Lockheed Martin Gains on $82B Outlook, P&G Beats Estimates, Spotify Rallies, Lam Research Falls on Forecast Concerns

Mumbai, 22 October 2026: US stocks saw mixed movements on Thursday, October 22, as investors assessed quarterly earnings, updated financial forecasts and major corporate announcements across sectors. Lockheed Martin, Procter & Gamble and Spotify recorded gains following encouraging business updates, while Lam Research and Nokia shares declined despite revenue growth. Results from Comcast, Honeywell, Roper Technologies and Union Pacific also drew attention, alongside developments involving smaller companies, reflecting a busy session of earnings reports and corporate news.

Lockheed Martin Raises 2026 Guidance, Lifts Revenue Forecast to $82 Billion, Shares Gain 5.65%

Lockheed Martin raised its full-year 2026 financial guidance after reporting stronger-than-expected third-quarter results, while announcing a 10-year framework with the U.S. Department of War covering 850 F-35 fighter aircraft. The developments put the defence contractor in focus on Thursday, October 22, as investors assessed its earnings performance, expanding backlog and production outlook.

The company reported third-quarter revenue of $20.71 billion, an 11% increase that exceeded Wall Street’s estimate of $20.46 billion. Earnings per share rose to $7.97 from $6.95 a year earlier, surpassing expectations of $7.52. Net earnings increased 14% to $1.8 billion, while free cash flow reached $3 billion.

Growth was supported by a 24% increase in revenue from the Missiles and Fire Control division, driven by higher production of PAC-3 and THAAD missile systems. Aeronautics revenue advanced 13%, supported by increased F-35 production. Lockheed Martin’s backlog reached a record $292 billion, strengthening its visibility into future business.

Following the results, the company raised its 2026 revenue forecast to $80 billion-$82 billion from $79.75 billion-$81.75 billion. Its earnings-per-share outlook increased to $30.35-$30.75 from $29.95-$30.65. Chief Executive Jim Taiclet said sustained financial momentum across the company’s portfolio supported the revised outlook, marking the second consecutive quarter in which Lockheed Martin increased its guidance.

Separately, the company announced a 10-year framework covering 850 U.S. F-35 aircraft, spare parts, modification kits and maintenance support, alongside international customer orders. The framework envisages annual production of 156 aircraft and is expected to improve supply chain stability. However, it has not yet become a finalised contract.

Lockheed Martin shares were trading at $582.29 during the October 22 session, up 5.65%, according to the supplied market data. The stock opened at $579.50, reached a high of $608.00 and touched a low of $577.24. The company had gained more than 10% in 2026 before the reported session.

Lam Research Shares Fall 9.86% Despite Record 40% Operating Margin as Forecast Meets Expectations

Lam Research reported its first-ever operating margin above 40% in the September quarter, alongside a 54% year-over-year increase in revenue. However, the semiconductor equipment maker’s shares declined as its December-quarter guidance largely matched analyst expectations, despite record financial performance.

The company posted September-quarter revenue of $8.22 billion, up 22% from $6.72 billion in the June quarter and 54% from $5.32 billion a year earlier. Non-GAAP earnings per share reached $2.20, exceeding consensus estimates by 1.05%, while GAAP earnings per share stood at $2.19. GAAP operating margin increased to 40% from 37.4% in June, while non-GAAP operating margin rose to 40.2% from 38.4%. Non-GAAP gross margin also reached a record 52.4%.

Despite these results, investors reacted negatively to the company’s forward outlook. Lam Research forecast December-quarter revenue of $8.6 billion, plus or minus $400 million, and earnings per share of $2.33, plus or minus $0.15. The midpoint of its revenue guidance was slightly above the analyst consensus of $8.538 billion, while the earnings forecast midpoint of $2.33 narrowly exceeded the $2.32 estimate. Chief Financial Officer Doug Bettinger said the guidance would have been higher without near-term supply chain constraints.

