Qualcomm-Amazon $60 Billion AI Chip Deal, Chime's $590 Million Bank Buy, and Academy Sports' 8% Surge Lead Wednesday's Corporate Action

Mumbai, Sept 10: Corporate developments dominated trading action across US-listed equities on Wednesday, with multi-billion-dollar partnerships, transformative acquisitions, and a cascade of earnings reports generating significant share price movements. From Qualcomm’s blockbuster AI chip collaboration with Amazon worth up to $60 billion to Chime Financial’s $590 million transformation into a chartered bank, and from Academy Sports’ 8% surge on raised guidance to Signet Jewelers’ 19% pop on earnings beat, corporate-specific catalysts provided clear direction for individual stock movements throughout the session. 

Qualcomm and Amazon Forge $60 Billion AI Chip Partnership as Warrants Signal Massive Procurement Potential 

Qualcomm Incorporated (Nasdaq: QCOM) entered into a multi-year strategic cooperation agreement with Amazon.com, Inc. (Nasdaq: AMZN) on September 9, 2026, to jointly develop custom AI inference chips across multiple generations and high-bandwidth optical interconnect solutions to address surging AI bandwidth demands. Under the arrangement, Qualcomm will contribute its mobile chip energy efficiency technology and chip design expertise, while Amazon Web Services will provide AI infrastructure including Amazon Bedrock. 

As part of the agreement, Qualcomm granted Amazon common stock purchase warrants with a fixed exercise price of $161.26 per share. An initial 3.75 million warrants were granted; if Amazon’s procurement of server chips, technology, and services reaches up to $60 billion over the next decade, the total warrant issuance could expand to 25 million shares. If Amazon fully acquires and exercises the warrants, the aggregate value would be approximately $4 billion. 

Qualcomm, headquartered in San Diego, California, is a global semiconductor company specialising in wireless technology and chip design for mobile devices, automotive, and now data-centre infrastructure. The partnership represents Qualcomm’s business diversification strategy amid pressure from Apple’s in-house chip development and Samsung’s increased use of its Exynos chips, with the company targeting $15 billion in data-centre business revenue by 2029. 

 Following the announcement, Qualcomm shares surged, trading at $179.63 by midday, reflecting a gain of approximately 3.2% from the previous session’s close of $174.09. The stock touched an intraday high of $183.49, up over 8% from Friday’s close, before moderating. 

Chime Financial Acquires Stride Bank for $590 Million, Transforms from Fintech to Chartered Bank 

Chime Financial Inc. (Nasdaq: CHYM) announced a $590 million all-cash acquisition of its long-term partner Stride Bank, N.A., marking a transformative operational integration move that converts the financial technology company into a chartered bank. According to the agreement announced on September 9, Stride will be renamed Chime Bank and become a wholly-owned subsidiary of Chime. Stride had been Chime’s bank partner for more than seven years. 

The transaction enables Chime to operate as a licensed bank, eliminating its previous reliance on partner banks for deposit and lending activities. Chime expects the acquisition to generate approximately $100 million in net synergies by reducing reliance on external partners and lowering funding costs. The company simultaneously raised its third-quarter revenue guidance to $705 million, up from the previous $680 million to $690 million range, while full-year revenue guidance was lifted to between $2.76 billion and $2.77 billion, up from approximately $2.73 billion to $2.75 billion. 

Chime, headquartered in San Francisco, California, is America’s largest digital banking platform offering checking accounts and other financial products to millions of consumers. Chief Executive Chris Britt stated: “Although we will have a bank license subsidiary, we have no intention of transforming into a traditional bank driven heavily by fee-based models. We view this as a key milestone in our evolution from challenger to industry leader”. The transaction is expected to close in the first half of 2027, subject to regulatory approvals. 

Investors responded enthusiastically to the dual catalysts of the transformative acquisition and upgraded earnings guidance. Chime shares gained 6.8% , trading at $34.52, after surging over 11% in pre-market trading. The stock touched an intraday high of approximately $35.60. 

Academy Sports and Outdoors Lifts EPS Guidance to $6.50-$6.90, Shares Surge 8% 

Academy Sports and Outdoors Inc. (Nasdaq: ASO) reported fiscal second-quarter adjusted earnings of $2.31 per diluted share, up from $1.94 a year earlier, representing a 19% year-over-year increase. Revenue rose to $1.65 billion from nearly $1.6 billion, in line with Street expectations. 

