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74% of $SPX companies have beaten revenue estimates to date for Q3, which is above the 5-year average of 70% and above the 10-year average of 68%. #earnings, #earningsinsight, bit.ly/3V5zlYa
What's driving the lower percentage magnitude of Q3 earnings beats against estimates compared to the 5-year and 10-year averages? FactSet VP Senior Earnings Analyst John Butters shares the answer from his latest analysis.
Listen here:
Spotify: bit.ly/4sGs9xT.
Apple Podcasts: apple.co/4sIufxq
84% of $SPX companies have beaten EPS estimates to date for Q3, which is above the 5-year average of 78% and above the 10-year average of 77%. #earnings, #earningsinsight, bit.ly/3V5zlYa
The S&P 500 is reporting earnings growth of 31.4% for Q3, which is above the estimate of 29.1% on September 30.
Read the article by John Butters: bit.ly/482stOc
ALT Bar chart titled "S&P 500 Earnings Growth (Y/Y): Q3 2026" from FactSet. It displays percent growth across sectors: Energy (149.4%), Information Technology (69.2%), S&P 500 (63.3%), Materials (31.4%), Industrials (17.4%), Utilities (16.1%), Communication Services (14.1%), Real Estate (8.8%), Health Care (4.9%), Consumer Staples (4.5%), Financials (3.9%), and Consumer Discretionary (3.3%). Two time periods are compared: "Today" and "30-Sep".
This report from Banu Nadarajah highlights the wave of drill results as explorers and miners vied for investor attention in a crowded field. In gold, explore the top 5 regions, top-10 drill holes, and ranked projects.
Read here: bit.ly/4iFgNG9
ALT Banner for FactSet Insight displaying the title "Metals & Mining: Global Drill Results Monitor." Text mentions capturing copper and gold drill results from over 1,000 properties and highlights significant projects and regions. The author's name, Banu Nadarajah, is included.
Explore U.S. ETF trends with this monthly summary from Lois Gregson at @FactSet. She highlights the October flow stats by asset class and sector, launches, and this month a spotlight on actively managed ETFs.
Read the full article: bit.ly/4z23pSg
ALT Screenshot of a webpage titled "U.S. ETF Monthly Summary: October 2026 Results" from FactSet Insight. The page highlights a total of $16.5 trillion in U.S.-listed ETFs, with October having a 45% increase from September, collecting $204.2 billion. The author, Lois Gregson, is noted at the bottom.
Researching a company and need to ask its team a question? Skip the cold email.
@FactSet Corporate Connect gives buy-side investors a personalized, step-by-step way to reach a company’s investor relations team from the Company Snapshot report or PM Hub. Your profile, publicly reported holdings, and coverage details go with every introduction, and because it comes from the FactSet workstation, IR teams know who’s reaching out.
A credible connection with verified context, available within the FactSet Workstation.
Read more on our product blog: bit.ly/4zuOS2x
ALT Apple Inc. dashboard on FactSet displaying stock performance charts, company profile, headquarters location, and key statistics like market cap and revenue. Options to connect with the company and links to news articles.
FactSet retweeted
“Investing is going to eternally remain a human business. Human judgment, human design, and human ability to grow the business is going to be absolutely at the center of it all.” – Sanoke Viswanathan, CEO of @FactSet
Sanoke Viswanathan joined Andrew Peck, Portfolio Manager at Baron Capital, at the 33rd Annual Baron Investment Conference to explore the growing influence of AI in financial services and the enduring importance of human expertise, judgment, and decision-making in investing.
