"The iPhone is not a phone, it's a life in your pocket." ✍️📲

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SUMMARY

✅ U.S. stocks were mostly flat on Tuesday after a sharp rally on Monday.

✅ Netflix disappoints with its quarterly earnings.

✅ WeightWatchers partners with Amazon Pharmacy to deliver GLP-1 weight-loss drugs nationwide.

✅ OpenAI unveils “Atlas” browser, challenging Google Chrome ahead of Tesla earnings.

✅ Cleveland-Cliffs stock surges as company reignites push into rare earth minerals.

✅ Apple nears $4 trillion valuation as iPhone 17 sales surge across U.S. and China.

MARKET SNAPSHOT

↗ Dow 46,924.74 + 0.47%
↘ Nasdaq 22,953.67 - 0.16%
↗ S&P 6,735.35 + 0.00%

EARNINGS

Netflix Earnings Miss Expectations Causing Shares to Slide

Image courtesy of Mijansk786/Shutterstock

Netflix (NFLX) reported quarterly results that fell short of analyst expectations for both revenue and profit, sending shares roughly 6% lower in after-hours trading on Tuesday.

The streaming giant posted revenue of $11.51 billion, slightly below Bloomberg consensus of $11.52 billion and the company’s own guidance of $11.53 billion, up from $9.82 billion in the same quarter last year. Earnings per share came in at $5.87, missing analyst forecasts of $6.94 and Netflix’s internal target of $6.87, though still above the $5.40 reported a year ago.

Looking ahead, Netflix expects Q4 revenue of $11.96 billion, above Wall Street estimates of $11.90 billion. The company also forecasts earnings of $5.45 per share, slightly beating analyst expectations of $5.42. For full-year 2025, Netflix anticipates revenue of $45.1 billion, near the upper end of its prior $44.8–$45.2 billion guidance.

Netflix reported an operating margin of 28%, below its 31.5% target due to an unexpected charge related to a dispute with Brazilian tax authorities. Excluding this expense, the company says it would have exceeded its margin goal and does not expect the issue to materially impact future results. The company now forecasts a 2025 operating margin of 29%, down slightly from its prior 30% projection.

Executives highlighted strong engagement in Q3, fueled by a robust content slate. Notable successes included the Canelo vs. Crawford fight, which drew over 41 million global viewers, making it the most-watched men’s championship boxing match of the century, and the animated hit “KPop Demon Hunters”, Netflix’s most-viewed film ever with 325 million views.

On the ad front, Netflix cited its $7.99 ad-supported tier as a long-term growth driver. The company says ad revenue is on track to more than double in 2025, following a US upfront with commitments more than twice last year’s. Netflix recently expanded its advertising reach through a new Amazon DSP integration, offering marketers additional ways to buy inventory on the platform.

HEALTHCARE

WeightWatchers Partners with Amazon to Deliver GLP-1 Weight-Loss Drugs

Image courtesy of REUTERS/Sandy Huffaker

WeightWatchers (WW) announced Monday that it has teamed up with Amazon (AMZN) to deliver prescription medications — including popular injectable GLP-1 weight-loss drugs — through Amazon Pharmacy, expanding access and convenience for its members.

Under the partnership, WeightWatchers customers will be able to check real-time inventory and order refrigerated GLP-1 drugs for home delivery directly from Amazon Pharmacy, Chief Operating Officer Jon Volkmann said. The goal, he added, is to streamline prescription access for patients who previously struggled to find the medications in stock locally.

The move comes as WeightWatchers, which emerged from bankruptcy in July, works to reposition itself as a digital health and telemedicine provider targeting the booming anti-obesity drug market.

While some telehealth competitors have leaned on compounded versions of Novo Nordisk’s Wegovy and Eli Lilly’s Zepbound, WeightWatchers has chosen to sell only branded medications through a partnership with Novo Nordisk’s NovoCare and CenterWell Pharmacy. Members can still fill prescriptions through other pharmacies if they choose.

Demand for GLP-1 drugs has surged after studies showed they can help users lose around 15% of their body weight by suppressing appetite and slowing digestion. Shortages during 2022 made the drugs hard to find, especially in rural areas.

“During those shortages, many of our rural members struggled to locate doses,” Volkmann said. “This partnership ensures better availability and delivery reliability.”

