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UNION PACIFIC $UNP JUST REPORTED Q3 EARNINGS - Revenue: $7.20B, beating est. of $7.11B 🟢 - Adj EPS: $3.53, beating est. of $3.47 🟢 - Adj Oper Income: $2.97B - Adj Net Income: $2.10B - Adj Operating Ratio: 58.8% - Operating Ratio: 59.1% - Freight Revenue: $6.81B (+15% YoY) - Freight Revenue ex Fuel Surcharge: +6% YoY Freight Revenue by Group: - Bulk: $2.12B (+10% YoY) - Industrial: $2.51B (+14% YoY) - Premium: $2.19B (+21% YoY) FY26 Guidance: - Reported EPS Growth: High-single digit - Capital Plan: $3.5B Key Updates: - GAAP EPS: $3.49 (adj. EPS of $3.53 excludes $0.04 of acquisition-related expense) - Acquisition-related expense: $22M (excluded from adjusted results) - Revenue Drivers: higher fuel surcharge, 6% volume growth, core pricing gains and increased other revenue partially offset by business mix

PROCTER & GAMBLE $PG JUST REPORTED Q1 EARNINGS - Revenue: $23.28B, beating est. of $22.79B 🟢 - Adj EPS: $2.00, beating est. of $1.88 🟢 - Core Gross Margin: 50.0% (-150 bps YoY) - Organic Sales: +4% YoY - GAAP EPS: $1.97 (+1% YoY) - Core Oper Margin: 25.9% (-80 bps YoY) - Operating Cash Flow: $5.8B - Adj FCF Productivity: 93% Segment Organic Sales: - Beauty: +5.4% YoY - Grooming: +4.5% YoY - Health Care: +2.7% YoY - Fabric & Home Care: +4.8% YoY - Baby, Feminine & Family Care: +3.0% YoY FY27 Guidance: - Adj EPS: $6.89-$7.11, in line with est. of $6.97 🟡 - Net Sales Growth: +2%-+4% - Organic Sales Growth: +1% to +3% - Core Effective Tax Rate: 20% to 21% - Adj FCF Productivity: 85% to 90% - Dividends: Over $10B - Share Repurchases: ~$5B Key Updates: - Dividends Paid: $2.6B - Share Repurchases: $1.3B

COMCAST $CMCSA JUST REPORTED Q3 EARNINGS - Revenue: $29.30B, in line with est. of $29.25B 🟡 - Adj EPS: $1.07, beating est. of $0.98 🟢 - Adj EBITDA: $9.11B - Free Cash Flow: $4.21B - Domestic Broadband Net Losses: 144,000 - Domestic Wireless Line Net Adds: 368,000 - Total Domestic Wireless Lines: 10.6M - Peacock Adj EBITDA: $261M (vs -$217M LY) Pro Forma (ex-Versant, Sky Germany): - Pro Forma Revenue: +0.5% YoY - Pro Forma Adj EBITDA: +0.8% YoY Segment Revenue: - Residential C&P: $17.02B (-3.5% YoY) - Business Services: $2.65B (+2.7% YoY) - Media: $5.36B (+13.0% YoY) - Studios: $2.97B (-1.1% YoY) - Theme Parks: $2.60B (-4.4% YoY) Key Updates: - Acquisition-related amortization: $0.11 per share - Investments: $0.03 per-share gain - Transaction costs: $0.01 per share - Other adjustments: $0.01 per share - Dividends paid: $1.2B

TRACTOR SUPPLY $TSCO JUST REPORTED Q3 EARNINGS - Revenue: $3.91B, beating est. of $3.81B 🟢 - Adj EPS: $0.43, beating est. of $0.41 🟢 - Gross Margin: 36.4% - GAAP EPS: $0.43 (-11.6% YoY) - Operating Income: $307.7M (-10.2% YoY) - Net Income: $224.7M (-13.3% YoY) Comparable Store Sales: - Total: +0.4% - Transaction Count: -0.3% - Average Ticket: +0.7% Affirms FY26 Guidance: - Adj EPS: $1.90-$2.00, in line with est. of $1.94 🟡 - Adj Net Income: $990M-$1.05B - Net Sales: +2.5%-+3.5% - Comparable Store Sales: -1% to flat - Adj Oper Margin: 8.5%-8.8% - Oper Margin: 8.0%-8.3% - Net Income: $930M-$990M - GAAP EPS: $1.78-$1.88 Key Updates: - Capital Returned: $213.4M - New Stores: 23 Tractor Supply - Petsense Stores Closed: 74

