$7B Victory Capital Deal, Retail Earnings and Corporate Transactions Drive Wall Street Stock Moves

Mumbai, Aug 27: US markets saw a broad mix of earnings, mergers and acquisitions, strategic partnerships and capital-market activity on August 26. Victory Capital’s $7 billion acquisition of First Eagle Investments and Vanguard’s $4 billion Altruist deal highlighted the day’s M&A activity, while retailers including Williams-Sonoma, J.M. Smucker, Abercrombie & Fitch and Kohl’s delivered mixed earnings and guidance updates. New contracts, debt transactions, equity offerings and corporate actions added further stock-specific catalysts. 

Williams-Sonoma (WSM) Surges 6.2% Comps as Operating Margin Hits 22.9% 

Williams-Sonoma, Inc. (NYSE: WSM), delivered a solid second quarter, with comparable brand revenue rising 6.2% and total revenue growing 6.7%. GAAP diluted EPS was $2.84, while non-GAAP diluted EPS reached $2.10. GAAP operating margin was 22.9%, versus 17.3% on a non-GAAP basis. 

Results benefited from $167.8 million in IEEPA tariff refunds, recognised as a reduction in cost of goods sold, and $6.3 million in interest income. The benefits were partly offset by $47.5 million in vendor reimbursements and a $10.0 million discretionary 401(k) contribution. GAAP gross margin expanded 450 basis points to 51.6%, with tariff refunds adding 610 bps, occupancy leverage 40 bps and supply-chain efficiencies 30 bps, while lower merchandise margins (-230 bps) limited the gain. SG&A as a percentage of sales improved 50 bps to 28.7%. 

The company held $1.0 billion in cash and generated $696 million in operating cash flow, supporting $90 million in dividends. Williams-Sonoma raised full-year 2026 guidance to 4.7%-7.2% net revenue growth, 4.0%-6.5% comparable growth and 17.8%-18.2% non-GAAP operating margin, assuming current tariffs remain with no further refunds. Shares traded at $234.74, down 1.27%, but remained up 15.31% over three months. 

Victory Capital’s $7B First Eagle Deal, Vanguard’s $4B Altruist Buy and McKesson’s $2.25B Acquisition Drive Expansion 

Victory Capital Holdings Inc. (Nasdaq: VCTR) agreed to acquire First Eagle Investments for approximately $7 billion, combining about $571 billion in assets under management. Victory will pay $4 billion in cash, issue $2 billion in shares, and assume $575 million of First Eagle’s senior secured notes. First Eagle manages about $229 billion, including a $41 billion CLO and alternative credit platform. The combined company expects approximately $3.2 billion in annual revenue and $280 million in net expense synergies. Victory shares surged 4.23% to $120.22 on August 26, reaching a new 52-week high. 

Vanguard Group agreed to acquire wealth technology and custody platform Altruist for approximately $4 billion, more than double its $1.9 billion valuation in April 2025. The deal strengthens Vanguard’s wealth-management presence and competition with Charles Schwab and Fidelity. Altruist will retain its brand, leadership and operating model, while Vanguard continues diversifying beyond low-cost index funds. Vanguard manages approximately $12 trillion in assets. 

McKesson Corporation (NYSE: MCK) agreed to acquire Precision Medicine Group for approximately $2.25 billion, expanding its clinical research, laboratory testing and pharmaceutical commercialisation capabilities. Precision will join McKesson’s oncology and multispecialty unit, where first-quarter fiscal 2026 revenue rose 33% to $14.2 billion. McKesson shares fell 0.83% to $897.60 on August 26. 

JM Smucker (SJM) Posts 71% Adjusted EPS Surge on Tariff Refunds 

The J.M. Smucker Co. (NYSE: SJM) reported first-quarter fiscal 2027 net sales of $2.2 billion, up 5% year-over-year. Adjusted EPS jumped 71% to $3.24, beating analyst expectations, including a $0.84-per-share benefit from tariff refunds. Operating cash flow surged to $425.7 million from $10.6 million used a year earlier, while free cash flow reached $337.3 million versus negative $94.9 million. 

Gross profit increased $504.9 million, or 106%, supported by lower costs, derivative gains, tariff refunds and higher net price realisation. The company received approximately $115.0 million in tariff refunds, while adjusted operating income rose 46% to $540.7 million. 

U.S. Retail Coffee sales rose 13%, with segment profit soaring 124%. Frozen Handheld and Spreads sales increased 3%, while profit rose 13%. Sweet Baked Snacks sales declined 7% on lower volume and mix. 

