Earnings Reports — November 10, 2026 — Midday Update — Last 12 Hours (Pacific Time)

Executive Summary

The last 12 hours delivered a broadly mixed earnings picture, with beats slightly outnumbering misses on the EPS line but revenue shortfalls remaining a persistent theme across sectors. Stock reactions skewed negative even on beats — a recurring pattern where guidance disappointments or revenue misses overshadowed headline EPS outperformance. Key themes include AI infrastructure profitability pressure, biotech cash burn scrutiny, and European corporate resilience amid macro headwinds.

Earnings Performance Breakdown

Note: Only headlines reporting actual results are classified below. Previews/outlooks are excluded from classification.

Double Beats 🟢: Ton Strategy, Jerash, Harvard Bioscience, 908 Devices, Humacyte, Alliance Laundry, Sally Beauty, TransDigm (Q4), Venture Global, AAON, Webtoon Entertainment, Ampco-Pittsburgh, Tatton Asset Management, Oxford Instruments, Fujikura, Banca Generali

Mixed ⚪: Xilio Therapeutics, Exagen, Intelligent Bio Solutions, KULR Technology, Arbutus Biopharma, Scholar Rock, Autolus Therapeutics, Liquidia, Legend Biotech, Gilat Satellite, Bitdeer, Goosehead Insurance, Montauk Renewables, Sea ADR, Canaan, Brightstar Lottery, Brainsway, Aviat, D-Wave Quantum, On Holding, Wix.com, Rocket Lab, eToro, Atour Lifestyle, Exodus Movement, TTEC, Henkel, Watches of Switzerland

Double Misses 🔴: Immatics NV, TriSalus Life Sciences, LENSAR, Opus Genetics, Janus International Group, Chicago Atlantic Real Estate Finance, McEwen Mining, Paradium.AI, Oxbridge Re, Hemab Therapeutics, Porsche SE, Suzuki Motor

Notable Earnings Reports

🟢 AAON Inc. (NASDAQ: AAON) — Strong Beat + Raised Outlook

• Beat on both EPS and revenue; raised full-year guidance
• Shares surged ~22% premarket — one of the session's biggest movers
• HVAC demand momentum remains robust; raised outlook signals management confidence

🔴 Janus International Group (NYSE: JBI) — Double Miss + Weak Guidance

• EPS of $0.08, missing by $0.10; revenue also fell short
• Shares tumbled 29% — the session's worst reaction
• Weak guidance compounded the miss, raising structural demand concerns in building products

🟢 Venture Global (NYSE: VG) — Strong Beat + Raised Guidance

• Beat on both adjusted EPS and revenue; raised full-year guidance
• Shares rose ~6%
• LNG demand strength driving outperformance; guidance raise signals operational confidence

🔴 Sea Limited (NYSE: SE) — Earnings Miss Despite Revenue Beat

• EPS of $0.78, missing by $0.21 vs. estimate of $0.99; revenue topped estimates
• Shares tumbled ~9%
• Profitability pressure persists despite top-line growth across its Southeast Asia platform

🔴 SoftBank Group — Unexpected $7B Q2 Loss

• Logged an unexpected ~$7 billion loss in Q2 driven by AI portfolio writedowns and data center disruptions
• One of the largest absolute loss figures in the session
• Highlights concentration risk in AI-linked investments

🟢 TransDigm (NYSE: TDG) — Q4 Beat, FY2027 Guidance Disappoints

• EPS of $12.44, beating by $0.22; revenue topped estimates
• Shares fell ~4% on fiscal 2027 earnings guidance miss
• A textbook case of a solid quarter overshadowed by a cautious forward outlook

🟢 Infineon — AI Power Demand Lifts FY2027 Outlook

• Shares jumped ~6% after forecasting FY2027 revenue of ~€20 billion, above consensus
• AI power demand cited as primary driver
• One of the clearest AI infrastructure beneficiary signals in the session

🔴 Porsche SE — €2.8B Nine-Month Loss

• Swung to a €2.8 billion after-tax loss in the first nine months on Volkswagen impairment charges
• Underscores the cascading financial impact of VW's ongoing struggles on its holding company

🟢 Lundbeck — Raises 2026 Guidance

• Shares rose 3.2% after the Danish pharma raised its full-year 2026 financial guidance
• Recurring fee and revenue growth driving the upgrade

🔴 Brightstar Lottery (NYSE: BRSL) — Beat Then Fell

• Q3 EPS beat by $0.04, but revenue outlook was cut
• Shares fell ~11% — market punished the forward guidance reduction despite the headline beat

Sector Analysis

🟢 Aerospace & Defense
Strength across the board. TransDigm beat Q4 estimates; Hensoldt set ambitious 2035 revenue targets of €10 billion; Fujikura more than doubled H1 operating profit. Defense spending tailwinds remain a consistent theme.

🟢 Energy / LNG
Venture Global delivered a strong Q3 beat with raised guidance. FLEX LNG earnings are upcoming but the sector backdrop is volatile. Uniper raised its 2026 net income outlook and set a dividend floor.

🔴 Quantum Computing
Both D-Wave Quantum (QBTS) and Rigetti (upcoming) face scrutiny. D-Wave missed EPS by $0.03 despite a revenue beat, with shares dipping. Quantum remains a revenue-challenged space.

⚪ Biotech / Life Sciences
Deeply mixed. Venture Global aside, biotech showed the widest dispersion: Hemab fell 5% on wider losses; Scholar Rock fell 3% on revenue miss; Liquidia missed EPS by $3.54 (a large absolute miss); while Arbutus Biopharma beat by $0.32. Cash burn and pipeline progress remain the dominant investor concerns.

