> ## Content Index > Fetch the complete content index at: https://www.sharespective.com/llms.txt > Use this file to discover other available public pages before exploring further. # Wings Clipped - URL: https://www.sharespective.com/sharespective-2026-10-28/ - Published: 2026-10-27T21:15:00.000Z - Updated: 2026-10-27T21:14:59.000Z - Description: Meta lifted its share sale to US$97.5 billion, and Nvidia and AMD are buying in. - Author: Shaun Botha - Tags: Daily | ![](https://storage.ghost.io/c/02/71/0271df32-cec6-421f-9f13-b06ab90e54c1/content/images/2026/08/mark-light-3.png) | SharespectiveWall Street, before morning tea | Daily newsletterWed 28 Oct 2026 | | ------------------------------------------------------------------------------------------------------------------ | -------------------------------------------- | ------------------------------- | | ![Today's edition](https://storage.ghost.io/c/02/71/0271df32-cec6-421f-9f13-b06ab90e54c1/content/images/2026/08/kicker-1.png)Wings Clipped**Plus:** Meta lifted its share sale to US$97.5 billion, and Nvidia and AMD are buying in. | | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | **Good morning, and welcome to Wednesday.** Chipmakers carried US shares for a second day on Tuesday. The NASDAQ Composite rose 1.18% and the S&P 500 gained 0.60%, but the Dow Jones Industrial Average barely moved, up 0.03%. The Dow had a Boeing problem. The planemaker fell 10.69% after pushing its production recovery into next year, its worst day in more than 18 months. Oil slipped below US$100 a barrel on the same day, so the planes had a rougher session than the fuel. In other company news, SoFi Technologies jumped 13.42% after its quarterly revenue beat forecasts and it raised its full-year guidance. Elsewhere, Royal Caribbean rose 5.46% because quarterly profit beat expectations and it lifted its outlook. Finally, UniFirst fell 10.46% after the Federal Trade Commission said it would sue to block Cintas's US$5.5 billion takeover. Chips up, planes down. ### Market snapshot | S&P 5007,722.60**▲ 0.60%** | ​ | NASDAQ26,477.81**▲ 1.18%** | ​ | NZX 5013,680.27**▼ 0.39%** | | -------------------------- | - | --------------------------- | - | -------------------------- | | ​ | | | | | | ASX 2008,850.10**▲ 0.46%** | ​ | BoeingUS$168.18**▼ 10.69%** | ​ | MetaUS$620.19**▼ 1.64%** | US index levels are Tuesday 27 October's closes in New York. The NZX 50 and ASX 200 are Tuesday's local closes. Boeing and Meta show Tuesday's closing price and that session's move. | ​ | AEROSPACE | | - | --------- | ## Boeing fell 10.69% after pushing its 737 recovery into next year Boeing shares closed at US$168.18 on Tuesday, their worst day since April 2025\. The company now says it will fall short of its target of about 500 737 deliveries this year. **The problem is how fast Boeing can build planes.** It has been trying to hold 737 output steady at 47 jets a month. Chief executive Kelly Ortberg said that is taking longer than expected, and Boeing now expects to get there early next year. It had been aiming for this northern summer. Wings are the main bottleneck. A dispute with a wing-parts supplier has also held up work on the 777 freighter and the 767. Fewer deliveries means less cash, because airlines pay most of a plane's price when they take it. Boeing expects free cash flow, the cash left after running the business and buying equipment, of about US$3 billion next year. Jefferies' Sheila Kahyaoglu said Wall Street had expected US$5.5 billion. The quarter itself was better. Boeing lost US$116 million, far less than a year ago, and its order backlog reached a record US$745 billion. | The long viewBoeing is aiming for US$10 billion of free cash flow in 2029, with 737 output of 52 to 58 a month. The orders are there, and the factories are the constraint. I'd want to see rate 47 hold for a few months before trusting the later numbers. | | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | | ​ | BIG TECH | | - | -------- | ## Meta lifted its share sale to US$97.5 billion, and Nvidia and AMD are buying in Meta raised its planned share sale on Tuesday to as much as US$97.5 billion, its largest equity raise ever. The shares fell 1.64% to US$620.19, after a 1.88% fall on Monday when the plan was first announced. **Why would one of the world's most profitable companies sell shares?** Its spending has caught up with its cash. Meta's free cash flow was negative US$2.1 billion in the September quarter, the first time in more than a decade it has gone below zero. The money arrives in stages. Meta sold US$25 billion of ordinary shares at US$625 each and US$12.5 billion of preferred shares, which convert into ordinary shares in 2029\. Up to US$60 billion more will be sold gradually on the market from early 2027. There is a timing twist as well. The ordinary shares were sold under forward agreements, so Meta does not expect that US$25 billion to land until as late as November 2027. Two suppliers are joining in. Nvidia will invest US$3 billion in Meta and AMD US$1 billion, and both sell Meta the chips the money is meant to buy. | What to watchMeta expects to spend US$135 billion to US$145 billion on equipment and buildings this year, and has given no figure for 2027\. Every share it sells gives existing owners a smaller slice. For them, AI revenue has to grow faster than the share count does. | | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | ​ | PAYMENTS | | - | -------- | ## Visa grew revenue 13% in the September quarter, while PayPal managed 2% Visa reported after Tuesday's close in New York. Net revenue rose 13% to US$12.1 billion in the three months to September, and adjusted earnings of US$3.48 a share beat forecasts of US$3.44. **Spending across borders did a lot of the work.