Southwest Airlines Co. operates as a passenger airline company that provides scheduled air transportation services in the United States and near-international markets. As of December 31, 2023, the company operated a total fleet of 817 Boeing 737 aircraft; and served 121 destinations in 42 states, the District of Columbia, and the Commonwealth of Puerto Rico, as well as ten near-international countries, including Mexico, Jamaica, the Bahamas, Aruba, the Dominican Republic, Costa Rica, Belize, Cuba, the Cayman Islands, and Turks and Caicos. It also provides inflight entertainment and connectivity services on Wi-Fi enabled aircraft; and Rapid Rewards loyalty program that enables program members to earn points for dollars spent on Southwest base fares. In addition, the company offers a suite of digital platforms to support customers' travel needs, including websites and apps; and SWABIZ, an online booking tool. Further, it provides ancillary services, such as Southwest's EarlyBird Check-In, upgraded boarding, and transportation of pets and unaccompanied minors. Southwest Airlines Co. was incorporated in 1967 and is headquartered in Dallas, Texas.

Southwest Airlines Company

Fintel reports that on October 24, 2025, JP Morgan maintained coverage of Southwest Airlines (NYSE:LUV) with a Underweight recommendation.
Analyst Price Forecast Suggests 0.55% Upside
As of September 30, 2025, the average one-year price target for Southwest Airlines is $32.37/share. The forecasts range from a low of $19.19 to a high of $48.30. The average price target represents an increase of 0.55% from its latest reported closing price of $32.20 / share.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Southwest Airlines is 30,106MM, an increase of 9.27%. The projected annual non-GAAP EPS is 5.61.
What is the Fund Sentiment?
There are 1,461 funds or institutions reporting positions in Southwest Airlines. This is an increase of 17 owner(s) or 1.18% in the last quarter. Average portfolio weight of all funds dedicated to LUV is 0.18%, an increase of 8.11%. Total shares owned by institutions decreased in the last three months by 5.60% to 590,412K shares. The put/call ratio of LUV is 1.14, indicating a bearish outlook.
What are Other Shareholders Doing?
Elliott Investment Management holds 53,978K shares representing 10.28% ownership of the company. No change in the last quarter.
Primecap Management holds 48,844K shares representing 9.30% ownership of the company. In its prior filing, the firm reported owning 49,688K shares , representing a decrease of 1.73%. The firm decreased its portfolio allocation in LUV by 8.97% over the last quarter.
Franklin Resources holds 35,325K shares representing 6.73% ownership of the company. In its prior filing, the firm reported owning 34,384K shares , representing an increase of 2.66%. The firm decreased its portfolio allocation in LUV by 8.55% over the last quarter.
VPMCX - Vanguard PRIMECAP Fund Investor Shares holds 25,463K shares representing 4.85% ownership of the company. In its prior filing, the firm reported owning 25,373K shares , representing an increase of 0.35%. The firm decreased its portfolio allocation in LUV by 7.30% over the last quarter.
Price T Rowe Associates holds 19,172K shares representing 3.65% ownership of the company. In its prior filing, the firm reported owning 22,853K shares , representing a decrease of 19.20%. The firm decreased its portfolio allocation in LUV by 25.49% over the last quarter.
Fintel is one of the most comprehensive investing research platforms available to individual investors, traders, financial advisors, and small hedge funds.
Our data covers the world, and includes fundamentals, analyst reports, ownership data and fund sentiment, options sentiment, insider trading, options flow, unusual options trades, and much more. Additionally, our exclusive stock picks are powered by advanced, backtested quantitative models for improved profits.
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

