Call Shifts

14 of 16 earnings calls I covered this week mentioned pricing. • AI agents: 7 of 16 • China: 6 of 16 • The consumer: 6 of 16 • Memory chips: 3 of 16 This covers the 16 calls I analyzed from Oct 30 to Nov 6, not every company. Analysis, not advice. I don't hold any of the stocks mentioned.

Before the call I listed 3 promises $ABNB made. It kept 3. Shares rose about 10% after hours on Nov 5, 2026. • Q3 revenue: $4.87B vs a $4.69-4.77B guide • Margin: guided slightly down, came in at 52% vs 50% a year ago • AI voice support: now expanding in the US Nights and seats booked grew 16%. 2026 margin outlook: about 36%. Analysis, not advice. I don't hold $ABNB.

Toyota (7203.T) lifted its profit outlook by ¥500bn. Shares jumped about 17%. That was the Tokyo close on Nov 5, results day. • Full-year operating profit forecast: ¥3.9T, up from ¥3.4T in August • Jul-Sep operating profit: ¥1.13T, up 34% • Buyback authorization raised to ¥1.3T, from ¥1T • Revenue forecast trimmed to ¥53.5T, from ¥54T Analysis, not advice. I don't hold Toyota (7203.T).

$CRWV reports Nov 10. Last quarter it made three promises. 1. Q3 revenue of $3.45B to $3.6B 2. Q3 capex of $11.5B to $13.5B 3. More than 1.85 GW of active power by the end of 2026 I'll check each one after the call. Analysis, not advice. I don't hold $CRWV.

$QCOM added a new standalone risk to its 10-K: AI. Last year's 10-K had no standalone AI risk factor. This year's adds one covering on-device AI, agentic AI and AI infrastructure. It says the push "may not result in the anticipated benefits and could expose us to additional competitive, regulatory, intellectual property and operational risks." Filed Nov 4. Analysis, not advice. I don't hold $QCOM.

$APP beat the top of its own guide by about $100M. Shares rose more than 16% after hours on Nov 4, after a 10.69% gain in the regular session. • Q3 revenue $2.18B, up 55%, vs a $2.055-2.085B guide • Adjusted EBITDA $1.84B, an 84% margin • Q4 revenue guide $2.365-2.395B CEO Adam Foroughi: "This was a partial rollout. The transition is still in front of us" Analysis, not advice. I don't hold $APP.

Novo Nordisk (NOVO-B.CO) raised its outlook again. Shares rose 5.6%. That was the Copenhagen close on Nov 4, results day. • Adjusted operating profit DKK 31.72bn, up 27% at CER, vs about DKK 28.4-28.6bn expected • Wegovy pill sales DKK 5.39bn • 2026 sales and operating profit now -2% to +2% at CER, from 0% to -6% in August • Reported operating profit fell 9% at CER after DKK 8.7bn of impairments Analysis, not advice. I don't hold Novo Nordisk (NOVO-B.CO).

Supply set the story for $AAPL, $INTC, $ANET and $QCOM. Apple guided December-quarter gross margin to 45-46%, from 47.9%, with memory a main driver. Intel lost about $300M of Q4 revenue to a factory accident. Which of them sounds different next quarter? Analysis, not advice. I don't hold $AAPL, $INTC, $ANET or $QCOM.

$CVS beat and raised, then announced a breakup. Shares fell 12%. That was the NYSE close on Nov 4, results day. • Adjusted EPS $2.09 vs about $1.65 expected • 2026 EPS guide now at least $8.20, from $7.90-8.10 • 2027 floor raised to at least $8.65, from $8.44 • Split into a healthcare solutions company and CVS Pharmacy, due in the first half of 2028 CEO David Joyner: "We take this action from a position of strength" Analysis, not advice. I don't hold $CVS.

$ABNB reports Nov 5. Last quarter it made three promises. 1. Q3 revenue of $4.69B to $4.77B, up 15-17% 2. Q3 adjusted EBITDA margin slightly below last year's, with 2026 at 35.5% or better 3. AI voice support rolling out later in 2026 I'll check each one after the call. Analysis, not advice. I don't hold $ABNB.

Novo Nordisk (NOVO-B.CO) raised its outlook again. Shares rose 5.6%. That was the Copenhagen close on Nov 4, results day. • Adjusted operating profit DKK 31.72bn, up 27% at CER, vs about DKK 28.4-28.6bn expected • Wegovy pill sales DKK 5.39bn • 2026 sales and operating profit now -2% to +2% at CER, from 0% to -6% in August • Reported operating profit fell 9% at CER after DKK 8.7bn of impairments Analysis, not advice. I don't hold Novo Nordisk (NOVO-B.CO).

$SHOP grew revenue 32%. The stock closed down 8.7%. That was Nov 3, results day. The misses were in volume: • GMV $119.2B, up 29%, vs about $120.1B expected • Subscription revenue $836M vs about $850M expected • Free cash flow margin 22% Analysis, not advice. I don't hold $SHOP.

Before the call I listed 3 promises $QCOM made. It kept 2. • Fiscal Q4 revenue: $10.32B vs a $9.7B-$10.5B guide • Auto: $1.99B, up 89%, about an $8B annual pace vs a $7B target • China phone makers: not confirmed yet; total handsets $5.14B, up 1% from Q3 Q1 guide: $10.4B-$11.2B. Analysis, not advice. I don't hold $QCOM.

$SHOP grew revenue 32%. The stock closed down 8.7%. That was Nov 3, results day. The misses were in volume: • GMV $119.2B, up 29%, vs about $120.1B expected • Subscription revenue $836M vs about $850M expected • Free cash flow margin 22% Analysis, not advice. I don't hold $SHOP.

$AAPL's new 10-K adds a risk last year's didn't have: AI agents. The fiscal 2025 10-K's risk factors never used the word "agents." The new one says AI agents can act autonomously and may behave in unintended ways, including by "taking actions that were not directed, instructed or authorized, exceeding permissions, defying directions or resisting instructions." Filed Nov 3. Analysis, not advice. I don't hold $AAPL.

$ANET grew 58.5%, its fastest since its IPO. Shares rose more than 12% after hours on Nov 3. • Q3 revenue $3.66B vs about $3.33B expected • 2026 outlook raised to about $13.3B, from about $12.6B in August • First 2027 outlook: 38-40% growth, about $18.5B CFO Chantal Breithaupt: "I am confident in the guide, and I am confident in the supply chain." Analysis, not advice. I don't hold $ANET.

$IDXX said vet clinic visits fell 1.8%. The stock closed up 21.9%. That was Nov 2, results day. More testing per visit did the work: • Organic revenue up 10% • Recurring diagnostics revenue up 11%, US up 9.6% • 2026 EPS guide raised to $14.96-15.16, from $14.69-14.94 Analysis, not advice. I don't hold $IDXX.

$QCOM reports Nov 4. Last quarter it made three promises. 1. Fiscal Q4 revenue of $9.7B to $10.5B 2. China phone-maker revenue back to double-digit sequential growth 3. Auto sales at an annualized pace of about $7B exiting fiscal 2026 I'll check each one after the call. Analysis, not advice. I don't hold $QCOM.