Subscription revenue and sales volume missed, while free cash flow margin hit 22%.  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

A Message from Stansberry Research Dear Reader, This runs counter to everything you'll see in the media about the recent election... But what's happening economically in America right now ihas been taken advantage of by our politicians. To them, record-high markets are the perfect cover for them to quietly take control of American companies – and set America up for a future EVEN WORSE than Socialism. If that sounds too extreme, just consider what we've already seen: The federal government recently paid $8.9 billion for a stake in Intel – one of the biggest tech companies in the world... The Pentagon spent $400 million to become the largest shareholder of a rare-earth mining company... And the White House now holds a "golden share" in U.S. Steel – effectively guaranteeing the Oval Office authority over key business decisions! Add it all up, and Washington has taken ownership stakes in some 30 companies since January 2025. Which is why I'm worried a government takeover of the market is happening right out in the open. Every bubble of my lifetime – savings-and-loan, dot-com, housing – was inflated by the Federal Reserve. This is the first bubble directly sponsored by the federal government itself. And what we're starting to see now is just a foreshadowing of an even greater crisis... Which is why I think the results of this election could be even worse than anyone is prepared for... I explain why – and the #1 first step every American should take to prepare right now – in a short new video I put together with Stansberry Research. You can watch it right here. Sincerely, Dr. Ron Paul Former U.S. Congressman and Presidential Candidate This ad is sent on behalf of Stansberry Research, 1125 N Charles St, Baltimore, MD 21201. If you would like to optout from receiving offers from Stansberry Research please click here. Why Shopify Dropped 8.74% in a Single Day, Even With 32% Growth On Tuesday, Nov. 3, shares of Shopify fell 8.74%, closing at $142.57. The e-commerce software company had reported third-quarter results before the market opened that day. What Happened Revenue rose 32% from a year earlier to $3.74 billion, according to Shopify's earnings release. Analysts at LSEG had expected $3.75 billion, CNBC reported, so the miss on that line was tiny. The details underneath bothered investors more. ZeroHedge, citing Bloomberg consensus figures, put subscription revenue at $850.2 million against the $836 million Shopify reported. Gross merchandise volume, the total value of goods sold through Shopify stores, was $119.15 billion against an estimate of $120.08 billion. Gross profit grew 28%, slower than revenue, so gross margin slipped to 47.6% from 48.9%. The same report said Wells Fargo analyst Ken Gawrelski pointed to AI as the likely cause. Truist analyst Terry Tillman wrote that the sell-off mostly reflected high expectations going into the report. The Bull View Bulls look at profit. Operating income was $568 million against a $523.9 million Bloomberg consensus, and free cash flow, a non-GAAP measure, was $816 million, a 22% margin versus 18% a year earlier. Adjusted earnings were $0.49 per share against a $0.48 Bloomberg consensus. Shopify also guided to fourth-quarter revenue growth in the low thirties percent. LSEG's estimate was 32.1%, per CNBC. The Bear View Bears focus on the recurring subscription line and on the margin slip. If AI costs keep climbing faster than sales, profit growth could trail revenue growth. The reported profit figure also needs context. GAAP net income was $462 million, up 75% from $264 million, but Shopify's results swing with the value of its stakes in other companies. In the first quarter of 2026, it posted a net loss of $581 million that included a $941 million after-tax mark-to-market loss on those investments. What Is Scheduled Next Shopify's release did not name a date for its fourth-quarter report. It did show $562 million of share repurchases in the third quarter, with none in the same period a year earlier. What It Means for You A stock can drop after a report that looks fine on the surface. Prices already reflect what investors hope to hear, so the question is often how results compare with expectations, not whether the company grew. One day's close is a snapshot. The $142.57 close on Nov. 3 says nothing about where the shares went afterward, and big moves can reverse or extend. The concrete risk here is concentration. A company priced for fast growth can fall hard on a small miss, and rising AI costs could keep pressure on margins. SPONSORED   5-Day Cash Flow Trade I don't know who needs to hear this, but... 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