Good Afternoon. On November 6, 1869, Rutgers beat Princeton 6–4 in the first college football game. That game in New Jersey marked the start of a new sport between colleges.

—Rosie, Wyatt, Evan & Conor

In this edition

Supplied by StockTwits. ONEQ tracks the Nasdaq Composite; IEF holds U.S. Treasury bonds; GLD tracks gold. These three references are ETFs.

The read: AI shares gave Wall Street a lift after Thursday’s sharp drop. The S&P 500 rose 0.3% and the Nasdaq gained 1.1%, while the Dow fell 0.5%. Bond yields held firmer as stronger U.S. hiring raised the odds of another rate hike.

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U.S. employers added more jobs in October. More workers also found themselves stuck with fewer hours than they wanted. Both can be true.

Payrolls grew by 165,000, well above the 48,000 monthly average over the prior year. Business services added 70,000 jobs, health care added 42,000, and transportation and warehousing added 25,000.

The earlier months look stronger, too. August and September together gained 84,000 more jobs than first reported. That’s a revision to old estimates, rather than extra hiring in October.

In a separate survey of households, unemployment changed little at 4.1%. But the number working part time because they couldn’t get full-time work or had their hours cut rose 339,000 to 4.8 million.

That group has a job. It may still lack the hours needed to cover the bills. Another 2 million people had been unemployed for at least 27 weeks.

Hiring has picked up, but a bigger payroll count doesn’t settle every worker’s problem. The next monthly jobs report arrives December 4.

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☁️ Fast growth, two views of profit

Cloudflare’s sales raced ahead, but its loss from running the business grew, too. Third-quarter sales rose 39% to $782.5 million. Its operating loss widened to $67.9 million from $37.5 million a year earlier.

The internet security company also reports an adjusted view that leaves out certain costs. That operating profit rose to $137.1 million. Cloudflare expects $845 million–$846 million in fourth-quarter sales; rapid growth still hasn’t produced an operating profit under standard accounting rules.

🎯 The next market comes with a big bill

DraftKings is spending heavily on a business that it says will bring in little revenue this year. The sports betting company expects to invest $650 million–$700 million in prediction markets during 2026. Those markets let people trade contracts tied to the outcome of an event.

Third-quarter sales rose 16% to $1.33 billion. But DraftKings expects promotions to offset most of its prediction-market revenue this year. It forecasts $650 million–$750 million in revenue from that business in 2027. That payoff is still ahead, not already earned.

🥤 A bigger buzz, a smaller cut

Monster sold more drinks, but kept less of each sales dollar after making them. Third-quarter sales rose 16.7% to $2.56 billion. Its gross profit margin—the share left after product costs—fell to 54.7% from 55.7% a year earlier.

Higher can and shipping costs took a bite, partly offset by price increases. Sales outside the U.S. grew 28.1% and made up 47% of the total. Overseas growth is doing more of the lifting, even as getting those cans to customers costs more.

Airbnb’s growth wasn’t just a matter of charging more. Nights and seats booked rose 16% in the third quarter, while sales grew 19% to $4.9 billion.

The value of bookings climbed 21% to $27.7 billion, helped by demand and somewhat higher nightly rates. That’s the value of travel booked, not revenue Airbnb keeps.

The company says customer support cost per booking fell more than 17% from a year earlier. It credits its AI assistant with much of that drop.

Net profit reached $1.9 billion. Airbnb also approved up to $12 billion in extra share buybacks; approval doesn’t mean those shares have already been bought.

Next comes a larger AI bet. Airbnb plans to start rolling out a travel agent that can help plan and book trips in the first half of 2027.

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^{This communication is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities. Any such offer or solicitation will be made exclusively through the definitive offering documents. All investments involve risk of loss, including the potential loss of principal. Past performance is not a guarantee of future results. Any targeted returns or projections are forward-looking statements, are based on current assumptions, and are not guarantees of future performance. Actual results may differ materially.}

Canada’s job count barely moved in October. Behind that flat total, private employers cut jobs while the public sector added them.

Total employment fell 4,700, a change Statistics Canada described as little changed. The unemployment rate rose 0.2 percentage points to 6.7%.

The number of private-sector employees fell 53,000, the first drop since February. Public-sector employment rose 50,000, nearly offsetting that decline. The public gain followed four months of losses totaling 148,000.

Those figures don’t mean the same workers moved from one employer to another. They show how two large shifts can leave the total looking flat.

The share of people aged 15 and older with a job fell to 60.5%. A steady headline job count can still leave a smaller share of the population employed.

🏭 German factories end a weak quarter with a lift

Germany’s factories finished September on a better note, but the quarter still went backward. Industrial output rose 0.7% from August, helped by a 17.1% jump in car production after two weak months. Across the third quarter, output fell 0.4% from the previous quarter. One strong month hasn’t erased the broader decline.

✈️ Higher fares, heavier costs

Higher fares couldn’t outrun IAG’s fuel bill. The owner of British Airways said third-quarter sales rose 4.5% to €9.74 billion, but operating profit fell 15.9% to €1.73 billion. Fuel costs jumped 30.4%, despite deals meant to limit what it pays for fuel. The group still expects a full-year operating profit margin, before special items, of at least 12%.

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🥸 Dad Joke of the Day

Q: Why did the scarecrow get promoted?

A: Because he was outstanding in his field.

📖 Vocab Word of the Day · Earned income

Earned income: Money you get from work, such as wages, salary, tips or net profit from working for yourself. It differs from money earned by holding assets, such as interest or dividends.

In a sentence: Your paycheck is earned income, even when you work part time.

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