Key Takeaways
- Amgen (AMGN) reported a stellar third quarter, with total revenues surging 12% to $9.6 billion and non-GAAP EPS of $5.64, significantly beating analyst expectations and prompting an upward revision of its full-year guidance.
- Lumentum Holdings Inc. (LITE) saw its stock jump after exceeding Q3 2025 revenue and EPS forecasts, driven by strong demand in its Cloud and Networking segment. The company projects continued momentum into Q4.
- The New York Times Company (NYT) added 460,000 digital subscribers in Q3, pushing its total subscriber base to 12.33 million and contributing to a 9.5% year-over-year increase in total revenue to $700.8 million.
- WTI crude oil prices are under pressure, trading near $60.59 amidst a stronger U.S. dollar and a surprise increase in U.S. crude inventories, despite OPEC+ pausing output hikes for Q1 2026.
- China has expressed its readiness to negotiate a free trade agreement with the European Union, a development highlighted during Estonian Foreign Minister Margus Tsahkna's visit to Beijing.
Major U.S. equities are showing mixed movements in pre-market trading, with several companies reporting robust third-quarter earnings that have captivated investor attention. Meanwhile, global trade relations are seeing renewed diplomatic efforts, and crude oil markets face headwinds from a strengthening dollar and rising inventories.
Corporate Earnings Drive Pre-Market Activity
Biotechnology giant Amgen Inc. (AMGN) delivered an exceptionally strong third-quarter performance, reporting a 12% increase in total revenues to $9.6 billion compared to the same period last year. The company's non-GAAP earnings per share (EPS) of $5.64 significantly surpassed the forecasted $5.04, leading to a 3% rise in its stock in pre-market trading. This impressive growth was fueled by a 14% volume increase in product sales, with sixteen products achieving double-digit sales growth, including key drugs like Repatha and Evenity. Amgen has also raised its full-year 2025 guidance, projecting total revenues between $35.8 billion and $36.6 billion.
Optical and photonic product manufacturer Lumentum Holdings Inc. (LITE) saw its shares climb 17% in pre-market trading after reporting Q3 2025 earnings that comfortably beat Wall Street expectations. The company posted an EPS of $0.57 on revenues of $425.2 million, exceeding analyst forecasts of $0.50 and $418.15 million, respectively. This strong showing was largely attributed to significant growth in its Cloud and Networking segment. Lumentum anticipates continued financial momentum, forecasting Q4 2025 net revenue between $440 million and $470 million.
Electric vehicle manufacturer Rivian Automotive, Inc. (RIVN) also made headlines, with its stock up 4% pre-market. The company reported Q3 2025 revenues of $1.56 billion, surpassing the $1.5 billion estimate, and a narrower-than-expected loss per share of -$0.65 against a forecast of -$0.72. Rivian delivered 13,201 vehicles in the quarter, marking what is expected to be its highest delivery period of the year. Automotive sales saw a substantial 47% increase year-over-year to $1.14 billion, partly driven by customers seeking to benefit from expiring EV tax credits.
Johnson Controls International plc (JCI) saw its stock gain 3.7% in pre-market trading following strong Q3 2025 results. The company reported an adjusted EPS of $1.05, beating estimates, and sales of $6.1 billion, representing a 6% organic increase year-over-year. Johnson Controls also raised its fiscal 2025 full-year adjusted EPS guidance to a range of $3.65 to $3.68. The company's backlog grew 11% to $14.6 billion, indicating robust demand for its building solutions.
Media and Global Trade Developments
The New York Times Company (NYT) demonstrated continued strength in its digital transformation, adding 460,000 net digital-only subscribers in the third quarter of 2025. This expansion boosted its total subscriber base to 12.33 million, moving closer to its 2027 goal of 15 million subscribers. The company's total revenue grew 9.5% year-over-year to $700.8 million, with digital advertising revenue showing a robust 20.3% increase. Despite a $2.4 million pre-tax cost related to its lawsuit against OpenAI and Microsoft, the company's adjusted operating profit rose 26.1% to $131.4 million.
In international relations, China's Foreign Minister Wang Yi announced the country's willingness to negotiate a free trade agreement with the European Union during a meeting with Estonian Foreign Minister Margus Tsahkna in Beijing. Wang Yi emphasized the importance of China and Europe acting as partners for cooperation rather than rivals. This diplomatic overture comes as Estonia's foreign minister embarks on a three-day visit, the first such visit in a decade, coinciding with the 50th anniversary of diplomatic relations between China and the EU.
Crude Oil Markets Face Headwinds
Despite underlying strength, WTI crude oil prices are currently trading near $60.59, experiencing a decline on Wednesday. This downward pressure is attributed to a stronger U.S. dollar and a surprising increase in U.S. crude inventories, as reported by the American Petroleum Institute. The broader market turmoil, including a recent tech selloff, has led investors towards the safe-haven dollar, impacting risk assets like oil. While OPEC+ has decided to pause output hikes in Q1 2026, agreeing to a modest 137,000 barrels per day increase in December, the immediate market sentiment remains cautiously bearish. Technical analysis indicates that WTI crude is facing significant resistance at the $61.50 level.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.