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𝗜𝗻𝗳𝗼𝗿𝗺𝗮𝘁𝗶𝗼𝗻 𝗮𝗻𝗱 𝘀𝗲𝗿𝘃𝗶𝗰𝗲𝘀 𝗽𝗿𝗼𝘃𝗶𝗱𝗲𝗱 𝗼𝗻 𝗶𝗻𝗱𝗲𝗽𝗲𝗻𝗱𝗲𝗻𝘁 𝘄𝗲𝗯𝘀𝗶𝘁𝗲𝘀 𝗮𝗿𝗲 𝗻𝗼𝘁 𝗿𝗲𝘃𝗶𝗲𝘄𝗲𝗱, 𝗴𝘂𝗮𝗿𝗮𝗻𝘁𝗲𝗲𝗱 𝗯𝘆 𝗼𝗿 𝗲𝗻𝗱𝗼𝗿𝘀𝗲𝗱 𝗯𝘆 𝗕𝗮𝗿𝗼𝗻 𝗖𝗮𝗽𝗶𝘁𝗮𝗹 𝗼𝗿 𝗶𝘁𝘀 𝗮𝗳𝗳𝗶𝗹𝗶𝗮𝘁𝗲𝘀. 𝗣𝗹𝗲𝗮𝘀𝗲 𝗯𝗲 𝗮𝘄𝗮𝗿𝗲 𝘁𝗵𝗮𝘁 𝘁𝗵𝗶𝘀 𝗶𝗻𝗱𝗲𝗽𝗲𝗻𝗱𝗲𝗻𝘁 𝘄𝗲𝗯𝘀𝗶𝘁𝗲’𝘀 𝘁𝗲𝗿𝗺𝘀 𝗮𝗻𝗱 𝗰𝗼𝗻𝗱𝗶𝘁𝗶𝗼𝗻𝘀 𝗮𝗻𝗱 𝗼𝘁𝗵𝗲𝗿 𝗹𝗲𝗴𝗮𝗹 𝗶𝗻𝗳𝗼𝗿𝗺𝗮𝘁𝗶𝗼𝗻 𝗺𝗮𝘆 𝗯𝗲 𝗱𝗶𝗳𝗳𝗲𝗿𝗲𝗻𝘁 𝘁𝗵𝗮𝗻 𝘁𝗵𝗼𝘀𝗲 𝗼𝗳 𝗕𝗮𝗿𝗼𝗻 𝗖𝗮𝗽𝗶𝘁𝗮𝗹’𝘀 𝘄𝗲𝗯𝘀𝗶𝘁𝗲. 𝗕𝗮𝗿𝗼𝗻 𝗖𝗮𝗽𝗶𝘁𝗮𝗹 𝗶𝘀 𝗻𝗼𝘁 𝗹𝗶𝗮𝗯𝗹𝗲 𝗳𝗼𝗿 𝘁𝗵𝗲 𝗰𝗼𝗻𝘁𝗲𝗻𝘁 𝗮𝗽𝗽𝗲𝗮𝗿𝗶𝗻𝗴 𝗼𝗻 𝗶𝘁, 𝗼𝗿 𝗳𝗼𝗿 𝘁𝗲𝗰𝗵𝗻𝗶𝗰𝗮𝗹 𝗼𝗿 𝘀𝘆𝘀𝘁𝗲𝗺𝘀 𝗶𝘀𝘀𝘂𝗲𝘀 𝗮𝗿𝗶𝘀𝗶𝗻𝗴 𝗳𝗿𝗼𝗺 𝘁𝗵𝗲 𝘂𝘀𝗲 𝗼𝗳 𝘁𝗵𝗶𝘀 𝗶𝗻𝗱𝗲𝗽𝗲𝗻𝗱𝗲𝗻𝘁 𝘄𝗲𝗯𝘀𝗶𝘁𝗲.
