Eli Lilly Sales Surge 39%, ADT Buyout Jumps to $7.6 Billion, Alphabet Drops 12% on AI Costs, Saia Approves $250 Million Buyback

Mumbai, 29 October 2026: Corporate earnings, acquisition announcements and fundraising plans shaped market activity as companies across sectors reported financial results and outlined future strategies. While strong revenue growth and improved outlooks supported shares of some businesses, disappointing earnings, cautious forecasts and rising artificial intelligence investment costs weighed on others. Meanwhile, buybacks, strategic acquisitions and public offerings highlighted companies’ efforts to strengthen operations, return capital to shareholders and finance future growth amid changing market conditions.

Eli Lilly Shares Rise 6.31% as Q3 Earnings Beat Estimates, 2026 Revenue Forecast Rises

Eli Lilly and Company (NYSE: LLY) reported third-quarter 2026 adjusted earnings per share of $7.48, beating the Zacks Consensus Estimate of $5.38 by 39.03% and increasing from $7.02 a year earlier. Revenue rose 38.6% year over year to $24.4 billion, exceeding the consensus estimate of $22.11 billion. Growth was driven primarily by strong demand for its diabetes and obesity treatments, Mounjaro and Zepbound, alongside contributions from newer medicines and certain one-time benefits.

Mounjaro generated $10.72 billion in quarterly sales, up 65% year over year, while Zepbound revenue increased 49% to $5.35 billion. The newly launched oral GLP-1 drug Foundayo contributed $184 million. Sales of newer medicines, including Jaypirca, Omvoh, Ebglyss and Kisunla, also increased year over year.

Following the results, Lilly raised its full-year 2026 revenue guidance to $91 billion-$92 billion from its previous forecast of $85 billion-$87 billion. However, the company lowered its adjusted earnings guidance to $35-$36 per share from $35.50-$36.50, citing acquired in-process research and development charges associated with business development deals and partnerships.

Lilly shares were trading at $1,368.74 as of 12:13 p.m. EDT on October 29, 2026, up $81.26, or 6.31%, from the previous close. The stock opened at $1,332.73 and reached a high of $1,408.38 and a low of $1,330 during the session.

ServiceNow Shares Fall 25.01% as Q3 Beat Fails to Offset Outlook Concerns

ServiceNow reported third-quarter 2026 revenue of $4.106 billion, up 20.5% year over year, as demand for its software and artificial intelligence products supported growth. Subscription revenue increased 21% to $3.988 billion.

The company reported current remaining performance obligations (cRPO) of $13.65 billion, up 20.5% from a year earlier, while total remaining performance obligations (RPO) rose 22% to $29.7 billion. These measures track contracted revenue expected to be recognized in future periods.

ServiceNow raised its full-year subscription revenue outlook and increased its free cash flow margin target to 36%, a 100-basis-point improvement. It also raised its 2026 target for artificial intelligence annual contract value to $1.7 billion, reflecting stronger demand for AI-related products. The company announced a partnership with OpenAI as it expands its AI offerings.

Despite the revenue growth and improved targets, investors reacted negatively to the next-quarter outlook. ServiceNow’s fourth-quarter cRPO growth forecast was below market expectations, while adjusted earnings per share of $1.00 missed analysts’ estimate of $1.02. The combination renewed concerns about future growth and contributed to the sell-off following the results.

ServiceNow shares were quoted at $112.12 at 12:20 p.m. EDT on October 29, down 25.01%, according to the market data specified for this report. The stock opened at $120.90 and recorded a high during the session of $121.50 and a low during the session of $111.25. The decline came despite the company’s quarterly revenue growth and raised full-year targets.

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Carvana Shares Rise 15.80% as Record $8.04 Billion Revenue Offsets Q3 Earnings Miss

Carvana (NYSE: CVNA) reported adjusted earnings of $0.39 per share for the third quarter of 2026, missing the Zacks Consensus Estimate of $0.47 by 17.02%. Earnings nevertheless increased from $0.21 per share in the year-earlier quarter. The company has beaten analysts’ earnings estimates twice over the past four quarters.