The company raised its full-year adjusted earnings guidance to between $6.50 and $6.90 per share for fiscal 2026, up from the previous range of $6.40 to $6.80. The FactSet consensus stood at $6.43. Comparable sales edged down 0.4% , compared with an increase of 0.2% the year before. Chief Executive Steve Lawrence acknowledged that consumer spending remained pressured, particularly among lower-income households. 

Academy Sports, headquartered in Katy, Texas, is a leading full-line sporting goods and outdoor recreation retailer operating over 280 stores across the United States. Despite the challenging consumer environment, Academy Sports shares surged 8% to $49.92, reducing its year-to-date loss to approximately 4%. The stock touched an intraday high of $51.20 earlier in the session. 

Signet Jewellers Rise Over 19% on Earnings Beat and Raised FY27 Guidance 

Signet Jewelers’ stock surged 20% on Wednesday after the company reported stronger-than-expected second-quarter earnings and same-store sales growth. The parent company of Kay Jewelers, Jared and Zales reported adjusted earnings of $2.19 per share, well above analysts’ consensus estimate of $1.73, while revenue stood at $1.53 billion, in line with expectations. Same-store sales increased 2.2% year-over-year, outperforming the 1.7% growth forecast. Adjusted operating income reached $107.2 million, compared with the $89.6 million estimate, while adjusted EBITDA came in at $152.3 million, exceeding the expected $131.9 million. 

Following the stronger quarterly performance, Signet Jewelers raised its full-year guidance for adjusted EPS, adjusted operating income and adjusted EBITDA. The company also increased the lower end of its same-store sales outlook to flat growth from its previous forecast of a 0.75% decline. CEO J.K. Symancyk said the company delivered another quarter of comparable sales growth, with positive performance across all of its fine jewellery brands, and added that Signet was well positioned for the second half of the year and the holiday shopping season. 

The strong results marked a sharp turnaround in investor sentiment, with Signet shares having been down less than 1% for the year through Tuesday’s close before the Wednesday rally. Separately, Signet Jewelers declared a quarterly cash dividend of $0.35 per common share for the third quarter of Fiscal 2027. The dividend is payable on November 20, 2026, to shareholders of record as of October 23, 2026, with an ex-dividend date of October 23, 2026. 

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Mission Produce Beats EBITDA Estimates as Revenue Rises 26%, Stock Gains 4% 

Mission Produce reported stronger-than-expected fiscal third-quarter 2026 results, with adjusted EBITDA reaching $32.4 million, above the top end of its previous guidance range of $28 million to $32 million. Revenue rose 26% year over year to $450 million, while avocado volumes increased 38% to approximately 253 million pounds, supported by the addition of Calavo and higher volumes in the legacy business. However, average avocado selling prices declined 9% amid increased industry supply. The company posted a $6.5 million net loss, or $0.08 per diluted share, due partly to acquisition-related costs and higher interest expenses, while adjusted net income was $15 million, compared with $18.2 million a year earlier. 

Mission Produce raised its annualised Calavo synergy target to more than $30 million, from at least $25 million, with benefits expected to begin in the fourth quarter and increase during fiscal 2027. The company reaffirmed its second-half adjusted EBITDA outlook of $84 million to $88 million. Management expects stronger Peru avocado production, seasonal blueberry demand, a full quarter of Calavo operations and improving margins to support fourth-quarter performance. As of July 31, the company had $47.1 million in cash and approximately $400.3 million in debt, while maintaining full-year capital expenditure guidance of about $45 million. The stock touched an intraday low of $660.00 during the session. 

Core & Main Beats EPS Estimates by $0.02 as Revenue Meets Forecast 

Core & Main reported fiscal second-quarter 2026 adjusted earnings of $0.94 per share, beating analysts’ estimate of $0.92, while revenue of $2.14 billion was in line with expectations. Net sales increased 2.5% year over year, supported by volume, pricing and acquisitions, while adjusted EBITDA rose 3% to $274 million. Adjusted EBITDA margin improved 10 basis points to 12.8%, reflecting disciplined cost management and operating leverage. 

The company maintained its full-year fiscal 2026 guidance, forecasting net sales of $7.8 billion to $7.9 billion and adjusted EBITDA of $950 million to $980 million. Management expects margin expansion in the second half, with the strongest improvement anticipated in the fourth quarter. Core & Main highlighted continued strength in municipal water, fire protection, treatment plants and data centre-related activity, although residential lot development remained weak. 

Despite the earnings beat, Core & Main shares fell about 4.3% to $42.15 in premarket trading, from the previous close of $44.06. The decline suggested investors were looking for a stronger revenue beat or more significant margin upside. The company also reported $62 million in quarterly operating cash flow and approximately $2.2 billion in net debt, while repurchasing $169 million of shares during the quarter. 

