Ciena Revenue Jumps 37% to $1.67B, Toro EPS Rises 50%, Campbell’s Sales Fall 8% as Nvidia, AbbVie Announce Deals

Mumbai, Sept 4: US markets saw a busy corporate news session as companies reported mixed earnings and announced major deals. Ciena posted strong revenue growth, while Toro delivered higher sales and earnings. Campbell’s faced weaker sales and profit pressure. Meanwhile, Nvidia agreed to acquire Hugging Face for $12.93 billion, and AbbVie completed its $10.9 billion Apogee acquisition. Other companies also reported financial results, raised guidance and announced strategic investments and transactions. 

Ciena’s AI-Fueled Revenue Jumps 37% to $1.67B, Adjusted EPS Soars 215% to $2.11 

Ciena Corporation (NYSE: CIEN) reported blockbuster fiscal third-quarter results, with revenue surging 37% year-over-year to $1.67 billion, driven by what management described as “compounding waves of network investment” from artificial intelligence. Adjusted earnings per share skyrocketed 215% to $2.11, compared to $0.67 in the year-ago period, while GAAP net income per diluted share came in at $1.83 versus $0.35 previously. 

The optical networking specialist saw its Networking Platforms revenue climb to $1.36 billion, with Optical Networking alone contributing $1.19 billion – up from $815.5 million a year earlier. Gross margin expanded 410 basis points to 45.4% on a GAAP basis, while adjusted gross margin reached 46.4%. Operating margin more than tripled to 18.0% from 6.1% in the prior-year quarter. 

Chief Executive Gary Smith attributed Ciena’s outperformance to its position as “the only pure-play optical systems and interconnects provider”, giving it a competitive edge in the AI era. Ciena raised its full-year 2026 revenue guidance to $6.42 billion, marking a 35% year-over-year increase at the midpoint, while fourth-quarter revenue is expected at $1.70–$1.80 billion.  

Despite the strong results, shares fell 8.52% to around $324. Analysts cited concerns over gross margin guidance of approximately 45%, plus or minus 50 basis points. The stock opened at $354.63 and hit $318.13. 

Toro Delivers 8.4% Sales Growth to $1.23B, Raises Full-Year EPS Guidance to $4.60-$4.65 

The Toro Company (NYSE: TTC) reported fiscal third-quarter results that exceeded expectations, with net sales rising 8.4% year-over-year to $1.23 billion. Reported earnings per share jumped 50% to $0.81, while adjusted EPS climbed 7.3% to $1.33. The company returned $110 million to shareholders during the quarter, bringing the year-to-date total to $471 million. 

The Professional segment, which represents the bulk of Toro’s business, posted net sales of $1.01 billion, up 8.8% from the prior year, driven by higher volume, net price realisation, and the contribution from the Tornado acquisition. Segment earnings increased to $211.8 million, though margins contracted slightly to 20.9% from 21.3% due to higher material and manufacturing costs. The Residential segment delivered net sales of $209.3 million, an 8.6% increase, with earnings soaring to $12.4 million from $3.7 million a year earlier. 

Gross margin expanded to 34.1% from 33.7% in the prior-year period, while adjusted gross margin improved to 35.0% from 34.4%. The company raised its full-year net sales growth guidance to 6.3%-6.6% and adjusted EPS to $4.60-$4.65, up from the previous range of $4.50-$4.62. Toro shares traded at $99.15, up 1.21% from the previous close, having touched a high of $99.27 during the session. The stock opened at $92.80 earlier in the session. 

Campbell’s Plunges 10.5% to $21.28 as Sales Drop 8%, Dividend Cut 36% to $1.00 Annualised 

The Campbell’s Company (NASDAQ: CPB) delivered a disappointing fourth-quarter performance, with net sales declining 8% to $2.1 billion, while organic net sales fell 1%. Earnings before interest and taxes (EBIT) collapsed to just $4 million from $269 million in the prior-year period, while adjusted EBIT fell 25% to $242 million. Reported EPS swung to a loss of $0.23 from earnings of $0.48, while adjusted EPS plunged 37% to $0.39. 

The Meals & Beverages segment saw net sales decline 4%, with organic sales up 3% driven by favourable volume/mix. However, US soup sales decreased 8% due to lapping the extra week in the prior-year period. The Snacks segment fared worse, with net sales down 12% and organic sales falling 6%, primarily driven by weakness in the salty portfolio and third-party brand sales. 