Smucker raised its fiscal 2027 outlook, expecting net sales to decline 1%-2%, versus 3%-4% previously. Adjusted EPS is now forecast at $10.50-$11.00, up from $9.75-$10.25, with free cash flow of approximately $1.1 billion, supported by the tariff refunds. 

JM Smucker shares rose 2.67% to $128.80 following the announcement, approaching the 52-week high of $134.85. . 

Abercrombie & Fitch (ANF) Reports 15th Consecutive Quarter of Record Sales 

Abercrombie & Fitch Co. (NYSE: ANF) delivered record second-quarter net sales of $1.3 billion, marking the 15th consecutive quarter of growth with a 5% increase year-over-year. Operating margin reached 20%, and earnings per diluted share came in at $4.17, both exceeding the company’s outlook. The results included an IEEPA tariff refund benefit of approximately $100 million on a pre-tax basis, contributing $1.75 per diluted share. 

Growth was balanced across brands and regions, with Abercrombie brands up 8% and Hollister up 2%. Americas sales grew 5%, APAC surged 19%, and EMEA increased 2%. The company repurchased $177 million in shares during the quarter, bringing year-to-date repurchases to $282 million, representing 7% of shares outstanding at the beginning of the year. 

Gross margin benefited significantly from the tariff refunds, with operating income of $253 million including the $100 million refund benefit. The company updated its full-year outlook to net sales growth of around 5%, with net income per diluted share of $13.10 to $13.60, and increased share repurchases to at least $500 million. For the third quarter, the company expects net sales growth of 5% to 6% and EPS of $2.90 to $3.20. 

Despite the strong results, Abercrombie & Fitch shares opened down 3.3% at $108.69 on 26 August, with the stock closing at $108.90, down 3.08% for the day. The stock remains up 41.03% over the past three months. 

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Kohl’s (KSS) Raises Full-Year Guidance as Gross Margin Expands 305 Basis Points 

Kohl’s Corporation (NYSE: KSS) reported second-quarter net sales of $3.3 billion, a 0.9% decrease year-over-year with comparable sales also down 0.9%. However, gross margin expanded 305 basis points to 43.0%, and the company reported diluted EPS of $1.28 and year-to-date EPS of $1.18. The results included tariff refunds of approximately $150 million received in the quarter, of which approximately $100 million flowed through gross margin. 

SG&A expenses decreased 0.9% year-over-year to $1.2 billion, remaining consistent at 33.8% of total revenue. Operating income was $261 million compared to $279 million in the prior year, with operating income as a percentage of total revenue at 7.4%. Inventory decreased 3% year-over-year to $2.9 billion, and operating cash flow was $552 million. 

The company raised its full-year 2026 guidance, now expecting net sales and comparable sales to decline 1.5% to flat, adjusted operating margin of 3.5% to 4.0%, and adjusted diluted EPS of $1.80 to $2.40. Kohl’s also announced the restarting of its share repurchase programme with up to $100 million in 2026 under its existing $3 billion authorisation, and declared a quarterly cash dividend of $0.125 per share. 

Kohl’s shares closed at $17.68 on 26 August, down 3.39% for the day. Despite the earnings beat, the stock fell over 8% in pre-market trading. 

Bath & Body Works (BBWI) Beats EPS Estimates But Misses on Revenue 

Bath & Body Works, Inc. (NYSE: BBWI) reported second-quarter earnings of 62 cents per share, beating analyst expectations of 24 cents. However, revenue fell 2.3% year-over-year to $1.15 billion, missing the $1.5 billion analyst consensus. The company’s third-quarter guidance was light, with expectations of EPS between 7 and 12 cents compared to the 26-cent consensus. 

For the full year, the company sees EPS of $2.60 to $2.80, ahead of the $2.65 average analyst estimate, with revenue of $7.0 billion to $7.1 billion compared to the $7.1 billion consensus. Analysts noted that the forecast ”seems to include an approximately 31 cent tariff refund benefit,” raising questions about underlying profitability. 

Despite the earnings beat, Bath & Body Works shares fell 8.29% to $17.58 on 26 August. The stock has struggled this year, falling approximately 8.5% and trailing both the broader market and peers. The shares remain approximately 46% below their 52-week high of $32.32. 

Donaldson (DCI) Reports Record Q4 Sales as Fiscal 2027 Guidance Projects All-Time Highs 

Donaldson Company, Inc. (NYSE: DCI), the Minnesota-based filtration products manufacturer, reported record fourth-quarter sales of $1.1 billion, an 8.0% increase year-over-year. GAAP EPS was $1.10, up 13.4%, while adjusted EPS of $1.15 rose 11.7%, including $0.06 of dilution from the Facet acquisition. For the full fiscal year 2026, sales reached $3.9 billion, up 5.3%, with GAAP EPS of $3.85, up 26.2%, and adjusted EPS of $3.98, up 8.2%. 

