Earnings Reports — November 11, 2026 — Midday Update — Last 12 Hours (Pacific Time)

Executive Summary

The past 12 hours delivered a broadly mixed earnings picture, with beats slightly outnumbering misses among companies reporting actual results, but notable stock blowups — particularly Innoviz Technologies (-27%) and CSG (-23%) — keeping sentiment cautious. AI-driven demand continues to emerge as a dominant tailwind, powering standout results at Technoprobe, CoreWeave, and Resonac, while European industrials and energy names delivered a more uneven set of outcomes. Guidance raises from several companies (Resonac, Recruit, Daiwa House, Harmonic Drive, Ypsomed) provided a constructive undercurrent, even as some high-profile misses and profit warnings weighed on individual names.

Earnings Performance Breakdown

Note: Only news reporting actual earnings results are classified below. Previews and outlook-only articles are excluded.

Classified Results (actual reports only):

Notable Earnings Reports

🟢 Siemens Energy — Beat

• Record Q4 revenue; dividend tripled
• Shares jumped as much as 7.4%, settling ~6.6% higher; strong energy infrastructure demand drove the outperformance

🔴 Innoviz Technologies — Miss

• EPS in-line; revenue fell short of estimates; guidance weak
• Stock tumbled 27% — one of the session's biggest single-stock reactions; lidar demand concerns weighed heavily

🔴 CSG (Czechoslovak Group) — Miss

• Shares fell as much as 23%, narrowing to -16.7%; margin warning overshadowed 2026 revenue outlook
• Customer spending delays and cost pressures cited as key headwinds

🟢 ABN Amro — Beat

• Q3 net profit of €940 million vs. €782 million estimate — a substantial beat
• Raised full-year 2026 income outlook; strong lending and fee income drove results

🟢 Technoprobe — Beat

• Nine-month revenue jumped 68.8%, driven by AI-related semiconductor testing demand
• Q4 flagged as softer due to a systems overhaul — a near-term speed bump in an otherwise strong AI-driven run

🟢 Tandy Leather Factory — Beat

• Reported Q3 EPS of $0.06, marking a profit turnaround
• Stock soared 15%; the magnitude of the move reflects how low expectations had been set

🟢 Harmonic Drive Systems — Beat

• Q2 consolidated orders surged 87% year-over-year to ¥26.3 billion
• Raised full-year forecast; robotics and automation demand appears to be accelerating sharply

🔴 ITV — Miss

• Shares fell as much as 6% after the British broadcaster warned Q4 advertising revenue would fall 5–10%
• Demand weakness in the UK ad market is the core concern; cost cuts announced alongside the warning

🟢 CoreWeave — Beat

• Raised full-year 2026 revenue forecast; shares soared
• AI infrastructure demand cited as the accelerant; one of the clearest AI tailwind stories in this reporting window

🟢 Nayax — Mixed-to-Positive

• EPS missed by $0.16; revenue fell short — but shares climbed 6% on a guidance raise
• A reminder that forward outlook can matter more than backward-looking results

Sector Analysis

🟢 AI & Semiconductors — Clear Strength
Multiple companies tied to AI infrastructure and chip materials delivered strong results or raised guidance. Technoprobe (+69% revenue), Resonac (beat + raised FY forecast), Sumco (+18.6% revenue), and CoreWeave (raised 2026 forecast) all pointed to robust, sustained AI-driven demand. This is the most consistent positive theme of the session.

🟢 European Financials — Solid
ABN Amro's significant Q3 beat and guidance raise, alongside ICG's 18% fee earnings growth, suggest European financial institutions are holding up well in the current rate environment.

🟢 European Energy & Industrials — Mostly Positive
Siemens Energy (record revenue, dividend tripled), RWE (beat + raised outlook), and FLSmidth (10% revenue growth, raised outlook) all delivered. The energy transition infrastructure theme appears durable.

🔴 European Industrials — Pockets of Weakness
Vestas (wind turbines, profit miss), Brenntag (EBITDA narrowly missed), Bilfinger (lower profit on customer delays), and Forterra (cut outlook) show that not all European industrials are firing. Customer spending deferrals are a recurring theme.

🔴 Advertising / Media — Weak
ITV's sharp Q4 ad revenue warning (-5% to -10%) flags softness in the UK advertising market. This is a sector-level concern worth watching.