Revenue reached a record $8.04 billion for the quarter ended September 2026, exceeding the Zacks Consensus Estimate by 4.87% and rising from $5.65 billion a year earlier. According to the company’s results, revenue increased 42% year over year, while retail vehicle sales climbed 39% to a record 217,385 units. Net income reached $483 million, and adjusted EBITDA hit a record $800 million.

Looking ahead, Carvana expects retail units sold to increase sequentially in the fourth quarter. It also anticipates full-year 2026 adjusted EBITDA at the higher end of its previously communicated range of $2.7 billion to $3.0 billion, provided market conditions remain stable. The company’s earnings outlook and subsequent analyst estimate revisions will be important factors for investors assessing its performance.

Carvana shares were quoted at $68.37 at 12:24 p.m. EDT on October 29, 2026, according to the supplied market data, representing a reported gain of 15.80%. The stock opened at $65.28 and reached a high during the session of $69.23, while its low during the session was $63.81.

Despite the earnings-per-share shortfall, stronger-than-expected revenue, record vehicle sales and profitability, alongside the company’s fourth-quarter outlook, provided a more positive picture of its operating performance.

eBay Shares Gain 2.76% as Q3 Earnings Beat Estimates, Outlook Supports Growth

eBay Inc. (NASDAQ: EBAY) reported third-quarter 2026 non-GAAP earnings of $1.51 per share, up 11.9% year over year and 5.59% above the Zacks Consensus Estimate. Net revenue increased 13.7% to $3.21 billion, exceeding expectations by 2.85%. Gross merchandise volume (GMV) climbed 15.2% to $23.17 billion, reflecting strength across key categories and consumer-to-consumer transactions.

Advertising remained a growth contributor, with total advertising revenue reaching $607 million, compared with $525 million a year earlier. First-party advertising revenue rose 16% to $575 million. Active buyers increased 10% to 147 million, including Depop, which eBay acquired in July 2026. Focus categories, including collectibles, automotive products, fashion and refurbished goods, recorded 24% GMV growth on a foreign-exchange-neutral basis.

However, higher operating expenses weighed on profitability margins. The non-GAAP operating margin declined to 26.3% from 27% a year earlier, while the GAAP operating margin fell to 19.2% from 20.3%.

For the fourth quarter, eBay expects revenue of $3.19 billion to $3.24 billion and non-GAAP earnings of $1.48 to $1.53 per share. Its full-year 2026 revenue forecast stands at $12.62 billion to $12.67 billion, with adjusted earnings projected at $6.25 to $6.30 per share.

eBay shares traded at $121.28 at 12:26:48 p.m. EDT on October 29, up $3.26, or 2.76%, from the previous close of $118.02. The stock opened at $121.96, reached a high during the session of $124.49 and recorded a low during the session of $118.37.

Waste Management Shares Rise 1.79% as Revenue Beat Offsets Q3 Earnings Miss

Waste Management Inc. (NYSE: WM) reported mixed third-quarter 2026 results, with adjusted earnings missing analysts’ estimates while revenue exceeded expectations. Adjusted earnings reached $2.15 per share, below the consensus estimate of $2.18, but up from $1.98 a year earlier. Revenue increased 6.3% year over year to $6.85 billion, surpassing the $6.81 billion forecast.

Revenue growth was supported by core price increases of 5.8%, a 3.4% yield improvement in Collection and Disposal, higher energy surcharges and stronger recycling and renewable energy activity. Adjusted operating EBITDA rose 5.8% to $2.12 billion, although its margin narrowed to 31% from 31.1%, partly because of higher fuel and risk-management costs. Healthcare Solutions revenue grew 3.7%, while its operating EBITDA increased more than 30%.

