Disney stock falls as revenue misses, Cisco surges, chipmaker SMIC rises

Cisco Systems (CSCO) stock jumped over 6% in after-hours trading as the San Jose technology company raised its annual profit and revenue forecasts as data center expansions drive demand for networking equipment.

Reuters reports:

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McGraw Hill (MH) stock soared over 22% in midday trading on Wednesday, after the education company raised its full-year outlook and reported better-than-expected fiscal second quarter results on the top and bottom lines.

The company reported earnings of $0.57 per share, which came in more profitable than the $0.07 loss Wall Street had expected, according to S&P Global Market Intelligence.

Revenue of $669.2 million declined 2.8% year over year, but still topped estimates of $642 million. Recurring revenue grew 6.5% year over year, while digital revenue grew 7.6% annually.

McGraw Hill also raised its fiscal year 2026 guidance on the back of strong second quarter results. The company sees revenue in a range of $2.03 billion to $2.06 billion, up from its previous range of $1.98 billion to $2.04 billion.

The company touted its market share gains, especially in higher education, which reached a record 30% in the US.

“Our fiscal second quarter results highlight the strength, scalability, and diversity of our business model, driven by the execution of effective strategies that fueled continued momentum in digital and re-occurring revenue,” McGraw Hill CEO Bob Sallmann said. “With notable market share gains, disciplined capital allocation, and a stronger balance sheet, we believe we are well-positioned to deliver sustained value for all stakeholders while continuing to invest in innovation and optimize our operations.”

Yahoo Finance’s Brooke DiPalma reports:

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Occidental Petroleum (OXY) beat earnings estimates for the third quarter, posting profits per share of $0.65 on revenue of $6.6 billion. Wall Street analysts were looking for earnings per share of $0.49 on revenue of $6.7 billion, according to S&P Global Market Intelligence.

While the company’s profits came in ahead of expectations, they marked a significant decline from the $0.98 earnings per share the company posted in Q3 2024.

Oil and gas pre-tax income was $1.3 billion for the third quarter of 2025, a roughly 11% increase year over year, due to higher crude oil volumes and prices.

The stock fell slightly in after-hours trading.

Occidental Petroleum is a favorite of Warren Buffett’s, who has built a stake of roughly 27% in the company over the years, making Berkshire Hathaway (BRK-B, BRK-A) Oxy’s largest shareholder. In October, Berkshire acquired Oxy’s chemicals arm, OxyChem, for $9.7 billion in what is likely Buffett’s last major deal for the conglomerate.

On Monday, Buffett announced he is stepping away from public-facing duties, such as writing Berkshire’s annual shareholder letter and speaking at the annual meeting, as the 95-year-old supports his successor, Greg Abel.

CoreWeave (CRWV) stock dipped following the company’s third quarter results as investors closely watched the report for insights on AI demand trends.

In the third quarter, the AI cloud provider posted a loss per share of $0.22 on revenue of $1.36 billion, compared to estimates for a wider loss per share of $0.51 on revenue of $1.29 billion, according to S&P Global Market Intelligence.

Notably, CoreWeave’s revenue nearly doubled from $583 million a year earlier. Additionally, the company said it nearly doubled its revenue backlog to more than $55 billion as it signs new agreements to provide AI computing infrastructure.

The company reported an adjusted operating margin of 16%, versus a margin of 21% in the same quarter a year ago.

The stock has been under pressure amid concerns about AI valuations. Over the past month, shares have been down 23%. However, year to date, the stock has rallied more than 170%.

CoreWeave is expected to provide more detail and its financial guidance in the company’s earnings call beginning 5 p.m. ET. You can listen to the call live here.

Monday.com (MNDY) stock shed 20% in premarket trading after the cloud-based project management software maker issued a softer than expected outlook.

For the December quarter, the company expects $329 million in revenue, below the average analyst expectation of $333 million, according to S&P Global Market Intelligence.

That overshadowed Monday.com’s earnings beat, with profits tallying $0.25 per share, versus $0.18 expected. Revenue during the third quarter also came in above expectations, with the company recording $316 million in revenue versus $312 million estimated.

The stock was already under pressure. Year to date, shares are off by more than 19% before factoring Monday’s premarket losses.

Maplebear Inc., doing business as Instacart (CART), reported strong top- and bottom-line results as online grocery orders surged in the third quarter.

GAAP earnings per share of $0.51 topped Wall Street analysts’ consensus estimate of $0.50 per share, according to S&P Global Market Intelligence. Revenue jumped to $939 million, above estimates of $933 million.

Instacart said its orders grew 14% year over year to 83.4 million, driving revenue growth, even as the average order value decreased 4% year over year.

Transaction revenue and advertising revenue both grew 10% to $670 million and $269 million, respectively.

For the fourth quarter, Instacart expects adjusted EBITDA of $285 million to $295 million, which has a midpoint higher than the Street’s estimated $288 million.

Instacart stock popped over 8% in premarket trading.

The peak portion of the third quarter earnings season is behind us. To recap, investors heard from Robinhood (HOOD), Palantir (PLTR), AMD (AMD), Moderna (MRNA), Duolingo (DUOL), Snap (SNAP), and many others, which you can read more about in the blogs below.

In the next week, Disney (DIS), CoreWeave (CRWV), Oklo (OKLO), and Paramount Skydance (PSKY) will highlight the calendar.

Although there have been some dramatic drawdowns in individual names so far this earnings season, on the whole, companies have reported more positive earnings surprises than negative ones.

FactSet senior earnings analyst John Butters has the report card: With 91% of S&P 500 companies having reported third quarter results so far, 82% of companies have reported a positive earnings surprise and 77% of companies have reported a positive revenue surprise.

And the earnings growth rate for Q3 now appears on track to increase from the second quarter, at 13.1%.

As for the trends this season, some are a continuation from last quarter. Tariffs continue to be top of mind for corporate leaders, and tech enthusiasm centered around artificial intelligence continues to fuel momentum, as my colleague Hamza Shaban alluded to earlier this week.

But other cracks have emerged. Several consumer-facing companies have noted that affordability and sentiment pressures are starting to take a toll. And mentions of the government shutdown have spiked, though in many cases just for executives to iterate that they’re seeing little to no impact.

Constellation Energy (CEG) stock fell nearly 6% ahead of the market open after the energy provider reported earnings that missed expectations and narrowed its full-year operating earnings guidance.

In Q3, Constellation posted GAAP earnings per share of $2.97, which missed analyst estimates of $3.05, according to S&P Global Market Intelligence. However, revenue of $6.57 billion exceeded analysts’ average estimate of $6.46 billion.

Constellation also narrowed its full-year adjusted operating earnings guidance range by $0.15 on either end to a new range of $9.05–$9.45 per share. Previously, Constellation had been guiding for operating earnings guidance in a range of $8.90-$9.60 per share.

Constellation’s nuclear fleet produced 46,477 gigawatt-hours (GWhs) in the third quarter, compared with 45,510 GWhs in Q3 2024, achieving a 96.8% capacity factor, compared with 95.% for the same period a year ago.

Year to date, Constellation Energy’s stock is up 57%.