International Paper heads into its third-quarter report with a story that sounds better on the conference call than it has looked in the stock. Management spent last quarter describing tangible progress, sharper mill execution and share gains in North American boxes, yet it also trimmed full-year guidance for the third time and tripled its estimate of second-half macro headwinds. Since then, the market has sided firmly with the skeptics. Shares have fallen about 23% since the last report while the S&P 500 gained roughly 4%, leaving the stock near $33.75, well below its 200-day moving average of $37.65 and much closer to the $31.11 low of its post-earnings range than the $44.02 high. The October 28 report, due before the open, is the first real check on whether the promised second-half recovery is arriving on schedule.
Three months ago, Jones Lang LaSalle delivered the most confident earnings call it had held in a year, raising its full-year profit target by roughly 13% and lifting outlooks for both leasing and capital markets. Since then, the stock has fallen 13.5% while the S&P 500 gained about 4%, a gap of nearly 18 percentage points. That disconnect is the core of this report, due before the opening bell on October 28. The market has stopped paying for JLL's momentum just as management says that momentum is strongest, so the third quarter needs to show whether the company or the market has the cycle right.
Kirby heads into its third-quarter report with an awkward split between what management promised and what the stock has done. Last quarter's call was the most constructive in a year. Inland barge utilization had climbed back into the low 90% range, spot rates were running well above term contracts, and the PowerGen backlog was lifted to $1 billion to $1.5 billion. Yet the shares have slipped 2.4% since then while the S&P 500 gained 3.6%. That six-point gap suggests the market wants proof that the inland upswing is reaching the income statement before it pays for it.
Littelfuse heads into its third-quarter report with an odd disconnect. Management spent the last call describing the broadest demand upswing the company has seen in years, complete with record bookings and a guide that blew past Street estimates. Yet the stock has fallen 8.3% since then, trailing the S&P 500 by nearly 12 percentage points. Either the market doubts that the acceleration will hold, or it is pricing in a peak. The October 28 report, due before the open, should help settle which view is right.
Labcorp heads into its third-quarter report with something it lacked for much of the past year: a narrative of acceleration. Last quarter it raised its outlook in both segments for the first time in this cycle. That makes the October 28 release, due before the opening bell, less about whether the business is healthy and more about whether the momentum that powered that raise was durable or front-loaded. It also arrives just as management expected to gain visibility into PAMA, the Medicare lab pricing overhang hanging over 2027.
Lennox International heads into its third-quarter report with a split personality that the market has stopped giving it credit for. Its commercial business is growing at a pace most industrial companies would envy. Its residential business, meanwhile, forced management to trim full-year earnings guidance for the first time this cycle. The stock has fallen 27.5% since that announcement while the S&P 500 gained 3.6%. The question for the October 28 release, due before the open, is whether the guidance cut was a one-time reset or the first step in a longer slide.
Masco enters its third-quarter report with a credibility question rather than a demand question. Last quarter the company lifted its full-year earnings outlook for the first time this year, but a large tariff refund paid for much of that raise while underlying sales were roughly flat. With the windfall now behind it and management warning that commodity costs will climb faster in the second half, this report will show how much of the improved outlook rests on the operating business.
MGP Ingredients enters its fiscal third-quarter report with a split personality. Its Branded Spirits business has started to look like a genuine turnaround story, while its Ingredient Solutions unit has forced management to cut its margin outlook two quarters in a row and its Distilling Solutions arm remains stuck in a deep trough. The stock has already rendered a harsh verdict, falling about 25% since the last report while the S&P 500 gained nearly 4%. The question now is whether the company can show that its reaffirmed full-year outlook still holds together.
NiSource heads into its third-quarter report with a peculiar split personality. The long-term story, built on a data-center generation platform that has repeatedly pushed guidance higher, has rarely looked stronger. The near-term story, marked by storm costs, labor-related expense and a fresh regulatory setback in Indiana, has rarely looked messier. This quarter is where management's promise of a back-half weighted 2026 has to start showing up in the numbers.
Old Dominion Freight Line spent its last earnings call telling investors the long freight recession was finally breaking, and the numbers backed it up. The market has responded by selling the stock. That disconnect sets up the third-quarter report, due before the open on October 28, as a referendum on whether the inflection was real or simply a strong quarter flattered by a one-time gain.
