Corporate Earnings Drive Major Stock Moves: Eli Lilly, Disney, Shopify, Uber and CVS Beat Estimates 

Mumbai, Aug 5: A flood of corporate earnings reports and strategic announcements shaped trading activity on Wall Street today, with several blue-chip companies delivering results that exceeded expectations while others made significant moves through acquisitions, contracts and capital return programmes. The pharmaceutical, entertainment, e-commerce and ride-hailing sectors witnessed the most pronounced stock movements as investors digested quarterly performance metrics and forward guidance. 

US Stocks in Focus: Eli Lilly, Disney, Shopify and Uber Move After Earnings 

Major US stocks were in focus after quarterly earnings, with Eli Lilly, Disney, Shopify and Uber reporting results that drove sharp share price movements. While Eli Lilly and Shopify surged on stronger-than-expected earnings and upbeat outlooks, Disney gained despite a slight revenue miss, and Uber slipped even after delivering solid operating performance. 

Eli Lilly Shares Surge 4.6% on Blockbuster Zepbound and Mounjaro Sales 

Shares of Eli Lilly and Company (NYSE: LLY) climbed 4.6% to $1,167 after the pharmaceutical company reported second-quarter results well above Wall Street expectations, driven by exceptional demand for its weight-loss drug Zepbound and diabetes treatment Mounjaro. 

Adjusted earnings came in at $8.38 per share, comfortably ahead of analysts’ estimate of $6.01, while revenue rose to $22.97 billion, beating expectations of $20.73 billion. The company also raised its full-year revenue guidance to $85-$87 billion from the earlier $82-$85 billion range and forecast adjusted earnings of $35.50-$36.50 per share. 

Mounjaro generated $9.94 billion in worldwide revenue, up 91% year-on-year, with international sales soaring 172% as adoption accelerated in markets including Brazil, China and India. Zepbound contributed $4.93 billion, growing 46% from a year earlier, while newly launched obesity pill Foundayo added $98 million in its first full quarter. 

Lilly retained a 60.9% share of the US obesity and diabetes drug market, comfortably ahead of rival Novo Nordisk’s 38.8%. CEO Dave Ricks said Foundayo is expanding the oral obesity treatment market rather than reducing demand for Zepbound. Net income increased to $7.10 billion, although acquisition-related charges weighed on reported earnings. 

Disney Shares Rise 1.9% as Parks Strength Offsets Revenue Miss 

Walt Disney Co (NYSE: DIS) rose 1.9% to around $100 after reporting quarterly earnings that exceeded expectations even as revenue came in slightly below forecasts. 

Adjusted earnings were $2.06 per share, ahead of the consensus estimate of $1.86, while revenue increased 7% year-on-year to $25.25 billion, narrowly missing expectations of $25.43 billion. Segment operating income jumped 21% to $5.6 billion. 

The Experiences division remained the biggest growth driver, with operating income rising 20% to $3 billion, supported by higher attendance, stronger guest spending and a $100 million tariff refund. Global attendance increased 4%, while domestic park attendance and spending per guest rose 3% and 4%, respectively. 

Disney also increased its fiscal 2026 share buyback target to at least $9 billion, aided by proceeds from the sale of its stake in A+E Global Media. The company maintained its outlook for roughly 12% adjusted EPS growth in fiscal 2026 and continues to expect double-digit earnings growth in fiscal 2027. 

Shopify Stock Soars 16% Following ‘Monster Quarter’ Performance 

Shares of Shopify Inc (NASDAQ: SHOP) soared 16% to $143.07 after the Canadian e-commerce platform reported stronger-than-expected quarterly results and issued an upbeat outlook. 

Adjusted earnings were $0.42 per share, beating estimates of $0.40, while revenue climbed 34% year-on-year to $3.58 billion, exceeding expectations of $3.46 billion. Gross merchandise volume (GMV) reached $115.57 billion, well above analysts’ forecast of $111.98 billion. 

President Harley Finkelstein described the period as a “monster quarter”, highlighting more than 30% growth across GMV, revenue, gross profit and free cash flow. Management also pointed to expanding artificial intelligence capabilities that are helping merchants improve operations and customer engagement. 

