PG&E third-quarter profit falls to 34 cents a share; utility reaffirms 2026 and 2027 outlook
The Oakland utility's GAAP EPS fell to $0.34 from $0.37 and core EPS to $0.41 from $0.50 as revenue slipped 1% to $6.19 billion. Guidance was unchanged.
Finance
51 STORIESBay Area finance and business news: markets, earnings, banks, funding rounds, jobs and housing costs, with links to the original sources.
Port of Oakland truckers say $8 diesel is 'killing the business'
Independent truckers at the Port of Oakland say record diesel prices are eating their pay. One driver says filling his tank now costs about $1,400.
ServiceNow reports Q3 earnings Oct. 28: what Wall Street expects
Santa Clara-based ServiceNow reports third-quarter results after the market closes Wednesday. Analysts expect about $1.02 a share on $4.09 billion in revenue.
Cadence reports Q3 earnings Monday: guidance and estimates
San Jose chip-design software maker Cadence reports Monday after the close. Analysts expect about $2.05 a share on $1.61 billion in revenue.
Bay Area earnings week ahead: Visa, Alphabet, Intel and a Fed decision
Next week, more than a dozen Bay Area companies report quarterly results. Cadence, Visa, Robinhood, Alphabet, ServiceNow, KLA, Intel and Gilead are among them, and the Fed announces a rate decision on Wednesday.
Alphabet earnings preview: what to watch from Google on Oct. 28
Mountain View-based Alphabet reports third-quarter results Wednesday, Oct. 28, with a call at 1:30 p.m. PT. Analysts expect about $3 a share on nearly $128 billion in revenue, and Google Cloud is the number to watch.
Visa reports fiscal year-end results Tuesday: what San Francisco's payments giant faces
San Francisco-based Visa reports fiscal fourth-quarter and full-year 2026 results after the close Tuesday, Oct. 27. Analysts expect $3.43 a share, up from $2.98 a year earlier.
Mortgage rates dip to 7.32%, but buyers still pay more than a year ago
The average 30-year fixed mortgage rate fell to 7.32% this week from 7.40%, Freddie Mac said. A year ago it was 6.19%.
Santa Clara chipmaker Tenstorrent raises $1.5B, more than doubling its value to $6.2B
Jim Keller's AI chip company closed a $1.5 billion Series E led by Trace Capital and Innovation X to scale up its Galaxy servers. It was the week's biggest U.S. startup round.
South San Francisco's Star Therapeutics raises $200M after a $2B subsidiary sale
The biotech, whose Vega Therapeutics unit sold to Incyte for up to $2 billion in July, will use the money to move early-stage drugs into clinical trials.
Bay Area gas falls to about $6.10 as California diesel sets a record $8.51
Winter-blend fuel is pulling pump prices down, but high crude oil prices keep them elevated. AAA says it's on track to be the priciest October ever.
Bay Area jobless rates edge down in September as California holds at 5.1%
California's unemployment rate held at 5.1% in September as the state shed 9,300 jobs, while Bay Area metro rates edged lower, led by a 4% rate in San Francisco-San Mateo.
SoFi launches SOFIE, a tokenized bank deposit paying 4.40% for crypto cash
San Francisco's SoFi launched SoFi Earn (SOFIE), which it calls the first national bank-issued tokenized deposit for consumers. It pays a 4.40% variable APY and is FDIC-insured.
SF fintech CapitalOS raises $21.9 million Series A led by LGVP
San Francisco embedded-finance startup CapitalOS raised $21.9 million in a Series A round led by LGVP. The company says its volume grew more than 20x in 18 months.
Compass: 92% of SF homes sold over asking as Santa Clara cools
Compass says San Francisco homes are drawing intense bidding: 92% of single-family homes sold above list price. Santa Clara County is cooling, with more listings and more price cuts.
SF buyers turn to TICs: Redwood Credit Union lending doubles to $99 million
Redwood Credit Union says its tenancy-in-common (TIC) lending in San Francisco more than doubled between the second half of 2024 and the first half of 2026, as buyers look for cheaper ways to own a home.
Judge tosses ex-Wells Fargo CEO Tim Sloan's $34 million pay lawsuit
Wells Fargo won its pay dispute with former CEO Tim Sloan. A San Francisco judge granted summary judgment against his $34 million suit over compensation the bank withheld.
Intel earnings preview: Wall Street expects 39 cents on $16.45 billion on Oct. 29
Intel reports third-quarter results on Thursday, Oct. 29. Analysts expect adjusted EPS of 39 cents on $16.45 billion in revenue, and several have cut their price targets ahead of the report.