Mobile Solutions segment sales increased 7.9%, driven by Aftermarket growth of 9.4% and On-Road sales rising 8.7%. Industrial Solutions segment sales grew 7.7%, with the Facet acquisition contributing 980 basis points of growth to the segment. Life Sciences segment sales increased 9.7%, driven by double-digit growth in Disk Drive and solid performance in Food and Beverage. 

Gross margin expanded 180 basis points to 36.3% , driven by higher volume, pricing, and mix. The company returned approximately $250 million to shareholders through dividends and share repurchases during the year. 

For fiscal 2027, Donaldson projects sales growth of 5.5% to 9.5% and EPS between $4.22 and $4.38, inclusive of $0.12 of dilution from the Facet acquisition. Operating margin is expected to be between 16.6% and 17.2% versus 15.4% in 2026. 

Donaldson shares rose 0.90% to $93.26 on 26 August, with the stock up 13.54% over the past 12 months. 

Li Auto Faces Margin Pressure as Dycom Beats Estimates and UP Fintech Hits Record Revenue 

Li Auto Inc. (Nasdaq: LI) reported Q2 2026 revenue of RMB25.7 billion ($3.8 billion), down 15.1% year over year, while deliveries fell 11.5% to 98,330 vehicles. Vehicle margin dropped to 9.4% from 19.4%, and gross margin declined to 11.0% from 20.1%. Net loss reached RMB1.7 billion ($251.3 million). The company expects Q3 deliveries of 95,000-100,000 and revenue of RMB26.6 billion-RMB28.0 billion. Shares fell 1.68% to $12.27 on August 26. 

Dycom Industries (NYSE: DY) beat Q2 estimates, with adjusted EPS of $5.29, 12.55% above the $4.70 forecast, while revenue reached $2.0 billion. Adjusted EBITDA rose 53.5% to $315.5 million, and backlog hit a record $12.2 billion. However, shares closed 7.65% lower at $351.80 amid communications-margin concerns and a $150 million wireless revenue shift into fiscal 2028. Full-year revenue guidance increased to $7.48 billion-$7.66 billion. 

UP Fintech Holding (Nasdaq: TIGR) posted record Q2 revenue of $182.3 million, up 31.4% year over year and 17.7% quarter over quarter. It added 32,600 funded clients, taking total funded accounts to 1.3 million, while client assets rose 16.7% to $60.7 billion. Commission income increased 20.9% to $78.3 million. Shares gained 5.10% to $5.47. 

JinkoSolar’s Wider Losses Pressure Shares as Movado Margins Expand and Photronics’ IC Revenue Hits Record 

JinkoSolar Holding Co., Ltd. (NYSE: JKS) reported second-quarter revenue of RMB12.36 billion ($1.82 billion), up 0.9% sequentially but down 31.3% year over year. Gross margin fell to 4.2% from 8.3% in Q1 2026, while net loss attributable to shareholders widened to RMB697.3 million ($102.8 million) from RMB463.5 million. Module shipments rose 16.7% sequentially to 15,961 MW, but declined 34.4% year over year. JinkoSolar completed the transfer of a 75.1% stake in Jinko Solar (U.S.) Industries for RMB1.31 billion ($191.5 million), recording a pre-tax disposal gain of RMB236.6 million. The company expects Q3 shipments of 15-17 GW and 2026 shipments of 60-70 GW. Shares fell 11.68% to $13.69. 

Movado Group (NYSE: MOV) reported fiscal Q2 2027 sales of $169.8 million, up 4.9%, while operating income rose to $14.9 million from $4 million. Diluted EPS increased to $0.53 from $0.13. Gross margin expanded 530 basis points to 59.4%, helped by $3.2 million in IEEPA duty refunds. The board declared a $0.40 quarterly dividend. Shares gained 0.69% to $34.97. 

Photronics (Nasdaq: PLAB) reported Q3 revenue of $216 million, up 2.7% year over year, with GAAP EPS of $0.49. High-end IC revenue reached a record 44% of total IC revenue. Shares traded at $29.32, down 0.71%. 

