Earnings Previews

Three months ago, Virtus Investment Partners delivered its most encouraging quarter in more than a year. Net outflows nearly halved, institutional sales doubled and management said that, for the first time in a long while, almost every one of its quality-equity strategies was beating its benchmark. The market has not bought it. The stock has fallen about 27% since that report while the S&P 500 gained 5%, and it now trades near $119, a hair above its post-earnings low of $117.44 and well beneath both its 200-day moving average near $147 and the prior quarter's floor of $127. The third-quarter report, due before the open on October 30, has to answer whether the turn was real or a one-quarter mirage.

ADC Therapeutics heads into its third-quarter report with a stock that has rallied hard off the wreckage of its last one. Shares have climbed 43% since the previous release, while the S&P 500 slipped 2.5%. That came after a quarter in which the company's main 2027 growth driver ran into a regulatory wall. The rebound looks less like renewed confidence than a bounce from a washed-out low. This report is the first real chance to show whether the pivot from Lotus 5 to Lotus 7 is a strategy or just a retreat.

Barrick Mining heads into its third-quarter report with a gap between what management promised and what the market seems willing to believe. Last quarter the company beat production guidance for a third straight time, reaffirmed a 2026 plan weighted toward the back half, and signed a $4 billion settlement with Newmont that clears the way for its North American gold IPO. Since then the stock has fallen about 10%, trailing the S&P 500 by roughly 8 percentage points. The November 9 report, due before the open, is the first real chance to show whether the second-half ramp is arriving on schedule.

Bicara Therapeutics arrives at its next report with an awkward contradiction to resolve. On its last call, management described a pivotal program gaining speed, with more trial sites, maturing survival data and a dosing study launched ahead of schedule. Since then the stock has lost 60% of its value while the S&P 500 slipped just 2.4%. When a clinical-stage company's own account of its progress and the market's verdict diverge this sharply, the quarterly update becomes less about the loss per share and more about whether the story told three months ago still holds.

CECO Environmental heads into its third-quarter report with an odd split between the business and the stock. Last quarter management described record orders, a backlog that nearly doubled, a first mid-teens EBITDA margin and a third straight guidance raise. Since then the shares have fallen 26% while the S&P 500 slipped about 2%. The November 9 release, due before the open, is the first full quarter to include Thermon. It is the cleanest test yet of whether the growth story is as durable as management argued.

Constellation Energy enters its third-quarter report with an unusual disconnect. Management has already lifted its full-year earnings outlook, yet the stock has slipped since the last report and analysts have not fully embraced the higher range. The release on November 9, before the opening bell, is the company's chance to show that its improved guidance reflects real earnings power rather than optimism.

Ceva heads into its third-quarter report with an awkward contradiction to resolve. Management has raised its full-year outlook on two consecutive calls, royalties have turned back up, and profitability expanded sharply last quarter. Yet the stock has dropped roughly 20% since that upbeat update, trailing the S&P 500 by nearly 18 percentage points. The November 9 release, due before the open, is the company's chance to show that the operating story has not quietly cracked while the share price was falling.

Compugen's third-quarter report will not change the company's fate on its own, but it arrives at an uncomfortable moment. The stock has slid about 15% since the last update while the broader market barely moved. The company's most important internal catalyst, the MyOvarian interim readout, is still slated for the first quarter of 2027. Management also lowered the bar that readout will be measured against. With the shares trading near their post-earnings low, the real question is whether management can make the waiting period look productive rather than merely patient.

CNH Industrial heads into its third-quarter report with a setup that hinges almost entirely on profitability rather than growth. Wall Street expects sales to barely budge from a year ago, yet it is penciling in a meaningful jump in earnings. That gap between flat revenue and rising profit is the story. If CNH can deliver it, the company's recently raised full-year outlook looks credible. If it cannot, the market may conclude that the upgrade leaned too heavily on a stronger first half.

Claritev enters its third-quarter report with an awkward contradiction. Management has delivered its most confident message since the MultiPlan rebrand, raising guidance across revenue, EBITDA and free cash flow and lifting its bookings ambitions. Yet the stock has fallen 17.6% since that report, trailing the S&P 500 by nearly 16 percentage points. The results due before the bell on November 9 need to show whether the market's retreat reflects doubts about durability or simply an opportunity the operating numbers have yet to justify.