China accounted for 35% of Lam Research’s revenue, up from 26% in the June quarter. Bettinger expects China’s contribution to decline meaningfully in December. Meanwhile, CEO Tim Archer projected that wafer fabrication equipment spending could exceed $200 billion in 2027, compared with the mid-$150 billion range expected for 2026. Growth is expected to be led by DRAM memory, followed by advanced foundry logic and NAND.

Lam Research shares were trading at $235.02 during Thursday’s session, down 9.86%. The stock opened at $234.50, reached a high of $242.10 and touched a low of $232.20.

Procter & Gamble Shares Jump 6.22% as Q1 Earnings Beat Estimates on 4% Sales Growth

Procter & Gamble (PG) shares rose on Thursday, October 22, after the consumer goods maker reported better-than-expected fiscal first-quarter 2027 earnings and sales, supported by volume growth and a favourable product mix across its business segments.

The company reported core earnings of $2.00 per share, up 1% year over year and above the Zacks Consensus Estimate of $1.89. 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. Foreign exchange had a neutral impact on sales growth.

All five business segments reported higher sales. Fabric and Home Care revenue rose 4% to $8.21 billion, while Baby, Feminine and Family Care sales increased 3% to $5.32 billion. Beauty revenue advanced 6% to $4.41 billion, Health Care sales grew 3% to $3.32 billion, and Grooming revenue increased 4% to $1.89 billion. Organic sales growth across the segments also exceeded the company’s internal expectations cited in the report.

Despite the strong quarterly performance, Procter & Gamble maintained its full-year fiscal 2027 outlook. The company continues to expect organic sales growth of 1% to 3%, with earnings per share projected at $6.89 to $7.11. Chief Financial Officer Andre Schulten also highlighted the company’s focus on artificial intelligence, including its potential to improve forecasting, product development, data analysis and marketing as AI-powered shopping evolves.

Procter & Gamble shares were trading at $166.64, up 6.22% during Thursday’s session. The stock opened at $162.14, reached a high of $166.82 and touched a low of $161.36. The gains followed the company’s earnings beat and stronger-than-expected sales performance.

Nokia Shares Slide 13.30% Despite 9% Revenue Growth as Cash Flow Concerns Overshadow AI Demand

Nokia (NOK) reported stronger third-quarter 2026 results on October 22, supported by rising demand for artificial intelligence (AI) and cloud infrastructure, but its shares declined as investors weighed cash flow pressures and higher restructuring costs against improving operating performance.

The company recorded net sales of €5.2 billion, up 9% year over year on a constant-currency basis. Comparable operating margin expanded 220 basis points to 11.7%, while operating profit reached approximately €600 million. However, gross margin slipped 20 basis points to 44.6%, and free cash flow turned negative at €100 million.

Nokia’s AI and Cloud business was a major growth driver, with net sales surging 123% year over year to approximately €650 million. Order intake reached €1.5 billion, reflecting demand for networking infrastructure supporting AI workloads. The Network Infrastructure segment generated €2.1 billion in sales, up 15% on a constant-currency basis, led by 18% growth in Optical Networks and 43% growth in IP Networks. Mobile Infrastructure sales increased 5% to approximately €3 billion.

Cash generation remained a concern as working capital absorbed €270 million during the quarter, including higher receivables and inventory. Nokia also raised its expected full-year 2026 restructuring and associated charges to €1.1 billion from €800 million previously. Expected restructuring cash outflows increased to €800 million-€900 million.

Despite these pressures, Nokia maintained its full-year comparable operating profit guidance of €2.1 billion-€2.6 billion and expects to finish above the midpoint. For 2027, it forecast combined Optical Networks and IP Networks growth of 25%-30%, reflecting continued AI infrastructure demand.

