D-Wave Soars 18%, Forte Jumps 40%, Apple Hits Record High as AI and Tech Stocks Diverge

Mumbai, July 28: Quantum computing stocks surged on Monday as D-Wave Quantum officially transferred its listing to the Nasdaq Global Select Market and simultaneously announced a significant deal with AT&T, while Forte Biosciences soared after agreeing to be acquired by Dutch firm Argenx in a transaction valued at approximately $2.2 billion. The developments came amid a broader market grappling with semiconductor weakness and AI spending concerns. 

D-Wave Quantum Shares Rally 18% on Nasdaq Listing and AT&T Network Optimisation Deal 

D-Wave Quantum (QBTS) shares jumped 18% in Monday’s final trading hour after the company transferred its common stock listing to the Nasdaq Global Select Market from the New York Stock Exchange, retaining its QBTS ticker. CEO Dr Alan Baratz marked the move by ringing the Nasdaq Opening Bell.  

D-Wave also announced that AT&T will expand its use of the company’s quantum computing technology after reducing a network optimisation task from about one hour to under 15 seconds. The news lifted the broader quantum sector, with Rigetti Computing and IonQ gaining 9% and 7%, though all three remain down 20%-30% year-to-date. 

Forte Biosciences Stock Jumps 40% to $76 on $2.2 Billion Argenx Acquisition 

Forte Biosciences (FBRX) shares surged about 40% to around $76 on Monday after Argenx (ARGX) agreed to acquire the biotechnology company in a deal valued at approximately $2.2 billion.  

Under the agreement, argenx will acquire all outstanding Forte shares for $77 per share in cash, representing an 86% premium to Forte’s volume-weighted average price since it reported positive Phase 1b data for FB102 in vitiligo on July 9, 2026. FB102, a first-in-class anti-CD122 antibody, is being developed for autoimmune diseases including vitiligo, coeliac disease, and alopecia areata.  

Forte recently reported positive Phase 1b results in vitiligo, with Phase 2 data expected in the second half of 2026. Argenx shares slipped 2% following the announcement. 

Tech Stocks Diverge: Apple Reclaims Top Spot as Nvidia, Chipmakers Tumble While Software Outperforms 

Apple (AAPL) hit a record high of $339.57, lifting its market capitalisation to around $4.94 trillion and reclaiming the title of the world’s most valuable company. Nvidia (NVDA), meanwhile, fell nearly 5%, trimming its valuation to roughly $4.74 trillion. 

Nvidia came under pressure after The Wall Street Journal reported it is in talks to support up to $250 billion in financing for an OpenAI-backed data centre project, reviving concerns over “circular financing” and the sustainability of AI spending. 

Chip stocks weakened further after The Information reported that a state-backed Chinese consortium has begun producing domestically developed DUV lithography machines, challenging ASML’s dominance. The news sent ASML, Applied Materials, Lam Research and KLA lower, while AMD, Western Digital, Micron and SanDisk also declined. The Philadelphia Semiconductor Index (SOX) has now entered bear market territory, down more than 20% from its June high. 

Software stocks bucked the trend, with the iShares Expanded Tech-Software ETF (IGV) rising about 4%, led by Salesforce, ServiceNow, Palantir, Oracle and Microsoft, while semiconductor ETFs SOXX and DRAM dropped more than 4%. 

Elsewhere, C3is Inc. priced a $6 million public offering, while Strategy (formerly MicroStrategy) repurchased $25 million of its STRC preferred stock. 

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MapLight Therapeutics Plunges 69% After Schizophrenia Drug Trial Misses Primary Endpoint 

MapLight Therapeutics (MPLT) shares lost more than two-thirds of their value after the firm’s Phase 2 ZEPHYR trial evaluating schizophrenia treatment ML-007C-MA indicated the once-daily dosage “did not achieve statistical significance on the primary endpoint.” MapLight, a clinical-stage biopharmaceutical company focused on central nervous system disorders, said it is conducting further analyses to inform the potential path forward for a once-daily regimen. 

With today’s 69% plunge, MapLight shares are now down roughly 35% year-to-date. The disappointing trial results represent a significant setback for the company’s lead candidate and highlight the high-risk nature of central nervous system drug development. 

Seagate Technology Options Pricing Indicates Potential 12% Swing After Earnings 

Traders anticipate Seagate Technology (STX) shares could swing as much as 12% in either direction by the end of the week following the hard drive maker’s earnings report scheduled for Tuesday after the closing bell. A move of that size from Monday’s midday trading level could see the shares rebound above $900**, where they were earlier this month, or drag them down to around **$720. 

