Sea, Cardinal Health, Elbit Systems Lead Flood of Corporate Earnings and M&A Deals 

Mumbai, Aug 12: A deluge of corporate earnings reports, multi-billion-dollar mergers and acquisitions, and strategic partnership announcements swept through US markets today, with investors digesting results from Sea Limited, Cardinal Health, Elbit Systems, Venture Global, On Holding, Tencent Music, Aramark, Smithfield Foods, The Middleby Corporation, and eToro, alongside major deal-making activity involving Blackstone, Joby Aviation, Intel, and TSMC. 

Sea Limited Surges on 48% Revenue Growth as Shopee Strengthens Market Leadership 

Sea Limited (NYSE: SE) shares advanced 1.21% to close at $114.80 after the Singapore-based tech conglomerate reported second-quarter revenue of $7.8 billion, up 48.1% year-on-year. Gross profit rose 47.3% to $3.5 billion, net income increased 10.6% to $458.1 million, and adjusted EBITDA grew 10.6% to $917.2 million. Shopee’s GMV surged 28.4% to $38.3 billion, while gross orders climbed 27.5% to 4.2 billion.  

Shopee GAAP revenue jumped 48.2% to $5.6 billion, with adjusted EBITDA at $255.4 million, up 12.2%, and core marketplace revenue soaring 65.6% to $4.3 billion. Monee revenue rose 58.9% to $1.4 billion, with loans outstanding at $11.1 billion, up 62.5%, while NPLs remained 1.0%. Garena bookings rose 15.5% to $763.5 million, with revenue up 33.5% to $746.6 million. 

Cardinal Health Beats Estimates on 70% EPS Jump, Issues Strong 2027 Guidance 

Cardinal Health (NYSE: CAH) shares rose 0.33% to close at $237.18 after fourth-quarter revenue increased 6% to $63.7 billion. GAAP diluted EPS surged 70% to $1.70, while non-GAAP diluted EPS rose 40% to $2.91, including a $0.31 per-share IEEPA tariff refund. Excluding this benefit, non-GAAP diluted EPS increased 25% to $2.60. Fiscal 2026 revenue reached $254.2 billion, up 14%, with GAAP operating earnings of $2.6 billion and GAAP diluted EPS of $7.23.  

Non-GAAP operating earnings rose 30% to $3.6 billion, while diluted EPS increased 37% to $11.26. Pharmaceutical and Specialty Solutions revenue rose 6% to $58.8 billion, with profit up 21% to $645 million. Fiscal 2027 non-GAAP EPS guidance is $12.40–$12.60, representing 13%–15% growth. Operating cash flow was $5.2 billion, adjusted free cash flow $5.0 billion, and share repurchases totalled $1.4 billion. 

Elbit Systems Hits Record $32 Billion Backlog Despite Share Decline 

Elbit Systems (NASDAQ: ESLT) closed at $846.04, down 1.52%, despite stronger quarterly results. Second-quarter revenue rose to $2.29 billion from $1.97 billion, while GAAP net income increased to $173.6 million from $125.7 million.  

GAAP diluted EPS was $3.61, compared with $2.69, while non-GAAP net income reached $199.1 million and non-GAAP diluted EPS was $4.14. The order backlog hit a record $32.0 billion as of June 30, 2026, with 73% from outside Israel and 42% scheduled for delivery during the remainder of 2026 and 2027. C4I and Cyber revenue rose 11%, ISTAR and EW 22%, Land 32%, and Elbit Systems of America 17%, while Aerospace declined 8%. First-half operating cash flow reached $517.8 million, versus $304.0 million, and the company declared a $1.00-per-share dividend. 

Venture Global Raises EBITDA Guidance as LNG Exports Surge 42% 

Venture Global (NYSE: VG) shares climbed 7.54% to close at $14.26 after second-quarter revenue rose 48% to $4.6 billion. Income from operations more than doubled 111% to $2.2 billion, while net income surged 266% to $1.3 billion and consolidated adjusted EBITDA increased 79% to $2.5 billion. The company exported 127 LNG cargos and sold 466.4 TBtu during the quarter, up 43% and 42%, respectively. Total assets reached $61.5 billion, compared with $46.5 billion a year earlier.  

