Cities Are Running Out of Salt Before Winter Even Starts

Road salt is one of those things nobody thinks about until plow trucks come back empty, and this year that's happening before the first snowfall. Some cities haven't gotten a single bid for winter supply, while others are paying nearly double last year's price. 

North America doesn't mine enough of its own, which is why it ships in 8 to 10 million tonnes from places like Egypt and Chile, two weeks away by boat.

Atlas Salt (TSXV: SALT | OTCQX: SALQF) is building a mine in Newfoundland near a deepwater port where ships can reach Boston in three days. With salt, the real cost is in shipping, and CEO Nolan Peterson says the difference is so big that overseas producers could give their salt away and still come out more expensive than Atlas. The project is shovel-ready and projected to generate roughly C$188 million a year in free cash flow.

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☕️ GM Munchers! Thought I’d get the TV last night but turns out Dancing With The Stars was moved to Monday. It was even scarier than this market.

On today’s menu:

• 📉 The Market Gave Us Hope, Then Took It Back

• 🗳️ What The Midterms Mean For Your Money

• 💄 SpaceX, Estée Lauder & Coinbase

• 🍎 Apple Just Had Its Best Year Ever

• ‼️ 7 EU Countries Reported Grocery Store Cyberattacks

Yesterday’s numbers:

BREAKING NEWS

📉 The Market Gave Us Hope, Then Took It Back

What a tease of a day. Things actually looked promising to start. Brent crude oil crashed about 5% on a report that the US and Iran were nearing a deal to end the war. US oil prices extended the drop to 7% on the day, falling below $98 a barrel, the first time under $100 in days. Cheaper oil means less inflation pressure, so markets cheered. Nasdaq 100 futures jumped over 1% before the bell, and it felt like the storm might finally be passing.

Then, as it did last week, the whole thing reversed. By the end of the day, the Nasdaq had dropped 3% from its high and closed down over 1%, wiping out about $1.1 trillion in market value from the day’s peak. The early optimism melted away as investors went right back to dumping tech stocks. One group did hold up, though: the Dow actually finished higher, since it’s packed with old-school industrial and value names rather than high-flying tech.

So why did a genuinely good oil story get overshadowed? Simple. The AI spending fear that has gripped this market for two weeks is still firmly in control. Even falling oil and the promise of peace could not pull investors back into tech stocks, which tells you just how nervous everyone has become about the giant AI buildout and whether it will pay off.

• 🕊️ Peace hopes are real. Iran’s leadership reportedly widened its mandate to negotiate, and even Trump said a deal “could happen,” which is what sent oil tumbling.

• ⚖️ A split market. The Dow rising while the Nasdaq fell shows money is fleeing tech and hiding in safer, more boring corners of the market.

• 📅 A huge week looms. Midterm elections hit Tuesday and the jobs report lands Friday, so expect plenty more wild swings before any calm sets in.

The Munch Take: Here’s our honest read on another frustrating day. The good news is genuinely good. If the US and Iran actually reach a deal, oil keeps falling, inflation pressure eases, and that is a real tailwind for the whole economy down the road. The bad news is the market is so consumed by AI spending jitters that it could not even enjoy it. That is the definition of a nervous, moody market, where fear drowns out the good headlines. We are not going to let the daily whiplash rattle us. Zoom out, and the setup is actually encouraging: a possible end to a war, cheaper energy, and a big week of catalysts that could clear the air. If this keeps dragging quality names lower, we keep our shopping list ready, because that is exactly how these panicky stretches tend to hand patient people bargains. So yes, Lloyd, there is a chance. There is always a chance. Stay calm, tune out the noise, and watch how this week plays out.

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STORY OF THE DAY

🗳️ What The Midterms Mean For Your Money

We usually leave the politics to the folks in Washington, but today’s midterm elections are too big for markets to ignore. Affordability is the dominant theme this cycle, and the most likely outcome, no matter which party gains ground, is what’s called “divided government,” where one party does not fully control everything. President Trump keeps his veto power regardless, so sweeping changes become much harder to pass.

And here’s the counterintuitive part: Wall Street tends to love that. Investors actually prefer gridlock, because when Washington can’t agree on big changes to taxes or regulations, it means fewer surprises and more stability for businesses. History backs this up. According to Morgan Stanley, under Republican presidents, the S&P 500 has averaged a 23% gain in the year after midterms when Congress was split. So political deadlock is frustrating for getting things done, but it has often been great for stocks.

Now let’s break down the sectors with the most on the line.

• 🛡️ Defense stocks are flying high. Companies like RTX and Northrop Grumman have record order backlogs, and the White House wants $1.5 trillion for defense next year. But Congress still controls the purse strings, and a divided government could mean closer scrutiny of that spending.

• 💊 Healthcare is in the spotlight. The sector is already up over 19% this year. Depending on the results, we could see more pressure on drug prices and consumer costs, which would help some companies and hurt others.

