IDD Daily Brief: Wednesday, Nov 4, 2026 — AMD posts record revenue as 3M agrees to $7.35 billion PFAS settlement

> “The great game of life is not about money; it is about doing your best to build the world anew.” — John C. Bogle

The Big Picture

• AMD posted record revenue on surging data center sales. Third-quarter revenue rose 44.7% to $13.38 billion as Data Center revenue jumped 96.9% to $8.55 billion, and AMD guided fourth-quarter revenue to an estimated $17 billion, plus or minus 3%.

• 3M agreed to settle PFAS firefighting foam injury claims. The settlement has a nominal value of $7.35 billion paid from 2026 to 2034 and a present value of $5.8 billion, which 3M will record as a fourth-quarter pre-tax charge.

• Marathon Petroleum's adjusted EPS soared to $26.93 from $3.01. The refiner raised its dividend 10%, added a $5 billion buyback authorization and agreed to sell two refineries for $4.2 billion.

Economic Data

• Job openings: The Bureau of Labor Statistics reported that U.S. job openings were little changed at 7.5 million in September, a rate of 4.5%, while quits rose by 321,000 to 3.4 million. Layoffs and discharges were 1.6 million.

What it means: The BLS said hires and separations held near 5.4 million and 5.3 million, and it revised August openings up by 111,000 to 7.2 million.

Earnings

Reported since yesterday's brief

• Pfizer (PFE): Revenue slipped 0.4% to $16.58 billion, but Pfizer raised 2026 revenue guidance to $62.0 billion to $64.0 billion as Eliquis rose 25.2% and Paxlovid fell 63.3%, according to its 8-K.

• Eaton (ETN): Sales rose 28.0% to a record $8.95 billion and adjusted EPS rose 19.9% to a record $3.68, according to its 8-K. Eaton guided 2026 organic growth to 13% to 15%.

• Shopify (SHOP): Revenue rose 31.6% to $3.74 billion on gross merchandise volume of $119.1 billion, and Shopify guided fourth-quarter revenue growth to the low-thirties percent, the company said.

• Supermicro (SMCI): Preliminary fiscal first-quarter net sales surged 297.5% to $19.95 billion, and the company set fiscal 2027 sales guidance of $72.0 billion to $82.0 billion, according to its 8-K.

• Arista Networks (ANET): Revenue rose 58.5% to $3.66 billion, above its $3.3 billion guidance, and Arista guided fourth-quarter revenue to $3.9 billion to $4.0 billion, according to its 8-K.

• Fiserv (FISV): A $6.45 billion non-cash goodwill impairment produced a GAAP loss of $11.17 per share, according to its 8-K. Fiserv reaffirmed 2026 adjusted EPS guidance of $7.20 to $7.40 and doubled its Project Elevate savings target to $1 billion.