Lockheed Martin, Blackstone and P&G Beat Q3 Estimates as $14 Billion Deal Wave and $317.5 Million IPO Reshape US Markets

Mumbai, Oct 24: The trading week from Monday, 19 October to Friday, 23 October 2026 delivered a dense slate of third-quarter earnings, multi-billion-dollar acquisitions, initial public offerings and capital raises across US-listed equities. Defence contractor Lockheed Martin, asset manager Blackstone, consumer staples major Procter & Gamble and media conglomerate Comcast topped the earnings roster, while CRH’s completion of the Arcosa acquisition, Silgan Holdings’ $3.4 billion Trivium deal and Salesforce’s $5.66 billion Braze purchase headlined mergers and acquisitions. Biotechnology listings returned to prominence with Lycia Therapeutics raising $317.5 million, while leadership transitions at three companies added a governance dimension to the week’s corporate news flow.

AI and Defence Demand Drive 10 Stocks Over 5% Swings

The week’s dominant market theme was sharp earnings-driven divergence across US-listed equities, with at least ten large-cap stocks moving more than 5% in a single session. Artificial intelligence infrastructure demand lifted Super Micro Computer, Dell Technologies, Hewlett Packard Enterprise, Vertiv and Amkor Technology, while defence spending supported Lockheed Martin and L3Harris Technologies even as their shares moved in opposite directions.

Biotechnology catalysts drove Biohaven up 25% on FDA acceptance of its Vyglxia resubmission and Disc Medicine up 38.31% on positive Phase 3 data. The mergers and acquisitions pipeline remained active, with Silgan Holdings, Salesforce, Dream Finders Homes, Cencora and CRH announcing or completing transactions worth more than $14 billion combined. Initial public offering activity was selective: Lycia Therapeutics priced at the top of its range, BranchOut Food priced at a discount and Gravitics Holdings cut its offering size by 60%.

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Capital raising was equally selective, with Arcus Biosciences and Disc Medicine leading more than $800 million in equity and convertible issuance, while smaller companies including Teknova, CitroTech, Data I/O and Dogwood Therapeutics tapped markets at discounted prices. Leadership stability emerged as a secondary theme after chief financial officer exits at Forgent Power Solutions, Comfort Systems USA and Jeld-Wen Holding, with Forgent shares falling 21.3% for the week.

Lockheed Martin $7.97 EPS Beat Lifts $82 Billion Revenue Outlook

Lockheed Martin (NYSE: LMT), the Bethesda, Maryland-headquartered aerospace and defence contractor that manufactures fighter aircraft, missiles and space systems, reported third-quarter 2026 adjusted earnings of $7.97 per share, surpassing the consensus estimate of $7.49. Revenue reached $20.71 billion, an 11% increase year over year that exceeded the $20.46 billion estimate. Net earnings rose 14% to $1.8 billion, while free cash flow reached $3 billion. Growth was driven by a 24% increase in revenue from the Missiles and Fire Control division on higher production of PAC-3 and THAAD missile systems, while Aeronautics revenue advanced 13% on increased F-35 production.

The company’s backlog reached a record $292 billion. Lockheed Martin raised its full-year 2026 revenue forecast to $80 billion to $82 billion from $79.75 billion to $81.75 billion, and lifted its earnings-per-share outlook to $30.35 to $30.75 from $29.95 to $30.65. Separately, the company announced a 10-year framework with the US Department of War covering 850 F-35 fighter aircraft, spare parts, modification kits and maintenance support, envisaging annual production of 156 aircraft.

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The framework has not yet become a finalised contract. Shares climbed 6.96% to approximately $589.91 following the release, gaining approximately $38.40 from the prior close of $551.51. Analysts raised price targets following the release, with one major brokerage lifting its target to $692 and another to $600.