JP Morgan Maintains Southwest Airlines (LUV) Underweight Recommendation

The S&P 500 Index ($SPX) (SPY) on Thursday closed up +0.58%, the Dow Jones Industrials Index ($DOWI) (DIA) closed up +0.31%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +0.88%. December E-mini S&P futures (ESZ25) rose +0.58%, and December E-mini Nasdaq futures (NQZ25) rose up +0.90%.
Stock indexes settled higher on Thursday, led by strength in energy producers after WTI crude oil jumped more than +5% when the US blacklisted state-run Rosneft PJSC and Lukoil PJSC, Russia’s largest oil producers, which threatens to tighten global oil supplies. Also, Dow Inc. rose more than +12% after reporting stronger-than-expected Q3 adjusted operating Ebitda. In addition, Honeywell International rose by more than +6% after reporting better-than-expected Q3 sales.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
Stocks also found support on Thursday’s US economic news that showed Sep existing home sales rose +1.5% m/m to a 7-month high of 4.06 million, right on expectations.
Stocks added to their gains Thursday afternoon as US-China trade tensions eased slightly when the White House confirmed that President Trump will meet directly with President Xi Jinping next Thursday on the sidelines of the Asia-Pacific Economic Cooperation summit in South Korea.
On the negative side, Molina Healthcare closed down more than -17% to lead health insurers lower after cutting its full-year adjusted EPS forecast. Also, Super Micro Computer (SMCI) closed down more than -8% after reporting weaker-than-expected Q1 preliminary sales.
Late Wednesday, the Trump administration announced sanctions on Rosneft PJSC and Lukoil PJSC, Russia’s biggest oil producers, due to “Russia’s lack of serious commitment to a peace process to end the war in Ukraine.” The new sanctions could bar foreign countries or companies from conducting business with the oil companies and cut them off from much of the international financial system.
The markets are focusing on progress in US-China trade talks, as President Trump reiterated his threat on Monday to boost tariffs on Chinese goods “if there isn’t a deal” by November 1. President Trump is scheduled to meet Chinese President Xi Jinping next Thursday on the sidelines of the Asia-Pacific Economic Cooperation conference in South Korea.
The US government shutdown continues into its fourth week, weighing on market sentiment and delaying key economic reports. The government shutdown is delaying the release of government reports, including the last four weeks of weekly initial unemployment claims and the September payroll report. The Bureau of Labor Statistics (BLS) said the September consumer price report, which was initially scheduled to be released last Wednesday, will be released this Friday. The White House has warned that if the government shutdown lingers, it would trigger widespread dismissals of employees in government programs that don’t align with President Trump’s priorities. Bloomberg Economics estimates that 640,000 federal workers will be furloughed during the shutdown, which would expand jobless claims and push the unemployment rate up to 4.7%.
The markets this week will focus on earnings results as the Q3 earnings season continues. Rising corporate earnings expectations are a bullish backdrop for stocks. According to Bloomberg Intelligence, 85% of the S&P 500 companies that have reported so far have beaten forecasts, on course for the best quarter since 2021. Also, more than 22% of companies in the S&P 500 that have provided guidance for their Q3 earnings results are expected to beat analysts’ expectations, the highest in a year. However, Q3 profits are expected to have risen by +7.2% y/y, the smallest increase in two years. Also, Q3 sales growth is projected to slow to +5.9% y/y from 6.4% in Q2.
The markets are pricing in a 99% chance of a -25 bp rate cut at the next FOMC meeting on Oct 28-29.
Overseas stock markets settled mixed on Thursday. The Euro Stoxx 50 closed up +0.52%. China’s Shanghai Composite closed up +0.22%. Japan’s Nikkei Stock 225 closed down -1.35%.
Interest Rates
December 10-year T-notes (ZNZ5) on Thursday closed down -10 ticks. The 10-year T-note yield rose +4.4 bp to 3.993%. T-notes were under pressure on Thursday amid inflation concerns, as a +5% surge in WTI crude oil prices boosted inflation expectations and pushed the 10-year breakeven inflation rate to a 1-week high of 2.31%. Also, Thursday’s rally in stocks curbed safe-haven demand for T-notes.
T-notes have ongoing support due to the ongoing US government shutdown, which could lead to additional job losses, reduced consumer spending, and a weakened US economy, potentially allowing the Fed to continue cutting interest rates.
European government bond yields moved higher on Thursday. The 10-year German bund yield rose +2.0 bp to 2.583%. The 10-year UK gilt yield rose +0.6 bp to 4.423%.
The Eurozone Oct consumer confidence indicator survey unexpectedly rose +0.7 to an 8-month high of -14.2, stronger than expectations of a decline to -15.0.
Swaps are discounting a 1% chance for a -25 bp rate cut by the ECB at its next policy meeting on October 30.
US Stock Movers
Energy stocks and energy service providers moved higher on Thursday after the price of WTI crude oil surged more than +5% to a 2-week high. APA Corp (APA) closed up more than +7% and Valero Energy (VLO) closed up more than +6%. Also, Diamondback Energy (FANG), Marathon Petroleum (MPC), Halliburton (HAL), Baker Hughes (BKR), Devon Energy (DVN), and Phillips 66 (PSX) closed up more than +3%. In addition, Occidental Petroleum (OXY) and ConocoPhillips (COP) closed up more than +2%.
Quantum-computing stocks rallied on Thursday after the Wall Street Journal reported that the firms are in talks to give the Commerce Department equity stakes in exchange for federal funding. As a result, IonQ (IONQ), Rigetti Computing (RGTI), D-Wave Quantum (QBTS), and Quantum Computing (QUBT) closed up more than +6%.
Molina Healthcare (MOH) closed down more than -17% to lead health insurers lower and losers in the S&P 500 after cutting its full-year adjusted EPS forecast to $14.00 from a previous estimate of $19.00, well below the consensus of $18.65. Also, Centene (CNC) closed down -5% and Oscar Health (OSCR) closed down more than -3%.
Dow Inc. (DOW) closed up more than +12% to lead gainers in the S&P 500 after reporting Q3 adjusted operating Ebitda of $868 million, well above the consensus of $759.7 million.
Las Vegas Sands (LVS) closed up more than +12% after reporting Q3 net revenue of $3.33 billion, above the consensus of $3.04 billion.
West Pharmaceutical Services (WST) closed up more than +10% after raising its full-year adjusted EPS estimate to $7.06-$7.11 from a previous forecast of $6.65-$6.85.
Dover Corp (DOV) closed up more than +8% after boosting its full-year adjusted EPS continuing operations estimate to $9.50-$9.60 from a previous estimate of $9.35-$9.55.
Honeywell International (HON) closed up more than +6% to lead gainers in the Dow Jones Industrials and Nasdaq 100 after reporting Q3 sales of $10.41 billion, stronger than the consensus of $10.15 billion.
TransUnion (TRU) closed up more than +3% after reporting Q3 adjusted EPS of $1.10, better than the consensus of $1.05.
Trucking companies moved lower Thursday, led by a -7% fall in Knight-Swift Transportation (KNX) after it forecasted Q4 adjusted EPS of 34 cents to 40 cents, the midpoint below the consensus of 39 cents. Saia Inc (SAIA) closed down more than -5% on the news, and Schneider National (SNDR) and Old Dominion Freight Line (ODFL) closed down more than -3%.
Super Micro Computer (SMCI) closed down more than -8% after reporting Q1 preliminary sales of $5.00 billion, well below the consensus of $6.49 billion.
Southwest Airlines (LUV) closed down by more than -6% after reporting Q3 operating revenue of $6.90 billion, below the consensus of $6.92 billion.
Roper Technologies (ROP) closed down more than -5% to lead losers in the Nasdaq 100 after forecasting Q4 adjusted EPS from continuing operations $5.11 to $5.16, weaker than the consensus of $5.24.
T-Mobile US (TMUS) closed down more than -3% after reporting Q3 revenue of $21.96 billion, weaker than the consensus of $21.98 billion.
Moderna (MRNA) closed down more than -2% after saying its vaccine to prevent cytomegalovirus, a common cause of birth defects, failed to meet its goal in a late-stage trial.
Earnings Reports(10/24/2025)
Booz Allen Hamilton Holding Co (BAH), First Hawaiian Inc (FHB), General Dynamics Corp (GD), Gentex Corp (GNTX), HCA Healthcare Inc (HCA), Illinois Tool Works Inc (ITW), Procter & Gamble Co/The (PG).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
More news from Barchart
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Rally on Strength in Energy Shares and US-China Trade Hopes

