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Cash & Chaos
September 30: Robinhood wants your weekends. FICO sinks 26%.
Sep 30, 2026
September 30: Robinhood wants your weekends. FICO sinks 26%.
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0:00
Welcome to Cash and Chaos. September thirtieth, twenty twenty-six. Robinhood wants your weekends. FICO sinks twenty-six percent. Good morning. Robinhood would like more of your spare time.
0:13
FICO investors would like Tuesday back. And FactSet is selling more financial data while keeping less profit from each dollar of sales. Micron reports after the close.
0:25
Before that, we get an inflation report, revised GDP and a White House announcement with no confirmed topic. A quick apology, the Anthropic article link in yesterday's email returned an error.
0:38
We should have caught that before sending. Here's the Reuters report via the Business Standard. Before the bell, plus zero percent S and P five hundred seven thousand seven hundred and thirty-two point two five.
0:51
Minus zero point one four percent NASDAQ one hundred and thirty thousand five hundred and seventy-one point zero zero. Minus zero point zero two percent Dow fifty-one thousand six hundred and ninety point zero zero.
1:04
September thirtieth December futures, seven:thirty AM Eastern Time delayed about ten minutes. Changes as reported by Yahoo Finance. The big story hood. Robinhood wants your weekends too.
1:18
Robinhood planned weekend trading service. Robinhood wants customers to trade stocks on Saturdays and Sundays.
1:25
Weekend trading in selected stocks and ETFs is planned for early twenty twenty-seven subject to regulatory review. This Saturday is still yours. Tuesday night's summit gave customers plenty else to look through.
1:40
More hours, extended options trading and perpetual futures for eligible US customers. AI agents, tools that research and trade with trade approval on by default for agent accounts. Customers can change that setting.
1:56
More borrowing. Eligible customers can opt into four times intraday buying power up from twice today. Linked take profit and stop-loss orders arrive for equities in October.
2:08
More than one hundred and fifty thousand customers have opened agentic trading accounts, the company says.
2:14
That gives Robinhood an audience to sell these features to, though it doesn't tell us how much extra trading they will generate.
2:22
For shareholders, more activity means more opportunities to earn transaction revenue, interest and subscription fees. The test comes after launch.
2:33
Do customers keep using the products and can weekend trading attract enough buyers and sellers? Four times the buying power also gives losses more room to grow. Rollout dates and eligibility. In focus, FICO.
2:47
FICO lost a quarter of its value. Cool Caesar slash Wikimedia Commons. San Jose office twenty twenty. CC BY SA four point zero.
2:58
Six hundred and seventeen dollars and eighty-seven cents Tuesday close, minus twenty-six point five two percent Tuesday change.
3:07
Fair Isaac closed Tuesday at six hundred and seventeen dollars and eighty-seven cents, down twenty-six point five two percent.
3:15
A company that makes credit scores found itself being marked down over the price of credit scores.
3:21
Fannie Mae and Freddie Mac's move toward comparable treatment of VantageScore and FICO scores makes it easier for mortgage lenders to consider an alternative, according to Yahoo Finance.
3:33
Then came a price, ninety-nine cents. TransUnion will keep standalone VantageScore four point zero mortgage origination scores at that price through December twenty twenty-eight.
3:44
That buys the score, not the borrower's entire credit report. For FICO, competition threatens both volume and pricing. Even lenders that stay put have a cheaper alternative to bring to negotiations.
3:59
That puts pressure on the future profits investors have been willing to pay for. Switching still takes testing, implementation, and confidence in the new model.
4:09
FICO has established customer relationships and workflows on its side. The next useful numbers are adoption rates and any pricing response from FICO. TransUnion's pricing commitment. Just reported FDS. FactSet grew.
4:24
Its margins went the other way. FactSet. Workstation product image, illustrative screen data.
4:31
Six hundred and thirty-four point seven million dollars fourth quarter revenue, four dollars and fifty-two cents adjusted earnings per share, thirty-three percent adjusted margin.
4:43
FactSet's morning results show healthy sales growth and a more expensive business to run.
4:48
Fourth quarter revenue rose six point three percent to six hundred and thirty-four point seven million dollars, with organic revenue up seven point one percent.
4:58
Adjusted earnings reached four dollars and fifty-two cents a share, up eleven point six percent. But adjusted operating margin fell to thirty-three percent from thirty-three point eight percent a year earlier.
5:12
Compensation and technology spending squeezed the profit kept from each dollar of sales. Organic annual subscription value reached two point five seven billion dollars, up seven percent.
5:26
ASV estimates the next twelve months of revenue from subscriptions currently supplied. Management said the ASV added by AI solutions more than doubled in fiscal twenty twenty-six.
5:39
Buybacks helped adjusted earnings per share grow faster than adjusted net income.
5:44
GAAP earnings per share fell fifteen point four percent to three dollars and forty-one cents, while free cash flow was roughly flat at one hundred and seventy-seven point three million dollars.
5:56
For fiscal twenty twenty-seven, FactSet expects revenue of two point six zero zero dollars to two point six two five billion dollars and adjusted earnings per share of nineteen dollars and twenty-five cents to nineteen dollars and sixty-five cents.
6:11
Its organic ASV growth outlook is five percent to six point five percent below the latest seven percent pace. At the nine AM Eastern Time call, listen for when AI sales start covering more of the cost of delivering them.
6:26
Results and guidance, PDF. The stock board, where big tech finished. Tuesday, September twenty-ninth, close, USD daily change. Mag Seven plus AMD, Broadcom, and Micron. Cash in Chaos's editorial watch list.
6:44
In the watchlist for this recorded session, four stocks rose and six fell. Meta rose three point two four percent. Apple fell two point six six percent. Broadcom rose one point five eight percent. Meta led this group.
