🕟 Braze new world

Good Afternoon. On October 20, 1973, Queen Elizabeth II officially opened the Sydney Opera House. An instantly recognizable building had its formal opening, beginning a new chapter for the waterfront landmark.

Today’s companies are working on their own next acts. Salesforce wants to add Braze to its marketing business, GE Aerospace is servicing a busy engine fleet, and Hasbro’s Magic cards keep bringing customers back. We’re looking at what those businesses can deliver now, alongside plans that still need approvals or execution.

—Rosie, Wyatt, Evan & Conor

🔥 What’s Hot: 🔥

🥶 What’s Not: 🥶

🔢 Big number: $5.66 billion — the approximate enterprise value of Salesforce’s proposed purchase of Braze.

Salesforce has agreed to buy customer-engagement platform Braze for approximately $5.66 billion in enterprise value, offering $47.50 a share in cash. The proposed purchase would give its marketing business more ways to respond when a customer browses, buys or opens an app.

The news: Braze coordinates messages across apps, websites, email and other channels using customer activity as it happens. Salesforce wants to combine that capability with its customer records, marketing software and AI tools. The attraction is the connection between knowing who a customer is and choosing a useful moment to reach them; another disconnected messaging tool wouldn't accomplish that.

What’s next: The companies expect to close in Salesforce’s fiscal 2028, subject to Braze shareholder approval, regulatory clearances and other conditions. Salesforce says the agreement doesn't change its fiscal 2027 guidance. The proposed capabilities still depend on closing and integration.

Source: Salesforce

GE Aerospace’s third-quarter orders climbed 49% to $19 billion, as the company raised its full-year outlook. Reported revenue rose 16% to $14.1 billion; adjusted revenue, which excludes specified items, grew 18% to $13.3 billion.

The news: Maintaining engines already in service remains a major source of business. Commercial services orders grew 23%, while higher shop-visit volume, more extensive maintenance work and spare-parts demand supported revenue. Across the company, adjusted operating profit rose 30% to $3 billion. That measure is separate from reported profit of $2.8 billion, so the two shouldn't be treated as interchangeable.

Big picture: More orders don't immediately become cash. Quarterly free cash flow fell 14% to $2 billion, even with stronger profit. GE expects commercial services to grow by a low-double-digit percentage in 2027, supported by its backlog. Supplier output, maintenance capacity and the timing of collections will shape how that demand reaches the financial statements.

Source: GE Aerospace

General Motors reported $50 billion in third-quarter revenue and $3.3 billion in net income attributable to stockholders. Its board also authorized a new $20 billion share repurchase program, giving the automaker room to return more capital over time.

The news: GM reported $4.1 billion of adjusted earnings before interest and taxes, a measure that excludes specified items. It narrowed its full-year adjusted-profit outlook and now expects net income of $8.9 billion to $9.5 billion. The company also declared its regular quarterly dividend. Those are separate decisions: an earnings forecast describes expected operations, while a repurchase authorization permits future purchases of shares.

Bottom line: The authorization doesn't mean $20 billion has already been spent or shares have already disappeared. Actual purchases will determine how much the share count changes. GM’s narrowed outlook offers a more specific range for the year, but the remaining quarter still has to deliver it.

Source: General Motors

U.S. housing starts fell an estimated 5.2% in September to a seasonally adjusted annual rate of 1.221 million, the Census Bureau reported. That's a measure of the construction pace, rather than a claim that builders started that many homes in one month.

The news: Single-family starts declined 4.6% from August, while single-family permits fell 4%, suggesting fewer projects moving toward construction. The report also revised August’s figures, another reason to compare the current release’s numbers. Monthly starts estimates carry substantial sampling uncertainty: the reported total decline wasn't statistically significant under the bureau’s stated interval.

What’s next: Watch whether subsequent estimates confirm the slowdown and whether permits stabilize. A permit, a construction start and a completed home represent different stages of the supply pipeline. The monthly figures can shift as projects move through those stages; the permit decline deserves attention without treating one uncertain starts estimate as a settled trend.

Source: U.S. Census Bureau

Magic: The Gathering exceeded $600 million in quarterly revenue for the first time, helping Hasbro raise its annual outlook. Total third-quarter revenue grew 15%, with gains across games, consumer products and entertainment.

The news: Magic revenue rose 34%, including contributions from The Hobbit and Reality Fracture releases. The broader Wizards and Digital Gaming segment grew 31%, while consumer products increased 4%. Hasbro reported adjusted operating profit of $541 million, up 52%; the quarter included approximately $55 million in tariff refunds. That benefit matters when assessing how much of the improvement came from selling products and controlling costs.

Big picture: A successful game can support repeat purchases, licensing and future releases, giving Hasbro more ways to use the same intellectual property. The company doubled its 2026 share repurchase target alongside the higher outlook. The next test is maintaining product momentum after this quarter’s releases, without assuming the tariff-refund benefit repeats.

Source: Hasbro / Business Wire

China kept its benchmark lending rates unchanged for a 17th consecutive month on Tuesday. The one-year loan prime rate stayed at 3%, while the five-year rate remained 3.5%. All 22 participants in Reuters’ survey had expected the hold.

The news: This is a fresh policy decision following the growth figures covered yesterday. The central bank is considering a larger role for its overnight reverse-repurchase rate in loan pricing, with some financially strong companies potentially able to choose between that benchmark and the loan prime rate. A proposed change in how loans are priced is different from an immediate reduction in today’s published benchmarks.

Bottom line: For now, the headline lending rates haven't changed. The next development to watch is the bank’s promised guidance on the pricing framework and which borrowers it covers. Changing the benchmark used in a contract could alter how policy reaches borrowing costs, even when the current monthly rates stand still.

Source: Reuters

CBRE agreed to buy London-based infrastructure specialist Onnec for an initial £460 million in cash, with up to £300 million in additional payments if growth conditions are met. The proposed acquisition would expand its data-center services across Europe and Asia Pacific.

The news: Onnec designs, installs and maintains network and fiber infrastructure, serving large technology customers with approximately 800 employees. Its geographic coverage complements CBRE’s U.S. services operation. Management expects Onnec to generate roughly £370 million of revenue in 2027 and contribute to earnings immediately after acquisition; those figures are forecasts, not completed results.

What’s next: The companies expect completion around year-end, subject to customary regulatory approvals. The potential additional payment depends on growth thresholds over several years, so adding it to the initial price describes a maximum rather than a guaranteed bill. The operating task will be combining regional capabilities while continuing to support customers’ existing infrastructure.

Source: Onnec / CBRE

EP Group’s planned acquisition of French retailer Fnac Darty received European Commission merger clearance. An afternoon update set November 9 as the closing date of the initial tender period, replacing the morning release’s less specific early-November expectation.

The news: The companies describe the decision as the transaction’s last expected approval. The offer is €35 a share, following a dividend paid in June. Fnac Darty operates across consumer electronics, appliances and cultural goods, so the transaction concerns a broad retail network rather than a single product brand. Regulatory clearance allows the offer process to advance; it doesn't by itself complete the purchase.

Big picture: Shareholder participation is the next milestone. The offer would reopen for at least ten trading days if it succeeds, including satisfying the stated majority-holding condition. The regulator is expected to publish the result after the initial period ends. Approval, acceptance and settlement remain separate steps on the route to a completed takeover.

Source: Fnac Darty

Q: What do you call a dog magician?

A: A labracadabrador.

Customer retention: A business’s ability to keep existing customers engaged and buying over time, rather than continually replacing them with new customers.

In a sentence: Braze’s timely messages could help brands improve customer retention by making their outreach more relevant.

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