Key Takeaways
- Glencore (GLEN) is targeting a significant increase in its base copper business, aiming to exceed 1 million tonnes of annual production by the end of 2028 and reach approximately 1.6 million tonnes by 2035. This growth is supported by the restart of its Alumbrera copper mine in Q4 2026.
- Macy's (M) reported a strong beat on its Q3 2025 earnings, with adjusted EPS of $0.09 against an estimated loss of $0.14, and total revenue of $4.91 billion surpassing estimates of $4.75 billion. Despite the Q3 outperformance, the retailer's full-year adjusted EPS outlook of $2.00 – $2.20 falls below the analyst estimate of $2.37.
- Dollar Tree (DLTR) also exceeded Q3 2025 adjusted EPS expectations, reporting $1.21 versus an estimated $1.07, on revenue of $4.75 billion. The company projects full-year net sales between $19.35 billion and $19.45 billion and adjusted EPS between $5.60 and $5.80.
- US MBA Mortgage Applications declined by 1.4% week-over-week as of November 28, with the 30-year mortgage rate decreasing slightly to 6.32% from 6.40%.
Diversified commodities giant Glencore (GLEN) has laid out an ambitious growth strategy for its copper business, aiming to significantly boost production in the coming years. The company announced a clear pathway to exceed 1 million tonnes of annual base copper production by the end of 2028, with a further target of approximately 1.6 million tonnes by 2035. This expansion includes the expected restart of the Alumbrera copper mine in Argentina during the fourth quarter of 2026, with first production targeted shortly thereafter. Glencore anticipates an overall annual compound growth rate of 4% in copper equivalent production from 2026 to 2029. The company also highlighted optimized and streamlined industrial operating structures and a willingness to explore value-accretive partnering or investor opportunities to mitigate financial and operational risks in certain projects.
In the retail sector, Macy's (M) delivered a strong third-quarter performance, significantly beating analyst expectations. The department store chain reported adjusted earnings per share of $0.09, far exceeding the estimated loss of $0.14. Total revenue reached $4.91 billion, also surpassing the consensus estimate of $4.75 billion, driven by net sales of $4.71 billion. Despite the robust Q3 results, Macy's provided a cautious full-year outlook, projecting adjusted EPS between $2.00 and $2.20, below the estimated $2.37, and net sales between $21.48 billion and $21.63 billion, compared to an estimate of $22.59 billion.
Discount retailer Dollar Tree (DLTR) also posted better-than-expected Q3 2025 earnings. The company reported adjusted EPS of $1.21, outperforming the $1.07 estimate, on revenue of $4.75 billion, slightly above the $4.7 billion forecast. Same-store sales growth was 4.2%. For the full fiscal year, Dollar Tree expects net sales between $19.35 billion and $19.45 billion and adjusted EPS in the range of $5.60 to $5.80. The company's Q4 outlook includes comparable store net sales growth of 4.0% to 6.0% and adjusted EPS from continuing operations of $2.40 to $2.60.
In the financial markets, the latest data from the US Mortgage Bankers Association (MBA) showed a 1.4% decrease in mortgage applications week-over-week for November 28. Concurrently, the 30-year mortgage rate saw a slight dip, moving to 6.32% from the previous 6.40%.
Meanwhile, National Bank of Canada (NA.TO) announced strong Q4 2025 earnings, with adjusted EPS of C$2.82, surpassing the estimated C$2.63. The bank also reported adjusted revenue of C$3.70 billion, exceeding the C$3.45 billion estimate, and raised its quarterly dividend by C$0.06 to C$1.24 per share.
Finally, Uber's CEO is reportedly planning a trip to Asia next week, with visits scheduled for Japan, South Korea, Taiwan, and Hong Kong. The CEO is expected to meet with government officials and business leaders in the region.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.