Venture Global raised 2026 consolidated adjusted EBITDA guidance to $8.7 billion–$9.1 billion from $8.2 billion–$8.5 billion, while its cargo range was revised to 500–518 from 494–523. Contracted 2026 cargos reached 91% at a weighted average liquefaction fee of $5.05 per MMBtu. Plaquemines Phase 1 remains targeted for Q4 2026, Phase 2 for mid-2027, and CP2 first LNG for H2 2027. 

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On Holding Plunges 18.9% Despite Revenue Growth as Market Reacts to Outlook 

On Holding (NYSE: ONON) shares plunged 18.9% to $31.44, hitting a new 52-week low of $30.11, despite second-quarter net sales rising 13.5% to CHF 850.3 million, or 21.6% on a constant-currency basis. Direct-to-consumer sales increased 26.0% to CHF 388.4 million, reaching 45.7% of net sales, while wholesale sales rose 4.8% to CHF 461.9 million. Gross profit increased 20.6% to CHF 555.7 million, with gross margin expanding 390 basis points to 65.4%.  

Adjusted EBITDA rose 23.5% to CHF 168.1 million, with margin improving to 19.8% from 18.2%. Net income surged 356.5% to CHF 105.0 million, with a 12.3% margin. Asia-Pacific contributed more than 20% of global sales, while apparel sales rose 47.7%. On expects 2026 constant-currency sales growth in the low-20% range, gross margin of at least 65.0%, adjusted EBITDA margin of 19.5%–20.0%, and cash of CHF 1,205.6 million 

Tencent Music Edges Higher as Music Revenue Drives 5.8% Top-Line Growth 

Tencent Music Entertainment Group (NYSE: TME) shares gained 3.88% to close at $9.90 after second-quarter revenue increased 5.8% to RMB 8.93 billion ($1.32 billion). Music-related services revenue rose 11.0% to RMB 7.61 billion ($1.12 billion), while membership services revenue increased 8.1% to RMB 4.79 billion ($706 million). Social entertainment and others revenue declined 16.4% to RMB 1.33 billion ($196 million), with Ximalaya contributing RMB 407 million ($60 million). IFRS net profit attributable to equity holders was RMB 2.47 billion ($364 million), versus RMB 2.41 billion, while diluted EPS was RMB 1.57 ($0.23).  

Non-IFRS adjusted EBITDA rose 5.2% to RMB 3.25 billion ($480 million), and adjusted net profit increased 4.4% to RMB 2.69 billion ($396 million). Tencent Music repurchased 43.5 million ADSs for approximately $400.0 million during the quarter. Cash, deposits and short-term investments totalled RMB 44.22 billion ($6.52 billion). 

Aramark Raises Organic Revenue Outlook on 9% Growth and Record New Business 

Aramark (NYSE: ARMK) shares slipped 0.43% to close at $55.71 after third-quarter revenue increased 9% to $5.1 billion, with organic revenue also up 9%. Operating income rose 18% to $216 million, while adjusted operating income increased 13% on a constant-currency basis to $261 million. GAAP EPS climbed 34% to $0.36, while adjusted EPS rose 29% to $0.52 on a constant-currency basis. FSS United States revenue increased 8% to $3.5 billion, while FSS International revenue rose 13% to $1.6 billion, or 11% on a constant-currency basis.  

New client wins exceeded $1.6 billion year-to-date, up 51%, with client retention at approximately 98%. Aramark raised fiscal 2026 organic revenue growth guidance to +9% to +10%, from +7% to +9%, while reaffirming AOI growth of +12% to +17% and adjusted EPS growth of +20% to +25%. 