7:00
Apple had the largest decline. The Nasdaq one hundred ETF, QQQ, gained zero point one nine percent, while the S&P five hundred ETF, SPY, slipped zero point one eight percent.
7:15
The mixed finish leaves room for individual company news to matter this morning. AI and business, Amazon/Alphabet. Amazon and Google help sell Claude too. TechCrunch/Wikimedia Commons. Dario Amade, twenty twenty-three.
7:33
CC by two point zero. Reuters reports that forty-seven percent of Anthropic's twenty twenty-five sales, about two point one six billion dollars, went through Amazon and Google's cloud marketplaces.
7:47
That is distribution dependence. It does not mean Amazon and Google themselves bought forty-seven percent of Anthropic's output. Those channels bring Claude to businesses already buying cloud services.
8:00
The cost, about three hundred and fifty-one million dollars in distribution fees, roughly sixteen cents per dollar sold through them.
8:09
For Amazon and Alphabet shareholders, that adds distribution income to the computing bill. For Anthropic investors, two important suppliers and investors also control major routes to customers and sell competing models.
8:24
Reuters explains the arrangements. Around the market, CCL. Carnival's customers are still booking. Keys Torn/Wikimedia Commons. Mardi Gras, two thousand and twenty. CC by SA two point zero.
8:39
Carnival jumped thirteen point four one percent Tuesday, lifting Royal Caribbean seven point four five percent and Norwegian three point four two percent.
8:50
The company's results gave investors a reason to look past higher fuel costs. Bookings for twenty twenty-seven were running at records for both occupancy and prices.
9:00
Customer deposits reached seven point six billion dollars, up five hundred million dollars from the previous third-quarter record. Those deposits are cash collected ahead of trips, not revenue already earned.
9:13
They nevertheless offer a useful check on whether customers are putting money behind their travel plans. Carnival also cut fuel use per available birthday by three point eight percent.
9:25
Better efficiency and stronger pricing helped absorb the cost of keeping ships moving. The question now is how much of that cushion survives if fuel stays expensive.
9:36
The results include bookings, deposits, and fuel assumptions. All that and [睡觉] Boeing gets the Navy's call. Navarre/Boeing. Artist's rendering, approved for public release.
9:50
After Tuesday's close, the US Navy selected Boeing for the F/AXX, its next-generation carrier-based fighter. Boeing described a multibillion-dollar award without giving an exact value in its announcement.
10:06
It adds another long-running defense program alongside the Air Force's F-47.
10:12
Development contracts take years to turn into delivered aircraft and profits, so the award size alone won't settle questions about eventual returns. Boeing's announcement and aircraft rendering.
10:25
On the radar, two more worth knowing. Tesla has arranged thirty billion dollars of borrowing capacity.
10:32
The facilities were undrawn when disclosed, and Tesla said it did not currently plan to draw them in twenty twenty-six. This gives the company financing flexibility.
10:43
It isn't thirty billion dollars of new cash already spent. The filing breakdown. Apple may speed up its release schedule. Bloomberg reports that CEO John Ternus wants quicker launches and fewer management layers.
10:57
The potential payoff is getting products to customers sooner. Frequent launches still need products people want. The reported plans. Earnings ahead, Micron/Nike. Micron tonight, Nike tomorrow.
11:12
Thing Green Line forty-five forty-six/Wikimedia Commons. Tai Chung, twenty twenty-three. CC by SA four point zero. Micron's call is at four thirty PM Eastern Time today.
11:26
Its prior quarter revenue was forty-one point four six billion dollars. Management's latest outlook put this quarter at fifty billion dollars plus or minus one billion dollars.
11:38
That is company guidance, not a reported result. Listen for how much growth comes from higher memory prices, how much from shipping more, and what high bandwidth memory demand means for future margins.
11:50
Capacity spending matters because today's shortages can eventually encourage tomorrow's extra supply. Micron's official call notice. Brandon Carson, cropped by another believer/Wikimedia Commons.
12:05
Nike Campus, two thousand and ten. CC by two point zero. Nike reports Thursday at about four fifteen PM Eastern Time with a five PM call. The questions are more familiar. Is Greater China stabilizing?
12:20
Are wholesale relationships improving? And is less discounting helping gross margin? An improvement in revenue is worth less if promotions swallow the profit.
12:31
The regional mix and margin outlook will tell us more about the recovery. Nike's official earnings notice. Upgrades, downgrades, and targets. The Street changes its numbers. PepsiCo downgrade, September twenty-ninth.
12:46
JP Morgan moved from overweight to neutral and cut its target from one hundred and seventy dollars to one hundred and thirty-eight dollars. Its concern was that the North American recovery had stalled while costs rose.
12:59
Rating history. Best Buy target increase, September twenty-ninth. Evercore ISI raised its target from eighty-five dollars to ninety dollars, keeping its in-line rating.
13:11
That's a higher valuation estimate, not a rating upgrade. The analyst record. Macro in a minute. Two times to keep handy.
13:20
Eight thirty AM Eastern Time, August personal income and spending, including PCE inflation, plus the third estimate of second quarter GDP and the annual update.
13:33
For stocks, inflation can alter expectations for rates and the returns investors demand from future profits. BEA schedule.
13:41
Three thirty PM Eastern Time, Trump is scheduled to make an announcement with the Commerce Secretary. The public calendar doesn't establish the topic, so we're not calling it a trade or tariff announcement in advance.
13:54
The published schedule. Get Cash in Chaos in your inbox. Markets, money, and the madness in between. That's Cash in Chaos. Find a full edition and original sources in the show notes.
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