In a move to accelerate debt reduction, the company announced it would reset its quarterly dividend to $0.25 per share, or $1.00 on an annualised basis – a 36% reduction from the previous $0.39 quarterly dividend. Campbell’s also launched a new enterprise-wide cost savings programme targeting $500 million by fiscal 2030. For fiscal 2027, the company guided for net sales declines of 4% to 2% and adjusted EPS of $1.65 to $1.80, well below the $2.17 reported in fiscal 2026. 

The market reacted sharply, with Campbell’s shares falling 10.5% to $21.28, having opened at $23.80 and touching a low of $22.20 in pre-market trading. 

Victoria’s Secret Rallies 10% to $1.61B in Sales but Shares Tumble 13% on Tariff-Adjusted Profit Miss 

Victoria’s Secret & Co. (NYSE: VSXY) reported second-quarter net sales of $1.611 billion, a 10% increase that landed near the high end of its guidance range. Total comparable sales rose 9%, and reported operating income surged to $257 million from $41 million in the prior-year period, with net income reaching $183 million, or $2.18 per diluted share. 

However, the reported results were significantly boosted by over $140 million in IEEPA tariff refunds, representing more than 95% of the tariffs previously paid by the company. Excluding these refunds and other adjustments, adjusted operating income came in at $124 million, above the company’s guidance range of $90 million to $100 million, compared to $55 million in the year-ago quarter. Adjusted net income was $80 million, or $0.95 per diluted share. 

Chief Executive Hillary Super highlighted the success of the company’s “Path to Potential” strategy, noting broad-based growth, expanding market share, and a growing customer file. The company raised its full-year 2026 net sales guidance to $7.100 billion to $7.180 billion and adjusted operating income to $560 million to $590 million. 

Despite the upbeat outlook, shares plunged 13.21% to $73.60, having touched a daily high of $87.20 and a low of $82.14 during the session. The decline appeared driven by disappointment over the adjusted profit figures, which excluded the substantial tariff benefits. 

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BRP Beats Estimates by $0.28 with $2.24B Revenue, Shares Rise 2.53% to $63.30 

BRP Inc (NASDAQ: DOO) reported third-quarter earnings of -$0.18 per share, beating analyst estimates of -$0.46 by $0.28. Revenue for the quarter came in at $2.24 billion, substantially exceeding the consensus estimate of $1.45 billion. The company provided fiscal 2026 EPS guidance of $4.00 to $4.50. 

BRP shares traded at $63.30, up 2.53% from the previous close, with a session high of $64.28 and a low of $62.14. The stock opened at $62.38. 

Brady Delivers 17.5% EPS Growth to $1.48, Guides $6.25-$6.75 for Fiscal 2027 

Brady Corporation (NYSE: BRC) reported fiscal fourth-quarter adjusted diluted earnings per share of $1.48, representing a 17.5% increase from the prior-year period. Total sales reached $437 million, up 10%, including 8.4% organic growth. For the full fiscal year, adjusted EPS reached $5.29, up 15% from fiscal 2025. 

Gross profit margin expanded significantly to 52.9% from 50.4% in the prior-year quarter, driven by growth in printer and consumable sales, with printer unit sales growing 25% in the quarter. The company’s recent acquisition of Honeywell’s productivity solutions business is expected to contribute approximately $0.80 of accretion to fiscal 2027 EPS. Management guided for fiscal 2027 adjusted EPS of $6.25 to $6.75, representing 18% to 28% growth. 

Brady shares traded at $90.18, down 0.23% from the previous close, having opened at $89.275 and touched a low of $88.27 during the session. 

Ermenegildo Zegna Posts €987M Revenue, Adjusted EBIT Rises to €74.5M but Shares Fall 3.68% 

Ermenegildo Zegna Group (NYSE: ZGN) reported first-half 2026 revenues of €987.3 million, a 6.4% year-over-year increase and 9.3% organic growth. Direct-to-consumer channel revenues outperformed with 12.1% reported growth and 16% organic growth, accounting for 86% of branded revenues. Adjusted EBIT rose to €74.5 million from €68.7 million in the prior-year period, with the adjusted EBIT margin improving to 7.5% from 7.4%. 

However, reported profit declined to €28.4 million from €47.9 million in H1 2025, which had included €27.8 million of non-cash gains from fair value remeasurement of non-controlling interest put option liabilities. The Zegna segment delivered an adjusted EBIT margin of 14.8%, up 50 basis points, while the Thom Browne segment swung to an adjusted EBIT loss of €8.3 million from a profit of €4.5 million. 

Zegna shares traded at $12.56, down 3.68%, having opened at $13.27 and touching a low of $12.56 during the session. 

