Author: Lekha Gupta

TotalEnergies SE (NYSE:TTE) on Wednesday penned a 15-year Power Purchase Agreement (PPA) with Alphabet Inc.’s (NASDAQ:GOOG) (NASDAQ:GOOGL) Google.

Details

As per the deal, Google will receive 1.5 TWh of certified renewable electricity from TotalEnergies’ nearly completed Montpelier solar farm in Ohio.

Connected to the PJM grid, which is the largest in the U.S., the facility will power Google’s data center operations in the state.

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The agreement aligns with TotalEnergies’ strategy to provide customized energy solutions for data centers, which represented nearly 3% of global energy consumption in 2024.

Also, it aligns with Google’s goal of adding new carbon-free energy to the grids where it operates.

Management Commentary

Stéphane Michel, President Gas, Renewables & Power at TotalEnergies, added, “This agreement illustrates TotalEnergies’s ability to meet the growing energy demands of major tech companies by leveraging its integrated portfolio of renewable and flexible assets. It also contributes to achieving our target of 12% profitability in the power sector.”

Bigger Picture

Notably, TotalEnergies is developing a 10 GW renewable portfolio across the U.S., including solar, wind, and battery storage projects.

Of this, 1 GW is in the PJM market in the northeast U.S. and 4 GW is in Texas.

The Google PPA adds to TotalEnergies’ growing list of corporate partnerships, which already includes Data4, STMicroelectronics N.V. (NYSE:STM), Saint-Gobain, Air Liquide SA (OTC:AIQUY), Amazon.com, Inc. (NASDAQ:AMZN), LyondellBasell Industries NV (NYSE:LYB), Merck & Company, Inc. (NYSE:MRK), Microsoft Corporation (NASDAQ:MSFT), Orange, and Sasol.

Guyana Offshore Contract

On Tuesday, TotalEnergies (40%, operator), along with QatarEnergy (35%) and Petronas (25%), signed a production sharing contract for Guyana’s offshore Block S4.

Recent Earnings Release

Last month, the French energy giant posted third-quarter 2025 adjusted earnings of $1.77 per share, missing the $1.81 consensus estimate. Revenue came in at $48.69 billion, also below expectations of $54.93 billion.

For the fourth quarter of the year, the company expects hydrocarbon production to grow around 4% year-over-year and remain within the 2.525-2.575 Mboe/d range.

Price Action: TTE shares were trading higher by 0.73% to $64.43 premarket at last check Wednesday.

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Shell Plc (NYSE:SHEL) shares are trading slightly higher on Thursday. The company posted mixed third-quarter fiscal 2025 results.

Details

Adjusted earnings per American Depositary Share came in at $1.86, ahead of the $1.71 consensus estimate.

However, revenue fell short at $68.15 billion, compared with analysts’ forecast of $72.81 billion.

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Total adjusted earnings reached $5.4 billion, led by higher trading and optimisation margins, increased sales volumes, and favourable taxes.

Shell generated $12.21 billion in cash flow from operations during the quarter.

Segment Performance

Integrated Gas production rose 2% quarter over quarter to 934,000 barrels of oil equivalent per day, while LNG liquefaction volumes edged up 8% sequentially to 7.29 million metric tons.

Realized liquids prices further dipped to $58 per barrel from $60 per barrel and gas prices rose slightly to $7.30 from $7.20 per thousand standard cubic feet.

Marketing sales volumes remained broadly flat sequentially at 2.82 million barrels per day.

Mobility segment output rose slightly to 2.06 million b/d and Lubricants increased to 88,000 b/d, while Sectors & Decarbonisation fell to 681,000 b/d.

Share Buyback & Dividend

Total shareholder distributions stood at $5.7 billion, including $3.6 billion of repurchases and $2.1 billion in cash dividends in the quarter.

Shell stated the start of $3.5 billion share buyback programme, which is expected to be completed before the announcement of fourth-quarter fiscal 2025 results.

The company declared a third-quarter dividend of $0.3580 per share, payable on December 18 to shareholders of record as of November 14, 2025.