Looking ahead, Shopify expects third-quarter revenue growth in the low-thirties percentage range, significantly above analysts’ expectations of around 27%, reinforcing confidence in continued business momentum. 

Uber Delivers 35% Non-GAAP EPS Growth as Gross Bookings Reach $58 Billion 

Uber Technologies Inc (NYSE: UBER) traded lower, falling about 6.8% to $67.07, despite reporting another quarter of strong growth and record user engagement. 

Gross bookings increased 24% year-on-year to $58 billion, while total trips rose 18% to 3.9 billion. Monthly Active Platform Consumers reached 208 million, up 16%, and revenue grew 12% to $14.2 billion. 

GAAP operating income rose 30% to $1.9 billion, while non-GAAP earnings per share increased 35% to $0.81. Adjusted EBITDA climbed 33% to $2.8 billion, with margins improving to 4.9% of gross bookings. 

CEO Dara Khosrowshahi said Uber recorded its highest number of first-time users in more than five years and continues to invest in autonomous vehicle technology and its cross-platform ecosystem. Trailing twelve-month free cash flow exceeded $10 billion for the first time, while the company forecast third-quarter gross bookings of $58.25-$60.25 billion, representing 18%-22% constant-currency growth. 

CVS Health Nearly Triples Net Income as Aetna Insurance Business Rebounds 

CVS Health Corp (NYSE: CVS) shares rose 5.2% to $99.04 after the healthcare giant reported second-quarter earnings that handily beat expectations, with net income nearly tripling to almost $3 billion compared with $1 billion in the year-ago period. Revenue increased 7% year-over-year to $106.1 billion. 

The performance was driven primarily by a dramatic turnaround in the company’s Aetna insurance division, which more than doubled its operating income after wrestling its medical loss ratio down to 87.4%. This compares favourably with the third quarter of 2024, when Aetna’s MLR topped 95% under previous management. 

Leerink analyst Michael Cherny commented, “There’s not much more to say for CVS’ 2Q other than… wow.” The company raised its 2026 earnings outlook for the second time this year, now expecting adjusted earnings per share of $7.90 to $8.10, up from previous guidance of $7.30 to $7.50. 

Aetna ended the second quarter with 26 million members, down approximately 600,000 from the end of 2025 after exiting the Affordable Care Act exchanges. The Medicare Advantage business, which had been a particular stressor, actually drove the company’s performance in the quarter following benefit cuts and exits from unprofitable markets. 

CVS’s health services division, including major pharmacy benefit manager Caremark, posted operating income of $1.6 billion, up 45% year-over-year. The pharmacy and consumer wellness segment brought in $1.4 billion in operating income, nearly double the $736 million posted in the same period last year. 

The company also announced a new partnership with Eli Lilly to expand access to GLP-1 medications Zepbound and Foundayo through CVS’s app, building on its existing offering of Novo Nordisk’s Wegovy. 

Brookfield Asset Management Reports Record $77 Billion Quarterly Fundraising 

Brookfield Asset Management Ltd (NYSE: BAM) shares advanced 0.2% to $52.02 after the alternative asset manager reported record second-quarter results, with fee-related earnings increasing 20% year-over-year to $808 million and fee-bearing capital reaching $672 billion, up 19%. 

The company raised a record $77 billion in the second quarter, bringing year-to-date fundraising to $98 billion. Distributable earnings grew 15% to $707 million, while net income reached $1.2 billion for the quarter and $3.1 billion over the last twelve months. 

Chief Executive Connor Teskey stated the company delivered “strong second quarter, with record fundraising of $77 billion, led by private equity, infrastructure, and credit.” The company deployed $21 billion across its business during the quarter and monetised $11 billion from asset sales at attractive valuations. 

Infrastructure fundraising totalled $10 billion, including $7.9 billion for the flagship strategy, while private equity raised $8.6 billion. The credit platform raised $51 billion, including $45 billion from Brookfield Wealth Solutions. Real estate strategies raised $4.3 billion, and energy raised $2.5 billion. 

