Raphael Stevens

Ford Motor beat Wall Street’s third-quarter earnings expectations Thursday.
But the Detroit automaker lowered its 2025 guidance due to impacts of a fire at an aluminum supplier.

A Ford logo on a Ford F-150 pickup truck for sale in Encinitas, California, U.S. Oct. 20, 2025.
Mike Blake | Reuters

DETROIT – Ford Motor beat Wall Street’s third-quarter earnings expectations but lowered its 2025 guidance due to impacts of a supplier fire, which is disrupting production of its highly profitable large trucks and SUVs.
The Detroit automaker said the fire last month at a New York plant for aluminum supplier Novelis is expected to cost it between $1.5 billion and $2 billion, but it expects to mitigate much of that this year and next, largely by increasing manufacturing of the impacted vehicles once supplies are more available.

Ford stock initially fell during extended trading Thursday before swinging to being up roughly 4%. It closed at $12.34 per share Thursday and the stock is up 24% so far this year.
Ford said the total cost of the fire on its business is expected to be less than $1 billion by next year, as the company announced plans Thursday to “significantly increase” its U.S. pickup truck production. That includes adding 1,000 workers early next year to plants that produce the vehicles in Michigan and Kentucky.
The automaker expects the additional production next year to recoup about half of the 100,000 units it expects to lose due to the fire this year.
“We are working intensively with Novelis and others to source aluminum that can be processed in the cold rolling section of the plant that remains operational while also working to restore overall plant production. We have made substantial progress in a short time to minimize the impact in 2025 and recover production in 2026,” Ford CEO Jim Farley said in a statement.

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Ford Chief Operating Officer Kumar Galhotra said the fire occurred in one of three main parts of the plant — a hot mill — with the non-impacted areas continuing to operate. The impacted part of the plant is expected to restart sooner than originally expected in late November or early December, he said.

Ford’s new 2025 guidance includes adjusted earnings before interest and taxes of $6 billion to $6.5 billion, down from $6.5 billion to $7.5 billion as of July; adjusted free cash flow of $2 billion to $3 billion, down from $3.5 billion to $4.5 billion, and capital spending of roughly $9 billion, which remains the same.
Ford CFO Sherry House said without the supplier fire, the company was planning to raise its 2025 guidance to more than $8 billion in adjusted EBIT rather than cutting it.
RBC Markets analyst Tom Narayan in a note Thursday called the guidance change “effectively” a raise, backing out the supplier fire and changes in tariff costs.
Ford lowered its expected tariff costs by $1 billion, to roughly $2 billion,  half of which the automaker expects to offset through other actions, due to changes Friday by the Trump administration that included exemption and extending tariff offsets on American-made vehicles.
Here’s what Wall Street expects, based on average analysts’ estimates compiled by LSEG:

Earnings per share: 45 cents adjusted vs. 36 cents expected
Automotive revenue: $47.19 billion vs. $43.08 billion expected

Ford said there was no material impact to third-quarter results due to the fire, but that it will impact its fourth-quarter results.
The company’s third-quarter revenue, including its financial arm, was $50.5 billion, a quarterly record and 9% increase from the same time a year ago. Its net income during the quarter was $2.4 billion, up from $900 million a year earlier, and adjusted earnings before interest and taxes were level at $2.6 billion. Both included adverse net tariff-related impact of $700 million during the third quarter.
Adjusted earnings exclude one-time or special items, some interest and taxes as well as other financials not considered “core” to the company’s operations. 
“Our performance in the quarter show that the Ford+ plan is delivering consistent improvement. Our underlying business becomes stronger, more efficient, more agile and increasingly durable,” House told media Thursday.
The Ford+ plan is a turnaround and cost-improvement plan under Farley, who started leading the automaker more than five years ago. The company said it remains on track to cut $1 billion in costs this year as part of the plan.
Ford’s third-quarter results were led by its “Pro” commercial and fleet business that reported EBIT results of nearly $2 billion, up $172 million from a year earlier. Its traditional operations, known as “Ford Blue” reported EBIT earnings of $1.54 billion, while its “Model e” electric vehicle business widened losses by $179 million compared with a year ago, to $1.41 billion. More

Disney began running public messages to YouTube TV subscribers warning them of a potential black out.
YouTube TV wants more favorable terms to carry Disney’s networks given its recent growth. YouTube TV has about 10 million subscribers.
Disney’s existing carriage deal with YouTube TV ends at 11:59 p.m. ET on October 30.
YouTube TV said it would offer subscribers a $20 credit if Disney’s networks are unavailable for a period of time.

ESPN and YouTube TV.
David Buono | Icon Sportswire | Jaque Silva | NurPhoto | Getty Images

Just a month after reaching an agreement with NBCUniversal to avoid dropping its networks, YouTube TV has another potential blackout on its hands — this time with Disney.
Disney said Thursday it would begin running public messages for YouTube TV subscribers to alert customers that the company’s networks, including ABC and ESPN, will be dropped from the service if the two sides can’t reach a new distribution agreement, which expires October 30 at 11:59 p.m. ET.