Southwest Airlines Co. (LUV) reported mixed third-quarter 2025 results, wherein earnings surpassed the Zacks Consensus Estimate but revenues lagged the same.
Quarterly earnings of 11 cents per share beat the Zacks Consensus Estimate of 1 cent but declined 26.7% year over year. Revenues of $6.94 billion missed the Zacks Consensus Estimate of $6.96 billion, but improved 1.1% year over year. Passenger revenues (which accounted for 90.8% of the top line) grew 1% year over year to $6.31 billion.
Quarterly results benefited from better-than-anticipated unit revenues and unit costs.
Bob Jordan, president, chief executive officer, & vice chairman of the board of directors, stated, "We continue to make substantial progress as we execute the most significant transformation in Southwest Airlines' history. We quickly implemented many new product attributes and enhancements, and the results are showing—we delivered a profitable quarter, with both unit revenues and unit costs performing better-than-anticipated, are reaffirming our full year 2025 EBIT2 guidance, and expect meaningful margin expansion in the fourth quarter. We continue to deliver a strong operational performance and are currently in first place year-to-date based on our calculations of the Wall Street Journal's airline rankings, an important indicator of success from the continued investment in our operation. These significant accomplishments reflect the strength of our plan, the quality of our execution, and the dedication of our Team.”
Southwest Airlines Co. Price, Consensus and EPS Surprise
Operating Statistics
Airline traffic, measured in revenue passenger miles, fell 1% year over year to 36.36 billion in the quarter under review. Capacity or available seat miles (ASMs) grew 0.8% year over year to 45.56 billion.As traffic failed to outpace capacity expansion, load factor (percentage of seat occupancy) fell 1.4 percentage points to 79.8%. Our estimate stands at 78.2%.
Passenger revenue per available seat mile (PRASM: a key measure of unit revenues) grew 0.2% year over year to 13.85 cents.
Revenue per available seat mile (RASM) grew 0.4% year over year to 15.25 cents.
Operating Expenses & Income
In the third quarter, Southwest Airlines incurred an operating income of $35 million compared with $38 million in the year-ago quarter. On an adjusted basis (excluding special items), the company reported operating income of $42 million compared with $32 million in the year-ago quarter.
Total adjusted operating expenses (excluding profit sharing, special items, fuel and oil expenses) increased 3.4% in the third quarter of 2025.
Fuel cost per gallon (inclusive of fuel tax: economic) fell 5.9% year over year to $2.40.
Consolidated unit cost or cost per available seat mile (CASM) excluding fuel, oil and profit-sharing expenses, and special items grew 2.5% year over year.
Liquidity
Southwest Airlines ended the third quarter with cash and cash equivalents of $2.90 billion compared with $3.47 billion at the end of the prior quarter. As of Sept. 30, 2025, the company had long-term debt (less current maturities) of $4.08 billion, which was flat sequentially.
LUV generated $287 million of cash from operating activities in the reported quarter. Third-quarter 2025 capital expenditures were $678 million, owing to aircraft-related capital spending, as well as technology, facilities and operational investments.
During third-quarter 2025, LUV returned $439 million to its shareholders, which includes $189 million in the form of dividend payments and $250 million through share repurchases under its current $2.0 billion share repurchase authorization.
Outlook
LUV anticipates fourth-quarter 2025 unit revenues to be up 1-3%, on a year-over-year basis, excluding special items, on capacity up almost 6% year over year. This guidance range assumes demand strength remains at current levels through the end of the quarter. LUV anticipates delivering an all-time quarterly record revenue performance in the fourth quarter.
Economic fuel costs per gallon are expected to be between $2.20 and $2.30 for fourth-quarter 2025.
LUV continues to expect to achieve its $370 million cost reduction target this year. LUV anticipates fourth-quarter 2025 CASM-X to be in the range of up 1.5-2.5%, or flat to up 1% when excluding the impact of expected book gains from fleet transactions in the fourth quarter of both years, on capacity up almost 6%, all on a year-over-year basis. Unit costs continue to be backed by the continuation of inflationary pressures, including those associated with labor contracts ratified in 2024. LUV remains focused on driving efficiencies to offset overall inflationary cost pressures and achieve its multi-year cost reduction targets.
LUV now anticipates 2025 capacity to be up roughly 1.5%, year over year, including the capacity increase associated with shifting extra legroom seating retrofits of -700 aircraft to January 2026, which delays the removal of six seats from each of those aircraft. This shift is anticipated to maximize revenue potential during the holiday travel period and still meet the company's operational date milestone of Jan. 27, 2026, for assigned and extra legroom seating, as the company's Technical Operations Team has streamlined the timeline to complete this work.
LUV continues to anticipate its 2025 capital spending to be in the range of $2.5 billion to $3.0 billion (including the additional aircraft deliveries now expected, as well as the impact of the expected sale of -800 aircraft this year).
LUV is reaffirming 2025 earnings before interest and taxes, excluding special items, guidance range of $600 million to $800 million. LUV is also reaffirming its full-year incremental EBIT contribution targets of $1.8 billion for 2025 and $4.3 billion for 2026 from those initiatives.
Currently, LUV carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Q3 Performances of Other Transportation Companies
Delta Air Lines DAL reported third-quarter 2025 earnings (excluding 46 cents from non-recurring items) of $1.71 per share, which beat the Zacks Consensus Estimate of $1.52. Earnings increased 14% on a year-over-year basis due to low fuel costs.
Revenues in the September-end quarter were $16.67 billion, beating the Zacks Consensus Estimate of $15.79 billion and increasing 6.4% on a year-over-year basis. Due to improving air-travel demand, adjusted operating revenues (excluding third-party refinery sales) increased 4.1% year over year to $15.2 billion.
J.B. Hunt Transport Services, Inc. (JBHT) reported third-quarter 2025 earnings of $1.76 per share, which surpassed the Zacks Consensus Estimate of $1.47 and improved 18.1% year over year.
Total operating revenues of $3.05 billion surpassed the Zacks Consensus Estimate of $3.02 billion and were down 0.5% year over year. JBHT’s third-quarter revenue performance was hurt by a 1% and 4% decline in gross revenue per load in Intermodal (JBI) and Truckload (JBT), respectively, a decrease in load volume of 8% and 1% in Integrated Capacity Solutions (ICS) and Dedicated Contract Services (DCS), and 8% fewer stops in Final Mile Services (FMS). These items were partially offset by a 3 % improvement in DCS productivity, a 9% increase in revenue per load in ICS and 14% load growth in JBT. Total operating revenue, excluding fuel surcharge revenue, fell less than 1% year over year.
United Airlines Holdings, Inc. (UAL) reported mixed third-quarter 2025 results wherein the company’s earnings beat the Zacks Consensus Estimate, but revenues missed the same.
UAL's third-quarter 2025 adjusted earnings per share (EPS) (excluding 12 cents from non-recurring items) of $2.78 surpassed the Zacks Consensus Estimate of $2.64 but declined 16.5% on a year-over-year basis. The reported figure lies above the guided range of $2.25 and $2.75.
Operating revenues of $15.2 billion fell short of the Zacks Consensus Estimate of $15.3 billion but increased 2.6% year over year. Passenger revenues (which accounted for 90.7% of the top line) increased 1.9% year over year to $13.8 billion. UAL flights transported 48,382 passengers in the third quarter, up 6.2% year over year.
Radical New Technology Could Hand Investors Huge Gains
Quantum Computing is the next technological revolution, and it could be even more advanced than AI.
While some believed the technology was years away, it is already present and moving fast. Large hyperscalers, such as Microsoft, Google, Amazon, Oracle, and even Meta and Tesla, are scrambling to integrate quantum computing into their infrastructure.
Senior Stock Strategist Kevin Cook reveals 7 carefully selected stocks poised to dominate the quantum computing landscape in his report, Beyond AI: The Quantum Leap in Computing Power.
Kevin was among the early experts who recognized NVIDIA's enormous potential back in 2016. Now, he has keyed in on what could be "the next big thing" in quantum computing supremacy. Today, you have a rare chance to position your portfolio at the forefront of this opportunity.
See Top Quantum Stocks Now >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Southwest Airlines Q3 Earnings Beat, Revenues Lag Estimates