Delcath heads into its third-quarter report with a question it failed to answer convincingly a year ago: can the HEPZATO KIT business hold its momentum through the summer months? Last year's September quarter brought a miss and a guidance cut that left investors wary of seasonal softness. This time management struck a more confident tone, saying its near-term scheduling window was not showing the slowdown it saw at the same point last year. The upcoming release, due before the open on November 9, will show whether that early read held up for the full quarter.

Three months ago, Dole quietly swapped a promise of at least $400 million in fiscal 2026 adjusted EBITDA for a softer target of approximately $400 million. It was a small change in wording, but it was the first step-down after a year of reaffirmations, and management pinned the recovery on one mechanism: fuel surcharges catching up with the Middle East-driven spike in shipping costs during the third and fourth quarters. The November 9 report, due before the open, is the first chance to see whether that lag is actually unwinding or whether the second half needs a further rethink.

EVgo heads into its third-quarter report with two stories that do not fit neatly together. Its core fast-charging network keeps growing at a double-digit clip with widening margins. Yet management cut full-year revenue and adjusted EBITDA guidance last quarter, citing a slow-ramping 2025 stall cohort and a shrinking forecast for the number of EVs on the road. Then it announced a Tesla supercharger deal that it says roughly doubles its addressable market starting in 2027. This report is the first real chance to see which narrative is setting the pace.

Ferguson heads into its next report with a story that improved on paper while its stock moved the other way. Last quarter brought the first genuine full-year guidance raise of this cycle, a return to positive residential growth, and the roughly $1.6 billion FlowWorks acquisition. Since then, the shares have fallen 9.2%, trailing the S&P 500 by about 7 percentage points. The coming release, due before the open on November 9, has to show whether that optimism was premature or whether the market has simply grown too cautious on a business whose demand picture is broadening.

Fervo Energy heads into its third-quarter report with a stock that has lost roughly two-thirds of its value since the last update, even though almost every operating metric management shared at the time moved in the right direction. That gap between a confident conference call and a collapsing share price is the story here. With revenue still negligible, this report is really a progress check on whether the Cape project can deliver first power in the fourth quarter of 2026 as promised.

GCM Grosvenor enters its third-quarter report with an unusual setup: a balance sheet of potential upside that has barely touched its share price. Last quarter management disclosed that a SpaceX position bought for roughly $150 million is now worth about $3.5 billion, the largest single-issuer gain in the firm's history. It also said fundraising was reaccelerating and that the second half would top the first. Yet the stock has fallen 8.5% since that call, trailing the S&P 500 by more than six percentage points. The November 9 release, due before the open, is the first real chance to show whether that optimism turns into numbers.

Global Ship Lease enters its third-quarter report with a problem most shipping companies would love to have: almost nothing left to sell. The fleet is fully chartered for 2026, the balance sheet sits at roughly net cash, and the dividend has been held at an upsized $2.50 per share. The trouble is that the last two conference calls sounded nearly identical. When a business is this locked in, the next leg of the story depends on what management does with its growing pile of cash and how much of 2027 it can fix at today's rates.

Heron Therapeutics heads into its third-quarter report as a fundamentally different company from the one that spent most of the past year promising an acute care inflection. Last quarter it lost a patent ruling on Sinvanti, its largest product, and withdrew full-year guidance. It also renegotiated its debt, paused a planned salesforce expansion and said it was exploring strategic alternatives. With the stock trading at roughly 28 cents, the November 9 release, due before the open, is less about beating a penny-sized estimate than about whether the business can hold together long enough for that strategic process to produce a result.

Immunovant arrives at its November 9 report with an odd disconnect. Its parent, Roivant Sciences, has been talking with growing confidence about the months ahead, while Immunovant's own shares have dropped about 23% since the last report. The S&P 500 slipped less than 2% over the same stretch. For a clinical-stage company with no product revenue, the quarterly numbers will matter less than whether management can show that the subsidiary's anti-FcRn story still has a clear place inside a parent whose attention is spreading across many projects.