• ⚡ Data centers became a voting issue. Here’s a wild one: your electricity bill is now political. With 63% of voters opposing a data center near their home, the AI buildout has turned into a campaign topic, and new rules could push grid costs onto Big Tech right as it plans to spend over $1 trillion.

The Munch Take: Here’s our honest, strictly non-partisan read. We don’t care who you vote for, and we’re not in the business of rooting for red or blue. What we care about is how markets tend to behave, and the clearest signal from history is that Wall Street generally likes gridlock, because it keeps dramatic policy swings off the table. So if the result is divided government, as most expect, the market may well shrug and move on. The bigger forces driving stocks right now, the AI spending debate, interest rates, and the Iran situation, matter far more to your portfolio than the election map. Our advice never changes with an election: don’t make investment decisions based on who wins. That’s a reliable way to get burned, because the market has thrived under every kind of government. Watch the results if you’re curious, but keep your long-term plan exactly where it is. The real story to follow is not the colors on the map tomorrow night. It’s who ends up bearing the costs of all this spending down the road. Tune out the noise, and stay focused on quality.

MARKET OVERVIEW

🍟 Tasty Movers & Shakers

‼️ From Good Morning Alerts: Elon can build the rocket. This $5 company has the metal.

🚀 $SPCX SpaceX rose 1.22% on reports it explored buying Boost Mobile to tap its network, as Starlink looks to take on the big three wireless carriers directly. Elon clearly is not content being just a rocket and satellite company.

🔋 $RIVN Rivian jumped 8.47% after UBS upgraded it to Buy, pointing to better economics on its R2 model and a path to positive auto margins. Wall Street is finally starting to believe this EV maker can actually make money.

☁️ $ORCL Oracle slid 8.85% after detailing plans to raise $20 billion in debt and stock to fund its massive AI buildout. Investors keep punishing anyone reaching for the checkbook to chase the AI dream.

💄 $EL Estée Lauder fell 4.08% even after beating earnings and raising guidance, as demand for premium skincare and fragrance held up. Sometimes a good report still is not enough when expectations were already sky-high.

🪙 $COIN Coinbase dropped 3.95% after Morgan Stanley downgraded it and cut its price target. A bruised crypto market and a bearish analyst note are a tough one-two punch for the exchange.

💾 $INTC Intel sank 8.8%, piling onto Friday’s historic collapse driven by weak guidance, cash burn, and chip-supply problems.

STOCK OF THE DAY

🍎 Apple Just Had Its Best Year Ever

In a week where everybody is freaking out over Big Tech earnings, Apple delivered a breath of fresh air. The company reported after-hours yesterday and it beat Wall Street’s expectations across the board. Revenue hit a record $114.5 billion, up 12% from a year ago, comfortably topping forecasts. Even better, this capped off what Apple called its best fiscal year ever, with annual revenue reaching a record $479 billion.

This report carried extra weight because it was the first under Apple’s new CEO, John Ternus, who took over from Tim Cook back on September 1. First impressions matter, and Ternus delivered a clean, strong quarter to kick off his tenure. He proudly noted that the company just wrapped up its most successful year in history, a confident way to start the job.

Where did the strength come from? The iPhone, as always, led the charge, hitting a September-quarter record with $57.58 billion in sales. Apple’s Services business, which includes the App Store, iCloud, and subscriptions, reached an all-time high. That Services growth is a big deal, because it’s steady, high-margin money that keeps rolling in long after someone buys their phone.

It wasn’t a flawless report, though. Sales in China came up short of expectations, a reminder that Apple still faces real competition and challenges in that massive market.

• 💰 Profit was massive. Apple earned $30.7 billion in net profit for the quarter, or $2.10 per share, up from $1.85 a year earlier.

• 🔄 Shareholders got paid. Apple returned about $28 billion to investors during the quarter through dividends and stock buybacks.

• 📈 Margins stayed fat. Gross margin came in at a healthy 47.9%, beating expectations, helped slightly by a boost from tariff refunds.

The Munch Take: While investors are freaking out about Google, Amazon, and Meta burning through cash on AI, Apple quietly did the opposite. It just made a mountain of money and had its best year in company history. That contrast is the whole story. Apple is not spending itself into oblivion chasing the AI arms race, and right now, in a jittery market, that discipline looks awfully attractive. We have poked fun before at Apple being a bit “boomer” on innovation, and the lack of a flashy AI bet is a fair knock. But you know what is not boring? Record revenue, a fortress balance sheet, and a Services business that gushes cash. New CEO John Ternus just proved he can steer the ship steadily through a storm, which is exactly what you want in a first quarter. The China weakness is worth watching, but this was a genuinely strong, reassuring report. Sometimes boring and bulletproof is exactly what wins.

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🚀 Pre-Market Fuel

1. 🥇 Gold and silver went crazy yesterday.

2. ‼️ 7 EU countries reported grocery store cyberattacks.

3. 📉 Intel’s stock is getting destroyed.

4. 😬 We’re officially in Extreme Fear territory.

🍪 Munchy Memes

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