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Warner Bros. Discovery said its board is initiating a review of strategic options
Key Takeaways

• Warner Bros. Discovery is evaluating options "in light of unsolicited interest the company has received from multiple parties," the entertainment company said.
• Shares of Warner Bros. Discovery are up in Tuesday trading and have gained 90% for the year.

Warner Bros. Discovery may be setting the stage for its next act.

Shares of Warner Bros. Discovery (WBD) soared more than 10% Tuesday, putting them among the leading Nasdaq advancers, after the media and entertainment giant said it was initiating a strategic review amid interest from multiple suitors.

Warner Bros. Discovery said its board had "initiated a review of strategic alternatives to maximize shareholder value, in light of unsolicited interest the Company has received from multiple parties for both the entire company and Warner Bros."

Why This News Is Significant

Warner Bros. Discovery’s review is the latest move in a wave of deals and restructuring in the media landscape. The company’s potential breakup or sale underscores the pressure on traditional entertainment giants to face competition from tech-driven streaming rivals.

The Wall Street Journal reported in September that Paramount Skydance (PSKY), backed by the Ellison family, was preparing a cash bid for all of Warner Bros. Discovery.

Shares of Warner Bros. Discovery, whose holdings include HBO, CNN, TNT, and the Warner Bros. movie and television studios, have skyrocketed 90% this year, largely on significant gains after the mid-September news of Paramount's planned bid.

The latest options, Warner Bros. Discovery said, "include continuing to advance the Company's planned separation to completion by mid-2026, a transaction for the entire company, or separate transactions for its Warner Bros. and/or Discovery Global businesses." The company this summer said it intended to split into two companies by next year.

The company also said it would consider another separation that would involve a deal with Warner Bros. and a spin-off of Discovery Global. It did not announce a time frame for the review process.

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GM reported better-than-expected results and boosted its full-year outlook
Key Takeaways

• Major U.S. equities indexes were mostly higher at midday Tuesday, after a flurry of corporate earnings reports.
• General Motors shares surged after the automaker reported better-than-expected earnings and boosted its outlook.
• Gold mining firm Newmont's stock dropped along with the price of the precious metal.

Major U.S. equities indexes were mostly higher at midday Tuesday, after a flurry of corporate earnings reports. The blue-chip Dow Jones Industrial Average and benchmark S&P 500 rose, while the tech-heavy Nasdaq wavered between gains and losses.

General Motors (GM) shares soared to pace the S&P 500 after the automaker reported better-than-expected third-quarter results and boosted its 2025 outlook.

Shares of Warner Bros. Discovery (WBD) shares surged to lead the Nasdaq after the media and entertainment giant said it was initiating a strategic review.

3M (MMM) was the top performer in the Dow after the maker of Post-It notes topped earning estimates and lifted its guidance.

Gold mining firm Newmont (NEM)'s stock dropped along with the price of the precious metal, which sank after setting a new record high earlier Tuesday.

Shares of NuScale Power (SMR) dropped after The Wall Street Journal reported that activist investor Starboard Value had taken a 5% stake in engineering and construction company Fluor (FLR) and belives it should explore options for its nearly 40% stake in modular nuclear reactor firm NuScale.

Philip Morris International (PM) shares pulled back even though the tobacco giant raised its full-year profit guidance.

Oil futures were little changed. The yield on the 10-year Treasury note pulled back. The U.S. dollar gained ground against the pound, euro, and yen. Most major cryptocurrencies traded higher.

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General Motors shares jumped as it reported earnings Tuesday morning.
Key Takeaways

• General Motors stock took off Tuesday morning as the car manufacturer adjusted to tariffs more quickly than anticipated, Citi analysts said.
• Investors didn't seem put off by a $1.6 billion charge tied to GM reevaluating its electric vehicle strategy in response to regulation changes.
  

General Motors shares are racing higher. Progress dealing with tariffs is helping.

The Detroit-based auto manufacturer says it's investing $5 billion in scaling up domestic production of engines and 2 million vehicles per year—a move that seems safer thanks to the extension of a policy that offers some relief to U.S. companies with operations in Mexico and Canada. General Motors (GM) scaled back the anticipated cost of tariffs to $3.5 billion to $4.5 billion a year, CFO Paul Jacobson said on a conference call. The company is also moving quicker than expected and may offset the hit by the end of 2026, Citi analysts said.

