GM and RTX Lead Market Gains on Massive Buyback and Record Backlog

By / / Breaking News

This update was written automatically with AI from market data and news wire reports, and published without review by a person.

Key Takeaways

  • General Motors (GM) authorized a massive $20 billion share repurchase program, aimed at retiring approximately 25-27.5% of its outstanding shares, alongside a 20% dividend hike.
  • RTX Corporation (RTX) shares rose after the company reported a record $340 billion backlog and raised its full-year 2026 guidance for the third time this year.
  • Apple (AAPL) announced new American Manufacturing Program partners for the iPhone 18 Pro and iPhone Duo, focusing on domestic titanium and camera technology.
  • Salesforce (CRM) reached a definitive agreement to acquire Braze (BRZE) for approximately $5.66 billion in enterprise value to bolster its customer engagement platform.
  • US ADP Weekly Employment data showed private hiring slowed to 18,500 for the week ending Oct. 3, down from a revised 26,000 in the prior week.

Automotive and Aerospace Giants Drive Sentiment

General Motors (GM) dominated pre-market headlines by unveiling a $20 billion share buyback authorization, one of the largest in the history of the Detroit automaker. The company also increased its quarterly dividend by 20% to $0.18 per share and raised its 2026 adjusted automotive free cash flow guidance to a range of $11.5 billion to $12.5 billion. Despite the robust capital return plan, shares saw an initial 7.5% decline as investors weighed the aggressive buyback against broader industry challenges.

RTX Corporation (RTX) reported a significant beat on both top and bottom lines, with adjusted EPS of $2.26 surpassing the $1.78 consensus. The aerospace leader's $340 billion backlog provides years of revenue visibility, leading management to lift its full-year adjusted EPS outlook to $7.65–$7.75. The stock gained 1.5% in pre-market trading following the news.

Tech M&A and Manufacturing Shifts

Salesforce (CRM) announced it will acquire Braze (BRZE) for $47.50 per share in cash, valuing the enterprise at roughly $5.66 billion. The deal is designed to integrate Braze's advanced customer engagement tools into the Salesforce ecosystem. In the hardware sector, Apple (AAPL) revealed it is expanding its American Manufacturing Program by partnering with Perryman Company for titanium and Qnity Electronics for new variable aperture camera systems for the iPhone 18 Pro.

Activist investor Starboard Value has reportedly built a stake worth several hundred million dollars in Solstice Advanced Materials (SOLS). The firm is pushing for $100 million in cost reductions and a sharper focus on core refrigerants and nuclear businesses following Solstice's failed merger with Element Solutions. Shares of SOLS rose 3% on the disclosure.

Industrial Earnings and Economic Indicators

3M Company (MMM) shares climbed 1.2% after the conglomerate beat profit expectations and raised its full-year EPS guidance to $9.10–$9.15. The company highlighted strong productivity gains and a new commercial warrant agreement with Amazon (AMZN) related to data center optical connectivity products. Conversely, Steel Dynamics (STLD) fell 5.5% after reporting Q3 EPS of $5.26, missing the Wall Street consensus of $5.41.

On the macroeconomic front, the National Bank of Hungary maintained its base interest rate at 5.50%, meeting analyst expectations amid persistent inflation risks. In the U.S., high-frequency labor data from ADP indicated a cooling trend, with weekly private employment changes dropping to 18,500 from a revised 26,000 the previous week. Market participants are closely watching these figures as a precursor to broader monthly labor reports.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. We are not financial professionals. The authors and/or site operators may hold positions in the companies or assets mentioned. Always do your own research before making financial decisions.
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