The S&P 500 Index ($SPX) (SPY) today is up +0.38%, the Dow Jones Industrials Index ($DOWI) (DIA) is up +0.12%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +0.61%. December E-mini S&P futures (ESZ25) are up +0.34%, and December E-mini Nasdaq futures (NQZ25) are up +0.59%.
Stock indexes are moving higher today, led by strength in energy producers after WTI crude oil jumped more than +5% when the US blacklisted state-run Rosneft PJSC and Lukoil PJSC, Russia’s largest oil producers, which threatens to tighten global oil supplies. Also, Dow Inc. is up more than +8% after reporting stronger-than-expected Q3 adjusted operating Ebitda. In addition, Honeywell International is up more than +7% after reporting better-than-expected Q3 sales.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
Stocks also found support on today’s US economic news that showed Sep existing home sales rose +1.5% m/m to a 7-month high of 4.06 million, right on expectations.
On the negative side, Molina Healthcare is down more than -20% to lead health insurers lower after cutting its full-year adjusted EPS forecast. Also, International Business Machines is down more than -4% after reporting a smaller-than-expected increase in its Q3 hybrid cloud unit. In addition, Tesla is down more than -3% after reporting Q3 EPS below consensus.
Late Wednesday, the Trump administration announced sanctions on Rosneft PJSC and Lukoil PJSC, Russia’s biggest oil producers, due to “Russia’s lack of serious commitment to a peace process to end the war in Ukraine.” The new sanctions could bar foreign countries or companies from conducting business with the oil companies and cut them off from much of the international financial system.
The markets are focusing on progress in US-China trade talks, as President Trump reiterated his threat on Monday to boost tariffs on Chinese goods “if there isn’t a deal” by November 1. President Trump is scheduled to meet Chinese President Xi Jinping next week on the sidelines of the Asia-Pacific Economic Cooperation conference in South Korea.
The shutdown of the US government continues into its fourth week, weighing on market sentiment and delaying key economic reports. The government shutdown means delays in the release of government reports, including the last four weeks of weekly initial unemployment claims and the September payroll report. The Bureau of Labor Statistics (BLS) said the September consumer price report, which was initially scheduled to be released last Wednesday, will be released this Friday. The White House has warned that if the government shutdown lingers, it would trigger widespread dismissals of employees in government programs that don’t align with President Trump’s priorities. Bloomberg Economics estimates that 640,000 federal workers will be furloughed during the shutdown, which would expand jobless claims and push the unemployment rate up to 4.7%.
The markets this week will focus on earnings results as the Q3 earnings season continues. Rising corporate earnings expectations are a bullish backdrop for stocks. According to Bloomberg Intelligence, 85% of the S&P 500 companies that have reported so far have beaten forecasts, on course for the best quarter since 2021. Also, more than 22% of companies in the S&P 500 that have provided guidance for their Q3 earnings results are expected to beat analysts’ expectations, the highest in a year. However, Q3 profits are expected to have risen by +7.2% y/y, the smallest increase in two years. Also, Q3 sales growth is projected to slow to +5.9% y/y from 6.4% in Q2.
The markets are pricing in a 99% chance of a -25 bp rate cut at the next FOMC meeting on Oct 28-29.
Overseas stock markets are mixed today. The Euro Stoxx 50 is up +0.44%. China’s Shanghai Composite closed up +0.22%. Japan’s Nikkei Stock 225 closed down -1.35%.
Interest Rates
December 10-year T-notes (ZNZ5) today are down -7 ticks. The 10-year T-note yield is up +3.2 bp to 3.982%. T-notes are under pressure today amid inflation concerns, as a +5% surge in WTI crude oil prices has boosted inflation expectations and pushed the 10-year breakeven inflation rate to a 1-week high of 2.309%. Also, supply pressures are negative for T-notes as the Treasury will auction $26 billion of 5-year TIPS later today.
T-notes have ongoing support due to the ongoing US government shutdown, which could lead to additional job losses, reduced consumer spending, and a weakened US economy, potentially allowing the Fed to continue cutting interest rates.
European government bond yields are mixed today. The 10-year German bund yield is up +1.6 bp to 2.579%. The 10-year UK gilt yield is down -0.5 bp to 4.413%.
The Eurozone Oct consumer confidence indicator survey unexpectedly rose +0.7 to an 8-month high of -14.2, stronger than expectations of a decline to -15.0.
Swaps are discounting a 1% chance for a -25 bp rate cut by the ECB at its next policy meeting on October 30.
US Stock Movers
Energy stocks and energy service providers are climbing today, with the price of WTI crude oil up more than +5% at a 2-week high. Valero Energy (VLO) is up more than +7% and APA Corp (APA) is up more than +6%. Also, Diamondback Energy (FANG) is up more than +4%, and Marathon Petroleum (MPC) is up more than +3%. In addition, Devon Energy (DVN), Occidental Petroleum (OXY), ConocoPhillips (COP), Halliburton (HAL), Phillips 66 (PSX), and Baker Hughes (BKR) are up more than +2%.
Quantum-computing stocks are rallying today after the Wall Street Journal reported that the firms are in talks to give the Commerce Department equity stakes in exchange for federal funding. As a result, IonQ (IONQ), Rigetti Computing (RGTI), D-Wave Quantum (QBTS), and Quantum Computing (QUBT) are up more than +9%.
Molina Healthcare (MOH) is down more than -20% to lead health insurers lower and losers in the S&P 500 after cutting its full-year adjusted EPS forecast to $14.00 from a previous estimate of $19.00, well below the consensus of $18.65. Also, Centene (CNC) and Oscar Health (OSCR) are down more than -6%. In addition, United Health Services (UHS) and UnitedHealth Group (UNH) are down more than -1%.
Las Vegas Sands (LVS) is up more than +12% to lead gainers in the S&P 500 after reporting Q3 net revenue of $3.33 billion, above he consensus of $3.04 billion.
West Pharmaceutical Services (WST) is up more than +11% after raising its full-year adjusted EPS estimate to $7.06-$7.11 from a previous forecast of $6.65-$6.85.
Dow Inc. (DOW) is up more than +9% after reporting Q3 adjusted operating Ebitda of $868 million, well above the consensus of $759.7 million.
Honeywell International (HON) is up more than +6% to lead gainers in the Dow Jones Industrials and Nasdaq 100 after reporting Q3 sales of $10.41 billion, stronger than the consensus of $10.15 billion.
TransUnion (TRU) is up more than +3% after reporting Q3 adjusted EPS of $1.10, better than the consensus of $1.05.
CME Group (CME) is up more than +1% after Deutsche Bank upgraded the stock to buy from hold with a price target of $300.
Super Micro Computer (SMCI) is down more than -7% after reporting Q1 preliminary sales of $5.00 billion, well below the consensus of $6.49 billion.
Roper Technologies (ROP) is down more than -6% to lead losers in the Nasdaq 100 after forecasting Q4 adjusted EPS from continuing operations $5.11 to $5.16, weaker than the consensus of $5.24.
Southwest Airlines (LUV) is down by more than -6% after reporting Q3 operating revenue of $6.90 billion, below the consensus of $6.92 billion.
International Business Machines (IBM) is down more than -3% to lead losers in the Dow Jones Industrials after reporting a +14% increase in its Q3 hybrid cloud unit, below the consensus of +16%.
Tesla (TSLA) is down more than -2% after reporting Q3 EPS of 50 cents, weaker than the consensus of 54 cents.
T-Mobile US (TMUS) is down more than -3% after reporting Q3 revenue of $21.96 billion, weaker than the consensus of $21.98 billion.
Moderna (MRNA) is down more than -1% after saying its vaccine to prevent cytomegalovirus, a common cause of birth defects, failed to meet its goal in a late-stage trial.
Earnings Reports(10/23/2025)
Alaska Air Group Inc (ALK), Allegion plc (ALLE), American Airlines Group Inc (AAL), AutoNation Inc (AN), Baker Hughes Co (BKR), Blackstone Inc (BX), Boston Beer Co Inc/The (SAM), Boyd Gaming Corp (BYD), Brunswick Corp/DE (BC), Carpenter Technology Corp (CRS), CBRE Group Inc (CBRE), CenterPoint Energy Inc (CNP), Comfort Systems USA Inc (FIX), Darling Ingredients Inc (DAR), Deckers Outdoor Corp (DECK), Digital Realty Trust Inc (DLR), Dover Corp (DOV), Dow Inc (DOW), EastGroup Properties Inc (EGP), Euronet Worldwide Inc (EEFT), First Citizens BancShares Inc/ (FCNCA), Ford Motor Co (F), Freeport-McMoRan Inc (FCX), FTI Consulting Inc (FCN), Hasbro Inc (HAS), Healthpeak Properties Inc (DOC), Honeywell International Inc (HON), Intel Corp (INTC), Iridium Communications Inc (IRDM), Kinsale Capital Group Inc (KNSL), Lazard Inc (LAZ), Millrose Properties Inc (MRP), Mohawk Industries Inc (MHK), MSC Industrial Direct Co Inc (MSM), Newmont Corp (NEM), Norfolk Southern Corp (NSC), Old Republic International Cor (ORI), PG&E Corp (PCG), Pool Corp (POOL), Popular Inc (BPOP), Roper Technologies Inc (ROP), Ryder System Inc (R), SLM Corp (SLM), Spirit AeroSystems Holdings In (SPR), SS&C Technologies Holdings Inc (SSNC), TechnipFMC PLC (FTI), Textron Inc (TXT), T-Mobile US Inc (TMUS), Tractor Supply Co (TSCO), TransUnion (TRU), Union Pacific Corp (UNP), Valero Energy Corp (VLO), VeriSign Inc (VRSN), West Pharmaceutical Services Inc (WST), Western Union Co/The (WU).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
More news from Barchart
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Supported by Strength in Energy Producers and Earnings

