MORNING BRIEF · MONDAY, NOVEMBER 9, 2026
Morning Brief: November 9, 2026 — Constellation Energy raises its 2026 earnings outlook
Constellation Energy lifted its 2026 earnings outlook. A share-count check puts the increase in context, and Infineon reports a larger chip wafer.
Constellation Energy raised its 2026 adjusted earnings outlook to $12.50–$12.80 a share on Monday. The midpoint rose 65 cents, and the company’s lower share-count assumption explains only about 3 cents in a simple sensitivity check.
Overnight markets
At Friday’s U.S. regular close, the Nasdaq Composite rose 1.1%, the S&P 500 gained 0.3% and the Dow fell 0.5%.
In Monday’s early U.S. futures trade, Reuters reported that at 6:39 a.m. Eastern, Dow E-minis were up 1.06%, S&P 500 E-minis 0.66% and Nasdaq-100 E-minis 0.42%. Those were futures moves ahead of the cash session.
Taiwan had already finished Monday’s cash session. The TAIEX rose 4.94% to 41,661.70 at the 12:30 a.m. Eastern close, after a 12.19% loss last week. Taiwan Semiconductor’s Taipei shares gained 4.68% to NT$2,235. The rebound recovers only part of last week’s market decline.
Constellation Energy’s higher earnings outlook
Constellation Energy (Nasdaq: CEG) reported third-quarter GAAP diluted earnings of $5.19 a share, up from $2.97 a year earlier. Adjusted operating earnings rose to $5.06 a share from $3.04. The company cited favorable market and portfolio conditions and the contribution from Calpine among the drivers of its adjusted quarterly result.
The midpoint of full-year adjusted guidance moved from $12.00 to $12.65. The August range was $11.50–$12.50. The earnings deck also reduced expected annual diluted shares from 357 million to 356 million. If the dollar amount of earnings implied by the old midpoint stayed fixed, spreading it across the smaller share count would lift the figure to about $12.03 a share. The guide rose considerably more than that.
The calculation uses rounded assumptions and isolates the effect of the share count. Constellation attributed the higher outlook to commercial performance, partly offset by higher operating costs. Adjusted guidance is a company forecast, separate from the quarterly GAAP result.
Infineon makes functional chips on a larger wafer
Infineon (Frankfurt: IFX) said it made functional power devices on 300 mm silicon carbide wafers at its Villach plant in Austria using existing silicon manufacturing equipment. The company estimates about 2.3 times as many chips can fit on a wafer of that size as on a 200 mm wafer. How many chips pass inspection, and how much each usable chip costs, are still open questions.
Its 200 mm program is still moving ahead. In October, Wolfspeed and Infineon added 200 mm wafers to an existing supply agreement. The two developments sit at different points in the manufacturing cycle: the existing agreement supplies the 200 mm transition, while the larger wafer has reached the point of producing functional devices in a fab.
Akamai proposes $2.2 billion in convertible notes
Akamai (Nasdaq: AKAM) proposed two $1.1 billion offerings, due in 2028 and 2031. The company plans to use some proceeds to repay part of its existing 2027 convertible debt and to invest in cloud infrastructure. The proposed size shows how much Akamai wants to raise. The cost of the debt and the share price at which the notes could convert depend on the final terms.
Monday’s calendar · Eastern time
- 9:00 a.m. Constellation Energy earnings call.
- 9:30 a.m. NYSE regular session opens.
- 10:00 a.m. September wholesale sales and inventories from the Census Bureau.
- 11:00 a.m. New York Fed Survey of Consumer Expectations.
- 1:00 p.m. The Treasury is scheduled to auction $58 billion in three-year notes.
October CPI is scheduled for Tuesday at 8:30 a.m. Eastern. The Bureau of Labor Statistics says it will omit year-over-year changes for indexes missing October 2025 observations because of the federal shutdown.
Into the open · How much of the guidance lift can repeat?
Constellation’s call starts half an hour before the stock market opens. The share math leaves a bigger question for management: how much of the commercial improvement came from conditions it expects to see again? That answer will tell readers more about the earnings outlook than the smaller share count can.
Sources and timing
Company results and wafer claims come from the issuer releases and filings linked above. The share-count sensitivity uses the old $12 midpoint multiplied by 357 million shares, then divided by 356 million. The Taiwan Finance Ministry reported last week’s index decline. Market figures are labeled by session. Evidence reviewed through 8:40 a.m. Eastern.