🔴 Consumer / Retail
Sea Limited tumbled 9%; Atour Lifestyle fell 4% on weak same-hotel metrics; On Holding fell 5% premarket despite a CHF0.16 EPS beat, with investors questioning whether a tariff refund flattered results. Sally Beauty was a bright spot — beat on both lines and guided above consensus.

🟢 European Corporates
Broadly constructive. Banca Generali profit rose 22%; Henkel lifted its 2026 sales forecast; Watches of Switzerland raised its annual outlook; Tatton Asset Management profit surged 33%. European earnings resilience is notable.

🔴 Tech / AI Infrastructure
SoftBank's $7B loss is the headline risk. Paradium.AI tumbled 14.5% on a double miss. TTEC surged 11% on improved margins despite a Q3 miss — an outlier. CoreWeave, RUM Group, and Rigetti reports are pending.

Biggest Movers

Earnings Sentiment

Net Sentiment: ⚪ Mixed
Beats outnumber misses on the EPS line, but stock reactions are disproportionately negative — the market is punishing guidance cuts and revenue shortfalls even when headline EPS clears the bar.

Guidance trends are bifurcated: European names (Henkel, Uniper, Watches of Switzerland, Banca Generali, Lundbeck) are broadly raising outlooks, while U.S. names show more caution — TransDigm's FY2027 guidance miss and Brightstar Lottery's revenue outlook cut are representative examples. The beat rate on EPS is healthy (~83% of classified reports beat or mixed), but the revenue miss rate is elevated, suggesting top-line pressure is the dominant concern heading into year-end.

Stock reactions skew negative: of the 15 largest movers identified, 11 moved lower. This asymmetry — where beats are shrugged off and misses are punished — reflects a market with elevated expectations and low tolerance for forward uncertainty.

Market Implications

AI's profitability reckoning is arriving. SoftBank's $7 billion loss on AI portfolio writedowns and data center disruptions is a stark reminder that AI investment exposure carries real mark-to-market risk. Meanwhile, CoreWeave's upcoming report (profitability in focus amid credit concerns) and Rigetti's sequential revenue slide preview suggest the AI infrastructure trade is entering a more selective, fundamentals-driven phase. Infineon's 6% jump on AI power demand is the counterpoint — picks-and-shovels plays may hold up better than pure-play AI software/cloud names.

European earnings are quietly outperforming. Across a wide range of sectors — pharma (Lundbeck), financials (Banca Generali, Tatton), consumer (Watches of Switzerland, Henkel), and energy (Uniper) — European companies are raising guidance and delivering solid results. This stands in contrast to the more mixed U.S. picture and may signal a rotation opportunity worth watching.

Revenue quality is the new EPS. The session's most consistent pattern: the market doesn't care if you beat EPS if revenue disappoints. Gilat Satellite fell 13%, Canaan fell 7%, and On Holding fell 5% — all on revenue misses or quality concerns despite EPS beats. Conversely, companies that beat on both lines (AAON, Venture Global, Sally Beauty) were rewarded. Investors are clearly prioritizing top-line growth and forward guidance over cost-cutting-driven EPS wins.

Key Takeaways

• 🟢 AAON (AAON) — +22% premarket on a strong beat and raised outlook; HVAC demand remains a durable growth story
• 🔴 Janus International (JBI) — -29% on a double miss and weak guidance; building products demand is deteriorating
• 🔴 Sea Limited (SE) — -9% despite a revenue beat; Southeast Asia platform profitability remains elusive
• 🔴 SoftBank Group — $7B unexpected Q2 loss on AI portfolio writedowns; a cautionary tale on concentrated AI exposure
• 🟢 Venture Global (VG) — +6% on a strong LNG beat with raised guidance; energy infrastructure remains a bright spot
• 🟢 Infineon — +6% on AI power demand lifting FY2027 revenue outlook; semiconductor picks-and-shovels plays outperforming
• 🔴 TransDigm (TDG) — Beat Q4 but fell 4% on FY2027 guidance miss; even aerospace isn't immune to forward caution
• 🟢 Sally Beauty (SBH) — Beat on EPS and revenue, guided above consensus; a rare clean double beat in consumer
• 🔴 On Holding (ONON) — Fell 5% despite a CHF0.16 EPS beat; market skeptical that tariff refund inflated results
• 🟢 European corporates broadly — Henkel, Lundbeck, Banca Generali, Watches of Switzerland, Uniper all raising guidance; European earnings resilience is a theme
• 🔴 Gilat Satellite (GILT) — -13% on revenue miss despite EPS beat; revenue quality matters more than EPS in this market
• 🟢 Take-Two Interactive — Shares up 3%+ with GTA VI release date reiterated; a meaningful catalyst for gaming sector sentiment
• 🔴 Porsche SE — €2.8B nine-month loss on VW impairment; Volkswagen's struggles continue to ripple through its holding structure
• 🔴 Brightstar Lottery (BRSL) — -11% on revenue outlook cut despite Q3 EPS beat; forward guidance is the market's true scorecard
• 🟢 Tatton Asset Management — Profit surged 33% on strong inflows; UK wealth management demand holding firm
• 🔴 D-Wave Quantum (QBTS) — Missed EPS, shares dipped; quantum computing revenue generation remains a work in progress
• 🟢 Fujikura — Raised full-year forecast after H1 operating profit more than doubled; a standout from Japan
• 🔴 Paradium.AI (PAAI) — -14.5% on a double miss; AI-branded small caps facing heightened scrutiny
• 🟢 Marks & Spencer — Plans to double dividend and targets mid-to-high single-digit sales growth; UK retail confidence building
• 🔴 Suzuki Motor — Cut full-year profit forecast on rising raw material costs; auto sector margin pressure persists

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