Smithfield Foods Slips on Cautious Outlook Despite Record First-Half Profit 

Smithfield Foods (NASDAQ: SFD) shares declined 3.78% to close at $24.44 after second-quarter operating profit rose 11.6% to $290 million, while adjusted operating profit reached $300 million. Net sales declined 2.3% to $3.7 billion, primarily due to non-recurring sales to Hog Production joint ventures in the prior-year period and the earlier Easter holiday. Operating profit margin improved to 7.8% from 6.9%, while net income increased 26.6% to $238 million.  

Diluted EPS was $0.60, with adjusted diluted EPS at $0.62. First-half operating profit reached a record $623 million, up 7.1%, while net income rose 17.6% to $484 million and diluted EPS reached $1.23. Operating cash flow increased $96 million to $204 million. The company lowered full-year adjusted operating profit guidance to $1.225 billion–$1.375 billion from $1.325 billion–$1.475 billion, citing cautious consumer spending and higher input costs. Smithfield declared a $0.3125-per-share quarterly dividend. 

Middleby Drops After Spin-Off Completion Despite Organic Growth Beat 

he Middleby Corporation (NASDAQ: MIDD) shares fell 3.12% to close at $130.30, despite second-quarter net sales rising 10% to $876 million, ahead of guidance, with organic sales growth of 6.4%. Commercial Foodservice delivered 8% organic growth. Operating income was flat at $148 million, including $14 million in strategic transaction costs, while adjusted EBITDA rose to $193 million from $182 million. GAAP EPS fell to $1.20 from $1.91, while adjusted EPS increased to $2.35 from $2.20. Middleby repurchased 1.4 million shares during the quarter and 3.8 million year-to-date. Q3 guidance is $620 million–$640 million revenue and $1.67–$1.83 adjusted EPS. 

eToro Drops on Crypto Activity Slowdown Despite Net Contribution Growth 

eToro Group (NASDAQ: ETOR) shares declined 3.52% to close at $34.00 after second-quarter net contribution rose 9% year-on-year to $229 million. Funded accounts increased 18% to 4.28 million. GAAP net income surged 77% to $53 million, while adjusted net income rose 17% to $63 million and adjusted EBITDA increased 9% to $78 million. GAAP diluted EPS was $0.58, versus $0.31, while adjusted diluted EPS reached $0.68, versus $0.56.  

Assets under Administration grew 10% to $19.2 billion. eToro announced the acquisition of TradeZero, expected to close in H1 2027. In July, funded accounts rose 18% to 4.32 million, while crypto trades fell 73% to 1.4 million and transfers increased 10% to $1.1 billion. 

Flowco Holdings Gains on Strong Demand and Dividend Announcements 

Flowco Holdings (NYSE: FLOC) shares rose 2.48% to close at $22.33 after the production optimisation solutions provider reported second-quarter revenue of $235.9 million. Net income was $30.9 million, with adjusted net income of $34.3 million. Adjusted EBITDA reached $93.9 million, with a 39.8% margin, while free cash flow was $49.8 million.  

Production Solutions revenue rose 21.9% from Q1 2026 to $170.9 million, with adjusted segment EBITDA up 15.5% to $71.0 million. Natural Gas Technologies generated $65.0 million revenue and $27.8 million adjusted segment EBITDA, with a 42.7% margin. The Board approved a $0.09-per-share quarterly dividend and $0.14 special dividend. Revolver availability stood at approximately $446 million as of August 7, 2026. 

Vestis Lifts Free Cash Flow Outlook on Transformation Progress 

Vestis Corporation (NYSE: VSTS) shares fell 2.39% to close at $13.87 after third-quarter revenue reached $661.7 million. Net income was $11.0 million, or $0.08 per diluted share, compared with a $0.7 million net loss a year earlier, while adjusted net income was $24.2 million, or $0.18 per share. Adjusted EBITDA rose to $80.9 million from $64.0 million. Vestis expects its transformation plan to deliver annualised operating cost savings of at least $75 million, having realised approximately $30 million through Q3.  

