Q4 earnings season is picking up. About 13% of the S&P 500 has reported so far. Earnings are up 8.2% which is pretty close to the 8.3% analysts expected. **The Good** * **Royal Caribbean (RCL):** Stock popped 16%. They beat estimates and guidance for 2026 looks strong. Bookings are solid. * **IBM (IBM):** Up 8% after hours. Software and hybrid cloud revenue helped them beat estimates. * **Caterpillar (CAT):** Beat profit estimates due to data center demand. However, they warned about a $2.6B hit from tariffs in 2026. * **Brinker (EAT):** Up 5% after Chili's beat expectations. **The Bad** * **SAP (SAP):** Dropped 15%. Missed slightly on cloud backlog and gave weak guidance blamed on delayed mega deals. * **Whirlpool (WHR):** Missed on revenue and earnings. They are seeing headwinds from tariffs and a promotional environment. * **Elevance Health (ELV):** Down 5% after forecasting lower 2026 profits due to rising medical costs. * **ServiceNow (NOW):** Dipped 5% despite an earnings beat and new Anthropic partnership. * **GE Vernova (GEV):** Slid 2% as EBITDA missed estimates, though they raised revenue guidance. **Other Updates** * **Meta (META):** Zuckerberg says AI coding tools improved engineering productivity by 30%. * **Tesla (TSLA):** Expanding robotaxi testing to more cities in the first half of 2026. * **Comcast (CMCSA):** Lost broadband customers but the stock held flat.