OGE Energy heads into its third-quarter report with a story that has improved on paper while the stock has gone the other way. Last quarter the company moved its large-load thesis from talk to formal filings, with the roughly 1 gigawatt Google special contract and a new Oklahoma large-load tariff now before regulators. Yet shares have fallen 4.5% since that report while the S&P 500 gained 3.6%. That leaves the October 28 release, due before the open, with a narrow job: show that the paperwork is turning into kilowatt-hours.
When a lender that raised its outlook three straight times suddenly slashes it, the next report becomes a referendum on whether the stumble was a pothole or a turn in the road. That is the setup for OppFi as it reports third-quarter results before the bell on October 28. Management framed last quarter's sharp guidance cut as a matter of timing, blaming delayed product launches rather than fading demand. The market has not given it the benefit of the doubt, and this quarter is the first real chance to prove the timing story.
Otis enters its third-quarter report with a split personality. Demand for the work that matters most to its long-term value, modernizing and repairing an installed base of more than 2 million units, is running at the fastest pace since the company was spun off. Yet management has now trimmed its profit outlook three times as service margins keep slipping further out of reach. The October 28 release, due before the open, is less about whether customers want Otis's services and more about whether the company can turn that demand into earnings.
Oatly enters its third-quarter report with a problem most struggling consumer brands would envy: demand is running ahead of plan, but the profits are not keeping up. Three months ago management roughly doubled its full-year growth outlook on accelerating volumes and record US share, yet left its adjusted EBITDA target parked at the low end of its range. The October 28 release, due before the open, is the first real chance to see whether that revenue momentum can survive tougher comparisons and finally start reaching the bottom line.
Penske Automotive Group heads into its third-quarter report with an unusual setup. Shares sit at $212, just above the $210 per share cash proposal from Penske Corp and Mitsui to take out remaining holders, which means the stock is trading less on quarterly earnings than on a judgment about what the business is worth. That makes this report more important, not less. A special committee is weighing the offer, and every data point on the commercial truck upturn and the retail recovery feeds directly into the argument over whether $210 is a fair price.
Prosperity Bancshares heads into its third-quarter report with a striking disconnect. Management spent the last call sounding more upbeat than it had in years, laying out a margin path and a 2027 earnings target that implied a meaningfully more profitable bank. The stock has gone the other way, slipping 7.8% since that report while the S&P 500 gained 3.6%. The October 28 release, due before the open, is the first real chance to see whether the merger-fueled earnings story holds up once Stellar Bancorp is part of the numbers.
PROG Holdings heads into its third-quarter report with an unusual disconnect. Management has raised its full-year outlook three calls in a row, its core leasing business has returned to growth, and leverage has fallen enough to restart buybacks. Yet the stock has dropped 30% since the last report, trailing the S&P 500 by nearly 34 percentage points. The October 28 release, due before the open, needs to show whether the market is pricing in a credit problem that management insists is a deliberate choice.
Parsons heads into its third-quarter report with a credibility problem that has little to do with demand. Bookings are strong, backlog stands at $9.3 billion, and infrastructure margins have climbed for four straight quarters. Yet the company has now trimmed its outlook repeatedly, first on a confidential contract, then on the FAA, and most recently on portfolio pruning and award timing. Last quarter's $118 million in one-time charges pushed results to a loss of $0.14 per share. The October 28 release is the first chance to show that the reset was a clearing of the decks rather than another step down.
Phillips 66 heads into its third-quarter report with the market already treating its second-quarter surge as the new normal. Adjusted earnings leapt to about $3.8 billion last quarter from just $200 million in the first quarter. The stock has since rallied roughly 38.5% while the S&P 500 slipped. The question now is whether a refiner riding unusually favorable crack spreads can deliver another step up. It must do so without the roughly $450 million mark-to-market tailwind that flattered the last quarter, and as chemicals margins cool.
ProPetro heads into its third-quarter report with an unusual disconnect. On its last call, management described a frac market that had finally turned in its favor, with pricing power returning and its power generation business crossing into profitability. Since then, the stock has fallen about 29.5%, trailing the S&P 500 by roughly 33 percentage points. The October 28 release, due before the open, is the first real chance to show whether that improving story is reaching the income statement or whether the market was right to doubt it.