In trading on Thursday, the SPDR S&P Aerospace & Defense ETF is outperforming other ETFs, up about 3.2% on the day. Components of that ETF showing particular strength include shares of Carpenter Technology, up about 21.5% and shares of Hexcel, up about 15.7% on the day.
And underperforming other ETFs today is the iShares U.S. Transportation ETF, off about 1.2% in Thursday afternoon trading. Among components of that ETF with the weakest showing on Thursday were shares of Ryder System, lower by about 9.3%, and shares of Southwest Airlines, lower by about 7.4% on the day.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Thursday's ETF Movers: XAR, IYT

The S&P 500 Index ($SPX) (SPY) today is up +0.32%, the Dow Jones Industrials Index ($DOWI) (DIA) is up +0.18%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +0.33%. December E-mini S&P futures (ESZ25) are up +0.35%, and December E-mini Nasdaq futures (NQZ25) are up +0.35%.
Stock indexes are moving higher today, led by strength in energy producers after WTI crude oil jumped more than +5% when the US blacklisted state-run Rosneft PJSC and Lukoil PJSC, Russia's largest oil producers, which threatens to tighten global oil supplies. Also, Dow Inc. is up more than +11% after reporting stronger-than-expected Q3 adjusted operating Ebitda. In addition, Honeywell International is up more than +5% after reporting better-than-expected Q3 sales.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
On the negative side, Molina Healthcare is down more than -20% to lead health insurers lower after cutting its full-year adjusted EPS forecast. Also, International Business Machines is down more than -4% after reporting a smaller-than-expected increase in its Q3 hybrid cloud unit. In addition, Tesla is down more than -3% after reporting Q3 EPS below consensus.
Late Wednesday, the Trump administration announced sanctions on Rosneft PJSC and Lukoil PJSC, Russia's biggest oil producers, due to "Russia's lack of serious commitment to a peace process to end the war in Ukraine." The new sanctions could bar foreign countries or companies from conducting business with the oil companies and cut them off from much of the international financial system.
The markets are focusing on progress in US-China trade talks, as President Trump reiterated his threat on Monday to boost tariffs on Chinese goods "if there isn't a deal" by November 1. President Trump is scheduled to meet Chinese President Xi Jinping next week on the sidelines of the Asia-Pacific Economic Cooperation conference in South Korea.
The shutdown of the US government continues into its fourth week, weighing on market sentiment and delaying key economic reports. The government shutdown means delays in the release of government reports, including the last four weeks of weekly initial unemployment claims and the September payroll report. The Bureau of Labor Statistics (BLS) said the September consumer price report, which was initially scheduled to be released last Wednesday, will be released this Friday. The White House has warned that if the government shutdown lingers, it would trigger widespread dismissals of employees in government programs that don't align with President Trump's priorities. Bloomberg Economics estimates that 640,000 federal workers will be furloughed during the shutdown, which would expand jobless claims and push the unemployment rate up to 4.7%.
The markets this week will focus on earnings results as the Q3 earnings season continues. Rising corporate earnings expectations are a bullish backdrop for stocks. According to Bloomberg Intelligence, 85% of the S&P 500 companies that have reported so far have beaten forecasts, on course for the best quarter since 2021. Also, more than 22% of companies in the S&P 500 that have provided guidance for their Q3 earnings results are expected to beat analysts' expectations, the highest in a year. However, Q3 profits are expected to have risen by +7.2% y/y, the smallest increase in two years. Also, Q3 sales growth is projected to slow to +5.9% y/y from 6.4% in Q2.
The markets are pricing in a 99% chance of a -25 bp rate cut at the next FOMC meeting on Oct 28-29.
Overseas stock markets are mixed today. The Euro Stoxx 50 is up +0.17%. China's Shanghai Composite closed up +0.22%. Japan's Nikkei Stock 225 closed down -1.35%.
Interest Rates
December 10-year T-notes (ZNZ5) today are down -8 ticks. The 10-year T-note yield is up +3.4 bp to 3.984%. T-notes are under pressure today due to inflation concerns, as a +5% surge in WTI crude oil prices has boosted inflation expectations and pushed the 10-year breakeven inflation rate up to a 1-week high of 2.309%. Also, supply pressures are negative for T-notes as the Treasury will auction $26 billion of 5-year TIPS later today.
T-notes have ongoing support due to the ongoing US government shutdown, which could lead to additional job losses, reduced consumer spending, and a weakened US economy, potentially allowing the Fed to continue cutting interest rates.