Wiley Misses Estimates with $0.44 Adjusted EPS, Shares Fall 2.56% Despite AI Revenue Momentum 

John Wiley & Sons (NYSE: WLY) reported first-quarter adjusted earnings per share of $0.44 on revenue of $386 million, falling short of consensus estimates of $0.46 per share and $404.8 million in sales. The research segment demonstrated strength with 4% revenue growth to $293 million, while the learning segment contracted 19% to $93 million due to a $29 million headwind from prior-year AI licensing comparisons. 

Wiley generated $14 million in AI revenue during the quarter, representing 28% of its full-year target of $50 million. The company reaffirmed its full-year guidance of adjusted EPS of $4.60 to $5.05 and adjusted EBITDA margin of 26.5% to 27.5%. The Emerald acquisition, completed for approximately $450 million, is expected to be accretive to adjusted EPS by approximately $0.10 in the first year. 

Wiley shares traded at $51.05, down 2.56%, having opened at $53.07 and touched a high of $54.81 and a low of $50.89 during the session. 

Polestar Cuts Operating Loss by 43% to $629M, Lowers Volume Guidance to Low-to-Mid Single Digits 

Polestar Automotive (NASDAQ: PSNY) reported first-half 2026 revenues of $1.360 billion, down 4.4% year-over-year, while operating loss improved 43% to $629 million from $1.096 billion in the prior-year period. The company recorded retail sales of 30,423 cars, up 0.4% from the prior year, supported by retail network expansion and a growing share of Polestar 4. 

However, the company faced significant headwinds from the U.S. Department of Commerce’s denial of authorisation to sell vehicles in the U.S. from model year 2027 onwards, leading to a U.S. restructuring that increased operating loss by approximately $211 million in the first half. The company lowered its 2026 volume guidance to low-to-mid single-digit growth from the previous low double-digit growth, reflecting the portfolio transition and the planned launch of Polestar 4 SUV in the fourth quarter. 

Polestar shares traded at $11.99, down 1.07%, having opened at $12.01 and touched a high of $12.38 and a low of $11.86 during the session. 

VersaBank Revenue Jumps 23% to $38.8M, Net Income Surges 53% to $10.1M but Shares Trade Lower 

VersaBank (NASDAQ: VBNK) reported third-quarter total revenue of $38.8 million, a 23% year-over-year increase, while net income surged 53% to $10.1 million. Adjusted (core) net income rose 27% to $12.3 million. Total assets reached a record $6.9 billion, up 26% year-over-year, driven by strong growth in the Structured Receivable Program portfolio in both the U.S. and Canada. 

The Digital Banking operations saw credit assets increase 29% year-over-year to $6.16 billion, with total revenue up 24% to $36.9 million. The company’s net interest margin on credit assets decreased to 2.44% from 2.55% in the prior-year period, reflecting higher term deposit rates and the replacement of retail deposits with brokered deposits following the sale of the bank’s only physical branch. 

VersaBank shares traded at $19.28, up 1.66%, having opened at $19.12 and touched a high of $19.65 and a low of $18.98 during the session. 

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Lands’ End Revenue Rises 2.7% to $302M, Shares Fall 4.57% on Inventory Build and Operating Cash Use 

Lands’ End (NASDAQ: LE) reported second-quarter net revenue of $302.0 million, a 2.7% increase from $294.1 million in the prior-year period. U.S. eCommerce net revenue rose 9% to $182.4 million, driven by carryover shipments from the temporary disruption associated with the rollout of a new warehouse management system. Gross profit increased 9.5% to $157.0 million, with gross margin expanding 320 basis points to 52.0%, primarily driven by IEEPA tariff refunds. 

The company swung to a net income of $3.5 million, or $0.11 per diluted share, compared to a net loss of $3.7 million in the prior-year period. Adjusted net income was $2.7 million, or $0.09 per diluted share. However, inventories increased 13% year-over-year to $342.0 million, and net cash used in operating activities was $86.5 million for the first half. Lands’ End shares traded at $11.27, down 4.57% from the previous close. 

Duluth Holdings Net Income Hits $18.4M, Genesco Loss Beats by $0.54; Hello Group EPS Reaches ¥11.87, Shares Rise 0.83% 

Duluth Holdings (NASDAQ: DLTH) reported second-quarter net income of $18.4 million, up sharply from $1.3 million a year earlier, supported by $16.3 million in tariff refunds. Adjusted EBITDA increased to $27.0 million from $12.0 million, while net sales fell 7.8% to $121.4 million. Gross margin expanded 1,810 basis points to 72.8%, while excluding tariff refunds, it stood at 59.6%. Inventory declined 15.5% to $22.9 million. The company raised full-year adjusted EBITDA guidance to $38 million–$42 million. Shares rose 10.2% to $3.62, after trading between $3.52 and $3.95. 

