IDD Daily Brief: Thursday, Nov 5, 2026 — Intel CEO Tan buys $9.71 million of stock as CVS plans a split

> “The way to achieve this goal is to deserve it.” — Warren Buffett

The Big Picture

• Intel CEO Lip-Bu Tan bought $9.71 million of Intel stock. Tan purchased 150,000 shares on the open market on Nov. 2 for $9,709,680, according to a Form 4 filing, and reported beneficial ownership of 1,464,669 shares afterward.

• CVS Health plans to split into two companies. The company said it will separate Aetna and Caremark from its retail pharmacy chain in a tax-free deal expected in the first half of 2028, according to its 8-K.

• AppLovin posted record revenue of $2.185 billion. Third-quarter revenue rose 55% and net income rose 72% to $1.439 billion, and the company lifted its buyback authorization by $3.2 billion, according to its 8-K.

Economic Data

• Productivity: The Bureau of Labor Statistics reported that nonfarm business labor productivity rose 3.6% in the third quarter of 2026 at a seasonally adjusted annual rate, as output rose 3.7% and hours worked rose 0.1%. Unit labor costs fell 0.7%.

What it means: The BLS said productivity was up 2.1% from a year earlier, and manufacturing productivity rose 0.3% in the quarter while manufacturing unit labor costs rose 2.7%.

Earnings

Reported since yesterday's brief

• AppLovin (APP): Revenue rose 55% to a record $2.185 billion and diluted EPS was $4.30, and the company guided fourth-quarter revenue to $2.365 billion to $2.395 billion, according to its 8-K.

• Qualcomm (QCOM): Fiscal fourth-quarter revenue fell 8% to $10.32 billion as handset chips slid 26%, while automotive QCT revenue hit a record $1.99 billion, up 89%, and Qualcomm guided fiscal first-quarter revenue to $10.4 billion to $11.2 billion, according to its 8-K.

• MercadoLibre (MELI): Net revenues and financial income jumped 45% to $10.75 billion, while income from operations fell 6% to $676 million and net income rose 6% to $448 million, the company said.

• McKesson (MCK): Fiscal second-quarter revenue rose 8% to $111.0 billion and adjusted EPS rose 18% to $11.68, and McKesson raised full-year adjusted EPS guidance to $45.60 to $46.40, according to its 8-K.

• Uber (UBER): Gross bookings rose 20% to $59.8 billion and revenue rose 10% to $14.8 billion, and President Jill Hazelbaker will step down Nov. 30, according to its 8-K.

• Revenue rose 14% to $1.722 billion and Snap posted net income of $56 million, versus a $104 million loss a year earlier, according to its 8-K.