The U.S.'s offset program, which targets medium-and heavy-duty vehicles, "will help make U.S.-produced vehicles more competitive over the next five years, and GM is very well positioned as we invest to increase our already significant domestic sourcing and manufacturing footprint," CEO Mary Barra said in a letter to investors.

What This News Means for Investors

Investors may be more optimistic about domestic car manufacturers now that GM and Stellantis have shown resilience in the face of changing environmental policies and an evolving trade backdrop. They're slated to get more insight when Ford and Tesla report later this week.

GM's revenue fell 0.3% year-over-year to $48.6 billion in its third quarter. Analysts were expecting a more significant decline, to $45 billion, according to Visible Alpha. The company reported $2.80 in adjusted earnings per share, which beat the $2.25 consensus estimate from Visible Alpha.

The update sent shares rising some 14% Tuesday, putting the stock up about 9% so far this year and at fresh 2025 highs. Similarly, Stellantis (STLA) shares jumped earlier this month when the domestic car manufacturer reported sales growth after several quarters of declines. Stellantis was up more than 4% today, as was Ford (F), which along with Tesla (TSLA) reports later this week.

The company is taking a $1.6 billion loss on its approach to electric vehicles. Electric vehicle sales in the U.S. surged as Americans rushed to buy them before the expiration of a $7,500 federal tax credit, the company said. The loss of that incentive—along with the federal government backing away from stricter emissions standards—has the company "reassessing" its plans, the CEO said.

"It is now clear that near-term EV adoption will be lower than planned," Barra said in a letter to investors. "The work, which is ongoing, resulted in a special charge in the third quarter, and we expect future charges. By acting swiftly and decisively to address overcapacity, we expect to reduce EV losses in 2026 and beyond."

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Shares of GE Aerospace have soared since the company began spinning off businesses in 2023.

GE Aerospace (GE) stock rose to a record high on Tuesday after the jet engine maker beat earnings estimates and raised its full-year outlook, underscoring strong demand for commercial and military aviation.

GE on Tuesday reported third-quarter adjusted earnings of $1.66 per share, a 44% increase from the same quarter last year. Revenue rose 24% to $12.2 billion. Wall Street analysts were forecasting EPS of $1.47 on total revenue of $10.9 billion, according to estimates compiled by Visible Alpha. 

Shares of GE Aerospace popped nearly 5% to trade at $316.53, an all-time high, early Tuesday before paring some gains. The stock was recently trading at about $308.

Why This Is Significant

General Electric was once America's largest company and the longest-standing original member of the Dow Jones Industrial Average, but its size became a burden in the 2000s after a few unsuccessful acquisitions and forays into new businesses. The success of it's split into three businesses has inspired similar moves from fellow industrial conglomerates 3M and Honeywell.

“Flight Deck, our proprietary lean operating model, is guided by a customer-driven approach to continuous improvement, where daily progress compounds to drive meaningful results. We are seeing that materialize this quarter with strong services and engine output for our customers,” said CEO Larry Culp in a press release. 

GE Aerospace also raised its full-year guidance across the board. The company now projects revenue growth in the high teens, up from its prior mid-teens forecast. Adjusted EPS is expected to come in between $6 and $6.20, up from a prior range of $5.60 to $5.80. 

GE’s quarterly revenue and earnings have risen 60% and 180%, respectively, since the storied conglomerate completed its first of two spin-offs in January 2023.

The streamlined aerospace company’s improved efficiency and profitability have made it a winner on Wall Street. Shares are up about 580% over the past three years, dramatically outperforming competitors RTX (RTX) and Honeywell (HON), up 84% and 15%, respectively. 

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Unit case volumes grew 1% overall for Coca-Cola in the third quarter
Key Takeaways

• Coca-Cola shares rose Tuesday after the company posted better-than-expected quarterly profits. The company plans to sell a majority stake in the largest Coca-Cola bottler in Africa.
• The stock's climb extends an upward move that started late last month and has the shares within view of 2025 highs and Wall Street's consensus target.