“This is the latest example of Google exploiting its position at the expense of their own customers,” a Disney spokesperson said in a statement. “If we don’t reach a fair deal soon, YouTube TV customers will lose access to ESPN and ABC, and all our marquee programming — including the NFL, college football, NBA and NHL seasons — and so much more.”
Disney began running public announcements on YouTube TV at 5 p.m. ET.
As with NBCUniversal, YouTube TV is asking for better rates for Disney’s programming, according to people familiar with the discussions. YouTube TV has about 10 million subscribers and wants more favorable terms given their scale, the people said.
“We’ve been working in good faith to negotiate a deal with Disney that pays them fairly for their content on YouTube TV,” a spokesperson for the service said in a statement. “Unfortunately, Disney is proposing costly economic terms that would raise prices on YouTube TV customers and give our customers fewer choices, while benefiting Disney’s own live TV products – like Hulu + Live TV and, soon, Fubo. Without an agreement, we’ll have to remove Disney’s content from YouTube TV and if it remains unavailable for an extended period of time, we will offer subscribers a $20 credit.”

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YouTube TV and NBCUniversal first reached a temporary extension to avoid a blackout before inking a finalized deal a few days later.

Two years ago, Disney reached an unusual distribution agreement with Charter, the largest U.S. pay TV provider by subscribers, that gave certain Charter subscribers access to Disney+, Hulu and ESPN+ for no extra charge. Disney is willing to offer YouTube TV the same terms as that Charter agreement, two of the people said.
YouTube TV is again asking to ingest Disney’s streaming content, giving customers the ability to view programming on Disney+, Hulu and ESPN+ without leaving the YouTube platform, according to a person familiar with the negotiations. YouTube TV also asked for this in its negotiations with NBCUniversal and was rejected. Similarly, Disney has no plans to say yes to this request, according to people familiar with the company’s thinking.
The clash between Disney and YouTube has an added element of conflict. YouTube hired away former Disney distribution executive Justin Connolly earlier this year, prompting Disney to file a breach of contract lawsuit. Connolly has recused himself from these discussions, according to the people familiar with the process.
Disclosure: Comcast is the parent company of NBCUniversal, which owns CNBC. Versant would become the new parent company of CNBC upon Comcast’s planned spinoff of Versant. More

Rivian Automotive reportedly plans to lay off more than 600 people.
EV makers are facing a more challenging market amid changing regulations under the Trump administration.

A Rivian R1S electric vehicle (EV) at a dealership and service center in San Francisco, California, US, on Tuesday, June 3, 2025.
David Paul Morris | Bloomberg | Getty Images

DETROIT – Rivian Automotive is laying off roughly 4.5% of its workforce as the all-electric vehicle maker faces growing market challenges, according to a note sent to employees Thursday and viewed by CNBC.
In the message, Rivian founder and CEO RJ Scaringe said the cuts largely involved restructurings of its marketing, vehicle operations and sales/delivery and mobile operations teams.

“These are not changes that were made lightly. With the changing operating backdrop, we had to rethink how we are scaling our go-to-market functions. This news is challenging to hear, and the hard work and contributions of the team members who are leaving are greatly appreciated,” Scaringe said.
Rivian had just under 15,000 employees at the end of last year.
The note did not specify how many employees would be laid off. The Wall Street Journal, which first reported the plans, said the layoffs would affect more than 600 workers, which a source familiar with the plans confirmed to CNBC. The person spoke anonymously because the news had not yet been made public.
Rivian and other EV manufacturers are increasingly facing a more challenging market than they did in recent years amid changing regulations under the Trump administration, including the elimination of a $7,500 federal incentive for purchasing an EV.
Aside from regulatory issues, Rivian also faces slower-than-expected EV demand and a lack of new products until next year amid needs for cash and earnings losses. The company lost $1.1 billion during the second quarter.

Scaringe, in the Thursday note, said the changes will ensure the company “can deliver on our potential by scaling efficiently towards building a healthy and profitable business,” as it prepares to launch its new R2 models, which are expected to begin production next year.
Rivian’s vehicle sales increased 32% to 13,201 units year over year during the third quarter as buyers hurried to purchase an EV before the federal incentives expired at the end of September, but the company’s 2025 delivery forecast was narrowed from as many as 46,000 units to between 41,500 and 43,500 vehicles.
In August, Rivian also flagged a bigger adjusted core loss this year, expecting it to between $2 billion and $2.25 billion, compared with $1.7 billion to $1.9 billion previously forecast.
Shares of Rivian closed Thursday at $13.09, up 1.3%. The stock is off less than 2% this year. More

Target said Thursday that it’s cutting 1,800 roles across the company, or roughly 8% of its corporate workforce.
It marks the largest round of layoffs at the company in a decade.
The retailer is fighting to get back to growth and poised to get a new CEO in February.