𝘐𝘯𝘷𝘦𝘴𝘵𝘰𝘳𝘴 𝘴𝘩𝘰𝘶𝘭𝘥 𝘤𝘰𝘯𝘴𝘪𝘥𝘦𝘳 𝘵𝘩𝘦 𝘪𝘯𝘷𝘦𝘴𝘵𝘮𝘦𝘯𝘵 𝘰𝘣𝘫𝘦𝘤𝘵𝘪𝘷𝘦𝘴, 𝘳𝘪𝘴𝘬𝘴, 𝘤𝘩𝘢𝘳𝘨𝘦𝘴, 𝘢𝘯𝘥 𝘦𝘹𝘱𝘦𝘯𝘴𝘦𝘴 𝘰𝘧 𝘵𝘩𝘦 𝘍𝘶𝘯𝘥 𝘤𝘢𝘳𝘦𝘧𝘶𝘭𝘭𝘺 𝘣𝘦𝘧𝘰𝘳𝘦 𝘪𝘯𝘷𝘦𝘴𝘵𝘪𝘯𝘨. 𝘛𝘩𝘦 𝘱𝘳𝘰𝘴𝘱𝘦𝘤𝘵𝘶𝘴 𝘢𝘯𝘥 𝘴𝘶𝘮𝘮𝘢𝘳𝘺 𝘱𝘳𝘰𝘴𝘱𝘦𝘤𝘵𝘶𝘴 𝘤𝘰𝘯𝘵𝘢𝘪𝘯 𝘵𝘩𝘪𝘴 𝘢𝘯𝘥 𝘰𝘵𝘩𝘦𝘳 𝘪𝘯𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯 𝘢𝘣𝘰𝘶𝘵 𝘵𝘩𝘦 𝘍𝘶𝘯𝘥 𝘢𝘯𝘥 𝘤𝘢𝘯 𝘣𝘦 𝘰𝘣𝘵𝘢𝘪𝘯𝘦𝘥 𝘧𝘳𝘰𝘮 𝘵𝘩𝘦 𝘍𝘶𝘯𝘥'𝘴 𝘥𝘪𝘴𝘵𝘳𝘪𝘣𝘶𝘵𝘰𝘳, 𝘉𝘢𝘳𝘰𝘯 𝘊𝘢𝘱𝘪𝘵𝘢𝘭, 𝘐𝘯𝘤., 𝘣𝘺 𝘤𝘢𝘭𝘭𝘪𝘯𝘨 1-800-99-𝘉𝘈𝘙𝘖𝘕 𝘰𝘳 𝘷𝘪𝘴𝘪𝘵𝘪𝘯𝘨 𝘉𝘢𝘳𝘰𝘯𝘊𝘢𝘱𝘪𝘵𝘢𝘭𝘎𝘳𝘰𝘶𝘱.𝘤𝘰𝘮. 𝘗𝘭𝘦𝘢𝘴𝘦 𝘳𝘦𝘢𝘥 𝘵𝘩𝘦𝘮 𝘤𝘢𝘳𝘦𝘧𝘶𝘭𝘭𝘺 𝘣𝘦𝘧𝘰𝘳𝘦 𝘪𝘯𝘷𝘦𝘴𝘵𝘪𝘯𝘨.
𝗥𝗶𝘀𝗸𝘀: All investments are subject to risk and may lose value.
𝗣𝗼𝗿𝘁𝗳𝗼𝗹𝗶𝗼 𝗵𝗼𝗹𝗱𝗶𝗻𝗴𝘀 𝗮𝘀 𝗮 𝗽𝗲𝗿𝗰𝗲𝗻𝘁𝗮𝗴𝗲 𝗼𝗳 𝗻𝗲𝘁 𝗮𝘀𝘀𝗲𝘁𝘀 𝗮𝘀 𝗼𝗳 𝗦𝗲𝗽𝘁𝗲𝗺𝗯𝗲𝗿 𝟯𝟬, 𝟮𝟬𝟮𝟲 𝗳𝗼𝗿 𝘀𝗲𝗰𝘂𝗿𝗶𝘁𝗶𝗲𝘀 𝗺𝗲𝗻𝘁𝗶𝗼𝗻𝗲𝗱 𝗮𝗿𝗲 𝗮𝘀 𝗳𝗼𝗹𝗹𝗼𝘄𝘀: 𝗙𝗮𝗰𝘁𝗦𝗲𝘁 𝗥𝗲𝘀𝗲𝗮𝗿𝗰𝗵 𝗦𝘆𝘀𝘁𝗲𝗺𝘀 𝗜𝗻𝗰. - Baron Asset Fund (1.2%), Baron Focused Growth Fund (3.3%), Baron Generational Growth Fund (7.1%), Baron Partners Fund (3.3%*), Baron First Principles ETF (2.6%).