Amazon executives echoed that view. “With GLP-1s specifically, people have been ‘pharmacy hopping,’ trying to track down inventory,” said Tanvi Patel, vice president at Amazon Pharmacy. “We’re making that process easier.”

Earlier this month, Amazon introduced prescription kiosks at select One Medical clinics, though drugs requiring cold storage — such as GLP-1 injections — will remain mail-order only.

ARTIFICIAL INTELLIGENCE

OpenAI Launches “Atlas” Browser, Taking Aim at Google Chrome

Image courtesy of pymnts.com

OpenAI has unveiled its own web browser, Atlas, marking a major step into the search and internet navigation market—and putting the ChatGPT maker in direct competition with Google Chrome. The launch underscores OpenAI’s growing ambitions to become the front door to the internet as more users turn to AI for search, productivity, and learning.

OpenAI said Atlas launches Tuesday on Apple laptops, with versions for Windows, iOS, and Android coming soon. CEO Sam Altman described the release as a “once-a-decade opportunity to rethink what a browser can be and how people use one.”

The new browser integrates ChatGPT directly into the browsing experience, including an “agent mode” that can navigate the web autonomously, clicking through sites, drawing on a user’s history, and explaining its reasoning in real time. Altman described it as “using the internet for you.”

OpenAI, now the world’s most valuable startup, is seeking new revenue streams as it works to turn ChatGPT’s massive 800 million–user base into profitability. The company currently offers both free and paid tiers but is reportedly losing more money than it earns, despite partnerships with Microsoft and other tech giants.

The Atlas debut follows OpenAI’s recent comments in federal court that it would have been interested in buying Google’s Chrome browser if regulators had forced a divestiture in the Justice Department’s antitrust case. While Judge Amit Mehta ultimately rejected that remedy, citing AI’s disruptive potential as a natural competitive force, OpenAI’s move shows the company is willing to challenge incumbents head-on.

Still, Atlas faces steep competition. Chrome commands roughly 3 billion users worldwide, with Google increasingly weaving Gemini AI tools into its browser. Yet history may be on OpenAI’s side—when Google launched Chrome in 2008, few believed it could dethrone Microsoft’s Internet Explorer, which it eventually did.

Smaller rival Perplexity has already launched its own Comet browser, even going so far as to make a $34.5 billion unsolicited offer for Chrome earlier this year. Like Comet, Atlas aims to blend browsing and generative AI into a seamless experience—but with OpenAI’s scale, Atlas could redefine how users experience the web.

MINING

Cleveland-Cliffs Stock Soars as Company Reignites Focus on Rare Earth Mining

Image courtesy of SOPA Images/LightRocket via Getty Images

Cleveland-Cliffs (CLF) shares, hitting their highest level in over a year after the company said it plans to re-focus its efforts on rare earth mineral exploration—a sector that’s become one of Wall Street’s hottest trades in 2025.

“Beyond steelmaking, the renewed importance of rare earths has driven us to re-focus on this potential opportunity at our upstream mining assets,” CEO Lourenco Goncalves said in the company’s latest earnings release.

The Ohio-based steel giant said two sites—one in Michigan and one in Minnesota—show the greatest promise based on geological surveys that revealed signs of rare-earth mineralization. Goncalves noted that a successful exploration push would position Cleveland-Cliffs to “align with the broader national strategy for critical material independence, similar to what we achieved in steel.”

The announcement came alongside third-quarter results showing revenue of $4.7 billion on 4 million net tons of steel shipments. The company posted an adjusted net loss of $0.45 per share for the quarter.

Cleveland-Cliffs, a cornerstone of the U.S. steel industry, operates one of the most vertically integrated supply chains in the country—from mining iron ore to producing and selling finished steel products.

The renewed rare earths focus comes amid escalating U.S.-China trade tensions over critical materials used in everything from defense systems and EV batteries to advanced electronics. China currently controls about 70% of global mining capacity, 90% of separation capacity, and 93% of oxide and magnet production.

Beijing’s recent export restrictions on certain rare metals have drawn strong pushback from Washington. After initially threatening 100% tariffs on all Chinese imports, President Donald Trump partially walked back those plans, though trade talks are set to resume this week in Malaysia, according to Treasury Secretary Scott Bessent.

“American manufacturing shouldn’t rely on China or any foreign nation for essential minerals,” Goncalves said. “Cliffs intends to be part of the solution.”