GameStop Tops Q2 Estimates as Collectibles Sales Surge 57% 

GameStop reported stronger-than-expected fiscal second-quarter results, with adjusted earnings of $0.27 per share, beating the $0.19 analyst consensus. Revenue reached $790.2 million, above expectations of $756.8 million, although it declined 18.7% year over year.  

The decline reflected the prior-year Nintendo Switch 2 launch, planned store closures and the divestiture of GameStop’s France operations. Collectibles remained a major growth driver, with sales jumping 57% to $356.3 million, representing 45.1% of total revenue. Operating income rose to a record second-quarter level of $160.2 million, compared with $66.4 million a year earlier. 

GameStop also raised its fiscal 2026 adjusted EBITDA outlook to more than $650 million, from its previous forecast of over $600 million. Second-quarter adjusted EBITDA reached $174 million, more than doubling from $75.7 million a year earlier. The company held $5.4 billion in cash, equivalents, marketable securities, digital assets and related receivables as of August 1. It also completed exchanges retiring about $1.4 billion of convertible notes, reducing long-term debt to approximately $2.8 billion. Shares were up around 0.7% in premarket trading following the results. 

Caleres Shares Jump as Q2 Earnings Beat Estimates and Margins Expand 

Caleres reported stronger-than-expected second-quarter 2026 earnings, with adjusted EPS of $0.47, nearly 25% above analyst expectations. Revenue reached $695.45 million, slightly below the $705.67 million consensus, but improved profitability and strong brand portfolio performance lifted investor sentiment. Adjusted gross margin expanded 340 basis points to 46.8%, while adjusted operating earnings increased to $22 million. 

The company’s brand portfolio was the key growth driver, with sales rising 23.6% to $341 million and adjusted operating margin expanding to 10.5%. International sales jumped 57%, while the recently acquired Stuart Weitzman contributed $42.5 million in revenue. However, Famous Footwear remained under pressure, with sales declining 6.3% and comparable sales falling 5.9%. 

Caleres shares rose as much as 4.19% to $12.56 following the results, as investors focused on margin expansion and momentum across the company’s brands despite the revenue miss. Management described 2026 as a “build back year” and highlighted opportunities for further growth through its international business, premium footwear and portfolio strategy. 

Oddity Tech Shares Surge 28.6% as Investors Focus on Stabilisation Despite Q2 Revenue Drop 

Oddity Tech Ltd. reported a challenging second quarter in 2026, with revenue falling 25% year on year to $180.5 million from $241.1 million, amid advertising algorithm disruptions affecting its flagship IL MAKIAGE brand. Adjusted EBITDA plunged 81% to $12.9 million, while adjusted diluted EPS dropped 78% to $0.20. Gross margin also declined to 68.7% from 72.3%. 

For the first half, revenue decreased 26% to $378.5 million, while adjusted EBITDA fell 95% to $5.8 million. Despite the weak financial performance, investors appeared encouraged by signs of operational stabilisation and the company’s outlook for its newer brands. Shares had closed at $13.03 in the previous session after falling sharply from a 52-week high of $64.23. 

The stock surged 28.6% to $16.75, according to the latest trading data provided, following the sharp premarket reaction reported after the presentation. The company ended the quarter with $561 million in cash, cash equivalents and investments, giving it substantial financial flexibility. Oddity also repurchased 5.6 million shares for $80 million during the quarter. Meanwhile, SpoiledChild is tracking towards $350 million in 2026 revenue, with growth expected at 35% or more, while METHODIQ is expected to exceed SpoiledChild’s first-year performance. 

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Flotek Shares Rise 12.17% as Company Raises 2026 Revenue Guidance 

Flotek Industries raised its full-year 2026 revenue and Adjusted EBITDA guidance, citing stronger-than-expected international chemistry sales. The company now expects revenue of $360 million-$370 million, up from its previous forecast of $340 million-$350 million. Adjusted EBITDA guidance was increased to $50 million-$54 million, compared with $47 million-$51 million previously. 

The upgraded outlook followed strong international chemistry performance, with second-quarter revenue of approximately $10.6 million, representing a sequential increase of more than 450% from the first quarter. Flotek said international chemistry sales could exceed $40 million in the second half, supported partly by activity in Saudi Arabia. 

The stronger outlook prompted a positive market reaction. Flotek shares rose 12.17% to $27.34 on September 10, compared with the previous close of $24.37. The stock opened at $26.79 and traded between $26.25 and $28.73 during the session. At the midpoint of its revised guidance, Flotek expects 2026 revenue and Adjusted EBITDA to increase 54% and 58%, respectively, from 2025 levels. CEO Ryan Ezell said growing international chemistry demand gave the company confidence to raise its outlook again. 