Blackstone $1.32 EPS Beat Lifts Shares 8.4% and $1.12 Dividend

Blackstone (NYSE: BX), the New York-headquartered alternative asset manager with real estate, private equity, credit and hedge fund solutions, reported third-quarter 2026 distributable earnings of $1.32 per share, beating the consensus estimate of $1.26. Revenue came in at $3.06 billion, with net income of $662.37 million and diluted earnings per share of $0.83.

Fee-related earnings reached $1.6 billion, or $1.26 per share, up 6% year over year despite fewer realisations. The company declared a quarterly dividend of $1.12 per share. The beat was driven by stable fee-related earnings, which offset a slowdown in private-equity realisations. The stock jumped 8.4% to $118.75, reversing a three-month slide of roughly 8.7%.

The shares had closed at approximately $109.55 in the prior session. The result eased concerns about the impact of higher rates on Blackstone’s portfolio and deal activity, with the market focusing on the earnings beat and dividend rather than the decline in net realisations.

Procter & Gamble $2.00 EPS Beat on 4% Sales Growth Lifts Shares 6.22%

Procter & Gamble (NYSE: PG), the Cincinnati, Ohio-headquartered consumer goods company selling beauty, grooming, health care, fabric and home care products, reported fiscal first-quarter 2027 adjusted earnings of $2.00 per share, beating the consensus estimate of $1.89 and rising 1% year over year.

Net sales increased 4% to $23.28 billion, exceeding analyst expectations of $22.82 billion. Organic sales also grew 4%, driven by 2.4% volume growth, a 1.1% favourable product mix contribution and a 0.4% pricing benefit. All five business segments reported higher sales: Fabric and Home Care revenue rose 4% to $8.21 billion, Beauty revenue advanced 6% to $4.41 billion, Baby, Feminine and Family Care sales increased 3% to $5.32 billion, Health Care sales grew 3% to $3.32 billion, and Grooming revenue increased 4% to $1.89 billion.

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Despite the strong quarterly performance, Procter & Gamble maintained its full-year fiscal 2027 outlook, expecting organic sales growth of 1% to 3% and earnings per share of $6.89 to $7.11. The company flagged a $1.4 billion cost headwind that investors looked past. Shares surged 6.22% to $166.64, closing at their highest level since February and near 2026 highs, even as the broader market declined. The stock had closed at approximately $157.90 in the prior session, gaining approximately $8.85 on the day.

Equifax Jumps 10.7% as Q3 Mortgage Revenue Rises 15% Despite Market Weakness

Equifax Inc. (NYSE: EFX), the Atlanta, Georgia-headquartered credit reporting and analytics company providing consumer and commercial information services, reported third-quarter 2026 revenue of $1.69 billion, up 10% year over year, while adjusted earnings reached $2.26 per share, beating analysts’ consensus estimate of $2.20. U.S. mortgage revenue rose 15%, despite a weaker mortgage market in the latter half of the quarter as interest rates increased substantially.

The company lowered its full-year 2026 revenue guidance, reducing the midpoint to $6.66 billion from $6.75 billion, citing continued weakness in the mortgage market. However, its adjusted earnings guidance of $8.50 per share remained close to the previous midpoint and analysts’ estimate of $8.49. Equifax also reported an adjusted EBITDA margin of 33.1%, compared with 32.7% a year earlier, attributing its ability to protect profitability partly to AI-driven cost savings.

Management expects mortgage market weakness to persist through the end of 2026. Separately, Equifax extended its $1 pricing for VantageScore 4.0 mortgage scores through the end of 2028. Shares traded at $175.82 on 21 October, up 10.7% in the session. The stock opened at $175.78, reached a high of $177.26 and a low of $173.78.