Operating cash flow was $64.9 million, free cash flow $47.0 million, and adjusted free cash flow $55.5 million. The company repaid $30 million of debt and raised 2026 free cash flow guidance to $160 million–$170 million, while maintaining revenue guidance of flat to down 2% and adjusted EBITDA of $310 million–$315 million. 

Dividend Announcements: Arrow Financial, Cheesecake Factory Lead Payouts 

Several companies declared dividends with ex-dividend dates on August 11, 2026. Arrow Financial Corporation (NASDAQ: AROW) shares closed at $38.93, down 1.19%, with a cash dividend of $0.30 per share, representing an annual dividend of $1.20 and a yield of 3.08%. The dividend is payable on August 25, 2026. 

The Cheesecake Factory (NASDAQ: CAKE) declared a cash dividend of $0.30 per share, with an annual dividend of $1.20 and a yield of 1.08%. The dividend is payable on August 25, 2026. 

PC Connection (NASDAQ: CNXN) declared a cash dividend of $0.20 per share, with an annual dividend of $0.80 and a yield of 0.97%. The dividend is payable on August 28, 2026. 

First Trust Income Opportunities ETF (NYSE: FCEF) declared a cash dividend of $0.1375 per share, with an annual dividend of $1.65 and a yield of 6.81%. The dividend is payable on August 31, 2026. 

HBT Financial (NASDAQ: HBT) declared a cash dividend of $0.25 per share, with an annual dividend of $1.00 and a yield of 2.78%. The dividend is payable on August 18, 2026. 

Kingstone Companies (NASDAQ: KINS) declared a cash dividend of $0.06 per share, with an annual dividend of $0.24 and a yield of 1.25%. The dividend is payable on August 26, 2026. 

Willis Lease Finance (NASDAQ: WLFC) declared a cash dividend of $0.133 per share, with an annual dividend of $0.532 and a yield of 0.94%. The dividend is payable on August 21, 2026. 

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Blackstone’s Safe Harbor Nears $1.5 Billion MarineMax Acquisition 

MarineMax (NYSE: HZO) shares surged 46.08% to $52.12, after Blackstone Infrastructure’s Safe Harbor Marinas neared a $1.5 billion acquisition at approximately $53 per share in cash. The offer represents a premium to MarineMax’s Friday close of $35.68 and values its equity at $1.17 billion. MarineMax had $335 million in long-term debt at June-end. Shares traded between $51.87 and $52.13 during the session.  

The yacht retailer operates 65 marinas and storage locations and 70 dealerships, mostly in the US. Activist investor Donerail and Centerbridge were also final-round bidders. The deal could be announced this week and would mark Safe Harbor’s biggest transaction since Blackstone acquired it for $5.7 billion in April 2025. 

Joby Aviation Acquires Resonant Sciences for $500 Million 

Joby Aviation (NYSE: JOBY) announced it would acquire defence technology company Resonant Sciences for approximately $500 million, as it looks to scale its business in the growing defence market. Electric vertical take-off and landing aircraft companies are focusing more on the military market amid ramped-up defence spending driven by wars in Ukraine and the Middle East. Joby Aviation shares rose 1.97% to close at $8.81. The stock traded as low as $8.31 in pre-market trading before recovering. 

Intercontinental Exchange Begins Bond Sale for MarketAxess Deal 

Intercontinental Exchange (NYSE: ICE) began the sale of US investment-grade bonds two weeks after announcing a $6 billion deal to acquire MarketAxess Holdings (NASDAQ: MKTX). The note offering is in as many as five parts, with maturities of three to 10 years, with price talk for the longest-tenured bond at a premium of approximately 1.15 percentage points above Treasuries. Bank of America, Citigroup, Fifth Third Bancorp, Mitsubishi UFJ Financial Group, PNC Financial Services and Wells Fargo are managing the bond sale. Intercontinental Exchange shares edged up 0.16% to close at $150.54. The stock traded between $149.75 and $152.38 during the session. 