European government bond yields are moving higher today. The 10-year German bund yield is up +1.6 bp to 2.579%. The 10-year UK gilt yield is up +0.8 bp to 4.425%.
Swaps are discounting a 1% chance for a -25 bp rate cut by the ECB at its next policy meeting on October 30.
US Stock Movers
Energy stocks and energy service providers are climbing today, with the price of WTI crude oil up more than +5% at a 2-week high. APA Corp (APA) is up more than +6% and Valero Energy (VLO) is up more than +5%. Also, Diamondback Energy (FANG) and Devon Energy (DVN) are up more than +4%, and Occidental Petroleum (OXY) and ConocoPhillips (COP) are up more than +3%. In addition, Halliburton (HAL), Phillips 66 (PSX), and Baker Hughes (BKR) are up more than +2%.
Quantum-computing stocks are rallying today after the Wall Street Journal reported that the firms are in talks to give the Commerce Department equity stakes in exchange for federal funding. As a result, IonQ (IONQ), Rigetti Computing (RGTI), D-Wave Quantum (QBTS), and Quantum Computing (QUBT) are up more than +6%.
Molina Healthcare (MOH) is down more than -20% to lead health insurers lower and losers in the S&P 500 after cutting its full-year adjusted EPS forecast to $14.00 from a previous estimate of $19.00, well below the consensus of $18.65. Also, Centene (CNC) and Oscar Health (OSCR) are down more than -7%. In addition, Humana (HUM) is down -2%, and Elevance Health (ELV), United Health Services (UHS), and UnitedHealth Group (UNH) are down more than -1%.
West Pharmaceutical Services (WST) is up more than +12% to lead gainers in the S&P 500 after raising its full-year adjusted EPS estimate to $7.06-$7.11 from a previous forecast of $6.65-$6.85.
Dow Inc. (DOW) is up more than +11% after reporting Q3 adjusted operating Ebitda of $868 million, well above the consensus of $759.7 million.
Las Vegas Sands (LVS) is up more than +9% after reporting Q3 net revenue of $3.33 billion, above he consensus of $3.04 billion.
Honeywell International (HON) is up more than +5% to lead gainers in the Dow Jones Industrials and Nasdaq 100 after reporting Q3 sales of $10.41 billion, stronger than the consensus of $10.15 billion.
TransUnion (TRU) is up more than +3% after reporting Q3 adjusted EPS of $1.10, better than the consensus of $1.05.
CME Group (CME) is up more than +1% after Deutsche Bank upgraded the stock to buy from hold with a price target of $300.
Roper Technologies (ROP) is down more than -7% to lead losers in the Nasdaq 100 after forecasting Q4 adjusted EPS from continuing operations $5.11 to $5.16, weaker than the consensus of $5.24.
International Business Machines (IBM) is down more than -4% to lead losers in the Dow Jones Industrials after reporting a +14% increase in its Q3 hybrid cloud unit, below the consensus of +16%.
Tesla (TSLA) is down more than -3% after reporting Q3 EPS of 50 cents, weaker than the consensus of 54 cents.
Southwest Airlines (LUV) is down by more than -3% after reporting Q3 operating revenue of $6.90 billion, below the consensus of $6.92 billion.
Tractor Supply Co (TSCO) is down more than -3% after narrowing its full-year comparable sales forecast to +1.4% to +2.4% from a previous forecast of 0% to +4.0%.
Packaging Corp (PKG) is down more than -1% after reporting Q3 adjusted EPS of $2.73, below the consensus of $2.82.
Moderna (MRNA) is down more than -4% after saying its vaccine to prevent cytomegalovirus, a common cause of birth defects, failed to meet its goal in a late-stage trial.
Earnings Reports(10/23/2025)
Alaska Air Group Inc (ALK), Allegion plc (ALLE), American Airlines Group Inc (AAL), AutoNation Inc (AN), Baker Hughes Co (BKR), Blackstone Inc (BX), Boston Beer Co Inc/The (SAM), Boyd Gaming Corp (BYD), Brunswick Corp/DE (BC), Carpenter Technology Corp (CRS), CBRE Group Inc (CBRE), CenterPoint Energy Inc (CNP), Comfort Systems USA Inc (FIX), Darling Ingredients Inc (DAR), Deckers Outdoor Corp (DECK), Digital Realty Trust Inc (DLR), Dover Corp (DOV), Dow Inc (DOW), EastGroup Properties Inc (EGP), Euronet Worldwide Inc (EEFT), First Citizens BancShares Inc/ (FCNCA), Ford Motor Co (F), Freeport-McMoRan Inc (FCX), FTI Consulting Inc (FCN), Hasbro Inc (HAS), Healthpeak Properties Inc (DOC), Honeywell International Inc (HON), Intel Corp (INTC), Iridium Communications Inc (IRDM), Kinsale Capital Group Inc (KNSL), Lazard Inc (LAZ), Millrose Properties Inc (MRP), Mohawk Industries Inc (MHK), MSC Industrial Direct Co Inc (MSM), Newmont Corp (NEM), Norfolk Southern Corp (NSC), Old Republic International Cor (ORI), PG&E Corp (PCG), Pool Corp (POOL), Popular Inc (BPOP), Roper Technologies Inc (ROP), Ryder System Inc (R), SLM Corp (SLM), Spirit AeroSystems Holdings In (SPR), SS&C Technologies Holdings Inc (SSNC), TechnipFMC PLC (FTI), Textron Inc (TXT), T-Mobile US Inc (TMUS), Tractor Supply Co (TSCO), TransUnion (TRU), Union Pacific Corp (UNP), Valero Energy Corp (VLO), VeriSign Inc (VRSN), West Pharmaceutical Services Inc (WST), Western Union Co/The (WU).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Climb on Strength in Energy Producers