** Cross-border volume, payments where the card and the shop are in different countries, rose 14%. Visa earns more on those payments than on domestic ones. Overall payments volume grew 9%. Visa also lifted its quarterly dividend 16% to US$0.78 a share and bought back US$4 billion of its own shares in the quarter. Its shares slipped 0.57% during the session and fell about 2% more in late trading. PayPal reported before the open and had a slower quarter. Revenue rose 2% to US$8.6 billion. Its shares still rose 2.00% to US$56.09 after it raised its full-year profit forecast to US$5.60 a share, from US$5.38. | Our readVisa runs the network that card payments cross, and PayPal competes for the checkout button that sits on top of it. One is growing six times faster than the other. Mastercard reports before Thursday's New York open, and its cross-border figure will show whether Visa's 14% is an industry number. | | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ### Newsworthy numbers | ​ | ​ | ​ | | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------- | - | ---------------------------------------------------------------------------------------------------------------------- | | US$92.6 billionUPS's new full-year revenue forecast, raised on Tuesday as the parcel company heads into the holiday season. | ​ | 6.5%the annual dividend on the preferred shares Meta sold this week. They turn into ordinary shares in August 2029. | | ​ | | | | ​ | ​ | ​ | | 99.98%the accuracy researchers in Jülich, Aachen and Cologne achieved on a quantum operation lasting 6.8 nanoseconds. Such operations usually take tens of nanoseconds. | ​ | 17.1 millionSoFi's members at the end of September, up 35% in a year after a record 1.2 million joined in the quarter. | ### Worth a read | ​ | | | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | 01 | **[Age pensioners who want to keep working say system punishes them](https://www.abc.net.au/news/2026-10-27/pensioners-who-need-to-keep-working-fear-financial-penalties/107259356?ref=sharespective.com)** — Lottie Twyford on why a single pensioner's payment starts shrinking after A$526 a fortnight, and the push to double the work bonus to A$600. | | ​ | | | 02 | **[Meat-eaters are keeping fake meat alive](https://thehustle.co/news/meat-eaters-are-keeping-fake-meat-alive?ref=sharespective.com)** — Bill Meincke on an industry whose sales fell 10% last year. 96% of households buying plant-based meat also buy the real thing. | | ​ | | | 03 | **[Stricter testing, lab reforms: TGA unveils tougher rules for sunscreen brands after SPF scandal](https://www.smartcompany.com.au/health/tga-sunscreen-rules-update-spf-scandal/?ref=sharespective.com)** — David Adams on the fallout from Choice's tests, in which 16 of 20 sunscreens missed their label and one SPF50+ product tested at SPF4. | | ​ | | | 04 | **[Bonobo females hunt more than males, decade-long study reveals](https://phys.org/news/2026-10-bonobo-females-males-decade-reveals.html?ref=sharespective.com)** — Max Planck researchers logged 415 prey captures in the Congo over ten years. Females made 60% of the identified hunts, including mothers carrying infants. | | ​ | | | 05 | **[The phantom lighthouse: new research explains one of Australia's strangest illusions](https://theconversation.com/the-phantom-lighthouse-new-research-explains-one-of-australias-strangest-illusions-294683?ref=sharespective.com)** — Simon Cropper and Charles Kemp on why visitors to Lady Elliot Island see a lighthouse beam in front of them when the lighthouse is behind them. | ### Wrapping up Australia's September-quarter producer prices land at 11.30​am Friday in Sydney, 1.30​pm in Auckland. The US employment cost index, a wage measure the Fed watches closely, follows at 1.30​am Saturday in Auckland, 11.30​pm Friday in Sydney. Starbucks reports after Thursday's close in New York, which is Friday morning here. US same-store sales are the line to watch. In New Zealand, ANZ's October business confidence survey is out on Thursday. USD/NZD sat at 1.76 and USD/AUD at 1.42, both little changed on Tuesday. Check the sunscreen label, Australia. See you tomorrow. ​ General information and commentary only, not financial advice. It does not take account of your objectives, financial situation or needs, and reflects the author's own reading of public information at the time of writing, which may be wrong. Sharespective, its people and its clients may hold positions in the companies covered. Do your own research and talk to a licensed adviser.