The company’s performance in the coming quarters will depend partly on whether mortgage market weakness continues into 2027 and how effectively cost savings offset pressure on revenue and margins

Comcast $1.07 EPS Beat Despite 144,000 Broadband Losses as Peacock EBITDA Hits $261 Million

Comcast (NASDAQ: CMCSA), the Philadelphia, Pennsylvania-headquartered media and telecommunications conglomerate operating cable networks, broadband, wireless and the Peacock streaming service, reported third-quarter 2026 adjusted earnings of $1.07 per share, exceeding the consensus estimate of $0.98. Revenue came in at $29.3 billion, up 0.5% year over year, while adjusted EBITDA rose 0.8% to $9.1 billion.

The Content & Experiences segment drove growth, with revenue climbing 6.5% to $10.5 billion and adjusted EBITDA surging 29.3% to $1.8 billion. Peacock delivered its second consecutive profitable quarter, generating $1.8 billion in revenue, up 34% year over year, and $261 million in EBITDA. The streaming platform ended the quarter with 48 million paid subscribers, adding 7 million over the year. However, the Connectivity & Platforms segment remained under pressure, with revenue declining 2.6% to $19.7 billion and adjusted EBITDA falling 4.4% to $7.6 billion.

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The company lost 144,000 broadband subscribers amid competition from fibre providers and fixed wireless services. Its wireless business added 368,000 net lines, taking its total to 10.6 million, up 18% year over year. Comcast generated $4.2 billion in free cash flow during the quarter and reduced consolidated net debt to $76.6 billion from $86.7 billion a year earlier.

The company expects a transformation charge exceeding $1 billion in the fourth quarter as it prepares for the planned mid-2027 business separation. Shares advanced 3.4% to approximately $22.81 despite continued broadband subscriber losses, having closed at approximately $22.05 in the prior session. The positive reaction reflected relief that earnings did not miss, rather than enthusiasm about growth. The shares remain well below the 52-week high of $32.85.

Biohaven Surges 25% as FDA Accepts Vyglxia NDA Resubmission

Biohaven (NYSE: BHVN) announced that the US Food and Drug Administration has accepted its resubmitted New Drug Application for Vyglxia (troriluzole) for the treatment of spinocerebellar ataxia, a neurodegenerative disorder.

The stock surged approximately 25% in the prior session to close at $14.69 and remained in focus on Friday. The FDA action revives a previously rejected core asset, significantly improving the probability of approval and commercial launch. The PDUFA date is in the first quarter of 2027, with an advisory committee review expected.

The shares had previously fallen approximately 45% after the original rejection. Analysts assigned a 40% probability of success and raised price targets to $22 from $19.

CRH Completes $7.5 Billion Arcosa Acquisition, Delists Target at $150

CRH plc (NYSE: CRH) announced the completion of its previously announced acquisition of Arcosa, Inc. through subsidiary CRH Americas. Arcosa’s shares were cancelled at $150.00 per share and the stock was delisted from the New York Stock Exchange. The deal value was reported between $7.5 billion and $8.5 billion across sources.

The acquisition was originally announced on 22 June 2026, and Friday’s development represents the finalisation of the transaction. CRH will provide updated full-year 2026 guidance reflecting the acquisition with its third-quarter results on 29 October. The completion removes Arcosa as a US-listed equity and integrates its infrastructure-products business into CRH.

Silgan $3.4 Billion Trivium Deal Creates $7.3 Billion Packaging Giant

Silgan Holdings Inc. (NYSE: SLGN), the Stamford, Connecticut-headquartered packaging company producing metal containers, closures and dispensing systems, announced an agreement to acquire Trivium Packaging in an all-cash transaction valued at approximately $3.4 billion.

The acquisition will combine Trivium with Silgan’s existing metal containers and food and beverage closure operations to establish Silgan MCC. Silgan expects to retain a 60% equity stake in the combined business, while funds affiliated with American Industrial Partners will hold the remaining 40% after contributing approximately $1 billion in cash. Silgan expects to receive around $2.3 billion in cash proceeds at closing and continue consolidating the business in its financial results.