Centerspace Jumps 8% on $8.1 Billion Merger, While ServiceTitan Plunges 30% on Q3 Guidance Miss 

Centerspace (NYSE: CSR) shares jumped more than 8% after the company announced an all-stock merger with Independence Realty Trust (NYSE: IRT), creating a residential REIT with an enterprise value of approximately $8.1 billion. Under the terms of the transaction, Centerspace shareholders will receive around 3.8 IRT common shares for each Centerspace share. Minneapolis-based Centerspace focuses on apartment communities across the Midwest and Mountain West regions, with shares trading between $68.00 and $72.00 during the session. 

Meanwhile, ServiceTitan reported second-quarter earnings of 40 cents per share, beating analysts’ estimate of 35 cents, while revenue rose nearly 21% year on year to $292.8 million, above expectations of $285.9 million. However, shares plunged 29.76% to $57.79 in midday trading on Wednesday as the company’s third-quarter revenue outlook disappointed investors. 

ServiceTitan expects Q3 revenue of $285 million-$287 million, below Wall Street’s $288 million forecast. Analysts noted that its AI-powered Max offering could temporarily weigh on revenue by $4 million-$5 million because of waived onboarding fees and slower billing. Gross transaction volume increased 19% to $22.9 billion. Truist called the sell-off an “overreaction” and maintained a Buy rating, while cutting its price target to $100 from $110. Full-year revenue guidance of $1.139 billion-$1.144 billion remains slightly above estimates. 

Braze Shares Plunge 20% as Q3 Earnings Guidance Misses Estimates 

Braze reported second-quarter adjusted earnings of $0.19 per share, beating analysts’ estimate of $0.15, while revenue rose 26% year on year to $227.2 million, above the $220.23 million consensus. Despite the strong results, shares fell 20.02% to $24.24 on September 10, compared with the previous close of $30.31, as investors focused on weaker-than-expected earnings guidance. 

For the third quarter, Braze expects adjusted EPS of $0.13-$0.14, below the $0.16 analyst consensus. However, revenue guidance of $229 million-$230 million is above expectations of $227.8 million. For fiscal 2027, adjusted EPS is forecast at $0.64-$0.65, ahead of the $0.63 consensus, while full-year revenue guidance of $910 million-$913 million exceeds estimates of $898.7 million. 

Braze’s free cash flow rose to $22 million from $3.5 million a year earlier. Its customer base increased to 2,789, while customers generating at least $500,000 in annual recurring revenue rose to 361 from 282. 

NeOnc Technologies Shares Fall 10.81% After $15 Million Direct Offering 

NeOnc Technologies Holdings has priced a $15 million registered direct offering to institutional healthcare investors, selling 3.57 million common shares or pre-funded warrants at $4.20 per share and accompanying warrant. The warrants are immediately exercisable at $4.20 and expire five years after issuance. The transaction is expected to close on or around September 10, subject to customary conditions. 

The offering, conducted under Nasdaq’s at-the-market rules, is expected to provide approximately $15 million in gross proceeds before placement fees and other expenses. Roth Capital Partners and A.G.P./Alliance Global Partners are acting as co-placement agents. 

Following the announcement, NeOnc shares fell 10.81% to $3.63, compared with the previous close of $4.07. The stock traded between $3.46 and $4.00. NeOnc is developing therapies for central nervous system cancers, with NEO100 and NEO212 currently in Phase II trials under FDA Fast Track and Investigational New Drug status. 

Orion180 Seeks $340 Million in IPO at $15-$17 Per Share 

Orion180 Insurance Group has filed with the U.S. Securities and Exchange Commission to raise up to $340 million through an initial public offering. The specialty homeowners and flood insurer plans to offer 20 million Class A shares at $15-$17 each and has applied to list on the Nasdaq Global Select Market under the ticker OIG. 

Founded in 2018, Orion180 operates across 14 states and has generated approximately $601 million in managed premiums written over the 12 months ended June 30, 2026. The company has sold more than 670,000 policies since inception and works with over 14,000 active independent agents. 

Orion180 reported $16.3 million in net income for 2025, reversing a $288,000 loss in 2024. For the first six months of 2026, net income reached $13.5 million, compared with a $3 million loss a year earlier. Underwriters also have an option to purchase up to 3 million additional shares. RBC Capital Markets, UBS Investment Bank and Raymond James are leading the offering. 