Brookfield completed the acquisition of Oaktree in July, fully integrating the credit specialist into its broader platform. The company also announced several strategic partnerships, including a $100 billion plan to develop an AI data centre campus at the U.S. Department of Energy’s Paducah, Kentucky site. 

Phillips 66 Reports Nearly Fourfold Profit Surge on Middle East Conflict 

Phillips 66 (NYSE: PSX) shares traded at $202.26, up 1.8%, after the refiner reported a nearly fourfold jump in second-quarter profit, crushing Wall Street estimates as the Middle East conflict squeezed global fuel supplies and sent U.S. refining margins soaring. The stock experienced a slight pullback from premarket highs of $208.50. 

The company reported adjusted earnings of $9.41 per share, significantly exceeding the $7.44 average estimate. Net income surged to $3.85 billion, up from $877 million a year earlier, marking the strongest quarterly profit since 2022 when Russia’s invasion of Ukraine disrupted global supply chains. 

The refining segment reported an unprecedented jump in adjusted earnings to $3.09 billion from $392 million a year earlier, with realised margin more than doubling to $24.08 per barrel from the year-ago period. U.S. refiners have been among the biggest beneficiaries of the Iran war, as international buyers scrambled to secure alternative fuel supplies amid concerns over disruptions to Middle Eastern exports. 

The renewable fuel segment also delivered a turnaround, posting adjusted earnings of $544 million compared with a loss of $133 million a year earlier, helped by increased biofuel blending mandates and a rise in diesel prices linked to the Middle East conflict. 

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Cencora Raises Annual Profit Forecast as Specialty Drug Demand Strengthens 

Cencora Inc (NYSE: COR) shares rose 3.5% to $317.06 after the drug distributor raised its annual adjusted profit forecast and reported quarterly results that beat Wall Street expectations, driven by strong demand for specialty medicines and GLP-1 drugs. 

The company now expects annual profit in the range of $17.75 to $17.95 per share, higher than its previous expectation of $17.65 to $17.90. For the quarter ended June 30, Cencora earned an adjusted $4.48 per share, beating estimates of $4.35. 

Total third-quarter revenue reached $84.75 billion, surpassing analysts’ estimates of $84.32 billion. Sales at Cencora’s U.S. healthcare business, its largest unit by revenue, rose 4.9% to $74.86 billion, helped by strength in specialty medicines and GLP-1 drugs. 

Barclays analyst Glen Santangelo noted that a rebound in U.S. Healthcare revenue and adjusted operating income growth should help ease concerns over specialty drug volumes and GLP-1 pressures that weighed on the stock in the previous quarter. 

Thomson Reuters Lifts Revenue Forecast as AI Integration Shows Progress 

Thomson Reuters Corp (NASDAQ: TRI) shares traded at $99.07 after the content and technology company lifted its full-year organic revenue forecast to approximately 8%, up from the previous range of 7.5% to 8%, as second-quarter revenue rose 9% to $1.95 billion, just above estimates of approximately $1.9 billion. 

Earnings per share excluding items rose to 99 cents in the second quarter, compared with Wall Street EPS forecasts of 96 cents. Chief Executive Steve Hasker emphasised the company’s focus on investing and developing AI across its portfolio, with approximately 32% of Thomson Reuters’ underlying contract value relying on generative AI in the second quarter, up from 30% in the first. 

The company’s proprietary large language model, Thomson, performed well against frontier models from Anthropic, OpenAI and Google in early testing. Hasker noted opportunities to create sovereign AI solutions for sophisticated customers while powering products like Westlaw and Co-Counsel with greater speed and scalability. 

Investment advisory firm 50 Park CEO Adam Sarhan noted that the quarter “should help calm some of the AI-disruption concerns, at least in the near term,” adding that AI investments are beginning to show in results. 

Royalty Pharma Raises Guidance on 14% Royalty Receipt Growth 

Royalty Pharma (NASDAQ: RPRX) shares advanced 1.2% after the biopharma royalty funding company reported second-quarter results showing continued double-digit growth, with portfolio receipts of $773 million, up 6% year-over-year, while royalty receipts grew 14% to $768 million. 