There's some fizz in Coca-Cola today.

Shares of Coca-Cola (KO) were recently up more than 3% after the beverage giant posted stronger-than-expected third-quarter profit. The shares rose even through revenue came up slightly short in what CEO James Quincey called a "challenging" environment.

The Atlanta-based company reported Q3 adjusted earnings of $0.82 per share on revenue that increased 5% year-over-year to $12.46 billion. Analysts surveyed by Visible Alpha had expected $0.78 and $12.52 billion, respectively.

The morning's move higher has the shares extending an upward run that started late last month. The stock remains off 2025 highs, though those levels are back in view. (The stock recently traded near $71; Visible Alpha's analyst mean is around $79.)

Why This Is Significant

Coca-Cola’s strong earnings despite weaker volumes reflect how many global brands are relying on price increases and product shifts to offset slowing consumer demand. In Coca-Cola's case, that has executives confident that they can meet their targets despite what they call a "challenging" backdrop.

Unit case volumes were up 1% overall but flat in North America and Latin America, and fell 1% in the Asia Pacific region. Sparkling soft drink volumes were even, aided by 14% growth in Coca-Cola Zero Sugar. Water, sports, coffee, and tea grew 3%, but juice, value-added dairy, and plant-based beverages declined 3%.

Quincey said that "the overall environment has continued to be challenging," but added that "we're confident we can deliver on our 2025 guidance while also working to achieve our longer-term objectives." For the full year, the company expects 5%–6% organic revenue growth.

The company also announced a $2.6 billion deal to sell a majority stake in the largest Coca-Cola bottler in Africa, following its move last year to sell a 40% ownership stake in a bottler in India.

With today's climb, shares are up about 13% since the start of the year.

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The quality of Medicare coverage varies a great deal between states.
KEY TAKEAWAYS

• States with higher-ranking Medicare programs generally had plans with better coverage and easier access to providers.
• Medicare enrollees in the lowest-ranking states had a hard time accessing care due to a lack of transportation, fewer local providers, and increased requirements that delay services.
• Beneficiaries in rural areas were less likely to have a regular health care provider and spent more on care.

Open enrollment for 2026 Medicare plans nationwide began last week, but a new report found that the quality of care Americans experience varies widely depending on where they live.

One in five Americans is currently on Medicare, the federal health insurance plan for disabled Americans and those 65 years of age and older. Depending on the state they reside in, some beneficiaries have better health care access and coverage, according to the Commonwealth Fund, a health care research group. However, almost all Medicare enrollees will see changes to their coverage and higher costs in 2026.

Why This Matter to You

Most Americans rely on Medicare, the federal health insurance program, at some point in their lives—generally when they are seniors. So it's important to understand that this national program can have significant geographic disparities.

Top-Performing States

The top three best-ranked states for Medicare were Vermont, Utah, and Minnesota. In the higher-performing states, Medicare enrollees could more easily find a regular health care provider, and their plans generally had better coverage for health services and prescriptions.

Beneficiaries with Medicare Advantage and add-on prescription drug plans in particular had more generous coverage in the higher-ranking states.

Higher-ranked states also didn't require as many Medicare Advantage enrollees to have prior authorization for preventive services and specialty care. This authorization process is meant to help reduce spending on care that some enrollees don't need, but it can also delay or disrupt necessary care for others.

Bottom-Performing States

The lowest-ranked states were Louisiana, Mississippi, and Kentucky. 

Beneficiaries in the lower-ranking states had difficulty accessing care. Part of that was due to a lack of transportation and infrastructure in the area that made it hard to physically get to providers, while prior authorization requirements for certain services presented another hurdle.

The quality of care in most of these lower-ranked states was also typically worse. Beneficiaries in these areas are less likely to receive the appropriate tests, treatments, and services. In particular, beneficiaries in southeastern states, such as Louisiana, Florida, Alabama, Arkansas, and West Virginia, were more likely to be prescribed unnecessary and inappropriate medications, which could cause further health problems for the elderly.

