LT Weekly: Nov 6, 2026
What a week! The massive surprise rally on the back of the mid-term election results on Wednesday was met with a massive surprise tech meltdown on Thursday. Few were spared. Even though the market tried to make a comeback on Friday, Nasdaq still closed the week down -3.4% while the S&P 500 fell -2.7% and the Dow relatively outperformed at -0.9%.
Air certainly came off the AI trade with SOX and DRAM cratering -12% and -18%, respectively. Concerns about the pace of datacenter builds were certainly top of mind, though big tech players like Amazon, Microsoft, and Google outperformed.
The earnings storm continued at a frantic pace this week and at this point, ~88% of S&P 500 constituents have reported. This edition focused on the below:
- Earnings Scorecard – Week 4
- FOX’s FQ1 Outperformance Shows Signs Of Cont’d Momentum Into FQ2
- Charter Hits The Reset Button As It Aims To Return To Growth
- Apple’s Memory Costs Remain Under The Spotlight
- Another Record Quarter For Live Nation As Demand Holds And Guidance Moves Higher
- Shopify’s Skittish Investors Sell First, While Agentic Upside Comes Later
- Can Snap Turn Around Its Declining Brand Ad Revenue In 2027?
- DraftKings Doubles Down On Predictions, Which They See As A Win-Win
- After A Strong Q3, Investors Look Past Booking’s Q4 Macro & Investment Reset
- Uber’s Profit Engine Keeps Running As The Co Works Through A Driver Supply Bump
We’ve packed in a lot of key learnings across the sector this week. Enjoy the read.
Best,
Leslie
Earnings Scorecard – Week 4
It was an onslaught of earnings across the sector this week with 79 companies in our LionTree Universe releasing their Q3 numbers (up from 30 last week). Similar to last week, stock reactions were biased to the downside, as 44 companies (56%) traded down after results, while 35 companies (44%) traded up. The worst performer was MNTN, which fell -55% post-earnings, and the best performer was Gogo, up +72%.
Closing out Big Tech earnings was Apple, which fell -2% (see Theme #4), and similarly closing out digital advertising was Snap, which fell -14% post its print (see Theme #7). It was a mixed week for the OTAs, with Booking up +10% while Expedia fell -14%, though Airbnb was up +12% (see Theme #9). Other key prints from this week included DraftKings, which fell -21% (see Theme #8), Shopify, down -9% (see Theme #6), Charter, down -6% (see Theme #3), Live Nation, down -3%, (see Theme #5) Fox, down -1% (see Theme #2), and Uber, up +5% (see Theme #10).
The table below includes select mid- and large-cap TMT and consumer companies in our LionTree stock universe that reported this week.