This update was written automatically with AI from market data and news wire reports, and published without review by a person.
Key Takeaways
- AT&T (T) surpassed third-quarter expectations with adjusted EPS of $0.65 and $32.3 billion in revenue, leading the company to raise its full-year earnings guidance to approximately $2.40 per share.
- Philip Morris International (PM) reported record quarterly net revenue and an adjusted EPS of $2.36, beating estimates as smoke-free products now account for over 40% of total revenue.
- Oracle (ORCL) launched AI Agent Studio for Industry Applications, a low-code platform designed to help organizations deploy specialized AI agents into specific business workflows.
- U.S. Mortgage Applications fell 5.3% for the week ending October 16, as the 30-year fixed mortgage rate climbed to 7.41%, according to the Mortgage Bankers Association (MBA).
- Geopolitical tensions escalated as Ukrainian President Volodymyr Zelenskyy criticized ongoing speed restrictions on Starlink services and discussed peace deal requirements involving a national referendum.
Corporate Earnings Highlights
AT&T (T) delivered a robust third-quarter performance, reporting revenue of $32.3 billion, a 5.3% increase year-over-year. The telecommunications giant saw 379,000 wireless postpaid phone net adds and record growth in its fiber segment, reaching more than 1 million Advanced Connectivity customers for the second straight quarter. Consequently, the company raised its FY2026 adjusted EPS guidance to approximately $2.40, up from its previous range of $2.25 to $2.35.
Philip Morris International (PM) also posted strong results, with organic revenue rising 7.1%, significantly ahead of the 5.35% analyst estimate. The company’s transition toward a smoke-free future continues to gain momentum, led by the growth of IQOS and ZYN nicotine pouches. Despite the earnings beat, the company slightly adjusted its FY adjusted EPS forecast to a range of $8.29 to $8.44 (previously $8.35 to $8.50), primarily citing unfavorable currency impacts.
Technology and Innovation
Oracle (ORCL) introduced its AI Agent Studio for Industry Applications, aimed at accelerating the adoption of autonomous enterprise tools. The platform provides a no-code and low-code environment for customers to build, test, and manage AI agents tailored to specific industry processes, such as finance, human resources, and supply chain management. This move builds on Oracle's existing Fusion Applications suite, integrating AI directly into daily business operations to reduce manual labor and improve efficiency.
Economic Indicators and Geopolitics
The U.S. housing market faced renewed pressure as mortgage applications dropped 5.3%, following a previous decline of 2.7%. The MBA 30-year mortgage rate remained elevated at 7.41%, deterring potential buyers and leading to a shift toward Adjustable-Rate Mortgages (ARMs), which reached their highest share of applications since late 2025.
On the international stage, President Volodymyr Zelenskyy reported "very productive" talks with U.S. special envoy Steve Witkoff but expressed frustration over Starlink speed limitations. Zelenskyy noted that any potential peace deal to end the conflict with Russia would require a national referendum. Meanwhile, Donald Trump warned that peace talks could come to a "complete halt" if negotiations do not progress, while pressuring Kyiv to reach a settlement.
Automated market updates written with AI from market data and news wire reports, published without human review.