Beneficiaries in Rural Areas Had Less Access to Quality Care

The study also found that beneficiaries in rural areas, no matter what state they live in, are less likely to have a regular health care provider. That in turn makes it harder for them to manage chronic conditions and get preventative treatment.

Nationally, less than 5% of older Americans did not have a regular health care provider. However that number jumps in rural areas, to between 9% and 12%.

In addition, those in rural states, specifically in the West and Upper Great Plains, paid more on average for total health care costs. More elderly beneficiaries in rural areas also reported going without medical care due to high costs.

Source: TradingView.com
Key Takeaways

• Apple shares remain in the spotlight after hitting a new record high for the first time this year on Monday following signs of a strong start to iPhone 17 sales.
• After breaking below a pennant earlier this month, the stock made a swift reversal to close above the pattern on Monday, creating a potential bear trap scenario.
• Bars pattern analysis forecasts a potential upside target around $308 and indicates the move may last until late November or early December. Investors should also watch key support levels on Apple's chart near $250 and $237.

Apple (AAPL) shares remain in the spotlight after hitting a new record high for the first time this year on Monday following signs of a strong start to iPhone 17 sales.

The tech giant's recently released iPhone 17 series outsold its prior lineup in the U.S. and China during its first 10 days of availability, according to a report from Counterpoint Research. The base model performed particularly well in China, while many American buyers upgraded to the Pro Max version, according to the research.

Apple shares have rallied 30% from their August low and are up nearly 5% year to date (YTD). However, they trail the returns of all Magnificent Seven members except Amazon (AMZN) since the start of the year amid concerns that the iPhone maker has fallen behind its big tech peers in the AI race. The stock was down slightly at around $262 in recent premarket trading Tuesday.

Below, we break down the technicals on Apple’s chart and identify critical price levels worth watching out for after the stock’s record high close.

Potential Bear Trap

After breaking below a pennant earlier this month, Apple shares made a swift reversal to close above the pattern on Monday, creating a potential bear trap scenario. Such a trading event “traps” investors who initiated short positions and subsequently generates losses as the price turns higher. 

Meanwhile, the relative strength index confirms bullish momentum, though the indicator remains below its prior peaks, indicating the stock has further room to move into price discovery mode before consolidating.

In another win for the bulls, the 50-day moving average (MA) crossed above the 200-day MA last month to generate a bullish golden cross.

Let’s apply technical analysis to forecast how a new trend higher in Apple shares may play out and also identify support levels worth watching.

Applying Bars Pattern Analysis to Apple’s Chart

Investors can forecast how a new trend higher in Apple share might unfold by using bars pattern analysis, a technique that analyzes prior price movements to project future trends.

When applying the study to the iPhone maker’s chart, we extract the bars comprising the strong uptrend from early August to late September and overlay them from this month’s low. This forecasts an upside target of around $308 and indicates the move may last until late November or early December if price action rhymes. 

Interestingly, this earlier move began after a similar bear trap formed on the chart following a breakdown from a pennant, offering clues as to how a new trend could emerge from a comparable trading setup.

Support Levels Worth Watching

During retracements, investors should initially watch the $250 level. This area could provide support near recent lows and the stock’s prominent February countertrend swing high.

Finally, selling below this level may see Apple shares retreat toward $237. Investors could look to accumulate shares in this region near a multi-month horizontal line that connects a range of closely aligned trading activity on the chart between July last year and September this year.

The comments, opinions, and analyses expressed on Investopedia are for informational purposes only. Read our warranty and liability disclaimer for more info.

As of the date this article was written, the author does not own any of the above securities.

News of the day for Oct. 21, 2025

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Investors are keeping close tabs on earnings reports from major companies this week.

Stock futures are little changed this morning after major indexes moved sharply higher to start the week; the U.S. government shutdown entered its 21st day as a top White House adviser predicted an end to the budget impasse this week; Apple (AAPL) shares remain in focus after hitting a record high on news of strong sales of its iPhone 17; General Motors (GM) shares are surging after the automaker reported better-than-expected earnings and raised its full-year outlook; Netflix (NFLX) is expected to report strong results after the closing bell as it continues to grow advertising revenue.  Here's what you need to know today.

