- Alphabet (GOOGL) shares fell more than 13% after the company reported disappointing search and advertising sales. The Google parent reported sales of $111.2 billion for the third quarter, falling short of analysts' projections, with ad sales from search and other channels growing at the slowest pace in five quarters. The company's future commitments to buy resources such as computing power and energy totaled $924 billion, with upcoming obligations bringing the company's total future obligations to well over $1 trillion.
- Caterpillar (CAT) shares plunged after the company posted earnings that only modestly beat expectations, adding to investor jitters about mounting challenges to the AI infrastructure boom. The company reported adjusted earnings of $7.20 a share in the third quarter, and overall revenue was $20.68 billion, just above the $20.65 billion consensus.
- Eli Lilly (LLY) shares rise. Eli Lilly & Co. raised its full-year sales forecast to $91 billion to $92 billion as demand for its obesity and diabetes drugs continues to surge. The company's shares jumped 8.6% when markets opened in New York on Thursday, with its booming obesity business transforming it into the world's most valuable drug company. Lilly is counting on broader insurance coverage to bring its obesity drugs to more patients, with about 500,000 Medicare patients accessing its obesity medicines through the Bridge program.
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