CNBC

In Virginia's closely watched gubernatorial race, Democrats appear to have benefited from a small but decisive bloc of voters who harbor unfavorable views of both major political parties, according to NBC News exit polls. That Democratic advantage there among disaffected voters mirrors trends seen in other contests Tuesday, including the New Jersey governor's race and the New York City mayoral election, NBC reported. In Virginia, 41% of voters said that they had a favorable view only of the Democratic Party, and another 41% favorably viewed only the Republican Party, according to NBC's poll.

IBM said Tuesday that it will lay off a small percentage of its employees in the current quarter. “In the fourth quarter we are executing an action that will impact a low single-digit percentage of our global workforce,” a spokesperson told CNBC. “While this may impact some U.S.-based roles, we anticipate that our U.S. employment will remain flat year over year.” IBM employed 270,000 people at the end of 2024, according to its latest annual report. A 1% cut to headcount would represent the loss of 2,700 jobs. More details: cnb.cx/4hEBlxg

Bitcoin's fall below $100,000, its lowest level since June, has sparked fears that the worst is yet to come, another so-called crypto winter (a prolonged bear market in cryptocurrencies) that the market wrestles with every time digital currencies sell off hard in a short period of time. But Bitwise chief investment officer Matt Hougan says that while the retail investor is in "max desperation" mode, he sees that as a reason to bet that a bottoming in crypto prices may materialize sooner rather than later. With Wall Street institutional investor and financial advisor support for bitcoin, and growth in crypto ETFs, he is even willing to go out on a limb and say that amid the heavy selling a new record high for bitcoin before the end of the year isn't unreasonable. "It's almost a tale of two markets," he said on CNBC's "Crypto World" on Tuesday. "Crypto retail is in max desperation. We've seen leverage blowouts. ... the market for sort of crypto native retail is just more depressed

Polls closed in Virginia, with results too early to call in the state’s elections for governor and attorney general, NBC News projected Tuesday evening.

Palantir CEO Alex Karp ranted against short sellers, calling out specifically Michael Burry after a filing revealed the investor of “The Big Short” fame had bets against the AI software company, as well as Nvidia, at the end of the last quarter. “The two companies he’s shorting are the ones making all the money, which is super weird,” Karp told CNBC’s “Squawk Box.” “The idea that chips and ontology is what you want to short is bats--- crazy.” Read more comments from Karp: cnb.cx/4or2tmf

President Donald Trump has renominated Jared Isaacman to run NASA after pulling his prior nomination in June due to what the president called a “thorough review of prior associations.” Read more: cnb.cx/4qJSgCG

Pinterest shares plummeted over 15% after the company reported a third-quarter earnings miss and provided weak forecast. The company said fourth-quarter revenue will come in between $1.31 billion and $1.34 billion. The midpoint of the revenue outlook, $1.325 billion, trailed Wall Street’s projections of $1.34 billion. Pinterest finance chief Julia Donnelly said during an earnings call that the company experienced some "pockets of moderating ad spend" in the U.S. and Canada regions during the third quarter. Donnelly attributed the sales moderation to unspecified "larger U.S. retailers" that are dealing with tariff-related issues putting pressure on their margins. Regarding the company's fourth-quarter guidance, Donnelly said that "we see these broader trends and market uncertainty continuing with the addition of a new tariff in Q4 impacting the home furnishing category." Last week, tech giants Meta, Alphabet and Amazon reported their most recent quarterly earnings that showed strong digital advertising sales. Read more from CNBC: https://lnkd.in/gMF-zdcJ

Super Micro Computer shares plunged as much as 10% in extended trading on Tuesday after the server maker issued weaker-than-expected results for the fiscal first quarter. Here's how the company did in comparison with analyst estimates compiled by LSEG: Revenue fell 15% from $5.94 billion a year ago, Super Micro said in a statement. The report comes about two weeks after Super Micro issued preliminary earnings and said it expected revenue of $5 billion for the quarter, down from prior guidance of $6 billion to $7 billion.

From Snickers to Reese’s to Twix, one of America’s favorite indulgences is getting more expensive, as tariffs, inflation and high cocoa prices squeeze profit margins and customers’ pocketbooks. Much of the chocolate filling U.S. shelves this fall was made from cocoa beans purchased at record prices last December, when futures peaked above $12,000 per ton, experts said. Prices have since cooled to around $6,000, but that’s still more than double the pre-pandemic average. More details: cnb.cx/4oQjmGu

Advanced Micro Devices reported fiscal third-quarter results that exceeded Wall Street expectations, but gave margin guidance was inline with estimates. The stock slipped in extended trading. Here's how the company did in comparison with LSEG consensus: Revenue increased 36% from a year earlier in the fiscal third quarter, which ended on Sept. 27, according to a statement.