The company achieved adjusted EBITDA of $736 million, representing a 95.2% margin on portfolio receipts. Return on invested capital reached 14.2% and return on invested equity of 20.1% for the last twelve months ending Q2 2026. Capital deployment totalled $1.1 billion for the year with an announced value of $1.7 billion, including the July acquisition of a royalty on AstraZeneca’s cliramitug for ATTR cardiomyopathy. 

Royalty Pharma raised its full-year guidance for the second consecutive quarter. The base business contributed $122 million in growth, driven by strong performance from Tremfya, Voranigo, Imdelltra and Evrysdi, partially offset by headwinds from Imbruvica. Royalty expiries, primarily Promacta, reduced receipts by $26 million. 

Rocket Lab Secures $397 Million Space Force Flatellite Contract 

Rocket Lab Corp (NASDAQ: RKLB) shares rose 1.2% to $75.35 after the company was awarded a $397 million contract to build, launch and operate advanced Flatellites for the U.S. Space Force’s SB-AMTI programme. The award expands Rocket Lab’s role in military space applications and is expected to draw on its Neutron launch system. 

The contract structure sees Rocket Lab providing end-to-end services including spacecraft design, manufacture, launch and operations for critical national security missions. This follows a separate $266 million suborbital launch contract and the growing iQPS launch backlog, pointing to a business mix where long-term defence and commercial partnerships play an increasing role alongside one-off Electron missions. 

SAIC Wins $400 Million Recompete Contract with U.S. Intelligence Agency 

Science Applications International Corporation (NASDAQ: SAIC) announced it has been awarded a $400 million recompete contract supporting a U.S. Intelligence Agency. This increases SAIC’s Intel Space awards to more than $1.6 billion during the first half of fiscal 2027. 

Under the contract, SAIC provides advanced systems engineering, technical integration and mission support services for ground-based Intelligence Community programmes. The award reflects the sustained confidence in SAIC’s expertise in domain systems and delivering intelligence at the speed required by the mission. 

Mistral and Uvision Secure $50 Million U.S. Army Munitions Order 

Ondas Inc (NASDAQ: ONDS) shares edged up 0.04% to $8.864 after its subsidiary Mistral Inc. and Uvision announced an additional order exceeding $50 million under the U.S. Army’s Lethal Unmanned Systems programme. The order will expand the quantity of HERO 120 loitering munition systems and related equipment provided to the military, supporting soldier training and operational readiness. 

Procter & Gamble Acquires Thorne for $3.8 Billion to Expand Health Division 

Procter & Gamble Co (NYSE: PG) shares traded at $145.93, down 1.4%, following the company’s announcement of a $3.8 billion acquisition of supplement brand Thorne. Chief Executive Shailesh Jejurikar confirmed the deal during a CNBC interview, describing it as a play to grow the company’s health business. 

Thorne, founded in 1984, generates annual revenue exceeding $500 million, with the majority coming from shoppers under the age of 40 and a growing direct-to-consumer sales channel. Chief Executive Colin Watts earlier this year suggested the brand had the potential to become a billion-dollar brand within the next few years. 

GM Extends Chinese Joint Venture with SAIC by 20 Years to 2047 

General Motors Co (NYSE: GM) shares rose 0.3% to $88.58 after the automaker announced a 20-year extension of its Chinese joint venture with SAIC Motor, which was set to expire next year. The 50-50 joint venture will now continue to 2047, with the deal also extending a partnership with GM, SAIC and Guangxi Automobile Group. 

The extension comes amid a rapidly changing automotive landscape in China, with domestic automakers rising and a shift away from traditional Western brands. GM noted the deal will focus on domestic sales of Buick and Cadillac models while exporting Chevrolet products built in China for non-U.S. markets including the Middle East, Africa, South America, Mexico and Asia-Pacific. 