BLACKSTONE $BX JUST REPORTED Q3 EARNINGS - Adj Revenue: $3.22B, missing est. of $3.28B 🔴 - Adj EPS: $1.32, beating est. of $1.28 🟢 - Distributable Earnings: $1.72B (-9% YoY) - Fee Related Earnings: $1.57B (+6% YoY) - Total AUM: $1.37T (+10% YoY) - FRE per Share: $1.26 (+5% YoY) - Net Accrued Performance Revenues: $7.3B - GAAP EPS: $0.83 (+4% YoY) Capital Metrics: - Inflows: $63.3B - Deployment: $30.1B - Realizations: $33.1B - Fee-Earning AUM: $989.7B (+9% YoY) - Perpetual Capital AUM: $562.3B (+12% YoY) - Total Dry Powder: $228.9B Segment Distributable Earnings: - Real Estate: $553.7M (-10% YoY) - Private Equity: $813.1M (-7% YoY) - Credit & Insurance: $433.0M (+4% YoY) - Multi-Asset Investing: $103.9M (+31% YoY) Key Updates: - Quarterly Dividend: $1.12/share - Share Repurchases: 0.2M shares

VALERO $VLO JUST REPORTED Q3 EARNINGS - Revenue: $46.10B, beating est. of $39.59B 🟢 - Adj EPS: $23.90, beating est. of $20.97 🟢 - GAAP EPS: $23.89 (+577% YoY) - Refining Margin per Barrel: $39.24 - Throughput: 3.0 million barrels per day Cash Flow & Returns: - Adj Operating Cash Flow: $7.3B - Payout Ratio: 52% Segment Operating Income: - Refining: $8.8B - Renewable Diesel: $353M - Ethanol: $272M (+49% YoY)

LOCKHEED MARTIN $LMT JUST REPORTED Q3 EARNINGS - Revenue: $20.71B, beating est. of $20.49B 🟢 - EPS: $7.97, beating est. of $7.43 🟢 (vs $6.95 LY) - Operating Profit: $2.44B - Operating Margin: 11.8% (vs 12.3% LY) - Free Cash Flow: $3.00B - Backlog: $292.0B (record) - Segment Operating Profit: $2.23B (+10% YoY) - Segment Operating Margin: 10.8% (vs 10.9% LY) Segment Sales: - Aeronautics: $8.2B (+13% YoY) - Missiles and Fire Control: $4.5B (+24% YoY) - Rotary and Mission Systems: $4.5B (+3% YoY) - Space: $3.5B (+4% YoY) FY26 Guidance: - Revenue: $80.00B-$82.00B, in line with est. of $80.96B 🟡 - EPS: $30.35-$30.75, in line with est. of $30.43 🟡 - Free Cash Flow: $7.80B-$8.00B - Oper Profit: $9.52B-$9.62B - Segment Operating Profit: $8.58B-$8.68B

SPOTIFY $SPOT JUST REPORTED Q3 EARNINGS - Revenue: €4,969M, missing est. of €4.98B 🔴 - Diluted EPS: €2.48, missing est. of €2.81 🔴 - Gross Margin: 33.0% (+136 bps YoY) - Oper Income: €672M (+15% YoY) - MAUs: 788M (+11% YoY) - Premium Subscribers: 306M (+9% YoY) - Net Income: €518M - Free Cash Flow: €735M (-9% YoY) Segment Revenue: - Premium: €4,487M (+17% YoY) - Ad-Supported: €482M (+10% YoY) Q4’26 Guidance: - Revenue: €5.2B, in line with est. of €5.23B 🟡 - Operating Income: €820M - Gross Margin: 33.8% - MAUs: 818M - Premium Subscribers: 316M Key Updates: - Social Charges: €13M above forecast at €22M in current period Operating Expenses - Share repurchases: $1.1B year-to-date through October 21st

HONEYWELL TECHNOLOGIES $HON JUST REPORTED Q3 EARNINGS - Revenue: $4.99B, missing est. of $5B 🔴 - Adj EPS: $2.27, beating est. of $2.17 🟢 - Organic Sales Growth: +7% - Segment Margin: 21.3% (+370 bps YoY) - Free Cash Flow: $688M (+15% YoY) - GAAP EPS: $2.40 (-20% YoY) - Segment Profit: $1.06B (+23% YoY) - Backlog: Nearly $19B (+7% YoY) Segment Sales: - Building Automation: $2.02B (+8% organic) - Process Automation & Tech: $1.86B (+8% organic) - Industrial Automation: $1.12B (+4% organic) Raises FY26 Guidance: - Revenue: $20.00B-$20.10B, below est. of $20.13B 🔴 - Adj EPS: $8.40-$8.45, above est. of $8.30 🟢 - Organic Growth: +4% to +5% - Segment Margin: ~20.5% - Operating Cash Flow: ~$2.1B - Free Cash Flow: ~$2.1B

