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Lazard Ltd Q3 2026 Earnings Call Summary

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  • Winklevoss PAC moves into Texas Senate race with $81K ad buy

    Digital Freedom Fund, a super PAC launched in 2025 by Gemini co-founders Cameron and Tyler Winklevoss, spent more than $81,000 on direct mail backing Republican Ken Paxton and opposing Democrat James Talarico in the Texas Senate race. The PAC also spent in Ohio, bringing its support for Republican Jon Husted to about $7 million, and reported raising about $34 million as of Sept. 30. Prediction markets Kalshi and Polymarket heavily favored Democrats retaking the House and Senate in 2027, a result that would significantly affect the chances of passing the Digital Asset Market Clarity Act. Paxton had earlier benefited from $500,000 in ads funded by Fellowship PAC, which went through Nxum Group, co-founded by former Trump crypto adviser Bo Hines, and Nxum reportedly received $6.3 million in a deal with Tether.

    Cointelegraph·cryptomidterm electionsregulation
  • Why HubSpot Stock Rallied Today

    HubSpot shares jumped as much as 7% on Thursday amid speculation about software sector M&A. Earlier this week Salesforce agreed to acquire Braze for $5.66 billion at a 58% premium, and the prior week CCC Intelligent Solutions and Varonis Systems agreed to deals at 44% and 52% premiums. Jefferies analyst Samad Samana sees the Braze deal as a possible spark for a takeover of Klaviyo and considers HubSpot an attractive private equity candidate, though he views a direct acquisition as unlikely. The article estimates a HubSpot deal, given its market cap above $13 billion and an average 51% premium, could cost around $20 billion, but stresses this is speculation.

    Yahoo Finance·HubSpotmergers and acquisitionssoftware
  • The Stock Market Sounds an Alarm for the First Time in Nearly 27 Years. Here Is What History Says the S&P 500 Will Do Next.

    The S&P 500 is up 12% in 2026, driven largely by AI enthusiasm, though sharp recent drops in the S&P 500 and Nasdaq Composite reflect worries about sticky inflation, high bond yields and AI financing. Valuation gauges look stretched: the CAPE ratio is around 41, more than double its historical average of 17.8, and has stayed above 40 only during the dot-com bubble, when it peaked near 44 in December 1999. The Buffett indicator sits around 237%, or $2.37 of market value for every $1 of annual U.S. GDP. The author argues today's market differs because many of the largest companies are highly profitable, and the indicator can overstate valuations since many S&P 500 firms earn revenue overseas. Since neither metric signals when a correction will come, the article suggests reassessing portfolio risk, especially AI and speculative tech exposure, and favoring established blue-chip companies with strong balance sheets and cash flow.

    Yahoo Finance·▼ SPYS&P 500valuationartificial intelligence
  • Lockheed Martin (LMT) Secures 10 Year Framework For 850 F 35 Jets

    Lockheed Martin and the Pentagon announced a 10-year framework to supply 850 F-35 fighters to the U.S. and its allies. The plan includes a planned US$7 billion Lockheed investment to expand F-35 production capacity and improve factory efficiency, while multiyear contracting is meant to support supply chain planning, taxpayer savings and jobs across the defense industrial base. The article views the deal as fitting the company's backlog-into-cash story alongside its seven-year missile deals and record backlog. It also warns that a decade-long commitment magnifies execution and supply chain risks already flagged for complex programs, especially given the company's high debt.

    Yahoo Finance·Lockheed Martindefensesupply chain
  • This level-headed Tesla bull still expects 5 million Cybercabs by 2040

    Tesla surprisingly cut about $5 billion from its capital expenditure plans, yet investors remain confident in the long-term potential of a large Cybercab network. Morgan Stanley analyst Andrew Percoco, who rates the stock Equal Weight, still models a fleet of 5 million Cybercabs by the end of 2040 under reasonable assumptions, with sharp growth over the next three years. Musk said the Austin, Texas Cybercab fleet has grown tenfold since launching roughly a month ago, with more than 300 vehicles operating and nearly 2 million cumulative unsupervised miles as of the end of the third quarter. Operating hours in Austin now run from 6 a.m. to midnight, and Tesla plans to expand to Dallas in November. Management acknowledged that software is a constraint on scaling today, though regulatory approvals could become the main bottleneck over time.

    Yahoo Finance·▲ TSLATSLAElon Muskelectric vehicles
  • Mark Zuckerberg makes deal with Meta to help him pay California billionaire tax, if it passes

    According to filings published this week, Mark Zuckerberg reached a deal with Meta's board to help him pay a proposed California wealth tax without losing his ownership stake in the company. The one-time 5% tax on net worth above $1 billion goes to voters in the election concluding Nov. 3; with his net worth estimated by Forbes at more than $220 billion, his liability would exceed $11 billion. Under the deal he remains the majority owner and can sell some new non-voting shares “for any reason,” including to pay tax bills, and he has committed to stay in California for eight years unless “material unforeseen circumstances” arise. He had considered selling his Palo Alto home last month before striking the deal. Supporters including SEIU United Healthcare Workers West and Sen. Bernie Sanders back the tax, while Gov. Gavin Newsom has warned it could prompt the state's wealthiest to leave.

    Yahoo Finance·Mark ZuckerbergtaxesCalifornia

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