FICO Falls 27%, Lenders Get a Choice

Welcome to LazyListen. This is The Daily Rip for today. Stocks edged lower Tuesday as the 30-year Treasury yield climbed to its highest level since 2002, hitting five point six two percent.

The Dow slipped about a quarter of a percent, the S&P 500 lost just under two-tenths, and the Nasdaq dipped slightly, all finishing off their session lows. , where volatility remains elevated. , the sector had a mixed day.

Anthropic’s leaked IPO filing raised eyebrows with a massive 2 dollars trillion valuation target, paired with huge computing commitments and stark warnings about technology risks, including potential self-preserving behaviors. 5 billion dollars in revenue—and faces over five hundred billion dollars in mostly non-cancelable cloud and infrastructure commitments. Meanwhile, OpenAI unveiled a new product called Dots at its DevDay event.

-powered personal assistants run on GPT-6 Astra and integrate with workplace tools like Slack and Microsoft Teams, helping users with scheduling, travel, and coding support. OpenAI’s annual recurring revenue is reportedly approaching 70 billion dollars, though that figure annualizes bookings rather than actual cash flow. I.

assistants. On the macro front, all eyes are on tomorrow’s personal consumption expenditures inflation report, expected to show a modest monthly increase but still running well above the Fed’s two percent target annually. This data will be closely watched for clues on the Fed’s next moves amid persistent inflation pressures.

Turning to a major mortgage market development: Fair Isaac, the company behind the widely used FICO credit score, saw its shares plunge twenty seven percent—its worst day since 1989—after the Federal Housing Finance Agency announced that Fannie Mae and Freddie Mac will adopt a single pricing grid allowing lenders to use VantageScore alongside FICO Classic. This change could reduce lenders’ reliance on FICO scores, which have long dominated mortgage lending, and threatens Fair Isaac’s pricing power since VantageScore is significantly cheaper. 0 for loans going to Fannie and Freddie starting in quarter four.

The stock’s plunge deepens a brutal September, now down forty six percent for the month and seventy four percent below its November 2024 peak. In consumer discretionary, Carnival Cruise posted a standout quarter that Wall Street hadn’t been expecting. 4 billion dollars, beating estimates, and raised its full-year outlook.

Adjusted earnings per share came in at one dollar and forty three cents, slightly above expectations. 6 billion dollars, and half of 2027 bookings are already locked in at record occupancy and pricing levels. 2 billion dollars annually.

The stock jumped thirteen point five percent on heavy volume, marking its biggest single-day gain since April, though it remains down over sixteen percent for the year. In biotech, uniQure’s shares plunged thirty seven percent after disappointing data on its Huntington’s disease treatment, which missed statistical significance in slowing disease progression at four years. This raises questions about the viability of its upcoming regulatory filings.

Conversely, Iovance Biotherapeutics surged thirty three percent, hitting a two-year high after raising 2026 revenue guidance on strong demand for its cancer therapy. Analysts have lifted price targets, though some caution about profit-taking and dilution risks. In the gambling sector, DraftKings fell nearly seven percent amid concerns that emerging prediction markets like Kalshi and Polymarket are siphoning wagering activity, potentially pressuring margins.

DraftKings’ own prediction market platform, DKeX, faces a tough fight to maintain volume. Looking ahead to tomorrow, the economic calendar is busy. m.

Eastern. Earnings highlights before the open include Conagra Brands, Jabil, Yiren Digital, and Cal-Maine Foods. I.

chip demand and the broader semiconductor cycle. -driven memory market and influence tech sentiment going forward. Thanks for listening.

Catch you next time on LazyListen.