A Target logo is displayed outside one of their stores on August 2, 2025 in San Diego, California.
Kevin Carter | Getty Images

Target said on Thursday it’s cutting 1,800 corporate jobs as the retailer tries to get back to growth after four years of roughly stagnant sales.
It marks the first major round of layoffs in a decade for the Minneapolis-based retailer. It announced the layoffs in a memo sent by Target’s incoming CEO Michael Fiddelke to employees at its headquarters.

The eliminated roles are a combination of about 1,000 employee layoffs and about 800 positions that will no longer be filled, a company spokesman said. Together, they represent an approximately 8% cut to Target’s corporate workforce, according to the memo. Affected employees will be notified Tuesday.
The retailer announced the cuts as it nears a leadership change.
Target in August named Fiddelke, currently its chief operating officer and formerly chief financial officer, as the successor to longtime leader Brian Cornell. He takes the helm February 1.
Fiddelke has also overseen the Enterprise Acceleration Office, an effort announced in May, which looked for ways to simplify company operations, use technology in new ways and speed up Target’s growth. 
Target has been fighting a sales slump, as it tries to rebound from declining store traffic, inventory troubles and customer backlash. The company has said it expects annual sales to decline this year.

Its shares have fallen by 65% since their all-time high in late 2021.
Compared to retail competitors, Target draws less of its overall sales from groceries and other necessities, which can make its business more vulnerable to the ups and downs of the economy and consumer sentiment. About half of Target’s sales come from discretionary items, compared to only 40% at Walmart, according to estimates from GlobalData Retail.
As a result of that and other company-specific challenges, Target’s sales trends and stock performance have diverged sharply from competitors. Shares of Walmart are up about 123% in the past five years, compared to Target’s decline of 41% during the same time period.
In a memo sent Thursday to employees at Target’s headquarters, Fiddelke said the employee cuts will help Target make urgent changes.
“The truth is, the complexity we’ve created over time has been holding us back,” he said in the memo. “Too many layers and overlapping work have slowed decisions, making it harder to bring ideas to life.”
He said the cuts are difficult, but “a necessary step in building the future of Target and enabling the progress and growth we all want to see.”   
Target employees affected by the layoffs will receive pay and benefits until January 3, in addition to severance packages, according to a company spokesman. No roles in stores or in Target’s supply chain were impacted by the cuts, the company spokesman said.
Read the full memo from Fiddelke:

Team, 
This spring, we launched our enterprise acceleration efforts with a clear ambition: to move faster and simplify how we work to drive Target’s next chapter of growth. The truth is, the complexity we’ve created over time has been holding us back. Too many layers and overlapping work have slowed decisions, making it harder to bring ideas to life. 
On Tuesday, we’ll share changes to our headquarters structure as an important step in accelerating how we work. This includes eliminating about 1,800 non-field roles — about 8% of our global HQ team. As we make these changes, I’m asking all U.S. HQ team members to work from home next week. Target in India and our other global teams will follow their in-office routines. 
Decisions that affect our team are the most significant ones we make, and we never make them lightly. I know the real impact this has on our team, and it will be difficult. And, it’s a necessary step in building the future of Target and enabling the progress and growth we all want to see.   
Adjusting our structure is one part of the work ahead of us. It will also require new behaviors and sharper priorities that strengthen our retail leadership in style and design and enable faster execution so we can: 

Lead with merchandising authority; 

Elevate the guest experience with every interaction; and 

Accelerate technology to enable our team and delight our guests. 

Put together, these changes set the course for our company to be stronger, faster and better positioned to serve guests and communities for many years to come. 
Michael  More

FBI Director Kash Patel on Thursday announced the arrests of Portland Trailblazers coach Chauncey Billups and Miami Heat player Terry Rozier.
Legal licensed sportsbooks in the U.S. have enjoyed massive growth in recent years, but they’re still trying to expand.
FanDuel and DraftKings reiterated their gaming protections.

NBA and FanDuel online sports betting signage is displayed on the side of a building in Phoenix, Arizona, on June 5, 2024.
Patrick T. Fallon | AFP | Getty Images

“This is the insider trading saga for the NBA.”
That was FBI Director Kash Patel’s message at a news conference Thursday, announcing the arrests of Portland Trailblazers coach Chauncey Billups and Miami Heat player Terry Rozier.