ORIX enters its fiscal second-quarter report with a split personality. The underlying franchise is earning more money than it has in years, yet the number that grabs headlines may be driven by something management cannot control: the share price of Kioxia. Last quarter's record net income of 280.8 billion yen showed how much a rising stake can flatter results. This quarter could show the reverse, and the real question is whether investors can look past the mark and see the core business still compounding.

Kodiak Gas Services enters its third-quarter report with an odd disconnect. Last quarter the compression operator posted record adjusted EBITDA, raised its full-year outlook, cut leverage to a record low and unveiled a string of power generation deals that pushed it toward data center customers. The stock has since fallen about 13%, trailing the S&P 500 by roughly 11 percentage points. This report needs to show whether the market is overlooking a strengthening business or correctly sensing that the power story will take longer to pay off than the narrative suggests.

KKR heads into its third-quarter report with an awkward contradiction. Its last call was arguably the most confident in a year, with record fee-related earnings, the largest monetization quarter in firm history and a fundraising target beaten six months early. The stock has slipped 6.2% since then while the S&P 500 gained 2.7%, and bearish sentiment has roughly doubled. The November 9 release, due before the open, will show whether the second quarter marked a real inflection or a monetization spike that flattered the trend.

Kamada heads into its third-quarter report with a question that cuts to the heart of its recent momentum: was the record second quarter the start of a sustained step up, or a catch-up quarter flattered by revenue that slipped out of a soft first quarter? Management's decision to reaffirm, rather than raise, its full-year outlook after a strong first half left that question open, and this report is the first real chance to answer it.

Kaspi.kz heads into its third-quarter report with a narrative that improved last quarter and a revenue target that asks a lot of it. Three months ago, management said the interest-rate cycle that had squeezed its funding costs for roughly two and a half years was finally turning. It also launched an AI shopping assistant and closed its Turkish banking license. The stock briefly rallied toward $110 on that story, then gave nearly all of it back. The November 9 report, due before the open, is the first real chance to see whether the improvement shows up in the numbers.

LifeMD heads into its third-quarter report with a credibility problem rather than a demand problem, or at least that is the case management needs to make. In May the company reaffirmed its full-year outlook. In August it cut both revenue and profit targets. It now asks investors to believe that the third quarter marks the start of a sharp second-half inflection. The November 9 report, due before the open, is the first real check on whether that pivot is working or whether another reset is coming.

Lincoln Educational Services heads into its third-quarter report with a stock that has lost more than a third of its value since the last update, and the reason has little to do with the income statement. Revenue and profit were still growing briskly in the second quarter. What spooked the market was student starts, the company's most important leading indicator, which slowed to roughly 1% growth after a 19.5% jump in the first quarter. Management argued the shortfall was temporary and promised that August would be the largest start month in company history. This report, due before the open on November 9, is where that promise either holds up or falls apart.

monday.com heads into its third-quarter report in the middle of a deliberate reinvention. Three months ago, management cut roughly a fifth of its workforce, leaned hard into AI products and pricing, and guided revenue growth down to the mid-teens while promising fatter margins. The market has largely given the company the benefit of the doubt. The stock is up about 17% since the last report while the S&P 500 slipped, so this quarter needs to show that the restructuring is producing efficiency and AI traction rather than simply a slower business.

Motorcar Parts of America heads into its fiscal second-quarter report with an unusual mix of ambition and strain. Last quarter management unveiled the Centric brake-brands acquisition and talked up brakes as a second mega-category, yet the same report showed gross margin sliding, cash going out the door and leverage climbing. The September quarter is the first real chance to see whether the reaffirmed full-year outlook rests on actual order flow or on hope that the timing problems of recent quarters finally fade.

National Energy Services Reunited heads into its third-quarter report with a striking disconnect. Three months ago management delivered its most confident call in a year, hitting its founding $2 billion revenue run-rate goal two quarters early and turning that figure into a minimum for full-year 2026. Since then the stock has lost about a third of its value. The November 9 release, due before the open, is the first real chance to show whether the market's retreat reflects something the operations will confirm, or simply a loss of nerve.