At the end of the quarter, net debt stood at $41.2 billion, down from $43.2 billion in the second quarter, with gearing falling to 18.8% from 19.1% in the previous quarter.

Outlook

The company expects Integrated Gas production of 920 – 980 thousand boe/d and LNG liquefaction volumes of 7.4 – 8.0 million tons in the fourth quarter of 2025.

Upstream volumes are projected at 1.77 to 1.97 million boe/d, while Marketing volumes should range from 2.5 to 3.0 million b/d.

Refinery utilization is forecast between 87%-95%, and Chemicals plant utilization is expected to fall between 71%-79% in the quarter.

Full-year 2025 capital expenditures remain guided at $20 billion to $22 billion.

Price Action: SHEL shares were trading higher by 0.36% to $75.82 premarket at last check Thursday.

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On Tuesday, Coca-Cola Company (NYSE:KO) and Gutsche Family Investments disclosed a deal to sell a 75% controlling stake in Coca-Cola Beverages Africa (CCBA) to Coca-Cola HBC AG for around $3.4 billion.

Under the deal, The Coca-Cola Company will sell 41.52% of its 66.52% ownership in CCBA, while Coca-Cola HBC will also purchase the 33.48% stake held by Gutsche Family Investments.

Notably, CCBA operates in 14 African countries and represents around 40% of all Coca-Cola product sales in the region.

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The sale is expected to be completed by the end of 2026.

Additionally, Coca-Cola and Coca-Cola HBC have entered into an option agreement that allows Coca-Cola HBC to acquire the remaining 25% interest in CCBA still held by Coca-Cola within six years after the deal closes.

Management Commentary

Henrique Braun, executive vice president and chief operating officer of Coca-Cola, said, “Coca-Cola HBC has demonstrated a strong track record of growing our system across Africa, having strong market share growth in Egypt and realizing strong volume and share growth in Nigeria over the past several years.”

“We are pleased with Coca-Cola HBC’s continued and aligned investment in the Coca-Cola system and in taking another significant step forward in the refranchising of company-owned bottling operations.”

Strategy Behind Sale

Coca-Cola’s divestment in CCBA marks another major move in its ongoing strategy to refranchise company-owned and operated bottling businesses.

As of 2024, bottling investments accounted for 13% of Coca-Cola’s consolidated net revenue, a sharp decline from 52% in 2015.

Once the CCBA transaction is finalized, the company expects that figure to fall further to about 5%.

In July 2025, Coca-Cola advanced its refranchising efforts in India by selling a 40% stake in Hindustan Coca-Cola Beverages Pvt. Ltd. to Jubilant Bhartia Group, while retaining a 60% ownership interest in the bottler.

Coca-Cola plans to release quarterly results on Tuesday, October 21.

Investors can gain exposure to the stock via iShares U.S. Consumer Staples ETF (NYSE:IYK) and Global X Funds Global X PureCap MSCI Consumer Staples ETF (NYSE:GXPS).

Price Action: KO shares were trading higher by 0.22% to $68.60 premarket at last check Tuesday.

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XBP Global Holdings, Inc. (NASDAQ:XBP) stock jumped over 15% on a new six-year agreement with the New York City Department of Finance but gave back previous gains.

The deal involves enhancing payment processing for parking violation tickets. As per the agreement, XBP will deploy its Lockbox Services platform to modernize the department’s payment operations.

The partnership is expected to bring clear benefits to the residents, offering more payment options, faster processing, and enhanced security across the city’s parking payment system.

The collaboration reflects the company’s commitment to leveraging automation to streamline public-sector financial transactions.

Management Commentary

Lakshmi Narayanan, President – Bills and Payments of XBP Global, added, “our solutions are designed to simplify transactions, strengthen security, and improve the overall customer experience with reduced cycle time for all consumers.”

Recent Earnings

In August, the company reported second-quarter revenue growth of 17.8% to $39.6 million and net loss from continuing operations of $3.4 million, versus a loss of $3.6 million a year ago.

