Earnings Eve: Bears Circle Banks as Tesla Looms

Packed Morning on the Tape

Today is one of the busiest mornings of the earnings season. GM reported Q3 results before the open alongside GE, RTX, HAL, and MMM. NFLX and ISRG follow after the close. ORTEX alt data tracking German new-car registrations, which leads GM revenue by 15 days with a strong historical fit, ran +133% on the same quarter last year across all three months of the quarter.

Tomorrow is the bigger event. TSLA and META both report after the bell. Options flow for Tesla sits at just 56.9% positive, unusually muted ahead of a major print. German car registrations, a leading indicator for Tesla revenue with a 43-day lead, are running +269% year-on-year for the quarter.

Short Sellers Eye Financial Names

Borrowing costs are spiking across financials today. Goldman Sachs cost to borrow jumped 131% in one week to 0.38%. Capital One saw a 141% weekly spike to 0.23%. Both moves point to rising short interest ahead of earnings season results. Newmont borrow costs rose 196% to 0.34% ahead of its October 22 earnings. Across the Atlantic, British American Tobacco short interest jumped 29% in a week to 3.5 million shares. Its cost to borrow surged 709% ahead of Wednesday results.

Index Radar: November Deadline Approaches

The MSCI World November review rank date passed on 19 October. McCormick carries an 80% deletion probability. Its market cap of $12.4B sits 21% below the $15.0B exit line. A confirmed exit would force $692M of selling. Carlyle Group is 70% likely to exit, with $567M of forced selling implied. The MSCI World announcement falls on 11 November.

EV Data Points Higher

European battery-electric car registrations hit 32,458 in September 2026, the highest reading since the ORTEX series began in 2016. European passenger-car registrations overall rose 13% on September last year. That backdrop strengthens the leading-indicator signals pointing upward for both GM and Tesla heading into their prints.