NRG Energy heads into its third-quarter report with a split personality. Last quarter management finally turned years of data-center talk into a concrete 1.2 gigawatt deal with an investment-grade hyperscaler, yet the stock has since lost nearly a third of its value. The report due before the open on November 9 has to show that the strategic upside is not being undermined by the steady erosion in NRG's Texas business, which matters most in the summer quarter.

NeurAxis heads into its third-quarter report with a story that has finally started to compound. Revenue growth has climbed from the low 20% range a year ago to more than 100% last quarter as the new Category 1 reimbursement code took hold. Management has chosen this moment to step on the gas with spending. The question for the November 9 release, due before the open, is whether the top line is accelerating fast enough to justify a wider loss and a later path to breakeven.

Ocular Therapeutix heads into its third-quarter report with an odd split between mood and market. Sentiment toward the eye-care drug developer has swung from clearly bearish before the last report to modestly bullish now. Yet the stock has fallen almost 16% since that report, while the S&P 500 has barely moved. When the company reports before the open on November 9, the question is whether the numbers support the improving tone or confirm the selling.

Orthofix enters its third-quarter report with an unusual problem: the quarter that matters most for judging its turnaround is also the one with the fewest flattering distractions. Most of the roughly $15 million one-time European distributor order tied to MDR certification is expected to land in the fourth quarter. That leaves the September period as the clearest look yet at whether the company's underlying growth engine is merely idling or actually stalling.

Praxis Precision Medicines reports third-quarter results with its two most important events still ahead of it. The FDA is due to rule on relutrigine by December 27 and on ulexacultamide, or Ulexa, by January 29. Management has said it will give no further regulatory updates until those action dates. That makes this report less about new data and more about whether the company looks ready to launch two drugs, how much that readiness is costing, and whether the vermatrogene setback is being contained.

RB Global heads into its third-quarter report with an awkward contradiction. Management has raised its full-year outlook three calls in a row and now says adjusted EBITDA should land at the top of its range, yet the stock has dropped about 17% since the last report while the S&P 500 slipped less than 3%. The market is plainly not buying the volume story at face value. The question this report must answer is whether the company's gross transaction value gains are turning into profit, or whether shrinking take rates are quietly absorbing the growth.

RadNet heads into its third-quarter report with a pattern Wall Street has grown comfortable with: strong imaging volumes, a steadily rising outlook, and an artificial intelligence business that keeps adding recurring revenue. Management has raised its imaging-center guidance in each of the past two quarters, and the question now is whether the company can do it a third time while showing that its earnings are finally keeping pace with its top line.

Last quarter, Roivant's management all but promised that its quiet spell was over. They called the June period the last uneventful stretch before a busy second half: a planned launch of brepacitinib in dermatomyositis by the end of September, several clinical readouts and an active legal campaign. The September-quarter report, due before the open on November 9, is the first chance to see whether that pivot is actually happening. The issue is less whether Roivant hits a revenue number than whether its biggest promises are showing up on schedule.

Three months ago, Vivid Seats delivered its most confident quarter in a year: a World Cup-fueled beat, higher full-year targets and a private label business that finally turned from drag to driver. The market's response has been brutal anyway. Shares have collapsed about 72% since that report, to $2.31, against a roughly flat S&P 500. That gap between an improving operating story and a disintegrating stock price is what makes the November 9 report, due before the open, so consequential. The company now has to show that its recovery was more than one tournament deep.

Superior Group of Companies heads into its third-quarter report with a story that has been getting better on paper while the stock has gone the other way. Management spent the last call describing a back-half-weighted recovery, with Branded Products accelerating, Contact Centers closing in on a return to growth and a Healthcare Apparel overhaul that will hurt before it helps. The November 9 release, due before the open, is the first quarter where those back-half promises have to show up in the numbers.

Somnigroup heads into its third-quarter report with a split personality. The margin and synergy machine built around Tempur Sealy and Mattress Firm is humming, yet the demand backdrop that feeds it has clearly cooled. Management cut full-year guidance last quarter for the first time in recent memory, and the November 9 release, due before the opening bell, will show which of those two forces is winning.