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Stoke Space Raises $1 Billion to Develop More Powerful Reusable Rocket 

Stoke Space has raised $1 billion in a Series E funding round that values the rocket startup at roughly $10 billion, bringing total funding since its 2020 founding to $2.3 billion. The fresh capital will accelerate development of its Nova Pathfinder rocket, targeted for a 2027 debut, while supporting a larger Nova Block 2 vehicle expected to launch in 2029. 

The fully reusable Block 2 is designed to carry up to 15 metric tonnes to low Earth orbit, while its expendable configuration could lift 23 metric tonnes. It will use 14 Zenith engines, twice as many as Pathfinder, enabling larger satellite batches and constellation replenishment missions. 

Stoke said Pathfinder’s launch manifest is fully booked for the next couple of years, while discussions with prospective Block 2 customers are already under way. The company is targeting growing demand for satellite launches as operators expand and replenish constellations. 

Williams Prices $2.75 Billion Senior Notes Offering, Shares Decline 

Williams (NYSE: WMB) announced on September 9, 2026, that it had priced a $2.75 billion public offering of senior notes across four tranches. The offering includes $500 million of 5.000% Senior Notes due 2029, $1 billion of 5.600% Senior Notes due 2033, $750 million of 5.800% Senior Notes due 2036, and $500 million of 6.400% Senior Notes due 2056. The notes were priced close to par, with settlement expected on September 10, subject to customary closing conditions. 

Williams plans to use the net proceeds to repay outstanding commercial paper and for general corporate purposes, including capital expenditures. Citigroup Global Markets, Mizuho Securities USA, Morgan Stanley and SMBC Nikko Securities America are acting as joint book-running managers. 

Shares of Williams were trading at $75.53, down 0.40%, at 2:48 p.m. EDT, compared with the previous close of $75.83. The stock opened at $76.55 and traded between $74.44 and $76.86 during the session. Williams has a 52-week range of $56.19-$80.08 and a market capitalisation of approximately $92.4 billion. 

Gilat Gains 3.7% on $32M Defence Order, KBR Edges Higher and Syntec Optics Trades Nearly Flat 

Gilat Shares Fall 1.51% Despite $32 Million U.S. Defence Order 

Gilat Satellite Networks Ltd. (NASDAQ: GILT) announced on September 9, 2026, that its subsidiary Gilat DataPath had received an order worth more than $32 million from the U.S. Department of War for Multi-Band DKET Systems. The systems operate across Ku, Ka and X-band networks, with deliveries expected over the next 12 months. 

The award expands Gilat DataPath’s existing DKET business and strengthens Gilat Defence’s position in large-scale U.S. defence communications programmes. The transportable systems are designed for rapid deployment and relocation, helping maintain or restore high-capacity communications during changing operational conditions. 

Despite the contract announcement, Gilat shares fell 1.51% to $9.79 in afternoon trading on September 10, compared with the previous close of $9.94. The stock opened at $10.32 and traded between $9.73 and $10.44 during the session. Gilat had a market capitalisation of approximately $754.1 million, while its 52-week trading range stood at $9.65-$20.93. The decline indicates that the sizeable defence order had not translated into a positive share-price reaction during the session 

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KBR Shares Fall 1.62% After Winning Three-Year U.S. Government Contract 

KBR has secured a three-year contract to provide radio frequency engineering and modernisation services for a U.S. government customer. The award will be executed through its Mission Technology Solutions business and covers engineering, manufacturing, supply chain and quality services for national security systems. 

KBR said it has supported the programme for more than 40 years. The Mission Technology Solutions business is planned to become Trinzic following KBR’s expected January 2027 spin-off, with the new company projected to launch with more than $5 billion in annual revenue and 18,000 employees. 

Despite the contract win, KBR shares fell 1.62% to $36.44 in afternoon trading on September 9, 2026, from the previous close of $37.04. The stock traded between $36.23 and $37.80 during the session. KBR’s shares were down 4.21% over one month and 26.10% over one year, while the 52-week range stood at $29.94-$52.23. 

Wednesday’s trading session demonstrated that company-specific catalysts—multi-billion-dollar partnerships, transformative acquisitions, earnings surprises, and contract wins—remain primary drivers of individual stock movements. Qualcomm’s AI chip partnership with Amazon, Chime’s bank acquisition, and Signet Jewelers’ earnings beat generated significant upside, while ServiceTitan’s guidance miss and Casey’s fuel sales decline triggered sharp sell-offs. Corporate actions including dividends, share repurchases, and IPO announcements also provided trading catalysts across multiple sectors. The session underscored the importance of monitoring company-specific developments for identifying potential stock price catalysts. 

Source 

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