*% of Long Positions Only
𝗣𝗼𝗿𝘁𝗳𝗼𝗹𝗶𝗼 𝗵𝗼𝗹𝗱𝗶𝗻𝗴𝘀 𝗮𝗿𝗲 𝘀𝘂𝗯𝗷𝗲𝗰𝘁 𝘁𝗼 𝗰𝗵𝗮𝗻𝗴𝗲. 𝗖𝘂𝗿𝗿𝗲𝗻𝘁 𝗮𝗻𝗱 𝗳𝘂𝘁𝘂𝗿𝗲 𝗽𝗼𝗿𝘁𝗳𝗼𝗹𝗶𝗼 𝗵𝗼𝗹𝗱𝗶𝗻𝗴𝘀 𝗮𝗿𝗲 𝘀𝘂𝗯𝗷𝗲𝗰𝘁 𝘁𝗼 𝗿𝗶𝘀𝗸.
The discussion of market trends is not intended as advice to any person regarding the advisability of investing in any particular security. The views expressed in this post reflect those of the respective writer. Some of our comments are based on management expectations and are considered “forward-looking statements.” Actual future results, however, may prove to be different from our expectations. Our views reflect our best judgment at the time and are subject to change at any time based on market and other conditions and Baron Capital has no obligation to update them.
Entertainment is provided at this event. Please confirm this event complies with your firm's policies on the receipt of gifts and entertainment. All expenses associated with this conference are paid by BAMCO, Inc. No conference expenses are paid by Baron Funds’ shareholders or Baron Capital clients.
BAMCO, Inc. is an investment adviser registered with the U.S. Securities and Exchange Commission (SEC). Baron Capital, Inc. is a broker-dealer registered with the SEC and member of the Financial Industry Regulatory Authority, Inc. (FINRA).
© 2026 Baron Capital. All rights reserved.
In his Q3 midseason earnings analysis, @FactSet VP Senior Earnings Analyst John Butters highlights the robust Q3 earnings growth for the S&P 500 and how it compares historically. Listen to his full quantitative analysis in this episode of the FactSet Insight podcast.
Listen here:
Spotify: bit.ly/4sGs9xT.
Apple Podcasts: apple.co/4sIufxq
Given market reactions, we’re revisiting the stress testing analysis Kristina Bratanova-Cvetanova performed on investable indices and strategies as a response to a hypothetical AI bubble burst. @FactSet provides scenarios in the Workstation’s thematic template stress tests.
Read the article: bit.ly/4AjVj8V
ALT This image is a page from FactSet Insight. It includes the article title "Stress Testing Amid Rising Fears of an AI Bubble" and mentions that recent market reactions to an AI bubble are prompting a revisit to stress testing analysis. The text is by Kristina Bratanova-Cvetanova.
Most advisors know who they want to reach. The hard part is knowing where to start.
@FactSet's Intelligent Prospecting & Monitoring lets you filter by location, wealth triggers, company attributes, and connections to your existing clients—so you can build a prospect list that actually fits your territory.
See how it works: bit.ly/3WaciM1
ALT This image displays an interface for intelligent prospecting. The screen lists "Recommended Prospects" with columns for name, title, company name, city, and wealth triggers. Companies listed include Walt Disney Co, Pixar, and Apple Inc. The left panel shows filter options like position, events, and company criteria.
In conversational portfolio construction, natural language is useful for workflow discovery. But once the workflow has stabilized, repeating the same conversation is inefficient. Read when and why a stabilized conversational workflow should become a reusable tool.