Price Action: XBP shares were trading lower by 3.55% to $0.4919 at last check Monday.

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IonQ, Inc. (NYSE:IONQ) stock rose on Monday after the company announced its participation as a founding member of Q-Alliance.

Q-Alliance is a new initiative aimed at developing a premier quantum computing hub in Lombardy, Italy.

As a founding member of Q-Alliance, IonQ will bring its expertise in gate-based, universal quantum computing along with its exclusive strengths in quantum networking, security, and sensing.

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The initiative will develop infrastructure to foster research, innovation, and commercialization of quantum technologies across sectors, including pharmaceuticals, materials science, logistics, and financial services.

Established in support of Italy’s National Strategy for Quantum Technologies, the Q-Alliance unites public and private organizations to advance a cutting-edge quantum innovation ecosystem.

Management Commentary

Niccolo de Masi, Chairman and CEO of IonQ, said, “Through this landmark quantum collaboration, we intend to create quantum applications that can accelerate every segment of Italy’s major industries – from defense to agriculture, automotive to healthcare.”

“All areas of the Italian economy will benefit by leveraging IonQ’s industry-leading quantum computing, quantum networking, and quantum sensing solutions.”

Recent Key Events

Last week, the company’s stock got a boost after it achieved a major step forward in quantum chemistry simulations, demonstrating accurate atomic-level force calculations using its quantum-classical auxiliary-field quantum Monte Carlo (QC-AFQMC) algorithm.

Investors can gain exposure to IONQ via WisdomTree Quantum Computing Fund (BATS:WQTM) and REX AI Equity Premium Income ETF (NASDAQ:AIPI).

Price Action: IONQ shares were trading higher by 4.17% to $65.57 premarket at last check Monday.

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Cleveland-Cliffs Inc. (NYSE:CLF) shares are trading higher premarket on Monday after the company reported third-quarter 2025 results.

The steelmaker reported an adjusted loss of 45 cents per share, beating analysts’ expectations for a 48-cent loss.

Revenue totaled $4.73 billion, missing the consensus estimate of $4.90 billion but up from $4.57 billion in the same quarter last year.

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Revenue was spread across automotive (30%), infrastructure and manufacturing (29%), distributors and converters (28%), and steel producers (13%). Liquidity stood at $3.1 billion as of September 30, 2025.

Steelmaking revenue rose to $4.6 billion from $4.4 billion a year ago.

Adjusted EBITDA came in at $143 million versus $122 million in the year-ago quarter.

Key Metrics

Steel shipments stood at 4.0 million net tons, up from 3.8 million in the third quarter of 2024.

The average selling price fell slightly year-over-year to $1,032/ton from $1,045/ton in the same quarter a year ago.

Product mix was led by hot-rolled (37%), coated (29%), cold-rolled (15%), and plate (6%) products, with the remainder split between stainless/electrical and other products such as slabs and rail.

Management Commentary

Cliffs’ Chairman, President and CEO, Lourenco Goncalves, said, “Our third quarter results marked a clear sign of demand recovery for automotive-grade steel made in the USA, and that is a direct consequence of the new trade environment implemented and enforced by the Trump Administration.”

“As a result of this new trade environment, we have won new and growing supply arrangements with all major automotive OEMs, locking in multi-year agreements that reflect the reliability of our well-established supply chains anchored by our nine galvanizing plants dedicated to automotive-grade steels, with five of these plants specialized in exposed parts.”

“This past quarter, we entered into a Memorandum of Understanding with a major global steel producer, which seeks to leverage our unmatched U.S. footprint and trade-compliant operations. We expect the ultimate outcome of this MoU to be highly accretive to our shareholders.”

Outlook

Cleveland-Cliffs expects steel unit costs in 2025 to decline by about $50 per net ton compared to 2024, adjusted for higher automotive shipping volumes.

CLF updated its full-year 2025 outlook, with capital expenditures now expected to be around $525 million, down from the earlier forecast of $600 million.

Also, the company projects selling, general, and administrative expenses at around $550 million, versus the previous estimate of $575 million.