The two were among more than 30 people charged in an illegal poker ring involving organized crime and cheating, according to prosecutors. The U.S. Attorney, FBI and other law enforcement agencies are also charging Rozier as well as former Cleveland Cavaliers player and assistant coach Damon Jones with a sports betting scheme to throw games or make illegal wagers on inside information.
It’s the kind of news that could prove damaging to the legal gambling industry — or, perhaps, a real opportunity.
Legal licensed sportsbooks in the U.S. have enjoyed massive growth in recent years, but they’re still trying to expand. The market leaders FanDuel, DraftKings, BetMGM and Caesars don’t have access to the two most populous states, California and Texas, because they have not legalized sports gambling.
When state lawmakers debate the pros and cons of legalizing sports betting, there are persistent questions about sports integrity and the opportunities for cheating. Players arrested on federal charges, accused of manipulating game play and profiting on illegal activity provide solid evidence for a sermon against the dangers of gambling.
The commercial gambling industry knows it. And it’s seizing the moment to reiterate its protections.

“Today’s events are deeply disturbing, and should concern fans, athletes, and everyone who loves sports and values integrity and fair play,” FanDuel, owned by Flutter, said in a statement to CNBC shortly after federal prosecutors and law enforcement wrapped up their news conference.
“We are unwavering in our commitment to rooting out abuses by those who seek to undermine fair competition and the games we love,” FanDuel said.
The American Gaming Association blasted out its statement: “Today’s revelations are a stark reminder of the pervasive and predatory illegal market, ensnaring countless individuals and operating in the shadows … It is important to recognize that the regulated legal market delivers transparency, oversight, and collaboration with authorities that assists in bringing these bad actors to light.”
A DraftKings spokesman told CNBC, “We fundamentally believe that regulated online sports betting is the best way forward, to monitor for and detect suspicious behavior.”
Sportsbooks and the integrity monitoring companies that work with them were involved in alerting authorities to unusually large wagers on Jontay Porter prop bets that resulted in Porter being banned for life from the NBA last year and convicted on federal charges.
Prosecutors say Porter’s activity was part of the same conspiracy ring operating between 2022 and 2024 that resulted in six arrests this week.
A rapid response from the sportsbooks with carefully crafted crisis communications messages could be designed to ward off threats from state gaming regulators to crack down on player props, which are often the basis of parlay bets.
Parlays, which combine several bet criteria into a single wager, are very profitable for the sportsbooks and popular with customers, even though there are lower chances of winning.
The negative headlines over illegal gambling could ultimately prove to be an opportunity in the long run for commercial and tribal casinos if it prompts more enforcement action against unlicensed operators.
After all, unlicensed gambling in the U.S. is estimated to bring in $674 billion in wagers annually, the AGA said in August. More

Shares of Pop Mart fell 9% Thursday, the stock’s worst day since April.
The Labubu maker reported third-quarter revenue that had more than tripled year over year. Sales in the U.S. swelled between 1,265% and 1,270% during the period.
But resale demand jitters could be contributing to a stock pullback since its August peak.

An exhibition room at Pop Mart’s theme park, Pop Land, in Beijing, on June 18, 2025.
Pedro Pardo | Afp | Getty Images

Shares of Chinese toymaker Pop Mart fell 9% Thursday, notching the stock’s worst day since April and extending its declines since a late-August peak.
The company behind the popular Labubu dolls, a series of collectible elf-like monster dolls that come in blind-box packaging, reported on Tuesday that third-quarter revenue had more than tripled year over year as sales in the U.S. swelled between 1,265% and 1,270%.

And yet concerns are growing the craze could be fading.
Data from Chinese resale platform Qiandao shows that some Labubus are being sold close to or below official Pop Mart retail prices, a stark shift after a period of sky-high demand and prices. The Labubu character Luck, released in April, for example, saw its resale price soar to over 500 yuan, or about $70, at one point. But that’s since dropped to 108 yuan, or about $15, according to Qiandao.
Since August, Pop Mart stock has fallen 30%, but is still up 159% so far this year.
Analysts are split on how to interpret the downturn.
One line of thinking is that the falling resale prices could signal slowing enthusiasm for Labubu and other collectibles after a summer peak, particularly among younger, nontraditional toy buyers. Another possibility: The decline may reflect Pop Mart’s efforts to increase supply and curb scalping, rather than waning consumer demand.

Pop Mart reported a 10-fold increase in the supply of plush toys this year and said it now manufactures approximately 30 million units each month, the company told Reuters on Tuesday.
Morgan Stanley analysts noted in a September client note that “prices in the second-hand market do not effectively reflect the true supply and demand situation,” especially given Pop Mart’s initiatives to limit resellers’ influence.
The popularity of the Labubu dolls have been boosted by celebrity fans including singer Rihanna and former soccer star David Beckham. However, Labubus aren’t the only Pop Mart product drawing the eye of nontraditional toy buyers.
Morgan Stanley analysts noted that emerging characters like Twinkle Twinkle and opportunities for global expansion continue to play a key role in driving Pop Mart’s growth. More