TECHNOLOGY

Apple Hits Record High and Flirts with Elusive $4T Market Cap on Surging iPhone 17 Sales in U.S. and China

Image courtesy of CNBC YouTube

Apple (AAPL) shares soared to a record close on Monday, fueled by stronger-than-expected demand for the new iPhone 17 series.

According to Counterpoint Research, iPhone 17 sales outpaced the iPhone 16 by 14% in the first 10 days after launch across both the U.S. and China. Analysts credited the strong performance to a mix of improved hardware and steady pricing.

“The base model iPhone 17 offers excellent value for money,” said Counterpoint senior analyst Mengmeng Zhang. “A faster chip, better display, more storage, and upgraded selfie camera—all at the same price as last year’s model—make it an easy buy, especially with added discounts.”

The positive data prompted Loop Capital to upgrade Apple from Hold to Buy, lifting its price target from $226 to $315. The firm said its supply chain checks point to robust iPhone growth through 2027.

“While the Street already expects strong iPhone 17 performance, we see further upside through 2027,” wrote Loop Capital’s Ananda Baruah in a client note.

The rally follows Apple CEO Tim Cook’s recent trip to China, where he met with government officials and attended the launch of the new iPhone Air. The device reportedly sold out within minutes of its debut, according to the South China Morning Post.

Evercore ISI analysts echoed optimism, saying iPhone Air’s early popularity could further boost momentum ahead of Apple’s upcoming earnings report. “We think Apple is well positioned to deliver upside to September-quarter expectations later this month,” analyst Amit Daryanani wrote in a Sunday note.

While Apple has lagged behind some “Magnificent 7” peers in 2025—up about 5% year-to-date compared with stronger gains from Nvidia, Meta, Microsoft, and Alphabet—the stock has surged 24% in the past three months, marking a sharp turnaround for the tech giant.

📉 ON THE MOVE AND NOTABLES 📈

✔️ Government data is still missing in action, raising worry ahead of the Federal Reserve meeting next week. Fed Chairman Jerome Powell noted that the Fed's job will be "more challenging" without data. The government shutdown continues and has become the third-longest federal work stoppage in US history.

✔️ President Donald Trump and Australian Prime Minister Anthony Albanese signed an agreement on critical minerals that Albanese said includes plans for projects worth a total of up to $8.5 billion.

✔️ China’s weekend data dump showed third-quarter GDP growth of 4.8%, its slowest pace in a year and down from 5.2% in Q2—but roughly in line with forecasts. Retail sales grew at the weakest rate in a year, though trade outperformed expectations. Beijing maintained its 5% full-year GDP growth target.

✔️ Bitcoin sank to around $109,000, well off the $126,000 record high set earlier this month. It was the coin’s eighth decline in 11 sessions since the October 10 flash crash.

✔️ Gold futures climbed to a new all-time high as a Friday dip in the precious metal proved to be short-lived following this year's monster rally. Precious metals pulled back sharply however on Tuesday with gold and silver retreating after a strong run. Gold had its biggest one day drop on Tuesday in four years.

✔️ The 10-year U.S. Treasury yield slipped 3 basis points to 3.95%, dipping below its recent 4.0–4.5% range.

✔️ Last week’s renewed credit worries briefly pushed the VIX to its highest level since May.

✔️ Roughly 15% of S&P 500 companies have reported so far, showing year-over-year earnings growth of 8.1%.

✔️ Coca-Cola (KO) rose after delivering better-than-expected third-quarter earnings and reaffirming guidance for 2025 organic revenue growth of 5% to 6%.

✔️ Capital One Financial Corp. reported a surge in third-quarter profit, beating Wall Street estimates, and announced plans to repurchase as much as $16 billion of stock in the wake of its acquisition of Discover Financial Services.

✔️ Intuitive Surgical on Tuesday reported better-than-expected third-quarter profit and revenue, driven by growing demand for its surgical robots used in minimally invasive procedures.

✔️ Lockheed Martin (LMT) gained after the defense contractor beat earnings estimates and raised full-year 2025 guidance.

✔️ Northrop Grumman (NOC) slipped as quarterly sales missed expectations, weighed down by slower progress in space programs, according to Bloomberg. Still, profits topped forecasts, and the stock remains up 28% year-to-date.

✔️ Philip Morris (PM) jumped after the tobacco giant raising its full-year outlook following strong earnings driven by smokeless products, now 41% of total revenue.