Cash generation remained strong. During the first nine months of 2026, operating cash flow reached $4.87 billion, up 12% year over year, while free cash flow climbed more than 42% to $3.01 billion. WM returned $957 million to shareholders during the quarter through share repurchases and dividends.

The company reaffirmed its full-year guidance, expecting revenue toward the upper end of its $26.275 billion to $26.475 billion range and free cash flow toward the upper end of its $3.75 billion to $3.85 billion range.

WM shares traded at $229.18 at 12:28 p.m. EDT on October 29, gaining $4.03, or 1.79%, from the previous close of $225.15. The stock opened at $228.21, reached a high during the session of $231.64 and recorded a low during the session of $227.80.

Ultra Clean Shares Gain 1.06% as Record $759 Million Revenue Fuels Growth Optimism

Ultra Clean Holdings Inc. (NASDAQ: UCTT) reported record third-quarter 2026 revenue of $759 million, up 48.8% from $510 million a year earlier, as demand for semiconductor manufacturing equipment strengthened. The company returned to profitability, reporting net income of $39.1 million compared with a $10.9 million loss in the year-ago quarter.

Adjusted earnings reached $1.15 per diluted share, exceeding analysts’ consensus estimate of $0.94. Non-GAAP gross margin improved to 17.3% from 16.7% in the previous quarter, while operating margin increased to 9.0% from 7.0%. The company also reported eight new program wins across etch, atomic layer deposition and physical vapor deposition technologies, supporting its expansion opportunities.

However, cash generation remained a concern. Ultra Clean recorded operating cash outflow of $42.3 million during the quarter, while inventory increased by $93.4 million as the company prepared for anticipated demand. The company also raised capital through its at-the-market equity program, creating potential dilution for existing shareholders. These factors highlight the challenge of funding growth while improving sustainable cash generation.

For the fourth quarter of 2026, management forecast revenue of $800 million to $860 million and adjusted earnings of $1.11 to $1.35 per share, indicating expectations for continued business expansion.

Ultra Clean shares traded at $56.48 at 12:28 p.m. EDT on October 29, 2026, up 1.06%, according to the supplied market data. The stock opened at $54.46, reached a high during the session of $58.07 and recorded a low during the session of $54.25.

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Microsoft Rises on 48% Azure Growth; Alphabet Falls 12.22% on AI Costs

Microsoft Corp. (NASDAQ: MSFT) reported fiscal first-quarter 2026 revenue of $92.3 billion, up 19% year over year, beating Wall Street expectations. Adjusted earnings reached $4.89 per share, above the approximately $4.72 consensus estimate, while Azure revenue increased 48% to $33.17 billion. Microsoft generated $18.63 billion in free cash flow, although this declined 27% year over year as capital spending increased to $45.2 billion.

Alphabet Inc. (NASDAQ: GOOG) delivered stronger cloud growth but faced pressure from earnings and cash flow. Revenue rose 25% to $127.6 billion, slightly below analysts’ expectations, while earnings per share fell to $2.12 from $2.87 a year earlier. Google Cloud revenue surged 103% to $30.7 billion, generating $11.1 billion in operating income.

Alphabet’s capital expenditure reached $51.4 billion, more than double the year-earlier level of $24 billion. Operating cash flow of $42.3 billion was insufficient to cover investment spending, leaving free cash flow negative at $9.1 billion. The company maintained its 2026 capital expenditure forecast of $195 billion to $205 billion and warned that spending would increase significantly in 2027, intensifying investor concerns about financing and returns from AI infrastructure.

Microsoft shares were quoted at $524.14 on October 29, down 1.27%, according to the supplied market data. The stock opened at $540.22, reached a high during the session of $541.29 and recorded a low during the session of $519.56. Alphabet Class C shares traded at $282.54, down $39.35, or 12.22%, from the previous close of $321.89. The stock ranged between $278.29 and $286.43 during the session.