⚪ Automotive — Struggling
Nissan's Q2 operating profit of ¥2.1 billion missed market expectations, continuing a difficult stretch for legacy automakers navigating EV transition costs and pricing pressure.

⚪ Israeli Tech — Split
Radcom beat on revenue but missed EPS; Valens Semiconductor beat revenue and shares jumped 8%; Innoviz Technologies missed revenue and cratered 27%. No uniform trend — company-specific execution is the differentiator.

Biggest Movers

Earnings Sentiment

Net Sentiment: ⚪ Mixed — leaning Cautiously Bullish
Beats outnumber misses in raw count, but several high-conviction misses (Innoviz -27%, CSG -23%) created outsized negative noise that tempers the overall picture.

The guidance tone is a relative bright spot: Resonac, Recruit, Harmonic Drive, Daiwa House, Ypsomed, SoftwareOne, CoreWeave, and ABN Amro all raised or upgraded their forward outlooks, suggesting corporate confidence in near-term demand — particularly in AI infrastructure and financial services. Stock reactions, however, skew asymmetrically negative: the biggest single-day moves were to the downside, with multiple names shedding double-digit percentages on misses or guidance cuts, while upside reactions were more modest. This classic "punish misses harder than reward beats" dynamic is consistent with a market that has priced in elevated expectations.

Market Implications

AI infrastructure remains the most durable earnings theme. Technoprobe, Resonac, Sumco, and CoreWeave all delivered results that reinforce the view that spending on AI-related hardware, materials, and cloud infrastructure is not slowing. Companies with direct exposure to this supply chain continue to outperform, and guidance raises from multiple names suggest the demand runway extends into 2027.

Guidance cuts are being severely punished. Applied Aerospace & Defense fell 10% despite beating EPS — the market is clearly forward-looking and has little tolerance for cautious outlooks. Similarly, ITV's ad revenue warning and CSG's margin warning triggered sharp selloffs. In this environment, meeting the number is not enough; the guide matters more than the quarter.

European earnings are a tale of two cities. Energy transition infrastructure (Siemens Energy, RWE, FLSmidth) is thriving, while traditional industrials and media face headwinds from customer spending delays and weak advertising demand. The divergence within European markets is widening, and sector selection is increasingly critical for investors with European exposure.

Key Takeaways

• 🟢 Technoprobe (BIT) — 69% nine-month revenue jump confirms AI semiconductor testing demand is real and accelerating, though Q4 faces a temporary systems overhaul headwind
• 🔴 Innoviz Technologies (INVZ) — -27% stock drop on revenue miss and weak guidance; lidar commercialization timelines remain under pressure
• 🔴 CSG — -23% peak decline on margin warning; a reminder that revenue growth means little if margins are deteriorating
• 🟢 Siemens Energy — Record Q4 revenue and a tripled dividend signal that energy infrastructure is in a genuine upcycle, not just a cyclical bounce
• 🟢 CoreWeave — Raised 2026 revenue forecast on AI infrastructure demand; one of the clearest pure-play AI beneficiaries reporting this cycle
• 🟢 ABN Amro — €940M Q3 profit vs. €782M estimate is a substantial beat; raised FY outlook adds credibility to European bank earnings resilience
• 🟢 Harmonic Drive Systems — 87% order surge signals robotics/automation demand is accelerating sharply; raised full-year forecast
• 🔴 ITV — Q4 ad revenue warning of -5% to -10% is a sector-level signal; UK advertising market softness could weigh on other media names
• 🟢 Nayax (NYAX) — Shares +6% despite a double miss; guidance raises can override backward-looking results in this market
• 🟢 Resonac — Beat Q3 forecast and raised FY guidance on AI chip materials demand; Japan's semiconductor materials sector is a quiet AI winner
• 🔴 Nissan Motor — Q2 operating profit of ¥2.1 billion missed expectations; legacy auto continues to struggle with the EV transition
• 🟢 Recruit Holdings — 20% revenue growth and raised U.S. forecast; Indeed monetization improving, making this a labor market health indicator worth tracking
• ⚠️ Applied Aerospace & Defense (AADX) — Beat EPS but fell 10% on weak guidance; in this market, the guide is the result
• 🟢 Tandy Leather Factory (TLF) — +15% on a profit turnaround; small-cap reversals can be explosive when expectations are reset low
• ⚠️ Multiple European Industrials (Bilfinger, Brenntag, Forterra) — Customer spending deferrals are a recurring theme; watch for this to show up in broader capex data

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