✔️ 3M (MMM) climbed after reporting better-than-expected sales and earnings and raising its fiscal 2025 EPS forecast—a sign of solid demand across consumer and industrial segments.

✔️ General Motors (GM) surged after crushing earnings expectations with $2.80 per share versus $2.29 estimated, alongside a guidance raise.

✔️ GE Aerospace (GE) rose as earnings and revenue beat forecasts, fueled by strong jet engine demand and an upgraded outlook.

✔️ Zions Bancorporation (ZION) gained after topping earnings expectations, easing loan market concerns that had recently weighed on regional banks.

✔️ Amazon (AMZN) advanced on Tuesday, shrugging off a major AWS outage on Monday. Investors look ahead to next week’s earnings from Amazon, Microsoft (MSFT), and Alphabet (GOOGL)—a potential indicator of cloud market share trends.

✔️ Warner Bros. Discovery (WBD) shares gained after the company said Tuesday that it has launched a review of strategic alternatives following what it said was "unsolicited" interest from multiple parties for both the entire company and its Warner Bros. studio division.

✔️ Sunrun (RUN) jumped after a Citigroup upgrade to Buy, citing tailwinds from higher electricity rates and stronger supplier leverage as growth drivers.

✔️ Cleveland-Cliffs (CLF) surged after posting stronger-than-expected earnings. CEO Lourenco Goncalves said results reflect a clear rebound in demand for U.S. automotive-grade steel. The company continues to benefit from higher domestic prices fueled by elevated tariffs on imported steel.

✔️ Gilead Sciences (GILD) jumped to a new 52-week high following encouraging results from trials of its HIV treatment and breast cancer drug.

✔️ Blackstone (BX) slipped amid reports from Bloomberg that it and TPG are in talks to acquire medical technology firm Hologic (HOLX) for over $17 billion. Hologic shares climbed more than 4% on the news.

✔️ Taiwan Semiconductor Manufacturing (TSM) advanced after reports it successfully manufactured an Nvidia (NVDA) Blackwell wafer at its U.S. facility. Nvidia shares traded slightly lower.

✔️ Six Flags Entertainment (FUN) stock rose as much as 20% on Tuesday after news that NFL star Travis Kelce had joined Jana Partners' activist investor campaign pushing for change at the parks operator.

✔️ Oracle (ORCL) dropped after signaling plans to ramp up near-term investments, sparking margin concerns, Briefing.com said.

💲What Else to Watch This Week 💲

Tesla (TSLA, EV) will release third-quarter results today after the market close. Analysts forecast revenue of $26.6 billion, operating income near $1.58 billion, automotive gross margin about 15.9%, EPS around $0.55 and free cash flow near $1.1 billion. TSLA has rallied about 25% since mid-September as buyers rushed to capture the $7,500 tax credit. Management plans to focus commentary on AI and autonomy, including robotaxi progress in Austin and new job listings for Autopilot and robotaxi roles in Colorado and Illinois.

🟢 Wednesday (Oct. 22): EIA Crude Oil Inventories, MBA Mortgage Applications Index. Earnings from Amphenol Coro. (APH), AT&T Inc. (T), CME Group Inc (CME), Crown Castle Inc. (CCI), GE Vernova Inc. (GEV), International Business Machines Corp. (IBM), Lam Research Corp. (LRCX), Moody's Corp. (MCO), SAP SE (SAP), Tesla Inc. (TSLA), United Rentals Inc. (URI).

🟢 Thursday (Oct. 23): Continuing Claims, EIA Natural Gas Inventories, Existing Home Sales, Initial Claims. Earnings from ACNB Corp. (ACNB), Blackstone Inc. (BX), Decker's Outdoor Corp. (DECK), Digital Realty Trust Inc. (DLR), Freeport McMoRan Inc. (FCX), Honeywell International Inc. (HON), Intel Corp. (INTC), Newmont Corp. (NEM), T-Mobile US Inc. (TMUS), Union Pacific Corp. (UNP), Valero Energy Corp. (VLO).

🟢 Friday (Oct. 24): Consumer Price Index (CPI), New Home Sales, University of Michigan Consumer Sentiment. Earnings from Booz Allen Hamilton Holding Corp. (BAH), General Dynamics Corp. (GD), HCA Healthcare Inc. (HCA), Illinois Tool Works Inc. (ITW), Natwest Group PLC (NWG), Proctor & Gamble Co. (PG), Sanofi SA (SNY).

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