Bay Area chip stocks sink: AMD and Intel drop 8%, Meta 7% in Oct. 22 selloff
Santa Clara chipmakers AMD and Intel each fell about 8% on Thursday, Oct. 22, Meta lost nearly 7% and Nvidia 4.4%, as surging oil prices and worries about who pays for the AI build-out hit tech stocks.
Fremont's Lam Research posts record $8.22B quarter, but supply limits spook investors
Fremont chip-equipment maker Lam Research reported record quarterly revenue of $8.22 billion, up 22% from the prior quarter, and guided to $8.6 billion. Shares fell as much as 11% the next day after its CFO cited supply chain constraints.
Wells Fargo shake-up: Kleber Santos takes sole charge of consumer banking, Van Beurden goes all-in on AI
San Francisco-based Wells Fargo said Oct. 22 that Kleber Santos will run Consumer Banking and Lending on his own, ending a co-CEO setup, while Saul Van Beurden focuses only on AI across the $2.3 trillion bank.
Dow drops 653 as oil tops $100; chip stocks bounce after Thursday's AI rout
The S&P 500 fell 0.5% and the Nasdaq 0.2% as oil hit a five-month high. Analysts weighed in on Bay Area names Nvidia, ServiceNow and Oracle.
San Francisco's new $10M neighborhoods: Potrero Hill, South Park, Alamo Square set records
Luxury prices up 30% to 40% have pushed eight-figure home sales beyond Pacific Heights into neighborhoods near AI job centers.
Fed expected to hold rates this week, with a December hike widely forecast
The decision lands at 11 a.m. PT Wednesday. A Reuters poll found 94 of 100 economists expect a hold.
Verizon Raises Its Outlook After Adding 406,000 Phone Subscribers, Signs $2 Billion AWS Fiber Deal
Verizon added far more postpaid phone customers than expected in the third quarter and raised its full-year forecast, though revenue came in a bit short.
Anthropic Files Publicly for IPO, Plans Nasdaq Listing Under 'ANT'
San Francisco's Anthropic, the company behind Claude, made its IPO filing public on Monday. The S-1 shows $16.29 billion in first-half revenue and an $80.7 billion net loss.
Meta Launches $95 Billion Stock Plan to Pay for AI Build-Out
Menlo Park's Meta said Monday it plans to raise up to $95 billion in equity, starting with about $35 billion in public offerings, to fund AI data centers and what it calls personal superintelligence.
Presidio Mansion Sells for $28.5 Million, a Record $10 Million Over Asking
20 Cherry St., a midcentury home on the Presidio wall listed at $18.5 million on Oct. 2, closed Oct. 22 for $28.5 million. That's the largest dollar overbid on record in San Francisco.
SpaceX Lines Up $40 Billion From Apollo to Lease AI Chips; Musk Warns of Neocloud Shakeout
SpaceX signed a binding commitment with an Apollo-managed entity to finance about $40 billion of GPUs and servers through roughly five-year leases, and Elon Musk predicted many of the 200-plus AI cloud startups will fail.
Stocks Open Higher as Oil Eases; Brazil ETF Plunges 26% Premarket After Lula Win
The Dow, S&P 500 and Nasdaq each rose about 0.4% early Monday as oil prices fell and investors braced for the Fed decision and big tech earnings, while a Brazil ETF tumbled after Lula's reelection.
EQT to Buy Range Resources in All-Stock Deal, Creating $50 Billion U.S. Natural Gas Giant
EQT agreed to acquire Range Resources in an all-stock deal valued at about $12.8 billion, creating a natural gas producer with a pro forma enterprise value of more than $50 billion.
Apple Briefly Passes Nvidia as World's Most Valuable Company on iPhone Duo Launch Day
Apple's stock hit a record above $351 Friday, briefly giving it a roughly $5.1 trillion market value and the top spot over Nvidia for the fifth time. Nvidia later moved back ahead.
SF's $10 million home sales are boosting the city's transfer tax haul
San Francisco had 34 home sales over $10 million in the year ending this summer, up from 19, helping push transfer tax revenue toward an expected $417 million, the SF Standard reports.
Prop 40 final week: Stanford Hoover study says billionaire tax nets a $39B loss; SF teachers back it anyway
A Hoover Institution working paper estimates Prop 40 would raise about $30 billion but cost California $38.9 billion in lost income tax as billionaires leave. Supporters dispute it, and SF's teachers union broke with the CTA to endorse.
Anthropic IPO could unleash new wave of wealth in San Francisco
Anthropic's IPO filing sets up a wave of employee wealth in San Francisco. The S-1 details staggered lockups, founders' roughly 240 million shares each and charity pledges it calls revocable, while the city's economist weighs the impact.
