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Welcome to your new week.
The government shutdown is getting closer to ending, and more massive companies are reporting earnings this week. The mad dash to the holidays is officially underway — so read on to see everything we’re watching!
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Let’s dive in to everything you need to know this week.
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Key Earnings Announcements:
Another big week of earnings with Cisco, Disney, Nebius, Oklo, On Holdings, and more.
Monday (11/10): Axsome, Barrick, Bitdeer, Blackstone Secured Lending, FreightCar America, Harrow Health, Instacart, Monday.com, Pagaya, PowerFleet, Rigetti, Village Farms, Vonage
Tuesday (11/11) Amdocs, Aragon, Beyond Meat, Consolidated Water, CVG, Endava, Hesai, LightPath, Nebius, Palvella Therapeutics, Pixelworks, Sea Limited, Terawulf
Wednesday (11/12): abSci, Arcos Dorados, Ascendis Pharma, Autolus, Circle, dLocal, Gilat, GlobalFoundries, Innoviz, LandBridge, LOAR Group, Pan American Silver, QuantumScape, Serve Robotics, Valens
Thursday (11/13): Applied Materials, Beazer Homes, Bilibili, Bitfarms, Comcast, JD.com, Nice, NU Holdings, Paysafe, Rekor Systems, The Metals Company, Walt Disney
Friday (11/14): Beazer Homes (duplicate on image but listed once here), Canopy Growth, Co-Diagnostics (Co-Dx), Forge, LM Funding, MiNK Therapeutics, Scholar Rock, Spire Global, Twist Bioscience
What We’re Watching:
Cisco (CSCO)
Cisco (+20% YTD) reports fiscal Q1 earnings Wednesday after the close, with investors focused on whether the company's transition from legacy hardware sales to recurring software, security, and AI-networking revenue can offset slowing enterprise spending and a softer ordering environment.
Last quarter, Cisco posted $13.2 billion in revenue (–10% YoY) and $0.87 in EPS (–20% YoY), facing a digestion period as customers worked through previously purchased equipment. However, the company emphasized record backlog conversion and highlighted accelerating growth in software and security ARR. Cisco’s acquisition of Splunk closed this year, providing a data-analytics and AI-security layer expected to boost recurring revenue and expand margins over time.
Heading into this release, I’ll be watching whether Cisco can:
Show stabilization in product orders and improvement in backlog burn
Break out early traction from Splunk integration and AI-centric security
Demonstrate progress toward becoming a higher-margin recurring-revenue business rather than a hardware-cycle stock
“We are transforming Cisco into a more recurring, predictable business — driven by software, security, and AI networking.”
Cisco Systems, Inc. (CSCO) Stock Performance, 5-Year Chart, Seeking Alpha
Disney (DIS)
The Walt Disney Company (-0.5% YTD) reports Q4 FY2025 earnings Thursday after the close, with investors focused on whether Disney’s streaming profitability, theme-park strength, and ESPN transition into sports streaming can accelerate earnings growth into 2026.
Last quarter, Disney posted $23.2 billion in revenue (+3% YoY) and $1.41 in EPS (+17% YoY), driven by strong performance in its Experiences segment (parks, cruises, and consumer products) and continued improvement in direct-to-consumer streaming profitability. Disney+ and Hulu combined for their second straight quarter of positive operating income as price increases and cost discipline improved margins.
And we’re of course expecting questions about Disney’s ongoing feud with YouTubeTV…
Heading into this release, I’ll be watching whether Disney can:
Deliver continued profitability in streaming and outline a path to sustained positive free cash flow
Show progress on ESPN’s direct-to-consumer launch and its sports-betting partnership strategy
Demonstrate operating leverage from cost cuts while reviving its film/TV content pipeline
“We’re transforming Disney into an earnings-growth company again – disciplined, focused, and built for the future.”
The Walt Disney Company (DIS) Stock Performance, 5-Year Chart, Seeking Alpha
Investor Events / Global Affairs:
The Senate advanced a plan that will likely end the government shutdown, shareholders of Union Pacific and Norfolk Southern will vote on combination, and the 13F deadline for institutions is Friday.
Senate Advances Plan to Likely End Government Shutdown
Source: Eric Lee/Getty Images
The Senate moved closer to ending the record 40-day government shutdown after a group of moderate Democrats broke with their party to advance a bipartisan funding deal. The 60-40 procedural vote would fund the departments of Agriculture, Veterans Affairs, and Congress through the fiscal year, while extending funding for other agencies until Jan. 30 and paying furloughed workers. The shutdown’s resolution could take several more days since any senator can delay proceedings, and the House still must approve the measure before it reaches President Trump. The agreement omits an extension of expiring Obamacare subsidies—prompting opposition from Democratic leaders—but Republicans pledged to hold a vote on that issue by mid-December.