Silgan MCC is projected to generate approximately $7.3 billion in annual sales and $1.2 billion in adjusted EBITDA, including anticipated synergies of $225 million over three years. The combined operation is expected to encompass more than 100 manufacturing facilities, with annual production capacity exceeding 27 billion cans and 30 billion closures.

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Management expects the transaction to increase adjusted earnings per share and free cash flow by at least 15%. The proposed structure also creates a potential path towards a tax-free spinoff of Silgan MCC. Shares rose 6.61% to $40.39 during the 19 October session.

Salesforce $5.66 Billion Braze Deal at 58% Premium Raises Concerns

Salesforce (NYSE: CRM), the San Francisco, California-headquartered cloud software company providing customer relationship management and enterprise applications, announced plans to acquire customer engagement software provider Braze (NASDAQ: BRZE) in a cash transaction valued at approximately $5.66 billion.

Under the agreement, Braze shareholders will receive $47.50 per share in cash, representing a premium of approximately 58% over the stock’s previous closing price of $30.04. The transaction is expected to close during Salesforce’s fiscal 2028, subject to shareholder approval and regulatory clearances. Salesforce plans to fund the purchase with cash and does not currently expect to require debt financing.

The acquisition would integrate Braze’s real-time customer engagement and AI-powered personalisation technology with Salesforce Marketing Cloud, Data 360, Customer 360 and Agentforce. Braze serves approximately 2,770 customers, including Canva, Instacart, Dairy Queen and Venmo. Salesforce expects the transaction to contribute to revenue growth over time but anticipates near-term profitability dilution before operational efficiencies develop.

Salesforce shares traded at $239.34, down 1.28%, from the previous close of $242.45. Braze shares were indicated to rise approximately 51% following the announcement.

Dream Finders Completes $2.2 Billion Beazer Acquisition, Shares Rise 9.83%

Dream Finders Homes (NYSE: DFH), the Jacksonville, Florida-headquartered homebuilder operating across multiple US metropolitan areas, completed its acquisition of Beazer Homes USA in an all-cash transaction valued at approximately $2.2 billion in enterprise value.

Under the agreement, Beazer shareholders received $33.50 in cash per share. Beazer Homes’ common stock ceased trading and was delisted from the New York Stock Exchange following the transaction’s completion. The combined company becomes the sixth-largest US-headquartered homebuilder based on calendar-year 2025 revenue. The acquisition expands Dream Finders’ operations to 26 of the top 50 US metropolitan statistical areas, adding California, Nevada, Indiana and Delaware to its geographic footprint.

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Dream Finders expects the acquisition to generate more than $100 million in annual run-rate cost synergies and deliver double-digit percentage earnings per share accretion in the first year. Chief Executive Patrick Zalupski described the transaction as the company’s ninth acquisition since its 2021 initial public offering and its largest to date. Dream Finders shares traded at $9.50, up 9.83% as reported. The stock opened at $8.82 and recorded a high of $9.64 and a low of $8.82.

Cencora $2.4 Billion American Oncology Network Deal Expands Cancer Care

Cencora Inc. (NYSE: COR), the Conshohocken, Pennsylvania-headquartered pharmaceutical sourcing and distribution company serving healthcare providers and manufacturers, announced a binding agreement to acquire the remaining equity interests in American Oncology Network, valuing the physician-led cancer care provider at an enterprise value of $2.4 billion, including debt.

American Oncology Network operates a network of more than 350 cancer treatment providers across 21 states. Cencora already owns approximately 4% of AON’s equity. The deal includes $2.3 billion payable at closing and up to $100 million in contingent payments. If certain existing shareholders participate in an equity rollover and retain a 25% stake, Cencora expects to pay approximately $1.7 billion in cash to increase its ownership to 75%.

The acquisition is expected to improve Cencora’s non-GAAP diluted earnings per share in the second year following closing. Despite the strategic expansion, Cencora shares declined 0.97% to $339.83. American Oncology Network shares surged 153.13% following the announcement.