Nokia shares traded at $8.02, down 13.30% during Thursday’s session. The stock opened at $8.57, reached a high of $8.62 and fell to a low of $8.01. The company’s results highlighted a contrast between strong AI-driven business growth and near-term cash flow challenges.

Spotify Shares Rally 9.31% as Premium Subscribers Beat Forecasts and Q4 Operating Income Outlook Hits €820 Million

Spotify Technology (SPOT) shares rose on Thursday, October 22, after the music-streaming company reported stronger-than-expected premium subscriber additions and issued an upbeat fourth-quarter operating income forecast, while highlighting artificial intelligence as part of its future growth strategy.

Spotify added 6 million premium subscribers in the third quarter, taking its total to 306 million, up 9% year over year and 1 million above its guidance. Monthly active users increased 11% to 788 million. Revenue rose 16% to €4.97 billion, or 14% in constant currency, while gross margin reached a quarterly record of 33%, up 136 basis points from a year earlier. Operating income increased 15% to €672 million, slightly exceeding the company’s €670 million forecast.

However, earnings per share fell 24% year over year to €2.48, missing analysts’ expectations of €2.80. The shortfall reflected lower finance income, which declined to €62 million from €262 million, and a shift from a €72 million tax benefit to a €187 million tax expense. Operating expenses increased 26%, while free cash flow declined 9% to €735 million.

For the fourth quarter, Spotify forecast revenue of €5.2 billion and operating income of €820 million, alongside a target of 316 million premium subscribers. It also expects gross margin to reach 33.8%, compared with 33.1% a year earlier. Co-CEO Alex Norström said moderating costs left further room for improvement.

Spotify shares traded at $574.24, up 9.31%. The stock opened at $561.29, reached a high of $588.88 and touched a low of $555.32.

Comcast Shares Rise 3.74% as Q3 Earnings Beat Estimates and Peacock Returns to Profitability

Comcast (CMCSA) reported stronger-than-expected third-quarter 2026 earnings on Thursday, October 22, as streaming growth and wireless additions helped offset continued pressure on its broadband business. Adjusted earnings per share reached $1.07, beating analyst estimates of $0.98, while revenue increased 0.5% year over year to $29.3 billion. 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, Comcast’s Connectivity & Platforms segment remained under pressure. Revenue declined 2.6% to $19.7 billion, while adjusted EBITDA fell 4.4% to $7.6 billion. The company lost 144,000 broadband subscribers amid competition from fibre providers and fixed wireless services. Conversely, 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 also expects a transformation charge exceeding $1 billion in the fourth quarter as it prepares for the planned mid-2027 business separation.

Comcast shares traded at $22.90, up 3.74% during Thursday’s session. The stock opened at $22.44, reached a high of $23.29 and touched a low of $22.00.

Honeywell Shares Rise 0.22% as 34% EPS Growth Drives 2026 Guidance Increase

Honeywell International Inc. (NASDAQ: HON) reported strong third-quarter 2026 earnings on October 22, with adjusted earnings per share rising 34% year over year to $2.27, exceeding analyst expectations of $2.16. Revenue reached approximately $4.99 billion, slightly below the consensus estimate of $5.01 billion. Organic sales growth of 7% surpassed the upper end of management’s guidance, supported by broad-based demand across its automation businesses.

Segment margin expanded 370 basis points to 21.3%, compared with 17.6% a year earlier, reflecting productivity improvements, pricing actions and higher volume leverage. Free cash flow increased approximately 15% year over year to $688 million, representing 95% conversion. Building Automation and Process Automation & Technology each delivered 8% organic sales growth, while Industrial Automation recorded 4% growth and a 350-basis-point improvement in segment margin.

Following the quarterly performance, Honeywell raised its full-year 2026 outlook. The company now expects organic sales growth of 4% to 5%, adjusted EPS of $8.40 to $8.45, and free cash flow of approximately $2.1 billion. Management also expects continued order momentum and further progress in reducing costs associated with its aerospace spin-off.