Shenandoah Telecommunications heads into its third-quarter report with an odd disconnect. Last quarter, management described something close to an inflection point: fiber became the majority of revenue for the first time, Glow Fiber posted record customer additions, and a newly signed agreement with a major hyperscaler opened a potential new avenue for growth. Yet since that upbeat call, the stock has fallen about 13% while the S&P 500 gained nearly 4%, and shares now sit near $10, just above their post-earnings low and far below the 200-day moving average around $13.50. The market is plainly doubting the fiber story, and this report is the next chance to settle the argument.
SiteOne Landscape Supply enters its third-quarter report with an unusual bargain on the table. Last quarter, management cut its full-year organic sales outlook and dropped its hope for SG&A leverage, yet left adjusted EBITDA guidance untouched at $425 million to $455 million. Firmer pricing, richer gross margins and fresh cost actions were supposed to cover the gap. Wall Street now wants to know whether that trade holds up when demand is softening rather than recovering.
Stellantis heads into its third-quarter report with a turnaround story the market has stopped believing. Revenue, margins and free cash flow all improved last quarter, and full-year guidance held. The stock has still fallen nearly 25% since that report, trailing the S&P 500 by about 29 percentage points. The October 28 release, due before the open, is less about whether the quarter is soft, since management already said it would be. The real question is whether the problems behind the soft quarter are seasonal or structural.
Last quarter, Scorpio Tankers posted record earnings and built a net cash position of about $1.3 billion. Management also changed its message, asking investors to focus on how far product tanker rates can fall rather than how high they can climb. The third-quarter report, due before the opening bell on October 28, is the first real test of that floor argument. Wall Street already assumes a sharp step down from the spring peak, so the question is whether Scorpio can show that normalized earnings are still very good earnings.
TE Connectivity enters its fiscal fourth-quarter report with the kind of problem most industrial companies would welcome: management has raised its outlook so many times this year that merely hitting guidance may no longer feel like enough. Over three straight quarters, the full-year sales framework moved from beating a 6% to 8% through-cycle rate, to more than $2 billion of growth, to roughly 15% growth and over $2.5 billion of incremental revenue. Orders set a new record each quarter, reaching $5.7 billion last time, up 27% from a year earlier. The October 28 report, due before the open, is where that backlog has to keep turning into revenue and profit.
Telenor heads into its third-quarter report with a setup that is easy to state and harder to deliver: the Street expects a sharp jump in profit from a business whose revenue has not been growing. Consensus calls for earnings of $0.24 per share, up 33.3% from $0.18 a year ago and ahead of the $0.21 the company posted last quarter. For a mature telecom operator, that is an aggressive earnings trajectory. It puts the burden on margins, costs and financing rather than on customers suddenly spending more.
Terex enters its third-quarter report with an awkward contradiction. Three months ago management raised its full-year targets for sales, EBITDA and earnings, pointed to a 25% pro forma jump in bookings and described demand accelerating in aerial work platforms and materials processing. Since then the stock has fallen about 22%, trailing the S&P 500 by more than 26 percentage points. The report due before the open on October 28 must show whether the market has spotted cracks the company has not yet acknowledged, or whether it has simply oversold a business that is executing.
UBS heads into its third-quarter report with an awkward split between its numbers and its share price. Wall Street expects earnings per share to climb nearly 20% from a year ago, yet the stock has slid more than 10% since the last report while the broader market moved higher. When estimates point up and the stock points down, the report becomes a referendum on whether the profit trajectory is real and durable or whether investors are quietly bracing for something the forecasts have not yet captured.
Urban Edge Properties heads into its third-quarter report with an unusual disconnect. Management has raised its full-year outlook twice, printed record funds from operations last quarter and described the strongest landlord-side leasing market in 15 years. Yet the shares have fallen 9.1% since that upbeat report, trailing the S&P 500 by about 8.6 percentage points. The question this release must answer is whether the slip in occupancy was a deliberate housecleaning, as management argued, or the first sign that the leasing story is losing traction.
Frontier Group Holdings heads into its third-quarter report with an awkward contradiction. Three months ago, management delivered one of its most convincing quarters in years and guided to a return to profitability in the back half of 2026. Since then, the stock has fallen nearly 24% while the S&P 500 gained about 4%, leaving shares at $4.61. That is essentially the bottom of the post-earnings range and well below the 200-day moving average of $5.39. Before the open on October 28, the ultra-low-cost carrier has to show that its repriced revenue base can hold up under heavier flying and stubborn fuel costs.