Genesco (NYSE: GCO) reported a fiscal second-quarter adjusted loss of $0.83 per share, beating estimates by $0.54, while revenue reached $530 million against the $528.4 million consensus. Gross margin increased 140 basis points to 47.2%. The company received approximately $22 million in tariff refunds and expects full-year adjusted EPS towards the high end of its $2.00–$2.40 range. Shares gained 3.11% to $33.52, trading between $32.63 and $33.73. 

Hello Group (NASDAQ: MOMO) reported third-quarter EPS of ¥11.87, beating estimates by ¥10.20, while revenue reached ¥16.9 billion. Shares edged 0.83% higher to $5.49. 

Nvidia Shares Edge Up to $228 on $12.93B Hugging Face Acquisition, Second-Largest Deal in Company History 

Nvidia Corporation (NASDAQ: NVDA) has officially agreed to acquire open-source artificial intelligence platform Hugging Face for $12.93 billion, marking the chipmaker’s second-largest acquisition on record. The deal, which had been widely anticipated since The Information reported on it last week, sees Nvidia expanding further into the AI software ecosystem. 

Hugging Face Chief Executive Clément Delangue told CNBC that his company approached Nvidia CEO Jensen Huang over the summer about a potential deal, and discussions progressed quickly thereafter. Delangue said the companies recognised that Hugging Face and open-source AI had reached a turning point and required greater resources, scale and visibility. 

In morning trading, Nvidia shares rose 1.5% to $227.76, edging higher to around $228 per share. The stock opened at $224.37, touched a session high of $228.15 and recorded a low of $224.00. 

Jensen Huang stated in a blog post that Hugging Face will “remain an open platform for the entire AI ecosystem” and that Nvidia will not require Hugging Face users to build or deploy their models on Nvidia compute. More than 18 million developers, researchers and creators use Hugging Face to share over 3 million AI models, 500,000 datasets and 1 million applications, while more than 200,000 companies leverage the platform. 

The acquisition follows Nvidia’s roughly $20 billion technology licensing and talent acquisition deal with Groq in December 2025. 

AbbVie Closes $10.9B Apogee Acquisition, Reaffirms Full-Year EPS Guidance of $13.87-$14.07 

AbbVie Inc. (NYSE: ABBV) has completed its acquisition of Apogee Therapeutics, Inc. (NASDAQ: APGE), with Apogee shareholders receiving $135.11 per share in cash, representing a total equity value of approximately $10.9 billion. Following the completion, Apogee’s common stock ceased trading on Nasdaq before market open. 

The acquisition expands AbbVie’s immunology pipeline across dermatologic, respiratory and other inflammatory diseases. Apogee’s lead asset, zumilokibart, is a late-stage, half-life-extended monoclonal antibody targeting IL-13 for atopic dermatitis. In a Phase 2 trial, approximately two-thirds of patients receiving treatment achieved significant skin clearance at 16 weeks. Longer-term data supported quarterly or twice-yearly dosing regimens. Apogee’s pipeline also includes APG273, a long-acting combination targeting IL-13 and TSLP for asthma. 

AbbVie shares opened at $261.50, with an intraday range of $257.25 to $261.72. The company reaffirmed its 2026 adjusted diluted EPS guidance of $13.87-$14.07, including a $0.14 per-share dilution from the acquisition. Third-quarter EPS guidance remains $3.84-$3.88. The deal is expected to reduce adjusted EPS by about $0.46 in 2027, with accretion beginning in 2032. 

Shell Completes $16.5B ARC Resources Deal as PlusAI Agrees to $800M SPAC Merger 

Shell plc has completed its acquisition of ARC Resources Ltd. (TSX: ARX), following shareholder, court and regulatory approvals. Based on Shell’s £34.43 closing share price on September 2, 2026, the transaction represents an equity value of approximately $13.9 billion. Shell will also assume about $2.5 billion in net debt and leases, taking the enterprise value to roughly $16.5 billion. The equity value comprises $3.3 billion in cash and $10.6 billion in new Shell shares. Shell shares traded at $92.80, down 0.76%, with an intraday high of $93.67 and low of $92.67. The acquisition adds around 370 kboe/d of production and increases Shell’s exposure to Canada’s Montney Basin. 

