ONTO): Double beat with a guidance surge — semiconductor equipment demand is a bright spot amid broader tech uncertainty.
- 🔴 Rocket Lab (RKLB): Revenue beat wasn't enough to offset an EPS miss — shares fell, highlighting the market's profitability focus in space tech.
- 🟡 Trump Media (DJT): First quarterly profit since going public, driven by crypto asset gains — structurally unusual driver; sustainability is the key question.
- 🔴 iHeartMedia (IHRT): Missed by $0.29 — legacy radio/audio advertising continues to face structural headwinds.
- 🟢 Kemper (KMPR): Beat by $0.44 with revenue upside — insurance underwriting showing recovery after prior-year difficulties.
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