Last quarter Sable Offshore did something its shareholders had not seen in a while: it reported a profit, earning $0.05 a share on $137.1 million in revenue. The market has spent the three months since then treating that result as an exception rather than a turning point. The stock has fallen 42.1% since the last report, nearly 40 percentage points worse than the S&P 500, and analysts expect the company to slip back into the red when it reports before the open on November 9. The central question is whether that profitable quarter showed what the business can earn, or whether it was a one-time event.

TG Therapeutics heads into its third-quarter report with a peculiar challenge: management has already told investors that this quarter should look sluggish, yet the stock has rallied as if the opposite were true. Last quarter, the company said seasonal patterns would keep sales roughly flat from the second quarter to the third, with the fourth quarter carrying most of the second-half growth. The market has since bid the shares up nearly 20%. The question on November 9 is whether a deliberately muted quarter can still show enough underlying strength in Briumvi, its multiple sclerosis infusion, to justify that confidence.

Target Hospitality heads into its third-quarter report with an unusual disconnect. Management has raised its full-year outlook three times in a row, nearly quadrupled its borrowing capacity and lifted its 2027 exit targets to levels that would reshape the company. Yet the stock has fallen 12% since the last report, trailing the S&P 500 by almost 10 percentage points. The quarter's job is to show that the big contracts signed this year are converting into revenue and margin on schedule, not just into capital spending.

Telos heads into its third-quarter report with an unusual pitch: it is getting smaller on purpose and asking investors to pay up for it. Last quarter management chose to walk away from roughly $33 million a year of thin-margin third-party software resale and raised every profitability target while trimming revenue. The stock has since climbed 43%, so the September quarter is less about whether Telos can grow and more about whether the quality-over-quantity story holds when the revenue line slips backward.

Tonix Pharmaceuticals heads into its September-quarter report with a striking disconnect. On paper, the business is changing fast: revenue is expected to nearly quintuple from a year ago. Yet the stock has been cut by more than half since the last report and now trades within a few cents of its post-earnings low. When the company reports before the opening bell on November 9, the question is not whether revenue grows. It is whether the growth is strong enough, and the cost of producing it contained enough, to convince a skeptical market that the commercial story deserves a higher price.

Turning Point Brands enters its third-quarter report with a story that has split in two. Its Modern Oral nicotine pouch business is growing at a pace few staples companies can match, and management has raised its full-year outlook for that segment twice in a row. Yet the cost of chasing that growth pushed adjusted EBITDA margin down to 11% last quarter, and the stock has since fallen about 22% while the broader market was roughly flat. The question for the November 9 report, due before the open, is whether the spending is beginning to show leverage or whether margins still have further to fall.

Uniti Group heads into its third-quarter report with an unusual disconnect. Last quarter, management delivered record fiber infrastructure bookings, raised guidance across nearly every segment and sounded more confident about AI-driven demand than at any point this year. The stock has since lost roughly half its value, falling 49.3% while the S&P 500 gained 2.7%. The report due before the open on November 9 has to settle which side has it right: the operating story told on the last call, or a market that appears to have stopped believing it.

Village Farms heads into its third-quarter report with a peculiar setup: the business appears to be getting better, yet Wall Street expects earnings to shrink. The explanation lies in the calendar. A year ago, seasonal greenhouse yields pushed cannabis gross margin to an unusually high 56%, and that strong comparison now sits squarely in front of a company that management insists is still accelerating. The question for this report is whether the European export story can carry the quarter through a demanding comparison.

Via Transportation heads into its third-quarter report with a stock that has nearly doubled in a matter of months, and with management having already warned that this would be a quieter quarter. That combination is the central tension. The company has built a reputation for beating and raising, but the guidance it gave in August deliberately framed the September period as a seasonal lull paired with heavy launch spending. The market, meanwhile, appears to be pricing in what comes after.

WhiteHorse Finance heads into its next report with a story that has improved on paper but not yet in the income statement. Last quarter, net asset value per share rose for the first time in several periods and portfolio marks swung to a solid gain, helped by a large markup on the Chase/Starco equity stake. Yet the recurring earnings engine kept shrinking, and net investment income fell to about $0.22 a share, roughly three cents short of the $0.25 base distribution. The upcoming release is essentially a test of whether that gap was a low point or a trend.