1. Stock Futures Hold Steady After Major Indexes Surged to Start Week

Stock futures are treading water this morning after major indexes jumped to start the week as shares of Apple and other tech firms paced gains. Futures tied to the Dow Jones Industrial Average, the S&P 500 and the tech-heavy Nasdaq, each of which gained more than 1% yesterday, were fractionally higher in recent trading. Gold futures were down down 2% at $4,275 an ounce, as the precious metal pulled back from record highs amid the stock market rally. Bitcoin (BTCUSD) was at $108,500, down from a high yesterday of around $111,700. The yield on the 10-year Treasury note, which can affect borrowing costs for an array consumer loans, continued to trade near six-month lows at around 3.98%.

2. Government Shutdown Concludes Third Week as White House Official Predicts End Soon

The U.S. government shutdown entered its 21st day on Tuesday amid hopes that the budget dispute could be resolved this week.  White House economic advisor Kevin Hassett told CNBC on Monday that the shutdown was “likely to end sometime this week.” Hassett said that White House was prepared to take stronger action to force an end to the shutdown if no deal is reached this week. Meanwhile, the government work stoppage continues to affect the release of several economic reports from statistical agencies, with data on weekly jobless claims, retail sales and housing starts delayed due to the shutdown. Market watchers are expected to get inflation data on Friday.

3. Apple Shares in Focus After Hitting Record High on Strong iPhone Sales

Shares of Apple (AAPL) were modestly lower in premarket trading after closing at a record high Monday following a report showing strong sales of the iPhone 17. Apple shares gained nearly 4% yesterday, hitting a new high for the first time in 2025 and lifting the company’s market capitalization to nearly $4 trillion. A report from tech product research firm Counterpoint Research showed that iPhone 17 sales in the U.S. and China during the first 10 days of availability were 14% higher than iPhone 16 sales over the like period. Apple shares were down 0.2% ahead of the opening bell.

4. General Motors Shares Jump on Strong Earnings, Improved Guidance

General Motors (GM) shares are soaring in premarket trading after the Big Three automaker posted better-than-expected earnings and raised its full-year guidance. GM reported third-quarter revenue of $48.59 billion, ahead of the Visible Alpha consensus of $45.02 billion, while its earnings per share (EPS) of $2.80 exceeded analyst projections of $2.25. GM also raised its full-year outlook for adjusted earnings before interest and taxes to between $12 billion and $13 billion, up from its prior forecast of $10 billion to $12.5 billion, while its adjusted EPS is now expected to hit $9.75-$10.50, ahead of prior forecasts of $8.25-$10. The strong earnings report comes after GM warned it would take a charge of up to $1.6 billion due to falling demand for electric vehicle sales. GM shares were up more than 11% in recent premarket trading.

5. Netflix Expected to Report Strong Earnings Amid Increasing Ad Revenue

Netflix (NFLX) is set to release its third-quarter results after the closing bell, with Wall Street analysts expecting another strong report from the streaming giant. Netflix has projected that its advertising revenue could double this year, and investors will be eager to hear the company's latest guidance. Analysts surveyed by Visible Alpha expect Netflix to report $11.52 billion in third-quarter revenue, a 17% rise from the year-ago quarter, while its earnings per share is expected to have jumped 28% to $6.92. Shares of Netflix, which have gained nearly 40% since the start of the year, were up 0.8% in recent premarket trading.

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Intel is scheduled to report earnings after the closing bell on Thursday.
Key Takeaways

• Intel shares are expected to see an above-average move after the chipmaker reports third-quarter results Thursday afternoon.
• Thursday's report will be the company's first since it agreed to give the federal government a nearly 10% stake, a deal that's attracted investors like AI chip giant Nvidia and buoyed Intel's stock.

Intel (INTC) is set to report third-quarter earnings after markets close Thursday, and traders expect the stock to be unusually volatile following the results.

Intel shares are expected to move nearly 10% in either direction the day after this week’s earnings report, according to recent options prices. A jump of that magnitude, based on Monday's closing price, would put shares at about $42, their highest price since April 2024. Alternately, shares could decline 10% to end the week at just above $32.