Lanvin’s Revenue Slump and Super Hi’s Earnings Miss Deliver Mixed Results Despite Margin and Share Price Gains 

Lanvin Group (NYSE: LANV) reported first-half 2026 revenue of €101 million, down 12.9% year over year, as it optimised its retail footprint and continued brand transformation. Its store network fell to 151 directly operated stores, while gross margin improved 1.29 percentage points to 59.0%, supported by stronger sell-through, inventory discipline and efficiency measures. Contribution profit improved by €10 million to negative €8.9 million, while adjusted EBITDA improved to negative €34.6 million from negative €52.2 million. E-commerce returned to growth, led by Wolford and St. John. Shares were flat at $1.09 on August 26. 

Super Hi International (Nasdaq: HDL) missed earnings expectations, reporting a $0.03-per-share loss against analysts’ forecast of a $0.03 profit. Revenue reached $218.83 million, below the $222.80 million estimate, while net margin stood at 3.29% and return on equity at 7.38%. Despite the earnings miss, shares gained 1.06% to $13.95, remaining below the 52-week high of $21.21. 

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IBM’s HRL Acquisition and Somnigroup’s $2.3B Leggett Deal Expand Technology and Manufacturing Footprints 

IBM (NYSE: IBM) completed its acquisition of HRL Laboratories, LLC, adding expertise in silicon-spin qubits to IBM’s superconducting quantum computing capabilities. HRL also contributes technologies spanning quantum sensing, materials, cryogenics, control electronics and packaging. Financial terms were not disclosed. IBM’s quantum roadmap includes Quantum Starling, targeted for 2029 with the ability to perform 100 million quantum operations, followed by Blue Jay in the mid-2030s. Boeing and General Motors will continue collaborating with IBM and HRL. IBM shares traded at $233.01 on August 26, down 0.50%, after opening at $234.02 and following a 1.36% gain on August 25. 

Somnigroup International Inc. (NYSE: SGI) completed its $2.3 billion all-stock acquisition of Leggett & Platt, with former Leggett shareholders receiving 0.1455 Somnigroup shares per share and owning about 9% of the combined company. The enlarged business now operates more than 170 manufacturing facilities across 37 countries and employs over 36,000 people. The deal reduced net financial leverage by 0.2 times to approximately 2.8 times adjusted EBITDA, while Somnigroup raised its annual run-rate synergy target to $75 million from $50 million. Shares traded at $64.09, down 0.34%, between $63.27 and $66.31. 

GE Vernova’s Grid JV, HP’s Huawei Patent Deal and Gulf Resources’ $180M Brazil Venture Reshape Growth Prospects 

GE Vernova Inc. (NYSE: GEV) and LS Electric agreed to establish Grid X Technology, a joint venture focused on VSC-HVDC technology for Korea’s next-generation power grid. The partnership will combine GE Vernova’s HVDC technology with LS Electric’s local manufacturing and project execution capabilities, supporting projects such as Korea’s West Coast Energy Highway. LS Electric has supplied equipment for the Bukdangjin-Godeok HVDC project and the East Coast-Seoul Metropolitan Area HVDC project. GE Vernova shares traded at $926.73 on August 26, down 1.63%, extending a roughly 14% six-day decline and reducing its market capitalisation by about $41 billion to $248 billion. 

HP Inc. (NYSE: HPQ) and Huawei signed a multiyear global patent cross-licensing agreement covering certain Huawei Wi-Fi patents. HP described the arrangement as a standard-essential patent licence rather than a broader strategic relationship. Huawei has remained on the U.S. Entity List since 2019. The deal follows HP’s earlier entry into the 2,000-patent Sisvel WiFi 6 pool, in which Huawei was a founding member. HP shares rose 3.29% to $29.52 on August 26, trading between $28.64 and $29.60. 

Gulf Resources Inc. (Nasdaq: GURE) entered a strategic cooperation agreement with Brazil’s Montes Verdes Participacoes Ltda., establishing a joint venture targeting at least $180 million in 2027 consolidated sales and annual growth of at least 20% for five years. Additional Gulf Resources shares could be issued if targets are achieved. Shares surged 5.77% to $3.39, ranging from $3.15 to $3.39. 

Target Hospitality’s $250M Contract, AeroVironment’s $51M Army Order and WepTac-HAV JV Expand Growth Prospects 

Target Hospitality Corp. (Nasdaq: TH) secured a new multi-year contract expected to generate approximately $250 million in revenue through August 2030 for a top-five hyperscaler data centre project in West Texas, supporting around 1,100 individuals. The company raised its 2026 revenue outlook to $435 million-$445 million, up 6% at the midpoint, and adjusted EBITDA guidance to $105 million-$115 million, up 22% at the midpoint. It has won more than $1.7 billion in multi-year awards since January 2026. Shares opened at $18.35 before falling to $16.87, down 2.99%. 