Three months ago, United Microelectronics stopped sounding like a mature-node foundry waiting for a cyclical recovery and started sounding like a company with an AI growth story. Management guided third-quarter utilization above 90%, pointed to gross margin in the mid-30% range, quantified AI-exposed revenue for the first time and lifted 2026 capital spending to US$2.0 billion from a figure it had held at US$1.5 billion for three straight calls. The report due before the open on October 28 is the first real test of whether those promises translate into numbers, and whether the bigger spending plan looks like confidence or overreach.
Three months ago, V.F. Corporation asked investors to accept a subtle but important shift in its story: the turnaround was giving way to growth, albeit modest growth. The company nudged its fiscal 2027 revenue outlook to an increase of 2% or better and committed to a much shallower Vans decline in the second half. The fiscal second-quarter report, due before the open on October 28, will not yet capture that second-half pivot. But it should show whether the groundwork is in place, and the market has already started paying for that possibility.
Vertiv raised its full-year outlook for a third straight quarter last time, and the market sold the stock anyway. Shares have fallen about 16% since the second-quarter report while the S&P 500 gained nearly 4%. The disconnect comes down to one new wrinkle: management blamed a modest revenue shortfall on project timing and supply-chain congestion, and then asked investors to trust a sharply steeper second-half ramp. The third-quarter report, due before the open on October 28, is the first real check on whether that revenue was merely delayed or something harder to recover.
Wingstop heads into its third-quarter report with an odd split personality. The restaurant-building machine is running at full speed, margins have been widening and the new loyalty program is outperforming its own plan. Yet the number that matters most to the stock, domestic same-store sales, has disappointed for three quarters running. The October 28 release, due before the open, is the first real test of whether management finally set a comp bar it can clear.
For three straight quarters, Central Pacific Financial has told investors that faster loan growth was coming later in the year. When the Hawaii lender reports third-quarter results before the open on October 28, later will have arrived. That makes this report less about whether the bank can protect its margin, which it has done well, and more about whether the long-promised balance sheet expansion finally shows up while credit stays under control.
John Marshall Bancorp heads into its third-quarter report with a straightforward question hanging over it: was last quarter's 50-cent profit a new baseline or a high-water mark? Analysts are betting on the former. Consensus calls for earnings of $0.49 per share when the Reston, Virginia lender reports before the open on October 28, essentially flat with the prior quarter but roughly 29% above the $0.38 it earned a year ago. For a community bank, that kind of year-over-year step-up is substantial, and it means the Street is no longer grading the company on improvement alone. It is grading it on durability.
Materialise heads into its third-quarter report with something it has lacked for much of the past year: a credible story of profitable growth. Last quarter the Belgian 3D printing specialist raised its full-year adjusted EBIT outlook for the first time in four calls, posted its fastest revenue growth in that stretch and pulled its long-struggling manufacturing unit back into expansion. The October 28 release, due before the open, is the first real test of whether that turn was a durable shift or a single strong quarter flattered by a few hot end markets.
Stepan heads into its third-quarter report with an awkward but interesting problem: management already told investors this quarter would look worse than the last one. After a second quarter in which adjusted EPS jumped to $1.18 and adjusted EBITDA climbed 45% from a year earlier, the company warned that roughly $5 million to $10 million of that profit came from customers buying ahead of Iran-related raw material uncertainty. That made a sequential step down the expected outcome. The real question for the October 28 report, due before the open, is how much of the second-quarter inflection was durable once the pull-forward is stripped out.
OneSpaWorld heads into its third-quarter report with an unusual split between operations and the stock. Management has raised full-year guidance twice in a row and began putting hard numbers on its artificial intelligence tools, yet the shares have dropped 10.5% since the last report while the S&P 500 gained 3.9%. The September quarter is when the company told investors to expect slower growth, as a lower-yielding European itinerary mix and cooling per-guest spending weigh on results. The report should show whether that slowdown is the contained, already-forecast dip management described or the start of something larger.
Banco Santander heads into its third-quarter report with an odd disconnect. Wall Street expects another quarter of solid double-digit profit growth, yet the stock has drifted lower since the last report and now sits just above the bottom of its post-earnings range. The October 28 release, due before the opening bell, will show whether that slide reflects real doubts about the bank's earnings trajectory or simply a market that has looked elsewhere for the past three months.