The third quarter performance was characterized by a richer sales mix and improved pricing, which contributed significantly to revenue and margin expansion. These factors were further supported by the company’s continued successful execution on cost management.

The positive trend established is anticipated to accelerate into 2026. This expected acceleration is directly tied to the forthcoming expiration of the slab supply contract to ArcelorMittal, which is scheduled to conclude in early December.

Price Action: Cleveland-Cliffs shares were up 10.81% at $14.76 during premarket trading on Monday. The stock is trading at a new 52-week high, according to Benzinga Pro data.

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On Sunday, Citigroup, Inc. (NYSE:C), along with American Airlines Group, Inc. (NASDAQ:AAL) and Mastercard (NYSE:MA), unveiled a new mid-tier travel rewards credit card, Citi/AAdvantage Globe Mastercard.

The new card expands the Citi/AAdvantage lineup, completing the range of co-branded travel credit cards offered under the partnership.

The card is designed for travelers who fall between casual vacationers and frequent flyers categories.

The card provides access to premium travel benefits, including four 24-hour Admirals Club Globe passes, expanded opportunities to earn AAdvantage miles and Loyalty Points, and an exclusive Flight Streak bonus.

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Cardmembers can unlock more than $750 worth of travel and lifestyle rewards each year for an annual fee of $350.

Management Commentary

Scott Long, American’s Senior Vice President of AAdvantage said, “It’s built for the travelers who want more from every mile—with elevated benefits, faster path to status and powerful earning potential.”

Pam Habner, Citi’s Head of U.S. Branded Cards and Lending added, “The launch of the Citi / AAdvantage Globe Mastercard is our first new co-branded credit card following the expansion of our partnership, marking a new chapter of innovation in our 38-year legacy,”

Recent Earnings

Last week, Citigroup had posted a third-quarter revenue of $22.09 billion, up 9% year over year and comfortably ahead of expectations, as strong performances across Markets, U.S. Personal Banking, and Investment Banking lifted results.

Investors can gain exposure to the Citigroup stock via First Trust Nasdaq Bank ETF (NASDAQ:FTXO) and T. Rowe Price Financials ETF (NASDAQ:TFNS)

Price Action: C shares are up 0.58% at $97.44 premarket at the last check on Monday.

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French luxury group Kering SA (OTC:PPRUF) (OTC:PPRUY)  on Sunday disclosed a long-term partnership with L’Oréal (OTC:LRLCF) in the luxury beauty and wellness segment.

As per the agreement, the Gucci-owner will sell its Kering Beauté business to L’Oréal for 4 billion euros ($4.66 billion) in cash.

L’Oréal will acquire the iconic high-end luxury fragrance brand, House of Creed, and gain exclusive beauty and fragrance licenses for several Kering brands.

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Under L’Oréal Luxe, Creed will expand its global reach in both men’s and women’s luxury fragrance markets.

The transaction is expected to close in the first half of 2026, with L’Oréal paying royalties to Kering for its licensed brands.

50-Year Exclusive Brand Licenses

The partnership grants L’Oréal exclusive 50-year licenses to create, develop, and distribute fragrance and beauty products for Gucci, Bottega Veneta, and Balenciaga.

The Gucci license will begin after the current Coty agreement ends, while the Bottega Veneta and Balenciaga licenses will take effect upon the transaction’s closing.

Joint Venture in Luxury Wellness and Longevity

Beyond beauty, Kering and L’Oréal also plan to form a 50/50 joint venture to explore opportunities in luxury, wellness, and longevity.

The partnership will combine L’Oréal’s innovation expertise with Kering’s luxury market insight to create advanced experiences and services for high-end consumers.

Management Commentary

Luca de Meo, CEO of Kering, said, “Joining forces with the global leader in beauty, we will accelerate the development of fragrance and cosmetics for our major Houses, allowing them to achieve scale in this category and unlock their immense long-term potential, as did Yves Saint Laurent Beauté under L’Oréal’s stewardship.”

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