Podcast Summary: Squawk Pod

Episode: 5 Things to Know Before the Opening Bell 11/26/2025
Host: CNBC (Andrew Ross Sorkin)
Date: November 26, 2025

Episode Overview

In this concise morning briefing, Andrew Ross Sorkin of CNBC’s “Squawk Box” breaks down the top five things investors need to know before the U.S. stock market opens on November 26, 2025. The segment covers major corporate earnings, workforce announcements, significant healthcare policy impacts, and notable market movers, providing actionable information for traders and business leaders.

Key Discussion Points & Insights

1. HP Q1 & 2026 Earnings Outlook and Job Cuts

• HP shares fall after releasing quarterly results and lower-than-expected profit projections for Q1 and the full 2026 fiscal year.
• The company announces plans to cut 4,000 to 6,000 jobs (up to 10% of workforce), signaling major restructuring.
• Quote:

  “Shares of HP, they are lower following quarterly results. HP giving lower than expected earnings projections for its first quarter and all of 2026. It also said it’s going to cut 4,000 to 6,000 jobs or up to 10% of its workforce.”
  — Andrew Sorkin [00:38]

2. Urban Outfitters Earnings Soar

• Urban Outfitters stock is soaring on strong quarterly performance.
• Earnings and revenue both beat analyst estimates; comparable sales increase by a robust 8%.
• Quote:

  “So, soaring right now, earnings and revenue beating estimates. Comp sales were up a stronger than expected 8%…”
  — Andrew Sorkin [00:55]

3. Deere (John Deere) Mixed Results

• Deere releases fourth quarter earnings and revenue that top expectations, but guidance for 2026 falls short.
• Stock drops approximately 5% on news of a weaker outlook.
• Quote:

  “…we got Deere just out with its fourth quarter results, earnings and revenue topping analysts estimates, but its outlook for 2026 is largely below expectations. And that stock off about 5%.”
  — Andrew Sorkin [01:02]

4. Medicare Drug Price Negotiations’ Impact

• Medicare announces that newly negotiated prices for more than a dozen prescription drugs—including Ozempic from Novo Nordisk—will reduce costs between 35% and 85%, saving billions overall.
• This stems from the Inflation Reduction Act enacted under President Biden.
• Quote:

  “Medicare saying that newly negotiated prices on more than a dozen prescription drugs, including Novo Nordisk Ozempic, will save between 35 and 85% of costs, amounting to billions of dollars.”
  — Andrew Sorkin [01:16]

5. Workday Shares Drop On Margin Guidance

• Workday shares fall about 6% despite beating Q3 revenue and profit expectations, after reporting margin guidance below Wall Street estimates.
• Quote:

  “Shares of HR software maker Workday, they’re lower after the company gave quarterly margin guidance that was below Wall Street estimates. Workday did beat third quarter revenue and profit estimates, but that stock off about 6% right now.”
  — Andrew Sorkin [01:34]

Notable Quotes & Memorable Moments

• Workforce cuts at HP:

  “…going to cut 4,000 to 6,000 jobs or up to 10% of its workforce.”
  [00:44]

• Consumer sector surprise:

  “…earnings and revenue beating estimates. Comp sales were up a stronger than expected 8%…”
  [00:55]

• Healthcare policy in action:

  “…save between 35 and 85% of costs, amounting to billions of dollars. Now the annual negotiations were established under former President Biden’s Inflation Reduction act.”
  [01:20]

Timestamps for Important Segments

• HP earnings & layoffs: [00:38 – 00:46]
• Urban Outfitters strong results: [00:54 – 00:57]
• Deere results & outlook: [01:00 – 01:06]
• Medicare’s negotiated drug savings: [01:10 – 01:22]
• Workday’s guidance and stock reaction: [01:28 – 01:37]

Tone and Delivery

Andrew Sorkin delivers the morning rundown in a crisp, no-nonsense manner, focusing on facts and quick takeaways that are directly actionable for listeners preparing for the trading day. The overall tone matches Squawk Box’s signature style: brisk, clear, and attentive to what matters most for investors and market watchers.

Summary prepared for listeners who wish to stay ahead of market-moving news before the opening bell.