Smurfit Westrock heads into its third-quarter report with an odd mismatch. Management described global paper markets last quarter as about as strong as it has ever seen, with mills sold out across every grade and region. In the same breath, it trimmed its full-year profit outlook because freight costs blew past anything it had planned for. The stock has sided with the cost story, and the October 28 report, due before the open, is the first real chance to show which force carries more weight in the second half.
Amarin enters its third-quarter report with a story that sounds better than it looks on the income statement. Last quarter management called the period an inflection point. Restructuring was finished, cash flow was positive for a third straight quarter, and European demand was surging. Yet total revenue has fallen for four consecutive quarters, and the stock has dropped sharply since that upbeat call. The October 28 release, due before the open, needs to show whether international growth and a smaller cost base can finally outweigh steady erosion in the US business.
Replimune heads into its September-quarter report with an awkward contradiction. The crowd has turned noticeably more optimistic, yet the stock has slid nearly 23% since the company last reported, while the broader market was essentially flat. For a clinical-stage biotech with no revenue line to anchor expectations, that gap between sentiment and price says the next update will be judged less on the loss per share and more on whether it restores confidence in the path forward for its oncolytic immunotherapy pipeline.
Adamas Trust heads into its third-quarter report with an awkward split between its operating story and its stock chart. Last quarter management delivered a ninth increase in earnings available for distribution in ten quarters, a fourth straight dividend raise and a fourth consecutive gain in book value. Its tone was the most confident in a year. Since then the shares have fallen 19.2% while the S&P 500 gained 4.1%. At $7.37 they sit just above the post-earnings low of $7.30 and well below the 200-day moving average of $8.55. The market is not doubting the earnings so much as the balance sheet behind them, and this report has to settle which view is right.
Agnico Eagle enters its third-quarter report with an unusual tension. The company just delivered the best financial quarter in its history, yet Wall Street is bracing for a noticeable step down. The reason is largely self-inflicted geology: the July 1 pit wall movement at Barnat, part of the Canadian Malartic complex, landed at the very start of the period. That makes this the first full quarter to show how much the setback actually costs, and whether the rest of the portfolio can cover for it.
Alamos Gold enters its third-quarter report with a split personality. One half of the business, the Island Gold District, is running at record rates and generating record cash. The other half, Young-Davidson, is digging out from two June seismic events that forced the company's first consolidated guidance cut in this cycle. The October 28 release, due after the close, will be the first full quarter showing how those two forces net out, and whether management's view that the setbacks are temporary still holds.
Albany International heads into its third-quarter report with a business split in two directions. Its aerospace composites arm just posted record revenue and its best margins in some time, while the older paper machine clothing franchise is slipping in the Americas and has been hurt by repeated equipment downtime. Management responded last quarter by lowering its near-term outlook. The October 28 release, due after the close, should show whether that cut was enough or whether the paper weakness has spread further.
Align Technology heads into its third-quarter report with an odd disconnect. Management sounded more confident on its last call than it had in a year, citing record first-half aligner volumes, firmer pricing, a larger buyback and an early pledge of further margin gains in 2027. The stock has gone the other way, falling 17.6% since that report while the S&P 500 rose 4.1%. When the numbers arrive after the close on October 28, the question is whether the operating story still holds or whether the market has spotted something the call glossed over.
Alkami Technology spent its last earnings call telling investors that the company had hit its five-year goal of roughly $500 million in revenue and $100 million in adjusted EBITDA a year early. The market's response since then has been a shrug that turned into a slump. Shares have fallen nearly 24% while the S&P 500 gained about 4%, leaving the digital banking software provider with a credibility gap to close when it reports third-quarter results after the close on October 28. The issue is not whether Alkami is growing. It is whether the growth engine can keep humming as it shifts from adding new clients toward squeezing more revenue from each user.
Alerus Financial heads into its third-quarter report having just cleared its biggest credit overhang, yet Wall Street is bracing for a noticeably smaller profit than the bank delivered three months ago. That gap is the story. Management spent last quarter raising its margin outlook for a fourth straight time and touting its strongest commercial pipeline in four years. Analysts, meanwhile, have penciled in a step down that reflects the headwinds management itself flagged. This report will show which of those forces carries more weight.