TTM $650 Million Ophir Optics Deal Expands Infrared Imaging Capabilities

TTM Technologies (NASDAQ: TTMI), the Costa Mesa, California-headquartered printed circuit board and radio frequency components manufacturer, agreed to acquire MKS Inc.’s Ophir Optics business for approximately $650 million in cash, expanding its infrared imaging and laser optics capabilities across defence, security and industrial markets.

The transaction remains subject to regulatory approvals, governmental consents and other customary closing conditions. TTM expects the acquisition to immediately increase its adjusted EBITDA margin and non-GAAP diluted earnings per share. The purchase price represents approximately 10.3 times Ophir Optics’ projected financial year 2027 adjusted EBITDA, excluding synergies. MKS separately valued the transaction at more than 18 times projected financial year 2026 adjusted EBITDA.

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The acquisition will be financed through available cash, anticipated future cash flows and borrowings under TTM’s existing revolving credit facility. Ophir Optics’ technologies serve defence platforms across land, air, maritime and unmanned systems. TTM shares traded at $97.44 on 19 October. The acquisition is expected to close in the second quarter of 2027.

3M Gains 5.62% on Amazon $6 Billion Data Centre Deal

3M Company (NYSE: MMM), the St. Paul, Minnesota-headquartered industrial conglomerate producing adhesives, abrasives, optical films and safety products, announced a strategic commercial agreement with Amazon involving optical connectivity and other data centre products.

The agreement, formalised on 19 October 2026, could see Amazon make cumulative payments of $6 billion for the products, according to a securities filing. As part of the arrangement, 3M issued a warrant allowing an Amazon subsidiary to purchase up to 3,162,015 shares of 3M common stock over seven years at $164.89 per share. Under the warrant structure, 85% of the shares will vest based on cumulative payments from Amazon for data centre products, with full vesting of this portion occurring once payments reach $6 billion.

The remaining shares will vest subject to event-based milestones. The agreement expands the commercial relationship between the two companies and positions 3M as a supplier of products for Amazon’s data centre infrastructure requirements. 3M shares traded at $171.22, up 5.62% in the reported session.

L3Harris Wins $876 Million US Navy Jammer Contract as Shares Fall 1.28%

L3Harris Technologies (NYSE: LHX), the Melbourne, Florida-headquartered defence technology company specialising in electronic warfare, communication systems and space payloads, secured an $876.44 million contract modification from the US Navy to advance its Next Generation Jammer Low Band programme into the engineering and manufacturing development phase.

The undefinitised award supports accelerated delivery of electronic warfare capabilities designed to disrupt adversary radar and communications systems. The NGJ-LB system will combine advanced jamming capabilities with faster processing to help naval aviators counter lower-frequency threats. Its modular, open-system architecture is designed to simplify maintenance and accommodate future upgrades while supporting interoperability with allied forces.

Under the award, L3Harris will provide equipment, demonstration test pods, cybersecurity development, testing, evaluation, software and logistics support to the US Naval Air Systems Command. L3Harris shares traded at $245.32, down 1.28%, during the reported session, compared with the previous close of $248.51.

Lycia $317.5 Million IPO Leads Biotech Listings; BranchOut Falls 12%

Lycia Therapeutics priced its initial public offering at $18.00 per share, the top of the $16 to $18 range, raising $317.5 million by selling 17.64 million shares. The stock began trading on Nasdaq under the ticker “LYCA” on Friday. The listing was underwritten by Jefferies, TD Cowen, Evercore ISI and Guggenheim Securities as joint book-running managers, with LifeSci Capital as passive book-runner.

A biotech initial public offering pricing at the top of its range and raising over $300 million signals strong institutional demand for the sector, which has been selective. BranchOut Food priced an underwritten public offering of 2,941,177 shares at $1.70 per share, for gross proceeds of approximately $5.0 million. Shares fell approximately 12% in premarket trading to $1.778, reflecting the dilutive impact and discount to the prior close of $2.02.