Seagate shares have tripled in value since the start of the year, though they have slipped roughly 30% from their highs last month amid a broader pullback in the AI trade in recent weeks. Analysts at Morgan Stanley said they expect Seagate, along with rival Western Digital (WDC), to top Street estimates and raise their outlooks thanks to strong demand for their hardware and higher prices. Western Digital’s results are scheduled for release on August 5. 

Microsoft Options Pricing Suggests 6% Post-Earnings Move Amid AI Spending Concerns 

Traders expect Microsoft (MSFT) shares could swing up to 6% in either direction following the software giant’s earnings report on Wednesday after the closing bell. A move of that size from Monday’s level around $392 could see the stock rally as high as $417, its highest point in over a month, or slip as low as $368. 

Microsoft shares have lost nearly 20% of their value since the start of the year as worries about AI disruption have weighed on the software sector broadly. Concerns about Microsoft’s spending on its AI buildout have also pressured its stock. Deutsche Bank analysts said investors will likely be watching closely for updates around rising hardware prices and the company’s investments in AI, along with the concentration of its backlog. 

Vireo Growth to Acquire Planet 13 Holdings in Cannabis Industry Consolidation Deal 

Vireo Growth Inc. (VREO) announced a definitive merger agreement to acquire Planet 13 Holdings Inc. (PLTH), strengthening its presence in Nevada and Florida while expanding its Illinois platform.  

Under the deal, each Planet 13 common share will be exchanged for 0.015383618 Vireo subordinate voting shares, representing a 16.6% premium to Planet 13’s 20-day volume-weighted average price and a 24% premium to its July 24 closing price. The acquisition will add 36 dispensaries and three cultivation facilities. Following the announcement, Vireo shares edged up 0.36% to C$13.75, reflecting a modestly positive market response as investors assessed the strategic benefits of the expansion. 

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Carlyle Acquires Secturion Systems in First Middle-Market Aerospace and Defence Investment 

Global investment firm Carlyle (CG) announced the acquisition of Secturion Systems, a provider of high-speed, NSA-certified hardware encryption solutions, marking the first investment under its dedicated middle-market Aerospace, Defence & Government and Industrials platform. Founded in 2012, Secturion develops hardware encryption technology that protects sensitive mission data across airborne, maritime, and ground systems. Industry veteran Sean Berg, former CEO of Everfox, will join Secturion as Chief Executive Officer, while Josh Falslev and Derek Owens will remain COO and CTO, respectively. Following the announcement, Carlyle shares rose 1.94% to close at $46.28, reflecting a positive investor response to the strategic acquisition. 

Expand Energy Acquires Twin Eagle Holdings for $1.25 Billion to Boost Gas Marketing Business 

Expand Energy (EXE) announced it will acquire privately held natural gas marketer Twin Eagle Holdings from Five Point Infrastructure for $1.25 billion, expanding its marketing and logistics business across North America. Founded in 2010, Twin Eagle provides wholesale natural gas and power marketing, asset management, logistics, and analytics services. After the deal closes in the third quarter, it will operate as a wholly owned subsidiary of Expand, with CEO Jeremy Davis remaining in place. Expand expects the acquisition to increase annual incremental free cash flow from its marketing strategy to $750 million, up 50% from its previous target. Despite the announcement, Expand shares fell 1.1% to $90.51 on Monday. 

Yarrow Bioscience Completes VYNE Merger and $200 Million Financing Ahead of Nasdaq Debut 

Yarrow Bioscience has completed its merger with VYNE Therapeutics and closed approximately $200 million in private financings, creating a clinical-stage biotechnology company focused on autoimmune thyroid diseases. The combined company will operate as Yarrow Bioscience Inc., with shares set to begin trading on the Nasdaq Capital Market under the ticker YARW on July 28. The financing is expected to support operations through 2028 and advance lead candidate YB-101, a potentially first-in-class monoclonal antibody for Graves’ disease and thyroid eye disease. YB-101 is currently in a Phase 2a/2b trial and has received FDA Fast Track Designation. 

American Industrial Partners Completes $1.272 Billion Avanos Medical Acquisition 

American Industrial Partners (AIP) has completed its $1.272 billion acquisition of Avanos Medical, Inc., with shareholders receiving $25.00 in cash per share under the merger agreement. Following the transaction, Avanos’ common stock was delisted from the New York Stock Exchange, and the company became privately held. Headquartered in Alpharetta, Georgia, Avanos develops medical devices focused on nutrition delivery and post-surgery recovery. AIP said the acquisition provides a strong platform for future growth, while Avanos CEO Dave Pacitti said the partnership positions the company to build on its existing momentum and accelerate its long-term strategy. 