Read it here: bit.ly/4jZb8Ng
Total nonfarm payrolls for October 2026 are projected to rise by 65,000. bit.ly/4z3UMqB
🛡️StreetAccount Cybersecurity Check-in: From AI Casualty to Beneficiary (5-Nov)
‣ Focus Points
• High-profile events have driven volatility, but AI-enabled attacks are broadly bolstering cybersecurity demand.
• Broad platforms seen as best positioned to capitalize, while Endpoint, Network, Cloud Security all have identifiable tailwinds.
• Vulnerability Management considered most exposed to AI disruption as frontier models increasingly replicate core capabilities.
• Underperformers struggling with AI monetization, ARR declines, decelerating growth.
• AI monetization is early but real, with recent earnings calls highlighting link to bookings, revenue.
‣ The Context
• Cybersecurity stocks have experienced significant volatility this year as markets weigh net impact of growing AI adoption and agentic AI advancements. +ANT's Claude Code Security rocked the segment in Feb, which then dipped again in March on leak of Mythos' cybersecurity capabilities; Project Glasswing partners, including CRWD and PANW, later rallied on model's official release. Rogue agents, cyber-attacks and warnings from AI CEOs have since bolstered sentiment.
‣ The Winners
• Perceived winners include Endpoint Security (CRWD, S) - analysts point to AI agents greatly expanding number of endpoints that need protection; Network Security/Firewall (PANW, FTNT, CHKP) - seen as retaining moat that is difficult for competitors or AI to meaningfully replace; and Cloud Security/SASE (ZS, NET, NTSK) - set to benefit from integration of AI to eliminate blind spots, anticipate zero-day attacks and detect unusual traffic. Analyst consensus suggests safest bets are broad platforms, considered best positioned to benefit from vendor consolidation (CRWD, PANW). Identity & Access Management (OKTA) also considered to be a beneficiary, with agents likely requiring identities, permissions and access controls similar to employees, though this is not yet a proven revenue driver.
‣ The Losers
• Vulnerability Management (RPD, TENB, QLYS) broadly seen as segment most at risk of AI disruption due to growing capabilities of frontier models to scan and detect exploits within code and networks. The recent high-profile exposure of PHP vulnerabilities, discovered through the use of tools including OpenAI's GPT-5.6 Sol, further intensified scrutiny of these names.
‣ YTD Underperformers
• CHKP -21% has faced a slower-than-expected turnaround, failing to convert AI-related demand into headline growth, ceding ground to cloud-native rivals CRWD and PANW.
• RPD -1% has suffered from declining ARR and aggressive competition in vulnerability management.
• ZS -0% has struggled with decelerating growth forecasts, exec departures, and high AI-related capex.
• DT +8% has underperformed on disappointing profit outlook, while its acquisition of Arize, an AI observability and evaluation platform, is expected to dilute margins through FY27.
% price moves are year-to-date as of market close 4-Nov.
‣ Earnings Takeaways
• Recent earnings calls suggest AI infrastructure growth is translating into concrete product bookings and new security demand across the group, with companies tying AI directly to revenue or platform expansion. FFIV said direct AI use case bookings more than doubled from H1 and sized its AI addressable market by 2030 at roughly $11B. CHKP highlighted strong demand for AI security, though AI data center security revenue expected to be incremental only starting 2027. DT has begun monetizing its AI capabilities and says AI is increasing telemetry volume and complexity, lifting platform consumption and making unified observability more important.
$CRWD $PANW $FTNT $CHKP $ZS $NET $OKTA $RPD $TENB $QLYS $DT $FFIV $S $NTSK $ANT #Anthropic
#Cybersecurity #AI #AgenticAI #AIMonetization #EndpointSecurity #CloudSecurity #NetworkSecurity #VulnerabilityManagement #VendorConsolidation #FinTwit #TechStocks #Earnings #Tech
Gain immediate access to earnings insights with #StreetAccount: bit.ly/3xqrpo7