ADT Shares Jump 33.51% as $7.6 Billion Thrive Buyout Offers $10 Cash

ADT Inc. (NYSE: ADT) agreed to be acquired by Thrive Holdings in an all-cash transaction valuing the home security company at approximately $7.6 billion in equity value and $15.3 billion in enterprise value. Under the agreement announced on October 29, 2026, ADT shareholders will receive $10 per share upon completion, offering a premium to the stock’s previous closing price.

The transaction is expected to close in the first quarter of 2027, subject to shareholder and regulatory approvals. ADT will continue operating independently until completion, after which its shares will be delisted from the New York Stock Exchange and the company will return to private ownership. ADT’s board unanimously approved the agreement.

Thrive Holdings, established by Thrive Capital founder Josh Kushner, focuses on acquiring established businesses and improving their operations through technology, including artificial intelligence. The investment firm sees opportunities to enhance ADT’s security services by reducing false alarms, identifying equipment problems earlier and developing new products. ADT provides security monitoring, smart-home automation and related services to residential and small-business customers across the United States.

The acquisition marks another ownership transition for ADT, which was taken private by Apollo Global Management in 2016 and relisted publicly in 2018. Apollo exited its remaining stake in May 2026.

ADT shares traded at $9.90 at 12:35 p.m. EDT on October 29, gaining approximately $2.48, or 33.51%, from the previous close of $7.415. The stock opened at $9.88, reached a high during the session of $10.00 and recorded a low during the session of $9.39.

Marvell Falls 11.67% as Reported Lumentum Deal Raises $83 Billion Financing Concerns

Marvell Technology Inc. (NASDAQ: MRVL) shares declined sharply on October 29, 2026, after reports that the semiconductor company was in advanced talks to acquire optical components maker Lumentum Holdings Inc. (NASDAQ: LITE). Bloomberg reported that a deal could be announced as soon as next week, although negotiations remain ongoing and no final agreement has been reached. Neither company publicly confirmed the discussions.

Lumentum, valued at approximately $83 billion, makes lasers and optical components used to transmit data across communications networks and data centers. Its technology has become increasingly important as artificial intelligence infrastructure expands and demand for high-speed data transmission rises. Marvell, valued at approximately $221 billion, designs custom chips and networking products for AI and data center applications. An acquisition could expand its optical technology portfolio and strengthen its position in the AI supply chain.

However, investors weighed the potential financing burden and integration risks. Marvell held approximately $3.92 billion in cash and cash equivalents at the end of its latest quarter, significantly below Lumentum’s market valuation. Analysts cautioned that a transaction of this scale could require substantial additional financing and create execution challenges.

Broader technology-sector weakness also weighed on sentiment following Alphabet’s quarterly earnings report, which raised concerns about the sustainability of spending on AI infrastructure. Marvell’s exposure to data-center investment heightened investor sensitivity to these concerns.

Marvell shares traded at $222.48 at 12:37 p.m. EDT on October 29, down 11.67%, according to the supplied market data. The stock opened at $223.00, reached a high during the session of $225.68 and recorded a low during the session of $216.20. Lumentum shares were quoted at $937.45 at 12:38 p.m. EDT, with a reported gain of 2.45%.

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BHAV Acquisition Corp II Prices $100 Million IPO as Nasdaq Trading Begins October 29

BHAV Acquisition Corp II has priced its initial public offering (IPO) at $100 million, offering 10 million units at $10 each. The blank-check company announced the pricing on October 28, 2026, with units expected to begin trading on the Nasdaq Global Market on October 29 under the ticker symbol BHAIU.

Each unit comprises one Class A ordinary share and one right. The right entitles its holder to receive one-quarter of a Class A ordinary share when the company completes its initial business combination. Once the securities begin trading separately, the ordinary shares and rights are expected to list under the symbols BHAI and BHAIR, respectively.

BHAV Acquisition Corp II is led by Chief Executive Officer and Director Giri Devanur and Chief Financial Officer and Director Chaitanya Kumar Setti. The company is structured as a special purpose acquisition company (SPAC), established to pursue a merger, acquisition or similar business combination with one or more businesses. Its intended focus areas include robotics, electric vehicles, drones, fintech, quantum computing and advanced computing infrastructure.