AstraZeneca Beats Q2 Earnings Estimates with $2.63 Core EPS on 5% Revenue Growth 

AstraZeneca (AZN) reported Q2 2026 core earnings of $2.63 per share, beating analysts’ estimates of $2.48, on $15.38 billion in revenue, while raising its interim dividend to $1.06 per share. Revenue increased 5% at constant currency, supported by 15% growth in Oncology and 8% growth in Rare Diseases, despite generic competition and the loss of US exclusivity for Farxiga. The company reaffirmed its 2026 outlook and highlighted pipeline progress, including six Phase III trials for elecoglipron. Despite the strong results, AstraZeneca shares edged up just 0.22% to close at $169.64, reflecting a muted market response. 

RTX Corp Posts Record Q2 Sales of $24.7 Billion, Raises Full-Year Guidance 

RTX Corp. reported strong Q2 2026 results, with adjusted earnings of $1.89 per share, up 21% year over year and 14% above analysts’ estimates, on record sales of $24.7 billion, up 14% (16% organically). Quarterly free cash flow reached $2.9 billion, while backlog climbed to a record $289 billion, including $170 billion in commercial and $119 billion in defence orders. The company also raised its full-year 2026 guidance, forecasting $95.0-$96.0 billion in sales and $7.10-$7.25 in adjusted EPS. Investors welcomed the results, sending RTX shares up 2.65% to a record closing high of $218.42. 

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Baker Hughes Beats Q2 Estimates with 64 Cents EPS on $6.74 Billion Revenue 

Baker Hughes (BKR) reported Q2 2026 adjusted earnings of $0.64 per share, up 2% year over year and well above analysts’ expectations of $0.51. Revenue came in at $6.74 billion, beating consensus estimates despite a 2% annual decline. The company reported a record $40.06 billion in remaining performance obligations, supported by a $37.09 billion Industrial & Energy Technology backlog, while total orders surged 49% to $10.5 billion. Strong margin expansion across key businesses also boosted profitability. Investors welcomed the results, sending Baker Hughes shares up 5.83% to close at $60.59, making it one of the session’s top performers. 

Cracker Barrel Replaces CEO Julie Masino with David Deno After Logo Controversy 

Cracker Barrel Old Country Store (CBRL) announced that Julie Masino will step down as CEO and board member on August 10, to be replaced by former Bloomin’ Brands CEO David Deno. Masino will stay on in an advisory capacity until October 9 to support a smooth transition. The leadership change comes a year after Cracker Barrel briefly changed its logo to attract a younger audience, sparking highly negative public reaction with President Donald Trump saying the company “should go back to the old logo.” 

After its stock tanked, the restaurant chain did change back, but the stock still is off roughly 20%. Cracker Barrel shares declined 2% in early trading following the CEO transition announcement. 

Lyntris, Jersey Mike’s, Apnimed and Scorpio Gold Race Toward Public Listings 

Activity in the US IPO market accelerated as several companies advanced their listing plans. Defence technology firm Lyntris publicly revealed its SEC filing for a $300 million IPO, with plans to list on the New York Stock Exchange under the ticker LYNX. Meanwhile, Jersey Mike’s attracted strong investor interest, with reports indicating its IPO roadshow was more than 10 times oversubscribed ahead of pricing.  

The Blackstone-backed restaurant chain is targeting up to $1.09 billion in proceeds and a valuation of $7.9 billion, with shares set to trade on the NYSE under JMKE. Separately, Scorpio Gold Corp announced plans to list its American Depositary Shares on the Nasdaq Capital Market, while biotech firm Apnimed filed for a $160 million IPO. Apnimed intends to offer 10 million shares priced between $14 and $16 each, implying a valuation of about $608 million, and plans to trade on the Nasdaq Global Market under the ticker APMD. 

Corporate activity dominated the session as D-Wave surged on its Nasdaq debut and AT&T deal, Forte rallied on a $2.2 billion buyout, IPO activity accelerated, major acquisitions reshaped multiple sectors, strong earnings lifted industrials and healthcare, while biotech setbacks and upcoming tech earnings kept volatility in focus. 

Source 

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

• https://www.cboe.com/tradable_products/vix/