Despite the improved outlook, the stock showed a modest gain during Thursday’s session. Honeywell shares traded at $215.27, up 0.22%, after opening at $213.50. The stock reached a high of $217.09 and a low of $205.20, reflecting volatility as investors assessed the earnings beat against the slight revenue shortfall.

Roper Technologies Shares Jump 9.44% as 8% Revenue Growth and AI Momentum Lift 2026 Earnings Outlook

Roper Technologies (NASDAQ: ROP) reported strong third-quarter 2026 results on October 22, with revenue increasing 8% year over year to $2.17 billion and adjusted diluted earnings per share climbing 15% to $5.89. Earnings exceeded analysts’ expectations of $5.79, while revenue matched consensus estimates. Organic growth contributed 7%, with acquisitions adding another percentage point.

Technology Enabled Products led organic expansion with 10% growth, generating $486 million in revenue. Application Software revenue increased 7% to $1.24 billion, while Network Software revenue rose 8% to $446 million. However, core EBITDA margin contracted 30 basis points to 39.8%, reflecting product mix and investments in growth initiatives. Quarterly free cash flow declined 4% to $805 million, partly because an ERP implementation delayed customer collections.

Artificial intelligence remained a key strategic driver, with portfolio companies launching new agentic solutions for insurance, legal services, healthcare and utility asset management. Management noted that customer interest was encouraging, although adoption and monetisation depend on budget approvals and internal governance processes.

Roper raised its full-year 2026 adjusted earnings guidance to $22.35–$22.40 per share, up from its previous range of $22.15–$22.30. It expects annual revenue growth above 8%, supported by organic expansion and continued AI development.

Roper Technologies shares traded at $435.24, gaining 9.44% during Thursday’s session. The stock opened at $407.78, reached a high of $435.34 and touched a low of $406.46, reflecting a strong market response to earnings growth and the improved outlook.

Union Pacific Shares Gain 3.11% as Q3 Earnings Beat Estimates Despite 69% Surge in Fuel Costs

Union Pacific Corporation (NYSE: UNP) reported stronger-than-expected third-quarter 2026 results on Thursday, October 22, as revenue growth and higher freight volumes lifted earnings despite sharply rising fuel costs. Adjusted earnings per share reached $3.53, exceeding analysts’ estimates of $3.47, while revenue increased 15% year over year to $7.2 billion from $6.2 billion, beating the $7.14 billion consensus forecast.

Net income rose 16% to $2.1 billion, while diluted earnings per share climbed to $3.49 from $3.01 in the year-earlier quarter. Revenue carloads increased 6%, supported by a 27% jump in intermodal revenue and 17% growth in metals and minerals. Chief Executive Officer Jim Vena highlighted the company’s ability to manage higher volumes while maintaining service performance.

However, rising fuel expenses weighed on operating efficiency. Fuel costs surged 69% to $1.04 billion as the average fuel price per gallon increased to $4.21 from $2.56 a year earlier. Union Pacific’s adjusted operating ratio rose 30 basis points to 58.8%, with higher fuel prices affecting the metric by 140 basis points.

The company maintained its 2026 outlook, projecting reported earnings-per-share growth in the high single digits, while setting its capital plan at $3.5 billion.

Union Pacific shares traded at $296.69, up 3.11% during Thursday’s session. The stock opened at $280.10, reached a high of $296.84 and touched a low of $278.59, as investors weighed earnings strength against fuel-cost pressures.

Datavault AI Shares Fall 6.95% as Proposed 19.9% DataMEDS Stake Faces Deal and Execution Risks

Datavault AI Inc. (NASDAQ: DVLT) announced that it had signed a non-binding letter of intent to acquire a 19.9% equity interest in DataMEDS AI in exchange for expanding its existing technology licensing agreement. The proposed transaction would give Datavault AI an ownership stake in the healthcare technology company while allowing it to retain ownership of its underlying intellectual property.