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Savills Completes $1.1 Billion Eastdil Secured Acquisition 

Savills Plc completed its acquisition of Eastdil Secured for an enterprise value of $1,112.5 million (approximately £827 million), rebranding the business as Eastdil Secured Savills. The transaction was funded through loan finance and the issue of new ordinary shares representing approximately 16% of the group’s enlarged share capital. 

The combined group will be the second-largest advisory firm globally for commercial real estate transactions above $100 million, headquartered in New York, Santa Monica and London, with 21 offices joining Savills’ network across more than 70 countries. 

Axalta Shareholders Approve Merger of Equals with AkzoNobel 

Axalta Coating Systems Ltd (NYSE: AXTA) shares traded at $37.66 after shareholders overwhelmingly voted to approve the previously announced all-stock merger of equals with Akzo Nobel N.V. Completion remains subject to receipt of required regulatory approvals and other customary closing conditions, with the companies expecting the merger to be completed in late 2026 to early 2027. 

Galaxy Digital and BNY Collaborate on Digital Asset Infrastructure 

Galaxy Digital Inc (NASDAQ: GLXY) shares traded at $19.31, down 12.8%, following the announcement of a strategic collaboration with BNY to advance digital asset infrastructure for institutional markets. The partnership includes support for staking on BNY’s Digital Asset Custody platform, bringing together custody and staking within a single institutional servicing model. 

Galaxy is serving as a design partner to further BNY’s digital asset platform infrastructure, which is subject to regulatory review. Eligible institutional clients can access staking within BNY’s broader servicing model, with integrated capabilities including custody, fund accounting, tax reporting, payments and client reporting. 

Corporate Actions: Buybacks, Dividends and Share Splits 

Rambus Inc (NASDAQ: RMBS) announced a $100 million accelerated share repurchase programme, with Mizuho Markets Americas as counterparty. Chief Executive Luc Seraphin stated the programme “reflects our confidence in the business and reinforces our commitment to disciplined capital allocation.” 

CMC (NYSE: CMC) increased its share repurchase authorisation by $600 million, bringing total capacity to approximately $717 million, while HF Sinclair Corporation completed a $212 million privately negotiated buyback of 2,375,000 shares at $89.41 per share. 

Several companies announced dividend increases or declarations, including CDW Corporation declaring a quarterly cash dividend of $0.630 per share, S&T Bancorp increasing its dividend by 8.82% to $0.37 per share, and Karat Packaging raising its dividend by 4.4% to $0.47 per share. 

iPower Inc, Antelope Enterprise Holdings and Jupiter Neurosciences announced reverse stock splits ranging from 1-for-9 to 1-for-75 to maintain Nasdaq listing compliance, while ServisFirst Bancshares declared a 2-for-1 stock split effective with a record date of today. 

Biotech and Healthcare IPOs Gain Momentum 

Attovia Therapeutics raised $289 million in an upsized initial public offering, selling 17 million shares at $17 apiece, valuing the company at $767 million. Shares began trading on Nasdaq under the ticker “ATTO.” Attovia is developing antibody drugs targeting skin disorders and inflammatory conditions. 

Braveheart Bio plans to price its initial public offering above the marketed range of $15 to $17 per share, seeking to raise $318.8 million and targeting a valuation of up to $1.2 billion. Vogenx set terms for a $75 million IPO, offering 6.3 million shares at $11 to $13 per share. 

TCGX Acquisition Corp priced its $75 million IPO at $10 per share with shares beginning trading on Nasdaq under the ticker “TCGX.” Twist Bioscience priced a $300 million stock offering at $96 per share. 

The second-quarter earnings season continues to demonstrate robust corporate profitability across healthcare, technology and consumer sectors, with Eli Lilly’s GLP-1 dominance, Disney’s parks recovery and Shopify’s e-commerce strength providing clear catalysts for stock appreciation. Defence contracting activity remains elevated with multiple significant awards to Rocket Lab, SAIC and Mistral, while the energy sector benefits from geopolitical tensions driving refining margins. Corporate action announcements including buybacks, dividends and strategic acquisitions signal management confidence in underlying business fundamentals. 

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