Terminal Signals

$QXO: CEO Key-Man Split Across Two Public Companies • Q3 preliminary: $4.9B revenue, $557M adj. EBITDA, 11.4% margin; October companywide daily sales +5.4% YoY. • 2030 EBITDA target: $4B organic vs. ~$1.75B consensus; tuck-in acquisitions via internal cash flow add $1.5B, totaling $5.5B. • Jacobs invests $900M personally into CKX Lands, becomes majority owner and dual Chairman/CEO of two separate public companies simultaneously.

$TTWO: TTWO closed down 3.48% at $207.40 at 4:00pm ET ahead of earnings, then rebounded 1.20% to $209.89 by 4:15pm ET as GTA VI’s November 19 launch was reaffirmed and pre-orders were described as unprecedented. The reaction remained muted as Q2 bookings missed at $1.60B versus $1.65B expected and FY2027 bookings guidance stayed at $8.0B-$8.2B versus Bloomberg consensus of $8.64B, partly offset by a Q3 bookings outlook of $3.35B-$3.50B and a modest EPS beat.

$OXY: $10B Debt Target Hit; $4B Cash Flow Pledge • Retired $10.4B principal debt YTD, hitting $10.0B milestone; adjusted EPS $1.91, down 20% sequentially on 11% oil price decline. • Gulf of America output dropped to 110 Mboe/day from 144 sequentially due to third-party gas pipeline constraint and maintenance. • CEO commits to $4.0B incremental annual sustainable cash flow by 2030, explicitly tied to accelerating capital returns to shareholders.

$TTD: TTD closed up 15.47% at $14.93 at 4:00pm ET as the pre-earnings rally broadened on co-founder Dave Pickles’ return to lead a new AI-focused CTO council, while options volume reached 4.9x normal with calls leading puts 5:3. Shares then jumped another 22.97% to $18.36 by 4:15pm ET following the scheduled Q3 release, though no timestamp-valid results were available to attribute the move to specific metrics.

$LCID: LCID closed up 9.42% at $3.60 at 4:00pm ET on speculative positioning into Q3 earnings, with calls outpacing puts 3:1 and options pricing a 19.3% post-report move. Shares then reversed 5.28% to $3.41 by 4:06pm ET after hours as earnings-event volatility materialized.

$ONTO: ONTO closed up 11.80% at $193.72 at 4:00 PM ET amid a broad semiconductor rebound as investors reassessed AI data-center deferral risks, with strength in equipment peers reinforcing the move. B. Riley retained its Buy rating while cutting its target to $285 from $340, still implying substantial upside; shares extended gains to $206.51, up 6.60% after hours, as of 4:05 PM ET.

$RKLB: RKLB closed up 10.91% at $58.86 as of 4:00 p.m. ET on bullish pre-earnings positioning, with calls leading puts 5:2 and options implying a 10.2% post-report move. Shares added 1.92% to $59.99 by 4:06 p.m. ET after Q3 revenue reached a record $268M, above prior guidance, operating cash flow turned positive, backlog jumped 52% sequentially to $3.57B, and Q4 revenue guidance of $270M–$290M signaled continued growth, partly tempered by Neutron’s no-earlier-than-2027 launch target and equity-financing dilution.

$SON: CEO Transition With Change-in-Control Protection • CEO Coker retires Dec 31, 2026; 29-year veteran Haynes assumes President, CEO, and Director roles simultaneously. • CFO Joachimczyk receives $1.5M RSU retention award, cliff-vesting at second anniversary; signals board prioritizing financial leadership continuity. • Incoming CEO retained in Change-in-Control Plan — board structurally hedging against M&A disruption during leadership transition.

$MSTR: MSTR is down 2.07% premarket to $126.26 as of 8:04 a.m. ET, pressured by Bitcoin trading near $75,000-$76,000—close to Strategy’s $75,451 average cost—and $1.28 billion of weekly U.S. spot-Bitcoin ETF outflows. The November 11 MSCI eligibility decision remains an index-flow overhang, while Michael Saylor’s weekend purchase hint has yet to produce a confirmed acquisition.

$SIRI: $19M CEO Package, $9M Annual Equity Floor • Anjali Sud named CEO effective Jan 1, 2027; $2.6M base, $10M sign-on RSU, $9M in additional target equity grants at start. • Witz exits with zero severance, zero accelerated vesting; all unvested equity forfeited. Earns $175K/month consulting fee through 2027. • Hidden alpha: Sud's 2028–2029 annual equity grants contractually floored at $9M/year — hard minimum regardless of performance or stock price.