Intel shares have moved an average of 6.5% after its four most recent earnings reports. In July, the stock dropped more than 8% after it reported an unexpected loss and issued a disappointing third-quarter forecast. The last time Intel shares rose on an earnings report was this time last year, when the company touted “solid progress” on its turnaround plan. 

Why This Is Important

Intel's stock has surged in recent months, boosted by optimism about the federal government's stake in the chipmaker and what it means for its troubled foundry business. Expectations for a large post-earnings move likely reflect the stock's recent run-up and uncertainty about how recent investments will affect operations in the near term.

Thursday’s report will be Intel’s first since the federal government took an approximately 10% stake in the company. That deal with the Trump administration may have been a turning point for the embattled chipmaker, which has since received additional investments from Japanese venture capital firm SoftBank and AI chip giant Nvidia (NVDA), with whom Intel will partner on custom hardware. 

During the post-earnings conference call on Thursday, investors will be hoping for updates from executives on those investments and whether they change the outlook for Intel's struggling foundry business

The deals have at least been a lifeline for Intel’s stock, which was treading water until rumors of White House negotiations began to circulate in early August. Intel shares have risen 90% since the start of the year, and all of those gains have come in the last three months. 

Still, analysts are on the whole skeptical that the stock can maintain its recent momentum. Five of the seven analysts with current ratings tracked by Visible Alpha have assigned Intel stock a “Hold” rating, while two suggest selling. The average price target of about $30.60 represents nearly 20% downside from Monday's closing level. 

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Some defense stocks could present a buying opportunity before the government shutdown ends, analysts said.
Key Takeaways

• Northrop Grumman, Lockheed Martin, and other companies in the aerospace and defense sectors that count the U.S. government as a major client are set to report earnings this week.
• Some analysts think those companies could be conservative in with their outlooks as a federal shutdown drags on. That could weigh on their stocks in the near term, suggesting a buying opportunity, Morgan Stanley said.

The government shutdown hasn't been great for defense stocks. But it could be time to buy them.

Companies that supply the U.S. military and other areas of the government have faced near-term uncertainty this month as the shutdown has stretched into its fourth week. That's weighed on the shares: The iShares U.S. Aerospace & Defense ETF (ITA) and Invesco Aerospace & Defense ETF (PPA), for example, were largely left out of last week's broader market gains, finishing about flat while the S&P 500 rose close to 2%. Both are down from early October highs.

That could mean a chance to buy stocks that stand to get a boost when more clarity around government funding becomes available, according to some Wall Street analysts. Some companies may offer muted outlooks during the shutdown, analysts said, which could be revised upward.

"We’d be buyers of tepid Defense outlooks as upward revisions should materialize as the funding picture clears up," Morgan Stanley analysts wrote in a recent note.

Why This Matters for Investors

The government shutdown has injected some uncertainty into the outlook for government spending. That uncertainty, some analysts say, could be a source of profitable ideas—such as defense companies that derive a large portion of their business from the U.S. military, which may soon offer up tepid outlooks that could be upgraded later.

Northrop Grumman (NOC), which is set to report earnings Tuesday, could set the tone. Morgan Stanley’s price target of $720 suggests roughly 20% upside from Monday’s close at $602 and is well above the mean of analysts surveyed by Visible Alpha around $635. 

Northrop Grumman shares, while down about 1% since the shutdown began at the beginning of October, have climbed about 28% in 2025, outperforming the S&P 500's close to 15% rise over the same period.

The analysts also said they like Lockheed Martin (LMT), which is set to report Tuesday along with RTX Corp. (RTX), and GE Aerospace (GE). CACI (CACI) is due to follow later in the week. Boeing (BA) and L3Harris (LHX) are scheduled to post results next week. 

Shares of Northrop Grumman, RTX, and others were higher Monday afternoon amid broader market gains. In an interview with CNBC, White House Economic Advisor Kevin Hassett said he expects the shutdown “is likely to end sometime this week." On Polymarket, bettors current see the shutdown ending between Thursday and Sunday as slightly more likely than by next Monday-Thursday.