Apex Critical Metals listed its American Depositary Shares on the Nasdaq Capital Market under the symbol “APXC” via an offering of 400,000 American Depositary Shares at $4.65 per share, raising $1.86 million. Gravitics Holdings cut its proposed initial public offering size by 60%, planning to raise $50 million through the sale of 3.2 million shares at $14 to $17 per share.

Lithia Motors Falls 7.26% Despite Q3 Earnings Beat and Record $9.9 Billion Revenue

Lithia & Driveway (NYSE: LAD), the Medford, Oregon-headquartered automotive retailer operating new and used vehicle dealerships and financing operations across the United States, reported better-than-expected third-quarter 2026 earnings and revenue, supported by stronger used-vehicle profitability, expanding aftersales margins and growth in financing operations.

The company also raised its quarterly dividend by 7% to $0.75 per share, despite pressure on its share price. Adjusted diluted earnings per share reached $10.34, up 9% from $9.50 in the year-ago quarter. Revenue hit a record $9.9 billion, increasing 3% from $9.7 billion a year earlier. GAAP diluted EPS rose 54% to $13.22, while net income climbed 34% to $292.9 million. Used-vehicle gross profit per unit increased 13% year over year to $1,993, while aftersales gross profit grew 2.4% on a same-store basis. Aftersales gross margin expanded 100 basis points to 59.5%.

Financing operations income surged nearly 70% to approximately $32.3 million, with quarterly originations reaching a record $937 million. However, new-vehicle revenue declined 2.6%, reflecting a 2.7% drop in unit sales. Lithia repurchased approximately 246,000 shares for $85 million during the quarter and continued expanding through acquisitions, including four dealerships in Memphis expected to contribute $250 million in annualised revenue.

Despite the positive results and increased shareholder returns, Lithia shares fell 7.26% to $277.96. The stock opened at $317.95, reached a high of $323.51 and touched a low of $276.49.

Arcus $250 Million, Disc $450 Million Lead $800 Million Raises

Arcus Biosciences Inc. (NYSE: RCUS) priced an underwritten public offering of 14,285,715 common shares at $17.50 per share, targeting $250 million in gross proceeds before underwriting discounts and commissions. The offering includes a 30-day option for underwriters to purchase up to an additional 2,142,857 shares.

Arcus shares traded at $19.28 during Thursday’s session, after opening at $17.43 and reaching a high of $19.62. Disc Medicine Inc. (NASDAQ: IRON) priced an upsized public offering of 6 million common shares at $75 each, targeting gross proceeds of $450 million. The company plans to use the proceeds to fund drug development and prepare for the potential commercialisation of bitopertin. Disc Medicine shares traded at $77.34, down 2.69%.

Alpha Teknova priced 8 million shares at $5 each to raise $40 million. CitroTech priced 2.24 million shares at $2.50 each to raise approximately $5.6 million. Data I/O announced a $13.25 million private placement through convertible subordinated debentures and common shares. Dogwood Therapeutics secured a $5 million investment from CK Life Sciences at $1.22 per share.

Northern Trust $3.5 Billion Buyback Leads Week’s Corporate Actions

Northern Trust Corporation (NASDAQ: NTRS) declared a quarterly cash dividend of $0.88 per common share, payable on 1 January 2027, and announced a dividend of $293.75 per share on its Series E non-cumulative perpetual preferred stock. Its board approved a new share repurchase authorisation of up to $3.5 billion, which will take effect after completion of the existing $2.5 billion programme approved in July 2025. Lithia &  Driveway raised its quarterly dividend by 7% to $0.75 per share despite a 7.26% share price decline to $277.96. Moleculin Biotech implemented a 1-for-20 reverse stock split on 20 October, reducing outstanding shares from approximately 20.9 million to around 1.05 million. Freight Technologies implemented a 1-for-10 reverse share split and restructured preferred securities, with shares falling 9.70% to $1.34.

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