Q3 Earnings Reactions Test Guidance and Cash Generation

The Oct. 19–23 reporting window is underway: Western Digital beat estimates, produced about $1.4 billion in free cash flow, and raised guidance sharply, but shares fell 6.4%; higher capex and HAMR execution remain risks. Nasdaq also posted a modest Q3 beat with strength in financial technology. Meta, Tesla, and other large-cap reports and their guidance remain key catalysts.