Teledyne Acquires Varex Imaging for $1.1 Billion 

Teledyne Technologies (NYSE: TDY) entered a definitive agreement to purchase Varex Imaging (NASDAQ: VREX) in a cash transaction valued at nearly $1.1 billion. Teledyne will purchase all outstanding common shares of Varex for $18.90 per share. The price includes consideration of Varex’s equity awards and net debt as of April 3, 2026.  

The transaction has been approved unanimously by the boards of both companies. Completion is targeted for early 2027, pending regulatory approvals and approval from Varex’s stockholders. Varex Imaging shares skyrocketed 48.75% to close at $18.46, trading between $18.27 and $18.64. Teledyne Technologies shares declined 0.15% to close at $690.25. 

Phillips 66, Kinder Morgan and HF Sinclair Finalise Western Gateway Pipeline 

Phillips 66 (NYSE: PSX) shares surged 5.69% to $215.52, hitting a 52-week high of $218.72, after the company, Kinder Morgan and HF Sinclair announced a final investment decision on the Western Gateway Pipeline. The 1,300-mile refined products system will have 230,000 barrels-per-day capacity and an enterprise value of approximately $5.0 billion. Ownership will be 49.9% Phillips 66, 35.1% Kinder Morgan and 15% HF Sinclair.  

Kinder Morgan will contribute existing assets valued at $1.5 billion plus $250 million cash, while Phillips 66 and HF Sinclair will contribute $2.5 billion and $750 million, respectively. Contracts are primarily 10-year, take-or-pay. Kinder Morgan shares rose 1.75% to $31.39, while HF Sinclair gained 4.68% to $85.22. 

Samsung SDI Buys Out GM’s Stake in Battery Joint Venture 

Samsung SDI (KRX: 006400) said it will end its joint venture agreement with General Motors (NYSE: GM) in Indiana and acquire the US firm’s 49.99% stake, citing weaker-than-expected electric vehicle demand. Samsung SDI plans to use the wholly owned unit to respond to market demand for batteries across various applications, including energy storage systems and EVs. The company said its existing investment plan would change following the shift to a wholly owned unit, but specific investment plans have not yet been finalised. Separately, Samsung SDI signed an agreement with GM to jointly develop next-generation prismatic batteries for potential future EV applications. Samsung SDI shares tumbled 4.57% to close at 459,500.00 won in South Korea. General Motors shares rose 0.43% to close at $87.96. 

TSMC and Sony Form $4.7 Billion Joint Venture for Image Sensors 

TSMC (TWSE: 2330) and Sony Group (TYO: 6758) said they will form a $4.69 billion joint venture to develop and make next-generation image sensors in southern Japan, with volume production expected to start in 2029. Sony will be the controlling shareholder and invest 465 billion yen ($2.92 billion) through a combination of cash and asset transfers, while TSMC will invest 282 billion yen.  

The venture, Advanced Vision Semiconductor Manufacturing Corp, will be based in Kumamoto, where TSMC operates its Japan Advanced Semiconductor Manufacturing chip plant. TSMC shares rose 0.63% to close at NT$2,395 in Taiwan. Sony Group shares gained 1.53% to close at $23.82 on the NYSE. 

OpenAI Completes $7 Billion Employee Stock Tender Offer 

OpenAI completed a $7 billion secondary share sale, allowing current and former employees to sell OpenAI stock at the company’s $852 billion valuation ahead of a potential public offering. The tender offer dates back to OpenAI’s $122 billion funding round that closed in March. The company submitted its IPO prospectus to the Securities and Exchange Commission under confidential cover in June without disclosing when it might actually list. 

First Advantage Falls on Secondary Share Offering 

First Advantage (NASDAQ: FA) shares fell 10.53% to close at $21.105 after the company announced a secondary offering of common stock by a major shareholder. Certain investment funds of Silver Lake Group and its affiliates plan to offer 12,500,000 shares of  

First Advantage common stock in an underwritten secondary offering, with shares being offered in a range of $22.20 to $23.59.  First Advantage will not sell any shares and will not receive any proceeds from the offering. The stock traded as low as $20.10 during the session. 