AeroVironment Inc. (Nasdaq: AVAV) received a $51 million U.S. Army order for Switchblade 600 Block 2 systems under a $990 million five-year contract. Shares traded at $147.42, down 0.53%, and were down 15.28% over the past week. 

WepTac A.G. and Hybrid Air Vehicles Ltd plan a U.S.-focused joint venture for Sentinel Hawk. WepTac will lead HAV’s Series B round, targeting annual production of 10 aircraft and approximately $800 million in revenue. 

Jazz Pharmaceuticals’ $1B Notes Offer and Western Digital’s $191M Debt Exchange Drive Shares Higher 

Jazz Pharmaceuticals (Nasdaq: JAZZ) announced that wholly owned subsidiary Jazz Investments I Limited intends to offer $1.0 billion of exchangeable senior notes due 2032 in a private placement to qualified institutional buyers, with an option for initial purchasers to acquire an additional $150 million. The notes will be fully and unconditionally guaranteed by Jazz Pharmaceuticals. Concurrently, the company expects to repurchase up to $225 million of its ordinary shares from note purchasers at the offering-date closing price. Jazz shares traded at $260.23 on August 26, up 2.26%, and have gained 108% over the past year. 

Western Digital (Nasdaq: WDC) agreed to retire approximately $191 million of its 3.00% Convertible Senior Notes due 2028, paying about $192.7 million in cash, including accrued interest, alongside newly issued common shares. The exchange reduces upcoming debt obligations and interest costs. Western Digital’s fiscal Q4 2026 revenue rose 44% year over year, while EPS more than doubled. Shares climbed 3.53% to $450.75 on August 26, after reaching an intraday high of $468.60. 

Equity Offerings and Capital Raises: Southern Cross, Greenland Mines, Check-Cap 

Southern Cross Acquisition II Corp. priced its initial public offering of 7,500,000 units at $10.00 per unit**, raising **$75 million. The units began trading on the Nasdaq Capital Market under the ticker ”SCATU” on August 26. Each unit consists of one ordinary share, one redeemable warrant, and one right to receive one-fourth of one ordinary share upon completion of an initial business combination. 

Greenland Mines Ltd (Nasdaq: GRML) priced its public offering of 4,000,000 shares of common stock for aggregate gross proceeds of approximately $20 million. The company intends to use the net proceeds to fund the acquisition of the Sarfartoq Nd-Pr Rare Earth Element Project, working capital, and other general corporate purposes. A.G.P./Alliance Global Partners acted as sole placement agent. Greenland Mines shares fell 44.08% following the offering announcement. 

Check-Cap Ltd. (NASDAQ: MBAI) priced its public offering of 1,538,462 Ordinary Shares at $6.50 per share**, with gross proceeds expected to be **$10.0 million. The company granted the underwriter a 30-day option to purchase up to an additional 230,769 Ordinary Shares. Northland Capital Markets acted as sole book-runner. Check-Cap shares fell 10.58% to $7.225 following the announcement. 

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Corporate Actions: Deere Dividend, Richtech Buyback, AXIL Product Launch 

Deere & Company (NYSE: DE) declared a quarterly dividend of $1.62 per share, payable November 9, 2026, to shareholders of record September 30, 2026. 

Richtech Robotics Inc. (Nasdaq: RR) approved a $12 million stock repurchase programme for Class B shares under a Rule 10b5-1 plan. Shares surged 21.60% to $1.97 following the announcement. 

AXIL Brands, Inc. (NYSE American: AXIL) will launch its XCOR II wireless earbuds on September 15, with initial orders exceeding $2.8 million and shipments expected in September. Shares closed at $6.25 on August 26, up 2.04%. 

CALM Chain International Updates IPO Filing for Nasdaq Listing 

CALM Chain International Limited updated its Nasdaq initial public offering filing to 5 million shares at an expected price range of $5 to $7 per share, aiming to raise roughly $30 million. The company will trade on the Nasdaq Capital Market under the ticker ”CCIL” with Pacific Century Securities acting as underwriter.  

Headquartered in Hong Kong, CALM Chain operates through its subsidiary TalentQuest, providing Employer of Record (EoR), HR outsourcing, executive search, and workforce regulatory research services. Proceeds will be used for expansion in the Asia-Pacific region, investments in AI-enabled operations, and general working capital. 

The August 26 session highlighted several company-specific developments across Nasdaq and other US markets, including earnings updates, acquisitions, new contracts, debt transactions, equity offerings and corporate actions. Key developments included $7 billion, $4 billion and $2.25 billion acquisitions, alongside updated earnings guidance, capital raises, share repurchases and new business agreements. 

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