Big Tech earnings this week: when Alphabet, Microsoft and Amazon report (Pacific times)
Alphabet and Microsoft report after the close on Wednesday, Oct. 28, and Amazon reports Thursday, Oct. 29. Apple reports Nov. 2.
SF's $10 million home sales are padding the city's transfer tax take
Thirty-four SF homes sold for $10 million or more in the year ending this summer, up from 19. Those sales pay the city's 5.5% transfer tax rate.
Bay Area Gas Prices Oct. 27: Oakland $6.01, San Jose $5.94, Diesel Above $8.60
Bay Area regular gas sits near $6 a gallon, slightly down on the week but roughly 30% higher than a year ago, with diesel above $8.60.
Bay Area Rents, October 2026: Oakland Leads the Nation in Monthly Growth; SF Up 25.7% in a Year
Apartment List's October data puts Oakland first nationally for monthly rent growth, while San Francisco rents are up 25.7% from a year ago.
Lost Money on a Drained Vanilla Gift Card? SF City Attorney's $1.5M Fund Is Taking Claims
A settlement with InComm Financial Services sets up a $1.525 million restitution fund; claims are open through Feb. 19, 2027.
Santa Cruz County New Car Sales Drop 15% as Gas Prices and Loan Rates Bite
Dealers say used cars and hybrids still sell, but stricter lending is shutting some buyers out; statewide, dealers track a softer 2026.
Cadence Shares Jump 8% After San Jose Chip-Design Firm Posts $1.63 Billion Quarter and a Record $8.2 Billion Backlog
San Jose's Cadence Design Systems reported third-quarter revenue of $1.633 billion, up 22% from a year earlier, beat analyst estimates and raised its full-year outlook. The stock rose 8% in Tuesday trading.
Visa Earns $6 Billion in Its Fiscal Fourth Quarter as Card Spending Holds Up, and Raises Its Dividend 16%
Visa reported fiscal fourth-quarter net revenue of $12.1 billion, up 13%, and net income of $6.0 billion, or $3.19 a share. The San Francisco company raised its quarterly dividend 16%, but its shares fell more than 1% in after-hours trading.
Fremont's Enphase Energy Plunges 14% After Hours on a Weak Fourth-Quarter Forecast
Enphase Energy, the Fremont maker of solar microinverters and batteries, missed third-quarter estimates and forecast fourth-quarter revenue far below Wall Street's expectations. Its stock fell 14.3% in after-hours trading Tuesday.
Rambus Posts Record $218 Million Quarter, but Shares Slip as Investors Weigh Its Outlook
Rambus, the San Jose memory-interface chip and IP company, reported record third-quarter revenue of $218.3 million, up 22% from a year earlier. It beat estimates, but its stock fell 1.8% after hours as investors weighed the guidance.
PayPal Raises Its Full-Year Profit Forecast as CEO Enrique Lores Says the Turnaround Is Showing Up in Results
PayPal reported third-quarter revenue of $8.6 billion, up 2%, and adjusted earnings of $1.45 a share, ahead of analyst estimates. The San Jose company raised its full-year profit outlook, and its shares rose 2% on Tuesday.
Robinhood Shares Fall 4% as a 55% Drop in Crypto Revenue Offsets Booms in Options and Prediction Markets
Robinhood reported record third-quarter revenue of $1.42 billion, up 12%, but missed earnings estimates as cryptocurrency revenue fell 55%. Shares of the Menlo Park brokerage fell 4% after hours.
SoFi Stock Soars 13%, Its Best Day Since April 2025, After Record Lending and a Raised Forecast
SoFi Technologies shares closed up 13.42% at $16.40 on Tuesday after the San Francisco lender beat third-quarter estimates, posted record loan originations and raised its full-year revenue forecast.
Bay Area Startups Pulled In $40.7 Billion in Q3 as Venture Funding Cooled From Its Record Start to 2026
Bay Area startups raised $40.7 billion across 766 deals in the third quarter, according to the PitchBook-NVCA Venture Monitor. U.S. venture investment fell to its lowest quarterly total of 2026 as the mega-rounds that dominated earlier in the year disappeared.
Wall Street Lines Up $63 Billion to Buy Broadcom AI Chips for Anthropic, One of the Biggest AI Debt Deals Yet
Bank of America, Blackstone, Citi and Morgan Stanley announced a $63 billion financing to buy Broadcom AI accelerators and networking gear and lease them to Anthropic. Palo Alto-based Broadcom is backing the senior debt with a residual value guarantee.
Western Digital Rallies 8% in an AI Infrastructure Rebound, Days After a 55% Revenue Jump
Western Digital shares rose 8% Tuesday as AI infrastructure stocks rallied. Last week the San Jose storage company reported fiscal first-quarter revenue of $4.38 billion, up 55%, and forecast an even bigger jump for the current quarter.