Investors in Southwest Airlines Co (Symbol: LUV) saw new options begin trading today, for the December 5th expiration. At Stock Options Channel, our YieldBoost formula has looked up and down the LUV options chain for the new December 5th contracts and identified one put and one call contract of particular interest.
The put contract at the $29.00 strike price has a current bid of 48 cents. If an investor was to sell-to-open that put contract, they are committing to purchase the stock at $29.00, but will also collect the premium, putting the cost basis of the shares at $28.52 (before broker commissions). To an investor already interested in purchasing shares of LUV, that could represent an attractive alternative to paying $32.12/share today.
Because the $29.00 strike represents an approximate 10% discount to the current trading price of the stock (in other words it is out-of-the-money by that percentage), there is also the possibility that the put contract would expire worthless. The current analytical data (including greeks and implied greeks) suggest the current odds of that happening are 79%. Stock Options Channel will track those odds over time to see how they change, publishing a chart of those numbers on our website under the contract detail page for this contract. Should the contract expire worthless, the premium would represent a 1.66% return on the cash commitment, or 14.04% annualized — at Stock Options Channel we call this the YieldBoost.
Below is a chart showing the trailing twelve month trading history for Southwest Airlines Co, and highlighting in green where the $29.00 strike is located relative to that history:
Turning to the calls side of the option chain, the call contract at the $34.00 strike price has a current bid of 51 cents. If an investor was to purchase shares of LUV stock at the current price level of $32.12/share, and then sell-to-open that call contract as a "covered call," they are committing to sell the stock at $34.00. Considering the call seller will also collect the premium, that would drive a total return (excluding dividends, if any) of 7.44% if the stock gets called away at the December 5th expiration (before broker commissions). Of course, a lot of upside could potentially be left on the table if LUV shares really soar, which is why looking at the trailing twelve month trading history for Southwest Airlines Co, as well as studying the business fundamentals becomes important. Below is a chart showing LUV's trailing twelve month trading history, with the $34.00 strike highlighted in red:
Considering the fact that the $34.00 strike represents an approximate 6% premium to the current trading price of the stock (in other words it is out-of-the-money by that percentage), there is also the possibility that the covered call contract would expire worthless, in which case the investor would keep both their shares of stock and the premium collected. The current analytical data (including greeks and implied greeks) suggest the current odds of that happening are 58%. On our website under the contract detail page for this contract, Stock Options Channel will track those odds over time to see how they change and publish a chart of those numbers (the trading history of the option contract will also be charted). Should the covered call contract expire worthless, the premium would represent a 1.59% boost of extra return to the investor, or 13.46% annualized, which we refer to as the YieldBoost.
The implied volatility in the put contract example is 43%, while the implied volatility in the call contract example is 53%.
Meanwhile, we calculate the actual trailing twelve month volatility (considering the last 250 trading day closing values as well as today's price of $32.12) to be 41%. For more put and call options contract ideas worth looking at, visit StockOptionsChannel.com.
Also see:
High Yield Baby Bonds
Funds Holding GLST
FINU YTD Return
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

LUV December 5th Options Begin Trading

Wednesday, October 22, 2025
That downward bias we spied during today’s pre-market came to pass during the regular trading day, with market indexes paring session lows but still down half a point or more. The Dow, following its all-time closing high Tuesday, slid -334 points, -0.71%, but an improvement from the -454 points at the day’s low. The S&P 500 lost -35 points, -0.53%, and the Nasdaq was -213 points, -0.93%. The small-cap Russell 2000 was down -1.41% on the day.
Static in the trade talks between the U.S. and China have claimed a measure of today’s “risk-off” attitude. Another +100% tariff being slapped onto Chinese imports keeps returning as a talking point, and November 1st is a week from Saturday. Record surges in market indexes over the past several weeks have largely been predicated on some sort of mutual trade agreement between the tow powerhouse nations. But with questions newly arising, we can see how this can have something of an unraveling effect.
Q3 Earnings Roundup: Tesla, IBM & More
Tesla TSLA posted mixed results in its Q3 report after today’s close, with earnings of 50 cents per share missing the Zacks consensus by 3 cents (and down from 72 cents per share reported a year ago) on $28.1 billion in revenues, which outperformed expectations of $26.5 billion for the quarter. EV credits, which expired September 30th, accounted for +40% of profits in the quarter. Shares are trading down slightly in the late session; +7% year to date.
IBM IBM shares are down -4.8% this afternoon, even though the software giant handily beat earnings — $2.65 per share, well above the $2.44 expected — and outpaced on revenues, as well: $16.3 billion versus $16.1 billion anticipated. Infrastructure growth was +17% in the quarter, speaking to its involvement in the AI space, but revenue guidance of +5% for the full year was somewhat lackluster to late traders.
Southwest Airlines LUV also was mixed for its Q3 today, posting a big beat of 10 cents per share on the bottom line but a miss on the top: $6.95 billion versus $6.97 billion expected. The stock, which had been flat year to date, gained +2.5% in late trading on the news. The company expects all-time record-high operating revenues in Q4.
What to Expect from the Stock Market Thursday
No Weekly Jobless Claims, for another week. We will get Existing Home Sales from the private National Association of Realtors tomorrow. Expectations are for a slight uptick to 4.06 million seasonally adjusted, annualized units from 4.0 million the prior month. This would be in keeping with the sub-4.1 million we’ve seen over the last six months.
Also, earnings results from Intel INTC, Ford F, American Airlines AAL and Newmont Mining NEM, among others, are scheduled to report Thursday. So far it’s been a good Q3 earnings season, although we’ll see if those companies more prone to tariff effects are able to post strong numbers and offer robust guidance into 2026.
Questions or comments about this article and/or author? Click here>>
Beyond Nvidia: AI's Second Wave Is Here
The AI revolution has already minted millionaires. But the stocks everyone knows about aren't likely to keep delivering the biggest profits. Little-known AI firms tackling the world's biggest problems may be more lucrative in the coming months and years.
See "2nd Wave" AI stocks now >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Markets Close Off Session Lows - Q3 Earnings Continue