Maxim Group LLC is serving as the sole book-running manager. The underwriter has a 45-day option to purchase up to 1.5 million additional units at the offering price, less the underwriting discount, to cover potential over-allotments.

The offering is expected to close on October 30, subject to customary conditions. The Securities and Exchange Commission declared the registration statement effective on October 28. No specific acquisition target was announced alongside the IPO pricing.

NuvOx Files for $20 Million IPO to Advance Hypoxia-Focused Oxygen Therapy Development

NuvOx Therapeutics has filed for an initial public offering (IPO) to list its common stock on the NYSE American under the proposed ticker symbol NUOX. The latest report indicates an offering of 2 million shares priced between $6 and $8 each, potentially raising approximately $12 million before expenses. An earlier amended filing listed 2.86 million shares, highlighting that offering terms may change as the process progresses. ThinkEquity is serving as the underwriter.

Headquartered in Tucson, Arizona, NuvOx is a clinical-stage biotechnology company developing NanO₂, an oxygen-based therapy designed to address diseases associated with insufficient oxygen delivery. Its research targets include acute ischemic stroke, glioblastoma and acute respiratory distress syndrome. The company reported approximately $1 million in revenue for the 12 months ended March 31, 2026. The proposed listing remains subject to regulatory and exchange requirements.

H2O America Shares Drop 8.69% as $325 Million Equity Offering Targets Debt Refinancing

H2O America (NASDAQ: HTO) has launched an underwritten public offering of 6.5 million equity units with an aggregate stated amount of $325 million, aiming to support corporate funding needs and prepare for debt refinancing. Announced on October 29, 2026, the offering prices each unit at $50 and remains subject to market conditions.

Each unit initially combines a contract to purchase H2O America common stock in the future with a 1/20 beneficial ownership interest in $1,000 principal amount of the company’s remarketable senior notes due 2031. H2O America expects to issue common shares to unit holders on or about November 1, 2029.

The company also expects to grant underwriters an option to purchase up to 975,000 additional units, representing another $48.75 million in stated value, to cover over-allotments. The option would be exercisable during the 13-day period beginning with the initial issuance.

H2O America plans to use net proceeds for general corporate purposes, including potential acquisitions, capital expenditure and debt repayment. Funds are also intended to cover part of its future equity requirements for refinancing a portion of debt maturing in 2029. Wells Fargo Securities and J.P. Morgan are joint book-running managers.

The company intends to seek Nasdaq Global Select Market listing for the units, with trading expected to begin within 30 days of initial issuance, subject to approval. H2O America provides water and wastewater services to more than 1.7 million people across California, Connecticut, Maine and Texas.

HTO shares were quoted at $56.43, down 8.69%, at 10:27 p.m. on October 29, according to the supplied market data.

OpenWorld Shares Slide 17.99% as $3.5 Million Stock Offering Raises Dilution Concerns

OpenWorld Inc. (NASDAQ: OPNW), a blockchain technology company focused on tokenizing real-world assets, has priced a registered direct offering expected to generate approximately $3.5 million in gross proceeds. Announced on October 29, 2026, the deal involves 2,517,985 common shares or pre-funded warrants, bundled with two series of warrants, at a combined purchase price of $1.39.

Series A warrants allow the purchase of up to 2,517,985 additional shares at $1.53 each and expire five years after shareholder approval. Series B warrants cover the same number of shares at $1.39 each and expire 18 months after approval. Both warrant series require shareholder approval, and the terms could increase the number of shares outstanding if exercised.

OpenWorld intends to use the net proceeds to support real-world asset tokenization initiatives, working capital and general corporate purposes. Maxim Group LLC is acting as the sole placement agent. The offering is expected to close on or around October 30, subject to customary conditions, with fees and expenses reducing the final proceeds.

