Joby posts a deeper-than-expected Q3 loss but its cash pile holds steady

Air taxi maker Joby Aviation reported earnings after the bell on Wednesday, and its shares were roughly flat after the report.

Joby posted a loss per share of $0.48, deeper than the $0.19 loss expected by analysts polled by FactSet.

The company also:

Ended the third quarter with $978.1 million in cash (and cash equivalents), down about 1% from Q2.
Said it’s now 77% complete with the fourth stage of its five-stage certification process, up from 70% in the second quarter.

Earlier this week, reports of a possible delay in Joby’s UAE commercial flight timeline and an IPO by rival Beta Technologies sent its shares lower. In August, Joby announced that it would buy helicopter ride-share business Blade. About 40,000 passengers flew with Blade in Q3, according to Joby.

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Max Knoblauch

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Jet fuel refining margins are surging to 20-year highs amid Iran war, threatening airlines

According to a Deutsche Bank note on Friday, airlines haven’t seen this phenomenon since the aftermath of hurricanes Katrina and Rita in 2005.

Matt Phillips2h

The slow-motion private credit crunch continues

You may have missed it, what with the Iran war, the price of oil spiking, or the ongoing questions about the durability — and future profitability — of the AI capex boom.

But there are clear signs of malaise in private credit markets — the massive corporate bond and loan markets that typically burble away quietly in the background while the stock markets garner the headlines.

The Financial Times reported on Friday:

“BlackRock has limited withdrawals from one of its flagship private credit funds following a surge in redemption requests, as investors retreat from the asset class and questions about credit quality intensify...

The decision to cap withdrawals at 5 per cent will be closely scrutinised by the industry as outflows climb across semi-liquid private credit funds. The vehicles have drawn in hundreds of billions of dollars from retail investors and wealthy individuals who were enticed by the high returns on offer but have started to bolt at the first signs of stress.”

That news follows an unsettling recent pattern of private credit firms telling investors they cannot have their money back on demand, most notably Blue Owl last month, which also limited redemptions.

Normally the goings-on of the credit markets are of little interest to stock jockeys. But the concerns about credit have started to bleed into the stock market, too.

Of the S&P 500’s 11 industry groups — known as sectors — the financial sector (Financial Select Sector SPDR Fund) is by far the year’s worst performer, down more than 9% in 2026, with firms with links to private credit such as Ares Management, Blackstone, KKR & Co., and Apollo Global Management some of the worst performers. They’re all down more than 20% since the start of the year.

If investors were looking for another thing to worry about, this would likely be a good one to add to the list.

BlackRock limits redemptions at private credit fund as outflows swell

The Financial Times reported on Friday:

“BlackRock has limited withdrawals from one of its flagship private credit funds following a surge in redemption requests, as investors retreat from the asset class and questions about credit quality intensify...

The decision to cap withdrawals at 5 per cent will be closely scrutinised by the industry as outflows climb across semi-liquid private credit funds. The vehicles have drawn in hundreds of billions of dollars from retail investors and wealthy individuals who were enticed by the high returns on offer but have started to bolt at the first signs of stress.”

That news follows an unsettling recent pattern of private credit firms telling investors they cannot have their money back on demand, most notably Blue Owl last month, which also limited redemptions.

Normally the goings-on of the credit markets are of little interest to stock jockeys. But the concerns about credit have started to bleed into the stock market, too.

If investors were looking for another thing to worry about, this would likely be a good one to add to the list.

Luke Kawa

US employment unexpectedly contracts in February, unemployment rate rises to 4.4%

Event contracts indicate a rate cut in June is a now a very live possibility.

Qatar energy minister warns of potential oil spike to $150 within weeks

“Most of the folks who appreciate just how bullish the US-Israel-Iran war is for oil markets think it’s SO WILDLY BULLISH that they can’t imagine this lasting much longer,” wrote Rory Johnston, founder of Commodity Context.

Hyunsoo Rim, Luke Kawa4h

Luke Kawa

US gas prices jump to highest level of Trump’s time in office

Prices are up about $0.34 per gallon since the conflict started.

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