The widely diversified Zacks Transportation sector continues to navigate through a challenging macroeconomic environment. The sector grapples with multiple headwinds, ranging from escalated expenses, inflation-induced elevated interest rates, a downturn in freight demand and supply-chain woes. Geopolitical uncertainties and tariff-induced economic tensions continue to hurt consumer sentiment and growth expectations.
With inflation remaining a concern, risks associated with an economic slowdown and geopolitical tensions dampen the prospects of stocks belonging to this sector. Sluggish economic growth and inflationary woes are likely to make markets more volatile in the coming days. Due to supply-chain troubles, costs will likely continue to be steep going forward.
On a brighter note, the southward movement of oil prices bodes well for the bottom-line growth of sector participants. This is because fuel expenses are a significant input cost for the transportation companies. Oil prices decreased 4.2% in the July-September 2025 period.
Given this backdrop, investors interested in the Zacks Transportation sector are keenly waiting for the results of Southwest Airlines Co. (LUV), Union Pacific Corporation (UNP), American Airlines Group Inc. (AAL) and Norfolk Southern Corporation (NSC) – all of which are slated to be released this week.
Our quantitative model predicts an earnings beat for a company if it has a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). This combination increases the chances of an earnings beat. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Let’s delve deeper.
Southwest Airlines
We expect LUV's performance in the to-be-reported quarter to have been boosted by an uptick in total revenues, driven by high passenger revenues as domestic air-travel demand stabilizes. Our estimate for passenger revenues in the to-be-reported quarter indicates a 1.3% increase from third-quarter 2024 actuals.
The Zacks Consensus Estimate for LUV’s third-quarter 2025 revenues is pegged at $6.97 billion, indicating 1.44% growth year over year. The Zacks Consensus Estimate for LUV’s third-quarter 2025 earnings has been revised upward by more than 100% in the past 60 days to 1 cent per share. However, the consensus mark implies a 93.33% downside from the year-ago actual.
LUV is scheduled to report third-quarter 2025 results on Oct. 22. Our proven model does not conclusively predict an earnings beat for LUV, as it has an Earnings ESP of -268.00% and a Zacks Rank #3 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Southwest Airlines Co. Price and EPS Surprise
Union Pacific Corporation
The Zacks Consensus Estimate for third-quarter 2025 revenues is pegged at $6.23 billion, indicating a 2.34% upside from the year-ago actual. Our estimate for freight revenues (which accounts for the majority portion of total revenues) is pegged at $5.86 billion, which indicates an increase of 1.7% from third-quarter 2024 actuals. However, the consensus mark for other revenues is pegged at $311.3 million, implying a 3.6% decrease from third-quarter 2024 actuals.
The Zacks Consensus Estimate for third-quarter 2025 earnings has been revised 0.34% upward in the past 60 days and is pegged at $2.99 per share. Additionally, the consensus mark implies an 8.73% uptick from the year-ago actual.
UNP is scheduled to report third-quarter 2025 results on Oct. 23, before market open. Our proven model does not conclusively predict an earnings beat for UNP, as Union Pacific has an Earnings ESP of -0.16% and a Zacks Rank #3 at present.
Union Pacific Corporation Price and EPS Surprise
American Airlines
The Zacks Consensus Estimate for AAL’s third-quarter 2025 loss has been widened from 25 cents per share to a loss of 27 cents in the past 60 days. The company reported earnings of 30 cents per share in the year-ago quarter. The consensus estimate lies within the company provided guided range of a loss per share of 10-60 cents.
For the third quarter of 2025, management expects total revenues to be either down 2% or increase by up to 1% from year-ago levels. The Zacks Consensus Estimate for AAL’s third-quarter 2025 revenues is pegged at $13.63 billion, indicating a 0.13% decline year over year. The downside is likely to have been partially offset by improving travel demand and lower fuel prices.
AAL is scheduled to report third-quarter 2025 results on Oct. 23, before market open. Our proven model does not conclusively predict an earnings beat for American Airlines this time around, as AAL has an Earnings ESP of -0.68% and a Zacks Rank #3 at present.
American Airlines Group Inc. Price and EPS Surprise
Norfolk Southern
The Zacks Consensus Estimate for NSC’s third-quarter 2025 earnings has been revised downward by 4.50% in the past 60 days to $3.18 per share. Moreover, the consensus mark implies a 2.15% downside from the year-ago actual. The Zacks Consensus Estimate for NSC’s third-quarter 2025 revenues is pegged at $3.09 billion, indicating 1.26% growth year over year.
E-commerce demand has been driving shipment volumes for Norfolk Southern and is likely to boost results. NSC’s robust free cash flow generation also enables it to maintain steady, shareholder-friendly initiatives. On the flip side, softness in the freight market and volumes is a negative for NSC and is likely to have hurt its performance in the to-be-reported quarter. Inflationary pressure, high interest rates, tariff-related uncertainties, weak freight demand and supply-chain disruptions also act as other headwinds for NSC’s prospects.
NSC is scheduled to report third-quarter 2025 results on Oct. 23, after market close. Our proven model does not conclusively predict an earnings beat for Norfolk Southern this time, as it has an Earnings ESP of -0.68% and a Zacks Rank #4 (Sell) at present.
Norfolk Southern Corporation Price and EPS Surprise
Beyond Nvidia: AI's Second Wave Is Here
The AI revolution has already minted millionaires. But the stocks everyone knows about aren't likely to keep delivering the biggest profits. Little-known AI firms tackling the world's biggest problems may be more lucrative in the coming months and years.
See "2nd Wave" AI stocks now >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Watch These 4 Transportation Stocks for Q3 Earnings: Beat or Miss?

Pre-market futures are flattish at this hour, but with a downward bias. The Dow is coming off a record closing high Tuesday, and Q3 earnings reports released yesterday afternoon did not quite have the positive sheen we’ve seen elsewhere this far into earnings season. The Dow is currently down -9 points, the S&P 500 is +3, the Nasdaq -38 and the small-cap Russell 2000 is -9 points at this hour.
Fed Governor Michael Barr will make a couple of appearances later today — one week ahead of the next monetary policy decision from the Federal Open Market Committee (FOMC). Thus, we’re also closing in on the “blackout period,” where Fed members keep mum on their opinions about the state of the economy. Nearly 100% of analysts believe another 25 basis-point (bps) rate cut is in the cards for next Wednesday, which would take the Fed funds rate down to 3.75-4.00%.
Q3 Earnings Ahead of the Bell: T, TMO, GEV & More
AT&T T reported Q3 earnings ahead of today’s open, missing on its bottom line by a penny to 54 cents per share. Revenues in the quarter were similarly short, -0.81% from estimates to $30.71 billion. Shares are down -1.6% at this hour on the news; the stock is still up +13% year to date — basically in-line with the S&P 500.
Medical equipment major Thermo Fisher TMO posted beats on both top and bottom lines for its Q3 report this morning, with earnings of $5.79 per share well ahead of the $5.50 in the Zacks consensus. This amounts to a positive earning surprise of +5.27%. Revenues topped expectations by +2% to $11.12 billion in the quarter. Shares are up +2% on the news this morning, but still underperforming the S&P year to date.
A day after GE Aerospace GE strongly outperformed estimates, its energy-oriented spinoff GE Vernova GEV came out with a mixed picture in Q3: earnings of $1.64 per share missed the Zacks consensus $1.78 by -7.87% (though much higher than the 35 cents per share reported a year ago), on revenues of $9.97 billion — +8.62% higher than anticipated. Shares are up another +3.8% on the news, adding to the boffo +78% growth year to date.
Canadian metals company Teck Resources TECK had perhaps the strongest Q3 earnings report of the morning, with earnings of 55 cents per share surpassing the 39 cents projected by +41%, on revenues of $2.46 billion which surged past the Zacks consensus by +14.3%. This is perhaps a less familiar stock to track, but with rare earth negotiations with China remaining a sticking point, Teck may find itself with a higher level of relevancy.
What to Expect from Today’s Stock Market
Big Q3 earnings reports are expected after the closing bell today, including Tesla TSLA, which is expected to fetch negative earnings per share to the tune of -26.4% year over year, but +5% on revenues. Shares have rebounded somewhat from their much-maligned levels in early April, which was right around the time CEO Elon Musk was seeing his White House tenure coming to an end. Shares are +9.6% year to date, but flat ahead of today’s open.
We’ll also get IBM IBM earnings after today’s close, with the international tech giant looking to add to its +28% gains since the start of the year. Earnings are expected to come in +6% higher, with +7.57% on the revenues side for the quarter. Also, Southwest Airlines LUV fights a tough year-over-year comp, staring down -93% earnings growth in the quarter on +1.44% expected in revenues.
Beyond Nvidia: AI's Second Wave Is Here
The AI revolution has already minted millionaires. But the stocks everyone knows about aren't likely to keep delivering the biggest profits. Little-known AI firms tackling the world's biggest problems may be more lucrative in the coming months and years.
See "2nd Wave" AI stocks now >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Southwest Airlines Co. (LUV) : Free Stock Analysis Report
Tesla, Inc. (TSLA) : Free Stock Analysis Report
Teck Resources Ltd (TECK) : Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Southwest Airlines Company

Price history and volume

Shares 360

Investment risk — medium

Investment potential — medium

AI Factors

Recession Risk

Labor Costs

About