The company also confirmed that its previously announced transaction with Blocksight Holdings Co. closed on October 27. OpenWorld provides financial structuring and blockchain infrastructure through its OpenWorld Enterprise platform for issuing and distributing tokenized assets.

OPNW shares were quoted at $1.14 at 12:51 p.m. EDT on October 29, according to the supplied market data, while another quote showed a 17.99% decline. The stock’s reported daily range was $1.00 to $1.33, compared with an opening price of $1.26.

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Saia Reports Record $982.5 Million Revenue and Authorizes $250 Million Share Buyback

Saia Inc. (NASDAQ: SAIA) reported record third-quarter 2026 revenue of $982.5 million, up 17% year over year, and authorized a share repurchase program of up to $250 million on October 29. Diluted earnings per share reached $3.41, compared with $3.22 in the same period last year. However, the prior-year figure included a $0.41 benefit from real-estate transactions; adjusted diluted EPS for third-quarter 2025 was $2.81.

Operating income rose 3.1% to $122.3 million from $118.6 million a year earlier, while adjusted operating income increased 17.5% from $104.1 million. The company recorded an 8.9% increase in less-than-truckload tonnage per workday, reflecting higher freight volumes. Its operating ratio, however, widened to 87.6% from 85.9%, indicating increased operating costs relative to revenue.

The board’s buyback authorization took effect immediately and has no expiration date. Repurchases may occur through open-market purchases, privately negotiated transactions or trading plans, depending on management’s discretion and market conditions. The program does not require Saia to buy a specific number of shares and can be suspended or terminated.

Saia ended September with $202.5 million in cash and $100 million in debt, compared with $35.5 million in cash and $219.2 million in debt a year earlier. Nine-month net capital expenditures totaled $235.9 million, and full-year spending is expected to reach approximately $350 million.

The company also reported non-GAAP free cash flow of $244.9 million for the first nine months of 2026, compared with $11.6 million a year earlier.

Tiptree Reports $4.6 Million Quarterly Profit as Insurance Acquisition and Buybacks Advance

Tiptree Inc. (NASDAQ: TIPT) reported a return to profitability in continuing operations for the third quarter of 2026, alongside plans to expand its specialty insurance business. Net income from continuing operations reached $4.6 million for the three months ended September 30, compared with a $9.5 million loss a year earlier. Diluted earnings per share rose to $0.14 from $0.13.

The company entered into a definitive agreement to acquire Universal Shield Insurance Group, a specialty property and casualty insurer, for $100 million in cash, subject to certain closing adjustments. The transaction remains subject to regulatory approvals and customary conditions, with completion expected in the first quarter of 2027.

Tiptree’s book value reached $903 million, equivalent to $24.47 per share and $23.99 per diluted share, as of September 30. Through October 28, the company had repurchased $25 million of its common stock during 2026 at an average discount of 30% to book value per share.

The board also declared a quarterly dividend of $0.06 per share. Shareholders of record on November 16 will receive payment on November 23.

For the first nine months of 2026, diluted earnings per share totalled $10.82, compared with $0.70 in the corresponding 2025 period. However, the increase largely reflected $417.6 million in income from discontinued operations, while continuing operations recorded a loss of $9 million over the nine-month period.

Tiptree shares traded at $17.14 at 1:04 p.m. EDT on October 29, down 0.38%, according to the supplied market data. The stock opened at $17.26 and ranged between $17.13 and $17.78 during the session. Overall, third-quarter earnings, corporate acquisitions and capital-raising plans drove notable movements across the companies covered. Eli Lilly, Carvana and eBay benefited from strong revenue growth or positive outlooks, while ServiceNow and Alphabet faced sharp declines amid investor concerns. Companies including Saia and Tiptree announced shareholder-return measures and strategic investments, while several smaller firms pursued public offerings to fund growth. These developments highlight the importance of earnings performance, future guidance and capital allocation in shaping investor sentiment.