Under the expanded arrangement, DataMEDS would assume commercialization costs for the licensed technologies, which support patient-controlled health data access, monetization and tokenization across pharmacy, laboratory, wearable and commercial healthcare settings. The agreement would build on DataMEDS’ PharmacyChain platform and EinsteinRx artificial intelligence capabilities, which already use Datavault AI technology under an existing license.

Datavault AI Chief Executive Nathaniel Bradley said a fourth-quarter 2026 closing was realistic, citing progress on due diligence and document preparation under a previous letter of intent. The proposed agreement also contemplates a right for Datavault AI to designate one director to the DataMEDS board and participate in potential royalty revenue generated through commercialization.

However, the transaction remains subject to due diligence, definitive agreements and customary closing conditions. The letter of intent is non-binding regarding completion, meaning the proposed stake acquisition is not yet finalized.

Datavault AI shares traded at approximately $0.13, down 6.95% during Thursday’s session. The stock opened at $0.14, reached a high of $0.14 and fell to a low of $0.13. The decline came as investors assessed the proposed strategic expansion, which could create additional commercialization opportunities but still depends on negotiations and successful execution.

K&F Growth Acquisition Shares Hold at $10.72 as David’s Bridal Amends Pearl Business Combination LOI

K&F Growth Acquisition Corp. II (NASDAQ: KFII) and David’s Bridal, Inc. disclosed an amended letter of intent dated October 21, 2026, concerning a potential business combination involving Pearl, David’s Bridal’s wedding planning, media and commerce division. The update was disclosed on October 22, as the companies continued exploring a transaction that would separate Pearl from David’s Bridal and establish it as a publicly traded company.

The amended letter of intent revises an earlier agreement signed on September 11, 2026. The companies have outlined plans for the proposed combination, but the transaction remains subject to further negotiations and the execution of definitive agreements. Required steps include completion of due diligence, board and shareholder approvals, regulatory clearances and other customary closing conditions.

The filing also referenced investor presentation materials and a CNBC article related to the announcement. K&F Growth Acquisition Corp. II had filed a definitive proxy statement around October 16, seeking shareholder approval to extend the deadline for completing its initial business combination. If the parties reach a definitive agreement, a registration statement on Form S-4 is expected to be filed with the US Securities and Exchange Commission.

The companies cautioned that there is no assurance they will reach a definitive agreement or complete the proposed transaction, leaving the outcome dependent on negotiations and approvals.

K&F Growth Acquisition Corp. II shares traded at $10.72 on Thursday, October 22. The stock opened at $10.72, reached a high of $10.72 and a low of $10.71, remaining near the upper end of its reported 52-week range of $10.25 to $10.72 as investors assessed the proposed business combination.

Newbury Street II Shares Hold at $10.83 as FORT Robotics Secures $20 Million in Additional Funding

FORT Robotics, Inc. announced approximately $20 million in additional funding commitments on October 22, 2026, led by existing investor Tiger Global, with participation from Mark Cuban Companies. The investment strengthens FORT’s financial position as it advances its proposed business combination with Newbury Street II Acquisition Corp. (NASDAQ: NTWO) and prepares for a potential Nasdaq listing.

Tiger Global is leading an approximately $10 million financing expected to close this week and has committed another $10 million to the previously announced common equity private investment in public equity (PIPE), expected to close alongside the business combination. Including earlier commitments, total capital committed in connection with the proposed transaction has exceeded $50 million.

FORT plans to use the additional funding to expand its workforce and operating capacity as demand grows for safety infrastructure supporting autonomous machines. Its Trust Layer technology is deployed across more than 19,500 units and serves over 600 customers globally, including Agility Robotics, DoorDash, Zoox and Google DeepMind. The company is targeting opportunities across warehousing, defense, construction and other industries adopting physical artificial intelligence.

