Anthropic finally filed to go public. Its 318-page S-1 shows first-half revenue of $16.3B, up from $1.2B a year earlier. But it also packs 94 pages of risk factors, including a warning that advanced AI could pose catastrophic or even existential risks to society.

Most IPOs promise the moon. Only a rarified few throw in a footnote about the apocalypse too.

— Brooks & The Street Sheet Team

📈 | Tesla (TSLA) climbed on a Barclays (BCS) upgrade citing Robotaxi growth.

📉 | Maplebear (CART) slid on a report it's exploring a sale.

📈 | Range Resources (RRC) agreed to an all-stock buyout from EQT (EQT) valuing it at more than $50B.

📉 | Fair Isaac (FICO) sank on a Wells Fargo (WFC) downgrade after it held off on raising prices.

📈 | Surgery Partners (SGRY) agreed to a $5.7B cash buyout by Bon Secours Mercy Health.

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Lipstick is back, and Gen Z is buying.

Whether this surge in the so-called Lipstick Index is a bullish sign for the broader economy is another question. But either way, Evercore ISI analyst Robert Ottenstein sees a new makeup cycle forming — with Estée Lauder well placed to ride it.

Younger shoppers now drive most of the category's growth, with their makeup spending rising at a high-teens pace, per Ottenstein. After years as the beauty aisle's wallflower, makeup may finally get asked to dance.

Louder, glam-forward brands are grabbing share, and Estée's MAC is leading the charge. Its Gen Z sales jumped nearly 50%, making that its only accelerating cohort.

Last fiscal quarter, organic growth of 5% beat expectations and gross margins topped 75%. Management guided for 3-5% sales growth with wider margins.

Wall Street is warming up. Consensus calls for EPS to climb more than 34% in fiscal 2027 and another 19% the year after. Even HSBC (HSBC), still on the sidelines, came away from the latest report impressed by Lauder’s margin gains.

Shares remain well below their 2022 peak, and China and airport sales are still soft. But after years of touch-ups, Estée Lauder may finally be ready for its close-up.

🇧🇷 Brazil's benchmark stock index plunged nearly 17% after Lula's surprise election win over Flávio Bolsonaro.

💼 Microsoft (MSFT) offered voluntary buyouts to about 60K employees, roughly 27% of its workforce.

🍁 President Trump exempt some Canadian imports from his 50% tariffs.

🍫 Halloween candy sales fell 6.7% annually through mid-October amid soaring chocolate prices.

📱 Apple (AAPL) confirmed an inner display issue affecting a small number of its new foldable iPhone Duos.

Do you own shares of Air Global (AIIR)?

▇▇▇▇▇▇ 🐂 Yup, I’m holding

▇▇▇▇▇▇ 🐻 Nope, not interested

▇▇▇▇▇▇ 👀 No, but I’m interested

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