$NRG: $4B Gas Asset Divestiture, Full NYISO/ISO-NE Exit • NRG sells 6 natural gas assets, 4.9 GW, to LS Power for $4B cash at 8.0x 2027 EV/Adj. EBITDA. • Proceeds fund $3B in buybacks across 2026-2027, including $1B incremental starting before Q4 2026 end. • Post-close, NRG fully exits NYISO and ISO-NE, concentrating 20 GW solely in ERCOT and PJM; adds 1.1 GW ERCOT capacity by 2028.

$KKR: KKR is up 5.71% premarket to $101.99 as of 6:32 a.m. ET after Q3 adjusted EPS of $1.78 beat the $1.58 consensus. Sentiment is also supported by record fee-related earnings, total operating earnings and adjusted net income per share, alongside guidance to return more than $40B to clients in 2026, over 50% above its prior annual record.

$CEG: CEG rose 3.42% premarket to $258.51 as of 6:55am ET after Q3 adjusted EPS of $5.06 beat the $3.89 consensus and revenue of $9.55B topped $9.35B. The company also raised FY2026 adjusted EPS guidance to $12.50-$12.80, above the $12.22 consensus, and announced agreements supporting more than 1 GW of new emissions-free generation.

$NRG: $4B Asset Sale, 2027 Guidance Excludes Impact • Q3 Adjusted EBITDA $2.013B, +67% YoY; Adjusted EPS $4.68 vs $2.78. East segment +$507M driven by LS Power acquisition and higher capacity prices. • $4B sale of 4.9 GW gas assets to LS Power funds $3B buybacks across 2026–2027 and $3B debt reduction; closes Q2 2027 pending FERC, HSR, NYSPSC. • CRITICAL: Initiated 2027 guidance of $5.5–$6.0B EBITDA explicitly excludes asset sale impact; full re-guidance expected only after Q2 2027 close.

$BRK.B: BRK.B is up 0.43% premarket to $573.34 as of 6:13 AM ET as investors favor Berkshire’s larger-than-expected $9.6B Q3 buyback and strength at BNSF, Berkshire Hathaway Energy and manufacturing over a 5.8% decline in operating earnings. The upside is tempered by a 43% drop in insurance underwriting income and 28% lower net income, leaving the post-earnings move modest (Bloomberg).

$DTE: Vantage Divestiture Funds $44B Utility Capex Surge • DTE sells ~$3B Vantage to J.P. Morgan AM infrastructure; closes 1H 2027. Proceeds cut equity and debt needs, funding $44B utility capex plan. • Long-term operating EPS growth target raised to >9% through 2031, up from prior 6%-8% CAGR; accelerated growth flagged for 2028-2029. • 7% dividend hike committed for 2027; $500M equity forward deferred from 2026 to 2027, signaling post-close capital structure reset.

$UI: Record Revenue; Component Cost Squeeze Emerging • Q1 FY2027 revenue hit record $1,026.2M (+39.9% YoY); GAAP diluted EPS surged 54.2% YoY to $5.29. • Gross margin expanded 130bps YoY to 47.3%, driven by lower indirect costs offsetting rising component prices. • Component costs rising since Q4 FY2026; supply constraints may cap revenue growth and compress margins if pricing offsets fail.

$VST: VST rose 6.19% premarket to $119.88 as of 7:05am ET after Q3 revenue beat consensus at $6.35B versus $5.94B, adjusted EBITDA grew 50% to $2.38B, and management initiated 2027 adjusted EBITDA guidance of $7.7B-$8.5B and FCFbG guidance of $4.3B-$5.1B. Strong Texas and East results outweighed a retail EBITDA miss (Bloomberg).

$CHTR: $108.6B Debt Load, $573M Cash • Free cash flow collapsed 58.4% YoY to $674M; $6.3B franchise impairment drove $2.4B actual net loss. • Pro forma Internet losses widened to 233K vs. 171K prior year; pro forma revenue declined 1.5% YoY. • Total debt at $108.6B against only $573M cash; credit facilities provide just $2.4B additional liquidity buffer.

$MRNA: MRNA is up 3.52% premarket to $249.95 as of 6:50am ET after Q3 revenue of $1.31B and EPS of $0.38 sharply beat Bloomberg consensus of $888.1M and a $1.09 loss, driven by stronger international COVID-vaccine sales and lower operating expenses. Moderna also raised 2026 revenue-growth guidance to 15%–25% from up to 10% and lifted year-end cash guidance to $8.1B–$8.3B, while Health Canada’s authorization of its flu and combined flu-COVID vaccines adds regulatory support.