Meanwhile, autonomous trucking software developer PlusAI has agreed to merge with Texas Ventures Acquisition III Corp. (NASDAQ: TVA) at an estimated $800 million pre-money equity value. The transaction could provide PlusAI with approximately $300 million in capital, including over $60 million in committed financing and about $236 million from the SPAC trust. TVA shares traded at $10.60, up 0.22%, with a market capitalisation of approximately $316.5 million. PlusAI is targeting a 2027 commercial launch for its Level 4 SuperDrive system and reported $25 million in HyperFoundry revenue. 

BUUU Group Acquires 60% of Brightray Science as Palantir Shares Rise on Expanded PwC Alliance 

BUUU Group Limited (NASDAQ: BUUU) has entered into a definitive agreement to acquire a 60% equity interest in Brightray Science Inc., a provider of prefabricated modular data centre solutions. The consideration will include newly issued BUUU Class A Ordinary Shares valued at $20.00 per share and a convertible promissory note for up to 10 million BUUU shares, subject to Brightray’s financial performance. Private placements and potential warrant exercises at $10.00 per share are expected to generate more than $60 million. BUUU shares traded at $29.60, up 1.72%, with a session range of $28.59-$29.60. Brightray’s 120MW Sedenak Tech Park campus in Johor, Malaysia, currently operates 70MW, with another 50MW scheduled. 

Meanwhile, Palantir Technologies (NASDAQ: PLTR) shares rose as much as 8.8%, reaching $184.56, after the company expanded its strategic alliance with PwC US. The partnership covers enterprise AI, M&A transformation and ERP modernisation. The companies introduced an AI-native deals IT platform designed to help clients complete transactions up to 50% faster and reduce one-time transaction costs by up to 45%. Palantir shares also traded at $182.06, up 7%, during the session. 

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Olympus-Backed Accelevation Files for $800M Nasdaq IPO as Revenue Reaches $448M 

Accelevation Holdings, a data centre infrastructure and power distribution products manufacturer backed by Olympus Partners, has filed for a U.S. initial public offering targeting approximately $800 million. The company plans to list on the Nasdaq Global Select Market under the ticker “ACCV”. 

Founded in 2017 by CEO Michael Rubiera, Accelevation was acquired by Olympus Partners in January 2025. The company reported a backlog of approximately $1.1 billion as of June 30. Revenue for the year ended December 31 rose to $448 million, from $181 million a year earlier, while net income more than doubled to $21.8 million. Morgan Stanley, J.P. Morgan, Goldman Sachs, Barclays and BofA Securities are among the IPO underwriters. 

3M Plans Euro Notes Offering as Ionic Rare Earths and Eos Energy Announce Major Projects 

3M Company (NYSE: MMM) plans to issue three series of euro-denominated senior unsecured notes under its existing shelf registration. The notes will carry fixed annual interest rates, have staggered maturities and rank equally with 3M’s other unsecured debt. Proceeds will support general corporate purposes, including potential repayment, redemption or refinancing of existing debt. 3M shares traded at $168.75, down 0.88%, with a session range of $168.08-$171.26. The company reported approximately $12.6 billion in outstanding debt as of June 30, 2026, with access to $4.25 billion under a revolving credit facility and $5 billion through a commercial paper programme. 

Meanwhile, Ionic Rare Earths (ASX: IXR) shares rose as much as 13% to A$0.39 after signing a 50/50 joint venture term sheet with US Strategic Metals to develop magnet recycling facilities in Missouri. The project requires $100 million for initial construction, with USSM providing $95 million. Both companies will contribute $2.5 million each for the remaining equity portion. Ionic Technologies will provide a non-exclusive licence for its magnet recycling technology. 

Eos Energy Enterprises (NASDAQ: EOSE) shares rose 18.75% to $3.61 after Google and MN8 Energy selected its zinc-based Z3 storage system for a $350 million West Virginia solar project serving Google data centres. Eos shares traded at $3.62, up 0.28%, after opening at $3.04 and reaching $3.64. The session range was $3.00-$3.69. 

The latest corporate updates showed a mixed earnings picture, with strong growth from Ciena and Toro contrasting with Campbell’s weaker performance. Major transactions also shaped the news, including Nvidia’s $12.93 billion Hugging Face acquisition and AbbVie’s $10.9 billion Apogee deal. Several companies also raised guidance or advanced strategic expansion plans. 

Source 

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• https://www.lseg.com/en/ftse-russell/indices/russell-us 

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• https://www.nasdaq.com/market-activity/index/sox 
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