Intel Announces $20 Billion Common Stock Offering 

Intel Corporation (NASDAQ: INTC) announced the pricing of its previously announced registered public offering of common stock at $20 billion, upsized from the previously announced $15 billion. Intel priced the underwritten public offering of 210,526,315 shares of common stock at a public offering price of $95 per share, with a 30-day option to purchase up to 31,578,947 additional shares. The net proceeds will be approximately $19.7 billion and are intended for general corporate purposes, which may include capital expenditures and working capital. 

Intel shares declined 4.06% to close at $97.52, pressured by the massive dilution from the offering. The stock traded between $96.30 and $100.03 during the session. 

Riot Platforms Strikes $9 Billion AI Compute Deal with Anthropic 

Riot Platforms (NASDAQ: RIOT) struck a $9 billion, 20-year compute deal with Anthropic, leasing 191 megawatts at Riot’s Rockdale, Texas computer campus. The agreement is expected to generate $9.1 billion in revenue over its 20-year term, rising to roughly $16.1 billion if extended for two additional five-year periods. The deal follows Riot’s existing agreement with Advanced Micro Devices, giving Riot a “two-tenant campus carrying $9.8 billion of contracted data centre revenue”. 

Riot Platforms shares surged 16.55% to close at $22.61. The stock initially soared more than 20% in reaction, climbing to $24.13 in after-hours trading, before paring gains. 

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Fermi Announces Binding Lease Agreement with TensorWave 

Fermi Inc. (NASDAQ: FRMI) announced a binding customer lease at its Project Matador campus in Carson County, Texas. The lease covers a facility supported by 222 megawatts of total facility power and is expected to generate approximately $6.5 billion in total contracted revenue over the initial 15-year term.  

The lease carries expansion rights for two additional data centres that would bring the partnership to a total of more than 650 MW. Construction is well underway, with approximately 6 gigawatts of the planned 17 GW already permitted and more than $1.5 billion invested in the buildout to date. Fermi shares surged 21.8% to close at $7.16. The stock traded as high as $7.39 during the session. 

Babcock & Wilcox Secures 1GW Turbine Deal with Siemens Energy 

Babcock & Wilcox (NYSE: BW) announced an agreement with Siemens Energy to commence work on 20 steam turbine generator sets with a combined capacity of 1 gigawatt for data centre projects. The turbine sets, each rated at 50 megawatts, will be used in B&W’s FastPower programme targeting data centre applications. Babcock & Wilcox shares fell 5.23% to close at $8.88. However, the stock surged 41.44% to $12.56 in after-hours trading. 

Firefly’s SciTec Awarded $94 Million US Space Force Contract 

SciTec, a Firefly Aerospace (NASDAQ: FLY) company, was awarded a $93,704,410 firm-fixed price other transaction agreement for ground-based radar digitisation. The contract provides for modernisation efforts to create a common architecture and design for the upgrade of ground-based radars. Space Systems Command, Colorado Springs, Colorado, is the contracting activity. Firefly Aerospace shares declined 3.56% to close at $25.76. The stock traded between $24.80 and $27.17 during the session. 

The surge in corporate earnings reports today presents a mixed picture for market participants. Sea Limited’s e-commerce strength and Venture Global’s LNG volume growth demonstrate robust sector-specific tailwinds. However, On Holding’s sharp decline despite revenue growth and Smithfield Foods’ cautious outlook highlight the premium markets place on forward guidance over historical performance. The wave of M&A activity—from Blackstone’s MarineMax bid to Intel’s $20 billion offering—signals continued consolidation across technology, energy, and infrastructure sectors. Investors should monitor the integration progress of major acquisitions, particularly in AI infrastructure where Riot Platforms and Fermi are making significant commitments. 

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