Following the proposed business combination, the combined entity is expected to be named FORT Robotics Holdings, Inc. and trade on Nasdaq under the ticker symbol FROB, subject to regulatory approvals and completion of the transaction. The company aims to become the first publicly traded business principally dedicated to physical AI safety.

Newbury Street II shares traded at $10.83 on Thursday, October 22. The stock opened at $10.84, reached an intraday high of $10.84 and touched a low of $10.83, remaining within a narrow trading range as investors assessed the transaction’s progress and FORT’s expanded funding commitments.

Arcus Biosciences Shares Fall as $250 Million Stock Offering Raises Dilution Concerns

Arcus Biosciences Inc. (NYSE: RCUS) announced the pricing of an underwritten public offering of 14,285,715 common shares at $17.50 per share on October 22, 2026, targeting $250 million in gross proceeds before underwriting discounts, commissions and other expenses. The capital raise comes as the clinical-stage biopharmaceutical company continues developing treatments for cancer and immune diseases.

The offering includes a 30-day option for underwriters to purchase up to an additional 2,142,857 shares at the offering price, less underwriting discounts and commissions. If fully exercised, the option would provide Arcus with additional capital beyond the initial $250 million. The offering is expected to close on Friday, subject to customary closing conditions, with Jefferies, Leerink Partners, TD Cowen, Evercore ISI and Mizuho acting as joint book-running managers.

The proceeds are expected to strengthen the company’s financial resources as it advances its clinical development programmes. Arcus focuses on developing novel molecules and combination therapies, including candidates targeting immune pathways involved in cancer. The company also has strategic partnerships with Gilead Sciences and Taiho Pharmaceutical that support its development activities.

However, issuing additional shares can dilute existing shareholders’ ownership, while the offering price may influence near-term market sentiment. Arcus shares traded at $19.28 during Thursday’s session, after opening at $17.43 and reaching a high of $19.62. The stock also touched a low of $17.43, below the $17.50 offering price, as investors assessed the implications of the capital raise. The shares remained below their 52-week high of $31.74, while staying above the 52-week low of $16.41.

Alpha Modus Shares Trade at $0.99 After $7.25 Million Stock Offering

Alpha Modus Holdings Inc. (NASDAQ: AMOD) announced on October 21, 2026, that it had entered into definitive agreements for a $7.25 million registered direct offering of common stock. The company agreed to sell 6,304,348 shares at $1.15 apiece, with the transaction expected to close on or around October 22, subject to customary conditions.

The Cornelius, North Carolina-based company’s latest fundraising follows a significantly larger transaction in September. Alpha Modus issued 51.6 million shares and warrants to purchase an additional 51.6 million shares in exchange for 3,170 bitcoin valued at approximately $225 million. The company subsequently registered up to 103.2 million shares associated with the transaction for resale, creating potential additional selling pressure.

The new offering provides further capital but also increases the number of shares held by investors, potentially diluting existing shareholders. The timing of the raise, shortly after the bitcoin transaction, may prompt investors to assess the company’s financing needs and its ability to manage a substantially expanded share base.

Alpha Modus shares traded at $0.99 on October 22, below the new offering price of $1.15. The stock opened at $0.90, reached a high of $1.02 and fell to a low of $0.83. Its reported 52-week range was $0.83 to $51.60, highlighting the stock’s wide trading range.

The latest financing underscores the importance of monitoring Alpha Modus’s capital requirements, share issuance and potential dilution as investors evaluate its financial position and future prospects.

In conclusion, the October 22 market session featured mixed performances across major companies, with shares moving in response to quarterly earnings, updated financial forecasts, business developments and sector-specific challenges. Lockheed Martin, Procter & Gamble, Spotify and Roper Technologies recorded gains, while Lam Research and Nokia posted declines. Comcast, Honeywell and Union Pacific also reported quarterly results that influenced their share prices. The latest corporate updates provide investors with key financial and operational developments to monitor in the coming trading sessions.