The standoff has cost the U.S. economy an estimated $18 billion and reduced GDP growth by 1.5 percentage points as critical data releases were suspended and federal workers went unpaid. Markets reacted positively to signs of progress, with stock futures and Treasury yields rising as investors anticipated an end to the shutdown.
“We must stop taxpayer money from going to insurance companies and instead give it directly to Americans in HSA-style accounts and let them buy the healthcare they want.”
Union Pacific (UNP) and Norfolk Southern (NSC) Shareholder Vote
Source: Freightwaves.com
Shareholders of Union Pacific and Norfolk Southern will vote this week on their proposed $72 billion merger, a deal that would create the largest freight rail operator in North America by revenue and network reach. The combination aims to streamline operations, reduce costs, and improve rail efficiency across key industrial and agricultural corridors — but it still faces regulatory scrutiny from the Surface Transportation Board over competition and labor impacts.
Investors will be watching the vote count closely, as approval would move the deal into the final regulatory phase and potentially set off further consolidation in U.S. rail.
Union Pacific (UNP) Stock Performance, 5-Year Chart, Seeking Alpha
Norfolk Southern (NSC) Stock Performance, 5-Year Chart, Seeking Alpha
“While Union Pacific has good opportunities to grow, the rail industry is going to be challenged by technology in the trucking and shipping industries. Union Pacific continues to invest in technology, but if we truly want to compete and grow the business, we must have a network that is set up to provide seamless service at a cost-effective price, positioning manufacturers to win in the marketplace.”
13F Deadlines
Source: moomoo.com
Friday marks the deadline for institutional investment managers to file their 13F disclosures, revealing equity holdings as of September 30. These quarterly filings offer investors a rare look into what major hedge funds, asset managers, and billionaire investors have been buying, selling, or shorting – including high-profile names like Buffett, Burry, Tepper, and Ackman.
Expect heightened volatility around crowded trades as new positions surface and unexpected bets are uncovered.
We’re very interested to see if Warren Buffett added to his UnitedHealth (UNH) position!
Major Economic Events:
The government shutdown continues to impact economic data — so we will find out if we’re able to get CPI and PPI data this week.
Source: Bloomberg
Monday (11/10): None scheduled
Tuesday (11/11): NFIB Optimism Index
Wednesday (11/12): Atlanta Fed President Raphael Bostic (speech), Boston Fed President Susan Collins (speech), Fed governor Chris Waller (speech), Fed governor Stephen Miran (speech), New York Fed President John Williams (speech), Philadelphia Fed President Anna Paulson (speech)
Thursday (11/13): Cleveland Fed President Beth Hammack (speech), Core CPI (month-over-month), Core CPI (year-over-year), CPI (month-over-month), CPI (year-over-year), Initial Jobless Claims, Monthly U.S. Federal Budget, New York Fed President John Williams (speech), St. Louis Fed President Alberto Musalem (speech)
Friday (11/14): Business Inventories, Core PPI (month-over-month), Core PPI (year-over-year), Kansas City Fed President Jeff Schmid (speech), Producer Price Index (PPI), PPI (year-over-year), Retail Sales (month-over-month), Retail Sales minus Autos (month-over-month)
What We’re Watching:
Consumer Price Index
Core Consumer Price Index (CPI) — which strips out volatile food and energy costs — eased to 3.0% year-over-year in September, down from 3.1% in July and August, and slightly below expectations of 3.1%. The slowdown keeps inflation on a gradual downward trajectory, reinforcing the narrative that disinflation is still progressing. On a monthly basis, core prices rose 0.2%, below forecasts and slowing from the 0.3% pace seen in the prior two months.
Shelter – the largest component of CPI – increased 3.6% YoY, unchanged from August and still responsible for over 70% of the monthly core increase. Meanwhile, used cars & trucks inflation cooled to 5.1% (vs. 6% prior), and medical care services eased to 3.3% (vs. 3.4%).
Economists expect the Fed to continue weighing softening inflation data against persistent shelter-driven price pressures.
“Inflation is moving in the right direction – just not fast enough for the Fed to declare victory.”
Producer Price Index
U.S. Producer Price Index, a key measure of wholesale inflation, unexpectedly fell by 0.1% in August, sharply missing expectations for a +0.3% increase and marking the first monthly decline since April. The drop was driven by weakening demand in services, which fell 0.2%, led by a steep 3.9% slide in machinery & vehicle wholesaling margins. Other categories like commercial equipment, furniture, chemicals, and data processing also softened.
Goods prices ticked up 0.1%, supported by higher tobacco, poultry, beef, and electric power prices.
On a year-over-year basis, headline PPI slowed to 2.6% (vs. 3.1% prior), while core PPI also fell 0.1% MoM, pushing the annual core rate down to 2.8%, signaling that upstream pricing pressures continue to unwind.
“Producer prices are losing momentum – a clear signal that inflation pressures are easing earlier in the supply chain.”
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