DOW $DOW JUST REPORTED Q3 EARNINGS - Net Sales: $11.27B, in line with est. of $11.26B 🟡 - Adj EPS: $0.71, beating est. of $0.63 🟢 (vs -$0.19 LY) - GAAP EPS: $0.62 (vs $0.08 LY) - Oper EBIT: $887M (vs $180M LY) - Operating EBITDA: $1.55B - Free Cash Flow: $1.13B - Local Price: +14% YoY - Volume: -1% YoY Segment Net Sales: - Packaging & Specialty Plastics: $5.8B (+18% YoY) - Industrial Intermediates: $3.1B (+8% YoY) - Performance Materials: $2.3B (+8% YoY) Segment Operating EBIT: - Packaging & Specialty Plastics: $585M - Industrial Intermediates: $176M - Performance Materials: $154M Key Updates: - Significant items: $0.09 per share net charge, excluded from Adj. EPS - GAAP net income: $525M

NOKIA $NOK JUST REPORTED Q3 EARNINGS - Net Sales: €5,154M, beating est. of €5.04B 🟢 - Adj EPS: €0.09, beating est. of €0.06 🟢 - Comparable Gross Margin: 44.6% (-20 bps YoY) - Comparable Oper Profit: €605M - Comparable Oper Margin: 11.7% (+220 bps YoY) - AI & Cloud Net Sales: +123% YoY (cc) - AI & Cloud Order Intake: €1.5B - Reported EPS: €0.03 Segment Net Sales: - Network Infrastructure: €2,158M (+17% YoY) - Mobile Infrastructure: €2,902M (+5% YoY) - Portfolio Businesses: €96M (-1% YoY) FY26 Guidance: - Comparable Oper Profit: €2.1B-€2.6B - Network Infrastructure Growth: 12% to 14% - FCF Conversion: 35% to 55% - CapEx: €750M-€850M Key Updates: - Dividend per Share: €0.03 - Infinera Integration: On track for completion by the end of 2026, one year ahead of plan - AI-RAN Call: Completed with T-Mobile and NVIDIA in a live operator network

BEN HOROWITZ SAYS AMAZON $AMZN CEO ANDY JASSY TOLD HIM AI SUPPLY IS SOLD OUT BEYOND 2028 "I said, yeah, like we're out of everything till 2028. He's like, oh, it's beyond 2028." Then he explained why that makes AI nothing like the dot-com bubble "In the internet bubble, we didn't have enough demand because we had to build the internet. People had to get broadband. Originally they had to get their browser at Fry's. There weren't enough consumers on the internet to absorb all the bandwidth that had gotten built out." "The lack of demand killed it. We don't really have a lack of demand in AI, so I think the dynamics will be different." He did flag one risk. "If you get into a pathological debt situation, that can wreck anybody." He said that's why Andreessen Horowitz isn't invested in any of the neoclouds. "That whole thing scares me, having been through it."

ON THIS DAY IN 1879, THOMAS EDISON CREATED THE FIRST PRACTICAL, LONG-LASTING LIGHT BULB For months, his bulbs had burned out after just a few hours. His platinum filament kept melting. The fix came while he was idly rolling a piece of carbon between his fingers. It gave him an idea: turn other materials into carbon and use them as the filament. He tried a carbonized cotton thread inside a glass vacuum bulb, and it gave off a soft orange glow. It burned for about 15 hours.

SpaceX $SPCX closed trading today back over a $2 Trillion market cap

ELON MUSK JUST LAID OUT TESLA'S $TSLA ENTIRE ROADMAP ON THE Q3 EARNINGS CALL Here's everything he said • Demand for Tesla vehicles is exceeding production by a significant margin, and Full Self-Driving is the biggest driver • "There is really no competitor for FSD in any car that you can buy" • FSD is already approved in many countries in Europe, and he'd be surprised if EU-wide approval takes longer than Q1 • Tesla is aiming for 5 million vehicles a year by around 2030 • Semi production began in Q3, and he called the new Roadster demo "arguably the coolest demo of any product ever" • Megapacks are almost sold out for all of 2027, and he expects energy margins to increase meaningfully • The Cybercab fleet in Austin has grown 10x since launching about a month ago • Autonomous miles are growing so fast he says the chart "looks like a rocket going to orbit" • Optimus is now in early production in Fremont, with most of a million-unit-per-year line already in place • Tesla expects to start delivering Optimus to outside companies around the end of 2027 • The Terafab in Austin starts commissioning machinery in the first half of 2027, with a first test chip around May or June and volume chips around Q3 2028 • He says the Terafab will be "the most valuable building in the world" • And Optimus will be "the biggest product on Earth" "I think we are now headed for a lot of fun and significant growth."